Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income before taxes

The following table presents the components of income before taxes for the years ended April 30, 2023, 2022 and 2021:

	Year Ended April 30,
	2023		2022		2021
	(in thousands)
United States	$	392,299	$	320,353	$	106,059
Foreign	55,204		44,466		31,035
Income before taxes	$	447,503	$	364,819	$	137,094

Schedule of components of income tax expense

The following table presents the components of income tax expense for the years ended April 30, 2023, 2022 and 2021:

	Year Ended April 30,
	2023		2022		2021
	(in thousands)
Current
Federal	$	76,532	$	60,406	$	27,171
Foreign	16,727		11,995		9,098
State	21,033		19,327		5,594
Total Current	114,292		91,728		41,863
Deferred
Federal	3,315		4,657		(4,653)
Foreign	(3,705)		(4,216)		(5,870)
State	610		(792)		194
Total Deferred	220		(351)		(10,329)
Total provision for income taxes	$	114,512	$	91,377	$	31,534

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:

	Year Ended April 30,
	2023		2022		2021
	(in thousands)
Federal income taxes at statutory rate	$	93,976	$	76,613	$	28,793
State income taxes, net of federal income tax benefit	16,847		14,730		4,000
Impact of foreign rate differences	1,052		(2,827)		(1,055)
Net change in valuation allowance	443		350		578
Equity-based compensation	(1,942)		(1,659)		(1,012)
GILTI	1,452		1,076		1,911
Financing structure	—		—		(2,315)
Other	2,684		3,094		634
Total provision for income taxes	$	114,512	$	91,377	$	31,534

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 are as follows:

	April 30,
	2023		2022
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	5,339	$	4,314
Accrued payroll and related costs	2,102		3,758
Insurance reserves	4,165		4,079
Inventory costs	5,580		4,606
Deferred compensation	10,391		9,038
Equity compensation	3,716		3,253
Derivative instrument	—		281
Acquisition related costs	1,258		1,356
Net operating loss carry-forwards	1,368		1,815
Disallowed interest expense	1,854		1,330
Investment in partnerships	28,324		26,700
Operating lease liability	47,256		37,746
Other deferred tax assets, net	2,613		2,359
Total deferred income tax assets	113,966		100,635
Less: Valuation allowance	(11,708)		(11,719)
Total deferred income tax assets, net of valuation allowance	102,258		88,916
Deferred income tax liabilities:
Amortization of intangible assets	(40,191)		(43,314)
Operating lease right-of-use assets	(45,966)		(37,043)
Depreciation	(46,715)		(37,027)
Other deferred tax liabilities, net	(770)		(451)
Total deferred income tax liabilities	(133,642)		(117,835)
Deferred income tax liabilities	$	(31,384)	$	(28,919)