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Income Taxes (Tables) | 12 Months Ended
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Apr. 30, 2024
Income Tax Disclosure [Abstract] |
Domestic and Foreign Components of Income (Loss) from Continuing Operations before Domestic and Foreign Income and Other Taxes | Income from continuing operations before provision for income taxes was as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Domestic | $ | 70,716 |  |  | $ | 136,269 |  |  | $ | 184,877 |
Foreign | 151,926 |  |  | 159,468 |  |  | 248,024 |
Income before provision for income taxes | $ | 222,642 |  |  | $ | 295,737 |  |  | $ | 432,901 |
Provision (Benefit) for Domestic and Foreign Income Taxes | The provision for domestic and foreign income taxes was as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Current income taxes: |  |  |  |  |
Federal | $ | 31,466 |  |  | $ | 39,188 |  |  | $ | 43,993 |
State | 10,071 |  |  | 15,879 |  |  | 15,962 |
Foreign | 40,853 |  |  | 42,019 |  |  | 59,064 |
Current provision for income taxes | 82,390 |  |  | 97,086 |  |  | 119,019 |
Deferred income taxes: |  |  |  |  |
Federal | (15,693) |  |  | (13,228) |  |  | (13,858) |
State | (2,904) |  |  | (5,723) |  |  | (3,936) |
Foreign | (13,712) |  |  | 4,548 |  |  | 831 |
Deferred benefit for income taxes | (32,309) |  |  | (14,403) |  |  | (16,963) |
Total provision for income taxes | $ | 50,081 |  |  | $ | 82,683 |  |  | $ | 102,056 |
Reconciliation of Statutory Federal Income Tax Rate to Effective Consolidated Tax Rate | The reconciliation of the statutory federal income tax rate to the effective consolidated tax rate is as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax, net of federal effect | 2.8 |  |  | 2.8 |  |  | 2.5 |
Foreign tax rates differential | 4.0 |  |  | 4.0 |  |  | 2.5 |
Non-deductible officer's compensation | 1.9 |  |  | 1.0 |  |  | 0.7 |
Change in valuation allowance | (5.8) |  |  | 0.3 |  |  | (0.7) |
Change in uncertain tax positions | 1.1 |  |  | 0.1 |  |  | 0.3 |
Foreign-derived intangible income deduction | (1.2) |  |  | (1.0) |  |  | (0.7) |
Repatriation of earnings of foreign subsidiaries | 1.4 |  |  | 1.2 |  |  | 0.4 |
R&D tax credit | (1.5) |  |  | (0.6) |  |  | (1.3) |
Other | (1.2) |  |  | (0.8) |  |  | (1.1) |
Effective income tax rate | 22.5 | % |  | 28.0 | % |  | 23.6 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities were as follows:
| April 30,
| 2024 |  | 2023
| (in thousands)
Deferred tax assets: |  |  |
Deferred compensation | $ | 136,722 |  |  | $ | 120,361 |
Operating lease liability | 22,693 |  |  | 26,952 |
Loss carryforwards | 28,542 |  |  | 28,707 |
Reserves and accruals | 20,398 |  |  | 21,140 |
Allowance for doubtful accounts | 7,169 |  |  | 7,272 |
Deferred revenue | 7,086 |  |  | 6,436 |
Gross deferred tax assets | 222,610 |  |  | 210,868 |
Deferred tax liabilities: |  |  |
Operating lease, right-of-use, assets | (19,316) |  |  | (22,056) |
Intangibles and goodwill | (24,697) |  |  | (26,310) |
Property and equipment | (12,567) |  |  | (15,953) |
Prepaid expenses | (16,172) |  |  | (20,037) |
Unrealized gain on marketable securities | (6,164) |  |  | (402) |
Other | (2,158) |  |  | (4,179) |
Gross deferred tax liabilities | (81,074) |  |  | (88,937) |
Valuation allowances | (12,512) |  |  | (25,226) |
Net deferred tax asset | $ | 129,024 |  |  | $ | 96,705 |
Changes in Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the unrecognized tax benefits is as follows:
| Year Ended April 30,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Unrecognized tax benefits, beginning of year | $ | 10,566 |  |  | $ | 10,682 |  |  | $ | 9,954 |
Additions based on tax positions related to the current year | 1,573 |  |  | 1,257 |  |  | 456 |
Additions based on tax positions related to prior years | 2,208 |  |  | 28 |  |  | 272 |
Settlement with tax authority | — |  |  | (545) |  |  | — |
Lapse of applicable statute of limitations | (324) |  |  | (856) |  |  | — |
Unrecognized tax benefits, end of year | $ | 14,023 |  |  | $ | 10,566 |  |  | $ | 10,682 |

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