Income Taxes (Tables)

12 Months Ended

Apr. 30, 2020

Income Taxes

Schedule of components of income before taxes

	Year Ended April 30,
	2020		2019		2018
	(in thousands)
United States	$	106,850	$	62,878	$	83,854
Foreign		(60,525)		7,163		—
Income before taxes	$	46,325	$	70,041	$	83,854

Schedule of components of income tax expense

	Year Ended April 30,
	2020		2019		2018
	(in thousands)
Current
Federal	$	12,537	$	11,858	$	30,827
Foreign		1,624		13,739		—
State		7,857		5,929		6,409
Total current		22,018		31,526		37,236
Deferred
Federal		8,986		453		(14,796)
Foreign		(7,347)		(16,931)		—
State		(713)		(1,009)		(1,557)
Total deferred		926		(17,487)		(16,353)
Total provision for income taxes	$	22,944	$	14,039	$	20,883

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

	Year Ended April 30,
	2020		2019		2018
	(in thousands)
Federal income taxes at statutory rate	$	9,747	$	14,715	$	25,492
State income taxes, net of federal income tax benefit		4,054		2,440		1,900
Impact of foreign rate differences		(2,861)		418		—
Impact of rate difference on impairment of goodwill		7,630		—		—
Net change in valuation allowance		9,070		664		151
Nondeductible meals & entertainment		592		635		822
Equity-based compensation		(1,196)		(53)		—
GILTI		704		241		—
Nondeductible transaction costs		90		529		2
Net deferred benefit due to Tax Cuts and Jobs Act		—		—		(6,763)
Intercompany interest expense		(5,361)		(5,255)		—
Other		475		(295)		(721)
Total provision for income taxes	$	22,944	$	14,039	$	20,883

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

	April 30,
	2020		2019
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	2,016	$	2,306
Accrued payroll and related costs		1,859		1,577
Insurance reserves		2,501		1,746
Inventory costs		2,630		2,066
Deferred compensation		7,426		6,854
Equity compensation		2,695		2,944
Derivative instrument		7,850		1,358
Acquisition related costs		1,311		1,779
Net operating loss carry-forwards		1,595		1,745
Disallowed interest expense		736		2,507
Investment in partnerships		16,535		4,676
Deferred rent		1,112		604
Noncompete agreements		120		133
Other deferred tax assets, net		1,424		1,394
Total deferred income tax assets		49,810		31,689
Less: Valuation allowance		(10,183)		(1,112)
Total deferred income tax assets, net of valuation allowance		39,627		30,577
Deferred income tax liabilities:
Amortization of intangible assets		(18,917)		(22,950)
Rebates		(400)		(72)
Depreciation		(21,508)		(10,495)
Deferred financing costs		(1,582)		(2,075)
Other deferred tax liabilities, net		(334)		(535)
Total deferred income tax liabilities		(42,741)		(36,127)
Deferred income tax liabilities, net	$	(3,114)	$	(5,550)