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Accounts Receivable, Contract Assets and Contract Liabilities

3 Months Ended

Jul. 31, 2024

Accounts Receivable Contract Assets And Contract Liabilities

Accounts Receivable, Contract Assets and Contract Liabilities

(3) Accounts Receivable, Contract Assets and Contract Liabilities

The following provides further details on the balance sheet accounts of accounts receivable, contract assets and contract liabilities from contracts with customers:

	July 31, 2024		April 30, 2024		April 30, 2023
	(in thousands)
Accounts receivable	$	963	$	796	$	745
Contract assets	$	477	$	18	$	152
Contract liabilities	$	445	$	302	$	1,378

Contract Assets

Contract assets include unbilled amounts typically resulting from arrangements whereby the right to payment is conditional on completing additional tasks or services for a performance obligation. The increase in contract assets from year end is primarily a result of consulting services projects for which revenue was recognized in the current period but has not yet been billed. No impairments to contract assets were incurred during the three months ended July 31, 2024 and 2023.

Significant changes in the contract assets balances during the period were as follows:

	Three months ended July 31, 2024			Three months ended July 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized	$	(104	)	$	(377	)
Revenue recognized and not billed		563			518
Net change in contract assets	$	459		$	141

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The increase in contract liabilities from year end is primarily due to payments collected for which we have not yet recognized revenue.

Significant changes in the contract liabilities balances during the period are as follows:

	Three months ended July 31, 2024			Three months ended July 31, 2023
	(in thousands)
Revenue recognized	$	(545	)	$	(321	)
Payments collected for which revenue has not been recognized		689			150
Net change in contract liabilities	$	144		$	(171	)