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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Jul. 31, 2025

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9. GOODWILL AND INTANGIBLE ASSETS

The Company recognized $69.2 million in goodwill as the result of the business combination with Barnes & Noble Education on June 10, 2024. See Note 4. Business Combination for additional information. The carrying value of goodwill was $69.2 million as of July 31, 2025 and April 30, 2025.

In accordance with ASC Topic 350, Intangibles - Goodwill and Other, the Company did not record any goodwill impairment losses during the three months ended July 31, 2025 and 2024. Goodwill represents the future economic benefit attributable to Barnes & Noble Education’s assembled workforce, which is not individually and separately recognized as an intangible asset. As such, the carrying value of goodwill has been allocated to Barnes & Noble Education Segment and none of the goodwill has been allocated to the Immersion Segment.

Intangible Assets, net

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Condensed Consolidated Balance Sheets as of July 31, 2025 and April 30, 2025 (in thousands):

	July 31, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Weighted-Average Remaining Life (years)
Trade name	$	45,000		N/A			$	45,000		Indefinite
Customer relationships		50,000			(4,381	)		45,619			11.9
Total	$	95,000		$	(4,381	)	$	90,619

	April 30, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Weighted-Average Remaining Life (years)
Trade name	$	45,000		N/A			$	45,000		Indefinite
Customer relationships		50,000			(3,419	)		46,581			12.2
Total	$	95,000		$	(3,419	)	$	91,581

Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. Trade name is determined to have an indefinite useful life and is not subject to amortization.

Amortization expense was $1.0 million for the three months ended July 31, 2025 and $0.5 million for the period from June 10, 2024, to July 31, 2024.

Estimated amortization expense of the intangible assets to be recognized by the Company are as follows (in thousands):

Year ended April 30,		Amount
Remainder of 2026		$	2,885
2027			3,846
2028			3,846
2029			3,846
2030			3,846
Thereafter			27,350
Total		$	45,619

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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