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Segments (Tables)

12 Months Ended

Apr. 30, 2023

The following tables present segment results:


	Year Ended April 30, 2023								April 30, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA		Total Assets
	(in thousands)
Geographic divisions	$	5,200,268	$	1,651,579	$	109,872	$	635,415	$	2,954,222
Other	128,984		74,366		16,637		30,281		309,090
Corporate	—		—		398		—		3,696
	$	5,329,252	$	1,725,945	$	126,907	$	665,696	$	3,267,008


	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

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


	Year Ended April 30,
	2023		2022		2021
	(in thousands)
Net income	$	332,991	$	273,442	$	105,560
Interest expense	65,843		58,097		53,786
Write-off of debt discount and deferred financing fees	—		—		4,606
Interest income	(1,287)		(163)		(86)
Provision for income taxes	114,512		91,377		31,534
Depreciation expense	61,177		55,437		50,480
Amortization expense	65,730		63,795		57,645
Stock appreciation expense(a)	7,703		4,403		3,173
Redeemable noncontrolling interests(b)	1,178		1,983		1,288
Equity-based compensation(c)	13,217		10,968		8,442
Severance and other permitted costs(d)	2,788		1,132		2,948
Transaction costs (acquisitions and other)(e)	1,961		3,545		1,068
Gain on disposal of assets(f)	(1,413)		(913)		(1,011)
Effects of fair value adjustments to inventory(g)	1,123		3,818		788
Gain on legal settlement	—		—		(1,382)
Debt transaction costs(h)	173		—		532
Adjusted EBITDA	$	665,696	$	566,921	$	319,371

__________________________________________

(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.

(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.

(h)Represents costs paid to third-party advisors related to debt refinancing activities.

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

The following table presents additional detail on the Company’s net sales of complementary products:

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

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


	April 30, 2023		April 30, 2022
	(in thousands)
United States	$	354,652	$	311,061
Canada	41,767		39,618
Total property and equipment, net	$	396,419	$	350,679