Segments (Tables)

3 Months Ended

Jul. 31, 2018


	Three Months Ended
	July 31,
	2018		2017
	(in thousands)
Net income	$	8,650	$	15,343
Interest expense		16,188		7,500
Write-off of debt discount and deferred financing fees		—		74
Interest income		(236)		(23)
Income tax expense		2,836		10,060
Depreciation expense		10,610		5,990
Amortization expense		15,712		10,355
Stock appreciation expense(a)		334		590
Redeemable noncontrolling interests(b)		531		866
Equity-based compensation(c)		404		473
Severance and other permitted costs(d)		4,836		205
Transaction costs (acquisitions and other)(e)		4,753		159
Gain on sale of assets		(121)		(390)
Effects of fair value adjustments to inventory(f)		4,129		—
Change in fair value of financial instruments(g)		6,019		196
Secondary public offering costs(h)		—		631
Debt transaction costs(i)		627		723
Adjusted EBITDA	$	75,272	$	52,752

(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 share-based awards.

(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 acquisitions paid to third party advisors.

(f)

Represents the non‑cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value.

(g)

Represents the mark‑to‑market adjustments for derivative financial instruments.

(h)

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

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