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 3. Business Combination in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2026 for additional information. The carrying value of goodwill was $69.2 million as of July 31, 2026 and April 30, 2026. The Company did not record any goodwill impairment losses during the three months ended July 31, 2026, and 2025.

The following is a summary of intangible assets, excluding goodwill, recorded as Intangible assets, net on the Company’s Condensed Consolidated Balance Sheets as of July 31, 2026 and April 30, 2026 (in thousands):


	July 31, 2026
	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		(8,229	)		41,771		11.0
Total	$	95,000	$	(8,229	)	$	86,771


	April 30, 2026
	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		(7,267	)		42,733		11.2
Total	$	95,000	$	(7,267	)	$	87,733

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, 2026, and 2025, respectively.

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


Year ended April 30,	Amount
Remainder of 2027	$	2,884
2028		3,846
2029		3,846
2030		3,846
2031		3,846
Thereafter		23,503
Total	$	41,771