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Goodwill and Other Intangible Assets | 3 Months Ended
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Jul. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets In connection with the Nu Aire Acquisition, on November 1, 2024, the Company recorded goodwill of $14.2 million on its Condensed Consolidated Balance Sheet. During the year ended April 30, 2025, the Company recorded a $1.8 million measurement period adjustment to increase inventory as a result of revised capitalized variances related to work-in-progress as of the acquisition date, with a corresponding decrease to Goodwill, net of the tax impact. See Note C, Nu Aire Acquisition for additional information. No impairment losses on goodwill were recorded during the three months ended July 31, 2025. The ending balance of goodwill at July 31, 2025 and April 30, 2025 was approximately $12.5 million. Also in connection with the Nu Aire Acquisition, the Company recorded other intangible assets on November 1, 2024 of $18.6 million on its Condensed Consolidated Balance Sheet. See Note C, Nu Aire Acquisition for additional information. The gross carrying amount and accumulated amortization of the Company's intangible assets other than goodwill as of July 31, 2025 and April 30, 2025 were as follows:
|  |  | July 31, 2025
($ in thousands) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Customer relationships | 10 years |  | $ | 9,800 |  |  | $ | (735) |  |  | $ | 9,065 |
Trade names and trademarks | indefinite |  | 4,900 |  |  | — |  |  | 4,900 |
Developed technology | 7 years |  | 3,900 |  |  | (418) |  |  | 3,482 |
Total |  |  | $ | 18,600 |  |  | $ | (1,153) |  |  | $ | 17,447 |
|  |  | April 30, 2025
($ in thousands) | Estimated Useful Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Book Value
Customer relationships | 10 years |  | $ | 9,800 |  |  | $ | (490) |  |  | $ | 9,310 |
Trade names and trademarks | indefinite |  | 4,900 |  |  | — |  |  | 4,900 |
Developed technology | 7 years |  | 3,900 |  |  | (279) |  |  | 3,621 |
Total |  |  | $ | 18,600 |  |  | $ | (769) |  |  | $ | 17,831 |
Expected future amortization expense related to intangible assets, net as of July 31, 2025, excluding trade names and trademarks, are as follows:
($ in thousands) |  |
Remainder of fiscal 2026 |  | $ | 1,153 |
2027 |  | 1,537 |
2028 |  | 1,537 |
2029 |  | 1,537 |
2030 |  | 1,537 |
Thereafter |  | 5,246 |
Total |  | $ | 12,547 |

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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 + Details
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