Condensed Parent Company Financial Information

12 Months Ended

Apr. 30, 2018

Condensed Parent Company Financial Information

Condensed Parent Company Financial Information

18. Condensed Parent Company Financial Information

On a standalone basis, the Company has no material assets or operations other than its ownership in GYP Holdings II Corp., which in turn has no material assets or operations other than its ownership in GYP Holdings III Corp. GYP Holdings III Corp. is the Lead Borrower under the ABL Facility and the Borrower under the Term Loan Facilities, all of which contain significant restrictions on the Company’s ability to obtain funds from GYP Holdings III Corp. or any of GYP Holdings III Corp.’s subsidiaries through dividends, loans or advances. Accordingly, the following condensed financial information has been presented on a “Parent‑only” basis.

Under a “Parent‑only” presentation, the Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting using the same accounting principles and policies described in the notes to the Consolidated Financial Statements.

The following tables present the Parent Company’s financial position as of April 30, 2018 and 2017 and results of operations during the years ended April 30, 2018, 2017 and 2016:

GMS Inc.

Condensed Parent Company Balance Sheets

	April 30,
	2018		2017
	(in thousands)
Investment in subsidiary	$	579,451	$	514,606
Total assets		579,451		514,606
Stockholders’ equity:
Common stock, $0.01 par value, authorized 500,000 shares; 41,069 and 40,971 shares issued and outstanding as of April 30, 2018 and 2017, respectively		411		410
Additional paid-in capital		489,007		488,459
Accumulated deficit		89,592		26,621
Accumulated other comprehensive income		441		(884)
Total stockholders’ equity	$	579,451	$	514,606

GMS Inc.

Condensed Parent Company Statements of Operations and Comprehensive Income

	Year Ended April 30,
	2018		2017		2016
	(in thousands)
Net income in subsidiaries	$	62,971	$	48,886	$	12,564
Net income		62,971		48,886		12,564
Comprehensive income		64,296		49,150		11,406
Weighted average shares outstanding:
Basic		41,015		40,260		32,799
Diluted		42,163		41,070		33,125
Net income per share
Basic	$	1.54	$	1.21	$	0.38
Diluted	$	1.49	$	1.19	$	0.38

There were no cash flows for GMS Inc. during the years ended April 30, 2018, 2017 and 2016 as there were no dividends, loans or advances between GMS Inc. and its subsidiaries.

As of April 30, 2018, restricted net assets of the Company’s consolidated subsidiaries was $578.0 million. During the years ended April 30, 2018, 2017 and 2016, the Company’s consolidated subsidiaries did not pay any cash dividends to the Company.