The Company leases its facilities for office space under non-cancellable operating leases with various expiration dates through the fiscal year ending April 30, 2033. Certain lease agreements include options to renew or terminate the applicable lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments.

On August 25, 2021, the Company entered into a new lease to acquire approximately 283,015 square feet of office space in several phases in Redwood City, California. The lease commencement date was determined as the date when the landlord delivered the leased space to the Company. Accordingly, the first two phases of the lease commenced in the quarter ended January 31, 2022, the third phase of the lease commenced in the quarter ended October 31, 2022, the fourth phase of the lease commenced in the quarter ended April 30, 2023, the fifth phase of the lease commenced in the quarter ended July 31, 2023, the sixth phase of the lease commenced in the quarter ended January 31, 2024, and the seventh and final phase of the lease commenced in the quarter ended July 31, 2024.

The components of total lease costs, including variable lease costs, for the fiscal years ended April 30, 2026, 2025 and 2024 were as follows (in thousands):


	Fiscal Year Ended April 30,
Lease Costs	2026		2025		2024
Operating lease costs	$	5,584	$	5,555	$	4,995
Short term lease costs	1,604		1,691		1,537
Variable lease costs	5,031		4,623		3,959
Sublease income	(111)		(108)		(105)
Total lease costs, net	$	12,108	$	11,761	$	10,386

On February 21, 2023, the Company entered into a sublease agreement with First Virtual Group, Inc. (the “Subtenant”), whereby the Company agreed to sublease to the Subtenant approximately 3,130 square feet of space located in Redwood City, California. Refer to Note 12. Related Party Transactions for more information.

Variable lease costs are primarily related to payments made to the Company’s landlords for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent payments related to marketing arrangements that contain embedded short-term leases of billboards. Supplemental cash flow information and non-cash activity related to leases was as follows (in thousands):


	Fiscal Year Ended April 30,
	2026		2025		2024

Cash payments included in the measurement of operating lease liabilities – operating cash flows	$	9,833	$	8,174	$	6,136

Right-of-use assets obtained in exchange for lease obligations (including remeasurement of right-of-use assets and lease liabilities due to changes in the timing of receipt of lease incentives)	$	(166)	$	1,016	$	1,833

The following table presents the lease balances within the consolidated balance sheets, weighted-average remaining lease term, and weighted-average discount rates related to the Company’s operating leases (in thousands):


		As of April 30,
Operating leases		2026		2025
Right-of-use assets	Other assets, non-current	$	18,785	$	19,321
Lease liabilities, current	Other current liabilities	5,577		4,795
Lease liabilities, non-current	Other long-term liabilities	53,104		55,495
Total operating lease liabilities		$	58,681	$	60,290


	As of April 30, 2026
Fiscal 2027	$	10,387
Fiscal 2028	10,706
Fiscal 2029	11,012
Fiscal 2030	11,338
Fiscal 2031 and thereafter	35,076
Total future minimum lease payments	78,519

Less: Imputed interest	(19,838)
Total operating lease liabilities	$	58,681