Leases

12 Months Ended

Apr. 30, 2022

Lessee Disclosure [Abstract]

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	22,295	$	23,769	$	24,352
Interest on lease liabilities	8,179		11,164		13,316
Operating lease cost	47,778		42,383		42,846
Variable lease cost	17,825		12,914		12,555
Total lease cost	$	96,077	$	90,230	$	93,069

Operating lease cost, including variable lease cost, is included in selling, general and administrative expenses; amortization of finance ROU assets is included in depreciation and amortization; and interest on finance lease liabilities is included in interest expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Supplemental cash flow information related to leases was as follows:

	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	48,283	$	42,876	$	42,150
Operating cash flows from finance leases	8,179		11,164		13,316
Financing cash flows from finance leases	31,365		30,371		25,275
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	71,252		37,513		38,143
Finance leases	41,699		27,400		50,484

_________________________________________

(a) Includes operating lease right-of-use assets obtained in acquisitions. See Note 2, “Business Combinations” for more information on business combinations.

Other information related to leases was as follows:

	April 30,
	2022			2021
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	193,380		$	176,591
Accumulated depreciation	(57,363)			(51,869)
Property and equipment, net	$	136,017		$	124,722
Weighted-average remaining lease term (years)
Operating leases	4.6			4.7
Finance leases	3.7			3.5
Weighted-average discount rate
Operating leases	4.7		%	5.5		%
Finance leases	4.2		%	4.6		%

Future minimum lease payments under non-cancellable leases as of April 30, 2022 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2023	$	43,734	$	44,730
2024	34,501		42,299
2025	23,492		31,526
2026	15,718		20,125
2027	9,308		10,836
Thereafter	4,688		18,924
Total lease payments	131,441		168,440
Less imputed interest	11,303		17,864
Total	$	120,138	$	150,576

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	22,295	$	23,769	$	24,352
Interest on lease liabilities	8,179		11,164		13,316
Operating lease cost	47,778		42,383		42,846
Variable lease cost	17,825		12,914		12,555
Total lease cost	$	96,077	$	90,230	$	93,069

Operating lease cost, including variable lease cost, is included in selling, general and administrative expenses; amortization of finance ROU assets is included in depreciation and amortization; and interest on finance lease liabilities is included in interest expense in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Supplemental cash flow information related to leases was as follows:

	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	48,283	$	42,876	$	42,150
Operating cash flows from finance leases	8,179		11,164		13,316
Financing cash flows from finance leases	31,365		30,371		25,275
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	71,252		37,513		38,143
Finance leases	41,699		27,400		50,484

_________________________________________

(a) Includes operating lease right-of-use assets obtained in acquisitions. See Note 2, “Business Combinations” for more information on business combinations.

Other information related to leases was as follows:

	April 30,
	2022			2021
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	193,380		$	176,591
Accumulated depreciation	(57,363)			(51,869)
Property and equipment, net	$	136,017		$	124,722
Weighted-average remaining lease term (years)
Operating leases	4.6			4.7
Finance leases	3.7			3.5
Weighted-average discount rate
Operating leases	4.7		%	5.5		%
Finance leases	4.2		%	4.6		%

Future minimum lease payments under non-cancellable leases as of April 30, 2022 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2023	$	43,734	$	44,730
2024	34,501		42,299
2025	23,492		31,526
2026	15,718		20,125
2027	9,308		10,836
Thereafter	4,688		18,924
Total lease payments	131,441		168,440
Less imputed interest	11,303		17,864
Total	$	120,138	$	150,576