Segments (Tables)

3 Months Ended

Jul. 31, 2016

Schedule of net sales, Adjusted EBITDA and certain other measures


	Three Months Ended July 31, 2016								July 31, 2016
					Depreciation &		Adjusted
	Net sales		Gross profit		amortization		EBITDA		Total assets
Geographic divisions	$	545,005	$	176,840	$	15,507	$	45,608	$	1,264,762
Other		4,795		1,745		80		333		11,787
Corporate		—		—		208		—		5,447
	$	549,800	$	178,585	$	15,795	$	45,941	$	1,281,996


	Three Months Ended July 31, 2015
					Depreciation &		Adjusted
	Net sales		Gross profit		amortization		EBITDA
Geographic divisions	$	449,005	$	139,580	$	15,749	$	33,942
Other		3,436		1,308		73		171
Corporate		—		—		243		—
	$	452,441	$	140,888	$	16,065	$	34,113

Reconciliation of Adjusted EBITDA to Net income


	Three Months Ended
	July 31,
	2016		2015 (i)
Adjusted EBITDA	$	45,941	$	34,113
Interest expense		(13,003)		(9,257)
Interest income		43		230
Income tax expense		(6,159)		(2,855)
Depreciation expense		(6,382)		(7,273)
Amortization expense		(9,413)		(8,792)
Stock appreciation rights expense(a)		92		(594)
Redeemable noncontrolling interests(b)		(292)		(554)
Equity-based compensation(c)		(673)		(498)
Severance and other permitted costs(d)		(140)		(557)
Transaction costs (acquisitions and other)(e)		(654)		(415)
Gain on disposal of assets		198		25
Management fee to related party(f)		(188)		(562)
Effects of fair value adjustments to inventory(g)		(164)		—
Interest rate cap mark-to-market(h)		(43)		—
Net income	$	9,163	$	3,011

(a)

Represents non‑cash compensation expenses related to stock appreciation rights agreements. For additional details regarding stock appreciation rights, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016.

(b)

Represents non‑cash compensation expense related to changes in the redemption values of noncontrolling interests. For additional details regarding redeemable noncontrolling interests of our subsidiaries, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016.

(c)

Represents non‑cash equity‑based compensation expense related to the issuance of stock options.

(d)

Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facilities.

(e)

Represents one‑time costs related to our IPO and acquisitions (other than the Acquisition) paid to third party advisors.

(f)

Represents management fees paid by us to our Sponsor. Following our IPO, our Sponsor no longer receives management fees from us.

(g)

Represents the non‑cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value.

(h)

Represents the mark‑to‑market adjustments for the interest rate cap.

(i)

Quarterly amounts for fiscal 2016 included in the table above reflect the revised balances for income tax expense and net income as discussed in Note 1, “Basis of Presentation, Business, and Summary of Significant Accounting Policies” of Item 1 of this Quarterly Report on Form 10-Q.

Schedule of net sales from external customers by main product lines


	Three Months Ended				Three Months Ended
	July 31,		% of		July 31,		% of
	2016		Total		2015		Total
		(dollars in thousands)
Wallboard	$	251,296	45.7	%	$	210,922	46.6	%
Ceilings		86,349	15.7	%		78,967	17.5	%
Steel Framing		84,343	15.3	%		67,332	14.9	%
Other products		127,812	23.3	%		95,220	21.0	%
Total net sales	$	549,800			$	452,441