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Fee Revenue
 6 Months Ended
Oct. 31, 2025
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 the Company has 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 October 31, 2025 and April 30, 2025:
October 31, 2025April 30, 2025
(in thousands)
Contract assets-unbilled receivables$131,212 $113,743 
Contract liabilities-deferred revenue$220,899 $245,379 
During the six months ended October 31, 2025, the Company recognized revenue of $164.0 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 October 31, 2025, 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 $1,291.0 million. Of the $1,291.0 million of remaining performance obligations, the Company expects to recognize approximately $333.8 million in the remainder of fiscal 2026, $496.1 million in fiscal 2027, $269.6 million in fiscal 2028 and the remaining $191.5 million in fiscal 2029 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, the Company's 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 Solution area 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 October 31,
20252024
Dollars%Dollars%
(dollars in thousands)
Industrial$234,045 32.4 %$208,012 30.9 %
Financial Services
135,915 18.8 126,110 18.7 
Life Sciences/Healthcare
119,114 16.5 112,598 16.7 
Technology
104,473 14.5 96,017 14.2 
Consumer Goods
84,953 11.8 88,498 13.1 
Education/Non–Profit/General43,199 6.0 43,130 6.4 
Fee Revenue$721,699 100.0 %$674,365 100.0 %
Six Months Ended October 31,
20252024
Dollars%Dollars%
(dollars in thousands)
Industrial$452,883 31.7 %$406,784 30.1 %
Financial Services272,354 19.0 251,247 18.6 
Life Sciences/Healthcare236,558 16.5 231,588 17.2 
Technology
209,805 14.7 193,937 14.4 
Consumer Goods
169,334 11.8 173,645 12.9 
Education/Non–Profit/General89,378 6.3 92,110 6.8 
Fee Revenue$1,430,312 100.0 %$1,349,311 100.0 %