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Income Taxes (Tables)
12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Summary of Income Tax Expense/(Benefit) from Continuing Operations

Income tax expense/(benefit) from operations consists of the following (in thousands):

 

 

 

For the Year Ended April 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

2,356

 

 

$

 

8,356

 

 

$

 

693

 

State

 

 

 

302

 

 

 

 

1,085

 

 

 

 

149

 

Foreign

 

 

 

3

 

 

 

 

4

 

 

 

 

4

 

Total current

 

 

 

2,661

 

 

 

 

9,445

 

 

 

 

846

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred federal

 

 

 

5,958

 

 

 

 

(3,222

)

 

 

 

(11,266

)

Deferred state

 

 

 

725

 

 

 

 

(336

)

 

 

 

(1,233

)

Total deferred

 

 

 

6,683

 

 

 

 

(3,558

)

 

 

 

(12,499

)

Total income tax expense/(benefit)

 

$

 

9,344

 

 

$

 

5,887

 

 

$

 

(11,653

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Reconciliation of Provision for Income Taxes from Continuing Operations

The following table presents a reconciliation of the provision for income taxes from operations at statutory rates to the provision (benefit) in the consolidated and combined financial statements (in thousands):

 

 

 

For the Year Ended April 30,

 

 

 

2022

 

 

2021

 

 

2020

 

Federal income taxes expected at the statutory rate (a)

 

$

 

(11,663

)

 

$

 

5,101

 

 

$

 

(22,649

)

State income taxes, less federal income tax benefit

 

 

 

(633

)

 

 

 

586

 

 

 

 

(1,117

)

Stock compensation

 

 

 

(276

)

 

 

 

(83

)

 

 

 

86

 

Research and development tax credit

 

 

 

(291

)

 

 

 

(288

)

 

 

 

(199

)

Goodwill impairment

 

 

 

7,633

 

 

 

 

 

 

 

11,741

 

Change in deferred tax valuation allowance

 

 

 

14,200

 

 

 

 

241

 

 

 

 

Other

 

 

 

374

 

 

 

 

330

 

 

 

 

485

 

Total income tax expense/(benefit)

 

$

 

9,344

 

 

$

 

5,887

 

 

$

 

(11,653

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
We had a federal statutory rate of 21% in fiscal 2022, 2021, and 2020.
Summary of Deferred Tax Assets (Liabilities) Related to Temporary Differences

Deferred tax assets (liabilities) related to temporary differences are the following (in thousands):

 

 

April 30, 2022

 

 

April 30, 2021

 

Non-current tax assets (liabilities):

 

 

 

 

 

 

 

Inventories

$

 

1,594

 

 

$

 

1,241

 

Accrued expenses, including compensation

 

 

1,805

 

 

 

 

2,827

 

Product liability

 

 

29

 

 

 

 

6

 

Workers' compensation

 

 

7

 

 

 

 

8

 

Warranty reserve

 

 

147

 

 

 

 

165

 

Stock-based compensation

 

 

801

 

 

 

 

592

 

State bonus depreciation

 

 

98

 

 

 

 

51

 

Property taxes

 

 

 

 

 

9

 

Property, plant, and equipment

 

 

(1,949

)

 

 

 

(1,696

)

Intangible assets

 

 

11,817

 

 

 

 

3,500

 

Right-of Use assets

 

 

(5,570

)

 

 

 

(5,879

)

Right-of Use lease liabilities

 

 

5,803

 

 

 

 

6,152

 

Other

 

 

(141

)

 

 

 

(52

)

Less valuation allowance

 

 

(14,441

)

 

 

 

(241

)

Net deferred tax asset/(liability) — total

$

 

 

$

 

6,683