Income Taxes |
9 Months Ended |
|---|---|
Apr. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Income tax expense was $6.9 million and $6.0 million, with an effective tax rate of 34.1% and 26.3% for the three months ended April 30, 2024 and 2023, respectively, and $18.6 million and $18.4 million, with an effective tax rate of 29.3% and 26.3% for the nine months ended April 30, 2024 and 2023, respectively. The effective tax rates for both periods presented were higher than the federal statutory rate of 21% primarily due to the impact of state income taxes, discrete tax adjustments related to nondeductible transaction costs and the expiration of non-qualified stock options and vested restricted stock units shortfalls. For the three and nine months ended April 30, 2024, the effective tax rate increases were primarily due to the impact of permanent and discrete items compared to the three and nine months ended April 30, 2023, as a result nondeductible transaction costs of 8.8% and 2.8%, respectively.
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