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Segments
 3 Months Ended
Jul. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
During the three months ended July 31, 2025, the Company divided its Western operating segment into two operating segments, Northwest and West, which resulted in an increase (from nine to ten) in the number of geographic operating segments. The Company performed a goodwill impairment test immediately before and after the change in operating segments, which indicated the fair values of the Company’s reporting units exceeded their carrying values. The Company aggregates its operating segments into a single reportable segment based on similarities between the operating segments’ economic characteristics, nature of products sold, production process, type of customer and methods of distribution. There were no other changes to the Company’s reportable segments during the three months ended July 31, 2025. The CODM is not regularly provided and does not evaluate segments using total asset or capital expenditure information and it is therefore not disclosed. 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, 2025.
Segment Results
The following table presents segment results:
Three Months Ended
July 31,
20252024
(in thousands)
Geographic Divisions Segment
Net sales$1,387,215 $1,416,818 
Less expenses (income):
Cost of sales (exclusive of depreciation and amortization)965,903 982,133 
Operating expenses290,455 294,833 
Other income(a)(1,303)(2,047)
Segment Adjusted EBITDA$132,160 $141,899 
__________________________________________
(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:
Three Months Ended
July 31,
20252024
(in thousands)
Reconciliation of net sales
Segment net sales$1,387,215 $1,416,818 
Other net sales(a)27,117 31,638 
Consolidated net sales$1,414,332 $1,448,456 
Reconciliation of Adjusted EBITDA
Segment Adjusted EBITDA$132,160 $141,899 
Other Adjusted EBITDA(a)3,329 3,982 
Consolidated Adjusted EBITDA135,489 145,881 
Interest expense(21,068)(22,213)
Interest income84 370 
Depreciation(21,290)(19,228)
Amortization(19,629)(18,804)
Stock appreciation expense(b)(867)(243)
Redeemable noncontrolling interests and deferred compensation(c)(86)(422)
Equity-based compensation(d)(3,744)(3,678)
Severance and other permitted costs(e)(1,185)(956)
Transaction costs (acquisitions and other)(f)(6,150)(1,280)
Loss on disposal of assets(g)(4)(858)
Effects of fair value adjustments to inventory(h)— (375)
Change in fair value of contingent consideration(i)(485)— 
Income before taxes$61,065 $78,194 
__________________________________________
(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, including costs for the pending merger with The Home Depot.
(g)Includes gains and losses from the sale and disposal of assets.
(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.
Revenues by Product
The following table presents the Company’s net sales to external customers by main product lines:
Three Months Ended
July 31,
20252024
(in thousands)
Wallboard$556,393 $587,929 
Complementary products440,457 443,513 
Steel framing196,553 209,858 
Ceilings220,929 207,156 
Total net sales$1,414,332 $1,448,456 
The following table presents additional detail on the Company’s net sales of complementary products:
Three Months Ended
July 31,
20252024
(in thousands)
Tools and fasteners$86,782 $91,169 
Insulation84,121 85,043 
Joint treatment74,979 75,289 
Lumber45,090 43,023 
EIFS/stucco53,957 50,952 
Other95,528 98,037 
Complementary products$440,457 $443,513 
Geographic Information
The following table presents the Company’s net sales by major geographic area:
Three Months Ended
July 31,
20252024
(in thousands)
United States$1,200,190 $1,258,905 
Canada214,142 189,551 
Total net sales$1,414,332 $1,448,456 
The following table presents the Company’s property and equipment, net, by major geographic area:
July 31,
2025		April 30,
2025
(in thousands)
United States$468,772 $459,608 
Canada62,275 64,400 
Total property and equipment, net$531,047 $524,008