Leases

12 Months Ended

Apr. 30, 2025

Lessee Disclosure [Abstract]

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2025		2024		2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	34,710	$	29,222	$	24,501
Interest on lease liabilities	11,361		7,988		7,187
Operating lease cost	82,774		65,804		57,093
Variable lease cost	15,715		16,686		19,699
Total lease cost	$	144,560	$	119,700	$	108,480

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,
	2025		2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	80,185	$	64,117	$	56,269
Operating cash flows from finance leases	11,361		7,988		7,187
Financing cash flows from finance leases	46,720		41,786		35,845
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	120,479		112,618		73,083
Finance leases	71,001		77,495		59,720

_________________________________________

(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,
	2025			2024
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	356,417		$	289,707
Accumulated depreciation	(106,103)			(78,170)
Property and equipment, net	$	250,314		$	211,537
Weighted-average remaining lease term (years)
Operating leases	7.2			6.9
Finance leases	4.2			4.0
Weighted-average discount rate
Operating leases	6.9		%	6.3		%
Finance leases	6.1		%	5.7		%

Future minimum lease payments under non-cancellable leases as of April 30, 2025 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2026	$	59,496	$	74,693
2027	53,310		69,373
2028	44,657		59,431
2029	32,267		51,509
2030	20,616		40,403
Thereafter	9,667		140,468
Total lease payments	220,013		435,877
Less imputed interest	26,358		102,179
Total	$	193,655	$	333,698

Leases

Leases

The components of lease expense were as follows:

	Year Ended April 30,
	2025		2024		2023
	(in thousands)
Finance lease cost:
Amortization of right-of-use assets	$	34,710	$	29,222	$	24,501
Interest on lease liabilities	11,361		7,988		7,187
Operating lease cost	82,774		65,804		57,093
Variable lease cost	15,715		16,686		19,699
Total lease cost	$	144,560	$	119,700	$	108,480

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,
	2025		2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	80,185	$	64,117	$	56,269
Operating cash flows from finance leases	11,361		7,988		7,187
Financing cash flows from finance leases	46,720		41,786		35,845
Right-of-use assets obtained in exchange for lease obligations
Operating leases(a)	120,479		112,618		73,083
Finance leases	71,001		77,495		59,720

_________________________________________

(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,
	2025			2024
	(in thousands)
Finance leases included in property and equipment
Property and equipment	$	356,417		$	289,707
Accumulated depreciation	(106,103)			(78,170)
Property and equipment, net	$	250,314		$	211,537
Weighted-average remaining lease term (years)
Operating leases	7.2			6.9
Finance leases	4.2			4.0
Weighted-average discount rate
Operating leases	6.9		%	6.3		%
Finance leases	6.1		%	5.7		%

Future minimum lease payments under non-cancellable leases as of April 30, 2025 were as follows:

	Finance		Operating
Year Ending April 30,	(in thousands)
2026	$	59,496	$	74,693
2027	53,310		69,373
2028	44,657		59,431
2029	32,267		51,509
2030	20,616		40,403
Thereafter	9,667		140,468
Total lease payments	220,013		435,877
Less imputed interest	26,358		102,179
Total	$	193,655	$	333,698