Segments (Tables)

12 Months Ended

Apr. 30, 2022

The following tables present segment results:


	Year Ended April 30, 2022								April 30, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA		Total Assets
	(in thousands)
Geographic divisions	$	4,559,477	$	1,451,748	$	111,452	$	551,200	$	2,809,394
Other	75,398		36,527		6,120		15,721		290,341
Corporate	—		—		1,660		—		4,664
	$	4,634,875	$	1,488,275	$	119,232	$	566,921	$	3,104,399


	Year Ended April 30, 2021								April 30, 2021
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA		Total Assets
	(in thousands)
Geographic divisions	$	3,263,893	$	1,051,741	$	106,152	$	316,774	$	2,459,344
Other	34,930		10,962		364		2,597		20,339
Corporate	—		—		1,609		—		4,215
	$	3,298,823	$	1,062,703	$	108,125	$	319,371	$	2,483,898


	Year Ended April 30, 2020								April 30, 2020
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA		Total Assets
	(in thousands)
Geographic divisions	$	3,213,938	$	1,053,555	$	114,279	$	297,646	$	2,299,880
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	$	2,324,454

Reconciliation of Adjusted EBITDA to net income

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


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Net income	$	273,442	$	105,560	$	23,381
Interest expense	58,097		53,786		67,718
Write-off of debt discount and deferred financing fees	—		4,606		1,331
Interest income	(163)		(86)		(88)
Provision for income taxes	91,377		31,534		22,944
Depreciation expense	55,437		50,480		51,332
Amortization expense	63,795		57,645		65,201
Impairment of goodwill	—		—		63,074
Stock appreciation expense(a)	4,403		3,173		1,572
Redeemable noncontrolling interests(b)	1,983		1,288		520
Equity-based compensation(c)	10,968		8,442		7,060
Severance and other permitted costs(d)	1,132		2,948		5,733
Transaction costs (acquisitions and other)(e)	3,545		1,068		2,414
(Gain) loss on disposal and impairment of assets(f)	(913)		(1,011)		658
Effects of fair value adjustments to inventory(g)	3,818		788		575
Gain on legal settlement	—		(1,382)		(14,029)
Secondary public offering costs(h)	—		—		363
Debt transaction costs(i)	—		532		—
Adjusted EBITDA	$	566,921	$	319,371	$	299,759

__________________________________________

(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.

(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

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


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
Wallboard	$	1,710,851	$	1,346,648	$	1,329,775
Ceilings	567,700		451,766		475,827
Steel framing	1,027,941		469,048		502,122
Complementary products	1,328,383		1,031,361		933,583
Total net sales	$	4,634,875	$	3,298,823	$	3,241,307

Schedule of net sales by major geographic area

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


	Year Ended April 30,
	2022		2021		2020
	(in thousands)
United States	$	3,993,717	$	2,770,450	$	2,805,920
Canada	641,158		528,373		435,387
Total net sales	$	4,634,875	$	3,298,823	$	3,241,307

Schedule of property and equipment by major geographic area

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


	April 30, 2022		April 30, 2021
	(in thousands)
United States	$	311,061	$	271,346
Canada	39,618		39,980
Total property and equipment, net	$	350,679	$	311,326