Income Taxes (Tables)
|
12 Months Ended |
Apr. 30, 2022 |
|---|
| 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Domestic
|
|
$
|
184,877
|
|
|
$
|
34,661
|
|
|
$
|
40,736
|
|
|
Foreign
|
|
|
248,024
|
|
|
|
129,039
|
|
|
|
110,226
|
|
|
Income before provision for income taxes
|
|
$
|
432,901
|
|
|
$
|
163,700
|
|
|
$
|
150,962
|
|
|
| Provision (Benefit) for Domestic and Foreign Income Taxes |
The provision for domestic and foreign income taxes was as follows:
|
|
|
Year Ended April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Current income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
43,993
|
|
|
$
|
16,913
|
|
|
$
|
14,336
|
|
|
State
|
|
|
15,962
|
|
|
|
4,719
|
|
|
|
4,974
|
|
|
Foreign
|
|
|
59,064
|
|
|
|
40,646
|
|
|
|
33,965
|
|
|
Current provision for income taxes
|
|
|
119,019
|
|
|
|
62,278
|
|
|
|
53,275
|
|
|
Deferred income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
(13,858
|
)
|
|
|
(5,809
|
)
|
|
|
(6,862
|
)
|
|
State
|
|
|
(3,936
|
)
|
|
|
(5,025
|
)
|
|
|
(784
|
)
|
|
Foreign
|
|
|
831
|
|
|
|
(3,306
|
)
|
|
|
(1,684
|
)
|
|
Deferred benefit for income taxes
|
|
|
(16,963
|
)
|
|
|
(14,140
|
)
|
|
|
(9,330
|
)
|
|
Total provision for income taxes
|
|
$
|
102,056
|
|
|
$
|
48,138
|
|
|
$
|
43,945
|
|
|
| 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
U.S. federal statutory income tax rate
|
|
|
21.0
|
%
|
|
|
21.0
|
%
|
|
|
21.0
|
%
|
|
State tax, net of federal effect
|
|
|
2.5
|
|
|
|
1.0
|
|
|
|
2.2
|
|
|
Foreign tax rates differential
|
|
|
2.5
|
|
|
|
4.5
|
|
|
|
4.5
|
|
|
Non-deductible officers compensation
|
|
|
0.7
|
|
|
|
2.3
|
|
|
|
0.5
|
|
|
Excess tax (benefit) expense on stock-based compensation
|
|
|
(0.6
|
)
|
|
|
0.8
|
|
|
|
(1.0
|
)
|
|
Change in valuation allowance
|
|
|
(0.7
|
)
|
|
|
0.3
|
|
|
|
—
|
|
|
COLI increase, net
|
|
|
(0.3
|
)
|
|
|
(1.7
|
)
|
|
|
(0.9
|
)
|
|
Change in uncertain tax positions
|
|
|
0.3
|
|
|
|
1.1
|
|
|
|
0.2
|
|
|
R&D tax credit
|
|
|
(1.3
|
)
|
|
|
(0.9
|
)
|
|
|
—
|
|
|
Other
|
|
|
(0.5
|
)
|
|
|
1.0
|
|
|
|
2.6
|
|
|
Effective income tax rate
|
|
|
23.6
|
%
|
|
|
29.4
|
%
|
|
|
29.1
|
%
|
|
| Components of Deferred Tax Assets and Liabilities |
Components of deferred tax assets and liabilities were as follows:
|
|
|
April 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
(in thousands)
|
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
Deferred compensation
|
|
$
|
111,133
|
|
|
$
|
107,834
|
|
|
Operating lease liability
|
|
|
35,158
|
|
|
|
34,183
|
|
|
Loss carryforwards
|
|
|
33,360
|
|
|
|
39,704
|
|
|
Reserves and accruals
|
|
|
20,887
|
|
|
|
16,393
|
|
|
Allowance for doubtful accounts
|
|
|
5,645
|
|
|
|
4,885
|
|
|
Deferred revenue
|
|
|
6,207
|
|
|
|
—
|
|
|
Gross deferred tax assets
|
|
|
212,390
|
|
|
|
202,999
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
Operating lease, right-of-use, assets
|
|
|
(27,513
|
)
|
|
|
(27,777
|
)
|
|
Intangibles and goodwill
|
|
|
(28,388
|
)
|
|
|
(26,570
|
)
|
|
Property and equipment
|
|
|
(24,063
|
)
|
|
|
(20,590
|
)
|
|
Prepaid expenses
|
|
|
(24,453
|
)
|
|
|
(23,928
|
)
|
|
Marketable securities
|
|
|
(1,260
|
)
|
|
|
(7,003
|
)
|
|
Other
|
|
|
(691
|
)
|
|
|
(2,684
|
)
|
|
Gross deferred tax liabilities
|
|
|
(106,368
|
)
|
|
|
(108,552
|
)
|
|
Valuation allowances
|
|
|
(24,025
|
)
|
|
|
(25,173
|
)
|
|
Net deferred tax asset
|
|
$
|
81,997
|
|
|
$
|
69,274
|
|
|
| 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,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Unrecognized tax benefits, beginning of year
|
|
$
|
9,954
|
|
|
$
|
6,037
|
|
|
$
|
7,794
|
|
|
Settlement with tax authority
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,767
|
)
|
|
Additions based on tax positions related to the current year
|
|
|
456
|
|
|
|
1,716
|
|
|
|
10
|
|
|
Additions based on tax positions related to prior years
|
|
|
272
|
|
|
|
2,201
|
|
|
|
—
|
|
|
Unrecognized tax benefits, end of year
|
|
$
|
10,682
|
|
|
$
|
9,954
|
|
|
$
|
6,037
|
|
|