XML 31 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Segments
 3 Months Ended
Jul. 31, 2024
Segment Reporting [Abstract]  
Segments Segments
There have been no changes to the Company’s reportable segments during the three months ended July 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, 2024.
Segment Results
The following tables present segment results:
Three Months Ended July 31, 2024
Net SalesGross ProfitDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$1,416,818 $434,685 $34,571 $141,899 
Other31,638 16,878 3,381 3,982 
Corporate——80 —
$1,448,456 $451,563 $38,032 $145,881 
Three Months Ended July 31, 2023
Net SalesGross ProfitDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$1,378,962 $432,714 $28,106 $167,286 
Other30,638 17,840 3,824 6,012 
Corporate——88 —
$1,409,600 $450,554 $32,018 $173,298 


The following table presents a reconciliation of Adjusted EBITDA to net income:
Three Months Ended
July 31,
20242023
(in thousands)
Net income$57,248 $86,830 
Interest expense22,213 18,914 
Write-off of debt discount and deferred financing fees— 1,401 
Interest income(370)(474)
Provision for income taxes20,946 26,734 
Depreciation expense19,228 16,327 
Amortization expense18,804 15,691 
Stock appreciation rights(a)243 1,218 
Redeemable noncontrolling interests and deferred compensation(b)422 480 
Equity-based compensation(c)3,678 3,304 
Severance and other permitted costs(d)956 406 
Transaction costs (acquisitions and other)(e)1,280 1,385 
Loss (gain) on disposal of assets(f)858 (131)
Effects of fair value adjustments to inventory(g)375 302 
Debt transaction costs(h)— 911 
Adjusted EBITDA(i)$145,881 $173,298 
__________________________________________
(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.
(i)For a detailed discussion of the Company’s use of non-GAAP financial measures, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Non-GAAP Financial Measures” in this Quarterly Report on Form 10-Q.

Revenues by Product
The following table presents the Company’s net sales to external customers by main product lines:
Three Months Ended
July 31,
20242023
(in thousands)
Wallboard$587,929 $571,425 
Complementary products443,513 426,210 
Steel framing209,858 236,760 
Ceilings207,156 175,205 
Total net sales$1,448,456 $1,409,600 
The following table presents additional detail on the Company’s net sales of complementary products:
Three Months Ended
July 31,
20242023
(in thousands)
Tools and fasteners$91,169 $83,675 
Insulation85,043 78,387 
Joint treatment75,289 65,282 
Lumber43,023 42,074 
EIFS/stucco50,952 46,296 
Other98,037 110,496 
Complementary products$443,513 $426,210 
Geographic Information
The following table presents the Company’s net sales by major geographic area:
Three Months Ended
July 31,
20242023
(in thousands)
United States$1,258,905 $1,218,431 
Canada189,551 191,169 
Total net sales$1,448,456 $1,409,600 
The following table presents the Company’s property and equipment, net, by major geographic area:
July 31,
2024		April 30,
2024
(in thousands)
United States$430,089 $425,429 
Canada60,624 46,828 
Total property and equipment, net$490,713 $472,257