Cover Page
Cover Page - shares | 3 Months Ended | |
Jul. 31, 2022 | Aug. 29, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000794619 | |
Current Fiscal Year End Date | --04-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 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 | 16,621,827 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Current assets | ||
Cash and cash equivalents | $ 33,696 | $ 22,325 |
Customer receivables, net | 162,447 | 156,961 |
Inventories | 247,021 | 228,259 |
Prepaid expenses and other | 21,161 | 21,112 |
Total current assets | 464,325 | 428,657 |
Property, plant and equipment, net | 207,188 | 213,808 |
Operating lease right-of-use assets | 104,943 | 108,055 |
Goodwill | 767,612 | 767,612 |
Promotional displays, net | 11,893 | 12,565 |
Deferred Tax Assets, Net of Valuation Allowance | 1,469 | 1,469 |
Other assets | 24,090 | 24,219 |
TOTAL ASSETS | 1,646,214 | 1,632,496 |
Current liabilities | ||
Accounts payable | 112,988 | 111,422 |
Current maturities of long-term debt | 2,390 | 2,264 |
Short-term lease liability - operating | 22,058 | 21,985 |
Accrued compensation and related expenses | 54,221 | 44,436 |
Accrued marketing expenses | 17,438 | 15,881 |
Other accrued expenses | 27,769 | 20,240 |
Total current liabilities | 236,864 | 216,228 |
Long-term debt, less current maturities | 486,436 | 506,732 |
Deferred Income Tax Liabilities, Net | 36,055 | 38,340 |
Long-term lease liability - operating | 91,863 | 95,084 |
Other long-term liabilities | 2,458 | 3,229 |
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 | 364,087 | 363,224 |
Retained earnings | 419,504 | 399,434 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8,947 | 10,225 |
Total shareholders' equity | 792,538 | 772,883 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,646,214 | 1,632,496 |
Customer relationships | ||
Current assets | ||
Intangible Assets, Net (Excluding Goodwill) | $ 64,694 | $ 76,111 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 542,893 | $ 442,581 |
Cost of sales and distribution | 456,146 | 389,235 |
Gross profit | 86,747 | 53,346 |
Selling and marketing expenses | 25,766 | 22,888 |
General and administrative expenses | 30,180 | 23,734 |
Restructuring charges, net | 0 | 313 |
Operating income | 30,801 | 6,411 |
Interest expense, net | 4,053 | 2,173 |
Pension settlement, net | (239) | 0 |
Other (income) expense, net | 226 | 28 |
Income before income taxes | 26,761 | 4,210 |
Income tax expense | 6,691 | 1,229 |
Net income | $ 20,070 | $ 2,981 |
Weighted Average Shares Outstanding | ||
Basic (in shares) | 16,583,595 | 16,660,833 |
Diluted (in shares) | 16,619,916 | 16,716,167 |
Net earnings per share | ||
Basic (in usd per share) | $ 1.21 | $ 0.18 |
Diluted (in usd per share) | $ 1.21 | $ 0.18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,070 | $ 2,981 |
Other comprehensive income, net of tax: | ||
Change in pension benefits, net of deferred taxes of $— and $126 for the three months ended July 31, 2022 and 2021, respectively | 0 | 373 |
Change in cash flow hedges (swap), net of deferred taxes of $(433) and $(194) for the three months ended July 31, 2022 and 2021, respectively | (1,278) | (573) |
Total Comprehensive Income | $ 18,792 | $ 2,781 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Change In Pension Benefits And Derivative Hedging Activities [Line Items] | ||
Other comprehensive income, deferred tax | $ 0 | $ 126 |
Cash Flow Hedging | ||
Change In Pension Benefits And Derivative Hedging Activities [Line Items] | ||
Other comprehensive income, deferred tax | $ (433) | $ (194) |
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, 2021 | 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 | 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 repurchases (shares) | (299,781) | |||
Stock repurchases | $ (5,874) | |||
Stock repurchases | (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, 2022 | 16,570,619 | |||
Balance at beginning of period at Apr. 30, 2022 | 772,883 | $ 363,224 | 399,434 | 10,225 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 20,070 | 20,070 | ||
Other comprehensive loss, net of tax | (1,278) | (1,278) | ||
Stock-based compensation | 1,635 | $ 1,635 | ||
Exercise of stock-based compensation awards, net of amounts withheld for taxes (shares) | 25,908 | |||
Exercise of stock-based compensation awards, net of amounts withheld for taxes | (772) | $ (772) | ||
Balance at end of period (shares) at Jul. 31, 2022 | 16,596,527 | |||
Balance at end of period at Jul. 31, 2022 | $ 792,538 | $ 364,087 | $ 419,504 | $ 8,947 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 20,070 | $ 2,981 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 23,847 | 24,442 |
Net loss on disposal of property, plant and equipment | 177 | 115 |
Reduction in the carrying amount of operating lease right-of-use assets | 6,778 | 6,955 |
Amortization of debt issuance costs | 216 | 217 |
Unrealized (gain) loss on foreign exchange forward contracts | (238) | 350 |
Stock-based compensation expense | 1,635 | 1,177 |
Deferred income taxes | (1,852) | (24) |
Pension settlement, net | 239 | 0 |
Pension contributions and related (income) expense | 0 | 305 |
Contributions of employer stock to employee benefit plan | 0 | 2,938 |
Other non-cash items | 809 | (961) |
Changes in operating assets and liabilities: | ||
Customer receivables | (6,088) | 16,644 |
Inventories | (19,555) | (23,532) |
Prepaid expenses and other assets | (6,190) | (1,751) |
Accounts payable | 1,490 | (4,560) |
Accrued compensation and related expenses | 9,725 | (10,538) |
Operating lease liabilities | (6,814) | (6,610) |
Marketing and other accrued expenses | 4,633 | (1,186) |
Net cash provided by operating activities | 37,295 | 6,588 |
INVESTING ACTIVITIES | ||
Payments to acquire property, plant and equipment | (3,386) | (11,871) |
Proceeds from sales of property, plant and equipment | 15 | 5 |
Investment in promotional displays | (1,189) | (2,840) |
Net cash used by investing activities | (4,560) | (14,706) |
FINANCING ACTIVITIES | ||
Payments of long-term debt | (20,591) | (29,105) |
Repurchase of common stock | 0 | 25,000 |
Withholding of employee taxes related to stock-based compensation | (773) | (1,033) |
Debt issuance cost | 0 | 3 |
Net cash used by financing activities | (21,364) | (55,135) |
Net increase (decrease) in cash and cash equivalents | 11,371 | (63,253) |
Cash and cash equivalents, beginning of period | 22,325 | 91,071 |
Cash and cash equivalents, end of period | 33,696 | 27,818 |
Non-cash investing and financing activities: | ||
Property, plant and equipment included in accounts payable at period end | 76 | 152 |
Cash paid during the period for: | ||
Interest | 3,864 | 2,139 |
Income taxes | 642 | 991 |
Income taxes payable | $ 7,937 | $ 326 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jul. 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-month period ended July 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2023 ("fiscal 2023"). 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, 2022 ("fiscal 2022") filed with the U.S. Securities and Exchange Commission ("SEC"). 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-month periods ended July 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-month periods ended July 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. The Company also manages risks through the use of foreign exchange forward contracts. The Company recognizes its outstanding forward contracts in the condensed consolidated balance sheets at their fair values. The Company does not designate the forward contracts as accounting hedges. The changes in the fair value of the forward contracts are recorded in other (income) expense, net in the condensed consolidated statements of income. Reclassifications : Certain reclassifications have been made to prior period balances to conform to the current year presentation. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jul. 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 |
Net Earnings Per Share
Net Earnings Per Share | 3 Months Ended |
Jul. 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 July 31, (in thousands, except per share amounts) 2022 2021 Numerator used in basic and diluted net earnings per common share: Net income (loss) $ 20,070 $ 2,981 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,584 16,661 Effect of dilutive securities: Stock options and restricted stock units 36 55 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,620 16,716 Net earnings (loss) per share Basic $ 1.21 $ 0.18 Diluted $ 1.21 $ 0.18 There were no potentially dilutive securities for the three-month periods ended July 31, 2022 and 2021, which were excluded from the calculation of net earnings per diluted share. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Jul. 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 three-months ended July 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. The performance-based RSUs totaled 119,772 units and the service-based RSUs totaled 64,528 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. For the three-month periods ended July 31, 2022 and 2021, stock-based compensation expense was allocated as follows: Three Months Ended July 31, (in thousands) 2022 2021 Cost of sales and distribution $ 438 $ 349 Selling and marketing expenses 498 319 General and administrative expenses 699 509 Stock-based compensation expense $ 1,635 $ 1,177 During the three months ended July 31, 2022, the Company also approved grants of 11,945 cash-settled performance-based restricted stock tracking units ("RSTUs") and 6,490 cash-settled service-based RSTUs for more junior level employees. Each |
Customer Receivables
Customer Receivables | 3 Months Ended |
Jul. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Customer Receivables | Customer Receivables The components of customer receivables were: July 31, April 30, (in thousands) 2022 2022 Gross customer receivables $ 175,376 $ 168,699 Less: Allowance for doubtful accounts (234) (226) Allowance for returns and discounts (12,695) (11,512) Net customer receivables $ 162,447 $ 156,961 |
Inventories
Inventories | 3 Months Ended |
Jul. 31, 2022 | |
Inventory, Net [Abstract] | |
Inventories | Inventories The components of inventories were: July 31, April 30, (in thousands) 2022 2022 Raw materials $ 104,471 $ 90,451 Work-in-process 59,370 59,180 Finished goods 83,180 78,628 Total inventories $ 247,021 $ 228,259 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment were: July 31, April 30, (in thousands) 2022 2022 Land $ 4,431 $ 4,431 Buildings and improvements 119,384 119,066 Buildings and improvements - finance leases 11,164 11,164 Machinery and equipment 326,656 324,417 Machinery and equipment - finance leases 31,546 31,341 Software 27,816 28,115 Construction in progress 22,745 22,794 543,742 541,328 Less accumulated amortization and depreciation (336,554) (327,520) Total $ 207,188 $ 213,808 |
Intangibles
Intangibles | 3 Months Ended |
Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The components of customer relationship intangibles were: July 31, April 30, (in thousands) 2022 2022 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (209,306) (197,889) Total $ 64,694 $ 76,111 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 July 31, 2022 and 2021 was $11.4 million and $11.4 million, respectively, |
Product Warranty
Product Warranty | 3 Months Ended |
Jul. 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: Three Months Ended July 31, (in thousands) 2022 2021 Beginning balance at May 1 $ 6,878 $ 5,249 Accrual 9,095 4,814 Settlements (8,109) (4,559) Ending balance at July 31 $ 7,864 $ 5,504 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 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 former 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 July 31, 2022 and April 30, 2022 at fair value on a recurring basis (in thousands): Fair Value Measurements As of July 31, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 254 $ — $ — Interest rate swap contracts — 11,977 — Total assets at fair value $ 254 $ 11,977 $ — LIABILITIES: Foreign exchange forward contracts $ — $ 237 $ — As of April 30, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 404 $ — $ — Interest rate swap contracts — 13,687 — Total assets at fair value $ 404 $ 13,687 $ — |
Loans Payable and Long-Term Deb
Loans Payable and Long-Term Debt | 3 Months Ended |
Jul. 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 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") and the refinancing of certain senior notes assumed from RSI. 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 complete redemption of its 4.875% Senior Notes due 2026. 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. As of July 31, 2022 and April 30, 2022, $231.3 million and $237.5 million, respectively, was outstanding on the Term Loan Facility. As of July 31, 2022 and April 30, 2022, $249.3 million and $263.0 million, respectively, was outstanding under the Revolving Facility. Outstanding letters of credit under the Revolving Facility were $11.3 million as of July 31, 2022, leaving approximately $239.4 million in available capacity under the Revolving Facility as of July 31, 2022. 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 July 31, 2022, the applicable margin with respect to base rate loans and LIBOR loans was 1.00% and 2.00%, respectively, and the commitment fee was 0.20%. 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 July 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 | 3 Months Ended |
Jul. 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 in connection with required interest payments on 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-month periods ended July 31, 2022 and 2021, unrealized gains (losses), net of deferred taxes, of $1.3 million and $(0.6) million, respectively, were recorded in other comprehensive income, and $0.3 million and $(0.2) million, respectively, of realized gains (losses) were reclassified out of accumulated other comprehensive income (loss) to interest expense, net due to interest received from and payments made to the swap counterparties. As of July 31, 2022, the Company anticipates reclassifying approximately $5.1 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. Foreign Exchange Forward Contracts |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three-month period ended July 31, 2022 was 25.0%, compared with 29.2% in the comparable period 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. The effective rate for the period ended July 31, 2022 was lower than the comparable period in the prior fiscal year primarily due to more favorable permanent tax differences in the current year. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Jul. 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 three months ended July 31, 2022 and 2021: Three Months Ended July 31, (in thousands) 2022 2021 Home center retailers $ 241,323 $ 209,324 Builders 226,771 178,238 Independent dealers and distributors 74,799 55,019 Net Sales $ 542,893 $ 442,581 |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Jul. 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 expected credit losses 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 July 31, 2022, the Company's two largest customers, Customers A and B, represented 33.6% and 17.2% of the Company's gross customer receivables, respectively. As of July 31, 2021, Customers A and B represented 31.2% and 19.6% 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 months ended July 31, 2022 and 2021: Three Months Ended July 31, 2022 2021 Customer A 30.3% 31.8% Customer B 14.2% 15.5% |
Other Information
Other Information | 3 Months Ended |
Jul. 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. Except as described below, 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 July 31, 2022. Antidumping and Countervailing Duties Investigation In February 2020, a conglomeration of domestic manufacturers filed a scope and circumvention petition seeking the imposition of antidumping (“AD”) and countervailing duties (“CVD”) with the United States Department of Commerce (“DOC”) and the United States International Trade Commission (“ITC”) against imports of hardwood plywood assembled in Vietnam using cores sourced from China. In July 2022, the DOC issued a Preliminary Scope Determination and Affirmative Preliminary Determination of Circumvention of the Antidumping and Countervailing Duty Orders (“Determination”). Included in the Determination is a list of Vietnamese suppliers not eligible for certification. |
Net Earnings Per Share (Tables)
Net Earnings Per Share (Tables) | 3 Months Ended |
Jul. 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 July 31, (in thousands, except per share amounts) 2022 2021 Numerator used in basic and diluted net earnings per common share: Net income (loss) $ 20,070 $ 2,981 Denominator: Denominator for basic net earnings per common share - weighted-average shares 16,584 16,661 Effect of dilutive securities: Stock options and restricted stock units 36 55 Denominator for diluted net earnings per common share - weighted-average shares and assumed conversions 16,620 16,716 Net earnings (loss) per share Basic $ 1.21 $ 0.18 Diluted $ 1.21 $ 0.18 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation Expense Allocated | For the three-month periods ended July 31, 2022 and 2021, stock-based compensation expense was allocated as follows: Three Months Ended July 31, (in thousands) 2022 2021 Cost of sales and distribution $ 438 $ 349 Selling and marketing expenses 498 319 General and administrative expenses 699 509 Stock-based compensation expense $ 1,635 $ 1,177 |
Customer Receivables (Tables)
Customer Receivables (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Components of Customer Receivables | The components of customer receivables were: July 31, April 30, (in thousands) 2022 2022 Gross customer receivables $ 175,376 $ 168,699 Less: Allowance for doubtful accounts (234) (226) Allowance for returns and discounts (12,695) (11,512) Net customer receivables $ 162,447 $ 156,961 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Inventory, Net [Abstract] | |
Components of Inventories | The components of inventories were: July 31, April 30, (in thousands) 2022 2022 Raw materials $ 104,471 $ 90,451 Work-in-process 59,370 59,180 Finished goods 83,180 78,628 Total inventories $ 247,021 $ 228,259 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Components Of Property, Plant And Equipment | The components of property, plant and equipment were: July 31, April 30, (in thousands) 2022 2022 Land $ 4,431 $ 4,431 Buildings and improvements 119,384 119,066 Buildings and improvements - finance leases 11,164 11,164 Machinery and equipment 326,656 324,417 Machinery and equipment - finance leases 31,546 31,341 Software 27,816 28,115 Construction in progress 22,745 22,794 543,742 541,328 Less accumulated amortization and depreciation (336,554) (327,520) Total $ 207,188 $ 213,808 |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Jul. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible Assets | The components of customer relationship intangibles were: July 31, April 30, (in thousands) 2022 2022 Customer relationship intangibles $ 274,000 $ 274,000 Less accumulated amortization (209,306) (197,889) Total $ 64,694 $ 76,111 |
Product Warranty (Tables)
Product Warranty (Tables) | 3 Months Ended |
Jul. 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: Three Months Ended July 31, (in thousands) 2022 2021 Beginning balance at May 1 $ 6,878 $ 5,249 Accrual 9,095 4,814 Settlements (8,109) (4,559) Ending balance at July 31 $ 7,864 $ 5,504 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 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 July 31, 2022 and April 30, 2022 at fair value on a recurring basis (in thousands): Fair Value Measurements As of July 31, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 254 $ — $ — Interest rate swap contracts — 11,977 — Total assets at fair value $ 254 $ 11,977 $ — LIABILITIES: Foreign exchange forward contracts $ — $ 237 $ — As of April 30, 2022 Level 1 Level 2 Level 3 ASSETS: Mutual funds $ 404 $ — $ — Interest rate swap contracts — 13,687 — Total assets at fair value $ 404 $ 13,687 $ — |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Jul. 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 three months ended July 31, 2022 and 2021: Three Months Ended July 31, (in thousands) 2022 2021 Home center retailers $ 241,323 $ 209,324 Builders 226,771 178,238 Independent dealers and distributors 74,799 55,019 Net Sales $ 542,893 $ 442,581 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 3 Months Ended |
Jul. 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 months ended July 31, 2022 and 2021: Three Months Ended July 31, 2022 2021 Customer A 30.3% 31.8% Customer B 14.2% 15.5% |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges related to goodwill | $ 0 | $ 0 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges related to other intangible assets | $ 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 | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 20,070 | $ 2,981 |
Denominator for basic net earnings per common share - weighted-average shares | 16,583,595 | 16,660,833 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 36,000 | 55,000 |
Diluted (in shares) | 16,619,916 | 16,716,167 |
Earnings Per Share, Basic [Abstract] | ||
Basic (in usd per share) | $ 1.21 | $ 0.18 |
Earnings Per Share, Diluted [Abstract] | ||
Diluted (in usd per share) | $ 1.21 | $ 0.18 |
Stock excluded from the calculation of net earnings per share (shares) | 0 | 0 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 3 Months Ended |
Jul. 31, 2022 shares | |
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) | 119,772 |
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) | 64,528 |
Employee Performance-Based RSTUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units non vested grants (shares) | 11,945 |
Employee Service-Based RSTUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units non vested grants (shares) | 6,490 |
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 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,635 | $ 1,177 |
Cost of sales and distribution | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 438 | 349 |
Selling and marketing expenses | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 498 | 319 |
General and administrative expenses | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 699 | $ 509 |
Customer Receivables (Component
Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Gross customer receivables | $ 175,376 | $ 168,699 |
Less: | ||
Allowance for doubtful accounts | (234) | (226) |
Allowance for returns and discounts | (12,695) | (11,512) |
Net customer receivables | $ 162,447 | $ 156,961 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 104,471 | $ 90,451 |
Work-in-process | 59,370 | 59,180 |
Finished goods | 83,180 | 78,628 |
Inventories | $ 247,021 | $ 228,259 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 543,742 | $ 541,328 | |
Less accumulated amortization and depreciation | (336,554) | (327,520) | |
Property, Plant and Equipment, Net, Total | 207,188 | 213,808 | |
Amortization and depreciation expense on property, plant and equipment | 9,700 | $ 9,600 | |
Finance lease, right-of-use asset, accumulated amortization | 33,200 | 32,800 | |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,431 | 4,431 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 119,384 | 119,066 | |
Buildings and improvements - finance leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 11,164 | 11,164 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 326,656 | 324,417 | |
Machinery and equipment - finance leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 31,546 | 31,341 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 27,816 | 28,115 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 22,745 | $ 22,794 |
Intangibles (Schedule of Intang
Intangibles (Schedule of Intangible Assets) (Details) - Customer relationships - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, gross | $ 274,000 | $ 274,000 |
Less accumulated amortization | (209,306) | (197,889) |
Intangibles, net | $ 64,694 | $ 76,111 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 11.4 | $ 11.4 |
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 | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Warranty claims period | 2 months | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 6,878 | $ 5,249 |
Accrual | 9,095 | 4,814 |
Settlements | (8,109) | (4,559) |
Ending balance | $ 7,864 | $ 5,504 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Assets On Recurring Basis) (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Apr. 30, 2022 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | $ 0 | $ 0 |
Foreign exchange forward contracts | 0 | |
Total assets at fair value | 254 | 404 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | 11,977 | 13,687 |
Foreign exchange forward contracts | 237 | |
Total assets at fair value | 11,977 | 13,687 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts | 0 | 0 |
Foreign exchange forward contracts | 0 | |
Total assets at fair value | 0 | 0 |
Mutual funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents, at fair value | 254 | 404 |
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 ($) | 3 Months Ended | |||
Apr. 22, 2021 | Dec. 29, 2017 | Jul. 31, 2022 | Apr. 30, 2022 | |
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 | $ 231,300,000 | $ 237,500,000 | ||
Revolving loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit facility, maximum borrowing capacity | 500,000,000 | 100,000,000 | ||
Proceeds from loan | 264,000,000 | 50,000,000 | ||
Outstanding on the Revolving Facility | 249,300,000 | $ 263,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 239,400,000 | |||
Credit facility, commitment fee percentage | 0.20% | |||
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 | $ 11,300,000 | |||
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 | 1% | |||
London Interbank Offered Rate (LIBOR) [Member] | Revolving loan facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2% |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2022 USD ($) | Jul. 31, 2021 USD ($) | May 28, 2021 USD ($) instrument | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Change in cash flow hedges (swap), net of deferred taxes of $(433) and $(194) for the three months ended July 31, 2022 and 2021, respectively | $ (1,278) | $ (573) | |
Cash Flow Hedging | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 5,100 | ||
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 | (200) | |
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 $(433) and $(194) for the three months ended July 31, 2022 and 2021, respectively | 1,300 | $ (600) | |
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, Number of Instruments Held | instrument | 4 | ||
Derivative, notional amount | $ 200,000 | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | 629,400 | ||
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 | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Minimum | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, forward exchange rate | 20.74 | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Maximum | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, forward exchange rate | 21.74 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate (as a percent) | 25% | 29.20% |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 542,893 | $ 442,581 |
Home center retailers | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 241,323 | 209,324 |
Builders | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 226,771 | 178,238 |
Independent dealers and distributors | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 74,799 | $ 55,019 |
Concentration of Risk (Details)
Concentration of Risk (Details) - Customer Concentration Risk | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Customer receivables | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 33.60% | 31.20% |
Customer receivables | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 17.20% | 19.60% |
Sales revenue, gross | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 30.30% | 31.80% |
Sales revenue, gross | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk (as a percent) | 14.20% | 15.50% |