Quarterly report [Sections 13 or 15(d)]

Note 5 - Goodwill and Intangible Assets

v3.25.0.1
Note 5 - Goodwill and Intangible Assets
3 Months Ended
Jan. 31, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

Note 5. Goodwill and Intangible Assets

 

The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.

 

There were no triggering events during the three months ended January 31, 2025. The Company will continue to evaluate its goodwill and intangible assets in future quarters.

 

The following table summarizes the composition of intangible assets as of  January 31, 2025 and  October 31, 2024:

 

   

As of January 31,

 
   

2025

 
   

Weighted Average

   

Gross

                   

Foreign Currency

   

Net

 
   

Remaining Life

   

Carrying

   

Accumulated

   

Accumulated

   

Translation

   

Carrying

 

(in thousands)

 

(in Years)

   

Value

   

Impairment

   

Amortization

   

Adjustment

   

Amount

 

Intangibles subject to amortization:

                                               

Customer relationship

    8.9     $ 195,126     $ -     $ (146,940 )   $ 1,030     $ 49,216  

Trade name

    3.8       5,097       -       (3,313 )     227       2,011  

Assembled workforce

    0.9       1,650       -       (1,560 )     -       90  

Noncompete agreements

    2.7       1,200       -       (663 )     -       537  

Indefinite-lived intangible assets:

                                               

Trade names (indefinite life)

    -       55,500       (5,000 )     -       -       50,500  

Total intangibles

          $ 258,573     $ (5,000 )   $ (152,476 )   $ 1,257     $ 102,354  

 

   

As of October 31,

 
   

2024

 
   

Weighted Average

   

Gross

               

Foreign Currency

   

Net

 
    Remaining Life     Carrying     Accumulated     Accumulated     Translation     Carrying  

(in thousands)

 

(in Years)

   

Value

   

Impairment

   

Amortization

   

Adjustment

   

Amount

 

Intangibles subject to amortization:

                                               

Customer relationship

    9.1     $ 195,126     $ -     $ (144,132 )   $ 1,191     $ 52,185  

Trade name

    4.1       5,097       -       (3,181 )     296       2,212  

Assembled workforce

    1.1       1,650       -       (1,522 )     -       128  

Noncompete agreements

    2.9       1,200       -       (613 )     -       587  

Indefinite-lived intangible assets:

                                               

Trade names (indefinite life)

    -       55,500       (5,000 )     -       -       50,500  

Total intangibles

          $ 258,573     $ (5,000 )   $ (149,448 )   $ 1,487     $ 105,612  

 

Amortization expense for the three months ended  January 31, 2025 and 2024 was $3.0 million and $3.9 million, respectively.

 

The changes in the carrying value of goodwill by reportable segment for the three months ended January 31, 2025 are as follows:

 

(in thousands)

 

U.S. Concrete Pumping

   

U.K. Operations

   

U.S. Concrete Waste Management Services

   

Total

 

Balance as of October 31, 2024

  $ 147,482     $ 26,381     $ 49,133     $ 222,996  

Foreign currency translation

    -       (839 )     -       (839 )

Balance as of January 31, 2025

  $ 147,482     $ 25,542     $ 49,133     $ 222,157