GMS (GMS) 10-Q 29 Feb 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2024	Feb. 27, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2024
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		39,833,628
Entity Central Index Key	0001600438
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Current assets:
Cash and cash equivalents	$ 88,341	$ 164,745
Trade accounts and notes receivable, net of allowances of $15,548 and $13,636, respectively	794,721	792,232
Inventories, net	582,613	575,495
Prepaid expenses and other current assets	35,239	17,051
Total current assets	1,500,914	1,549,523
Property and equipment, net of accumulated depreciation of $295,789 and $264,650, respectively	437,386	396,419
Operating lease right-of-use assets	192,358	189,351
Goodwill	723,025	700,813
Intangible assets, net	382,614	399,660
Deferred income taxes	23,103	19,839
Other assets	12,153	11,403
Total assets	3,271,553	3,267,008
Current liabilities:
Accounts payable	323,263	377,003
Accrued compensation and employee benefits	98,447	119,887
Other accrued expenses and current liabilities	106,643	107,675
Current portion of long-term debt	48,094	54,035
Current portion of operating lease liabilities	47,915	47,681
Total current liabilities	624,362	706,281
Non-current liabilities:
Long-term debt	982,667	1,044,642
Long-term operating lease liabilities	146,128	141,786
Deferred income taxes, net	55,261	51,223
Other liabilities	44,191	48,319
Total liabilities	1,852,609	1,992,251
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 39,881 and 40,971 shares issued and outstanding as of January 31, 2024 and April 30, 2023, respectively	398	410
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of January 31, 2024 and April 30, 2023	0	0
Additional paid-in capital	345,818	428,508
Retained earnings	1,100,660	880,968
Accumulated other comprehensive loss	(27,932)	(35,129)
Total stockholders' equity	1,418,944	1,274,757
Total liabilities and stockholders' equity	$ 3,271,553	$ 3,267,008

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Statement of Financial Position [Abstract]
Trade accounts and notes receivable, allowances (in dollars)	$ 15,548	$ 13,636
Property and equipment, accumulated depreciation (in dollars)	$ 295,789	$ 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)	39,881,000	40,971,000
Common stock, shares outstanding (in shares)	39,881,000	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		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,258,348	$ 1,234,618	$ 4,088,878	$ 4,025,150
Cost of sales (exclusive of depreciation and amortization shown separately below)	843,628	832,370	2,764,975	2,723,681
Gross profit	414,720	402,248	1,323,903	1,301,469
Operating expenses:
Selling, general and administrative	295,691	267,380	883,381	814,063
Depreciation and amortization	32,804	31,419	97,759	96,085
Total operating expenses	328,495	298,799	981,140	910,148
Operating income	86,225	103,449	342,763	391,321
Other (expense) income:
Interest expense	(18,784)	(16,943)	(56,440)	(47,659)
Write-off of debt discount and deferred financing fees	0	0	(1,401)	0
Other income, net	1,932	1,966	6,177	5,458
Total other expense, net	(16,852)	(14,977)	(51,664)	(42,201)
Income before taxes	69,373	88,472	291,099	349,120
Provision for income taxes	17,468	23,697	71,407	91,722
Net income	$ 51,905	$ 64,775	$ 219,692	$ 257,398
Weighted average common shares outstanding:
Basic (in shares)	39,864	41,578	40,360	42,119
Diluted (in shares)	40,512	42,232	41,026	42,812
Net income per common share:
Basic (in dollars per share)	$ 1.30	$ 1.56	$ 5.44	$ 6.11
Diluted (in dollars per share)	$ 1.28	$ 1.53	$ 5.35	$ 6.01
Comprehensive income
Net income	$ 51,905	$ 64,775	$ 219,692	$ 257,398
Foreign currency translation adjustments	14,404	10,215	4,638	(21,728)
Changes in other comprehensive income, net of tax	(7,044)	(1,880)	2,559	1,469
Comprehensive income	$ 59,265	$ 73,110	$ 226,889	$ 237,139

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, 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	257,398
Foreign currency translation adjustments	(21,728)
Other comprehensive income (loss), net of tax	$ 1,469
Repurchase and retirement of common stock (in shares)	(1,773)
Repurchase and retirement of common stock	$ (82,767)
Ending balance (in shares) at Jan. 31, 2023		41,347
Ending balance at Jan. 31, 2023	1,230,696	$ 413	451,210	805,375	(26,302)
Beginning balance (in shares) at Jul. 31, 2022		42,298
Beginning balance at Jul. 31, 2022	1,139,224	$ 423	502,536	637,447	(1,182)
Increase (Decrease) in Stockholders' Equity
Net income	103,153			103,153
Foreign currency translation adjustments	(34,585)				(34,585)
Other comprehensive income (loss), net of tax	1,130				1,130
Repurchase and retirement of common stock (in shares)		(601)
Repurchase and retirement of common stock	(25,776)	$ (6)	(25,770)
Equity-based compensation	3,781		3,781
Exercise of stock options (in shares)		53
Exercise of stock options	672		672
Vesting of restricted stock units (in shares)		101
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	(3,660)		(3,660)
Ending balance (in shares) at Oct. 31, 2022		41,851
Ending balance at Oct. 31, 2022	1,183,939	$ 418	477,558	740,600	(34,637)
Increase (Decrease) in Stockholders' Equity
Net income	64,775			64,775
Foreign currency translation adjustments	10,215				10,215
Other comprehensive income (loss), net of tax	(1,880)				(1,880)
Repurchase and retirement of common stock (in shares)		(656)
Repurchase and retirement of common stock	(33,196)	$ (6)	(33,190)
Equity-based compensation	3,285		3,285
Exercise of stock options (in shares)		104
Exercise of stock options	1,729	$ 1	1,728
Vesting of restricted stock units (in shares)		2
Tax withholding related to net share settlements of equity awards	(45)		(45)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		46
Issuance of common stock pursuant to employee stock purchase plan	1,874		1,874
Ending balance (in shares) at Jan. 31, 2023		41,347
Ending balance at Jan. 31, 2023	$ 1,230,696	$ 413	451,210	805,375	(26,302)
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
Ending balance at Jul. 31, 2023	$ 1,354,806	$ 406	404,944	967,798	(18,342)
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	219,692
Foreign currency translation adjustments	4,638
Other comprehensive income (loss), net of tax	$ 2,559
Repurchase and retirement of common stock (in shares)	(1,528)
Repurchase and retirement of common stock	$ (100,292)
Ending balance (in shares) at Jan. 31, 2024	39,881	39,881
Ending balance at Jan. 31, 2024	$ 1,418,944	$ 398	345,818	1,100,660	(27,932)
Beginning balance (in shares) at Jul. 31, 2023		40,606
Beginning balance at Jul. 31, 2023	1,354,806	$ 406	404,944	967,798	(18,342)
Increase (Decrease) in Stockholders' Equity
Net income	80,957			80,957
Foreign currency translation adjustments	(21,164)				(21,164)
Other comprehensive income (loss), net of tax	4,214				4,214
Repurchase and retirement of common stock (in shares)		(689)
Repurchase and retirement of common stock	(44,572)	$ (6)	(44,566)
Equity-based compensation	5,111		5,111
Exercise of stock options (in shares)		19
Exercise of stock options	508		508
Vesting of restricted stock units (in shares)		119
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	(3,975)		(3,975)
Ending balance (in shares) at Oct. 31, 2023		40,055
Ending balance at Oct. 31, 2023	1,375,885	$ 401	362,021	1,048,755	(35,292)
Increase (Decrease) in Stockholders' Equity
Net income	51,905			51,905
Foreign currency translation adjustments	14,404				14,404
Other comprehensive income (loss), net of tax	(7,044)				(7,044)
Repurchase and retirement of common stock (in shares)		(370)
Repurchase and retirement of common stock	(24,936)	$ (4)	(24,932)
Equity-based compensation	3,559		3,559
Exercise of stock options (in shares)		163
Exercise of stock options	3,297	$ 1	3,296
Vesting of restricted stock units (in shares)		2
Tax withholding related to net share settlements of equity awards	(48)		(48)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		31
Issuance of common stock pursuant to employee stock purchase plan	$ 1,922		1,922
Ending balance (in shares) at Jan. 31, 2024	39,881	39,881
Ending balance at Jan. 31, 2024	$ 1,418,944	$ 398	$ 345,818	$ 1,100,660	$ (27,932)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income	$ 219,692	$ 257,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,759	96,085
Write-off and amortization of debt discount and debt issuance costs	3,374	1,176
Equity-based compensation	16,507	17,289
Gain on disposal of assets	(663)	(614)
Deferred income taxes	(6,410)	(1,951)
Other items, net	3,876	5,891
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	2,691	(28,148)
Inventories	7	(34,717)
Prepaid expenses and other assets	(19,184)	(907)
Accounts payable	(56,803)	(51,491)
Accrued compensation and employee benefits	(21,505)	(16,469)
Other accrued expenses and liabilities	(10,315)	(6,615)
Cash provided by operating activities	229,026	236,927
Cash flows from investing activities:
Purchases of property and equipment	(39,728)	(33,250)
Proceeds from sale of assets	1,948	1,661
Acquisition of businesses, net of cash acquired	(55,402)	(20,415)
Cash used in investing activities	(93,182)	(52,004)
Cash flows from financing activities:
Repayments on revolving credit facilities	(525,009)	(361,247)
Borrowings from revolving credit facilities	443,973	390,113
Payments of principal on long-term debt	(1,250)	(3,832)
Borrowings from term loan amendment	288,266	0
Repayments from term loan amendment	(287,769)	0
Payments of principal on finance lease obligations	(30,381)	(26,167)
Repurchases of common stock	(100,292)	(82,767)
Payment of acquisition holdback liability	0	(13,500)
Payment for debt issuance costs	(5,825)	(3,157)
Proceeds from exercises of stock options	5,053	2,430
Payments for taxes related to net share settlement of equity awards	(4,023)	(4,005)
Proceeds from issuance of stock pursuant to employee stock purchase plan	4,586	3,203
Cash used in financing activities	(212,671)	(98,929)
Effect of exchange rates on cash and cash equivalents	423	(1,247)
(Decrease) increase in cash and cash equivalents	(76,404)	84,747
Cash and cash equivalents, beginning of period	164,745	101,916
Cash and cash equivalents, end of period	88,341	186,663
Supplemental cash flow disclosures:
Cash paid for income taxes	93,661	85,642
Cash paid for interest	$ 57,300	$ 49,193

Business, Basis of Presentation

Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2024
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. January 31, April 30, (in thousands) Medical self‑insurance $ 3,725 $ 4,275 General liability, automobile and workers’ compensation 23,745 20,502 Expected recoveries for insurance liabilities (5,477) (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 applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share. Recently Issued Accounting Pronouncements Segment Reporting . In November 2023, the Financial Accounting Standards Board ("FASB") issued new guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker ("CODM"). The new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The new guidance will apply retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. Income Taxes. In December 2023, the FASB issued new guidance t o enhance income tax disclosures primarily through changes in the rate reconciliation and income taxes paid disclosures . The new guidance is effective for fiscal years beginning after December 15, 2024. The new guidance will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
	Jan. 31, 2024
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. Pending Acquisition On December 18, 2023, the Company entered into a definitive agreement to acquire Kamco Supply Corporation and affiliates ("Kamco") for a purchase price of $321.5 million, inclusive of additional consideration in connection with the exit of a legacy pension fund. The Company expects to fund this transaction with cash on hand and borrowings under the Company’s revolving credit facility. Kamco is a leading regional supplier of ceilings, wallboard, steel, lumber, and other related construction products. Kamco operates five distribution facilities in the greater New York City area and services the New York metro and tri-state area. The transaction is expected to close during the fourth quarter of fiscal 2024, subject to the satisfaction of customary closing conditions. Fiscal 2024 Acquisitions 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 primary purpose of the transaction was to expand the geographical coverage of the Company and grow the business. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements. On October 1, 2023, the Company acquired AMW Construction Supply, LLC ("AMW"), a tools and fasteners and other complementary products distributor servicing the Phoenix, Arizona metro area. AMW operates from a single location in Phoenix, Arizona. The primary purpose of the transaction was to expand the Company's complementary product offerings and grow the business. 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 fiscal 2024 acquisitions of Jawl and AMW based on currently available information: Preliminary Adjustments Preliminary (in thousands) Cash $ 3,027 $ — $ 3,027 Trade accounts and notes receivable 4,602 (176) 4,426 Inventories 8,181 — 8,181 Other assets 2,945 — 2,945 Customer relationships 27,554 (4,353) 23,201 Tradenames 6,064 (664) 5,400 Goodwill 17,443 3,487 20,930 Accounts payable and other liabilities (3,622) 24 (3,598) Deferred income taxes (6,586) 1,181 (5,405) Fair value of consideration transferred $ 59,608 $ (501) $ 59,107

Accounts Receivable

Accounts Receivable	9 Months Ended
	Jan. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 671,201 $ 713,372 Other receivables 139,068 92,496 Allowance for expected credit losses (9,132) (8,606) Other allowances (6,416) (5,030) Trade accounts and notes receivable $ 794,721 $ 792,232 The following table presents the change in the allowance for expected credit losses during the nine months ended January 31, 2024: (in thousands) Balance as of April 30, 2023 $ 8,606 Provision 783 Other, net (257) Balance as of January 31, 2024 $ 9,132 Receivables from contracts with customers, net of allowances, were $655.7 million and $699.7 million as of January 31, 2024 and April 30, 2023, respectively. The Company did not have material amounts of contract assets or liabilities as of January 31, 2024 or April 30, 2023.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Jan. 31, 2024
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 20,930 — 20,930 Acquisition accounting adjustments from prior period (132) — (132) Translation adjustment 1,907 (493) 1,414 Balance as of January 31, 2024 $ 788,019 $ (64,994) $ 723,025 As of January 31, 2024, $615.2 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 nine months ended January 31, 2024, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. and Blair Building Materials, Inc. acquisitions. Intangible Assets The following tables present the components of the Company’s intangible assets: Estimated Weighted January 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 686,471 $ (466,614) $ 219,857 Definite-lived tradenames 5-20 15.5 106,118 (30,735) 75,383 Vendor agreements 10 10.0 1,000 (650) 350 Developed technology 5-10 6.9 8,313 (5,882) 2,431 Other 3-5 3.2 1,551 (1,325) 226 Definite-lived intangible assets 12.7 $ 803,453 $ (505,206) $ 298,247 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 382,614 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 $15.5 million and $16.3 million for the three months ended January 31, 2024 and 2023, respectively, and $47.2 million and $50.9 million for the nine months ended January 31, 2024 and 2023, 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 three months) $ 14,236 2025 53,109 2026 44,908 2027 38,761 2028 32,141 Thereafter 115,092 Total $ 298,247 The Company’s indefinite-lived intangible assets as of January 31, 2024 and April 30, 2023 consisted of indefinite-lived tradenames.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 498,750 $ 499,503 Unamortized discount and deferred financing costs on Term Loan Facility (6,106) (2,442) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,596) (4,113) ABL Facility 29,000 110,000 Finance lease obligations 158,437 137,303 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 4,293 8,529 Unamortized discount on installment notes (17) (103) Carrying value of debt 1,030,761 1,098,677 Less current portion 48,094 54,035 Long-term debt $ 982,667 $ 1,044,642 Term Loan Facility The Company has a senior secured first lien term loan facility (the “Term Loan Facility”) with $498.8 million outstanding as of January 31, 2024. 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, beginning January 1, 2024 with the remaining balance due May 12, 2030. As of January 31, 2024, the applicable rate of interest under the Term Loan Facility was 8.33%. As discussed in Note 15, “Subsequent Event”, the Term Loan Facility was amended on February 2, 2024, to reduce the interest rate applicable to the outstanding borrowings under the Term Loan Facility. Following such amendment, borrowings under the Term Loan Facility bear interest at a floating rate per annum based on the Secured Overnight Financing Rate ("SOFR") plus 2.25%. 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 net $0.5 million increase in aggregate principal amount consisted of a $211.7 million cashless roll by existing lenders, $288.3 million of proceeds received from new lenders and $287.8 million of payments to lenders who did not participate in the refinancing. During the six months ended October 31, 2023, the Company corrected the presentation of the cash flows associated with the refinancing from a net presentation as shown in the cash flow statement for the three-month period ended July 31, 2023 to a presentation reporting the gross cash inflows and outflows within financing activities in the Condensed Consolidated Statement of Cash Flows. There was no impact to any of the cash flow subtotals (operating, investing, or financing) as a result of this correction of an immaterial cash flow misstatement. 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 nine months ended January 31, 2024. Senior Notes The Company has senior unsecured notes due May 2029 (the "Senior Notes") in the aggregate principal amount of $350.0 million. The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1. Asset Based Lending Facility The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $950.0 million as of January 31, 2024. 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 January 31, 2024, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on SOFR or base rate plus, in each case, an applicable margin. The margins applicable for each elected interest rate are subject to a pricing grid, as defined in the ABL Facility agreement, based on average daily availability for the most recent fiscal quarter. The ABL Facility also contains an unused commitment fee. As of January 31, 2024, the weighted average interest rate on borrowings was 8.75%. As of January 31, 2024, the Company had available borrowing capacity of approximately $813.4 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. Debt Covenants The Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. As of January 31, 2024, 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 covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of January 31, 2024. Debt Maturities As of January 31, 2024, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Total Year Ending April 30, (in thousands) 2024 (remaining three months) $ 1,250 $ — $ — $ 11,103 $ 74 $ 12,427 2025 5,000 — — 41,549 1,615 48,164 2026 5,000 — — 35,742 714 41,456 2027 5,000 — — 30,220 694 35,914 2028 5,000 — 29,000 23,409 620 58,029 Thereafter 477,500 350,000 — 16,414 576 844,490 $ 498,750 $ 350,000 $ 29,000 $ 158,437 $ 4,293 $ 1,040,480

Leases

Leases	9 Months Ended
	Jan. 31, 2024
Lessee Disclosure [Abstract]
Leases	Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 7,419 $ 6,121 $ 21,297 $ 17,918 Interest on lease liabilities 2,072 1,800 5,826 5,361 Operating lease cost 16,231 13,293 47,980 39,272 Variable lease cost 4,155 4,919 12,594 16,499 Total lease cost $ 29,877 $ 26,133 $ 87,697 $ 79,050 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 46,835 $ 39,675 Operating cash flows from finance leases 5,826 5,361 Financing cash flows from finance leases 30,381 26,167 Right-of-use assets obtained in exchange for lease obligations Operating leases 39,865 34,607 Finance leases 55,662 42,421 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 269,168 $ 231,488 Accumulated depreciation (71,529) (65,274) Property and equipment, net $ 197,639 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.3 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.6 % 5.0 % Finance leases 5.5 % 4.9 % Future minimum lease payments under non-cancellable leases as of January 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining three months) $ 13,149 $ 12,390 2025 48,416 57,863 2026 40,708 45,063 2027 33,504 33,420 2028 25,196 23,704 Thereafter 17,140 54,334 Total lease payments 178,113 226,774 Less imputed interest 19,676 32,731 Total $ 158,437 $ 194,043
Leases	Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 7,419 $ 6,121 $ 21,297 $ 17,918 Interest on lease liabilities 2,072 1,800 5,826 5,361 Operating lease cost 16,231 13,293 47,980 39,272 Variable lease cost 4,155 4,919 12,594 16,499 Total lease cost $ 29,877 $ 26,133 $ 87,697 $ 79,050 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 46,835 $ 39,675 Operating cash flows from finance leases 5,826 5,361 Financing cash flows from finance leases 30,381 26,167 Right-of-use assets obtained in exchange for lease obligations Operating leases 39,865 34,607 Finance leases 55,662 42,421 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 269,168 $ 231,488 Accumulated depreciation (71,529) (65,274) Property and equipment, net $ 197,639 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.3 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.6 % 5.0 % Finance leases 5.5 % 4.9 % Future minimum lease payments under non-cancellable leases as of January 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining three months) $ 13,149 $ 12,390 2025 48,416 57,863 2026 40,708 45,063 2027 33,504 33,420 2028 25,196 23,704 Thereafter 17,140 54,334 Total lease payments 178,113 226,774 Less imputed interest 19,676 32,731 Total $ 158,437 $ 194,043

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes General. The Company’s effective income tax rate on continuing operations was 24.5% and 26.3% for the nine months ended January 31, 2024 and 2023, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the nine months ended January 31, 2024 and 2023 was primarily due to the impact of foreign taxes, state taxes and equity compensation. Valuation allowance . The Company had a valuation allowance of $11.8 million and $11.7 million against its deferred tax assets as of January 31, 2024 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 January 31, 2024 or April 30, 2023.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jan. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases On October 18, 2023, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $250.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $200.0 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. As of January 31, 2024, the Company had $216.5 million of remaining repurchase authorization under its stock repurchase program. 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 following table presents share repurchase activity for the nine months ended January 31, 2024: Nine Months Ended 2024 2023 (in thousands) Amount repurchased pursuant to repurchase program $ 99,609 $ 82,767 Excise taxes on repurchases 683 — Repurchases of common stock $ 100,292 $ 82,767 Number of shares repurchased 1,528 1,773 Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the nine months ended January 31, 2024: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2023 $ (35,129) $ — $ (35,129) Other comprehensive income (loss) before reclassification (2,725) 4,643 1,918 Gains on intra-entity transactions that are of a long-term investment nature 7,363 — 7,363 Reclassification to earnings from accumulated other comprehensive loss — (2,084) (2,084) Balance as of January 31, 2024 $ (30,491) $ 2,559 $ (27,932) Other comprehensive income before reclassification on derivative instruments for the nine months ended January 31, 2024 is net of $1.5 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the nine months ended January 31, 2024 is net of tax of $0.7 million. Gains on intra-entity transactions that are of a long-term investment nature for the nine months ended January 31, 2024 are net of tax of $1.2 million.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Jan. 31, 2024
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 $11.0 million and $9.4 million during the nine months ended January 31, 2024 and 2023, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Stock Option Awards The following table presents stock option activity for the nine months ended January 31, 2024: 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 granted 151 74.75 Options exercised (228) 22.12 Options forfeited (13) 42.11 Outstanding as of January 31, 2024 1,016 $ 41.11 6.8 $ 43,710 Exercisable as of January 31, 2024 680 $ 30.63 5.8 $ 36,409 Vested and Expected to vest as of January 31, 2024 1,015 $ 41.11 6.8 $ 43,701 The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the nine months ended January 31, 2024 and 2023 was $12.4 million and $6.5 million, respectively. As of January 31, 2024, there was $6.7 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.8 years. The fair value of stock options granted during the nine months ended January 31, 2024 and 2023 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2024 2023 Volatility 38.70 % 45.80 % Expected life (years) 6.0 6.0 Risk-free interest rate 4.29 % 2.67 % Dividend yield — % — % Grant date fair value $ 33.33 $ 25.26 Restricted Stock Units The following table presents restricted stock unit activity for the nine months ended January 31, 2024: Number of Weighted (shares in thousands) Outstanding as of April 30, 2023 353 $ 46.97 Granted 141 74.80 Vested (175) 44.52 Forfeited (5) 52.39 Outstanding as of January 31, 2024 314 $ 60.74 The total fair value of awards vested during the nine months ended January 31, 2024 and 2023 was $13.0 million and $8.8 million, respectively. As of January 31, 2024, there was $9.5 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 1.5 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 $1.0 million and $0.8 million of stock-based compensation expense related to the ESPP during the nine months ended January 31, 2024 and 2023, respectively. The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Nine Months Ended 2024 2023 (shares in thousands) Number of shares purchased under the ESPP 89 79 Average purchase price $ 51.74 $ 40.47

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	9 Months Ended
	Jan. 31, 2024
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 (1,810) (586) (2,931) Change in fair value 3,408 160 965 Balance as of January 31, 2024 $ 34,030 $ 1,981 $ 10,036 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 January 31, 2024 $ 8,123 $ 684 $ 3,423 Classified as long-term as of January 31, 2024 25,907 1,297 6,613 Total expense related to these instruments was $4.5 million and $7.1 million during the nine months ended January 31, 2024 and 2023, 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 current 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	9 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: January 31, April 30, (in thousands) Interest rate swaps and collars (Level 2) $ 3,390 $ — 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 3.899% 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 fluctuations. 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 and collars as cash flow hedges. As of January 31, 2024, $2.2 million of the interest rate swap assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and $1.2 million were classified in other assets. The Company recognized gains, net of tax, of $0.8 million and $2.1 million during the three and nine months ended January 31, 2024, respectively, 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 January 31, 2024, the Company expects that approximately $2.2 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 nine months ended January 31, 2024 or 2023. Fair Value of Debt The estimated fair value of the Company’s Senior Notes was determined based on Level 2 input using observable market prices in less active markets. The carrying amounts of the Company’s Term Loan Facility and ABL Facility approximate their fair value as the interest rates are variable and reflective of market rates. The following table presents the carrying amount and fair value of the Company’s Senior Notes: January 31, 2024 April 30, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 324,188 $ 350,000 $ 308,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is a defendant in various lawsuits and administrative actions associated with personal injuries, property damage, environmental matters, product liability claims, claims of former employees and other events arising in the normal course of business. As discussed in Note 1 “—Insurance Liabilities”, the Company records liabilities for these claims, and assets for amounts recoverable from the insurer, for claims covered by insurance.

Segments

Segments	9 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
Segments	Segments There have been no changes to the Company's reportable segments during the nine months ended January 31, 2024. 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 January 31, 2024 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,224,907 $ 399,000 $ 29,179 $ 124,911 Other 33,441 15,720 3,544 3,109 Corporate — — 81 — $ 1,258,348 $ 414,720 $ 32,804 $ 128,020 Three Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,201,183 $ 384,093 $ 27,159 $ 133,792 Other 33,435 18,155 4,140 7,036 Corporate — — 120 — $ 1,234,618 $ 402,248 $ 31,419 $ 140,828 Nine Months Ended January 31, 2024 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,992,941 $ 1,272,880 $ 86,289 $ 454,503 Other 95,937 51,023 11,217 14,373 Corporate — — 253 — $ 4,088,878 $ 1,323,903 $ 97,759 $ 468,876 Nine Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,928,170 $ 1,244,099 $ 82,887 $ 486,968 Other 96,980 57,370 12,827 24,387 Corporate — — 371 — $ 4,025,150 $ 1,301,469 $ 96,085 $ 511,355 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Net income $ 51,905 $ 64,775 $ 219,692 $ 257,398 Interest expense 18,784 16,943 56,440 47,659 Write-off of debt discount and deferred financing fees — — 1,401 — Interest income (378) (180) (1,144) (390) Provision for income taxes 17,468 23,697 71,407 91,722 Depreciation expense 17,276 15,162 50,566 45,213 Amortization expense 15,528 16,257 47,193 50,872 Stock appreciation rights(a) 1,789 314 3,408 5,888 Redeemable noncontrolling interests and deferred compensation(b) 461 368 1,125 1,203 Equity-based compensation(c) 3,559 3,285 11,974 10,198 Severance and other permitted costs(d) 1,033 (315) 2,321 416 Transaction costs (acquisitions and other)(e) 765 476 3,373 1,154 Gain on disposal of assets(f) (222) (411) (663) (614) Effects of fair value adjustments to inventory(g) 8 457 450 636 Debt transaction costs(h) 44 — 1,333 — Adjusted EBITDA $ 128,020 $ 140,828 $ 468,876 $ 511,355 __________________________________________ (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 certain other cost adjustments as permitted 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 Nine Months Ended 2024 2023 2024 2023 (in thousands) Wallboard $ 520,686 $ 500,710 $ 1,677,285 $ 1,606,821 Complementary products 378,555 352,647 1,233,084 1,157,144 Steel framing 203,363 234,451 672,231 787,499 Ceilings 155,744 146,810 506,278 473,686 Total net sales $ 1,258,348 $ 1,234,618 $ 4,088,878 $ 4,025,150 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) United States $ 1,107,244 $ 1,089,888 $ 3,564,530 $ 3,530,083 Canada 151,104 144,730 524,348 495,067 Total net sales $ 1,258,348 $ 1,234,618 $ 4,088,878 $ 4,025,150 The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 390,788 $ 354,652 Canada 46,598 41,767 Total property and equipment, net $ 437,386 $ 396,419

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Jan. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 51,905 $ 64,775 $ 219,692 $ 257,398 Basic earnings per common share: Basic weighted average common shares outstanding 39,864 41,578 40,360 42,119 Basic earnings per common share $ 1.30 $ 1.56 $ 5.44 $ 6.11 Diluted earnings per common share: Basic weighted average common shares outstanding 39,864 41,578 40,360 42,119 Add: Common Stock Equivalents 648 654 666 693 Diluted weighted average common shares outstanding 40,512 42,232 41,026 42,812 Diluted earnings per common share $ 1.28 $ 1.53 $ 5.35 $ 6.01 During the three and nine months ended January 31, 2024 and 2023, 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.

Subsequent Event

Subsequent Event	9 Months Ended
	Jan. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On February 2, 2024, the Company amended its Term Loan Facility to reduce the interest rate applicable to the outstanding borrowings under the Term Loan Facility. The applicable rate for term SOFR loans under the Term Loan Facility was reduced from a floating rate per annum of Term SOFR (as defined in the Term Loan Facility) plus 3.00% to a floating rate per annum of Term SOFR plus 2.25% and the applicable rate for base rate loans under the Term Loan Facility was reduced from a floating rate per annum of the Base Rate (as defined in the Term Loan Facility) plus 2.00% to a floating rate per annum of the Base Rate plus 1.25%. The other material terms of the Term Loan Facility remain unchanged.

Business, Basis of Presentati_2

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2024
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 applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Segment Reporting . In November 2023, the Financial Accounting Standards Board ("FASB") issued new guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses regularly provided to the chief operating decision maker ("CODM"). The new guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The new guidance will apply retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. Income Taxes. In December 2023, the FASB issued new guidance t o enhance income tax disclosures primarily through changes in the rate reconciliation and income taxes paid disclosures . The new guidance is effective for fiscal years beginning after December 15, 2024. The new guidance will apply on a prospective basis to annual financial statements for periods beginning after the effective date. However, retrospective application in all prior periods presented is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Business, Basis of Presentati_3

Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of medical self-insurance liabilities and recoveries	The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities 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. January 31, April 30, (in thousands) Medical self‑insurance $ 3,725 $ 4,275 General liability, automobile and workers’ compensation 23,745 20,502 Expected recoveries for insurance liabilities (5,477) (3,531)

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Jan. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of preliminary allocation of the consideration transferred	The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2024 acquisitions of Jawl and AMW based on currently available information: Preliminary Adjustments Preliminary (in thousands) Cash $ 3,027 $ — $ 3,027 Trade accounts and notes receivable 4,602 (176) 4,426 Inventories 8,181 — 8,181 Other assets 2,945 — 2,945 Customer relationships 27,554 (4,353) 23,201 Tradenames 6,064 (664) 5,400 Goodwill 17,443 3,487 20,930 Accounts payable and other liabilities (3,622) 24 (3,598) Deferred income taxes (6,586) 1,181 (5,405) Fair value of consideration transferred $ 59,608 $ (501) $ 59,107

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Jan. 31, 2024
Receivables [Abstract]
Schedule of trade accounts and notes receivable	The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 671,201 $ 713,372 Other receivables 139,068 92,496 Allowance for expected credit losses (9,132) (8,606) Other allowances (6,416) (5,030) Trade accounts and notes receivable $ 794,721 $ 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 nine months ended January 31, 2024: (in thousands) Balance as of April 30, 2023 $ 8,606 Provision 783 Other, net (257) Balance as of January 31, 2024 $ 9,132

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Jan. 31, 2024
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 20,930 — 20,930 Acquisition accounting adjustments from prior period (132) — (132) Translation adjustment 1,907 (493) 1,414 Balance as of January 31, 2024 $ 788,019 $ (64,994) $ 723,025
Schedule of components of definite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted January 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 686,471 $ (466,614) $ 219,857 Definite-lived tradenames 5-20 15.5 106,118 (30,735) 75,383 Vendor agreements 10 10.0 1,000 (650) 350 Developed technology 5-10 6.9 8,313 (5,882) 2,431 Other 3-5 3.2 1,551 (1,325) 226 Definite-lived intangible assets 12.7 $ 803,453 $ (505,206) $ 298,247 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 382,614 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 January 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-16 12.4 $ 686,471 $ (466,614) $ 219,857 Definite-lived tradenames 5-20 15.5 106,118 (30,735) 75,383 Vendor agreements 10 10.0 1,000 (650) 350 Developed technology 5-10 6.9 8,313 (5,882) 2,431 Other 3-5 3.2 1,551 (1,325) 226 Definite-lived intangible assets 12.7 $ 803,453 $ (505,206) $ 298,247 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 382,614 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 three months) $ 14,236 2025 53,109 2026 44,908 2027 38,761 2028 32,141 Thereafter 115,092 Total $ 298,247

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 498,750 $ 499,503 Unamortized discount and deferred financing costs on Term Loan Facility (6,106) (2,442) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,596) (4,113) ABL Facility 29,000 110,000 Finance lease obligations 158,437 137,303 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 4,293 8,529 Unamortized discount on installment notes (17) (103) Carrying value of debt 1,030,761 1,098,677 Less current portion 48,094 54,035 Long-term debt $ 982,667 $ 1,044,642
Scheduled of maturities of long-term debt	As of January 31, 2024, the maturities of long-term debt were as follows: Term Loan Senior Notes ABL Facility Finance Installment Total Year Ending April 30, (in thousands) 2024 (remaining three months) $ 1,250 $ — $ — $ 11,103 $ 74 $ 12,427 2025 5,000 — — 41,549 1,615 48,164 2026 5,000 — — 35,742 714 41,456 2027 5,000 — — 30,220 694 35,914 2028 5,000 — 29,000 23,409 620 58,029 Thereafter 477,500 350,000 — 16,414 576 844,490 $ 498,750 $ 350,000 $ 29,000 $ 158,437 $ 4,293 $ 1,040,480

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jan. 31, 2024
Lessee Disclosure [Abstract]
Summary of components of lease expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 7,419 $ 6,121 $ 21,297 $ 17,918 Interest on lease liabilities 2,072 1,800 5,826 5,361 Operating lease cost 16,231 13,293 47,980 39,272 Variable lease cost 4,155 4,919 12,594 16,499 Total lease cost $ 29,877 $ 26,133 $ 87,697 $ 79,050
Summary of components of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Nine Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 46,835 $ 39,675 Operating cash flows from finance leases 5,826 5,361 Financing cash flows from finance leases 30,381 26,167 Right-of-use assets obtained in exchange for lease obligations Operating leases 39,865 34,607 Finance leases 55,662 42,421
Summary of other lease information	Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 269,168 $ 231,488 Accumulated depreciation (71,529) (65,274) Property and equipment, net $ 197,639 $ 166,214 Weighted-average remaining lease term (years) Operating leases 5.3 5.2 Finance leases 4.0 3.9 Weighted-average discount rate Operating leases 5.6 % 5.0 % Finance leases 5.5 % 4.9 %
Schedule of maturities for finance leases	Future minimum lease payments under non-cancellable leases as of January 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining three months) $ 13,149 $ 12,390 2025 48,416 57,863 2026 40,708 45,063 2027 33,504 33,420 2028 25,196 23,704 Thereafter 17,140 54,334 Total lease payments 178,113 226,774 Less imputed interest 19,676 32,731 Total $ 158,437 $ 194,043
Schedule of maturities for operating leases	Future minimum lease payments under non-cancellable leases as of January 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2024 (remaining three months) $ 13,149 $ 12,390 2025 48,416 57,863 2026 40,708 45,063 2027 33,504 33,420 2028 25,196 23,704 Thereafter 17,140 54,334 Total lease payments 178,113 226,774 Less imputed interest 19,676 32,731 Total $ 158,437 $ 194,043

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Jan. 31, 2024
Equity [Abstract]
Schedule of share repurchase activity	The following table presents share repurchase activity for the nine months ended January 31, 2024: Nine Months Ended 2024 2023 (in thousands) Amount repurchased pursuant to repurchase program $ 99,609 $ 82,767 Excise taxes on repurchases 683 — Repurchases of common stock $ 100,292 $ 82,767 Number of shares repurchased 1,528 1,773
Schedule of changes to accumulated other comprehensive loss, net of tax, by component	The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the nine months ended January 31, 2024: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2023 $ (35,129) $ — $ (35,129) Other comprehensive income (loss) before reclassification (2,725) 4,643 1,918 Gains on intra-entity transactions that are of a long-term investment nature 7,363 — 7,363 Reclassification to earnings from accumulated other comprehensive loss — (2,084) (2,084) Balance as of January 31, 2024 $ (30,491) $ 2,559 $ (27,932)

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	9 Months Ended
	Jan. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table presents stock option activity for the nine months ended January 31, 2024: 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 granted 151 74.75 Options exercised (228) 22.12 Options forfeited (13) 42.11 Outstanding as of January 31, 2024 1,016 $ 41.11 6.8 $ 43,710 Exercisable as of January 31, 2024 680 $ 30.63 5.8 $ 36,409 Vested and Expected to vest as of January 31, 2024 1,015 $ 41.11 6.8 $ 43,701
Schedule of the fair value of stock options assumptions	The fair value of stock options granted during the nine months ended January 31, 2024 and 2023 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2024 2023 Volatility 38.70 % 45.80 % Expected life (years) 6.0 6.0 Risk-free interest rate 4.29 % 2.67 % Dividend yield — % — % Grant date fair value $ 33.33 $ 25.26
Summary of restricted stock unit activity	The following table presents restricted stock unit activity for the nine months ended January 31, 2024: Number of Weighted (shares in thousands) Outstanding as of April 30, 2023 353 $ 46.97 Granted 141 74.80 Vested (175) 44.52 Forfeited (5) 52.39 Outstanding as of January 31, 2024 314 $ 60.74
Schedule of ESPP activity	The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Nine Months Ended 2024 2023 (shares in thousands) Number of shares purchased under the ESPP 89 79 Average purchase price $ 51.74 $ 40.47

Stock Appreciation Rights, De_2

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Jan. 31, 2024
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 (1,810) (586) (2,931) Change in fair value 3,408 160 965 Balance as of January 31, 2024 $ 34,030 $ 1,981 $ 10,036 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 January 31, 2024 $ 8,123 $ 684 $ 3,423 Classified as long-term as of January 31, 2024 25,907 1,297 6,613

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of liabilities measured at fair value on a recurring basis	The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: January 31, April 30, (in thousands) Interest rate swaps and collars (Level 2) $ 3,390 $ —
Schedule of carrying value and fair value of the Senior Notes	The following table presents the carrying amount and fair value of the Company’s Senior Notes: January 31, 2024 April 30, 2023 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 324,188 $ 350,000 $ 308,000

Segments (Tables)

Segments (Tables)	9 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
Schedule of segment results	The following tables present segment results: Three Months Ended January 31, 2024 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,224,907 $ 399,000 $ 29,179 $ 124,911 Other 33,441 15,720 3,544 3,109 Corporate — — 81 — $ 1,258,348 $ 414,720 $ 32,804 $ 128,020 Three Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 1,201,183 $ 384,093 $ 27,159 $ 133,792 Other 33,435 18,155 4,140 7,036 Corporate — — 120 — $ 1,234,618 $ 402,248 $ 31,419 $ 140,828 Nine Months Ended January 31, 2024 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,992,941 $ 1,272,880 $ 86,289 $ 454,503 Other 95,937 51,023 11,217 14,373 Corporate — — 253 — $ 4,088,878 $ 1,323,903 $ 97,759 $ 468,876 Nine Months Ended January 31, 2023 Net Sales Gross Profit Depreciation and Adjusted (in thousands) Geographic divisions $ 3,928,170 $ 1,244,099 $ 82,887 $ 486,968 Other 96,980 57,370 12,827 24,387 Corporate — — 371 — $ 4,025,150 $ 1,301,469 $ 96,085 $ 511,355
Reconciliation of Adjusted EBITDA to net income	The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) Net income $ 51,905 $ 64,775 $ 219,692 $ 257,398 Interest expense 18,784 16,943 56,440 47,659 Write-off of debt discount and deferred financing fees — — 1,401 — Interest income (378) (180) (1,144) (390) Provision for income taxes 17,468 23,697 71,407 91,722 Depreciation expense 17,276 15,162 50,566 45,213 Amortization expense 15,528 16,257 47,193 50,872 Stock appreciation rights(a) 1,789 314 3,408 5,888 Redeemable noncontrolling interests and deferred compensation(b) 461 368 1,125 1,203 Equity-based compensation(c) 3,559 3,285 11,974 10,198 Severance and other permitted costs(d) 1,033 (315) 2,321 416 Transaction costs (acquisitions and other)(e) 765 476 3,373 1,154 Gain on disposal of assets(f) (222) (411) (663) (614) Effects of fair value adjustments to inventory(g) 8 457 450 636 Debt transaction costs(h) 44 — 1,333 — Adjusted EBITDA $ 128,020 $ 140,828 $ 468,876 $ 511,355 __________________________________________ (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 certain other cost adjustments as permitted 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 Nine Months Ended 2024 2023 2024 2023 (in thousands) Wallboard $ 520,686 $ 500,710 $ 1,677,285 $ 1,606,821 Complementary products 378,555 352,647 1,233,084 1,157,144 Steel framing 203,363 234,451 672,231 787,499 Ceilings 155,744 146,810 506,278 473,686 Total net sales $ 1,258,348 $ 1,234,618 $ 4,088,878 $ 4,025,150
Schedule of net sales by major geographic area	The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands) United States $ 1,107,244 $ 1,089,888 $ 3,564,530 $ 3,530,083 Canada 151,104 144,730 524,348 495,067 Total net sales $ 1,258,348 $ 1,234,618 $ 4,088,878 $ 4,025,150
Schedule of property and equipment by major geographic area	The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 390,788 $ 354,652 Canada 46,598 41,767 Total property and equipment, net $ 437,386 $ 396,419

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Jan. 31, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per share of common stock	The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended Nine Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 51,905 $ 64,775 $ 219,692 $ 257,398 Basic earnings per common share: Basic weighted average common shares outstanding 39,864 41,578 40,360 42,119 Basic earnings per common share $ 1.30 $ 1.56 $ 5.44 $ 6.11 Diluted earnings per common share: Basic weighted average common shares outstanding 39,864 41,578 40,360 42,119 Add: Common Stock Equivalents 648 654 666 693 Diluted weighted average common shares outstanding 40,512 42,232 41,026 42,812 Diluted earnings per common share $ 1.28 $ 1.53 $ 5.35 $ 6.01

Business, Basis of Presentati_4

Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details)	9 Months Ended
	Jan. 31, 2024 center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of distribution centers (more than)	300
Number of retail locations (more than)	100

Business, Basis of Presentati_5

Business, Basis of Presentation and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - General liability, workers' compensation and automobile - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Loss contingencies
Medical self‑insurance	$ 3,725	$ 4,275
General liability, automobile and workers’ compensation	23,745	20,502
Expected recoveries for insurance liabilities	$ (5,477)	$ (3,531)

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2024	Jan. 31, 2024	Apr. 30, 2023
Business Acquisition [Line Items]
Estimated useful life (in years)		12 years 8 months 12 days	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
Fiscal 2024 Acquisitions
Business Acquisition [Line Items]
Goodwill not expected to be deductible for income tax purposes		$ 17
Goodwill expected to be deductible for income tax purposes		$ 3.9
Fiscal 2024 Acquisitions | Customer relationships
Business Acquisition [Line Items]
Estimated useful life (in years)		10 years
Fiscal 2024 Acquisitions | Tradenames
Business Acquisition [Line Items]
Estimated useful life (in years)		15 years
Kamco | Forecast
Business Acquisition [Line Items]
Consideration transferred	$ 321.5

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2023	Jan. 31, 2024	Oct. 01, 2023	Apr. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 723,025		$ 700,813
Adjustments, Trade accounts and notes receivable	$ (176)
Adjustments, Goodwill	3,487	(132)
Adjustments, Accounts payable and other liabilities	24
Adjustments, Deferred income taxes	1,181
Adjustments, Fair value of consideration transferred	(501)
Customer relationships
Business Acquisition [Line Items]
Adjustments, Finite-lived intangible assets	(4,353)
Tradenames
Business Acquisition [Line Items]
Adjustments, Finite-lived intangible assets	$ (664)
Fiscal 2024 Acquisitions
Business Acquisition [Line Items]
Cash		3,027	$ 3,027
Trade accounts and notes receivable		4,426	4,602
Inventories		8,181	8,181
Other assets		2,945	2,945
Goodwill		20,930	17,443
Accounts payable and other liabilities		(3,598)	(3,622)
Deferred income taxes		(5,405)	(6,586)
Fair value of consideration transferred		59,107	59,608
Fiscal 2024 Acquisitions | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets		23,201	27,554
Fiscal 2024 Acquisitions | Tradenames
Business Acquisition [Line Items]
Finite-lived intangible assets		$ 5,400	$ 6,064

Accounts Receivable - Trade Acc

Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Receivables [Abstract]
Trade receivables	$ 671,201	$ 713,372
Other receivables	139,068	92,496
Allowance for expected credit losses	(9,132)	(8,606)
Other allowances	(6,416)	(5,030)
Trade accounts and notes receivable	$ 794,721	$ 792,232

Accounts Receivable - Change In

Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Apr. 30, 2023
Change in allowance
Beginning balance	$ 8,606
Provision	783
Other, net	(257)
Ending balance	9,132
Receivables from contracts with customers	$ 655,700	$ 699,700

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2023	Jan. 31, 2024
Goodwill [Roll Forward]
Goodwill gross		$ 765,314
Goodwill, accumulated impairment loss		(64,501)
Goodwill balance		700,813
Goodwill recognized from acquisitions		20,930
Acquisition accounting adjustments from prior period	$ 3,487	(132)
Translation adjustment, gross		1,907
Translation adjustment, accumulated impairment loss		(493)
Translation adjustment, net		1,414
Goodwill gross		788,019
Goodwill, accumulated impairment loss		(64,994)
Goodwill balance		$ 723,025

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Intangible assets
Goodwill	$ 723,025		$ 723,025		$ 700,813
Amortization expense	15,528	$ 16,257	47,193	$ 50,872
Depreciation and amortization expense
Intangible assets
Amortization expense	15,500	$ 16,300	47,200	$ 50,900
Geographic divisions
Intangible assets
Goodwill	615,200		615,200
Other
Intangible assets
Goodwill	$ 107,800		$ 107,800

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2024	Apr. 30, 2023
Intangible assets
Weighted Average Amortization Period	12 years 8 months 12 days	12 years 9 months 18 days
Gross Carrying Amount	$ 803,453	$ 780,280
Accumulated Amortization	(505,206)	(464,987)
Total	298,247	315,293
Indefinite-lived intangible assets	84,367	84,367
Total intangible assets, net	$ 382,614	$ 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	$ 686,471	$ 669,142
Accumulated Amortization	(466,614)	(432,220)
Total	$ 219,857	$ 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	$ 106,118	$ 100,326
Accumulated Amortization	(30,735)	(25,407)
Total	$ 75,383	$ 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
Estimated Useful Lives (years)	10 years
Weighted Average Amortization Period	10 years	10 years
Gross Carrying Amount	$ 1,000	$ 1,000
Accumulated Amortization	(650)	(575)
Total	$ 350	$ 425
Vendor agreements | Minimum
Intangible assets
Estimated Useful Lives (years)		8 years
Vendor agreements | Maximum
Intangible assets
Estimated Useful Lives (years)		10 years
Developed technology
Intangible assets
Weighted Average Amortization Period	6 years 10 months 24 days	6 years 10 months 24 days
Gross Carrying Amount	$ 8,313	$ 8,261
Accumulated Amortization	(5,882)	(5,596)
Total	$ 2,431	$ 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	(1,325)	(1,189)
Total	$ 226	$ 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	Jan. 31, 2024	Apr. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining three months)	$ 14,236
2025	53,109
2026	44,908
2027	38,761
2028	32,141
Thereafter	115,092
Total	$ 298,247	$ 315,293

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Jan. 31, 2024	May 12, 2023	Apr. 30, 2023
Long-term debt
Long-term debt, gross	$ 1,040,480
Finance lease obligations	158,437		$ 137,303
Carrying value of debt	1,030,761		1,098,677
Less current portion	48,094		54,035
Long-term debt	982,667		1,044,642
Term Loan Facility
Long-term debt
Long-term debt, gross	498,750	$ 499,500	499,503
Unamortized discount and deferred financing costs	(6,106)		(2,442)
Senior Notes
Long-term debt
Long-term debt, gross	350,000		350,000
Unamortized discount and deferred financing costs	$ (3,596)		(4,113)
Interest rate	4.625%
ABL Facility
Long-term debt
Long-term debt, gross	$ 29,000		110,000
Installment Notes
Long-term debt
Long-term debt, gross	4,293		8,529
Unamortized discount	$ (17)		$ (103)
Interest rate	5%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Feb. 02, 2024	Feb. 01, 2024	May 12, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Long-term debt
Long-term debt, gross				$ 1,040,480		$ 1,040,480
Borrowings from term loan amendment						288,266	$ 0
Repayments from term loan amendment						287,769	0
Write-off of debt discount and deferred financing fees				$ 0	$ 0	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)				8.33%		8.33%
Long-term debt, gross			$ 499,500	$ 498,750		$ 498,750		$ 499,503
Term Loan Facility | SOFR | Subsequent Event
Long-term debt
Margin added to variable rate (as a percent)	2.25%	3%
Term Loan Facility, Due 2030
Long-term debt
Principal amount			500,000
Increase in aggregate principal amount			500
Cashless roll			211,700
Borrowings from term loan amendment			288,300
Repayments from term loan amendment			$ 287,800
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		$ 350,000
Interest rate				4.625%		4.625%
Amended ABL Facility
Long-term debt
Borrowing weighted average interest rate (as a percent)				8.75%		8.75%
Available borrowing capacity under the facility				$ 813,400		$ 813,400
Amended ABL Facility | Revolving Credit Facility
Long-term debt
Maximum amount under the facility				$ 950,000		$ 950,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	May 12, 2023	Apr. 30, 2023
Long-term debt
2024 (remaining three months)	$ 12,427
2025	48,164
2026	41,456
2027	35,914
2028	58,029
Thereafter	844,490
Total	1,040,480
Term Loan Facility
Long-term debt
2024 (remaining three months)	1,250
2025	5,000
2026	5,000
2027	5,000
2028	5,000
Thereafter	477,500
Total	498,750	$ 499,500	$ 499,503
Senior Notes
Long-term debt
2024 (remaining three 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 three months)	0
2025	0
2026	0
2027	0
2028	29,000
Thereafter	0
Total	29,000		110,000
Finance Leases
Long-term debt
2024 (remaining three months)	11,103
2025	41,549
2026	35,742
2027	30,220
2028	23,409
Thereafter	16,414
Total	158,437
Installment Notes
Long-term debt
2024 (remaining three months)	74
2025	1,615
2026	714
2027	694
2028	620
Thereafter	576
Total	$ 4,293		$ 8,529

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Finance lease cost:
Amortization of right-of-use assets	$ 7,419	$ 6,121	$ 21,297	$ 17,918
Interest on lease liabilities	2,072	1,800	5,826	5,361
Operating lease cost	16,231	13,293	47,980	39,272
Variable lease cost	4,155	4,919	12,594	16,499
Total lease cost	$ 29,877	$ 26,133	$ 87,697	$ 79,050

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 46,835	$ 39,675
Operating cash flows from finance leases	5,826	5,361
Financing cash flows from finance leases	30,381	26,167
Right-of-use assets obtained in exchange for lease obligations
Operating leases	39,865	34,607
Finance leases	$ 55,662	$ 42,421

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Finance leases included in property and equipment
Property and equipment	$ 269,168	$ 231,488
Accumulated depreciation	(71,529)	(65,274)
Property and equipment, net	$ 197,639	$ 166,214
Finance lease, right-of-use asset, balance sheet location [Extensible List]	Property and equipment, net of accumulated depreciation of $295,789 and $264,650, respectively	Property and equipment, net of accumulated depreciation of $295,789 and $264,650, respectively
Weighted-average remaining lease term (years)
Operating leases	5 years 3 months 18 days	5 years 2 months 12 days
Finance leases	4 years	3 years 10 months 24 days
Weighted-average discount rate
Operating leases	5.60%	5%
Finance leases	5.50%	4.90%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Finance
2024 (remaining three months)	$ 13,149
2025	48,416
2026	40,708
2027	33,504
2028	25,196
Thereafter	17,140
Total lease payments	178,113
Less imputed interest	19,676
Total	158,437	$ 137,303
Operating
2024 (remaining three months)	12,390
2025	57,863
2026	45,063
2027	33,420
2028	23,704
Thereafter	54,334
Total lease payments	226,774
Less imputed interest	32,731
Total	$ 194,043

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	24.50%	26.30%
Valuation allowance	$ 11,800,000		$ 11,700,000
Reserve for uncertain tax positions	$ 0		$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	9 Months Ended
	Jan. 31, 2024	Oct. 18, 2023	Oct. 17, 2023
Equity [Abstract]
Stock repurchase program, authorized amount		$ 250,000,000	$ 200,000,000
Remaining amount under repurchase program	$ 216,500,000
Other comprehensive income (loss) on derivative instruments before reclassification, tax	1,500,000
Reclassification to earnings from accumulated other comprehensive income (loss) on derivative instruments, tax	700,000
Gain (loss) on intra-entity transactions, long-term investment, tax	$ 1,200,000

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Equity [Abstract]
Amount repurchased pursuant to repurchase program							$ 99,609	$ 82,767
Excise taxes on repurchases							683
Repurchases of common stock	$ 24,936	$ 44,572	$ 30,784	$ 33,196	$ 25,776	$ 23,795	$ 100,292	$ 82,767
Number of share repurchased (in shares)							1,528	1,773

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands	9 Months Ended
	Jan. 31, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,274,757
Other comprehensive income (loss) before reclassification	1,918
Gains on intra-entity transactions that are of a long-term investment nature	7,363
Reclassification to earnings from accumulated other comprehensive loss	(2,084)
Ending balance	1,418,944
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(35,129)
Ending balance	(27,932)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(35,129)
Other comprehensive income (loss) before reclassification	(2,725)
Gains on intra-entity transactions that are of a long-term investment nature	7,363
Reclassification to earnings from accumulated other comprehensive loss	0
Ending balance	(30,491)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive income (loss) before reclassification	4,643
Gains on intra-entity transactions that are of a long-term investment nature	0
Reclassification to earnings from accumulated other comprehensive loss	(2,084)
Ending balance	$ 2,559

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,559	$ 3,285	$ 11,974	$ 10,198
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised			12,400	6,500
Unrecognized compensation cost, options	6,700		$ 6,700
Weighted-average period for recognition of unrecognized compensation expense (in years)			1 year 9 months 18 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 6 months
Fair value of awards vested			$ 13,000	8,800
Unrecognized compensation cost, RSUs	$ 9,500		9,500
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1,000	800
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			$ 11,000	$ 9,400

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($) $ / shares shares	Apr. 30, 2023 USD ($) $ / shares shares
Number of Options
Outstanding, beginning of the period (in shares) | shares	1,106
Options granted (in shares) | shares	151
Options exercised (in shares) | shares	(228)
Options forfeited (in shares) | shares	(13)
Outstanding, end of the period (in shares) | shares	1,016	1,106
Exercisable at end of period (in shares) | shares	680
Vested and expected to vest at end of period (in shares) | shares	1,015
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 32.60
Options granted (in dollars per share) | $ / shares	74.75
Options exercised (in dollars per share) | $ / shares	22.12
Options forfeited (in dollars per share) | $ / shares	42.11
Outstanding, end of the period (in dollars per share) | $ / shares	41.11	$ 32.60
Exercisable at end of period (in dollars per share) | $ / shares	30.63
Vested and expected to vest at end of period (in dollars per share) | $ / shares	$ 41.11
Other disclosures
Weighted Average Remaining Contractual Life, Outstanding (in years)	6 years 9 months 18 days	6 years 6 months
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years)	5 years 9 months 18 days
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years)	6 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding | $	$ 43,710	$ 28,155
Aggregate Intrinsic Value, Exercisable at end of period | $	36,409
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $	$ 43,701

Equity-Based Compensation - Bla

Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock Options - $ / shares	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)	38.70%	45.80%
Expected life (years)	6 years	6 years
Risk-free interest rate (as a percent)	4.29%	2.67%
Dividend yield (as a percent)	0%	0%
Grant date fair value (in dollars per share)	$ 33.33	$ 25.26

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Jan. 31, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding, beginning of the period (in shares) | shares	353
Granted (in shares) | shares	141
Vested (in shares) | shares	(175)
Forfeited (in shares) | shares	(5)
Outstanding, end of the period (in shares) | shares	314
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 46.97
Granted (in dollars per share) | $ / shares	74.80
Vested (in dollars per share) | $ / shares	44.52
Forfeited (in dollars per share) | $ / shares	52.39
Outstanding, end of the period (in dollars per share) | $ / shares	$ 60.74

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased under ESPP (in shares)	89	79
Average price per share (in dollars per share)	$ 51.74	$ 40.47

Stock Appreciation Rights, De_3

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Apr. 30, 2023
Selling, general and administrative expenses
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Expense related to equity based compensation arrangements	$ 4,500	$ 7,100
Stock Appreciation Rights
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	32,432
Amounts redeemed	(1,810)
Change in fair value	3,408
Award liability as of end of period	34,030
Current liabilities related to plans	8,123		$ 7,446
Long-term liabilities related to plans	25,907		24,986
Deferred Compensation
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	2,407
Amounts redeemed	(586)
Change in fair value	160
Award liability as of end of period	1,981
Current liabilities related to plans	684		545
Long-term liabilities related to plans	1,297		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	965
Award liability as of end of period	10,036
Current liabilities related to plans	3,423		2,726
Long-term liabilities related to plans	$ 6,613		$ 9,276

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Derivative Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Interest rate swaps and collars | Level 2 | Fair Value, Measurements, Recurring
Fair Value Measurements
Derivative liabilities	$ 3,390	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2023	Jan. 31, 2024	Jan. 31, 2024
Interest rate swap agreements
Fair Value Measurements
Change in fair value of financial instruments		$ 0.8	$ 2.1
Expected earnings to be reclassified during next twelve months		2.2	2.2
Interest rate swap agreements | Prepaid expenses and other current assets
Fair Value Measurements
Derivative liabilities		2.2	2.2
Interest rate swap agreements | Other assets
Fair Value Measurements
Derivative liabilities		$ 1.2	$ 1.2
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	3.899%
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	Jan. 31, 2024	Apr. 30, 2023
Carrying Amount
Fair Value Measurements
Senior Notes	$ 350,000	$ 350,000
Fair Value
Fair Value Measurements
Senior Notes	$ 324,188	$ 308,000

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Segment information
Net sales	$ 1,258,348	$ 1,234,618	$ 4,088,878	$ 4,025,150
Gross Profit	414,720	402,248	1,323,903	1,301,469
Depreciation and Amortization	32,804	31,419	97,759	96,085
Adjusted EBITDA	128,020	140,828	468,876	511,355
Geographic divisions
Segment information
Net sales	1,224,907	1,201,183	3,992,941	3,928,170
Gross Profit	399,000	384,093	1,272,880	1,244,099
Depreciation and Amortization	29,179	27,159	86,289	82,887
Adjusted EBITDA	124,911	133,792	454,503	486,968
Other
Segment information
Net sales	33,441	33,435	95,937	96,980
Gross Profit	15,720	18,155	51,023	57,370
Depreciation and Amortization	3,544	4,140	11,217	12,827
Adjusted EBITDA	3,109	7,036	14,373	24,387
Corporate
Segment information
Net sales	0	0	0	0
Gross Profit	0	0	0	0
Depreciation and Amortization	81	120	253	371
Adjusted EBITDA	$ 0	$ 0	$ 0	$ 0

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Segment Reporting [Abstract]
Net income	$ 51,905	$ 80,957	$ 86,830	$ 64,775	$ 103,153	$ 89,470	$ 219,692	$ 257,398
Interest expense	18,784			16,943			56,440	47,659
Write-off of debt discount and deferred financing fees	0			0			1,401	0
Interest income	(378)			(180)			(1,144)	(390)
Provision for income taxes	17,468			23,697			71,407	91,722
Depreciation expense	17,276			15,162			50,566	45,213
Amortization expense	15,528			16,257			47,193	50,872
Stock appreciation rights	1,789			314			3,408	5,888
Redeemable noncontrolling interests and deferred compensation	461			368			1,125	1,203
Equity-based compensation	3,559			3,285			11,974	10,198
Severance and other permitted costs	1,033			(315)			2,321	416
Transaction costs (acquisitions and other)	765			476			3,373	1,154
(Gain) loss on disposal of assets	(222)			(411)			(663)	(614)
Effects of fair value adjustments to inventory	8			457			450	636
Debt transaction costs	44			0			1,333	0
Adjusted EBITDA	$ 128,020			$ 140,828			$ 468,876	$ 511,355

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenue from external customers
Total net sales	$ 1,258,348	$ 1,234,618	$ 4,088,878	$ 4,025,150
Wallboard
Revenue from external customers
Total net sales	520,686	500,710	1,677,285	1,606,821
Complementary products
Revenue from external customers
Total net sales	378,555	352,647	1,233,084	1,157,144
Steel framing
Revenue from external customers
Total net sales	203,363	234,451	672,231	787,499
Ceilings
Revenue from external customers
Total net sales	$ 155,744	$ 146,810	$ 506,278	$ 473,686

Segments - Net Sales by Major G

Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 1,258,348	$ 1,234,618	$ 4,088,878	$ 4,025,150
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	1,107,244	1,089,888	3,564,530	3,530,083
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 151,104	$ 144,730	$ 524,348	$ 495,067

Segments - Property and Equipme

Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Apr. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 437,386	$ 396,419
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	390,788	354,652
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 46,598	$ 41,767

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Jan. 31, 2024	Jan. 31, 2023
Computation of basic and diluted earnings per share of common stock
Net income	$ 51,905	$ 80,957	$ 86,830	$ 64,775	$ 103,153	$ 89,470	$ 219,692	$ 257,398
Basic earnings per common share:
Basic weighted average common shares outstanding (in shares)	39,864			41,578			40,360	42,119
Basic earnings per common share (in dollars per share)	$ 1.30			$ 1.56			$ 5.44	$ 6.11
Diluted earnings per common share:
Basic weighted average common shares outstanding (in shares)	39,864			41,578			40,360	42,119
Add: Common Stock Equivalents (in shares)	648			654			666	693
Diluted weighted average common shares outstanding (in shares)	40,512			42,232			41,026	42,812
Diluted earnings per common share (in dollars per share)	$ 1.28			$ 1.53			$ 5.35	$ 6.01
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares (in shares)	0			0			0	0

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Term Loan Facility	Feb. 02, 2024	Feb. 01, 2024
SOFR
Subsequent Events
Margin added to variable rate (as a percent)	2.25%	3%
Base Rate
Subsequent Events
Margin added to variable rate (as a percent)	1.25%	2%