Leases

12 Months Ended

Apr. 30, 2025

The Company leases its facilities for office space under non-cancellable operating leases with various expiration dates through the fiscal year ending April 30, 2033. Certain lease agreements include options to renew or terminate the applicable lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments.

On August 25, 2021, the Company entered into a new lease to acquire approximately 283,015 square feet of office space in several phases in Redwood City, California. The lease commencement date was determined as the date when the landlord delivered the leased space to the Company. Accordingly, the first two phases of the lease commenced in the quarter ended January 31, 2022, the third phase of the lease commenced in the quarter ended October 31, 2022, the fourth phase of the lease commenced in the quarter ended April 30, 2023, the fifth phase of the lease commenced in the quarter ended July 31, 2023, the sixth phase of the lease commenced in the quarter ended January 31, 2024, and the seventh and final phase of the lease commenced in the quarter ended July 31, 2024. The Company recorded $1.3 million of lease liability in other long-term liabilities and corresponding right-of-use asset in other assets, non-current in the consolidated balance sheets related to the seventh phase of the lease.

The components of total lease costs, including variable lease costs, for the fiscal years ended April 30, 2025, 2024 and 2023 were as follows (in thousands):


	Fiscal Year Ended April 30,
Lease Costs	2025		2024		2022
Operating lease costs	$	5,555	$	4,995	$	8,359
Short term lease costs	1,691		1,537		1,624
Variable lease costs	4,623		3,959		3,494
Sublease income	(108)		(105)		(26)
Total lease costs, net	$	11,761	$	10,387	$	13,451

On February 21, 2023, the Company entered into a sublease agreement with First Virtual Group, Inc. (the “Subtenant”), whereby the Company agreed to sublease to the Subtenant approximately 3,130 square feet of space located in Redwood City, California. Refer to Note 12. Related Party Transactions for more information.

Variable lease costs are primarily related to payments made to the Company’s landlords for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent payments related to marketing arrangements that contain embedded short-term leases of billboards. Supplemental cash flow information and non-cash activity related to leases was as follows (in thousands):


	Fiscal Year Ended April 30,
	2025		2024		2023

Cash payments included in the measurement of operating lease liabilities – operating cash flows	$	8,174	$	6,136	$	5,250

Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)	$	1,016	$	1,833	$	(5,589)
Right-of-use assets obtained in exchange for lease obligations arising from lease modifications	$	—	$	—	$	3,093

The following table presents the lease balances within the consolidated balance sheets, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases (in thousands):


		As of April 30,
Operating leases		2025		2024
Right-of-use assets	Other assets, non-current	$	19,321	$	18,664
Lease liabilities, current	Other current liabilities	4,795		3,226
Lease liabilities, non-current	Other long-term liabilities	55,495		55,599
Total operating lease liabilities		$	60,290	$	58,825


	As of April 30,
Operating leases	2025		2024
Weighted average remaining lease term (in years)	7.9		8.9
Weighted average discount rate	8.6	%	8.0	%

Future minimum payments under lease obligations as of April 30, 2025 were as follows (in thousands):


	As of April 30, 2025
Fiscal 2026	$	9,833
Fiscal 2027	10,387
Fiscal 2028	10,706
Fiscal 2029	11,012
Fiscal 2030 and thereafter	46,415
Total future minimum lease payments	88,353
Less: Tenant improvement allowance	(3,176)
Less: Imputed interest	(24,887)
Total operating lease liabilities	$	60,290