XML 63 R47.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Apr. 30, 2024
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, |
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 |
Domestic | ​ | $ | 68,968 | ​ | $ | (187,647) | ​ | $ | (10,187) | ​
Foreign | ​ | ​ | (5,737) | ​ |  | (730) | ​ |  | (8,956) | ​
(Loss) income before income taxes | ​ | ​ | 63,231 | ​ | ​ | (188,377) | ​ | ​ | (19,143) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity method investment (loss) income | ​ | ​ | (1,674) | ​ | ​ | (2,453) | ​ | ​ | 5,889 | ​
Total (loss) income before income taxes | ​ | $ | 61,557 | ​ | $ | (190,830) | ​ | $ | (13,254) | ​
​
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 (benefit) computed using the U.S. federal statutory rates to actual income tax expense is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, | ​
​ |  | 2024 | ​ |  | 2023 |  |  | 2022 | ​
U.S. federal statutory income tax rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
Foreign rate differential | ​ | (0.5) | ​ | ​ | (0.1) | ​ | ​ | 4.9 | ​
State and local income taxes, net of federal benefit |  | 0.9 | ​ | ​ | 0.2 | ​ | ​ | 40.8 | ​
R&D and other tax credits |  | (7.8) | ​ | ​ | (1.8) | ​ | ​ | 23.0 | ​
Valuation allowance |  | 1.5 | ​ | ​ | 1.1 | ​ | ​ | (37.4) | ​
Return to provision adjustments | ​ | 1.6 | ​ | ​ | — | ​ | ​ | (0.9) | ​
Limit on executive compensation | ​ | 2.7 | ​ | ​ | (0.4) | ​ | ​ | (2.4) | ​
Permanent items | ​ | 0.6 | ​ | ​ | (0.3) | ​ | ​ | (0.9) | ​
Foreign derived intangible income | ​ | (16.0) | ​ | ​ | 2.3 | ​ | ​ | — | ​
Excess benefit of equity awards | ​ | (0.6) | ​ | ​ | 0.8 | ​ | ​ | 5.2 | ​
Goodwill impairment | ​ | — | ​ | ​ | (17.2) | ​ | ​ | — | ​
Unrecognized tax benefit | ​ | (0.6) | ​ | ​ | 2.0 | ​ | ​ | — | ​
Other |  | 0.2 | ​ | ​ | 0.2 | ​ | ​ | 0.9 | ​
Effective income tax rate |  | 3.0 | % | ​ | 7.8 | % | ​ | 54.2 | %
Schedule of components of the provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended April 30, | ​
​ |  | 2024 | ​ |  | 2023 |  |  | 2022 | ​
U.S. federal statutory income tax rate |  | 21.0 | % | ​ | 21.0 | % | ​ | 21.0 | %
Foreign rate differential | ​ | (0.5) | ​ | ​ | (0.1) | ​ | ​ | 4.9 | ​
State and local income taxes, net of federal benefit |  | 0.9 | ​ | ​ | 0.2 | ​ | ​ | 40.8 | ​
R&D and other tax credits |  | (7.8) | ​ | ​ | (1.8) | ​ | ​ | 23.0 | ​
Valuation allowance |  | 1.5 | ​ | ​ | 1.1 | ​ | ​ | (37.4) | ​
Return to provision adjustments | ​ | 1.6 | ​ | ​ | — | ​ | ​ | (0.9) | ​
Limit on executive compensation | ​ | 2.7 | ​ | ​ | (0.4) | ​ | ​ | (2.4) | ​
Permanent items | ​ | 0.6 | ​ | ​ | (0.3) | ​ | ​ | (0.9) | ​
Foreign derived intangible income | ​ | (16.0) | ​ | ​ | 2.3 | ​ | ​ | — | ​
Excess benefit of equity awards | ​ | (0.6) | ​ | ​ | 0.8 | ​ | ​ | 5.2 | ​
Goodwill impairment | ​ | — | ​ | ​ | (17.2) | ​ | ​ | — | ​
Unrecognized tax benefit | ​ | (0.6) | ​ | ​ | 2.0 | ​ | ​ | — | ​
Other |  | 0.2 | ​ | ​ | 0.2 | ​ | ​ | 0.9 | ​
Effective income tax rate |  | 3.0 | % | ​ | 7.8 | % | ​ | 54.2 | %
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, |
​ |  | 2024 |  | 2023 |
Deferred income tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued expenses | ​ | $ | 2,542 | ​ | $ | 2,153 | ​
Stock based compensation | ​ | ​ | 3,391 | ​ | ​ | 2,380 | ​
Allowances, reserves, and other | ​ |  | 1,001 | ​ |  | (1,032) | ​
Outside basis difference | ​ | ​ | (33) | ​ | ​ | — | ​
Unrealized loss on securities | ​ |  | 3,588 | ​ |  | 3,528 | ​
Net operating loss and credit carry-forwards | ​ |  | 19,800 | ​ |  | 20,430 | ​
Capitalized research and development costs | ​ | ​ | 42,788 | ​ | ​ | 24,962 | ​
Reserve for inventory excess and obsolescence | ​ |  | 5,577 | ​ |  | 3,185 | ​
Lease liability | ​ | ​ | 7,628 | ​ | ​ | 6,960 | ​
Total deferred income tax assets | ​ |  | 86,282 | ​ |  | 62,566 | ​
Deferred income tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed asset basis | ​ |  | (3,516) | ​ |  | (4,999) | ​
Right-of-use asset | ​ | ​ | (7,053) | ​ | ​ | (6,478) | ​
Intangibles basis | ​ | ​ | (11,239) | ​ | ​ | (3,109) | ​
Total deferred income tax liabilities | ​ |  | (21,808) | ​ |  | (14,586) | ​
Valuation allowance | ​ |  | (23,835) | ​ |  | (22,503) | ​
Net deferred tax assets | ​ | $ | 40,639 | ​ | $ | 25,477 | ​
​
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, 2024 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | April 30, |
​ |  | 2024 |  | 2023 |
Balance as of May 1 | ​ | $ | 12,841 | ​ | $ | 17,806 | ​
Increases related to prior year tax positions | ​ |  | — | ​ |  | — | ​
Decreases related to prior year tax positions | ​ |  | (59) | ​ |  | (379) | ​
Increases related to current year tax positions | ​ |  | 2,060 | ​ |  | 1,257 | ​
Decreases related to lapsing of statute of limitations | ​ |  | (1,241) | ​ |  | (5,843) | ​
Balance as of April 30 | ​ | $ | 13,601 | ​ | $ | 12,841 | ​
​

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration