Income Taxes (Tables)

12 Months Ended

Apr. 30, 2019

Income Taxes

Schedule of components of income before taxes

	Year Ended April 30,
	2019		2018		2017
	(in thousands)
United States	$	62,878	$	83,854	$	71,540
Foreign		7,163		—		—
Income before taxes	$	70,041	$	83,854	$	71,540

Schedule of components of income tax expense

	Year Ended April 30,
	2019		2018		2017
	(in thousands)
Current
Federal	$	11,858	$	30,827	$	37,164
Foreign		13,739		—		—
State		5,929		6,409		5,875
Total current		31,526		37,236		43,039
Deferred
Federal		453		(14,796)		(19,011)
Foreign		(16,931)		—		—
State		(1,009)		(1,557)		(1,374)
Total deferred		(17,487)		(16,353)		(20,385)
Total provision for income taxes	$	14,039	$	20,883	$	22,654

Summary of significant differences between federal statutory tax rate and effective tax rate

	Year Ended April 30,
	2019		2018		2017
	(in thousands)
Federal income taxes at statutory rate	$	14,715	$	25,492	$	25,039
State income taxes, net of federal income tax benefit		2,440		1,900		2,236
Impact of foreign rate differences		418		—		—
Net change in valuation allowance		664		151		214
Nondeductible meals & entertainment		635		822		761
338(h)(10) election		—		—		(6,936)
Redeemable noncontrolling interests		—		—		1,053
Nondeductible transaction costs		529		2		109
Net deferred benefit due to Tax Cuts and Jobs Act		—		(6,763)		—
Intercompany interest expense		(5,255)		—		—
Other		(107)		(721)		178
Total provision for income taxes	$	14,039	$	20,883	$	22,654

Schedule of tax effects of temporary differences which give rise to deferred income taxes

	April 30,
	2019		2018
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	2,306	$	3,540
Accrued payroll and related costs		1,577		1,138
Insurance reserves		1,746		1,734
Inventory costs		2,066		2,013
Deferred compensation		6,854		6,662
Equity compensation		2,944		2,361
Derivative instrument		1,358		561
Acquisition related costs		1,779		1,955
Net operating loss carry-forwards		1,745		1,965
Disallowed interest expense		2,507		—
Investment in partnerships		4,676		—
Deferred rent		604		488
Noncompete agreements		133		681
Other deferred tax assets, net		1,394		946
Total deferred income tax assets		31,689		24,044
Less: Valuation allowance		(1,112)		(448)
Total deferred income tax assets, net of valuation allowance		30,577		23,596
Deferred income tax liabilities:
Amortization of intangible assets		(22,950)		(28,641)
Rebates		(72)		(253)
Depreciation		(10,495)		(3,596)
Deferred financing costs		(2,075)		(1,848)
Other deferred tax liabilities, net		(535)		—
Total deferred income tax liabilities		(36,127)		(34,338)
Deferred income tax liabilities, net	$	(5,550)	$	(10,742)