Segments (Tables)

9 Months Ended

Jan. 31, 2025

The following tables present segment results:


	Three Months Ended January 31, 2025
	Net Sales		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,233,944	$	39,060	$	89,419
Other	26,766		3,298		3,622
Corporate	—		72		—
	$	1,260,710	$	42,430	$	93,041


	Three Months Ended January 31, 2024
	Net Sales		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	1,224,907	$	29,179	$	124,911
Other	33,441		3,544		3,109
Corporate	—		81		—
	$	1,258,348	$	32,804	$	128,020


	Nine Months Ended January 31, 2025
	Net Sales		Depreciation and Amortization		Adjusted EBITDA
	(in thousands)
Geographic divisions	$	4,092,243	$	112,229	$	379,168
Other	87,699		10,085		11,978
Corporate	—		226		—
	$	4,179,942	$	122,540	$	391,146


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

Schedule of reconciliation of adjusted EBITDA to net income

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
	(in thousands)
Net income (loss)	$	(21,409)	$	51,905	$	89,375	$	219,692
Interest expense	23,069		18,784		68,979		56,440
Write-off of debt discount and deferred financing fees	—		—		—		1,401
Interest income	(189)		(378)		(752)		(1,144)
Provision for income taxes	4,177		17,468		44,013		71,407
Depreciation expense	21,271		17,276		61,028		50,566
Amortization expense	21,159		15,528		61,512		47,193
Impairment of goodwill	42,454		—		42,454		—
Stock appreciation rights(a)	691		1,789		1,331		3,408
Redeemable noncontrolling interests and deferred compensation(b)	34		461		1,149		1,125
Equity-based compensation(c)	3,422		3,559		12,025		11,974
Severance and other permitted costs(d)	2,282		1,033		9,698		2,321
Transaction costs (acquisitions and other)(e)	789		765		3,262		3,373
Gain on disposal of assets(f)	(5,333)		(222)		(4,826)		(663)
Effects of fair value adjustments to inventory(g)	3		8		484		450
Change in fair value of contingent consideration(h)	621		—		1,414		—
Debt transaction costs(i)	—		44		—		1,333
Adjusted EBITDA(j)	$	93,041	$	128,020	$	391,146	$	468,876

__________________________________________

(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 from the sale of assets and the sale of the Company’s Michigan-based installed insulation contracting business, net of losses and impairments.

(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.

Schedule of net sales to external customers by main product lines

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,
	2025		2024		2025		2024
	(in thousands)
Wallboard	$	501,703	$	520,686	$	1,671,751	$	1,677,285
Complementary products	398,647		378,555		1,308,988		1,233,084
Steel framing	179,682		203,363		606,928		672,231
Ceilings	180,678		155,744		592,275		506,278
Total net sales	$	1,260,710	$	1,258,348	$	4,179,942	$	4,088,878

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
	(in thousands)
Tools and fasteners	$	80,326	$	85,164	$	261,238	$	255,204
Insulation	92,045		78,552		277,930		239,007
Joint treatment	65,454		61,219		216,971		193,915
Lumber	36,169		31,134		121,487		113,645
EIFS/stucco	47,165		38,349		153,781		132,053
Other	77,488		84,137		277,581		299,260
Complementary products	$	398,647	$	378,555	$	1,308,988	$	1,233,084

Schedule of net sales by major geographic area

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


	Three Months Ended January 31,				Nine Months Ended January 31,
	2025		2024		2025		2024
	(in thousands)
United States	$	1,081,371	$	1,107,244	$	3,594,427	$	3,564,530
Canada	179,339		151,104		585,515		524,348
Total net sales	$	1,260,710	$	1,258,348	$	4,179,942	$	4,088,878

Schedule of property and equipment by major geographic area

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


	January 31, 2025		April 30, 2024
	(in thousands)
United States	$	455,447	$	425,429
Canada	60,005		46,828
Total property and equipment, net	$	515,452	$	472,257