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Leases | 12 Months Ended
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Apr. 30, 2021
Leases [Abstract] |
Leases | 4. Leases We lease certain of our real estate, machinery, photocopiers, and vehicles under non-cancelable operating lease agreements. We recognize expenses for our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. Tenant improvement allowances are recorded as an offsetting adjustment included in our calculation of the respective right-of-use asset. Many of our leases include renewal options that enable us to extend the lease term. The execution of those renewal options is at our sole discretion and renewals are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term. The amounts of assets and liabilities related to our operating and financing leases as of April 30, 2021 were as follows (in thousands):
|  | Balance Sheet Caption |  | April 30, 2021 |
Operating Leases |  |  |  |  |  |
Right-of-use assets |  |  |  | $ | 7,126 |
Accumulated amortization |  |  |  |  | (2,363 | )
Right-of-use assets, net |  | Other assets |  | $ | 4,763 |
Current liabilities |  | Accrued expenses and deferred revenue |  | $ | 1,309 |
Non-current liabilities |  | Other non-current liabilities |  |  | 3,630 |
Total operating lease liabilities |  |  |  | $ | 4,939 |
Finance Leases |  |  |  |  |  |
Right-of-use assets |  |  |  | $ | 40,986 |
Accumulated depreciation |  |  |  |  | (4,231 | )
Right-of-use assets, net |  | Property, plant, and equipment, net |  | $ | 36,755 |
Current liabilities |  | Accrued expenses and deferred revenue |  | $ | 1,087 |
Non-current liabilities |  | Finance lease payable, net of current portion |  |  | 38,786 |
Total finance lease liabilities |  |  |  | $ | 39,873 |
During the fiscal year ended April 30, 2021, we recorded $1.8 million of operating lease costs, of which $216,000 related to short-term leases that were not recorded as right-of-use assets. We recorded $2.1 million of finance lease amortization and $2.0 million of financing lease interest expense during fiscal 2021. As of April 30, 2021, our weighted average lease term and weighted average discount rate for our operating leases was 4.1 years and 4.5%, respectively. As of April 30, 2021, our weighted average lease term and weighted average discount rate for our financing leases were 17.5 years and 5.0%, respectively, and consisted primarily of our distribution center located in Columbia, Missouri. The building is pledged to secure the amounts outstanding. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease. With the completion of the Separation, we entered into a sublease under which AOUT subleases from us 59.0% of our distribution center under the same terms applicable to us under the master lease. During the fiscal year ended April 30, 2021, we recorded $1.7 million of income related to this sublease agreement, which is recorded in other income/(expense) in our condensed consolidated statements of income/(loss) and comprehensive income/(loss). The following table represents future expected undiscounted cashflows, based on the sublease agreement to AOUT, to be received on an annual basis for the next five years and thereafter, as of April 30, 2021 (in thousands):
Fiscal |  | Amount |
2022 |  | $ | 1,864 |
2023 |  |  | 1,897 |
2024 |  |  | 1,930 |
2025 |  |  | 1,964 |
2026 |  |  | 1,998 |
Thereafter |  |  | 28,546 |
Total future sublease receipts |  |  | 38,199 |
Less amounts representing interest |  |  | (13,335 | )
Present value of sublease receipts |  | $ | 24,864 |
Future lease payments for all our operating and finance leases for succeeding fiscal years is as follows (in thousands):
|  |  |  | Operating |  |  | Financing |  |  | Total |
2022 |  |  |  | $ | 1,549 |  |  | $ | 3,056 |  |  | $ | 4,605 |
2023 |  |  |  |  | 1,557 |  |  |  | 3,071 |  |  |  | 4,628 |
2024 |  |  |  |  | 1,549 |  |  |  | 3,125 |  |  |  | 4,674 |
2025 |  |  |  |  | 330 |  |  |  | 3,180 |  |  |  | 3,510 |
2026 |  |  |  |  | 311 |  |  |  | 3,235 |  |  |  | 3,546 |
Thereafter |  |  |  |  | 404 |  |  |  | 45,548 |  |  |  | 45,952 |
Total future lease payments |  |  |  |  | 5,700 |  |  |  | 61,215 |  |  |  | 66,915 |
Less amounts representing interest |  |  |  |  | (761 | ) |  |  | (21,342 | ) |  |  | (22,103 | )
Present value of lease payments |  |  |  |  | 4,939 |  |  |  | 39,873 |  |  |  | 44,812 |
Less current maturities of lease liabilities |  |  |  |  | (1,309 | ) |  |  | (1,087 | ) |  |  | (2,396 | )
Long-term maturities of lease liabilities |  |  |  | $ | 3,630 |  |  | $ | 38,786 |  |  | $ | 42,416 |
During the fiscal year ended April 30, 2021, the cash paid for amounts included in the measurement of the liabilities and the operating cash flows was $4.7 million.

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