XML 34 R18.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Stockholders' Equity
12 Months Ended
Apr. 30, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Share Repurchase Program
On October 18, 2023, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $250.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $200.0 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. As of April 30, 2024, the Company had $200.5 million of remaining repurchase authorization under its stock repurchase program. 
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.
Shares repurchased pursuant to the Company’s share repurchase program are retired. The Company’s accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and charge any excess of cost over par value to additional paid-in capital. The following table presents share repurchase activity for the years ended April 30, 2024, 2023 and 2022.
Year Ended April 30,
202420232022
(in thousands)
Amount repurchased pursuant to repurchase program$115,644 $110,657 $35,488 
Excise taxes on repurchases795 119 — 
Repurchases of common stock$116,439 $110,776 $35,488 
Number of shares repurchased
1,702 2,271 715 
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, 2024, 2023 and 2022:
Foreign
Currency
Translation
Derivative
Financial
Instruments
Accumulated
Other
Comprehensive
Income (Loss)
(in thousands)
Balance as of April 30, 2021$20,764 $(16,005)$4,759 
Other comprehensive income (loss) before reclassification(25,805)6,127 (19,678)
Reclassification to earnings from accumulated other comprehensive income (loss)— 8,876 8,876 
Balance as of April 30, 2022(5,041)(1,002)(6,043)
Other comprehensive loss before reclassification(30,088)(776)(30,864)
Reclassification to earnings from accumulated other comprehensive income (loss)— 1,778 1,778 
Balance as of April 30, 2023(35,129)— (35,129)
Other comprehensive income (loss) before reclassification58 11,365 11,423 
Losses on intra-entity transactions that are of a long-term investment nature(4,929)— (4,929)
Reclassification to earnings from accumulated other comprehensive income (loss)— (2,884)(2,884)
Balance as of April 30, 2024$(40,000)$8,481 $(31,519)
Other comprehensive income (loss) on derivative instruments for the years ended April 30, 2024, 2023 and 2022 is net of tax of $3.7 million, $0.3 million and $2.0 million, respectively. Reclassification to earnings from accumulated other comprehensive income (loss) for the years ended April 30, 2024, 2023 and 2022 is net of tax of $0.9 million, $0.6 million and $2.9 million, respectively. Losses on intra-entity transactions that are of a long-term investment nature for the year ended April 30, 2024 are net of tax of $1.6 million.