Stockholders' Equity

6 Months Ended

Oct. 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 (such plan, the “2023 Repurchase Plan”). The Company may conduct repurchases under the 2023 Repurchase Plan 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 Exchange Act. 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 2023 Repurchase Plan 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 October 31, 2024, the Company had $102.0 million of remaining repurchase authorization under the 2023 Repurchase Plan. 

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 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 six months ended October 31, 2024:

	Six Months Ended October 31,
	2024		2023
	(in thousands)
Amount repurchased pursuant to repurchase program	$	98,478	$	74,768
Excise tax on repurchases	770		588
Repurchases of common stock	$	99,248	$	75,356
Number of shares repurchased	1,131		1,158

Accumulated Other Comprehensive Loss

The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 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	(3,124)		(3,810)		(6,934)
Losses on intra-entity transactions that are of a long-term investment nature	(3,615)		—		(3,615)
Reclassification to earnings from accumulated other comprehensive loss	—		(1,543)		(1,543)
Balance as of October 31, 2024	$	(46,739)	$	3,128	$	(43,611)

Other comprehensive loss before reclassification on derivative instruments for the six months ended October 31, 2024 is net of $1.2 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the six months ended October 31, 2024 is net of tax of $0.5 million. Losses on intra-entity transactions that are of a long-term investment nature for the six months ended October 31, 2024 are net of tax of $1.2 million.