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Segments
 12 Months Ended
Apr. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
General
The Company has one reportable segment, Geographic Divisions. The Company’s Geographic Divisions segment derives revenues from customers by providing wallboard, ceilings, steel framing and complementary construction products through its network of distribution centers. The Company’s Geographic Divisions segment is made up of nine geographic operating segments, which are Central, Midwest, New York, Northeast, Southern, Southeast, Southwest, Western and Canada. The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated on a regular basis by the CODM to assess performance and allocate resources. The Company aggregates its nine geographic divisions operating segments into one reportable segment based on similarities between the operating segments’ economic characteristics, nature of products sold, production process, type of customer and methods of distribution.
In addition to the Company’s reportable segment, the Company’s consolidated results include its Ames operating segment and Tool Source Warehouse, Inc. (“Tool Source”). Ames provides specialty trades tools, including automatic taping and finishing (“ATF”) tools and related products, to the professional drywall finishing industry through its tool sales, rental and service centers. Tool Source functions primarily as an internal distributor of tools. Ames and Tool Source are included in the Other category below as they do not meet the materiality criteria of Accounting Standards Code 280, “Segment Reporting”, and are therefore not disclosed separately as a reportable segment.
The Company’s CODM is its Chief Executive Officer. The CODM assesses the Company’s performance based on the periodic review of Adjusted EBITDA. Adjusted EBITDA is defined as net income before interest expense, interest income, taxes, depreciation, amortization and certain non-cash or non-recurring items. This measure assists in comparing operating performance across reporting periods on a consistent basis by excluding items that the Company does not believe are indicative of core operating performance.
The CODM considers budget-to-actual and year-over-year variances on a monthly basis when making decisions about allocating resources to the segments. The CODM regularly reviews segment level expense details which include cost of sales and operating expenses when assessing operating segment performance. These categories are the primary segment expenses used by the CODM to assess segment performance. The CODM is not regularly provided and does not evaluate segments using total asset or capital expenditure information and it is therefore not disclosed. No single customer of the Company generated 10% or more of the Company’s total net sales during the years ended April 30, 2025, 2024 or 2023. The accounting policies of the operating segments are the same as those described in the summary of significant policies.
Segment Results
The following table presents segment results:
Year Ended April 30,
202520242023
(in thousands)
Geographic Divisions Segment
Net sales$5,402,691 $5,374,474 $5,200,268 
Less expenses (income):
Cost of sales (exclusive of depreciation and amortization)3,740,627 3,665,881 3,548,689 
Operating expenses1,179,379 1,118,784 1,023,789 
Other income(a)(7,274)(8,731)(7,625)
Segment Adjusted EBITDA$489,959 $598,540 $635,415 
__________________________________________
(a)Includes customer finance charges, credit card surcharges and other miscellaneous income items.
The following tables present reconciliations of net sales and segment Adjusted EBITDA:
Year Ended April 30,
202520242023
(in thousands)
Reconciliation of net sales
Segment net sales$5,402,691 $5,374,474 $5,200,268 
Other net sales(a)111,047 127,433 128,984 
Consolidated net sales$5,513,738 $5,501,907 $5,329,252 
Reconciliation of Adjusted EBITDA
Segment Adjusted EBITDA$489,959 $598,540 $635,415 
Other Adjusted EBITDA(a)10,963 16,914 30,281 
Consolidated Adjusted EBITDA500,922 615,454 665,696 
Interest expense(89,080)(75,461)(65,843)
Write-off of debt discount and deferred financing fees— (2,075)— 
Interest income919 1,754 1,287 
Depreciation(83,007)(69,206)(61,177)
Amortization(81,141)(64,156)(65,730)
Impairment of goodwill(42,454)— — 
Stock appreciation expense(b)(2,296)(5,391)(7,703)
Redeemable noncontrolling interests and deferred compensation(c)(1,260)(1,427)(1,178)
Equity-based compensation(d)(15,646)(15,618)(13,217)
Severance and other permitted costs(e)(11,851)(2,628)(2,788)
Transaction costs (acquisitions and other)(f)(3,920)(4,856)(1,961)
Gain on disposal of assets(g)5,476 729 1,413 
Effects of fair value adjustments to inventory(h)(485)(1,633)(1,123)
Change in fair value of contingent consideration(i)(1,882)— — 
Debt transaction costs(j)— (1,320)(173)
Income before taxes$174,295 $374,166 $447,503 
__________________________________________
(a)Represents the Company’s non-reportable Ames and Tool Source businesses.
(b)Represents changes in the fair value of stock appreciation rights.
(c)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.
(d)Represents non-cash equity-based compensation expense related to the issuance of share-based awards.
(e)Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility.
(f)Represents costs related to acquisitions paid to third parties.
(g)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.
(h)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.
(i)Represents the change in fair value of contingent consideration arrangements.
(j)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 line:
Year Ended April 30,
202520242023
(in thousands)
Wallboard$2,198,363 $2,263,337 $2,151,505 
Complementary products1,725,908 1,650,689 1,537,617 
Steel framing796,155 892,730 1,011,309 
Ceilings793,312 695,151 628,821 
Total net sales$5,513,738 $5,501,907 $5,329,252 
The following table presents additional detail on the Company’s net sales of complementary products:
Year Ended April 30,
202520242023
(in thousands)
Tools and fasteners$345,023 $346,482 $319,466 
Insulation362,175 320,209 293,755 
Joint treatment289,823 265,086 240,988 
Lumber159,675 151,457 147,507 
EIFS/stucco209,668 178,948 145,517 
Other359,544 388,507 390,384 
Complementary products$1,725,908 $1,650,689 $1,537,617 
Geographic Information
The following table presents the Company’s net sales by major geographic area:
Year Ended April 30,
202520242023
(in thousands)
United States$4,736,710 $4,815,044 $4,676,558 
Canada777,028 686,863 652,694 
Total net sales$5,513,738 $5,501,907 $5,329,252 
The following table presents the Company’s property and equipment by major geographic area:
April 30,
2025		April 30,
2024
(in thousands)
United States$459,608 $425,429 
Canada64,400 46,828 
Total property and equipment, net$524,008 $472,257