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Fee Revenue
 9 Months Ended
Jan. 31, 2024
Revenue from Contract with Customer [Abstract]  
Fee Revenue Fee Revenue
Contract Balances
A contract asset (unbilled receivables) is recorded when the Company transfers control of products or services before there is an unconditional right to payment. A contract liability (deferred revenue) is recorded when cash is received in advance of performance of the obligation. Deferred revenue represents the future performance obligations to transfer control of products or services for which we have already received consideration. Deferred revenue is presented in other accrued liabilities on the condensed consolidated balance sheets.
The following table outlines the Company’s contract asset and liability balances as of January 31, 2024 and April 30, 2023:
January 31, 2024April 30, 2023
(in thousands)
Contract assets-unbilled receivables$120,335 $99,442 
Contract liabilities-deferred revenue$246,418 $257,067 
During the nine months ended January 31, 2024, we recognized revenue of $175.1 million that was included in the contract liabilities balance at the beginning of the period.
Performance Obligations
The Company has elected to apply the practical expedient to exclude the value of unsatisfied performance obligations for contracts with a duration of one year or less, which applies to all executive search, professional search and to most of the fee revenue from the interim business. As of January 31, 2024, the aggregate transaction price allocated to the performance obligations that are unsatisfied for contracts with an expected duration of greater than one year at inception was $1,081.3 million. Of the $1,081.3 million of remaining performance obligations, the Company expects to recognize approximately $212.5 million in the remainder of fiscal 2024, $523.1 million in fiscal 2025, $212.3 million in fiscal 2026 and the remaining $133.4 million in fiscal 2027 and thereafter. However, this amount should not be considered an indication of the Company’s future revenue as contracts with an initial term of one year or less are not included. Further, our contract terms and conditions allow for clients to increase or decrease the scope of services and such changes do not increase or decrease a performance obligation until the Company has an enforceable right to payment.
Disaggregation of Revenue
The Company disaggregates its revenue by line of business and further by region for Executive Search. This information is presented in Note 10—Segments.
The following table provides further disaggregation of fee revenue by industry:
Three Months Ended January 31,
20242023
Dollars%Dollars%
(dollars in thousands)
Industrial$205,187 30.7 %$199,341 29.3 %
Financial Services
117,836 17.6 117,880 17.3 
Life Sciences/Healthcare
115,775 17.3 125,064 18.4 
Consumer Goods
97,467 14.6 88,631 13.0 
Technology
90,784 13.6 112,218 16.5 
Education/Non–Profit/General41,630 6.2 37,648 5.5 
Fee Revenue$668,679 100.0 %$680,782 100.0 %
Nine Months Ended January 31,
20242023
Dollars%Dollars%
(dollars in thousands)
Industrial$612,036 29.5 %$601,698 28.6 %
Financial Services368,208 17.8 367,878 17.5 
Life Sciences/Healthcare358,994 17.3 391,863 18.6 
Technology304,686 14.7 359,475 17.1 
Consumer Goods290,890 14.1 283,859 13.5 
Education/Non–Profit/General137,057 6.6 99,761 4.7 
Fee Revenue$2,071,871 100.0 %$2,104,534 100.0 %