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Segments (Tables)
3 Months Ended
Jul. 31, 2019
Segments  
Schedule of segment results

    

Three Months Ended July 31, 2019

    

    

Depreciation and

Adjusted

Net Sales

Gross Profit

Amortization

EBITDA

(in thousands)

Geographic divisions

$

840,157

$

271,354

$

28,934

$

83,082

Other

7,019

 

2,300

 

52

506

Corporate

 

 

289

$

847,176

$

273,654

$

29,275

$

83,588

    

Three Months Ended July 31, 2018

    

    

Depreciation and

Adjusted

Net Sales

Gross Profit

Amortization

EBITDA

(in thousands)

Geographic divisions

$

771,550

$

242,575

$

25,855

$

74,595

Other

 

6,594

 

2,241

 

58

677

Corporate

 

 

 

409

$

778,144

$

244,816

$

26,322

$

75,272

Reconciliation of Adjusted EBITDA to net income

Three Months Ended

July 31, 

    

2019

    

2018

(in thousands)

Net income

$

24,820

$

8,650

Interest expense

 

18,277

 

16,188

Interest income

 

(12)

 

(236)

Provision for income taxes

 

7,590

 

2,836

Depreciation expense

 

12,422

 

10,610

Amortization expense

 

16,853

 

15,712

Stock appreciation expense(a)

60

334

Redeemable noncontrolling interests(b)

 

662

 

531

Equity-based compensation(c)

 

1,395

 

404

Severance and other permitted costs(d)

 

554

 

4,836

Transaction costs (acquisitions and other)(e)

 

972

 

4,753

Gain on sale of assets

 

(156)

 

(121)

Effects of fair value adjustments to inventory(f)

 

151

 

4,129

Change in fair value of financial instruments(g)

 

 

6,019

Debt transaction costs(h)

627

Adjusted EBITDA

$

83,588

$

75,272

(a)Represents non-cash expense related to stock appreciation rights agreements.
(b)Represents non-cash compensation expense related to changes in the fair 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 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 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 

July 31, 

2019

2018

(in thousands)

Wallboard

    

$

341,595

    

$

317,735

Ceilings

 

129,110

 

 

115,855

Steel framing

 

131,829

 

 

129,112

Other products

 

244,642

 

 

215,442

Total net sales

$

847,176

 

$

778,144

Schedule of net sales by major geographic area

Three Months Ended

July 31,

    

2019

    

2018

(in thousands)

United States

$

731,343

    

$

690,731

Canada

 

115,833

 

 

87,413

Total net sales

$

847,176

 

$

778,144

Schedule of long-lived assets by major geographic area

July 31, 

April 30, 

    

2019

    

2019

(in thousands)

United States

$

255,037

$

249,857

Canada

 

32,498

 

 

32,492

Total property and equipment, net

$

287,535

 

$

282,349