Income Taxes (Tables)
|
12 Months Ended |
Apr. 30, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Domestic and Foreign Components of Income from Continuing Operations before Domestic and Foreign Income and Other Taxes and Equity in Earnings of Unconsolidated Subsidiaries |
Income from continuing operations before provision for income taxes and equity in earnings of unconsolidated subsidiaries was as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
|
Domestic
|
|
$
|
(22,350
|
)
|
|
$
|
46,867
|
|
|
$
|
5,539
|
|
|
Foreign
|
|
|
156,379
|
|
|
|
158,866
|
|
|
|
110,470
|
|
|
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries
|
|
$
|
134,029
|
|
|
$
|
205,733
|
|
|
$
|
116,009
|
|
|
| Provision (Benefit) for Domestic and Foreign Income Taxes |
The provision (benefit) for domestic and foreign income taxes was as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
|
Current income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
6,152
|
|
|
$
|
29,400
|
|
|
$
|
(2,026
|
)
|
|
State
|
|
|
9,097
|
|
|
|
2,863
|
|
|
|
1,207
|
|
|
Foreign
|
|
|
42,091
|
|
|
|
44,434
|
|
|
|
23,334
|
|
|
Current provision for income taxes
|
|
|
57,340
|
|
|
|
76,697
|
|
|
|
22,515
|
|
|
Deferred income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(16,211
|
)
|
|
|
(3,530
|
)
|
|
|
3,341
|
|
|
State
|
|
|
(7,682
|
)
|
|
|
(317
|
)
|
|
|
341
|
|
|
Foreign
|
|
|
(3,903
|
)
|
|
|
(2,717
|
)
|
|
|
2,907
|
|
|
Deferred (benefit) provision for income taxes
|
|
|
(27,796
|
)
|
|
|
(6,564
|
)
|
|
|
6,589
|
|
|
Total provision for income taxes
|
|
$
|
29,544
|
|
|
$
|
70,133
|
|
|
$
|
29,104
|
|
|
| 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,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
U.S. federal statutory income tax rate
|
|
|
21.0
|
%
|
|
|
30.4
|
%
|
|
|
35.0
|
%
|
|
Foreign tax rates differential
|
|
|
5.0
|
|
|
|
(2.3
|
)
|
|
|
(9.1
|
)
|
|
Transition tax
|
|
|
—
|
|
|
|
9.0
|
|
|
|
—
|
|
|
Deferred tax remeasurement
|
|
|
—
|
|
|
|
(2.4
|
)
|
|
|
—
|
|
|
Non-deductible officers compensation
|
|
|
1.1
|
|
|
|
—
|
|
|
|
—
|
|
|
Excess tax benefit on stock-based compensation
|
|
|
(3.1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Change in valuation allowance
|
|
|
(2.0
|
)
|
|
|
(2.3
|
)
|
|
|
(3.1
|
)
|
|
Other
|
|
|
—
|
|
|
|
1.7
|
|
|
|
2.3
|
|
|
Effective income tax rate
|
|
|
22.0
|
%
|
|
|
34.1
|
%
|
|
|
25.1
|
%
|
|
| Components of Deferred Tax Assets and Liabilities |
Components of deferred tax assets and liabilities were as follows:
|
|
|
April 30,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
(in thousands)
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Deferred compensation
|
|
$
|
75,521
|
|
|
$
|
67,852
|
|
|
Loss carryforwards
|
|
|
22,467
|
|
|
|
22,297
|
|
|
Reserves and accruals
|
|
|
12,954
|
|
|
|
13,945
|
|
|
Deferred rent
|
|
|
7,652
|
|
|
|
6,827
|
|
|
Deferred revenue
|
|
|
1,090
|
|
|
|
1,793
|
|
|
Allowance for doubtful accounts
|
|
|
3,217
|
|
|
|
2,296
|
|
|
Other
|
|
|
—
|
|
|
|
982
|
|
|
Gross deferred tax assets
|
|
|
122,901
|
|
|
|
115,992
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Intangibles
|
|
|
(28,958
|
)
|
|
|
(57,046
|
)
|
|
Property and equipment
|
|
|
(15,883
|
)
|
|
|
(5,000
|
)
|
|
Prepaid expenses
|
|
|
(20,152
|
)
|
|
|
(19,123
|
)
|
|
Other
|
|
|
(1,759
|
)
|
|
|
(2,726
|
)
|
|
Gross deferred tax liabilities
|
|
|
(66,752
|
)
|
|
|
(83,895
|
)
|
|
Valuation allowances
|
|
|
(14,032
|
)
|
|
|
(15,682
|
)
|
|
Net deferred tax asset
|
|
$
|
42,117
|
|
|
$
|
16,415
|
|
|
| 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,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
|
|
(in thousands)
|
|
|
Unrecognized tax benefits, beginning of year
|
|
$
|
3,674
|
|
|
$
|
2,478
|
|
|
$
|
2,095
|
|
|
Settlement with tax authority
|
|
|
(1,771
|
)
|
|
|
(708
|
)
|
|
|
—
|
|
|
Additions based on tax positions related to the current year
|
|
|
1,775
|
|
|
|
1,116
|
|
|
|
383
|
|
|
Additions based on tax positions related to prior years
|
|
|
4,116
|
|
|
|
788
|
|
|
|
—
|
|
|
Unrecognized tax benefits, end of year
|
|
$
|
7,794
|
|
|
$
|
3,674
|
|
|
$
|
2,478
|
|
|