Segments (Tables)

6 Months Ended

Oct. 31, 2019

Segments

Schedule of segment results

	Three Months Ended October 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	854,853	$	281,900	$	29,024	$	89,171
Other		7,076		2,593		55		734
Corporate		—		—		439		—
	$	861,929	$	284,493	$	29,518	$	89,905

	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

	Six Months Ended October 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	1,695,010	$	553,254	$	57,956	$	172,254
Other		14,095		4,893		108		1,239
Corporate		—		—		729		—
	$	1,709,105	$	558,147	$	58,793	$	173,493

	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

Reconciliation of Adjusted EBITDA to net income

	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2019		2018		2019		2018
	(in thousands)
Net income	$	29,138	$	24,912	$	53,958	$	33,562
Interest expense		17,559		19,182		35,836		35,370
Write-off of debt discount and deferred financing fees		707		—		707		—
Interest income		(6)		203		(18)		(33)
Provision for income taxes		7,927		8,059		15,517		10,895
Depreciation expense		12,592		11,538		25,014		22,148
Amortization expense		16,926		19,249		33,779		34,961
Stock appreciation expense(a)		1,267		649		1,327		983
Redeemable noncontrolling interests(b)		(18)		282		644		813
Equity-based compensation(c)		2,315		1,094		3,710		1,498
Severance and other permitted costs(d)		1,394		882		1,948		5,718
Transaction costs (acquisitions and other)(e)		327		841		1,299		5,594
Gain on sale of assets		(586)		(173)		(742)		(294)
Effects of fair value adjustments to inventory(f)		—		—		151		4,129
Change in fair value of financial instruments(g)		—		376		—		6,395
Secondary public offering costs(h)		363		—		363		—
Debt transaction costs(i)		—		51		—		678
Adjusted EBITDA	$	89,905	$	87,145	$	173,493	$	162,417

(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 secondary offerings of our common stock.

(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,
	2019		2018		2019		2018
	(in thousands)
Wallboard	$	350,618	$	334,688	$	692,213	$	652,423
Ceilings		122,807		118,376		251,917		234,231
Steel framing		136,159		135,760		267,988		264,872
Other products		252,345		245,013		496,987		460,455
Total net sales	$	861,929	$	833,837	$	1,709,105	$	1,611,981

Schedule of net sales by major geographic area

	Three Months Ended				Six Months Ended
	October 31,				October 31,
	2019		2018		2019		2018
	(in thousands)
United States	$	744,134	$	706,347	$	1,475,477	$	1,397,078
Canada		117,795		127,490		233,628		214,903
Total net sales	$	861,929	$	833,837	$	1,709,105	$	1,611,981

Schedule of long-lived assets by major geographic area

	October 31,		April 30,
	2019		2019
	(in thousands)
United States	$	259,589	$	249,857
Canada		32,547		32,492
Total property and equipment, net	$	292,136	$	282,349