Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2023 | Feb. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2023 | |
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 $0.01 per share | |
Trading Symbol | GMS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,305,471 | |
Entity Central Index Key | 0001600438 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 186,663 | $ 101,916 |
Trade accounts and notes receivable, net of allowances of $10,653 and $9,346, respectively | 775,118 | 750,046 |
Inventories, net | 586,651 | 550,953 |
Prepaid expenses and other current assets | 19,215 | 20,212 |
Total current assets | 1,567,647 | 1,423,127 |
Property and equipment, net of accumulated depreciation of $257,697 and $227,288, respectively | 375,115 | 350,679 |
Operating lease right-of-use assets | 153,524 | 153,271 |
Goodwill | 693,871 | 695,897 |
Intangible assets, net | 403,851 | 454,747 |
Deferred income taxes | 21,343 | 17,883 |
Other assets | 18,106 | 8,795 |
Total assets | 3,233,457 | 3,104,399 |
Current liabilities: | ||
Accounts payable | 314,349 | 367,315 |
Accrued compensation and employee benefits | 91,724 | 107,925 |
Other accrued expenses and current liabilities | 117,737 | 127,938 |
Current portion of long-term debt | 54,222 | 47,605 |
Current portion of operating lease liabilities | 41,518 | 38,415 |
Total current liabilities | 619,550 | 689,198 |
Non-current liabilities: | ||
Long-term debt, less current portion | 1,169,258 | 1,136,585 |
Long-term operating lease liabilities | 110,240 | 112,161 |
Deferred income taxes, net | 48,183 | 46,802 |
Other liabilities | 55,530 | 55,155 |
Total liabilities | 2,002,761 | 2,039,901 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, par value $0.01 per share, 500,000 shares authorized; 41,347 and 42,773 shares issued and outstanding as of January 31, 2023 and April 30, 2022, respectively | 413 | 428 |
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of January 31, 2023 and April 30, 2022 | 0 | 0 |
Additional paid-in capital | 451,210 | 522,136 |
Retained earnings | 805,375 | 547,977 |
Accumulated other comprehensive loss | (26,302) | (6,043) |
Total stockholders' equity | 1,230,696 | 1,064,498 |
Total liabilities and stockholders' equity | $ 3,233,457 | $ 3,104,399 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Trade accounts and notes receivable, allowances (in dollars) | $ 10,653 | $ 9,346 |
Property and equipment, accumulated depreciation (in dollars) | $ 257,697 | $ 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) | 41,347,000 | 42,773,000 |
Common stock, shares outstanding (in shares) | 41,347,000 | 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 | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,234,618 | $ 1,153,595 | $ 4,025,150 | $ 3,346,222 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 832,370 | 785,823 | 2,723,681 | 2,270,747 |
Gross profit | 402,248 | 367,772 | 1,301,469 | 1,075,475 |
Operating expenses: | ||||
Selling, general and administrative | 267,380 | 241,040 | 814,063 | 685,652 |
Depreciation and amortization | 31,419 | 29,750 | 96,085 | 86,867 |
Total operating expenses | 298,799 | 270,790 | 910,148 | 772,519 |
Operating income | 103,449 | 96,982 | 391,321 | 302,956 |
Other (expense) income: | ||||
Interest expense | (16,943) | (15,429) | (47,659) | (43,830) |
Other income, net | 1,966 | 1,041 | 5,458 | 2,771 |
Total other expense, net | (14,977) | (14,388) | (42,201) | (41,059) |
Income before taxes | 88,472 | 82,594 | 349,120 | 261,897 |
Provision for income taxes | 23,697 | 21,211 | 91,722 | 64,951 |
Net income | $ 64,775 | $ 61,383 | $ 257,398 | $ 196,946 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 41,578 | 43,094 | 42,119 | 43,106 |
Diluted (in shares) | 42,232 | 43,945 | 42,812 | 43,937 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 1.56 | $ 1.42 | $ 6.11 | $ 4.57 |
Diluted (in dollars per share) | $ 1.53 | $ 1.40 | $ 6.01 | $ 4.48 |
Comprehensive income | ||||
Net income | $ 64,775 | $ 61,383 | $ 257,398 | $ 196,946 |
Foreign currency translation adjustments | 10,215 | (15,185) | (21,728) | (19,304) |
Changes in other comprehensive income, net of tax | (1,880) | 4,023 | 1,469 | 9,274 |
Comprehensive income | $ 73,110 | $ 50,221 | $ 237,139 | $ 186,916 |
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 (loss), 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 | 196,946 | ||||
Foreign currency translation adjustments | (19,304) | ||||
Other comprehensive income (loss), net of tax | 9,274 | ||||
Ending balance (in shares) at Jan. 31, 2022 | 43,095 | ||||
Ending balance at Jan. 31, 2022 | 1,003,276 | $ 431 | 536,635 | 471,481 | (5,271) |
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 (loss), 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 |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 61,383 | 61,383 | |||
Foreign currency translation adjustments | (15,185) | (15,185) | |||
Other comprehensive income (loss), net of tax | 4,023 | 4,023 | |||
Repurchase and retirement of common stock (in shares) | (87) | ||||
Repurchase and retirement of common stock | (4,734) | $ (1) | (4,733) | ||
Equity-based compensation | 3,077 | 3,077 | |||
Exercise of stock options (in shares) | 101 | ||||
Exercise of stock options | 2,184 | $ 1 | 2,183 | ||
Vesting of restricted stock units (in shares) | 2 | ||||
Tax withholding related to net share settlements of equity awards | (15) | (15) | |||
Issuance of common stock pursuant to employee stock purchase plan (in shares) | 27 | ||||
Issuance of common stock pursuant to employee stock purchase plan | 1,192 | 1,192 | |||
Ending balance (in shares) at Jan. 31, 2022 | 43,095 | ||||
Ending balance at Jan. 31, 2022 | $ 1,003,276 | $ 431 | 536,635 | 471,481 | (5,271) |
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 (loss), 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 | 257,398 | ||||
Foreign currency translation adjustments | (21,728) | ||||
Other comprehensive income (loss), net of tax | $ 1,469 | ||||
Ending balance (in shares) at Jan. 31, 2023 | 41,347 | 41,347 | |||
Ending balance at Jan. 31, 2023 | $ 1,230,696 | $ 413 | 451,210 | 805,375 | (26,302) |
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 (loss), 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 | ||||
Ending balance at Oct. 31, 2022 | 1,183,939 | $ 418 | 477,558 | 740,600 | (34,637) |
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 64,775 | 64,775 | |||
Foreign currency translation adjustments | 10,215 | 10,215 | |||
Other comprehensive income (loss), net of tax | (1,880) | (1,880) | |||
Repurchase and retirement of common stock (in shares) | (656) | ||||
Repurchase and retirement of common stock | (33,196) | $ (6) | (33,190) | ||
Equity-based compensation | 3,285 | 3,285 | |||
Exercise of stock options (in shares) | 104 | ||||
Exercise of stock options | 1,729 | $ 1 | 1,728 | ||
Vesting of restricted stock units (in shares) | 2 | ||||
Tax withholding related to net share settlements of equity awards | (45) | (45) | |||
Issuance of common stock pursuant to employee stock purchase plan (in shares) | 46 | ||||
Issuance of common stock pursuant to employee stock purchase plan | $ 1,874 | 1,874 | |||
Ending balance (in shares) at Jan. 31, 2023 | 41,347 | 41,347 | |||
Ending balance at Jan. 31, 2023 | $ 1,230,696 | $ 413 | $ 451,210 | $ 805,375 | $ (26,302) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 257,398 | $ 196,946 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 96,085 | 86,867 |
Amortization of debt discount and debt issuance costs | 1,176 | 2,037 |
Equity-based compensation | 17,289 | 12,461 |
Gain on disposal of assets | (614) | (474) |
Deferred income taxes | (1,951) | (1,740) |
Other items, net | 5,891 | 5,357 |
Changes in assets and liabilities net of effects of acquisitions: | ||
Trade accounts and notes receivable | (28,148) | (109,948) |
Inventories | (34,717) | (191,103) |
Prepaid expenses and other assets | (907) | 2,215 |
Accounts payable | (51,491) | (46,310) |
Accrued compensation and employee benefits | (16,469) | 3,618 |
Other accrued expenses and liabilities | (6,615) | 20,187 |
Cash provided by (used in) operating activities | 236,927 | (19,887) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (33,250) | (33,161) |
Proceeds from sale of assets | 1,661 | 1,124 |
Acquisition of businesses, net of cash acquired | (20,415) | (345,376) |
Cash used in investing activities | (52,004) | (377,413) |
Cash flows from financing activities: | ||
Repayments on revolving credit facilities | (361,247) | (823,583) |
Borrowings from revolving credit facilities | 390,113 | 1,182,774 |
Payments of principal on long-term debt | (3,832) | (3,832) |
Payments of principal on finance lease obligations | (26,167) | (23,154) |
Repurchases of common stock | (82,767) | (17,858) |
Payment of acquisition holdback liability | (13,500) | 0 |
Payment for debt issuance costs | (3,157) | 0 |
Proceeds from exercises of stock options | 2,430 | 4,024 |
Payments for taxes related to net share settlement of equity awards | (4,005) | (2,850) |
Proceeds from issuance of stock pursuant to employee stock purchase plan | 3,203 | 2,332 |
Cash (used in) provided by financing activities | (98,929) | 317,853 |
Effect of exchange rates on cash and cash equivalents | (1,247) | (590) |
Increase (decrease) in cash and cash equivalents | 84,747 | (80,037) |
Cash and cash equivalents, beginning of period | 101,916 | 167,012 |
Cash and cash equivalents, end of period | 186,663 | 86,975 |
Supplemental cash flow disclosures: | ||
Cash paid for income taxes | 85,642 | 61,066 |
Cash paid for interest | $ 49,193 | $ 35,721 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Jan. 31, 2023 | |
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. January 31, April 30, (in thousands) Medical self‑insurance $ 4,602 $ 3,371 General liability, automobile and workers’ compensation 27,353 21,707 Expected recoveries for insurance liabilities (8,321) (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 could be applied through December 31, 2022. However, the new guidance was not applicable to contract modifications made, and hedging relationships entered into or evaluated after, December 31, 2022. The Company adopted this guidance when its relevant contracts were modified to alternative reference rates. The adoption did not have a material impact on the Company's 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 | 9 Months Ended |
Jan. 31, 2023 | |
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 nine months ended January 31, 2023, 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 Acquisitions 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. On December 30, 2022, the Company acquired certain assets of Tanner Bolt and Nut, Inc. ("Tanner"). Tanner is a distributor of various tools, fasteners, sealants and related construction products to the broader New York City market through its four distribution facilities. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements. The assets acquired and liabilities assumed were recognized at their acquisition date fair values. The acquisition accounting is subject to change as the Company obtains additional information during the measurement period about the facts and circumstances that existed as of the acquisition dates. The primary areas of the preliminary acquisition accounting that are not yet finalized relate to preliminary fair value estimates, working capital adjustments and residual goodwill. The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2023 acquisitions based on currently available information: Preliminary (in thousands) Trade accounts and notes receivable $ 5,487 Inventories 7,824 Prepaid and other current assets 1,607 Property and equipment 1,336 Customer relationships 4,800 Tradenames 1,400 Goodwill 2,094 Accounts payable and other liabilities (4,249) Fair value of consideration transferred $ 20,299 Goodwill recognized is attributable to expected synergies, increased market presence and the expected value to expand and enhance the Company's complementary product offerings. Goodwill is expected to be deductible for U.S. federal income tax purposes. The estimated useful life for the customer relationships is ten years and the estimated useful life for the tradenames is 15 years. 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 Nine Months Ended Ended January 31, 2022 January 31, 2022 (in thousands) Net sales $ 1,160,211 $ 3,429,878 Net income 62,625 205,050 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 | 9 Months Ended |
Jan. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 660,092 $ 675,724 Other receivables 125,679 83,668 Allowance for expected credit losses (5,774) (5,087) Other allowances (4,879) (4,259) Trade accounts and notes receivable $ 775,118 $ 750,046 The following table presents the change in the allowance for expected credit losses during the nine months ended January 31, 2023: (in thousands) Balance as of April 30, 2022 $ 5,087 Provision 1,897 Other (1,210) Balance as of January 31, 2023 $ 5,774 Receivables from contracts with customers, net of allowances, were $649.4 million and $666.4 million as of January 31, 2023 and April 30, 2022, respectively. The Company did not have material amounts of contract assets or liabilities as of January 31, 2023 or April 30, 2022. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jan. 31, 2023 | |
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 2,094 — 2,094 Acquisition accounting adjustments from prior period 701 — 701 Translation adjustment (6,847) 2,026 (4,821) Balance as of January 31, 2023 $ 758,372 $ (64,501) $ 693,871 During the nine months ended January 31, 2023, 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 January 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 663,190 $ (421,171) $ 242,019 Definite-lived tradenames 5-20 15.6 97,526 (23,915) 73,611 Vendor agreements 8-10 10.0 1,000 (550) 450 Developed technology 5-10 6.9 8,315 (5,318) 2,997 Other 3-5 3.5 1,821 (1,414) 407 Definite-lived intangible assets $ 771,852 $ (452,368) $ 319,484 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 403,851 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 $16.3 million and $15.9 million for the three months ended January 31, 2023 and 2022, respectively, and $50.9 million and $46.4 million for the nine months ended January 31, 2023 and 2022, 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 three months) $ 15,031 2024 55,037 2025 46,289 2026 39,155 2027 34,042 Thereafter 129,930 Total $ 319,484 The Company’s indefinite-lived intangible assets as of January 31, 2023 and April 30, 2022 consisted of indefinite-lived tradenames. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jan. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 500,780 $ 504,613 Unamortized discount and deferred financing costs on Term Loan Facility (2,719) (3,581) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (4,280) (4,836) ABL Facility 240,000 211,134 Finance lease obligations 131,690 120,138 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025 8,164 7,086 Unamortized discount on installment notes (155) (364) Carrying value of debt 1,223,480 1,184,190 Less current portion 54,222 47,605 Long-term debt $ 1,169,258 $ 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 the Secured Overnight Financing Rate ("SOFR") plus 2.50% plus a credit spread adjustment. As of January 31, 2023, the applicable rate of interest was 6.94%. 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." On December 22, 2022, the Company amended its Term Loan Facility to, among other things, add the Company’s indirect Canadian subsidiaries (the “Canadian Subsidiaries”) as loan parties under the Term Loan Facility, permit the amendments to the Company's asset based revolving credit facility and replace LIBOR as the benchmark rate with SOFR. The indebtedness and obligations under the Term Loan Facility are (or, with respect to the Company's Canadian Subsidiaries, will be) secured by a second-priority security interest in substantially all of the current assets of the Company and its subsidiaries (including the Canadian Subsidiaries) and a first-priority security interest in substantially all of the fixed assets of the Company and its subsidiaries (including the Canadian Subsidiaries), subject to exclusions as set forth in the Term Loan Facility and related loan documents. 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 $950.0 million as of January 31, 2023. 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. On December 22, 2022, the Company amended its ABL Facility to, among other things, (i) increase the commitments thereunder by $405.0 million from $545.0 million to $950.0 million, (ii) join the Company’s Canadian Subsidiaries as credit parties thereunder, (iii) include certain assets of the Canadian Subsidiaries in the borrowing base, (iv) include the ability to borrow in Canadian dollars in an amount not to exceed $200 million, (v) extend the maturity date by five years from the closing date of the amendment to December 22, 2027 and (vi) increase the incremental debt capacity available thereunder. In connection with the amendment, the Company terminated its revolving credit facility it had through one of its Canadian subsidiaries (the “Canadian Facility”). As of January 31, 2023, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on 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 January 31, 2023, the weighted average interest rate on borrowings was 6.09%. As of January 31, 2023, the Company had available borrowing capacity of approximately $574.4 million under the ABL Facility. The ABL Facility matures on December 22, 2027 (or, if earlier, 91 days before the maturity date of the Term Loan Facility). 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 January 31, 2023, 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 January 31, 2023. Debt Maturities As of January 31, 2023, 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 three months) $ 1,277 $ — $ — $ 11,149 $ 165 $ 12,591 2024 5,110 — — 38,522 7,211 50,843 2025 5,110 — — 29,289 788 35,187 2026 489,283 — — 22,713 — 511,996 2027 — — — 16,458 — 16,458 Thereafter — 350,000 240,000 13,559 — 603,559 $ 500,780 $ 350,000 $ 240,000 $ 131,690 $ 8,164 $ 1,230,634 |
Leases
Leases | 9 Months Ended |
Jan. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Leases | Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,121 $ 5,557 $ 17,918 $ 16,713 Interest on lease liabilities 1,800 1,954 5,361 6,378 Operating lease cost 13,293 12,628 39,272 34,955 Variable lease cost 4,919 4,440 16,499 12,992 Total lease cost $ 26,133 $ 24,579 $ 79,050 $ 71,038 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 39,675 $ 35,385 Operating cash flows from finance leases 5,361 6,378 Financing cash flows from finance leases 26,167 23,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 34,607 53,549 Finance leases 42,421 24,887 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 221,974 $ 193,380 Accumulated depreciation (65,209) (57,363) Property and equipment, net $ 156,765 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.5 4.6 Finance leases 3.8 3.7 Weighted-average discount rate Operating leases 4.7 % 4.7 % Finance leases 4.7 % 4.2 % Future minimum lease payments under non-cancellable leases as of January 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining three months) $ 12,854 $ 9,942 2024 43,528 49,426 2025 32,532 38,503 2026 24,773 25,650 2027 17,607 16,307 Thereafter 14,052 29,733 Total lease payments 145,346 169,561 Less imputed interest 13,656 17,803 Total $ 131,690 $ 151,758 |
Leases | Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,121 $ 5,557 $ 17,918 $ 16,713 Interest on lease liabilities 1,800 1,954 5,361 6,378 Operating lease cost 13,293 12,628 39,272 34,955 Variable lease cost 4,919 4,440 16,499 12,992 Total lease cost $ 26,133 $ 24,579 $ 79,050 $ 71,038 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 39,675 $ 35,385 Operating cash flows from finance leases 5,361 6,378 Financing cash flows from finance leases 26,167 23,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 34,607 53,549 Finance leases 42,421 24,887 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 221,974 $ 193,380 Accumulated depreciation (65,209) (57,363) Property and equipment, net $ 156,765 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.5 4.6 Finance leases 3.8 3.7 Weighted-average discount rate Operating leases 4.7 % 4.7 % Finance leases 4.7 % 4.2 % Future minimum lease payments under non-cancellable leases as of January 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining three months) $ 12,854 $ 9,942 2024 43,528 49,426 2025 32,532 38,503 2026 24,773 25,650 2027 17,607 16,307 Thereafter 14,052 29,733 Total lease payments 145,346 169,561 Less imputed interest 13,656 17,803 Total $ 131,690 $ 151,758 |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes General. The Company’s effective income tax rate on continuing operations was 26.3% and 24.8% for the nine months ended January 31, 2023 and 2022, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the nine months ended January 31, 2023 and 2022 was primarily due to the impact of foreign and state taxes. Valuation allowance . The Company had a valuation allowance of $11.7 million against its deferred tax assets related to certain U.S. tax jurisdictions as of January 31, 2023 and April 30, 2022. 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 January 31, 2023 or April 30, 2022. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Jan. 31, 2023 | |
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 1.8 million shares of its common stock for $82.8 million during the nine months ended January 31, 2023, of which $10.8 million was repurchased under the previous authorization and $72.0 million was repurchased under the new authorization. The Company repurchased approximately 0.4 million shares of its common stock for $17.9 million during the nine months ended January 31, 2022. As of January 31, 2023, the Company had $128.0 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 nine months ended January 31, 2023: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2022 $ (5,041) $ (1,002) $ (6,043) Other comprehensive income (loss) before reclassification (21,728) 957 (20,771) Reclassification to earnings from accumulated other comprehensive loss — 512 512 Balance as of January 31, 2023 $ (26,769) $ 467 $ (26,302) Other comprehensive income (loss) before reclassification on derivative instruments for the nine months ended January 31, 2023 is net of $0.3 million of tax. Reclassification to earnings from accumulated other comprehensive loss is net of $0.2 million of tax. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Jan. 31, 2023 | |
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 $9.4 million and $7.7 million during the nine months ended January 31, 2023 and 2022, 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 nine months ended January 31, 2023: 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 (195) 16.27 Options forfeited (2) 32.76 Outstanding as of January 31, 2023 1,232 $ 31.31 6.6 $ 34,511 Exercisable as of January 31, 2023 815 $ 24.18 5.6 $ 28,635 Vested and Expected to vest as of January 31, 2023 1,230 $ 31.29 6.6 $ 34,486 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 nine months ended January 31, 2023 and 2022 was $6.5 million and $6.6 million, respectively. As of January 31, 2023, there was $6.2 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.7 years. The fair value of stock options granted during the nine months ended January 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2023 2022 Volatility 45.80 % 43.13 % Expected life (years) 6.0 6.0 Risk-free interest rate 2.67 % 0.89 % Dividend yield — % — % Grant date fair value $ 25.26 $ 20.86 Restricted Stock Units The following table presents restricted stock unit activity for the nine months ended January 31, 2023: Number of Weighted (shares in thousands) Outstanding as of April 30, 2022 330 $ 35.83 Granted 201 53.72 Vested (171) 33.20 Forfeited (1) 44.04 Outstanding as of January 31, 2023 359 $ 47.04 As of January 31, 2023, there was $8.9 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 1.6 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 $0.8 million and $0.5 million of stock-based compensation expense related to the ESPP during the nine months ended January 31, 2023 and 2022, respectively. The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Nine Months Ended 2023 2022 (shares in thousands) Number of shares purchased under the ESPP 79 70 Average purchase price $ 40.47 $ 33.19 |
Stock Appreciation Rights, Defe
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests | 9 Months Ended |
Jan. 31, 2023 | |
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 (5,627) — — Change in fair value 5,887 200 1,003 Balance as of January 31, 2023 $ 31,138 $ 2,405 $ 12,029 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 January 31, 2023 $ 5,611 $ 541 $ 2,707 Classified as long-term as of January 31, 2023 25,527 1,864 9,322 Total expense related to these instruments was $7.1 million and $4.2 million during the nine months ended January 31, 2023 and 2022, 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 | 9 Months Ended |
Jan. 31, 2023 | |
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: January 31, April 30, (in thousands) Interest rate swaps (Level 2) $ 810 $ (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 January 31, 2023, 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 $1.6 million and losses, net of tax, of $2.3 million during the three months ended January 31, 2023 and 2022, respectively, related to its interest rate swaps. The Company recognized losses, net of tax, of $0.5 million and $6.8 million during the nine months ended January 31, 2023 and 2022, 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 January 31, 2023, the Company expects that approximately $0.8 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 nine months ended January 31, 2023 or 2022. 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 approximate their fair value as the interest rates are variable and reflective of market rates. The following table presents the carrying amount and fair value of the Company’s Senior Notes: January 31, 2023 April 30, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 290,500 $ 350,000 $ 310,625 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2023 | |
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 | 9 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | Segments There have been no changes to the Company's reportable segments during the nine months ended January 31, 2023. 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 January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,201,183 $ 384,093 $ 27,159 $ 133,792 Other 33,435 18,155 4,140 7,036 Corporate — — 120 — $ 1,234,618 $ 402,248 $ 31,419 $ 140,828 Three Months Ended January 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,130,130 $ 356,811 $ 28,154 $ 129,725 Other 23,465 10,961 1,102 5,330 Corporate — — 494 — $ 1,153,595 $ 367,772 $ 29,750 $ 135,055 Nine Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,928,170 $ 1,244,099 $ 82,887 $ 486,968 Other 96,980 57,370 12,827 24,387 Corporate — — 371 — $ 4,025,150 $ 1,301,469 $ 96,085 $ 511,355 Nine Months Ended January 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,303,170 $ 1,057,417 $ 84,572 $ 404,665 Other 43,052 18,058 1,278 8,008 Corporate — — 1,017 — $ 3,346,222 $ 1,075,475 $ 86,867 $ 412,673 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Net income $ 64,775 $ 61,383 $ 257,398 $ 196,946 Interest expense 16,943 15,429 47,659 43,830 Interest income (180) (40) (390) (67) Provision for income taxes 23,697 21,211 91,722 64,951 Depreciation expense 15,162 13,816 45,213 40,444 Amortization expense 16,257 15,934 50,872 46,423 Stock appreciation rights(a) 314 1,251 5,888 3,126 Redeemable noncontrolling interests and deferred compensation(b) 368 182 1,203 1,085 Equity-based compensation(c) 3,285 3,077 10,198 8,250 Severance and other permitted costs(d) (315) 273 416 669 Transaction costs (acquisitions and other)(e) 476 921 1,154 3,889 Gain on disposal of assets(f) (411) (252) (614) (474) Effects of fair value adjustments to inventory(g) 457 1,870 636 3,601 Adjusted EBITDA $ 140,828 $ 135,055 $ 511,355 $ 412,673 __________________________________________ (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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Wallboard $ 500,710 $ 415,132 $ 1,606,821 $ 1,219,789 Ceilings 146,810 139,894 473,686 418,831 Steel framing 234,451 282,764 787,499 751,040 Complementary products 352,647 315,805 1,157,144 956,562 Total net sales $ 1,234,618 $ 1,153,595 $ 4,025,150 $ 3,346,222 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) United States $ 1,089,888 $ 1,016,425 $ 3,530,083 $ 2,867,318 Canada 144,730 137,170 495,067 478,904 Total net sales $ 1,234,618 $ 1,153,595 $ 4,025,150 $ 3,346,222 The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 336,825 $ 311,061 Canada 38,290 39,618 Total property and equipment, net $ 375,115 $ 350,679 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Jan. 31, 2023 | |
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 Nine Months Ended 2023 2022 2023 2022 (in thousands, except per share data) Net income $ 64,775 $ 61,383 $ 257,398 $ 196,946 Basic earnings per common share: Basic weighted average common shares outstanding 41,578 43,094 42,119 43,106 Basic earnings per common share $ 1.56 $ 1.42 $ 6.11 $ 4.57 Diluted earnings per common share: Basic weighted average common shares outstanding 41,578 43,094 42,119 43,106 Add: Common Stock Equivalents 654 851 693 831 Diluted weighted average common shares outstanding 42,232 43,945 42,812 43,937 Diluted earnings per common share $ 1.53 $ 1.40 $ 6.01 $ 4.48 During the three and nine months ended January 31, 2023 and 2022, 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) | 9 Months Ended |
Jan. 31, 2023 | |
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 could be applied through December 31, 2022. However, the new guidance was not applicable to contract modifications made, and hedging relationships entered into or evaluated after, December 31, 2022. The Company adopted this guidance when its relevant contracts were modified to alternative reference rates. The adoption did not have a material impact on the Company's 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) | 9 Months Ended |
Jan. 31, 2023 | |
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. January 31, April 30, (in thousands) Medical self‑insurance $ 4,602 $ 3,371 General liability, automobile and workers’ compensation 27,353 21,707 Expected recoveries for insurance liabilities (8,321) (4,973) |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of preliminary allocation of the consideration transferred | The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2023 acquisitions based on currently available information: Preliminary (in thousands) Trade accounts and notes receivable $ 5,487 Inventories 7,824 Prepaid and other current assets 1,607 Property and equipment 1,336 Customer relationships 4,800 Tradenames 1,400 Goodwill 2,094 Accounts payable and other liabilities (4,249) Fair value of consideration transferred $ 20,299 |
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 Nine Months Ended Ended January 31, 2022 January 31, 2022 (in thousands) Net sales $ 1,160,211 $ 3,429,878 Net income 62,625 205,050 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Receivables [Abstract] | |
Schedule of trade accounts and notes receivable | The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 660,092 $ 675,724 Other receivables 125,679 83,668 Allowance for expected credit losses (5,774) (5,087) Other allowances (4,879) (4,259) Trade accounts and notes receivable $ 775,118 $ 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 nine months ended January 31, 2023: (in thousands) Balance as of April 30, 2022 $ 5,087 Provision 1,897 Other (1,210) Balance as of January 31, 2023 $ 5,774 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 2,094 — 2,094 Acquisition accounting adjustments from prior period 701 — 701 Translation adjustment (6,847) 2,026 (4,821) Balance as of January 31, 2023 $ 758,372 $ (64,501) $ 693,871 |
Schedule of components of definite-lived intangible assets | The following tables present the components of the Company’s intangible assets: Estimated Weighted January 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 663,190 $ (421,171) $ 242,019 Definite-lived tradenames 5-20 15.6 97,526 (23,915) 73,611 Vendor agreements 8-10 10.0 1,000 (550) 450 Developed technology 5-10 6.9 8,315 (5,318) 2,997 Other 3-5 3.5 1,821 (1,414) 407 Definite-lived intangible assets $ 771,852 $ (452,368) $ 319,484 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 403,851 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 January 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.5 $ 663,190 $ (421,171) $ 242,019 Definite-lived tradenames 5-20 15.6 97,526 (23,915) 73,611 Vendor agreements 8-10 10.0 1,000 (550) 450 Developed technology 5-10 6.9 8,315 (5,318) 2,997 Other 3-5 3.5 1,821 (1,414) 407 Definite-lived intangible assets $ 771,852 $ (452,368) $ 319,484 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 403,851 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 three months) $ 15,031 2024 55,037 2025 46,289 2026 39,155 2027 34,042 Thereafter 129,930 Total $ 319,484 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 500,780 $ 504,613 Unamortized discount and deferred financing costs on Term Loan Facility (2,719) (3,581) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (4,280) (4,836) ABL Facility 240,000 211,134 Finance lease obligations 131,690 120,138 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025 8,164 7,086 Unamortized discount on installment notes (155) (364) Carrying value of debt 1,223,480 1,184,190 Less current portion 54,222 47,605 Long-term debt $ 1,169,258 $ 1,136,585 |
Scheduled of maturities of long-term debt | As of January 31, 2023, 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 three months) $ 1,277 $ — $ — $ 11,149 $ 165 $ 12,591 2024 5,110 — — 38,522 7,211 50,843 2025 5,110 — — 29,289 788 35,187 2026 489,283 — — 22,713 — 511,996 2027 — — — 16,458 — 16,458 Thereafter — 350,000 240,000 13,559 — 603,559 $ 500,780 $ 350,000 $ 240,000 $ 131,690 $ 8,164 $ 1,230,634 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Lessee Disclosure [Abstract] | |
Summary of components of lease expense | The components of lease expense were as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,121 $ 5,557 $ 17,918 $ 16,713 Interest on lease liabilities 1,800 1,954 5,361 6,378 Operating lease cost 13,293 12,628 39,272 34,955 Variable lease cost 4,919 4,440 16,499 12,992 Total lease cost $ 26,133 $ 24,579 $ 79,050 $ 71,038 |
Summary of components of supplemental cash flow information related to leases | Supplemental cash flow information related to leases was as follows: Nine Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 39,675 $ 35,385 Operating cash flows from finance leases 5,361 6,378 Financing cash flows from finance leases 26,167 23,154 Right-of-use assets obtained in exchange for lease obligations Operating leases 34,607 53,549 Finance leases 42,421 24,887 |
Summary of other lease information | Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 221,974 $ 193,380 Accumulated depreciation (65,209) (57,363) Property and equipment, net $ 156,765 $ 136,017 Weighted-average remaining lease term (years) Operating leases 4.5 4.6 Finance leases 3.8 3.7 Weighted-average discount rate Operating leases 4.7 % 4.7 % Finance leases 4.7 % 4.2 % |
Schedule of maturities for finance leases | Future minimum lease payments under non-cancellable leases as of January 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining three months) $ 12,854 $ 9,942 2024 43,528 49,426 2025 32,532 38,503 2026 24,773 25,650 2027 17,607 16,307 Thereafter 14,052 29,733 Total lease payments 145,346 169,561 Less imputed interest 13,656 17,803 Total $ 131,690 $ 151,758 |
Schedule of maturities for operating leases | Future minimum lease payments under non-cancellable leases as of January 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2023 (remaining three months) $ 12,854 $ 9,942 2024 43,528 49,426 2025 32,532 38,503 2026 24,773 25,650 2027 17,607 16,307 Thereafter 14,052 29,733 Total lease payments 145,346 169,561 Less imputed interest 13,656 17,803 Total $ 131,690 $ 151,758 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 nine months ended January 31, 2023: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2022 $ (5,041) $ (1,002) $ (6,043) Other comprehensive income (loss) before reclassification (21,728) 957 (20,771) Reclassification to earnings from accumulated other comprehensive loss — 512 512 Balance as of January 31, 2023 $ (26,769) $ 467 $ (26,302) |
Equity-Based Compensation - (Ta
Equity-Based Compensation - (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of stock option activity | The following table presents stock option activity for the nine months ended January 31, 2023: 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 (195) 16.27 Options forfeited (2) 32.76 Outstanding as of January 31, 2023 1,232 $ 31.31 6.6 $ 34,511 Exercisable as of January 31, 2023 815 $ 24.18 5.6 $ 28,635 Vested and Expected to vest as of January 31, 2023 1,230 $ 31.29 6.6 $ 34,486 |
Schedule of weighted average assumptions used in Black-Scholes option-pricing model | The fair value of stock options granted during the nine months ended January 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2023 2022 Volatility 45.80 % 43.13 % Expected life (years) 6.0 6.0 Risk-free interest rate 2.67 % 0.89 % Dividend yield — % — % Grant date fair value $ 25.26 $ 20.86 |
Summary of restricted stock unit activity | The following table presents restricted stock unit activity for the nine months ended January 31, 2023: Number of Weighted (shares in thousands) Outstanding as of April 30, 2022 330 $ 35.83 Granted 201 53.72 Vested (171) 33.20 Forfeited (1) 44.04 Outstanding as of January 31, 2023 359 $ 47.04 |
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: Nine Months Ended 2023 2022 (shares in thousands) Number of shares purchased under the ESPP 79 70 Average purchase price $ 40.47 $ 33.19 |
Stock Appreciation Rights, De_2
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 (5,627) — — Change in fair value 5,887 200 1,003 Balance as of January 31, 2023 $ 31,138 $ 2,405 $ 12,029 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 January 31, 2023 $ 5,611 $ 541 $ 2,707 Classified as long-term as of January 31, 2023 25,527 1,864 9,322 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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: January 31, April 30, (in thousands) Interest rate swaps (Level 2) $ 810 $ (1,136) |
Schedule of carrying value and fair value of the Senior Notes | The following table presents the carrying amount and fair value of the Company’s Senior Notes: January 31, 2023 April 30, 2022 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 290,500 $ 350,000 $ 310,625 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment results | The following tables present segment results: Three Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,201,183 $ 384,093 $ 27,159 $ 133,792 Other 33,435 18,155 4,140 7,036 Corporate — — 120 — $ 1,234,618 $ 402,248 $ 31,419 $ 140,828 Three Months Ended January 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,130,130 $ 356,811 $ 28,154 $ 129,725 Other 23,465 10,961 1,102 5,330 Corporate — — 494 — $ 1,153,595 $ 367,772 $ 29,750 $ 135,055 Nine Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,928,170 $ 1,244,099 $ 82,887 $ 486,968 Other 96,980 57,370 12,827 24,387 Corporate — — 371 — $ 4,025,150 $ 1,301,469 $ 96,085 $ 511,355 Nine Months Ended January 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,303,170 $ 1,057,417 $ 84,572 $ 404,665 Other 43,052 18,058 1,278 8,008 Corporate — — 1,017 — $ 3,346,222 $ 1,075,475 $ 86,867 $ 412,673 |
Reconciliation of Adjusted EBITDA to net income | The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) Net income $ 64,775 $ 61,383 $ 257,398 $ 196,946 Interest expense 16,943 15,429 47,659 43,830 Interest income (180) (40) (390) (67) Provision for income taxes 23,697 21,211 91,722 64,951 Depreciation expense 15,162 13,816 45,213 40,444 Amortization expense 16,257 15,934 50,872 46,423 Stock appreciation rights(a) 314 1,251 5,888 3,126 Redeemable noncontrolling interests and deferred compensation(b) 368 182 1,203 1,085 Equity-based compensation(c) 3,285 3,077 10,198 8,250 Severance and other permitted costs(d) (315) 273 416 669 Transaction costs (acquisitions and other)(e) 476 921 1,154 3,889 Gain on disposal of assets(f) (411) (252) (614) (474) Effects of fair value adjustments to inventory(g) 457 1,870 636 3,601 Adjusted EBITDA $ 140,828 $ 135,055 $ 511,355 $ 412,673 __________________________________________ (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 Nine Months Ended 2023 2022 2023 2022 (in thousands) Wallboard $ 500,710 $ 415,132 $ 1,606,821 $ 1,219,789 Ceilings 146,810 139,894 473,686 418,831 Steel framing 234,451 282,764 787,499 751,040 Complementary products 352,647 315,805 1,157,144 956,562 Total net sales $ 1,234,618 $ 1,153,595 $ 4,025,150 $ 3,346,222 |
Schedule of net sales by major geographic area | The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2023 2022 2023 2022 (in thousands) United States $ 1,089,888 $ 1,016,425 $ 3,530,083 $ 2,867,318 Canada 144,730 137,170 495,067 478,904 Total net sales $ 1,234,618 $ 1,153,595 $ 4,025,150 $ 3,346,222 |
Schedule of property and equipment by major geographic area | The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 336,825 $ 311,061 Canada 38,290 39,618 Total property and equipment, net $ 375,115 $ 350,679 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Jan. 31, 2023 | |
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 Nine Months Ended 2023 2022 2023 2022 (in thousands, except per share data) Net income $ 64,775 $ 61,383 $ 257,398 $ 196,946 Basic earnings per common share: Basic weighted average common shares outstanding 41,578 43,094 42,119 43,106 Basic earnings per common share $ 1.56 $ 1.42 $ 6.11 $ 4.57 Diluted earnings per common share: Basic weighted average common shares outstanding 41,578 43,094 42,119 43,106 Add: Common Stock Equivalents 654 851 693 831 Diluted weighted average common shares outstanding 42,232 43,945 42,812 43,937 Diluted earnings per common share $ 1.53 $ 1.40 $ 6.01 $ 4.48 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details) | 9 Months Ended |
Jan. 31, 2023 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 | Jan. 31, 2023 | Apr. 30, 2022 |
Loss contingencies | ||
Medical self‑insurance | $ 4,602 | $ 3,371 |
General liability, automobile and workers’ compensation | 27,353 | 21,707 |
Expected recoveries for insurance liabilities | $ (8,321) | $ (4,973) |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Business Acquisition [Line Items] | |||
Payment of acquisition holdback liability | $ 13,500 | $ 0 | |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 12 years 6 months | 12 years 6 months | |
Tradenames | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 15 years 7 months 6 days | 15 years 7 months 6 days | |
Westside Building Material | |||
Business Acquisition [Line Items] | |||
Payment of acquisition holdback liability | $ 13,500 | ||
Liability related to general representations and warranties, settlement period (in months) | 15 months | ||
Fiscal 2023 Acquisitions | Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 10 years | ||
Fiscal 2023 Acquisitions | Tradenames | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 15 years |
Business Combinations - Assets
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Business Acquisition [Line Items] | ||
Goodwill | $ 693,871 | $ 695,897 |
Fiscal 2023 Acquisitions | ||
Business Acquisition [Line Items] | ||
Trade accounts and notes receivable | 5,487 | |
Inventories | 7,824 | |
Prepaid and other current assets | 1,607 | |
Property and equipment | 1,336 | |
Goodwill | 2,094 | |
Accounts payable and other liabilities | (4,249) | |
Fair value of consideration transferred | 20,299 | |
Customer relationships | Fiscal 2023 Acquisitions | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets | 4,800 | |
Tradenames | Fiscal 2023 Acquisitions | ||
Business Acquisition [Line Items] | ||
Finite-lived intangible assets | $ 1,400 |
Business Combinations - Pro For
Business Combinations - Pro Forma Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jan. 31, 2023 | Jan. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | ||
Net sales | $ 1,160,211 | $ 3,429,878 |
Net income | $ 62,625 | $ 205,050 |
Accounts Receivable - Trade Acc
Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Receivables [Abstract] | ||
Trade receivables | $ 660,092 | $ 675,724 |
Other receivables | 125,679 | 83,668 |
Allowance for expected credit losses | (5,774) | (5,087) |
Other allowances | (4,879) | (4,259) |
Trade accounts and notes receivable | $ 775,118 | $ 750,046 |
Accounts Receivable - Change In
Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Apr. 30, 2022 | |
Change in allowance | ||
Beginning balance | $ 5,087 | |
Provision | 1,897 | |
Other | (1,210) | |
Ending balance | 5,774 | |
Receivables from contracts with customers | $ 649,400 | $ 666,400 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands | 9 Months Ended |
Jan. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill gross | $ 762,424 |
Goodwill, accumulated impairment loss | (66,527) |
Goodwill balance | 695,897 |
Goodwill recognized from acquisitions | 2,094 |
Acquisition accounting adjustments from prior period | 701 |
Translation adjustment, gross | (6,847) |
Translation adjustment, accumulated impairment loss | 2,026 |
Translation adjustment, net | (4,821) |
Goodwill gross | 758,372 |
Goodwill, accumulated impairment loss | (64,501) |
Goodwill balance | $ 693,871 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 | Apr. 30, 2022 | |
Intangible assets | ||
Gross Carrying Amount | $ 771,852 | $ 777,703 |
Accumulated Amortization | (452,368) | (407,323) |
Total | 319,484 | 370,380 |
Indefinite-lived intangible assets | 84,367 | 84,367 |
Total intangible assets, net | $ 403,851 | $ 454,747 |
Customer relationships | ||
Intangible assets | ||
Weighted Average Amortization Period | 12 years 6 months | 12 years 6 months |
Gross Carrying Amount | $ 663,190 | $ 669,018 |
Accumulated Amortization | (421,171) | (381,650) |
Total | $ 242,019 | $ 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 | $ 97,526 | $ 97,453 |
Accumulated Amortization | (23,915) | (19,496) |
Total | $ 73,611 | $ 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 | (550) | (475) |
Total | $ 450 | $ 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 | $ 8,315 | $ 8,471 |
Accumulated Amortization | (5,318) | (4,462) |
Total | $ 2,997 | $ 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 | (1,414) | (1,240) |
Total | $ 407 | $ 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 | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Intangible assets | ||||
Amortization expense | $ 16,257 | $ 15,934 | $ 50,872 | $ 46,423 |
Depreciation and amortization expense | ||||
Intangible assets | ||||
Amortization expense | $ 16,300 | $ 15,900 | $ 50,900 | $ 46,400 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 (remaining three months) | $ 15,031 | |
2024 | 55,037 | |
2025 | 46,289 | |
2026 | 39,155 | |
2027 | 34,042 | |
Thereafter | 129,930 | |
Total | $ 319,484 | $ 370,380 |
Long-Term Debt - Components (De
Long-Term Debt - Components (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Long-term debt | ||
Long-term debt, gross | $ 1,230,634 | |
Finance lease obligations | 131,690 | $ 120,138 |
Carrying value of debt | 1,223,480 | 1,184,190 |
Less current portion | 54,222 | 47,605 |
Long-term debt | 1,169,258 | 1,136,585 |
Term Loan Facility | ||
Long-term debt | ||
Long-term debt, gross | 500,780 | 504,613 |
Unamortized discount and deferred financing costs | (2,719) | (3,581) |
Senior Notes | ||
Long-term debt | ||
Long-term debt, gross | 350,000 | 350,000 |
Unamortized discount and deferred financing costs | $ (4,280) | (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 | 8,164 | 7,086 |
Unamortized discount | $ (155) | $ (364) |
Interest rate | 5% |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Dec. 22, 2022 | Jan. 31, 2023 | Dec. 21, 2022 | |
Term Loan Facility | |||
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) | 6.94% | ||
Term Loan Facility | LIBOR | |||
Long-term debt | |||
Margin added to variable rate (as a percent) | 2.50% | ||
Senior Notes | |||
Long-term debt | |||
Interest rate | 4.625% | ||
Amended ABL Facility | |||
Long-term debt | |||
Borrowing weighted average interest rate (as a percent) | 6.09% | ||
Available borrowing capacity under the facility | $ 574.4 | ||
Amended ABL Facility | Revolving Credit Facility | |||
Long-term debt | |||
Maximum amount under the facility | $ 950 | $ 545 | |
Amount of commitments increased under the facility | $ 405 | ||
Maturity date extension | 5 years | ||
Amended ABL Facility | Revolving Credit Facility | Canada, Dollars | |||
Long-term debt | |||
Maximum amount under the facility | $ 200 |
Long-Term Debt - Maturities (De
Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Long-term debt | ||
2023 (remaining three months) | $ 12,591 | |
2024 | 50,843 | |
2025 | 35,187 | |
2026 | 511,996 | |
2027 | 16,458 | |
Thereafter | 603,559 | |
Total | 1,230,634 | |
Term Loan Facility | ||
Long-term debt | ||
2023 (remaining three months) | 1,277 | |
2024 | 5,110 | |
2025 | 5,110 | |
2026 | 489,283 | |
2027 | 0 | |
Thereafter | 0 | |
Total | 500,780 | $ 504,613 |
Senior Notes | ||
Long-term debt | ||
2023 (remaining three 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 three months) | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 240,000 | |
Total | 240,000 | 211,134 |
Finance Leases | ||
Long-term debt | ||
2023 (remaining three months) | 11,149 | |
2024 | 38,522 | |
2025 | 29,289 | |
2026 | 22,713 | |
2027 | 16,458 | |
Thereafter | 13,559 | |
Total | 131,690 | |
Installment Notes | ||
Long-term debt | ||
2023 (remaining three months) | 165 | |
2024 | 7,211 | |
2025 | 788 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total | $ 8,164 | $ 7,086 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Finance lease cost: | ||||
Amortization of right-of-use assets | $ 6,121 | $ 5,557 | $ 17,918 | $ 16,713 |
Interest on lease liabilities | 1,800 | 1,954 | 5,361 | 6,378 |
Operating lease cost | 13,293 | 12,628 | 39,272 | 34,955 |
Variable lease cost | 4,919 | 4,440 | 16,499 | 12,992 |
Total lease cost | $ 26,133 | $ 24,579 | $ 79,050 | $ 71,038 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 39,675 | $ 35,385 |
Operating cash flows from finance leases | 5,361 | 6,378 |
Financing cash flows from finance leases | 26,167 | 23,154 |
Right-of-use assets obtained in exchange for lease obligations | ||
Operating leases | 34,607 | 53,549 |
Finance leases | $ 42,421 | $ 24,887 |
Leases - Other Information (Det
Leases - Other Information (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Finance leases included in property and equipment | ||
Property and equipment | $ 221,974 | $ 193,380 |
Accumulated depreciation | (65,209) | (57,363) |
Property and equipment, net | $ 156,765 | $ 136,017 |
Finance lease, right-of-use asset, balance sheet location [Extensible List] | Property and equipment, net of accumulated depreciation of $257,697 and $227,288, respectively | Property and equipment, net of accumulated depreciation of $257,697 and $227,288, respectively |
Weighted-average remaining lease term (years) | ||
Operating leases | 4 years 6 months | 4 years 7 months 6 days |
Finance leases | 3 years 9 months 18 days | 3 years 8 months 12 days |
Weighted-average discount rate | ||
Operating leases | 4.70% | 4.70% |
Finance leases | 4.70% | 4.20% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Finance | ||
2023 (remaining three months) | $ 12,854 | |
2024 | 43,528 | |
2025 | 32,532 | |
2026 | 24,773 | |
2027 | 17,607 | |
Thereafter | 14,052 | |
Total lease payments | 145,346 | |
Less imputed interest | 13,656 | |
Total | 131,690 | $ 120,138 |
Operating | ||
2023 (remaining three months) | 9,942 | |
2024 | 49,426 | |
2025 | 38,503 | |
2026 | 25,650 | |
2027 | 16,307 | |
Thereafter | 29,733 | |
Total lease payments | 169,561 | |
Less imputed interest | 17,803 | |
Total | $ 151,758 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate (as a percent) | 26.30% | 24.80% | |
Valuation allowance | $ 11,700,000 | $ 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 | 7 Months Ended | 9 Months Ended | ||
Jun. 19, 2022 | Jan. 31, 2023 | Jan. 31, 2023 | Jan. 31, 2022 | Jun. 20, 2022 | |
Equity [Abstract] | |||||
Stock repurchase program, authorized amount | $ 75,000,000 | $ 200,000,000 | |||
Number of shares repurchased (in shares) | 1.8 | 0.4 | |||
Shares repurchased, cost | $ 10,800,000 | $ 72,000,000 | $ 82,800,000 | $ 17,900,000 | |
Remaining amount under repurchase program | $ 128,000,000 | $ 128,000,000 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands | 9 Months Ended |
Jan. 31, 2023 USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | $ 1,064,498 |
Other comprehensive income (loss) before reclassification | (20,771) |
Reclassification to earnings from accumulated other comprehensive loss | 512 |
Ending balance | 1,230,696 |
Other comprehensive income (loss) on derivative instruments before reclassification, tax | 300 |
Amount expected to be reclassified to earnings during next twelve months | 200 |
Accumulated Other Comprehensive Loss | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (6,043) |
Ending balance | (26,302) |
Foreign Currency Translation | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (5,041) |
Other comprehensive income (loss) before reclassification | (21,728) |
Reclassification to earnings from accumulated other comprehensive loss | 0 |
Ending balance | (26,769) |
Derivative Financial Instruments | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning balance | (1,002) |
Other comprehensive income (loss) before reclassification | 957 |
Reclassification to earnings from accumulated other comprehensive loss | 512 |
Ending balance | $ 467 |
Equity-Based Compensation - Nar
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 3,285 | $ 3,077 | $ 10,198 | $ 8,250 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | 6,500 | 6,600 | ||
Unrecognized compensation cost, options | 6,200 | $ 6,200 | ||
Weighted-average period for recognition of unrecognized compensation expense (in years) | 1 year 8 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) | 1 year 7 months 6 days | |||
Unrecognized compensation cost, RSUs | $ 8,900 | $ 8,900 | ||
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 800 | 500 | ||
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 | $ 9,400 | $ 7,700 |
Equity-Based Compensation - Sto
Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2023 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 | (195) | |
Options forfeited (in shares) | shares | (2) | |
Outstanding, end of the period (in shares) | shares | 1,232 | 1,245 |
Exercisable at end of period (in shares) | shares | 815 | |
Vested and expected to vest at end of period (in shares) | shares | 1,230 | |
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 | 16.27 | |
Options forfeited (in dollars per share) | $ / shares | 32.76 | |
Outstanding, end of the period (in dollars per share) | $ / shares | 31.31 | $ 25.65 |
Exercisable at end of period (in dollars per share) | $ / shares | 24.18 | |
Vested and expected to vest at end of period (in dollars per share) | $ / shares | $ 31.29 | |
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 7 months 6 days | |
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 | $ | $ 34,511 | $ 28,121 |
Aggregate Intrinsic Value, Exercisable at end of period | $ | 28,635 | |
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $ | $ 34,486 |
Equity-Based Compensation - Bla
Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock Options - $ / shares | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility (as a percent) | 45.80% | 43.13% |
Expected life (years) | 6 years | 6 years |
Risk-free interest rate (as a percent) | 2.67% | 0.89% |
Dividend yield (as a percent) | 0% | 0% |
Grant date fair value (in dollars per share) | $ 25.26 | $ 20.86 |
Equity-Based Compensation - Res
Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands | 9 Months Ended |
Jan. 31, 2023 $ / 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 | (171) |
Forfeited (in shares) | shares | (1) |
Outstanding, end of the period (in shares) | shares | 359 |
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 | 33.20 |
Forfeited (in dollars per share) | $ / shares | 44.04 |
Outstanding, end of the period (in dollars per share) | $ / shares | $ 47.04 |
Equity-Based Compensation - Emp
Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands | 9 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares purchased under ESPP (in shares) | 79 | 70 |
Average price per share (in dollars per share) | $ 40.47 | $ 33.19 |
Stock Appreciation Rights, De_3
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Apr. 30, 2022 | |
Selling, general and administrative expenses | |||
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] | |||
Expense related to equity based compensation arrangements | $ 7,100 | $ 4,200 | |
Stock Appreciation Rights | |||
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] | |||
Award liability as of beginning of period | 30,878 | ||
Amounts redeemed | (5,627) | ||
Change in fair value | 5,887 | ||
Award liability as of end of period | 31,138 | ||
Current liabilities related to plans | 5,611 | $ 1,532 | |
Long-term liabilities related to plans | 25,527 | 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 | 200 | ||
Award liability as of end of period | 2,405 | ||
Current liabilities related to plans | 541 | 0 | |
Long-term liabilities related to plans | 1,864 | 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 | 1,003 | ||
Award liability as of end of period | 12,029 | ||
Current liabilities related to plans | 2,707 | 0 | |
Long-term liabilities related to plans | $ 9,322 | $ 11,026 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Interest rate swap agreements | Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value Measurements | ||
Derivative liabilities | $ 810 | $ (1,136) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Interest rate swap agreements - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Feb. 28, 2019 | |
Fair Value Measurements | |||||
Change in fair value of financial instruments | $ 1.6 | $ (2.3) | $ 0.5 | $ (6.8) | |
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 | $ 0.8 | ||||
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 | Jan. 31, 2023 | Apr. 30, 2022 |
Carrying Amount | ||
Fair Value Measurements | ||
Senior Notes | $ 350,000 | $ 350,000 |
Fair Value | ||
Fair Value Measurements | ||
Senior Notes | $ 290,500 | $ 310,625 |
Segments - Net Sales, Adjusted
Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Segment information | ||||
Net sales | $ 1,234,618 | $ 1,153,595 | $ 4,025,150 | $ 3,346,222 |
Gross Profit | 402,248 | 367,772 | 1,301,469 | 1,075,475 |
Depreciation and Amortization | 31,419 | 29,750 | 96,085 | 86,867 |
Adjusted EBITDA | 140,828 | 135,055 | 511,355 | 412,673 |
Geographic divisions | ||||
Segment information | ||||
Net sales | 1,201,183 | 1,130,130 | 3,928,170 | 3,303,170 |
Gross Profit | 384,093 | 356,811 | 1,244,099 | 1,057,417 |
Depreciation and Amortization | 27,159 | 28,154 | 82,887 | 84,572 |
Adjusted EBITDA | 133,792 | 129,725 | 486,968 | 404,665 |
Other | ||||
Segment information | ||||
Net sales | 33,435 | 23,465 | 96,980 | 43,052 |
Gross Profit | 18,155 | 10,961 | 57,370 | 18,058 |
Depreciation and Amortization | 4,140 | 1,102 | 12,827 | 1,278 |
Adjusted EBITDA | 7,036 | 5,330 | 24,387 | 8,008 |
Corporate | ||||
Segment information | ||||
Net sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Depreciation and Amortization | 120 | 494 | 371 | 1,017 |
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 | 9 Months Ended | ||||||
Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | |
Segment Reporting [Abstract] | ||||||||
Net income | $ 64,775 | $ 103,153 | $ 89,470 | $ 61,383 | $ 74,361 | $ 61,202 | $ 257,398 | $ 196,946 |
Interest expense | 16,943 | 15,429 | 47,659 | 43,830 | ||||
Interest income | (180) | (40) | (390) | (67) | ||||
Provision for income taxes | 23,697 | 21,211 | 91,722 | 64,951 | ||||
Depreciation expense | 15,162 | 13,816 | 45,213 | 40,444 | ||||
Amortization expense | 16,257 | 15,934 | 50,872 | 46,423 | ||||
Stock appreciation rights | 314 | 1,251 | 5,888 | 3,126 | ||||
Redeemable noncontrolling interests and deferred compensation | 368 | 182 | 1,203 | 1,085 | ||||
Equity-based compensation | 3,285 | 3,077 | 10,198 | 8,250 | ||||
Severance and other permitted costs | (315) | 273 | 416 | 669 | ||||
Transaction costs (acquisitions and other) | 476 | 921 | 1,154 | 3,889 | ||||
Gain on disposal of assets | (411) | (252) | (614) | (474) | ||||
Effects of fair value adjustments to inventory | 457 | 1,870 | 636 | 3,601 | ||||
Adjusted EBITDA | $ 140,828 | $ 135,055 | $ 511,355 | $ 412,673 |
Segments - Net Sales by Main Pr
Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenue from external customers | ||||
Total net sales | $ 1,234,618 | $ 1,153,595 | $ 4,025,150 | $ 3,346,222 |
Wallboard | ||||
Revenue from external customers | ||||
Total net sales | 500,710 | 415,132 | 1,606,821 | 1,219,789 |
Ceilings | ||||
Revenue from external customers | ||||
Total net sales | 146,810 | 139,894 | 473,686 | 418,831 |
Steel framing | ||||
Revenue from external customers | ||||
Total net sales | 234,451 | 282,764 | 787,499 | 751,040 |
Complementary products | ||||
Revenue from external customers | ||||
Total net sales | $ 352,647 | $ 315,805 | $ 1,157,144 | $ 956,562 |
Segments - Net Sales by Major G
Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net sales | $ 1,234,618 | $ 1,153,595 | $ 4,025,150 | $ 3,346,222 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net sales | 1,089,888 | 1,016,425 | 3,530,083 | 2,867,318 |
Canada | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total net sales | $ 144,730 | $ 137,170 | $ 495,067 | $ 478,904 |
Segments - Property and Equipme
Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands | Jan. 31, 2023 | Apr. 30, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 375,115 | $ 350,679 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | 336,825 | 311,061 |
Canada | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total property and equipment, net | $ 38,290 | $ 39,618 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2023 | Jan. 31, 2022 | |
Computation of basic and diluted earnings per share of common stock | ||||||||
Net income | $ 64,775 | $ 103,153 | $ 89,470 | $ 61,383 | $ 74,361 | $ 61,202 | $ 257,398 | $ 196,946 |
Basic earnings per common share: | ||||||||
Basic weighted average common shares outstanding (in shares) | 41,578 | 43,094 | 42,119 | 43,106 | ||||
Basic earnings per common share (in dollars per share) | $ 1.56 | $ 1.42 | $ 6.11 | $ 4.57 | ||||
Diluted earnings per common share: | ||||||||
Basic weighted average common shares outstanding (in shares) | 41,578 | 43,094 | 42,119 | 43,106 | ||||
Add: Common Stock Equivalents (in shares) | 654 | 851 | 693 | 831 | ||||
Diluted weighted average common shares outstanding (in shares) | 42,232 | 43,945 | 42,812 | 43,937 | ||||
Diluted earnings per common share (in dollars per share) | $ 1.53 | $ 1.40 | $ 6.01 | $ 4.48 | ||||
Shares were not included in the calculation of Diluted loss per common share | ||||||||
Anti-dilutive shares (in shares) | 0 | 0 | 0 | 0 |