The cost and accumulated depreciation of property and equipment were as follows (in thousands):


		As of April 30,
	Useful Life (in years)	2025		2024
Leasehold improvements	Lesser of estimated useful life or remaining lease term	$	14,780	$	12,683
Computer hardware and software	3	4,390		3,464
Furniture and fixtures	3-5	8,025		7,395
Assets under construction		33		428
Total property and equipment		27,228		23,970
Less: accumulated depreciation		(20,639)		(18,517)
Property and equipment, net		$	6,589	$	5,453

Depreciation expense related to property and equipment was $3.1 million, $3.5 million, and $3.6 million for the years ended April 30, 2025, 2024, and 2023, respectively. During the year ended April 30, 2023, the Company recorded asset impairment charges related to the exit from leased office space, which included $1.1 million of furniture, equipment, and leasehold improvements.

Intangible assets consisted of the following as of April 30, 2025 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	64,702	$	11,428	2.2



Foreign currency translation adjustment					(24)
Total					$	11,404

Intangible assets consisted of the following as of April 30, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	55,489	$	20,641	2.7



Foreign currency translation adjustment					(21)
Total					$	20,620

Amortization expense for the intangible assets for the years ended April 30, 2025, 2024, and 2023 was as follows (in thousands):


	Year Ended April 30,
		2025		2024		2023
Cost of revenue – subscription		$	9,213	$	12,353	$	11,781
Sales and marketing		—		2,143		4,887
Total amortization of acquired intangible assets		$	9,213	$	14,496	$	16,668

The expected future amortization expense related to the intangible assets as of April 30, 2025 was as follows (in thousands, by fiscal year):


	Carrying Amount
Balance as of April 30, 2023	$	303,642
Addition from acquisition	15,854
Foreign currency translation adjustment	(116)
Balance as of April 30, 2024	$	319,380

Foreign currency translation adjustment	37
Balance as of April 30, 2025	$	319,417

There was no impairment of goodwill during the years ended April 30, 2025, 2024, and 2023.

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of April 30,
	2025		2024
Accrued expenses	$	36,585	$	34,779
Income taxes payable	11,690		10,596
Value added taxes payable	9,872		8,849
Accrued interest	6,918		6,918
Other	21,282		14,150
Total accrued expenses and other liabilities	$	86,347	$	75,292


	As of April 30,
	2025		2024
Accrued vacation	$	42,136	$	35,005
Accrued commissions	28,051		34,339
Accrued payroll and withholding taxes	10,007		9,830
Other	13,520		14,517
Total accrued compensation and benefits	$	93,714	$	93,691

The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):


	Year Ended April 30,
	2025		2024		2023
Beginning balance	$	4,979	$	3,409	$	2,700
Bad debt expense	3,909		3,864		2,722
Accounts written off	(3,378)		(2,294)		(2,013)
Ending balance	$	5,510	$	4,979	$	3,409