Segments (Tables)

6 Months Ended

Oct. 31, 2018

Segments

Schedule of segment results

	Three Months Ended October 31, 2018
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	827,198	$	265,815	$	30,062	$	86,450
Other		6,639		2,335		55		695
Corporate		—		—		670		—
	$	833,837	$	268,150	$	30,787	$	87,145

	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

	Six Months Ended October 31, 2018
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	1,598,748	$	508,390	$	55,916	$	161,044
Other		13,233		4,576		113		1,373
Corporate		—		—		1,080		—
	$	1,611,981	$	512,966	$	57,109	$	162,417

	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

Reconciliation of Adjusted EBITDA to net income

	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2018		2017		2018		2017
	(in thousands)
Net income	$	24,912	$	18,023	$	33,562	$	33,366
Interest expense		19,182		7,917		35,370		15,417
Write-off of debt discount and deferred financing fees		—		—		—		74
Interest income		203		(26)		(33)		(49)
Income tax expense		8,059		9,983		10,895		20,043
Depreciation expense		11,538		6,023		22,148		12,013
Amortization expense		19,249		10,690		34,961		21,045
Stock appreciation expense(a)		649		642		983		1,232
Redeemable noncontrolling interests(b)		282		164		813		1,030
Equity-based compensation(c)		1,094		375		1,498		847
Severance and other permitted costs(d)		882		113		5,718		317
Transaction costs (acquisitions and other)(e)		841		88		5,594		246
Gain on sale of assets		(173)		(207)		(294)		(597)
Effects of fair value adjustments to inventory(f)		—		187		4,129		187
Change in fair value of financial instruments(g)		376		238		6,395		434
Secondary public offering costs(h)		—		—		—		631
Debt transaction costs(i)		51		35		678		758
Adjusted EBITDA	$	87,145	$	54,245	$	162,417	$	106,994

(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 parties.

(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.

(i) Represents costs 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,
	2018		2017		2018		2017
	(in thousands)
Wallboard	$	334,688	$	288,498	$	652,423	$	573,155
Ceilings		118,376		101,646		234,231		201,356
Steel framing		135,760		103,203		264,872		207,854
Other products		245,013		154,657		460,455		307,796
Total net sales	$	833,837	$	648,004	$	1,611,981	$	1,290,161

Schedule of net sales by major geographic area

	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2018		2017		2018		2017
	(in thousands)
United States	$	706,347	$	648,004	$	1,397,078	$	1,290,161
Canada		127,490		—		214,903		—
Total net sales	$	833,837	$	648,004	$	1,611,981	$	1,290,161

Schedule of long-lived assets by major geographic area

	October 31,		April 30,
	2018		2018
	(in thousands)
United States	$	876,224	$	813,909
Canada		497,820		—
Total long-lived assets	$	1,374,044	$	813,909