Technology, property, and equipment, net consisted of the following at April 30:
| | | | | | | | | | | |
| 2025 | | 2024 |
| Capitalized software | $ | 644,900 | | | $ | 601,452 | |
| Computer hardware | 54,160 | | | 53,918 | |
| Buildings and leasehold improvements | 67,589 | | | 82,199 | |
| Furniture, fixtures, and warehouse equipment | 31,817 | | | 31,814 | |
| Land and land improvements | 860 | | | 3,283 | |
| Technology, property, and equipment, gross | 799,326 | | | 772,666 | |
| Accumulated depreciation and amortization | (637,201) | | | (580,228) | |
| Technology, property, and equipment, net | $ | 162,125 | | | $ | 192,438 | |
The following table details our depreciation and amortization expense for technology, property, and equipment, net:
| | | | | | | | | | | | | | | | | |
| For the Years Ended April 30, |
| 2025 | | 2024 | | 2023 |
| Capitalized software amortization expense | $ | 65,348 | | | $ | 83,250 | | | $ | 78,441 | |
| Depreciation and amortization expense, excluding capitalized software | 13,346 | | | 14,910 | | | 17,565 | |
| Total depreciation and amortization expense for technology, property and equipment | $ | 78,694 | | | $ | 98,160 | | | $ | 96,006 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.