Leases

12 Months Ended

Apr. 30, 2024

Lessee Disclosure [Abstract]

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	29,222	$	24,501	$	22,295
Interest on lease liabilities	7,988		7,187		8,179
Operating lease cost	65,804		57,093		47,778
Variable lease cost	16,686		19,699		17,825
Total lease cost	$	119,700	$	108,480	$	96,077

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.

Supplemental cash flow information related to leases was as follows:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	64,117	$	56,269	$	48,283
Operating cash flows from finance leases	7,988		7,187		8,179
Financing cash flows from finance leases	41,786		35,845		31,365
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	112,618		73,083		71,252
Finance leases	77,495		59,720		41,699

_________________________________________

(a) Includes operating lease ROU 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,
	2024			2023
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	289,707		$	231,488
Accumulated depreciation	(78,170)			(65,274)
Property and equipment, net	$	211,537		$	166,214
Weighted-average remaining lease term (years)
Operating leases	6.9			5.2
Finance leases	4.0			3.9
Weighted-average discount rate
Operating leases	6.3		%	5.0		%
Finance leases	5.7		%	4.9		%

Future minimum lease payments under non-cancellable leases as of April 30, 2024 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2025	$	52,991	$	63,394
2026	45,343		55,227
2027	38,144		43,824
2028	29,836		33,955
2029	17,592		26,707
Thereafter	6,937		98,975
Total lease payments	190,843		322,082
Less imputed interest	22,105		68,067
Total	$	168,738	$	254,015

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	29,222	$	24,501	$	22,295
Interest on lease liabilities	7,988		7,187		8,179
Operating lease cost	65,804		57,093		47,778
Variable lease cost	16,686		19,699		17,825
Total lease cost	$	119,700	$	108,480	$	96,077

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.

Supplemental cash flow information related to leases was as follows:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	64,117	$	56,269	$	48,283
Operating cash flows from finance leases	7,988		7,187		8,179
Financing cash flows from finance leases	41,786		35,845		31,365
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	112,618		73,083		71,252
Finance leases	77,495		59,720		41,699

_________________________________________

(a) Includes operating lease ROU 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,
	2024			2023
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	289,707		$	231,488
Accumulated depreciation	(78,170)			(65,274)
Property and equipment, net	$	211,537		$	166,214
Weighted-average remaining lease term (years)
Operating leases	6.9			5.2
Finance leases	4.0			3.9
Weighted-average discount rate
Operating leases	6.3		%	5.0		%
Finance leases	5.7		%	4.9		%

Future minimum lease payments under non-cancellable leases as of April 30, 2024 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2025	$	52,991	$	63,394
2026	45,343		55,227
2027	38,144		43,824
2028	29,836		33,955
2029	17,592		26,707
Thereafter	6,937		98,975
Total lease payments	190,843		322,082
Less imputed interest	22,105		68,067
Total	$	168,738	$	254,015