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Leases | 6 Months Ended
--- | ---
Oct. 31, 2024
Leases [Abstract] |
Leases | Leases 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. During the six months ended October 31, 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $1.6 million in the condensed consolidated statements of operations. No impairment charge of the ROU assets was recorded during the three and six months ended October 31, 2024 and the three months ended October 31, 2023. The components of lease expense were as follows:
| Three Months Ended October 31, |  | Six Months Ended October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | $ | 362 |  |  | $ | 448 |  |  | $ | 741 |  |  | $ | 850 |
Interest on lease liabilities | 45 |  |  | 54 |  |  | 94 |  |  | 108 |
| 407 |  |  | 502 |  |  | 835 |  |  | 958 |
Operating lease cost | 12,096 |  |  | 11,389 |  |  | 24,091 |  |  | 23,086 |
Short-term lease cost | 202 |  |  | 222 |  |  | 428 |  |  | 491 |
Variable lease cost | 3,027 |  |  | 3,724 |  |  | 5,368 |  |  | 6,915 |
Lease impairment cost | — |  |  | — |  |  | — |  |  | 1,629 |
Sublease income | (1,206) |  |  | (1,051) |  |  | (2,359) |  |  | (2,114) |
Total lease cost | $ | 14,526 |  |  | $ | 14,786 |  |  | $ | 28,363 |  |  | $ | 30,965 |
Supplemental cash flow information related to leases was as follows:
| Six Months Ended October 31,
| 2024 |  | 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 24,597 |  |  | $ | 26,635 |
Financing cash flows from finance leases | $ | 815 |  |  | $ | 938 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 18,565 |  |  | $ | 4,109 |
Finance leases | $ | 217 |  |  | $ | 714 |
Maturities of lease liabilities were as follows:
Year Ending April 30, |  | Operating |  | Financing
|  | (in thousands)
2025 (excluding the six months ended October 31, 2024) |  | $ | 23,277 |  |  | $ | 775 |
2026 |  | 41,817 |  |  | 1,260 |
2027 |  | 29,777 |  |  | 832 |
2028 |  | 24,732 |  |  | 548 |
2029 |  | 19,703 |  |  | 12 |
Thereafter |  | 86,447 |  |  | — |
Total lease payments |  | 225,753 |  |  | 3,427 |
Less: imputed interest |  | 44,812 |  |  | 243 |
Total |  | $ | 180,941 |  |  | $ | 3,184 |
Leases | Leases 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. During the six months ended October 31, 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $1.6 million in the condensed consolidated statements of operations. No impairment charge of the ROU assets was recorded during the three and six months ended October 31, 2024 and the three months ended October 31, 2023. The components of lease expense were as follows:
| Three Months Ended October 31, |  | Six Months Ended October 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in thousands)
Finance lease cost |  |  |  |  |  |  |
Amortization of ROU assets | $ | 362 |  |  | $ | 448 |  |  | $ | 741 |  |  | $ | 850 |
Interest on lease liabilities | 45 |  |  | 54 |  |  | 94 |  |  | 108 |
| 407 |  |  | 502 |  |  | 835 |  |  | 958 |
Operating lease cost | 12,096 |  |  | 11,389 |  |  | 24,091 |  |  | 23,086 |
Short-term lease cost | 202 |  |  | 222 |  |  | 428 |  |  | 491 |
Variable lease cost | 3,027 |  |  | 3,724 |  |  | 5,368 |  |  | 6,915 |
Lease impairment cost | — |  |  | — |  |  | — |  |  | 1,629 |
Sublease income | (1,206) |  |  | (1,051) |  |  | (2,359) |  |  | (2,114) |
Total lease cost | $ | 14,526 |  |  | $ | 14,786 |  |  | $ | 28,363 |  |  | $ | 30,965 |
Supplemental cash flow information related to leases was as follows:
| Six Months Ended October 31,
| 2024 |  | 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 24,597 |  |  | $ | 26,635 |
Financing cash flows from finance leases | $ | 815 |  |  | $ | 938 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 18,565 |  |  | $ | 4,109 |
Finance leases | $ | 217 |  |  | $ | 714 |
Maturities of lease liabilities were as follows:
Year Ending April 30, |  | Operating |  | Financing
|  | (in thousands)
2025 (excluding the six months ended October 31, 2024) |  | $ | 23,277 |  |  | $ | 775 |
2026 |  | 41,817 |  |  | 1,260 |
2027 |  | 29,777 |  |  | 832 |
2028 |  | 24,732 |  |  | 548 |
2029 |  | 19,703 |  |  | 12 |
Thereafter |  | 86,447 |  |  | — |
Total lease payments |  | 225,753 |  |  | 3,427 |
Less: imputed interest |  | 44,812 |  |  | 243 |
Total |  | $ | 180,941 |  |  | $ | 3,184 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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