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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2021

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,
​	​	2021		​	2020		​	2019
Domestic	​	$	34,274	​	$	52,730	​	$	50,644	​
Foreign	​	​	91	​		(60)	​		(166)	​
Income from continuing operations before income taxes	​	​	34,365	​	​	52,670	​	​	50,478	​
​	​	​	​	​	​	​	​	​	​	​
Equity method investment loss	​	​	(10,481)	​	​	(5,487)	​	​	(3,944)	​
Total income from continuing operations before income taxes	​	$	23,884	​	$	47,183	​	$	46,534	​

​

Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended April 30,							​
​		2021	​		2020			2019	​
U.S. federal statutory income tax rate		21.0	%	​	21.0	%	​	21.0	%
State and local income taxes, net of federal benefit		(1.4)	​	​	(2.1)	​	​	(2.2)	​
R&D and other tax credits		(11.5)	​	​	(6.8)	​	​	(8.1)	​
Valuation allowance		3.2	​	​	3.4	​	​	3.7	​
Return to provision adjustments	​	(0.3)	​	​	0.1	​	​	(0.3)	​
Permanent items	​	3.6	​	​	0.7	​	​	0.8	​
Foreign derived intangible income	​	(7.6)	​	​	(3.9)	​	​	(3.7)	​
Excess benefit of equity awards	​	(5.7)	​	​	(1.5)	​	​	(3.1)	​
Other		0.3	​	​	0.2	​	​	1.1	​
Effective income tax rate		1.6	%	​	11.1	%	​	9.2	%

​

Schedule of components of the provision for income taxes

The components of the provision for income taxes are as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended April 30,
​		2021			2020			2019
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	3,094	​	$	3,005	​	$	1,953	​
State	​		448	​		390	​		228	​
Foreign	​	​	—	​	​	—	​	​	—	​
​	​		3,542	​		3,395	​		2,181	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		(3,247)	​		2,063	​		1,945	​
State	​		244	​		421	​		551	​
Foreign	​	​	—	​	​	(31)	​	​	(36)	​
​	​		(3,003)	​		2,453	​		2,460	​
Total income tax expense	​	$	539	​	$	5,848	​	$	4,641	​

​

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,
​		2021			2020
Deferred income tax assets:	​	​	​	​	​	​	​
Accrued expenses	​	$	4,422	​	$	3,337	​
Stock based compensation	​	​	2,492	​	​	2,259	​
Allowances, reserves, and other	​		1,482	​		1,784	​
Outside basis difference	​	​	4,617	​	​	2,264	​
Unrealized loss on securities	​		110	​		9	​
Net operating loss and credit carry-forwards	​		33,155	​		12,832	​
Intangibles basis	​		—	​		605	​
Lease liability	​	​	5,645	​	​	2,282	​
Total deferred income tax assets	​		51,923	​		25,372	​
Deferred income tax liabilities:	​	​	​	​	​	​	​
Fixed asset basis	​		(10,286)	​		(1,218)	​
Revenue recognition	​	​	—	​	​	(3,112)	​
Right-of-use asset	​	​	(5,119)	​	​	(1,965)	​
Intangibles basis	​	​	(17,004)	​	​	—	​
Total deferred income tax liabilities	​		(32,409)	​		(6,295)	​
Valuation allowance	​		(17,453)	​		(14,149)	​
Net deferred tax assets	​	$	2,061	​	$	4,928	​

​

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, 2021 and 2020 (in thousands):

​

​	​	​	​	​	​	​	​
​	​	April 30,
​		2021			2020
Balance as of May 1	​	$	14,347	​	$	12,593	​
Increases related to prior year tax positions	​		1,305	​		62	​
Decreases related to prior year tax positions	​		(116)	​		—	​
Increases related to current year tax positions	​		2,074	​		1,971	​
Decreases related to lapsing of statute of limitations	​		(54)	​		(279)	​
Balance as of April 30	​	$	17,556	​	$	14,347	​

​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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