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Accounts Receivable, Contract Assets and Contract Liabilities

6 Months Ended

Oct. 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:

	October 31, 2024		April 30, 2024		April 30, 2023
	(in thousands)
Accounts receivable	$	1,785	$	796	$	745
Contract assets	$	86	$	18	$	152
Contract liabilities	$	119	$	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 six months ended October 31, 2024 and 2023.

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

	Six months ended October 31, 2024			Six months ended October 31, 2023
	(in thousands)
Transferred to receivables from contract assets recognized	$	(583	)	$	(745	)
Revenue recognized and not billed		651			919
Net change in contract assets	$	68		$	174

Contract Liabilities

Contract liabilities consist of amounts invoiced to customers in excess of revenue recognized. The decrease in contract liabilities from year end is primarily due to converting previous payments collected to recognized revenue in the current year.

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

	Six months ended October 31, 2024			Six months ended October 31, 2023
	(in thousands)
Revenue recognized	$	(1,515	)	$	(762	)
Payments collected for which revenue has not been recognized		1,332			548
Net change in contract liabilities	$	(183	)	$	(214	)