Business Combinations (Tables)

12 Months Ended

Apr. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisitions completed

The following table summarizes the components of the preliminary consideration:

	(in thousands)
Cash consideration	$	126,608
Holdback liability	13,500
Total preliminary consideration transferred	$	140,108

The purpose of these acquisitions was to expand the geographical coverage of the Company and grow the business.

Company Name	Form of Acquisition	Date of Acquisition
J.P. Hart Lumber Company	Purchase of net assets	June 3, 2019
Rigney Building Supplies Ltd.	Purchase of 100% of outstanding common stock	November 1, 2019
Trowel Trades Supply, Inc.	Purchase of net assets	February 1, 2020

Schedule of preliminary allocation of the consideration transferred

The following table summarizes the preliminary acquisition accounting for this acquisition, and subsequent measurement period adjustments recorded, based on currently available information:

	Initial Acquisition Accounting		Adjustments		Updated Acquisition Accounting
	(in thousands)
Trade accounts and notes receivable	$	27,081	$	(799)	$	26,282
Inventories	28,900		(145)		28,755
Prepaid and other current assets	228		—		228
Property and equipment	16,687		—		16,687
Operating lease right-of-use assets	20,782		—		20,782
Customer relationships	51,500		—		51,500
Tradenames	11,300		—		11,300
Goodwill	13,351		1,363		14,714
Accounts payable and accrued expenses	(14,375)		54		(14,321)
Operating lease liabilities	(15,819)		—		(15,819)
Fair value of consideration transferred	$	139,635	$	473	$	140,108

	Initial Acquisition Accounting		Adjustments		Updated Acquisition Accounting
	(in thousands)
Cash and cash equivalents	$	10,692	$	—	$	10,692
Trade accounts and notes receivable	9,955		(54)		9,901
Inventories	15,464		870		16,334
Prepaid and other current assets	1,941		—		1,941
Property and equipment	6,165		—		6,165
Operating lease right-of-use assets	8,238		(235)		8,003
Customer relationships	63,000		(3,000)		60,000
Tradenames	53,000		(4,000)		49,000
Patents	3,000		—		3,000
Goodwill	104,557		3,383		107,940
Accounts payable and accrued expenses	(14,827)		3,170		(11,657)
Deferred tax liability	(28,440)		1,794		(26,646)
Operating lease liabilities	(8,238)		235		(8,003)
Fair value of consideration transferred	$	224,507	$	2,163	$	226,670

The following table summarizes the acquisition accounting:

	Preliminary Acquisition Accounting		Adjustments		Final Acquisition Accounting
	(in thousands)
Cash	$	4,179	$	—	$	4,179
Trade accounts and notes receivable	8,325		(24)		8,301
Inventories	5,075		(8)		5,067
Prepaid and other current assets	675		—		675
Property and equipment	2,721		—		2,721
Operating lease right-of-use assets	1,103		—		1,103
Customer relationships	20,926		(476)		20,450
Tradenames	2,498		—		2,498
Goodwill	9,084		—		9,084
Liabilities assumed	(12,282)		(45)		(12,327)
Deferred income taxes	(2,830)		—		(2,830)
Fair value of consideration transferred	$	39,474	$	(553)	$	38,921

Schedule of pro forma information

The following table presents the unaudited pro forma consolidated net sales and net income for the Company for the periods indicated:

	Year Ended April 30,
	2022		2021
	(in thousands)
Net sales	$	4,718,531	$	3,579,882
Net income	281,151		113,478