Revenue

6 Months Ended

Oct. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following table presents revenue by geographical region (in thousands):

	Three Months Ended October 31,				Six Months Ended October 31,
	2023		2022		2023		2022
North America (1)	$	61,179	$	47,916	$	122,891	$	99,854
Europe, the Middle East and Africa (1)	10,607		11,889		20,165		22,592
Asia Pacific (1)	1,100		2,435		1,925		4,802
Rest of World (1)	343		168		610		468
Total revenue	$	73,229	$	62,408	$	145,591	$	127,716

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(1)The United States comprised 83% and 77% of the Company’s revenue for the three months ended October 31, 2023 and 2022, respectively, and 84% and 78% of the Company’s revenue for the six months ended October 31, 2023 and 2022, respectively. No other country comprised 10% or greater of the Company’s revenue for the three and six months ended October 31, 2023 or 2022.

Deferred Revenue

As of October 31, 2023 and April 30, 2023, the Company's deferred revenue balances were $40.6 million and $47.9 million, respectively. Revenue of $40.7 million and $39.5 million was recognized during the six months ended October 31, 2023 and 2022, respectively, that was included in the deferred revenue balances as of April 30, 2023 and 2022, respectively.

Remaining Performance Obligation

Remaining performance obligations are committed and represent non-cancellable contracted revenue that has not yet been recognized and will be recognized as revenue in future periods. Some contracts allow customers to cancel the contracts without a significant penalty, and the cancellable amount of contract value is not included in the remaining performance obligations.

The Company excludes amounts related to performance obligations and usage-based royalties that are billed and recognized as they are delivered or billed and recognized in the same period. This primarily consists of monthly usage-based runtime and hosting charges in the duration of some revenue contracts.

Revenue expected to be recognized from remaining performance obligations was approximately $303.6 million as of October 31, 2023, of which $170.2 million is expected to be recognized over the next 12 months and the remainder thereafter.

Customer Concentration and Accounts Receivable

A majority of the Company’s Customer-Entities consist of corporate and governmental entities. A Customer-Entity is defined as each entity that is the ultimate parent of a party contracting with the Company. A limited number of Customer-Entities have accounted for a large part of the Company’s revenue and accounts receivable to date. For the purpose of determining customer concentration and accounts receivable, unbilled receivables have been excluded from the accounts receivable balance. Two separate Customer-Entities accounted for 25% and 13%, respectively, of revenue for the three months ended October 31, 2023. One Customer-Entity accounted for 32% of revenue for the three months ended October 31, 2022. Two separate Customer-Entities accounted for 29% and 13%, respectively, of revenue for the six months ended October 31, 2023. One Customer-Entity accounted for 29% of revenue for the six months ended October 31, 2022. Two separate Customer-Entities accounted for 15% and 11%, respectively, of accounts receivable at October 31, 2023. Two separate Customer-Entities accounted for 20% and 18%, respectively, of accounts receivable at April 30, 2023.

Accounts receivable includes billed and unbilled receivables, net of allowance of doubtful accounts. Trade accounts receivable are recorded at invoiced amounts and do not bear interest. The allowance for credit losses is based on the Company’s assessment of the collectability of accounts receivable by considering various factors, including the age of each outstanding invoice, customer type, the collection history of each customer, historical write-off experience, current and near-term macroeconomic conditions and uncertainties. The expectation of collectability is based on a review of credit profiles of customers, contractual terms and conditions, current economic trends, and historical payment experience. Accounts receivable included unbilled receivables as of October 31, 2023 and April 30, 2023 of $104.8 million and $77.6 million, respectively.