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.