Intangible Assets (Tables)
|
12 Months Ended |
Jan. 31, 2022 |
|---|
| Schedule of intangible assets |
Intangible assets consisted of the following (in thousands):
|
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January 31, 2022 (Successor) |
|
January 31, 2021 (Predecessor (SLH)) |
|
|
Gross |
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|
|
|
Net |
|
Gross |
|
|
|
|
Net |
|
|
Carrying |
|
Accumulated |
|
Carrying |
|
Carrying |
|
Accumulated |
|
Carrying |
|
|
Amount |
|
Amortization |
|
Amount |
|
Amount |
|
Amortization |
|
Amount |
Developed software/ courseware |
|
$ |
303,171 |
|
$ |
43,956 |
|
$ |
259,215 |
|
$ |
253,708 |
|
$ |
23,337 |
|
$ |
230,371 |
Customer contracts/ relationships |
|
|
332,300 |
|
|
10,436 |
|
|
321,864 |
|
|
239,900 |
|
|
2,666 |
|
|
237,234 |
Vendor relationships |
|
|
43,900 |
|
|
21,219 |
|
|
22,681 |
|
|
— |
|
|
— |
|
|
— |
Trademarks and trade names |
|
|
1,500 |
|
|
104 |
|
|
1,396 |
|
|
— |
|
|
— |
|
|
— |
Publishing rights |
|
|
41,100 |
|
|
5,229 |
|
|
35,871 |
|
|
35,200 |
|
|
2,933 |
|
|
32,267 |
Backlog |
|
|
49,700 |
|
|
4,906 |
|
|
44,794 |
|
|
80,400 |
|
|
7,296 |
|
|
73,104 |
Skillsoft trademark |
|
|
84,700 |
|
|
— |
|
|
84,700 |
|
|
91,500 |
|
|
— |
|
|
91,500 |
Global Knowledge trademark |
|
|
25,400 |
|
|
2,062 |
|
|
23,338 |
|
|
— |
|
|
— |
|
|
— |
Total |
|
$ |
881,771 |
|
$ |
87,912 |
|
$ |
793,859 |
|
$ |
700,708 |
|
$ |
36,232 |
|
$ |
664,476 |
|
| Schedule of amortization expense related to the existing finite-lived intangible assets |
Amortization expense related to the existing finite-lived intangible assets is expected to be as follows (in thousands):
|
|
|
|
Fiscal Year |
|
Amortization Expense |
2023 |
|
$ |
151,321 |
2024 |
|
|
134,842 |
2025 |
|
|
113,815 |
2026 |
|
|
110,232 |
2027 |
|
|
63,908 |
Thereafter |
|
|
135,041 |
Total |
|
$ |
709,159 |
|
| Schedule of goodwill |
A roll forward of goodwill is as follows:
|
|
|
|
|
|
|
|
|
|
Description |
|
Skillsoft |
|
GK |
|
Consolidated |
Goodwill, net January 31, 2019 (Predecessor (PL)) |
|
$ |
1,434,047 |
|
$ |
— |
|
$ |
1,434,047 |
Foreign currency translation adjustment |
|
|
113 |
|
|
— |
|
|
113 |
Impairment of goodwill |
|
|
(321,340) |
|
|
— |
|
|
(321,340) |
Goodwill, net January 31, 2020 (Predecessor (PL)) |
|
$ |
1,112,820 |
|
$ |
— |
|
$ |
1,112,820 |
Foreign currency translation adjustment |
|
|
(158) |
|
|
— |
|
|
(158) |
Impairment of goodwill |
|
|
(107,934) |
|
|
— |
|
|
(107,934) |
Canada deconsolidation |
|
|
(5,100) |
|
|
— |
|
|
(5,100) |
Goodwill, net August 27, 2020 (Predecessor (PL)) |
|
$ |
999,628 |
|
$ |
— |
|
$ |
999,628 |
Impact of Fresh-Start reporting |
|
|
(507,843) |
|
|
— |
|
|
(507,843) |
Goodwill, net August 28, 2020 (Predecessor (SLH)) |
|
|
491,785 |
|
|
— |
|
|
491,785 |
Foreign currency translation adjustment |
|
|
(132) |
|
|
— |
|
|
(132) |
Goodwill, net January 31, 2021 (Predecessor SLH) |
|
$ |
491,653 |
|
$ |
— |
|
$ |
491,653 |
Foreign currency translation adjustment |
|
|
(134) |
|
|
— |
|
|
(134) |
Goodwill, net June 11, 2021 (Predecessor SLH) |
|
|
491,519 |
|
|
— |
|
$ |
491,519 |
|
|
|
|
|
|
|
|
|
|
Acquisition of Skillsoft and GK |
|
|
659,667 |
|
|
116,413 |
|
|
776,080 |
Foreign currency translation adjustment |
|
|
(47) |
|
|
(623) |
|
|
(670) |
Acquisition of Pluma |
|
|
14,892 |
|
|
— |
|
|
14,892 |
Measurement period adjustments |
|
|
3,036 |
|
|
(479) |
|
|
2,557 |
Measurement period adjustments - (Pluma) |
|
|
2,952 |
|
|
— |
|
|
2,952 |
Goodwill, net January 31, 2022(Successor) |
|
$ |
680,500 |
|
$ |
115,311 |
|
$ |
795,811 |
|