Cover Page
Cover Page - shares | 9 Months Ended | |
Jan. 31, 2022 | Feb. 23, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000794619 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-14798 | |
Entity Registrant Name | American Woodmark Corp | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1138147 | |
Entity Address, Address Line One | 561 Shady Elm Road, | |
Entity Address, City or Town | Winchester, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22602 | |
City Area Code | 540 | |
Local Phone Number | 665-9100 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AMWD | |
Security Exchange Name | NASDAQ | |
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 | 16,570,619 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 871 | $ 91,071 |
Customer receivables, net | 151,121 | 146,866 |
Inventories | 204,234 | 158,167 |
Income taxes receivable | 8,349 | 0 |
Prepaid expenses and other | 19,388 | 13,861 |
Total current assets | 383,963 | 409,965 |
Property, plant and equipment, net | 208,728 | 204,002 |
Operating lease right-of-use assets | 112,874 | 123,118 |
Goodwill | 767,612 | 767,612 |
Promotional displays, net | 12,759 | 14,554 |
Deferred Tax Assets, Net of Valuation Allowance | 1,490 | 1,118 |
Other assets | 16,731 | 12,252 |
TOTAL ASSETS | 1,591,685 | 1,654,399 |
Current liabilities | ||
Accounts payable | 87,986 | 91,622 |
Current maturities of long-term debt | 2,250 | 8,322 |
Short-term lease liability - operating | 22,303 | 19,994 |
Accrued compensation and related expenses | 47,413 | 58,577 |
Accrued marketing expenses | 15,132 | 20,019 |
Other accrued expenses | 17,866 | 21,913 |
Total current liabilities | 192,950 | 220,447 |
Long-term debt, less current maturities | 506,490 | 513,450 |
Deferred Income Tax Liabilities, Net | 39,330 | 42,891 |
Long-term lease liability - operating | 99,553 | 109,628 |
Other long-term liabilities | 2,409 | 11,745 |
Shareholders' equity | ||
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued | 0 | 0 |
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares: at July 31, 2021: 16,561,054; at April 30, 2021: 16,801,101 | 361,898 | 362,524 |
Retained earnings | 384,910 | 448,282 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 4,145 | (54,568) |
Total shareholders' equity | 750,953 | 756,238 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,591,685 | $ 1,654,399 |
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares outstanding | 16,570,619 | 16,801,101 |
Common stock, shares issued | 16,570,619 | 16,801,101 |
Customer relationships | ||
Current assets | ||
Intangible Assets, Net (Excluding Goodwill) | $ 87,528 | $ 121,778 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2022 | Apr. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 16,570,619 | 16,801,101 |
Common stock, shares outstanding | 16,570,619 | 16,801,101 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 459,736 | $ 431,954 | $ 1,355,480 | $ 1,270,624 |
Cost of sales and distribution | 407,916 | 354,458 | 1,198,523 | 1,022,889 |
Gross Profit | 51,820 | 77,496 | 156,957 | 247,735 |
Selling and marketing expenses | 23,453 | 21,862 | 68,008 | 63,368 |
General and administrative expenses | 23,270 | 26,202 | 71,553 | 86,414 |
Restructuring charges, net | (127) | (847) | 183 | 5,404 |
Operating Income | 5,224 | 30,279 | 17,213 | 92,549 |
Interest expense, net | 2,668 | 5,746 | 7,201 | 17,757 |
Pension settlement | 69,452 | 0 | 69,452 | 0 |
Other (income) expense, net | (329) | (259) | 607 | (2,928) |
Income (Loss) Before Income Taxes | (66,567) | 24,792 | (60,047) | 77,720 |
Income tax expense (benefit) | (17,310) | 6,347 | (15,801) | 20,094 |
Net Income (Loss) | $ (49,257) | $ 18,445 | $ (44,246) | $ 57,626 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 16,569,881 | 16,994,975 | 16,599,369 | 16,974,701 |
Diluted (in shares) | 16,569,881 | 17,047,211 | 16,599,369 | 17,036,586 |
Net earnings (loss) per share | ||||
Basic (in usd per share) | $ (2.97) | $ 1.09 | $ (2.67) | $ 3.39 |
Diluted (in usd per share) | $ (2.97) | $ 1.08 | $ (2.67) | $ 3.38 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (49,257) | $ 18,445 | $ (44,246) | $ 57,626 |
Other comprehensive income, net of tax: | ||||
Change in pension benefits, net of deferred taxes of $18,230 and $111, and $18,481 and $338 for the three and nine months ended January 31, 2022 and 2021, respectively | 53,822 | 328 | 54,568 | 984 |
Change in cash flow hedges (swap), net of deferred taxes of $763 and $1,404 for the three and nine months ended January 31, 2022, respectively | 2,253 | 0 | 4,145 | 0 |
Total Comprehensive Income | $ 6,818 | $ 18,773 | $ 14,467 | $ 58,610 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Change In Pension Benefits And Derivative Hedging Activities [Line Items] | ||||
Change in cash flow hedges (swap), net of deferred taxes of $763 and $1,404 for the three and nine months ended January 31, 2022, respectively | $ 2,253 | $ 0 | $ 4,145 | $ 0 |
Other comprehensive income, deferred tax | 18,230 | $ 111 | 18,481 | $ 338 |
Cash Flow Hedging | ||||
Change In Pension Benefits And Derivative Hedging Activities [Line Items] | ||||
Other comprehensive income, deferred tax | $ 763 | $ 1,404 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | COMMON STOCK | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE LOSS |
Balance at beginning of period (shares) at Apr. 30, 2020 | 16,926,537 | |||
Balance at beginning of period at Apr. 30, 2020 | $ 711,450 | $ 359,430 | $ 403,193 | $ (51,173) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 16,059 | 16,059 | ||
Other comprehensive loss, net of tax | 327 | 327 | ||
Stock-based compensation | 961 | $ 961 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 16,212 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (534) | $ (534) | ||
Employee benefit plan contributions (shares) | 45,591 | |||
Employee benefit plan contributions | 3,743 | $ 3,743 | ||
Balance at end of period (shares) at Jul. 31, 2020 | 16,988,340 | |||
Balance at end of period at Jul. 31, 2020 | 732,006 | $ 363,600 | 419,252 | (50,846) |
Balance at beginning of period (shares) at Apr. 30, 2020 | 16,926,537 | |||
Balance at beginning of period at Apr. 30, 2020 | 711,450 | $ 359,430 | 403,193 | (51,173) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 57,626 | |||
Balance at end of period (shares) at Jan. 31, 2021 | 17,001,147 | |||
Balance at end of period at Jan. 31, 2021 | 775,993 | $ 365,363 | 460,819 | (50,189) |
Balance at beginning of period (shares) at Jul. 31, 2020 | 16,988,340 | |||
Balance at beginning of period at Jul. 31, 2020 | 732,006 | $ 363,600 | 419,252 | (50,846) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 23,122 | 23,122 | ||
Other comprehensive loss, net of tax | 329 | 329 | ||
Stock-based compensation | 1,266 | $ 1,266 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 4,920 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (177) | $ (177) | ||
Balance at end of period (shares) at Oct. 31, 2020 | 16,993,260 | |||
Balance at end of period at Oct. 31, 2020 | 756,546 | $ 364,689 | 442,374 | (50,517) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 18,445 | 18,445 | ||
Other comprehensive loss, net of tax | 328 | 328 | ||
Stock-based compensation | 1,316 | $ 1,316 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 7,887 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (642) | $ (642) | ||
Balance at end of period (shares) at Jan. 31, 2021 | 17,001,147 | |||
Balance at end of period at Jan. 31, 2021 | $ 775,993 | $ 365,363 | 460,819 | (50,189) |
Balance at beginning of period (shares) at Apr. 30, 2021 | 16,801,101 | 16,801,101 | ||
Balance at beginning of period at Apr. 30, 2021 | $ 756,238 | $ 362,524 | 448,282 | (54,568) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 2,981 | 2,981 | ||
Other comprehensive loss, net of tax | (200) | (200) | ||
Stock-based compensation | 1,177 | $ 1,177 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 20,243 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (1,033) | $ (1,033) | ||
Stock Repurchased and Retired During Period, Shares | (299,781) | |||
Stock repurchases | $ 5,874 | |||
Stock Repurchased and Retired During Period, Value | (25,000) | (19,126) | ||
Employee benefit plan contributions (shares) | 39,491 | |||
Employee benefit plan contributions | 2,938 | $ 2,938 | ||
Balance at end of period (shares) at Jul. 31, 2021 | 16,561,054 | |||
Balance at end of period at Jul. 31, 2021 | $ 737,101 | $ 359,732 | 432,137 | (54,768) |
Balance at beginning of period (shares) at Apr. 30, 2021 | 16,801,101 | 16,801,101 | ||
Balance at beginning of period at Apr. 30, 2021 | $ 756,238 | $ 362,524 | 448,282 | (54,568) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | $ (44,246) | |||
Balance at end of period (shares) at Jan. 31, 2022 | 16,570,619 | 16,570,619 | ||
Balance at end of period at Jan. 31, 2022 | $ 750,953 | $ 361,898 | 384,910 | 4,145 |
Balance at beginning of period (shares) at Jul. 31, 2021 | 16,561,054 | |||
Balance at beginning of period at Jul. 31, 2021 | 737,101 | $ 359,732 | 432,137 | (54,768) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 2,030 | 2,030 | ||
Other comprehensive loss, net of tax | 2,838 | 2,838 | ||
Stock-based compensation | 1,216 | $ 1,216 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 8,531 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (46) | $ (46) | ||
Balance at end of period (shares) at Oct. 31, 2021 | 16,569,585 | |||
Balance at end of period at Oct. 31, 2021 | 743,139 | $ 360,902 | 434,167 | (51,930) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (49,257) | (49,257) | ||
Other comprehensive loss, net of tax | 56,075 | 56,075 | ||
Stock-based compensation | 1,006 | $ 1,006 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 1,034 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | $ (10) | $ (10) | ||
Balance at end of period (shares) at Jan. 31, 2022 | 16,570,619 | 16,570,619 | ||
Balance at end of period at Jan. 31, 2022 | $ 750,953 | $ 361,898 | $ 384,910 | $ 4,145 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net Income (Loss) Attributable to Parent | $ (44,246,000) | $ 57,626,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 72,703,000 | 76,482,000 |
Net loss (gain) on disposal of property, plant and equipment | 516,000 | (2,008,000) |
Reduction in the carrying amount of operating lease right-of-use assets | 20,823,000 | 20,252,000 |
Amortization of debt issuance costs | 651,000 | 1,901,000 |
Unrealized gain on foreign exchange forward contracts | 7,000 | 1,720,000 |
Stock-based compensation expense | 3,399,000 | 3,543,000 |
Deferred income taxes | (24,424,000) | (8,363,000) |
Pension settlement | 69,452,000 | 0 |
Pension contributions and related (income) expense | 710,000 | (1,505,000) |
Contributions of employer stock to employee benefit plan | 2,938,000 | 3,743,000 |
Other non-cash items | (823,000) | 1,899,000 |
Changes in operating assets and liabilities: | ||
Customer receivables | (4,436,000) | (43,564,000) |
Income taxes receivable | (8,989,000) | (4,070,000) |
Inventories | (46,054,000) | (36,101,000) |
Prepaid expenses and other assets | (7,039,000) | (6,606,000) |
Accounts payable | (5,744,000) | 31,293,000 |
Accrued compensation and related expenses | (12,533,000) | 9,309,000 |
Operating lease liabilities | (18,345,000) | (18,161,000) |
Marketing and other accrued expenses | (11,603,000) | 23,559,000 |
Net cash (used) provided by operating activities | (13,051,000) | 107,509,000 |
INVESTING ACTIVITIES | ||
Payments to acquire property, plant and equipment | (29,812,000) | (25,479,000) |
Proceeds from sales of property, plant and equipment | 5,000 | 3,872,000 |
Investment in promotional displays | (5,959,000) | (7,757,000) |
Net cash used by investing activities | (35,766,000) | (29,364,000) |
FINANCING ACTIVITIES | ||
Payments of long-term debt | (40,288,000) | (81,889,000) |
Proceeds from Issuance of Long-term Debt | 25,000,000 | 0 |
Repurchase of common stock | 25,000,000 | 0 |
Withholding of employee taxes related to stock-based compensation | (1,089,000) | (1,351,000) |
Debt issuance cost | (6,000) | (172,000) |
Net cash used by financing activities | (41,383,000) | (83,412,000) |
Net decrease in cash and cash equivalents | (90,200,000) | (5,267,000) |
Cash and cash equivalents, beginning of period | 91,071,000 | 97,059,000 |
Cash and cash equivalents, end of period | 871,000 | 91,792,000 |
Non-cash investing and financing activities: | ||
Property, plant and equipment included in accounts payable at period end | 2,108 | 1,130 |
Cash paid during the period for: | ||
Interest | 6,945 | 11,757 |
Income taxes | $ 17,677 | $ 31,830 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three- and nine-month period ended January 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2022 ("fiscal 2022"). The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2021 ("fiscal 2021") filed with the U.S. Securities and Exchange Commission ("SEC"). COVID-19: COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of the long-term effects continue to be unknown. We were negatively impacted by the COVID-19 pandemic as demand for our products significantly decreased during the fourth quarter of fiscal year ended April 30, 2020 ("fiscal 2020") and first quarter of fiscal 2021, as "stay at home" orders and other work disruptions created disruptions to our business operations. Our supply chain has been negatively impacted throughout the pandemic. COVID-19 continues to impact our overall business, including hiring and retaining employees and through challenges caused by material availability and transportation delays, as well as increased pricing related to the aforementioned items. Inventories : Effective May 1, 2021, the Company changed its accounting method for inventory valuation for inventories which previously utilized a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis. All prior periods presented in the condensed consolidated financial statements have been retrospectively adjusted to apply the effects of the change in accounting method. The change in accounting method increased operating income and reduced net loss and earnings per share for the quarter ended January 31, 2022 by $4.1 million, $3.0 million, and $0.18, respectively, and increased operating income and reduced net loss and earnings per share for the nine months ended January 31, 2022 by $9.3 million, $6.8 million, and $0.41, respectively. Goodwill and Intangible Assets: Goodwill represents the excess of purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company does not amortize goodwill but evaluates for impairment annually, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In accordance with accounting standards, when evaluating goodwill, an entity has the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity concludes that the asset is not impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the associated assets must be written down to fair value. There were no impairment charges related to goodwill for the three- and nine-month periods ended January 31, 2022 and 2021. Intangible assets consist of customer relationship intangibles. The Company amortizes the cost of intangible assets over their estimated useful lives, six years, unless such lives are deemed indefinite. There were no impairment charges related to intangible assets for the three- and nine-month periods ended January 31, 2022 and 2021. Derivative Financial Instruments: The Company uses derivatives as part of the normal business operations to manage its exposure to fluctuations in interest rates associated with variable interest rate debt and foreign exchange rates. The Company has established policies and procedures that govern the risk management of these exposures. The primary objective in managing these exposures is to add stability to interest expense, manage the Company's exposure to interest rate movements, and manage the risk from adverse fluctuations in foreign exchange rates. The Company uses interest rate swap contracts to manage interest rate exposures. The Company records derivatives in the condensed consolidated balance sheets at fair value. Changes in the fair value of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss), and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, the change in fair value of the derivative is recognized directly in earnings. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jan. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2020-04 "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and can be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company has identified loans and other financial instruments that are directly or indirectly influenced by LIBOR and does not expect the adoption of ASU 2020-04 to have a material impact on the Company's consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions for recognizing investments, performing intraperiod tax allocations and calculating income taxes in interim periods. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 was effective for the Company beginning May 1, 2021. The Company has reviewed the provisions of the pronouncement and the adoption of this guidance did not have an impact on the Company's consolidated financial statements. |
Net Earnings Per Share
Net Earnings Per Share | 9 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Earnings Per Share | Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator used in basic and diluted net earnings per common share: Net income (loss) $ (49,257) $ 18,445 $ (44,246) $ 57,626 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,570 16,995 16,599 16,975 Effect of dilutive securities: Stock options and restricted stock units — 52 — 62 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,570 17,047 16,599 17,037 Net earnings (loss) per share Basic $ (2.97) $ 1.09 $ (2.67) $ 3.39 Diluted $ (2.97) $ 1.08 $ (2.67) $ 3.38 Potentially dilutive securities of 40,973 and 47,878 for the three- and nine-month periods ended January 31, 2022, respectively, have not been considered in the calculation of net loss per share as the effect would be anti-dilutive. There were no potentially dilutive securities for the three- and nine-month periods ended January 31, 2021, which were excluded from the calculation of net earnings per diluted share. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based compensation plans. During the nine-months ended January 31, 2022, the Board of Directors of the Company approved grants of service-based restricted stock units ("RSUs") and performance-based RSUs to key employees and non-employee directors. The performance-based RSUs totaled 57,476 units and the employee and non-employee director service-based RSUs totaled 41,304 units. The performance-based RSUs entitle the recipients to receive one share of the Company's common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSUs entitle the recipients to receive one share of the Company's common stock per unit granted if they remain continuously employed with the Company until the units vest. All of the Company's RSUs granted to employees cliff-vest three years from the grant date, while RSUs granted to non-employee directors vest daily over a two-year period from the date of grant. For the three- and nine-month periods ended January 31, 2022 and 2021, stock-based compensation expense was allocated as follows: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Cost of sales and distribution $ 231 $ 426 $ 906 $ 1,134 Selling and marketing expenses 269 365 931 698 General and administrative expenses 506 525 1,562 1,711 Stock-based compensation expense $ 1,006 $ 1,316 $ 3,399 $ 3,543 During the nine months ended January 31, 2022, the Company also approved grants of 5,794 cash-settled performance-based restricted stock tracking units ("RSTUs") and 3,096 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. All of the RSTUs cliff-vest three years from the grant date. Since the RSTUs will be settled in cash, the grant date fair value of these awards is recorded as a liability until the date of payment. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The Company recognized expense of $0.0 million and $0.2 million for the three-month periods ended January 31, 2022 and 2021, respectively, and $0.0 million and $0.6 million for the nine-month periods ended January 31, 2022 and 2021, respectively. A liability for payment of the RSTUs is included in other long-term liabilities on the condensed consolidated balance sheets in the amount of $0.7 million and $1.0 million as of January 31, 2022 and April 30, 2021, respectively. |
Customer Receivables
Customer Receivables | 9 Months Ended |
Jan. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Customer Receivables | Customer Receivables The components of customer receivables were: January 31, April 30, (in thousands) 2022 2021 Gross customer receivables $ 162,327 $ 156,187 Less: Allowance for doubtful accounts (308) (331) Allowance for returns and discounts (10,898) (8,990) Net customer receivables $ 151,121 $ 146,866 |
Inventories
Inventories | 9 Months Ended |
Jan. 31, 2022 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The components of inventories were: January 31, April 30, (in thousands) 2022 2021 Raw materials $ 102,609 $ 63,384 Work-in-process 51,604 51,176 Finished goods 50,021 43,607 Total inventories $ 204,234 $ 158,167 Effective May 1, 2021, the Company changed its accounting principle for inventory valuation for inventories which previously utilized a LIFO basis to a FIFO basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment were: January 31, April 30, (in thousands) 2022 2021 Land $ 4,431 $ 4,431 Buildings and improvements 118,848 116,103 Buildings and improvements - finance leases 11,636 11,636 Machinery and equipment 325,219 315,371 Machinery and equipment - finance leases 31,094 31,386 Construction in progress 36,865 22,669 528,093 501,596 Less accumulated amortization and depreciation (319,365) (297,594) Total $ 208,728 $ 204,002 Amortization and depreciation expense on property, plant and equipment amounted to $9.2 million and $10.3 million for the three months ended January 31, 2022 and 2021, respectively, and $28.3 million and $32.5 million for the nine months ended January 31, 2022 and 2021, respectively. The nine months ended January 31, 2021 includes accelerated depreciation expense of $1.3 million, related to the closure of the plant located in Humboldt, Tennessee. There was no accelerated depreciation for the three months ended January 31, 2021. Accumulated amortization on finance leases included in the above table amounted to $32.7 million and $33.0 million as of January 31, 2022 and April 30, 2021, respectively. |
Intangibles
Intangibles | 9 Months Ended |
Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The customer relationship intangibles were: January 31, April 30, (in thousands) 2022 2021 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (186,472) (152,222) Total $ 87,528 $ 121,778 Customer relationship intangibles are amortized over the estimated useful lives on a straight-line basis over six years. Amortization expense for the three month periods ended January 31, 2022 and 2021 was $11.4 million and $12.0 million |
Product Warranty
Product Warranty | 9 Months Ended |
Jan. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty | Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company's warranty liability, which is included in other accrued expenses on the unaudited condensed consolidated balance sheets: Nine Months Ended January 31, (in thousands) 2022 2021 Beginning balance at May 1 $ 5,249 $ 3,753 Accrual 18,729 13,885 Settlements (17,821) (13,150) Ending balance at January 31 $ 6,157 $ 4,488 |
Pension Benefits
Pension Benefits | 9 Months Ended |
Jan. 31, 2022 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Pension Benefits | Pension Benefits Prior to April 30, 2020, the Company had two defined benefit pension plans covering many of the Company's employees hired prior to April 30, 2012. Effective April 30, 2012, the Company froze all future benefit accruals under the Company's defined-benefit pension plans. Effective April 30, 2020, these plans were merged into one plan, the American Woodmark Corporation Employee Pension Plan (the "Plan"). Effective December 31, 2020 (the "Plan Termination Date"), the Plan was terminated in a standard termination and benefits were distributed on December 2, 2021. Net periodic pension benefit cost consisted of the following for the three- and nine-month periods ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Interest cost $ 450 $ 1,165 $ 3,148 $ 3,496 Expected return on plan assets (515) (2,107) (3,601) (6,322) Recognized net actuarial loss 167 441 1,164 1,321 Net periodic pension benefit $ 102 $ (501) $ 711 $ (1,505) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company's cash equivalents are invested in money market funds, mutual funds, and certificates of deposit. The Company's mutual fund investment assets represent contributions made and invested on behalf of the Company's named executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities measured on a recurring basis. The Company's financial instruments include cash and equivalents, marketable securities, and other investments; accounts receivable and accounts payable; interest rate swap and foreign exchange forward contracts; and short- and long-term debt. The carrying values of cash and equivalents, accounts receivable and payable, and short-term debt on the condensed consolidated balance sheets approximate their fair value due to the short maturities of these items. The interest rate swap and foreign exchange forward contracts were marked to market and therefore represent fair value. The fair values of these contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The following table summarizes the fair value of assets and liabilities that are recorded in the Company's consolidated financial statements as of January 31, 2022 and April 30, 2021 at fair value on a recurring basis (in thousands): Fair Value Measurements As of January 31, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 469 $ — $ — Interest rate swap contracts — 5,548 — Foreign exchange forward contracts — 7 — Total assets at fair value $ 469 $ 5,555 $ — As of April 30, 2021 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 642 $ — $ — |
Loans Payable and Long-Term Deb
Loans Payable and Long-Term Debt | 9 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt On December 29, 2017, the Company entered into a credit agreement (the "Prior Credit Agreement") with a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent. The Prior Credit Agreement provided for a $100 million revolving loan facility with a $25 million sub-facility for the issuance of letters of credit, a $250 million initial term loan facility, and a $250 million delayed draw term loan facility. The Company borrowed the entire $250 million available under the initial term loan facility, the entire $250 million under the delayed draw term loan facility, and approximately $50 million under the revolving loan facility in connection with its acquisition of RSI Home Products, Inc. ("RSI") in December 2017 and subsequent refinancing of RSI's debt. The facilities under the Prior Credit Agreement were scheduled to mature on December 29, 2022. On April 22, 2021, the Company amended and restated the Prior Credit Agreement. The amended and restated credit agreement (the "A&R Credit Agreement") provides for a $500 million revolving loan facility with a $50 million sub-facility for the issuance of letters of credit (the "Revolving Facility") and a $250 million term loan facility (the "Term Loan Facility"). Also on April 22, 2021, the Company borrowed the entire $250 million under the Term Loan Facility and approximately $264 million under the Revolving Facility to fund, in part, the repayment in full of the amounts then outstanding under the Prior Credit Agreement and the redemption of the Senior Notes (as defined below). The Company is required to repay the Term Loan Facility in specified quarterly installments. The Revolving Facility and Term Loan Facility mature on April 22, 2026. On January 20, 2022, the Company borrowed on a swingline loan under the Revolving Facility in the aggregate principal amount of $5.0 million bearing an interest rate at the base rate of 4.0%. The aggregate principal amount of all loans and letters of credit obligations outstanding cannot exceed the maximum permitted to be outstanding pursuant to the terms of the A&R Credit Agreement. As of January 31, 2022 and April 30, 2021, $237.5 million and $250.0 million, respectively, was outstanding on the Term Loan Facility. As of January 31, 2022 and April 30, 2021, $258.0 million and $264.0 million, respectively, was outstanding under the Revolving Facility. Outstanding letters of credit under the Revolving Facility were $10.0 million as of January 31, 2022, leaving approximately $227.0 million in available capacity under the Revolving Facility as of January 31, 2022. Outstanding letters of credit under the Revolving Facility were $8.3 million as of April 30, 2021, leaving approximately $227.7 million in available capacity under the Revolving Facility as of April 30, 2021. The outstanding balances noted above approximate fair value as the facilities have a floating interest rate. Amounts outstanding under the Term Loan Facility and the Revolving Facility bear interest based on a fluctuating rate measured by reference to either, at the Company's option, a base rate plus an applicable margin or LIBOR plus an applicable margin, with the applicable margin being determined by reference to the Company's then-current "Secured Net Leverage Ratio." The Company also incurs a quarterly commitment fee on the average daily unused portion of the Revolving Facility during the applicable quarter at a rate per annum also determined by reference to the Company's then-current "Secured Net Leverage Ratio." In addition, a letter of credit fee accrues on the face amount of any outstanding letters of credit at a per annum rate equal to the applicable margin on LIBOR loans, payable quarterly in arrears. As of January 31, 2022, the applicable margin with respect to base rate loans and LIBOR loans was 0.75% and 1.75%, respectively, and the commitment fee was 0.18%. The A&R Credit Agreement includes provisions providing for the transition from LIBOR to a replacement benchmark upon the occurrence of certain events. The Company does not currently expect any such transition to materially impact its financing costs. The A&R Credit Agreement includes certain financial covenants that require the Company to maintain (i) a "Consolidated Interest Coverage Ratio" of no less than 2.00 to 1.00 and (ii) a "Total Net Leverage Ratio" of no greater than 4.00 to 1.00, subject, in each case, to certain limited exceptions. The A&R Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets, or engage in a merger or other similar transaction, or engage in transactions with affiliates, subject, in each case, to the various exceptions and conditions described in the A&R Credit Agreement. The negative covenants further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, including, in the case of the Company, the payment of dividends and the repurchase of common stock, in certain limited circumstances. As of January 31, 2022, the Company was in compliance with all covenants included in the A&R Credit Agreement. The Company's obligations under the A&R Credit Agreement are guaranteed by the Company's domestic subsidiaries, and the obligations of the Company and its domestic subsidiaries under the A&R Credit Agreement and their guarantees, respectively, are secured by a pledge of substantially all of their respective personal property. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Jan. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure | Derivative Financial Instruments Interest Rate Swap Contracts The Company enters into interest rate swap contracts to manage variability in the amount of known or expected cash payments related to portions of its variable rate debt. On May 28, 2021, the Company entered into four interest rate swaps with an aggregate notional amount of $200 million to hedge part of the variable rate interest payments under the Term Loan Facility. The interest rate swaps became effective on May 28, 2021 and will terminate on May 30, 2025. The interest rate swaps economically convert a portion of the variable rate debt to fixed rate debt. The Company receives floating interest payments monthly based on one-month LIBOR and pays a fixed rate of 0.5980% to the counterparty. The interest rate swaps are designated as cash flow hedges. Changes in fair value are recorded to other comprehensive income. The risk management objective in using interest rate swaps is to add stability to interest expense and to manage the Company's exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings, as a component of interest expense, net to offset variability in interest expense associated with the underlying debt's cash flows. For the three- and nine-month periods ended January 31, 2022, unrealized gains, net of deferred taxes, of $2.3 million and $4.1 million, respectively, were recorded in other comprehensive income, and $0.3 million and $0.7 million, respectively, of realized losses were reclassified out of accumulated other comprehensive loss to interest expense due to payments made to the swap counterparties. As of January 31, 2022, the Company anticipates reclassifying approximately $0.4 million of net hedging gains from accumulated other comprehensive income into earnings during the next 12 months to offset the variability of the hedged items during this period. Since the Company did not have outstanding interest rate swaps in the prior year period, there were no gains or losses recorded for the nine months ended January 31, 2021. Foreign Exchange Forward Contracts At January 31, 2022, the Company held forward contracts maturing from February 2022 to April 2022 to purchase 164.1 million Mexican pesos at exchange rates ranging from 20.76 to 20.91 Mexican pesos to one U.S. dollar. An immaterial asset is recorded in prepaid expense and other on the condensed consolidated balance sheet. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three- and nine-month periods ended January 31, 2022 was 26.0% and 26.3%, respectively, compared with 25.6% and 25.9% in the comparable periods in the prior fiscal year. The effective rates were higher than the 21.0% U.S. statutory rate for all periods presented primarily due to state income taxes and lower pretax income for the quarter. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company disaggregates revenue from contracts with customers into major sales distribution channels as these categories depict the nature, amount, timing, and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels for the three and nine months ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Home center retailers $ 225,046 $ 216,819 $ 649,712 $ 613,932 Builders 177,716 161,113 539,154 496,503 Independent dealers and distributors 56,974 54,022 166,614 160,189 Net Sales $ 459,736 $ 431,954 $ 1,355,480 $ 1,270,624 |
Concentration of Risk
Concentration of Risk | 9 Months Ended |
Jan. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risks Financial instruments that potentially subject the Company to concentrations of risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with major financial institutions and such balances may, at times, exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk with respect to cash . Credit is extended to customers based on an evaluation of each customer's financial condition and generally collateral is not required. The Company's customers operate in the new home construction and home remodeling markets. The Company maintains an allowance for bad debt based upon management's evaluation and judgment of potential net loss. The allowance is estimated based upon historical experience, the effects of current developments and economic conditions, and each customer's current and anticipated financial condition. Estimates and assumptions are periodically reviewed and updated. Any resulting adjustments to the allowance are reflected in current operating results. As of January 31, 2022, the Company's two largest customers, Customers A and B, represented 31.3% and 18.8% of the Company's gross customer receivables, respectively. As of January 31, 2021, Customers A and B represented 32.9% and 21.1% of the Company's gross customer receivables, respectively. The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three and nine months ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, 2022 2021 2022 2021 Customer A 32.1% 31.8% 31.9% 30.1% Customer B 16.9% 18.4% 16.0% 18.2% |
Leases
Leases | 9 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Operating Leases - Right-of-Use ("ROU") assets related to operating leases are presented as operating lease right-of-use assets on the unaudited condensed consolidated balance sheets. Lease liabilities related to operating leases with remaining lease terms less than twelve months are presented in short-term lease liability - operating and operating leases with remaining lease terms greater than twelve months are presented in long-term lease liability - operating on the unaudited condensed consolidated balance sheets. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. Finance Leases - ROU assets related to finance leases are presented in property, plant and equipment, net on the unaudited condensed consolidated balance sheet. Lease liabilities related to finance leases are presented in current maturities of long-term debt and long-term debt, less current maturities on the unaudited condensed consolidated balance sheets. Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease costs were as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 996 $ 403 Interest on lease liabilities $ 79 $ 50 Operating lease cost $ 20,823 $ 20,252 Additional information related to leases was as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 79 $ 50 Operating cash flows for operating leases $ 18,345 $ 18,161 Financing cash flows for financing leases $ 975 $ 384 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,614 $ 1,531 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,608 $ 6,886 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 2.49 3.06 Weighted average remaining lease term - operating leases 5.96 6.89 Weighted average discount rate Weighted average discount rate - finance leases 2.83 % 3.00 % Weighted average discount rate - operating leases 3.14 % 3.29 % The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2022: (in thousands) Operating leases Financing leases Year ending April 30, 2022 $ 6,738 $ 632 2023 24,898 2,284 2024 22,957 1,904 2025 19,299 559 2026 18,848 120 Thereafter 41,168 7 Total lease payments 133,908 5,506 Less imputed interest (12,052) (188) Total lease liability 121,856 5,318 Current maturities (22,303) (2,250) Lease liability - long-term $ 99,553 $ 3,068 Lease assets $ 112,874 $ 9,982 |
Leases | Leases Operating Leases - Right-of-Use ("ROU") assets related to operating leases are presented as operating lease right-of-use assets on the unaudited condensed consolidated balance sheets. Lease liabilities related to operating leases with remaining lease terms less than twelve months are presented in short-term lease liability - operating and operating leases with remaining lease terms greater than twelve months are presented in long-term lease liability - operating on the unaudited condensed consolidated balance sheets. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease arrangements with lease and non-lease components which are accounted for separately. Non-lease components of the lease payments are expensed as incurred and are not included in determining the present value. Finance Leases - ROU assets related to finance leases are presented in property, plant and equipment, net on the unaudited condensed consolidated balance sheet. Lease liabilities related to finance leases are presented in current maturities of long-term debt and long-term debt, less current maturities on the unaudited condensed consolidated balance sheets. Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease costs were as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 996 $ 403 Interest on lease liabilities $ 79 $ 50 Operating lease cost $ 20,823 $ 20,252 Additional information related to leases was as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 79 $ 50 Operating cash flows for operating leases $ 18,345 $ 18,161 Financing cash flows for financing leases $ 975 $ 384 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,614 $ 1,531 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,608 $ 6,886 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 2.49 3.06 Weighted average remaining lease term - operating leases 5.96 6.89 Weighted average discount rate Weighted average discount rate - finance leases 2.83 % 3.00 % Weighted average discount rate - operating leases 3.14 % 3.29 % The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2022: (in thousands) Operating leases Financing leases Year ending April 30, 2022 $ 6,738 $ 632 2023 24,898 2,284 2024 22,957 1,904 2025 19,299 559 2026 18,848 120 Thereafter 41,168 7 Total lease payments 133,908 5,506 Less imputed interest (12,052) (188) Total lease liability 121,856 5,318 Current maturities (22,303) (2,250) Lease liability - long-term $ 99,553 $ 3,068 Lease assets $ 112,874 $ 9,982 |
Restructuring
Restructuring | 9 Months Ended |
Jan. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the fourth quarter of fiscal 2020 and first quarter of fiscal 2021, the Company implemented nationwide reductions in force, which were substantially completed in the fourth quarter of fiscal 2020 and first quarter of fiscal 2021, respectively. The Company recognized pre-tax restructuring charges, net of $(0.1) million and $(0.1) million for the three months ended January 31, 2022 and 2021, respectively, and $(0.1) million and $1.5 million for the nine months ended January 31, 2022 and 2021, respectively, related to these reductions in force, which were primarily severance and separation costs. During June 2020, the Company's Board of Directors approved the closure and eventual disposal of its manufacturing plant located in Humboldt, Tennessee. Operations ceased at the Humboldt plant in July 2020. During the third quarter of fiscal 2021, the Company sold the Humboldt plant and recognized a gain of $2.3 million on the sale. The Company recognized pre-tax restructuring charges, net of $0.0 million and $(0.7) million for the three months ended January 31, 2022 and 2021, |
Other Information
Other Information | 9 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Information | Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, "Contingencies," the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with outside counsel. The Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims that were deemed to be either probable or reasonably possible was not material as of January 31, 2022. |
New Accounting Pronouncements L
New Accounting Pronouncements Lessee Operating leases (Policies) | 9 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Leases | Operating Leases - Right-of-Use ("ROU") assets related to operating leases are presented as operating lease right-of-use assets on the unaudited condensed consolidated balance sheets. Lease liabilities related to operating leases with remaining lease terms less than twelve months are presented in short-term lease liability - operating and operating leases with remaining lease terms greater than twelve months are presented in long-term lease liability - operating on the unaudited condensed consolidated balance sheets. |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Policies) | 9 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Leases | Operating Leases - Right-of-Use ("ROU") assets related to operating leases are presented as operating lease right-of-use assets on the unaudited condensed consolidated balance sheets. Lease liabilities related to operating leases with remaining lease terms less than twelve months are presented in short-term lease liability - operating and operating leases with remaining lease terms greater than twelve months are presented in long-term lease liability - operating on the unaudited condensed consolidated balance sheets. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings per share: Three Months Ended Nine Months Ended January 31, January 31, (in thousands, except per share amounts) 2022 2021 2022 2021 Numerator used in basic and diluted net earnings per common share: Net income (loss) $ (49,257) $ 18,445 $ (44,246) $ 57,626 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,570 16,995 16,599 16,975 Effect of dilutive securities: Stock options and restricted stock units — 52 — 62 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,570 17,047 16,599 17,037 Net earnings (loss) per share Basic $ (2.97) $ 1.09 $ (2.67) $ 3.39 Diluted $ (2.97) $ 1.08 $ (2.67) $ 3.38 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Expense Allocated | For the three- and nine-month periods ended January 31, 2022 and 2021, stock-based compensation expense was allocated as follows: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Cost of sales and distribution $ 231 $ 426 $ 906 $ 1,134 Selling and marketing expenses 269 365 931 698 General and administrative expenses 506 525 1,562 1,711 Stock-based compensation expense $ 1,006 $ 1,316 $ 3,399 $ 3,543 |
Customer Receivables (Tables)
Customer Receivables (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Components of Customer Receivables | The components of customer receivables were: January 31, April 30, (in thousands) 2022 2021 Gross customer receivables $ 162,327 $ 156,187 Less: Allowance for doubtful accounts (308) (331) Allowance for returns and discounts (10,898) (8,990) Net customer receivables $ 151,121 $ 146,866 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Inventory, Net [Abstract] | |
Components of Inventories | The components of inventories were: January 31, April 30, (in thousands) 2022 2021 Raw materials $ 102,609 $ 63,384 Work-in-process 51,604 51,176 Finished goods 50,021 43,607 Total inventories $ 204,234 $ 158,167 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components Of Property, Plant And Equipment | The components of property, plant and equipment were: January 31, April 30, (in thousands) 2022 2021 Land $ 4,431 $ 4,431 Buildings and improvements 118,848 116,103 Buildings and improvements - finance leases 11,636 11,636 Machinery and equipment 325,219 315,371 Machinery and equipment - finance leases 31,094 31,386 Construction in progress 36,865 22,669 528,093 501,596 Less accumulated amortization and depreciation (319,365) (297,594) Total $ 208,728 $ 204,002 |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The customer relationship intangibles were: January 31, April 30, (in thousands) 2022 2021 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (186,472) (152,222) Total $ 87,528 $ 121,778 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Jan. 31, 2021 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Liability | The following is a reconciliation of the Company's warranty liability, which is included in other accrued expenses on the unaudited condensed consolidated balance sheets: Nine Months Ended January 31, (in thousands) 2022 2021 Beginning balance at May 1 $ 5,249 $ 3,753 Accrual 18,729 13,885 Settlements (17,821) (13,150) Ending balance at January 31 $ 6,157 $ 4,488 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | |
Net Periodic Pension (Benefit) Cost | Net periodic pension benefit cost consisted of the following for the three- and nine-month periods ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Interest cost $ 450 $ 1,165 $ 3,148 $ 3,496 Expected return on plan assets (515) (2,107) (3,601) (6,322) Recognized net actuarial loss 167 441 1,164 1,321 Net periodic pension benefit $ 102 $ (501) $ 711 $ (1,505) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets on Recurring Basis | The following table summarizes the fair value of assets and liabilities that are recorded in the Company's consolidated financial statements as of January 31, 2022 and April 30, 2021 at fair value on a recurring basis (in thousands): Fair Value Measurements As of January 31, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 469 $ — $ — Interest rate swap contracts — 5,548 — Foreign exchange forward contracts — 7 — Total assets at fair value $ 469 $ 5,555 $ — As of April 30, 2021 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 642 $ — $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table disaggregates our consolidated revenue by major sales distribution channels for the three and nine months ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, (in thousands) 2022 2021 2022 2021 Home center retailers $ 225,046 $ 216,819 $ 649,712 $ 613,932 Builders 177,716 161,113 539,154 496,503 Independent dealers and distributors 56,974 54,022 166,614 160,189 Net Sales $ 459,736 $ 431,954 $ 1,355,480 $ 1,270,624 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Summary Of Percentage Of Sales | The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three and nine months ended January 31, 2022 and 2021: Three Months Ended Nine Months Ended January 31, January 31, 2022 2021 2022 2021 Customer A 32.1% 31.8% 31.9% 30.1% Customer B 16.9% 18.4% 16.0% 18.2% |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Costs and Additional Information | The components of lease costs were as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Finance lease cost: Reduction in the carrying value of right-of-use assets $ 996 $ 403 Interest on lease liabilities $ 79 $ 50 Operating lease cost $ 20,823 $ 20,252 Additional information related to leases was as follows: Nine Months Ended January 31, (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for finance leases $ 79 $ 50 Operating cash flows for operating leases $ 18,345 $ 18,161 Financing cash flows for financing leases $ 975 $ 384 Right-of-use assets obtained in exchange for new finance lease liabilities $ 1,614 $ 1,531 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,608 $ 6,886 Weighted average remaining lease term (years) Weighted average remaining lease term - finance leases 2.49 3.06 Weighted average remaining lease term - operating leases 5.96 6.89 Weighted average discount rate Weighted average discount rate - finance leases 2.83 % 3.00 % Weighted average discount rate - operating leases 3.14 % 3.29 % |
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2022: (in thousands) Operating leases Financing leases Year ending April 30, 2022 $ 6,738 $ 632 2023 24,898 2,284 2024 22,957 1,904 2025 19,299 559 2026 18,848 120 Thereafter 41,168 7 Total lease payments 133,908 5,506 Less imputed interest (12,052) (188) Total lease liability 121,856 5,318 Current maturities (22,303) (2,250) Lease liability - long-term $ 99,553 $ 3,068 Lease assets $ 112,874 $ 9,982 |
Reconciliation of Future Undiscounted Cash Flows to Finance Lease Liabilities | The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related ROU assets, presented on the unaudited condensed consolidated balance sheet as of January 31, 2022: (in thousands) Operating leases Financing leases Year ending April 30, 2022 $ 6,738 $ 632 2023 24,898 2,284 2024 22,957 1,904 2025 19,299 559 2026 18,848 120 Thereafter 41,168 7 Total lease payments 133,908 5,506 Less imputed interest (12,052) (188) Total lease liability 121,856 5,318 Current maturities (22,303) (2,250) Lease liability - long-term $ 99,553 $ 3,068 Lease assets $ 112,874 $ 9,982 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Operating income | $ 5,224,000 | $ 30,279,000 | $ 17,213,000 | $ 92,549,000 | ||||
Net income (loss) | $ (49,257,000) | $ 2,030,000 | $ 2,981,000 | $ 18,445,000 | $ 23,122,000 | $ 16,059,000 | $ (44,246,000) | $ 57,626,000 |
Earnings per share, basic (in usd per share) | $ (2.97) | $ 1.09 | $ (2.67) | $ 3.39 | ||||
Earnings per share, diluted (in usd per share) | $ (2.97) | $ 1.08 | $ (2.67) | $ 3.38 | ||||
Impairment charges related to goodwill | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Operating income | 4,100,000 | 9,300,000 | ||||||
Net income (loss) | $ 3,000,000 | $ 6,800,000 | ||||||
Earnings per share, basic (in usd per share) | $ 0.18 | $ 0.41 | ||||||
Earnings per share, diluted (in usd per share) | $ 0.18 | $ 0.41 | ||||||
Other intangible assets | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment charges related to other intangible assets | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Maximum | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets estimated useful lives | 6 years |
Net Earnings Per Share (Schedul
Net Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jan. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2022 | Jan. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net Income (Loss) Attributable to Parent | $ (49,257) | $ 2,030 | $ 2,981 | $ 18,445 | $ 23,122 | $ 16,059 | $ (44,246) | $ 57,626 |
Denominator for basic net earnings per common share - weighted-average shares | 16,569,881 | 16,994,975 | 16,599,369 | 16,974,701 | ||||
Effect of dilutive securities: | ||||||||
Stock options and restricted stock units | 0 | 52,000 | 0 | 62,000 | ||||
Diluted (in shares) | 16,569,881 | 17,047,211 | 16,599,369 | 17,036,586 | ||||
Net earnings (loss) per share | ||||||||
Basic (in usd per share) | $ (2.97) | $ 1.09 | $ (2.67) | $ 3.39 | ||||
Diluted (in usd per share) | $ (2.97) | $ 1.08 | $ (2.67) | $ 3.38 | ||||
Stock excluded from the calculation of net earnings per share (shares) | 40,973 | 0 | 47,878 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,006 | $ 1,316 | $ 3,399 | $ 3,543 | |
Liability for payment of the RSTUs | 47,413 | $ 47,413 | $ 58,577 | ||
Employee Service-Based RSUs [Member] | 2016 employee stock incentive plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (shares) | 41,304 | ||||
Employee Performance-Based RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock issuable per RSU granted (shares) | 1 | ||||
Employee Performance-Based RSUs | 2016 employee stock incentive plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awarded in period (shares) | 57,476 | ||||
Employee Performance-Based RSTUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (shares) | 5,794 | ||||
Employee Service-Based RSTUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock units non vested grants (shares) | 3,096 | ||||
RSTUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 0 | $ 200 | $ 0 | $ 600 | |
Liability for payment of the RSTUs | $ 700 | $ 700 | $ 1,000 | ||
Cliff Vest | RSUs | 2016 employee stock incentive plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Cliff Vest | RSTUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Daily Vest | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 2 years |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,006 | $ 1,316 | $ 3,399 | $ 3,543 |
Cost of Sales and Distribution [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 231 | 426 | 906 | 1,134 |
Selling and Marketing Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 269 | 365 | 931 | 698 |
General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 506 | $ 525 | $ 1,562 | $ 1,711 |
Customer Receivables (Component
Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Gross customer receivables | $ 162,327 | $ 156,187 |
Less: | ||
Allowance for doubtful accounts | (308) | (331) |
Allowance for returns and discounts | (10,898) | (8,990) |
Net customer receivables | $ 151,121 | $ 146,866 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 102,609 | $ 63,384 |
Work-in-process | 51,604 | 51,176 |
Finished goods | 50,021 | 43,607 |
Inventories | $ 204,234 | $ 158,167 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 528,093 | $ 528,093 | $ 501,596 | ||
Less accumulated amortization and depreciation | (319,365) | (319,365) | (297,594) | ||
Property, Plant and Equipment, Net, Total | 208,728 | 208,728 | 204,002 | ||
Amortization and depreciation expense on property, plant and equipment | 9,200 | $ 10,300 | 28,300 | $ 32,500 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 32,700 | 32,700 | 33,000 | ||
Humboldt Facility | |||||
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 0 | $ 1,300 | |||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4,431 | 4,431 | 4,431 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 118,848 | 118,848 | 116,103 | ||
Buildings and improvements - finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 11,636 | 11,636 | 11,636 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 325,219 | 325,219 | 315,371 | ||
Machinery and equipment - finance leases | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 31,094 | 31,094 | 31,386 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 36,865 | $ 36,865 | $ 22,669 |
Intangibles (Schedule of Intang
Intangibles (Schedule of Intangible Assets) (Details) - Customer relationships - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, gross | $ 274,000 | $ 274,000 |
Less accumulated amortization | (186,472) | (152,222) |
Intangibles, net | $ 87,528 | $ 121,778 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 11,400 | $ 12,000 | $ 34,200 | $ 36,500 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 6 years |
Product Warranty (Schedule Of W
Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Warranty claims period | 2 months | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 5,249 | $ 3,753 |
Accrual | 18,729 | 13,885 |
Settlements | (17,821) | (13,150) |
Ending balance | $ 6,157 | $ 4,488 |
Pension Benefits (Net Periodic
Pension Benefits (Net Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||||
Interest cost | $ 450 | $ 1,165 | $ 3,148 | $ 3,496 |
Expected return on plan assets | (515) | (2,107) | (3,601) | (6,322) |
Recognized net actuarial loss | 167 | 441 | 1,164 | 1,321 |
Net periodic pension benefit | $ 102 | $ (501) | $ 711 | $ (1,505) |
Pension Benefits (Narrative) (D
Pension Benefits (Narrative) (Details) $ in Thousands | Apr. 30, 2020plan | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jul. 31, 2020plan | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Pension settlement | $ 69,452 | $ 0 | $ 69,452 | $ 0 | |||
Pension Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of defined benefit pension plans | plan | 1 | 2 | |||||
Pension contribution | 0 | $ 0 | |||||
Expected future employer contributions | 0 | $ 0 | |||||
Pension settlement | $ 69,500 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | $ 0 | |
Total assets at fair value | 469 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | 5,548 | |
Total assets at fair value | 5,555 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | 0 | |
Total assets at fair value | 0 | |
Foreign exchange forward contracts | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts | 0 | |
Foreign exchange forward contracts | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts | (7) | |
Foreign exchange forward contracts | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign exchange forward contracts | 0 | |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 469 | $ 642 |
Mutual funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 0 | 0 |
Mutual funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | $ 0 | $ 0 |
Loans Payable and Long-Term D_2
Loans Payable and Long-Term Debt (Details) - USD ($) | Jan. 20, 2022 | Apr. 26, 2021 | Apr. 22, 2021 | Dec. 29, 2017 | Jan. 31, 2022 | Apr. 30, 2021 | Feb. 12, 2018 |
Loans Payable [Member] | Initial Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 250,000,000 | ||||||
Proceeds from loan | 250,000,000 | ||||||
Loans Payable [Member] | Delayed Draw Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | 250,000,000 | ||||||
Loans Payable [Member] | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 250,000,000 | ||||||
Proceeds from loan | 250,000,000 | ||||||
Outstanding on the Initial Term Loan | $ 237,500,000 | $ 250,000,000 | |||||
Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Redemption Price, Percentage | 102.438% | ||||||
Senior Notes [Member] | 4.875% Senior Notes Due 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||||||
Revolving loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | 500,000,000 | 100,000,000 | |||||
Proceeds from loan | $ 5,000,000 | 264,000,000 | 50,000,000 | ||||
Outstanding on the Revolving Facility | $ 258,000,000 | 264,000,000 | |||||
Credit facility, commitment fee percentage | 0.18% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 227,000,000 | 227,700,000 | |||||
Consolidated Interest Coverage Ratio | 2 | ||||||
Total Net Leverage Ratio | 4 | ||||||
Letter of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 25,000,000 | ||||||
Outstanding on the Revolving Facility | $ 10,000,000 | $ 8,300,000 | |||||
Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility, maximum borrowing capacity | $ 50,000,000 | ||||||
Base Rate [Member] | Revolving loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Revolving loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.75% |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2022USD ($) | Jan. 31, 2021USD ($) | May 28, 2021USD ($)instrument | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Change in cash flow hedges (swap), net of deferred taxes of $763 and $1,404 for the three and nine months ended January 31, 2022, respectively | $ 2,253 | $ 0 | $ 4,145 | $ 0 | |
Cash Flow Hedging | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 400 | ||||
Gain (Loss) on Derivative Instruments | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 300 | 700 | |||
Other Comprehensive Income (Loss) | Cash Flow Hedging | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Change in cash flow hedges (swap), net of deferred taxes of $763 and $1,404 for the three and nine months ended January 31, 2022, respectively | 2,300 | 4,100 | |||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, Fixed Interest Rate | 0.598% | ||||
Interest Rate Swap | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, notional amount | $ 200,000 | ||||
Derivative, Number of Instruments Held | instrument | 4 | ||||
Foreign Exchange Forward | Not Designated as Hedging Instrument | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, notional amount | 164,100 | 164,100 | |||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative asset, fair value, gross asset | $ 0 | $ 0 | |||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Minimum | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, forward exchange rate | 20.76 | 20.76 | |||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Maximum | Long | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative, forward exchange rate | 20.91 | 20.91 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 26.00% | 25.60% | 26.30% | 25.90% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 459,736 | $ 431,954 | $ 1,355,480 | $ 1,270,624 |
Home center retailers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 225,046 | 216,819 | 649,712 | 613,932 |
Builders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 177,716 | 161,113 | 539,154 | 496,503 |
Independent dealers and distributors | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 56,974 | $ 54,022 | $ 166,614 | $ 160,189 |
Concentration of Risk (Details)
Concentration of Risk (Details) - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Customer receivables | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 31.30% | 32.90% | ||
Customer receivables | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 18.80% | 21.10% | ||
Sales revenue, gross | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 32.10% | 31.80% | 31.90% | 30.10% |
Sales revenue, gross | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 16.90% | 18.40% | 16.00% | 18.20% |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Finance lease cost: | ||
Reduction in the carrying value of right-of-use assets | $ 996 | $ 403 |
Interest on lease liabilities | 79 | 50 |
Operating lease cost | $ 20,823 | $ 20,252 |
Leases - Additional Information
Leases - Additional Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities [Abstract] | ||
Operating cash flows for finance leases | $ 79 | $ 50 |
Operating cash flows for operating leases | 18,345 | 18,161 |
Financing cash flows for financing leases | 975 | 384 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,614 | 1,531 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,608 | $ 6,886 |
Weighted average remaining lease term (years) | ||
Weighted average remaining lease term - finance leases | 2 years 5 months 26 days | 3 years 21 days |
Weighted average remaining lease term - operating leases | 5 years 11 months 15 days | 6 years 10 months 20 days |
Weighted average discount rate | ||
Weighted average discount rate - finance leases (as a percent) | 2.83% | 3.00% |
Weighted average discount rate - operating leases (as a percent) | 3.14% | 3.29% |
Leases - Reconciliation of Futu
Leases - Reconciliation of Future Undiscounted Cash Flows to Operating and Finance Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Operating leases | ||
2022 | $ 6,738 | |
2023 | 24,898 | |
2024 | 22,957 | |
2025 | 19,299 | |
2026 | 18,848 | |
Thereafter | 41,168 | |
Total lease payments | 133,908 | |
Less imputed interest | (12,052) | |
Operating lease liabilities | 121,856 | |
Current maturities | (22,303) | $ (19,994) |
Long-term lease liability - operating | 99,553 | 109,628 |
Lease assets | 112,874 | $ 123,118 |
Financing leases | ||
2022 | 632 | |
2023 | 2,284 | |
2024 | 1,904 | |
2025 | 559 | |
2026 | 120 | |
Thereafter | 7 | |
Total lease payments | 5,506 | |
Less imputed interest | (188) | |
Finance Lease, Liability | 5,318 | |
Current maturities | (2,250) | |
Lease liability - long-term | 3,068 | |
Lease assets | $ 9,982 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | $ (127) | $ (847) | $ 183 | $ 5,404 |
Facility Closing | Discontinued Operations, Disposed of by Sale | Humboldt Facility | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Gain on disposition of business | 2,300 | |||
Manufacturing Plant Closure | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | 0 | (700) | 300 | 3,900 |
Employee Severance | Nationwide Reductions In Force | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges, net | $ (100) | $ (100) | $ (100) | $ 1,500 |