GMS (GMS) 10-Q 8 Dec 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2022	Nov. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2022
Document Transition Report	false
Entity File Number	001-37784
Entity Registrant Name	GMS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2931287
Entity Address, Address Line One	100 Crescent Centre Parkway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Tucker
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30084
City Area Code	(800)
Local Phone Number	392-4619
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GMS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,622,050
Entity Central Index Key	0001600438
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 124,201	$ 101,916
Trade accounts and notes receivable, net of allowances of $10,751 and $9,346, respectively	872,882	750,046
Inventories, net	576,388	550,953
Prepaid expenses and other current assets	23,191	20,212
Total current assets	1,596,662	1,423,127
Property and equipment, net of accumulated depreciation of $245,974 and $227,288, respectively	362,983	350,679
Operating lease right-of-use assets	149,544	153,271
Goodwill	690,288	695,897
Intangible assets, net	411,200	454,747
Deferred income taxes	21,168	17,883
Other assets	14,100	8,795
Total assets	3,245,945	3,104,399
Current liabilities:
Accounts payable	366,143	367,315
Accrued compensation and employee benefits	90,253	107,925
Other accrued expenses and current liabilities	137,404	127,938
Current portion of long-term debt	47,618	47,605
Current portion of operating lease liabilities	39,349	38,415
Total current liabilities	680,767	689,198
Non-current liabilities:
Long-term debt, less current portion	1,166,544	1,136,585
Long-term operating lease liabilities	108,762	112,161
Deferred income taxes, net	47,625	46,802
Other liabilities	58,308	55,155
Total liabilities	2,062,006	2,039,901
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 41,851 and 42,773 shares issued and outstanding as of October 31, 2022 and April 30, 2022, respectively	418	428
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of October 31, 2022 and April 30, 2022	0	0
Additional paid-in capital	477,558	522,136
Retained earnings	740,600	547,977
Accumulated other comprehensive loss	(34,637)	(6,043)
Total stockholders' equity	1,183,939	1,064,498
Total liabilities and stockholders' equity	$ 3,245,945	$ 3,104,399

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Statement of Financial Position [Abstract]
Trade accounts and notes receivable, allowances (in dollars)	$ 10,751	$ 9,346
Property and equipment, accumulated depreciation (in dollars)	$ 245,974	$ 227,288
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	41,851,000	42,773,000
Common stock, shares outstanding (in shares)	41,851,000	42,773,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,430,979	$ 1,150,551	$ 2,790,532	$ 2,192,627
Cost of sales (exclusive of depreciation and amortization shown separately below)	966,479	778,681	1,891,311	1,484,924
Gross profit	464,500	371,870	899,221	707,703
Operating expenses:
Selling, general and administrative	278,994	230,531	546,683	444,612
Depreciation and amortization	32,226	29,403	64,666	57,117
Total operating expenses	311,220	259,934	611,349	501,729
Operating income	153,280	111,936	287,872	205,974
Other (expense) income:
Interest expense	(16,055)	(14,744)	(30,716)	(28,401)
Other income, net	1,923	938	3,492	1,730
Total other expense, net	(14,132)	(13,806)	(27,224)	(26,671)
Income before taxes	139,148	98,130	260,648	179,303
Provision for income taxes	35,995	23,769	68,025	43,740
Net income	$ 103,153	$ 74,361	$ 192,623	$ 135,563
Weighted average common shares outstanding:
Basic (in shares)	42,232	43,135	42,390	43,112
Diluted (in shares)	42,887	43,894	43,102	43,933
Net income per common share:
Basic (in dollars per share)	$ 2.44	$ 1.72	$ 4.54	$ 3.14
Diluted (in dollars per share)	$ 2.41	$ 1.69	$ 4.47	$ 3.09
Comprehensive income
Net income	$ 103,153	$ 74,361	$ 192,623	$ 135,563
Foreign currency translation adjustments	(34,585)	4,114	(31,943)	(4,119)
Changes in other comprehensive income, net of tax	1,130	3,289	3,349	5,251
Comprehensive income	$ 69,698	$ 81,764	$ 164,029	$ 136,695

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Apr. 30, 2021		43,073
Beginning balance at Apr. 30, 2021	$ 822,462	$ 431	$ 542,737	$ 274,535	$ 4,759
Increase (Decrease) in Stockholders' Equity
Net income	61,202			61,202
Foreign currency translation adjustments	(8,233)				(8,233)
Other comprehensive income, net of tax	1,962				1,962
Repurchase and retirement of common stock (in shares)		(85)
Repurchase and retirement of common stock	(3,855)	$ (1)	(3,854)
Equity-based compensation	1,958		1,958
Exercise of stock options (in shares)		44
Exercise of stock options	863	$ 1	862
Vesting of restricted stock units (in shares)		8
Tax withholding related to net share settlements of equity awards	(256)		(256)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		43
Issuance of common stock pursuant to employee stock purchase plan	1,140		1,140
Ending balance (in shares) at Jul. 31, 2021		43,083
Ending balance at Jul. 31, 2021	877,243	$ 431	542,587	335,737	(1,512)
Beginning balance (in shares) at Apr. 30, 2021		43,073
Beginning balance at Apr. 30, 2021	822,462	$ 431	542,737	274,535	4,759
Increase (Decrease) in Stockholders' Equity
Net income	135,563
Foreign currency translation adjustments	(4,119)
Other comprehensive income, net of tax	5,251
Ending balance (in shares) at Oct. 31, 2021		43,052
Ending balance at Oct. 31, 2021	951,351	$ 431	534,931	410,098	5,891
Beginning balance (in shares) at Jul. 31, 2021		43,083
Beginning balance at Jul. 31, 2021	877,243	$ 431	542,587	335,737	(1,512)
Increase (Decrease) in Stockholders' Equity
Net income	74,361			74,361
Foreign currency translation adjustments	4,114				4,114
Other comprehensive income, net of tax	3,289				3,289
Repurchase and retirement of common stock (in shares)		(195)
Repurchase and retirement of common stock	(9,269)	$ (2)	(9,267)
Equity-based compensation	3,215		3,215
Exercise of stock options (in shares)		52
Exercise of stock options	977	$ 1	976
Vesting of restricted stock units (in shares)		112
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	(2,579)		(2,579)
Ending balance (in shares) at Oct. 31, 2021		43,052
Ending balance at Oct. 31, 2021	$ 951,351	$ 431	534,931	410,098	5,891
Beginning balance (in shares) at Apr. 30, 2022	42,773	42,773
Beginning balance at Apr. 30, 2022	$ 1,064,498	$ 428	522,136	547,977	(6,043)
Increase (Decrease) in Stockholders' Equity
Net income	89,470			89,470
Foreign currency translation adjustments	2,642				2,642
Other comprehensive income, net of tax	2,219				2,219
Repurchase and retirement of common stock (in shares)		(516)
Repurchase and retirement of common stock	(23,795)	$ (5)	(23,790)
Equity-based compensation	3,132		3,132
Exercise of stock options (in shares)		1
Exercise of stock options	29		29
Vesting of restricted stock units (in shares)		7
Tax withholding related to net share settlements of equity awards	(300)		(300)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		33
Issuance of common stock pursuant to employee stock purchase plan	1,329		1,329
Ending balance (in shares) at Jul. 31, 2022		42,298
Ending balance at Jul. 31, 2022	$ 1,139,224	$ 423	502,536	637,447	(1,182)
Beginning balance (in shares) at Apr. 30, 2022	42,773	42,773
Beginning balance at Apr. 30, 2022	$ 1,064,498	$ 428	522,136	547,977	(6,043)
Increase (Decrease) in Stockholders' Equity
Net income	192,623
Foreign currency translation adjustments	(31,943)
Other comprehensive income, net of tax	$ 3,349
Ending balance (in shares) at Oct. 31, 2022	41,851	41,851
Ending balance at Oct. 31, 2022	$ 1,183,939	$ 418	477,558	740,600	(34,637)
Beginning balance (in shares) at Jul. 31, 2022		42,298
Beginning balance at Jul. 31, 2022	1,139,224	$ 423	502,536	637,447	(1,182)
Increase (Decrease) in Stockholders' Equity
Net income	103,153			103,153
Foreign currency translation adjustments	(34,585)				(34,585)
Other comprehensive income, net of tax	1,130				1,130
Repurchase and retirement of common stock (in shares)		(601)
Repurchase and retirement of common stock	(25,776)	$ (6)	(25,770)
Equity-based compensation	3,781		3,781
Exercise of stock options (in shares)		53
Exercise of stock options	672		672
Vesting of restricted stock units (in shares)		101
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	$ (3,660)		(3,660)
Ending balance (in shares) at Oct. 31, 2022	41,851	41,851
Ending balance at Oct. 31, 2022	$ 1,183,939	$ 418	$ 477,558	$ 740,600	$ (34,637)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Cash flows from operating activities:
Net income	$ 192,623	$ 135,563
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	64,666	57,117
Amortization of debt discount and debt issuance costs	802	1,392
Equity-based compensation	13,322	7,951
Gain on disposal of assets	(203)	(222)
Deferred income taxes	(2,925)	(718)
Other items, net	4,662	1,682
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	(133,445)	(147,359)
Inventories	(32,270)	(168,519)
Prepaid expenses and other assets	(4,913)	(216)
Accounts payable	3,821	16,608
Accrued compensation and employee benefits	(17,859)	(3,561)
Other accrued expenses and liabilities	14,580	23,187
Cash provided by (used in) operating activities	102,861	(77,095)
Cash flows from investing activities:
Purchases of property and equipment	(21,670)	(16,119)
Proceeds from sale of assets	896	466
Acquisition of businesses, net of cash acquired	(2,620)	(124,976)
Cash used in investing activities	(23,394)	(140,629)
Cash flows from financing activities:
Repayments on revolving credit facilities	(251,247)	(442,442)
Borrowings from revolving credit facilities	280,113	583,233
Payments of principal on long-term debt	(2,555)	(2,555)
Payments of principal on finance lease obligations	(16,450)	(15,154)
Repurchases of common stock	(49,571)	(13,124)
Payment of acquisition holdback liability	(13,500)	0
Proceeds from exercises of stock options	701	1,840
Payments for taxes related to net share settlement of equity awards	(3,960)	(2,835)
Other financing activities	1,329	1,140
Cash (used in) provided by financing activities	(55,140)	110,103
Effect of exchange rates on cash and cash equivalents	(2,042)	(81)
Increase (decrease) in cash and cash equivalents	22,285	(107,702)
Cash and cash equivalents, beginning of period	101,916	167,012
Cash and cash equivalents, end of period	124,201	59,310
Supplemental cash flow disclosures:
Cash paid for income taxes	60,792	37,784
Cash paid for interest	$ 29,268	$ 17,596

Business, Basis of Presentation

Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business, Basis of Presentation and Summary of Significant Accounting Policies	Business, Basis of Presentation and Summary of Significant Accounting Policies Business Founded in 1971, GMS Inc. (together with its consolidated subsidiaries, “we,” “our,” “us,” or the “Company”), through its wholly owned operating subsidiaries, operates a network of approximately 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. The Company also operates approximately 100 tool sales, rental and service centers. Through these operations, the Company provides a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling the Company to generate significant economies of scale while maintaining high levels of customer service. 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 Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2022. Principles of Consolidation The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity 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 Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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. Foreign Currency Translation Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income (loss). Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other income, net. 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. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability if probable and estimable. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry. The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. October 31, April 30, (in thousands) Medical self‑insurance $ 4,128 $ 3,371 General liability, automobile and workers’ compensation 28,197 21,707 Expected recoveries for insurance liabilities (9,099) (4,973) Revenue Recognition Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses. See Note 13, “Segments,” for information regarding disaggregation of revenue, including revenue by product and by geographic area. Income Taxes The Company considers each interim period an integral part of the annual period and measures tax expense (benefit) 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 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 carryforward period necessary to absorb the federal and state net operating losses and other deferred tax assets. Deferred tax assets and liabilities are computed by applying the federal, provincial 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. Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, including stock options and restricted stock units (collectively “Common Stock Equivalents”), were exercised or converted into common stock. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share. Recently Issued Accounting Pronouncements Reference Rate Reform – In March 2020, the Financial Accounting Standards Board (“FASB”) issued new guidance to temporarily ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The guidance was effective upon issuance and generally can be applied through December 31, 2022. However, the new guidance is not applicable to contract modifications made, and hedging relationships entered into or evaluated after, December 31, 2022. The Company is adopting this guidance when its relevant contracts are modified to alternative reference rates. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Business Combinations – In October 2021, the FASB issued new guidance which requires the recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Code 606, "Revenue from Contracts with Customers." This creates an exception to the general recognition and measurement principles in existing business combination guidance. The new guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The amendments in this new guidance should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Business Combinations

Business Combinations	6 Months Ended
	Oct. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations The Company accounts for business combinations by recognizing the assets acquired and liabilities assumed at the acquisition date fair value. In valuing certain acquired assets and liabilities, fair value estimates use Level 3 inputs, including future expected cash flows and discount rates. Goodwill is measured as the excess of consideration transferred over the fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to value assets acquired and liabilities assumed at the acquisition date, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments arising from new facts and circumstances are recorded to the Consolidated Statements of Operations and Comprehensive Income. The results of operations of acquisitions are reflected in the Company’s Consolidated Financial Statements from the date of acquisition. Westside Acquisition During the six months ended October 31, 2022, the Company settled its $13.5 million holdback liability related to the acquisition of Westside Building Material (“Westside”) in accordance with the terms of the purchase agreement. The holdback liability was for general representations and warranties of the sellers and was settled 15 months after the acquisition date. Fiscal 2023 Acquisition On June 1, 2022, the Company acquired certain assets of Construction Supply of Southwest Florida, Inc. (“CSSWF”). CSSWF is a distributor of various stucco, building and waterproofing supplies serving markets in the southwest Florida area. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements. Pro Forma Financial Information The following table presents the unaudited pro forma consolidated net sales and net income for the Company for the period indicated: Three Months Six Months Ended Ended October 31, 2021 October 31, 2021 (in thousands) Net sales $ 1,170,557 $ 2,269,667 Net income 75,369 142,425 On July 1, 2021, the Company acquired substantially all the assets of Westside. On December 1, 2021, the Company acquired Ames Taping Tools Holding LLC (“Ames”). The above pro forma results have been calculated by combining the historical results of the Company, Westside and Ames as if the acquisitions of Westside and Ames had occurred on May 1, 2021, the first day of the comparable prior reporting period presented. The pro forma results include estimates for intangible asset amortization, depreciation, interest expense and income taxes. The pro forma information is not necessarily indicative of the results that would have been achieved had the transactions occurred on the first day of each of the periods presented or that may be achieved in the future. See Note 2, "Business Combinations," in the Company's Annual Report on Form 10-K for the year ended April 30, 2022 for more information regarding these acquisitions.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Oct. 31, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: October 31, April 30, (in thousands) Trade receivables $ 743,227 $ 675,724 Other receivables 140,406 83,668 Allowance for expected credit losses (5,750) (5,087) Other allowances (5,001) (4,259) Trade accounts and notes receivable $ 872,882 $ 750,046 The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2022: (in thousands) Balance as of April 30, 2022 $ 5,087 Provision 1,588 Other (925) Balance as of October 31, 2022 $ 5,750 Receivables from contracts with customers, net of allowances, were $732.5 million and $666.4 million as of October 31, 2022 and April 30, 2022, respectively. The Company did not have material amounts of contract assets or liabilities as of October 31, 2022 or April 30, 2022.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The following table presents changes in the carrying amount of goodwill: Gross Accumulated Net Carrying Amount Impairment Loss Carrying Amount (in thousands) Balance as of April 30, 2022 $ 762,424 $ (66,527) $ 695,897 Goodwill recognized from acquisitions 685 — 685 Acquisition accounting adjustments from prior period 701 — 701 Translation adjustment (9,934) 2,939 (6,995) Balance as of October 31, 2022 $ 753,876 $ (63,588) $ 690,288 During the six months ended October 31, 2022, the Company recorded measurement period adjustments related to its Westside and Ames acquisitions. Intangible Assets The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 653,601 $ (404,362) $ 249,239 Definite-lived tradenames 5-20 15.6 95,527 (22,153) 73,374 Vendor agreements 8-10 10.0 1,000 (525) 475 Developed technology 5-10 6.9 8,183 (4,890) 3,293 Other 3-5 3.5 1,821 (1,369) 452 Definite-lived intangible assets $ 760,132 $ (433,299) $ 326,833 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,200 Estimated Weighted April 30, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 669,018 $ (381,650) $ 287,368 Definite-lived tradenames 5-20 15.6 97,453 (19,496) 77,957 Vendor agreements 8-10 10.0 1,000 (475) 525 Developed technology 5-10 6.8 8,471 (4,462) 4,009 Other 3-5 3.6 1,761 (1,240) 521 Definite-lived intangible assets $ 777,703 $ (407,323) $ 370,380 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 454,747 Amortization expense related to definite-lived intangible assets was $17.2 million and $15.7 million for the three months ended October 31, 2022 and 2021, respectively, and $34.6 million and $30.5 million for the six months ended October 31, 2022 and 2021, respectively. The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors. Year Ending April 30, (in thousands) 2023 (remaining six months) $ 31,093 2024 54,530 2025 45,657 2026 38,541 2027 33,480 Thereafter 123,532 Total $ 326,833 The Company’s indefinite-lived intangible assets as of October 31, 2022 and April 30, 2022 consisted of indefinite-lived tradenames.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Oct. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following: October 31, April 30, (in thousands) Term Loan Facility $ 502,058 $ 504,613 Unamortized discount and deferred financing costs on Term Loan Facility (3,003) (3,581) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (4,514) (4,836) ABL Facility 240,000 211,134 Finance lease obligations 126,480 120,138 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025 3,347 7,086 Unamortized discount on installment notes (206) (364) Carrying value of debt 1,214,162 1,184,190 Less current portion 47,618 47,605 Long-term debt $ 1,166,544 $ 1,136,585 Term Loan Facility The Company has a senior secured first lien term loan facility (the “Term Loan Facility”). The Company is required to make scheduled quarterly payments of $1.3 million, or 0.25% of the aggregate principal amount of the Term Loan Facility, with the remaining balance due in June 2025. The Term Loan Facility bears interest at a floating rate based on LIBOR plus 2.50%, with a 0% floor. As of October 31, 2022, the applicable rate of interest was 5.62%. The Company has interest rate swap agreements to convert the variable interest rate on a portion of its Term Loan Facility to a fixed rate. For more information, see Note 11, "Fair Value Measurements." Senior Notes The Company has senior unsecured notes due May 2029 (the "Senior Notes"). The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1. Asset Based Lending Facility The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $545.0 million as of October 31, 2022. Extensions of credit under the ABL Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible inventory and accounts receivable, subject to certain reserves and other adjustments. As of October 31, 2022, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on the Secured Overnight Financing Rate ("SOFR") or base rate plus, in each case, an applicable margin. The margins applicable for each elected interest rate are subject to a pricing grid, as defined in the ABL Facility agreement, based on average daily availability for the most recent fiscal quarter. The ABL Facility also contains an unused commitment fee. As of October 31, 2022, the weighted average interest rate on borrowings was 5.01%. As of October 31, 2022, the Company had available borrowing capacity of approximately $271.8 million under the ABL Facility. The ABL Facility matures on September 30, 2024 unless the individual affected lenders agree to extend the maturity of their respective loans under the ABL Facility upon the Company’s request and without the consent of any other lender. The ABL Facility contains a cross default provision with the Term Loan Facility. Debt Covenants The Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. As of October 31, 2022, the Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes. The ABL Facility contains certain affirmative covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of October 31, 2022. Canadian Revolving Credit Facility Through one of its Canadian subsidiaries, the Company has a revolving credit facility (the “Canadian Facility”) that provides for aggregate revolving commitments of $22.0 million ($30.0 million Canadian dollars). The Canadian Facility bears interest at the Canadian prime rate plus a marginal rate based on the level determined by WSB Titan’s total debt to EBITDA ratio at the end of the most recently completed fiscal quarter or year. As of October 31, 2022, the Company had available borrowing capacity of approximately $22.0 million under the Canadian Facility. The Canadian Facility matures on January 12, 2026. Debt Maturities As of October 31, 2022, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Total Year Ending April 30, (in thousands) 2023 (remaining six months) $ 2,555 $ — $ — $ 20,396 $ 529 $ 23,480 2024 5,110 — — 36,092 1,881 43,083 2025 5,110 — 240,000 26,697 937 272,744 2026 489,283 — — 19,948 — 509,231 2027 — — — 13,682 — 13,682 Thereafter — 350,000 — 9,665 — 359,665 $ 502,058 $ 350,000 $ 240,000 $ 126,480 $ 3,347 $ 1,221,885

Leases

Leases	6 Months Ended
	Oct. 31, 2022
Lessee Disclosure [Abstract]
Leases	Leases The components of lease expense were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 5,979 $ 5,564 $ 11,797 $ 11,156 Interest on lease liabilities 1,739 2,123 3,561 4,424 Operating lease cost 13,008 11,314 25,979 22,327 Variable lease cost 5,677 4,629 11,580 8,552 Total lease cost $ 26,403 $ 23,630 $ 52,917 $ 46,459 Supplemental cash flow information related to leases was as follows: Six Months Ended 2022 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 29,905 $ 22,727 Operating cash flows from finance leases 3,561 4,424 Financing cash flows from finance leases 16,450 15,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 19,268 29,145 Finance leases 26,638 13,034 Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 209,777 $ 193,380 Accumulated depreciation (61,775) (57,363) Property and equipment, net $ 148,002 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.6 4.6 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 4.6 % 4.7 % Finance leases 4.9 % 4.2 % Future minimum lease payments under non-cancellable leases as of October 31, 2022 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining six months) $ 23,487 $ 21,572 2024 40,194 45,439 2025 29,203 34,919 2026 21,451 23,260 2027 14,463 13,988 Thereafter 9,972 26,275 Total lease payments 138,770 165,453 Less imputed interest 12,290 17,342 Total $ 126,480 $ 148,111
Leases	Leases The components of lease expense were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 5,979 $ 5,564 $ 11,797 $ 11,156 Interest on lease liabilities 1,739 2,123 3,561 4,424 Operating lease cost 13,008 11,314 25,979 22,327 Variable lease cost 5,677 4,629 11,580 8,552 Total lease cost $ 26,403 $ 23,630 $ 52,917 $ 46,459 Supplemental cash flow information related to leases was as follows: Six Months Ended 2022 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 29,905 $ 22,727 Operating cash flows from finance leases 3,561 4,424 Financing cash flows from finance leases 16,450 15,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 19,268 29,145 Finance leases 26,638 13,034 Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 209,777 $ 193,380 Accumulated depreciation (61,775) (57,363) Property and equipment, net $ 148,002 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.6 4.6 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 4.6 % 4.7 % Finance leases 4.9 % 4.2 % Future minimum lease payments under non-cancellable leases as of October 31, 2022 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining six months) $ 23,487 $ 21,572 2024 40,194 45,439 2025 29,203 34,919 2026 21,451 23,260 2027 14,463 13,988 Thereafter 9,972 26,275 Total lease payments 138,770 165,453 Less imputed interest 12,290 17,342 Total $ 126,480 $ 148,111

Income Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes General. The Company’s effective income tax rate on continuing operations was 26.1% and 24.4% for the six months ended October 31, 2022 and 2021, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the six months ended October 31, 2022 was primarily due to the impact of foreign and state taxes. The difference in the effective income tax rate over the U.S. federal statutory rate for the six months ended October 31, 2021 was primarily due to the impact of state taxes, foreign tax rates and a change in the valuation allowance. Valuation allowance . The Company had a valuation allowance of $11.5 million and $11.7 million against its deferred tax assets related to certain U.S. tax jurisdictions as of October 31, 2022 and April 30, 2022, respectively. 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. Uncertain tax positions . The Company had no uncertain tax positions as of October 31, 2022 or April 30, 2022.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Oct. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases On June 20, 2022, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $200.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $75.0 million. The Company may conduct repurchases under the share repurchase program through open market transactions, under trading plans in accordance with SEC Rule 10b5-1 and/or in privately negotiated transactions, in each case in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any purchases of the Company's common stock are subject to a variety of factors, including, but not limited to, the Company’s liquidity, credit availability, general business and market conditions, debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate the Company to acquire any amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. The Company repurchased approximately 1.1 million shares of its common stock for $49.6 million during the six months ended October 31, 2022, of which $10.8 million was repurchased under the previous authorization and $38.8 million was repurchased under the new authorization. The Company repurchased approximately 0.3 million shares of its common stock for $13.1 million during the six months ended October 31, 2021. As of October 31, 2022, the Company had $161.2 million of remaining repurchase authorization under its stock repurchase program. Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2022: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2022 $ (5,041) $ (1,002) $ (6,043) Other comprehensive income (loss) before reclassification (31,943) 4,450 (27,493) Reclassification to earnings from accumulated other comprehensive loss — (1,101) (1,101) Balance as of October 31, 2022 $ (36,984) $ 2,347 $ (34,637) Other comprehensive income (loss) before reclassification on derivative instruments for the six months ended October 31, 2022 is net of $1.4 million of tax. Reclassification to earnings from accumulated other comprehensive loss is net of $0.4 million of tax.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Oct. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation General Equity-based compensation expense related to stock options and restricted stock units was $6.5 million and $4.8 million during the six months ended October 31, 2022 and 2021, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Stock Option Awards The following table presents stock option activity for the six months ended October 31, 2022: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2022 1,245 $ 25.65 6.4 $ 28,121 Options granted 184 53.60 Options exercised (91) 15.92 Options forfeited (2) 31.34 Outstanding as of October 31, 2022 1,336 $ 30.16 6.6 $ 24,482 Exercisable as of October 31, 2022 913 $ 23.08 5.5 $ 22,128 Vested and Expected to vest as of October 31, 2022 1,334 $ 30.14 6.6 $ 24,467 The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares net of expected forfeitures. The total intrinsic value of options exercised during the six months ended October 31, 2022 and 2021 was $2.6 million and $2.8 million, respectively. As of October 31, 2022, there was $7.1 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 2.2 years. The fair value of stock options granted during the six months ended October 31, 2022 and 2021 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Six Months Ended 2022 2021 Volatility 45.80 % 42.42 % Expected life (years) 6.0 6.0 Risk-free interest rate 2.67 % 0.85 % Dividend yield — % — % Grant date fair value $ 25.26 $ 20.24 Restricted Stock Units The following table presents restricted stock unit activity for the six months ended October 31, 2022: Number of Weighted (shares in thousands) Outstanding as of April 30, 2022 330 $ 35.83 Granted 201 53.72 Vested (164) 32.83 Forfeited (2) 44.04 Outstanding as of October 31, 2022 365 $ 46.96 As of October 31, 2022, there was $10.4 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 2.1 years. Employee Stock Purchase Plan The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. The Company recognized $0.4 million and $0.4 million of stock-based compensation expense related to the ESPP during the six months ended October 31, 2022 and 2021, respectively. The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Six Months Ended 2022 2021 (in thousands) Number of shares purchased under the ESPP 33 43 Average purchase price $ 40.05 $ 26.36

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	6 Months Ended
	Oct. 31, 2022
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests: Stock Deferred Redeemable (in thousands) Balance as of April 30, 2022 $ 30,878 $ 2,205 $ 11,026 Amounts redeemed (297) — — Change in fair value 5,574 122 713 Balance as of October 31, 2022 $ 36,155 $ 2,327 $ 11,739 Classified as current as of April 30, 2022 $ 1,532 $ — $ — Classified as long-term as of April 30, 2022 29,346 2,205 11,026 Classified as current as of October 31, 2022 $ 7,706 $ 520 $ 2,602 Classified as long-term as of October 31, 2022 28,449 1,807 9,137 Total expense related to these instruments was $6.4 million and $2.8 million during the six months ended October 31, 2022 and 2021, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Current and long-term liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests are included in other accrued expenses and liabilities and other liabilities, respectively, in the Condensed Consolidated Balance Sheets. See Note 13, "Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests," in the Company's Annual Report on Form 10-K for the year ended April 30, 2022 for more information regarding stock appreciation rights, deferred compensation and redeemable noncontrolling interests.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: October 31, April 30, (in thousands) Interest rate swaps (Level 2) $ 3,300 $ (1,136) The Company has interest rate swap agreements with a notional amount of $500.0 million to convert the variable interest rate on a portion of its Term Loan Facility to a fixed 1-month LIBOR interest rate of 2.46%. The contracts were effective on February 28, 2019 and terminate on February 28, 2023. The objective of the interest rate swap agreements is to eliminate the variability of interest payment cash flows associated with variable interest rates. The Company believes there have been no material changes in the creditworthiness of the counterparties to these interest rate swaps and believes the risk of nonperformance by each party is minimal. The Company designated the interest rate swaps as cash flow hedges. As of October 31, 2022, the interest rate swap assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet. As of April 30, 2022, the interest rate swap liabilities were classified in other accrued expenses and current liabilities in the Condensed Consolidated Balance Sheet. The Company recognized gains, net of tax, of $0.1 million and losses, net of tax, of $2.3 million during the three months ended October 31, 2022 and 2021, respectively, related to its interest rate swaps. The Company recognized losses, net of tax, of $1.1 million and $4.5 million during the six months ended October 31, 2022 and 2021, respectively. These amounts are included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income and within cash flows from operating activities within the Condensed Consolidated Statements of Cash Flows. As of October 31, 2022, the Company expects that approximately $3.3 million of pre-tax earnings will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months. The fair value of interest rate swaps is determined using Level 2 inputs. Generally, the Company obtains the Level 2 inputs from its counterparties. Substantially all the inputs throughout the full term of the instruments can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. The fair value of the Company’s interest rate swap was determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Disclosures are required for certain assets and liabilities that are measured at fair value on a nonrecurring basis in periods after initial recognition. Such measurements of fair value relate primarily to assets and liabilities measured at fair value in connection with business combinations and long-lived asset impairments. For more information on business combinations, see Note 2, “Business Combinations.” There were no material long-lived asset impairments during the six months ended October 31, 2022 or 2021. Fair Value of Debt The estimated fair value of the Company’s Senior Notes was determined based on Level 2 input using observable market prices in less active markets. The carrying amounts of the Company’s Term Loan Facility and ABL Facility approximates their fair value as the interest rates are variable and reflective of market rates. The following table presents the carrying value and fair value of the Company’s Senior Notes: October 31, 2022 April 30, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 274,750 $ 350,000 $ 310,625

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is a defendant in various lawsuits and administrative actions associated with personal injuries, property damage, environmental matters, product liability claims, 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 claims covered by insurance.

Segments

Segments	6 Months Ended
	Oct. 31, 2022
Segment Reporting [Abstract]
Segments	Segments There have been no changes to the Company's reportable segments during the six months ended October 31, 2022. For more information regarding the Company's reportable segments, see Note 17, "Segments," in the Company's Annual Report on Form 10-K for the year ended April 30, 2022. Segment Results The following tables present segment results: Three Months Ended October 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,398,540 $ 443,868 $ 27,750 $ 185,807 Other 32,439 20,632 4,352 9,706 Corporate — — 124 — $ 1,430,979 $ 464,500 $ 32,226 $ 195,513 Three Months Ended October 31, 2021 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,140,652 $ 367,920 $ 28,990 $ 147,923 Other 9,899 3,950 88 1,616 Corporate — — 325 — $ 1,150,551 $ 371,870 $ 29,403 $ 149,539 Six Months Ended October 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 2,726,988 $ 860,006 $ 55,728 $ 353,176 Other 63,544 39,215 8,687 17,351 Corporate — — 251 — $ 2,790,532 $ 899,221 $ 64,666 $ 370,527 Six Months Ended October 31, 2021 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 2,173,040 $ 700,605 $ 56,418 $ 274,940 Other 19,587 7,098 176 2,678 Corporate — — 523 — $ 2,192,627 $ 707,703 $ 57,117 $ 277,618 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Net income $ 103,153 $ 74,361 $ 192,623 $ 135,563 Interest expense 16,055 14,744 30,716 28,401 Interest income (154) (27) (210) (27) Provision for income taxes 35,995 23,769 68,025 43,740 Depreciation expense 15,058 13,703 30,051 26,628 Amortization expense 17,168 15,700 34,615 30,489 Stock appreciation rights(a) 3,230 983 5,574 1,875 Redeemable noncontrolling interests and deferred compensation(b) 340 593 835 903 Equity-based compensation(c) 3,781 3,215 6,913 5,173 Severance and other permitted costs(d) 379 249 731 396 Transaction costs (acquisitions and other)(e) 292 2,393 678 2,968 Loss (gain) on disposal of assets(f) 81 (144) (203) (222) Effects of fair value adjustments to inventory(g) 135 — 179 1,731 Adjusted EBITDA $ 195,513 $ 149,539 $ 370,527 $ 277,618 __________________________________________ (a) Represents changes in the fair value of stock appreciation rights. (b) Represents changes in the fair values of noncontrolling interests and deferred compensation agreements. (c) Represents non-cash equity-based compensation expense related to the issuance of share-based awards. (d) Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility. (e) Represents costs related to acquisitions paid to third parties. (f) Includes gains and losses from the sale and disposal of assets. (g) Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value. Revenues by Product The following table presents the Company’s net sales to external customers by main product lines: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Wallboard $ 584,557 $ 414,522 $ 1,106,111 $ 804,657 Ceilings 159,601 140,866 326,876 278,937 Steel framing 278,152 272,000 553,048 468,276 Complementary products 408,669 323,163 804,497 640,757 Total net sales $ 1,430,979 $ 1,150,551 $ 2,790,532 $ 2,192,627 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) United States $ 1,252,324 $ 988,103 $ 2,440,195 $ 1,850,893 Canada 178,655 162,448 350,337 341,734 Total net sales $ 1,430,979 $ 1,150,551 $ 2,790,532 $ 2,192,627 The following table presents the Company’s property and equipment, net, by major geographic area: October 31, April 30, (in thousands) United States $ 326,930 $ 311,061 Canada 36,053 39,618 Total property and equipment, net $ 362,983 $ 350,679

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Oct. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 103,153 $ 74,361 $ 192,623 $ 135,563 Basic earnings per common share: Basic weighted average common shares outstanding 42,232 43,135 42,390 43,112 Basic earnings per common share $ 2.44 $ 1.72 $ 4.54 $ 3.14 Diluted earnings per common share: Basic weighted average common shares outstanding 42,232 43,135 42,390 43,112 Add: Common Stock Equivalents 655 759 712 821 Diluted weighted average common shares outstanding 42,887 43,894 43,102 43,933 Diluted earnings per common share $ 2.41 $ 1.69 $ 4.47 $ 3.09 During the three and six months ended October 31, 2022 and 2021, the number of Common Stock Equivalents excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive was not material. Anti-dilutive securities could be dilutive in future periods.

Business, Basis of Presentati_2

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2022.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity 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 Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income (loss). Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other income, net.
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. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability if probable and estimable. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry.
Revenue Recognition	Revenue Recognition Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses.
Income Taxes	Income Taxes The Company considers each interim period an integral part of the annual period and measures tax expense (benefit) 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 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 carryforward period necessary to absorb the federal and state net operating losses and other deferred tax assets. Deferred tax assets and liabilities are computed by applying the federal, provincial 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.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, including stock options and restricted stock units (collectively “Common Stock Equivalents”), were exercised or converted into common stock. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. In
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Reference Rate Reform – In March 2020, the Financial Accounting Standards Board (“FASB”) issued new guidance to temporarily ease the potential burden in accounting for reference rate reform. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (“LIBOR”). The guidance was effective upon issuance and generally can be applied through December 31, 2022. However, the new guidance is not applicable to contract modifications made, and hedging relationships entered into or evaluated after, December 31, 2022. The Company is adopting this guidance when its relevant contracts are modified to alternative reference rates. The Company does not expect the adoption to have a material impact on its consolidated financial statements. Business Combinations – In October 2021, the FASB issued new guidance which requires the recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Code 606, "Revenue from Contracts with Customers." This creates an exception to the general recognition and measurement principles in existing business combination guidance. The new guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The amendments in this new guidance should be applied prospectively to business combinations occurring on or after the effective date of the amendments. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.

Business, Basis of Presentati_3

Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of medical self-insurance liabilities and recoveries	The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. October 31, April 30, (in thousands) Medical self‑insurance $ 4,128 $ 3,371 General liability, automobile and workers’ compensation 28,197 21,707 Expected recoveries for insurance liabilities (9,099) (4,973)

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Oct. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of pro forma information	The following table presents the unaudited pro forma consolidated net sales and net income for the Company for the period indicated: Three Months Six Months Ended Ended October 31, 2021 October 31, 2021 (in thousands) Net sales $ 1,170,557 $ 2,269,667 Net income 75,369 142,425

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Oct. 31, 2022
Receivables [Abstract]
Schedule of trade accounts and notes receivable	The Company’s trade accounts and notes receivable consisted of the following: October 31, April 30, (in thousands) Trade receivables $ 743,227 $ 675,724 Other receivables 140,406 83,668 Allowance for expected credit losses (5,750) (5,087) Other allowances (5,001) (4,259) Trade accounts and notes receivable $ 872,882 $ 750,046
Schedule of change in allowance for expected credit losses	The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2022: (in thousands) Balance as of April 30, 2022 $ 5,087 Provision 1,588 Other (925) Balance as of October 31, 2022 $ 5,750

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill	The following table presents changes in the carrying amount of goodwill: Gross Accumulated Net Carrying Amount Impairment Loss Carrying Amount (in thousands) Balance as of April 30, 2022 $ 762,424 $ (66,527) $ 695,897 Goodwill recognized from acquisitions 685 — 685 Acquisition accounting adjustments from prior period 701 — 701 Translation adjustment (9,934) 2,939 (6,995) Balance as of October 31, 2022 $ 753,876 $ (63,588) $ 690,288
Schedule of components of definite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 653,601 $ (404,362) $ 249,239 Definite-lived tradenames 5-20 15.6 95,527 (22,153) 73,374 Vendor agreements 8-10 10.0 1,000 (525) 475 Developed technology 5-10 6.9 8,183 (4,890) 3,293 Other 3-5 3.5 1,821 (1,369) 452 Definite-lived intangible assets $ 760,132 $ (433,299) $ 326,833 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,200 Estimated Weighted April 30, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 669,018 $ (381,650) $ 287,368 Definite-lived tradenames 5-20 15.6 97,453 (19,496) 77,957 Vendor agreements 8-10 10.0 1,000 (475) 525 Developed technology 5-10 6.8 8,471 (4,462) 4,009 Other 3-5 3.6 1,761 (1,240) 521 Definite-lived intangible assets $ 777,703 $ (407,323) $ 370,380 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 454,747
Schedule of components of indefinite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 653,601 $ (404,362) $ 249,239 Definite-lived tradenames 5-20 15.6 95,527 (22,153) 73,374 Vendor agreements 8-10 10.0 1,000 (525) 475 Developed technology 5-10 6.9 8,183 (4,890) 3,293 Other 3-5 3.5 1,821 (1,369) 452 Definite-lived intangible assets $ 760,132 $ (433,299) $ 326,833 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,200 Estimated Weighted April 30, 2022 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 669,018 $ (381,650) $ 287,368 Definite-lived tradenames 5-20 15.6 97,453 (19,496) 77,957 Vendor agreements 8-10 10.0 1,000 (475) 525 Developed technology 5-10 6.8 8,471 (4,462) 4,009 Other 3-5 3.6 1,761 (1,240) 521 Definite-lived intangible assets $ 777,703 $ (407,323) $ 370,380 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 454,747
Schedule of estimated future aggregate amortization expense	The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors. Year Ending April 30, (in thousands) 2023 (remaining six months) $ 31,093 2024 54,530 2025 45,657 2026 38,541 2027 33,480 Thereafter 123,532 Total $ 326,833

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Oct. 31, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s long-term debt consisted of the following: October 31, April 30, (in thousands) Term Loan Facility $ 502,058 $ 504,613 Unamortized discount and deferred financing costs on Term Loan Facility (3,003) (3,581) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (4,514) (4,836) ABL Facility 240,000 211,134 Finance lease obligations 126,480 120,138 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025 3,347 7,086 Unamortized discount on installment notes (206) (364) Carrying value of debt 1,214,162 1,184,190 Less current portion 47,618 47,605 Long-term debt $ 1,166,544 $ 1,136,585
Scheduled of maturities of long-term debt	As of October 31, 2022, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Total Year Ending April 30, (in thousands) 2023 (remaining six months) $ 2,555 $ — $ — $ 20,396 $ 529 $ 23,480 2024 5,110 — — 36,092 1,881 43,083 2025 5,110 — 240,000 26,697 937 272,744 2026 489,283 — — 19,948 — 509,231 2027 — — — 13,682 — 13,682 Thereafter — 350,000 — 9,665 — 359,665 $ 502,058 $ 350,000 $ 240,000 $ 126,480 $ 3,347 $ 1,221,885

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 31, 2022
Lessee Disclosure [Abstract]
Summary of components of lease expense	The components of lease expense were as follows: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 5,979 $ 5,564 $ 11,797 $ 11,156 Interest on lease liabilities 1,739 2,123 3,561 4,424 Operating lease cost 13,008 11,314 25,979 22,327 Variable lease cost 5,677 4,629 11,580 8,552 Total lease cost $ 26,403 $ 23,630 $ 52,917 $ 46,459
Summary of components of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Six Months Ended 2022 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 29,905 $ 22,727 Operating cash flows from finance leases 3,561 4,424 Financing cash flows from finance leases 16,450 15,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 19,268 29,145 Finance leases 26,638 13,034
Summary of other lease information	Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 209,777 $ 193,380 Accumulated depreciation (61,775) (57,363) Property and equipment, net $ 148,002 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.6 4.6 Finance leases 3.5 3.7 Weighted-average discount rate Operating leases 4.6 % 4.7 % Finance leases 4.9 % 4.2 %
Schedule of maturities for finance leases	Future minimum lease payments under non-cancellable leases as of October 31, 2022 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining six months) $ 23,487 $ 21,572 2024 40,194 45,439 2025 29,203 34,919 2026 21,451 23,260 2027 14,463 13,988 Thereafter 9,972 26,275 Total lease payments 138,770 165,453 Less imputed interest 12,290 17,342 Total $ 126,480 $ 148,111
Schedule of maturities for operating leases	Future minimum lease payments under non-cancellable leases as of October 31, 2022 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining six months) $ 23,487 $ 21,572 2024 40,194 45,439 2025 29,203 34,919 2026 21,451 23,260 2027 14,463 13,988 Thereafter 9,972 26,275 Total lease payments 138,770 165,453 Less imputed interest 12,290 17,342 Total $ 126,480 $ 148,111

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Oct. 31, 2022
Equity [Abstract]
Schedule of changes to accumulated other comprehensive loss, net of tax, by component	The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2022: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2022 $ (5,041) $ (1,002) $ (6,043) Other comprehensive income (loss) before reclassification (31,943) 4,450 (27,493) Reclassification to earnings from accumulated other comprehensive loss — (1,101) (1,101) Balance as of October 31, 2022 $ (36,984) $ 2,347 $ (34,637)

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	6 Months Ended
	Oct. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table presents stock option activity for the six months ended October 31, 2022: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2022 1,245 $ 25.65 6.4 $ 28,121 Options granted 184 53.60 Options exercised (91) 15.92 Options forfeited (2) 31.34 Outstanding as of October 31, 2022 1,336 $ 30.16 6.6 $ 24,482 Exercisable as of October 31, 2022 913 $ 23.08 5.5 $ 22,128 Vested and Expected to vest as of October 31, 2022 1,334 $ 30.14 6.6 $ 24,467
Schedule of weighted average assumptions used in Black-Scholes option-pricing model	The fair value of stock options granted during the six months ended October 31, 2022 and 2021 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Six Months Ended 2022 2021 Volatility 45.80 % 42.42 % Expected life (years) 6.0 6.0 Risk-free interest rate 2.67 % 0.85 % Dividend yield — % — % Grant date fair value $ 25.26 $ 20.24
Summary of restricted stock unit activity	The following table presents restricted stock unit activity for the six months ended October 31, 2022: Number of Weighted (shares in thousands) Outstanding as of April 30, 2022 330 $ 35.83 Granted 201 53.72 Vested (164) 32.83 Forfeited (2) 44.04 Outstanding as of October 31, 2022 365 $ 46.96
Schedule of ESPP activity	The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Six Months Ended 2022 2021 (in thousands) Number of shares purchased under the ESPP 33 43 Average purchase price $ 40.05 $ 26.36

Stock Appreciation Rights, De_2

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Oct. 31, 2022
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
Summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests	The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests: Stock Deferred Redeemable (in thousands) Balance as of April 30, 2022 $ 30,878 $ 2,205 $ 11,026 Amounts redeemed (297) — — Change in fair value 5,574 122 713 Balance as of October 31, 2022 $ 36,155 $ 2,327 $ 11,739 Classified as current as of April 30, 2022 $ 1,532 $ — $ — Classified as long-term as of April 30, 2022 29,346 2,205 11,026 Classified as current as of October 31, 2022 $ 7,706 $ 520 $ 2,602 Classified as long-term as of October 31, 2022 28,449 1,807 9,137

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of liabilities measured at fair value on a recurring basis	The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: October 31, April 30, (in thousands) Interest rate swaps (Level 2) $ 3,300 $ (1,136)
Schedule of carrying value and fair value of the Senior Notes	The following table presents the carrying value and fair value of the Company’s Senior Notes: October 31, 2022 April 30, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 274,750 $ 350,000 $ 310,625

Segments (Tables)

Segments (Tables)	6 Months Ended
	Oct. 31, 2022
Segment Reporting [Abstract]
Schedule of segment results	The following tables present segment results: Three Months Ended October 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,398,540 $ 443,868 $ 27,750 $ 185,807 Other 32,439 20,632 4,352 9,706 Corporate — — 124 — $ 1,430,979 $ 464,500 $ 32,226 $ 195,513 Three Months Ended October 31, 2021 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,140,652 $ 367,920 $ 28,990 $ 147,923 Other 9,899 3,950 88 1,616 Corporate — — 325 — $ 1,150,551 $ 371,870 $ 29,403 $ 149,539 Six Months Ended October 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 2,726,988 $ 860,006 $ 55,728 $ 353,176 Other 63,544 39,215 8,687 17,351 Corporate — — 251 — $ 2,790,532 $ 899,221 $ 64,666 $ 370,527 Six Months Ended October 31, 2021 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 2,173,040 $ 700,605 $ 56,418 $ 274,940 Other 19,587 7,098 176 2,678 Corporate — — 523 — $ 2,192,627 $ 707,703 $ 57,117 $ 277,618
Reconciliation of Adjusted EBITDA to net income	The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Net income $ 103,153 $ 74,361 $ 192,623 $ 135,563 Interest expense 16,055 14,744 30,716 28,401 Interest income (154) (27) (210) (27) Provision for income taxes 35,995 23,769 68,025 43,740 Depreciation expense 15,058 13,703 30,051 26,628 Amortization expense 17,168 15,700 34,615 30,489 Stock appreciation rights(a) 3,230 983 5,574 1,875 Redeemable noncontrolling interests and deferred compensation(b) 340 593 835 903 Equity-based compensation(c) 3,781 3,215 6,913 5,173 Severance and other permitted costs(d) 379 249 731 396 Transaction costs (acquisitions and other)(e) 292 2,393 678 2,968 Loss (gain) on disposal of assets(f) 81 (144) (203) (222) Effects of fair value adjustments to inventory(g) 135 — 179 1,731 Adjusted EBITDA $ 195,513 $ 149,539 $ 370,527 $ 277,618 __________________________________________ (a) Represents changes in the fair value of stock appreciation rights. (b) Represents changes in the fair values of noncontrolling interests and deferred compensation agreements. (c) Represents non-cash equity-based compensation expense related to the issuance of share-based awards. (d) Represents severance expenses and other costs permitted in the calculation of Adjusted EBITDA under the ABL Facility and the Term Loan Facility. (e) Represents costs related to acquisitions paid to third parties. (f) Includes gains and losses from the sale and disposal of assets. (g) Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.
Schedule of net sales to external customers by main product lines	The following table presents the Company’s net sales to external customers by main product lines: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) Wallboard $ 584,557 $ 414,522 $ 1,106,111 $ 804,657 Ceilings 159,601 140,866 326,876 278,937 Steel framing 278,152 272,000 553,048 468,276 Complementary products 408,669 323,163 804,497 640,757 Total net sales $ 1,430,979 $ 1,150,551 $ 2,790,532 $ 2,192,627
Schedule of net sales by major geographic area	The following table presents the Company’s net sales by major geographic area: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands) United States $ 1,252,324 $ 988,103 $ 2,440,195 $ 1,850,893 Canada 178,655 162,448 350,337 341,734 Total net sales $ 1,430,979 $ 1,150,551 $ 2,790,532 $ 2,192,627
Schedule of property and equipment by major geographic area	The following table presents the Company’s property and equipment, net, by major geographic area: October 31, April 30, (in thousands) United States $ 326,930 $ 311,061 Canada 36,053 39,618 Total property and equipment, net $ 362,983 $ 350,679

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Oct. 31, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share of common stock	The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended Six Months Ended 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 103,153 $ 74,361 $ 192,623 $ 135,563 Basic earnings per common share: Basic weighted average common shares outstanding 42,232 43,135 42,390 43,112 Basic earnings per common share $ 2.44 $ 1.72 $ 4.54 $ 3.14 Diluted earnings per common share: Basic weighted average common shares outstanding 42,232 43,135 42,390 43,112 Add: Common Stock Equivalents 655 759 712 821 Diluted weighted average common shares outstanding 42,887 43,894 43,102 43,933 Diluted earnings per common share $ 2.41 $ 1.69 $ 4.47 $ 3.09

Business, Basis of Presentati_4

Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details)	6 Months Ended
	Oct. 31, 2022 center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution centers (more than)	300
Number of retail locations (more than)	100

Business, Basis of Presentati_5

Business, Basis of Presentation and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - General liability, workers' compensation and automobile - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Loss contingencies
Medical self‑insurance	$ 4,128	$ 3,371
General liability, automobile and workers’ compensation	28,197	21,707
Expected recoveries for insurance liabilities	$ (9,099)	$ (4,973)

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Business Acquisition [Line Items]
Payment of acquisition holdback liability	$ 13,500	$ 0
Westside Building Material
Business Acquisition [Line Items]
Payment of acquisition holdback liability	$ 13,500

Business Combinations - Pro For

Business Combinations - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Oct. 31, 2021	Oct. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Net sales	$ 1,170,557	$ 2,269,667
Net income	$ 75,369	$ 142,425

Accounts Receivable - Trade Acc

Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Receivables [Abstract]
Trade receivables	$ 743,227	$ 675,724
Other receivables	140,406	83,668
Allowance for expected credit losses	(5,750)	(5,087)
Other allowances	(5,001)	(4,259)
Trade accounts and notes receivable	$ 872,882	$ 750,046

Accounts Receivable - Change In

Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Apr. 30, 2022
Change in allowance
Beginning balance	$ 5,087
Provision	1,588
Other	(925)
Ending balance	5,750
Receivables from contracts with customers	$ 732,500	$ 666,400

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill gross	$ 762,424
Goodwill, accumulated impairment loss	(66,527)
Goodwill balance	695,897
Goodwill recognized from acquisitions	685
Acquisition accounting adjustments from prior period	701
Translation adjustment, gross	(9,934)
Translation adjustment, accumulated impairment loss	2,939
Translation adjustment, net	(6,995)
Goodwill gross	753,876
Goodwill, accumulated impairment loss	(63,588)
Goodwill balance	$ 690,288

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2022	Apr. 30, 2022
Intangible assets
Gross Carrying Amount	$ 760,132	$ 777,703
Accumulated Amortization	(433,299)	(407,323)
Total	326,833	370,380
Indefinite-lived intangible assets	84,367	84,367
Total intangible assets, net	$ 411,200	$ 454,747
Customer relationships
Intangible assets
Weighted Average Amortization Period	12 years 6 months	12 years 6 months
Gross Carrying Amount	$ 653,601	$ 669,018
Accumulated Amortization	(404,362)	(381,650)
Total	$ 249,239	$ 287,368
Customer relationships | Minimum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years
Customer relationships | Maximum
Intangible assets
Estimated Useful Lives (years)	16 years	16 years
Definite-lived tradenames
Intangible assets
Weighted Average Amortization Period	15 years 7 months 6 days	15 years 7 months 6 days
Gross Carrying Amount	$ 95,527	$ 97,453
Accumulated Amortization	(22,153)	(19,496)
Total	$ 73,374	$ 77,957
Definite-lived tradenames | Minimum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years
Definite-lived tradenames | Maximum
Intangible assets
Estimated Useful Lives (years)	20 years	20 years
Vendor agreements
Intangible assets
Weighted Average Amortization Period	10 years	10 years
Gross Carrying Amount	$ 1,000	$ 1,000
Accumulated Amortization	(525)	(475)
Total	$ 475	$ 525
Vendor agreements | Minimum
Intangible assets
Estimated Useful Lives (years)	8 years	8 years
Vendor agreements | Maximum
Intangible assets
Estimated Useful Lives (years)	10 years	10 years
Developed technology
Intangible assets
Weighted Average Amortization Period	6 years 10 months 24 days	6 years 9 months 18 days
Gross Carrying Amount	$ 8,183	$ 8,471
Accumulated Amortization	(4,890)	(4,462)
Total	$ 3,293	$ 4,009
Developed technology | Minimum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years
Developed technology | Maximum
Intangible assets
Estimated Useful Lives (years)	10 years	10 years
Other
Intangible assets
Weighted Average Amortization Period	3 years 6 months	3 years 7 months 6 days
Gross Carrying Amount	$ 1,821	$ 1,761
Accumulated Amortization	(1,369)	(1,240)
Total	$ 452	$ 521
Other | Minimum
Intangible assets
Estimated Useful Lives (years)	3 years	3 years
Other | Maximum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Intangible assets
Amortization expense	$ 17,168	$ 15,700	$ 34,615	$ 30,489
Depreciation and amortization expense
Intangible assets
Amortization expense	$ 17,200	$ 15,700	$ 34,600	$ 30,500

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2023 (remaining six months)	$ 31,093
2024	54,530
2025	45,657
2026	38,541
2027	33,480
Thereafter	123,532
Total	$ 326,833	$ 370,380

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Long-term debt
Long-term debt, gross	$ 1,221,885
Finance lease obligations	126,480	$ 120,138
Carrying value of debt	1,214,162	1,184,190
Less current portion	47,618	47,605
Long-term debt	1,166,544	1,136,585
Term Loan Facility
Long-term debt
Long-term debt, gross	502,058	504,613
Unamortized discount and deferred financing costs	(3,003)	(3,581)
Senior Notes
Long-term debt
Long-term debt, gross	350,000	350,000
Unamortized discount and deferred financing costs	$ (4,514)	(4,836)
Interest rate	4.625%
ABL Facility
Long-term debt
Long-term debt, gross	$ 240,000	211,134
Installment Notes
Long-term debt
Long-term debt, gross	3,347	7,086
Unamortized discount	$ (206)	$ (364)
Interest rate	5%

Long-Term Debt - Term Loan Faci

Long-Term Debt - Term Loan Facility (Details) - Term Loan Facility $ in Millions	6 Months Ended
	Oct. 31, 2022 USD ($)
Long-term debt
Loan quarterly payments	$ 1.3
Loan quarterly payments of the principal amount (as a percent)	0.25%
Borrowing interest rate (as a percent)	5.62%
LIBOR
Long-term debt
Margin added to variable rate (as a percent)	2.50%
Variable rate floor (as a percent)	0%

Long-Term Debt - Senior Notes (

Long-Term Debt - Senior Notes (Details)	Oct. 31, 2022
Senior Notes
Long-term debt
Interest rate	4.625%

Long-Term Debt - Asset-Based Le

Long-Term Debt - Asset-Based Lending Facility (Details) - Amended ABL Facility $ in Millions	Oct. 31, 2022 USD ($)
Long-term debt
Maximum amount under the facility	$ 545
Borrowing weighted average interest rate (as a percent)	5.01%
Available borrowing capacity under the facility	$ 271.8

Long-Term Debt - Canadian Revol

Long-Term Debt - Canadian Revolving Credit Facility (Details) - Oct. 31, 2022 - Canadian Facility $ in Millions, $ in Millions	USD ($)	CAD ($)
Long-term debt
Maximum amount under the facility	$ 22	$ 30
Available borrowing capacity under the facility	$ 22

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Long-term debt
2023 (remaining six months)	$ 23,480
2024	43,083
2025	272,744
2026	509,231
2027	13,682
Thereafter	359,665
Total	1,221,885
Term Loan Facility
Long-term debt
2023 (remaining six months)	2,555
2024	5,110
2025	5,110
2026	489,283
2027	0
Thereafter	0
Total	502,058	$ 504,613
Senior Notes
Long-term debt
2023 (remaining six months)	0
2024	0
2025	0
2026	0
2027	0
Thereafter	350,000
Total	350,000	350,000
ABL Facility
Long-term debt
2023 (remaining six months)	0
2024	0
2025	240,000
2026	0
2027	0
Thereafter	0
Total	240,000	211,134
Finance Leases
Long-term debt
2023 (remaining six months)	20,396
2024	36,092
2025	26,697
2026	19,948
2027	13,682
Thereafter	9,665
Total	126,480
Installment Notes
Long-term debt
2023 (remaining six months)	529
2024	1,881
2025	937
2026	0
2027	0
Thereafter	0
Total	$ 3,347	$ 7,086

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 5,979	$ 5,564	$ 11,797	$ 11,156
Interest on lease liabilities	1,739	2,123	3,561	4,424
Operating lease cost	13,008	11,314	25,979	22,327
Variable lease cost	5,677	4,629	11,580	8,552
Total lease cost	$ 26,403	$ 23,630	$ 52,917	$ 46,459

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 29,905	$ 22,727
Operating cash flows from finance leases	3,561	4,424
Financing cash flows from finance leases	16,450	15,154
Right-of-use assets obtained in exchange for lease obligations
Operating leases	19,268	29,145
Finance leases	$ 26,638	$ 13,034

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Finance leases included in property and equipment
Property and equipment	$ 209,777	$ 193,380
Accumulated depreciation	(61,775)	(57,363)
Property and equipment, net	$ 148,002	$ 136,017
Finance lease, right-of-use asset, balance sheet location [Extensible List]	Property and equipment, net of accumulated depreciation of $245,974 and $227,288, respectively	Property and equipment, net of accumulated depreciation of $245,974 and $227,288, respectively
Weighted-average remaining lease term (years)
Operating leases	4 years 7 months 6 days	4 years 7 months 6 days
Finance leases	3 years 6 months	3 years 8 months 12 days
Weighted-average discount rate
Operating leases	4.60%	4.70%
Finance leases	4.90%	4.20%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Finance
2023 (remaining six months)	$ 23,487
2024	40,194
2025	29,203
2026	21,451
2027	14,463
Thereafter	9,972
Total lease payments	138,770
Less imputed interest	12,290
Total	126,480	$ 120,138
Operating
2023 (remaining six months)	21,572
2024	45,439
2025	34,919
2026	23,260
2027	13,988
Thereafter	26,275
Total lease payments	165,453
Less imputed interest	17,342
Total	$ 148,111

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	26.10%	24.40%
Valuation allowance	$ 11,500,000		$ 11,700,000
Reserve for uncertain tax positions	$ 0		$ 0

Stockholders' Equity - Exchange

Stockholders' Equity - Exchangeable Shares, Share Repurchase Program and Secondary Public Offering (Details) - USD ($) shares in Millions	2 Months Ended	4 Months Ended	6 Months Ended
	Jun. 19, 2022	Oct. 31, 2022	Oct. 31, 2022	Oct. 31, 2021	Jun. 20, 2022
Equity [Abstract]
Stock repurchase program, authorized amount	$ 75,000,000				$ 200,000,000
Number of shares repurchased (in shares)			1.1	0.3
Shares repurchased, cost	$ 10,800,000	$ 38,800,000	$ 49,600,000	$ 13,100,000
Remaining amount under repurchase program		$ 161,200,000	$ 161,200,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2022 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,064,498
Other comprehensive income (loss) before reclassification	(27,493)
Reclassification to earnings from accumulated other comprehensive loss	(1,101)
Ending balance	1,183,939
Other comprehensive income (loss) on derivative instruments before reclassification, tax	1,400
Amount expected to be reclassified to earnings during next twelve months	400
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,043)
Ending balance	(34,637)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,041)
Other comprehensive income (loss) before reclassification	(31,943)
Reclassification to earnings from accumulated other comprehensive loss	0
Ending balance	(36,984)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,002)
Other comprehensive income (loss) before reclassification	4,450
Reclassification to earnings from accumulated other comprehensive loss	(1,101)
Ending balance	$ 2,347

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,781	$ 3,215	$ 6,913	$ 5,173
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised			2,600	2,800
Unrecognized compensation cost, options	7,100		$ 7,100
Weighted-average period for recognition of unrecognized compensation expense (in years)			2 years 2 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unrecognized compensation expense (in years)			2 years 1 month 6 days
Unrecognized compensation cost, RSUs	$ 10,400		$ 10,400
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 400	400
Percentage of common stock price based on closing price at the beginning or end of the last day of the purchase period			90%
Purchase period (in months)			6 months
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 6,500	$ 4,800

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($) $ / shares shares	Apr. 30, 2022 USD ($) $ / shares shares
Number of Options
Outstanding, beginning of the period (in shares) | shares	1,245
Options granted (in shares) | shares	184
Options exercised (in shares) | shares	(91)
Options forfeited (in shares) | shares	(2)
Outstanding, end of the period (in shares) | shares	1,336	1,245
Exercisable at end of period (in shares) | shares	913
Vested and expected to vest at end of period (in shares) | shares	1,334
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 25.65
Options granted (in dollars per share) | $ / shares	53.60
Options exercised (in dollars per share) | $ / shares	15.92
Options forfeited (in dollars per share) | $ / shares	31.34
Outstanding, end of the period (in dollars per share) | $ / shares	30.16	$ 25.65
Exercisable at end of period (in dollars per share) | $ / shares	23.08
Vested and expected to vest at end of period (in dollars per share) | $ / shares	$ 30.14
Other disclosures
Weighted Average Remaining Contractual Life, Outstanding (in years)	6 years 7 months 6 days	6 years 4 months 24 days
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years)	5 years 6 months
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years)	6 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding | $	$ 24,482	$ 28,121
Aggregate Intrinsic Value, Exercisable at end of period | $	22,128
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $	$ 24,467

Equity-Based Compensation - Bla

Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock Options - $ / shares	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)	45.80%	42.42%
Expected life (years)	6 years	6 years
Risk-free interest rate (as a percent)	2.67%	0.85%
Dividend yield (as a percent)	0%	0%
Grant date fair value (in dollars per share)	$ 25.26	$ 20.24

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Oct. 31, 2022 $ / shares shares
Number of Restricted Stock Units
Outstanding, beginning of the period (in shares) | shares	330
Granted (in shares) | shares	201
Vested (in shares) | shares	(164)
Forfeited (in shares) | shares	(2)
Outstanding, end of the period (in shares) | shares	365
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 35.83
Granted (in dollars per share) | $ / shares	53.72
Vested (in dollars per share) | $ / shares	32.83
Forfeited (in dollars per share) | $ / shares	44.04
Outstanding, end of the period (in dollars per share) | $ / shares	$ 46.96

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased under ESPP (in shares)	33	43
Average price per share (in dollars per share)	$ 40.05	$ 26.36

Stock Appreciation Rights, De_3

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Apr. 30, 2022
Selling, general and administrative expenses
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Expense related to equity based compensation arrangements	$ 6,400	$ 2,800
Stock Appreciation Rights
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	30,878
Amounts redeemed	(297)
Change in fair value	5,574
Award liability as of end of period	36,155
Current liabilities related to plans	7,706		$ 1,532
Long-term liabilities related to plans	28,449		29,346
Deferred Compensation
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	2,205
Amounts redeemed	0
Change in fair value	122
Award liability as of end of period	2,327
Current liabilities related to plans	520		0
Long-term liabilities related to plans	1,807		2,205
Redeemable Noncontrolling Interests
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	11,026
Amounts redeemed	0
Change in fair value	713
Award liability as of end of period	11,739
Current liabilities related to plans	2,602		0
Long-term liabilities related to plans	$ 9,137		$ 11,026

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Interest rate swap agreements | Level 2 | Fair Value, Measurements, Recurring
Fair Value Measurements
Derivative liabilities	$ 3,300	$ (1,136)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Interest rate swap agreements - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021	Feb. 28, 2019
Fair Value Measurements
Change in fair value of financial instruments	$ 0.1	$ (2.3)	$ (1.1)	$ (4.5)
Other accrued expenses and current liabilities
Fair Value Measurements
Expected amount of pre-tax net losses will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months			$ 3.3
Term Loan Facility
Fair Value Measurements
Notional amount					$ 500
Term Loan Facility | LIBOR
Fair Value Measurements
Fixed interest rate					2.46%

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Debt (Details) - Level 2 - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Carrying Amount
Fair Value Measurements
Senior Notes	$ 350,000	$ 350,000
Fair Value
Fair Value Measurements
Senior Notes	$ 274,750	$ 310,625

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Segment information
Net sales	$ 1,430,979	$ 1,150,551	$ 2,790,532	$ 2,192,627
Gross Profit	464,500	371,870	899,221	707,703
Depreciation and Amortization	32,226	29,403	64,666	57,117
Adjusted EBITDA	195,513	149,539	370,527	277,618
Geographic divisions
Segment information
Net sales	1,398,540	1,140,652	2,726,988	2,173,040
Gross Profit	443,868	367,920	860,006	700,605
Depreciation and Amortization	27,750	28,990	55,728	56,418
Adjusted EBITDA	185,807	147,923	353,176	274,940
Other
Segment information
Net sales	32,439	9,899	63,544	19,587
Gross Profit	20,632	3,950	39,215	7,098
Depreciation and Amortization	4,352	88	8,687	176
Adjusted EBITDA	9,706	1,616	17,351	2,678
Corporate
Segment information
Net sales	0	0	0	0
Gross Profit	0	0	0	0
Depreciation and Amortization	124	325	251	523
Adjusted EBITDA	$ 0	$ 0	$ 0	$ 0

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Segment Reporting [Abstract]
Net income	$ 103,153	$ 89,470	$ 74,361	$ 61,202	$ 192,623	$ 135,563
Interest expense	16,055		14,744		30,716	28,401
Interest income	(154)		(27)		(210)	(27)
Provision for income taxes	35,995		23,769		68,025	43,740
Depreciation expense	15,058		13,703		30,051	26,628
Amortization expense	17,168		15,700		34,615	30,489
Stock appreciation rights	3,230		983		5,574	1,875
Redeemable noncontrolling interests and deferred compensation	340		593		835	903
Equity-based compensation	3,781		3,215		6,913	5,173
Severance and other permitted costs	379		249		731	396
Transaction costs (acquisitions and other)	292		2,393		678	2,968
Loss (gain) on disposal of assets	81		(144)		(203)	(222)
Effects of fair value adjustments to inventory	135		0		179	1,731
Adjusted EBITDA	$ 195,513		$ 149,539		$ 370,527	$ 277,618

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Revenue from external customers
Total net sales	$ 1,430,979	$ 1,150,551	$ 2,790,532	$ 2,192,627
Wallboard
Revenue from external customers
Total net sales	584,557	414,522	1,106,111	804,657
Ceilings
Revenue from external customers
Total net sales	159,601	140,866	326,876	278,937
Steel framing
Revenue from external customers
Total net sales	278,152	272,000	553,048	468,276
Complementary products
Revenue from external customers
Total net sales	$ 408,669	$ 323,163	$ 804,497	$ 640,757

Segments - Net Sales by Major G

Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2022	Oct. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 1,430,979	$ 1,150,551	$ 2,790,532	$ 2,192,627
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	1,252,324	988,103	2,440,195	1,850,893
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 178,655	$ 162,448	$ 350,337	$ 341,734

Segments - Property and Equipme

Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands	Oct. 31, 2022	Apr. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 362,983	$ 350,679
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	326,930	311,061
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 36,053	$ 39,618

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Oct. 31, 2022	Oct. 31, 2021
Computation of basic and diluted earnings per share of common stock
Net income	$ 103,153	$ 89,470	$ 74,361	$ 61,202	$ 192,623	$ 135,563
Basic earnings per common share:
Basic weighted average common shares outstanding (in shares)	42,232		43,135		42,390	43,112
Basic earnings per common share (in dollars per share)	$ 2.44		$ 1.72		$ 4.54	$ 3.14
Diluted earnings per common share:
Basic weighted average common shares outstanding (in shares)	42,232		43,135		42,390	43,112
Add: Common Stock Equivalents (in shares)	655		759		712	821
Diluted weighted average common shares outstanding (in shares)	42,887		43,894		43,102	43,933
Diluted earnings per common share (in dollars per share)	$ 2.41		$ 1.69		$ 4.47	$ 3.09
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares (in shares)	0		0		0	0