The Company’s goodwill balance was $330.5 million and $330.3 million as of April 26, 2025 and January 25, 2025, respectively. Changes in the carrying amount of goodwill consisted of the following (dollars in thousands):


	Goodwill		Accumulated Impairment Losses		Total
Balance as of January 25, 2025	$	579,361	$	(249,031)	$	330,330

Goodwill adjustment from fiscal 2025 acquisitions	171		—		171
Balance as of April 26, 2025	$	579,532	$	(249,031)	$	330,501

The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of our geographic presence and strengthening of our customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, increased costs of providing services, and the level of overall economic activity. Our customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs anticipated when the Company enters into contracts. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of our reporting units. The cyclical nature of our business, the high level of competition existing within our industry, and the concentration of our revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets.

The Company performs its annual goodwill assessment as of the first day of the fourth fiscal quarter of each fiscal year. As a result of the Company’s fiscal 2025 period assessment, the Company determined that the fair values of each of the reporting units and the indefinite-lived intangible asset were in excess of their carrying values and no impairment had occurred. As of April 26, 2025, we believe the carrying amounts of goodwill and the indefinite-lived intangible asset are recoverable for all of our reporting units.

Our intangible assets consisted of the following (dollars in thousands):


	April 26, 2025							January 25, 2025
	Weighted Average Remaining Useful Lives (Years)	Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net		Gross Carrying Amount		Accumulated Amortization		Intangible Assets, Net
Customer relationships	9.5	$	452,417	$	277,691	$	174,726	$	452,417	$	270,210	$	182,207
Trade names, finite	8.1	14,080		9,440		4,640		14,080		9,293		4,787
Trade name, indefinite	Indefinite	4,700		—		4,700		4,700		—		4,700
Contract backlog	1.3	37,900		14,236		23,664		37,900		9,890		28,010
Non-compete agreements	2.5	75		37		38		75		33		42
		$	509,172	$	301,404	$	207,768	$	509,172	$	289,426	$	219,746

Amortization of our customer relationship intangibles and our contract backlog intangibles are recognized on an accelerated basis as a function of the expected economic benefit. Amortization of our other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life. Amortization expense for finite-lived intangible assets was $12.0 million and $5.8 million for the three months ended April 26, 2025 and April 27, 2024, respectively.

As of April 26, 2025, we believe that the carrying amounts of our intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment and the assets could be impaired.