The Company’s lease portfolio is comprised of operating leases for office space and equipment and finance leases for equipment. Equipment leases are comprised of vehicles and office equipment. The majority of the Company’s leases include both lease and non-lease components. Non-lease components primarily include maintenance, insurance, taxes and other utilities. The Company has decided to combine fixed payments for non-lease components with its lease payments and account for them as a single lease component, which increases its ROU assets and lease liabilities. Some of the leases include one or more options to renew or terminate the lease at the Company’s discretion. Generally, the renewal and termination options are not included in the ROU assets and lease liabilities as they are not reasonably certain of exercise. The Company has elected not to recognize a ROU asset or lease liability for leases with an initial term of 12 months or less.

As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of the future minimum lease payments. The Company applies the portfolio approach when determining the incremental borrowing rate since it has a centrally managed treasury function. The Company’s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments in a similar economic environment.

Operating leases contain both office and equipment leases, have remaining terms that range from less than one year to 11 years, some of which also include options to extend or terminate the lease. Finance leases are comprised of equipment leases and have remaining terms that range from less than one year to 5 years. Finance lease assets are included in property and equipment, net while finance lease liabilities are included in other accrued liabilities and other liabilities.

	Three Months Ended October 31, 2019			Six Months Ended October 31, 2019
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	473		$	943
Interest on lease liabilities		39			79
		512			1,022
Operating lease cost		14,166			28,393
Short-term lease cost		277			556
Variable lease cost		3,183			6,076
Sublease income		(53	)		(107	)
Total lease cost	$	18,085		$	35,940

	Six Months Ended October 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	30,351
Financing cash flows from finance leases	$	927

ROU assets obtained in exchange for lease obligations:
Operating leases	$	6,054
Finance leases	$	732

	October 31, 2019
	(in thousands)
Finance Leases:

Property and equipment, at cost	$	4,586
Accumulated depreciation		(930	)
Property and equipment, net	$	3,656

Other accrued liabilities	$	1,597
Other liabilities		2,107
Total finance lease liabilities	$	3,704

Weighted average remaining lease terms:
Operating leases	6.0 years
Finance leases	2.7 years

Weighted average discount rate:
Operating leases		4.9	%
Finance leases		4.2	%

Year Ending April 30,	Operating		Financing
	(in thousands)
2020 (excluding the six months ended October 31, 2019)	$	30,609	$	930
2021		55,843		1,466
2022		48,661		1,003
2023		41,648		365
2024		35,904		132
Thereafter		75,748		18
Total lease payments		288,413		3,914
Less: imputed interest		39,654		210
Total	$	248,759	$	3,704