Stockholders' Equity

3 Months Ended

Jul. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases

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. 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 July 31, 2024, the Company had $154.3 million of remaining repurchase authorization under its stock repurchase program. 

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 three months ended July 31, 2024:

	Three Months Ended July 31,
	2024		2023
	(in thousands)
Amount repurchased pursuant to repurchase program	$	46,168	$	30,512
Excise tax on repurchases	441		272
Repurchases of common stock	$	46,609	$	30,784
Number of shares repurchased	538		469

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, 2024:

	Foreign Currency Translation		Derivative Financial Instruments		Accumulated Other Comprehensive Loss
	(in thousands)
Balance as of April 30, 2024	$	(40,000)	$	8,481	$	(31,519)
Other comprehensive loss before reclassification	(1,089)		(4,520)		(5,609)
Losses on intra-entity transactions that are of a long-term investment nature	(1,861)		—		(1,861)
Reclassification to earnings from accumulated other comprehensive loss	—		(827)		(827)
Balance as of July 31, 2024	$	(42,950)	$	3,134	$	(39,816)

Other comprehensive income before reclassification on derivative instruments for the three months ended July 31, 2024 is net of $1.5 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the three months ended July 31, 2024 is net of tax of $0.3 million. Losses on intra-entity transactions that are of a long-term investment nature for the three months ended July 31, 2024 are net of tax of $0.6 million.