Segments (Tables)

9 Months Ended

Jan. 31, 2020

Segments

Schedule of segment results

	Three Months Ended January 31, 2020
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	754,916	$	251,086	$	28,791	$	62,169
Other		6,436		2,387		56		528
Corporate		—		—		575		—
	$	761,352	$	253,473	$	29,422	$	62,697

	Three Months Ended January 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	717,984	$	232,201	$	29,368	$	59,321
Other		5,918		2,025		55		396
Corporate		—		—		797		—
	$	723,902	$	234,226	$	30,220	$	59,717

	Nine Months Ended January 31, 2020
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	2,449,926	$	804,340	$	86,747	$	234,422
Other		20,531		7,280		164		1,768
Corporate		—		—		1,304		—
	$	2,470,457	$	811,620	$	88,215	$	236,190

	Nine Months Ended January 31, 2019
					Depreciation and		Adjusted
	Net Sales		Gross Profit		Amortization		EBITDA
	(in thousands)
Geographic divisions	$	2,316,732	$	740,591	$	85,284	$	220,365
Other		19,151		6,601		168		1,769
Corporate		—		—		1,877		—
	$	2,335,883	$	747,192	$	87,329	$	222,134

Reconciliation of Adjusted EBITDA to net income

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2020		2019		2020		2019
	(in thousands)
Net income	$	10,879	$	5,815	$	64,837	$	39,377
Interest expense		16,474		19,526		52,310		54,896
Write-off of debt discount and deferred financing fees		—		—		707		—
Interest income		(8)		(10)		(26)		(43)
Provision for income taxes		2,816		1,442		18,333		12,337
Depreciation expense		12,930		11,919		37,944		34,067
Amortization expense		16,492		18,301		50,271		53,262
Stock appreciation expense(a)		(347)		442		980		1,425
Redeemable noncontrolling interests(b)		(318)		(35)		326		778
Equity-based compensation(c)		1,465		1,140		5,175		2,638
Severance and other permitted costs(d)		1,700		229		3,648		5,947
Transaction costs (acquisitions and other)(e)		434		1,066		1,733		6,660
Gain on sale of assets		(130)		(118)		(872)		(412)
Effects of fair value adjustments to inventory(f)		310		—		461		4,129
Change in fair value of financial instruments(g)		—		—		—		6,395
Secondary public offering costs(h)		—		—		363		—
Debt transaction costs(i)		—		—		—		678
Adjusted EBITDA	$	62,697	$	59,717	$	236,190	$	222,134

(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				Nine Months Ended
	January 31,				January 31,
	2020		2019		2020		2019
	(in thousands)
Wallboard	$	314,391	$	297,358	$	1,006,604	$	949,781
Ceilings		112,768		105,219		364,685		339,450
Steel framing		118,823		117,432		386,811		382,304
Other products		215,370		203,893		712,357		664,348
Total net sales	$	761,352	$	723,902	$	2,470,457	$	2,335,883

Schedule of net sales by major geographic area

	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2020		2019		2020		2019
	(in thousands)
United States	$	661,491	$	624,672	$	2,136,968	$	2,021,750
Canada		99,861		99,230		333,489		314,133
Total net sales	$	761,352	$	723,902	$	2,470,457	$	2,335,883

Schedule of long-lived assets by major geographic area

	January 31,		April 30,
	2020		2019
	(in thousands)
United States	$	268,599	$	249,857
Canada		37,873		32,492
Total property and equipment, net	$	306,472	$	282,349