GMS (GMS) 10-Q 13 Sep 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2016	Aug. 31, 2016
Document and Entity Information
Entity Registrant Name	GMS Inc.
Entity Central Index Key	1,600,438
Document Type	10-Q
Document Period End Date	Jul. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		40,942,905
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 9,828	$ 19,072
Trade accounts and notes receivable, net of allowances of $9,432 and $8,607, respectively	295,105	270,257
Inventories, net	186,006	165,766
Prepaid expenses and other current assets	12,109	16,548
Total current assets	503,048	471,643
Property and equipment, net of accumulated depreciation of $58,952 and $54,377, respectively	154,368	153,260
Goodwill	393,640	386,306
Intangible assets, net	223,594	221,790
Other assets	7,346	7,815
Total assets	1,281,996	1,240,814
Current liabilities:
Accounts payable	95,999	91,500
Accrued compensation and employee benefits	27,959	51,680
Other accrued expenses and current liabilities	42,985	41,814
Current portion of long-term debt	9,514	8,667
Revolving credit facility		26,914
Total current liabilities	176,457	220,575
Non‑current liabilities:
Long-term debt, less current portion	537,220	609,029
Deferred income taxes, net	37,908	41,203
Other liabilities	33,468	33,600
Liabilities to noncontrolling interest holders, less current portion	24,378	25,247
Total liabilities	809,431	929,654
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, authorized 500,000,000 shares; 40,942,905 and 32,892,905 shares issued at July 31, 2016 and April 30, 2016, respectively	409	329
Additional paid-in capital	486,494	334,244
Accumulated deficit	(13,102)	(22,265)
Accumulated other comprehensive loss	(1,236)	(1,148)
Total stockholders’ equity	472,565	311,160
Total liabilities and stockholders’ equity	$ 1,281,996	$ 1,240,814

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Condensed Consolidated Balance Sheets
Trade accounts and notes receivable, allowances (in dollars)	$ 9,432	$ 8,607
Property and equipment, accumulated depreciation (in dollars)	$ 58,952	$ 54,377
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	40,942,905	32,892,905
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
Net sales	$ 549,800	$ 452,441
Cost of sales (exclusive of depreciation and amortization shown separately below)	371,215	311,553
Gross profit	178,585	140,888
Operating expenses:
Selling, general and administrative	135,058	110,210
Depreciation and amortization	15,795	16,065
Total operating expenses	150,853	126,275
Operating income	27,732	14,613
Other (expense) income:
Interest expense	(7,577)	(9,257)
Write-off of discount and deferred financing fees	(5,426)
Other income, net	593	510
Total other (expense), net	(12,410)	(8,747)
Income before taxes	15,322	5,866
Provision for (benefit from) income taxes	6,159	2,855
Net income	$ 9,163	$ 3,011
Weighted average shares outstanding:
Basic (in shares)	38,200,597	32,677,418
Diluted (in shares)	38,602,378	32,830,677
Net income per share:
Basic (in dollars per share)	$ 0.24	$ 0.09
Diluted (in dollars per share)	$ 0.24	$ 0.09
Comprehensive loss:
Net income	$ 9,163	$ 3,011
Decrease in fair value of financial instrument, net of tax	(88)	(181)
Comprehensive income	$ 9,075	$ 2,830

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Treasury Stock	Total
Balance at Apr. 30, 2015	$ 328	$ 329,884	$ (30,650)	$ 10		$ 299,572
Balance (in shares) at Apr. 30, 2015	32,757,905
Increase (Decrease) in Stockholders' Equity
Net income			12,564			12,564
Change in accounting | Change in accounting for liability equity-based awards			(3,208)			(3,208)
Decrease in fair value of financial instruments, net of tax				(1,158)		(1,158)
Equity-based compensation		2,699				2,699
Stock repurchases					$ (5,827)	(5,827)
Stock repurchases (in shares)					394,577
Exercise of stock options	$ 1	1,661	(971)		$ 5,827	6,518
Exercise of stock options (in shares)	135,000				(394,577)
Balance at Apr. 30, 2016	$ 329	334,244	(22,265)	(1,148)		311,160
Balance (in shares) at Apr. 30, 2016	32,892,905
Increase (Decrease) in Stockholders' Equity
Net income			9,163			9,163
Decrease in fair value of financial instruments, net of tax				(88)		(88)
Equity-based compensation		643				643
Issuance of common stock in initial public offering, net of underwriting discounts and offering costs	$ 80	151,607				151,687
Issuance of common stock in initial public offering (in shares)	8,050,000
Balance at Jul. 31, 2016	$ 409	$ 486,494	$ (13,102)	$ (1,236)		$ 472,565
Balance (in shares) at Jul. 31, 2016	40,942,905

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Cash flows from operating activities:
Net income	$ 9,163	$ 3,011
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,382	7,279
Accretion and amortization of debt discount and deferred financing fees	6,129	854
Amortization of intangible assets	9,413	8,792
Provision for losses on accounts and notes receivable	(75)	(1)
Provision for obsolescence of inventory	23	43
Equity-based compensation	627	1,172
Net gain on sale or impairment of assets	(199)	(25)
Deferred income tax benefit	(3,222)	(4,091)
Prepaid expenses and other assets	(3,058)	(4,144)
Accrued compensation and employee benefits	(24,947)	(26,880)
Other accrued expenses and liabilities	852	11,429
Liabilities to noncontrolling interest holders	246	473
Income taxes	2,835	2,457
Total net income and adjustments	4,169	369
Changes in primary working capital components, net of acquisitions:
Trade accounts and notes receivable	(19,360)	(21,834)
Inventories	(17,101)	377
Accounts payable	1,672	2,677
Cash used in operating activities	(30,620)	(18,411)
Cash flows from investing activities:
Purchases of property and equipment	(2,607)	(1,465)
Proceeds from sale of assets	841	430
Acquisition of businesses, net of cash acquired	(23,278)
Cash used in investing activities	(25,044)	(1,035)
Cash flows from financing activities:
Repayments on the revolving credit facility	(225,702)	(136,243)
Borrowings from the revolving credit facility	280,397	161,089
Payments of principal on long-term debt	(975)	(975)
Principal repayments of capital lease obligations	(1,213)	(1,032)
Proceeds from issuance of common stock in initial public offering, net of offering costs	157,217
Repayment of term loan	(160,000)
Stock repurchases		(5,827)
Exercise of stock options		3,317
Payments of contingent considerations	(3,304)
Cash provided by financing activities	46,420	20,329
(Decrease) increase in cash and cash equivalents	(9,244)	883
Balance, beginning of period	19,072	12,284
Balance, end of period	9,828	13,167
Supplemental cash flow disclosures:
Cash paid for income taxes	6,540	4,515
Cash paid for interest	6,613	7,943
Supplemental schedule of noncash activities:
Assets acquired under capital lease	3,824	2,283
Change in fair value of derivative instrument	(205)	(282)
Increase (decrease) increase in insurance claims payable and insurance recoverable	$ 161	$ (26,000)

Basis of Presentation, Business

Basis of Presentation, Business and Summary of Significant Accounting Policies	3 Months Ended
	Jul. 31, 2016
Basis of Presentation, Business and Summary of Significant Accounting Policies
Basis of Presentation, Business and Summary of Significant Accounting Policies	1. Basis of Presentation, Business and Summary of Significant Accounting Policies The terms “we,” “our,” “us,” “Successor” or the “Company” refer to GMS Inc. and its subsidiaries. When such terms are used in this manner throughout the notes to the condensed consolidated financial statements, they are in reference only to the corporation, GMS Inc. and its subsidiaries, and are not used in reference to the Board of Directors, corporate officers, management, or any individual employee or group of employees. On April 1, 2014, GYP Holdings I Corp., or the Successor, acquired, through its wholly‑owned entities, GYP Holdings II Corp. and GYP Holdings III Corp., all of the capital stock of Gypsum Management and Supply, Inc. (the “Predecessor”). Successor is majority owned by certain affiliates of AEA Investors LP, or “AEA,” and certain of our other stockholders. We refer to this acquisition as the “Acquisition” and April 1, 2014 as the “Acquisition Date.” We were previously known as GYP Holdings I Corp. and changed our name to GMS Inc. on July 6, 2015. We have no independent operations and our only asset is our investment in the Predecessor. Business Founded in 1971, we are a distributor of specialty building products including wallboard, suspended ceilings systems, or ceilings, steel framing and other complementary specialty building products. We purchase products from a large number of manufacturers and then distribute these goods to a customer base consisting of wallboard and ceilings contractors and homebuilders, and to a lesser extent, general contractors and individuals. We have created a national footprint with more than 185 branches across 41 states. Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of April 30, 2016 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of our management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of the results of operations, financial position, and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. For a more complete discussion of the Company’s significant accounting policies and other information, you should read these unaudited condensed consolidated financial statements in conjunction with our annual audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2016, which include all disclosures required by GAAP. Initial Public Offering On June 1, 2016, we completed our initial public offering, or IPO, of 8,050,000 shares of common stock at a price of $21.00 per share, including 1,050,000 shares of common stock that were issued as a result of the exercise in full by the underwriters of an option to purchase additional shares to cover over‑allotments. After underwriting discounts and commissions but before expenses, we received net proceeds from the IPO of approximately $157,200. We used these proceeds together with cash on hand to repay the $160,000 principal amount of our term loan debt outstanding under our senior secured second lien term loan facility, or the Second Lien Facility, which was a payment in full of the entire loan balance due under the Second Lien Facility. Revision of Financial Statements During the preparation of the Annual Report on Form 10-K for the year ended April 30, 2016, the Company determined that an inappropriate statutory tax rate was used to value deferred tax liabilities related to certain assets purchased in the Acquisition as of April 1, 2014. This resulted in an understatement of “Deferred income taxes, net” and “Goodwill”, as of April 30, 2015, and an overstatement of “Provision for (benefit from) income taxes” and an understatement of “Net income (loss)” for the year ended April 30, 2015. The Company assessed the materiality of the misstatement in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and concluded that this misstatement was not material to the Company’s Consolidated Financial Statements for the prior periods and that amendments of previously filed reports were not required. However, the Company determined that the impact of the corrections would be too significant to record in the fourth quarter of fiscal 2016. As such, the revision for the correction is reflected in the three months ended July 31, 2015 financial information in this Quarterly Report on Form 10‑Q. Disclosure of the revised amounts will also be reflected in future filings containing the applicable periods. The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Operations for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Provision for income taxes $ $ $ Net income $ $ $ Net income per share: Basic $ $ — $ Diluted $ $ $ The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Net income $ $ $ Adjustments to reconcile net income to net cash used in operating activities: Deferred income tax expense Cash used in operating activities $ $ — $ Principles of Consolidation The Condensed Consolidated Financial Statements present the results of operations, financial position and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Results of operations of businesses acquired are included from their respective dates of acquisition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Insurance Liabilities The Company is self‑insured for certain losses related to medical claims. The Company has deductible‑based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The deductible amount is $250, $500 and $1,000 for general liability, workers’ compensation and automobile, respectively. The Company has stop‑loss coverage to limit the exposure arising from claims. The coverage consists of a primary layer and an excess layer. The primary layer of coverage is from $500 to $2,000 and the excess layer covers claims from $2,000 to $100,000. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using loss development factors and actuarial assumptions followed in the insurance industry and historical loss development experience. At July 31, 2016 and April 30, 2016, the aggregate liabilities for medical self‑insurance were $3,272 and $3,342, respectively, and are recorded in “Other accrued expenses and current liabilities” within the Condensed Consolidated Balance Sheets. At July 31, 2016 and April 30, 2016, reserves for general liability, automobile and workers’ compensation totaled approximately $12,419 and $12,213 respectively, and are recorded in “Other accrued expenses and current liabilities” and “Other liabilities” in the Condensed Consolidated Balance Sheets. In fiscal 2015, a material claim was settled by our insurance carrier in the amount of approximately $26,000 and was paid by our insurance carrier in full, subject to the deductible, during the three months ended July 31, 2015. At July 31, 2016 and April 30, 2016, amounts recoverable for general liability, automobile and workers’ compensation, totaled approximately $4,993 and $4,832, respectively and are recorded in “Prepaid expenses and other current assets” and “Other assets” in the Condensed Consolidated Balance Sheets. Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The carrying value of cash and cash equivalents, receivables, accounts payable, other current liabilities and accrued interest approximates fair value due to its short‑term nature. Based on borrowing rates available to the Company for loans with similar terms, the carrying values of the ABL Facility, First Lien Facility and other debt approximate fair value. Accounting guidance establishes a three‑level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. Level 2 Inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model‑derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. As discussed in Note 8, we have recorded stock appreciation rights, deferred compensation and redeemable noncontrolling interests at their expected fair values. The determination of these fair values is based on Level 3 inputs. These inputs include a volatility rate based on comparable entities, a discount rate, and the expected time to redemption of the liabilities, historical values of the book equity of certain subsidiaries, and market information for comparable entities. The use of these inputs to derive the fair value of the liabilities at a point in time can result in volatility to the financial statements to our current and projected financial results. Stock Appreciation Rights, Deferred Compensation and Liabilities to Noncontrolling Interest Holders Certain subsidiaries have equity based compensation agreements with the subsidiary’s employees and minority shareholders. These agreements are stock appreciation rights, deferred compensation agreements, and liabilities to noncontrolling interest holders. Since these agreements are typically settled in cash or notes, and do not meet the criteria established by ASC 718, “ Compensation—Stock Compensation ” to be accounted for in “Stockholders’ equity”, they are accounted for as liability awards. See Note 8. Treasury Stock In the three months ended July 31, 2015, we repurchased 394,577 shares of our common stock at a cost of $5,827 in connection with our separation agreement with a former employee. We then reissued 179,675 of these shares for proceeds of $2,211 during the three months ended July 31, 2015. The difference between the cost of the treasury stock and the proceeds from its reissuance was accounted for, using the “cost” method, as an increase to “Accumulated deficit” of $442. Net Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted‑average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if instruments that may require the issuance of common stock in the future were settled and the underlying shares of common stock were issued. Diluted earnings per share is computed by increasing the weighted‑average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of stock options and other equity‑based instruments held by the Company’s employees and directors during each period. In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share. Recent Accounting Pronouncements The Company has evaluated the recent pronouncements issued since filing its Annual Report on Form 10-K for the year-ended April 30, 2016 and believes that none of them will have a material effect on the Company’s Condensed Consolidated Financial Statements Deferred Taxes —In November 2015, the FASB issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes” ("ASU 2015-17"). This amendment changes how deferred taxes are recognized by eliminating the requirement of presenting deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, the requirement will be to classify all deferred tax liabilities and assets as noncurrent. ASU 2015-17 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption permitted. ASU 2015-17 can be adopted either prospectively or retrospectively to all periods presented. The Company early adopted ASU 2015-17 retrospectively as of July 31, 2016. As a result, $11,047 of our deferred tax assets previously presented in current assets as of April 30, 2016 have been reclassified to “Deferred income taxes, net” in the Condensed Consolidated Balance Sheet as of that date. Adoption of this standard did not impact results of operations or cash flows in the current or previous reporting periods.

Business Acquisitions

Business Acquisitions	3 Months Ended
	Jul. 31, 2016
Business Acquisitions
Business Acquisitions	2. Business Acquisitions The Company operates in a highly fragmented industry. A key component of the Company’s strategy is growth through acquisition that expands its geographic coverage, provides complementary lines of business and increases its market share. The Company has accounted for all business combinations using the purchase method, in accordance with ASC 805, to record a new cost basis for the assets acquired and liabilities assumed. The Company recorded, based on preliminary purchase price allocations, intangible assets representing client relationships, tradenames, and excess of purchase price over the estimated fair value of the tangible assets acquired and liabilities assumed as “Goodwill” in the accompanying Condensed Consolidated Financial Statements. The goodwill is attributable to synergies achieved through the streamlining of operations combined with improved margins attainable through increased market presence. The results of operations of these acquisitions are reflected in the Condensed Consolidated Financial Statements of the Company from the date of acquisition. (a) 2017 Acquisitions In the three months ended July 31, 2016, the Company completed the following acquisitions, with an aggregate purchase price of $25,989, subject to finalization of working capital settlement amounts. Company name Form of acquisition Date of acquisition Wall & Ceiling Supply Co., Inc. Purchase of net assets May 2, 2016 Rockwise, LLC Purchase of net assets July 5, 2016 The preliminary allocation of purchase consideration for these acquisitions is summarized as follows: Preliminary purchase price allocation July 31, 2016 Trade accounts and notes receivable $ Inventories Property and equipment Other assets Tradenames Customer relationships Goodwill Liabilities assumed Purchase price $ Goodwill of $7,590 and other intangible assets of $11,200 are expected to be deductible for U.S. federal income tax purposes. The Company believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize those fair values. Thus, the provisional measurements of fair value set forth above are preliminary. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation as soon as practicable but no later than one year from the applicable acquisition date. The pro forma impact of these acquisitions is not presented as it is not considered material to our Condensed Consolidated Financial Statements. (b) 2016 Acquisitions In fiscal 2016, the Company completed the following acquisitions, with an aggregate purchase price of $117,032, comprised of $112,778 of cash consideration, net and $4,254 of contingent consideration, subject to the finalization of working capital settlement amounts. Company name Form of acquisition Date of acquisition Tri-Cities Drywall & Supply Co. Purchase of net assets September 29, 2015 Badgerland Supply, Inc. Purchase of net assets November 2, 2015 Hathaway & Sons, Inc. Purchase of net assets November 9, 2015 Gypsum Supply Company Purchase of 100% of outstanding common stock January 1, 2016 Robert N. Karpp Co., Inc. Purchase of net assets February 1, 2016 Professional Handling & Distribution, Inc. Purchase of net assets February 1, 2016 M.R. Lee Building Materials, Inc. Purchase of net assets April 4, 2016 The preliminary allocation of purchase consideration for these acquisitions is summarized as follows: Preliminary Preliminary purchase price purchase price allocation Adjustments/ allocation April 30, 2016 Reclassifications July 31, 2016 Trade accounts and notes receivable $ $ $ Inventories — Property and equipment — Other assets Tradenames — Below market leases — Customer relationships — Goodwill Deferred tax liability — Liabilities assumed Purchase price $ $ $ During the first three months of fiscal 2017, the Company recorded adjustments to working capital resulting in a decrease in total consideration paid of $146. Goodwill of $13,515 and other intangible assets of $26,335 are expected to be deductible for U.S. federal income tax purposes. Goodwill of $25,062 and other intangibles of $17,240 are nondeductible for U.S. federal income tax purposes. The Company believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed but the Company is waiting for additional information necessary to finalize the fair values of these acquisitions, all of which occurred after July 31, 2015. Thus, the provisional measurements of fair value set forth above are preliminary for these acquisitions. Such changes are not expected to be significant. The Company expects to complete the purchase price allocation for these acquisitions as soon as practicable but no later than one year from the applicable acquisition date. The pro forma impact of these acquisitions is not presented as it is not considered material to our Condensed Consolidated Financial Statements.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jul. 31, 2016
Goodwill and Intangible Assets
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets The following table represents the activity of “Goodwill” from May 1, 2015 to July 31, 2016: Carrying Amount Balance at May 1, 2015 $ Working capital adjustments Goodwill acquired during the year Balance at April 30, 2016 Working capital adjustments Goodwill acquired during the period Balance at July 31, 2016 $ During the three months ended July 31, 2016 the Company recorded $10,800 and $400 in customer relationships and tradenames as a result of the Wall & Ceiling Supply Co., Inc. and Rockwise, LLC acquisitions discussed in Note 2. The recently acquired customer relationships and tradenames will be amortized over weighted-average periods of 11.6 years and 10.0 years, respectively. The Company’s definite lived intangible assets as of July 31, 2016 and April 30, 2016 consist of the following: Estimated Weighted July 31, 2016 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.8 $ $ $ Definite lived tradenames 5 - 20 19.2 Vendor agreement 8 — Leasehold interests 7 - 13 8.2 Totals $ $ $ Estimated Weighted April 30, 2016 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.8 $ $ $ Definite lived tradenames 5 - 20 19.5 Vendor agreement 8 — Leasehold interests 7 - 13 8.2 Totals $ $ $ The Company’s indefinite lived intangible assets consist of tradenames which have a carrying amount of $61,368 as of July 31, 2016 and April 30, 2016. Amortization expense related to intangible assets was $9,413 and $8,792 for the three months ended July 31, 2016 and 2015, respectively, and is recorded in “Depreciation and amortization” expense in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jul. 31, 2016
Long-Term Debt
Long-Term Debt	4. Long‑Term Debt Initial Public Offering As described in Note 1, “ —Initial Public Offering ,” on June 1, 2016, we used the IPO proceeds together with cash on hand to repay the $160,000 principal amount of our term loan debt outstanding under our Second Lien Facility, which was a payment in full of the entire loan balance due under the Second Lien Facility. In addition, we recorded a write-off of debt discount and deferred financing fees of $5,426 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income. Long‑term debt at July 31, 2016 and April 30, 2016 consists of the following: July 31, April 30, 2016 2016 First Lien Term Loan due 2021(1)(2) $ $ Second Lien Term Loan due 2022(3)(4) — ABL Facility Capital lease obligations, at an annual rate of 5.25%, due in monthly installments through August 2022 Installment notes at fixed rates up to 2.7%, due in monthly and annual installments through April 2021 Less: Current portion Total long ‑ term debt $ $ (1) Net of unamortized discount of $1,284 and $1,355 as of July 31, 2016 and April 30, 2016, respectively. (2) Net of deferred financing costs of $6,490 and $6,847 as of July 31, 2016 and April 30, 2016, respectively. (3) Net of unamortized discount of $0 and $1,183 as of July 31, 2016 and April 30, 2016, respectively. (4) Net of deferred financing costs of $0 and $4,300 as of July 31, 2016 and April 30, 2016, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2016
Income Taxes
Income Taxes	5. Income Taxes Under ASC 740‑270, Income Taxes—Interim Reporting (“ASC 740‑270”), each interim period is considered an integral part of the annual period and tax expense (benefit) is measured using an estimated annual effective income tax rate. Estimates of the annual effective income tax rate at the end of interim periods are, out of necessity, based on evaluation of possible future events and transactions and may be subject to subsequent refinement or revision. The Company forecasts its estimated annual effective income tax rate and then applies that rate to its year‑to‑date pre‑tax ordinary income (loss), subject to certain loss limitation provisions. In addition, certain specific transactions are excluded from the Company’s estimated annual effective tax rate computation, but are discretely recognized within income tax expense (benefit) in their respective interim period. Future changes in the forecasted annual income (loss) projections, tax rate changes, or discrete tax items could result in significant adjustments to quarterly income tax expense (benefit) in future periods. The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In this evaluation, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The primary negative evidence considered includes the cumulative operating losses generated in prior periods. The primary positive evidence considered includes the reversal of deferred tax liabilities related to depreciation and amortization that would occur within the same jurisdiction and during the carry forward period necessary to absorb the federal and state net operating losses and other deferred tax assets. The reversal of such liabilities would utilize the federal and state net operating losses and other deferred tax assets. Deferred tax assets and liabilities are computed by applying the federal and state income tax rates in effect to the gross amounts of temporary differences and other tax attributes, such as net operating loss carry‑forwards. In assessing if the deferred tax assets will be realized, the Company considers whether it is more likely than not that some or all of these deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which these deductible temporary differences reverse. The Company had valuation allowances of $83 against its deferred tax assets related to certain tax jurisdictions as of July 31, 2016 and April 30, 2016. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed. The effective income tax rate on continuing operations for the three months ended July 31, 2016 was 40.2%, compared to an effective income tax rate of 48.7% for the three months ended July 31, 2015. The decrease in the effective income tax rate is primarily due to the decreased impact of permanent differences and a decrease in the blended state tax rate. The Company had no material uncertain tax positions as of July 31, 2016 and April 30, 2016.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Jul. 31, 2016
Stockholders’ Equity
Stockholders’ Equity	6. Stockholders’ Equity Amended and Restatement of Certificate of Incorporation On May 13, 2016, we amended and restated our certificate of incorporation to increase our authorized share count to 550,000,000 shares of stock, including 500,000,000 shares of common stock and 50,000,000 shares of preferred stock, each with a par value of $0.01 per share and to split our common stock 10.158‑for‑1. Unless otherwise noted herein, historical share data has been adjusted to give effect to the stock split. Initial Public Offering As described in Note 1, “ —Initial Public Offering ,” on June 1, 2016, we completed our IPO of 8,050,000 shares of common stock at a price of $21.00 per share, including 1,050,000 shares of common stock that were issued as a result of the exercise in full by the underwriters of an option to purchase additional shares to cover over‑allotments. After underwriting discounts and commissions but before expenses, we received net proceeds from the IPO of approximately $157,200. We used these proceeds together with cash on hand to repay the $160,000 principal amount of our term loan debt outstanding under our Second Lien Facility, which was a payment in full of the entire loan balance due under the Second Lien Facility.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Jul. 31, 2016
Equity-Based Compensation
Equity-Based Compensation	7. Equity‑Based Compensation General The Company has a 2014 GYP Holdings I Corp. Stock Option Plan, (the “Plan”) that provides for granting of stock options and other equity awards. The Plan authorizes 3,591,422 shares of common stock for issuance. The stock options vest over a four - year period and have a 10‑year term. The plan is designed to motivate and retain individuals who are responsible for the attainment of our primary long‑term performance goals. The plan provides a means whereby our employees and directors develop a sense of ownership and personal involvement in our development and financial success and encourage them to devote their best efforts to our business. The Company accounts for share‑based awards in accordance with ASC 718. ASC 718 requires measurement of compensation cost for all share‑based awards at fair value on the grant date (or measurement date if different) and recognition of compensation expense, net of estimated forfeitures, over the requisite service period for awards expected to vest. Stock Option Awards We utilize the Black‑Scholes option‑pricing model to estimate the grant‑date fair value of all stock options. The Black‑Scholes option‑pricing model requires the use of weighted average assumptions for estimated expected volatility, estimated expected term of stock options, risk‑free rate, estimated expected dividend yield, and the fair value of the underlying common stock at the date of grant. Prior to our IPO discussed in Note 1, “ —Initial Public Offering ,” we did not have sufficient history to estimate the expected volatility of our common stock price, therefore expected volatility has been based on the average volatility of peer public entities that are similar in size and industry. We estimate the expected term of all stock options based on previous history of exercises. The risk‑free rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the stock option. The expected dividend yield is 0% as we have not declared any common stock dividends to date and do not expect to declare common stock dividends in the near future. The fair value of the underlying common stock at the date of grant was determined based on the value of the Company’s closing stock price on the trading day immediately preceding the date of the grant. We estimate forfeitures based on our historical analysis of actual stock option forfeitures and employee turnover. Actual forfeitures are recorded when incurred and estimated forfeitures are reviewed and adjusted at least annually. The weighted average assumptions used in the Black‑Scholes option‑pricing model during the three months ended July 31, 2016 are set forth below: July 31, 2016 Volatility % Expected life (years) Risk ‑ free interest rate % Dividend yield — % In the three months ended July 31, 2016, the Company issued 165,636 stock option awards to employees that vest based on service only. The weighted average grant date fair value of each stock option was $9.56 and the aggregate fair value of options outstanding was $1,583. All of these awards vest over a four‑year period. Additionally, all these options could vest earlier in the event of a change in control, merger or other acquisition. This expense is recorded on an accelerated basis over the requisite service period of each separate vesting tranche. Share‑based compensation expense related to stock option awards was $643 and $498 for the three months ended July 31, 2016 and 2015, respectively, and was included as a component of “Selling, general and administrative” expenses in our Condensed Consolidated Statements of Operations and Comprehensive Income. At July 31, 2016, the unrecognized compensation expense related to stock option awards was $3,284, with a remaining weighted average life of 2.08 years. The Company did not issue any stock option awards during the three months ended July 31, 2015. A summary of stock option activity for the three months ended July 31, 2016 follows: Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic options price life (years) value Outstanding at May 1, 2016 $ Options granted $ Options exercised — — Options forfeited — — Options expired — — Outstanding at July 31, 2016 $ $ Exercisable at July 31, 2016 $ $ Expected to vest after July 31, 2016 $ $ Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted average exercise price multiplied by the number of options outstanding or exercisable. Options expected to vest are unvested shares net of expected forfeitures.

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	3 Months Ended
	Jul. 31, 2016
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	8. Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests Certain subsidiaries have equity based compensation arrangements with certain of the subsidiary’s employees and minority shareholders. These arrangements are stock appreciation rights, deferred compensation agreements and liabilities to noncontrolling interest holders. Since these arrangements are typically settled in cash or notes, and do not meet the criteria established by ASC 718 to be accounted for in “Stockholders’ equity”, they are accounted for as liability awards. As a result of the transition guidance stated within ASC 718, we recorded these liability awards at fair value as of July 31, 2016 and 2015. Stock appreciation rights —Certain subsidiaries have granted stock appreciation rights to certain employees under which payments are dependent on the appreciation in the book value per share, adjusted for certain provisions, of the applicable subsidiary. Settlements of the awards can be made in a combination of cash or installment notes, generally paid over four years, upon a triggering event. Vesting periods vary by grant date and range from fiscal 2017 to fiscal 2018. Current liabilities related to these plans of $806 and $808 were included in “Accrued compensation and employee benefits” at July 31, 2016 and April 30, 2016, respectively. Long‑term liabilities related to these plans of $19,615 and $19,725 were recorded as components of “Other liabilities” at July 31, 2016 and April 30, 2016, respectively. Below is a summary of changes to the liability: As of July 31, 2016 Stock appreciation rights as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Stock appreciation rights as of July 31, 2016 (at fair value) $ Deferred compensation —Certain shareholders of the Company’s subsidiaries have entered into other deferred compensation agreements that granted the shareholders a payment based on a percentage in excess of book value, adjusted for certain provisions, upon an occurrence as defined in the related agreements, which are called “Buy Sell” agreements. The liabilities related to these plans of $3,092 and $3,270 were included in “Other liabilities” at July 31, 2016 and April 30, 2016, respectively. Current liabilities related to these plans of $224 and $0 were included in “Accrued compensation and employee benefits” at July 31, 2016 and April 30, 2016, respectively. These instruments are redeemed in cash or installment notes, generally paid in annual installments generally over the five years following termination of employment. Below is a summary of changes to the liability: As of July 31, 2016 Deferred compensation as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Deferred compensation as of July 31, 2016 (at fair value) $ Liabilities to noncontrolling interest holders —As described in Note 1, noncontrolling interests were issued to certain employees of the Company’s subsidiaries. All of the noncontrolling interest awards are subject to mandatory redemption on termination of employment for any reason. These instruments are redeemed in cash or installment notes, generally paid in annual installments generally over the five years following termination of employment. Liabilities related to these agreements are classified as share based liability awards and are measured at fair value under ASC 718. As of July 31, 2016 and April 30, 2016, the total fair value of these liabilities was $26,831 and $26,585, respectively. Amounts expected to be paid in the next year as of July 31, 2016 and April 30, 2016 are included in “Accrued compensation and employee benefits” in the amounts of $2,453 and $1,338, respectively. As of July 31, 2016 and April 30, 2016, long-term liabilities related to this plan of $24,378 and $25,247, respectively, were included in “Liabilities to noncontrolling interest holders, less current portion.” Below is a summary of changes to the liability: As of July 31, 2016 Non ‑ controlling interests as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Non ‑ controlling interests as of July 31, 2016 (at fair value) $ In connection with the Acquisition, noncontrolling interest holders had the option to convert their interests in the subsidiaries into the Company. Noncontrolling interests of $32,545 were converted into the Company’s common stock at the date of the Acquisition. Upon the termination of employment or other triggering events including death or disability of the noncontrolling stockholders in the Company’s subsidiaries, we are obligated to purchase, or redeem, the noncontrolling interests at either an agreed upon price or a formula value provided in the stockholder agreements. This formula value is typically based on the book value per share of the subsidiary’s equity, including certain adjustments.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Jul. 31, 2016
Transactions With Related Parties
Transactions With Related Parties	9. Transactions With Related Parties The Company leases office and warehouse facilities from partnerships or entities owned by certain stockholders of GMS Inc. and its subsidiaries and other GMS employees that were the owners of companies that the Company has acquired. At July 31, 2016, these leases had expiration dates through fiscal 2021. Rent expense related to these leases included in the accompanying Condensed Consolidated Financial Statements approximated $195 for the three months ended July 31, 2016 and 2015 and is recorded in “Selling, general and administrative” expenses. The Company purchases inventories from its former subsidiary, Southern Wall Products, Inc. (“SWP”), on a continuing basis. Certain stockholders of the Company are stockholders of SWP, which was spun‑off from Gypsum Management and Supply, Inc. on August 31, 2012. The Company purchased inventory from SWP for distribution in the amount of $3,165 and $3,275 in the three months ended July 31, 2016 and 2015, respectively. Amounts due to SWP for purchases of inventory for distribution as of July 31, 2016 and April 30, 2016 were $863 and $1,097, respectively, and are included in “Accounts payable”. Purchases between Gypsum Management and Supply, Inc. and SWP prior to the spin‑off were accounted for as intercompany transactions and eliminated in consolidation. In connection with the IPO, the Company terminated its management agreement with AEA Investors LP. The agreement required the Company to pay AEA an annual management fee of $2,250 per year following the Acquisition for advisory and consulting services. The Company paid the final payment of $188 in the three months ended July 31, 2016 and $563 in the three months ended July 31, 2015 which is included in “Selling, general and administrative” expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 31, 2016
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies Litigation, Claims and Assessment The Company is a defendant in various lawsuits and administrative actions associated with personal injuries, claims of former employees, and other events arising in the normal course of business. As discussed in Note 1 “—Insurance Liabilities”, the Company records liabilities for these claims, and assets for amounts recoverable from the insurer, for these claims covered by insurance.

Segments

Segments	3 Months Ended
	Jul. 31, 2016
Segments
Segments	11. Segments The Company applies the provisions of ASC Topic 280, “ Segment Reporting .” ASC 280, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity‑wide disclosures about products, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker (“CODM”) and for which discrete financial information is available. For purposes of evaluation under these segment reporting principles, the CODM assesses the Company’s ongoing performance based on the periodic review of net sales, Adjusted EBITDA and certain other measures for each of the operating segments. We report our financial results in accordance with GAAP. However, we present Adjusted EBITDA, which is not a recognized financial measure under GAAP, because we believe it assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA is helpful in highlighting trends in our operating results, while other measures can differ significantly depending on long‑term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. In addition, we utilize Adjusted EBITDA in certain calculations under the ABL Facility and the First Lien Facility. The ABL Facility and the First Lien Facility permit us to make certain additional adjustments in calculating Consolidated EBITDA, such as projected net cost savings, which are not reflected in the Adjusted EBITDA data presented in this Quarterly Report on Form 10‑Q. We may in the future reflect such permitted adjustments in our calculations of Adjusted EBITDA. Based on the provisions of ASC 280, the Company has determined that it has seven operating segments. These operating segments are based on the seven geographic divisions, which are Central, Midwest, Northeast, Southern, Southeast, Southwest and Western, and Tool Source Warehouse, Inc. Due to similarities between the geographic operating segments, we have aggregated them into one reportable segment in accordance with ASC 280. The accounting policies of the operating segments are the same as those described in the summary of significant policies. In addition to our reportable segment, the Company’s consolidated results include corporate activities, which include our corporate office building and related yard support activities and Tool Source Warehouse, Inc., which functions primarily as an internal distributor of tools. The Company has revised its prior year presentation of segment Depreciation and Amortization to disclose corporate Depreciation and Amortization of $243 for the three months ended July 31, 2015, originally disclosed as part of “Geographic divisions.” In addition, within the “Geographic divisions” segment the Company has increased net sales by $3,937 for the three months ended July 31, 2015 to correct amounts which were previously reflected in “Other.” The prior year misclassification was not material to the previously issued financial statements. Net sales, Adjusted EBITDA and certain other measures for the reportable segment and total continuing operations for the periods indicated are as follows: Three Months Ended July 31, 2016 July 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Total assets Geographic divisions $ $ $ $ $ Other Corporate — — — $ $ $ $ $ Three Months Ended July 31, 2015 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ The following is a reconciliation of our Adjusted EBITDA to “Net income” for the three months ended July 31, 2016 and 2015: Three Months Ended July 31, 2016 2015 (i) Adjusted EBITDA $ $ Interest expense Interest income Income tax expense Depreciation expense Amortization expense Stock appreciation rights expense(a) Redeemable noncontrolling interests(b) Equity-based compensation(c) Severance and other permitted costs(d) Transaction costs (acquisitions and other)(e) Gain on disposal of assets Management fee to related party(f) Effects of fair value adjustments to inventory(g) — Interest rate cap mark-to-market(h) — Net income $ $ (a) Represents non‑cash compensation expenses related to stock appreciation rights agreements. For additional details regarding stock appreciation rights, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016. (b) Represents non‑cash compensation expense related to changes in the redemption values of noncontrolling interests. For additional details regarding redeemable noncontrolling interests of our subsidiaries, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016. (c) Represents non‑cash equity‑based compensation expense related to the issuance of stock options. (d) Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facilities. (e) Represents one‑time costs related to our IPO and acquisitions (other than the Acquisition) paid to third party advisors. (f) Represents management fees paid by us to our Sponsor. Following our IPO, our Sponsor no longer receives management fees from us. (g) Represents the non‑cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value. (h) Represents the mark‑to‑market adjustments for the interest rate cap. (i) Quarterly amounts for fiscal 2016 included in the table above reflect the revised balances for income tax expense and net income as discussed in Note 1, “Basis of Presentation, Business, and Summary of Significant Accounting Policies” of Item 1 of this Quarterly Report on Form 10-Q. The Company does not earn revenues or have long‑lived assets located in foreign countries. In accordance with the enterprise‑wide disclosure requirements of ASC 280, the Company’s net sales from external customers by main product lines are as follows for the three months ended July 31, 2016 and 2015, respectively: Three Months Ended Three Months Ended July 31, % of July 31, % of 2016 Total 2015 Total (dollars in thousands) Wallboard $ % $ % Ceilings % % Steel Framing % % Other products % % Total net sales $ $

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Jul. 31, 2016
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share	12. Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share of common stock for the three months ended July 31, 2016 and 2015: Three Months Ended July 31, 2016 2015 Net income $ $ Basic earnings per common share: Basic weighted average shares outstanding per common share Basic earnings per common share $ $ Diluted earnings per common share: Basic weighted average shares outstanding per common share Add: Shares of common stock assumed issued upon exercise of stock options Diluted weighted average shares outstanding per common share Diluted earnings per common share $ $

Subsequent Events

Subsequent Events	3 Months Ended
	Jul. 31, 2016
Subsequent Events
Subsequent Events	13. Subsequent Events Subsequent to July 31, 2016, the Company acquired Steven F. Kempf Building Materials, Inc. (“SKBM”) and Olympia Building Supplies, LLC (“OBS”) for a total purchase price of approximately $75,627. SKBM and OBS distribute wallboard and related building materials from four locations in Pennsylvania and Florida. For the twelve months ended July 31, 2016, the combined companies generated an aggregate of approximately $99,724 in net sales. Subsequent to July 31, 2016, the Company made an election under section 338 (h)(10) of the Internal Revenue Code which effectively changed the tax treatment of the Company’s acquisition of Gypsum Supply Company from a stock transaction to an asset transaction for tax purposes. As a result of this election, the Company will decrease deferred tax liabilities and tax expense in the three months ended October 31, 2016 by approximately $6,500.

Basis of Presentation, Busine20

Basis of Presentation, Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2016
Basis of Presentation, Business and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission that permit reduced disclosure for interim periods. The condensed consolidated balance sheet as of April 30, 2016 was derived from audited financial statements, but does not include all necessary disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of our management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair statement of the results of operations, financial position, and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. For a more complete discussion of the Company’s significant accounting policies and other information, you should read these unaudited condensed consolidated financial statements in conjunction with our annual audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2016, which include all disclosures required by GAAP.
Initial Public Offering	Initial Public Offering On June 1, 2016, we completed our initial public offering, or IPO, of 8,050,000 shares of common stock at a price of $21.00 per share, including 1,050,000 shares of common stock that were issued as a result of the exercise in full by the underwriters of an option to purchase additional shares to cover over‑allotments. After underwriting discounts and commissions but before expenses, we received net proceeds from the IPO of approximately $157,200. We used these proceeds together with cash on hand to repay the $160,000 principal amount of our term loan debt outstanding under our senior secured second lien term loan facility, or the Second Lien Facility, which was a payment in full of the entire loan balance due under the Second Lien Facility.
Revision of Financial Statements	Revision of Financial Statements During the preparation of the Annual Report on Form 10-K for the year ended April 30, 2016, the Company determined that an inappropriate statutory tax rate was used to value deferred tax liabilities related to certain assets purchased in the Acquisition as of April 1, 2014. This resulted in an understatement of “Deferred income taxes, net” and “Goodwill”, as of April 30, 2015, and an overstatement of “Provision for (benefit from) income taxes” and an understatement of “Net income (loss)” for the year ended April 30, 2015. The Company assessed the materiality of the misstatement in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, and concluded that this misstatement was not material to the Company’s Consolidated Financial Statements for the prior periods and that amendments of previously filed reports were not required. However, the Company determined that the impact of the corrections would be too significant to record in the fourth quarter of fiscal 2016. As such, the revision for the correction is reflected in the three months ended July 31, 2015 financial information in this Quarterly Report on Form 10‑Q. Disclosure of the revised amounts will also be reflected in future filings containing the applicable periods. The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Operations for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Provision for income taxes $ $ $ Net income $ $ $ Net income per share: Basic $ $ — $ Diluted $ $ $ The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Net income $ $ $ Adjustments to reconcile net income to net cash used in operating activities: Deferred income tax expense Cash used in operating activities $ $ — $
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements present the results of operations, financial position and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Results of operations of businesses acquired are included from their respective dates of acquisition.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Insurance Liabilities	Insurance Liabilities The Company is self‑insured for certain losses related to medical claims. The Company has deductible‑based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The deductible amount is $250, $500 and $1,000 for general liability, workers’ compensation and automobile, respectively. The Company has stop‑loss coverage to limit the exposure arising from claims. The coverage consists of a primary layer and an excess layer. The primary layer of coverage is from $500 to $2,000 and the excess layer covers claims from $2,000 to $100,000. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using loss development factors and actuarial assumptions followed in the insurance industry and historical loss development experience. At July 31, 2016 and April 30, 2016, the aggregate liabilities for medical self‑insurance were $3,272 and $3,342, respectively, and are recorded in “Other accrued expenses and current liabilities” within the Condensed Consolidated Balance Sheets. At July 31, 2016 and April 30, 2016, reserves for general liability, automobile and workers’ compensation totaled approximately $12,419 and $12,213 respectively, and are recorded in “Other accrued expenses and current liabilities” and “Other liabilities” in the Condensed Consolidated Balance Sheets. In fiscal 2015, a material claim was settled by our insurance carrier in the amount of approximately $26,000 and was paid by our insurance carrier in full, subject to the deductible, during the three months ended July 31, 2015. At July 31, 2016 and April 30, 2016, amounts recoverable for general liability, automobile and workers’ compensation, totaled approximately $4,993 and $4,832, respectively and are recorded in “Prepaid expenses and other current assets” and “Other assets” in the Condensed Consolidated Balance Sheets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The carrying value of cash and cash equivalents, receivables, accounts payable, other current liabilities and accrued interest approximates fair value due to its short‑term nature. Based on borrowing rates available to the Company for loans with similar terms, the carrying values of the ABL Facility, First Lien Facility and other debt approximate fair value. Accounting guidance establishes a three‑level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. The three levels are defined as follows: Level 1 Inputs to the valuation methodology are quoted prices (unadjusted) for an identical asset or liability in an active market. Level 2 Inputs to the valuation methodology include quoted prices for a similar asset or liability in an active market or model‑derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement of the asset or liability. As discussed in Note 8, we have recorded stock appreciation rights, deferred compensation and redeemable noncontrolling interests at their expected fair values. The determination of these fair values is based on Level 3 inputs. These inputs include a volatility rate based on comparable entities, a discount rate, and the expected time to redemption of the liabilities, historical values of the book equity of certain subsidiaries, and market information for comparable entities. The use of these inputs to derive the fair value of the liabilities at a point in time can result in volatility to the financial statements to our current and projected financial results.
Stock Appreciation Rights, Deferred Compensation and Liabilities to Noncontrolling Interest Holders	Stock Appreciation Rights, Deferred Compensation and Liabilities to Noncontrolling Interest Holders Certain subsidiaries have equity based compensation agreements with the subsidiary’s employees and minority shareholders. These agreements are stock appreciation rights, deferred compensation agreements, and liabilities to noncontrolling interest holders. Since these agreements are typically settled in cash or notes, and do not meet the criteria established by ASC 718, “ Compensation—Stock Compensation ” to be accounted for in “Stockholders’ equity”, they are accounted for as liability awards. See Note 8.
Treasury Stock	Treasury Stock In the three months ended July 31, 2015, we repurchased 394,577 shares of our common stock at a cost of $5,827 in connection with our separation agreement with a former employee. We then reissued 179,675 of these shares for proceeds of $2,211 during the three months ended July 31, 2015. The difference between the cost of the treasury stock and the proceeds from its reissuance was accounted for, using the “cost” method, as an increase to “Accumulated deficit” of $442.
Net Earnings Per Share	Net Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted‑average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if instruments that may require the issuance of common stock in the future were settled and the underlying shares of common stock were issued. Diluted earnings per share is computed by increasing the weighted‑average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of stock options and other equity‑based instruments held by the Company’s employees and directors during each period. In periods of net loss, the number of shares used to calculate diluted earnings per share is the same as basic earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has evaluated the recent pronouncements issued since filing its Annual Report on Form 10-K for the year-ended April 30, 2016 and believes that none of them will have a material effect on the Company’s Condensed Consolidated Financial Statements Deferred Taxes —In November 2015, the FASB issued ASU No. 2015-17, "Balance Sheet Classification of Deferred Taxes” ("ASU 2015-17"). This amendment changes how deferred taxes are recognized by eliminating the requirement of presenting deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, the requirement will be to classify all deferred tax liabilities and assets as noncurrent. ASU 2015-17 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, with earlier adoption permitted. ASU 2015-17 can be adopted either prospectively or retrospectively to all periods presented. The Company early adopted ASU 2015-17 retrospectively as of July 31, 2016. As a result, $11,047 of our deferred tax assets previously presented in current assets as of April 30, 2016 have been reclassified to “Deferred income taxes, net” in the Condensed Consolidated Balance Sheet as of that date. Adoption of this standard did not impact results of operations or cash flows in the current or previous reporting periods.

Basis of Presentation, Busine21

Basis of Presentation, Business and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2016
Basis of Presentation, Business and Summary of Significant Accounting Policies
Schedule of effect of revision on Condensed Consolidated Statement of Operations and Cash Flows	The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Operations for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Provision for income taxes $ $ $ Net income $ $ $ Net income per share: Basic $ $ — $ Diluted $ $ $ The effect of this revision on the line items within the Company’s Condensed Consolidated Statement of Cash Flows for the three months ended July 31, 2015 was as follows: Three Months Ended July 31, 2015 As previously reported Adjustment As revised Net income $ $ $ Adjustments to reconcile net income to net cash used in operating activities: Deferred income tax expense Cash used in operating activities $ $ — $

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
	Jul. 31, 2016
2017 Acquisitions
Business Acquisitions
Schedule of acquisitions completed	In the three months ended July 31, 2016, the Company completed the following acquisitions, with an aggregate purchase price of $25,989, subject to finalization of working capital settlement amounts. Company name Form of acquisition Date of acquisition Wall & Ceiling Supply Co., Inc. Purchase of net assets May 2, 2016 Rockwise, LLC Purchase of net assets July 5, 2016
Schedule of allocation of consideration for acquisitions	Preliminary purchase price allocation July 31, 2016 Trade accounts and notes receivable $ Inventories Property and equipment Other assets Tradenames Customer relationships Goodwill Liabilities assumed Purchase price $
2016 Acquisitions
Business Acquisitions
Schedule of acquisitions completed	In fiscal 2016, the Company completed the following acquisitions, with an aggregate purchase price of $117,032, comprised of $112,778 of cash consideration, net and $4,254 of contingent consideration, subject to the finalization of working capital settlement amounts. Company name Form of acquisition Date of acquisition Tri-Cities Drywall & Supply Co. Purchase of net assets September 29, 2015 Badgerland Supply, Inc. Purchase of net assets November 2, 2015 Hathaway & Sons, Inc. Purchase of net assets November 9, 2015 Gypsum Supply Company Purchase of 100% of outstanding common stock January 1, 2016 Robert N. Karpp Co., Inc. Purchase of net assets February 1, 2016 Professional Handling & Distribution, Inc. Purchase of net assets February 1, 2016 M.R. Lee Building Materials, Inc. Purchase of net assets April 4, 2016
Schedule of allocation of consideration for acquisitions	Preliminary Preliminary purchase price purchase price allocation Adjustments/ allocation April 30, 2016 Reclassifications July 31, 2016 Trade accounts and notes receivable $ $ $ Inventories — Property and equipment — Other assets Tradenames — Below market leases — Customer relationships — Goodwill Deferred tax liability — Liabilities assumed Purchase price $ $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jul. 31, 2016
Goodwill and Intangible Assets
Schedule of goodwill activity	Carrying Amount Balance at May 1, 2015 $ Working capital adjustments Goodwill acquired during the year Balance at April 30, 2016 Working capital adjustments Goodwill acquired during the period Balance at July 31, 2016 $
Schedule of components of definite lived intangible assets	Estimated Weighted July 31, 2016 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.8 $ $ $ Definite lived tradenames 5 - 20 19.2 Vendor agreement 8 — Leasehold interests 7 - 13 8.2 Totals $ $ $ Estimated Weighted April 30, 2016 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.8 $ $ $ Definite lived tradenames 5 - 20 19.5 Vendor agreement 8 — Leasehold interests 7 - 13 8.2 Totals $ $ $

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	3 Months Ended
	Jul. 31, 2015
Equity-Based Compensation
Schedule of weighted average assumptions used in Black-Scholes option-pricing model	July 31, 2016 Volatility % Expected life (years) Risk ‑ free interest rate % Dividend yield — %
Summary of stock option activity	Weighted Weighted average average remaining Aggregate Number of exercise contractual intrinsic options price life (years) value Outstanding at May 1, 2016 $ Options granted $ Options exercised — — Options forfeited — — Options expired — — Outstanding at July 31, 2016 $ $ Exercisable at July 31, 2016 $ $ Expected to vest after July 31, 2016 $ $

Stock Appreciation Rights, De25

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Jul. 31, 2016
Stock appreciation rights
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	As of July 31, 2016 Stock appreciation rights as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Stock appreciation rights as of July 31, 2016 (at fair value) $
Deferred compensation
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	As of July 31, 2016 Deferred compensation as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Deferred compensation as of July 31, 2016 (at fair value) $
Noncontrolling interest awards
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	As of July 31, 2016 Non ‑ controlling interests as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Non ‑ controlling interests as of July 31, 2016 (at fair value) $

Segments (Tables)

Segments (Tables)	3 Months Ended
	Jul. 31, 2016
Segments
Schedule of net sales, Adjusted EBITDA and certain other measures	Three Months Ended July 31, 2016 July 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Total assets Geographic divisions $ $ $ $ $ Other Corporate — — — $ $ $ $ $ Three Months Ended July 31, 2015 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $
Reconciliation of Adjusted EBITDA to Net income	Three Months Ended July 31, 2016 2015 (i) Adjusted EBITDA $ $ Interest expense Interest income Income tax expense Depreciation expense Amortization expense Stock appreciation rights expense(a) Redeemable noncontrolling interests(b) Equity-based compensation(c) Severance and other permitted costs(d) Transaction costs (acquisitions and other)(e) Gain on disposal of assets Management fee to related party(f) Effects of fair value adjustments to inventory(g) — Interest rate cap mark-to-market(h) — Net income $ $ (a) Represents non‑cash compensation expenses related to stock appreciation rights agreements. For additional details regarding stock appreciation rights, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016. (b) Represents non‑cash compensation expense related to changes in the redemption values of noncontrolling interests. For additional details regarding redeemable noncontrolling interests of our subsidiaries, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Subsidiary Equity‑Based Deferred Compensation Arrangements” included in our Annual Report on Form 10-K for the year ended April 30, 2016. (c) Represents non‑cash equity‑based compensation expense related to the issuance of stock options. (d) Represents severance expenses and other costs permitted in calculations under the ABL Facility and the Term Loan Facilities. (e) Represents one‑time costs related to our IPO and acquisitions (other than the Acquisition) paid to third party advisors. (f) Represents management fees paid by us to our Sponsor. Following our IPO, our Sponsor no longer receives management fees from us. (g) Represents the non‑cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value. (h) Represents the mark‑to‑market adjustments for the interest rate cap. (i) Quarterly amounts for fiscal 2016 included in the table above reflect the revised balances for income tax expense and net income as discussed in Note 1, “Basis of Presentation, Business, and Summary of Significant Accounting Policies” of Item 1 of this Quarterly Report on Form 10-Q.
Schedule of net sales from external customers by main product lines	Three Months Ended Three Months Ended July 31, % of July 31, % of 2016 Total 2015 Total (dollars in thousands) Wallboard $ % $ % Ceilings % % Steel Framing % % Other products % % Total net sales $ $

Earnings (Loss) Per Common Sh27

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Jul. 31, 2016
Earnings (Loss) Per Common Share
Schedule of computation of basic and diluted earnings (loss) per share of common stock	Three Months Ended July 31, 2016 2015 Net income $ $ Basic earnings per common share: Basic weighted average shares outstanding per common share Basic earnings per common share $ $ Diluted earnings per common share: Basic weighted average shares outstanding per common share Add: Shares of common stock assumed issued upon exercise of stock options Diluted weighted average shares outstanding per common share Diluted earnings per common share $ $

Basis of Presentation, Busine28

Basis of Presentation, Business and Summary of Significant Accounting Policies - Business (Details)	Jul. 31, 2016locationstate
Business
Number of states in which national footprint is created | state	41
Minimum
Business
Number of branches in which national footprint is created | location	185

Basis of Presentation, Busine29

Basis of Presentation, Business and Summary of Significant Accounting Policies - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2016	Jul. 31, 2016
Initial Public Offering
Net proceeds from initial public offering	$ 157,200	$ 157,217
Loan repayment		$ 160,000
Second Lien Term Loan due 2022
Initial Public Offering
Loan repayment	$ 160,000
Common Stock
Initial Public Offering
Number of shares issued		8,050,000
Initial public offering | Common Stock
Initial Public Offering
Number of shares issued	8,050,000
Share price	$ 21
Net proceeds from initial public offering	$ 157,200
Underwriters over-allotment option | Common Stock
Initial Public Offering
Number of shares issued	1,050,000

Basis of Presentation, Busine30

Basis of Presentation, Business and Summary of Significant Accounting Policies - Revision of Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Effect of the revision
Provision for (benefit from) income taxes	$ 6,159	$ 2,855
Net income	$ 9,163	$ 3,011	$ 12,564
Net income per share:
Basic (in dollars per share)	$ 0.24	$ 0.09
Diluted (in dollars per share)	$ 0.24	$ 0.09
As previously reported
Effect of the revision
Provision for (benefit from) income taxes		$ 3,080
Net income		$ 2,786
Net income per share:
Basic (in dollars per share)		$ 0.09
Diluted (in dollars per share)		$ 0.08
Adjustment | Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition
Effect of the revision
Provision for (benefit from) income taxes		$ (225)
Net income		$ 225
Net income per share:
Diluted (in dollars per share)		$ 0.01

Basis of Presentation, Busine31

Basis of Presentation, Business and Summary of Significant Accounting Policies - Revision of Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Effect of the revision
Net income	$ 9,163	$ 3,011	$ 12,564
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense	(3,222)	(4,091)
Cash used in operating activities	$ (30,620)	(18,411)
As previously reported
Effect of the revision
Net income		2,786
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense		(3,866)
Cash used in operating activities		(18,411)
Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition | Adjustment
Effect of the revision
Net income		225
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense		$ (225)

Basis of Presentation, Busine32

Basis of Presentation, Business and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016	Jul. 31, 2015
Other accrued expenses and current liabilities
Insurance Liabilities
Medical self-insurance	$ 3,272	$ 3,342
General Liability
Insurance Liabilities
Deductible amount	250
Workers' Compensation
Insurance Liabilities
Deductible amount	500
Automobile
Insurance Liabilities
Deductible amount	1,000
General Liability, Workers' Compensation and Automobile
Insurance Liabilities
Reserve for insurance	12,419	12,213
Insurance recovery receivable	4,993	$ 4,832	$ 26,000
General Liability, Workers' Compensation and Automobile | Minimum
Insurance Liabilities
Primary layer of stop loss coverage	500
Excess layer of stop loss coverage	2,000
General Liability, Workers' Compensation and Automobile | Maximum
Insurance Liabilities
Primary layer of stop loss coverage	2,000
Excess layer of stop loss coverage	$ 100,000

Basis of Presentation, Busine33

Basis of Presentation, Business and Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2015	Apr. 30, 2016
Treasury Stock
Shares repurchased, cost		$ 5,827
Proceeds from reissuance		6,518
Increase to Accumulated deficit for difference between cost of treasury stock and proceeds from reissuance		$ 442
Treasury Stock
Treasury Stock
Number of shares repurchased		394,577
Shares repurchased, cost		$ 5,827
Shares reissued	179,675	394,577
Proceeds from reissuance	$ 2,211	$ 5,827

Basis of Presentation, Busine34

Basis of Presentation, Business and Summary of Significant Accounting Policies - Deferred Taxes (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Adoption of new accounting pronouncement
Deferred income taxes, net	$ 37,908	$ 41,203
ASU 2015-17, Balance Sheet Classification of Deferred Taxes | Adjustments for early adoption of new accounting pronouncement
Adoption of new accounting pronouncement
Deferred income tax assets, net		(11,047)
Deferred income taxes, net		$ (11,047)

Business Acquisitions - Aggrega

Business Acquisitions - Aggregate Purchase Price and Allocation of Consideration (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Jan. 01, 2016	Apr. 30, 2015
Purchase price
Net cash considerations	$ 23,278
Allocation of consideration for acquisitions
Goodwill	393,640	$ 386,306		$ 348,811
Adjustments/Reclassifications
Goodwill	(256)	(1,338)
2017 Acquisitions
Purchase price
Aggregate purchase price	25,989
Allocation of consideration for acquisitions
Trade accounts and notes receivable	5,220
Inventories	3,163
Property and equipment	1,697
Other assets	1
Goodwill	7,590
Liabilities assumed	(2,882)
Purchase price	25,989
Goodwill and intangible assets
Goodwill expected to be deductible for U.S. federal income tax purposes	7,590
Other intangible assets expected to be deductible for U.S. federal income tax purposes	11,200
2017 Acquisitions | Tradenames
Allocation of consideration for acquisitions
Definite lived intangible assets	400
2017 Acquisitions | Customer relationships
Allocation of consideration for acquisitions
Definite lived intangible assets	10,800
2016 Acquisitions
Purchase price
Aggregate purchase price		117,032
Net cash considerations		112,778
Contingent consideration		4,254
Allocation of consideration for acquisitions
Trade accounts and notes receivable	26,809
Inventories	17,543
Property and equipment	9,236
Other assets	1,765
Goodwill	38,577
Deferred tax liability	(6,676)
Liabilities assumed	(13,797)
Purchase price	117,032
Adjustments/Reclassifications
Trade accounts and notes receivable	102
Other assets	1
Goodwill	(256)
Liabilities assumed	7
Purchase price	(146)
Decrease in total consideration paid	146
Goodwill and intangible assets
Goodwill expected to be deductible for U.S. federal income tax purposes	13,515
Other intangible assets expected to be deductible for U.S. federal income tax purposes	26,335
Goodwill nondeductible for U.S. federal income tax purposes	25,062
Other intangible assets nondeductible for U.S. federal income tax purposes	17,240
2016 Acquisitions | Tradenames
Allocation of consideration for acquisitions
Definite lived intangible assets	12,500
2016 Acquisitions | Below market leases
Allocation of consideration for acquisitions
Definite lived intangible assets	2,020
2016 Acquisitions | Customer relationships
Allocation of consideration for acquisitions
Definite lived intangible assets	$ 29,055
2016 Acquisitions | As previously reported
Allocation of consideration for acquisitions
Trade accounts and notes receivable		26,707
Inventories		17,543
Property and equipment		9,236
Other assets		1,764
Goodwill		38,833
Deferred tax liability		(6,676)
Liabilities assumed		(13,804)
Purchase price		117,178
2016 Acquisitions | As previously reported | Tradenames
Allocation of consideration for acquisitions
Definite lived intangible assets		12,500
2016 Acquisitions | As previously reported | Below market leases
Allocation of consideration for acquisitions
Definite lived intangible assets		2,020
2016 Acquisitions | As previously reported | Customer relationships
Allocation of consideration for acquisitions
Definite lived intangible assets		$ 29,055
Gypsum Supply Company
Business Acquisitions
Outstanding common stock purchased (as a percent)			100.00%

Goodwill and Intangible Asset36

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016
Goodwill
Balance	$ 386,306	$ 348,811
Working capital adjustments	(256)	(1,338)
Goodwill acquired during the year	7,590	38,833
Balance	$ 393,640	$ 386,306

Goodwill and Intangible Asset37

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2016	Apr. 30, 2016
Definite lived intangible assets
Gross carrying amount	$ 243,682	$ 232,446
Accumulated amortization	81,456	72,024
Net carrying value	$ 162,226	$ 160,422
Customer relationships
Definite lived intangible assets
Weighted average amortization period	10 years 9 months 18 days	10 years 9 months 18 days
Gross carrying amount	$ 219,362	$ 208,526
Accumulated amortization	78,882	69,929
Net carrying value	$ 140,480	$ 138,597
Customer relationships | Minimum
Definite lived intangible assets
Estimated useful lives	5 years
Customer relationships | Maximum
Definite lived intangible assets
Estimated useful lives	13 years
Tradenames
Definite lived intangible assets
Weighted average amortization period	19 years 2 months 12 days	19 years 6 months
Gross carrying amount	$ 16,160	$ 15,760
Accumulated amortization	670	447
Net carrying value	$ 15,490	15,313
Tradenames | Minimum
Definite lived intangible assets
Estimated useful lives	5 years
Tradenames | Maximum
Definite lived intangible assets
Estimated useful lives	20 years
Vendor agreement
Definite lived intangible assets
Estimated useful lives	8 years
Gross carrying amount	$ 5,644	5,644
Accumulated amortization	1,646	1,470
Net carrying value	$ 3,998	$ 4,174
Leasehold interests
Definite lived intangible assets
Weighted average amortization period	8 years 2 months 12 days	8 years 2 months 12 days
Gross carrying amount	$ 2,516	$ 2,516
Accumulated amortization	258	178
Net carrying value	$ 2,258	$ 2,338
Leasehold interests | Minimum
Definite lived intangible assets
Estimated useful lives	7 years
Leasehold interests | Maximum
Definite lived intangible assets
Estimated useful lives	13 years
2017 Acquisitions | Customer relationships
Definite lived intangible assets
Definite lived intangible assets	$ 10,800
Weighted average amortization period	11 years 7 months 6 days
2017 Acquisitions | Tradenames
Definite lived intangible assets
Definite lived intangible assets	$ 400
Weighted average amortization period	10 years

Goodwill and Intangible Asset38

Goodwill and Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2016	Apr. 30, 2016
Goodwill and Intangible Assets
Tradenames	$ 61,368	$ 61,368

Goodwill and Intangible Asset39

Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Intangible assets
Amortization expense related to intangible assets	$ 9,413	$ 8,792
Depreciation and amortization expense
Intangible assets
Amortization expense related to intangible assets	$ 9,413	$ 8,792

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 01, 2016	Jul. 31, 2016	Apr. 30, 2016
Long-term debt
Loan repayment		$ 160,000
Write-off of discount and deferred financing fees		5,426
Total long-term debt		546,734	$ 644,610
Less: Current portion		9,514	35,581
Long-term debt, less current portion		537,220	609,029
First Lien Term Loan due 2021
Long-term debt
Total long-term debt		373,451	373,998
Unamortized discount		1,284	1,355
Deferred financing costs		6,490	6,847
Second Lien Term Loan due 2022
Long-term debt
Loan repayment	$ 160,000
Write-off of discount and deferred financing fees	$ 5,426
Total long-term debt			154,517
Unamortized discount		0	1,183
Deferred financing costs		0	4,300
ABL Facility
Long-term debt
Total long-term debt		156,606	101,910
Capital lease obligations
Long-term debt
Total long-term debt		$ 13,958	$ 11,449
Interest rate		5.25%	5.25%
Installment notes
Long-term debt
Total long-term debt		$ 2,719	$ 2,736
Installment notes | Maximum
Long-term debt
Interest rate		2.70%	2.70%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Income Taxes
Valuation allowances (in dollars)	$ 83		$ 83
Effective income tax rate (as a percent)	40.20%	48.70%

Stockholders_ Equity - Common a

Stockholders’ Equity - Common and Preferred Shares Authorized (Details)	May 13, 2016$ / sharesshares	Jul. 31, 2016$ / sharesshares	Apr. 30, 2016$ / sharesshares
Authorized stock
Common and preferred stock, shares authorized	550,000,000
Common stock, shares authorized	500,000,000	500,000,000	500,000,000
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Common Stock
Authorized stock
Stock split ratio	10.158

Stockholders_ Equity - IPO (Det

Stockholders’ Equity - IPO (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2016	Jul. 31, 2016
Initial Public Offering
Net proceeds from initial public offering	$ 157,200	$ 157,217
Loan repayment		$ 160,000
Second Lien Term Loan due 2022
Initial Public Offering
Loan repayment	$ 160,000
Common Stock
Initial Public Offering
Number of shares issued		8,050,000
Initial public offering | Common Stock
Initial Public Offering
Number of shares issued	8,050,000
Share price	$ 21
Net proceeds from initial public offering	$ 157,200
Underwriters over-allotment option | Common Stock
Initial Public Offering
Number of shares issued	1,050,000

Equity-Based Compensation - Gen

Equity-Based Compensation - General (Details)	3 Months Ended
	Jul. 31, 2016shares
Stock options
Stock options
Vesting period	4 years
Term	10 years
Plan
Stock options
Shares authorized	3,591,422

Equity-Based Compensation - Bla

Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock options	3 Months Ended
	Jul. 31, 2016
Fair Value Assumptions
Dividend yield	0.00%
Volatility	41.10%
Expected life (years)	6 years
Risk-free interest rate	1.53%

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Stock options
Share-based compensation expense	$ 673	$ 498
Stock options
Stock options
Awards issued	165,636	0
Weighted average grant day fair value per share	$ 9.56
Aggregate fair value of options outstanding	$ 1,583
Vesting period	4 years
Unrecognized compensation expense	$ 3,284
Weighted average period for recognition of unrecognized compensation expense	2 years 29 days
Stock options | Selling, general and administrative expenses
Stock options
Share-based compensation expense	$ 643	$ 498

Equity-Based Compensation - S47

Equity-Based Compensation - Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Stock option activity
Outstanding, beginning of the period (in shares)	1,935,106
Options granted (in shares)	165,636	0
Outstanding, end of the period (in shares)	2,100,742
Exercisable (in shares)	793,757
Expected to vest (in shares)	1,306,985
Weighted average exercise price
Outstanding, beginning of period (in dollars per share)	$ 12.37
Options granted (in dollars per share)	23.11
Outstanding, end of the period (in dollars per share)	13.36
Exercisable (in dollars per share)	12.47
Expected to vest (in dollars per share)	$ 13.89
Other disclosures
Remaining contractual life, options outstanding (years)	7 years 11 months 19 days
Remaining contractual life, options exercisable (years)	7 years 9 months 7 days
Remaining contractual life, options expected to vest (years)	8 years 29 days
Aggregate intrinsic value, options outstanding	$ 24,988
Aggregate intrinsic value, options exercisable	10,145
Aggregate intrinsic value, options expected to vest	$ 14,843

Stock Appreciation Rights, De48

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Apr. 30, 2016
Equity based compensation arrangements
Long-term liabilities related to plans	$ 24,378	$ 25,247
Stock appreciation rights
Equity based compensation arrangements
Settlement period	4 years
Fair value of award liability as of beginning of period	$ 20,533
Amounts redeemed	(20)
Change in fair value	(92)
Fair value of award liability as of end of period	20,421
Stock appreciation rights | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	806	808
Long-term liabilities related to plans	$ 19,615	19,725
Deferred compensation
Equity based compensation arrangements
Settlement period	5 years
Fair value of award liability as of beginning of period	$ 3,270
Change in fair value	46
Fair value of award liability as of end of period	3,316
Deferred compensation | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	224	0
Deferred compensation | Other liabilities
Equity based compensation arrangements
Long-term liabilities related to plans	$ 3,092	3,270
Noncontrolling interest awards
Equity based compensation arrangements
Settlement period	5 years
Fair value of award liability as of beginning of period	$ 26,585
Change in fair value	246
Fair value of award liability as of end of period	26,831
Noncontrolling interests converted	32,545
Noncontrolling interest awards | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	2,453	1,338
Noncontrolling interest awards | Liabilities to noncontrolling interest holders, less current portion
Equity based compensation arrangements
Long-term liabilities related to plans	$ 24,378	$ 25,247

Transactions With Related Par49

Transactions With Related Parties - Facilities Rental (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Affiliated partnerships or entities | Lease of office and warehouse facilities | Selling, general and administrative expenses
Transactions with related parties
Rent expense	$ 195	$ 195

Transactions With Related Par50

Transactions With Related Parties - Purchased Inventories (Details) - Southern Wall Products, Inc. - Inventory purchases - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Transactions with related parties
Purchases from related party	$ 3,165	$ 3,275
Accounts Payable
Transactions with related parties
Due to SWP	$ 863		$ 1,097

Transactions With Related Par51

Transactions With Related Parties - Management Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Transactions with related parties
Management fee	$ 188	$ 562
AEA Investors LP | Management agreement
Transactions with related parties
Annual fee	2,250
AEA Investors LP | Management agreement | Selling, general and administrative expenses
Transactions with related parties
Management fee	$ 188	$ 563

Segments - Number (Details)

Segments - Number (Details)	3 Months Ended
	Jul. 31, 2016segmentdivision
Segments
Number of operating segments	7
Number of geographic divisions | division	7
Number of reportable segments	1

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Segment information
Net sales	$ 549,800	$ 452,441
Gross profit	178,585	140,888
Depreciation and amortization	15,795	16,065
Total assets	1,281,996		$ 1,240,814
Geographic divisions
Segment information
Net sales	545,005	449,005
Gross profit	176,840	139,580
Other
Segment information
Net sales	4,795	3,436
Gross profit	1,745	1,308
Other | Revision | Segment misclassification
Segment information
Net sales		3,937
Operating Segment
Segment information
Adjusted EBITDA	45,941	34,113
Operating Segment | Geographic divisions
Segment information
Depreciation and amortization	15,507	15,749
Adjusted EBITDA	45,608	33,942
Total assets	1,264,762
Operating Segment | Other
Segment information
Depreciation and amortization	80	73
Adjusted EBITDA	333	171
Total assets	11,787
Corporate
Segment information
Depreciation and amortization	208	243
Total assets	$ 5,447
Corporate | Revision | Segment misclassification
Segment information
Depreciation and amortization		$ 243

Segments - Reconciliation of Ad

Segments - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jul. 31, 2016	Jul. 31, 2015	Apr. 30, 2016
Reconciliation of Adjusted EBITDA to Net income
Interest expense	$ (13,003)	$ (9,257)
Interest income	43	230
Income tax expense	(6,159)	(2,855)
Depreciation expense	(6,382)	(7,273)
Amortization expense	(9,413)	(8,792)
Stock appreciation rights expense	92	(594)
Redeemable noncontrolling interests	(292)	(554)
Equity-based compensation	(673)	(498)
Gain on disposal of assets	198	25
Management fee to related party	(188)	(562)
Net income	9,163	3,011	$ 12,564
Operating Segment
Reconciliation of Adjusted EBITDA to Net income
Adjusted EBITDA	45,941	34,113
Reconciling items
Reconciliation of Adjusted EBITDA to Net income
Severance and other permitted costs	(140)	(557)
Transaction costs (acquisitions and other)	(654)	$ (415)
Effects of fair value adjustments to inventory	(164)
Interest rate cap mark-to-market	$ (43)

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Revenue from external customers
Total Net Sales	$ 549,800	$ 452,441
Wallboard
Revenue from external customers
Total Net Sales	$ 251,296	$ 210,922
Wallboard | Sales Revenue, Product Line | Product Concentration Risk
Revenue from external customers
Percentage of sales	45.70%	46.60%
Ceilings
Revenue from external customers
Total Net Sales	$ 86,349	$ 78,967
Ceilings | Sales Revenue, Product Line | Product Concentration Risk
Revenue from external customers
Percentage of sales	15.70%	17.50%
Steel Framing
Revenue from external customers
Total Net Sales	$ 84,343	$ 67,332
Steel Framing | Sales Revenue, Product Line | Product Concentration Risk
Revenue from external customers
Percentage of sales	15.30%	14.90%
Other Products
Revenue from external customers
Total Net Sales	$ 127,812	$ 95,220
Other Products | Sales Revenue, Product Line | Product Concentration Risk
Revenue from external customers
Percentage of sales	23.30%	21.00%

Earnings (Loss) Per Common Sh56

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 31, 2016	Jul. 31, 2015
Computation of basic and diluted earnings (loss) per share of common stock
Net income	$ 9,163	$ 3,011
Basic earnings per common share:
Basic weighted average shares outstanding per common share (in shares)	38,200,597	32,677,418
Basic earnings per common share (in dollars per share)	$ 0.24	$ 0.09
Diluted earnings per common share:
Basic weighted average shares outstanding per common share (in shares)	38,200,597	32,677,418
Add: Shares of common stock assumed issued upon exercise of stock options (in shares)	401,781	153,259
Diluted weighted average shares outstanding per common share (in shares)	38,602,378	32,830,677
Diluted earnings per common share (in dollars per share)	$ 0.24	$ 0.09

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	Sep. 02, 2016USD ($)location	Sep. 12, 2016USD ($)
SKBM and OBS
Subsequent Events
Total purchase price	$ 75,627
Number of locations | location	4
Net sales generated by combined companies in previous twelve months	$ 99,724
Gypsum Supply Company
Subsequent Events
Decrease in deferred tax liabilities and tax expense for election to change tax treatment of acquisition from stock to asset transaction		$ 6,500