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v3.23.2

Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2023
Income Taxes |
Schedule of components of income before income taxes | ​ The components of (loss) income before income taxes are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended April 30, |
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |
Domestic | ​ | $ | (187,647) | ​ | $ | (10,187) | ​ | $ | 34,274 | ​
Foreign | ​ | ​ | (730) | ​ |  | (8,956) | ​ |  | 91 | ​
(Loss) income before income taxes | ​ | ​ | (188,377) | ​ | ​ | (19,143) | ​ | ​ | 34,365 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity method investment (loss) income | ​ | ​ | (2,453) | ​ | ​ | 5,889 | ​ | ​ | (10,481) | ​
Total (loss) income before income taxes | ​ | $ | (190,830) | ​ | $ | (13,254) | ​ | $ | 23,884 | ​
​
Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense | A reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, | ​
​ |  | 2023 | ​ |  | 2022 |  |  | 2021 | ​
U.S. federal statutory income tax rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
Foreign rate differential | ​ | (0.1) | ​ | ​ | 4.9 | ​ | ​ | — | ​
State and local income taxes, net of federal benefit |  | 0.2 | ​ | ​ | 40.8 | ​ | ​ | (1.4) | ​
R&D and other tax credits |  | (1.8) | ​ | ​ | 23.0 | ​ | ​ | (11.5) | ​
Valuation allowance |  | 1.1 | ​ | ​ | (37.4) | ​ | ​ | 3.2 | ​
Return to provision adjustments | ​ | — | ​ | ​ | (0.9) | ​ | ​ | (0.3) | ​
Permanent items | ​ | (0.7) | ​ | ​ | (3.3) | ​ | ​ | 3.6 | ​
Foreign derived intangible income | ​ | 2.3 | ​ | ​ | — | ​ | ​ | (7.6) | ​
Excess benefit of equity awards | ​ | 0.8 | ​ | ​ | 5.2 | ​ | ​ | (5.7) | ​
Goodwill impairment | ​ | (17.2) | ​ | ​ | — | ​ | ​ | — | ​
Unrecognized tax benefit | ​ | 2.0 | ​ | ​ | — | ​ | ​ | — | ​
Other |  | 0.2 | ​ | ​ | 0.9 | ​ | ​ | 0.3 | ​
Effective income tax rate |  | 7.8 | % | ​ | 54.2 | % | ​ | 1.6 | %
Schedule of components of the provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, | ​
​ |  | 2023 | ​ |  | 2022 |  |  | 2021 | ​
U.S. federal statutory income tax rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
Foreign rate differential | ​ | (0.1) | ​ | ​ | 4.9 | ​ | ​ | — | ​
State and local income taxes, net of federal benefit |  | 0.2 | ​ | ​ | 40.8 | ​ | ​ | (1.4) | ​
R&D and other tax credits |  | (1.8) | ​ | ​ | 23.0 | ​ | ​ | (11.5) | ​
Valuation allowance |  | 1.1 | ​ | ​ | (37.4) | ​ | ​ | 3.2 | ​
Return to provision adjustments | ​ | — | ​ | ​ | (0.9) | ​ | ​ | (0.3) | ​
Permanent items | ​ | (0.7) | ​ | ​ | (3.3) | ​ | ​ | 3.6 | ​
Foreign derived intangible income | ​ | 2.3 | ​ | ​ | — | ​ | ​ | (7.6) | ​
Excess benefit of equity awards | ​ | 0.8 | ​ | ​ | 5.2 | ​ | ​ | (5.7) | ​
Goodwill impairment | ​ | (17.2) | ​ | ​ | — | ​ | ​ | — | ​
Unrecognized tax benefit | ​ | 2.0 | ​ | ​ | — | ​ | ​ | — | ​
Other |  | 0.2 | ​ | ​ | 0.9 | ​ | ​ | 0.3 | ​
Effective income tax rate |  | 7.8 | % | ​ | 54.2 | % | ​ | 1.6 | %
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, |
​ |  | 2023 |  | 2022 |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses | ​ | $ | 2,153 | ​ | $ | 3,399 | ​
Stock based compensation | ​ | ​ | 2,380 | ​ | ​ | 1,892 | ​
Allowances, reserves, and other | ​ |  | 2,153 | ​ |  | 4,455 | ​
Outside basis difference | ​ | ​ | — | ​ | ​ | 89 | ​
Unrealized loss on securities | ​ |  | 3,528 | ​ |  | 3,229 | ​
Net operating loss and credit carry-forwards | ​ |  | 20,430 | ​ |  | 41,931 | ​
Section 174 Capitalization | ​ | ​ | 24,962 | ​ | ​ | — | ​
Intangibles basis | ​ |  | — | ​ |  | — | ​
Lease liability | ​ | ​ | 6,960 | ​ | ​ | 6,303 | ​
Total deferred income tax assets | ​ |  | 62,566 | ​ |  | 61,298 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset basis | ​ |  | (4,999) | ​ |  | (10,413) | ​
Right-of-use asset | ​ | ​ | (6,478) | ​ | ​ | (5,878) | ​
Intangibles basis | ​ | ​ | (3,109) | ​ | ​ | (15,503) | ​
Total deferred income tax liabilities | ​ |  | (14,586) | ​ |  | (31,794) | ​
Valuation allowance | ​ |  | (22,503) | ​ |  | (24,840) | ​
Net deferred tax assets | ​ | $ | 25,477 | ​ | $ | 4,664 | ​
​
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, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, |
​ |  | 2023 |  | 2022 |
Balance as of May 1 | ​ | $ | 17,806 | ​ | $ | 17,556 | ​
Increases related to prior year tax positions | ​ |  | — | ​ |  | 415 | ​
Decreases related to prior year tax positions | ​ |  | (379) | ​ |  | (239) | ​
Increases related to current year tax positions | ​ |  | 1,257 | ​ |  | 1,398 | ​
Decreases related to lapsing of statute of limitations | ​ |  | (5,843) | ​ |  | (1,324) | ​
Balance as of April 30 | ​ | $ | 12,841 | ​ | $ | 17,806 | ​
​

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