GMS (GMS) 10-Q 2 Mar 23 2023 Q3 Quarterly report Financial data

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