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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2020
Income Taxes |
Schedule of components of income before income taxes | ​ The components of income before income taxes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended April 30, |
​ | ​ | 2020 | ​ | 2019 | ​ | 2018 |
Domestic | ​ | $ | 52,730 | ​ | $ | 50,644 | ​ | $ | 32,651 | ​
Foreign | ​ | ​ | (60) | ​ |  | (166) | ​ |  | (34) | ​
Income from continuing operations before income taxes | ​ | ​ | 52,670 | ​ | ​ | 50,478 | ​ | ​ | 32,617 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity method investment loss | ​ | ​ | (5,487) | ​ | ​ | (3,944) | ​ | ​ | (1,283) | ​
Total income from continuing operations before income taxes | ​ | $ | 47,183 | ​ | $ | 46,534 | ​ | $ | 31,334 | ​
​
Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense (benefit) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, | ​
​ |  | 2020 | ​ |  | 2019 |  |  | 2018 | ​
U.S. federal statutory income tax rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 30.4 | %
State and local income taxes, net of federal benefit |  | (2.1) | ​ | ​ | (2.2) | ​ | ​ | (2.2) | ​
R&D and other tax credits |  | (6.8) | ​ | ​ | (8.1) | ​ | ​ | (7.0) | ​
Valuation allowance |  | 3.4 | ​ | ​ | 3.7 | ​ | ​ | 4.9 | ​
Foreign rate differential | ​ | — | ​ | ​ | — | ​ | ​ | 0.1 | ​
Return to provision adjustments | ​ | 0.1 | ​ | ​ | (0.3) | ​ | ​ | (0.1) | ​
Permanent items | ​ | 0.7 | ​ | ​ | 0.8 | ​ | ​ | (2.7) | ​
Foreign derived intangible income | ​ | (3.9) | ​ | ​ | (3.7) | ​ | ​ | — | ​
Excess benefit of equity awards | ​ | (1.5) | ​ | ​ | (3.1) | ​ | ​ | (4.4) | ​
Tax Act | ​ | — | ​ | ​ | — | ​ | ​ | 10.4 | ​
Other |  | 0.2 | ​ | ​ | 1.1 | ​ | ​ | 0.6 | ​
Effective income tax rate |  | 11.1 | % | ​ | 9.2 | % | ​ | 30.0 | %
​
Schedule of components of the provision (benefit) for income taxes | The components of the provision (benefit) for income taxes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, |
​ |  | 2020 |  | 2019 |  | 2018 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 3,005 | ​ | $ | 1,953 | ​ | $ | 6,010 | ​
State | ​ |  | 390 | ​ |  | 228 | ​ |  | 900 | ​
Foreign | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
​ | ​ |  | 3,395 | ​ |  | 2,181 | ​ |  | 6,910 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 2,063 | ​ |  | 1,945 | ​ |  | 3,272 | ​
State | ​ |  | 421 | ​ |  | 551 | ​ |  | (330) | ​
Foreign | ​ | ​ | (31) | ​ | ​ | (36) | ​ | ​ | (52) | ​
​ | ​ |  | 2,453 | ​ |  | 2,460 | ​ |  | 2,890 | ​
Total income tax expense | ​ | $ | 5,848 | ​ | $ | 4,641 | ​ | $ | 9,800 | ​
​
Schedule of components of the Company's deferred income tax assets and liabilities | Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, |
​ |  | 2020 |  | 2019 |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses | ​ | $ | 3,337 | ​ | $ | 3,559 | ​
Stock based compensation | ​ | ​ | 2,259 | ​ | ​ | 1,647 | ​
Allowances, reserves, and other | ​ |  | 1,784 | ​ |  | 1,579 | ​
Outside basis difference | ​ | ​ | 2,264 | ​ | ​ | 1,150 | ​
Unrealized loss on securities | ​ |  | 9 | ​ |  | — | ​
Net operating loss and credit carry-forwards | ​ |  | 12,832 | ​ |  | 13,208 | ​
Intangibles basis | ​ |  | 605 | ​ |  | 125 | ​
Lease liability | ​ | ​ | 2,282 | ​ | ​ | — | ​
Total deferred income tax assets | ​ |  | 25,372 | ​ |  | 21,268 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset basis | ​ |  | (1,218) | ​ |  | (425) | ​
Revenue recognition | ​ | ​ | (3,112) | ​ | ​ | (2,909) | ​
Right-of-use asset | ​ | ​ | (1,965) | ​ | ​ | — | ​
Total deferred income tax liabilities | ​ |  | (6,295) | ​ |  | (3,334) | ​
Valuation allowance | ​ |  | (14,149) | ​ |  | (11,278) | ​
Net deferred tax assets | ​ | $ | 4,928 | ​ | $ | 6,656 | ​
​
Summary of activity related to gross unrecognized tax benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2020 and 2019 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, |
​ |  | 2020 |  | 2019 |
Balance as of May 1 | ​ | $ | 12,593 | ​ | $ | 11,170 | ​
Increases related to prior year tax positions | ​ |  | 62 | ​ |  | 216 | ​
Decreases related to prior year tax positions | ​ |  | — | ​ |  | — | ​
Increases related to current year tax positions | ​ |  | 1,971 | ​ |  | 1,756 | ​
Decreases related to lapsing of statute of limitations | ​ |  | (279) | ​ |  | (549) | ​
Balance as of April 30 | ​ | $ | 14,347 | ​ | $ | 12,593 | ​
​

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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