v3.25.2
Income Taxes (Tables)
12 Months Ended
Apr. 30, 2025
Income Taxes  
Schedule of components of income before income taxes

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Year Ended April 30,

 

​

​

2025

​

2024

​

2023

 

Domestic

​

$

68,814

​

$

68,968

​

$

(187,647)

​

Foreign

​

​

(29,150)

​

 

(5,737)

​

 

(730)

​

Income (loss) before income taxes

​

​

39,664

​

​

63,231

​

​

(188,377)

​

​

​

​

​

​

​

​

​

​

​

​

Equity method investment income (loss)

​

​

4,837

​

​

(1,674)

​

​

(2,453)

​

Total income (loss) before income taxes

​

$

44,501

​

$

61,557

​

$

(190,830)

​

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:

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30,

​

​

    

2025

​

    

2024

    

    

2023

​

U.S. federal statutory income tax rate

 

21.0

%

​

21.0

%

​

21.0

%

Foreign rate differential

​

(6.6)

​

​

(0.5)

​

​

(0.1)

​

State income taxes, net of federal benefit

 

(2.5)

​

​

0.9

​

​

0.2

​

Research and development credits

 

(13.3)

​

​

(7.8)

​

​

(1.8)

​

Valuation allowance

 

5.8

​

​

1.5

​

​

1.1

​

Return to provision adjustments

​

(0.3)

​

​

1.6

​

​

—

​

Limit on executive compensation

​

6.7

​

​

2.7

​

​

(0.4)

​

Permanent items

​

3.7

​

​

0.6

​

​

(0.3)

​

Foreign derived intangible income

​

(19.7)

​

​

(16.0)

​

​

2.3

​

Excess benefit relating to stock-based compensation

​

(7.6)

​

​

(0.6)

​

​

0.8

​

Goodwill impairment

​

13.8

​

​

—

​

​

(17.2)

​

Unrecognized tax benefit

​

1.2

​

​

(0.6)

​

​

2.0

​

Other

 

—

​

​

0.2

​

​

0.2

​

Effective income tax rate

 

2.2

%

​

3.0

%  

​

7.8

%

Schedule of components of the provision for income taxes

The components of the provision for (benefit from) income taxes are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended April 30,

 

​

    

2025

    

2024

    

2023

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

21,901

​

$

20,990

​

$

1,510

​

State

​

 

(320)

​

 

1,511

​

 

1,474

​

Foreign

​

​

—

​

​

(76)

​

​

2,273

​

​

​

 

21,581

​

 

22,425

​

 

5,257

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

(19,301)

​

 

(18,844)

​

 

(17,226)

​

State

​

 

(734)

​

 

(625)

​

 

(1,488)

​

Foreign

​

​

(664)

​

​

(1,065)

​

​

(1,206)

​

​

​

 

(20,699)

​

 

(20,534)

​

 

(19,920)

​

Total income tax expense (benefit)

​

$

882

​

$

1,891

​

$

(14,663)

​

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,

 

​

    

2025

    

2024

 

Deferred income tax assets:

​

​

​

​

​

​

​

Accrued expenses

​

$

2,367

​

$

2,542

​

Stock based compensation

​

​

3,728

​

​

3,391

​

Allowances, reserves, and other

​

 

—

​

 

1,001

​

Outside basis difference

​

​

—

​

​

(33)

​

Unrealized loss on securities

​

 

3,787

​

 

3,588

​

Net operating loss and credit carry-forwards

​

 

21,620

​

 

19,800

​

Acquisition related costs

​

​

4,299

​

​

—

​

Capitalized research and development costs

​

​

57,266

​

​

42,788

​

Reserve for inventory excess and obsolescence

​

 

6,306

​

 

5,577

​

Lease liability

​

​

8,226

​

​

7,628

​

Total deferred income tax assets

​

 

107,599

​

 

86,282

​

Deferred income tax liabilities:

​

​

​

​

​

​

​

Fixed asset basis

​

 

(3,160)

​

 

(3,516)

​

Allowances, reserves, and other

​

​

(1,895)

​

​

—

​

Outside basis difference

​

​

(38)

​

​

—

​

Right-of-use asset

​

​

(7,645)

​

​

(7,053)

​

Intangibles basis

​

​

(6,631)

​

​

(11,239)

​

Total deferred income tax liabilities

​

 

(19,369)

​

 

(21,808)

​

Valuation allowance

​

 

(26,770)

​

 

(23,835)

​

Net deferred tax assets

​

$

61,460

​

$

40,639

​

​

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, 2025 and 2024 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

April 30,

 

​

    

2025

    

2024

 

Balance as of May 1

​

$

13,601

​

$

12,841

​

Increases related to prior year tax positions

​

 

30

​

 

—

​

Decreases related to prior year tax positions

​

 

(18)

​

 

(59)

​

Increases related to current year tax positions

​

 

1,582

​

 

2,060

​

Decreases related to lapsing of statute of limitations

​

 

(1,766)

​

 

(1,241)

​

Balance as of April 30

​

$

13,429

​

$

13,601

​

​