Revenue

9 Months Ended

Jan. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2024		2023		2024		2023
North America (1)	$	68,356	$	55,254	$	191,247	$	155,108
Europe, the Middle East and Africa (1)	9,040		9,546		29,205		32,138
Asia Pacific (1)	952		1,801		2,877		6,603
Rest of World (1)	53		68		663		536
Total revenue	$	78,401	$	66,669	$	223,992	$	194,385

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(1)The United States comprised 86% and 83% of the Company’s revenue for the three months ended January 31, 2024 and 2023, respectively, and 85% and 80% of the Company’s revenue for the nine months ended January 31, 2024 and 2023, respectively. No other country comprised 10% or greater of the Company’s revenue for the three and nine months ended January 31, 2024 or 2023.

Deferred Revenue

As of January 31, 2024 and April 30, 2023, the Company’s deferred revenue balances were $41.3 million and $47.9 million, respectively. Revenue of $46.3 million and $45.6 million was recognized during the nine months ended January 31, 2024 and 2023, 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 $286.9 million as of January 31, 2024, of which $172.0 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 12%, respectively, of revenue for the three months ended January 31, 2024. One Customer-Entity accounted for 45% of revenue for the three months ended January 31, 2023. Two separate Customer-Entities accounted for 27% and 13%, respectively, of revenue for the nine months ended January 31, 2024. One Customer-Entity accounted for 34% of revenue for the nine months ended January 31, 2023. Two separate Customer-Entities accounted for 18% and 14%, respectively, of accounts receivable at January 31, 2024. 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 January 31, 2024 and April 30, 2023 of $102.6 million and $77.6 million, respectively.