Segments (Tables)

6 Months Ended

Oct. 31, 2023

The following tables present segment results:


	Three Months Ended October 31, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,389,073	$	441,166	$	29,004	$	162,306
Other	31,857		17,463		3,849		5,252
Corporate	—		—		84		—
	$	1,420,930	$	458,629	$	32,937	$	167,558


	Three Months Ended October 31, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,398,540	$	443,868	$	27,750	$	185,807
Other	32,439		20,632		4,352		9,706
Corporate	—		—		124		—
	$	1,430,979	$	464,500	$	32,226	$	195,513


	Six Months Ended October 31, 2023
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	2,768,034	$	873,880	$	57,110	$	329,591
Other	62,496		35,303		7,673		11,265
Corporate	—		—		172		—
	$	2,830,530	$	909,183	$	64,955	$	340,856


	Six Months Ended October 31, 2022
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	2,726,988	$	860,006	$	55,728	$	353,176
Other	63,544		39,215		8,687		17,351
Corporate	—		—		251		—
	$	2,790,532	$	899,221	$	64,666	$	370,527

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


	Three Months Ended October 31,				Six Months Ended October 31,
	2023		2022		2023		2022
	(in thousands)
Net income	$	80,957	$	103,153	$	167,787	$	192,623
Interest expense	18,742		16,055		37,656		30,716
Write-off of debt discount and deferred financing fees	—		—		1,401		—
Interest income	(292)		(154)		(766)		(210)
Provision for income taxes	27,205		35,995		53,939		68,025
Depreciation expense	16,963		15,058		33,290		30,051
Amortization expense	15,974		17,168		31,665		34,615
Stock appreciation rights(a)	401		3,230		1,619		5,574
Redeemable noncontrolling interests and deferred compensation(b)	184		340		664		835
Equity-based compensation(c)	5,111		3,781		8,415		6,913
Severance and other permitted costs(d)	882		379		1,288		731
Transaction costs (acquisitions and other)(e)	1,223		292		2,608		678
(Gain) loss on disposal of assets(f)	(310)		81		(441)		(203)
Effects of fair value adjustments to inventory(g)	140		135		442		179
Debt transaction costs(h)	378		—		1,289		—
Adjusted EBITDA	$	167,558	$	195,513	$	340,856	$	370,527

__________________________________________

(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 certain other cost adjustments as permitted 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 lines:

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

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


	October 31, 2023		April 30, 2023
	(in thousands)
United States	$	379,671	$	354,652
Canada	43,569		41,767
Total property and equipment, net	$	423,240	$	396,419