v3.25.0.1
Segments
 9 Months Ended
Jan. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
There have been no changes to the Company’s reportable segments during the nine months ended January 31, 2025. For more information regarding the Company’s reportable segments, see Note 16, “Segments,” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2024.
Segment Results
The following tables present segment results:
Three Months Ended January 31, 2025
Net SalesDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$1,233,944 $39,060 $89,419 
Other26,766 3,298 3,622 
Corporate—72 —
$1,260,710 $42,430 $93,041 
Three Months Ended January 31, 2024
Net SalesDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$1,224,907 $29,179 $124,911 
Other33,441 3,544 3,109 
Corporate—81 —
$1,258,348 $32,804 $128,020 
Nine Months Ended January 31, 2025
Net SalesDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$4,092,243 $112,229 $379,168 
Other87,699 10,085 11,978 
Corporate—226 —
$4,179,942 $122,540 $391,146 

Nine Months Ended January 31, 2024
Net SalesDepreciation and
Amortization		Adjusted
EBITDA
(in thousands)
Geographic divisions$3,992,941 $86,289 $454,503 
Other95,937 11,217 14,373 
Corporate—253 —
$4,088,878 $97,759 $468,876 

The following table presents a reconciliation of Adjusted EBITDA to net income:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
(in thousands)
Net income (loss)$(21,409)$51,905 $89,375 $219,692 
Interest expense23,069 18,784 68,979 56,440 
Write-off of debt discount and deferred financing fees— — — 1,401 
Interest income(189)(378)(752)(1,144)
Provision for income taxes4,177 17,468 44,013 71,407 
Depreciation expense21,271 17,276 61,028 50,566 
Amortization expense21,159 15,528 61,512 47,193 
Impairment of goodwill42,454 — 42,454 — 
Stock appreciation rights(a)691 1,789 1,331 3,408 
Redeemable noncontrolling interests and deferred compensation(b)34 461 1,149 1,125 
Equity-based compensation(c)3,422 3,559 12,025 11,974 
Severance and other permitted costs(d)2,282 1,033 9,698 2,321 
Transaction costs (acquisitions and other)(e)789 765 3,262 3,373 
Gain on disposal of assets(f)(5,333)(222)(4,826)(663)
Effects of fair value adjustments to inventory(g)3 8 484 450 
Change in fair value of contingent consideration(h)621 — 1,414 — 
Debt transaction costs(i)— 44 — 1,333 
Adjusted EBITDA(j)$93,041 $128,020 $391,146 $468,876 
__________________________________________

(a)Represents changes in the fair value of stock appreciation rights.
(b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.
(c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards.
(d)Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility.
(e)Represents costs related to acquisitions paid to third parties.
(f)Includes gains from the sale of assets and the sale of the Company’s Michigan-based installed insulation contracting business, net of losses and impairments.
(g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.
(h)Represents the change in fair value of contingent consideration arrangements.
(i)Represents costs paid to third-party advisors related to debt refinancing activities.
(j)For a detailed discussion of the Company’s use of non-GAAP financial measures, see “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Non-GAAP Financial Measures” in this Quarterly Report on Form 10-Q.

Revenues by Product
The following table presents the Company’s net sales to external customers by main product lines:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
(in thousands)
Wallboard$501,703 $520,686 $1,671,751 $1,677,285 
Complementary products398,647 378,555 1,308,988 1,233,084 
Steel framing179,682 203,363 606,928 672,231 
Ceilings180,678 155,744 592,275 506,278 
Total net sales$1,260,710 $1,258,348 $4,179,942 $4,088,878 
The following table presents additional detail on the Company’s net sales of complementary products:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
(in thousands)
Tools and fasteners$80,326 $85,164 $261,238 $255,204 
Insulation92,045 78,552 277,930 239,007 
Joint treatment65,454 61,219 216,971 193,915 
Lumber36,169 31,134 121,487 113,645 
EIFS/stucco47,165 38,349 153,781 132,053 
Other77,488 84,137 277,581 299,260 
Complementary products$398,647 $378,555 $1,308,988 $1,233,084 
Geographic Information
The following table presents the Company’s net sales by major geographic area:
Three Months Ended
January 31,		Nine Months Ended
January 31,
2025202420252024
(in thousands)
United States$1,081,371 $1,107,244 $3,594,427 $3,564,530 
Canada179,339 151,104 585,515 524,348 
Total net sales$1,260,710 $1,258,348 $4,179,942 $4,088,878 
The following table presents the Company’s property and equipment, net, by major geographic area:
January 31,
2025		April 30,
2024
(in thousands)
United States$455,447 $425,429 
Canada60,005 46,828 
Total property and equipment, net$515,452 $472,257