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Fee Revenue
 6 Months Ended
Oct. 31, 2022
Revenue from Contract with Customer [Abstract]  
Fee Revenue Fee Revenue
Contract Balances
A contract asset (unbilled receivables) is recorded when the Company transfers control of products or services before there is an unconditional right to payment. A contract liability (deferred revenue) is recorded when cash is received in advance of performance of the obligation. Deferred revenue represents the future performance obligations to transfer control of products or services for which we have already received consideration. Deferred revenue is presented in other accrued liabilities on the consolidated balance sheets.
The following table outlines the Company’s contract asset and liability balances as of October 31, 2022 and April 30, 2022:
October 31, 2022April 30, 2022
(in thousands)
Contract assets-unbilled receivables$128,644 $100,652 
Contract liabilities-deferred revenue$241,708 $244,149 
During the six months ended October 31, 2022, we recognized revenue of $136.2 million that was included in the contract liabilities balance at the beginning of the period.
Performance Obligations
The Company has elected to apply the practical expedient to exclude the value of unsatisfied performance obligations for contracts with a duration of one year or less, which applies to all executive search, professional search and to most of the fee revenue from the interim business. As of October 31, 2022, the aggregate transaction price allocated to the performance obligations that are unsatisfied for contracts with an expected duration of greater than one year at inception was $1,211.7 million. Of the $1,211.7 million of remaining performance obligations, the Company expects to recognize approximately $344.9 million in the remainder of fiscal 2023, $471.3 million in fiscal 2024, $246.8 million in fiscal 2025 and the remaining $148.7 million in fiscal 2026 and thereafter. However, this amount should not be considered an indication of the Company’s future revenue as contracts with an initial term of one year or less are not included. Further, our contract terms and conditions allow for clients to increase or decrease the scope of services and such changes do not increase or decrease a performance obligation until the Company has an enforceable right to payment.
Disaggregation of Revenue
The Company disaggregates its revenue by line of business and further by region for Executive Search. This information is presented in Note 10—Segments.
The following table provides further disaggregation of fee revenue by industry:
Three Months Ended October 31,
20222021
Dollars%Dollars%
(dollars in thousands)
Industrial$206,448 28.4 %$169,706 26.5 %
Life Sciences/Healthcare133,595 18.4 127,979 20.0 
Financial Services131,199 18.0 113,991 17.8 
Technology124,605 17.1 103,667 16.2 
Consumer Goods99,280 13.6 92,459 14.5 
Education/Non–Profit/General32,722 4.5 31,641 5.0 
Fee Revenue$727,849 100.0 %$639,443 100.0 %
Six Months Ended October 31,
20222021
Dollars%Dollars%
(dollars in thousands)
Industrial$402,357 28.3 %$319,062 26.1 %
Life Sciences/Healthcare266,799 18.7 243,169 19.9 
Financial Services249,998 17.5 219,640 17.9 
Technology247,257 17.4 198,601 16.2 
Consumer Goods195,228 13.7 174,023 14.2 
Education/Non–Profit/General62,113 4.4 70,343 5.7 
Fee Revenue$1,423,752 100.0 %$1,224,838 100.0 %