Leases

3 Months Ended

Jul. 31, 2019

The Company’s operating leases are primarily related to facility leases for administration and sales. The operating leases have terms ranging from three to five years. While each of the leases includes renewal options, the Company has only included the base lease term in its calculation of lease assets and liabilities. The Company does not have any finance leases.

Balance sheet information related to operating leases is as follows (in thousands):



	July 31, 2019
Assets
Right of use assets	$	2,587

Liabilities
Current lease liabilities	769
Long-term lease liabilities	1,957
Total liabilities	$	2,726

Lease cost information related to operating leases is as follows (in thousands):



	Three Months Ended July 31,
Lease cost
Operating lease cost	$	194
Short-term lease cost	152
Variable lease cost	56
Total lease cost	$	402

Lease costs are mainly included in "Selling and marketing" and "General and administrative" expenses in the Company’s Condensed Consolidated Statements of Operations.

The Company's impact to the Condensed Consolidated Statement of Cash Flows was presented in the operating activities section, which mainly consisted of cash paid for operating lease liabilities of approximately $0.3 million and the amortization of the right of use assets and operating lease obligations of $5,000 during the three months ended July 31, 2019. The Company did not modify any existing leases or execute any new leases during the three months ended July 31, 2019.

Weighted average information associated with the measurement of the Company’s remaining operating lease obligations is as follows:



	July 31, 2019
Weighted average remaining lease term	3.9 years
Weighted average discount rate	3.5	%

The following table summarizes the maturity of the Company’s operating lease liabilities as of July 31, 2019 (in thousands):



FY2020	$	601
FY2021	775
FY2022	702
FY2023	470
FY2024	346
Thereafter	20
Total operating lease payments	$	2,914
Less imputed interest	(188		)
Total operating lease liabilities	$	2,726

Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of April 30, 2019 are as follows (due to existence of renewal or escalation clauses) (in thousands):



Years ended April 30:
2020	$	847
2021	790
2022	706
2023	433
2024	317
Thereafter	17
	$	3,110

The Company leases to other tenants a portion of its headquarters building that it owns in Atlanta, Georgia. The leases expire at various dates through March 2022. Lease income is included in "Other income, net" in the Company’s Condensed Consolidated Statements of Operations and totaled approximately $57,000 for the three months ended July 31, 2019. Lease payments to be received as of July 31, 2019 are as follows (in thousands):



FY2020	$	143
FY2021	105
FY2022	55
FY2023	—
FY2024	—
Total	$	303

Future minimum lease rentals receivable under noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of April 30, 2019 are as follows (already included or prorated at the Company’s occupied building) (in thousands):



Years ended April 30:
2020	$	194
2021	105
2022	55
2023	—
2024	—
Thereafter	—
	$	354

Leases

Balance sheet information related to operating leases is as follows (in thousands):



	July 31, 2019
Assets
Right of use assets	$	2,587

Liabilities
Current lease liabilities	769
Long-term lease liabilities	1,957
Total liabilities	$	2,726

Lease cost information related to operating leases is as follows (in thousands):



	Three Months Ended July 31,
Lease cost
Operating lease cost	$	194
Short-term lease cost	152
Variable lease cost	56
Total lease cost	$	402

Lease costs are mainly included in "Selling and marketing" and "General and administrative" expenses in the Company’s Condensed Consolidated Statements of Operations.

Weighted average information associated with the measurement of the Company’s remaining operating lease obligations is as follows:



	July 31, 2019
Weighted average remaining lease term	3.9 years
Weighted average discount rate	3.5	%

The following table summarizes the maturity of the Company’s operating lease liabilities as of July 31, 2019 (in thousands):



FY2020	$	601
FY2021	775
FY2022	702
FY2023	470
FY2024	346
Thereafter	20
Total operating lease payments	$	2,914
Less imputed interest	(188		)
Total operating lease liabilities	$	2,726



Years ended April 30:
2020	$	847
2021	790
2022	706
2023	433
2024	317
Thereafter	17
	$	3,110



FY2020	$	143
FY2021	105
FY2022	55
FY2023	—
FY2024	—
Total	$	303



Years ended April 30:
2020	$	194
2021	105
2022	55
2023	—
2024	—
Thereafter	—
	$	354