Segments (Tables)

3 Months Ended

Jul. 31, 2022

Segment Reporting [Abstract]

Schedule of segment results

The following tables present segment results:

	Three Months Ended July 31, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,328,448	$	416,138	$	27,978	$	167,368
Other	31,105		18,583		4,335		7,646
Corporate	—		—		127		—
	$	1,359,553	$	434,721	$	32,440	$	175,014

	Three Months Ended July 31, 2021
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,032,388	$	332,685	$	27,428	$	127,017
Other	9,688		3,148		88		1,062
Corporate	—		—		198		—
	$	1,042,076	$	335,833	$	27,714	$	128,079

Reconciliation of Adjusted EBITDA to net income

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

	Three Months Ended July 31,
	2022		2021
	(in thousands)
Net income	$	89,470	$	61,202
Interest expense	14,661		13,657
Interest income	(56)		—
Provision for income taxes	32,030		19,971
Depreciation expense	14,993		12,925
Amortization expense	17,447		14,789
Stock appreciation rights(a)	2,344		892
Redeemable noncontrolling interests and deferred compensation(b)	495		310
Equity-based compensation(c)	3,132		1,958
Severance and other permitted costs(d)	352		147
Transaction costs (acquisitions and other)(e)	386		575
Gain on disposal of assets(f)	(284)		(78)
Effects of fair value adjustments to inventory(g)	44		1,731
Adjusted EBITDA	$	175,014	$	128,079

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

(b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.

(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.

(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 July 31,
	2022		2021
	(in thousands)
Wallboard	$	521,554	$	390,135
Ceilings	167,275		138,071
Steel framing	274,896		196,276
Complementary products	395,828		317,594
Total net sales	$	1,359,553	$	1,042,076

Schedule of net sales by major geographic area

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

	Three Months Ended July 31,
	2022		2021
	(in thousands)
United States	$	1,187,871	$	862,790
Canada	171,682		179,286
Total net sales	$	1,359,553	$	1,042,076

Schedule of property and equipment by major geographic area

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

	July 31, 2022		April 30, 2022
	(in thousands)
United States	$	320,495	$	311,061
Canada	39,061		39,618
Total property and equipment, net	$	359,556	$	350,679