Stockholders' Equity

12 Months Ended

Apr. 30, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchase Program

On June 20, 2022, the Company's Board of Directors approved an expanded share repurchase program under which the Company was authorized to repurchase up to $200.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $75.0 million. The Company may conduct repurchases under the share repurchase program through open market transactions, under trading plans in accordance with SEC Rule 10b5-1 and/or in privately negotiated transactions, in each case in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any purchases of the Company's common stock are subject to a variety of factors, including, but not limited to, the Company’s liquidity, credit availability, general business and market conditions, debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate the Company to acquire any amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion.

The Company repurchased 2.3 million, 0.7 million and 0.1 million shares of its common stock for $110.6 million, $35.5 million and $4.2 million during the years ended April 30, 2023, 2022 and 2021, respectively, pursuant to its share repurchase programs. The repurchased common stock was retired. Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax. The Company includes the applicable excise tax as part of the cost basis of the shares acquired and records the taxes as a corresponding liability in accrued expenses and other liabilities in the Consolidated Balance Sheet. The Company incurred $0.1 million of excise taxes during the year ended April 30, 2023. As of April 30, 2023, the Company had $100.2 million of remaining repurchase authorization under its share repurchase program.

Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes to accumulated other comprehensive income (loss), net of tax, by component for the years ended April 30, 2023, 2022 and 2021:

	Foreign Currency Translation		Derivative Financial Instruments		Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of April 30, 2020	$	(40,577)	$	(24,505)	$	(65,082)
Other comprehensive income (loss) before reclassification	61,341		(311)		61,030
Reclassification to earnings from accumulated other comprehensive income (loss)	—		8,811		8,811
Balance as of April 30, 2021	20,764		(16,005)		4,759
Other comprehensive income (loss) before reclassification	(25,805)		6,127		(19,678)
Reclassification to earnings from accumulated other comprehensive income (loss)	—		8,876		8,876
Balance as of April 30, 2022	(5,041)		(1,002)		(6,043)
Other comprehensive loss before reclassification	(30,088)		(776)		(30,864)
Reclassification to earnings from accumulated other comprehensive income (loss)	—		1,778		1,778
Balance as of April 30, 2023	$	(35,129)	$	—	$	(35,129)

Other comprehensive loss on derivative instruments for the years ended April 30, 2023, 2022 and 2021 is net of tax of $0.3 million, $2.0 million and $0.1 million, respectively. Reclassification to earnings from accumulated other comprehensive income (loss) for the years ended April 30, 2023, 2022 and 2021 is net of tax of $0.6 million, $2.9 million and $2.8 million, respectively.