Income Taxes (Tables)

12 Months Ended

Apr. 30, 2021

Schedule of components of income before taxes

The following table presents the components of income before taxes for the years ended April 30, 2021, 2020 and 2019:


	Year Ended April 30,
	2021		2020		2019
	(in thousands)
United States	$	106,059	$	106,850	$	62,878
Foreign	31,035		(60,525)		7,163
Income before taxes	$	137,094	$	46,325	$	70,041

Schedule of components of income tax expense

The following table presents the components of income tax expense for the years ended April 30, 2021, 2020 and 2019:


	Year Ended April 30,
	2021		2020		2019
	(in thousands)
Current
Federal	$	27,171	$	12,537	$	11,858
Foreign	9,098		1,624		13,739
State	5,594		7,857		5,929
Total Current	41,863		22,018		31,526
Deferred
Federal	(4,653)		8,986		453
Foreign	(5,870)		(7,347)		(16,931)
State	194		(713)		(1,009)
Total Deferred	(10,329)		926		(17,487)
Total provision for income taxes	$	31,534	$	22,944	$	14,039

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

The following table summarizes the significant differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for financial statement for the years ended April 30, 2021, 2020 and 2019:


	Year Ended April 30,
	2021		2020		2019
	(in thousands)
Federal income taxes at statutory rate	$	28,793	$	9,747	$	14,715
State income taxes, net of federal income tax benefit	4,000		4,054		2,440
Impact of foreign rate differences	1,162		(2,861)		418
Impact of rate difference on impairment of goodwill	—		7,630		—
Net change in valuation allowance	578		9,070		664
Nondeductible meals & entertainment	252		592		635
Equity-based compensation	(1,012)		(1,196)		(53)
GILTI	1,911		704		241
Nondeductible transaction costs	—		90		529
Intercompany interest expense	(4,532)		(5,361)		(5,255)
Other	382		475		(295)
Total provision for income taxes	$	31,534	$	22,944	$	14,039

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

The tax effects of temporary differences, which give rise to deferred income taxes as of April 30, 2021 and 2020 are as follows:


	April 30,
	2021		2020
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	2,617	$	2,016
Accrued payroll and related costs	5,093		1,859
Insurance reserves	4,086		2,501
Inventory costs	3,252		2,630
Deferred compensation	7,892		7,426
Equity compensation	2,612		2,695
Derivative instrument	5,083		7,850
Acquisition related costs	1,202		1,311
Net operating loss carry-forwards	1,591		1,595
Disallowed interest expense	974		736
Investment in partnerships	24,316		16,535
Deferred rent	829		1,112
Noncompete agreements	95		120
Other deferred tax assets, net	1,147		1,424
Total deferred income tax assets	60,789		49,810
Less: Valuation allowance	(11,768)		(10,183)
Total deferred income tax assets, net of valuation allowance	49,021		39,627
Deferred income tax liabilities:
Amortization of intangible assets	(19,583)		(18,917)
Rebates	(151)		(400)
Depreciation	(25,668)		(21,508)
Deferred financing costs	(463)		(1,582)
Other deferred tax liabilities, net	(169)		(334)
Total deferred income tax liabilities	(46,034)		(42,741)
Deferred income tax liabilities, net	$	2,987	$	(3,114)