Segments (Tables)

6 Months Ended

Oct. 31, 2021

Segment Reporting [Abstract]

Schedule of segment results

The following tables present segment results:

	Three Months Ended October 31, 2021
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,140,652	$	367,920	$	28,990	$	147,923
Other	9,899		3,950		88		1,616
Corporate	—		—		325		—
	$	1,150,551	$	371,870	$	29,403	$	149,539

	Three Months Ended October 31, 2020
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	805,074	$	262,534	$	26,783	$	82,169
Other	7,782		2,537		91		353
Corporate	—		—		371		—
	$	812,856	$	265,071	$	27,245	$	82,522

	Six Months Ended October 31, 2021
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	2,173,040	$	700,605	$	56,418	$	274,940
Other	19,587		7,098		176		2,678
Corporate	—		—		523		—
	$	2,192,627	$	707,703	$	57,117	$	277,618

	Six Months Ended October 31, 2020
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,599,546	$	520,372	$	53,565	$	164,673
Other	15,883		5,157		182		903
Corporate	—		—		595		—
	$	1,615,429	$	525,529	$	54,342	$	165,576

Reconciliation of Adjusted EBITDA to net income

The following table presents a reconciliation of Adjusted EBITDA to net income:

	Three Months Ended October 31,				Six Months Ended October 31,
	2021		2020		2021		2020
	(in thousands)
Net income	$	74,361	$	28,469	$	135,563	$	55,688
Interest expense	14,744		13,525		28,401		27,606
Interest income	(27)		(14)		(27)		(51)
Provision for income taxes	23,769		8,277		43,740		17,881
Depreciation expense	13,703		12,710		26,628		25,537
Amortization expense	15,700		14,535		30,489		28,805
Stock appreciation rights(a)	983		314		1,875		1,106
Redeemable noncontrolling interests(b)	593		186		903		438
Equity-based compensation(c)	3,215		3,252		5,173		4,857
Severance and other permitted costs(d)	249		762		396		2,709
Transaction costs (acquisitions and other)(e)	2,393		25		2,968		125
(Gain) loss on disposal and impairment of assets(f)	(144)		481		(222)		875
Effects of fair value adjustments to inventory(g)	—		—		1,731		—
Adjusted EBITDA	$	149,539	$	82,522	$	277,618	$	165,576

__________________________________________

(a)Represents changes in the fair value of stock appreciation rights.

(b)Represents 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 the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility, including certain unusual, nonrecurring costs and credits due to COVID-19.

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

(f)Includes gains from the sale of assets and impairment of assets resulting from restructuring plans to close certain facilities.

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

Schedule of net sales to external customers by main product lines

The following table presents the Company’s net sales to external customers by main product lines:

	Three Months Ended October 31,				Six Months Ended October 31,
	2021		2020		2021		2020
	(in thousands)
Wallboard	$	414,522	$	330,515	$	804,657	$	658,600
Ceilings	140,866		112,126		278,937		226,769
Steel framing	272,000		111,293		468,276		221,825
Complementary products	323,163		258,922		640,757		508,235
Total net sales	$	1,150,551	$	812,856	$	2,192,627	$	1,615,429

Schedule of net sales by major geographic area

The following table presents the Company’s net sales by major geographic area:

	Three Months Ended October 31,				Six Months Ended October 31,
	2021		2020		2021		2020
	(in thousands)
United States	$	988,103	$	684,131	$	1,850,893	$	1,363,452
Canada	162,448		128,725		341,734		251,977
Total net sales	$	1,150,551	$	812,856	$	2,192,627	$	1,615,429

Schedule of property and equipment by major geographic area

The following table presents the Company’s property and equipment, net, by major geographic area:

	October 31, 2021		April 30, 2021
	(in thousands)
United States	$	284,763	$	271,346
Canada	41,727		39,980
Total property and equipment, net	$	326,490	$	311,326