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Fee Revenue
 6 Months Ended
Oct. 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 October 31, 2024 and April 30, 2024:
October 31, 2024April 30, 2024
(in thousands)
Contract assets-unbilled receivables$124,759 $116,368 
Contract liabilities-deferred revenue$215,546 $240,958 
During the six months ended October 31, 2024, we recognized revenue of $137.0 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, 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 $1,007.4 million. Of the $1,007.4 million of remaining performance obligations, the Company expects to recognize approximately $316.2 million in the remainder of fiscal 2025, $386.9 million in fiscal 2026, $200.8 million in fiscal 2027 and the remaining $103.5 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 10—Segments.
The following table provides further disaggregation of fee revenue by industry:
Three Months Ended October 31,
20242023
Dollars%Dollars%
(dollars in thousands)
Industrial$208,012 30.9 %$204,931 29.1 %
Financial Services
126,110 18.7 122,048 17.3 
Life Sciences/Healthcare
112,598 16.7 123,865 17.6 
Technology
96,017 14.2 98,129 13.9 
Consumer Goods
88,498 13.1 96,996 13.8 
Education/Non–Profit/General43,130 6.4 58,034 8.3 
Fee Revenue$674,365 100.0 %$704,003 100.0 %
Six Months Ended October 31,
20242023
Dollars%Dollars%
(dollars in thousands)
Industrial$406,784 30.1 %$406,849 29.0 %
Financial Services251,247 18.6 250,372 17.9 
Life Sciences/Healthcare231,588 17.2 243,219 17.3 
Technology193,937 14.4 213,902 15.2 
Consumer Goods173,645 12.9 193,423 13.8 
Education/Non–Profit/General92,110 6.8 95,427 6.8 
Fee Revenue$1,349,311 100.0 %$1,403,192 100.0 %