Segments (Tables)

9 Months Ended

Jan. 31, 2023

Segment Reporting [Abstract]

Schedule of segment results

The following tables present segment results:

	Three Months Ended January 31, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,201,183	$	384,093	$	27,159	$	133,792
Other	33,435		18,155		4,140		7,036
Corporate	—		—		120		—
	$	1,234,618	$	402,248	$	31,419	$	140,828

	Three Months Ended January 31, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,130,130	$	356,811	$	28,154	$	129,725
Other	23,465		10,961		1,102		5,330
Corporate	—		—		494		—
	$	1,153,595	$	367,772	$	29,750	$	135,055

	Nine Months Ended January 31, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	3,928,170	$	1,244,099	$	82,887	$	486,968
Other	96,980		57,370		12,827		24,387
Corporate	—		—		371		—
	$	4,025,150	$	1,301,469	$	96,085	$	511,355

	Nine Months Ended January 31, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	3,303,170	$	1,057,417	$	84,572	$	404,665
Other	43,052		18,058		1,278		8,008
Corporate	—		—		1,017		—
	$	3,346,222	$	1,075,475	$	86,867	$	412,673

Reconciliation of Adjusted EBITDA to net income

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2023		2022		2023		2022
	(in thousands)
Net income	$	64,775	$	61,383	$	257,398	$	196,946
Interest expense	16,943		15,429		47,659		43,830
Interest income	(180)		(40)		(390)		(67)
Provision for income taxes	23,697		21,211		91,722		64,951
Depreciation expense	15,162		13,816		45,213		40,444
Amortization expense	16,257		15,934		50,872		46,423
Stock appreciation rights(a)	314		1,251		5,888		3,126
Redeemable noncontrolling interests and deferred compensation(b)	368		182		1,203		1,085
Equity-based compensation(c)	3,285		3,077		10,198		8,250
Severance and other permitted costs(d)	(315)		273		416		669
Transaction costs (acquisitions and other)(e)	476		921		1,154		3,889
Gain on disposal of assets(f)	(411)		(252)		(614)		(474)
Effects of fair value adjustments to inventory(g)	457		1,870		636		3,601
Adjusted EBITDA	$	140,828	$	135,055	$	511,355	$	412,673

__________________________________________

(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.

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

(f)Includes gains and losses from the sale and disposal 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 January 31,				Nine Months Ended January 31,
	2023		2022		2023		2022
	(in thousands)
Wallboard	$	500,710	$	415,132	$	1,606,821	$	1,219,789
Ceilings	146,810		139,894		473,686		418,831
Steel framing	234,451		282,764		787,499		751,040
Complementary products	352,647		315,805		1,157,144		956,562
Total net sales	$	1,234,618	$	1,153,595	$	4,025,150	$	3,346,222

Schedule of net sales by major geographic area

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2023		2022		2023		2022
	(in thousands)
United States	$	1,089,888	$	1,016,425	$	3,530,083	$	2,867,318
Canada	144,730		137,170		495,067		478,904
Total net sales	$	1,234,618	$	1,153,595	$	4,025,150	$	3,346,222

Schedule of property and equipment by major geographic area

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

	January 31, 2023		April 30, 2022
	(in thousands)
United States	$	336,825	$	311,061
Canada	38,290		39,618
Total property and equipment, net	$	375,115	$	350,679