Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

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, 2024, 2023 and 2022:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
United States	$	347,309	$	392,299	$	320,353
Foreign	26,857		55,204		44,466
Income before taxes	$	374,166	$	447,503	$	364,819

Schedule of components of income tax expense

The following table presents the components of the provision for income taxes for the years ended April 30, 2024, 2023 and 2022:

	Year Ended April 30,
	2024		2023		2022
	(in thousands)
Current
Federal	$	63,306	$	76,532	$	60,406
Foreign	8,235		16,727		11,995
State	22,861		21,033		19,327
Total Current	94,402		114,292		91,728
Deferred
Federal	5,446		3,315		4,657
Foreign	(3,569)		(3,705)		(4,216)
State	1,808		610		(792)
Total Deferred	3,685		220		(351)
Total provision for income taxes	$	98,087	$	114,512	$	91,377

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,
	2024		2023		2022
	(in thousands)
Federal income taxes at statutory rate	$	78,538	$	93,976	$	76,613
State income taxes, net of federal income tax benefit	19,008		16,847		14,730
Impact of foreign rate differences	(1,672)		1,052		(2,827)
Net change in valuation allowance	954		443		350
Equity-based compensation	(3,024)		(1,942)		(1,659)
Other permanent items	3,704		2,670		2,649
GILTI	39		1,452		1,076
Other	540		14		445
Total provision for income taxes	$	98,087	$	114,512	$	91,377

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,
	2024		2023
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	5,973	$	5,339
Accrued payroll and related costs	2,606		2,102
Insurance reserves	4,568		4,165
Inventory costs	6,495		5,580
Deferred compensation	10,043		10,391
Equity compensation	3,903		3,716
Acquisition related costs	1,454		1,258
Net operating loss carry-forwards	1,928		1,368
Disallowed interest expense	2,097		1,854
Investment in partnerships	30,449		28,324
Operating lease liability	63,151		47,256
Other deferred tax assets, net	4,382		2,613
Total deferred income tax assets	137,049		113,966
Less: Valuation allowance	(12,541)		(11,708)
Total deferred income tax assets, net of valuation allowance	124,508		102,258
Deferred income tax liabilities:
Amortization of intangible assets	(41,663)		(40,191)
Operating lease right-of-use assets	(61,283)		(45,966)
Depreciation	(57,667)		(46,715)
Derivative instruments	(2,780)		—
Other deferred tax liabilities, net	(1,923)		(770)
Total deferred income tax liabilities	(165,316)		(133,642)
Deferred income tax liabilities	$	(40,808)	$	(31,384)