Segments

3 Months Ended

Jul. 31, 2023

Segment Reporting [Abstract]

Segments

Segments

There have been no changes to the Company's reportable segments during the three months ended July 31, 2023. For more information regarding the Company's reportable segments, see Note 16, "Segments," in the Company's Annual Report on Form 10-K for the year ended April 30, 2023.

Segment Results

The following tables present segment results:

	Three Months Ended July 31, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,378,962	$	432,714	$	28,106	$	167,286
Other	30,638		17,840		3,824		6,012
Corporate	—		—		88		—
	$	1,409,600	$	450,554	$	32,018	$	173,298

	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

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

	Three Months Ended July 31,
	2023		2022
	(in thousands)
Net income	$	86,830	$	89,470
Interest expense	18,914		14,661
Write-off of debt discount and deferred financing fees	1,401		—
Interest income	(474)		(56)
Provision for income taxes	26,734		32,030
Depreciation expense	16,327		14,993
Amortization expense	15,691		17,447
Stock appreciation rights(a)	1,218		2,344
Redeemable noncontrolling interests and deferred compensation(b)	480		495
Equity-based compensation(c)	3,304		3,132
Severance and other permitted costs(d)	406		352
Transaction costs (acquisitions and other)(e)	1,385		386
Gain on disposal of assets(f)	(131)		(284)
Effects of fair value adjustments to inventory(g)	302		44
Debt transaction costs(h)	911		—
Adjusted EBITDA	$	173,298	$	175,014

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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.

(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.

Revenues by Product

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

	Three Months Ended July 31,
	2023		2022
	(in thousands)
Wallboard	$	571,425	$	521,554
Complementary products	426,210		395,828
Steel framing	236,760		274,896
Ceilings	175,205		167,275
Total net sales	$	1,409,600	$	1,359,553

Geographic Information

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

	Three Months Ended July 31,
	2023		2022
	(in thousands)
United States	$	1,218,431	$	1,187,871
Canada	191,169		171,682
Total net sales	$	1,409,600	$	1,359,553

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

	July 31, 2023		April 30, 2023
	(in thousands)
United States	$	366,469	$	354,652
Canada	43,214		41,767
Total property and equipment, net	$	409,683	$	396,419