v3.24.1.1.u2
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2024
Income Taxes  
Schedule of components of income before income taxes

​

The components of (loss) income before income taxes are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended April 30,

 

​

​

2024

​

2023

​

2022

 

Domestic

​

$

68,968

​

$

(187,647)

​

$

(10,187)

​

Foreign

​

​

(5,737)

​

 

(730)

​

 

(8,956)

​

(Loss) income before income taxes

​

​

63,231

​

​

(188,377)

​

​

(19,143)

​

​

​

​

​

​

​

​

​

​

​

​

Equity method investment (loss) income

​

​

(1,674)

​

​

(2,453)

​

​

5,889

​

Total (loss) income before income taxes

​

$

61,557

​

$

(190,830)

​

$

(13,254)

​

​

Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense

A reconciliation of income tax expense (benefit) computed using the U.S. federal statutory rates to actual income tax expense is as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30,

​

​

    

2024

​

    

2023

    

    

2022

​

U.S. federal statutory income tax rate

 

21.0

%

​

21.0

%

​

21.0

%

Foreign rate differential

​

(0.5)

​

​

(0.1)

​

​

4.9

​

State and local income taxes, net of federal benefit

 

0.9

​

​

0.2

​

​

40.8

​

R&D and other tax credits

 

(7.8)

​

​

(1.8)

​

​

23.0

​

Valuation allowance

 

1.5

​

​

1.1

​

​

(37.4)

​

Return to provision adjustments

​

1.6

​

​

—

​

​

(0.9)

​

Limit on executive compensation

​

2.7

​

​

(0.4)

​

​

(2.4)

​

Permanent items

​

0.6

​

​

(0.3)

​

​

(0.9)

​

Foreign derived intangible income

​

(16.0)

​

​

2.3

​

​

—

​

Excess benefit of equity awards

​

(0.6)

​

​

0.8

​

​

5.2

​

Goodwill impairment

​

—

​

​

(17.2)

​

​

—

​

Unrecognized tax benefit

​

(0.6)

​

​

2.0

​

​

—

​

Other

 

0.2

​

​

0.2

​

​

0.9

​

Effective income tax rate

 

3.0

%

​

7.8

%  

​

54.2

%

Schedule of components of the provision for income taxes

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​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30,

​

​

    

2024

​

    

2023

    

    

2022

​

U.S. federal statutory income tax rate

 

21.0

%

​

21.0

%

​

21.0

%

Foreign rate differential

​

(0.5)

​

​

(0.1)

​

​

4.9

​

State and local income taxes, net of federal benefit

 

0.9

​

​

0.2

​

​

40.8

​

R&D and other tax credits

 

(7.8)

​

​

(1.8)

​

​

23.0

​

Valuation allowance

 

1.5

​

​

1.1

​

​

(37.4)

​

Return to provision adjustments

​

1.6

​

​

—

​

​

(0.9)

​

Limit on executive compensation

​

2.7

​

​

(0.4)

​

​

(2.4)

​

Permanent items

​

0.6

​

​

(0.3)

​

​

(0.9)

​

Foreign derived intangible income

​

(16.0)

​

​

2.3

​

​

—

​

Excess benefit of equity awards

​

(0.6)

​

​

0.8

​

​

5.2

​

Goodwill impairment

​

—

​

​

(17.2)

​

​

—

​

Unrecognized tax benefit

​

(0.6)

​

​

2.0

​

​

—

​

Other

 

0.2

​

​

0.2

​

​

0.9

​

Effective income tax rate

 

3.0

%

​

7.8

%  

​

54.2

%

Schedule of components of the Company's deferred income tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

April 30,

 

​

    

2024

    

2023

 

Deferred income tax assets:

​

​

​

​

​

​

​

Accrued expenses

​

$

2,542

​

$

2,153

​

Stock based compensation

​

​

3,391

​

​

2,380

​

Allowances, reserves, and other

​

 

1,001

​

 

(1,032)

​

Outside basis difference

​

​

(33)

​

​

—

​

Unrealized loss on securities

​

 

3,588

​

 

3,528

​

Net operating loss and credit carry-forwards

​

 

19,800

​

 

20,430

​

Capitalized research and development costs

​

​

42,788

​

​

24,962

​

Reserve for inventory excess and obsolescence

​

 

5,577

​

 

3,185

​

Lease liability

​

​

7,628

​

​

6,960

​

Total deferred income tax assets

​

 

86,282

​

 

62,566

​

Deferred income tax liabilities:

​

​

​

​

​

​

​

Fixed asset basis

​

 

(3,516)

​

 

(4,999)

​

Right-of-use asset

​

​

(7,053)

​

​

(6,478)

​

Intangibles basis

​

​

(11,239)

​

​

(3,109)

​

Total deferred income tax liabilities

​

 

(21,808)

​

 

(14,586)

​

Valuation allowance

​

 

(23,835)

​

 

(22,503)

​

Net deferred tax assets

​

$

40,639

​

$

25,477

​

​

Summary of activity related to gross unrecognized tax benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits for the years ended April 30, 2024 and 2022 (in thousands):

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​

​

​

​

​

​

​

​

​

​

April 30,

 

​

    

2024

    

2023

 

Balance as of May 1

​

$

12,841

​

$

17,806

​

Increases related to prior year tax positions

​

 

—

​

 

—

​

Decreases related to prior year tax positions

​

 

(59)

​

 

(379)

​

Increases related to current year tax positions

​

 

2,060

​

 

1,257

​

Decreases related to lapsing of statute of limitations

​

 

(1,241)

​

 

(5,843)

​

Balance as of April 30

​

$

13,601

​

$

12,841

​

​