Leases

3 Months Ended

Jul. 31, 2024

Leases [Abstract]

Leases

Leases

The Company’s lease portfolio is comprised of operating leases for office space and equipment and finance leases for equipment. Equipment leases are comprised of vehicles and office equipment. No impairment charge of the ROU assets was recorded during the three months ended July 31, 2024. During the three months ended July 31, 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $1.6 million in the condensed consolidated statements of income.

The components of lease expense are as follows:

	Three Months Ended July 31,
	2024		2023
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	379	$	402
Interest on lease liabilities	49		54
	428		456
Operating lease cost	11,995		11,697
Short-term lease cost	226		269
Variable lease cost	2,341		3,191
Lease impairment cost	—		1,629
Sublease income	(1,153)		(1,063)
Total lease cost	$	13,837	$	16,179

Supplemental cash flow information related to leases was as follows:

	Three Months Ended July 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,628	$	13,568
Financing cash flows from finance leases	$	412	$	382
ROU assets obtained in exchange for lease obligations:
Operating leases	$	3,613	$	1,219
Finance leases	$	142	$	447

Maturities of lease liabilities were as follows:

Year Ending April 30,	Operating		Financing
	(in thousands)
2025 (excluding the three months ended July 31, 2024)	$	30,541	$	1,169
2026	38,857		1,240
2027	29,809		805
2028	23,058		531
2029	18,476		11
Thereafter	85,032		—
Total lease payments	225,773		3,756
Less: imputed interest	52,624		282
Total	$	173,149	$	3,474

Leases

Leases

The Company’s lease portfolio is comprised of operating leases for office space and equipment and finance leases for equipment. Equipment leases are comprised of vehicles and office equipment. No impairment charge of the ROU assets was recorded during the three months ended July 31, 2024. During the three months ended July 31, 2023, the Company reduced its real estate footprint and as a result recorded an impairment charge of the ROU assets of $1.6 million in the condensed consolidated statements of income.

The components of lease expense are as follows:

	Three Months Ended July 31,
	2024		2023
	(in thousands)
Finance lease cost
Amortization of ROU assets	$	379	$	402
Interest on lease liabilities	49		54
	428		456
Operating lease cost	11,995		11,697
Short-term lease cost	226		269
Variable lease cost	2,341		3,191
Lease impairment cost	—		1,629
Sublease income	(1,153)		(1,063)
Total lease cost	$	13,837	$	16,179

Supplemental cash flow information related to leases was as follows:

	Three Months Ended July 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13,628	$	13,568
Financing cash flows from finance leases	$	412	$	382
ROU assets obtained in exchange for lease obligations:
Operating leases	$	3,613	$	1,219
Finance leases	$	142	$	447

Maturities of lease liabilities were as follows:

Year Ending April 30,	Operating		Financing
	(in thousands)
2025 (excluding the three months ended July 31, 2024)	$	30,541	$	1,169
2026	38,857		1,240
2027	29,809		805
2028	23,058		531
2029	18,476		11
Thereafter	85,032		—
Total lease payments	225,773		3,756
Less: imputed interest	52,624		282
Total	$	173,149	$	3,474