Segments (Tables)

3 Months Ended

Jul. 31, 2017

Schedule of net sales, Adjusted EBITDA and certain other measures


	Three Months Ended July 31, 2017
					Depreciation &		Adjusted
	Net sales		Gross profit		amortization		EBITDA
Geographic divisions	$	636,367	$	203,024	$	16,026	$	52,227
Other		5,790		2,080		64		525
Corporate		—		—		255		—
	$	642,157	$	205,104	$	16,345	$	52,752


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

Reconciliation of Adjusted EBITDA to Net income


	Three Months Ended
	July 31,
	2017		2016
Adjusted EBITDA	$	52,752	$	45,941
Interest expense		(7,500)		(7,577)
Write-off of debt discount and deferred financing fees		(74)		(5,426)
Interest income		23		43
Income tax expense		(10,060)		(6,159)
Depreciation expense		(5,990)		(6,382)
Amortization expense		(10,355)		(9,413)
Stock appreciation (expense) or income(a)		(590)		92
Redeemable noncontrolling interests(b)		(866)		(292)
Equity-based compensation(c)		(473)		(673)
Severance and other permitted costs(d)		(205)		(140)
Transaction costs (acquisitions and other)(e)		(159)		(654)
Gain on sale of assets		390		198
Management fee to related party(f)		—		(188)
Effects of fair value adjustments to inventory(g)		—		(164)
Interest rate cap mark-to-market(h)		(196)		(43)
Secondary public offering costs(i)		(631)		—
Debt transaction costs(j)		(723)		—
Net income	$	15,343	$	9,163

(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, 2017.

(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, 2017.

(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)

Represents one-time costs related to our secondary offering paid to third party advisors.

Represents expenses paid to third party advisors related to debt refinancing activities.

Schedule of net sales to external customers by main product lines


	Three Months Ended
	July 31,
	2017		2016

Wallboard	$	284,657	$	251,296
Ceilings		99,710		86,349
Steel framing		104,651		84,343
Other products		153,139		127,812
Total net sales	$	642,157	$	549,800