Segments (Tables)

6 Months Ended

Oct. 31, 2017

Segments

Schedule of net sales, Adjusted EBITDA and certain other measures

	Three Months Ended October 31, 2017
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	641,918	$	210,034	$	16,466	$	53,651
Other		6,086		2,226		60		594
Corporate		—		—		187		—
	$	648,004	$	212,260	$	16,713	$	54,245

	Three Months Ended October 31, 2016
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	586,628	$	191,445	$	17,072	$	49,188
Other		5,218		1,779		79		331
Corporate		—		—		217		—
	$	591,846	$	193,224	$	17,368	$	49,519

	Six Months Ended October 31, 2017
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	1,278,285	$	413,059	$	32,492	$	105,877
Other		11,876		4,305		124		1,117
Corporate		—		—		442		—
	$	1,290,161	$	417,364	$	33,058	$	106,994

	Six Months Ended October 31, 2016
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
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

Reconciliation of Adjusted EBITDA to Net income

	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2017		2016		2017		2016
	(in thousands)
Adjusted EBITDA	$	54,245	$	49,519	$	106,994	$	95,460
Interest expense		(7,917)		(7,154)		(15,417)		(14,731)
Write-off of debt discount and deferred financing fees		—		(1,466)		(74)		(6,892)
Interest income		26		35		49		78
Income tax expense		(9,983)		(710)		(20,043)		(6,869)
Depreciation expense		(6,023)		(6,548)		(12,013)		(12,930)
Amortization expense		(10,690)		(10,820)		(21,045)		(20,233)
Stock appreciation (expense) or income(a)		(642)		144		(1,232)		236
Redeemable noncontrolling interests(b)		(164)		(2,531)		(1,030)		(2,823)
Equity-based compensation(c)		(375)		(686)		(847)		(1,359)
Severance and other permitted costs(d)		(113)		(118)		(317)		(258)
Transaction costs (acquisitions and other)(e)		(88)		(1,827)		(246)		(2,481)
Gain (loss) on sale of assets		207		(68)		597		130
Management fee to related party(f)		—		—		—		(188)
Effects of fair value adjustments to inventory(g)		(187)		(457)		(187)		(621)
Interest rate cap mark-to-market(h)		(238)		(89)		(434)		(132)
Secondary public offering costs(i)		—		—		(631)		—
Debt transaction costs(j)		(35)		—		(758)		—
Net income	$	18,023	$	17,224	$	33,366	$	26,387

(a) Represents non‑cash income or expenses related to stock appreciation rights agreements.

(b) Represents non‑cash compensation expense related to changes in the redemption values of noncontrolling interests.

(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.

(j) 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				Six Months Ended
	October 31,				October 31,
	2017		2016		2017		2016
		(in thousands)
Wallboard	$	288,498	$	269,975	$	573,155	$	521,271
Ceilings		101,646		85,400		201,356		171,749
Steel framing		103,203		96,075		207,854		180,417
Other products		154,657		140,396		307,796		268,209
Total net sales	$	648,004	$	591,846	$	1,290,161	$	1,141,646