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Fee Revenue
 12 Months Ended
Apr. 30, 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 consolidated balance sheets.
The following table outlines the Company’s contract asset and liability balances as of April 30, 2024 and 2023:
April 30,
20242023
(in thousands)
Contract assets-unbilled receivables$116,368 $99,442 
Contract liabilities-deferred revenue$240,958 $257,067 
During fiscal 2024, 2023, and 2022 we recognized revenue of $195.2 million, $181.7 million and $131.3 million, respectively, that were 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 April 30, 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 $1,013.8 million. Of the $1,013.8 million of remaining performance obligations, the Company expects to recognize approximately $545.8 million in fiscal 2025, $288.3 million in fiscal 2026, $131.6 million in fiscal 2027 and the remaining $48.1 million in fiscal 2028 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 12—Segments.
The following table provides further disaggregation of fee revenue by industry:
Year Ended April 30,
202420232022
Dollars% Dollars% Dollars%
(dollars in thousands)
Industrial$813,919 29.5 %$805,241 28.4 %$688,902 26.2 %
Financial Services491,761 17.8 494,299 17.4 475,326 18.1 
Life Sciences/Healthcare485,321 17.6 522,372 18.4 501,463 19.1 
Technology404,569 14.6 483,787 17.1 456,498 17.4 
Consumer Goods382,175 13.8 386,409 13.6 372,720 14.2 
Education/Non–Profit/General184,926 6.7 143,300 5.1 131,809 5.0 
Fee Revenue$2,762,671 100.0 %$2,835,408 100.0 %$2,626,718 100.0 %