Income Taxes

9 Months Ended

Jan. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income tax was an expense of $9.0 million and $29.8 million in the three and nine months ended January 31, 2024, with an effective tax rate of 13.1% and 21.8%, respectively, compared to $8.5 million and $63.6 million in the three and nine months ended January 31, 2023, with an effective tax rate of 41.8% and 27.8%, respectively. In addition to the impact of U.S. state income taxes and the jurisdictional mix of earnings, which generally create variability in our effective tax rate over time, the decrease in the effective tax rate for the three and nine months ended January 31, 2024 was due to a $9.7 million non-recurring tax benefit from actions taken in connection with the worldwide minimum tax that resulted in the release of a valuation allowance.