GMS (GMS) 10-Q 9 Mar 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2017	Mar. 09, 2017
Document and Entity Information
Entity Registrant Name	GMS Inc.
Entity Central Index Key	1,600,438
Document Type	10-Q
Document Period End Date	Jan. 31, 2017
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	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 10,602	$ 19,072
Trade accounts and notes receivable, net of allowances of $9,963 and $8,607, respectively	310,093	270,257
Inventories, net	205,007	165,766
Prepaid expenses and other current assets	17,826	16,548
Total current assets	543,528	471,643
Property and equipment, net of accumulated depreciation of $68,215 and $54,377, respectively	154,553	153,260
Goodwill	425,933	386,306
Intangible assets, net	262,533	221,790
Other assets	8,180	7,815
Total assets	1,394,727	1,240,814
Current liabilities:
Accounts payable	106,779	91,500
Accrued compensation and employee benefits	50,229	51,680
Other accrued expenses and current liabilities	37,345	41,814
Current portion of long-term debt	11,235	8,667
Revolving credit facility		26,914
Total current liabilities	205,588	220,575
Non-current liabilities:
Long-term debt, less current portion	601,044	609,029
Deferred income taxes, net	32,327	41,203
Other liabilities	34,252	33,600
Liabilities to noncontrolling interest holders, less current portion	22,232	25,247
Total liabilities	895,443	929,654
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, authorized 500,000,000 shares; 40,942,905 and 32,892,905 shares issued at January 31, 2017 and April 30, 2016, respectively	409	329
Preferred stock, par value $0.01 per share, authorized 50,000,000 shares; 0 shares issued at January 31, 2017 and April 30, 2016, respectively
Additional paid-in capital	487,436	334,244
Retained earnings (accumulated deficit)	12,349	(22,265)
Accumulated other comprehensive loss	(910)	(1,148)
Total stockholders’ equity	499,284	311,160
Total liabilities and stockholders’ equity	$ 1,394,727	$ 1,240,814

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016
Condensed Consolidated Balance Sheets
Trade accounts and notes receivable, allowances (in dollars)	$ 9,963	$ 8,607
Property and equipment, accumulated depreciation (in dollars)	$ 68,215	$ 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 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Condensed Consolidated Statements of Operations and Comprehensive Income
Net sales	$ 562,523	$ 420,482	$ 1,704,169	$ 1,331,000
Cost of sales (exclusive of depreciation and amortization shown separately below)	376,796	286,322	1,146,633	912,039
Gross profit	185,727	134,160	557,536	418,961
Operating expenses:
Selling, general and administrative	147,260	112,242	432,116	336,804
Depreciation and amortization	18,316	16,009	51,479	47,336
Total operating expenses	165,576	128,251	483,595	384,140
Operating income	20,151	5,909	73,941	34,821
Other (expense) income:
Interest expense	(7,431)	(9,473)	(22,162)	(27,990)
Write-off of debt discount and deferred financing fees	(211)		(7,103)
Other income, net	1,081	533	2,170	1,452
Total other (expense), net	(6,561)	(8,940)	(27,095)	(26,538)
Income (loss) before taxes	13,590	(3,031)	46,846	8,283
Provision for (benefit from) income taxes	5,363	(819)	12,232	4,659
Net income (loss)	$ 8,227	$ (2,212)	$ 34,614	$ 3,624
Weighted average shares outstanding:
Basic (in shares)	40,942,905	32,890,930	40,035,450	32,768,418
Diluted (in shares)	41,577,675	32,890,930	40,670,220	32,987,170
Net income (loss) per share:
Basic (in dollars per share)	$ 0.20	$ (0.07)	$ 0.86	$ 0.11
Diluted (in dollars per share)	$ 0.20	$ (0.07)	$ 0.85	$ 0.11
Comprehensive income (loss):
Net income (loss)	$ 8,227	$ (2,212)	$ 34,614	$ 3,624
Increase (decrease) in fair value of financial instrument, net of tax	226	(384)	238	(1,089)
Comprehensive income (loss)	$ 8,453	$ (2,596)	$ 34,852	$ 2,535

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	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 (loss)			12,564			12,564
Change in accounting | Change in accounting for liability equity-based awards			(3,208)			(3,208)
Increase (decrease) in fair value of financial instrument, 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 (loss)			34,614			34,614
Increase (decrease) in fair value of financial instrument, net of tax				238		238
Equity-based compensation		1,860				1,860
Issuance of common stock in initial public offering, net of underwriting discounts and offering costs	$ 80	151,332				151,412
Issuance of common stock in initial public offering (in shares)	8,050,000
Balance at Jan. 31, 2017	$ 409	$ 487,436	$ 12,349	$ (910)		$ 499,284
Balance (in shares) at Jan. 31, 2017	40,942,905

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ 34,614	$ 3,624
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property and equipment	19,395	20,207
Accretion and amortization of debt discount and deferred financing fees	9,142	2,560
Amortization of intangible assets	32,084	27,129
Provision for losses on accounts and notes receivable	(434)	3
Provision for obsolescence of inventory	427	83
Decrease in fair value of contingent consideration	(388)
Equity-based compensation	1,669	3,742
Net (gain) loss on sale or impairment of assets	(242)	76
Trade accounts and notes receivable	(3,179)	1,874
Inventories	(25,708)	(271)
Accounts payable	318	(14,132)
Deferred income tax benefit	(14,773)	(6,657)
Prepaid expenses and other assets	(1,425)	(4,123)
Accrued compensation and employee benefits	(3,057)	(11,929)
Other accrued expenses and liabilities	(321)	5,419
Liabilities to noncontrolling interest holders	908	1,189
Income tax receivable / payable	(12,690)	(10,892)
Cash provided by (used in) operating activities	36,340	17,902
Cash flows from investing activities:
Purchases of property and equipment	(6,900)	(3,995)
Proceeds from sale of assets	3,245	6,763
Acquisition of businesses, net of cash acquired and amounts received from working capital settlements	(141,650)	(83,711)
Cash used in investing activities	(145,305)	(80,943)
Cash flows from financing activities:
Repayments on the revolving credit facility	(817,598)	(444,706)
Borrowings from the revolving credit facility	836,507	512,847
Payments of principal on long-term debt	(3,381)	(2,956)
Principal repayments of capital lease obligations	(3,819)	(3,182)
Proceeds from issuance of common stock in initial public offering, net of underwriting discounts	156,941
Proceeds from term loan amendment	481,225
Stock repurchases		(5,827)
Exercise of stock options		6,519
Payments of contingent consideration	(4,326)	(4,555)
Cash provided by financing activities	100,495	58,140
Decrease in cash and cash equivalents	(8,470)	(4,901)
Balance, beginning of period	19,072	12,284
Balance, end of period	10,602	7,383
Supplemental cash flow disclosures:
Cash paid for income taxes	39,831	22,250
Cash paid for interest	20,038	24,869
Supplemental schedule of noncash activities:
Assets acquired under capital lease	6,667	4,140
Change in fair value of derivative instrument	4	1,696
Issuance of installment notes associated with equity-based compensation liability awards	5,353	1,157
Increase (decrease) increase in insurance claims payable and insurance recoverable	856	$ (26,350)
First Lien Term Loan due 2021
Cash flows from financing activities:
Repayment of term loan	(381,225)
Second Lien Term Loan due 2022
Cash flows from financing activities:
Repayment of term loan	(160,000)
ABL Second Amendment
Cash flows from financing activities:
Debt issuance costs	(1,342)
First Lien Term Loan amendment
Cash flows from financing activities:
Debt issuance costs	$ (2,487)

Basis of Presentation, Business

Basis of Presentation, Business and Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2017
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., formerly GYP Holdings I Corp., 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, 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 changed our name from GYP Holdings I Corp. 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 200 branches across 42 states. Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q 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 $156,900. 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” of $6,400 and $4,300, respectively, as of April 30, 2015, and an overstatement of “Provision for (benefit from) income taxes” and an understatement of “Net income (loss)” of $2,100 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 nine months ended January 31, 2016 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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. The 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 stop‑loss coverage to limit the exposure arising from medical claims. The Company has deductible‑based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The deductible amount per incident is $250, $500 and $1,000 for general liability, workers’ compensation and automobile, respectively. 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 January 31, 2017 and April 30, 2016, the aggregate liabilities for medical self‑insurance were $3,125 and $3,342, respectively, and are recorded in “Other accrued expenses and current liabilities” within the Condensed Consolidated Balance Sheets. At January 31, 2017 and April 30, 2016, reserves for general liability, automobile and workers’ compensation totaled approximately $13,766 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 nine months ended January 31, 2016. At January 31, 2017 and April 30, 2016, amounts recoverable for general liability, automobile and workers’ compensation, totaled approximately $5,690 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 nine months ended January 31, 2016, 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 these shares for proceeds of $4,856 during the nine months ended January 31, 2016. The difference between the cost of the treasury stock and the proceeds from its reissuance was accounted for, using the “cost” method, as a decrease to “Retained earnings (accumulated deficit)” of $971. Net Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted‑average number of outstanding shares of common stock for the period. Diluted earnings (loss) 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 (loss) per share is computed by increasing the weighted‑average number of outstanding shares of common stock computed in basic earnings (loss) 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 (loss) per share is the same as basic net earnings (loss) per share. Therefore, for the three months ended January 31, 2016, diluted net loss per common share equals basic net loss per common share as the effect of stock options and other equity-based instruments (collectively “stock-based compensation securities”) are anti-dilutive because the Company incurred losses from continuing operations in this period. Recent Accounting Pronouncements Revenue recognition —In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), to clarify the principles used to recognize revenue for all entities. In August 2015, the FASB issued ASU No. 2015-14 which deferred the effective date of ASU 2014-09 by one year. As a result of this deferral, ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance allows for either a full retrospective or a modified retrospective transition method. We are continuing to evaluate our method of adoption and the impact this guidance, including recent amendments and interpretations, may have on our financial position, results of operations and cash flows. 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 to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, the requirement is 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”, a long-term liability, 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. Required Assessment of Going Concern – In August 2014, the FASB issued an accounting standard update that regardless of financial condition, requires every entity to assess its ability to continue operating as a going concern for the period of time that extends one year from the issuance of interim or annual financial statements. The standard is effective for the Company for its fiscal year ending April 30, 2017. If a quarterly or annual assessment indicates the presence of one or more conditions that raise substantial doubt, as defined in the standard, about an entity's ability to continue as a going concern for the upcoming one-year period, the standard requires disclosures in the footnotes that accompany the financial statements. Otherwise, no disclosure is required about the assessment results. The Company does not expect the adoption of this standard to have an impact on its consolidated financial statements or related disclosures. Leases —In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with such classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for the Company's fiscal year beginning May 1, 2019, including interim reporting periods within that fiscal year. A modified transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company is still evaluating the impact of its pending adoption of the new standard on its Consolidated Financial Statements, the Company expects that upon adoption it will recognize ROU assets and liabilities that could be material. Statement of Cash Flows — In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice related to certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Income Taxes — In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-entity Transfers of Assets Other than Inventory” (“ASU 2016-16”). The new guidance is intended to improve the accounting for intra-entity transfers of assets other than inventory by requiring recognition of income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs. ASU 2016-16 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Statement of Cash Flows — In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Financial Instruments — In January 2016, the FASB issued an accounting standard update that changes the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2019, and early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Share-Based Compensation — In March 2016, the FASB issued an accounting standard update that impacts the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the Consolidated Statements of Cash Flows. The accounting standard will be effective for the Company beginning the first quarter of fiscal 2018, and early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Credit Losses of Financial Instruments — In June 2016, the FASB issued an accounting standard update that requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021 on a modified retrospective basis, and early adoption in fiscal 2020 is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Definition of a Business — In January 2017, the FASB issued an accounting standard update that clarifies the definition of a business to help companies evaluate whether acquisition or disposal transactions should be accounted for as asset groups or as businesses. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2019 on a prospective basis. The impact of this accounting standard update will be facts and circumstances dependent, but the Company does not expect the adoption of this accounting standard to have an impact on its consolidated financial statements. Simplifying the Test for Goodwill Impairment — In January 2017, the FASB issued an accounting standard update that removes Step 2 of the goodwill impairment test, which requires the assessment of fair value of individual assets and liabilities of a reporting unit to measure goodwill impairments. Under the accounting standard update, goodwill impairment will be the amount by which a reporting unit's carrying value exceeds its fair value. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021 on a prospective basis, and early adoption is permitted. The Company does not expect that this accounting standard update will impact the results of its goodwill impairment tests.

Business Acquisitions

Business Acquisitions	9 Months Ended
	Jan. 31, 2017
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 nine months ended January 31, 2017, the Company completed the following acquisitions, with an aggregate purchase price of $151,186, comprised of $145,248 of cash consideration and $5,938 of contingent consideration, 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 Steven F. Kempf Building Materials, Inc. Purchase of net assets August 29, 2016 Olympia Building Supplies, LLC/Redmill, Inc. Purchase of 100% of outstanding common stock September 1, 2016 United Building Materials, Inc. Purchase of net assets October 3, 2016 Ryan Building Materials, Inc. Purchase of net assets October 31, 2016 Interior Products Supply Purchase of net assets December 5, 2016 The preliminary allocation of purchase consideration for these acquisitions is summarized as follows: Preliminary purchase price allocation January 31, 2017 Cash and cash equivalents $ Trade accounts and notes receivable Inventories Property and equipment Other assets Tradenames Customer relationships Goodwill Deferred tax liability Liabilities assumed Purchase price $ Goodwill of $25,795 and other intangible assets of $52,200 are expected to be deductible for U.S. federal income tax purposes. Goodwill of $14,108 and other intangible assets of $20,600 are expected to be 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 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 Consolidated Financial Statements. (b) 2016 Acquisitions In fiscal 2016, the Company completed the following acquisitions, with an aggregate purchase price of $117,233, comprised of $113,801 of cash consideration and $3,432 of contingent consideration, subject to the finalization of working capital settlement amounts. The pro forma impact of these acquisitions is not presented as it is not considered material to our Consolidated Financial Statements. 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 January 31, 2017 Cash and cash equivalents $ $ — $ 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 nine months of fiscal 2017, the Company recorded adjustments to working capital resulting in a decrease in total consideration paid of $54. 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 $25,042 and other intangible assets of $17,240 are expected to be 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 acquisitions for which final working capital settlements have not been determined. The additional information necessary is that which will result from final working capital settlements; 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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Jan. 31, 2017
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 January 31, 2017: 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 January 31, 2017 $ During the nine months ended January 31, 2017, the Company recorded $63,310 and $9,490 in customer relationships and tradenames, respectively, as a result of the Wall & Ceiling Supply Co., Inc., Rockwise, LLC, Steven F. Kempf Building Materials, Inc., Olympia Building Supplies, LLC, United Building Materials, Inc., Ryan Building Materials, Inc. and Interior Products Supply acquisitions discussed in Note 2. The recently acquired customer relationships and tradenames will be amortized over weighted-average periods of 11.6 years and 16.3 years, respectively. The Company’s definite lived intangible assets as of January 31, 2017 and April 30, 2016 consist of the following: Estimated Weighted January 31, 2017 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.9 $ $ $ Definite lived tradenames 5 - 20 18.3 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 January 31, 2017 and April 30, 2016. Amortization expense related to intangible assets was $11,851 and $32,084 for the three and nine months ended January 31, 2017, respectively, and $9,540 and $27,129 for the three and nine months ended January 31, 2016, respectively. Amortization expense is recorded in “Depreciation and amortization” expense in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jan. 31, 2017
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. Term Loan Amendment On September 27, 2016, the Company entered into an Incremental First Lien Term Commitments Amendment (the “Incremental Amendment”) to the First Lien Credit Agreement (the “Credit Agreement”), dated April 1, 2014, among GYP Holdings III Corp., as borrower, GYP Holdings II Corp., the financial institutions from time to time party thereto, as lenders, and Credit Suisse AG, as administrative agent and collateral agent. The Incremental Amendment amended the Credit Agreement to, among other things, (i) refinance approximately $381,225 in currently outstanding existing term loans borrowed under the Credit Agreement with a new tranche of $481,225 incremental term loans, and (ii) reduce the interest rate applicable to loans borrowed under the Credit Agreement to LIBOR plus 3.50% from LIBOR plus 3.75%. The portion of the incremental term loans that exceeded the refinanced existing term loans was used to repay the ABL Facility in part. In addition, we recorded a write-off of debt discount and deferred financing fees of $1,466 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income. ABL Facility Amendment On November 18, 2016, the Company entered into a Second Amendment to ABL Credit Agreement (the “Second Amendment”) which amended the existing ABL Credit Agreement, dated April 1, 2014 (as amended by that certain First Amendment to ABL Credit Agreement, dated as of February 17, 2016, the “ABL Credit Agreement”), among GYP Holdings III Corp., as borrower, GYP Holdings II Corp., the lenders party hereto and Wells Fargo Bank, N.A., as administrative agent and collateral agent for the lenders. The Second Amendment amended the ABL Credit Agreement to, among other things, (i) increase the Revolving Credit Commitments thereunder from $300,000 to $345,000, and (ii) extend the maturity date of the ABL Credit Agreement from April 1, 2019 to the earlier of (a) November 18, 2021 or (b) the date of termination in whole of the ABL Credit Agreement and the related obligations. The Second Amendment amended the interest rate margin applicable to loans borrowed under the Credit Agreement to reflect a 0.25% decrease in the interest rate margin at each pricing level (as defined in the ABL Credit Agreement) relative to the interest rate margins charged at the corresponding pricing levels under the Credit Agreement. In addition, we recorded a write-off of debt discount and deferred financing fees of $211 to “Write-off of discount and deferred financing fees” in the Condensed Consolidated Statements of Operations and Comprehensive Income. Long‑term debt at January 31, 2017 and April 30, 2016 consists of the following: January 31, April 30, 2017 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 5.50%, 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 $1,764 and $1,355 as of January 31, 2017 and April 30, 2016, respectively. (2) Net of deferred financing costs of $6,077 and $6,847 as of January 31, 2017 and April 30, 2016, respectively. (3) Net of unamortized discount of $1,183 at April 30, 2016. (4) Net of deferred financing costs of $4,300 at April 30, 2016.

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2017
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 January 31, 2017 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 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 decreased its deferred tax liabilities and tax expense in the prior quarter ended October 31, 2016 by $6,950. The effective income tax rate on continuing operations for the nine months ended January 31, 2017 was 26.1% compared to an effective income tax rate of 56.2% for the nine months ended January 31, 2016. The decrease in the effective income tax rate is primarily due to the 338 (h)(10) election made for the Gypsum Supply Company acquisition, 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 January 31, 2017 and April 30, 2016.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jan. 31, 2017
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 $156,900. 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	9 Months Ended
	Jan. 31, 2017
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 granted under the plan 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 nine months ended January 31, 2017 are set forth below: January 31, 2017 Volatility % Expected life (years) Risk ‑ free interest rate % Dividend yield — % In the nine months ended January 31, 2017, the Company issued 170,539 stock option awards to employees that vest based on service only. The weighted average grant date fair value of each stock option was $9.53 and the aggregate fair value of options outstanding was $1,625. 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 options was $577 and $1,860 for the three and nine months ended January 31, 2017, respectively, and $729 and $2,089 for the three and nine months ended January 31, 2016, respectively. Share-based compensation expense was included as a component of “Selling, general and administrative” expenses in our Condensed Consolidated Statements of Operations and Comprehensive Income. At January 31, 2017, the unrecognized compensation expense related to stock option awards was $2,109 with a remaining weighted average life of 7.67 years. The Company did not issue any stock option awards during the nine months ended January 31, 2016. A summary of stock option activity for the nine months ended January 31, 2017 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 January 31, 2017 $ $ Exercisable at January 31, 2017 $ $ Expected to vest after January 31, 2017 $ $ The 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	9 Months Ended
	Jan. 31, 2017
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. These liability awards are reflected at their fair values as of January 31, 2017 and April 30, 2016. 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 $820 and $808 were included in “Accrued compensation and employee benefits” at January 31, 2017 and April 30, 2016, respectively. Long‑term liabilities related to these plans of $18,950 and $19,725 were recorded as components of “Other liabilities” at January 31, 2017 and April 30, 2016, respectively. The redemption value as of January 31, 2017 is $11,224. Below is a summary of changes to the liability: Stock appreciation rights as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Stock appreciation rights as of January 31, 2017 (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 long-term liabilities related to these plans of $3,359 and $3,270 were included in “Other liabilities” at January 31, 2017 and April 30, 2016, respectively. Current liabilities related to these plans of $335 and $0 were included in “Accrued compensation and employee benefits” at January 31, 2017 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. The redemption value as of January 31, 2017 is $3,954. Below is a summary of changes to the liability: Deferred compensation as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Deferred compensation as of January 31, 2017 (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 and are 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 January 31, 2017 and April 30, 2016, the total fair value of these liabilities was $23,909 and $26,585, respectively. Amounts expected to be paid in the next year as of January 31, 2017 and April 30, 2016 are included in “Accrued compensation and employee benefits” in the amounts of $1,677 and $1,338, respectively. As of January 31, 2017 and April 30, 2016, long-term liabilities related to this plan of $22,232 and $25,247, respectively, were included in “Liabilities to noncontrolling interest holders, less current portion.” The redemption value as of January 31, 2017 is $25,630. Below is a summary of changes to the liability: Non ‑ controlling interests as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Non-controlling interests as of January 31, 2017 (at fair value) $ In connection with the Acquisition, noncontrolling interest holders had the option to convert their interests in the subsidiaries into interest in 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	9 Months Ended
	Jan. 31, 2017
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 January 31, 2017, these leases had expiration dates through fiscal 2021. Rent expense related to these leases included in the accompanying Condensed Consolidated Financial Statements approximated $195 and $585 for the three and nine months ended January 31, 2017, respectively, and $195 and $390 for the three and nine months ended January 31, 2016, respectively. Rent expense related to these leases 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 $3,158 and $9,629 in the three and nine months ended January 31, 2017, respectively. The Company purchased inventory from SWP for distribution in the amount of $2,738 and $9,305 in the three and nine months ended January 31, 2016, respectively. Amounts due to SWP for purchases of inventory for distribution as of January 31, 2017 and April 30, 2016 were $938 and $1,097, respectively, and are included in “Accounts payable”. 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 nine months ended January 31, 2017 and paid $1,687 in the nine months ended January 31, 2016, 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	9 Months Ended
	Jan. 31, 2017
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	9 Months Ended
	Jan. 31, 2017
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. Based on the provisions of ASC 280, the Company has determined that it has seven operating segments based on the Company’s seven geographic divisions, which are Central, Midwest, Northeast, Southern, Southeast, Southwest, and Western. 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 both corporate activities and other activities. Corporate includes our corporate office building and support services provided to the subsidiaries. Other includes 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 $638 for the nine months ended January 31, 2016, originally disclosed as part of “Geographic divisions.” In addition, within the “Geographic divisions” segment the Company has increased net sales by $11,289 for the nine months ended January 31, 2016 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 January 31, 2017 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ Three Months Ended January 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ Nine Months Ended January 31, 2017 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — $ $ $ $ Nine Months Ended January 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ The following is a reconciliation of our Adjusted EBITDA to “Net income (loss)” for the three and nine months ended January 31, 2017 and 2016: Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 (i) 2017 2016 (i) Adjusted EBITDA $ $ $ $ Interest expense Write-off of debt discount and deferred financing fees — — Interest income Income tax (expense) benefit Depreciation expense Amortization expense Stock appreciation income or (expense)(a) Redeemable noncontrolling interests(b) Equity-based compensation(c) Severance and other permitted costs(d) Transaction costs (acquisitions and other)(e) Gain (loss) 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 (loss) $ $ $ $ (a) Represents non‑cash income or 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 First Lien Facility. (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 AEA. Following our IPO, AEA 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 to external customers by main product lines are as follows for the three and nine months ended January 31, 2017 and 2016, respectively: Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 2017 2016 (dollars in thousands) Wallboard $ $ $ $ Ceilings Steel framing Other products Total net sales $ $ $ $

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	9 Months Ended
	Jan. 31, 2017
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share	12. Earnings (Loss) Per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock for the three and nine months ended January 31, 2017 and 2016: Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 2017 2016 Net income (loss) $ $ $ $ Basic earnings (loss) per common share: Basic weighted average shares outstanding per common share Basic earnings (loss) per common share $ $ $ $ Diluted earnings (loss) 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 (loss) per common share $ $ $ $ For the three months ended January 31, 2016, shares of common stock issued upon exercise of stock options of 218,752 shares were not included in the calculation of Diluted loss per common share since the impact would be anti-dilutive.

Subsequent Events

Subsequent Events	9 Months Ended
	Jan. 31, 2017
Subsequent Events
Subsequent Events	13. Subsequent Events On February 28, 2017, certain stockholders of the Company completed a secondary public offering of 7,992,500 shares of GMS common stock at a price to the public of $29.25 per share, including 1,042,500 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 that was granted by the selling stockholders. The common stock offered in the secondary offering included 3,549,302 shares offered by affiliates of AEA.

Basis of Presentation, Busine20

Basis of Presentation, Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2017
Basis of Presentation, Business and Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q 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 $156,900. 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” of $6,400 and $4,300, respectively, as of April 30, 2015, and an overstatement of “Provision for (benefit from) income taxes” and an understatement of “Net income (loss)” of $2,100 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 nine months ended January 31, 2016 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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. The 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 stop‑loss coverage to limit the exposure arising from medical claims. The Company has deductible‑based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The deductible amount per incident is $250, $500 and $1,000 for general liability, workers’ compensation and automobile, respectively. 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 January 31, 2017 and April 30, 2016, the aggregate liabilities for medical self‑insurance were $3,125 and $3,342, respectively, and are recorded in “Other accrued expenses and current liabilities” within the Condensed Consolidated Balance Sheets. At January 31, 2017 and April 30, 2016, reserves for general liability, automobile and workers’ compensation totaled approximately $13,766 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 nine months ended January 31, 2016. At January 31, 2017 and April 30, 2016, amounts recoverable for general liability, automobile and workers’ compensation, totaled approximately $5,690 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 nine months ended January 31, 2016, 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 these shares for proceeds of $4,856 during the nine months ended January 31, 2016. The difference between the cost of the treasury stock and the proceeds from its reissuance was accounted for, using the “cost” method, as a decrease to “Retained earnings (accumulated deficit)” of $971.
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted‑average number of outstanding shares of common stock for the period. Diluted earnings (loss) 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 (loss) per share is computed by increasing the weighted‑average number of outstanding shares of common stock computed in basic earnings (loss) 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 (loss) per share is the same as basic net earnings (loss) per share. Therefore, for the three months ended January 31, 2016, diluted net loss per common share equals basic net loss per common share as the effect of stock options and other equity-based instruments (collectively “stock-based compensation securities”) are anti-dilutive because the Company incurred losses from continuing operations in this period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue recognition —In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), to clarify the principles used to recognize revenue for all entities. In August 2015, the FASB issued ASU No. 2015-14 which deferred the effective date of ASU 2014-09 by one year. As a result of this deferral, ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance allows for either a full retrospective or a modified retrospective transition method. We are continuing to evaluate our method of adoption and the impact this guidance, including recent amendments and interpretations, may have on our financial position, results of operations and cash flows. 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 to present deferred tax liabilities and assets as current and noncurrent on the balance sheet. Instead, the requirement is 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”, a long-term liability, 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. Required Assessment of Going Concern – In August 2014, the FASB issued an accounting standard update that regardless of financial condition, requires every entity to assess its ability to continue operating as a going concern for the period of time that extends one year from the issuance of interim or annual financial statements. The standard is effective for the Company for its fiscal year ending April 30, 2017. If a quarterly or annual assessment indicates the presence of one or more conditions that raise substantial doubt, as defined in the standard, about an entity's ability to continue as a going concern for the upcoming one-year period, the standard requires disclosures in the footnotes that accompany the financial statements. Otherwise, no disclosure is required about the assessment results. The Company does not expect the adoption of this standard to have an impact on its consolidated financial statements or related disclosures. Leases —In February 2016, the FASB issued ASU No. 2016-02, "Leases" ("ASU 2016-02"). The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with such classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for the Company's fiscal year beginning May 1, 2019, including interim reporting periods within that fiscal year. A modified transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. While the Company is still evaluating the impact of its pending adoption of the new standard on its Consolidated Financial Statements, the Company expects that upon adoption it will recognize ROU assets and liabilities that could be material. Statement of Cash Flows — In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice related to certain cash receipts and payments in the statement of cash flows by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Income Taxes — In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-entity Transfers of Assets Other than Inventory” (“ASU 2016-16”). The new guidance is intended to improve the accounting for intra-entity transfers of assets other than inventory by requiring recognition of income tax consequences of intra-entity transfers of assets other than inventory when the transfer occurs. ASU 2016-16 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Statement of Cash Flows — In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” (“ASU 2016-18”). The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently in the process of evaluating the impact of the adoption on its Consolidated Financial Statements. Financial Instruments — In January 2016, the FASB issued an accounting standard update that changes the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2019, and early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Share-Based Compensation — In March 2016, the FASB issued an accounting standard update that impacts the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the Consolidated Statements of Cash Flows. The accounting standard will be effective for the Company beginning the first quarter of fiscal 2018, and early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Credit Losses of Financial Instruments — In June 2016, the FASB issued an accounting standard update that requires measurement and recognition of expected credit losses for financial assets held based on historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021 on a modified retrospective basis, and early adoption in fiscal 2020 is permitted. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements. Definition of a Business — In January 2017, the FASB issued an accounting standard update that clarifies the definition of a business to help companies evaluate whether acquisition or disposal transactions should be accounted for as asset groups or as businesses. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2019 on a prospective basis. The impact of this accounting standard update will be facts and circumstances dependent, but the Company does not expect the adoption of this accounting standard to have an impact on its consolidated financial statements. Simplifying the Test for Goodwill Impairment — In January 2017, the FASB issued an accounting standard update that removes Step 2 of the goodwill impairment test, which requires the assessment of fair value of individual assets and liabilities of a reporting unit to measure goodwill impairments. Under the accounting standard update, goodwill impairment will be the amount by which a reporting unit's carrying value exceeds its fair value. The accounting standard update will be effective for the Company beginning in the first quarter of fiscal 2021 on a prospective basis, and early adoption is permitted. The Company does not expect that this accounting standard update will impact the results of its goodwill impairment tests.

Basis of Presentation, Busine21

Basis of Presentation, Business and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2017
Basis of Presentation, Business and Summary of Significant Accounting Policies
Schedule of effect of revision on Condensed Consolidated Statements 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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 nine months ended January 31, 2016 was as follows: Nine Months Ended January 31, 2016 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)	9 Months Ended
	Jan. 31, 2017
2017 Acquisitions
Business Acquisitions
Schedule of acquisitions completed	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 Steven F. Kempf Building Materials, Inc. Purchase of net assets August 29, 2016 Olympia Building Supplies, LLC/Redmill, Inc. Purchase of 100% of outstanding common stock September 1, 2016 United Building Materials, Inc. Purchase of net assets October 3, 2016 Ryan Building Materials, Inc. Purchase of net assets October 31, 2016 Interior Products Supply Purchase of net assets December 5, 2016
Schedule of allocation of consideration for acquisitions	Preliminary purchase price allocation January 31, 2017 Cash and cash equivalents $ Trade accounts and notes receivable Inventories Property and equipment Other assets Tradenames Customer relationships Goodwill Deferred tax liability Liabilities assumed Purchase price $
2016 Acquisitions
Business Acquisitions
Schedule of acquisitions completed	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 January 31, 2017 Cash and cash equivalents $ $ — $ 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)	9 Months Ended
	Jan. 31, 2017
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 January 31, 2017 $
Schedule of components of definite lived intangible assets	Estimated Weighted January 31, 2017 useful average Gross Net lives amortization carrying Accumulated carrying (years) period amount amortization value Amortizable intangible assets: Customer relationships 5 - 13 10.9 $ $ $ Definite lived tradenames 5 - 20 18.3 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 $ $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jan. 31, 2017
Long-Term Debt
Schedule of long-term debt	January 31, April 30, 2017 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 5.50%, 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 $1,764 and $1,355 as of January 31, 2017 and April 30, 2016, respectively. (2) Net of deferred financing costs of $6,077 and $6,847 as of January 31, 2017 and April 30, 2016, respectively. (3) Net of unamortized discount of $1,183 at April 30, 2016. (4) Net of deferred financing costs of $4,300 at April 30, 2016.

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	9 Months Ended
	Jan. 31, 2017
Equity-Based Compensation
Schedule of weighted average assumptions used in Black-Scholes option-pricing model	January 31, 2017 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 January 31, 2017 $ $ Exercisable at January 31, 2017 $ $ Expected to vest after January 31, 2017 $ $

Stock Appreciation Rights, De26

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Jan. 31, 2017
Stock appreciation rights
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	Stock appreciation rights as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Stock appreciation rights as of January 31, 2017 (at fair value) $
Deferred compensation
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	Deferred compensation as of April 30, 2016 (at fair value) $ Amounts redeemed — Change in fair value Deferred compensation as of January 31, 2017 (at fair value) $
Noncontrolling interest awards
Equity based compensation arrangements
Summary of changes to liability for equity based compensation arrangements	Non ‑ controlling interests as of April 30, 2016 (at fair value) $ Amounts redeemed Change in fair value Non-controlling interests as of January 31, 2017 (at fair value) $

Segments (Tables)

Segments (Tables)	9 Months Ended
	Jan. 31, 2017
Segments
Schedule of net sales, Adjusted EBITDA and certain other measures	Three Months Ended January 31, 2017 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ Three Months Ended January 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $ Nine Months Ended January 31, 2017 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — $ $ $ $ Nine Months Ended January 31, 2016 Depreciation & Adjusted Net sales Gross profit amortization EBITDA Geographic divisions $ $ $ $ Other Corporate — — — $ $ $ $
Reconciliation of Adjusted EBITDA to Net income	Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 (i) 2017 2016 (i) Adjusted EBITDA $ $ $ $ Interest expense Write-off of debt discount and deferred financing fees — — Interest income Income tax (expense) benefit Depreciation expense Amortization expense Stock appreciation income or (expense)(a) Redeemable noncontrolling interests(b) Equity-based compensation(c) Severance and other permitted costs(d) Transaction costs (acquisitions and other)(e) Gain (loss) 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 (loss) $ $ $ $ (a) Represents non‑cash income or 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 First Lien Facility. (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 AEA. Following our IPO, AEA 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 to external customers by main product lines	Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 2017 2016 (dollars in thousands) Wallboard $ $ $ $ Ceilings Steel framing Other products Total net sales $ $ $ $

Earnings (Loss) Per Common Sh28

Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Jan. 31, 2017
Earnings (Loss) Per Common Share
Schedule of computation of basic and diluted earnings (loss) per share of common stock	Three Months Ended Nine Months Ended January 31, January 31, 2017 2016 2017 2016 Net income (loss) $ $ $ $ Basic earnings (loss) per common share: Basic weighted average shares outstanding per common share Basic earnings (loss) per common share $ $ $ $ Diluted earnings (loss) 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 (loss) per common share $ $ $ $

Basis of Presentation, Busine29

Basis of Presentation, Business and Summary of Significant Accounting Policies - Business (Details)	Jan. 31, 2017locationstate
Business
Number of states in which national footprint is created | state	42
Minimum
Business
Number of branches in which national footprint is created | location	200

Basis of Presentation, Busine30

Basis of Presentation, Business and Summary of Significant Accounting Policies - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 01, 2016	Jan. 31, 2017
Initial Public Offering
Net proceeds from initial public offering	$ 156,900	$ 156,941
Second Lien Term Loan due 2022
Initial Public Offering
Loan repayment	$ 160,000	$ 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
Offering price (in dollars per share)	$ 21
Underwriters over-allotment option | Common Stock
Initial Public Offering
Number of shares issued	1,050,000

Basis of Presentation, Busine31

Basis of Presentation, Business and Summary of Significant Accounting Policies - Effect of Inappropriate Statutory Rate (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016	Apr. 30, 2015
Effect of misstatement
Deferred Tax Liabilities, Net, Noncurrent	$ 32,327		$ 32,327		$ 41,203
Goodwill	425,933		425,933		386,306	$ 348,811
Provision for (benefit from) income taxes	5,363	$ (819)	12,232	$ 4,659
Net income (loss)	$ 8,227	$ (2,212)	$ 34,614	$ 3,624	$ 12,564
Understatement resulting from misstatement | Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition
Effect of misstatement
Deferred Tax Liabilities, Net, Noncurrent						6,400
Goodwill						4,300
Net income (loss)						2,100
Overstatement resulting from misstatement | Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition
Effect of misstatement
Provision for (benefit from) income taxes						$ 2,100

Basis of Presentation, Busine32

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		9 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Effect of the revision
Provision for income taxes	$ 5,363	$ (819)	$ 12,232	$ 4,659
Net income	$ 8,227	$ (2,212)	$ 34,614	$ 3,624	$ 12,564
Net income (loss) per share:
Basic (in dollars per share)	$ 0.20	$ (0.07)	$ 0.86	$ 0.11
Diluted (in dollars per share)	$ 0.20	$ (0.07)	$ 0.85	$ 0.11
As previously reported
Effect of the revision
Provision for income taxes				$ 5,334
Net income				$ 2,949
Net income (loss) per share:
Basic (in dollars per share)				$ 0.09
Diluted (in dollars per share)				$ 0.09
Adjustment | Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition
Effect of the revision
Provision for income taxes				$ (675)
Net income				$ 675
Net income (loss) per share:
Basic (in dollars per share)				$ 0.02
Diluted (in dollars per share)				$ 0.02

Basis of Presentation, Busine33

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		9 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Effect of the revision
Net income	$ 8,227	$ (2,212)	$ 34,614	$ 3,624	$ 12,564
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense			(14,773)	(6,657)
Cash used in operating activities			$ 36,340	17,902
As previously reported
Effect of the revision
Net income				2,949
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense				(5,982)
Cash used in operating activities				17,902
Correction to statutory tax rate used in purchase accounting for April 1, 2014 Acquisition | Adjustment
Effect of the revision
Net income				675
Adjustments to reconcile net income to net cash used in operating activities
Deferred income tax expense				$ (675)

Basis of Presentation, Busine34

Basis of Presentation, Business and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016	Apr. 30, 2015
Other accrued expenses and current liabilities
Insurance Liabilities
Medical self-insurance	$ 3,125	$ 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, automobile and workers’ compensation
Insurance Liabilities
Reserve for insurance	13,766	12,213
Insurance recovery receivable	5,690	$ 4,832	$ 26,000
General liability, automobile and workers’ compensation | Minimum
Insurance Liabilities
Primary layer of insurance coverage	500
Excess layer of insurance coverage	2,000
General liability, automobile and workers’ compensation | Maximum
Insurance Liabilities
Primary layer of insurance coverage	2,000
Excess layer of insurance coverage	$ 100,000

Basis of Presentation, Busine35

Basis of Presentation, Business and Summary of Significant Accounting Policies - Treasury Stock (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2016	Apr. 30, 2016
Treasury Stock
Shares repurchased, cost		$ 5,827
Proceeds from reissuance of treasury stock	$ 4,856
Decrease to Retained earnings (accumulated deficit) for difference between cost of treasury stock and proceeds from reissuance	$ 971
Treasury Stock
Treasury Stock
Number of shares repurchased	394,577	394,577
Shares repurchased, cost	$ 5,827	$ 5,827
Shares reissued		394,577

Basis of Presentation, Busine36

Basis of Presentation, Business and Summary of Significant Accounting Policies - Deferred Taxes (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016
Adoption of new accounting pronouncement
Deferred income taxes, net	$ 32,327	$ 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	9 Months Ended	12 Months Ended
	Jan. 31, 2017	Apr. 30, 2016	Sep. 01, 2016	Jan. 01, 2016	Apr. 30, 2015
Allocation of consideration for acquisitions
Goodwill	$ 425,933	$ 386,306			$ 348,811
Adjustments/Reclassifications
Goodwill	(276)	(1,338)
2017 Acquisitions
Purchase price
Aggregate purchase price	151,186
Cash consideration	145,248
Contingent consideration	5,938
Allocation of consideration for acquisitions
Cash and cash equivalents	1,555
Trade accounts and notes receivable	35,681
Inventories	13,961
Property and equipment	8,615
Other assets	613
Goodwill	39,903
Deferred tax liability	(5,898)
Liabilities assumed	(16,044)
Purchase price	151,186
Goodwill and intangible assets
Goodwill expected to be deductible for U.S. federal income tax purposes	25,795
Other intangible assets expected to be deductible for U.S. federal income tax purposes	52,200
Goodwill nondeductible for U.S. federal income tax purposes	14,108
Other intangible assets nondeductible for U.S. federal income tax purposes	20,600
2017 Acquisitions | Tradenames
Allocation of consideration for acquisitions
Definite lived intangible assets	9,490
2017 Acquisitions | Customer relationships
Allocation of consideration for acquisitions
Definite lived intangible assets	63,310
Olympia Building Supplies, LLC/Redmill, Inc.
Business Acquisitions
Outstanding common stock purchased (as a percent)			100.00%
2016 Acquisitions
Purchase price
Aggregate purchase price		117,233
Cash consideration		113,801
Contingent consideration		3,432
Allocation of consideration for acquisitions
Cash and cash equivalents	956
Trade accounts and notes receivable	27,029
Inventories	17,543
Property and equipment	9,236
Other assets	810
Goodwill	38,557
Deferred tax liability	(6,676)
Liabilities assumed	(13,797)
Purchase price	117,233
Adjustments/Reclassifications
Trade accounts and notes receivable	322
Other assets	1
Goodwill	(276)
Liabilities assumed	7
Purchase price	54
Decrease in total consideration paid	54
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	25,042
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
Cash and cash equivalents		956
Trade accounts and notes receivable		26,707
Inventories		17,543
Property and equipment		9,236
Other assets		809
Goodwill		38,833
Deferred tax liability		(6,676)
Liabilities assumed		(13,804)
Purchase price		117,179
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 Asset38

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2017	Apr. 30, 2016
Goodwill
Balance	$ 386,306	$ 348,811
Working capital adjustments	(276)	(1,338)
Goodwill acquired during the year	39,903	38,833
Balance	$ 425,933	$ 386,306

Goodwill and Intangible Asset39

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2017	Apr. 30, 2016
Definite lived intangible assets
Gross carrying amount	$ 305,287	$ 232,446
Accumulated amortization	104,122	72,024
Net carrying value	$ 201,165	$ 160,422
Customer relationships
Definite lived intangible assets
Weighted average amortization period	10 years 10 months 24 days	10 years 9 months 18 days
Gross carrying amount	$ 271,877	$ 208,526
Accumulated amortization	100,364	69,929
Net carrying value	$ 171,513	$ 138,597
Customer relationships | Minimum
Definite lived intangible assets
Estimated useful lives	5 years	5 years
Customer relationships | Maximum
Definite lived intangible assets
Estimated useful lives	13 years	13 years
Tradenames
Definite lived intangible assets
Weighted average amortization period	18 years 3 months 18 days	19 years 6 months
Gross carrying amount	$ 25,250	$ 15,760
Accumulated amortization	1,342	447
Net carrying value	$ 23,908	$ 15,313
Tradenames | Minimum
Definite lived intangible assets
Estimated useful lives	5 years	5 years
Tradenames | Maximum
Definite lived intangible assets
Estimated useful lives	20 years	20 years
Vendor agreement
Definite lived intangible assets
Estimated useful lives	8 years	8 years
Gross carrying amount	$ 5,644	$ 5,644
Accumulated amortization	1,999	1,470
Net carrying value	$ 3,645	$ 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	417	178
Net carrying value	$ 2,099	$ 2,338
Leasehold interests | Minimum
Definite lived intangible assets
Estimated useful lives	7 years	7 years
Leasehold interests | Maximum
Definite lived intangible assets
Estimated useful lives	13 years	13 years
2017 Acquisitions | Customer relationships
Definite lived intangible assets
Definite lived intangible assets	$ 63,310
Weighted average amortization period	11 years 7 months 6 days
2017 Acquisitions | Tradenames
Definite lived intangible assets
Definite lived intangible assets	$ 9,490
Weighted average amortization period	16 years 3 months 18 days

Goodwill and Intangible Asset40

Goodwill and Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016
Goodwill and Intangible Assets
Tradenames	$ 61,368	$ 61,368

Goodwill and Intangible Asset41

Goodwill and Intangible Assets - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Intangible assets
Amortization expense related to intangible assets	$ 11,851	$ 9,540	$ 32,084	$ 27,129
Depreciation and amortization expense
Intangible assets
Amortization expense related to intangible assets	$ 11,851	$ 9,540	$ 32,084	$ 27,129

Long-Term Debt - Terms (Details

Long-Term Debt - Terms (Details) - USD ($)	Nov. 18, 2016	Sep. 27, 2016	Jun. 01, 2016	Jan. 31, 2017	Sep. 26, 2016	Jan. 31, 2017	Oct. 31, 2016
Long-term debt
New loan						$ 481,225,000
Write-off of debt discount and deferred financing fees				$ 211,000		7,103,000
Second Lien Term Loan due 2022
Long-term debt
Loan repayment			$ 160,000,000			160,000,000
Write-off of debt discount and deferred financing fees			$ 5,426,000
First Lien Term Loan due 2021
Long-term debt
Loan repayment		$ 381,225,000				$ 381,225,000
Write-off of debt discount and deferred financing fees		1,466,000
First Lien Term Loan due 2021 | LIBOR
Long-term debt
Margin added to variable rate (as a percent)					3.75%
First Lien Term Loan amendment
Long-term debt
New loan		$ 481,225,000
First Lien Term Loan amendment | LIBOR
Long-term debt
Margin added to variable rate (as a percent)		3.50%
ABL Facility
Long-term debt
Revolving credit commitments							$ 300,000,000
Write-off of debt discount and deferred financing fees	$ 211,000
ABL Second Amendment
Long-term debt
Revolving credit commitments	$ 345,000,000
Reduction to interest rate margin at each pricing level (as a percent)	0.25%

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Jan. 31, 2017	Apr. 30, 2016
Long-term debt
Total long-term debt	$ 612,279	$ 644,610
Less: Current portion	11,235	35,581
Long-term debt, less current portion	601,044	609,029
First Lien Term Loan due 2021
Long-term debt
Total long-term debt	470,978	373,998
Unamortized discount	1,764	1,355
Deferred financing costs	6,077	6,847
Second Lien Term Loan due 2022
Long-term debt
Total long-term debt		154,517
Unamortized discount		1,183
Deferred financing costs		4,300
ABL Facility
Long-term debt
Total long-term debt	120,821	101,910
Capital lease obligations
Long-term debt
Total long-term debt	$ 14,283	$ 11,449
Interest rate	5.50%	5.50%
Installment notes
Long-term debt
Total long-term debt	$ 6,197	$ 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	9 Months Ended
	Oct. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Income Taxes
Valuation allowances (in dollars)		$ 83		$ 83
Effective income tax rate (as a percent)		26.10%	56.20%
Gypsum Supply Company
Income Taxes
Decrease in deferred tax liabilities and tax expense for election to change tax treatment of acquisition from stock to asset transaction	$ 6,950

Stockholders' Equity - Common a

Stockholders' Equity - Common and Preferred Shares Authorized (Details)	May 13, 2016$ / sharesshares	Jan. 31, 2017$ / 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	Jan. 31, 2017
Initial Public Offering
Net proceeds from initial public offering	$ 156,900	$ 156,941
Second Lien Term Loan due 2022
Initial Public Offering
Loan repayment	$ 160,000	$ 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
Offering price (in dollars per share)	$ 21
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)	9 Months Ended
	Jan. 31, 2017shares
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	9 Months Ended
	Jan. 31, 2017
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		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Stock options
Share-based compensation expense	$ 622	$ 728	$ 1,981	$ 2,089
Stock options
Stock options
Awards issued			170,539	0
Weighted average grant day fair value per share			$ 9.53
Aggregate fair value of options outstanding			$ 1,625
Vesting period			4 years
Unrecognized compensation expense	2,109		$ 2,109
Weighted average period for recognition of unrecognized compensation expense			7 years 8 months 1 day
Stock options | Selling, general and administrative expenses
Stock options
Share-based compensation expense	$ 577	$ 729	$ 1,860	$ 2,089

Equity-Based Compensation - S50

Equity-Based Compensation - Stock Option Activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Stock option activity
Outstanding, beginning of the period (in shares)	1,935,106
Options granted (in shares)	170,539	0
Outstanding, end of the period (in shares)	2,105,645
Exercisable (in shares)	1,090,610
Expected to vest (in shares)	1,015,035
Weighted average exercise price
Outstanding, beginning of period (in dollars per share)	$ 12.37
Options granted (in dollars per share)	23.04
Outstanding, end of the period (in dollars per share)	13.37
Exercisable (in dollars per share)	12.47
Expected to vest (in dollars per share)	$ 14.34
Other disclosures
Remaining contractual life, options outstanding (years)	7 years 5 months 16 days
Remaining contractual life, options exercisable (years)	7 years 3 months 4 days
Remaining contractual life, options expected to vest (years)	7 years 8 months 1 day
Aggregate intrinsic value, options outstanding	$ 34,675
Aggregate intrinsic value, options exercisable	18,942
Aggregate intrinsic value, options expected to vest	$ 15,733

Stock Appreciation Rights, De51

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2017	Apr. 30, 2016
Equity based compensation arrangements
Long-term liabilities related to plans	$ 22,232	$ 25,247
Stock appreciation rights
Equity based compensation arrangements
Settlement period	4 years
Redemption value	$ 11,224
Fair value of award liability as of beginning of period	20,533
Amounts redeemed	(28)
Change in fair value	(735)
Fair value of award liability as of end of period	19,770
Stock appreciation rights | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	820	808
Stock appreciation rights | Other liabilities
Equity based compensation arrangements
Long-term liabilities related to plans	$ 18,950	19,725
Deferred compensation
Equity based compensation arrangements
Settlement period	5 years
Redemption value	$ 3,954
Fair value of award liability as of beginning of period	3,270
Change in fair value	424
Fair value of award liability as of end of period	3,694
Deferred compensation | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	335	0
Deferred compensation | Other liabilities
Equity based compensation arrangements
Long-term liabilities related to plans	$ 3,359	3,270
Noncontrolling interest awards
Equity based compensation arrangements
Settlement period	5 years
Redemption value	$ 25,630
Fair value of award liability as of beginning of period	26,585
Amounts redeemed	(5,354)
Change in fair value	2,678
Fair value of award liability as of end of period	23,909
Noncontrolling interests converted	32,545
Noncontrolling interest awards | Accrued compensation and employee benefits
Equity based compensation arrangements
Current liabilities related to plans	1,677	1,338
Noncontrolling interest awards | Liabilities to noncontrolling interest holders, less current portion
Equity based compensation arrangements
Long-term liabilities related to plans	$ 22,232	$ 25,247

Transactions With Related Par52

Transactions With Related Parties - Facilities Rental (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Affiliated partnerships or entities | Lease of office and warehouse facilities | Selling, general and administrative expenses
Transactions with related parties
Rent expense	$ 195	$ 195	$ 585	$ 390

Transactions With Related Par53

Transactions With Related Parties - Purchased Inventories (Details) - Southern Wall Products, Inc. - Inventory purchases - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Transactions with related parties
Purchases from related party	$ 3,158	$ 2,738	$ 9,629	$ 9,305
Accounts Payable
Transactions with related parties
Due to SWP	$ 938		$ 938		$ 1,097

Transactions With Related Par54

Transactions With Related Parties - Management Agreement (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2016	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Transactions with related parties
Management fee		$ 562	$ 188	$ 1,687
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	$ 1,687

Segments - Number (Details)

Segments - Number (Details)	9 Months Ended
	Jan. 31, 2017segmentdivision
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		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Segment information
Total assets	$ 1,394,727		$ 1,394,727		$ 1,240,814
Net sales	562,523	$ 420,482	1,704,169	$ 1,331,000
Gross profit	185,727	134,160	557,536	418,961
Depreciation and amortization	18,316	16,009	51,479	47,336
Geographic divisions
Segment information
Net sales	557,774	416,706	1,689,407	1,320,242
Gross profit	183,503	132,730	551,788	414,816
Geographic divisions | Adjustment | Segment misclassification
Segment information
Net sales				11,289
Other
Segment information
Net sales	4,749	3,776	14,762	10,758
Gross profit	2,224	1,430	5,748	4,145
Other | Adjustment | Segment misclassification
Segment information
Net sales				(11,289)
Operating Segment
Segment information
Adjusted EBITDA	40,678	25,688	136,138	94,601
Operating Segment | Geographic divisions
Segment information
Depreciation and amortization	18,018	15,744	50,597	46,480
Adjusted EBITDA	39,910	25,532	134,706	94,120
Operating Segment | Geographic divisions | Adjustment | Segment reporting revision
Segment information
Depreciation and amortization				(638)
Operating Segment | Other
Segment information
Depreciation and amortization	77	72	236	218
Adjusted EBITDA	768	156	1,432	481
Corporate
Segment information
Depreciation and amortization	$ 221	$ 193	$ 646	638
Corporate | Adjustment | Segment reporting revision
Segment information
Depreciation and amortization				$ 638

Segments - Reconciliation of Ad

Segments - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016	Apr. 30, 2016
Reconciliation of Adjusted EBITDA to Net income
Interest expense	$ (7,431)	$ (9,473)	$ (22,162)	$ (27,990)
Write-off of debt discount and deferred financing fees	(211)		(7,103)
Interest income	23	247	101	685
Income tax (expense) benefit	(5,363)	819	(12,232)	(4,659)
Depreciation expense	(6,465)	(6,469)	(19,395)	(20,207)
Amortization expense	(11,851)	(9,540)	(32,084)	(27,129)
Stock appreciation rights expense	498	(337)	734	(1,623)
Redeemable noncontrolling interests	(256)	(167)	(3,079)	(1,172)
Equity-based compensation	(622)	(728)	(1,981)	(2,089)
(Loss) gain on disposal of assets	114	205	244	(75)
Management fee to related party		(562)	(188)	(1,687)
Net income (loss)	8,227	(2,212)	34,614	3,624	$ 12,564
Operating Segment
Reconciliation of Adjusted EBITDA to Net income
Adjusted EBITDA	40,678	25,688	136,138	94,601
Reconciling items
Reconciliation of Adjusted EBITDA to Net income
Severance and other permitted costs	(57)	(52)	(315)	(1,433)
Transaction costs (acquisitions and other)	(566)	(1,057)	(3,047)	(2,812)
Effects of fair value adjustments to inventory	(155)	$ (786)	(776)	$ (786)
Interest rate cap mark-to-market	$ (109)		$ (241)

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Revenue from external customers
Total Net Sales	$ 562,523	$ 420,482	$ 1,704,169	$ 1,331,000
Wallboard
Revenue from external customers
Total Net Sales	254,979	196,946	776,250	622,123
Ceilings
Revenue from external customers
Total Net Sales	81,768	65,370	253,518	218,951
Steel framing
Revenue from external customers
Total Net Sales	93,514	65,932	273,931	203,571
Other products
Revenue from external customers
Total Net Sales	$ 132,262	$ 92,234	$ 400,470	$ 286,355

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Computation of basic and diluted earnings (loss) per share of common stock
Net income (loss)	$ 8,227	$ (2,212)	$ 34,614	$ 3,624
Basic earnings (loss) per common share:
Basic weighted average shares outstanding per common share (in shares)	40,942,905	32,890,930	40,035,450	32,768,418
Basic earnings (loss) per common share (in dollars per share)	$ 0.20	$ (0.07)	$ 0.86	$ 0.11
Diluted earnings (loss) per common share:
Basic weighted average shares outstanding per common share (in shares)	40,942,905	32,890,930	40,035,450	32,768,418
Add: Shares of common stock assumed issued upon exercise of stock options (in shares)	634,770		634,770	218,752
Diluted weighted average shares outstanding per common share (in shares)	41,577,675	32,890,930	40,670,220	32,987,170
Diluted earnings (loss) per common share (in dollars per share)	$ 0.20	$ (0.07)	$ 0.85	$ 0.11
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares		218,752

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - GMS Inc.	Feb. 28, 2017$ / sharesshares
Selling stockholders | Secondary offering
Subsequent Events
Shares sold	7,992,500
Price to the public (in dollars per share) | $ / shares	$ 29.25
Selling stockholders | Underwriters over-allotment option
Subsequent Events
Shares sold	1,042,500
Affiliates of AEA | Secondary offering
Subsequent Events
Shares sold	3,549,302