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Leases | 12 Months Ended
--- | ---
Apr. 30, 2025
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. 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 combines fixed payments for non-lease components with its lease payments and accounts 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 and have remaining terms that range from less than one year to 12 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 five years. Finance lease assets are included in property and equipment, net while finance lease liabilities are included in other accrued liabilities and other liabilities. During fiscal 2025, 2024 and 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $2.5 million, $1.6 million and $5.5 million, respectively, in the consolidated statements of income. The components of lease expense were as follows:
| Year Ended April 30,
| 2025 |  | 2024 |  | 2023
| (in thousands)
Finance lease cost |  |  |  |  |
Amortization of ROU assets | $ | 1,464 |  |  | $ | 1,605 |  |  | $ | 1,479 |
Interest on lease liabilities | 176 |  |  | 212 |  |  | 190 |
| 1,640 |  |  | 1,817 |  |  | 1,669 |
Operating lease cost | 47,939 |  |  | 46,956 |  |  | 48,901 |
Short-term lease cost | 873 |  |  | 876 |  |  | 833 |
Variable lease cost | 10,877 |  |  | 13,324 |  |  | 11,157 |
Lease impairment cost | 2,452 |  |  | 1,629 |  |  | 5,471 |
Sublease income | (4,965) |  |  | (4,359) |  |  | (3,420) |
Total lease cost | $ | 58,816 |  |  | $ | 60,243 |  |  | $ | 64,611 |
Supplemental cash flow information related to leases was as follows:
| Year Ended April 30,
| 2025 |  | 2024 |  | 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 52,033 |  |  | $ | 51,879 |  |  | $ | 63,496 |
Financing cash flows from finance leases | $ | 1,631 |  |  | $ | 1,776 |  |  | $ | 1,639 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 27,430 |  |  | $ | 60,279 |  |  | $ | 19,015 |
Finance leases | $ | 811 |  |  | $ | 906 |  |  | $ | 3,123 |
Supplemental balance sheet information related to leases was as follows:
| Year Ended April 30,
| 2025 |  | 2024
| (in thousands)
Finance Leases: |  |  |
Property and equipment, at cost | $ | 7,233 |  |  | $ | 7,017 |
Accumulated depreciation | (4,210) |  |  | (3,377) |
Property and equipment, net | $ | 3,023 |  |  | $ | 3,640 |
Other accrued liabilities | $ | 1,369 |  |  | $ | 1,416 |
Other liabilities | 1,770 |  |  | 2,324 |
Total finance lease liabilities | $ | 3,139 |  |  | $ | 3,740 |
Weighted average remaining lease terms: |  |  |
Operating leases | 7.0 years |  | 7.1 years
Finance leases | 2.6 years |  | 3.1 years
Weighted average discount rate: |  |  |
Operating leases | 5.9 | % |  | 5.9 | %
Finance leases | 5.7 | % |  | 5.5 | %
Maturities of lease liabilities are as follows:
Year Ending April 30, |  | Operating |  | Financing
|  | (in thousands)
2026 |  | $ | 42,968 |  |  | $ | 1,502 |
2027 |  | 32,931 |  |  | 1,061 |
2028 |  | 27,191 |  |  | 730 |
2029 |  | 21,841 |  |  | 53 |
2030 |  | 17,503 |  |  | 15 |
Thereafter |  | 73,136 |  |  | — |
Total lease payments |  | 215,570 |  |  | 3,361 |
Less: imputed interest |  | 45,235 |  |  | 222 |
Total |  | $ | 170,335 |  |  | $ | 3,139 |
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. 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 combines fixed payments for non-lease components with its lease payments and accounts 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 and have remaining terms that range from less than one year to 12 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 five years. Finance lease assets are included in property and equipment, net while finance lease liabilities are included in other accrued liabilities and other liabilities. During fiscal 2025, 2024 and 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $2.5 million, $1.6 million and $5.5 million, respectively, in the consolidated statements of income. The components of lease expense were as follows:
| Year Ended April 30,
| 2025 |  | 2024 |  | 2023
| (in thousands)
Finance lease cost |  |  |  |  |
Amortization of ROU assets | $ | 1,464 |  |  | $ | 1,605 |  |  | $ | 1,479 |
Interest on lease liabilities | 176 |  |  | 212 |  |  | 190 |
| 1,640 |  |  | 1,817 |  |  | 1,669 |
Operating lease cost | 47,939 |  |  | 46,956 |  |  | 48,901 |
Short-term lease cost | 873 |  |  | 876 |  |  | 833 |
Variable lease cost | 10,877 |  |  | 13,324 |  |  | 11,157 |
Lease impairment cost | 2,452 |  |  | 1,629 |  |  | 5,471 |
Sublease income | (4,965) |  |  | (4,359) |  |  | (3,420) |
Total lease cost | $ | 58,816 |  |  | $ | 60,243 |  |  | $ | 64,611 |
Supplemental cash flow information related to leases was as follows:
| Year Ended April 30,
| 2025 |  | 2024 |  | 2023
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 52,033 |  |  | $ | 51,879 |  |  | $ | 63,496 |
Financing cash flows from finance leases | $ | 1,631 |  |  | $ | 1,776 |  |  | $ | 1,639 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 27,430 |  |  | $ | 60,279 |  |  | $ | 19,015 |
Finance leases | $ | 811 |  |  | $ | 906 |  |  | $ | 3,123 |
Supplemental balance sheet information related to leases was as follows:
| Year Ended April 30,
| 2025 |  | 2024
| (in thousands)
Finance Leases: |  |  |
Property and equipment, at cost | $ | 7,233 |  |  | $ | 7,017 |
Accumulated depreciation | (4,210) |  |  | (3,377) |
Property and equipment, net | $ | 3,023 |  |  | $ | 3,640 |
Other accrued liabilities | $ | 1,369 |  |  | $ | 1,416 |
Other liabilities | 1,770 |  |  | 2,324 |
Total finance lease liabilities | $ | 3,139 |  |  | $ | 3,740 |
Weighted average remaining lease terms: |  |  |
Operating leases | 7.0 years |  | 7.1 years
Finance leases | 2.6 years |  | 3.1 years
Weighted average discount rate: |  |  |
Operating leases | 5.9 | % |  | 5.9 | %
Finance leases | 5.7 | % |  | 5.5 | %
Maturities of lease liabilities are as follows:
Year Ending April 30, |  | Operating |  | Financing
|  | (in thousands)
2026 |  | $ | 42,968 |  |  | $ | 1,502 |
2027 |  | 32,931 |  |  | 1,061 |
2028 |  | 27,191 |  |  | 730 |
2029 |  | 21,841 |  |  | 53 |
2030 |  | 17,503 |  |  | 15 |
Thereafter |  | 73,136 |  |  | — |
Total lease payments |  | 215,570 |  |  | 3,361 |
Less: imputed interest |  | 45,235 |  |  | 222 |
Total |  | $ | 170,335 |  |  | $ | 3,139 |

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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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