GMS (GMS) 10-Q 5 Dec 24 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Oct. 31, 2024	Nov. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 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		38,815,455
Entity Central Index Key	0001600438
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 83,928	$ 166,148
Trade accounts and notes receivable, net of allowances of $15,984 and $16,930, respectively	943,682	849,993
Inventories, net	594,311	580,830
Prepaid expenses and other current assets	48,429	42,352
Total current assets	1,670,350	1,639,323
Property and equipment, net of accumulated depreciation of $336,513 and $309,850, respectively	513,650	472,257
Operating lease right-of-use assets	295,024	251,207
Goodwill	936,504	853,767
Intangible assets, net	562,423	502,688
Deferred income taxes	25,528	21,890
Other assets	19,530	18,708
Total assets	4,023,009	3,759,840
Current liabilities:
Accounts payable	417,799	420,237
Accrued compensation and employee benefits	99,816	125,610
Other accrued expenses and current liabilities	124,315	111,204
Current portion of long-term debt	54,882	50,849
Current portion of operating lease liabilities	51,885	49,150
Total current liabilities	748,697	757,050
Non-current liabilities:
Long-term debt	1,426,564	1,229,726
Long-term operating lease liabilities	248,006	204,865
Deferred income taxes, net	79,808	62,698
Other liabilities	50,627	44,980
Total liabilities	2,553,702	2,299,319
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 38,870 and 39,754 shares issued and outstanding as of October 31, 2024 and April 30, 2024, respectively	389	397
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024	0	0
Additional paid-in capital	244,698	334,596
Retained earnings	1,267,831	1,157,047
Accumulated other comprehensive loss	(43,611)	(31,519)
Total stockholders’ equity	1,469,307	1,460,521
Total liabilities and stockholders’ equity	$ 4,023,009	$ 3,759,840

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Statement of Financial Position [Abstract]
Trade accounts and notes receivable, allowances (in dollars)	$ 15,984	$ 16,930
Property and equipment, accumulated depreciation (in dollars)	$ 336,513	$ 309,850
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)	38,870,000	39,754,000
Common stock, shares outstanding (in shares)	38,870,000	39,754,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Net sales	$ 1,470,776	$ 1,420,930	$ 2,919,232	$ 2,830,530
Cost of sales (exclusive of depreciation and amortization shown separately below)	1,009,649	962,301	2,006,542	1,921,347
Gross profit	461,127	458,629	912,690	909,183
Operating expenses:
Selling, general and administrative	324,225	300,894	639,377	587,690
Depreciation and amortization	42,078	32,937	80,110	64,955
Total operating expenses	366,303	333,831	719,487	652,645
Operating income	94,824	124,798	193,203	256,538
Other (expense) income:
Interest expense	(23,697)	(18,742)	(45,910)	(37,656)
Write-off of debt discount and deferred financing fees	0	0	0	(1,401)
Other income, net	1,299	2,106	3,327	4,245
Total other expense, net	(22,398)	(16,636)	(42,583)	(34,812)
Income before taxes	72,426	108,162	150,620	221,726
Provision for income taxes	18,890	27,205	39,836	53,939
Net income	$ 53,536	$ 80,957	$ 110,784	$ 167,787
Weighted average common shares outstanding:
Basic (in shares)	39,126	40,466	39,334	40,608
Diluted (in shares)	39,703	41,088	39,964	41,282
Net income per common share:
Basic (in dollars per share)	$ 1.37	$ 2	$ 2.82	$ 4.13
Diluted (in dollars per share)	$ 1.35	$ 1.97	$ 2.77	$ 4.06
Comprehensive income
Net income	$ 53,536	$ 80,957	$ 110,784	$ 167,787
Foreign currency translation adjustments	(3,789)	(21,164)	(6,739)	(9,766)
Changes in other comprehensive income, net of tax	(6)	4,214	(5,353)	9,603
Comprehensive income	$ 49,741	$ 64,007	$ 98,692	$ 167,624

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, 2023		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
Beginning balance at Apr. 30, 2023	1,274,757	$ 410	428,508	880,968	(35,129)
Increase (Decrease) in Stockholders' Equity
Net income	167,787
Foreign currency translation adjustments	(9,766)
Other comprehensive income (loss), net of tax	$ 9,603
Repurchase and retirement of common stock (in shares)	(1,158)
Repurchase and retirement of common stock	$ (75,356)
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)
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)
Beginning balance (in shares) at Apr. 30, 2024	39,754	39,754
Beginning balance at Apr. 30, 2024	$ 1,460,521	$ 397	334,596	1,157,047	(31,519)
Increase (Decrease) in Stockholders' Equity
Net income	57,248			57,248
Foreign currency translation adjustments	(2,950)				(2,950)
Other comprehensive income (loss), net of tax	(5,347)				(5,347)
Repurchase and retirement of common stock (in shares)		(538)
Repurchase and retirement of common stock	(46,609)	$ (5)	(46,604)
Equity-based compensation	3,678		3,678
Exercise of stock options (in shares)		22
Exercise of stock options	555		555
Issuance of common stock pursuant to employee stock purchase plan (in shares)		44
Issuance of common stock pursuant to employee stock purchase plan	3,207	$ 1	3,206
Ending balance (in shares) at Jul. 31, 2024		39,282
Ending balance at Jul. 31, 2024	$ 1,470,303	$ 393	295,431	1,214,295	(39,816)
Beginning balance (in shares) at Apr. 30, 2024	39,754	39,754
Beginning balance at Apr. 30, 2024	$ 1,460,521	$ 397	334,596	1,157,047	(31,519)
Increase (Decrease) in Stockholders' Equity
Net income	110,784
Foreign currency translation adjustments	(6,739)
Other comprehensive income (loss), net of tax	$ (5,353)
Repurchase and retirement of common stock (in shares)	(1,131)
Repurchase and retirement of common stock	$ (99,248)
Ending balance (in shares) at Oct. 31, 2024	38,870	38,870
Ending balance at Oct. 31, 2024	$ 1,469,307	$ 389	244,698	1,267,831	(43,611)
Beginning balance (in shares) at Jul. 31, 2024		39,282
Beginning balance at Jul. 31, 2024	1,470,303	$ 393	295,431	1,214,295	(39,816)
Increase (Decrease) in Stockholders' Equity
Net income	53,536			53,536
Foreign currency translation adjustments	(3,789)				(3,789)
Other comprehensive income (loss), net of tax	(6)				(6)
Repurchase and retirement of common stock (in shares)		(593)
Repurchase and retirement of common stock	(52,639)	$ (6)	(52,633)
Equity-based compensation	4,925		4,925
Exercise of stock options (in shares)		63
Exercise of stock options	1,905	$ 1	1,904
Vesting of restricted stock units (in shares)		118
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	$ (4,928)		(4,928)
Ending balance (in shares) at Oct. 31, 2024	38,870	38,870
Ending balance at Oct. 31, 2024	$ 1,469,307	$ 389	$ 244,698	$ 1,267,831	$ (43,611)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities:
Net income	$ 110,784	$ 167,787
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,110	64,955
Write-off and amortization of debt discount and debt issuance costs	895	2,726
Equity-based compensation	10,358	10,698
Loss (gain) on disposal of assets	507	(441)
Deferred income taxes	(4,464)	(5,085)
Other items, net	3,765	3,590
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	(48,203)	(89,384)
Inventories	(4,201)	20,267
Prepaid expenses and other assets	(9,107)	(19,578)
Accounts payable	(17,848)	(9,849)
Accrued compensation and employee benefits	(25,712)	(36,293)
Other accrued expenses and liabilities	(4,222)	15,354
Cash provided by operating activities	92,662	124,747
Cash flows from investing activities:
Purchases of property and equipment	(23,052)	(29,546)
Proceeds from sale of assets	2,322	1,701
Acquisition of businesses, net of cash acquired	(207,259)	(55,964)
Other investing activities	(5,200)	0
Cash used in investing activities	(233,189)	(83,809)
Cash flows from financing activities:
Repayments on revolving credit facility	(828,511)	(389,409)
Borrowings from revolving credit facility	1,009,060	360,173
Payments of principal on long-term debt	(2,494)	0
Borrowings from term loan amendment	0	288,266
Repayments from term loan amendment	0	(287,768)
Payments of principal on finance lease obligations	(21,834)	(19,304)
Repurchases of common stock	(99,248)	(75,356)
Payment for debt issuance costs	0	(5,825)
Proceeds from exercises of stock options	2,460	1,756
Payments for taxes related to net share settlement of equity awards	(4,928)	(3,975)
Proceeds from issuance of stock pursuant to employee stock purchase plan	3,207	2,664
Cash provided by (used in) financing activities	57,712	(128,778)
Effect of exchange rates on cash and cash equivalents	595	(388)
Decrease in cash and cash equivalents	(82,220)	(88,228)
Cash and cash equivalents, beginning of period	166,148	164,745
Cash and cash equivalents, end of period	83,928	76,517
Supplemental cash flow disclosures:
Cash paid for income taxes	46,014	69,224
Cash paid for interest	$ 45,909	$ 35,321

Business, Basis of Presentation

Business, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Oct. 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 approximately 100 tool sales, rental and service centers. Through these operations, the Company provides a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s 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, 2024. Investments The Company accounts for investments in equity securities where it does not have significant influence over the investee using the cost method. The carrying amount of investments in equity securities was $5.2 million as of October 31, 2024 and is included in other assets in the Condensed Consolidated Balance Sheet. Insurance Liabilities 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. October 31, April 30, (in thousands) Medical self‑insurance $ 4,812 $ 6,067 General liability, automobile and workers’ compensation 24,501 22,731 Expected recoveries for insurance liabilities (4,629) (3,746) Restructuring During the second quarter of fiscal 2025, the Company implemented a reduction in work force as part of a strategic cost reduction plan to improve operational efficiency. The Company recorded $6.2 million of restructuring costs in connection with the reduction in workforce and certain other restructuring activities, consisting primarily of severance and other employee costs. As of October 31, 2024, $3.5 million of costs related to the reduction in workforce were paid and $2.7 million are expected to be paid in the third quarter of fiscal 2025. Restructuring costs are classified within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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. 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	6 Months Ended
	Oct. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Business Combinations	Business Combinations The Company accounts for business combinations by recognizing the assets acquired and liabilities assumed at the acquisition date fair value. In valuing certain acquired assets and liabilities, fair value estimates use Level 3 inputs, including future expected cash flows and discount rates. Goodwill is measured as the excess of consideration transferred over the fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to value assets acquired and liabilities assumed at the acquisition date, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments arising from new facts and circumstances are recorded to the Consolidated Statements of Operations and Comprehensive Income. The results of operations of acquisitions are reflected in the Company’s Consolidated Financial Statements from the date of acquisition. On May 1, 2024, the Company acquired Howard & Sons Building Materials, Inc., a distributor of wallboard, steel framing and complementary products from a single location in Pomona, California. On July 2, 2024, the Company acquired Yvon Building Supply, Inc., Yvon Insulation Corporation, Yvon Insulation Windsor, Laminated Glass Technologies, Inc. and Right Fit Foam Insulation Ltd. (collectively, “Yvon”). Yvon provides drywall, insulation, steel, ceilings and other complementary products and related services, including installed insulation. Yvon operates through seven locations across Greater Toronto and Ontario, Canada. The Company funded this transaction with cash on hand and borrowings under its asset based revolving credit facility (the “ABL Facility”). The Company also entered into contingent consideration arrangements, based on purchase volumes of certain customers, that are payable in cash to the sellers over five years, up to a maximum amount of $33.5 million as of the acquisition date ($46.0 million Canadian dollars). On August 26, 2024, the Company acquired R.S. Elliott Specialty Supply, Inc., a leading regional distributor of stucco, plaster, siding, External Insulation and Finishing Systems (“EIFS”) and related construction supplies, servicing markets across Florida from five locations in Orlando, Wildwood, Tampa, West Palm Beach and Jacksonville. The Company funded this transaction with cash on hand and borrowings under its ABL Facility. The primary purpose of these transactions was to expand the geographical coverage of the Company and grow the business. The Company’s Condensed Consolidated Statement of Operations and Comprehensive Income for the six months ended October 31, 2024 included $64.4 million of net sales and $0.4 million of net income from acquisitions made in fiscal 2025. The Company recorded transaction costs of $2.5 million and $2.6 million during the six months ended October 31, 2024 and 2023, respectively. Unaudited pro forma financial information is not provided because the impact of these acquisitions was not material to the Company’s Consolidated Financial Statements. The following table summarizes the preliminary consideration transferred for the Company’s fiscal 2025 acquisitions: (in thousands) Cash $ 215,503 Contingent consideration 26,648 Fair value of consideration transferred $ 242,151 The preliminary estimated fair value of the Yvon contingent consideration payments was determined using a Monte Carlo simulation which accounts for the probabilities of various outcomes. The contingent consideration will be remeasured to fair value each reporting period with changes in fair value recorded in the Consolidated Statements of Operations and Comprehensive Income. See Note 11, “Fair Value Measurements,” for more information on the changes in fair value of contingent consideration. 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 (including contingent consideration), working capital adjustments and residual goodwill. The following table summarizes the preliminary acquisition accounting for the Company’s fiscal 2025 acquisitions based on currently available information: Preliminary Adjustments Preliminary (in thousands) Cash $ 8,414 $ — $ 8,414 Trade accounts and notes receivable 51,721 34 51,755 Inventories 10,731 (53) 10,678 Property and equipment 22,392 — 22,392 Other assets 15,826 496 16,322 Intangible assets 102,563 — 102,563 Goodwill 83,217 (477) 82,740 Accounts payable and other liabilities (31,483) — (31,483) Deferred income taxes (21,230) — (21,230) Fair value of consideration transferred $ 242,151 $ — $ 242,151 Goodwill recognized for acquisitions is attributable to synergies achieved through the streamlining of acquired company operations combined with improved margins attainable through increased market presence. The goodwill is assigned to the Company’s geographic divisions reportable segment. Goodwill of $37.8 million is not expected to be deductible for income tax purposes and goodwill of $44.9 million is expected to be deductible for income tax purposes. The following table summarizes the preliminary components of intangible assets acquired in connection with the Company’s fiscal 2025 acquisitions (dollars in thousands): Fair Value Weighted Average Amortization Period (Years) Customer relationships $ 87,440 10.6 Trade names 13,276 15.0 Other 1,847 5.0 Total intangible assets $ 102,563 11.0 Trade accounts and notes receivable had an estimated fair value of $51.8 million and a gross contractual value of $52.0 million. The difference represents the Company’s best estimate of the contractual cash flows that will not be collected.

Accounts Receivable

Accounts Receivable	6 Months Ended
	Oct. 31, 2024
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: October 31, April 30, (in thousands) Trade receivables $ 775,281 $ 745,956 Other receivables 184,385 120,967 Allowance for expected credit losses (9,370) (10,228) Other allowances (6,614) (6,702) Trade accounts and notes receivable $ 943,682 $ 849,993 The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2024: (in thousands) Balance as of April 30, 2024 $ 10,228 Provision 478 Write-offs and other (1,336) Balance as of October 31, 2024 $ 9,370 Receivables from contracts with customers, net of allowances, were $759.3 million and $729.0 million as of October 31, 2024 and April 30, 2024, respectively. The Company did not have material amounts of contract assets or liabilities as of October 31, 2024 or April 30, 2024.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 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, 2024 $ 917,689 $ (63,922) $ 853,767 Goodwill recognized from acquisitions 82,740 — 82,740 Acquisition accounting adjustments from prior period 2,486 — 2,486 Translation adjustment (3,157) 668 (2,489) Balance as of October 31, 2024 $ 999,758 $ (63,254) $ 936,504 As of October 31, 2024, $828.7 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 six months ended October 31, 2024, the Company recorded measurement period adjustments related to its acquisition of Kamco Supply Corporation and affiliates. Intangible Assets The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.5 $ 778,033 $ (426,937) $ 351,096 Definite-lived trade names 5-20 15.4 155,881 (37,386) 118,495 Developed technology 5-10 6.9 8,216 (5,928) 2,288 Other 3-10 5.5 8,063 (1,886) 6,177 Definite-lived intangible assets 12.9 $ 950,193 $ (472,137) $ 478,056 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 562,423 Estimated Weighted April 30, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.8 $ 695,411 $ (395,117) $ 300,294 Definite-lived trade names 5-20 15.4 143,267 (32,613) 110,654 Developed technology 5-10 6.9 8,249 (5,843) 2,406 Other 3-10 5.6 6,142 (1,175) 4,967 Definite-lived intangible assets 13.1 $ 853,069 $ (434,748) $ 418,321 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 502,688 Amortization expense related to definite-lived intangible assets was $21.5 million and $16.0 million for the three months ended October 31, 2024 and 2023, respectively, and $40.4 million and $31.7 million during the six months ended October 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) 2025 (remaining six months) $ 40,992 2026 74,894 2027 66,717 2028 57,784 2029 49,844 Thereafter 187,825 Total $ 478,056 The Company’s indefinite-lived intangible assets as of October 31, 2024 and April 30, 2024 consisted of indefinite-lived trade names.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following: October 31, April 30, (in thousands) Term Loan Facility $ 495,009 $ 497,503 Unamortized discount and deferred financing costs on Term Loan Facility (5,856) (6,406) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,083) (3,426) ABL Facility 449,191 270,000 Finance lease obligations 186,638 168,738 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2029 9,547 4,170 Unamortized discount on installment notes — (4) Carrying value of debt 1,481,446 1,280,575 Less current portion 54,882 50,849 Long-term debt $ 1,426,564 $ 1,229,726 Term Loan Facility The Company has a senior secured first lien term loan facility (the “Term Loan Facility”) with $495.0 million outstanding as of October 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, which began January 1, 2024 with the remaining balance due May 12, 2030. As of October 31, 2024, the applicable rate of interest under the Term Loan Facility was 7.10%. 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. The Company corrected the presentation of the cash flows associated with the refinancing from a net presentation as shown in the Condensed Consolidated Statement of Cash Flows included in the Quarterly Report on Form 10-Q for the 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 included in this Quarterly Report on Form 10-Q. 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 six months ended October 31, 2023. 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 ABL Facility that provides for aggregate revolving commitments of $950.0 million. 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. At the Company’s option, the interest rates applicable to the loans under the ABL Facility are 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 October 31, 2024, the weighted average interest rate on borrowings was 6.37%. As of October 31, 2024, the Company had available borrowing capacity of approximately $458.6 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. On May 23, 2024, the Company amended its ABL Facility to replace the Canadian Dollar Offered Rate (CDOR) with the Canadian Overnight Repo Rate Average (CORRA) as the benchmark rate for borrowings under the Canadian revolving credit subfacility. Debt Covenants The Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. As of October 31, 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 October 31, 2024. Debt Maturities As of October 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) 2025 (remaining six months) $ 2,494 $ — $ — $ 24,294 $ 443 $ 27,231 2026 4,988 — — 44,896 2,151 52,035 2027 4,988 — — 40,260 2,131 47,379 2028 4,988 — 449,191 34,445 2,057 490,681 2029 4,988 — — 23,972 2,765 31,725 Thereafter 472,563 350,000 — 18,771 — 841,334 $ 495,009 $ 350,000 $ 449,191 $ 186,638 $ 9,547 $ 1,490,385

Leases

Leases	6 Months Ended
	Oct. 31, 2024
Lessee Disclosure [Abstract]
Leases	Leases The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,353 $ 7,114 $ 16,692 $ 13,878 Interest on lease liabilities 2,649 1,897 5,343 3,754 Operating lease cost 20,295 16,033 39,888 31,749 Variable lease cost 4,075 4,769 8,907 8,439 Total lease cost $ 35,372 $ 29,813 $ 70,830 $ 57,820 Supplemental cash flow information related to leases was as follows: Six Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 38,633 $ 30,926 Operating cash flows from finance leases 5,343 3,754 Financing cash flows from finance leases 21,834 19,304 Right-of-use assets obtained in exchange for lease obligations Operating leases 56,199 23,904 Finance leases 38,083 35,336 Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 325,570 $ 289,707 Accumulated depreciation (88,556) (78,170) Property and equipment, net $ 237,014 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.1 6.9 Finance leases 4.3 4.0 Weighted-average discount rate Operating leases 6.6 % 6.3 % Finance leases 6.0 % 5.7 % Future minimum lease payments under non-cancellable leases as of October 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining six months) $ 29,319 $ 34,276 2026 53,139 69,452 2027 46,103 58,001 2028 38,040 47,400 2029 25,697 40,301 Thereafter 19,334 139,149 Total lease payments 211,632 388,579 Less imputed interest 24,994 88,688 Total $ 186,638 $ 299,891
Leases	Leases The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,353 $ 7,114 $ 16,692 $ 13,878 Interest on lease liabilities 2,649 1,897 5,343 3,754 Operating lease cost 20,295 16,033 39,888 31,749 Variable lease cost 4,075 4,769 8,907 8,439 Total lease cost $ 35,372 $ 29,813 $ 70,830 $ 57,820 Supplemental cash flow information related to leases was as follows: Six Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 38,633 $ 30,926 Operating cash flows from finance leases 5,343 3,754 Financing cash flows from finance leases 21,834 19,304 Right-of-use assets obtained in exchange for lease obligations Operating leases 56,199 23,904 Finance leases 38,083 35,336 Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 325,570 $ 289,707 Accumulated depreciation (88,556) (78,170) Property and equipment, net $ 237,014 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.1 6.9 Finance leases 4.3 4.0 Weighted-average discount rate Operating leases 6.6 % 6.3 % Finance leases 6.0 % 5.7 % Future minimum lease payments under non-cancellable leases as of October 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining six months) $ 29,319 $ 34,276 2026 53,139 69,452 2027 46,103 58,001 2028 38,040 47,400 2029 25,697 40,301 Thereafter 19,334 139,149 Total lease payments 211,632 388,579 Less imputed interest 24,994 88,688 Total $ 186,638 $ 299,891

Income Taxes

Income Taxes	6 Months Ended
	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes General. The Company’s effective income tax rate on continuing operations was 26.4% and 24.3% for the six months ended October 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 six months ended October 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 $12.6 million and $12.5 million against its deferred tax assets as of October 31, 2024 and April 30, 2024, respectively. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed. Uncertain tax positions . The Company had no uncertain tax positions as of October 31, 2024 or April 30, 2024.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Oct. 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 (such plan, the “2023 Repurchase Plan”). The Company may conduct repurchases under the 2023 Repurchase Plan 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 Exchange Act. 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 2023 Repurchase Plan 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 October 31, 2024, the Company had $102.0 million of remaining repurchase authorization under the 2023 Repurchase Plan. 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 liability in accrued expenses and other liabilities in the Consolidated Balance Sheet. Shares repurchased pursuant to the Company’s share repurchase program are retired. The Company’s accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and charge any excess of cost over par value to additional paid-in capital. The following table presents share repurchase activity for the six months ended October 31, 2024: Six Months Ended 2024 2023 (in thousands) Amount repurchased pursuant to repurchase program $ 98,478 $ 74,768 Excise tax on repurchases 770 588 Repurchases of common stock $ 99,248 $ 75,356 Number of shares repurchased 1,131 1,158 Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2024: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2024 $ (40,000) $ 8,481 $ (31,519) Other comprehensive loss before reclassification (3,124) (3,810) (6,934) Losses on intra-entity transactions that are of a long-term investment nature (3,615) — (3,615) Reclassification to earnings from accumulated other comprehensive loss — (1,543) (1,543) Balance as of October 31, 2024 $ (46,739) $ 3,128 $ (43,611) Other comprehensive loss before reclassification on derivative instruments for the six months ended October 31, 2024 is net of $1.2 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the six months ended October 31, 2024 is net of tax of $0.5 million. Losses on intra-entity transactions that are of a long-term investment nature for the six months ended October 31, 2024 are net of tax of $1.2 million.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Oct. 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 $7.6 million and $7.7 million during the six months ended October 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 six months ended October 31, 2024: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2024 968 $ 41.79 6.7 $ 49,086 Options granted 134 92.63 Options exercised (85) 28.89 Options forfeited (7) 55.28 Outstanding as of October 31, 2024 1,010 $ 49.55 6.8 $ 41,095 Exercisable as of October 31, 2024 713 $ 37.58 5.9 $ 37,280 Vested and Expected to vest as of October 31, 2024 1,002 $ 49.31 6.8 $ 41,030 The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the six months ended October 31, 2024 and 2023 was $5.3 million and $2.7 million, respectively. As of October 31, 2024, there was $8.1 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years. The fair value of stock options granted during the six months ended October 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: Six Months Ended 2024 2023 Volatility 37.53 % 38.70 % Expected life (years) 6.0 6.0 Risk-free interest rate 3.95 % 4.29 % Dividend yield — % — % Grant date fair value $ 39.88 $ 33.34 Restricted Stock Units The following table presents restricted stock unit activity for the six months ended October 31, 2024: Number of Weighted (shares in thousands) Outstanding as of April 30, 2024 314 $ 60.74 Granted 119 92.63 Vested (171) 58.31 Forfeited (9) 74.05 Outstanding as of October 31, 2024 253 $ 76.92 The fair value of restricted stock units that vested during the six months ended October 31, 2024 and 2023 was $15.8 million and $12.9 million, respectively. As of October 31, 2024, there was $12.2 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 1.7 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 $0.7 million of stock-based compensation expense related to the ESPP during the six months ended October 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: Six Months Ended 2024 2023 (shares in thousands) Number of shares purchased under the ESPP 44 58 Average purchase price $ 72.20 $ 45.90

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	6 Months Ended
	Oct. 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, 2024 $ 36,013 $ 2,060 $ 10,259 Amounts redeemed (3,388) (785) (3,935) Change in fair value 640 173 942 Balance as of October 31, 2024 $ 33,265 $ 1,448 $ 7,266 Classified as current as of April 30, 2024 $ 11,038 $ 733 $ 3,666 Classified as long-term as of April 30, 2024 24,975 1,327 6,593 Classified as current as of October 31, 2024 $ 17,289 $ 1,448 $ 7,266 Classified as long-term as of October 31, 2024 15,976 — — Total expense related to these instruments was $1.8 million and $2.3 million during the six months ended October 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, 2024 for more information regarding stock appreciation rights, deferred compensation and redeemable noncontrolling interests.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 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: October 31, April 30, (in thousands) Assets: Interest rate swaps and collars (Level 2) $ 4,170 $ 11,260 Liabilities: Contingent consideration (Level 3) $ 26,746 $ — Interest rate swaps and collars . The Company has (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 October 31, 2024, $1.2 million of the interest rate swap and collar assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and $3.0 million were classified in other assets. The Company recognized gains of $0.9 million and $0.8 million during the three months ended October 31, 2024 and 2023, respectively, related to its interest rate swaps. The Company recognized gains of $2.0 million and $1.2 million during the six months ended October 31, 2024 and 2023, respectively, related to its interest rate swaps. These amounts are included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income and within cash flows from operating activities within the Condensed Consolidated Statements of Cash Flows. As of October 31, 2024, the Company expects that approximately $1.2 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. Contingent consideration . As discussed in Note 2, “Business Combinations,” the Company entered into contingent consideration arrangements in connection with its acquisition of Yvon in which the Company will make additional payments to the sellers ranging from zero to a maximum amount of $33.5 million ($46.0 million Canadian dollars) based on the purchase volumes of certain customers. The fair value of contingent consideration is determined using a Monte Carlo simulation which uses Level 3 unobservable inputs. The significant unobservable inputs used to calculate the fair value of the contingent consideration include estimated future cash flows, discount rates, and volatility of forecasted revenue. Actual results may differ from the projected results and could have a significant impact on the estimated fair value of the contingent consideration. Additionally, as the liability is stated at present value, the passage of time alone will increase the estimated fair value of the liability each reporting period. Changes in fair value are recorded in other income in the Condensed Consolidated Statements of Operations and Comprehensive Income. The following table presents the changes in the fair value of the Company’s Level 3 liabilities during the six months ended October 31, 2024: Contingent Consideration (in thousands) Balance as of April 30, 2024 $ — Additions 26,348 Change in fair value 793 Translation adjustment (395) Balance as of October 31, 2024 $ 26,746 The contingent consideration is classified in the Condensed Consolidated Balance Sheet based on expected payment dates. As of October 31, 2024, $5.4 million of the contingent consideration liability was classified within other accrued expenses and current liabilities in the Condensed Consolidated Balance Sheet and $21.3 million was classified within other liabilities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Disclosures are required for certain assets and liabilities that are measured at fair value on a nonrecurring basis in periods after initial recognition. Such measurements of fair value relate primarily to assets and liabilities measured at fair value in connection with business combinations and long-lived asset impairments. For more information on business combinations, see Note 2, “Business Combinations.” There were no material long-lived asset impairments during the six months ended October 31, 2024 or 2023. Fair Value of Debt The estimated fair value of the Company’s Senior Notes was determined based on Level 2 inputs 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: October 31, 2024 April 30, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 330,971 $ 350,000 $ 323,330

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 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	6 Months Ended
	Oct. 31, 2024
Segment Reporting [Abstract]
Segments	Segments There have been no changes to the Company’s reportable segments during the six months ended October 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, 2024. Segment Results The following tables present segment results: Three Months Ended October 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,441,481 $ 38,597 $ 147,850 Other 29,295 3,407 4,374 Corporate — 74 — $ 1,470,776 $ 42,078 $ 152,224 Three Months Ended October 31, 2023 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,389,073 $ 29,004 $ 162,306 Other 31,857 3,849 5,252 Corporate — 84 — $ 1,420,930 $ 32,937 $ 167,558 Six Months Ended October 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 2,858,299 $ 73,168 $ 289,749 Other 60,933 6,788 8,356 Corporate — 154 — $ 2,919,232 $ 80,110 $ 298,105 Six Months Ended October 31, 2023 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 2,768,034 $ 57,110 $ 329,591 Other 62,496 7,673 11,265 Corporate — 172 — $ 2,830,530 $ 64,955 $ 340,856 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Net income $ 53,536 $ 80,957 $ 110,784 $ 167,787 Interest expense 23,697 18,742 45,910 37,656 Write-off of debt discount and deferred financing fees — — — 1,401 Interest income (193) (292) (563) (766) Provision for income taxes 18,890 27,205 39,836 53,939 Depreciation expense 20,529 16,963 39,757 33,290 Amortization expense 21,549 15,974 40,353 31,665 Stock appreciation rights(a) 397 401 640 1,619 Redeemable noncontrolling interests and deferred compensation(b) 693 184 1,115 664 Equity-based compensation(c) 4,925 5,111 8,603 8,415 Severance and other permitted costs(d) 6,460 882 7,416 1,288 Transaction costs (acquisitions and other)(e) 1,193 1,223 2,473 2,608 (Gain) loss on disposal of assets(f) (351) (310) 507 (441) Effects of fair value adjustments to inventory(g) 106 140 481 442 Change in fair value of contingent consideration(h) 793 — 793 — Debt transaction costs(i) — 378 — 1,289 Adjusted EBITDA(j) $ 152,224 $ 167,558 $ 298,105 $ 340,856 __________________________________________ (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 the change in fair value of contingent consideration arrangements. (i) Represents costs paid to third-party advisors related to debt refinancing activities. (j) For a detailed discussion of the Company’s use of non-GAAP financial measures, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Non-GAAP Financial Measures” in this Quarterly Report on Form 10-Q. Revenues by Product The following table presents the Company’s net sales to external customers by main product lines: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Wallboard $ 582,119 $ 585,174 $ 1,170,048 $ 1,156,599 Complementary products 466,828 428,319 910,341 854,529 Steel framing 217,388 232,108 427,246 468,868 Ceilings 204,441 175,329 411,597 350,534 Total net sales $ 1,470,776 $ 1,420,930 $ 2,919,232 $ 2,830,530 The following table presents additional detail on the Company’s net sales of complementary products: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Tools and fasteners $ 89,743 $ 86,366 $ 180,912 $ 170,041 Insulation 100,842 82,068 185,885 160,455 Joint treatment 76,228 67,414 151,517 132,696 Lumber 42,295 40,437 85,318 82,511 EIFS/stucco 55,664 47,408 106,616 93,704 Other 102,056 104,626 200,093 215,122 Complementary products $ 466,828 $ 428,319 $ 910,341 $ 854,529 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) United States $ 1,254,151 $ 1,238,855 $ 2,513,056 $ 2,457,286 Canada 216,625 182,075 406,176 373,244 Total net sales $ 1,470,776 $ 1,420,930 $ 2,919,232 $ 2,830,530 The following table presents the Company’s property and equipment, net, by major geographic area: October 31, April 30, (in thousands) United States $ 451,024 $ 425,429 Canada 62,626 46,828 Total property and equipment, net $ 513,650 $ 472,257

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Oct. 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 Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 53,536 $ 80,957 $ 110,784 $ 167,787 Basic earnings per common share: Basic weighted average common shares outstanding 39,126 40,466 39,334 40,608 Basic earnings per common share $ 1.37 $ 2.00 $ 2.82 $ 4.13 Diluted earnings per common share: Basic weighted average common shares outstanding 39,126 40,466 39,334 40,608 Add: Common Stock Equivalents 577 622 630 674 Diluted weighted average common shares outstanding 39,703 41,088 39,964 41,282 Diluted earnings per common share $ 1.35 $ 1.97 $ 2.77 $ 4.06 During the three and six months ended October 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 Events

Subsequent Events	6 Months Ended
	Oct. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On December 2, 2024, the Company’s Board of Directors approved a renewal of the share repurchase program authorizing the Company to repurchase up to $250 million of its outstanding common stock (such new repurchase program, the “2024 Repurchase Plan”). The 2024 Repurchase Plan replaces the Company’s previous share repurchase authorization of $250 million under the 2023 Repurchase Plan, which commenced in October 2023 and had $94.6 million of authorization remaining as of November 30, 2024. The Company may conduct repurchases under the 2024 Repurchase Plan through a variety of methods, which may include open market transactions, block trades, accelerated share repurchases, under trading plans in accordance with SEC Rule 10b5-1, in privately negotiated transactions or in any combination of such methods, in each case in compliance with Rule 10b-18 under the Exchange Act. The timing and amount of any purchases of our common stock are subject to a variety of factors, including, but not limited to, our liquidity, credit availability, general business and market conditions, stock price, our debt covenants and the availability of alternative investment opportunities. The 2024 Repurchase Program does not obligate us to acquire any amount of common stock, and it may be suspended or terminated at any time at our discretion.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 53,536	$ 57,248	$ 80,957	$ 86,830	$ 110,784	$ 167,787

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business, Basis of Presentati_2

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 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, 2024.
Investments	Investments The Company accounts for investments in equity securities where it does not have significant influence over the investee using the cost method. The carrying amount of investments in equity securities was $5.2 million as of October 31, 2024 and is included in other assets in the Condensed Consolidated Balance Sheet.
Restructuring	Restructuring During the second quarter of fiscal 2025, the Company implemented a reduction in work force as part of a strategic cost reduction plan to improve operational efficiency. The Company recorded $6.2 million of restructuring costs in connection with the reduction in workforce and certain other restructuring activities, consisting primarily of severance and other employee costs. As of October 31, 2024, $3.5 million of costs related to the reduction in workforce were paid and $2.7 million are expected to be paid in the third quarter of fiscal 2025. Restructuring costs are classified within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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.
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)	6 Months Ended
	Oct. 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. October 31, April 30, (in thousands) Medical self‑insurance $ 4,812 $ 6,067 General liability, automobile and workers’ compensation 24,501 22,731 Expected recoveries for insurance liabilities (4,629) (3,746)

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Oct. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of preliminary allocation of the consideration transferred	The following table summarizes the preliminary consideration transferred for the Company’s fiscal 2025 acquisitions: (in thousands) Cash $ 215,503 Contingent consideration 26,648 Fair value of consideration transferred $ 242,151 The following table summarizes the preliminary acquisition accounting for the Company’s fiscal 2025 acquisitions based on currently available information: Preliminary Adjustments Preliminary (in thousands) Cash $ 8,414 $ — $ 8,414 Trade accounts and notes receivable 51,721 34 51,755 Inventories 10,731 (53) 10,678 Property and equipment 22,392 — 22,392 Other assets 15,826 496 16,322 Intangible assets 102,563 — 102,563 Goodwill 83,217 (477) 82,740 Accounts payable and other liabilities (31,483) — (31,483) Deferred income taxes (21,230) — (21,230) Fair value of consideration transferred $ 242,151 $ — $ 242,151
Schedule of intangible assets acquired	The following table summarizes the preliminary components of intangible assets acquired in connection with the Company’s fiscal 2025 acquisitions (dollars in thousands): Fair Value Weighted Average Amortization Period (Years) Customer relationships $ 87,440 10.6 Trade names 13,276 15.0 Other 1,847 5.0 Total intangible assets $ 102,563 11.0

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Oct. 31, 2024
Receivables [Abstract]
Schedule of trade accounts and notes receivable	The Company’s trade accounts and notes receivable consisted of the following: October 31, April 30, (in thousands) Trade receivables $ 775,281 $ 745,956 Other receivables 184,385 120,967 Allowance for expected credit losses (9,370) (10,228) Other allowances (6,614) (6,702) Trade accounts and notes receivable $ 943,682 $ 849,993
Schedule of change in allowance for expected credit losses	The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2024: (in thousands) Balance as of April 30, 2024 $ 10,228 Provision 478 Write-offs and other (1,336) Balance as of October 31, 2024 $ 9,370

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 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, 2024 $ 917,689 $ (63,922) $ 853,767 Goodwill recognized from acquisitions 82,740 — 82,740 Acquisition accounting adjustments from prior period 2,486 — 2,486 Translation adjustment (3,157) 668 (2,489) Balance as of October 31, 2024 $ 999,758 $ (63,254) $ 936,504
Schedule of components of definite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.5 $ 778,033 $ (426,937) $ 351,096 Definite-lived trade names 5-20 15.4 155,881 (37,386) 118,495 Developed technology 5-10 6.9 8,216 (5,928) 2,288 Other 3-10 5.5 8,063 (1,886) 6,177 Definite-lived intangible assets 12.9 $ 950,193 $ (472,137) $ 478,056 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 562,423 Estimated Weighted April 30, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.8 $ 695,411 $ (395,117) $ 300,294 Definite-lived trade names 5-20 15.4 143,267 (32,613) 110,654 Developed technology 5-10 6.9 8,249 (5,843) 2,406 Other 3-10 5.6 6,142 (1,175) 4,967 Definite-lived intangible assets 13.1 $ 853,069 $ (434,748) $ 418,321 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 502,688
Schedule of components of indefinite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted October 31, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.5 $ 778,033 $ (426,937) $ 351,096 Definite-lived trade names 5-20 15.4 155,881 (37,386) 118,495 Developed technology 5-10 6.9 8,216 (5,928) 2,288 Other 3-10 5.5 8,063 (1,886) 6,177 Definite-lived intangible assets 12.9 $ 950,193 $ (472,137) $ 478,056 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 562,423 Estimated Weighted April 30, 2024 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.8 $ 695,411 $ (395,117) $ 300,294 Definite-lived trade names 5-20 15.4 143,267 (32,613) 110,654 Developed technology 5-10 6.9 8,249 (5,843) 2,406 Other 3-10 5.6 6,142 (1,175) 4,967 Definite-lived intangible assets 13.1 $ 853,069 $ (434,748) $ 418,321 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 502,688
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) 2025 (remaining six months) $ 40,992 2026 74,894 2027 66,717 2028 57,784 2029 49,844 Thereafter 187,825 Total $ 478,056

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s long-term debt consisted of the following: October 31, April 30, (in thousands) Term Loan Facility $ 495,009 $ 497,503 Unamortized discount and deferred financing costs on Term Loan Facility (5,856) (6,406) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (3,083) (3,426) ABL Facility 449,191 270,000 Finance lease obligations 186,638 168,738 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2029 9,547 4,170 Unamortized discount on installment notes — (4) Carrying value of debt 1,481,446 1,280,575 Less current portion 54,882 50,849 Long-term debt $ 1,426,564 $ 1,229,726
Scheduled of maturities of long-term debt	As of October 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) 2025 (remaining six months) $ 2,494 $ — $ — $ 24,294 $ 443 $ 27,231 2026 4,988 — — 44,896 2,151 52,035 2027 4,988 — — 40,260 2,131 47,379 2028 4,988 — 449,191 34,445 2,057 490,681 2029 4,988 — — 23,972 2,765 31,725 Thereafter 472,563 350,000 — 18,771 — 841,334 $ 495,009 $ 350,000 $ 449,191 $ 186,638 $ 9,547 $ 1,490,385

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 31, 2024
Lessee Disclosure [Abstract]
Summary of components of lease expense	The components of lease expense were as follows: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,353 $ 7,114 $ 16,692 $ 13,878 Interest on lease liabilities 2,649 1,897 5,343 3,754 Operating lease cost 20,295 16,033 39,888 31,749 Variable lease cost 4,075 4,769 8,907 8,439 Total lease cost $ 35,372 $ 29,813 $ 70,830 $ 57,820
Summary of components of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Six Months Ended 2024 2023 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 38,633 $ 30,926 Operating cash flows from finance leases 5,343 3,754 Financing cash flows from finance leases 21,834 19,304 Right-of-use assets obtained in exchange for lease obligations Operating leases 56,199 23,904 Finance leases 38,083 35,336
Summary of other lease information	Other information related to leases was as follows: October 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 325,570 $ 289,707 Accumulated depreciation (88,556) (78,170) Property and equipment, net $ 237,014 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.1 6.9 Finance leases 4.3 4.0 Weighted-average discount rate Operating leases 6.6 % 6.3 % Finance leases 6.0 % 5.7 %
Schedule of maturities for finance leases	Future minimum lease payments under non-cancellable leases as of October 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining six months) $ 29,319 $ 34,276 2026 53,139 69,452 2027 46,103 58,001 2028 38,040 47,400 2029 25,697 40,301 Thereafter 19,334 139,149 Total lease payments 211,632 388,579 Less imputed interest 24,994 88,688 Total $ 186,638 $ 299,891
Schedule of maturities for operating leases	Future minimum lease payments under non-cancellable leases as of October 31, 2024 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining six months) $ 29,319 $ 34,276 2026 53,139 69,452 2027 46,103 58,001 2028 38,040 47,400 2029 25,697 40,301 Thereafter 19,334 139,149 Total lease payments 211,632 388,579 Less imputed interest 24,994 88,688 Total $ 186,638 $ 299,891

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Oct. 31, 2024
Equity [Abstract]
Schedule of share repurchase activity	The following table presents share repurchase activity for the six months ended October 31, 2024: Six Months Ended 2024 2023 (in thousands) Amount repurchased pursuant to repurchase program $ 98,478 $ 74,768 Excise tax on repurchases 770 588 Repurchases of common stock $ 99,248 $ 75,356 Number of shares repurchased 1,131 1,158
Schedule of changes to accumulated other comprehensive loss, net of tax, by component	The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2024: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2024 $ (40,000) $ 8,481 $ (31,519) Other comprehensive loss before reclassification (3,124) (3,810) (6,934) Losses on intra-entity transactions that are of a long-term investment nature (3,615) — (3,615) Reclassification to earnings from accumulated other comprehensive loss — (1,543) (1,543) Balance as of October 31, 2024 $ (46,739) $ 3,128 $ (43,611)

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	6 Months Ended
	Oct. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table presents stock option activity for the six months ended October 31, 2024: Number of Weighted Weighted Aggregate (shares and dollars in thousands) Outstanding as of April 30, 2024 968 $ 41.79 6.7 $ 49,086 Options granted 134 92.63 Options exercised (85) 28.89 Options forfeited (7) 55.28 Outstanding as of October 31, 2024 1,010 $ 49.55 6.8 $ 41,095 Exercisable as of October 31, 2024 713 $ 37.58 5.9 $ 37,280 Vested and Expected to vest as of October 31, 2024 1,002 $ 49.31 6.8 $ 41,030
Schedule of weighted average assumptions used in Black-Scholes option-pricing model	The fair value of stock options granted during the six months ended October 31, 2024 and 2023 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Six Months Ended 2024 2023 Volatility 37.53 % 38.70 % Expected life (years) 6.0 6.0 Risk-free interest rate 3.95 % 4.29 % Dividend yield — % — % Grant date fair value $ 39.88 $ 33.34
Summary of restricted stock unit activity	The following table presents restricted stock unit activity for the six months ended October 31, 2024: Number of Weighted (shares in thousands) Outstanding as of April 30, 2024 314 $ 60.74 Granted 119 92.63 Vested (171) 58.31 Forfeited (9) 74.05 Outstanding as of October 31, 2024 253 $ 76.92
Schedule of ESPP activity	The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Six Months Ended 2024 2023 (shares in thousands) Number of shares purchased under the ESPP 44 58 Average purchase price $ 72.20 $ 45.90

Stock Appreciation Rights, De_2

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	6 Months Ended
	Oct. 31, 2024
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
Schedule 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, 2024 $ 36,013 $ 2,060 $ 10,259 Amounts redeemed (3,388) (785) (3,935) Change in fair value 640 173 942 Balance as of October 31, 2024 $ 33,265 $ 1,448 $ 7,266 Classified as current as of April 30, 2024 $ 11,038 $ 733 $ 3,666 Classified as long-term as of April 30, 2024 24,975 1,327 6,593 Classified as current as of October 31, 2024 $ 17,289 $ 1,448 $ 7,266 Classified as long-term as of October 31, 2024 15,976 — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: October 31, April 30, (in thousands) Assets: Interest rate swaps and collars (Level 2) $ 4,170 $ 11,260 Liabilities: Contingent consideration (Level 3) $ 26,746 $ —
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: October 31, 2024 April 30, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 330,971 $ 350,000 $ 323,330
Schedule of change in fair value of level 3 liabilities	The following table presents the changes in the fair value of the Company’s Level 3 liabilities during the six months ended October 31, 2024: Contingent Consideration (in thousands) Balance as of April 30, 2024 $ — Additions 26,348 Change in fair value 793 Translation adjustment (395) Balance as of October 31, 2024 $ 26,746

Segments (Tables)

Segments (Tables)	6 Months Ended
	Oct. 31, 2024
Segment Reporting [Abstract]
Schedule of segment results	The following tables present segment results: Three Months Ended October 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,441,481 $ 38,597 $ 147,850 Other 29,295 3,407 4,374 Corporate — 74 — $ 1,470,776 $ 42,078 $ 152,224 Three Months Ended October 31, 2023 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,389,073 $ 29,004 $ 162,306 Other 31,857 3,849 5,252 Corporate — 84 — $ 1,420,930 $ 32,937 $ 167,558 Six Months Ended October 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 2,858,299 $ 73,168 $ 289,749 Other 60,933 6,788 8,356 Corporate — 154 — $ 2,919,232 $ 80,110 $ 298,105 Six Months Ended October 31, 2023 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 2,768,034 $ 57,110 $ 329,591 Other 62,496 7,673 11,265 Corporate — 172 — $ 2,830,530 $ 64,955 $ 340,856
Reconciliation of adjusted EBITDA to net income	The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Net income $ 53,536 $ 80,957 $ 110,784 $ 167,787 Interest expense 23,697 18,742 45,910 37,656 Write-off of debt discount and deferred financing fees — — — 1,401 Interest income (193) (292) (563) (766) Provision for income taxes 18,890 27,205 39,836 53,939 Depreciation expense 20,529 16,963 39,757 33,290 Amortization expense 21,549 15,974 40,353 31,665 Stock appreciation rights(a) 397 401 640 1,619 Redeemable noncontrolling interests and deferred compensation(b) 693 184 1,115 664 Equity-based compensation(c) 4,925 5,111 8,603 8,415 Severance and other permitted costs(d) 6,460 882 7,416 1,288 Transaction costs (acquisitions and other)(e) 1,193 1,223 2,473 2,608 (Gain) loss on disposal of assets(f) (351) (310) 507 (441) Effects of fair value adjustments to inventory(g) 106 140 481 442 Change in fair value of contingent consideration(h) 793 — 793 — Debt transaction costs(i) — 378 — 1,289 Adjusted EBITDA(j) $ 152,224 $ 167,558 $ 298,105 $ 340,856 __________________________________________ (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 the change in fair value of contingent consideration arrangements. (i) Represents costs paid to third-party advisors related to debt refinancing activities. (j) For a detailed discussion of the Company’s use of non-GAAP financial measures, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Non-GAAP Financial Measures” in this Quarterly Report on Form 10-Q.
Schedule of net sales to external customers by main product lines	The following table presents the Company’s net sales to external customers by main product lines: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Wallboard $ 582,119 $ 585,174 $ 1,170,048 $ 1,156,599 Complementary products 466,828 428,319 910,341 854,529 Steel framing 217,388 232,108 427,246 468,868 Ceilings 204,441 175,329 411,597 350,534 Total net sales $ 1,470,776 $ 1,420,930 $ 2,919,232 $ 2,830,530 The following table presents additional detail on the Company’s net sales of complementary products: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Tools and fasteners $ 89,743 $ 86,366 $ 180,912 $ 170,041 Insulation 100,842 82,068 185,885 160,455 Joint treatment 76,228 67,414 151,517 132,696 Lumber 42,295 40,437 85,318 82,511 EIFS/stucco 55,664 47,408 106,616 93,704 Other 102,056 104,626 200,093 215,122 Complementary products $ 466,828 $ 428,319 $ 910,341 $ 854,529
Schedule of net sales by major geographic area	The following table presents the Company’s net sales by major geographic area: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) United States $ 1,254,151 $ 1,238,855 $ 2,513,056 $ 2,457,286 Canada 216,625 182,075 406,176 373,244 Total net sales $ 1,470,776 $ 1,420,930 $ 2,919,232 $ 2,830,530
Schedule of property and equipment by major geographic area	The following table presents the Company’s property and equipment, net, by major geographic area: October 31, April 30, (in thousands) United States $ 451,024 $ 425,429 Canada 62,626 46,828 Total property and equipment, net $ 513,650 $ 472,257

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Oct. 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 Six Months Ended 2024 2023 2024 2023 (in thousands, except per share data) Net income $ 53,536 $ 80,957 $ 110,784 $ 167,787 Basic earnings per common share: Basic weighted average common shares outstanding 39,126 40,466 39,334 40,608 Basic earnings per common share $ 1.37 $ 2.00 $ 2.82 $ 4.13 Diluted earnings per common share: Basic weighted average common shares outstanding 39,126 40,466 39,334 40,608 Add: Common Stock Equivalents 577 622 630 674 Diluted weighted average common shares outstanding 39,703 41,088 39,964 41,282 Diluted earnings per common share $ 1.35 $ 1.97 $ 2.77 $ 4.06

Business, Basis of Presentati_4

Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details)	6 Months Ended
	Oct. 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	Oct. 31, 2024	Apr. 30, 2024
Loss contingencies
Medical self‑insurance	$ 4,812	$ 6,067
General liability, automobile and workers’ compensation	24,501	22,731
Expected recoveries for insurance liabilities	$ (4,629)	$ (3,746)

Business, Basis of Presentati_6

Business, Basis of Presentation and Summary of Significant Accounting Policies - Investments (Details) $ in Millions	Oct. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in equity securities	$ 5.2

Business, Basis of Presentati_7

Business, Basis of Presentation and Summary of Significant Accounting Policies - Restructuring (Details) $ in Millions	3 Months Ended
	Oct. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restructuring costs	$ 6.2
Payments for restructuring	3.5
Restructuring cost, expected cost to be paid	$ 2.7

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands, $ in Millions	3 Months Ended				6 Months Ended
	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Oct. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Aug. 26, 2024 USD ($) location	Jul. 02, 2024 USD ($) location	Jul. 02, 2024 CAD ($) location
Business Acquisition [Line Items]
Net sales	$ 1,470,776		$ 1,420,930		$ 2,919,232	$ 2,830,530
Net income	53,536	$ 57,248	80,957	$ 86,830	110,784	167,787
Transaction costs (acquisitions and other)	1,193		$ 1,223		2,473	$ 2,608
Yvon
Business Acquisition [Line Items]
Number of locations | location								7	7
Contingent consideration arrangement term								5 years	5 years
Yvon | Maximum
Business Acquisition [Line Items]
Contingent consideration								$ 33,500	$ 46
R.S. Elliott Specialty Supply
Business Acquisition [Line Items]
Number of locations | location							5
Fiscal 2025 Acquisitions
Business Acquisition [Line Items]
Net sales					64,400
Net income					400
Goodwill not expected to be deductible for income tax purposes	37,800				37,800
Goodwill expected to be deductible for income tax purposes	44,900				44,900
Trade accounts and notes receivable	51,755				51,755		$ 51,721
Trade accounts and notes receivable, gross	$ 52,000				$ 52,000

Business Combinations - Prelimi

Business Combinations - Preliminary Consideration Transferred (Details) - Fiscal 2025 Acquisitions $ in Thousands	6 Months Ended
	Oct. 31, 2024 USD ($)
Business Acquisition [Line Items]
Cash	$ 215,503
Contingent consideration	26,648
Fair value of consideration transferred	$ 242,151

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	2 Months Ended	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2024	Aug. 26, 2024	Apr. 30, 2024
Business Acquisition [Line Items]
Goodwill	$ 936,504	$ 936,504		$ 853,767
Adjustments, Goodwill		2,486
Fiscal 2025 Acquisitions
Business Acquisition [Line Items]
Cash	8,414	8,414	$ 8,414
Trade accounts and notes receivable	51,755	51,755	51,721
Adjustments, Trade accounts and notes receivable	34
Inventories	10,678	10,678	10,731
Adjustments, Inventories	(53)
Property and equipment	22,392	22,392	22,392
Other assets	16,322	16,322	15,826
Adjustments, Other assets	496
Intangible assets	102,563	102,563	102,563
Goodwill	82,740	82,740	83,217
Adjustments, Goodwill	(477)
Accounts payable and other liabilities	(31,483)	(31,483)	(31,483)
Deferred income taxes	(21,230)	(21,230)	(21,230)
Fair value of consideration transferred	242,151	$ 242,151	$ 242,151
Adjustments, Fair value of consideration transferred	$ 0

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2024	Apr. 30, 2024	Aug. 26, 2024
Business Acquisition [Line Items]
Weighted Average Amortization Period	12 years 10 months 24 days	13 years 1 month 6 days
Customer relationships
Business Acquisition [Line Items]
Weighted Average Amortization Period	12 years 6 months	12 years 9 months 18 days
Intangible assets
Business Acquisition [Line Items]
Weighted Average Amortization Period	15 years 4 months 24 days	15 years 4 months 24 days
Other
Business Acquisition [Line Items]
Weighted Average Amortization Period	5 years 6 months	5 years 7 months 6 days
Fiscal 2025 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 102,563		$ 102,563
Weighted Average Amortization Period	11 years
Fiscal 2025 Acquisitions | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 87,440
Weighted Average Amortization Period	10 years 7 months 6 days
Fiscal 2025 Acquisitions | Intangible assets
Business Acquisition [Line Items]
Intangible assets	$ 13,276
Weighted Average Amortization Period	15 years
Fiscal 2025 Acquisitions | Other
Business Acquisition [Line Items]
Intangible assets	$ 1,847
Weighted Average Amortization Period	5 years

Accounts Receivable - Trade Acc

Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Receivables [Abstract]
Trade receivables	$ 775,281	$ 745,956
Other receivables	184,385	120,967
Allowance for expected credit losses	(9,370)	(10,228)
Other allowances	(6,614)	(6,702)
Trade accounts and notes receivable	$ 943,682	$ 849,993

Accounts Receivable - Change In

Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Apr. 30, 2024
Change in allowance
Beginning balance	$ 10,228
Provision	478
Write-offs and other	(1,336)
Ending balance	9,370
Receivables from contracts with customers	$ 759,300	$ 729,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill gross	$ 917,689
Goodwill, accumulated impairment loss	(63,922)
Goodwill balance	853,767
Goodwill recognized from acquisitions	82,740
Acquisition accounting adjustments from prior period	2,486
Translation adjustment, gross	(3,157)
Translation adjustment, accumulated impairment loss	668
Translation adjustment, net	(2,489)
Goodwill gross	999,758
Goodwill, accumulated impairment loss	(63,254)
Goodwill balance	$ 936,504

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Intangible assets
Goodwill	$ 936,504		$ 936,504		$ 853,767
Amortization expense	21,549	$ 15,974	40,353	$ 31,665
Geographic divisions
Intangible assets
Goodwill	828,700		828,700
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	6 Months Ended	12 Months Ended
	Oct. 31, 2024	Apr. 30, 2024
Intangible assets
Weighted Average Amortization Period	12 years 10 months 24 days	13 years 1 month 6 days
Gross Carrying Amount	$ 950,193	$ 853,069
Accumulated Amortization	(472,137)	(434,748)
Total	478,056	418,321
Indefinite-lived intangible assets	84,367	84,367
Total intangible assets, net	$ 562,423	$ 502,688
Customer relationships
Intangible assets
Weighted Average Amortization Period	12 years 6 months	12 years 9 months 18 days
Gross Carrying Amount	$ 778,033	$ 695,411
Accumulated Amortization	(426,937)	(395,117)
Total	$ 351,096	$ 300,294
Customer relationships | Minimum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years
Customer relationships | Maximum
Intangible assets
Estimated Useful Lives (years)	15 years	15 years
Definite-lived trade names
Intangible assets
Weighted Average Amortization Period	15 years 4 months 24 days	15 years 4 months 24 days
Gross Carrying Amount	$ 155,881	$ 143,267
Accumulated Amortization	(37,386)	(32,613)
Total	$ 118,495	$ 110,654
Definite-lived trade names | Minimum
Intangible assets
Estimated Useful Lives (years)	5 years	5 years
Definite-lived trade names | Maximum
Intangible assets
Estimated Useful Lives (years)	20 years	20 years
Developed technology
Intangible assets
Weighted Average Amortization Period	6 years 10 months 24 days	6 years 10 months 24 days
Gross Carrying Amount	$ 8,216	$ 8,249
Accumulated Amortization	(5,928)	(5,843)
Total	$ 2,288	$ 2,406
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	5 years 6 months	5 years 7 months 6 days
Gross Carrying Amount	$ 8,063	$ 6,142
Accumulated Amortization	(1,886)	(1,175)
Total	$ 6,177	$ 4,967
Other | Minimum
Intangible assets
Estimated Useful Lives (years)	3 years	3 years
Other | Maximum
Intangible assets
Estimated Useful Lives (years)	10 years	10 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining six months)	$ 40,992
2026	74,894
2027	66,717
2028	57,784
2029	49,844
Thereafter	187,825
Total	$ 478,056	$ 418,321

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024	May 12, 2023
Long-term debt
Long-term debt, gross	$ 1,490,385
Finance lease obligations	186,638	$ 168,738
Carrying value of debt	1,481,446	1,280,575
Less current portion	54,882	50,849
Long-term debt	1,426,564	1,229,726
Term Loan Facility
Long-term debt
Long-term debt, gross	495,009	497,503	$ 499,500
Unamortized discount and deferred financing costs	(5,856)	(6,406)
Senior Notes
Long-term debt
Long-term debt, gross	350,000	350,000
Unamortized discount and deferred financing costs	$ (3,083)	(3,426)
Interest rate	4.625%
ABL Facility
Long-term debt
Long-term debt, gross	$ 449,191	270,000
Installment Notes
Long-term debt
Long-term debt, gross	9,547	4,170
Unamortized discount	$ 0	$ (4)
Interest rate	5%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 02, 2024	May 12, 2023	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Long-term debt
Long-term debt, gross			$ 1,490,385		$ 1,490,385
Write-off of debt discount and deferred financing fees			0	$ 0	0	$ 1,401
Term Loan Facility
Long-term debt
Long-term debt, gross		$ 499,500	$ 495,009		495,009		$ 497,503
Loan quarterly payments					$ 1,300
Loan quarterly payments of the principal amount (as a percent)					0.25%
Borrowing interest rate (as a percent)			7.10%		7.10%
Margin added to variable rate (as a percent)	2.25%
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%
ABL Facility
Long-term debt
Long-term debt, gross			$ 449,191		$ 449,191		$ 270,000
Borrowing weighted average interest rate (as a percent)			6.37%		6.37%
Available borrowing capacity under the facility			$ 458,600		$ 458,600
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	Oct. 31, 2024	Apr. 30, 2024	May 12, 2023
Long-term debt
2025 (remaining six months)	$ 27,231
2026	52,035
2027	47,379
2028	490,681
2029	31,725
Thereafter	841,334
Total	1,490,385
Term Loan Facility
Long-term debt
2025 (remaining six months)	2,494
2026	4,988
2027	4,988
2028	4,988
2029	4,988
Thereafter	472,563
Total	495,009	$ 497,503	$ 499,500
Senior Notes
Long-term debt
2025 (remaining six months)	0
2026	0
2027	0
2028	0
2029	0
Thereafter	350,000
Total	350,000	350,000
ABL Facility
Long-term debt
2025 (remaining six months)	0
2026	0
2027	0
2028	449,191
2029	0
Thereafter	0
Total	449,191	270,000
Finance Leases
Long-term debt
2025 (remaining six months)	24,294
2026	44,896
2027	40,260
2028	34,445
2029	23,972
Thereafter	18,771
Total	186,638
Installment Notes
Long-term debt
2025 (remaining six months)	443
2026	2,151
2027	2,131
2028	2,057
2029	2,765
Thereafter	0
Total	$ 9,547	$ 4,170

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Finance lease cost:
Amortization of right-of-use assets	$ 8,353	$ 7,114	$ 16,692	$ 13,878
Interest on lease liabilities	2,649	1,897	5,343	3,754
Operating lease cost	20,295	16,033	39,888	31,749
Variable lease cost	4,075	4,769	8,907	8,439
Total lease cost	$ 35,372	$ 29,813	$ 70,830	$ 57,820

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 38,633	$ 30,926
Operating cash flows from finance leases	5,343	3,754
Financing cash flows from finance leases	21,834	19,304
Right-of-use assets obtained in exchange for lease obligations
Operating leases	56,199	23,904
Finance leases	$ 38,083	$ 35,336

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Finance leases included in property and equipment
Property and equipment	$ 325,570	$ 289,707
Accumulated depreciation	(88,556)	(78,170)
Property and equipment, net	$ 237,014	$ 211,537
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $336,513 and $309,850, respectively	Property and equipment, net of accumulated depreciation of $336,513 and $309,850, respectively
Weighted-average remaining lease term (years)
Operating leases	7 years 1 month 6 days	6 years 10 months 24 days
Finance leases	4 years 3 months 18 days	4 years
Weighted-average discount rate
Operating leases	6.60%	6.30%
Finance leases	6%	5.70%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Finance
2025 (remaining six months)	$ 29,319
2026	53,139
2027	46,103
2028	38,040
2029	25,697
Thereafter	19,334
Total lease payments	211,632
Less imputed interest	24,994
Total	186,638	$ 168,738
Operating
2025 (remaining six months)	34,276
2026	69,452
2027	58,001
2028	47,400
2029	40,301
Thereafter	139,149
Total lease payments	388,579
Less imputed interest	88,688
Total	$ 299,891

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	26.40%	24.30%
Valuation allowance	$ 12,600,000		$ 12,500,000
Reserve for uncertain tax positions	$ 0		$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Oct. 31, 2024	Oct. 18, 2023
Share Repurchase Program [Line Items]
Other comprehensive loss on derivative instruments before reclassification, tax benefit	$ 1.2
Reclassification to earnings from accumulated other comprehensive loss on derivative instruments, tax expense	0.5
Losses on intra-entity transactions, long-term investment, tax benefit	1.2
2023 Repurchase Plan
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount		$ 250
Remaining amount under repurchase program	$ 102

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Equity [Abstract]
Amount repurchased pursuant to repurchase program					$ 98,478	$ 74,768
Excise tax on repurchases					770	588
Repurchases of common stock	$ 52,639	$ 46,609	$ 44,572	$ 30,784	$ 99,248	$ 75,356
Number of share repurchased (in shares)					1,131	1,158

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,460,521
Other comprehensive loss before reclassification	(6,934)
Losses on intra-entity transactions that are of a long-term investment nature	(3,615)
Reclassification to earnings from accumulated other comprehensive loss	(1,543)
Ending balance	1,469,307
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(31,519)
Ending balance	(43,611)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40,000)
Other comprehensive loss before reclassification	(3,124)
Losses on intra-entity transactions that are of a long-term investment nature	(3,615)
Reclassification to earnings from accumulated other comprehensive loss	0
Ending balance	(46,739)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	8,481
Other comprehensive loss before reclassification	(3,810)
Losses on intra-entity transactions that are of a long-term investment nature	0
Reclassification to earnings from accumulated other comprehensive loss	(1,543)
Ending balance	$ 3,128

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,925	$ 5,111	$ 8,603	$ 8,415
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised			5,300	2,700
Unrecognized compensation cost, options	8,100		$ 8,100
Weighted-average period for recognition of unrecognized compensation expense (in years)			2 years
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 8 months 12 days
Fair value of awards vested			$ 15,800	12,900
Unrecognized compensation cost, RSUs	$ 12,200		12,200
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1,000	700
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			$ 7,600	$ 7,700

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2024 USD ($) $ / shares shares	Apr. 30, 2024 USD ($) $ / shares shares
Number of Options
Outstanding, beginning of the period (in shares) | shares	968
Options granted (in shares) | shares	134
Options exercised (in shares) | shares	(85)
Options forfeited (in shares) | shares	(7)
Outstanding, end of the period (in shares) | shares	1,010	968
Exercisable at end of period (in shares) | shares	713
Vested and expected to vest at end of period (in shares) | shares	1,002
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 41.79
Options granted (in dollars per share) | $ / shares	92.63
Options exercised (in dollars per share) | $ / shares	28.89
Options forfeited (in dollars per share) | $ / shares	55.28
Outstanding, end of the period (in dollars per share) | $ / shares	49.55	$ 41.79
Exercisable at end of period (in dollars per share) | $ / shares	37.58
Vested and expected to vest at end of period (in dollars per share) | $ / shares	$ 49.31
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Life, Outstanding (in years)	6 years 9 months 18 days	6 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years)	5 years 10 months 24 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 | $	$ 41,095	$ 49,086
Aggregate Intrinsic Value, Exercisable at end of period | $	37,280
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $	$ 41,030

Equity-Based Compensation - Bla

Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock Options - $ / shares	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility (as a percent)	37.53%	38.70%
Expected life (years)	6 years	6 years
Risk-free interest rate (as a percent)	3.95%	4.29%
Dividend yield (as a percent)	0%	0%
Grant date fair value (in dollars per share)	$ 39.88	$ 33.34

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands	6 Months Ended
	Oct. 31, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding, beginning of the period (in shares) | shares	314
Granted (in shares) | shares	119
Vested (in shares) | shares	(171)
Forfeited (in shares) | shares	(9)
Outstanding, end of the period (in shares) | shares	253
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 60.74
Granted (in dollars per share) | $ / shares	92.63
Vested (in dollars per share) | $ / shares	58.31
Forfeited (in dollars per share) | $ / shares	74.05
Outstanding, end of the period (in dollars per share) | $ / shares	$ 76.92

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased under ESPP (in shares)	44	58
Average price per share (in dollars per share)	$ 72.20	$ 45.90

Stock Appreciation Rights, De_3

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Selling, general and administrative expenses
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Expense related to equity based compensation arrangements	$ 1,800	$ 2,300
Stock Appreciation Rights
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	36,013
Amounts redeemed	(3,388)
Change in fair value	640
Award liability as of end of period	33,265
Current liabilities related to plans	17,289		$ 11,038
Long-term liabilities related to plans	15,976		24,975
Deferred Compensation
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	2,060
Amounts redeemed	(785)
Change in fair value	173
Award liability as of end of period	1,448
Current liabilities related to plans	1,448		733
Long-term liabilities related to plans	0		1,327
Redeemable Noncontrolling Interests
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	10,259
Amounts redeemed	(3,935)
Change in fair value	942
Award liability as of end of period	7,266
Current liabilities related to plans	7,266		3,666
Long-term liabilities related to plans	$ 0		$ 6,593

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Derivative Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Level 3
Liabilities:
Contingent consideration	$ 26,746	$ 0
Interest rate swaps and collars | Level 2
Assets:
Derivative asset	$ 4,170	$ 11,260

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($)	Oct. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jul. 02, 2024 USD ($)	Jul. 02, 2024 CAD ($)
Yvon
Fair Value Measurements
Current contingent consideration liability		$ 5.4		$ 5.4
Noncurrent contingent consideration liability		21.3		21.3
Minimum | Yvon
Fair Value Measurements
Contingent consideration						$ 0
Maximum | Yvon
Fair Value Measurements
Contingent consideration						$ 33.5	$ 46
Interest rate swap agreements
Fair Value Measurements
Gain (loss) on derivative instruments		0.9	$ 0.8	2	$ 1.2
Expected earnings to be reclassified during next twelve months		1.2		1.2
Interest rate swap agreements | Prepaid expenses and other current assets
Fair Value Measurements
Derivative liabilities		1.2		1.2
Interest rate swap agreements | Other assets
Fair Value Measurements
Derivative liabilities		$ 3		$ 3
Interest rate swap agreements | Term Loan Facility
Fair Value Measurements
Derivative term	2 years
Notional amount	$ 300
Fixed interest rate	3.899%
Forward interest rate collar | Term Loan Facility
Fair Value Measurements
Notional amount	$ 300

Fair Value Measurements - Chang

Fair Value Measurements - Change in Fair Value of Level 3 Liabilities (Details) - Contingent consideration - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Apr. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 26,746	$ 0
Additions	26,348
Change in fair value	793
Translation adjustment	(395)
Ending balance	$ 26,746

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Debt (Details) - Level 2 - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Carrying Amount
Fair Value Measurements
Senior Notes	$ 350,000	$ 350,000
Fair Value
Fair Value Measurements
Senior Notes	$ 330,971	$ 323,330

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Segment information
Net sales	$ 1,470,776	$ 1,420,930	$ 2,919,232	$ 2,830,530
Depreciation and Amortization	42,078	32,937	80,110	64,955
Adjusted EBITDA	152,224	167,558	298,105	340,856
Geographic divisions
Segment information
Net sales	1,441,481	1,389,073	2,858,299	2,768,034
Depreciation and Amortization	38,597	29,004	73,168	57,110
Adjusted EBITDA	147,850	162,306	289,749	329,591
Other
Segment information
Net sales	29,295	31,857	60,933	62,496
Depreciation and Amortization	3,407	3,849	6,788	7,673
Adjusted EBITDA	4,374	5,252	8,356	11,265
Corporate
Segment information
Net sales	0	0	0	0
Depreciation and Amortization	74	84	154	172
Adjusted EBITDA	$ 0	$ 0	$ 0	$ 0

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Segment Reporting [Abstract]
Net income	$ 53,536	$ 57,248	$ 80,957	$ 86,830	$ 110,784	$ 167,787
Interest expense	23,697		18,742		45,910	37,656
Write-off of debt discount and deferred financing fees	0		0		0	1,401
Interest income	(193)		(292)		(563)	(766)
Provision for income taxes	18,890		27,205		39,836	53,939
Depreciation expense	20,529		16,963		39,757	33,290
Amortization expense	21,549		15,974		40,353	31,665
Stock appreciation rights	397		401		640	1,619
Redeemable noncontrolling interests and deferred compensation	693		184		1,115	664
Equity-based compensation	4,925		5,111		8,603	8,415
Severance and other permitted costs	6,460		882		7,416	1,288
Transaction costs (acquisitions and other)	1,193		1,223		2,473	2,608
(Gain) loss on disposal of assets	(351)		(310)		507	(441)
Effects of fair value adjustments to inventory	106		140		481	442
Change in fair value of contingent consideration	793		0		793	0
Debt transaction costs	0		378		0	1,289
Adjusted EBITDA	$ 152,224		$ 167,558		$ 298,105	$ 340,856

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenue from external customers
Total net sales	$ 1,470,776	$ 1,420,930	$ 2,919,232	$ 2,830,530
Wallboard
Revenue from external customers
Total net sales	582,119	585,174	1,170,048	1,156,599
Complementary products
Revenue from external customers
Total net sales	466,828	428,319	910,341	854,529
Steel framing
Revenue from external customers
Total net sales	217,388	232,108	427,246	468,868
Ceilings
Revenue from external customers
Total net sales	$ 204,441	$ 175,329	$ 411,597	$ 350,534

Segments - Net Sales of Complem

Segments - Net Sales of Complementary Products (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenue from external customers
Net sales	$ 1,470,776	$ 1,420,930	$ 2,919,232	$ 2,830,530
Complementary products
Revenue from external customers
Net sales	466,828	428,319	910,341	854,529
Tools and fasteners
Revenue from external customers
Net sales	89,743	86,366	180,912	170,041
Insulation
Revenue from external customers
Net sales	100,842	82,068	185,885	160,455
Joint treatment
Revenue from external customers
Net sales	76,228	67,414	151,517	132,696
Lumber
Revenue from external customers
Net sales	42,295	40,437	85,318	82,511
EIFS/stucco
Revenue from external customers
Net sales	55,664	47,408	106,616	93,704
Other
Revenue from external customers
Net sales	$ 102,056	$ 104,626	$ 200,093	$ 215,122

Segments - Net Sales by Major G

Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 1,470,776	$ 1,420,930	$ 2,919,232	$ 2,830,530
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	1,254,151	1,238,855	2,513,056	2,457,286
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 216,625	$ 182,075	$ 406,176	$ 373,244

Segments - Property and Equipme

Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 513,650	$ 472,257
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	451,024	425,429
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 62,626	$ 46,828

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Oct. 31, 2024	Jul. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Computation of basic and diluted earnings per share of common stock
Net income	$ 53,536	$ 57,248	$ 80,957	$ 86,830	$ 110,784	$ 167,787
Basic earnings per common share:
Basic weighted average common shares outstanding (in shares)	39,126		40,466		39,334	40,608
Basic earnings per common share (in dollars per share)	$ 1.37		$ 2		$ 2.82	$ 4.13
Diluted earnings per common share:
Basic weighted average common shares outstanding (in shares)	39,126		40,466		39,334	40,608
Add: Common Stock Equivalents (in shares)	577		622		630	674
Diluted weighted average common shares outstanding (in shares)	39,703		41,088		39,964	41,282
Diluted earnings per common share (in dollars per share)	$ 1.35		$ 1.97		$ 2.77	$ 4.06
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares (in shares)	0		0		0	0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Dec. 02, 2024	Nov. 30, 2024	Oct. 31, 2024	Oct. 18, 2023
2023 Repurchase Plan
Subsequent Events
Stock repurchase program, authorized amount				$ 250
Remaining amount under repurchase program			$ 102
Subsequent event | 2024 Repurchase Plan
Subsequent Events
Stock repurchase program, authorized amount	$ 250
Subsequent event | 2023 Repurchase Plan
Subsequent Events
Remaining amount under repurchase program		$ 94.6