Stockholders' Equity

12 Months Ended

Apr. 30, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Exchangeable Shares

In connection with the acquisition of WSB Titan on June 1, 2018, the Company issued 1.1 million shares of equity that were exchangeable for the Company's common stock ("Exchangeable Shares"). The Exchangeable Shares contained rights that allowed the holders to exchange their Exchangeable Shares for GMS common stock at any time on a one-for-one basis. On June 13, 2019, the holders of the Exchangeable Shares exchanged all the Exchangeable Shares for 1.1 million shares of the Company’s common stock. Following such exchange, the Exchangeable Shares ceased to be outstanding.

Share Repurchase Program

On November 30, 2018, the Company's Board of Directors authorized a common stock repurchase program to repurchase up to $75.0 million of outstanding common stock. The Company repurchased 715 thousand and 134 thousand shares of its common stock for $35.5 million and $4.2 million during the years ended April 30, 2022 and April 30, 2021, respectively, pursuant to its share repurchase program. The Company did not repurchase any shares of its common stock during the year ended April 30, 2020. The repurchased common stock was retired. As of April 30, 2022, the Company had $18.8 million of remaining repurchase authorization under this share repurchase program.

On June 23, 2022, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $200.0 million of its outstanding common stock. This expanded program replaces the Company’s previous share repurchase authorization of $75.0 million. The Company may conduct repurchases under the share repurchase program through open market transactions, under trading plans in accordance with SEC Rule 10b5-1 and/or in privately negotiated transactions, in each case in compliance with Rule 10b-18 under the Exchange Act of 1934, as amended. The timing and amount of any purchases of the Company's common stock are subject to a variety of factors, including, but not limited to, the Company’s liquidity, credit availability, general business and market conditions, debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion.

Accumulated Other Comprehensive Income (Loss)

The following table sets forth the changes to accumulated other comprehensive income (loss), net of tax, by component for the years ended April 30, 2022, 2021 and 2020:

	Foreign Currency Translation		Derivative Financial Instruments		Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance as of April 30, 2019	$	(22,320)	$	(4,254)	$	(26,574)
Other comprehensive loss before reclassification	(18,257)		(22,263)		(40,520)
Reclassification to earnings from accumulated other comprehensive income (loss)	—		2,012		2,012
Balance as of April 30, 2020	(40,577)		(24,505)		(65,082)
Other comprehensive income (loss) before reclassification	61,341		(311)		61,030
Reclassification to earnings from accumulated other comprehensive income (loss)	—		8,811		8,811
Balance as of April 30, 2021	20,764		(16,005)		4,759
Other comprehensive income (loss) before reclassification	(25,805)		6,127		(19,678)
Reclassification to earnings from accumulated other comprehensive income (loss)	—		8,876		8,876
Balance as of April 30, 2022	$	(5,041)	$	(1,002)	$	(6,043)

Other comprehensive loss on derivative instruments for the years ended April 30, 2022, 2021 and 2020 is net of tax of $2.0 million, $0.1 million and $6.4 million, respectively. Reclassification to earnings from accumulated other comprehensive income (loss) for the years ended April 30, 2022, 2021 and 2020 is net of tax of $2.9 million, $2.8 million and $0.6 million, respectively.