Segments (Tables)

12 Months Ended

Apr. 30, 2020

Segments

Schedule of segment results

	Year Ended April 30, 2020								April 30, 2020
					Depreciation and		Adjusted		Total
	Net Sales		Gross Profit		Amortization		EBITDA		Assets
	(in thousands)
Geographic divisions	$	3,213,938	$	1,053,555	$	114,279	$	297,646	$	2,264,208
Other		27,369		9,659		233		2,113		18,745
Corporate		—		—		2,021		—		5,829
	$	3,241,307	$	1,063,214	$	116,533	$	299,759	$	2,288,782

	Year Ended April 30, 2019								April 30, 2019
					Depreciation and		Adjusted		Total
	Net Sales		Gross Profit		Amortization		EBITDA		Assets
	(in thousands)
Geographic divisions	$	3,090,314	$	994,981	$	114,558	$	293,190	$	2,125,518
Other		25,718		9,138		220		2,479		16,897
Corporate		—		—		2,681		—		7,139
	$	3,116,032	$	1,004,119	$	117,459	$	295,669	$	2,149,554

	Year Ended April 30, 2018								April 30, 2018
					Depreciation and		Adjusted		Total
	Net Sales		Gross Profit		Amortization		EBITDA		Assets
	(in thousands)
Geographic divisions	$	2,487,557	$	809,884	$	64,491	$	196,903	$	1,434,371
Other		23,912		8,692		242		2,355		12,854
Corporate		—		—		797		—		7,286
	$	2,511,469	$	818,576	$	65,530	$	199,258	$	1,454,511

Reconciliation of Adjusted EBITDA to net income

	Year Ended April 30,
	2020		2019		2018
	(in thousands)
Net income	$	23,381	$	56,002	$	62,971
Interest expense		67,718		73,677		31,395
Write-off of debt discount and deferred financing fees		1,331		—		74
Interest income		(88)		(66)		(177)
Provision for income taxes		22,944		14,039		20,883
Depreciation expense		51,332		46,456		24,075
Amortization expense		65,201		71,003		41,455
Impairment of goodwill		63,074		—		—
Stock appreciation expense(a)		1,572		2,730		2,318
Redeemable noncontrolling interests(b)		520		1,188		1,868
Equity-based compensation(c)		7,060		3,906		1,695
Severance and other permitted costs(d)		5,733		8,152		581
Transaction costs (acquisitions and other)(e)		2,414		7,858		3,370
Loss (gain) on disposal and impairment of assets(f)		658		(525)		(509)
Effects of fair value adjustments to inventory(g)		575		4,176		324
Change in fair value of financial instruments(h)		—		6,395		6,125
Gain on legal settlement		(14,029)		—		—
Secondary public offering costs(i)		363		—		1,525
Debt transaction costs(j)		—		678		1,285
Adjusted EBITDA	$	299,759	$	295,669	$	199,258

(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 Term Loan Facility, including certain unusual, nonrecurring costs due to COVID-19.

(e) Represents costs related to acquisitions paid to third parties.

(f) The year ended April 30, 2020 includes a $1.9 million impairment of operating lease right-of-use assets resulting from a restructuring plan to close one of the Company’s facilities.

(g) Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value.

(h) Represents the mark-to-market adjustments for derivative financial instruments.

(i) Represents costs paid to third-party advisors related to secondary offerings of our common stock.

(j) Represents costs paid to third-party advisors related to debt refinancing activities.

Schedule of net sales to external customers by main product lines

	Year Ended April 30,
	2020		2019		2018
	(in thousands)
Wallboard	$	1,329,775	$	1,272,068	$	1,109,552
Ceilings		475,827		451,695		387,360
Steel framing		502,122		506,805		411,630
Other products		933,583		885,464		602,927
Total net sales	$	3,241,307	$	3,116,032	$	2,511,469

Schedule of net sales by major geographic area

	Year Ended April 30,
	2020		2019		2019
	(in thousands)
United States	$	2,805,920	$	2,701,678	$	2,511,469
Canada		435,387		414,354		—
Total net sales	$	3,241,307	$	3,116,032	$	2,511,469

Schedule of property and equipment by major geographic area

	April 30,		April 30,
	2020		2019
	(in thousands)
United States	$	270,855	$	249,857
Canada		34,612		32,492
Total property and equipment, net	$	305,467	$	282,349