Segments

6 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

There have been no changes to the Company’s reportable segments during the six months ended October 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 October 31, 2024
	Net Sales		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,441,481	$	38,597	$	147,850
Other	29,295		3,407		4,374
Corporate	—		74		—
	$	1,470,776	$	42,078	$	152,224

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

	Six Months Ended October 31, 2024
	Net Sales		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	2,858,299	$	73,168	$	289,749
Other	60,933		6,788		8,356
Corporate	—		154		—
	$	2,919,232	$	80,110	$	298,105

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

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

	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
Net income	$	53,536	$	80,957	$	110,784	$	167,787
Interest expense	23,697		18,742		45,910		37,656
Write-off of debt discount and deferred financing fees	—		—		—		1,401
Interest income	(193)		(292)		(563)		(766)
Provision for income taxes	18,890		27,205		39,836		53,939
Depreciation expense	20,529		16,963		39,757		33,290
Amortization expense	21,549		15,974		40,353		31,665
Stock appreciation rights(a)	397		401		640		1,619
Redeemable noncontrolling interests and deferred compensation(b)	693		184		1,115		664
Equity-based compensation(c)	4,925		5,111		8,603		8,415
Severance and other permitted costs(d)	6,460		882		7,416		1,288
Transaction costs (acquisitions and other)(e)	1,193		1,223		2,473		2,608
(Gain) loss on disposal of assets(f)	(351)		(310)		507		(441)
Effects of fair value adjustments to inventory(g)	106		140		481		442
Change in fair value of contingent consideration(h)	793		—		793		—
Debt transaction costs(i)	—		378		—		1,289
Adjusted EBITDA(j)	$	152,224	$	167,558	$	298,105	$	340,856

__________________________________________

(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 the change in fair value of contingent consideration arrangements.

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

(j)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 October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
Wallboard	$	582,119	$	585,174	$	1,170,048	$	1,156,599
Complementary products	466,828		428,319		910,341		854,529
Steel framing	217,388		232,108		427,246		468,868
Ceilings	204,441		175,329		411,597		350,534
Total net sales	$	1,470,776	$	1,420,930	$	2,919,232	$	2,830,530

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

	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
Tools and fasteners	$	89,743	$	86,366	$	180,912	$	170,041
Insulation	100,842		82,068		185,885		160,455
Joint treatment	76,228		67,414		151,517		132,696
Lumber	42,295		40,437		85,318		82,511
EIFS/stucco	55,664		47,408		106,616		93,704
Other	102,056		104,626		200,093		215,122
Complementary products	$	466,828	$	428,319	$	910,341	$	854,529

Geographic Information

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

	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
	(in thousands)
United States	$	1,254,151	$	1,238,855	$	2,513,056	$	2,457,286
Canada	216,625		182,075		406,176		373,244
Total net sales	$	1,470,776	$	1,420,930	$	2,919,232	$	2,830,530

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

	October 31, 2024		April 30, 2024
	(in thousands)
United States	$	451,024	$	425,429
Canada	62,626		46,828
Total property and equipment, net	$	513,650	$	472,257