Segments

9 Months Ended

Jan. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

There have been no changes to the Company's reportable segments during the nine months ended January 31, 2024. 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 January 31, 2024
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,224,907	$	399,000	$	29,179	$	124,911
Other	33,441		15,720		3,544		3,109
Corporate	—		—		81		—
	$	1,258,348	$	414,720	$	32,804	$	128,020

	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

	Nine Months Ended January 31, 2024
	Net Sales		Gross Profit		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	3,992,941	$	1,272,880	$	86,289	$	454,503
Other	95,937		51,023		11,217		14,373
Corporate	—		—		253		—
	$	4,088,878	$	1,323,903	$	97,759	$	468,876

	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

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2024		2023		2024		2023
	(in thousands)
Net income	$	51,905	$	64,775	$	219,692	$	257,398
Interest expense	18,784		16,943		56,440		47,659
Write-off of debt discount and deferred financing fees	—		—		1,401		—
Interest income	(378)		(180)		(1,144)		(390)
Provision for income taxes	17,468		23,697		71,407		91,722
Depreciation expense	17,276		15,162		50,566		45,213
Amortization expense	15,528		16,257		47,193		50,872
Stock appreciation rights(a)	1,789		314		3,408		5,888
Redeemable noncontrolling interests and deferred compensation(b)	461		368		1,125		1,203
Equity-based compensation(c)	3,559		3,285		11,974		10,198
Severance and other permitted costs(d)	1,033		(315)		2,321		416
Transaction costs (acquisitions and other)(e)	765		476		3,373		1,154
Gain on disposal of assets(f)	(222)		(411)		(663)		(614)
Effects of fair value adjustments to inventory(g)	8		457		450		636
Debt transaction costs(h)	44		—		1,333		—
Adjusted EBITDA	$	128,020	$	140,828	$	468,876	$	511,355

__________________________________________

(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.

Revenues by Product

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,
	2024		2023		2024		2023
	(in thousands)
Wallboard	$	520,686	$	500,710	$	1,677,285	$	1,606,821
Complementary products	378,555		352,647		1,233,084		1,157,144
Steel framing	203,363		234,451		672,231		787,499
Ceilings	155,744		146,810		506,278		473,686
Total net sales	$	1,258,348	$	1,234,618	$	4,088,878	$	4,025,150

Geographic Information

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

	Three Months Ended January 31,				Nine Months Ended January 31,
	2024		2023		2024		2023
	(in thousands)
United States	$	1,107,244	$	1,089,888	$	3,564,530	$	3,530,083
Canada	151,104		144,730		524,348		495,067
Total net sales	$	1,258,348	$	1,234,618	$	4,088,878	$	4,025,150

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

	January 31, 2024		April 30, 2023
	(in thousands)
United States	$	390,788	$	354,652
Canada	46,598		41,767
Total property and equipment, net	$	437,386	$	396,419