Stockholders' Equity

3 Months Ended

Jul. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

On June 20, 2022, the Company's Board of Directors approved an expanded share repurchase program under which the Company is 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 approximately 0.5 million shares of its common stock for $30.5 million during the three months ended July 31, 2023. The Company repurchased approximately 0.5 million shares of its common stock for $23.8 million during the three months ended July 31, 2022. 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 $0.3 million of excise taxes during the three months ended July 31, 2023. As of July 31, 2023, the Company had $69.6 million of remaining repurchase authorization under its stock repurchase program. 

Accumulated Other Comprehensive Loss

The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the three months ended July 31, 2023:

	Foreign Currency Translation		Derivative Financial Instruments		Accumulated Other Comprehensive Loss
	(in thousands)
Balance as of April 30, 2023	$	(35,129)	$	—	$	(35,129)
Other comprehensive income before reclassification	4,406		5,833		10,239
Gains on intra-entity transactions that are of a long-term investment nature	6,992		—		6,992
Reclassification to earnings from accumulated other comprehensive loss	—		(444)		(444)
Balance as of July 31, 2023	$	(23,731)	$	5,389	$	(18,342)

Other comprehensive income before reclassification on derivative instruments for the three months ended July 31, 2023 is net of $1.6 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the three months

ended July 31, 2023 is net of tax of $0.1 million. Gains on intra-entity transactions that are of a long-term investment nature for the three months ended July 31, 2023 are net of tax of $2.3 million.