Income Taxes (Tables)

12 Months Ended

Apr. 30, 2025

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, 2025, 2024 and 2023:

	Year Ended April 30,
	2025		2024		2023
	(in thousands)
United States	$	158,770	$	347,309	$	392,299
Foreign	15,525		26,857		55,204
Income before taxes	$	174,295	$	374,166	$	447,503

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, 2025, 2024 and 2023:

	Year Ended April 30,
	2025		2024		2023
	(in thousands)
Current
Federal	$	40,773	$	63,306	$	76,532
Foreign	12,495		8,235		16,727
State	14,186		22,861		21,033
Total Current	67,454		94,402		114,292
Deferred
Federal	(1,057)		5,446		3,315
Foreign	(7,045)		(3,569)		(3,705)
State	(526)		1,808		610
Total Deferred	(8,628)		3,685		220
Total provision for income taxes	$	58,826	$	98,087	$	114,512

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,
	2025		2024		2023
	(in thousands)
Federal income taxes at statutory rate	$	36,588	$	78,538	$	93,976
State income taxes, net of federal income tax benefit	11,612		19,008		16,847
Impact of foreign rate differences	923		(1,672)		1,052
Net change in valuation allowance	(693)		954		443
Equity-based compensation	(2,086)		(3,024)		(1,942)
Other permanent items	3,219		3,704		2,670
GILTI	132		39		1,452
Goodwill impairment	8,915		—		—
Other	216		540		14
Total provision for income taxes	$	58,826	$	98,087	$	114,512

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,
	2025		2024
Deferred income tax assets:	(in thousands)
Allowances on accounts and notes receivable	$	4,399	$	5,973
Accrued payroll and related costs	2,973		2,606
Insurance reserves	6,678		4,568
Inventory costs	6,181		6,495
Deferred compensation	10,338		10,043
Equity compensation	4,172		3,903
Acquisition related costs	1,812		1,454
Net operating loss carry-forwards	1,645		1,928
Disallowed interest expense	2,114		2,097
Investment in partnerships	32,751		30,449
Operating lease liability	83,581		63,151
Other deferred tax assets, net	4,934		4,382
Total deferred income tax assets	161,578		137,049
Less: Valuation allowance	(11,801)		(12,541)
Total deferred income tax assets, net of valuation allowance	149,777		124,508
Deferred income tax liabilities:
Amortization of intangible assets	(55,963)		(41,663)
Operating lease right-of-use assets	(80,251)		(61,283)
Depreciation	(64,167)		(57,667)
Derivative instruments	(130)		(2,780)
Other deferred tax liabilities, net	(1,181)		(1,923)
Total deferred income tax liabilities	(201,692)		(165,316)
Deferred income tax liabilities	$	(51,915)	$	(40,808)