XML 38 R27.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segments (Tables)
 9 Months Ended
Jan. 31, 2017
Segments  
Schedule of net sales, Adjusted EBITDA and certain other measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Three Months Ended January 31, 2017

    

 

 

 

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

 

 

 

$
557,774

 

$
183,503

 

$
18,018

 

$
39,910

 

Other

 

 

 

 

 
4,749

 

 
2,224

 

 
77

 

 
768

 

Corporate

 

 

 

 

 

 —

 

 

 —

 

 
221

 

 

 —

 

 

 

 

 

 

$
562,523

 

$
185,727

 

$
18,316

 

$
40,678

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended January 31, 2016

    

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
416,706

 

$
132,730

 

$
15,744

 

$
25,532

 

Other

 

 
3,776

 

 
1,430

 

 
72

 

 
156

 

Corporate

 

 

 —

 

 

 —

 

 
193

 

 

 —

 

 

 

$
420,482

 

$
134,160

 

$
16,009

 

$
25,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Nine Months Ended January 31, 2017

    

 

 

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
1,689,407

 

$
551,788

 

$
50,597

 

$
134,706

 

Other

 

 
14,762

 

 
5,748

 

 
236

 

 
1,432

 

Corporate

 

 

 —

 

 

 —

 

 
646

 

 

  

 

 

 

$
1,704,169

 

$
557,536

 

$
51,479

 

$
136,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Nine Months Ended January 31, 2016

    

 

    

 

 

    

 

 

    

Depreciation &

    

Adjusted

    

 

 

Net sales

 

Gross profit

 

amortization

 

EBITDA

 

Geographic divisions

 

$
1,320,242

 

$
414,816

 

$
46,480

 

$
94,120

 

Other

 

 
10,758

 

 
4,145

 

 
218

 

 
481

 

Corporate

 

 

 —

 

 

 —

 

 
638

 

 

 —

 

 

 

$
1,331,000

 

$
418,961

 

$
47,336

 

$
94,601

 

 

Reconciliation of Adjusted EBITDA to Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended

 

 

Nine Months Ended

 

 

 

January 31, 

 

 

January 31, 

 

 

 

2017

 

2016 (i)

 

 

2017

 

2016 (i)

 

Adjusted EBITDA

    

$
40,678

    

$
25,688

    

 

$
136,138

    

$
94,601

 

Interest expense

 

 
(7,431)

 

 
(9,473)

 

 

 
(22,162)

 

 
(27,990)

 

Write-off of debt discount and deferred financing fees

 

 
(211)

 

 

 —

 

 

 
(7,103)

 

 

 —

 

Interest income

 

 
23

 

 
247

 

 

 
101

 

 
685

 

Income tax (expense) benefit

 

 
(5,363)

 

 
819

 

 

 
(12,232)

 

 
(4,659)

 

Depreciation expense

 

 
(6,465)

 

 
(6,469)

 

 

 
(19,395)

 

 
(20,207)

 

Amortization expense

 

 
(11,851)

 

 
(9,540)

 

 

 
(32,084)

 

 
(27,129)

 

Stock appreciation income or (expense)(a)

 

 
498

 

 
(337)

 

 

 
734

 

 
(1,623)

 

Redeemable noncontrolling interests(b)

 

 
(256)

 

 
(167)

 

 

 
(3,079)

 

 
(1,172)

 

Equity-based compensation(c)

 

 
(622)

 

 
(728)

 

 

 
(1,981)

 

 
(2,089)

 

Severance and other permitted costs(d)

 

 
(57)

 

 
(52)

 

 

 
(315)

 

 
(1,433)

 

Transaction costs (acquisitions and other)(e)

 

 
(566)

 

 
(1,057)

 

 

 
(3,047)

 

 
(2,812)

 

Gain (loss) on disposal of assets

 

 
114

 

 
205

 

 

 
244

 

 
(75)

 

Management fee to related party(f)

 

 

 —

 

 
(562)

 

 

 
(188)

 

 
(1,687)

 

Effects of fair value adjustments to inventory(g)

 

 
(155)

 

 
(786)

 

 

 
(776)

 

 
(786)

 

Interest rate cap mark-to-market(h)

 

 
(109)

 

 

 —

 

 

 
(241)

 

 

 —

 

Net income (loss)

 

$
8,227

 

$
(2,212)

 

 

$
34,614

 

$
3,624

 

(a)

Represents non‑cash income or 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 First Lien Facility.

(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 AEA. Following our IPO, AEA 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 to external customers by main product lines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended 

 

Nine Months Ended 

 

 

 

 

January 31, 

 

January 31, 

 

 

 

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

(dollars in thousands)

 

Wallboard

    

$
254,979

    

$
196,946

    

$
776,250

    

$
622,123

    

 

Ceilings

 

 
81,768

 

 
65,370

 

 
253,518

 

 
218,951

 

 

Steel framing

 

 
93,514

 

 
65,932

 

 
273,931

 

 
203,571

 

 

Other products

 

 
132,262

 

 
92,234

 

 
400,470

 

 
286,355

 

 

Total net sales

 

$
562,523

 

$
420,482

 

$
1,704,169

 

$
1,331,000