Income Taxes (Tables)

12 Months Ended

Apr. 30, 2022

Schedule of components of income before taxes

The following table presents the components of income before taxes for the years ended April 30, 2022, 2021 and 2020:


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
United States	$	320,353	$	106,059	$	106,850
Foreign	44,466		31,035		(60,525)
Income before taxes	$	364,819	$	137,094	$	46,325

Schedule of components of income tax expense

The following table presents the components of income tax expense for the years ended April 30, 2022, 2021 and 2020:


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Current
Federal	$	60,406	$	27,171	$	12,537
Foreign	11,995		9,098		1,624
State	19,327		5,594		7,857
Total Current	91,728		41,863		22,018
Deferred
Federal	4,657		(4,653)		8,986
Foreign	(4,216)		(5,870)		(7,347)
State	(792)		194		(713)
Total Deferred	(351)		(10,329)		926
Total provision for income taxes	$	91,377	$	31,534	$	22,944

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, 2022, 2021 and 2020:


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Federal income taxes at statutory rate	$	76,613	$	28,793	$	9,747
State income taxes, net of federal income tax benefit	14,730		4,000		4,054
Impact of foreign rate differences	(2,827)		(1,055)		(2,861)
Impact of rate difference on impairment of goodwill	—		—		7,630
Net change in valuation allowance	350		578		9,070
Equity-based compensation	(1,659)		(1,012)		(1,196)
GILTI	1,076		1,911		704
Financing structure	—		(2,315)		(5,361)
Other	3,094		634		1,157
Total provision for income taxes	$	91,377	$	31,534	$	22,944

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, 2022 and 2021 are as follows:


	April 30,
	2022		2021
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	4,314	$	2,617
Accrued payroll and related costs	3,758		5,093
Insurance reserves	4,079		4,086
Inventory costs	4,606		3,252
Deferred compensation	9,038		7,892
Equity compensation	3,253		2,612
Derivative instrument	281		5,083
Acquisition related costs	1,356		1,202
Net operating loss carry-forwards	1,815		1,591
Disallowed interest expense	1,330		974
Investment in partnerships	26,700		24,316
Operating lease liability	37,746		30,322
Other deferred tax assets, net	2,359		1,147
Total deferred income tax assets	100,635		90,187
Less: Valuation allowance	(11,719)		(11,768)
Total deferred income tax assets, net of valuation allowance	88,916		78,419
Deferred income tax liabilities:
Amortization of intangible assets	(43,314)		(19,488)
Operating lease right-of-use assets	(37,043)		(29,493)
Depreciation	(37,027)		(25,668)
Other deferred tax liabilities, net	(451)		(783)
Total deferred income tax liabilities	(117,835)		(75,432)
Deferred income tax (liabilities) assets, net	$	(28,919)	$	2,987