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Segments (Tables)
 6 Months Ended
Oct. 31, 2016
Segments  
Schedule of net sales, Adjusted EBITDA and certain other measures

 

    

October 31, 2016

    

Three Months Ended October 31, 2016

    

 

 

 

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Total assets

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
1,396,505

 

$
586,628

 

$
191,445

 

$
17,072

 

$
49,188

 

Other

 

 
12,798

 

 
5,218

 

 
1,779

 

 
79

 

 
331

 

Corporate

 

 
5,410

 

 

 —

 

 

 —

 

 
217

 

 

 —

 

 

 

$
1,414,713

 

$
591,846

 

$
193,224

 

$
17,368

 

$
49,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended October 31, 2015

    

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
454,531

 

$
142,506

 

$
14,987

 

$
34,646

 

Other

 

 
3,546

 

 
1,407

 

 
73

 

 
154

 

Corporate

 

 

 —

 

 

 —

 

 
202

 

 

 —

 

 

 

$
458,077

 

$
143,913

 

$
15,262

 

$
34,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Six Months Ended October 31, 2016

    

 

 

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
1,131,633

 

$
368,285

 

$
32,579

 

$
94,796

 

Other

 

 
10,013

 

 
3,524

 

 
159

 

 
664

 

Corporate

 

 

 —

 

 

 —

 

 
425

 

 

  

 

 

 

$
1,141,646

 

$
371,809

 

$
33,163

 

$
95,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Six Months Ended October 31, 2015

    

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
903,536

 

$
282,086

 

$
30,736

 

$
68,588

 

Other

 

 
6,982

 

 
2,715

 

 
146

 

 
325

 

Corporate

 

 

 —

 

 

 —

 

 
445

 

 

 —

 

 

 

$
910,518

 

$
284,801

 

$
31,327

 

$
68,913

 

 

Reconciliation of Adjusted EBITDA to Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

 

Six Months Ended

 

 

 

October 31, 

 

 

October 31, 

 

 

 

2016

 

2015 (i)

 

 

2016

 

2015 (i)

 

Adjusted EBITDA

    

$
49,519

    

$
34,800

    

 

$
95,460

    

$
68,913

 

Interest expense

 

 
(8,620)

 

 
(9,260)

 

 

 
(21,623)

 

 
(18,517)

 

Interest income

 

 
35

 

 
208

 

 

 
78

 

 
438

 

Income tax expense

 

 
(710)

 

 
(2,623)

 

 

 
(6,869)

 

 
(5,478)

 

Depreciation expense

 

 
(6,548)

 

 
(6,465)

 

 

 
(12,930)

 

 
(13,738)

 

Amortization expense

 

 
(10,820)

 

 
(8,797)

 

 

 
(20,233)

 

 
(17,589)

 

Stock appreciation rights expense(a)

 

 
144

 

 
(692)

 

 

 
236

 

 
(1,286)

 

Redeemable noncontrolling interests(b)

 

 
(2,531)

 

 
(451)

 

 

 
(2,823)

 

 
(1,005)

 

Equity-based compensation(c)

 

 
(686)

 

 
(863)

 

 

 
(1,359)

 

 
(1,361)

 

Severance and other permitted costs(d)

 

 
(118)

 

 
(824)

 

 

 
(258)

 

 
(1,381)

 

Transaction costs (acquisitions and other)(e)

 

 
(1,827)

 

 
(1,340)

 

 

 
(2,481)

 

 
(1,755)

 

(Loss) gain on disposal of assets

 

 
(68)

 

 
(305)

 

 

 
130

 

 
(280)

 

Management fee to related party(f)

 

 

 —

 

 
(563)

 

 

 
(188)

 

 
(1,125)

 

Effects of fair value adjustments to inventory(g)

 

 
(457)

 

 

 —

 

 

 
(621)

 

 

 —

 

Interest rate cap mark-to-market(h)

 

 
(89)

 

 

 —

 

 

 
(132)

 

 

 —

 

Net income

 

$
17,224

 

$
2,825

 

 

$
26,387

 

$
5,836

 

 

(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 

 

Six Months Ended 

 

 

 

 

October 31, 

 

October 31, 

 

 

 

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

(dollars in thousands)

 

Wallboard

    

$
269,975

    

$
214,254

    

$
521,271

    

$
425,177

    

 

Ceilings

 

 
85,400

 

 
74,613

 

 
171,749

 

 
153,581

 

 

Steel framing

 

 
96,075

 

 
70,307

 

 
180,417

 

 
137,639

 

 

Other products

 

 
140,396

 

 
98,903

 

 
268,209

 

 
194,121

 

 

Total net sales

 

$
591,846

 

$
458,077

 

$
1,141,646

 

$
910,518