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Goodwill and Other Intangible Assets

3 Months Ended

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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- 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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