GMS (GMS) 10-Q 6 Mar 25 2025 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jan. 31, 2025	Feb. 28, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2025
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		38,389,078
Entity Central Index Key	0001600438
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 59,029	$ 166,148
Trade accounts and notes receivable, net of allowances of $15,046 and $16,930, respectively	783,116	849,993
Inventories, net	599,284	580,830
Prepaid expenses and other current assets	50,104	42,352
Total current assets	1,491,533	1,639,323
Property and equipment, net of accumulated depreciation of $348,669 and $309,850, respectively	515,452	472,257
Operating lease right-of-use assets	318,240	251,207
Goodwill	870,027	853,767
Intangible assets, net	548,443	502,688
Deferred income taxes	27,621	21,890
Other assets	21,720	18,708
Total assets	3,793,036	3,759,840
Current liabilities:
Accounts payable	330,125	420,237
Accrued compensation and employee benefits	96,430	125,610
Other accrued expenses and current liabilities	109,580	111,204
Current portion of long-term debt	57,104	50,849
Current portion of operating lease liabilities	54,968	49,150
Total current liabilities	648,207	757,050
Non-current liabilities:
Long-term debt	1,352,873	1,229,726
Long-term operating lease liabilities	270,732	204,865
Deferred income taxes, net	76,961	62,698
Other liabilities	50,655	44,980
Total liabilities	2,399,428	2,299,319
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 38,487 and 39,754 shares issued and outstanding as of January 31, 2025 and April 30, 2024, respectively	385	397
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of January 31, 2025 and April 30, 2024	0	0
Additional paid-in capital	211,814	334,596
Retained earnings	1,246,422	1,157,047
Accumulated other comprehensive loss	(65,013)	(31,519)
Total stockholders’ equity	1,393,608	1,460,521
Total liabilities and stockholders’ equity	$ 3,793,036	$ 3,759,840

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Statement of Financial Position [Abstract]
Trade accounts and notes receivable, allowances (in dollars)	$ 15,046	$ 16,930
Property and equipment, accumulated depreciation (in dollars)	$ 348,669	$ 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)	38,487,000	39,754,000
Common stock, shares outstanding (in shares)	38,487,000	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 (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Income Statement [Abstract]
Net sales	$ 1,260,710	$ 1,258,348	$ 4,179,942	$ 4,088,878
Cost of sales (exclusive of depreciation and amortization shown separately below)	867,620	843,628	2,874,162	2,764,975
Gross profit	393,090	414,720	1,305,780	1,323,903
Operating expenses (income):
Selling, general and administrative	310,815	295,691	950,192	883,381
Depreciation and amortization	42,430	32,804	122,540	97,759
Impairment of goodwill	42,454	0	42,454	0
Gain on sale of business	(7,393)	0	(7,393)	0
Total operating expenses	388,306	328,495	1,107,793	981,140
Operating income	4,784	86,225	197,987	342,763
Other (expense) income:
Interest expense	(23,069)	(18,784)	(68,979)	(56,440)
Write-off of debt discount and deferred financing fees	0	0	0	(1,401)
Other income, net	1,053	1,932	4,380	6,177
Total other expense, net	(22,016)	(16,852)	(64,599)	(51,664)
Income (loss) before taxes	(17,232)	69,373	133,388	291,099
Provision for income taxes	4,177	17,468	44,013	71,407
Net income (loss)	$ (21,409)	$ 51,905	$ 89,375	$ 219,692
Weighted average common shares outstanding:
Basic (in shares)	38,708	39,864	39,125	40,360
Diluted (in shares)	38,708	40,512	39,727	41,026
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.55)	$ 1.30	$ 2.28	$ 5.44
Diluted (in dollars per share)	$ (0.55)	$ 1.28	$ 2.25	$ 5.35
Comprehensive income (loss)
Net income (loss)	$ (21,409)	$ 51,905	$ 89,375	$ 219,692
Foreign currency translation adjustments	(22,109)	14,404	(28,848)	4,638
Changes in other comprehensive income (loss), net of tax	707	(7,044)	(4,646)	2,559
Comprehensive income (loss)	$ (42,811)	$ 59,265	$ 55,881	$ 226,889

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 (loss)	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 (loss)	219,692
Foreign currency translation adjustments	4,638
Other comprehensive income (loss), net of tax	$ 2,559
Repurchase and retirement of common stock (in shares)	(1,528)
Repurchase and retirement of common stock	$ (100,292)
Ending balance (in shares) at Jan. 31, 2024		39,881
Ending balance at Jan. 31, 2024	1,418,944	$ 398	345,818	1,100,660	(27,932)
Beginning balance (in shares) at Jul. 31, 2023		40,606
Beginning balance at Jul. 31, 2023	1,354,806	$ 406	404,944	967,798	(18,342)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	80,957			80,957
Foreign currency translation adjustments	(21,164)				(21,164)
Other comprehensive income (loss), net of tax	4,214				4,214
Repurchase and retirement of common stock (in shares)		(689)
Repurchase and retirement of common stock	(44,572)	$ (6)	(44,566)
Equity-based compensation	5,111		5,111
Exercise of stock options (in shares)		19
Exercise of stock options	508		508
Vesting of restricted stock units (in shares)		119
Vesting of restricted stock units	0	$ 1	(1)
Tax withholding related to net share settlements of equity awards	(3,975)		(3,975)
Ending balance (in shares) at Oct. 31, 2023		40,055
Ending balance at Oct. 31, 2023	1,375,885	$ 401	362,021	1,048,755	(35,292)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	51,905			51,905
Foreign currency translation adjustments	14,404				14,404
Other comprehensive income (loss), net of tax	(7,044)				(7,044)
Repurchase and retirement of common stock (in shares)		(370)
Repurchase and retirement of common stock	(24,936)	$ (4)	(24,932)
Equity-based compensation	3,559		3,559
Exercise of stock options (in shares)		163
Exercise of stock options	3,297	$ 1	3,296
Vesting of restricted stock units (in shares)		2
Tax withholding related to net share settlements of equity awards	(48)		(48)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		31
Issuance of common stock pursuant to employee stock purchase plan	1,922		1,922
Ending balance (in shares) at Jan. 31, 2024		39,881
Ending balance at Jan. 31, 2024	$ 1,418,944	$ 398	345,818	1,100,660	(27,932)
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 (loss)	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 (loss)	89,375
Foreign currency translation adjustments	(28,848)
Other comprehensive income (loss), net of tax	$ (4,646)
Repurchase and retirement of common stock (in shares)	(1,576)
Repurchase and retirement of common stock	$ (138,902)
Ending balance (in shares) at Jan. 31, 2025	38,487	38,487
Ending balance at Jan. 31, 2025	$ 1,393,608	$ 385	211,814	1,246,422	(65,013)
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 (loss)	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
Ending balance at Oct. 31, 2024	1,469,307	$ 389	244,698	1,267,831	(43,611)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(21,409)			(21,409)
Foreign currency translation adjustments	(22,109)				(22,109)
Other comprehensive income (loss), net of tax	707				707
Repurchase and retirement of common stock (in shares)		(445)
Repurchase and retirement of common stock	(39,654)	$ (4)	(39,650)
Equity-based compensation	3,422		3,422
Exercise of stock options (in shares)		21
Exercise of stock options	658		658
Vesting of restricted stock units (in shares)		2
Tax withholding related to net share settlements of equity awards	(74)		(74)
Issuance of common stock pursuant to employee stock purchase plan (in shares)		39
Issuance of common stock pursuant to employee stock purchase plan	$ 2,760		2,760
Ending balance (in shares) at Jan. 31, 2025	38,487	38,487
Ending balance at Jan. 31, 2025	$ 1,393,608	$ 385	$ 211,814	$ 1,246,422	$ (65,013)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ 89,375	$ 219,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	122,540	97,759
Impairment of goodwill	42,454	0
Write-off and amortization of debt discount and debt issuance costs	1,342	3,374
Equity-based compensation	14,505	16,507
Gain on sale of business and disposal of assets, net	(4,826)	(663)
Deferred income taxes	(6,862)	(6,410)
Other items, net	6,013	3,876
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable	100,815	2,691
Inventories	(13,623)	7
Prepaid expenses and other assets	(16,024)	(19,184)
Accounts payable	(101,678)	(56,803)
Accrued compensation and employee benefits	(28,874)	(21,505)
Other accrued expenses and liabilities	(18,351)	(10,315)
Cash provided by operating activities	186,806	229,026
Cash flows from investing activities:
Purchases of property and equipment	(34,093)	(39,728)
Proceeds from sale of business and sale of assets	15,888	1,948
Acquisition of businesses, net of cash acquired	(204,333)	(55,402)
Other investing activities	(5,200)	0
Cash used in investing activities	(227,738)	(93,182)
Cash flows from financing activities:
Repayments on revolving credit facility	(1,265,165)	(525,009)
Borrowings from revolving credit facility	1,371,909	443,973
Payments of principal on long-term debt	(3,741)	(1,250)
Borrowings from term loan amendment	0	288,266
Repayments from term loan amendment	0	(287,769)
Payments of principal on finance lease obligations	(34,114)	(30,381)
Repurchases of common stock	(138,902)	(100,292)
Payment for debt issuance costs	0	(5,825)
Proceeds from exercises of stock options	3,118	5,053
Payments for taxes related to net share settlement of equity awards	(5,002)	(4,023)
Proceeds from issuance of stock pursuant to employee stock purchase plan	5,967	4,586
Cash used in financing activities	(65,930)	(212,671)
Effect of exchange rates on cash and cash equivalents	(257)	423
Decrease in cash and cash equivalents	(107,119)	(76,404)
Cash and cash equivalents, beginning of period	166,148	164,745
Cash and cash equivalents, end of period	59,029	88,341
Supplemental cash flow disclosures:
Cash paid for income taxes	58,295	93,661
Cash paid for interest	$ 72,490	$ 57,300

Business, Basis of Presentation

Business, Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2025
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 nearly 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 January 31, 2025 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 any expected recoveries. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. January 31, April 30, (in thousands) Medical self‑insurance $ 5,413 $ 6,067 General liability, automobile and workers’ compensation 29,338 22,731 Expected recoveries for insurance liabilities (4,991) (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 January 31, 2025, all such costs related to the reduction in workforce were paid. Restructuring costs are classified within selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Sale of Business On January 31, 2025, the Company sold its Michigan-based installed insulation contracting business, which was a part of the Company’s geographic divisions segment. The Company received $12.5 million of cash and recognized a $7.4 million pre-tax gain on the sale. The Company may receive up to an additional $1.5 million of cash that was held back by the buyer to secure certain of the Company’s indemnification obligations subject to and in accordance with the terms of the purchase agreement, which amount, if any, will be payable 15 months after the transaction date. The gain is included within operating income 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. Since this new guidance addresses only disclosures, the Company does not expect the adoption to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating the new disclosures that may be required upon adoption. 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. Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance requiring additional disclosures of specified information about certain costs and expenses. The new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and is to be applied prospectively with the option to adopt retrospectively. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Business Combinations

Business Combinations	9 Months Ended
	Jan. 31, 2025
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 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 (Loss). 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, ranging from zero dollars 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 (Loss) for the nine months ended January 31, 2025 included $114.3 million of net sales and $0.1 million of net loss from acquisitions made in fiscal 2025. The Company recorded transaction costs of $3.3 million and $3.4 million during the nine months ended January 31, 2025 and 2024, 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 $ 212,356 Contingent consideration 26,648 Fair value of consideration transferred $ 239,004 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 (Loss). 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 51,721 611 52,332 Inventories 10,731 (185) 10,546 Property and equipment 22,392 — 22,392 Other assets 15,826 161 15,987 Intangible assets 102,563 14,000 116,563 Goodwill 83,217 (16,190) 67,027 Accounts payable and other liabilities (31,483) (181) (31,664) Deferred income taxes (21,230) (1,363) (22,593) Fair value of consideration transferred $ 242,151 $ (3,147) $ 239,004 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 $35.7 million is not expected to be deductible for income tax purposes and goodwill of $31.3 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 $ 101,440 11.6 Trade names 13,276 15.0 Other 1,847 5.0 Total intangible assets $ 116,563 11.9 Trade accounts and notes receivable had an estimated fair value of $52.3 million and a gross contractual value of $52.5 million. The difference represents the Company’s best estimate of the contractual cash flows that will not be collected.

Accounts Receivable

Accounts Receivable	9 Months Ended
	Jan. 31, 2025
Receivables [Abstract]
Accounts Receivable	Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 654,257 $ 745,956 Other receivables 143,905 120,967 Allowance for expected credit losses (9,252) (10,228) Other allowances (5,794) (6,702) Trade accounts and notes receivable $ 783,116 $ 849,993 The following table presents the change in the allowance for expected credit losses during the nine months ended January 31, 2025: (in thousands) Balance as of April 30, 2024 $ 10,228 Provision 1,548 Write-offs and other (2,524) Balance as of January 31, 2025 $ 9,252 Receivables from contracts with customers, net of allowances, were $639.2 million and $729.0 million as of January 31, 2025 and April 30, 2024, respectively. The Company did not have material amounts of contract assets or liabilities as of January 31, 2025 or April 30, 2024.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Jan. 31, 2025
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 67,027 — 67,027 Impairment of goodwill — (42,454) (42,454) Goodwill written off related to sale of business (1,744) — (1,744) Acquisition accounting adjustments from prior period 2,486 — 2,486 Translation adjustment (11,523) 2,468 (9,055) Balance as of January 31, 2025 $ 973,935 $ (103,908) $ 870,027 As of January 31, 2025, $804.7 million of goodwill was assigned to the Company’s geographic divisions reportable segment and $65.3 million was assigned to the Company’s other segment. During the nine months ended January 31, 2025, the Company recorded measurement period adjustments related to its acquisition of Kamco Supply Corporation and affiliates. During the three months ended January 31, 2025, the Company recognized a $42.5 million non-cash impairment charge to write off a portion of the goodwill assigned to its Ames reporting unit in conjunction with an interim goodwill impairment test. This charge is included in impairment of goodwill in the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for the three and nine months ended January 31, 2025. After analysis of a number of factors, including budgeted-to-actual performance, a downward revision to forecasted future cash flows and the prior year excess of fair value over carrying value, the Company determined it was appropriate to perform an interim goodwill impairment test as of January 31, 2025. The primary factor contributing to the impairment was a decrease in the reporting unit’s forecasted future cash flows, primarily due to softness in the markets the reporting unit operates in stemming from high interest rates and other economic factors as well as delay in the projected timing of a recovery. Also contributing was an increase in the discount rate and a decrease in market multiples. The impairment charge was equal to the excess of the reporting unit’s carrying value over its fair value. As of January 31, 2025, the Company had $65.3 million of remaining goodwill assigned to its Ames reporting unit. The Company estimated the fair value of its Ames reporting unit based on a weighting of the income and market approaches. These models use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under the income approach, the Company calculated the fair value of the reporting unit based on the present value of estimated cash flows using a discounted cash flow method. The significant assumptions used in the discounted cash flow method include internal forecasts and projections developed by management for planning purposes, available industry/market data, discount rates and the growth rate to calculate the terminal value. Under the market approach, fair value is estimated using the guideline company method. The Company selects guideline companies in the industry in which each reporting unit operates. The Company primarily uses EBITDA multiples based on the multiples of the selected guideline companies. The Company also performed a quantitative assessment of the Ames reporting unit indefinite-lived intangible asset and performed a recoverability test of the Ames reporting unit definite-lived intangible assets, both of which did not indicate an impairment. Intangible Assets The following tables present the components of the Company’s intangible assets: Estimated Weighted January 31, 2025 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.6 $ 777,649 $ (436,249) $ 341,400 Definite-lived trade names 5-20 15.4 154,104 (39,441) 114,663 Developed technology 5-10 7.0 8,077 (5,811) 2,266 Other 3-10 5.5 8,023 (2,276) 5,747 Definite-lived intangible assets 13.0 $ 947,853 $ (483,777) $ 464,076 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 548,443 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 $21.2 million and $15.5 million for the three months ended January 31, 2025 and 2024, respectively, and $61.5 million and $47.2 million during the nine months ended January 31, 2025 and 2024, 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 three months) $ 19,590 2026 74,347 2027 66,526 2028 58,011 2029 50,331 Thereafter 195,271 Total $ 464,076 The Company’s indefinite-lived intangible assets as of January 31, 2025 and April 30, 2024 consisted of indefinite-lived trade names.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jan. 31, 2025
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 493,763 $ 497,503 Unamortized discount and deferred financing costs on Term Loan Facility (5,582) (6,406) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (2,912) (3,426) ABL Facility 372,763 270,000 Finance lease obligations 191,185 168,738 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2029 10,760 4,170 Unamortized discount on installment notes — (4) Carrying value of debt 1,409,977 1,280,575 Less current portion 57,104 50,849 Long-term debt $ 1,352,873 $ 1,229,726 Term Loan Facility The Company has a senior secured first lien term loan facility (the “Term Loan Facility”) with $493.8 million outstanding as of January 31, 2025. 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 January 31, 2025, the applicable rate of interest under the Term Loan Facility was 6.61%. 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 nine months ended January 31, 2024. Senior Notes The Company has senior unsecured notes due May 2029 (the “Senior Notes”) in the aggregate principal amount of $350.0 million. The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1. Asset Based Lending Facility The Company has an 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 January 31, 2025, the weighted average interest rate on borrowings was 5.97%. As of January 31, 2025, the Company had available borrowing capacity of approximately $469.7 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 January 31, 2025, the Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes. The ABL Facility contains certain covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of January 31, 2025. Debt Maturities As of January 31, 2025, 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 three months) $ 1,248 $ — $ — $ 12,460 $ 205 $ 13,913 2026 4,988 — — 47,225 3,527 55,740 2027 4,988 — — 42,820 2,131 49,939 2028 4,988 — 372,763 37,241 2,057 417,049 2029 4,988 — — 26,963 2,840 34,791 Thereafter 472,563 350,000 — 24,476 — 847,039 $ 493,763 $ 350,000 $ 372,763 $ 191,185 $ 10,760 $ 1,418,471

Leases

Leases	9 Months Ended
	Jan. 31, 2025
Lessee Disclosure [Abstract]
Leases	Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,867 $ 7,419 $ 25,559 $ 21,297 Interest on lease liabilities 2,961 2,072 8,304 5,826 Operating lease cost 21,422 16,231 61,310 47,980 Variable lease cost 3,217 4,155 12,124 12,594 Total lease cost $ 36,467 $ 29,877 $ 107,297 $ 87,697 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2025 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 59,453 $ 46,835 Operating cash flows from finance leases 8,304 5,826 Financing cash flows from finance leases 34,114 30,381 Right-of-use assets obtained in exchange for lease obligations Operating leases 96,245 39,865 Finance leases 54,648 55,662 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 342,107 $ 289,707 Accumulated depreciation (97,469) (78,170) Property and equipment, net $ 244,638 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.0 6.9 Finance leases 4.4 4.0 Weighted-average discount rate Operating leases 6.7 % 6.3 % Finance leases 6.0 % 5.7 % Future minimum lease payments under non-cancellable leases as of January 31, 2025 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining three months) $ 15,112 $ 15,987 2026 56,456 76,439 2027 49,493 65,427 2028 41,496 55,464 2029 29,162 47,797 Thereafter 25,395 156,889 Total lease payments 217,114 418,003 Less imputed interest 25,929 92,303 Total $ 191,185 $ 325,700
Leases	Leases The components of lease expense were as follows: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,867 $ 7,419 $ 25,559 $ 21,297 Interest on lease liabilities 2,961 2,072 8,304 5,826 Operating lease cost 21,422 16,231 61,310 47,980 Variable lease cost 3,217 4,155 12,124 12,594 Total lease cost $ 36,467 $ 29,877 $ 107,297 $ 87,697 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2025 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 59,453 $ 46,835 Operating cash flows from finance leases 8,304 5,826 Financing cash flows from finance leases 34,114 30,381 Right-of-use assets obtained in exchange for lease obligations Operating leases 96,245 39,865 Finance leases 54,648 55,662 Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 342,107 $ 289,707 Accumulated depreciation (97,469) (78,170) Property and equipment, net $ 244,638 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.0 6.9 Finance leases 4.4 4.0 Weighted-average discount rate Operating leases 6.7 % 6.3 % Finance leases 6.0 % 5.7 % Future minimum lease payments under non-cancellable leases as of January 31, 2025 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining three months) $ 15,112 $ 15,987 2026 56,456 76,439 2027 49,493 65,427 2028 41,496 55,464 2029 29,162 47,797 Thereafter 25,395 156,889 Total lease payments 217,114 418,003 Less imputed interest 25,929 92,303 Total $ 191,185 $ 325,700

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes General. The Company’s effective income tax rate on continuing operations was 33.0% and 24.5% for the nine months ended January 31, 2025 and 2024, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the nine months ended January 31, 2025 and 2024 was primarily due to the impact of the impairment of goodwill which was non-deductible for income tax purposes, foreign taxes, state taxes and equity compensation. Valuation allowance . The Company had a valuation allowance of $12.2 million and $12.5 million against its deferred tax assets as of January 31, 2025 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 January 31, 2025 or April 30, 2024.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jan. 31, 2025
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Share Repurchases 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 $250.0 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. 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 the Company to acquire any amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. As of January 31, 2025, the Company had $218.4 million of remaining repurchase authorization under the 2024 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 nine months ended January 31, 2025: Nine Months Ended 2025 2024 (in thousands) Amount repurchased pursuant to repurchase program $ 137,789 $ 99,609 Excise tax on repurchases 1,113 683 Repurchases of common stock $ 138,902 $ 100,292 Number of shares repurchased 1,576 1,528 Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the nine months ended January 31, 2025: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2024 $ (40,000) $ 8,481 $ (31,519) Other comprehensive loss before reclassification (15,851) (2,743) (18,594) Losses on intra-entity transactions that are of a long-term investment nature (12,997) — (12,997) Reclassification to earnings from accumulated other comprehensive loss — (1,903) (1,903) Balance as of January 31, 2025 $ (68,848) $ 3,835 $ (65,013) Other comprehensive loss before reclassification on derivative instruments for the nine months ended January 31, 2025 is net of $0.9 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the nine months ended January 31, 2025 is net of tax of $0.6 million. Losses on intra-entity transactions that are of a long-term investment nature for the nine months ended January 31, 2025 are net of tax of $4.3 million.

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Jan. 31, 2025
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 $10.8 million and $11.0 million during the nine months ended January 31, 2025 and 2024, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Stock Option Awards The following table presents stock option activity for the nine months ended January 31, 2025: 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 (106) 29.37 Options forfeited (10) 60.86 Outstanding as of January 31, 2025 986 $ 49.87 6.6 $ 35,098 Exercisable as of January 31, 2025 696 $ 37.87 5.7 $ 32,324 Vested and Expected to vest as of January 31, 2025 972 $ 49.37 6.5 $ 35,011 The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the nine months ended January 31, 2025 and 2024 was $6.0 million and $12.4 million, respectively. As of January 31, 2025, there was $6.9 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 1.7 years. The fair value of stock options granted during the nine months ended January 31, 2025 and 2024 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2025 2024 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 $ 33.33 Restricted Stock Units The following table presents restricted stock unit activity for the nine months ended January 31, 2025: Number of Weighted (shares in thousands) Outstanding as of April 30, 2024 314 $ 60.74 Granted 119 92.63 Vested (174) 58.34 Forfeited (10) 74.64 Outstanding as of January 31, 2025 249 $ 77.08 The fair value of restricted stock units that vested during the nine months ended January 31, 2025 and 2024 was $16.0 million and $13.0 million, respectively. As of January 31, 2025, there was $10.0 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.5 years. Employee Stock Purchase Plan The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. The Company recognized $1.2 million and $1.0 million of stock-based compensation expense related to the ESPP during the nine months ended January 31, 2025 and 2024, respectively. The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Nine Months Ended 2025 2024 (shares in thousands) Number of shares purchased under the ESPP 83 89 Average purchase price $ 71.33 $ 51.74

Stock Appreciation Rights, Defe

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests	9 Months Ended
	Jan. 31, 2025
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 (4,764) (785) (3,935) Change in fair value 1,331 183 966 Balance as of January 31, 2025 $ 32,580 $ 1,458 $ 7,290 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 January 31, 2025 $ 16,218 $ 1,458 $ 7,290 Classified as long-term as of January 31, 2025 16,362 — — Total expense related to these instruments was $2.5 million and $4.5 million during the nine months ended January 31, 2025 and 2024, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). 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	9 Months Ended
	Jan. 31, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: January 31, April 30, (in thousands) Assets: Interest rate swaps and collars (Level 2) $ 5,108 $ 11,260 Liabilities: Contingent consideration (Level 3) $ 26,316 $ — 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 January 31, 2025, $0.4 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 $4.7 million were classified in other assets. The Company recognized gains of $0.5 million and $0.8 million during the three months ended January 31, 2025 and 2024, respectively, related to its interest rate swaps. The Company recognized gains of $2.5 million and $2.1 million during the nine months ended January 31, 2025 and 2024, respectively, related to its interest rate swaps. These amounts are included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and within cash flows from operating activities within the Condensed Consolidated Statements of Cash Flows. As of January 31, 2025, the Company expects that approximately $0.4 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 dollars 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 (Loss). The following table presents the changes in the fair value of the Company’s Level 3 liabilities during the nine months ended January 31, 2025: Contingent Consideration (in thousands) Balance as of April 30, 2024 $ — Additions 26,348 Change in fair value 1,414 Translation adjustment (1,446) Balance as of January 31, 2025 $ 26,316 The contingent consideration is classified in the Condensed Consolidated Balance Sheet based on expected payment dates. As of January 31, 2025, $5.3 million of the contingent consideration liability was classified within other accrued expenses and current liabilities in the Condensed Consolidated Balance Sheet and $21.0 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, long-lived asset impairments and goodwill impairment. For more information on business combinations, see Note 2, “Business Combinations.” For more information on the goodwill impairment, see Note 4, “Goodwill and Intangible Assets.” During the nine months ended January 31, 2025, the Company recorded $3.4 million for impairment of operating lease ROU assets. There were no other material long-lived asset impairments during the nine months ended January 31, 2025 or 2024. 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: January 31, 2025 April 30, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 333,813 $ 350,000 $ 323,330

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jan. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is a defendant in various lawsuits and administrative actions associated with personal injuries, property damage, environmental matters, product liability claims, claims of former employees and other events arising in the normal course of business. As discussed in Note 1 “—Insurance Liabilities”, the Company records liabilities for these claims, and assets for amounts recoverable from the insurer, for claims covered by insurance.

Segments

Segments	9 Months Ended
	Jan. 31, 2025
Segment Reporting [Abstract]
Segments	Segments There have been no changes to the Company’s reportable segments during the nine months ended January 31, 2025. 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 January 31, 2025 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,233,944 $ 39,060 $ 89,419 Other 26,766 3,298 3,622 Corporate — 72 — $ 1,260,710 $ 42,430 $ 93,041 Three Months Ended January 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,224,907 $ 29,179 $ 124,911 Other 33,441 3,544 3,109 Corporate — 81 — $ 1,258,348 $ 32,804 $ 128,020 Nine Months Ended January 31, 2025 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 4,092,243 $ 112,229 $ 379,168 Other 87,699 10,085 11,978 Corporate — 226 — $ 4,179,942 $ 122,540 $ 391,146 Nine Months Ended January 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 3,992,941 $ 86,289 $ 454,503 Other 95,937 11,217 14,373 Corporate — 253 — $ 4,088,878 $ 97,759 $ 468,876 The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Net income (loss) $ (21,409) $ 51,905 $ 89,375 $ 219,692 Interest expense 23,069 18,784 68,979 56,440 Write-off of debt discount and deferred financing fees — — — 1,401 Interest income (189) (378) (752) (1,144) Provision for income taxes 4,177 17,468 44,013 71,407 Depreciation expense 21,271 17,276 61,028 50,566 Amortization expense 21,159 15,528 61,512 47,193 Impairment of goodwill 42,454 — 42,454 — Stock appreciation rights(a) 691 1,789 1,331 3,408 Redeemable noncontrolling interests and deferred compensation(b) 34 461 1,149 1,125 Equity-based compensation(c) 3,422 3,559 12,025 11,974 Severance and other permitted costs(d) 2,282 1,033 9,698 2,321 Transaction costs (acquisitions and other)(e) 789 765 3,262 3,373 Gain on disposal of assets(f) (5,333) (222) (4,826) (663) Effects of fair value adjustments to inventory(g) 3 8 484 450 Change in fair value of contingent consideration(h) 621 — 1,414 — Debt transaction costs(i) — 44 — 1,333 Adjusted EBITDA(j) $ 93,041 $ 128,020 $ 391,146 $ 468,876 __________________________________________ (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 from the sale of assets and the sale of the Company’s Michigan-based installed insulation contracting business, net of losses and impairments. (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 Nine Months Ended 2025 2024 2025 2024 (in thousands) Wallboard $ 501,703 $ 520,686 $ 1,671,751 $ 1,677,285 Complementary products 398,647 378,555 1,308,988 1,233,084 Steel framing 179,682 203,363 606,928 672,231 Ceilings 180,678 155,744 592,275 506,278 Total net sales $ 1,260,710 $ 1,258,348 $ 4,179,942 $ 4,088,878 The following table presents additional detail on the Company’s net sales of complementary products: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Tools and fasteners $ 80,326 $ 85,164 $ 261,238 $ 255,204 Insulation 92,045 78,552 277,930 239,007 Joint treatment 65,454 61,219 216,971 193,915 Lumber 36,169 31,134 121,487 113,645 EIFS/stucco 47,165 38,349 153,781 132,053 Other 77,488 84,137 277,581 299,260 Complementary products $ 398,647 $ 378,555 $ 1,308,988 $ 1,233,084 Geographic Information The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) United States $ 1,081,371 $ 1,107,244 $ 3,594,427 $ 3,564,530 Canada 179,339 151,104 585,515 524,348 Total net sales $ 1,260,710 $ 1,258,348 $ 4,179,942 $ 4,088,878 The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 455,447 $ 425,429 Canada 60,005 46,828 Total property and equipment, net $ 515,452 $ 472,257

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	9 Months Ended
	Jan. 31, 2025
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	Earnings (Loss) Per Common Share The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands, except per share data) Net income (loss) $ (21,409) $ 51,905 $ 89,375 $ 219,692 Basic earnings (loss) per common share: Basic weighted average common shares outstanding 38,708 39,864 39,125 40,360 Basic earnings (loss) per common share $ (0.55) $ 1.30 $ 2.28 $ 5.44 Diluted earnings (loss) per common share: Basic weighted average common shares outstanding 38,708 39,864 39,125 40,360 Add: Common Stock Equivalents — 648 602 666 Diluted weighted average common shares outstanding 38,708 40,512 39,727 41,026 Diluted earnings (loss) per common share $ (0.55) $ 1.28 $ 2.25 $ 5.35 For the three months ended January 31, 2025, 0.5 million Common Stock Equivalents were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. During the nine months ended January 31, 2025 and the three and nine months ended and January 31, 2024, the number of Common Stock Equivalents excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive was not material. Anti-dilutive securities could be dilutive in future periods.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (21,409)	$ 53,536	$ 57,248	$ 51,905	$ 80,957	$ 86,830	$ 89,375	$ 219,692

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 31, 2025
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)	9 Months Ended
	Jan. 31, 2025
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 January 31, 2025 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 January 31, 2025, all such costs related to the reduction in workforce were paid. 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. Since this new guidance addresses only disclosures, the Company does not expect the adoption to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating the new disclosures that may be required upon adoption. 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. Disaggregation of Income Statement Expenses. In November 2024, the FASB issued new guidance requiring additional disclosures of specified information about certain costs and expenses. The new guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, and is to be applied prospectively with the option to adopt retrospectively. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

Business, Basis of Presentati_3

Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Jan. 31, 2025
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 any expected recoveries. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets. January 31, April 30, (in thousands) Medical self‑insurance $ 5,413 $ 6,067 General liability, automobile and workers’ compensation 29,338 22,731 Expected recoveries for insurance liabilities (4,991) (3,746)

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Jan. 31, 2025
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 $ 212,356 Contingent consideration 26,648 Fair value of consideration transferred $ 239,004 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 51,721 611 52,332 Inventories 10,731 (185) 10,546 Property and equipment 22,392 — 22,392 Other assets 15,826 161 15,987 Intangible assets 102,563 14,000 116,563 Goodwill 83,217 (16,190) 67,027 Accounts payable and other liabilities (31,483) (181) (31,664) Deferred income taxes (21,230) (1,363) (22,593) Fair value of consideration transferred $ 242,151 $ (3,147) $ 239,004
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 $ 101,440 11.6 Trade names 13,276 15.0 Other 1,847 5.0 Total intangible assets $ 116,563 11.9

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Jan. 31, 2025
Receivables [Abstract]
Schedule of trade accounts and notes receivable	The Company’s trade accounts and notes receivable consisted of the following: January 31, April 30, (in thousands) Trade receivables $ 654,257 $ 745,956 Other receivables 143,905 120,967 Allowance for expected credit losses (9,252) (10,228) Other allowances (5,794) (6,702) Trade accounts and notes receivable $ 783,116 $ 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 nine months ended January 31, 2025: (in thousands) Balance as of April 30, 2024 $ 10,228 Provision 1,548 Write-offs and other (2,524) Balance as of January 31, 2025 $ 9,252

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Jan. 31, 2025
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 67,027 — 67,027 Impairment of goodwill — (42,454) (42,454) Goodwill written off related to sale of business (1,744) — (1,744) Acquisition accounting adjustments from prior period 2,486 — 2,486 Translation adjustment (11,523) 2,468 (9,055) Balance as of January 31, 2025 $ 973,935 $ (103,908) $ 870,027
Schedule of components of definite-lived intangible assets	The following tables present the components of the Company’s intangible assets: Estimated Weighted January 31, 2025 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.6 $ 777,649 $ (436,249) $ 341,400 Definite-lived trade names 5-20 15.4 154,104 (39,441) 114,663 Developed technology 5-10 7.0 8,077 (5,811) 2,266 Other 3-10 5.5 8,023 (2,276) 5,747 Definite-lived intangible assets 13.0 $ 947,853 $ (483,777) $ 464,076 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 548,443 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 January 31, 2025 Gross Accumulated Net (dollars in thousands) Customer relationships 5-15 12.6 $ 777,649 $ (436,249) $ 341,400 Definite-lived trade names 5-20 15.4 154,104 (39,441) 114,663 Developed technology 5-10 7.0 8,077 (5,811) 2,266 Other 3-10 5.5 8,023 (2,276) 5,747 Definite-lived intangible assets 13.0 $ 947,853 $ (483,777) $ 464,076 Indefinite-lived intangible assets 84,367 Total intangible assets, net $ 548,443 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 three months) $ 19,590 2026 74,347 2027 66,526 2028 58,011 2029 50,331 Thereafter 195,271 Total $ 464,076

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jan. 31, 2025
Debt Disclosure [Abstract]
Schedule of long-term debt	The Company’s long-term debt consisted of the following: January 31, April 30, (in thousands) Term Loan Facility $ 493,763 $ 497,503 Unamortized discount and deferred financing costs on Term Loan Facility (5,582) (6,406) Senior Notes 350,000 350,000 Unamortized discount and deferred financing costs on Senior Notes (2,912) (3,426) ABL Facility 372,763 270,000 Finance lease obligations 191,185 168,738 Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2029 10,760 4,170 Unamortized discount on installment notes — (4) Carrying value of debt 1,409,977 1,280,575 Less current portion 57,104 50,849 Long-term debt $ 1,352,873 $ 1,229,726
Scheduled of maturities of long-term debt	As of January 31, 2025, 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 three months) $ 1,248 $ — $ — $ 12,460 $ 205 $ 13,913 2026 4,988 — — 47,225 3,527 55,740 2027 4,988 — — 42,820 2,131 49,939 2028 4,988 — 372,763 37,241 2,057 417,049 2029 4,988 — — 26,963 2,840 34,791 Thereafter 472,563 350,000 — 24,476 — 847,039 $ 493,763 $ 350,000 $ 372,763 $ 191,185 $ 10,760 $ 1,418,471

Leases (Tables)

Leases (Tables)	9 Months Ended
	Jan. 31, 2025
Lessee Disclosure [Abstract]
Summary of components of lease expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Finance lease cost: Amortization of right-of-use assets $ 8,867 $ 7,419 $ 25,559 $ 21,297 Interest on lease liabilities 2,961 2,072 8,304 5,826 Operating lease cost 21,422 16,231 61,310 47,980 Variable lease cost 3,217 4,155 12,124 12,594 Total lease cost $ 36,467 $ 29,877 $ 107,297 $ 87,697
Summary of components of supplemental cash flow information related to leases	Supplemental cash flow information related to leases was as follows: Nine Months Ended 2025 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 59,453 $ 46,835 Operating cash flows from finance leases 8,304 5,826 Financing cash flows from finance leases 34,114 30,381 Right-of-use assets obtained in exchange for lease obligations Operating leases 96,245 39,865 Finance leases 54,648 55,662
Summary of other lease information	Other information related to leases was as follows: January 31, April 30, (in thousands) Finance leases included in property and equipment Property and equipment $ 342,107 $ 289,707 Accumulated depreciation (97,469) (78,170) Property and equipment, net $ 244,638 $ 211,537 Weighted-average remaining lease term (years) Operating leases 7.0 6.9 Finance leases 4.4 4.0 Weighted-average discount rate Operating leases 6.7 % 6.3 % Finance leases 6.0 % 5.7 %
Schedule of maturities for finance leases	Future minimum lease payments under non-cancellable leases as of January 31, 2025 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining three months) $ 15,112 $ 15,987 2026 56,456 76,439 2027 49,493 65,427 2028 41,496 55,464 2029 29,162 47,797 Thereafter 25,395 156,889 Total lease payments 217,114 418,003 Less imputed interest 25,929 92,303 Total $ 191,185 $ 325,700
Schedule of maturities for operating leases	Future minimum lease payments under non-cancellable leases as of January 31, 2025 were as follows: Finance Operating Year Ending April 30, (in thousands) 2025 (remaining three months) $ 15,112 $ 15,987 2026 56,456 76,439 2027 49,493 65,427 2028 41,496 55,464 2029 29,162 47,797 Thereafter 25,395 156,889 Total lease payments 217,114 418,003 Less imputed interest 25,929 92,303 Total $ 191,185 $ 325,700

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Jan. 31, 2025
Equity [Abstract]
Schedule of share repurchase activity	The following table presents share repurchase activity for the nine months ended January 31, 2025: Nine Months Ended 2025 2024 (in thousands) Amount repurchased pursuant to repurchase program $ 137,789 $ 99,609 Excise tax on repurchases 1,113 683 Repurchases of common stock $ 138,902 $ 100,292 Number of shares repurchased 1,576 1,528
Schedule of changes to accumulated other comprehensive loss, net of tax, by component	The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the nine months ended January 31, 2025: Foreign Derivative Accumulated (in thousands) Balance as of April 30, 2024 $ (40,000) $ 8,481 $ (31,519) Other comprehensive loss before reclassification (15,851) (2,743) (18,594) Losses on intra-entity transactions that are of a long-term investment nature (12,997) — (12,997) Reclassification to earnings from accumulated other comprehensive loss — (1,903) (1,903) Balance as of January 31, 2025 $ (68,848) $ 3,835 $ (65,013)

Equity-Based Compensation - (Ta

Equity-Based Compensation - (Tables)	9 Months Ended
	Jan. 31, 2025
Share-Based Payment Arrangement [Abstract]
Summary of stock option activity	The following table presents stock option activity for the nine months ended January 31, 2025: 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 (106) 29.37 Options forfeited (10) 60.86 Outstanding as of January 31, 2025 986 $ 49.87 6.6 $ 35,098 Exercisable as of January 31, 2025 696 $ 37.87 5.7 $ 32,324 Vested and Expected to vest as of January 31, 2025 972 $ 49.37 6.5 $ 35,011
Schedule of weighted average assumptions used in Black-Scholes option-pricing model	The fair value of stock options granted during the nine months ended January 31, 2025 and 2024 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: Nine Months Ended 2025 2024 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 $ 33.33
Summary of restricted stock unit activity	The following table presents restricted stock unit activity for the nine months ended January 31, 2025: Number of Weighted (shares in thousands) Outstanding as of April 30, 2024 314 $ 60.74 Granted 119 92.63 Vested (174) 58.34 Forfeited (10) 74.64 Outstanding as of January 31, 2025 249 $ 77.08
Schedule of ESPP activity	The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: Nine Months Ended 2025 2024 (shares in thousands) Number of shares purchased under the ESPP 83 89 Average purchase price $ 71.33 $ 51.74

Stock Appreciation Rights, De_2

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)	9 Months Ended
	Jan. 31, 2025
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 (4,764) (785) (3,935) Change in fair value 1,331 183 966 Balance as of January 31, 2025 $ 32,580 $ 1,458 $ 7,290 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 January 31, 2025 $ 16,218 $ 1,458 $ 7,290 Classified as long-term as of January 31, 2025 16,362 — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jan. 31, 2025
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: January 31, April 30, (in thousands) Assets: Interest rate swaps and collars (Level 2) $ 5,108 $ 11,260 Liabilities: Contingent consideration (Level 3) $ 26,316 $ —
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 nine months ended January 31, 2025: Contingent Consideration (in thousands) Balance as of April 30, 2024 $ — Additions 26,348 Change in fair value 1,414 Translation adjustment (1,446) Balance as of January 31, 2025 $ 26,316
Schedule of carrying value and fair value of the Senior Notes	The following table presents the carrying amount and fair value of the Company’s Senior Notes: January 31, 2025 April 30, 2024 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Senior Notes $ 350,000 $ 333,813 $ 350,000 $ 323,330

Segments (Tables)

Segments (Tables)	9 Months Ended
	Jan. 31, 2025
Segment Reporting [Abstract]
Schedule of segment results	The following tables present segment results: Three Months Ended January 31, 2025 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,233,944 $ 39,060 $ 89,419 Other 26,766 3,298 3,622 Corporate — 72 — $ 1,260,710 $ 42,430 $ 93,041 Three Months Ended January 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 1,224,907 $ 29,179 $ 124,911 Other 33,441 3,544 3,109 Corporate — 81 — $ 1,258,348 $ 32,804 $ 128,020 Nine Months Ended January 31, 2025 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 4,092,243 $ 112,229 $ 379,168 Other 87,699 10,085 11,978 Corporate — 226 — $ 4,179,942 $ 122,540 $ 391,146 Nine Months Ended January 31, 2024 Net Sales Depreciation and Adjusted (in thousands) Geographic divisions $ 3,992,941 $ 86,289 $ 454,503 Other 95,937 11,217 14,373 Corporate — 253 — $ 4,088,878 $ 97,759 $ 468,876
Schedule of reconciliation of adjusted EBITDA to net income	The following table presents a reconciliation of Adjusted EBITDA to net income: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Net income (loss) $ (21,409) $ 51,905 $ 89,375 $ 219,692 Interest expense 23,069 18,784 68,979 56,440 Write-off of debt discount and deferred financing fees — — — 1,401 Interest income (189) (378) (752) (1,144) Provision for income taxes 4,177 17,468 44,013 71,407 Depreciation expense 21,271 17,276 61,028 50,566 Amortization expense 21,159 15,528 61,512 47,193 Impairment of goodwill 42,454 — 42,454 — Stock appreciation rights(a) 691 1,789 1,331 3,408 Redeemable noncontrolling interests and deferred compensation(b) 34 461 1,149 1,125 Equity-based compensation(c) 3,422 3,559 12,025 11,974 Severance and other permitted costs(d) 2,282 1,033 9,698 2,321 Transaction costs (acquisitions and other)(e) 789 765 3,262 3,373 Gain on disposal of assets(f) (5,333) (222) (4,826) (663) Effects of fair value adjustments to inventory(g) 3 8 484 450 Change in fair value of contingent consideration(h) 621 — 1,414 — Debt transaction costs(i) — 44 — 1,333 Adjusted EBITDA(j) $ 93,041 $ 128,020 $ 391,146 $ 468,876 __________________________________________ (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 from the sale of assets and the sale of the Company’s Michigan-based installed insulation contracting business, net of losses and impairments. (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 Nine Months Ended 2025 2024 2025 2024 (in thousands) Wallboard $ 501,703 $ 520,686 $ 1,671,751 $ 1,677,285 Complementary products 398,647 378,555 1,308,988 1,233,084 Steel framing 179,682 203,363 606,928 672,231 Ceilings 180,678 155,744 592,275 506,278 Total net sales $ 1,260,710 $ 1,258,348 $ 4,179,942 $ 4,088,878 The following table presents additional detail on the Company’s net sales of complementary products: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) Tools and fasteners $ 80,326 $ 85,164 $ 261,238 $ 255,204 Insulation 92,045 78,552 277,930 239,007 Joint treatment 65,454 61,219 216,971 193,915 Lumber 36,169 31,134 121,487 113,645 EIFS/stucco 47,165 38,349 153,781 132,053 Other 77,488 84,137 277,581 299,260 Complementary products $ 398,647 $ 378,555 $ 1,308,988 $ 1,233,084
Schedule of net sales by major geographic area	The following table presents the Company’s net sales by major geographic area: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands) United States $ 1,081,371 $ 1,107,244 $ 3,594,427 $ 3,564,530 Canada 179,339 151,104 585,515 524,348 Total net sales $ 1,260,710 $ 1,258,348 $ 4,179,942 $ 4,088,878
Schedule of property and equipment by major geographic area	The following table presents the Company’s property and equipment, net, by major geographic area: January 31, April 30, (in thousands) United States $ 455,447 $ 425,429 Canada 60,005 46,828 Total property and equipment, net $ 515,452 $ 472,257

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Jan. 31, 2025
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 (loss) per share of common stock: Three Months Ended Nine Months Ended 2025 2024 2025 2024 (in thousands, except per share data) Net income (loss) $ (21,409) $ 51,905 $ 89,375 $ 219,692 Basic earnings (loss) per common share: Basic weighted average common shares outstanding 38,708 39,864 39,125 40,360 Basic earnings (loss) per common share $ (0.55) $ 1.30 $ 2.28 $ 5.44 Diluted earnings (loss) per common share: Basic weighted average common shares outstanding 38,708 39,864 39,125 40,360 Add: Common Stock Equivalents — 648 602 666 Diluted weighted average common shares outstanding 38,708 40,512 39,727 41,026 Diluted earnings (loss) per common share $ (0.55) $ 1.28 $ 2.25 $ 5.35

Business, Basis of Presentati_4

Business, Basis of Presentation and Summary of Significant Accounting Policies - Business (Details)	9 Months Ended
	Jan. 31, 2025 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 - Investments (Details) $ in Millions	Jan. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in equity securities	$ 5.2

Business, Basis of Presentati_6

Business, Basis of Presentation and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - General liability, workers' compensation and automobile - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Loss contingencies
Medical self‑insurance	$ 5,413	$ 6,067
General liability, automobile and workers’ compensation	29,338	22,731
Expected recoveries for insurance liabilities	$ (4,991)	$ (3,746)

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

Business, Basis of Presentati_8

Business, Basis of Presentation and Summary of Significant Accounting Policies - Sale of Installed Insulation Business (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business				$ 15,888	$ 1,948
Gain on sale of business		$ 7,393	$ 0	7,393	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Installed Insulation Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 12,500
Gain on sale of business	7,400
Cash holdback	$ 1,500	$ 1,500		$ 1,500
Cash holdback, term	15 months

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands, $ in Millions	3 Months Ended						9 Months Ended
	Jan. 31, 2025 USD ($)	Oct. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jan. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Aug. 26, 2024 USD ($) location	Jul. 02, 2024 USD ($) location	Jul. 02, 2024 CAD ($) location
Business Acquisition [Line Items]
Net sales	$ 1,260,710			$ 1,258,348			$ 4,179,942	$ 4,088,878
Net income (loss)	(21,409)	$ 53,536	$ 57,248	51,905	$ 80,957	$ 86,830	89,375	219,692
Transaction costs (acquisitions and other)	789			$ 765			3,262	$ 3,373
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
Yvon | Minimum
Business Acquisition [Line Items]
Contingent consideration										$ 0
R.S. Elliott Specialty Supply
Business Acquisition [Line Items]
Number of locations | location									5
Fiscal 2025 Acquisitions
Business Acquisition [Line Items]
Net sales							114,300
Net income (loss)							(100)
Goodwill not expected to be deductible for income tax purposes	35,700						35,700
Goodwill expected to be deductible for income tax purposes	31,300						31,300
Trade accounts and notes receivable	52,332						52,332		$ 51,721
Trade accounts and notes receivable, gross	$ 52,500						$ 52,500

Business Combinations - Prelimi

Business Combinations - Preliminary Consideration Transferred (Details) - Fiscal 2025 Acquisitions $ in Thousands	9 Months Ended
	Jan. 31, 2025 USD ($)
Business Acquisition [Line Items]
Cash	$ 212,356
Contingent consideration	26,648
Fair value of consideration transferred	$ 239,004

Business Combinations - Assets

Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	5 Months Ended	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2025	Aug. 26, 2024	Apr. 30, 2024
Business Acquisition [Line Items]
Goodwill	$ 870,027	$ 870,027		$ 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	52,332	52,332	51,721
Adjustments, Trade accounts and notes receivable	611
Inventories	10,546	10,546	10,731
Adjustments, Inventories	(185)
Property and equipment	22,392	22,392	22,392
Other assets	15,987	15,987	15,826
Adjustments, Other assets	161
Intangible assets	116,563	116,563	102,563
Adjustment, Intangible assets	14,000
Goodwill	67,027	67,027	83,217
Adjustments, Goodwill	(16,190)
Accounts payable and other liabilities	(31,664)	(31,664)	(31,483)
Adjustment, Accounts payable and other liabilities	(181)
Deferred income taxes	(22,593)	(22,593)	(21,230)
Adjustments, Deferred income taxes	(1,363)
Fair value of consideration transferred	239,004	$ 239,004	$ 242,151
Adjustments, Fair value of consideration transferred	$ (3,147)

Business Combinations - Intangi

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Business Acquisition [Line Items]
Weighted Average Amortization Period	13 years	13 years 1 month 6 days
Customer relationships
Business Acquisition [Line Items]
Weighted Average Amortization Period	12 years 7 months 6 days	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	$ 116,563
Weighted Average Amortization Period	11 years 10 months 24 days
Fiscal 2025 Acquisitions | Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 101,440
Weighted Average Amortization Period	11 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	Jan. 31, 2025	Apr. 30, 2024
Receivables [Abstract]
Trade receivables	$ 654,257	$ 745,956
Other receivables	143,905	120,967
Allowance for expected credit losses	(9,252)	(10,228)
Other allowances	(5,794)	(6,702)
Trade accounts and notes receivable	$ 783,116	$ 849,993

Accounts Receivable - Change In

Accounts Receivable - Change In Allowance (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Change in allowance
Beginning balance	$ 10,228
Provision	1,548
Write-offs and other	(2,524)
Ending balance	9,252
Receivables from contracts with customers	$ 639,200	$ 729,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Goodwill [Roll Forward]
Goodwill gross			$ 917,689
Goodwill, accumulated impairment loss			(63,922)
Goodwill balance			853,767
Goodwill recognized from acquisitions			67,027
Impairment of goodwill	$ (42,454)	$ 0	(42,454)	$ 0
Goodwill written off related to sale of business			(1,744)
Acquisition accounting adjustments from prior period			2,486
Translation adjustment, gross			(11,523)
Translation adjustment, accumulated impairment loss			2,468
Translation adjustment, net			(9,055)
Goodwill gross	973,935		973,935
Goodwill, accumulated impairment loss	(103,908)		(103,908)
Goodwill balance	$ 870,027		$ 870,027

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Intangible assets
Goodwill	$ 870,027		$ 870,027		$ 853,767
Impairment of goodwill	42,454	$ 0	42,454	$ 0
Amortization expense	21,159	$ 15,528	61,512	$ 47,193
Ames Reporting Unit
Intangible assets
Goodwill	65,300		65,300
Impairment of goodwill			42,500
Geographic divisions
Intangible assets
Goodwill	804,700		804,700
Other
Intangible assets
Goodwill	$ 65,300		$ 65,300

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Intangible assets
Weighted Average Amortization Period	13 years	13 years 1 month 6 days
Gross Carrying Amount	$ 947,853	$ 853,069
Accumulated Amortization	(483,777)	(434,748)
Total	464,076	418,321
Indefinite-lived intangible assets	84,367	84,367
Total intangible assets, net	$ 548,443	$ 502,688
Customer relationships
Intangible assets
Weighted Average Amortization Period	12 years 7 months 6 days	12 years 9 months 18 days
Gross Carrying Amount	$ 777,649	$ 695,411
Accumulated Amortization	(436,249)	(395,117)
Total	$ 341,400	$ 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	$ 154,104	$ 143,267
Accumulated Amortization	(39,441)	(32,613)
Total	$ 114,663	$ 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	7 years	6 years 10 months 24 days
Gross Carrying Amount	$ 8,077	$ 8,249
Accumulated Amortization	(5,811)	(5,843)
Total	$ 2,266	$ 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	$ 8,023	$ 6,142
Accumulated Amortization	(2,276)	(1,175)
Total	$ 5,747	$ 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	Jan. 31, 2025	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (remaining three months)	$ 19,590
2026	74,347
2027	66,526
2028	58,011
2029	50,331
Thereafter	195,271
Total	$ 464,076	$ 418,321

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024	May 12, 2023
Long-term debt
Long-term debt, gross	$ 1,418,471
Finance lease obligations	191,185	$ 168,738
Carrying value of debt	1,409,977	1,280,575
Less current portion	57,104	50,849
Long-term debt	1,352,873	1,229,726
Term Loan Facility
Long-term debt
Long-term debt, gross	493,763	497,503	$ 499,500
Unamortized discount and deferred financing costs	(5,582)	(6,406)
Senior Notes
Long-term debt
Long-term debt, gross	350,000	350,000
Unamortized discount and deferred financing costs	$ (2,912)	(3,426)
Interest rate	4.625%
ABL Facility
Long-term debt
Long-term debt, gross	$ 372,763	270,000
Installment Notes
Long-term debt
Long-term debt, gross	10,760	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		9 Months Ended
	May 12, 2023	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Long-term debt
Long-term debt, gross		$ 1,418,471		$ 1,418,471
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	$ 493,763		493,763		$ 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)		6.61%		6.61%
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		$ 372,763		$ 372,763		$ 270,000
Borrowing weighted average interest rate (as a percent)		5.97%		5.97%
Available borrowing capacity under the facility		$ 469,700		$ 469,700
ABL Facility | Revolving Credit Facility
Long-term debt
Maximum amount under the facility		$ 950,000		$ 950,000

Long-Term Debt - Maturities (De

Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024	May 12, 2023
Long-term debt
2025 (remaining three months)	$ 13,913
2026	55,740
2027	49,939
2028	417,049
2029	34,791
Thereafter	847,039
Total	1,418,471
Term Loan Facility
Long-term debt
2025 (remaining three months)	1,248
2026	4,988
2027	4,988
2028	4,988
2029	4,988
Thereafter	472,563
Total	493,763	$ 497,503	$ 499,500
Senior Notes
Long-term debt
2025 (remaining three 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 three months)	0
2026	0
2027	0
2028	372,763
2029	0
Thereafter	0
Total	372,763	270,000
Finance Leases
Long-term debt
2025 (remaining three months)	12,460
2026	47,225
2027	42,820
2028	37,241
2029	26,963
Thereafter	24,476
Total	191,185
Installment Notes
Long-term debt
2025 (remaining three months)	205
2026	3,527
2027	2,131
2028	2,057
2029	2,840
Thereafter	0
Total	$ 10,760	$ 4,170

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Finance lease cost:
Amortization of right-of-use assets	$ 8,867	$ 7,419	$ 25,559	$ 21,297
Interest on lease liabilities	2,961	2,072	8,304	5,826
Operating lease cost	21,422	16,231	61,310	47,980
Variable lease cost	3,217	4,155	12,124	12,594
Total lease cost	$ 36,467	$ 29,877	$ 107,297	$ 87,697

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 59,453	$ 46,835
Operating cash flows from finance leases	8,304	5,826
Financing cash flows from finance leases	34,114	30,381
Right-of-use assets obtained in exchange for lease obligations
Operating leases	96,245	39,865
Finance leases	$ 54,648	$ 55,662

Leases - Other Information (Det

Leases - Other Information (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Finance leases included in property and equipment
Property and equipment	$ 342,107	$ 289,707
Accumulated depreciation	(97,469)	(78,170)
Property and equipment, net	$ 244,638	$ 211,537
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $348,669 and $309,850, respectively	Property and equipment, net of accumulated depreciation of $348,669 and $309,850, respectively
Weighted-average remaining lease term (years)
Operating leases	7 years	6 years 10 months 24 days
Finance leases	4 years 4 months 24 days	4 years
Weighted-average discount rate
Operating leases	6.70%	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	Jan. 31, 2025	Apr. 30, 2024
Finance
2025 (remaining three months)	$ 15,112
2026	56,456
2027	49,493
2028	41,496
2029	29,162
Thereafter	25,395
Total lease payments	217,114
Less imputed interest	25,929
Total	191,185	$ 168,738
Operating
2025 (remaining three months)	15,987
2026	76,439
2027	65,427
2028	55,464
2029	47,797
Thereafter	156,889
Total lease payments	418,003
Less imputed interest	92,303
Total	$ 325,700

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	33%	24.50%
Valuation allowance	$ 12,200,000		$ 12,500,000
Reserve for uncertain tax positions	$ 0		$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Jan. 31, 2025	Dec. 02, 2024
Share Repurchase Program [Line Items]
Other comprehensive loss on derivative instruments before reclassification, tax benefit	$ 0.9
Reclassification to earnings from accumulated other comprehensive loss on derivative instruments, tax expense	0.6
Losses on intra-entity transactions, long-term investment, tax benefit	4.3
2024 Repurchase Plan
Share Repurchase Program [Line Items]
Stock repurchase program, authorized amount		$ 250
Remaining amount under repurchase program	$ 218.4

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024
Equity [Abstract]
Amount repurchased pursuant to repurchase program							$ 137,789	$ 99,609
Excise tax on repurchases							1,113	683
Repurchases of common stock	$ 39,654	$ 52,639	$ 46,609	$ 24,936	$ 44,572	$ 30,784	$ 138,902	$ 100,292
Number of share repurchased (in shares)							1,576	1,528

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands	9 Months Ended
	Jan. 31, 2025 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,460,521
Other comprehensive loss before reclassification	(18,594)
Losses on intra-entity transactions that are of a long-term investment nature	(12,997)
Reclassification to earnings from accumulated other comprehensive loss	(1,903)
Ending balance	1,393,608
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(31,519)
Ending balance	(65,013)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40,000)
Other comprehensive loss before reclassification	(15,851)
Losses on intra-entity transactions that are of a long-term investment nature	(12,997)
Reclassification to earnings from accumulated other comprehensive loss	0
Ending balance	(68,848)
Derivative Financial Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	8,481
Other comprehensive loss before reclassification	(2,743)
Losses on intra-entity transactions that are of a long-term investment nature	0
Reclassification to earnings from accumulated other comprehensive loss	(1,903)
Ending balance	$ 3,835

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,422	$ 3,559	$ 12,025	$ 11,974
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised			6,000	12,400
Unrecognized compensation cost, options	6,900		$ 6,900
Weighted-average period for recognition of unrecognized compensation expense (in years)			1 year 8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unrecognized compensation expense (in years)			1 year 6 months
Fair value of awards vested			$ 16,000	13,000
Unrecognized compensation cost, RSUs	$ 10,000		10,000
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1,200	1,000
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			$ 10,800	$ 11,000

Equity-Based Compensation - Sto

Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Jan. 31, 2025 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	(106)
Options forfeited (in shares) | shares	(10)
Outstanding, end of the period (in shares) | shares	986	968
Exercisable at end of period (in shares) | shares	696
Vested and expected to vest at end of period (in shares) | shares	972
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	29.37
Options forfeited (in dollars per share) | $ / shares	60.86
Outstanding, end of the period (in dollars per share) | $ / shares	49.87	$ 41.79
Exercisable at end of period (in dollars per share) | $ / shares	37.87
Vested and expected to vest at end of period (in dollars per share) | $ / shares	$ 49.37
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Weighted Average Remaining Contractual Life, Outstanding (in years)	6 years 7 months 6 days	6 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years)	5 years 8 months 12 days
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years)	6 years 6 months
Aggregate Intrinsic Value, Outstanding | $	$ 35,098	$ 49,086
Aggregate Intrinsic Value, Exercisable at end of period | $	32,324
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $	$ 35,011

Equity-Based Compensation - Bla

Equity-Based Compensation - Black Scholes Options - Pricing Model (Details) - Stock Options - $ / shares	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
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	$ 33.33

Equity-Based Compensation - Res

Equity-Based Compensation - Restricted Stock Units (Details) - Restricted stock units shares in Thousands	9 Months Ended
	Jan. 31, 2025 $ / 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	(174)
Forfeited (in shares) | shares	(10)
Outstanding, end of the period (in shares) | shares	249
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	58.34
Forfeited (in dollars per share) | $ / shares	74.64
Outstanding, end of the period (in dollars per share) | $ / shares	$ 77.08

Equity-Based Compensation - Emp

Equity-Based Compensation - Employee Stock Purchase Plan (Details) - ESPP - $ / shares shares in Thousands	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased under ESPP (in shares)	83	89
Average price per share (in dollars per share)	$ 71.33	$ 51.74

Stock Appreciation Rights, De_3

Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Apr. 30, 2024
Selling, general and administrative expenses
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Expense related to equity based compensation arrangements	$ 2,500	$ 4,500
Stock Appreciation Rights
Deferred Compensation Liability, Current and Noncurrent [Roll Forward]
Award liability as of beginning of period	36,013
Amounts redeemed	(4,764)
Change in fair value	1,331
Award liability as of end of period	32,580
Current liabilities related to plans	16,218		$ 11,038
Long-term liabilities related to plans	16,362		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	183
Award liability as of end of period	1,458
Current liabilities related to plans	1,458		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	966
Award liability as of end of period	7,290
Current liabilities related to plans	7,290		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	Jan. 31, 2025	Apr. 30, 2024
Level 3
Liabilities:
Contingent consideration	$ 26,316	$ 0
Interest rate swaps and collars | Level 2
Assets:
Derivative asset	$ 5,108	$ 11,260

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2023 USD ($)	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2025 USD ($)	Jan. 31, 2024 USD ($)	Jul. 02, 2024 USD ($)	Jul. 02, 2024 CAD ($)
Fair Value Measurements
Impairment of operating lease ROU assets				$ 3.4
Yvon
Fair Value Measurements
Current contingent consideration liability		$ 5.3		5.3
Noncurrent contingent consideration liability		21		21
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		0.5	$ 0.8	2.5	$ 2.1
Expected earnings to be reclassified during next twelve months		0.4		0.4
Interest rate swap agreements | Prepaid expenses and other current assets
Fair Value Measurements
Derivative liabilities		0.4		0.4
Interest rate swap agreements | Other assets
Fair Value Measurements
Derivative liabilities		$ 4.7		$ 4.7
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	9 Months Ended
	Jan. 31, 2025	Apr. 30, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 26,316	$ 0
Additions	26,348
Change in fair value	1,414
Translation adjustment	(1,446)
Ending balance	$ 26,316

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Debt (Details) - Level 2 - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Carrying Amount
Fair Value Measurements
Senior Notes	$ 350,000	$ 350,000
Fair Value
Fair Value Measurements
Senior Notes	$ 333,813	$ 323,330

Segments - Net Sales, Adjusted

Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Segment information
Net sales	$ 1,260,710	$ 1,258,348	$ 4,179,942	$ 4,088,878
Depreciation and Amortization	42,430	32,804	122,540	97,759
Adjusted EBITDA	93,041	128,020	391,146	468,876
Geographic divisions
Segment information
Net sales	1,233,944	1,224,907	4,092,243	3,992,941
Depreciation and Amortization	39,060	29,179	112,229	86,289
Adjusted EBITDA	89,419	124,911	379,168	454,503
Other
Segment information
Net sales	26,766	33,441	87,699	95,937
Depreciation and Amortization	3,298	3,544	10,085	11,217
Adjusted EBITDA	3,622	3,109	11,978	14,373
Corporate
Segment information
Net sales	0	0	0	0
Depreciation and Amortization	72	81	226	253
Adjusted EBITDA	$ 0	$ 0	$ 0	$ 0

Segments - Reconciliation of Ne

Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024
Segment Reporting [Abstract]
Net income (loss)	$ (21,409)	$ 53,536	$ 57,248	$ 51,905	$ 80,957	$ 86,830	$ 89,375	$ 219,692
Interest expense	23,069			18,784			68,979	56,440
Write-off of debt discount and deferred financing fees	0			0			0	1,401
Interest income	(189)			(378)			(752)	(1,144)
Provision for income taxes	4,177			17,468			44,013	71,407
Depreciation expense	21,271			17,276			61,028	50,566
Amortization expense	21,159			15,528			61,512	47,193
Impairment of goodwill	42,454			0			42,454	0
Stock appreciation rights	691			1,789			1,331	3,408
Redeemable noncontrolling interests and deferred compensation	34			461			1,149	1,125
Equity-based compensation	3,422			3,559			12,025	11,974
Severance and other permitted costs	2,282			1,033			9,698	2,321
Transaction costs (acquisitions and other)	789			765			3,262	3,373
(Gain) loss on disposal of assets	(5,333)			(222)			(4,826)	(663)
Effects of fair value adjustments to inventory	3			8			484	450
Change in fair value of contingent consideration	621			0			1,414	0
Debt transaction costs	0			44			0	1,333
Adjusted EBITDA	$ 93,041			$ 128,020			$ 391,146	$ 468,876

Segments - Net Sales by Main Pr

Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Revenue from external customers
Total net sales	$ 1,260,710	$ 1,258,348	$ 4,179,942	$ 4,088,878
Wallboard
Revenue from external customers
Total net sales	501,703	520,686	1,671,751	1,677,285
Complementary products
Revenue from external customers
Total net sales	398,647	378,555	1,308,988	1,233,084
Steel framing
Revenue from external customers
Total net sales	179,682	203,363	606,928	672,231
Ceilings
Revenue from external customers
Total net sales	$ 180,678	$ 155,744	$ 592,275	$ 506,278

Segments - Net Sales of Complem

Segments - Net Sales of Complementary Products (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Revenue from external customers
Net sales	$ 1,260,710	$ 1,258,348	$ 4,179,942	$ 4,088,878
Complementary products
Revenue from external customers
Net sales	398,647	378,555	1,308,988	1,233,084
Tools and fasteners
Revenue from external customers
Net sales	80,326	85,164	261,238	255,204
Insulation
Revenue from external customers
Net sales	92,045	78,552	277,930	239,007
Joint treatment
Revenue from external customers
Net sales	65,454	61,219	216,971	193,915
Lumber
Revenue from external customers
Net sales	36,169	31,134	121,487	113,645
EIFS/stucco
Revenue from external customers
Net sales	47,165	38,349	153,781	132,053
Other
Revenue from external customers
Net sales	$ 77,488	$ 84,137	$ 277,581	$ 299,260

Segments - Net Sales by Major G

Segments - Net Sales by Major Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2025	Jan. 31, 2024	Jan. 31, 2025	Jan. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 1,260,710	$ 1,258,348	$ 4,179,942	$ 4,088,878
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	1,081,371	1,107,244	3,594,427	3,564,530
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 179,339	$ 151,104	$ 585,515	$ 524,348

Segments - Property and Equipme

Segments - Property and Equipment, Net, By Major Geographic Area (Details) - USD ($) $ in Thousands	Jan. 31, 2025	Apr. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 515,452	$ 472,257
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	455,447	425,429
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Total property and equipment, net	$ 60,005	$ 46,828

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Jan. 31, 2025	Oct. 31, 2024	Jul. 31, 2024	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Jan. 31, 2025	Jan. 31, 2024
Computation of basic and diluted earnings per share of common stock
Net income (loss)	$ (21,409)	$ 53,536	$ 57,248	$ 51,905	$ 80,957	$ 86,830	$ 89,375	$ 219,692
Basic earnings (loss) per common share:
Basic weighted average common shares outstanding (in shares)	38,708			39,864			39,125	40,360
Basic earnings (loss) per common share (in dollars per share)	$ (0.55)			$ 1.30			$ 2.28	$ 5.44
Diluted earnings (loss) per common share:
Basic weighted average common shares outstanding (in shares)	38,708			39,864			39,125	40,360
Add: Common Stock Equivalents (in shares)	0			648			602	666
Diluted weighted average common shares outstanding (in shares)	38,708			40,512			39,727	41,026
Diluted earnings (loss) per common share (in dollars per share)	$ (0.55)			$ 1.28			$ 2.25	$ 5.35
Shares were not included in the calculation of Diluted loss per common share
Anti-dilutive shares (in shares)	500			0			0	0