GMS (GMS) 10-Q 31 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jul. 31, 2023	Aug. 29, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 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		40,593,055
Entity Central Index Key	0001600438
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 81,449	$ 164,745
Trade accounts and notes receivable, net of allowances of $14,682 and $13,636, respectively	837,627	792,232
Inventories, net	582,679	575,495
Prepaid expenses and other current assets	33,343	17,051
Total current assets	1,535,098	1,549,523
Property and equipment, net of accumulated depreciation of $275,827 and $264,650, respectively	409,683	396,419
Operating lease right-of-use assets	188,561	189,351
Goodwill	719,838	700,813
Intangible assets, net	411,129	399,660
Deferred income taxes	21,139	19,839
Other assets	14,955	11,403
Total assets	3,300,403	3,267,008
Current liabilities:
Accounts payable	351,951	377,003
Accrued compensation and employee benefits	55,987	119,887
Other accrued expenses and current liabilities	137,287	107,675
Current portion of long-term debt	54,477	54,035
Current portion of operating lease liabilities	48,470	47,681
Total current liabilities	648,172	706,281
Non-current liabilities:
Long-term debt, less current portion	1,047,542	1,044,642
Long-term operating lease liabilities	140,044	141,786
Deferred income taxes, net	60,732	51,223
Other liabilities	49,107	48,319
Total liabilities	1,945,597	1,992,251
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 40,606 and 40,971 shares issued and outstanding as of July 31, 2023 and April 30, 2023, respectively	406	410
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of July 31, 2023 and April 30, 2023	0	0
Additional paid-in capital	404,944	428,508
Retained earnings	967,798	880,968
Accumulated other comprehensive loss	(18,342)	(35,129)
Total stockholders' equity	1,354,806	1,274,757
Total liabilities and stockholders' equity	$ 3,300,403	$ 3,267,008

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Statement of Financial Position [Abstract]
Trade accounts and notes receivable, allowances (in dollars)	$ 14,682	$ 13,636
Property and equipment, accumulated depreciation (in dollars)	$ 275,827	$ 264,650
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)	40,606,000	40,971,000
Common stock, shares outstanding (in shares)	40,606,000	40,971,000
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
	Jul. 31, 2023	Jul. 31, 2022
Income Statement [Abstract]
Net sales	$ 1,409,600	$ 1,359,553
Cost of sales (exclusive of depreciation and amortization shown separately below)	959,046	924,832
Gross profit	450,554	434,721
Operating expenses:
Selling, general and administrative	286,796	267,689
Depreciation and amortization	32,018	32,440
Total operating expenses	318,814	300,129
Operating income	131,740	134,592
Other (expense) income:
Interest expense	(18,914)	(14,661)
Write-off of debt discount and deferred financing fees	(1,401)	0
Other income, net	2,139	1,569
Total other expense, net	(18,176)	(13,092)
Income before taxes	113,564	121,500
Provision for income taxes	26,734	32,030
Net income	$ 86,830	$ 89,470
Weighted average common shares outstanding:
Basic (in shares)	40,749	42,549
Diluted (in shares)	41,477	43,317
Net income per common share:
Basic (in dollars per share)	$ 2.13	$ 2.10
Diluted (in dollars per share)	$ 2.09	$ 2.07
Comprehensive income
Net income	$ 86,830	$ 89,470
Foreign currency translation adjustments	11,398	2,642
Changes in other comprehensive income, net of tax	5,389	2,219
Comprehensive income	$ 103,617	$ 94,331

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, 2022		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, 2023	40,971	40,971
Beginning balance at Apr. 30, 2023	$ 1,274,757	$ 410	428,508	880,968	(35,129)
Increase (Decrease) in Stockholders' Equity
Net income	86,830			86,830
Foreign currency translation adjustments	11,398				11,398
Other comprehensive income (loss), net of tax	5,389				5,389
Repurchase and retirement of common stock (in shares)		(469)
Repurchase and retirement of common stock	(30,784)	$ (5)	(30,779)
Equity-based compensation	3,304		3,304
Exercise of stock options (in shares)		46
Exercise of stock options	1,248		1,248
Issuance of common stock pursuant to employee stock purchase plan (in shares)		58
Issuance of common stock pursuant to employee stock purchase plan	$ 2,664	$ 1	2,663
Ending balance (in shares) at Jul. 31, 2023	40,606	40,606
Ending balance at Jul. 31, 2023	$ 1,354,806	$ 406	$ 404,944	$ 967,798	$ (18,342)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash flows from operating activities:
Net income	$ 86,830	$ 89,470
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	32,018	32,440
Write-off and amortization of debt discount and debt issuance costs	2,077	425
Equity-based compensation	5,002	5,971
Gain on disposal of assets	(131)	(284)
Deferred income taxes	(2,587)	(945)
Other items, net	820	2,958
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	(38,244)	(69,635)
Inventories	(1,359)	(28,712)
Prepaid expenses and other assets	(19,331)	(3,709)
Accounts payable	(28,280)	(4,405)
Accrued compensation and employee benefits	(64,038)	(46,065)
Other accrued expenses and liabilities	33,870	18,088
Cash provided by (used in) operating activities	6,647	(4,403)
Cash flows from investing activities:
Purchases of property and equipment	(13,538)	(10,943)
Proceeds from sale of assets	982	272
Acquisition of businesses, net of cash acquired	(38,976)	(2,606)
Cash used in investing activities	(51,532)	(13,277)
Cash flows from financing activities:
Repayments on revolving credit facilities	(187,784)	(141,247)
Borrowings from revolving credit facilities	190,673	195,113
Payments of principal on long-term debt	0	(1,278)
Proceeds from Term Loan Facility amendment	498	0
Payments of principal on finance lease obligations	(9,793)	(7,639)
Repurchases of common stock	(30,784)	(23,795)
Payment for debt issuance costs	(5,825)	0
Proceeds from exercises of stock options	1,248	29
Payments for taxes related to net share settlement of equity awards	0	(300)
Proceeds from issuance of stock pursuant to employee stock purchase plan	2,664	1,329
Cash (used in) provided by financing activities	(39,103)	22,212
Effect of exchange rates on cash and cash equivalents	692	165
(Decrease) increase in cash and cash equivalents	(83,296)	4,697
Cash and cash equivalents, beginning of period	164,745	101,916
Cash and cash equivalents, end of period	81,449	106,613
Supplemental cash flow disclosures:
Cash paid for income taxes	3,167	3,232
Cash paid for interest	$ 21,853	$ 17,834

Business, Basis of Presentation

Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Jul. 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 operating subsidiaries, operates a network of more than 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. The Company also operates more than 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, 2023. 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. 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 in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. July 31, April 30, (in thousands) Medical self‑insurance $ 2,290 $ 4,275 General liability, automobile and workers’ compensation 20,447 20,502 Expected recoveries for insurance liabilities (3,531) (3,531) 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

Business Combinations

Business Combinations	3 Months Ended
	Jul. 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. On May 1, 2023, the Company acquired Jawl Lumber Corporation ("Jawl"), which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies ("Home Lumber") brand name. Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key complementary building materials. Home Lumber operates from a single location in Victoria, Canada. 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 date. 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 Jawl acquisition based on currently available information: Preliminary (in thousands) Cash $ 3,027 Trade accounts and notes receivable 2,873 Inventories 5,681 Other assets 2,531 Customer relationships 17,853 Tradenames 5,164 Goodwill 13,628 Accounts payable and other liabilities (2,223) Deferred income taxes (6,586) Fair value of consideration transferred $ 41,948

Accounts Receivable

Accounts Receivable	3 Months Ended
	Jul. 31, 2023
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: July 31, April 30, (in thousands) Trade receivables $ 733,420 $ 713,372 Other receivables 118,889 92,496 Allowance for expected credit losses (8,771) (8,606) Other allowances (5,911) (5,030) Trade accounts and notes receivable $ 837,627 $ 792,232 The following table presents the change in the allowance for expected credit losses during the three months ended July 31, 2023: (in thousands) Balance as of April 30, 2023 $ 8,606 Provision (535) Write-offs and other 700 Balance as of July 31, 2023 $ 8,771 Receivables from contracts with customers, net of allowances, were $718.7 million and $699.7 million as of July 31, 2023 and April 30, 2023, respectively. The Company did not have material amounts of contract assets or liabilities as of July 31, 2023 or April 30, 2023.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Jul. 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, 2023 $ 765,314 $ (64,501) $ 700,813 Goodwill recognized from acquisitions 13,628 — 13,628 Acquisition accounting adjustments from prior period 1,916 — 1,916 Translation adjustment 4,710 (1,229) 3,481 Balance as of July 31, 2023 $ 785,568 $ (65,730) $ 719,838 As of July 31, 2023, $612.0 million of goodwill was assigned to the Company's geographic divisions reportable segment and $107.8 million was assigned to the Company's other segment. During the three months ended July 31, 2023, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. acquisition. Intangible Assets The following tables present the components of the Company’s intangible assets: Estimated Weighted July 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 694,258 $ (449,887) $ 244,371 Definite-lived tradenames 5-20 15.5 106,483 (27,395) 79,088 Vendor agreements 8-10 10.0 1,000 (600) 400 Developed technology 5-10 6.8 8,393 (5,807) 2,586 Other 3-5 3.2 1,551 (1,234) 317 Definite-lived intangible assets $ 811,685 $ (484,923) $ 326,762 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,129 Estimated Weighted April 30, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 669,142 $ (432,220) $ 236,922 Definite-lived tradenames 5-20 15.6 100,326 (25,407) 74,919 Vendor agreements 8-10 10.0 1,000 (575) 425 Developed technology 5-10 6.9 8,261 (5,596) 2,665 Other 3-5 3.2 1,551 (1,189) 362 Definite-lived intangible assets 12.8 $ 780,280 $ (464,987) $ 315,293 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 399,660 Amortization expense related to definite-lived intangible assets was $15.7 million and $17.4 million for the three months ended July 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) 2024 (remaining nine months) $ 44,687 2025 51,724 2026 43,999 2027 38,161 2028 31,730 Thereafter 116,461 Total $ 326,762 The Company’s indefinite-lived intangible assets as of July 31, 2023 and April 30, 2023 consisted of indefinite-lived tradenames.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Jul. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following: July 31, April 30, (in thousands) Term Loan Facility $ 500,000 $ 499,503 Unamortized discount and deferred financing costs on Term Loan Facility (6,611) (2,442) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,940) (4,113) ABL Facility 113,408 110,000 Finance lease obligations 136,381 137,303 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 6,953 8,529 Unamortized discount on installment notes (58) (103) Other 5,886 — Carrying value of debt 1,102,019 1,098,677 Less current portion 54,477 54,035 Long-term debt $ 1,047,542 $ 1,044,642 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 May 12, 2030. The Term Loan Facility bears interest at a floating rate per annum based on the Secured Overnight Financing Rate ("SOFR") plus 3.00%. As of July 31, 2023, the applicable rate of interest was 8.32%. The Company has interest rate swap and collar 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 May 12, 2023, the Company amended the Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used, together with cash on hand, to refinance the then outstanding borrowings under the Term Loan Facility in the principal amount of $499.5 million and pay related fees. The amendment also amended the Term Loan Facility to, among other things, (i) replace the administrative and collateral agent, (ii) extend the maturity date by seven years from the date of the amendment to May 12, 2030 and (iii) modify certain thresholds, baskets and amounts referenced therein. The Company recorded a write-off of debt discount and deferred financing fees of $1.4 million, which is included in write-off of debt discount and deferred financing fees in the Consolidated Statement of Operations and Comprehensive Income for the three months ended July 31, 2023. 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 July 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. As of July 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 July 31, 2023, the weighted average interest rate on borrowings was 6.95%. As of July 31, 2023, the Company had available borrowing capacity of approximately $816.2 million under the ABL Facility. The ABL Facility matures on December 22, 2027. The ABL Facility contains a cross default provision with the Term Loan Facility. Other Other debt consists of short-term bank financing for purchases of distribution and warehouse equipment. 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 July 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 July 31, 2023. Debt Maturities As of July 31, 2023, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Other Total Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 2,500 $ — $ — $ 31,709 $ 2,494 $ 5,886 $ 42,589 2025 5,000 — — 34,273 1,541 — 40,814 2026 5,000 — — 28,017 640 — 33,657 2027 5,000 — — 22,012 620 — 27,632 2028 5,000 — 113,408 15,142 620 — 134,170 Thereafter 477,500 350,000 — 5,228 1,038 — 833,766 $ 500,000 $ 350,000 $ 113,408 $ 136,381 $ 6,953 $ 5,886 $ 1,112,628

Leases

Leases	3 Months Ended
	Jul. 31, 2023
Lessee Disclosure [Abstract]
Leases	Leases The components of lease expense were as follows: Three Months Ended 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,764 $ 5,818 Interest on lease liabilities 1,857 1,822 Operating lease cost 15,716 12,971 Variable lease cost 3,670 5,903 Total lease cost $ 28,007 $ 26,514 Supplemental cash flow information related to leases was as follows: Three Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 15,652 $ 12,880 Operating cash flows from finance leases 1,857 1,822 Financing cash flows from finance leases 9,793 7,639 Right-of-use assets obtained in exchange for lease obligations Operating leases 7,726 15,477 Finance leases 10,100 14,305 Other information related to leases was as follows: July 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 236,224 $ 231,488 Accumulated depreciation (67,513) (65,274) Property and equipment, net $ 168,711 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.1 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.1 % 5.0 % Finance leases 5.1 % 4.9 % Future minimum lease payments under non-cancellable leases as of July 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 36,326 $ 42,790 2025 38,778 51,497 2026 31,056 38,098 2027 23,828 26,882 2028 15,949 18,276 Thereafter 5,262 38,719 Total lease payments 151,199 216,262 Less imputed interest 14,818 27,748 Total $ 136,381 $ 188,514
Leases	Leases The components of lease expense were as follows: Three Months Ended 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,764 $ 5,818 Interest on lease liabilities 1,857 1,822 Operating lease cost 15,716 12,971 Variable lease cost 3,670 5,903 Total lease cost $ 28,007 $ 26,514 Supplemental cash flow information related to leases was as follows: Three Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 15,652 $ 12,880 Operating cash flows from finance leases 1,857 1,822 Financing cash flows from finance leases 9,793 7,639 Right-of-use assets obtained in exchange for lease obligations Operating leases 7,726 15,477 Finance leases 10,100 14,305 Other information related to leases was as follows: July 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 236,224 $ 231,488 Accumulated depreciation (67,513) (65,274) Property and equipment, net $ 168,711 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.1 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.1 % 5.0 % Finance leases 5.1 % 4.9 % Future minimum lease payments under non-cancellable leases as of July 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 36,326 $ 42,790 2025 38,778 51,497 2026 31,056 38,098 2027 23,828 26,882 2028 15,949 18,276 Thereafter 5,262 38,719 Total lease payments 151,199 216,262 Less imputed interest 14,818 27,748 Total $ 136,381 $ 188,514

Income Taxes

Income Taxes	3 Months Ended
	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes General. The Company’s effective income tax rate on continuing operations was 23.5% and 26.4% for the three months ended July 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 three months ended July 31, 2023 and 2022 was primarily due to the impact of foreign taxes, state taxes and equity compensation. Valuation allowance . The Company had a valuation allowance of $12.6 million and $11.7 million against its deferred tax assets related to certain U.S. tax jurisdictions as of July 31, 2023 and April 30, 2023, respectively. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed. Uncertain tax positions . The Company had no uncertain tax positions as of July 31, 2023 or April 30, 2023.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Jul. 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 0.5 million shares of its common stock for $30.5 million during the three months ended July 31, 2023. The Company repurchased approximately 0.5 million shares of its common stock for $23.8 million during the three months ended July 31, 2022. The repurchased common stock was retired. Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax. The Company includes the applicable excise tax as part of the cost basis of the shares acquired and records the taxes as a corresponding liability in accrued expenses and other liabilities in the Consolidated Balance Sheet. The Company incurred $0.3 million of excise taxes during the three months ended July 31, 2023. As of July 31, 2023, the Company had $69.6 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 three months ended July 31, 2023: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2023 $ (35,129) $ — $ (35,129) Other comprehensive income before reclassification 4,406 5,833 10,239 Gains on intra-entity transactions that are of a long-term investment nature 6,992 — 6,992 Reclassification to earnings from accumulated other comprehensive loss — (444) (444) Balance as of July 31, 2023 $ (23,731) $ 5,389 $ (18,342) Other comprehensive income before reclassification on derivative instruments for the three months ended July 31, 2023 is net of $1.6 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the three months

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Jul. 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 $2.8 million and $2.8 million during the three months ended July 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 three months ended July 31, 2023: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2023 1,106 $ 32.60 6.5 $ 28,155 Options exercised (46) 25.71 Options forfeited (9) 44.26 Outstanding as of July 31, 2023 1,051 $ 32.82 6.4 $ 42,849 Exercisable as of July 31, 2023 642 $ 25.03 5.2 $ 31,230 Vested and Expected to vest as of July 31, 2023 1,048 $ 32.81 6.4 $ 42,836 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 three months ended July 31, 2023 and 2022 was $2.1 million and $1.2 million, respectively. As of July 31, 2023, there was $4.2 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Units The following table presents restricted stock unit activity for the three months ended July 31, 2023: Number of Weighted (shares in thousands) Outstanding as of April 30, 2023 353 $ 46.97 Forfeited (4) 50.78 Outstanding as of July 31, 2023 349 $ 46.93 No awards vested during the three months ended July 31, 2023. The total fair value of awards vested during the three months ended July 31, 2022 was $0.7 million. As of July 31, 2023, there was $5.6 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 $0.5 million and $0.3 million of stock-based compensation expense related to the ESPP during the three months ended July 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: Three Months Ended 2023 2022 (shares in thousands) Number of shares purchased under the ESPP 58 33 Average purchase price $ 45.90 $ 40.05

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	3 Months Ended
	Jul. 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, 2023 $ 32,432 $ 2,407 $ 12,002 Amounts redeemed (1,727) (585) (2,931) Change in fair value 1,218 72 408 Balance as of July 31, 2023 $ 31,923 $ 1,894 $ 9,479 Classified as current as of April 30, 2023 $ 7,446 $ 545 $ 2,726 Classified as long-term as of April 30, 2023 24,986 1,862 9,276 Classified as current as of July 31, 2023 $ 6,247 $ — $ — Classified as long-term as of July 31, 2023 25,676 1,894 9,479 Total expense related to these instruments was $1.7 million and $2.8 million during the three months ended July 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, 2023 for more information regarding stock appreciation rights, deferred compensation and redeemable noncontrolling interests.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jul. 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: July 31, April 30, (in thousands) Interest rate swaps and collars (Level 2) $ 7,138 $ — In connection with the amendment to the Term Loan Facility in May 2023, the Company entered into (a) interest rate swap agreements for two years with notional amounts totaling $300.0 million to convert the variable interest rate on a portion of the term loans outstanding to a fixed 1-month SOFR interest rate of 3.90% and (b) forward interest rate collars with notional amounts totaling $300.0 million for years 2025 through 2029. The objective of such hedging instruments is to reduce the variability of interest payment cash flows associated with the variable interest rates under the Term Loan Facility and otherwise hedge exposure to future interest rate moves. 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 July 31, 2023, $4.0 million of the interest rate swap assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and $3.1 million were classified in other assets. The Company recognized gains, net of tax, of $0.4 million during the three months ended July 31, 2023 related to its interest rate swaps. This amount is 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 July 31, 2023, the Company expects that approximately $4.0 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 swap and collar agreements 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 and collar agreements 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 three months ended July 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: July 31, 2023 April 30, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 312,375 $ 350,000 $ 308,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jul. 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	3 Months Ended
	Jul. 31, 2023
Segment Reporting [Abstract]
Segments	Segments There have been no changes to the Company's reportable segments during the three months ended July 31, 2023. For more information regarding the Company's reportable segments, see Note 16, "Segments," in the Company's Annual Report on Form 10-K for the year ended April 30, 2023. Segment Results The following tables present segment results: Three Months Ended July 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,378,962 $ 432,714 $ 28,106 $ 167,286 Other 30,638 17,840 3,824 6,012 Corporate — — 88 — $ 1,409,600 $ 450,554 $ 32,018 $ 173,298 Three Months Ended July 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,328,448 $ 416,138 $ 27,978 $ 167,368 Other 31,105 18,583 4,335 7,646 Corporate — — 127 — $ 1,359,553 $ 434,721 $ 32,440 $ 175,014 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended 2023 2022 (in thousands) Net income $ 86,830 $ 89,470 Interest expense 18,914 14,661 Write-off of debt discount and deferred financing fees 1,401 — Interest income (474) (56) Provision for income taxes 26,734 32,030 Depreciation expense 16,327 14,993 Amortization expense 15,691 17,447 Stock appreciation rights(a) 1,218 2,344 Redeemable noncontrolling interests and deferred compensation(b) 480 495 Equity-based compensation(c) 3,304 3,132 Severance and other permitted costs(d) 406 352 Transaction costs (acquisitions and other)(e) 1,385 386 Gain on disposal of assets(f) (131) (284) Effects of fair value adjustments to inventory(g) 302 44 Debt transaction costs(h) 911 — Adjusted EBITDA $ 173,298 $ 175,014 __________________________________________ (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. (h) Represents costs paid to third-party advisors related to debt refinancing activities. Revenues by Product The following table presents the Company’s net sales to external customers by main product lines: Three Months Ended 2023 2022 (in thousands) Wallboard $ 571,425 $ 521,554 Complementary products 426,210 395,828 Steel framing 236,760 274,896 Ceilings 175,205 167,275 Total net sales $ 1,409,600 $ 1,359,553 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended 2023 2022 (in thousands) United States $ 1,218,431 $ 1,187,871 Canada 191,169 171,682 Total net sales $ 1,409,600 $ 1,359,553 The following table presents the Company’s property and equipment, net, by major geographic area: July 31, April 30, (in thousands) United States $ 366,469 $ 354,652 Canada 43,214 41,767 Total property and equipment, net $ 409,683 $ 396,419

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Jul. 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 2023 2022 (in thousands, except per share data) Net income $ 86,830 $ 89,470 Basic earnings per common share: Basic weighted average common shares outstanding 40,749 42,549 Basic earnings per common share $ 2.13 $ 2.10 Diluted earnings per common share: Basic weighted average common shares outstanding 40,749 42,549 Add: Common Stock Equivalents 728 768 Diluted weighted average common shares outstanding 41,477 43,317 Diluted earnings per common share $ 2.09 $ 2.07 During the three months ended July 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 86,830	$ 89,470

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Craig Apolinsky, Senior Vice President, General Counsel and Corporate Secretary, entered into a pre-arranged stock trading plan on June 28, 2023. Mr. Apolinsky’s plan provides for the sale of up to 16,948 shares of Company common stock between September 27, 2023, and September 25, 2024. This trading plan was entered into during an open insider trading window and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and the Company’s policies regarding transactions in Company securities.
Name	Craig Apolinsky
Title	Senior Vice President, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	June 28, 2023
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Arrangement Duration	364 days
Aggregate Available	16,948

Business, Basis of Presentati_2

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 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, 2023.
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. 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

Business, Basis of Presentati_3

Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Jul. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of medical self-insurance liabilities and recoveries	Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. July 31, April 30, (in thousands) Medical self‑insurance $ 2,290 $ 4,275 General liability, automobile and workers’ compensation 20,447 20,502 Expected recoveries for insurance liabilities (3,531) (3,531)

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Jul. 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 Jawl acquisition based on currently available information: Preliminary (in thousands) Cash $ 3,027 Trade accounts and notes receivable 2,873 Inventories 5,681 Other assets 2,531 Customer relationships 17,853 Tradenames 5,164 Goodwill 13,628 Accounts payable and other liabilities (2,223) Deferred income taxes (6,586) Fair value of consideration transferred $ 41,948

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Jul. 31, 2023
Receivables [Abstract]
Schedule of trade accounts and notes receivable	The Company’s trade accounts and notes receivable consisted of the following: July 31, April 30, (in thousands) Trade receivables $ 733,420 $ 713,372 Other receivables 118,889 92,496 Allowance for expected credit losses (8,771) (8,606) Other allowances (5,911) (5,030) Trade accounts and notes receivable $ 837,627 $ 792,232
Schedule of change in allowance for expected credit losses	The following table presents the change in the allowance for expected credit losses during the three months ended July 31, 2023: (in thousands) Balance as of April 30, 2023 $ 8,606 Provision (535) Write-offs and other 700 Balance as of July 31, 2023 $ 8,771

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Jul. 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, 2023 $ 765,314 $ (64,501) $ 700,813 Goodwill recognized from acquisitions 13,628 — 13,628 Acquisition accounting adjustments from prior period 1,916 — 1,916 Translation adjustment 4,710 (1,229) 3,481 Balance as of July 31, 2023 $ 785,568 $ (65,730) $ 719,838
Schedule of components of definite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted July 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 694,258 $ (449,887) $ 244,371 Definite-lived tradenames 5-20 15.5 106,483 (27,395) 79,088 Vendor agreements 8-10 10.0 1,000 (600) 400 Developed technology 5-10 6.8 8,393 (5,807) 2,586 Other 3-5 3.2 1,551 (1,234) 317 Definite-lived intangible assets $ 811,685 $ (484,923) $ 326,762 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,129 Estimated Weighted April 30, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 669,142 $ (432,220) $ 236,922 Definite-lived tradenames 5-20 15.6 100,326 (25,407) 74,919 Vendor agreements 8-10 10.0 1,000 (575) 425 Developed technology 5-10 6.9 8,261 (5,596) 2,665 Other 3-5 3.2 1,551 (1,189) 362 Definite-lived intangible assets 12.8 $ 780,280 $ (464,987) $ 315,293 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 399,660
Schedule of components of indefinite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted July 31, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 694,258 $ (449,887) $ 244,371 Definite-lived tradenames 5-20 15.5 106,483 (27,395) 79,088 Vendor agreements 8-10 10.0 1,000 (600) 400 Developed technology 5-10 6.8 8,393 (5,807) 2,586 Other 3-5 3.2 1,551 (1,234) 317 Definite-lived intangible assets $ 811,685 $ (484,923) $ 326,762 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 411,129 Estimated Weighted April 30, 2023 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 669,142 $ (432,220) $ 236,922 Definite-lived tradenames 5-20 15.6 100,326 (25,407) 74,919 Vendor agreements 8-10 10.0 1,000 (575) 425 Developed technology 5-10 6.9 8,261 (5,596) 2,665 Other 3-5 3.2 1,551 (1,189) 362 Definite-lived intangible assets 12.8 $ 780,280 $ (464,987) $ 315,293 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 399,660
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) 2024 (remaining nine months) $ 44,687 2025 51,724 2026 43,999 2027 38,161 2028 31,730 Thereafter 116,461 Total $ 326,762

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Jul. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s long-term debt consisted of the following: July 31, April 30, (in thousands) Term Loan Facility $ 500,000 $ 499,503 Unamortized discount and deferred financing costs on Term Loan Facility (6,611) (2,442) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,940) (4,113) ABL Facility 113,408 110,000 Finance lease obligations 136,381 137,303 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 6,953 8,529 Unamortized discount on installment notes (58) (103) Other 5,886 — Carrying value of debt 1,102,019 1,098,677 Less current portion 54,477 54,035 Long-term debt $ 1,047,542 $ 1,044,642
Scheduled of maturities of long-term debt	As of July 31, 2023, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Other Total Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 2,500 $ — $ — $ 31,709 $ 2,494 $ 5,886 $ 42,589 2025 5,000 — — 34,273 1,541 — 40,814 2026 5,000 — — 28,017 640 — 33,657 2027 5,000 — — 22,012 620 — 27,632 2028 5,000 — 113,408 15,142 620 — 134,170 Thereafter 477,500 350,000 — 5,228 1,038 — 833,766 $ 500,000 $ 350,000 $ 113,408 $ 136,381 $ 6,953 $ 5,886 $ 1,112,628

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 31, 2023
Lessee Disclosure [Abstract]
Summary of components of lease expense	The components of lease expense were as follows: Three Months Ended 2023 2022 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 6,764 $ 5,818 Interest on lease liabilities 1,857 1,822 Operating lease cost 15,716 12,971 Variable lease cost 3,670 5,903 Total lease cost $ 28,007 $ 26,514
Summary of components of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Three Months Ended 2023 2022 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 15,652 $ 12,880 Operating cash flows from finance leases 1,857 1,822 Financing cash flows from finance leases 9,793 7,639 Right-of-use assets obtained in exchange for lease obligations Operating leases 7,726 15,477 Finance leases 10,100 14,305
Summary of other lease information	Other information related to leases was as follows: July 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 236,224 $ 231,488 Accumulated depreciation (67,513) (65,274) Property and equipment, net $ 168,711 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.1 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.1 % 5.0 % Finance leases 5.1 % 4.9 %
Schedule of maturities for finance leases	Future minimum lease payments under non-cancellable leases as of July 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 36,326 $ 42,790 2025 38,778 51,497 2026 31,056 38,098 2027 23,828 26,882 2028 15,949 18,276 Thereafter 5,262 38,719 Total lease payments 151,199 216,262 Less imputed interest 14,818 27,748 Total $ 136,381 $ 188,514
Schedule of maturities for operating leases	Future minimum lease payments under non-cancellable leases as of July 31, 2023 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining nine months) $ 36,326 $ 42,790 2025 38,778 51,497 2026 31,056 38,098 2027 23,828 26,882 2028 15,949 18,276 Thereafter 5,262 38,719 Total lease payments 151,199 216,262 Less imputed interest 14,818 27,748 Total $ 136,381 $ 188,514

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Jul. 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 three months ended July 31, 2023: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2023 $ (35,129) $ — $ (35,129) Other comprehensive income before reclassification 4,406 5,833 10,239 Gains on intra-entity transactions that are of a long-term investment nature 6,992 — 6,992 Reclassification to earnings from accumulated other comprehensive loss — (444) (444) Balance as of July 31, 2023 $ (23,731) $ 5,389 $ (18,342)

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	3 Months Ended
	Jul. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table presents stock option activity for the three months ended July 31, 2023: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2023 1,106 $ 32.60 6.5 $ 28,155 Options exercised (46) 25.71 Options forfeited (9) 44.26 Outstanding as of July 31, 2023 1,051 $ 32.82 6.4 $ 42,849 Exercisable as of July 31, 2023 642 $ 25.03 5.2 $ 31,230 Vested and Expected to vest as of July 31, 2023 1,048 $ 32.81 6.4 $ 42,836
Summary of restricted stock unit activity	The following table presents restricted stock unit activity for the three months ended July 31, 2023: Number of Weighted (shares in thousands) Outstanding as of April 30, 2023 353 $ 46.97 Forfeited (4) 50.78 Outstanding as of July 31, 2023 349 $ 46.93
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: Three Months Ended 2023 2022 (shares in thousands) Number of shares purchased under the ESPP 58 33 Average purchase price $ 45.90 $ 40.05

Stock Appreciation Rights, De_2

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	3 Months Ended
	Jul. 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, 2023 $ 32,432 $ 2,407 $ 12,002 Amounts redeemed (1,727) (585) (2,931) Change in fair value 1,218 72 408 Balance as of July 31, 2023 $ 31,923 $ 1,894 $ 9,479 Classified as current as of April 30, 2023 $ 7,446 $ 545 $ 2,726 Classified as long-term as of April 30, 2023 24,986 1,862 9,276 Classified as current as of July 31, 2023 $ 6,247 $ — $ — Classified as long-term as of July 31, 2023 25,676 1,894 9,479

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Jul. 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: July 31, April 30, (in thousands) Interest rate swaps and collars (Level 2) $ 7,138 $ —
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: July 31, 2023 April 30, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 312,375 $ 350,000 $ 308,000

Segments (Tables)

Segments (Tables)	3 Months Ended
	Jul. 31, 2023
Segment Reporting [Abstract]
Schedule of segment results	The following tables present segment results: Three Months Ended July 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,378,962 $ 432,714 $ 28,106 $ 167,286 Other 30,638 17,840 3,824 6,012 Corporate — — 88 — $ 1,409,600 $ 450,554 $ 32,018 $ 173,298 Three Months Ended July 31, 2022 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,328,448 $ 416,138 $ 27,978 $ 167,368 Other 31,105 18,583 4,335 7,646 Corporate — — 127 — $ 1,359,553 $ 434,721 $ 32,440 $ 175,014
Reconciliation of Adjusted EBITDA to net income	The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended 2023 2022 (in thousands) Net income $ 86,830 $ 89,470 Interest expense 18,914 14,661 Write-off of debt discount and deferred financing fees 1,401 — Interest income (474) (56) Provision for income taxes 26,734 32,030 Depreciation expense 16,327 14,993 Amortization expense 15,691 17,447 Stock appreciation rights(a) 1,218 2,344 Redeemable noncontrolling interests and deferred compensation(b) 480 495 Equity-based compensation(c) 3,304 3,132 Severance and other permitted costs(d) 406 352 Transaction costs (acquisitions and other)(e) 1,385 386 Gain on disposal of assets(f) (131) (284) Effects of fair value adjustments to inventory(g) 302 44 Debt transaction costs(h) 911 — Adjusted EBITDA $ 173,298 $ 175,014 __________________________________________ (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. (h) Represents costs paid to third-party advisors related to debt refinancing activities.
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 2023 2022 (in thousands) Wallboard $ 571,425 $ 521,554 Complementary products 426,210 395,828 Steel framing 236,760 274,896 Ceilings 175,205 167,275 Total net sales $ 1,409,600 $ 1,359,553
Schedule of net sales by major geographic area	The following table presents the Company’s net sales by major geographic area: Three Months Ended 2023 2022 (in thousands) United States $ 1,218,431 $ 1,187,871 Canada 191,169 171,682 Total net sales $ 1,409,600 $ 1,359,553
Schedule of property and equipment by major geographic area	The following table presents the Company’s property and equipment, net, by major geographic area: July 31, April 30, (in thousands) United States $ 366,469 $ 354,652 Canada 43,214 41,767 Total property and equipment, net $ 409,683 $ 396,419

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Jul. 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 2023 2022 (in thousands, except per share data) Net income $ 86,830 $ 89,470 Basic earnings per common share: Basic weighted average common shares outstanding 40,749 42,549 Basic earnings per common share $ 2.13 $ 2.10 Diluted earnings per common share: Basic weighted average common shares outstanding 40,749 42,549 Add: Common Stock Equivalents 728 768 Diluted weighted average common shares outstanding 41,477 43,317 Diluted earnings per common share $ 2.09 $ 2.07

Business, Basis of Presentati_4

Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details)	3 Months Ended
	Jul. 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	Jul. 31, 2023	Apr. 30, 2023
Loss contingencies
Medical self‑insurance	$ 2,290	$ 4,275
General liability, automobile and workers’ compensation	20,447	20,502
Expected recoveries for insurance liabilities	$ (3,531)	$ (3,531)

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jul. 31, 2023	May 01, 2023	Apr. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 719,838		$ 700,813
Jawl Lumber Corporation
Business Acquisition [Line Items]
Cash		$ 3,027
Trade accounts and notes receivable		2,873
Inventories		5,681
Other assets		2,531
Goodwill		13,628
Accounts payable and other liabilities		(2,223)
Deferred income taxes		(6,586)
Fair value of consideration transferred		41,948
Jawl Lumber Corporation | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		17,853
Jawl Lumber Corporation | Tradenames
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 5,164

Business Combinations - Narrati

Business Combinations - Narrative (Details)		3 Months Ended	12 Months Ended
	May 01, 2023	Jul. 31, 2023	Apr. 30, 2023
Business Acquisition [Line Items]
Estimated useful life (in years)			12 years 9 months 18 days
Customer relationships
Business Acquisition [Line Items]
Estimated useful life (in years)		12 years 4 months 24 days	12 years 4 months 24 days
Tradenames
Business Acquisition [Line Items]
Estimated useful life (in years)		15 years 6 months	15 years 7 months 6 days
Jawl Lumber Corporation | Customer relationships
Business Acquisition [Line Items]
Estimated useful life (in years)	11 years
Jawl Lumber Corporation | Tradenames
Business Acquisition [Line Items]
Estimated useful life (in years)	15 years

Accounts Receivable - Trade Acc

Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Receivables [Abstract]
Trade receivables	$ 733,420	$ 713,372
Other receivables	118,889	92,496
Allowance for expected credit losses	(8,771)	(8,606)
Other allowances	(5,911)	(5,030)
Trade accounts and notes receivable	$ 837,627	$ 792,232

Accounts Receivable - Change In

Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Apr. 30, 2023
Change in allowance
Beginning balance	$ 8,606
Provision	(535)
Write-offs and other	700
Ending balance	8,771
Receivables from contracts with customers	$ 718,700	$ 699,700

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill gross	$ 765,314
Goodwill, accumulated impairment loss	(64,501)
Goodwill balance	700,813
Goodwill recognized from acquisitions	13,628
Acquisition accounting adjustments from prior period	1,916
Translation adjustment, gross	4,710
Translation adjustment, accumulated impairment loss	(1,229)
Translation adjustment, net	3,481
Goodwill gross	785,568
Goodwill, accumulated impairment loss	(65,730)
Goodwill balance	$ 719,838

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Intangible assets
Goodwill	$ 719,838		$ 700,813
Amortization expense	15,691	$ 17,447
Depreciation and amortization expense
Intangible assets
Amortization expense	15,700	$ 17,400
Geographic divisions
Intangible assets
Goodwill	612,000
Other
Intangible assets
Goodwill	$ 107,800

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2023	Apr. 30, 2023
Intangible assets
Weighted Average Amortization Period		12 years 9 months 18 days
Gross Carrying Amount	$ 811,685	$ 780,280
Accumulated Amortization	(484,923)	(464,987)
Total	326,762	315,293
Indefinite-lived intangible assets	84,367	84,367
Total intangible assets, net	$ 411,129	$ 399,660
Customer relationships
Intangible assets
Weighted Average Amortization Period	12 years 4 months 24 days	12 years 4 months 24 days
Gross Carrying Amount	$ 694,258	$ 669,142
Accumulated Amortization	(449,887)	(432,220)
Total	$ 244,371	$ 236,922
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 6 months	15 years 7 months 6 days
Gross Carrying Amount	$ 106,483	$ 100,326
Accumulated Amortization	(27,395)	(25,407)
Total	$ 79,088	$ 74,919
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	(600)	(575)
Total	$ 400	$ 425
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 9 months 18 days	6 years 10 months 24 days
Gross Carrying Amount	$ 8,393	$ 8,261
Accumulated Amortization	(5,807)	(5,596)
Total	$ 2,586	$ 2,665
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 2 months 12 days	3 years 2 months 12 days
Gross Carrying Amount	$ 1,551	$ 1,551
Accumulated Amortization	(1,234)	(1,189)
Total	$ 317	$ 362
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_5

Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining nine months)	$ 44,687
2025	51,724
2026	43,999
2027	38,161
2028	31,730
Thereafter	116,461
Total	$ 326,762	$ 315,293

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Jul. 31, 2023	May 12, 2023	Apr. 30, 2023
Long-term debt
Long-term debt, gross	$ 1,112,628
Finance lease obligations	136,381		$ 137,303
Carrying value of debt	1,102,019		1,098,677
Less current portion	54,477		54,035
Long-term debt	1,047,542		1,044,642
Term Loan Facility
Long-term debt
Long-term debt, gross	500,000	$ 499,500	499,503
Unamortized discount and deferred financing costs	(6,611)		(2,442)
Senior Notes
Long-term debt
Long-term debt, gross	350,000		350,000
Unamortized discount and deferred financing costs	$ (3,940)		(4,113)
Interest rate	4.625%
ABL Facility
Long-term debt
Long-term debt, gross	$ 113,408		110,000
Installment Notes
Long-term debt
Long-term debt, gross	6,953		8,529
Unamortized discount	$ (58)		(103)
Interest rate	5%
Other
Long-term debt
Long-term debt, gross	$ 5,886		$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	May 12, 2023	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Long-term debt
Long-term debt, gross		$ 1,112,628
Write-off of debt discount and deferred financing fees		1,401	$ 0
Term Loan Facility
Long-term debt
Loan quarterly payments		$ 1,300
Loan quarterly payments of the principal amount (as a percent)		0.25%
Borrowing interest rate (as a percent)		8.32%
Long-term debt, gross	$ 499,500	$ 500,000		$ 499,503
Term Loan Facility | SOFR
Long-term debt
Margin added to variable rate (as a percent)		3%
Term Loan Facility, Due 2030
Long-term debt
Principal amount	$ 500,000
Maturity date extension term	7 years
Amendment To Term Loan Facility
Long-term debt
Write-off of debt discount and deferred financing fees		$ 1,400
Senior Notes
Long-term debt
Long-term debt, gross		$ 350,000		$ 350,000
Interest rate		4.625%
Amended ABL Facility
Long-term debt
Borrowing weighted average interest rate (as a percent)		6.95%
Available borrowing capacity under the facility		$ 816,200
Amended ABL Facility | Revolving Credit Facility
Long-term debt
Maximum amount under the facility		$ 950,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	May 12, 2023	Apr. 30, 2023
Long-term debt
2024 (remaining nine months)	$ 42,589
2025	40,814
2026	33,657
2027	27,632
2028	134,170
Thereafter	833,766
Total	1,112,628
Term Loan Facility
Long-term debt
2024 (remaining nine months)	2,500
2025	5,000
2026	5,000
2027	5,000
2028	5,000
Thereafter	477,500
Total	500,000	$ 499,500	$ 499,503
Senior Notes
Long-term debt
2024 (remaining nine months)	0
2025	0
2026	0
2027	0
2028	0
Thereafter	350,000
Total	350,000		350,000
ABL Facility
Long-term debt
2024 (remaining nine months)	0
2025	0
2026	0
2027	0
2028	113,408
Thereafter	0
Total	113,408		110,000
Finance Leases
Long-term debt
2024 (remaining nine months)	31,709
2025	34,273
2026	28,017
2027	22,012
2028	15,142
Thereafter	5,228
Total	136,381
Installment Notes
Long-term debt
2024 (remaining nine months)	2,494
2025	1,541
2026	640
2027	620
2028	620
Thereafter	1,038
Total	6,953		8,529
Other
Long-term debt
2024 (remaining nine months)	5,886
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	$ 5,886		$ 0

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 6,764	$ 5,818
Interest on lease liabilities	1,857	1,822
Operating lease cost	15,716	12,971
Variable lease cost	3,670	5,903
Total lease cost	$ 28,007	$ 26,514

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 15,652	$ 12,880
Operating cash flows from finance leases	1,857	1,822
Financing cash flows from finance leases	9,793	7,639
Right-of-use assets obtained in exchange for lease obligations
Operating leases	7,726	15,477
Finance leases	$ 10,100	$ 14,305

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Finance leases included in property and equipment
Property and equipment	$ 236,224	$ 231,488
Accumulated depreciation	(67,513)	(65,274)
Property and equipment, net	$ 168,711	$ 166,214
Finance lease, right-of-use asset, balance sheet location [Extensible List]	Property and equipment, net of accumulated depreciation of $275,827 and $264,650, respectively	Property and equipment, net of accumulated depreciation of $275,827 and $264,650, respectively
Weighted-average remaining lease term (years)
Operating leases	5 years 1 month 6 days	5 years 2 months 12 days
Finance leases	4 years	3 years 10 months 24 days
Weighted-average discount rate
Operating leases	5.10%	5%
Finance leases	5.10%	4.90%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Finance
2024 (remaining nine months)	$ 36,326
2025	38,778
2026	31,056
2027	23,828
2028	15,949
Thereafter	5,262
Total lease payments	151,199
Less imputed interest	14,818
Total	136,381	$ 137,303
Operating
2024 (remaining nine months)	42,790
2025	51,497
2026	38,098
2027	26,882
2028	18,276
Thereafter	38,719
Total lease payments	216,262
Less imputed interest	27,748
Total	$ 188,514

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	23.50%	26.40%
Valuation allowance	$ 12,600,000		$ 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	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jun. 20, 2022	Jun. 19, 2022
Equity [Abstract]
Stock repurchase program, authorized amount			$ 200,000,000	$ 75,000,000
Number of shares repurchased (in shares)	0.5	0.5
Shares repurchased, cost	$ 30,500,000	$ 23,800,000
Excise tax	300,000
Remaining amount under repurchase program	$ 69,600,000

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands	3 Months Ended
	Jul. 31, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,274,757
Other comprehensive income before reclassification	10,239
Gains on intra-entity transactions that are of a long-term investment nature	6,992
Reclassification to earnings from accumulated other comprehensive loss	(444)
Ending balance	1,354,806
Other comprehensive income (loss) on derivative instruments before reclassification, tax	1,600
Reclassification to earnings from accumulated other comprehensive income (loss) on derivative instruments, tax	100
Gain on intra-entity transactions, long-term investment, tax	2,300
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(35,129)
Ending balance	(18,342)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(35,129)
Other comprehensive income before reclassification	4,406
Gains on intra-entity transactions that are of a long-term investment nature	6,992
Reclassification to earnings from accumulated other comprehensive loss	0
Ending balance	(23,731)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive income before reclassification	5,833
Gains on intra-entity transactions that are of a long-term investment nature	0
Reclassification to earnings from accumulated other comprehensive loss	(444)
Ending balance	$ 5,389

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,304	$ 3,132
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	2,100	1,200
Unrecognized compensation cost, options	$ 4,200
Weighted-average period for recognition of unrecognized compensation expense (in years)	1 year 7 months 6 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
Vested (in shares)	0
Fair value of awards vested		700
Unrecognized compensation cost, RSUs	$ 5,600
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 500	300
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	$ 2,800	$ 2,800

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 31, 2023	Apr. 30, 2023
Number of Options
Outstanding, beginning of the period (in shares)	1,106
Options exercised (in shares)	(46)
Options forfeited (in shares)	(9)
Outstanding, end of the period (in shares)	1,051	1,106
Exercisable at end of period (in shares)	642
Vested and expected to vest at end of period (in shares)	1,048
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 32.60
Options exercised (in dollars per share)	25.71
Options forfeited (in dollars per share)	44.26
Outstanding, end of the period (in dollars per share)	32.82	$ 32.60
Exercisable at end of period (in dollars per share)	25.03
Vested and expected to vest at end of period (in dollars per share)	$ 32.81
Other disclosures
Weighted Average Remaining Contractual Life, Outstanding (in years)	6 years 4 months 24 days	6 years 6 months
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years)	5 years 2 months 12 days
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years)	6 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 42,849	$ 28,155
Aggregate Intrinsic Value, Exercisable at end of period	31,230
Aggregate Intrinsic Value, Vested and expected to vest at end of period	$ 42,836

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Jul. 31, 2023 $ / shares shares
Number of Restricted Stock Units
Outstanding, beginning of the period (in shares) | shares	353
Forfeited (in shares) | shares	(4)
Outstanding, end of the period (in shares) | shares	349
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 46.97
Forfeited (in dollars per share) | $ / shares	50.78
Outstanding, end of the period (in dollars per share) | $ / shares	$ 46.93

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased under ESPP (in shares)	58	33
Average price per share (in dollars per share)	$ 45.90	$ 40.05

Stock Appreciation Rights, De_3

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Apr. 30, 2023
Selling, general and administrative expenses
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Expense related to equity based compensation arrangements	$ 1,700	$ 2,800
Stock Appreciation Rights
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	32,432
Amounts redeemed	(1,727)
Change in fair value	1,218
Award liability as of end of period	31,923
Current liabilities related to plans	6,247		$ 7,446
Long-term liabilities related to plans	25,676		24,986
Deferred Compensation
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	2,407
Amounts redeemed	(585)
Change in fair value	72
Award liability as of end of period	1,894
Current liabilities related to plans	0		545
Long-term liabilities related to plans	1,894		1,862
Redeemable Noncontrolling Interests
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	12,002
Amounts redeemed	(2,931)
Change in fair value	408
Award liability as of end of period	9,479
Current liabilities related to plans	0		2,726
Long-term liabilities related to plans	$ 9,479		$ 9,276

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Interest rate swaps and collars | Level 2 | Fair Value, Measurements, Recurring
Fair Value Measurements
Derivative liabilities	$ 7,138	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2023	Jul. 31, 2023
Interest rate swap agreements
Fair Value Measurements
Change in fair value of financial instruments		$ 0.4
Expected earnings to be reclassified during next twelve months		4
Interest rate swap agreements | Prepaid expenses and other current assets
Fair Value Measurements
Derivative liabilities		4
Interest rate swap agreements | Other assets
Fair Value Measurements
Derivative liabilities		$ 3.1
Interest rate swap agreements | Term Loan Facility, Due 2030
Fair Value Measurements
Derivative term	2 years
Notional amount	$ 300
Interest rate swap agreements | Term Loan Facility, Due 2030 | SOFR
Fair Value Measurements
Fixed interest rate	3.90%
Forward interest rate collar | Term Loan Facility, Due 2030
Fair Value Measurements
Notional amount	$ 300

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Debt (Details) - Level 2 - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Carrying Amount
Fair Value Measurements
Senior Notes	$ 350,000	$ 350,000
Fair Value
Fair Value Measurements
Senior Notes	$ 312,375	$ 308,000

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Segment information
Net sales	$ 1,409,600	$ 1,359,553
Gross Profit	450,554	434,721
Depreciation and Amortization	32,018	32,440
Adjusted EBITDA	173,298	175,014
Geographic divisions
Segment information
Net sales	1,378,962	1,328,448
Gross Profit	432,714	416,138
Depreciation and Amortization	28,106	27,978
Adjusted EBITDA	167,286	167,368
Other
Segment information
Net sales	30,638	31,105
Gross Profit	17,840	18,583
Depreciation and Amortization	3,824	4,335
Adjusted EBITDA	6,012	7,646
Corporate
Segment information
Net sales	0	0
Gross Profit	0	0
Depreciation and Amortization	88	127
Adjusted EBITDA	$ 0	$ 0

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Segment Reporting [Abstract]
Net income	$ 86,830	$ 89,470
Interest expense	18,914	14,661
Write-off of debt discount and deferred financing fees	1,401	0
Interest income	(474)	(56)
Provision for income taxes	26,734	32,030
Depreciation expense	16,327	14,993
Amortization expense	15,691	17,447
Stock appreciation rights	1,218	2,344
Redeemable noncontrolling interests and deferred compensation	480	495
Equity-based compensation	3,304	3,132
Severance and other permitted costs	406	352
Transaction costs (acquisitions and other)	1,385	386
Gain on disposal of assets	(131)	(284)
Effects of fair value adjustments to inventory	302	44
Debt transaction costs	911	0
Adjusted EBITDA	$ 173,298	$ 175,014

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Revenue from external customers
Total net sales	$ 1,409,600	$ 1,359,553
Wallboard
Revenue from external customers
Total net sales	571,425	521,554
Complementary products
Revenue from external customers
Total net sales	426,210	395,828
Steel framing
Revenue from external customers
Total net sales	236,760	274,896
Ceilings
Revenue from external customers
Total net sales	$ 175,205	$ 167,275

Segments - Net Sales by Major G

Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 1,409,600	$ 1,359,553
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	1,218,431	1,187,871
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 191,169	$ 171,682

Segments - Property and Equipme

Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Apr. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 409,683	$ 396,419
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	366,469	354,652
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 43,214	$ 41,767

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Computation of basic and diluted earnings per share of common stock
Net income	$ 86,830	$ 89,470
Basic earnings per common share:
Basic weighted average common shares outstanding (in shares)	40,749	42,549
Basic earnings per common share (in dollars per share)	$ 2.13	$ 2.10
Diluted earnings per common share:
Basic weighted average common shares outstanding (in shares)	40,749	42,549
Add: Common Stock Equivalents (in shares)	728	768
Diluted weighted average common shares outstanding (in shares)	41,477	43,317
Diluted earnings per common share (in dollars per share)	$ 2.09	$ 2.07
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares (in shares)	0	0