Business Acquisitions (Tables)

12 Months Ended

Apr. 30, 2019

2018 Acquisitions

Acquisition of Titan

Schedule of acquisitions completed

Company Name	Form of Acquisition	Date of Acquisition
ASI Building Products, LLC	Purchase of net assets	August 1, 2017
Washington Builders Supply, Inc.	Purchase of net assets	October 2, 2017
Southwest Building Materials, Ltd.	Purchase of net assets	December 4, 2017
California-based distribution business of Grabber Construction Products, Inc.	Purchase of net assets	April 2, 2018
CMH Distributing, Inc.	Purchase of net assets	April 2, 2018

Schedule of preliminary allocation of the consideration transferred

	Preliminary				Final
	Purchase Price		Adjustments/		Purchase Price
	Allocation		Reclassifications		Allocation
	(in thousands)
Trade accounts and notes receivable	$	4,872	$	—	$	4,872
Inventories		4,321		—		4,321
Property and equipment		1,081		—		1,081
Tradenames		1,000		—		1,000
Vendor agreement		1,000		—		1,000
Other intangible assets		620		—		620
Customer relationships		9,358		—		9,358
Goodwill		4,145		8		4,153
Liabilities assumed		(1,951)		—		(1,951)
Purchase price	$	24,446	$	8	$	24,454

2017 Acquisitions

Acquisition of Titan

Schedule of acquisitions completed

Company Name	Form of Acquisition	Date of Acquisition
Wall & Ceiling Supply Co., Inc.	Purchase of net assets	May 2, 2016
Rockwise, LLC	Purchase of net assets	July 5, 2016
Steven F. Kempf Building Materials, Inc.	Purchase of net assets	August 29, 2016
Olympia Building Supplies, LLC/Redmill, Inc.	Purchase of 100% of outstanding common stock	September 1, 2016
United Building Materials, Inc.	Purchase of net assets	October 3, 2016
Ryan Building Materials, Inc.	Purchase of net assets	October 31, 2016
Interior Products Supply	Purchase of net assets	December 5, 2016
Hawaii-based distribution business of Grabber Construction Products, Inc.	Purchase of net assets	February 1, 2017

Schedule of preliminary allocation of the consideration transferred

	Preliminary				Final
	Purchase Price		Adjustments/		Purchase Price
	Allocation		Reclassifications		Allocation
	(in thousands)
Cash and cash equivalents	$	1,558	$	—	$	1,558
Trade accounts and notes receivable		37,691		(63)		37,628
Inventories		16,504		—		16,504
Other current assets		657		14		671
Property and equipment		8,357		—		8,357
Tradenames		9,490		—		9,490
Customer relationships		64,660		—		64,660
Goodwill		37,728		(144)		37,584
Deferred tax liability		(6,011)		—		(6,011)
Liabilities assumed		(16,958)		560		(16,398)
Purchase price	$	153,676	$	367	$	154,043

Titan

Acquisition of Titan

Schedule of preliminary components of intangible assets acquired

The following table summarizes the preliminary components of intangible assets acquired in connection with the acquisition of Titan (dollars in thousands):

			Weighted
			Average
			Amortization
	Fair Value		Period (Years)
Customer relationships	$	246,954	15
Tradenames		30,870	15
Developed technology		5,402	5
Non-compete agreements		2,856	3
Other		872	3
Total intangible assets	$	286,954

Schedule of unaudited pro forma consolidated net sales and net income

The following table represents the unaudited pro forma consolidated net sales and net income for the Company for the periods indicated (in thousands):

	Year Ended April 30,
	2019		2018
Net sales	$	3,161,188	$	2,989,873
Net income		52,519		68,956

Schedule of preliminary allocation of the consideration transferred

The following table summarizes the preliminary allocation of the consideration transferred, and subsequent measurement period purchase price adjustments recorded, based on currently available information (in thousands):

	June 1, 2018		Adjustments		April 30, 2019
Cash	$	5,573	$	—	$	5,573
Trade accounts and notes receivable		84,039		970		85,009
Inventories		60,272		—		60,272
Prepaid and other current assets		8,334		—		8,334
Property and equipment		37,263		—		37,263
Goodwill		196,524		(2,726)		193,798
Intangible assets		289,423		(2,469)		286,954
Accounts payable and accrued expenses		(40,833)		(970)		(41,803)
Contingent consideration		(12,039)		—		(12,039)
Deferred income taxes		(14,337)		2,085		(12,252)
Fair value of consideration transferred	$	614,219	$	(3,110)	$	611,109