Income Taxes

3 Months Ended

Jul. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income tax was $25.3 million in the three months ended July 31, 2025, with an effective tax rate of 27.2%, compared to $22.4 million in the three months ended July 31, 2024, with an effective tax rate of 25.8%. The Company's effective tax rate is primarily impacted by U.S. state income taxes and jurisdictional mix of earnings, which generally create variability in our effective tax rate over time.

On July 4, 2025, House Resolution 1, commonly referred to as the One Big Beautiful Bill Act (the "Act") was enacted into law. Key provisions of the Act include the extension and modification of certain provisions of the Tax Cuts and Jobs Act of 2017, changes to bonus depreciation, adjustments to business interest expense limitations, and modifications to the treatment of research and development expenditures. The Act has multiple effective dates, with certain provisions effective in the Company's fiscal 2026 and others becoming effective in fiscal 2027. In accordance with ASC 740, the effect of changes in tax rates and laws on deferred tax balances are recognized in the period when the legislation is enacted. The Company has reflected the effect on the Act within the provision for income taxes and the deferred tax balances as of July 31, 2025. The Act did not materially impact the Company's effective tax rate.