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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 31, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________.
COMMISSION FILE NUMBER: 001-37784
______________________________________________________________
GMS INC.
(Exact name of registrant as specified in its charter)
______________________________________________________________
| | | | | | | | |
Delaware | 46-2931287 |
(State or other jurisdiction of incorporation | (IRS Employer Identification No.) |
or organization) | |
| | |
100 Crescent Centre Parkway, Suite 800 | |
Tucker, | Georgia | 30084 |
(Address of principal executive offices) | (ZIP Code) |
(800) 392-4619
(Registrant’s telephone number, including area code)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
| | | | | | | | | | | | | | | | | |
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, par value $0.01 per share | | GMS | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 39,817,664 shares of the registrant’s common stock, par value $0.01 per share, outstanding as of November 30, 2023.
FORM 10-Q
TABLE OF CONTENTS
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PART I | | |
Item 1 | | |
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Item 2 | | |
Item 3 | | |
Item 4 | | |
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PART II | | |
Item 1 | | |
Item 1A | | |
Item 2 | | |
Item 3 | | |
Item 4 | | |
Item 5 | | |
Item 6 | | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology. Statements about our future financial performance, growth or future developments relating to economic conditions, our markets or the commercial and residential construction industries and statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events contained in this Quarterly Report on Form 10-Q are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed under the heading “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2023, filed with the U.S. Securities and Exchange Commission (the “SEC”), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:
•general business, financial market and economic conditions, including inflation and deflation, rising interest rates, supply chain disruptions, labor shortages and labor costs, geopolitical conflicts, an economic downturn or recession and capital market volatility;
•our dependency upon the cyclical commercial and residential construction markets, both new and repair and remodeling, or R&R, including any impact from the slow-down in single-family construction, any decline in commercial construction or delay in the commercial activity recovery, including from disruptions caused by the inability of commercial borrowers to repay their debt obligations;
•competition in our highly fragmented industry and the markets in which we operate;
•consolidation in our industry;
•the fluctuations in prices and mix of the products we distribute and our ability to pass on price increases to our customers and effectively manage inventories and margins in both inflationary and deflationary pricing environments;
•our ability to successfully implement our growth strategy, including through identifying, successfully consummating and integrating acquisitions, opening new branches and expanding our product offerings;
•our ability to expand into new geographic markets;
•product shortages, other disruptions in our supply chain or distribution network and potential loss of relationships with key suppliers, including increased shipping costs and delays and heightened risks relating to sourcing products from international suppliers;
•our ability to manage operating costs and achieve cost reduction and productivity initiatives;
•the potential loss of any significant customers and the reduction of the quantity of products our customers purchase;
•our ability to renew leases for our facilities on acceptable terms or secure new facilities on acceptable terms;
•our ability to effectively manage our inventory as our sales volume or the prices of the products we distribute fluctuate;
•significant fluctuations in fuel costs or shortages in the supply of fuel;
•natural or man-made disruptions to our facilities;
•the risk of our Canadian operations, including currency rate fluctuations;
•our ability to continue to anticipate and address evolving consumer demands;
•exposure to product liability and various other claims and litigation, and the adequacy and costs of insurance related thereto;
•operating hazards that may cause personal injury or property damage;
•the impact of federal, state, provincial and local regulations, including potential changes in our effective tax rate;
•our inability to engage in activities that may be in our best long-term interests because of restrictions in our debt agreements;
•our current level of indebtedness and our potential to incur additional indebtedness;
•our ability to obtain additional financing on acceptable terms, if at all;
•the effects of widespread public health crises on our business, industry and results of operations;
•our ability to attract and retain key employees while controlling costs, including the impact of labor and trucking shortages;
•cybersecurity breach, including misappropriation of our customers’, employees’ or suppliers’ confidential information, and the potential costs related thereto;
•a disruption in our IT systems and costs necessary to maintain and update our IT systems; and
•the imposition of tariffs and other trade barriers, and the effect of any retaliatory trade measures.
Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance, and actual results and events may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q.
Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise. You should review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of the filing of this Quarterly Report on Form 10-Q.
PART I – Financial Information
Item 1. Financial Statements
GMS Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data)
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
Assets |
Current assets: | | | |
Cash and cash equivalents | $ | 76,517 | | | $ | 164,745 | |
Trade accounts and notes receivable, net of allowances of $16,215 and $13,636, respectively | 880,196 | | | 792,232 | |
Inventories, net | 559,449 | | | 575,495 | |
Prepaid expenses and other current assets | 31,270 | | | 17,051 | |
Total current assets | 1,547,432 | | | 1,549,523 | |
Property and equipment, net of accumulated depreciation of $281,550 and $264,650, respectively | 423,240 | | | 396,419 | |
Operating lease right-of-use assets | 190,141 | | | 189,351 | |
Goodwill | 720,273 | | | 700,813 | |
Intangible assets, net | 393,587 | | | 399,660 | |
Deferred income taxes | 21,908 | | | 19,839 | |
Other assets | 17,818 | | | 11,403 | |
Total assets | $ | 3,314,399 | | | $ | 3,267,008 | |
Liabilities and Stockholders’ Equity |
Current liabilities: | | | |
Accounts payable | $ | 367,405 | | | $ | 377,003 | |
Accrued compensation and employee benefits | 83,483 | | | 119,887 | |
Other accrued expenses and current liabilities | 118,870 | | | 107,675 | |
Current portion of long-term debt | 47,766 | | | 54,035 | |
Current portion of operating lease liabilities | 48,788 | | | 47,681 | |
Total current liabilities | 666,312 | | | 706,281 | |
Non-current liabilities: | | | |
Long-term debt | 1,028,284 | | | 1,044,642 | |
Long-term operating lease liabilities | 142,577 | | | 141,786 | |
Deferred income taxes, net | 55,142 | | | 51,223 | |
Other liabilities | 46,199 | | | 48,319 | |
Total liabilities | 1,938,514 | | | 1,992,251 | |
Commitments and contingencies | | | |
Stockholders' equity: | | | |
Common stock, par value $0.01 per share, 500,000 shares authorized; 40,055 and 40,971 shares issued and outstanding as of October 31, 2023 and April 30, 2023, respectively | 401 | | | 410 | |
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of October 31, 2023 and April 30, 2023 | — | | | — | |
Additional paid-in capital | 362,021 | | | 428,508 | |
Retained earnings | 1,048,755 | | | 880,968 | |
Accumulated other comprehensive loss | (35,292) | | | (35,129) | |
Total stockholders' equity | 1,375,885 | | | 1,274,757 | |
Total liabilities and stockholders' equity | $ | 3,314,399 | | | $ | 3,267,008 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GMS Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 962,301 | | | 966,479 | | | 1,921,347 | | | 1,891,311 | |
Gross profit | 458,629 | | | 464,500 | | | 909,183 | | | 899,221 | |
Operating expenses: | | | | | | | |
Selling, general and administrative | 300,894 | | | 278,994 | | | 587,690 | | | 546,683 | |
Depreciation and amortization | 32,937 | | | 32,226 | | | 64,955 | | | 64,666 | |
Total operating expenses | 333,831 | | | 311,220 | | | 652,645 | | | 611,349 | |
Operating income | 124,798 | | | 153,280 | | | 256,538 | | | 287,872 | |
Other (expense) income: | | | | | | | |
Interest expense | (18,742) | | | (16,055) | | | (37,656) | | | (30,716) | |
Write-off of debt discount and deferred financing fees | — | | | — | | | (1,401) | | | — | |
Other income, net | 2,106 | | | 1,923 | | | 4,245 | | | 3,492 | |
Total other expense, net | (16,636) | | | (14,132) | | | (34,812) | | | (27,224) | |
Income before taxes | 108,162 | | | 139,148 | | | 221,726 | | | 260,648 | |
Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Weighted average common shares outstanding: | | | | | | | |
Basic | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | |
Diluted | 41,088 | | | 42,887 | | | 41,282 | | | 43,102 | |
Net income per common share: | | | | | | | |
Basic | $ | 2.00 | | | $ | 2.44 | | | $ | 4.13 | | | $ | 4.54 | |
Diluted | $ | 1.97 | | | $ | 2.41 | | | $ | 4.06 | | | $ | 4.47 | |
Comprehensive income | | | | | | | |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Foreign currency translation adjustments | (21,164) | | | (34,585) | | | (9,766) | | | (31,943) | |
Changes in other comprehensive income, net of tax | 4,214 | | | 1,130 | | | 9,603 | | | 3,349 | |
Comprehensive income | $ | 64,007 | | | $ | 69,698 | | | $ | 167,624 | | | $ | 164,029 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GMS Inc.
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | | | |
Balances as of April 30, 2023 | 40,971 | | | $ | 410 | | | $ | 428,508 | | | $ | 880,968 | | | $ | (35,129) | | | $ | 1,274,757 | |
Net income | — | | | — | | | — | | | 86,830 | | | — | | | 86,830 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | 11,398 | | | 11,398 | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 5,389 | | | 5,389 | |
Repurchase and retirement of common stock | (469) | | | (5) | | | (30,779) | | | — | | | — | | | (30,784) | |
Equity-based compensation | — | | | — | | | 3,304 | | | — | | | — | | | 3,304 | |
Exercise of stock options | 46 | | | — | | | 1,248 | | | — | | | — | | | 1,248 | |
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Issuance of common stock pursuant to employee stock purchase plan | 58 | | | 1 | | | 2,663 | | | — | | | — | | | 2,664 | |
Balances as of July 31, 2023 | 40,606 | | | 406 | | | 404,944 | | | 967,798 | | | (18,342) | | | 1,354,806 | |
Net income | — | | | — | | | — | | | 80,957 | | | — | | | 80,957 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (21,164) | | | (21,164) | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 4,214 | | | 4,214 | |
Repurchase and retirement of common stock | (689) | | | (6) | | | (44,566) | | | — | | | — | | | (44,572) | |
Equity-based compensation | — | | | — | | | 5,111 | | | — | | | — | | | 5,111 | |
Exercise of stock options | 19 | | | — | | | 508 | | | — | | | — | | | 508 | |
Vesting of restricted stock units | 119 | | | 1 | | | (1) | | | — | | | — | | | — | |
Tax withholding related to net share settlements of equity awards | — | | | — | | | (3,975) | | | — | | | — | | | (3,975) | |
Balances as of October 31, 2023 | 40,055 | | | $ | 401 | | | $ | 362,021 | | | $ | 1,048,755 | | | $ | (35,292) | | | $ | 1,375,885 | |
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| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders' Equity |
| Shares | | Amount | | | | |
Balances as of April 30, 2022 | 42,773 | | | $ | 428 | | | $ | 522,136 | | | $ | 547,977 | | | $ | (6,043) | | | $ | 1,064,498 | |
Net income | — | | | — | | | — | | | 89,470 | | | — | | | 89,470 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | 2,642 | | | 2,642 | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 2,219 | | | 2,219 | |
Repurchase and retirement of common stock | (516) | | | (5) | | | (23,790) | | | — | | | — | | | (23,795) | |
Equity-based compensation | — | | | — | | | 3,132 | | | — | | | — | | | 3,132 | |
Exercise of stock options | 1 | | | — | | | 29 | | | — | | | — | | | 29 | |
Vesting of restricted stock units | 7 | | | — | | | — | | | — | | | — | | | — | |
Tax withholding related to net share settlements of equity awards | — | | | — | | | (300) | | | — | | | — | | | (300) | |
Issuance of common stock pursuant to employee stock purchase plan | 33 | | | — | | | 1,329 | | | — | | | — | | | 1,329 | |
Balances as of July 31, 2022 | 42,298 | | | 423 | | | 502,536 | | | 637,447 | | | (1,182) | | | 1,139,224 | |
Net income | — | | | — | | | — | | | 103,153 | | | — | | | 103,153 | |
Foreign currency translation adjustments | — | | | — | | | — | | | — | | | (34,585) | | | (34,585) | |
Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | 1,130 | | | 1,130 | |
Repurchase and retirement of common stock | (601) | | | (6) | | | (25,770) | | | — | | | — | | | (25,776) | |
Equity-based compensation | — | | | — | | | 3,781 | | | — | | | — | | | 3,781 | |
Exercise of stock options | 53 | | | — | | | 672 | | | — | | | — | | | 672 | |
Vesting of restricted stock units | 101 | | | 1 | | | (1) | | | — | | | — | | | — | |
Tax withholding related to net share settlements of equity awards | — | | | — | | | (3,660) | | | — | | | — | | | (3,660) | |
Balances as of October 31, 2022 | 41,851 | | | $ | 418 | | | $ | 477,558 | | | $ | 740,600 | | | $ | (34,637) | | | $ | 1,183,939 | |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
GMS Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net income | $ | 167,787 | | | $ | 192,623 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 64,955 | | | 64,666 | |
Write-off and amortization of debt discount and debt issuance costs | 2,726 | | | 802 | |
Equity-based compensation | 10,698 | | | 13,322 | |
Gain on disposal of assets | (441) | | | (203) | |
Deferred income taxes | (5,085) | | | (2,925) | |
Other items, net | 3,590 | | | 4,662 | |
Changes in assets and liabilities net of effects of acquisitions: | | | |
Trade accounts and notes receivable | (89,384) | | | (133,445) | |
Inventories | 20,267 | | | (32,270) | |
Prepaid expenses and other assets | (19,578) | | | (4,913) | |
Accounts payable | (9,849) | | | 3,821 | |
Accrued compensation and employee benefits | (36,293) | | | (17,859) | |
Other accrued expenses and liabilities | 15,354 | | | 14,580 | |
Cash provided by operating activities | 124,747 | | | 102,861 | |
Cash flows from investing activities: | | | |
Purchases of property and equipment | (29,546) | | | (21,670) | |
Proceeds from sale of assets | 1,701 | | | 896 | |
Acquisition of businesses, net of cash acquired | (55,964) | | | (2,620) | |
Cash used in investing activities | (83,809) | | | (23,394) | |
Cash flows from financing activities: | | | |
Repayments on revolving credit facilities | (389,409) | | | (251,247) | |
Borrowings from revolving credit facilities | 360,173 | | | 280,113 | |
Payments of principal on long-term debt | — | | | (2,555) | |
Borrowings from term loan amendment | 288,266 | | | — | |
Repayments from term loan amendment | (287,768) | | | — | |
Payments of principal on finance lease obligations | (19,304) | | | (16,450) | |
Repurchases of common stock | (75,356) | | | (49,571) | |
Payment of acquisition holdback liability | — | | | (13,500) | |
Payment for debt issuance costs | (5,825) | | | — | |
Proceeds from exercises of stock options | 1,756 | | | 701 | |
Payments for taxes related to net share settlement of equity awards | (3,975) | | | (3,960) | |
Proceeds from issuance of stock pursuant to employee stock purchase plan | 2,664 | | | 1,329 | |
Cash used in financing activities | (128,778) | | | (55,140) | |
Effect of exchange rates on cash and cash equivalents | (388) | | | (2,042) | |
(Decrease) increase in cash and cash equivalents | (88,228) | | | 22,285 | |
Cash and cash equivalents, beginning of period | 164,745 | | | 101,916 | |
Cash and cash equivalents, end of period | $ | 76,517 | | | $ | 124,201 | |
Supplemental cash flow disclosures: | | | |
Cash paid for income taxes | $ | 69,224 | | | $ | 60,792 | |
Cash paid for interest | 35,321 | | | 29,268 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
Founded in 1971, GMS Inc. (together with its consolidated subsidiaries, “we,” “our,” “us,” or the “Company”), through its operating subsidiaries, operates a network of more than 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. The Company also operates more than 100 tool sales, rental and service centers. Through these operations, the Company provides a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling the Company to generate significant economies of scale while maintaining high levels of customer service.
Basis of Presentation
The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Principles of Consolidation
The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The results of operations of businesses acquired are included from their respective dates of acquisition.
Use of Estimates
The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Foreign Currency Translation
Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income. Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other income, net.
Insurance Liabilities
The Company is self-insured for certain losses related to medical claims. The Company has stop-loss coverage to limit the exposure arising from medical claims. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability if probable and estimable. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets.
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
Medical self‑insurance | $ | 2,235 | | | $ | 4,275 | |
General liability, automobile and workers’ compensation | 21,967 | | | 20,502 | |
Expected recoveries for insurance liabilities | (4,735) | | | (3,531) | |
Revenue Recognition
Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses.
See Note 13, “Segments,” for information regarding disaggregation of revenue, including revenue by product and by geographic area.
Income Taxes
The Company considers each interim period an integral part of the annual period and measures tax expense (benefit) using an estimated annual effective income tax rate. Estimates of the annual effective income tax rate at the end of interim periods are, out of necessity, based on evaluation of possible future events and transactions and may be subject to subsequent refinement or revision. The Company forecasts its estimated annual effective income tax rate and then applies that rate to its year-to-date pre-tax ordinary income (loss), subject to certain loss limitation provisions. In addition, certain specific transactions are excluded from the Company’s estimated annual effective tax rate computation but are discretely recognized within income tax expense (benefit) in their respective interim period. Future changes in annual income (loss) projections, tax rate changes, or discrete tax items could result in significant adjustments to quarterly income tax expense (benefit) in future periods.
The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In this evaluation, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The primary negative evidence considered includes the cumulative operating losses generated in prior periods. The primary positive evidence considered includes the reversal of deferred tax liabilities related to depreciation and amortization that would occur within the same jurisdiction and during the carryforward period necessary to absorb the federal and state net operating losses and other deferred tax assets.
Deferred tax assets and liabilities are computed by applying the federal, provincial and state income tax rates in effect to the gross amounts of temporary differences and other tax attributes, such as net operating loss carry-forwards. In assessing if the deferred tax assets will be realized, the Company considers whether it is more likely than not that some or all of these deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which these deductible temporary differences reverse.
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, including stock options and restricted stock units (collectively “Common Stock Equivalents”), were exercised or converted into common stock. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. In
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share.
2. Business Combinations
The Company accounts for business combinations by recognizing the assets acquired and liabilities assumed at the acquisition date fair value. In valuing certain acquired assets and liabilities, fair value estimates use Level 3 inputs, including future expected cash flows and discount rates. Goodwill is measured as the excess of consideration transferred over the fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to value assets acquired and liabilities assumed at the acquisition date, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments arising from new facts and circumstances are recorded to the Consolidated Statements of Operations and Comprehensive Income. The results of operations of acquisitions are reflected in the Company’s Consolidated Financial Statements from the date of acquisition.
On May 1, 2023, the Company acquired Jawl Lumber Corporation ("Jawl"), which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies ("Home Lumber") brand name. Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key complementary building materials. Home Lumber operates from a single location in Victoria, Canada. The primary purpose of the transaction was to expand the geographical coverage of the Company and grow the business. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements.
On October 1, 2023, the Company acquired AMW Construction Supply, LLC ("AMW"), a tools and fasteners and other complementary products distributor servicing the Phoenix, Arizona metro area. AMW operates from a single location in Phoenix, Arizona. The primary purpose of the transaction was to expand the Company's complementary product offerings and grow the business. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements.
The assets acquired and liabilities assumed were recognized at their acquisition date fair values. The acquisition accounting is subject to change as the Company obtains additional information during the measurement period about the facts and circumstances that existed as of the acquisition date. The primary areas of the preliminary acquisition accounting that are not yet finalized relate to preliminary fair value estimates, working capital adjustments and residual goodwill.
The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2024 acquisitions based on currently available information:
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| Preliminary Acquisition Accounting | | Adjustments | | Preliminary Acquisition Accounting |
| (in thousands) |
Cash | $ | 3,027 | | | $ | — | | | $ | 3,027 | |
Trade accounts and notes receivable | 4,602 | | | (42) | | | 4,560 | |
Inventories | 8,181 | | | — | | | 8,181 | |
Other assets | 2,945 | | | — | | | 2,945 | |
Customer relationships | 27,554 | | | (4,353) | | | 23,201 | |
Tradenames | 6,064 | | | (664) | | | 5,400 | |
Goodwill | 17,443 | | | 3,353 | | | 20,796 | |
Accounts payable and other liabilities | (3,622) | | | 24 | | | (3,598) | |
Deferred income taxes | (6,586) | | | 1,181 | | | (5,405) | |
Fair value of consideration transferred | $ | 59,608 | | | $ | (501) | | | $ | 59,107 | |
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Goodwill recognized is attributable to synergies achieved through the streamlining of operations combined with improved margins attainable through increased market presence and is attributable to the Company's geographic divisions reportable segment. Goodwill of $17.0 million is not expected to be deductible for U.S. federal income tax purposes and goodwill of $3.8 million is expected to be deductible for U.S. federal income tax purposes. The estimated useful life for the customer relationships is 10 years and the estimated useful life for the tradenames is 15 years.
3. Accounts Receivable
The Company’s trade accounts and notes receivable consisted of the following:
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| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
Trade receivables | $ | 743,210 | | | $ | 713,372 | |
Other receivables | 153,201 | | | 92,496 | |
Allowance for expected credit losses | (9,631) | | | (8,606) | |
Other allowances | (6,584) | | | (5,030) | |
Trade accounts and notes receivable | $ | 880,196 | | | $ | 792,232 | |
The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2023:
| | | | | |
| (in thousands) |
Balance as of April 30, 2023 | $ | 8,606 | |
Provision | 787 | |
Other, net | 238 | |
Balance as of October 31, 2023 | $ | 9,631 | |
Receivables from contracts with customers, net of allowances, were $727.0 million and $699.7 million as of October 31, 2023 and April 30, 2023, respectively. The Company did not have material amounts of contract assets or liabilities as of October 31, 2023 or April 30, 2023.
4. Goodwill and Intangible Assets
Goodwill
The following table presents changes in the carrying amount of goodwill:
| | | | | | | | | | | | | | | | | |
| Gross | | Accumulated | | Net |
| Carrying Amount | | Impairment Loss | | Carrying Amount |
| (in thousands) |
Balance as of April 30, 2023 | $ | 765,314 | | | $ | (64,501) | | | $ | 700,813 | |
Goodwill recognized from acquisitions | 20,796 | | | — | | | 20,796 | |
Acquisition accounting adjustments from prior period | 1,659 | | | — | | | 1,659 | |
Translation adjustment | (4,027) | | | 1,032 | | | (2,995) | |
Balance as of October 31, 2023 | $ | 783,742 | | | $ | (63,469) | | | $ | 720,273 | |
As of October 31, 2023, $612.5 million of goodwill was assigned to the Company's geographic divisions reportable segment and $107.8 million was assigned to the Company's other segment. During the six months ended October 31, 2023, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. acquisition.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Intangible Assets
The following tables present the components of the Company’s intangible assets:
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| Estimated Useful Lives (years) | | Weighted Average Amortization Period | | October 31, 2023 |
| | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value |
| (dollars in thousands) |
Customer relationships | 5-16 | | 12.3 | | $ | 686,338 | | | $ | (456,573) | | | $ | 229,765 | |
Definite-lived tradenames | 5-20 | | 15.6 | | 104,908 | | | (28,607) | | | 76,301 | |
Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (625) | | | 375 | |
Developed technology | 5-10 | | 6.9 | | 8,147 | | | (5,639) | | | 2,508 | |
Other | 3-5 | | 3.2 | | 1,551 | | | (1,280) | | | 271 | |
Definite-lived intangible assets | | | 12.7 | | $ | 801,944 | | | $ | (492,724) | | | $ | 309,220 | |
Indefinite-lived intangible assets | | | | | | | | | 84,367 | |
Total intangible assets, net | | | | | | | | | $ | 393,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Estimated Useful Lives (years) | | Weighted Average Amortization Period | | April 30, 2023 |
| | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value |
| (dollars in thousands) |
Customer relationships | 5-16 | | 12.4 | | $ | 669,142 | | | $ | (432,220) | | | $ | 236,922 | |
Definite-lived tradenames | 5-20 | | 15.6 | | 100,326 | | | (25,407) | | | 74,919 | |
Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (575) | | | 425 | |
Developed technology | 5-10 | | 6.9 | | 8,261 | | | (5,596) | | | 2,665 | |
Other | 3-5 | | 3.2 | | 1,551 | | | (1,189) | | | 362 | |
Definite-lived intangible assets | | | 12.8 | | $ | 780,280 | | | $ | (464,987) | | | $ | 315,293 | |
Indefinite-lived intangible assets | | | | | | | | | 84,367 | |
Total intangible assets, net | | | | | | | | | $ | 399,660 | |
Amortization expense related to definite-lived intangible assets was $16.0 million and $17.2 million for the three months ended October 31, 2023 and 2022, respectively, and $31.7 million and $34.6 million for the six months ended October 31, 2023 and 2022, respectively.
The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors.
| | | | | |
Year Ending April 30, | (in thousands) |
2024 (remaining six months) | $ | 29,694 | |
2025 | 52,991 | |
2026 | 44,807 | |
2027 | 38,624 | |
2028 | 32,066 | |
Thereafter | 111,038 | |
Total | $ | 309,220 | |
The Company’s indefinite-lived intangible assets as of October 31, 2023 and April 30, 2023 consisted of indefinite-lived tradenames.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
5. Long-Term Debt
The Company’s long-term debt consisted of the following:
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
Term Loan Facility | $ | 500,000 | | | $ | 499,503 | |
Unamortized discount and deferred financing costs on Term Loan Facility | (6,359) | | | (2,442) | |
Senior Notes | 350,000 | | | 350,000 | |
Unamortized discount and deferred financing costs on Senior Notes | (3,768) | | | (4,113) | |
ABL Facility | 80,800 | | | 110,000 | |
Finance lease obligations | 149,704 | | | 137,303 | |
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 | 5,708 | | | 8,529 | |
Unamortized discount on installment notes | (35) | | | (103) | |
Carrying value of debt | 1,076,050 | | | 1,098,677 | |
Less current portion | 47,766 | | | 54,035 | |
Long-term debt | $ | 1,028,284 | | | $ | 1,044,642 | |
Term Loan Facility
The Company has a $500.0 million senior secured first lien term loan facility (the “Term Loan Facility”). The Company is required to make scheduled quarterly payments of $1.3 million, or 0.25% of the aggregate principal amount of the Term Loan Facility, beginning January 1, 2024 with the remaining balance due May 12, 2030. The Term Loan Facility bears interest at a floating rate per annum based on the Secured Overnight Financing Rate ("SOFR") plus 3.00%. As of October 31, 2023, the applicable rate of interest was 8.32%. The Company has interest rate swap and collar agreements to convert the variable interest rate on a portion of its Term Loan Facility to a fixed rate. For more information, see Note 11, "Fair Value Measurements."
On May 12, 2023, the Company amended the Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used, together with cash on hand, to refinance the then outstanding borrowings under the Term Loan Facility in the principal amount of $499.5 million and pay related fees. The net $0.5 million increase in aggregate principal amount consisted of a $211.7 million cashless roll by existing lenders, $288.3 million of proceeds received from new lenders and $287.8 million of payments to lenders who did not participate in the refinancing. During the six months ended October 31, 2023, the Company corrected the presentation of the cash flows associated with the refinancing from a net presentation as shown in the cash flow statement for the three-month period ended July 31, 2023 to a presentation reporting the gross cash inflows and outflows within financing activities in the Condensed Consolidated Statement of Cash Flows. There was no impact to any of the cash flow subtotals (operating, investing, or financing) as a result of this correction of an immaterial cash flow misstatement. The amendment also amended the Term Loan Facility to, among other things, (i) replace the administrative and collateral agent, (ii) extend the maturity date by seven years from the date of the amendment to May 12, 2030 and (iii) modify certain thresholds, baskets and amounts referenced therein. The Company recorded a write-off of debt discount and deferred financing fees of $1.4 million, which is included in write-off of debt discount and deferred financing fees in the Consolidated Statement of Operations and Comprehensive Income for the six months ended October 31, 2023.
Senior Notes
The Company has senior unsecured notes due May 2029 (the "Senior Notes") in the aggregate principal amount of $350.0 million. The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Asset Based Lending Facility
The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $950.0 million as of October 31, 2023. Extensions of credit under the ABL Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible inventory and accounts receivable, subject to certain reserves and other adjustments.
As of October 31, 2023, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on SOFR or base rate plus, in each case, an applicable margin. The margins applicable for each elected interest rate are subject to a pricing grid, as defined in the ABL Facility agreement, based on average daily availability for the most recent fiscal quarter. The ABL Facility also contains an unused commitment fee. As of October 31, 2023, the weighted average interest rate on borrowings was 6.74%.
As of October 31, 2023, the Company had available borrowing capacity of approximately $823.7 million under the ABL Facility. The ABL Facility matures on December 22, 2027. The ABL Facility contains a cross default provision with the Term Loan Facility.
Debt Covenants
The Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. As of October 31, 2023, the Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes.
The ABL Facility contains certain covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of October 31, 2023.
Debt Maturities
As of October 31, 2023, the maturities of long-term debt were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Term Loan Facility | | Senior Notes | | ABL Facility | | Finance Leases | | Installment Notes | | Total |
Year Ending April 30, | (in thousands) |
2024 (remaining six months) | $ | 2,500 | | | $ | — | | | $ | — | | | $ | 21,369 | | | $ | 1,495 | | | $ | 25,364 | |
2025 | 5,000 | | | — | | | — | | | 38,217 | | | 1,615 | | | 44,832 | |
2026 | 5,000 | | | — | | | — | | | 32,280 | | | 714 | | | 37,994 | |
2027 | 5,000 | | | — | | | — | | | 26,609 | | | 694 | | | 32,303 | |
2028 | 5,000 | | | — | | | 80,800 | | | 19,794 | | | 620 | | | 106,214 | |
Thereafter | 477,500 | | | 350,000 | | | — | | | 11,435 | | | 570 | | | 839,505 | |
| $ | 500,000 | | | $ | 350,000 | | | $ | 80,800 | | | $ | 149,704 | | | $ | 5,708 | | | $ | 1,086,212 | |
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
6. Leases
The components of lease expense were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Finance lease cost: | | | | | | | |
Amortization of right-of-use assets | $ | 7,114 | | | $ | 5,979 | | | $ | 13,878 | | | $ | 11,797 | |
Interest on lease liabilities | 1,897 | | | 1,739 | | | 3,754 | | | 3,561 | |
Operating lease cost | 16,033 | | | 13,008 | | | 31,749 | | | 25,979 | |
Variable lease cost | 4,769 | | | 5,677 | | | 8,439 | | | 11,580 | |
Total lease cost | $ | 29,813 | | | $ | 26,403 | | | $ | 57,820 | | | $ | 52,917 | |
Supplemental cash flow information related to leases was as follows:
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
| (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities | | | |
Operating cash flows from operating leases | $ | 30,926 | | | $ | 29,905 | |
Operating cash flows from finance leases | 3,754 | | | 3,561 | |
Financing cash flows from finance leases | 19,304 | | | 16,450 | |
Right-of-use assets obtained in exchange for lease obligations | | | |
Operating leases | 23,904 | | | 19,268 | |
Finance leases | 35,336 | | | 26,638 | |
Other information related to leases was as follows:
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
Finance leases included in property and equipment | | | |
Property and equipment | $ | 252,450 | | | $ | 231,488 | |
Accumulated depreciation | (66,825) | | | (65,274) | |
Property and equipment, net | $ | 185,625 | | | $ | 166,214 | |
Weighted-average remaining lease term (years) | | | |
Operating leases | 5.1 | | 5.2 |
Finance leases | 4.1 | | 3.9 |
Weighted-average discount rate | | | |
Operating leases | 5.4 | % | | 5.0 | % |
Finance leases | 5.5 | % | | 4.9 | % |
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Future minimum lease payments under non-cancellable leases as of October 31, 2023 were as follows:
| | | | | | | | | | | |
| Finance | | Operating |
Year Ending April 30, | (in thousands) |
2024 (remaining six months) | $ | 25,070 | | | $ | 28,282 | |
2025 | 44,125 | | | 55,011 | |
2026 | 36,458 | | | 41,683 | |
2027 | 29,290 | | | 30,118 | |
2028 | 21,172 | | | 21,279 | |
Thereafter | 11,469 | | | 43,996 | |
Total lease payments | 167,584 | | | 220,369 | |
Less imputed interest | 17,880 | | | 29,004 | |
Total | $ | 149,704 | | | $ | 191,365 | |
7. Income Taxes
General. The Company’s effective income tax rate on continuing operations was 24.3% and 26.1% for the six months ended October 31, 2023 and 2022, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the six months ended October 31, 2023 and 2022 was primarily due to the impact of foreign taxes, state taxes and equity compensation.
Valuation allowance. The Company had a valuation allowance of $11.4 million and $11.7 million against its deferred tax assets related to certain U.S. tax jurisdictions as of October 31, 2023 and April 30, 2023, respectively. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed.
Uncertain tax positions. The Company had no uncertain tax positions as of October 31, 2023 or April 30, 2023.
8. Stockholders’ Equity
Share Repurchases
On October 18, 2023, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $250.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $200.0 million. The Company may conduct repurchases under the share repurchase program through open market transactions, under trading plans in accordance with SEC Rule 10b5-1 and/or in privately negotiated transactions, in each case in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any purchases of the Company's common stock are subject to a variety of factors, including, but not limited to, the Company’s liquidity, credit availability, general business and market conditions, debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate the Company to acquire any amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. As of October 31, 2023, the Company had $241.3 million of remaining repurchase authorization under its stock repurchase program.
Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax. The Company includes the applicable excise tax as part of the cost basis of the shares acquired and records the taxes as a corresponding liability in accrued expenses and other liabilities in the Consolidated Balance Sheet.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
The following table presents share repurchase activity for the six months ended October 31, 2023:
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
| (in thousands) |
Amount repurchased pursuant to repurchase program | $ | 74,768 | | | $ | 49,571 | |
Excise taxes on repurchases | 588 | | | — | |
Repurchases of common stock | $ | 75,356 | | | $ | 49,571 | |
| | | |
Number of shares repurchased | 1,158 | | | 1,117 | |
Accumulated Other Comprehensive Loss
The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2023:
| | | | | | | | | | | | | | | | | |
| Foreign Currency Translation | | Derivative Financial Instruments | | Accumulated Other Comprehensive Loss |
| (in thousands) |
Balance as of April 30, 2023 | $ | (35,129) | | | $ | — | | | $ | (35,129) | |
Other comprehensive income (loss) before reclassification | (5,224) | | | 10,861 | | | 5,637 | |
Losses on intra-entity transactions that are of a long-term investment nature | (4,542) | | | — | | | (4,542) | |
Reclassification to earnings from accumulated other comprehensive loss | — | | (1,258) | | | (1,258) | |
Balance as of October 31, 2023 | $ | (44,895) | | | $ | 9,603 | | | $ | (35,292) | |
Other comprehensive income before reclassification on derivative instruments for the six months ended October 31, 2023 is net of $2.7 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the six months ended October 31, 2023 is net of tax of $0.4 million. Losses on intra-entity transactions that are of a long-term investment nature for the six months ended October 31, 2023 are net of tax of $1.5 million.
9. Equity-Based Compensation
General
Equity-based compensation expense related to stock options and restricted stock units was $7.7 million and $6.5 million during the six months ended October 31, 2023 and 2022, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Stock Option Awards
The following table presents stock option activity for the six months ended October 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Number of Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value |
| (shares and dollars in thousands) |
Outstanding as of April 30, 2023 | 1,106 | | | $ | 32.60 | | | 6.5 | | $ | 28,155 | |
Options granted | 150 | | | 74.80 | | | | | |
Options exercised | (65) | | | 27.26 | | | | | |
Options forfeited | (9) | | | 44.03 | | | | | |
Outstanding as of October 31, 2023 | 1,182 | | | $ | 38.18 | | | 6.6 | | $ | 26,476 | |
Exercisable as of October 31, 2023 | 842 | | | $ | 28.43 | | | 5.6 | | $ | 25,314 | |
Vested and Expected to vest as of October 31, 2023 | 1,182 | | | $ | 38.17 | | | 6.6 | | $ | 26,473 | |
The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the six months ended October 31, 2023 and 2022 was $2.7 million and $2.6 million, respectively. As of October 31, 2023, there was $7.8 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years.
The fair value of stock options granted during the six months ended October 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value:
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
Volatility | 38.70 | % | | 45.80 | % |
Expected life (years) | 6.0 | | 6.0 |
Risk-free interest rate | 4.29 | % | | 2.67 | % |
Dividend yield | — | % | | — | % |
Grant date fair value | $ | 33.34 | | | $ | 25.26 | |
Restricted Stock Units
The following table presents restricted stock unit activity for the six months ended October 31, 2023:
| | | | | | | | | | | |
| Number of Restricted Stock Units | | Weighted Average Grant Date Fair Value |
| (shares in thousands) |
Outstanding as of April 30, 2023 | 353 | | | $ | 46.97 | |
Granted | 140 | | | 74.80 | |
Vested | (172) | | | 44.37 | |
Forfeited | (4) | | | 50.35 | |
Outstanding as of October 31, 2023 | 317 | | | $ | 60.67 | |
The total fair value of awards vested during the six months ended October 31, 2023 and 2022 was $12.9 million and $8.7 million, respectively. As of October 31, 2023, there was $11.3 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.8 years.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Employee Stock Purchase Plan
The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. The Company recognized $0.7 million and $0.4 million of stock-based compensation expense related to the ESPP during the six months ended October 31, 2023 and 2022, respectively.
The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share:
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
| (shares in thousands) |
Number of shares purchased under the ESPP | 58 | | | 33 | |
Average purchase price | $ | 45.90 | | | $ | 40.05 | |
10. Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests:
| | | | | | | | | | | | | | | | | |
| Stock Appreciation Rights | | Deferred Compensation | | Redeemable Noncontrolling Interests |
| (in thousands) |
Balance as of April 30, 2023 | $ | 32,432 | | | $ | 2,407 | | | $ | 12,002 | |
Amounts redeemed | (1,810) | | | (586) | | | (2,931) | |
Change in fair value | 1,619 | | | 105 | | | 559 | |
Balance as of October 31, 2023 | $ | 32,241 | | | $ | 1,926 | | | $ | 9,630 | |
| | | | | |
Classified as current as of April 30, 2023 | $ | 7,446 | | | $ | 545 | | | $ | 2,726 | |
Classified as long-term as of April 30, 2023 | 24,986 | | | 1,862 | | | 9,276 | |
| | | | | |
Classified as current as of October 31, 2023 | $ | 7,671 | | | $ | — | | | $ | — | |
Classified as long-term as of October 31, 2023 | 24,570 | | | 1,926 | | | 9,630 | |
Total expense related to these instruments was $2.3 million and $6.4 million during the six months ended October 31, 2023 and 2022, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Current and long-term liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests are included in other accrued expenses and liabilities and other liabilities, respectively, in the Condensed Consolidated Balance Sheets. See Note 13, "Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests," in the Company's Annual Report on Form 10-K for the year ended April 30, 2023 for more information regarding stock appreciation rights, deferred compensation and redeemable noncontrolling interests.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
11. Fair Value Measurements
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis:
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
Interest rate swaps and collars (Level 2) | $ | 12,719 | | | $ | — | |
In connection with the amendment to the Term Loan Facility in May 2023, the Company entered into (a) interest rate swap agreements for two years with notional amounts totaling $300.0 million to convert the variable interest rate on a portion of the term loans outstanding to a fixed 1-month SOFR interest rate of 3.899% and (b) forward interest rate collars with notional amounts totaling $300.0 million for years 2025 through 2029. The objective of such hedging instruments is to reduce the variability of interest payment cash flows associated with the variable interest rates under the Term Loan Facility and otherwise hedge exposure to future interest rate fluctuations. The Company believes there have been no material changes in the creditworthiness of the counterparties to these interest rate swaps and believes the risk of nonperformance by each party is minimal. The Company designated the interest rate swaps and collars as cash flow hedges.
As of October 31, 2023, $4.0 million of the interest rate swap assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and $8.7 million were classified in other assets. The Company recognized gains, net of tax, of $0.8 million and $1.2 million during the three and six months ended October 31, 2023, respectively, related to its interest rate swaps. This amount is included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income and within cash flows from operating activities within the Condensed Consolidated Statements of Cash Flows. As of October 31, 2023, the Company expects that approximately $4.0 million of pre-tax earnings will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months.
The fair value of interest rate swap and collar agreements is determined using Level 2 inputs. Generally, the Company obtains the Level 2 inputs from its counterparties. Substantially all the inputs throughout the full term of the instruments can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. The fair value of the Company’s interest rate swap and collar agreements was determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Disclosures are required for certain assets and liabilities that are measured at fair value on a nonrecurring basis in periods after initial recognition. Such measurements of fair value relate primarily to assets and liabilities measured at fair value in connection with business combinations and long-lived asset impairments. For more information on business combinations, see Note 2, “Business Combinations.” There were no material long-lived asset impairments during the six months ended October 31, 2023 or 2022.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Fair Value of Debt
The estimated fair value of the Company’s Senior Notes was determined based on Level 2 input using observable market prices in less active markets. The carrying amounts of the Company’s Term Loan Facility and ABL Facility approximate their fair value as the interest rates are variable and reflective of market rates. The following table presents the carrying amount and fair value of the Company’s Senior Notes:
| | | | | | | | | | | | | | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value |
| (in thousands) |
Senior Notes | $ | 350,000 | | | $ | 287,000 | | | $ | 350,000 | | | $ | 308,000 | |
12. Commitments and Contingencies
The Company is a defendant in various lawsuits and administrative actions associated with personal injuries, property damage, environmental matters, product liability claims, claims of former employees and other events arising in the normal course of business. As discussed in Note 1 “—Insurance Liabilities”, the Company records liabilities for these claims, and assets for amounts recoverable from the insurer, for claims covered by insurance.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
13. Segments
There have been no changes to the Company's reportable segments during the six months ended October 31, 2023. 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, 2023.
Segment Results
The following tables present segment results:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, 2023 |
| Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA |
| (in thousands) |
Geographic divisions | $ | 1,389,073 | | | $ | 441,166 | | | $ | 29,004 | | | $ | 162,306 | |
Other | 31,857 | | | 17,463 | | | 3,849 | | | 5,252 | |
Corporate | — | | — | | 84 | | | — |
| $ | 1,420,930 | | | $ | 458,629 | | | $ | 32,937 | | | $ | 167,558 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, 2022 |
| Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA |
| (in thousands) |
Geographic divisions | $ | 1,398,540 | | | $ | 443,868 | | | $ | 27,750 | | | $ | 185,807 | |
Other | 32,439 | | | 20,632 | | | 4,352 | | | 9,706 | |
Corporate | — | | — | | 124 | | | — |
| $ | 1,430,979 | | | $ | 464,500 | | | $ | 32,226 | | | $ | 195,513 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, 2023 |
| Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA |
| (in thousands) |
Geographic divisions | $ | 2,768,034 | | | $ | 873,880 | | | $ | 57,110 | | | $ | 329,591 | |
Other | 62,496 | | | 35,303 | | | 7,673 | | | 11,265 | |
Corporate | — | | — | | 172 | | | — |
| $ | 2,830,530 | | | $ | 909,183 | | | $ | 64,955 | | | $ | 340,856 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, 2022 |
| Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA |
| (in thousands) |
Geographic divisions | $ | 2,726,988 | | | $ | 860,006 | | | $ | 55,728 | | | $ | 353,176 | |
Other | 63,544 | | | 39,215 | | | 8,687 | | | 17,351 | |
Corporate | — | | — | | 251 | | | — |
| $ | 2,790,532 | | | $ | 899,221 | | | $ | 64,666 | | | $ | 370,527 | |
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
The following table presents a reconciliation of Adjusted EBITDA to net income:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Interest expense | 18,742 | | | 16,055 | | | 37,656 | | | 30,716 | |
Write-off of debt discount and deferred financing fees | — | | | — | | | 1,401 | | | — | |
Interest income | (292) | | | (154) | | | (766) | | | (210) | |
Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | |
Depreciation expense | 16,963 | | | 15,058 | | | 33,290 | | | 30,051 | |
Amortization expense | 15,974 | | | 17,168 | | | 31,665 | | | 34,615 | |
Stock appreciation rights(a) | 401 | | | 3,230 | | | 1,619 | | | 5,574 | |
Redeemable noncontrolling interests and deferred compensation(b) | 184 | | | 340 | | | 664 | | | 835 | |
Equity-based compensation(c) | 5,111 | | | 3,781 | | | 8,415 | | | 6,913 | |
Severance and other permitted costs(d) | 882 | | | 379 | | | 1,288 | | | 731 | |
Transaction costs (acquisitions and other)(e) | 1,223 | | | 292 | | | 2,608 | | | 678 | |
(Gain) loss on disposal of assets(f) | (310) | | | 81 | | | (441) | | | (203) | |
Effects of fair value adjustments to inventory(g) | 140 | | | 135 | | | 442 | | | 179 | |
Debt transaction costs(h) | 378 | | | — | | | 1,289 | | | — | |
Adjusted EBITDA | $ | 167,558 | | | $ | 195,513 | | | $ | 340,856 | | | $ | 370,527 | |
__________________________________________
(a)Represents changes in the fair value of stock appreciation rights.
(b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.
(c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards.
(d)Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility.
(e)Represents costs related to acquisitions paid to third parties.
(f)Includes gains and losses from the sale and disposal of assets.
(g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.
(h)Represents costs paid to third-party advisors related to debt refinancing activities.
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
Revenues by Product
The following table presents the Company’s net sales to external customers by main product lines:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Wallboard | $ | 585,174 | | | $ | 584,557 | | | $ | 1,156,599 | | | $ | 1,106,111 | |
Complementary products | 428,319 | | | 408,669 | | | 854,529 | | | 804,497 | |
Steel framing | 232,108 | | | 278,152 | | | 468,868 | | | 553,048 | |
Ceilings | 175,329 | | | 159,601 | | | 350,534 | | | 326,876 | |
Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
Geographic Information
The following table presents the Company’s net sales by major geographic area:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
United States | $ | 1,238,855 | | | $ | 1,252,324 | | | $ | 2,457,286 | | | $ | 2,440,195 | |
Canada | 182,075 | | | 178,655 | | | 373,244 | | | 350,337 | |
Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
The following table presents the Company’s property and equipment, net, by major geographic area:
| | | | | | | | | | | |
| October 31, 2023 | | April 30, 2023 |
| (in thousands) |
United States | $ | 379,671 | | | $ | 354,652 | |
Canada | 43,569 | | | 41,767 | |
Total property and equipment, net | $ | 423,240 | | | $ | 396,419 | |
14. Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per share of common stock:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands, except per share data) |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Basic earnings per common share: | | | | | | | |
Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | |
Basic earnings per common share | $ | 2.00 | | | $ | 2.44 | | | $ | 4.13 | | | $ | 4.54 | |
Diluted earnings per common share: | | | | | | | |
Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | |
Add: Common Stock Equivalents | 622 | | | 655 | | | 674 | | | 712 | |
Diluted weighted average common shares outstanding | 41,088 | | | 42,887 | | | 41,282 | | | 43,102 | |
Diluted earnings per common share | $ | 1.97 | | | $ | 2.41 | | | $ | 4.06 | | | $ | 4.47 | |
GMS Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)
During the three and six months ended October 31, 2023 and 2022, the number of Common Stock Equivalents excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive was not material. Anti-dilutive securities could be dilutive in future periods.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in this Quarterly Report on Form 10-Q. The following discussion may contain forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in “Cautionary Note Regarding Forward-Looking Statements,” and discussed in the section entitled “Risk Factors” included in our Annual Report on Form 10-K for the year ended April 30, 2023.
Overview
Founded in 1971, GMS Inc. (“we,” “our,” “us,” or the “Company”), through its operating subsidiaries, operates a network of more than 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. We also operate more than 100 tool sales, rental and service centers. Through these operations, we provide a comprehensive selection of building products and solutions for our residential and commercial contractor customer base across the United States and Canada. Our unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling us to generate significant economies of scale while maintaining high levels of customer service.
Market Conditions and Outlook
We believe the Company continues to be well-positioned to meet demand in our end markets and respond to fluctuations thereof due to our broad mix of customers, including commercial, single-family and multi-family builders and contractors, our diverse product offerings and our robust geographic scope.
Commercial
Demand for commercial projects in most of the sectors we serve has been improving, resulting in six consecutive quarters of U.S. commercial wallboard volume growth and a recent uptick in demand for ceilings and steel framing. Specifically, construction to support medical, hospitality and governmental projects has been rebounding, particularly where commercial development has followed residential expansion, while larger office projects, both new and for repair and remodeling (“R&R”) remain tempered, particularly in more mature urban markets.
As with residential contractors, both we and commercial contractors face inflationary pressures and availability constraints for fuel, labor, certain building products and other miscellaneous expenses.
Residential – Single-Family
Following a period of strong levels of new single-family home purchases resulting from favorable demographics and low interest rates, single-family starts began to pull back in the summer of 2022 amid rising interest rates coupled with broader macroeconomic and other affordability concerns. As a result, a slowdown in demand for single-family construction products eventually followed, and we began to see its impacts in our results during the latter half of fiscal 2023 for most of our geographic regions. While we expect continued near-term year-over-year declines in single-family volumes as we face challenging prior year comparisons, we are seeing sequential improvements in single-family demand and we expect the extent of the year-over-year declines to improve over the coming quarters as our current run rates and permit and starts data continue to provide encouraging signs for recovery in the single-family end market.
Residential – Multi-Family
Given the fundamental need for additional residential housing units, coupled with affordability concerns for prospective homebuyers and a lack of existing homes for sale, multi-family construction activity has seen recent strength and the backlog of projects, as completions have lagged starts, is expected to drive continued growth in this end market for GMS through the end of fiscal 2024.
More broadly, the solid underlying demand fundamentals of the housing market, including favorable demographics and low levels of supply of new homes, are expected to provide support for the residential markets in the longer term.
Business Strategy
The key elements of our business strategy are as follows:
•Expand Core Products. Our business strategy includes an emphasis on expanding our market share in our core products (wallboard, ceilings and steel framing) both organically and through acquisitions.
•Grow Complementary Products. We are focused on growing our complementary product lines, with a particular emphasis on achieving growth in tools and fasteners, insulation and EIFS and stucco, to better serve our customers, and to diversify and expand our product offerings while driving higher sales and margins.
•Expand our Platform. Our growth strategy includes the pursuit of both greenfield openings and strategic acquisitions to further broaden our geographic markets, enhance our service levels and expand our product offerings.
◦Greenfield openings. Our strategy for opening new branches is generally to further penetrate existing markets or markets adjacent to our operations. For adjacent markets, typically, we have pre-existing customer relationships in these markets but need a new location to fully capitalize on those relationships.
◦Acquisitions. We have a proven history of consummating complementary acquisitions in new and contiguous markets. Due to the large, highly fragmented nature of our markets and our reputation throughout the industry, we believe we will continue to have access to a robust acquisition pipeline to supplement our organic growth. We use a rigorous targeting process to identify acquisition candidates that we believe will fit our culture and business model and we have built an experienced team of professionals to manage the acquisition and integration processes. As a result of our scale, purchasing power and ability to improve operations through implementing best practices, we believe we can continue to achieve substantial synergies and drive earnings accretion from our acquisition strategy.
•Drive Improved Productivity and Profitability. Our business strategy entails a focus on enhanced productivity and profitability across the organization, seeking to leverage our scale and employ both technology and other best practices to deliver further margin expansion and earnings growth. We also expect to continue to capture profitable market share in our existing footprint by delivering industry-leading customer service.
Highlights
Key highlights in our business during the six months ended October 31, 2023 are described below:
•Generated net sales of $2,830.5 million during the six months ended October 31, 2023, a 1.4% increase from the prior year period, primarily due to contributions from recent acquisitions, resilient pricing in wallboard, ceilings and complementary products, strong levels of multi-family residential construction activity and continuing commercial construction demand. In addition, there was one additional selling day during the six months ended October 31, 2023 compared to the prior year period. These factors helped to offset declines in single-family construction demand and a challenging pricing environment in steel framing.
•Generated net income of $167.8 million during the six months ended October 31, 2023, a 12.9% decrease compared to the prior year, primarily due to increased selling, general and administrative expenses driven by inflationary pressures and declining single-family construction demand, resulting in a relative mix shift in end market volumes, which require a higher operational cost to serve, an increase in interest expense due to higher interest rates, and a write-off of debt discount and deferred financing fees in connection with our term loan refinancing. Net income as a percentage of sales was 5.9% and 6.9% during the six months ended October 31, 2023 and 2022, respectively.
•Generated Adjusted EBITDA (a non-GAAP measure, see “Non-GAAP Financial Measures” in this Item 2) of $340.9 million during the six months ended October 31, 2023, a 8.0% decrease compared to the prior year. Adjusted EBITDA, as a percentage of net sales, decreased to 12.0% for the six months ended October 31, 2023 compared to 13.3% for the six months ended October 31, 2022, primarily due to deflationary dynamics in steel pricing and increased selling, general and administrative expenses discussed above.
•Completed two acquisitions, opened two greenfield locations and opened two sales, rental and service centers.
Recent Developments
Acquisitions
On May 1, 2023, the Company acquired Jawl Lumber Corporation, which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies ("Home Lumber") brand name. Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key complementary building materials. Home Lumber operates from a single location in Victoria, Canada.
On October 1, 2023, the Company acquired AMW Construction Supply, LLC ("AMW"), a tools and fasteners and other complementary products distributor servicing the Phoenix, Arizona metro area. AMW operates from a single location in Phoenix, Arizona.
For more information regarding our acquisitions, see Note 2 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
Greenfields and Ames Stores
During the six months ended October 31, 2023, we opened greenfield locations in Jessup, Maryland and Elizabeth, New Jersey. We also opened two new sales, rental and service centers in San Antonio, Texas and Palm Desert, California.
Results of Operations
The following table summarizes key components of our results of operations for the three and six months ended October 31, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (dollars in thousands) |
Statement of operations data: | | | | | | | |
Net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 962,301 | | | 966,479 | | | 1,921,347 | | | 1,891,311 | |
Gross profit | 458,629 | | | 464,500 | | | 909,183 | | | 899,221 | |
Operating expenses: | | | | | | | |
Selling, general and administrative expenses | 300,894 | | | 278,994 | | | 587,690 | | | 546,683 | |
Depreciation and amortization | 32,937 | | | 32,226 | | | 64,955 | | | 64,666 | |
Total operating expenses | 333,831 | | | 311,220 | | | 652,645 | | | 611,349 | |
Operating income | 124,798 | | | 153,280 | | | 256,538 | | | 287,872 | |
Other (expense) income: | | | | | | | |
Interest expense | (18,742) | | | (16,055) | | | (37,656) | | | (30,716) | |
Write-off of debt discount and deferred financing fees | — | | | — | | | (1,401) | | | — | |
Other income, net | 2,106 | | | 1,923 | | | 4,245 | | | 3,492 | |
Total other expense, net | (16,636) | | | (14,132) | | | (34,812) | | | (27,224) | |
Income before taxes | 108,162 | | | 139,148 | | | 221,726 | | | 260,648 | |
Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Non-GAAP measures: | | | | | | | |
Adjusted EBITDA(1) | $ | 167,558 | | | $ | 195,513 | | | $ | 340,856 | | | $ | 370,527 | |
Adjusted EBITDA margin(1)(2) | 11.8 | % | | 13.7 | % | | 12.0 | % | | 13.3 | % |
___________________________________
(1)Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. See “—Non-GAAP Financial Measures—Adjusted EBITDA” for how we define and calculate Adjusted EBITDA and Adjusted EBITDA margin, reconciliations thereof to net income and a description of why we believe these measures are useful.
(2)Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net sales.
Three Months Ended October 31, 2023 and 2022
Net Sales
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Wallboard | $ | 585,174 | | | $ | 584,557 | | | $ | 617 | | | 0.1 | % |
Complementary products | 428,319 | | | 408,669 | | | 19,650 | | | 4.8 | % |
Steel framing | 232,108 | | | 278,152 | | | (46,044) | | | (16.6) | % |
Ceilings | 175,329 | | | 159,601 | | | 15,728 | | | 9.9 | % |
Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | (10,049) | | | (0.7) | % |
We generate net sales by providing a comprehensive product offering of wallboard, ceilings, steel framing and complementary products. The decrease in net sales during the three months ended October 31, 2023 compared to the prior year
period was primarily due to price deflation in steel framing, declines in single-family construction demand and the negative impact of foreign currency translation on net sales during the three months ended October 31, 2023. These were partially offset by contributions from recent acquisitions, strong levels of multi-family residential construction activity, continuing commercial construction demand and resilient pricing in wallboard, ceilings and complementary products. The decrease consisted of the following:
•a decrease in steel framing sales, which are principally impacted by commercial construction activity, primarily due to a decrease in price/product mix, partially offset by higher volume; partially offset by
•an increase in wallboard sales, which are impacted by both commercial and residential construction activity, primarily due to an increase in price/product mix and higher multi-family volume, partially offset by lower single-family volume;
•an increase in complementary products sales, which include insulation, joint treatment, tools (including automatic taping and finishing tools), lumber and various other specialty building products, primarily due to positive contributions from acquisitions, an increase in pricing in certain product categories and the execution of growth initiatives to increase product sales; and
•an increase in ceilings sales, which are principally impacted by commercial construction activity, primarily due to higher volume, an increase in price/product mix and positive contributions from acquisitions.
The following table breaks out our net sales into organic, or base business, net sales and recently acquired net sales for the three months ended October 31, 2023. When calculating organic sales growth, we exclude the net sales of acquired businesses until the first anniversary of the acquisition date. In addition, we exclude the impact of foreign currency translation in our calculation of organic net sales growth.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Net sales | $ | 1,420,930 | | | | | | | |
Recently acquired net sales (1) | (38,274) | | | | | | | |
Impact of foreign currency (2) | 3,847 | | | | | | | |
Base business net sales (3) | $ | 1,386,503 | | | $ | 1,430,979 | | | $ | (44,476) | | | (3.1) | % |
___________________________________
(1)Represents net sales of branches acquired by us until the first anniversary of the acquisition date. For the three months ended October 31, 2023, net sales includes sales from the following acquisitions: Tanner Bolt and Nut, Inc. acquired on December 30, 2022, Engler, Meir and Justus, Inc., acquired on April 3, 2023, Blair Building Materials, Inc. acquired on April 3, 2023, Home Lumber acquired on May 1, 2023 and AMW acquired on October 1, 2023.
(2)Represents the impact of foreign currency translation on net sales.
(3)Represents net sales of existing branches and branches that were opened by us during the period presented.
The decrease in organic net sales was primarily driven by price deflation in steel framing and declines in single-family construction demand, partially offset by strength in multi-family residential construction activity, continuing growth in commercial construction demand and resilient pricing in wallboard, ceilings and complementary products.
Gross Profit and Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Gross profit | $ | 458,629 | | | $ | 464,500 | | | $ | (5,871) | | | (1.3) | % |
Gross margin | 32.3 | % | | 32.5 | % | | | | |
The decrease in gross profit during the three months ended October 31, 2023 compared to the prior year period was primarily due to lower steel pricing, offset by incremental gross profit from acquisitions, the pass-through of product inflation and growth in commercial and multi-family sales volumes. Gross margin on net sales for the three months ended October 31, 2023 decreased compared to the prior year period, primarily due to deflationary dynamics in steel pricing.
Selling, General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Selling, general and administrative expenses | $ | 300,894 | | | $ | 278,994 | | | $ | 21,900 | | | 7.8 | % |
% of net sales | 21.2 | % | | 19.5 | % | | | | |
Selling, general and administrative expenses consist of warehouse, delivery and general and administrative expenses. Selling, general and administrative expenses increased during the three months ended October 31, 2023 compared to the prior year period, primarily due to increases in payroll and payroll-related costs, maintenance costs and facilities costs. Also contributing were incremental selling, general and administrative expenses from acquisitions. The increase in selling, general and administrative expenses as a percentage of our net sales during the three months ended October 31, 2023 compared to the prior year period was primarily due to deflationary dynamics in steel pricing, which had an unfavorable impact on leverage.
Depreciation and Amortization Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Depreciation | $ | 16,963 | | | $ | 15,058 | | | $ | 1,905 | | | 12.7 | % |
Amortization | 15,974 | | | 17,168 | | | (1,194) | | | (7.0) | % |
Depreciation and amortization | $ | 32,937 | | | $ | 32,226 | | | $ | 711 | | | 2.2 | % |
Depreciation and amortization expense includes depreciation of property and equipment and amortization of definite-lived intangible assets acquired in purchases of businesses. The increase in depreciation expense during the three months ended October 31, 2023 compared to the prior year period was primarily due to incremental expense resulting from property and equipment obtained in acquisitions and capital expenditures over the past year. The decrease in amortization expense during the three months ended October 31, 2023 was primarily due to the time-based progression of our use of the accelerated method of amortization for acquired customer relationships, partially offset by incremental expense resulting from definite-lived intangible assets obtained in acquisitions over the past year.
Interest Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Interest expense | $ | 18,742 | | | $ | 16,055 | | | $ | 2,687 | | | 16.7 | % |
Interest expense consists primarily of interest expense incurred on our debt and finance leases and amortization of deferred financing fees and debt discounts. The increase in interest expense during the three months ended October 31, 2023 compared to the prior year period was primarily due to increases in interest rates.
Income Taxes
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Provision for income taxes | $ | 27,205 | | | $ | 35,995 | | | $ | (8,790) | | | (24.4) | % |
Effective tax rate | 25.2 | % | | 25.9 | % | | | | |
The change in the effective income tax rate during the three months ended October 31, 2023 compared to the prior year period was primarily due to foreign taxes and equity compensation.
Six Months Ended October 31, 2023 and 2022
Net Sales
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Wallboard | $ | 1,156,599 | | | $ | 1,106,111 | | | $ | 50,488 | | | 4.6 | % |
Complementary products | 854,529 | | | 804,497 | | | 50,032 | | | 6.2 | % |
Steel framing | 468,868 | | | 553,048 | | | (84,180) | | | (15.2) | % |
Ceilings | 350,534 | | | 326,876 | | | 23,658 | | | 7.2 | % |
Total net sales | $ | 2,830,530 | | | $ | 2,790,532 | | | $ | 39,998 | | | 1.4 | % |
The increase in net sales during the six months ended October 31, 2023 compared to the prior year period was primarily due to contributions from recent acquisitions, resilient pricing in wallboard, ceilings and complementary products, strong levels of multi-family residential construction activity and continuing commercial construction demand. In addition, there was one additional selling day during the six months ended October 31, 2023 compared to the prior year period. These factors helped to offset declines in single-family construction demand, price deflation in steel framing and the negative impact of foreign currency translation on net sales during the six months ended October 31, 2023. The increase consisted of the following:
•an increase in wallboard sales, which are impacted by both commercial and residential construction activity, primarily due to an increase in price/product mix and higher multi-family volume;
•an increase in complementary products sales, which include insulation, joint treatment, tools (including automatic taping and finishing tools), lumber and various other specialty building products, primarily due to positive contributions from acquisitions, an increase in pricing in certain product categories and the execution of growth initiatives to increase product sales; and
•an increase in ceilings sales, which are principally impacted by commercial construction activity, primarily due to an increase in price/product mix, higher volume and positive contributions from acquisitions;
•partially offset by a decrease in steel framing sales, which are principally impacted by commercial construction activity, primarily due to a decrease in price/product mix, partially offset by higher volume.
The following table breaks out our net sales into organic, or base business, net sales and recently acquired net sales for the six months ended October 31, 2023.
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Net sales | $ | 2,830,530 | | | | | | | |
Recently acquired net sales (1) | (82,426) | | | | | | | |
Impact of foreign currency (2) | 11,078 | | | | | | | |
Base business net sales (3) | $ | 2,759,182 | | | $ | 2,790,532 | | | $ | (31,350) | | | (1.1) | % |
___________________________________
(1)Represents net sales of branches acquired by us until the first anniversary of the acquisition date. For the six months ended October 31, 2023, net sales includes sales from the following acquisitions: Construction Supply and Southwest Florida acquired on June 1, 2022, Tanner acquired on December 30, 2022, Engler, Meir and Justus, Inc., acquired on April 3, 2023, Blair Building Materials, Inc. acquired on April 3, 2023, Home Lumber acquired on May 1, 2023 and AMW acquired on October 1, 2023.
(2)Represents the impact of foreign currency translation on net sales.
(3)Represents net sales of existing branches and branches that were opened by us during the period presented.
The decrease in organic net sales was primarily driven by price deflation in steel framing and declines in single-family construction demand, partially offset by strength in multi-family residential construction activity, continuing growth in commercial construction demand and resilient pricing in wallboard, ceilings and complementary products.
Gross Profit and Gross Margin
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Gross profit | $ | 909,183 | | | $ | 899,221 | | | $ | 9,962 | | | 1.1 | % |
Gross margin | 32.1 | % | | 32.2 | % | | | | |
The increase in gross profit during the six months ended October 31, 2023 compared to the prior year period was primarily due to incremental gross profit from acquisitions, the pass-through of product inflation and growth in commercial and multi-family sales volumes. Gross margin on net sales for the six months ended October 31, 2023 decreased compared to the prior year period, primarily due to deflationary dynamics in steel pricing, offset by an increase in margins for complementary products and wallboard.
Selling, General and Administrative Expenses
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Selling, general and administrative expenses | $ | 587,690 | | | $ | 546,683 | | | $ | 41,007 | | | 7.5 | % |
% of net sales | 20.8 | % | | 19.6 | % | | | | |
Selling, general and administrative expenses increased during the six months ended October 31, 2023 compared to the prior year period, primarily due to increases in payroll and payroll-related costs, maintenance costs and facilities costs. Also contributing were incremental selling, general and administrative expenses from acquisitions and an increase in transaction-related costs. The increase in selling, general and administrative expenses as a percentage of our net sales during the six months ended October 31, 2023 compared to the prior year period was primarily due to deflationary dynamics in steel pricing, which
had an unfavorable impact on leverage, and demand pullbacks in single-family construction, resulting in a relative mix shift in end market volumes, which require a higher operational cost to serve.
Depreciation and Amortization Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Depreciation | $ | 33,290 | | | $ | 30,051 | | | $ | 3,239 | | | 10.8 | % |
Amortization | 31,665 | | | 34,615 | | | (2,950) | | | (8.5) | % |
Depreciation and amortization | $ | 64,955 | | | $ | 64,666 | | | $ | 289 | | | 0.4 | % |
The increase in depreciation expense during the six months ended October 31, 2023 compared to the prior year period was primarily due to incremental expense resulting from property and equipment obtained in acquisitions and capital expenditures over the past year. The decrease in amortization expense during the six months ended October 31, 2023 was primarily due to the time-based progression of our use of the accelerated method of amortization for acquired customer relationships, partially offset by incremental expense resulting from definite-lived intangible assets obtained in acquisitions over the past year.
Interest Expense
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Interest expense | $ | 37,656 | | | $ | 30,716 | | | $ | 6,940 | | | 22.6 | % |
The increase in interest expense during the six months ended October 31, 2023 compared to the prior year period was primarily due to increases in interest rates.
Income Taxes
| | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended October 31, | | Change |
| 2023 | | 2022 | | Dollar | | Percent |
| (dollars in thousands) |
Provision for income taxes | $ | 53,939 | | | $ | 68,025 | | | $ | (14,086) | | | (20.7) | % |
Effective tax rate | 24.3 | % | | 26.1 | % | | | | |
The change in the effective income tax rate during the six months ended October 31, 2023 compared to the prior year period was primarily due to the impact of actions taken during the prior year in anticipation of expected changes in Canadian tax regulations, which caused a higher effective rate, as well as equity compensation.
Liquidity and Capital Resources
Summary
We depend on cash flow from operations, cash on hand and funds available under our asset based revolving credit facility (the “ABL Facility”) to finance working capital needs, capital expenditures and acquisitions. We believe that these sources of funds will be adequate to fund debt service requirements and provide cash, as required, to support our growth strategies, ongoing operations, capital expenditures, lease obligations and working capital for at least the next twelve months
and in the long term. We also believe we would be able to take measures to preserve liquidity should there be an economic downturn, recession or other disruption to our business in the future.
As of October 31, 2023, we had available borrowing capacity of approximately $823.7 million under our ABL Facility. The ABL Facility is scheduled to mature on December 22, 2027. The ABL Facility contains a cross default provision with the senior secured first lien term loan facility (the “Term Loan Facility”).
On May 12, 2023, we amended our Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used, together with cash on hand, to refinance our existing Term Loan Facility outstanding balance of $499.5 million and pay related fees. We also extended the maturity date by seven years from the date of the amendment to May 12, 2030 and modified certain thresholds, baskets and amounts referenced therein.
On May 12, 2023, we amended our Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used, together with cash on hand, to refinance the then outstanding borrowings under our Term Loan Facility in the principal amount of $499.5 million and pay related fees. The net $0.5 million increase in aggregate principal amount consisted of a $211.7 million cashless roll by existing lenders, $288.3 million of proceeds received from new lenders and $287.8 million of payments to lenders who did not participate in the refinancing. The amendment also amended the Term Loan Facility to, among other things, (i) replace the administrative and collateral agent, (ii) extend the maturity date by seven years from the date of the amendment to May 12, 2030 and (iii) modify certain thresholds, baskets and amounts referenced therein.
In connection with the Term Loan Facility amendment, we entered into (a) interest rate swap agreements for two years with notional amounts totaling $300.0 million to convert the variable interest rate on a portion of the term loans outstanding to a fixed 1-month SOFR interest rate of 3.899% and (b) forward interest rate collars with notional amounts totaling $300.0 million for years 2025 through 2029. The objective of such hedging instruments is to reduce the variability of interest payment cash flows associated with the variable interest rates under the Term Loan Facility and otherwise hedge exposure to future interest rate fluctuations.
For more information regarding our ABL Facility and other indebtedness, see Note 5 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q and Note 7 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
We regularly evaluate opportunities to optimize our capital structure, including through consideration of the issuance or incurrence of additional debt, to refinance existing debt and to fund ongoing cash needs such as general corporate purposes, growth initiatives, acquisitions and our stock repurchase program.
Cash Flows
A summary of our operating, investing and financing activities is shown in the following table:
| | | | | | | | | | | |
| Six Months Ended October 31, |
| 2023 | | 2022 |
| (in thousands) |
Cash provided by operating activities | $ | 124,747 | | | $ | 102,861 | |
Cash used in investing activities | (83,809) | | | (23,394) | |
Cash used in financing activities | (128,778) | | | (55,140) | |
Effect of exchange rates on cash and cash equivalents | (388) | | | (2,042) | |
(Decrease) increase in cash and cash equivalents | $ | (88,228) | | | $ | 22,285 | |
Operating Activities
The increase in cash provided by operating activities during the six months ended October 31, 2023 compared to the prior year period was primarily due to larger increases in inventory and accounts receivable in the prior year period related to ensuring product availability and managing price inflation amid an environment of tight and less reliable supply, partially offset by an increase in cash used in the current year period for accounts payable and other accruals.
Investing Activities
The increase in cash used in investing activities during the six months ended October 31, 2023 compared to the prior year period was primarily due to a $53.3 million increase in cash used for acquisitions and a $7.9 million increase in capital expenditures.
Capital expenditures during the six months ended October 31, 2023 primarily consisted of the purchase of delivery and warehouse equipment, land and buildings, building and leasehold improvements, and IT-related spending. Capital expenditures vary depending on prevailing business factors, including current and anticipated market conditions.
Financing Activities
The increase in cash used in financing activities during the six months ended October 31, 2023 compared to the prior year period was primarily due to net repayments of $29.2 million under our revolving credit facilities during the six months ended October 31, 2023, compared to net borrowings of $28.9 million during the prior year period. Also contributing to the change was a $25.8 million increase in repurchases of common stock during the six months ended October 31, 2023 compared to the prior year period. Partially offsetting these increases was a $13.5 million holdback liability payment during the prior year period.
Share Repurchase Program
On October 18, 2023, our Board of Directors approved an expanded share repurchase program under which we are authorized to repurchase up to $250.0 million of our outstanding common stock. This expanded program replaced our previous share repurchase authorization of $200.0 million. We may conduct share repurchases under the program through a variety of methods, which may include open market purchases, block trades, accelerated share repurchases, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods. The timing and amount of any purchases of our common stock are subject to a variety of factors, including, but not limited to, our liquidity, credit availability, general business and market conditions, our debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate us to acquire any amount of common stock, and it may be suspended or terminated at any time at our discretion.
We repurchased approximately 1.2 million shares of our common stock for $74.8 million during the six months ended October 31, 2023. The aggregate cost and average cost per share do not include the effect of the 1% excise tax on net share repurchases after January 1, 2023 enacted under the Inflation Reduction Act of 2022. We incurred $0.6 million of excise taxes during the six months ended October 31, 2023. As of October 31, 2023, we had $241.3 million of remaining purchase authorization.
Debt Covenants
The ABL Facility, Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the ABL Facility, Term Loan Facility and the indenture governing the Senior Notes. We were in compliance with all such covenants as of October 31, 2023.
Contractual Obligations
There have been no material changes to the contractual obligations as disclosed in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023, other than those made in the ordinary course of business.
Off-Balance Sheet Arrangements
There have been no material changes to our off-balance sheet arrangements as discussed in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Non-GAAP Financial Measures
Adjusted EBITDA
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. We report our financial results in accordance with GAAP. However, we present Adjusted EBITDA and Adjusted EBITDA margin, which are not recognized financial measures under GAAP, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting trends in our operating results, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure and allocation, the tax jurisdictions in which companies operate and capital investments and acquisitions.
In addition, we utilize Adjusted EBITDA in certain calculations under our debt agreements. Our debt agreements permit us to make certain additional adjustments in calculating Consolidated EBITDA, such as projected net cost savings, which are not reflected in the Adjusted EBITDA data presented in this Quarterly Report on Form 10-Q. We may in the future reflect such permitted adjustments in our calculations of Adjusted EBITDA.
We believe that Adjusted EBITDA and Adjusted EBITDA margin are frequently used by analysts, investors and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA or Adjusted EBITDA margin measure when reporting their results. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
We also include information concerning Adjusted EBITDA margin, which is calculated as Adjusted EBITDA divided by net sales. We present Adjusted EBITDA margin because it is used by management as a performance measure to judge the level of Adjusted EBITDA that is generated from net sales.
Adjusted EBITDA and Adjusted EBITDA margin have their limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP.
The following is a reconciliation of our net income to Adjusted EBITDA and Adjusted EBITDA margin:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended October 31, | | Six Months Ended October 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| (in thousands) |
Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | |
Interest expense | 18,742 | | | 16,055 | | | 37,656 | | | 30,716 | |
Write-off of debt discount and deferred financing fees | — | | | — | | | 1,401 | | | — | |
Interest income | (292) | | | (154) | | | (766) | | | (210) | |
Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | |
Depreciation expense | 16,963 | | | 15,058 | | | 33,290 | | | 30,051 | |
Amortization expense | 15,974 | | | 17,168 | | | 31,665 | | | 34,615 | |
Stock appreciation rights(a) | 401 | | | 3,230 | | | 1,619 | | | 5,574 | |
Redeemable noncontrolling interests and deferred compensation(b) | 184 | | | 340 | | | 664 | | | 835 | |
Equity-based compensation(c) | 5,111 | | | 3,781 | | | 8,415 | | | 6,913 | |
Severance and other permitted costs(d) | 882 | | | 379 | | | 1,288 | | | 731 | |
Transaction costs (acquisitions and other)(e) | 1,223 | | | 292 | | | 2,608 | | | 678 | |
(Gain) loss on disposal of assets(f) | (310) | | | 81 | | | (441) | | | (203) | |
Effects of fair value adjustments to inventory(g) | 140 | | | 135 | | | 442 | | | 179 | |
Debt transaction fees(h) | 378 | | | — | | | 1,289 | | | — | |
Adjusted EBITDA | $ | 167,558 | | | $ | 195,513 | | | $ | 340,856 | | | $ | 370,527 | |
| | | | | | | |
Net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
Adjusted EBITDA Margin | 11.8 | % | | 13.7 | % | | 12.0 | % | | 13.3 | % |
___________________________________
(a)Represents changes in the fair value of stock appreciation rights.
(b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements.
(c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards.
(d)Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility.
(e)Represents costs related to acquisitions paid to third parties.
(f)Includes gains and losses from the sale and disposal of assets.
(g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value.
(h)Represents costs paid to third-party advisors related to debt refinancing activities.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to our exposure to market risks from those reported in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of October 31, 2023, our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which are designed to provide reasonable assurance that the information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.
Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of October 31, 2023, our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting during the three months ended October 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II – Other Information
Item 1. Legal Proceedings
From time to time, we are involved in lawsuits that are brought against us in the normal course of business. We are not currently a party to any legal proceedings that in management's opinion would be expected, either individually or in the aggregate, to have a material adverse effect on our business or financial condition. For additional information, see Note 12 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.
The building materials industry has been subject to personal injury and property damage claims arising from alleged exposure to raw materials contained in building products, as well as claims for incidents of catastrophic loss, such as building fires. As a distributor of building materials, we face an inherent risk of exposure to product liability claims if the use of the products we have distributed in the past or may in the future distribute is alleged to have resulted in economic loss, personal injury or property damage or to have violated environmental, health or safety or other laws. Such product liability claims have included and may in the future include allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in the product, negligence, strict liability or a breach of warranties. Certain of our subsidiaries have been the subject of claims related to alleged exposure to asbestos-containing products they distributed prior to 1979. Since 2002 and as of October 31, 2023, approximately 1,060 asbestos-related personal injury lawsuits have been filed, and we vigorously defend against them. Of these, 1,009 have been dismissed without any payment by us, 37 are pending and only 14 have been settled, which settlements have not materially impacted our financial condition or operating results. See “Risk Factors—Risks Relating to Our Business and Industry—We are exposed to product liability, warranty, casualty, construction defect, contract, tort, personal injury, employment and other claims and legal proceedings related to our business, the products we distribute, the services we provide and services provided for us by third parties” listed in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Item 1A. Risk Factors
There have been no material changes in the risks facing the Company as described in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The number of shares repurchased and the average price paid per share for each month in the three months ended October 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Total Number of Shares Purchased | | Average Price Paid per Share (1) | | Total Number of Shares Purchased as Part of Publicly Announced Program (2) | | Approximate Dollar Value of Shares that May Yet be Purchased Under the Program (1) |
| | | | | | | (in thousands) |
August 1 through August 31 | 163,020 | | | $ | 71.89 | | | 163,020 | | | $ | 57,922 | |
September 1 through September 30 | 193,721 | | | 65.19 | | | 193,721 | | | 45,294 | |
October 1 through October 31 | 331,976 | | | 59.97 | | | 331,976 | | | 241,342 | |
Total | 688,717 | | | | | 688,717 | | | |
___________________________________
(1)Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax. We include the applicable excise tax as part of the cost basis of the shares acquired and record a corresponding liability in accrued expenses and other liabilities on our consolidated balance sheet. All dollar amounts presented above exclude such excise taxes.
(2)On October 18, 2023, our Board of Directors approved an expanded share repurchase program under which we are authorized to repurchase up to $250.0 million of our outstanding common stock. This expanded program replaced our previous share repurchase authorization of $200.0 million. We may conduct share repurchases under the program through a variety of methods, which may include open market purchases, block trades, accelerated share repurchases, trading plans in accordance with Rule 10b-5 or Rule 10b-18 under the Exchange Act, or any combination of such methods. The timing and amount of any purchases of our common stock are subject to a variety of factors, including, but
not limited to, our liquidity, credit availability, general business and market conditions, our debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate us to acquire any amount of common stock, and it may be suspended or terminated at any time at our discretion.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
None.
Item 6. Exhibits
(a)Exhibits. The following exhibits are filed as part of this report:
| | | | | | | | |
| | |
Exhibit No. | | Exhibit Description |
3.1 | | | |
| | |
3.2 | | | |
| | |
4.1 | | | |
| | |
31.1 | * | |
| | |
31.2 | * | |
| | |
32.1 | * | |
| | |
32.2 | * | |
| | |
101 INS | * | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document. |
| | |
101 SCH | * | Inline XBRL Taxonomy Extension Schema Document. |
| | |
101 CAL | * | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| | |
101 DEF | * | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| | |
101 LAB | * | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| | |
101 PRE | * | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| | |
104 | | | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
* Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | |
| GMS INC. |
| | |
Date: December 7, 2023 | By: | /s/ Scott M. Deakin |
| | Scott M. Deakin |
| | Chief Financial Officer |
| | (Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, John C. Turner, Jr., certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of GMS Inc. for the quarter ended October 31, 2023;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | | | | |
Date: | December 7, 2023 | | | /s/ John C. Turner, Jr. |
| | | | John C. Turner, Jr. |
| | | | Chief Executive Officer, President and Director (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Scott M. Deakin, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of GMS Inc. for the quarter ended October 31, 2023;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | | | | | | | |
| | | | |
Date: | December 7, 2023 | | | /s/ Scott M. Deakin |
| | | | Scott M. Deakin |
| | | | Chief Financial Officer (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of GMS Inc., a Delaware corporation (the "Company"), for the quarter ended October 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), John C. Turner, Jr., Chief Executive Officer, President and Director of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| |
Date: December 7, 2023 | /s/ John C. Turner, Jr. |
| John C. Turner, Jr. |
| Chief Executive Officer, President and Director |
| (Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of GMS Inc., a Delaware corporation (the "Company"), for the quarter ended October 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Scott M. Deakin, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
| |
Date: December 7, 2023 | /s/ Scott M. Deakin |
| Scott M. Deakin |
| Chief Financial Officer |
| (Principal Financial Officer) |
v3.23.3
Cover - shares
|
6 Months Ended |
|
Oct. 31, 2023 |
Nov. 30, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Oct. 31, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-37784
|
|
Entity Registrant Name |
GMS INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
46-2931287
|
|
Entity Address, Address Line One |
100 Crescent Centre Parkway
|
|
Entity Address, Address Line Two |
Suite 800
|
|
Entity Address, City or Town |
Tucker
|
|
Entity Address, State or Province |
GA
|
|
Entity Address, Postal Zip Code |
30084
|
|
City Area Code |
(800)
|
|
Local Phone Number |
392-4619
|
|
Title of 12(b) Security |
Common Stock, par value $0.01 per share
|
|
Trading Symbol |
GMS
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
39,817,664
|
Entity Central Index Key |
0001600438
|
|
Current Fiscal Year End Date |
--04-30
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Document Fiscal Year Focus |
2024
|
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Q2
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 76,517
|
$ 164,745
|
Trade accounts and notes receivable, net of allowances of $16,215 and $13,636, respectively |
880,196
|
792,232
|
Inventories, net |
559,449
|
575,495
|
Prepaid expenses and other current assets |
31,270
|
17,051
|
Total current assets |
1,547,432
|
1,549,523
|
Property and equipment, net of accumulated depreciation of $281,550 and $264,650, respectively |
423,240
|
396,419
|
Operating lease right-of-use assets |
190,141
|
189,351
|
Goodwill |
720,273
|
700,813
|
Intangible assets, net |
393,587
|
399,660
|
Deferred income taxes |
21,908
|
19,839
|
Other assets |
17,818
|
11,403
|
Total assets |
3,314,399
|
3,267,008
|
Current liabilities: |
|
|
Accounts payable |
367,405
|
377,003
|
Accrued compensation and employee benefits |
83,483
|
119,887
|
Other accrued expenses and current liabilities |
118,870
|
107,675
|
Current portion of long-term debt |
47,766
|
54,035
|
Current portion of operating lease liabilities |
48,788
|
47,681
|
Total current liabilities |
666,312
|
706,281
|
Non-current liabilities: |
|
|
Long-term debt |
1,028,284
|
1,044,642
|
Long-term operating lease liabilities |
142,577
|
141,786
|
Deferred income taxes, net |
55,142
|
51,223
|
Other liabilities |
46,199
|
48,319
|
Total liabilities |
1,938,514
|
1,992,251
|
Commitments and contingencies |
|
|
Stockholders' equity: |
|
|
Common stock, par value $0.01 per share, 500,000 shares authorized; 40,055 and 40,971 shares issued and outstanding as of October 31, 2023 and April 30, 2023, respectively |
401
|
410
|
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of October 31, 2023 and April 30, 2023 |
0
|
0
|
Additional paid-in capital |
362,021
|
428,508
|
Retained earnings |
1,048,755
|
880,968
|
Accumulated other comprehensive loss |
(35,292)
|
(35,129)
|
Total stockholders' equity |
1,375,885
|
1,274,757
|
Total liabilities and stockholders' equity |
$ 3,314,399
|
$ 3,267,008
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Trade accounts and notes receivable, allowances (in dollars) |
$ 16,215
|
$ 13,636
|
Property and equipment, accumulated depreciation (in dollars) |
$ 281,550
|
$ 264,650
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
500,000,000
|
500,000,000
|
Common stock, shares issued (in shares) |
40,055,000
|
40,971,000
|
Common stock, shares outstanding (in shares) |
40,055,000
|
40,971,000
|
Preferred stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Preferred stock, shares authorized (in shares) |
50,000,000
|
50,000,000
|
Preferred stock, shares issued (in shares) |
0
|
0
|
Preferred stock, shares outstanding (in shares) |
0
|
0
|
X |
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v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 1,420,930
|
$ 1,430,979
|
$ 2,830,530
|
$ 2,790,532
|
Cost of sales (exclusive of depreciation and amortization shown separately below) |
962,301
|
966,479
|
1,921,347
|
1,891,311
|
Gross profit |
458,629
|
464,500
|
909,183
|
899,221
|
Operating expenses: |
|
|
|
|
Selling, general and administrative |
300,894
|
278,994
|
587,690
|
546,683
|
Depreciation and amortization |
32,937
|
32,226
|
64,955
|
64,666
|
Total operating expenses |
333,831
|
311,220
|
652,645
|
611,349
|
Operating income |
124,798
|
153,280
|
256,538
|
287,872
|
Other (expense) income: |
|
|
|
|
Interest expense |
(18,742)
|
(16,055)
|
(37,656)
|
(30,716)
|
Write-off of debt discount and deferred financing fees |
0
|
0
|
(1,401)
|
0
|
Other income, net |
2,106
|
1,923
|
4,245
|
3,492
|
Total other expense, net |
(16,636)
|
(14,132)
|
(34,812)
|
(27,224)
|
Income before taxes |
108,162
|
139,148
|
221,726
|
260,648
|
Provision for income taxes |
27,205
|
35,995
|
53,939
|
68,025
|
Net income |
$ 80,957
|
$ 103,153
|
$ 167,787
|
$ 192,623
|
Weighted average common shares outstanding: |
|
|
|
|
Basic (in shares) |
40,466
|
42,232
|
40,608
|
42,390
|
Diluted (in shares) |
41,088
|
42,887
|
41,282
|
43,102
|
Net income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ 2.00
|
$ 2.44
|
$ 4.13
|
$ 4.54
|
Diluted (in dollars per share) |
$ 1.97
|
$ 2.41
|
$ 4.06
|
$ 4.47
|
Comprehensive income |
|
|
|
|
Net income |
$ 80,957
|
$ 103,153
|
$ 167,787
|
$ 192,623
|
Foreign currency translation adjustments |
(21,164)
|
(34,585)
|
(9,766)
|
(31,943)
|
Changes in other comprehensive income, net of tax |
4,214
|
1,130
|
9,603
|
3,349
|
Comprehensive income |
$ 64,007
|
$ 69,698
|
$ 167,624
|
$ 164,029
|
X |
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v3.23.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Apr. 30, 2022 |
|
42,773
|
|
|
|
Beginning balance at Apr. 30, 2022 |
$ 1,064,498
|
$ 428
|
$ 522,136
|
$ 547,977
|
$ (6,043)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
89,470
|
|
|
89,470
|
|
Foreign currency translation adjustments |
2,642
|
|
|
|
2,642
|
Other comprehensive income, net of tax |
2,219
|
|
|
|
2,219
|
Repurchase and retirement of common stock (in shares) |
|
(516)
|
|
|
|
Repurchase and retirement of common stock |
(23,795)
|
$ (5)
|
(23,790)
|
|
|
Equity-based compensation |
3,132
|
|
3,132
|
|
|
Exercise of stock options (in shares) |
|
1
|
|
|
|
Exercise of stock options |
29
|
|
29
|
|
|
Vesting of restricted stock units (in shares) |
|
7
|
|
|
|
Tax withholding related to net share settlements of equity awards |
(300)
|
|
(300)
|
|
|
Issuance of common stock pursuant to employee stock purchase plan (in shares) |
|
33
|
|
|
|
Issuance of common stock pursuant to employee stock purchase plan |
1,329
|
|
1,329
|
|
|
Ending balance (in shares) at Jul. 31, 2022 |
|
42,298
|
|
|
|
Ending balance at Jul. 31, 2022 |
1,139,224
|
$ 423
|
502,536
|
637,447
|
(1,182)
|
Beginning balance (in shares) at Apr. 30, 2022 |
|
42,773
|
|
|
|
Beginning balance at Apr. 30, 2022 |
1,064,498
|
$ 428
|
522,136
|
547,977
|
(6,043)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
192,623
|
|
|
|
|
Foreign currency translation adjustments |
(31,943)
|
|
|
|
|
Other comprehensive income, net of tax |
$ 3,349
|
|
|
|
|
Repurchase and retirement of common stock (in shares) |
(1,117)
|
|
|
|
|
Repurchase and retirement of common stock |
$ (49,571)
|
|
|
|
|
Ending balance (in shares) at Oct. 31, 2022 |
|
41,851
|
|
|
|
Ending balance at Oct. 31, 2022 |
1,183,939
|
$ 418
|
477,558
|
740,600
|
(34,637)
|
Beginning balance (in shares) at Jul. 31, 2022 |
|
42,298
|
|
|
|
Beginning balance at Jul. 31, 2022 |
1,139,224
|
$ 423
|
502,536
|
637,447
|
(1,182)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
103,153
|
|
|
103,153
|
|
Foreign currency translation adjustments |
(34,585)
|
|
|
|
(34,585)
|
Other comprehensive income, net of tax |
1,130
|
|
|
|
1,130
|
Repurchase and retirement of common stock (in shares) |
|
(601)
|
|
|
|
Repurchase and retirement of common stock |
(25,776)
|
$ (6)
|
(25,770)
|
|
|
Equity-based compensation |
3,781
|
|
3,781
|
|
|
Exercise of stock options (in shares) |
|
53
|
|
|
|
Exercise of stock options |
672
|
|
672
|
|
|
Vesting of restricted stock units (in shares) |
|
101
|
|
|
|
Vesting of restricted stock units |
0
|
$ 1
|
(1)
|
|
|
Tax withholding related to net share settlements of equity awards |
(3,660)
|
|
(3,660)
|
|
|
Ending balance (in shares) at Oct. 31, 2022 |
|
41,851
|
|
|
|
Ending balance at Oct. 31, 2022 |
$ 1,183,939
|
$ 418
|
477,558
|
740,600
|
(34,637)
|
Beginning balance (in shares) at Apr. 30, 2023 |
40,971
|
40,971
|
|
|
|
Beginning balance at Apr. 30, 2023 |
$ 1,274,757
|
$ 410
|
428,508
|
880,968
|
(35,129)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
86,830
|
|
|
86,830
|
|
Foreign currency translation adjustments |
11,398
|
|
|
|
11,398
|
Other comprehensive income, net of tax |
5,389
|
|
|
|
5,389
|
Repurchase and retirement of common stock (in shares) |
|
(469)
|
|
|
|
Repurchase and retirement of common stock |
(30,784)
|
$ (5)
|
(30,779)
|
|
|
Equity-based compensation |
3,304
|
|
3,304
|
|
|
Exercise of stock options (in shares) |
|
46
|
|
|
|
Exercise of stock options |
1,248
|
|
1,248
|
|
|
Issuance of common stock pursuant to employee stock purchase plan (in shares) |
|
58
|
|
|
|
Issuance of common stock pursuant to employee stock purchase plan |
2,664
|
$ 1
|
2,663
|
|
|
Ending balance (in shares) at Jul. 31, 2023 |
|
40,606
|
|
|
|
Ending balance at Jul. 31, 2023 |
$ 1,354,806
|
$ 406
|
404,944
|
967,798
|
(18,342)
|
Beginning balance (in shares) at Apr. 30, 2023 |
40,971
|
40,971
|
|
|
|
Beginning balance at Apr. 30, 2023 |
$ 1,274,757
|
$ 410
|
428,508
|
880,968
|
(35,129)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
167,787
|
|
|
|
|
Foreign currency translation adjustments |
(9,766)
|
|
|
|
|
Other comprehensive income, net of tax |
$ 9,603
|
|
|
|
|
Repurchase and retirement of common stock (in shares) |
(1,158)
|
|
|
|
|
Repurchase and retirement of common stock |
$ (75,356)
|
|
|
|
|
Ending balance (in shares) at Oct. 31, 2023 |
40,055
|
40,055
|
|
|
|
Ending balance at Oct. 31, 2023 |
$ 1,375,885
|
$ 401
|
362,021
|
1,048,755
|
(35,292)
|
Beginning balance (in shares) at Jul. 31, 2023 |
|
40,606
|
|
|
|
Beginning balance at Jul. 31, 2023 |
1,354,806
|
$ 406
|
404,944
|
967,798
|
(18,342)
|
Increase (Decrease) in Stockholders' Equity |
|
|
|
|
|
Net income |
80,957
|
|
|
80,957
|
|
Foreign currency translation adjustments |
(21,164)
|
|
|
|
(21,164)
|
Other comprehensive income, net of tax |
4,214
|
|
|
|
4,214
|
Repurchase and retirement of common stock (in shares) |
|
(689)
|
|
|
|
Repurchase and retirement of common stock |
(44,572)
|
$ (6)
|
(44,566)
|
|
|
Equity-based compensation |
5,111
|
|
5,111
|
|
|
Exercise of stock options (in shares) |
|
19
|
|
|
|
Exercise of stock options |
508
|
|
508
|
|
|
Vesting of restricted stock units (in shares) |
|
119
|
|
|
|
Vesting of restricted stock units |
0
|
$ 1
|
(1)
|
|
|
Tax withholding related to net share settlements of equity awards |
$ (3,975)
|
|
(3,975)
|
|
|
Ending balance (in shares) at Oct. 31, 2023 |
40,055
|
40,055
|
|
|
|
Ending balance at Oct. 31, 2023 |
$ 1,375,885
|
$ 401
|
$ 362,021
|
$ 1,048,755
|
$ (35,292)
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Cash flows from operating activities: |
|
|
Net income |
$ 167,787
|
$ 192,623
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
64,955
|
64,666
|
Write-off and amortization of debt discount and debt issuance costs |
2,726
|
802
|
Equity-based compensation |
10,698
|
13,322
|
Gain on disposal of assets |
(441)
|
(203)
|
Deferred income taxes |
(5,085)
|
(2,925)
|
Other items, net |
3,590
|
4,662
|
Changes in assets and liabilities net of effects of acquisitions: |
|
|
Trade accounts and notes receivable |
(89,384)
|
(133,445)
|
Inventories |
20,267
|
(32,270)
|
Prepaid expenses and other assets |
(19,578)
|
(4,913)
|
Accounts payable |
(9,849)
|
3,821
|
Accrued compensation and employee benefits |
(36,293)
|
(17,859)
|
Other accrued expenses and liabilities |
15,354
|
14,580
|
Cash provided by operating activities |
124,747
|
102,861
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(29,546)
|
(21,670)
|
Proceeds from sale of assets |
1,701
|
896
|
Acquisition of businesses, net of cash acquired |
(55,964)
|
(2,620)
|
Cash used in investing activities |
(83,809)
|
(23,394)
|
Cash flows from financing activities: |
|
|
Repayments on revolving credit facilities |
(389,409)
|
(251,247)
|
Borrowings from revolving credit facilities |
360,173
|
280,113
|
Payments of principal on long-term debt |
0
|
(2,555)
|
Borrowings from term loan amendment |
288,266
|
0
|
Repayments from term loan amendment |
(287,768)
|
0
|
Payments of principal on finance lease obligations |
(19,304)
|
(16,450)
|
Repurchases of common stock |
(75,356)
|
(49,571)
|
Payment of acquisition holdback liability |
0
|
(13,500)
|
Payment for debt issuance costs |
(5,825)
|
0
|
Proceeds from exercises of stock options |
1,756
|
701
|
Payments for taxes related to net share settlement of equity awards |
(3,975)
|
(3,960)
|
Proceeds from issuance of stock pursuant to employee stock purchase plan |
2,664
|
1,329
|
Cash used in financing activities |
(128,778)
|
(55,140)
|
Effect of exchange rates on cash and cash equivalents |
(388)
|
(2,042)
|
(Decrease) increase in cash and cash equivalents |
(88,228)
|
22,285
|
Cash and cash equivalents, beginning of period |
164,745
|
101,916
|
Cash and cash equivalents, end of period |
76,517
|
124,201
|
Supplemental cash flow disclosures: |
|
|
Cash paid for income taxes |
69,224
|
60,792
|
Cash paid for interest |
$ 35,321
|
$ 29,268
|
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v3.23.3
Business, Basis of Presentation and Summary of Significant Accounting Policies
|
6 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Business, Basis of Presentation and Summary of Significant Accounting Policies |
Business, Basis of Presentation and Summary of Significant Accounting Policies Business Founded in 1971, GMS Inc. (together with its consolidated subsidiaries, “we,” “our,” “us,” or the “Company”), through its operating subsidiaries, operates a network of more than 300 distribution centers with extensive product offerings of wallboard, ceilings, steel framing and complementary construction products. The Company also operates more than 100 tool sales, rental and service centers. Through these operations, the Company provides a comprehensive selection of building products and solutions for its residential and commercial contractor customer base across the United States and Canada. The Company’s unique operating model combines the benefits of a national platform and strategy with a local go-to-market focus, enabling the Company to generate significant economies of scale while maintaining high levels of customer service. Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023. Principles of Consolidation The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The results of operations of businesses acquired are included from their respective dates of acquisition. Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income. Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other income, net. Insurance Liabilities The Company is self-insured for certain losses related to medical claims. The Company has stop-loss coverage to limit the exposure arising from medical claims. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability if probable and estimable. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry. The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets.
| | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Medical self‑insurance | $ | 2,235 | | | $ | 4,275 | | General liability, automobile and workers’ compensation | 21,967 | | | 20,502 | | Expected recoveries for insurance liabilities | (4,735) | | | (3,531) | |
Revenue Recognition Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses. See Note 13, “Segments,” for information regarding disaggregation of revenue, including revenue by product and by geographic area. Income Taxes The Company considers each interim period an integral part of the annual period and measures tax expense (benefit) using an estimated annual effective income tax rate. Estimates of the annual effective income tax rate at the end of interim periods are, out of necessity, based on evaluation of possible future events and transactions and may be subject to subsequent refinement or revision. The Company forecasts its estimated annual effective income tax rate and then applies that rate to its year-to-date pre-tax ordinary income (loss), subject to certain loss limitation provisions. In addition, certain specific transactions are excluded from the Company’s estimated annual effective tax rate computation but are discretely recognized within income tax expense (benefit) in their respective interim period. Future changes in annual income (loss) projections, tax rate changes, or discrete tax items could result in significant adjustments to quarterly income tax expense (benefit) in future periods. The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In this evaluation, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The primary negative evidence considered includes the cumulative operating losses generated in prior periods. The primary positive evidence considered includes the reversal of deferred tax liabilities related to depreciation and amortization that would occur within the same jurisdiction and during the carryforward period necessary to absorb the federal and state net operating losses and other deferred tax assets. Deferred tax assets and liabilities are computed by applying the federal, provincial and state income tax rates in effect to the gross amounts of temporary differences and other tax attributes, such as net operating loss carry-forwards. In assessing if the deferred tax assets will be realized, the Company considers whether it is more likely than not that some or all of these deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which these deductible temporary differences reverse. Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, including stock options and restricted stock units (collectively “Common Stock Equivalents”), were exercised or converted into common stock. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share.
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v3.23.3
Business Combinations
|
6 Months Ended |
Oct. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Business Combinations |
Business Combinations The Company accounts for business combinations by recognizing the assets acquired and liabilities assumed at the acquisition date fair value. In valuing certain acquired assets and liabilities, fair value estimates use Level 3 inputs, including future expected cash flows and discount rates. Goodwill is measured as the excess of consideration transferred over the fair values of the assets acquired and the liabilities assumed. While the Company uses its best estimates and assumptions to value assets acquired and liabilities assumed at the acquisition date, the Company’s estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments arising from new facts and circumstances are recorded to the Consolidated Statements of Operations and Comprehensive Income. The results of operations of acquisitions are reflected in the Company’s Consolidated Financial Statements from the date of acquisition. On May 1, 2023, the Company acquired Jawl Lumber Corporation ("Jawl"), which provides service to the Vancouver Island market in Canada under the Home Lumber and Building Supplies ("Home Lumber") brand name. Home Lumber is a leading supplier of lumber, engineered wood, doors, framing packages and siding as well as other key complementary building materials. Home Lumber operates from a single location in Victoria, Canada. The primary purpose of the transaction was to expand the geographical coverage of the Company and grow the business. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements. On October 1, 2023, the Company acquired AMW Construction Supply, LLC ("AMW"), a tools and fasteners and other complementary products distributor servicing the Phoenix, Arizona metro area. AMW operates from a single location in Phoenix, Arizona. The primary purpose of the transaction was to expand the Company's complementary product offerings and grow the business. The impact of this acquisition is not material to the Company’s Consolidated Financial Statements. The assets acquired and liabilities assumed were recognized at their acquisition date fair values. The acquisition accounting is subject to change as the Company obtains additional information during the measurement period about the facts and circumstances that existed as of the acquisition date. The primary areas of the preliminary acquisition accounting that are not yet finalized relate to preliminary fair value estimates, working capital adjustments and residual goodwill. The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2024 acquisitions based on currently available information: | | | | | | | | | | | | | | | | | | | Preliminary Acquisition Accounting | | Adjustments | | Preliminary Acquisition Accounting | | (in thousands) | Cash | $ | 3,027 | | | $ | — | | | $ | 3,027 | | Trade accounts and notes receivable | 4,602 | | | (42) | | | 4,560 | | Inventories | 8,181 | | | — | | | 8,181 | | Other assets | 2,945 | | | — | | | 2,945 | | Customer relationships | 27,554 | | | (4,353) | | | 23,201 | | Tradenames | 6,064 | | | (664) | | | 5,400 | | Goodwill | 17,443 | | | 3,353 | | | 20,796 | | Accounts payable and other liabilities | (3,622) | | | 24 | | | (3,598) | | Deferred income taxes | (6,586) | | | 1,181 | | | (5,405) | | Fair value of consideration transferred | $ | 59,608 | | | $ | (501) | | | $ | 59,107 | |
Goodwill recognized is attributable to synergies achieved through the streamlining of operations combined with improved margins attainable through increased market presence and is attributable to the Company's geographic divisions reportable segment. Goodwill of $17.0 million is not expected to be deductible for U.S. federal income tax purposes and goodwill of $3.8 million is expected to be deductible for U.S. federal income tax purposes. The estimated useful life for the customer relationships is 10 years and the estimated useful life for the tradenames is 15 years.
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v3.23.3
Accounts Receivable
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6 Months Ended |
Oct. 31, 2023 |
Receivables [Abstract] |
|
Accounts Receivable |
Accounts Receivable The Company’s trade accounts and notes receivable consisted of the following: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Trade receivables | $ | 743,210 | | | $ | 713,372 | | Other receivables | 153,201 | | | 92,496 | | Allowance for expected credit losses | (9,631) | | | (8,606) | | Other allowances | (6,584) | | | (5,030) | | Trade accounts and notes receivable | $ | 880,196 | | | $ | 792,232 | |
The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2023: | | | | | | | (in thousands) | Balance as of April 30, 2023 | $ | 8,606 | | Provision | 787 | | Other, net | 238 | | Balance as of October 31, 2023 | $ | 9,631 | |
Receivables from contracts with customers, net of allowances, were $727.0 million and $699.7 million as of October 31, 2023 and April 30, 2023, respectively. The Company did not have material amounts of contract assets or liabilities as of October 31, 2023 or April 30, 2023.
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.3
Goodwill and Intangible Assets
|
6 Months Ended |
Oct. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill The following table presents changes in the carrying amount of goodwill: | | | | | | | | | | | | | | | | | | | Gross | | Accumulated | | Net | | Carrying Amount | | Impairment Loss | | Carrying Amount | | (in thousands) | Balance as of April 30, 2023 | $ | 765,314 | | | $ | (64,501) | | | $ | 700,813 | | Goodwill recognized from acquisitions | 20,796 | | | — | | | 20,796 | | Acquisition accounting adjustments from prior period | 1,659 | | | — | | | 1,659 | | Translation adjustment | (4,027) | | | 1,032 | | | (2,995) | | Balance as of October 31, 2023 | $ | 783,742 | | | $ | (63,469) | | | $ | 720,273 | |
As of October 31, 2023, $612.5 million of goodwill was assigned to the Company's geographic divisions reportable segment and $107.8 million was assigned to the Company's other segment. During the six months ended October 31, 2023, the Company recorded measurement period adjustments related to its Engler, Meier and Justus, Inc. acquisition. Intangible Assets
The following tables present the components of the Company’s intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | October 31, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.3 | | $ | 686,338 | | | $ | (456,573) | | | $ | 229,765 | | Definite-lived tradenames | 5-20 | | 15.6 | | 104,908 | | | (28,607) | | | 76,301 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (625) | | | 375 | | Developed technology | 5-10 | | 6.9 | | 8,147 | | | (5,639) | | | 2,508 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,280) | | | 271 | | Definite-lived intangible assets | | | 12.7 | | $ | 801,944 | | | $ | (492,724) | | | $ | 309,220 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 393,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | April 30, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.4 | | $ | 669,142 | | | $ | (432,220) | | | $ | 236,922 | | Definite-lived tradenames | 5-20 | | 15.6 | | 100,326 | | | (25,407) | | | 74,919 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (575) | | | 425 | | Developed technology | 5-10 | | 6.9 | | 8,261 | | | (5,596) | | | 2,665 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,189) | | | 362 | | Definite-lived intangible assets | | | 12.8 | | $ | 780,280 | | | $ | (464,987) | | | $ | 315,293 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 399,660 | |
Amortization expense related to definite-lived intangible assets was $16.0 million and $17.2 million for the three months ended October 31, 2023 and 2022, respectively, and $31.7 million and $34.6 million for the six months ended October 31, 2023 and 2022, respectively. The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors. | | | | | | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 29,694 | | 2025 | 52,991 | | 2026 | 44,807 | | 2027 | 38,624 | | 2028 | 32,066 | | Thereafter | 111,038 | | Total | $ | 309,220 | |
The Company’s indefinite-lived intangible assets as of October 31, 2023 and April 30, 2023 consisted of indefinite-lived tradenames.
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v3.23.3
Long-Term Debt
|
6 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Long-Term Debt The Company’s long-term debt consisted of the following: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Term Loan Facility | $ | 500,000 | | | $ | 499,503 | | Unamortized discount and deferred financing costs on Term Loan Facility | (6,359) | | | (2,442) | | Senior Notes | 350,000 | | | 350,000 | | Unamortized discount and deferred financing costs on Senior Notes | (3,768) | | | (4,113) | | ABL Facility | 80,800 | | | 110,000 | | Finance lease obligations | 149,704 | | | 137,303 | | Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 | 5,708 | | | 8,529 | | Unamortized discount on installment notes | (35) | | | (103) | | Carrying value of debt | 1,076,050 | | | 1,098,677 | | Less current portion | 47,766 | | | 54,035 | | Long-term debt | $ | 1,028,284 | | | $ | 1,044,642 | |
Term Loan Facility The Company has a $500.0 million senior secured first lien term loan facility (the “Term Loan Facility”). The Company is required to make scheduled quarterly payments of $1.3 million, or 0.25% of the aggregate principal amount of the Term Loan Facility, beginning January 1, 2024 with the remaining balance due May 12, 2030. The Term Loan Facility bears interest at a floating rate per annum based on the Secured Overnight Financing Rate ("SOFR") plus 3.00%. As of October 31, 2023, the applicable rate of interest was 8.32%. The Company has interest rate swap and collar agreements to convert the variable interest rate on a portion of its Term Loan Facility to a fixed rate. For more information, see Note 11, "Fair Value Measurements." On May 12, 2023, the Company amended the Term Loan Facility to provide refinancing term loans in the aggregate principal amount of $500.0 million, the net proceeds of which were used, together with cash on hand, to refinance the then outstanding borrowings under the Term Loan Facility in the principal amount of $499.5 million and pay related fees. The net $0.5 million increase in aggregate principal amount consisted of a $211.7 million cashless roll by existing lenders, $288.3 million of proceeds received from new lenders and $287.8 million of payments to lenders who did not participate in the refinancing. During the six months ended October 31, 2023, the Company corrected the presentation of the cash flows associated with the refinancing from a net presentation as shown in the cash flow statement for the three-month period ended July 31, 2023 to a presentation reporting the gross cash inflows and outflows within financing activities in the Condensed Consolidated Statement of Cash Flows. There was no impact to any of the cash flow subtotals (operating, investing, or financing) as a result of this correction of an immaterial cash flow misstatement. The amendment also amended the Term Loan Facility to, among other things, (i) replace the administrative and collateral agent, (ii) extend the maturity date by seven years from the date of the amendment to May 12, 2030 and (iii) modify certain thresholds, baskets and amounts referenced therein. The Company recorded a write-off of debt discount and deferred financing fees of $1.4 million, which is included in write-off of debt discount and deferred financing fees in the Consolidated Statement of Operations and Comprehensive Income for the six months ended October 31, 2023. Senior Notes The Company has senior unsecured notes due May 2029 (the "Senior Notes") in the aggregate principal amount of $350.0 million. The Senior Notes bear interest at 4.625% per annum and mature on May 1, 2029. Interest is payable semi-annually in arrears on May 1 and November 1. Asset Based Lending Facility The Company has an asset based revolving credit facility (the “ABL Facility”) that provides for aggregate revolving commitments of $950.0 million as of October 31, 2023. Extensions of credit under the ABL Facility are limited by a borrowing base calculated periodically based on specified percentages of the value of eligible inventory and accounts receivable, subject to certain reserves and other adjustments. As of October 31, 2023, at the Company’s option, the interest rates applicable to the loans under the ABL Facility were based on SOFR or base rate plus, in each case, an applicable margin. The margins applicable for each elected interest rate are subject to a pricing grid, as defined in the ABL Facility agreement, based on average daily availability for the most recent fiscal quarter. The ABL Facility also contains an unused commitment fee. As of October 31, 2023, the weighted average interest rate on borrowings was 6.74%. As of October 31, 2023, the Company had available borrowing capacity of approximately $823.7 million under the ABL Facility. The ABL Facility matures on December 22, 2027. The ABL Facility contains a cross default provision with the Term Loan Facility. Debt Covenants The Term Loan Facility and the indenture governing the Senior Notes contain a number of covenants that limit our ability and the ability of our restricted subsidiaries, as described in the respective credit agreement and the indenture, to incur more indebtedness; pay dividends, redeem or repurchase stock or make other distributions; make investments; create restrictions on the ability of our restricted subsidiaries to pay dividends to us or make other intercompany transfers; create liens securing indebtedness; transfer or sell assets; merge or consolidate; enter into certain transactions with our affiliates; and prepay or amend the terms of certain indebtedness. Such covenants are subject to several important exceptions and qualifications set forth in the Term Loan Facility and the indenture governing the Senior Notes. As of October 31, 2023, the Company was in compliance with all covenants contained in the Term Loan Facility and the indenture governing the Senior Notes. The ABL Facility contains certain covenants, including financial and other reporting requirements. The Company was in compliance with all such covenants as of October 31, 2023. Debt Maturities As of October 31, 2023, the maturities of long-term debt were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loan Facility | | Senior Notes | | ABL Facility | | Finance Leases | | Installment Notes | | Total | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 2,500 | | | $ | — | | | $ | — | | | $ | 21,369 | | | $ | 1,495 | | | $ | 25,364 | | 2025 | 5,000 | | | — | | | — | | | 38,217 | | | 1,615 | | | 44,832 | | 2026 | 5,000 | | | — | | | — | | | 32,280 | | | 714 | | | 37,994 | | 2027 | 5,000 | | | — | | | — | | | 26,609 | | | 694 | | | 32,303 | | 2028 | 5,000 | | | — | | | 80,800 | | | 19,794 | | | 620 | | | 106,214 | | Thereafter | 477,500 | | | 350,000 | | | — | | | 11,435 | | | 570 | | | 839,505 | | | $ | 500,000 | | | $ | 350,000 | | | $ | 80,800 | | | $ | 149,704 | | | $ | 5,708 | | | $ | 1,086,212 | |
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v3.23.3
Leases
|
6 Months Ended |
Oct. 31, 2023 |
Lessee Disclosure [Abstract] |
|
Leases |
Leases The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Finance lease cost: | | | | | | | | Amortization of right-of-use assets | $ | 7,114 | | | $ | 5,979 | | | $ | 13,878 | | | $ | 11,797 | | Interest on lease liabilities | 1,897 | | | 1,739 | | | 3,754 | | | 3,561 | | Operating lease cost | 16,033 | | | 13,008 | | | 31,749 | | | 25,979 | | Variable lease cost | 4,769 | | | 5,677 | | | 8,439 | | | 11,580 | | Total lease cost | $ | 29,813 | | | $ | 26,403 | | | $ | 57,820 | | | $ | 52,917 | |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (in thousands) | Cash paid for amounts included in the measurement of lease liabilities | | | | Operating cash flows from operating leases | $ | 30,926 | | | $ | 29,905 | | Operating cash flows from finance leases | 3,754 | | | 3,561 | | Financing cash flows from finance leases | 19,304 | | | 16,450 | | Right-of-use assets obtained in exchange for lease obligations | | | | Operating leases | 23,904 | | | 19,268 | | Finance leases | 35,336 | | | 26,638 | |
Other information related to leases was as follows: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Finance leases included in property and equipment | | | | Property and equipment | $ | 252,450 | | | $ | 231,488 | | Accumulated depreciation | (66,825) | | | (65,274) | | Property and equipment, net | $ | 185,625 | | | $ | 166,214 | | Weighted-average remaining lease term (years) | | | | Operating leases | 5.1 | | 5.2 | Finance leases | 4.1 | | 3.9 | Weighted-average discount rate | | | | Operating leases | 5.4 | % | | 5.0 | % | Finance leases | 5.5 | % | | 4.9 | % |
Future minimum lease payments under non-cancellable leases as of October 31, 2023 were as follows: | | | | | | | | | | | | | Finance | | Operating | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 25,070 | | | $ | 28,282 | | 2025 | 44,125 | | | 55,011 | | 2026 | 36,458 | | | 41,683 | | 2027 | 29,290 | | | 30,118 | | 2028 | 21,172 | | | 21,279 | | Thereafter | 11,469 | | | 43,996 | | Total lease payments | 167,584 | | | 220,369 | | Less imputed interest | 17,880 | | | 29,004 | | Total | $ | 149,704 | | | $ | 191,365 | |
|
Leases |
Leases The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Finance lease cost: | | | | | | | | Amortization of right-of-use assets | $ | 7,114 | | | $ | 5,979 | | | $ | 13,878 | | | $ | 11,797 | | Interest on lease liabilities | 1,897 | | | 1,739 | | | 3,754 | | | 3,561 | | Operating lease cost | 16,033 | | | 13,008 | | | 31,749 | | | 25,979 | | Variable lease cost | 4,769 | | | 5,677 | | | 8,439 | | | 11,580 | | Total lease cost | $ | 29,813 | | | $ | 26,403 | | | $ | 57,820 | | | $ | 52,917 | |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (in thousands) | Cash paid for amounts included in the measurement of lease liabilities | | | | Operating cash flows from operating leases | $ | 30,926 | | | $ | 29,905 | | Operating cash flows from finance leases | 3,754 | | | 3,561 | | Financing cash flows from finance leases | 19,304 | | | 16,450 | | Right-of-use assets obtained in exchange for lease obligations | | | | Operating leases | 23,904 | | | 19,268 | | Finance leases | 35,336 | | | 26,638 | |
Other information related to leases was as follows: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Finance leases included in property and equipment | | | | Property and equipment | $ | 252,450 | | | $ | 231,488 | | Accumulated depreciation | (66,825) | | | (65,274) | | Property and equipment, net | $ | 185,625 | | | $ | 166,214 | | Weighted-average remaining lease term (years) | | | | Operating leases | 5.1 | | 5.2 | Finance leases | 4.1 | | 3.9 | Weighted-average discount rate | | | | Operating leases | 5.4 | % | | 5.0 | % | Finance leases | 5.5 | % | | 4.9 | % |
Future minimum lease payments under non-cancellable leases as of October 31, 2023 were as follows: | | | | | | | | | | | | | Finance | | Operating | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 25,070 | | | $ | 28,282 | | 2025 | 44,125 | | | 55,011 | | 2026 | 36,458 | | | 41,683 | | 2027 | 29,290 | | | 30,118 | | 2028 | 21,172 | | | 21,279 | | Thereafter | 11,469 | | | 43,996 | | Total lease payments | 167,584 | | | 220,369 | | Less imputed interest | 17,880 | | | 29,004 | | Total | $ | 149,704 | | | $ | 191,365 | |
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v3.23.3
Income Taxes
|
6 Months Ended |
Oct. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes General. The Company’s effective income tax rate on continuing operations was 24.3% and 26.1% for the six months ended October 31, 2023 and 2022, respectively. The difference in the effective income tax rate over the U.S. federal statutory rate of 21.0% for the six months ended October 31, 2023 and 2022 was primarily due to the impact of foreign taxes, state taxes and equity compensation. Valuation allowance. The Company had a valuation allowance of $11.4 million and $11.7 million against its deferred tax assets related to certain U.S. tax jurisdictions as of October 31, 2023 and April 30, 2023, respectively. To the extent the Company generates sufficient taxable income in the future to utilize the tax benefits of the net deferred tax assets on which a valuation allowance is recorded, the effective tax rate may decrease as the valuation allowance is reversed. Uncertain tax positions. The Company had no uncertain tax positions as of October 31, 2023 or April 30, 2023.
|
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Stockholders' Equity
|
6 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
Stockholders' Equity |
Stockholders’ Equity Share Repurchases On October 18, 2023, the Company's Board of Directors approved an expanded share repurchase program under which the Company is authorized to repurchase up to $250.0 million of its outstanding common stock. This expanded program replaced the Company’s previous share repurchase authorization of $200.0 million. The Company may conduct repurchases under the share repurchase program through open market transactions, under trading plans in accordance with SEC Rule 10b5-1 and/or in privately negotiated transactions, in each case in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of any purchases of the Company's common stock are subject to a variety of factors, including, but not limited to, the Company’s liquidity, credit availability, general business and market conditions, debt covenants and the availability of alternative investment opportunities. The share repurchase program does not obligate the Company to acquire any amount of common stock, and it may be suspended or terminated at any time at the Company’s discretion. As of October 31, 2023, the Company had $241.3 million of remaining repurchase authorization under its stock repurchase program. Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax. The Company includes the applicable excise tax as part of the cost basis of the shares acquired and records the taxes as a corresponding liability in accrued expenses and other liabilities in the Consolidated Balance Sheet. The following table presents share repurchase activity for the six months ended October 31, 2023: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (in thousands) | Amount repurchased pursuant to repurchase program | $ | 74,768 | | | $ | 49,571 | | Excise taxes on repurchases | 588 | | | — | | Repurchases of common stock | $ | 75,356 | | | $ | 49,571 | | | | | | Number of shares repurchased | 1,158 | | | 1,117 | |
Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2023: | | | | | | | | | | | | | | | | | | | Foreign Currency Translation | | Derivative Financial Instruments | | Accumulated Other Comprehensive Loss | | (in thousands) | Balance as of April 30, 2023 | $ | (35,129) | | | $ | — | | | $ | (35,129) | | Other comprehensive income (loss) before reclassification | (5,224) | | | 10,861 | | | 5,637 | | Losses on intra-entity transactions that are of a long-term investment nature | (4,542) | | | — | | | (4,542) | | Reclassification to earnings from accumulated other comprehensive loss | — | | (1,258) | | | (1,258) | | Balance as of October 31, 2023 | $ | (44,895) | | | $ | 9,603 | | | $ | (35,292) | |
Other comprehensive income before reclassification on derivative instruments for the six months ended October 31, 2023 is net of $2.7 million of tax. Reclassification to earnings from accumulated other comprehensive loss for the six months ended October 31, 2023 is net of tax of $0.4 million. Losses on intra-entity transactions that are of a long-term investment nature for the six months ended October 31, 2023 are net of tax of $1.5 million.
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v3.23.3
Equity-Based Compensation
|
6 Months Ended |
Oct. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Equity-Based Compensation |
Equity-Based Compensation General
Equity-based compensation expense related to stock options and restricted stock units was $7.7 million and $6.5 million during the six months ended October 31, 2023 and 2022, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Stock Option Awards The following table presents stock option activity for the six months ended October 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value | | (shares and dollars in thousands) | Outstanding as of April 30, 2023 | 1,106 | | | $ | 32.60 | | | 6.5 | | $ | 28,155 | | Options granted | 150 | | | 74.80 | | | | | | Options exercised | (65) | | | 27.26 | | | | | | Options forfeited | (9) | | | 44.03 | | | | | | Outstanding as of October 31, 2023 | 1,182 | | | $ | 38.18 | | | 6.6 | | $ | 26,476 | | Exercisable as of October 31, 2023 | 842 | | | $ | 28.43 | | | 5.6 | | $ | 25,314 | | Vested and Expected to vest as of October 31, 2023 | 1,182 | | | $ | 38.17 | | | 6.6 | | $ | 26,473 | |
The aggregate intrinsic value represents the excess of the Company’s closing stock price on the last trading day of the period over the weighted average exercise price, multiplied by the number of options outstanding, exercisable or expected to vest. Options expected to vest are unvested shares, net of expected forfeitures. The total intrinsic value of options exercised during the six months ended October 31, 2023 and 2022 was $2.7 million and $2.6 million, respectively. As of October 31, 2023, there was $7.8 million of total unrecognized compensation cost related to stock options. That cost is expected to be recognized over a weighted-average period of 2.0 years. The fair value of stock options granted during the six months ended October 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | Volatility | 38.70 | % | | 45.80 | % | Expected life (years) | 6.0 | | 6.0 | Risk-free interest rate | 4.29 | % | | 2.67 | % | Dividend yield | — | % | | — | % | Grant date fair value | $ | 33.34 | | | $ | 25.26 | |
Restricted Stock Units The following table presents restricted stock unit activity for the six months ended October 31, 2023: | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted Average Grant Date Fair Value | | (shares in thousands) | Outstanding as of April 30, 2023 | 353 | | | $ | 46.97 | | Granted | 140 | | | 74.80 | | Vested | (172) | | | 44.37 | | Forfeited | (4) | | | 50.35 | | Outstanding as of October 31, 2023 | 317 | | | $ | 60.67 | |
The total fair value of awards vested during the six months ended October 31, 2023 and 2022 was $12.9 million and $8.7 million, respectively. As of October 31, 2023, there was $11.3 million of total unrecognized compensation cost related to nonvested restricted stock units. That cost is expected to be recognized over a weighted-average period of 1.8 years. Employee Stock Purchase Plan The Company has an employee stock purchase plan (“ESPP”), the terms of which allow for qualified employees to participate in the purchase of shares of the Company’s common stock at a price equal to 90% of the lower of the closing price at the beginning or end of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. The Company recognized $0.7 million and $0.4 million of stock-based compensation expense related to the ESPP during the six months ended October 31, 2023 and 2022, respectively. The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (shares in thousands) | Number of shares purchased under the ESPP | 58 | | | 33 | | Average purchase price | $ | 45.90 | | | $ | 40.05 | |
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v3.23.3
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests
|
6 Months Ended |
Oct. 31, 2023 |
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests |
|
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests |
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests: | | | | | | | | | | | | | | | | | | | Stock Appreciation Rights | | Deferred Compensation | | Redeemable Noncontrolling Interests | | (in thousands) | Balance as of April 30, 2023 | $ | 32,432 | | | $ | 2,407 | | | $ | 12,002 | | Amounts redeemed | (1,810) | | | (586) | | | (2,931) | | Change in fair value | 1,619 | | | 105 | | | 559 | | Balance as of October 31, 2023 | $ | 32,241 | | | $ | 1,926 | | | $ | 9,630 | | | | | | | | Classified as current as of April 30, 2023 | $ | 7,446 | | | $ | 545 | | | $ | 2,726 | | Classified as long-term as of April 30, 2023 | 24,986 | | | 1,862 | | | 9,276 | | | | | | | | Classified as current as of October 31, 2023 | $ | 7,671 | | | $ | — | | | $ | — | | Classified as long-term as of October 31, 2023 | 24,570 | | | 1,926 | | | 9,630 | |
Total expense related to these instruments was $2.3 million and $6.4 million during the six months ended October 31, 2023 and 2022, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Current and long-term liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests are included in other accrued expenses and liabilities and other liabilities, respectively, in the Condensed Consolidated Balance Sheets. See Note 13, "Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests," in the Company's Annual Report on Form 10-K for the year ended April 30, 2023 for more information regarding stock appreciation rights, deferred compensation and redeemable noncontrolling interests.
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v3.23.3
Fair Value Measurements
|
6 Months Ended |
Oct. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Interest rate swaps and collars (Level 2) | $ | 12,719 | | | $ | — | |
In connection with the amendment to the Term Loan Facility in May 2023, the Company entered into (a) interest rate swap agreements for two years with notional amounts totaling $300.0 million to convert the variable interest rate on a portion of the term loans outstanding to a fixed 1-month SOFR interest rate of 3.899% and (b) forward interest rate collars with notional amounts totaling $300.0 million for years 2025 through 2029. The objective of such hedging instruments is to reduce the variability of interest payment cash flows associated with the variable interest rates under the Term Loan Facility and otherwise hedge exposure to future interest rate fluctuations. The Company believes there have been no material changes in the creditworthiness of the counterparties to these interest rate swaps and believes the risk of nonperformance by each party is minimal. The Company designated the interest rate swaps and collars as cash flow hedges. As of October 31, 2023, $4.0 million of the interest rate swap assets were classified in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheet and $8.7 million were classified in other assets. The Company recognized gains, net of tax, of $0.8 million and $1.2 million during the three and six months ended October 31, 2023, respectively, related to its interest rate swaps. This amount is included in interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Income and within cash flows from operating activities within the Condensed Consolidated Statements of Cash Flows. As of October 31, 2023, the Company expects that approximately $4.0 million of pre-tax earnings will be reclassified from accumulated other comprehensive income (loss) into earnings during the next twelve months. The fair value of interest rate swap and collar agreements is determined using Level 2 inputs. Generally, the Company obtains the Level 2 inputs from its counterparties. Substantially all the inputs throughout the full term of the instruments can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. The fair value of the Company’s interest rate swap and collar agreements was determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflected the contractual terms of the derivatives, including the period to maturity, and used observable market-based inputs, including interest rate curves and implied volatilities. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Disclosures are required for certain assets and liabilities that are measured at fair value on a nonrecurring basis in periods after initial recognition. Such measurements of fair value relate primarily to assets and liabilities measured at fair value in connection with business combinations and long-lived asset impairments. For more information on business combinations, see Note 2, “Business Combinations.” There were no material long-lived asset impairments during the six months ended October 31, 2023 or 2022. Fair Value of Debt The estimated fair value of the Company’s Senior Notes was determined based on Level 2 input using observable market prices in less active markets. The carrying amounts of the Company’s Term Loan Facility and ABL Facility approximate their fair value as the interest rates are variable and reflective of market rates. The following table presents the carrying amount and fair value of the Company’s Senior Notes: | | | | | | | | | | | | | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | (in thousands) | Senior Notes | $ | 350,000 | | | $ | 287,000 | | | $ | 350,000 | | | $ | 308,000 | |
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v3.23.3
Commitments and Contingencies
|
6 Months Ended |
Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies The Company is a defendant in various lawsuits and administrative actions associated with personal injuries, property damage, environmental matters, product liability claims, claims of former employees and other events arising in the normal course of business. As discussed in Note 1 “—Insurance Liabilities”, the Company records liabilities for these claims, and assets for amounts recoverable from the insurer, for claims covered by insurance.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Segments
|
6 Months Ended |
Oct. 31, 2023 |
Segment Reporting [Abstract] |
|
Segments |
Segments There have been no changes to the Company's reportable segments during the six months ended October 31, 2023. 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, 2023. Segment Results The following tables present segment results: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, 2023 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 1,389,073 | | | $ | 441,166 | | | $ | 29,004 | | | $ | 162,306 | | Other | 31,857 | | | 17,463 | | | 3,849 | | | 5,252 | | Corporate | — | | — | | 84 | | | — | | $ | 1,420,930 | | | $ | 458,629 | | | $ | 32,937 | | | $ | 167,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, 2022 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 1,398,540 | | | $ | 443,868 | | | $ | 27,750 | | | $ | 185,807 | | Other | 32,439 | | | 20,632 | | | 4,352 | | | 9,706 | | Corporate | — | | — | | 124 | | | — | | $ | 1,430,979 | | | $ | 464,500 | | | $ | 32,226 | | | $ | 195,513 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended October 31, 2023 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 2,768,034 | | | $ | 873,880 | | | $ | 57,110 | | | $ | 329,591 | | Other | 62,496 | | | 35,303 | | | 7,673 | | | 11,265 | | Corporate | — | | — | | 172 | | | — | | $ | 2,830,530 | | | $ | 909,183 | | | $ | 64,955 | | | $ | 340,856 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended October 31, 2022 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 2,726,988 | | | $ | 860,006 | | | $ | 55,728 | | | $ | 353,176 | | Other | 63,544 | | | 39,215 | | | 8,687 | | | 17,351 | | Corporate | — | | — | | 251 | | | — | | $ | 2,790,532 | | | $ | 899,221 | | | $ | 64,666 | | | $ | 370,527 | |
The following table presents a reconciliation of Adjusted EBITDA to net income: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | | Interest expense | 18,742 | | | 16,055 | | | 37,656 | | | 30,716 | | Write-off of debt discount and deferred financing fees | — | | | — | | | 1,401 | | | — | | Interest income | (292) | | | (154) | | | (766) | | | (210) | | Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | | Depreciation expense | 16,963 | | | 15,058 | | | 33,290 | | | 30,051 | | Amortization expense | 15,974 | | | 17,168 | | | 31,665 | | | 34,615 | | Stock appreciation rights(a) | 401 | | | 3,230 | | | 1,619 | | | 5,574 | | Redeemable noncontrolling interests and deferred compensation(b) | 184 | | | 340 | | | 664 | | | 835 | | Equity-based compensation(c) | 5,111 | | | 3,781 | | | 8,415 | | | 6,913 | | Severance and other permitted costs(d) | 882 | | | 379 | | | 1,288 | | | 731 | | Transaction costs (acquisitions and other)(e) | 1,223 | | | 292 | | | 2,608 | | | 678 | | (Gain) loss on disposal of assets(f) | (310) | | | 81 | | | (441) | | | (203) | | Effects of fair value adjustments to inventory(g) | 140 | | | 135 | | | 442 | | | 179 | | Debt transaction costs(h) | 378 | | | — | | | 1,289 | | | — | | Adjusted EBITDA | $ | 167,558 | | | $ | 195,513 | | | $ | 340,856 | | | $ | 370,527 | |
__________________________________________
(a)Represents changes in the fair value of stock appreciation rights. (b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements. (c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards. (d)Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility. (e)Represents costs related to acquisitions paid to third parties. (f)Includes gains and losses from the sale and disposal of assets. (g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value. (h)Represents costs paid to third-party advisors related to debt refinancing activities. Revenues by Product The following table presents the Company’s net sales to external customers by main product lines: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Wallboard | $ | 585,174 | | | $ | 584,557 | | | $ | 1,156,599 | | | $ | 1,106,111 | | Complementary products | 428,319 | | | 408,669 | | | 854,529 | | | 804,497 | | Steel framing | 232,108 | | | 278,152 | | | 468,868 | | | 553,048 | | Ceilings | 175,329 | | | 159,601 | | | 350,534 | | | 326,876 | | Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
Geographic Information The following table presents the Company’s net sales by major geographic area: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | United States | $ | 1,238,855 | | | $ | 1,252,324 | | | $ | 2,457,286 | | | $ | 2,440,195 | | Canada | 182,075 | | | 178,655 | | | 373,244 | | | 350,337 | | Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
The following table presents the Company’s property and equipment, net, by major geographic area: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | United States | $ | 379,671 | | | $ | 354,652 | | Canada | 43,569 | | | 41,767 | | Total property and equipment, net | $ | 423,240 | | | $ | 396,419 | |
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v3.23.3
Earnings Per Common Share
|
6 Months Ended |
Oct. 31, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Common Share |
Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except per share data) | Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | | Basic earnings per common share: | | | | | | | | Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | | Basic earnings per common share | $ | 2.00 | | | $ | 2.44 | | | $ | 4.13 | | | $ | 4.54 | | Diluted earnings per common share: | | | | | | | | Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | | Add: Common Stock Equivalents | 622 | | | 655 | | | 674 | | | 712 | | Diluted weighted average common shares outstanding | 41,088 | | | 42,887 | | | 41,282 | | | 43,102 | | Diluted earnings per common share | $ | 1.97 | | | $ | 2.41 | | | $ | 4.06 | | | $ | 4.47 | |
During the three and six months ended October 31, 2023 and 2022, the number of Common Stock Equivalents excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive was not material. Anti-dilutive securities could be dilutive in future periods.
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v3.23.3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2023.
|
Principles of Consolidation |
Principles of Consolidation The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The results of operations of businesses acquired are included from their respective dates of acquisition.
|
Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
|
Foreign Currency Translation |
Foreign Currency Translation Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income. Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other income, net.
|
Insurance Liabilities |
Insurance Liabilities The Company is self-insured for certain losses related to medical claims. The Company has stop-loss coverage to limit the exposure arising from medical claims. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability if probable and estimable. Insurance losses for claims filed and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using historical loss development factors and actuarial assumptions followed in the insurance industry.
|
Revenue Recognition |
Revenue Recognition Revenue is recognized upon transfer of control of contracted goods to customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company includes shipping and handling costs billed to customers in net sales. These costs are recognized as a component of selling, general and administrative expenses.
|
Income Taxes |
Income Taxes The Company considers each interim period an integral part of the annual period and measures tax expense (benefit) using an estimated annual effective income tax rate. Estimates of the annual effective income tax rate at the end of interim periods are, out of necessity, based on evaluation of possible future events and transactions and may be subject to subsequent refinement or revision. The Company forecasts its estimated annual effective income tax rate and then applies that rate to its year-to-date pre-tax ordinary income (loss), subject to certain loss limitation provisions. In addition, certain specific transactions are excluded from the Company’s estimated annual effective tax rate computation but are discretely recognized within income tax expense (benefit) in their respective interim period. Future changes in annual income (loss) projections, tax rate changes, or discrete tax items could result in significant adjustments to quarterly income tax expense (benefit) in future periods. The Company evaluates its deferred tax assets quarterly to determine if valuation allowances are required. In this evaluation, the Company considers both positive and negative evidence in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The primary negative evidence considered includes the cumulative operating losses generated in prior periods. The primary positive evidence considered includes the reversal of deferred tax liabilities related to depreciation and amortization that would occur within the same jurisdiction and during the carryforward period necessary to absorb the federal and state net operating losses and other deferred tax assets. Deferred tax assets and liabilities are computed by applying the federal, provincial and state income tax rates in effect to the gross amounts of temporary differences and other tax attributes, such as net operating loss carry-forwards. In assessing if the deferred tax assets will be realized, the Company considers whether it is more likely than not that some or all of these deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which these deductible temporary differences reverse.
|
Earnings Per Share |
Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of outstanding shares of common stock for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock, including stock options and restricted stock units (collectively “Common Stock Equivalents”), were exercised or converted into common stock. The dilutive effect of outstanding stock options and restricted stock units is reflected in diluted earnings per share by application of the treasury stock method. In applying the treasury stock method for stock-based compensation arrangements, the assumed proceeds are computed as the sum of the amount the employee must pay upon exercise and the amount of compensation cost attributed to future services and not yet recognized. Diluted earnings per share is computed by increasing the weighted-average number of outstanding shares of common stock computed in basic earnings per share to include the dilutive effect of Common Stock Equivalents for the period. In periods of net loss, the number of shares used to calculate diluted loss per share is the same as basic net loss per share.
|
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v3.23.3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of medical self-insurance liabilities and recoveries |
The following table presents the Company’s aggregate liabilities for medical self-insurance, general liability, automobile and workers’ compensation and the expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation. Liabilities for medical self-insurance are included in other accrued expenses and current liabilities. Reserves for general liability, automobile and workers’ compensation are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. Expected recoveries for insurance liabilities are included in prepaid expenses and other current assets and other assets in the Condensed Consolidated Balance Sheets.
| | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Medical self‑insurance | $ | 2,235 | | | $ | 4,275 | | General liability, automobile and workers’ compensation | 21,967 | | | 20,502 | | Expected recoveries for insurance liabilities | (4,735) | | | (3,531) | |
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v3.23.3
Business Combinations (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of preliminary allocation of the consideration transferred |
The following table summarizes the preliminary acquisition accounting for the Company's fiscal 2024 acquisitions based on currently available information: | | | | | | | | | | | | | | | | | | | Preliminary Acquisition Accounting | | Adjustments | | Preliminary Acquisition Accounting | | (in thousands) | Cash | $ | 3,027 | | | $ | — | | | $ | 3,027 | | Trade accounts and notes receivable | 4,602 | | | (42) | | | 4,560 | | Inventories | 8,181 | | | — | | | 8,181 | | Other assets | 2,945 | | | — | | | 2,945 | | Customer relationships | 27,554 | | | (4,353) | | | 23,201 | | Tradenames | 6,064 | | | (664) | | | 5,400 | | Goodwill | 17,443 | | | 3,353 | | | 20,796 | | Accounts payable and other liabilities | (3,622) | | | 24 | | | (3,598) | | Deferred income taxes | (6,586) | | | 1,181 | | | (5,405) | | Fair value of consideration transferred | $ | 59,608 | | | $ | (501) | | | $ | 59,107 | |
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v3.23.3
Accounts Receivable (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Receivables [Abstract] |
|
Schedule of trade accounts and notes receivable |
The Company’s trade accounts and notes receivable consisted of the following: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Trade receivables | $ | 743,210 | | | $ | 713,372 | | Other receivables | 153,201 | | | 92,496 | | Allowance for expected credit losses | (9,631) | | | (8,606) | | Other allowances | (6,584) | | | (5,030) | | Trade accounts and notes receivable | $ | 880,196 | | | $ | 792,232 | |
|
Schedule of change in allowance for expected credit losses |
The following table presents the change in the allowance for expected credit losses during the six months ended October 31, 2023: | | | | | | | (in thousands) | Balance as of April 30, 2023 | $ | 8,606 | | Provision | 787 | | Other, net | 238 | | Balance as of October 31, 2023 | $ | 9,631 | |
|
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v3.23.3
Goodwill and Intangible Assets (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of changes in the carrying amount of goodwill |
The following table presents changes in the carrying amount of goodwill: | | | | | | | | | | | | | | | | | | | Gross | | Accumulated | | Net | | Carrying Amount | | Impairment Loss | | Carrying Amount | | (in thousands) | Balance as of April 30, 2023 | $ | 765,314 | | | $ | (64,501) | | | $ | 700,813 | | Goodwill recognized from acquisitions | 20,796 | | | — | | | 20,796 | | Acquisition accounting adjustments from prior period | 1,659 | | | — | | | 1,659 | | Translation adjustment | (4,027) | | | 1,032 | | | (2,995) | | Balance as of October 31, 2023 | $ | 783,742 | | | $ | (63,469) | | | $ | 720,273 | |
|
Schedule of components of definite-lived intangible assets |
The following tables present the components of the Company’s intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | October 31, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.3 | | $ | 686,338 | | | $ | (456,573) | | | $ | 229,765 | | Definite-lived tradenames | 5-20 | | 15.6 | | 104,908 | | | (28,607) | | | 76,301 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (625) | | | 375 | | Developed technology | 5-10 | | 6.9 | | 8,147 | | | (5,639) | | | 2,508 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,280) | | | 271 | | Definite-lived intangible assets | | | 12.7 | | $ | 801,944 | | | $ | (492,724) | | | $ | 309,220 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 393,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | April 30, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.4 | | $ | 669,142 | | | $ | (432,220) | | | $ | 236,922 | | Definite-lived tradenames | 5-20 | | 15.6 | | 100,326 | | | (25,407) | | | 74,919 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (575) | | | 425 | | Developed technology | 5-10 | | 6.9 | | 8,261 | | | (5,596) | | | 2,665 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,189) | | | 362 | | Definite-lived intangible assets | | | 12.8 | | $ | 780,280 | | | $ | (464,987) | | | $ | 315,293 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 399,660 | |
|
Schedule of components of indefinite-lived intangible assets |
The following tables present the components of the Company’s intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | October 31, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.3 | | $ | 686,338 | | | $ | (456,573) | | | $ | 229,765 | | Definite-lived tradenames | 5-20 | | 15.6 | | 104,908 | | | (28,607) | | | 76,301 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (625) | | | 375 | | Developed technology | 5-10 | | 6.9 | | 8,147 | | | (5,639) | | | 2,508 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,280) | | | 271 | | Definite-lived intangible assets | | | 12.7 | | $ | 801,944 | | | $ | (492,724) | | | $ | 309,220 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 393,587 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Useful Lives (years) | | Weighted Average Amortization Period | | April 30, 2023 | | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Value | | (dollars in thousands) | Customer relationships | 5-16 | | 12.4 | | $ | 669,142 | | | $ | (432,220) | | | $ | 236,922 | | Definite-lived tradenames | 5-20 | | 15.6 | | 100,326 | | | (25,407) | | | 74,919 | | Vendor agreements | 8-10 | | 10.0 | | 1,000 | | | (575) | | | 425 | | Developed technology | 5-10 | | 6.9 | | 8,261 | | | (5,596) | | | 2,665 | | Other | 3-5 | | 3.2 | | 1,551 | | | (1,189) | | | 362 | | Definite-lived intangible assets | | | 12.8 | | $ | 780,280 | | | $ | (464,987) | | | $ | 315,293 | | Indefinite-lived intangible assets | | | | | | | | | 84,367 | | Total intangible assets, net | | | | | | | | | $ | 399,660 | |
|
Schedule of estimated future aggregate amortization expense |
The following table summarizes the estimated future amortization expense for definite-lived intangible assets. Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives, foreign currency exchange rate fluctuations and other relevant factors. | | | | | | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 29,694 | | 2025 | 52,991 | | 2026 | 44,807 | | 2027 | 38,624 | | 2028 | 32,066 | | Thereafter | 111,038 | | Total | $ | 309,220 | |
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v3.23.3
Long-Term Debt (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of long-term debt |
The Company’s long-term debt consisted of the following: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Term Loan Facility | $ | 500,000 | | | $ | 499,503 | | Unamortized discount and deferred financing costs on Term Loan Facility | (6,359) | | | (2,442) | | Senior Notes | 350,000 | | | 350,000 | | Unamortized discount and deferred financing costs on Senior Notes | (3,768) | | | (4,113) | | ABL Facility | 80,800 | | | 110,000 | | Finance lease obligations | 149,704 | | | 137,303 | | Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2028 | 5,708 | | | 8,529 | | Unamortized discount on installment notes | (35) | | | (103) | | Carrying value of debt | 1,076,050 | | | 1,098,677 | | Less current portion | 47,766 | | | 54,035 | | Long-term debt | $ | 1,028,284 | | | $ | 1,044,642 | |
|
Scheduled of maturities of long-term debt |
As of October 31, 2023, the maturities of long-term debt were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Term Loan Facility | | Senior Notes | | ABL Facility | | Finance Leases | | Installment Notes | | Total | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 2,500 | | | $ | — | | | $ | — | | | $ | 21,369 | | | $ | 1,495 | | | $ | 25,364 | | 2025 | 5,000 | | | — | | | — | | | 38,217 | | | 1,615 | | | 44,832 | | 2026 | 5,000 | | | — | | | — | | | 32,280 | | | 714 | | | 37,994 | | 2027 | 5,000 | | | — | | | — | | | 26,609 | | | 694 | | | 32,303 | | 2028 | 5,000 | | | — | | | 80,800 | | | 19,794 | | | 620 | | | 106,214 | | Thereafter | 477,500 | | | 350,000 | | | — | | | 11,435 | | | 570 | | | 839,505 | | | $ | 500,000 | | | $ | 350,000 | | | $ | 80,800 | | | $ | 149,704 | | | $ | 5,708 | | | $ | 1,086,212 | |
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v3.23.3
Leases (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Lessee Disclosure [Abstract] |
|
Summary of components of lease expense |
The components of lease expense were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Finance lease cost: | | | | | | | | Amortization of right-of-use assets | $ | 7,114 | | | $ | 5,979 | | | $ | 13,878 | | | $ | 11,797 | | Interest on lease liabilities | 1,897 | | | 1,739 | | | 3,754 | | | 3,561 | | Operating lease cost | 16,033 | | | 13,008 | | | 31,749 | | | 25,979 | | Variable lease cost | 4,769 | | | 5,677 | | | 8,439 | | | 11,580 | | Total lease cost | $ | 29,813 | | | $ | 26,403 | | | $ | 57,820 | | | $ | 52,917 | |
|
Summary of components of supplemental cash flow information related to leases |
Supplemental cash flow information related to leases was as follows: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (in thousands) | Cash paid for amounts included in the measurement of lease liabilities | | | | Operating cash flows from operating leases | $ | 30,926 | | | $ | 29,905 | | Operating cash flows from finance leases | 3,754 | | | 3,561 | | Financing cash flows from finance leases | 19,304 | | | 16,450 | | Right-of-use assets obtained in exchange for lease obligations | | | | Operating leases | 23,904 | | | 19,268 | | Finance leases | 35,336 | | | 26,638 | |
|
Summary of other lease information |
Other information related to leases was as follows: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Finance leases included in property and equipment | | | | Property and equipment | $ | 252,450 | | | $ | 231,488 | | Accumulated depreciation | (66,825) | | | (65,274) | | Property and equipment, net | $ | 185,625 | | | $ | 166,214 | | Weighted-average remaining lease term (years) | | | | Operating leases | 5.1 | | 5.2 | Finance leases | 4.1 | | 3.9 | Weighted-average discount rate | | | | Operating leases | 5.4 | % | | 5.0 | % | Finance leases | 5.5 | % | | 4.9 | % |
|
Schedule of maturities for finance leases |
Future minimum lease payments under non-cancellable leases as of October 31, 2023 were as follows: | | | | | | | | | | | | | Finance | | Operating | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 25,070 | | | $ | 28,282 | | 2025 | 44,125 | | | 55,011 | | 2026 | 36,458 | | | 41,683 | | 2027 | 29,290 | | | 30,118 | | 2028 | 21,172 | | | 21,279 | | Thereafter | 11,469 | | | 43,996 | | Total lease payments | 167,584 | | | 220,369 | | Less imputed interest | 17,880 | | | 29,004 | | Total | $ | 149,704 | | | $ | 191,365 | |
|
Schedule of maturities for operating leases |
Future minimum lease payments under non-cancellable leases as of October 31, 2023 were as follows: | | | | | | | | | | | | | Finance | | Operating | Year Ending April 30, | (in thousands) | 2024 (remaining six months) | $ | 25,070 | | | $ | 28,282 | | 2025 | 44,125 | | | 55,011 | | 2026 | 36,458 | | | 41,683 | | 2027 | 29,290 | | | 30,118 | | 2028 | 21,172 | | | 21,279 | | Thereafter | 11,469 | | | 43,996 | | Total lease payments | 167,584 | | | 220,369 | | Less imputed interest | 17,880 | | | 29,004 | | Total | $ | 149,704 | | | $ | 191,365 | |
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v3.23.3
Stockholders' Equity (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
Schedule of share repurchase activity |
The following table presents share repurchase activity for the six months ended October 31, 2023: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (in thousands) | Amount repurchased pursuant to repurchase program | $ | 74,768 | | | $ | 49,571 | | Excise taxes on repurchases | 588 | | | — | | Repurchases of common stock | $ | 75,356 | | | $ | 49,571 | | | | | | Number of shares repurchased | 1,158 | | | 1,117 | |
|
Schedule of changes to accumulated other comprehensive loss, net of tax, by component |
The following table sets forth the changes to accumulated other comprehensive loss, net of tax, by component for the six months ended October 31, 2023: | | | | | | | | | | | | | | | | | | | Foreign Currency Translation | | Derivative Financial Instruments | | Accumulated Other Comprehensive Loss | | (in thousands) | Balance as of April 30, 2023 | $ | (35,129) | | | $ | — | | | $ | (35,129) | | Other comprehensive income (loss) before reclassification | (5,224) | | | 10,861 | | | 5,637 | | Losses on intra-entity transactions that are of a long-term investment nature | (4,542) | | | — | | | (4,542) | | Reclassification to earnings from accumulated other comprehensive loss | — | | (1,258) | | | (1,258) | | Balance as of October 31, 2023 | $ | (44,895) | | | $ | 9,603 | | | $ | (35,292) | |
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v3.23.3
Equity-Based Compensation - (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of stock option activity |
The following table presents stock option activity for the six months ended October 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted Average Exercise Price | | Weighted Average Remaining Contractual Life (years) | | Aggregate Intrinsic Value | | (shares and dollars in thousands) | Outstanding as of April 30, 2023 | 1,106 | | | $ | 32.60 | | | 6.5 | | $ | 28,155 | | Options granted | 150 | | | 74.80 | | | | | | Options exercised | (65) | | | 27.26 | | | | | | Options forfeited | (9) | | | 44.03 | | | | | | Outstanding as of October 31, 2023 | 1,182 | | | $ | 38.18 | | | 6.6 | | $ | 26,476 | | Exercisable as of October 31, 2023 | 842 | | | $ | 28.43 | | | 5.6 | | $ | 25,314 | | Vested and Expected to vest as of October 31, 2023 | 1,182 | | | $ | 38.17 | | | 6.6 | | $ | 26,473 | |
|
Schedule of the fair value of stock options assumptions |
The fair value of stock options granted during the six months ended October 31, 2023 and 2022 was estimated using the Black-Scholes option-pricing model with the following assumptions and resulting weighted average grant date fair value: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | Volatility | 38.70 | % | | 45.80 | % | Expected life (years) | 6.0 | | 6.0 | Risk-free interest rate | 4.29 | % | | 2.67 | % | Dividend yield | — | % | | — | % | Grant date fair value | $ | 33.34 | | | $ | 25.26 | |
|
Summary of restricted stock unit activity |
The following table presents restricted stock unit activity for the six months ended October 31, 2023: | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted Average Grant Date Fair Value | | (shares in thousands) | Outstanding as of April 30, 2023 | 353 | | | $ | 46.97 | | Granted | 140 | | | 74.80 | | Vested | (172) | | | 44.37 | | Forfeited | (4) | | | 50.35 | | Outstanding as of October 31, 2023 | 317 | | | $ | 60.67 | |
|
Schedule of ESPP activity |
The following table presents the number of shares of the Company’s common stock purchased under the ESPP and average price per share: | | | | | | | | | | | | | Six Months Ended October 31, | | 2023 | | 2022 | | (shares in thousands) | Number of shares purchased under the ESPP | 58 | | | 33 | | Average purchase price | $ | 45.90 | | | $ | 40.05 | |
|
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v3.23.3
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests |
|
Summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests |
The following table presents a summary of changes to the liabilities for stock appreciation rights, deferred compensation and redeemable noncontrolling interests: | | | | | | | | | | | | | | | | | | | Stock Appreciation Rights | | Deferred Compensation | | Redeemable Noncontrolling Interests | | (in thousands) | Balance as of April 30, 2023 | $ | 32,432 | | | $ | 2,407 | | | $ | 12,002 | | Amounts redeemed | (1,810) | | | (586) | | | (2,931) | | Change in fair value | 1,619 | | | 105 | | | 559 | | Balance as of October 31, 2023 | $ | 32,241 | | | $ | 1,926 | | | $ | 9,630 | | | | | | | | Classified as current as of April 30, 2023 | $ | 7,446 | | | $ | 545 | | | $ | 2,726 | | Classified as long-term as of April 30, 2023 | 24,986 | | | 1,862 | | | 9,276 | | | | | | | | Classified as current as of October 31, 2023 | $ | 7,671 | | | $ | — | | | $ | — | | Classified as long-term as of October 31, 2023 | 24,570 | | | 1,926 | | | 9,630 | |
|
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v3.23.3
Fair Value Measurements (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of liabilities measured at fair value on a recurring basis |
The following table presents the estimated carrying amount and fair value of the Company’s assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | Interest rate swaps and collars (Level 2) | $ | 12,719 | | | $ | — | |
|
Schedule of carrying value and fair value of the Senior Notes |
The following table presents the carrying amount and fair value of the Company’s Senior Notes: | | | | | | | | | | | | | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | (in thousands) | Senior Notes | $ | 350,000 | | | $ | 287,000 | | | $ | 350,000 | | | $ | 308,000 | |
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v3.23.3
Segments (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Segment Reporting [Abstract] |
|
Schedule of segment results |
The following tables present segment results: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, 2023 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 1,389,073 | | | $ | 441,166 | | | $ | 29,004 | | | $ | 162,306 | | Other | 31,857 | | | 17,463 | | | 3,849 | | | 5,252 | | Corporate | — | | — | | 84 | | | — | | $ | 1,420,930 | | | $ | 458,629 | | | $ | 32,937 | | | $ | 167,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, 2022 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 1,398,540 | | | $ | 443,868 | | | $ | 27,750 | | | $ | 185,807 | | Other | 32,439 | | | 20,632 | | | 4,352 | | | 9,706 | | Corporate | — | | — | | 124 | | | — | | $ | 1,430,979 | | | $ | 464,500 | | | $ | 32,226 | | | $ | 195,513 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended October 31, 2023 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 2,768,034 | | | $ | 873,880 | | | $ | 57,110 | | | $ | 329,591 | | Other | 62,496 | | | 35,303 | | | 7,673 | | | 11,265 | | Corporate | — | | — | | 172 | | | — | | $ | 2,830,530 | | | $ | 909,183 | | | $ | 64,955 | | | $ | 340,856 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended October 31, 2022 | | Net Sales | | Gross Profit | | Depreciation and Amortization | | Adjusted EBITDA | | (in thousands) | Geographic divisions | $ | 2,726,988 | | | $ | 860,006 | | | $ | 55,728 | | | $ | 353,176 | | Other | 63,544 | | | 39,215 | | | 8,687 | | | 17,351 | | Corporate | — | | — | | 251 | | | — | | $ | 2,790,532 | | | $ | 899,221 | | | $ | 64,666 | | | $ | 370,527 | |
|
Reconciliation of Adjusted EBITDA to net income |
The following table presents a reconciliation of Adjusted EBITDA to net income: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | | Interest expense | 18,742 | | | 16,055 | | | 37,656 | | | 30,716 | | Write-off of debt discount and deferred financing fees | — | | | — | | | 1,401 | | | — | | Interest income | (292) | | | (154) | | | (766) | | | (210) | | Provision for income taxes | 27,205 | | | 35,995 | | | 53,939 | | | 68,025 | | Depreciation expense | 16,963 | | | 15,058 | | | 33,290 | | | 30,051 | | Amortization expense | 15,974 | | | 17,168 | | | 31,665 | | | 34,615 | | Stock appreciation rights(a) | 401 | | | 3,230 | | | 1,619 | | | 5,574 | | Redeemable noncontrolling interests and deferred compensation(b) | 184 | | | 340 | | | 664 | | | 835 | | Equity-based compensation(c) | 5,111 | | | 3,781 | | | 8,415 | | | 6,913 | | Severance and other permitted costs(d) | 882 | | | 379 | | | 1,288 | | | 731 | | Transaction costs (acquisitions and other)(e) | 1,223 | | | 292 | | | 2,608 | | | 678 | | (Gain) loss on disposal of assets(f) | (310) | | | 81 | | | (441) | | | (203) | | Effects of fair value adjustments to inventory(g) | 140 | | | 135 | | | 442 | | | 179 | | Debt transaction costs(h) | 378 | | | — | | | 1,289 | | | — | | Adjusted EBITDA | $ | 167,558 | | | $ | 195,513 | | | $ | 340,856 | | | $ | 370,527 | |
__________________________________________
(a)Represents changes in the fair value of stock appreciation rights. (b)Represents changes in the fair values of noncontrolling interests and deferred compensation agreements. (c)Represents non-cash equity-based compensation expense related to the issuance of share-based awards. (d)Represents severance expenses and certain other cost adjustments as permitted under the ABL Facility and the Term Loan Facility. (e)Represents costs related to acquisitions paid to third parties. (f)Includes gains and losses from the sale and disposal of assets. (g)Represents the non-cash cost of sales impact of acquisition accounting adjustments to increase inventory to its estimated fair value. (h)Represents costs paid to third-party advisors related to debt refinancing activities.
|
Schedule of net sales to external customers by main product lines |
The following table presents the Company’s net sales to external customers by main product lines: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | Wallboard | $ | 585,174 | | | $ | 584,557 | | | $ | 1,156,599 | | | $ | 1,106,111 | | Complementary products | 428,319 | | | 408,669 | | | 854,529 | | | 804,497 | | Steel framing | 232,108 | | | 278,152 | | | 468,868 | | | 553,048 | | Ceilings | 175,329 | | | 159,601 | | | 350,534 | | | 326,876 | | Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
|
Schedule of net sales by major geographic area |
The following table presents the Company’s net sales by major geographic area: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands) | United States | $ | 1,238,855 | | | $ | 1,252,324 | | | $ | 2,457,286 | | | $ | 2,440,195 | | Canada | 182,075 | | | 178,655 | | | 373,244 | | | 350,337 | | Total net sales | $ | 1,420,930 | | | $ | 1,430,979 | | | $ | 2,830,530 | | | $ | 2,790,532 | |
|
Schedule of property and equipment by major geographic area |
The following table presents the Company’s property and equipment, net, by major geographic area: | | | | | | | | | | | | | October 31, 2023 | | April 30, 2023 | | (in thousands) | United States | $ | 379,671 | | | $ | 354,652 | | Canada | 43,569 | | | 41,767 | | Total property and equipment, net | $ | 423,240 | | | $ | 396,419 | |
|
X |
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v3.23.3
Earnings Per Common Share (Tables)
|
6 Months Ended |
Oct. 31, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of computation of basic and diluted earnings per share of common stock |
The following table sets forth the computation of basic and diluted earnings per share of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended October 31, | | Six Months Ended October 31, | | 2023 | | 2022 | | 2023 | | 2022 | | (in thousands, except per share data) | Net income | $ | 80,957 | | | $ | 103,153 | | | $ | 167,787 | | | $ | 192,623 | | Basic earnings per common share: | | | | | | | | Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | | Basic earnings per common share | $ | 2.00 | | | $ | 2.44 | | | $ | 4.13 | | | $ | 4.54 | | Diluted earnings per common share: | | | | | | | | Basic weighted average common shares outstanding | 40,466 | | | 42,232 | | | 40,608 | | | 42,390 | | Add: Common Stock Equivalents | 622 | | | 655 | | | 674 | | | 712 | | Diluted weighted average common shares outstanding | 41,088 | | | 42,887 | | | 41,282 | | | 43,102 | | Diluted earnings per common share | $ | 1.97 | | | $ | 2.41 | | | $ | 4.06 | | | $ | 4.47 | |
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v3.23.3
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- DefinitionRepresents the number of distribution centers.
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v3.23.3
Business, Basis of Presentation and Summary of Significant Accounting Policies - Insurance Liabilities (Details) - General liability, workers' compensation and automobile - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Loss contingencies |
|
|
Medical self‑insurance |
$ 2,235
|
$ 4,275
|
General liability, automobile and workers’ compensation |
21,967
|
20,502
|
Expected recoveries for insurance liabilities |
$ (4,735)
|
$ (3,531)
|
X |
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v3.23.3
Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
|
|
Oct. 31, 2023 |
Oct. 31, 2023 |
Oct. 01, 2023 |
Apr. 30, 2023 |
Business Acquisition [Line Items] |
|
|
|
|
Goodwill |
$ 720,273
|
$ 720,273
|
|
$ 700,813
|
Adjustments, Trade accounts and notes receivable |
(42)
|
|
|
|
Adjustments, Goodwill |
3,353
|
1,659
|
|
|
Adjustments, Accounts payable and other liabilities |
24
|
|
|
|
Adjustments, Deferred income taxes |
1,181
|
|
|
|
Adjustments, Fair value of consideration transferred |
(501)
|
|
|
|
Customer relationships |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Adjustments, Finite-lived intangible assets |
(4,353)
|
|
|
|
Tradenames |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Adjustments, Finite-lived intangible assets |
(664)
|
|
|
|
Fiscal 2024 Acquisitions |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Cash |
3,027
|
3,027
|
$ 3,027
|
|
Trade accounts and notes receivable |
4,560
|
4,560
|
4,602
|
|
Inventories |
8,181
|
8,181
|
8,181
|
|
Other assets |
2,945
|
2,945
|
2,945
|
|
Goodwill |
20,796
|
20,796
|
17,443
|
|
Accounts payable and other liabilities |
(3,598)
|
(3,598)
|
(3,622)
|
|
Deferred income taxes |
(5,405)
|
(5,405)
|
(6,586)
|
|
Fair value of consideration transferred |
59,107
|
59,107
|
59,608
|
|
Fiscal 2024 Acquisitions | Customer relationships |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible assets |
23,201
|
23,201
|
27,554
|
|
Fiscal 2024 Acquisitions | Tradenames |
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
Finite-lived intangible assets |
$ 5,400
|
$ 5,400
|
$ 6,064
|
|
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v3.23.3
Accounts Receivable - Trade Accounts And Notes Receivable (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Receivables [Abstract] |
|
|
Trade receivables |
$ 743,210
|
$ 713,372
|
Other receivables |
153,201
|
92,496
|
Allowance for expected credit losses |
(9,631)
|
(8,606)
|
Other allowances |
(6,584)
|
(5,030)
|
Trade accounts and notes receivable |
$ 880,196
|
$ 792,232
|
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v3.23.3
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2023 |
Goodwill [Roll Forward] |
|
|
Goodwill gross |
|
$ 765,314
|
Goodwill, accumulated impairment loss |
|
(64,501)
|
Goodwill balance |
|
700,813
|
Goodwill recognized from acquisitions |
|
20,796
|
Acquisition accounting adjustments from prior period |
$ 3,353
|
1,659
|
Translation adjustment, gross |
|
(4,027)
|
Translation adjustment, accumulated impairment loss |
|
1,032
|
Translation adjustment, net |
|
(2,995)
|
Goodwill gross |
783,742
|
783,742
|
Goodwill, accumulated impairment loss |
(63,469)
|
(63,469)
|
Goodwill balance |
$ 720,273
|
$ 720,273
|
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v3.23.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Intangible assets |
|
|
|
|
|
Goodwill |
$ 720,273
|
|
$ 720,273
|
|
$ 700,813
|
Amortization expense |
15,974
|
$ 17,168
|
31,665
|
$ 34,615
|
|
Depreciation and amortization expense |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Amortization expense |
16,000
|
$ 17,200
|
31,700
|
$ 34,600
|
|
Geographic divisions |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Goodwill |
612,500
|
|
612,500
|
|
|
Other |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Goodwill |
$ 107,800
|
|
$ 107,800
|
|
|
X |
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v3.23.3
Goodwill and Intangible Assets - Definite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Oct. 31, 2023 |
Apr. 30, 2023 |
Intangible assets |
|
|
Weighted Average Amortization Period |
12 years 8 months 12 days
|
12 years 9 months 18 days
|
Gross Carrying Amount |
$ 801,944
|
$ 780,280
|
Accumulated Amortization |
(492,724)
|
(464,987)
|
Total |
309,220
|
315,293
|
Indefinite-lived intangible assets |
84,367
|
84,367
|
Total intangible assets, net |
$ 393,587
|
$ 399,660
|
Customer relationships |
|
|
Intangible assets |
|
|
Weighted Average Amortization Period |
12 years 3 months 18 days
|
12 years 4 months 24 days
|
Gross Carrying Amount |
$ 686,338
|
$ 669,142
|
Accumulated Amortization |
(456,573)
|
(432,220)
|
Total |
$ 229,765
|
$ 236,922
|
Customer relationships | Minimum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
5 years
|
5 years
|
Customer relationships | Maximum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
16 years
|
16 years
|
Definite-lived tradenames |
|
|
Intangible assets |
|
|
Weighted Average Amortization Period |
15 years 7 months 6 days
|
15 years 7 months 6 days
|
Gross Carrying Amount |
$ 104,908
|
$ 100,326
|
Accumulated Amortization |
(28,607)
|
(25,407)
|
Total |
$ 76,301
|
$ 74,919
|
Definite-lived tradenames | Minimum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
5 years
|
5 years
|
Definite-lived tradenames | Maximum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
20 years
|
20 years
|
Vendor agreements |
|
|
Intangible assets |
|
|
Weighted Average Amortization Period |
10 years
|
10 years
|
Gross Carrying Amount |
$ 1,000
|
$ 1,000
|
Accumulated Amortization |
(625)
|
(575)
|
Total |
$ 375
|
$ 425
|
Vendor agreements | Minimum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
8 years
|
8 years
|
Vendor agreements | Maximum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
10 years
|
10 years
|
Developed technology |
|
|
Intangible assets |
|
|
Weighted Average Amortization Period |
6 years 10 months 24 days
|
6 years 10 months 24 days
|
Gross Carrying Amount |
$ 8,147
|
$ 8,261
|
Accumulated Amortization |
(5,639)
|
(5,596)
|
Total |
$ 2,508
|
$ 2,665
|
Developed technology | Minimum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
5 years
|
5 years
|
Developed technology | Maximum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
10 years
|
10 years
|
Other |
|
|
Intangible assets |
|
|
Weighted Average Amortization Period |
3 years 2 months 12 days
|
3 years 2 months 12 days
|
Gross Carrying Amount |
$ 1,551
|
$ 1,551
|
Accumulated Amortization |
(1,280)
|
(1,189)
|
Total |
$ 271
|
$ 362
|
Other | Minimum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
3 years
|
3 years
|
Other | Maximum |
|
|
Intangible assets |
|
|
Estimated Useful Lives (years) |
5 years
|
5 years
|
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Goodwill and Intangible Assets - Estimated Aggregate Amortization Expense (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
2024 (remaining nine months) |
$ 29,694
|
|
2025 |
52,991
|
|
2026 |
44,807
|
|
2027 |
38,624
|
|
2028 |
32,066
|
|
Thereafter |
111,038
|
|
Total |
$ 309,220
|
$ 315,293
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v3.23.3
Long-Term Debt - Components (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
May 12, 2023 |
Apr. 30, 2023 |
Long-term debt |
|
|
|
Long-term debt, gross |
$ 1,086,212
|
|
|
Finance lease obligations |
149,704
|
|
$ 137,303
|
Carrying value of debt |
1,076,050
|
|
1,098,677
|
Less current portion |
47,766
|
|
54,035
|
Long-term debt |
1,028,284
|
|
1,044,642
|
Term Loan Facility |
|
|
|
Long-term debt |
|
|
|
Long-term debt, gross |
500,000
|
$ 499,500
|
499,503
|
Unamortized discount and deferred financing costs |
(6,359)
|
|
(2,442)
|
Senior Notes |
|
|
|
Long-term debt |
|
|
|
Long-term debt, gross |
350,000
|
|
350,000
|
Unamortized discount and deferred financing costs |
$ (3,768)
|
|
(4,113)
|
Interest rate |
4.625%
|
|
|
ABL Facility |
|
|
|
Long-term debt |
|
|
|
Long-term debt, gross |
$ 80,800
|
|
110,000
|
Installment Notes |
|
|
|
Long-term debt |
|
|
|
Long-term debt, gross |
5,708
|
|
8,529
|
Unamortized discount |
$ (35)
|
|
$ (103)
|
Interest rate |
5.00%
|
|
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v3.23.3
Long-Term Debt - Narrative (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
6 Months Ended |
|
May 12, 2023 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Long-term debt |
|
|
|
|
|
|
Long-term debt, gross |
|
$ 1,086,212
|
|
$ 1,086,212
|
|
|
Borrowings from term loan amendment |
|
|
|
288,266
|
$ 0
|
|
Repayments from term loan amendment |
|
|
|
287,768
|
0
|
|
Write-off of debt discount and deferred financing fees |
|
$ 0
|
$ 0
|
1,401
|
$ 0
|
|
Term Loan Facility |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Loan quarterly payments |
|
|
|
$ 1,300
|
|
|
Loan quarterly payments of the principal amount (as a percent) |
|
|
|
0.25%
|
|
|
Borrowing interest rate (as a percent) |
|
8.32%
|
|
8.32%
|
|
|
Long-term debt, gross |
$ 499,500
|
$ 500,000
|
|
$ 500,000
|
|
$ 499,503
|
Term Loan Facility | SOFR |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Margin added to variable rate (as a percent) |
|
|
|
3.00%
|
|
|
Term Loan Facility, Due 2030 |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Principal amount |
500,000
|
|
|
|
|
|
Increase in aggregate principal amount |
500
|
|
|
|
|
|
Cashless roll |
211,700
|
|
|
|
|
|
Borrowings from term loan amendment |
288,300
|
|
|
|
|
|
Repayments from term loan amendment |
$ 287,800
|
|
|
|
|
|
Maturity date extension term |
7 years
|
|
|
|
|
|
Amendment To Term Loan Facility |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Write-off of debt discount and deferred financing fees |
|
|
|
$ 1,400
|
|
|
Senior Notes |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Long-term debt, gross |
|
$ 350,000
|
|
$ 350,000
|
|
$ 350,000
|
Interest rate |
|
4.625%
|
|
4.625%
|
|
|
Amended ABL Facility |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Borrowing weighted average interest rate (as a percent) |
|
6.74%
|
|
6.74%
|
|
|
Available borrowing capacity under the facility |
|
$ 823,700
|
|
$ 823,700
|
|
|
Amended ABL Facility | Revolving Credit Facility |
|
|
|
|
|
|
Long-term debt |
|
|
|
|
|
|
Maximum amount under the facility |
|
$ 950,000
|
|
$ 950,000
|
|
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v3.23.3
Long-Term Debt - Maturities (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
May 12, 2023 |
Apr. 30, 2023 |
Long-term debt |
|
|
|
2024 (remaining six months) |
$ 25,364
|
|
|
2025 |
44,832
|
|
|
2026 |
37,994
|
|
|
2027 |
32,303
|
|
|
2028 |
106,214
|
|
|
Thereafter |
839,505
|
|
|
Total |
1,086,212
|
|
|
Term Loan Facility |
|
|
|
Long-term debt |
|
|
|
2024 (remaining six months) |
2,500
|
|
|
2025 |
5,000
|
|
|
2026 |
5,000
|
|
|
2027 |
5,000
|
|
|
2028 |
5,000
|
|
|
Thereafter |
477,500
|
|
|
Total |
500,000
|
$ 499,500
|
$ 499,503
|
Senior Notes |
|
|
|
Long-term debt |
|
|
|
2024 (remaining six months) |
0
|
|
|
2025 |
0
|
|
|
2026 |
0
|
|
|
2027 |
0
|
|
|
2028 |
0
|
|
|
Thereafter |
350,000
|
|
|
Total |
350,000
|
|
350,000
|
ABL Facility |
|
|
|
Long-term debt |
|
|
|
2024 (remaining six months) |
0
|
|
|
2025 |
0
|
|
|
2026 |
0
|
|
|
2027 |
0
|
|
|
2028 |
80,800
|
|
|
Thereafter |
0
|
|
|
Total |
80,800
|
|
110,000
|
Finance Leases |
|
|
|
Long-term debt |
|
|
|
2024 (remaining six months) |
21,369
|
|
|
2025 |
38,217
|
|
|
2026 |
32,280
|
|
|
2027 |
26,609
|
|
|
2028 |
19,794
|
|
|
Thereafter |
11,435
|
|
|
Total |
149,704
|
|
|
Installment Notes |
|
|
|
Long-term debt |
|
|
|
2024 (remaining six months) |
1,495
|
|
|
2025 |
1,615
|
|
|
2026 |
714
|
|
|
2027 |
694
|
|
|
2028 |
620
|
|
|
Thereafter |
570
|
|
|
Total |
$ 5,708
|
|
$ 8,529
|
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v3.23.3
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Finance lease cost: |
|
|
|
|
Amortization of right-of-use assets |
$ 7,114
|
$ 5,979
|
$ 13,878
|
$ 11,797
|
Interest on lease liabilities |
1,897
|
1,739
|
3,754
|
3,561
|
Operating lease cost |
16,033
|
13,008
|
31,749
|
25,979
|
Variable lease cost |
4,769
|
5,677
|
8,439
|
11,580
|
Total lease cost |
$ 29,813
|
$ 26,403
|
$ 57,820
|
$ 52,917
|
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v3.23.3
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
Operating cash flows from operating leases |
$ 30,926
|
$ 29,905
|
Operating cash flows from finance leases |
3,754
|
3,561
|
Financing cash flows from finance leases |
19,304
|
16,450
|
Right-of-use assets obtained in exchange for lease obligations |
|
|
Operating leases |
23,904
|
19,268
|
Finance leases |
$ 35,336
|
$ 26,638
|
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v3.23.3
Leases - Other Information (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Finance leases included in property and equipment |
|
|
Property and equipment |
$ 252,450
|
$ 231,488
|
Accumulated depreciation |
(66,825)
|
(65,274)
|
Property and equipment, net |
$ 185,625
|
$ 166,214
|
Finance lease, right-of-use asset, balance sheet location [Extensible List] |
Property and equipment, net of accumulated depreciation of $281,550 and $264,650, respectively
|
Property and equipment, net of accumulated depreciation of $281,550 and $264,650, respectively
|
Weighted-average remaining lease term (years) |
|
|
Operating leases |
5 years 1 month 6 days
|
5 years 2 months 12 days
|
Finance leases |
4 years 1 month 6 days
|
3 years 10 months 24 days
|
Weighted-average discount rate |
|
|
Operating leases |
5.40%
|
5.00%
|
Finance leases |
5.50%
|
4.90%
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v3.23.3
Leases - Future Minimum Lease Payments Under Non-Cancellable Leases (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
Finance |
|
|
2024 (remaining six months) |
$ 25,070
|
|
2025 |
44,125
|
|
2026 |
36,458
|
|
2027 |
29,290
|
|
2028 |
21,172
|
|
Thereafter |
11,469
|
|
Total lease payments |
167,584
|
|
Less imputed interest |
17,880
|
|
Total |
149,704
|
$ 137,303
|
Operating |
|
|
2024 (remaining six months) |
28,282
|
|
2025 |
55,011
|
|
2026 |
41,683
|
|
2027 |
30,118
|
|
2028 |
21,279
|
|
Thereafter |
43,996
|
|
Total lease payments |
220,369
|
|
Less imputed interest |
29,004
|
|
Total |
$ 191,365
|
|
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v3.23.3
Stockholders' Equity - Narrative (Details) - USD ($)
|
6 Months Ended |
|
|
Oct. 31, 2023 |
Oct. 18, 2023 |
Oct. 17, 2023 |
Equity [Abstract] |
|
|
|
Stock repurchase program, authorized amount |
|
$ 250,000,000
|
$ 200,000,000
|
Remaining amount under repurchase program |
$ 241,300,000
|
|
|
Other comprehensive income (loss) on derivative instruments before reclassification, tax |
2,700,000
|
|
|
Reclassification to earnings from accumulated other comprehensive income (loss) on derivative instruments, tax |
400,000
|
|
|
Gain (loss) on intra-entity transactions, long-term investment, tax |
$ (1,500,000)
|
|
|
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v3.23.3
Stockholders' Equity - Share Repurchase Activity (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
Amount repurchased pursuant to repurchase program |
|
|
|
|
$ 74,768
|
$ 49,571
|
Excise taxes on repurchases |
|
|
|
|
588
|
|
Repurchases of common stock |
$ 44,572
|
$ 30,784
|
$ 25,776
|
$ 23,795
|
$ 75,356
|
$ 49,571
|
Number of share repurchased (in shares) |
|
|
|
|
1,158
|
1,117
|
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v3.23.3
Stockholders' Equity - Accumulated Other Comprehensive Loss (Details) $ in Thousands |
6 Months Ended |
Oct. 31, 2023
USD ($)
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
Beginning balance |
$ 1,274,757
|
Other comprehensive income (loss) before reclassification |
5,637
|
Losses on intra-entity transactions that are of a long-term investment nature |
(4,542)
|
Reclassification to earnings from accumulated other comprehensive loss |
(1,258)
|
Ending balance |
1,375,885
|
Accumulated Other Comprehensive Loss |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
Beginning balance |
(35,129)
|
Ending balance |
(35,292)
|
Foreign Currency Translation |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
Beginning balance |
(35,129)
|
Other comprehensive income (loss) before reclassification |
(5,224)
|
Losses on intra-entity transactions that are of a long-term investment nature |
(4,542)
|
Reclassification to earnings from accumulated other comprehensive loss |
0
|
Ending balance |
(44,895)
|
Derivative Financial Instruments |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
Beginning balance |
0
|
Other comprehensive income (loss) before reclassification |
10,861
|
Losses on intra-entity transactions that are of a long-term investment nature |
0
|
Reclassification to earnings from accumulated other comprehensive loss |
(1,258)
|
Ending balance |
$ 9,603
|
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v3.23.3
Equity-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based compensation expense |
$ 5,111
|
$ 3,781
|
$ 8,415
|
$ 6,913
|
Stock Options |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Intrinsic value of options exercised |
|
|
2,700
|
2,600
|
Unrecognized compensation cost, options |
7,800
|
|
$ 7,800
|
|
Weighted-average period for recognition of unrecognized compensation expense (in years) |
|
|
2 years
|
|
Restricted stock units |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Weighted-average period for recognition of unrecognized compensation expense (in years) |
|
|
1 year 9 months 18 days
|
|
Fair value of awards vested |
|
|
$ 12,900
|
8,700
|
Unrecognized compensation cost, RSUs |
$ 11,300
|
|
11,300
|
|
ESPP |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based compensation expense |
|
|
$ 700
|
400
|
Percentage of common stock price based on closing price at the beginning or end of the last day of the purchase period |
|
|
90.00%
|
|
Purchase period (in months) |
|
|
6 months
|
|
Selling, general and administrative expenses |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share-based compensation expense |
|
|
$ 7,700
|
$ 6,500
|
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v3.23.3
Equity-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended |
12 Months Ended |
Oct. 31, 2023
USD ($)
$ / shares
shares
|
Apr. 30, 2023
USD ($)
$ / shares
shares
|
Number of Options |
|
|
Outstanding, beginning of the period (in shares) | shares |
1,106
|
|
Options granted (in shares) | shares |
150
|
|
Options exercised (in shares) | shares |
(65)
|
|
Options forfeited (in shares) | shares |
(9)
|
|
Outstanding, end of the period (in shares) | shares |
1,182
|
1,106
|
Exercisable at end of period (in shares) | shares |
842
|
|
Vested and expected to vest at end of period (in shares) | shares |
1,182
|
|
Weighted Average Exercise Price |
|
|
Outstanding, beginning of period (in dollars per share) | $ / shares |
$ 32.60
|
|
Options granted (in dollars per share) | $ / shares |
74.80
|
|
Options exercised (in dollars per share) | $ / shares |
27.26
|
|
Options forfeited (in dollars per share) | $ / shares |
44.03
|
|
Outstanding, end of the period (in dollars per share) | $ / shares |
38.18
|
$ 32.60
|
Exercisable at end of period (in dollars per share) | $ / shares |
28.43
|
|
Vested and expected to vest at end of period (in dollars per share) | $ / shares |
$ 38.17
|
|
Other disclosures |
|
|
Weighted Average Remaining Contractual Life, Outstanding (in years) |
6 years 7 months 6 days
|
6 years 6 months
|
Weighted Average Remaining Contractual Life, Exercisable at end of period (in years) |
5 years 7 months 6 days
|
|
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years) |
6 years 7 months 6 days
|
|
Aggregate Intrinsic Value, Outstanding | $ |
$ 26,476
|
$ 28,155
|
Aggregate Intrinsic Value, Exercisable at end of period | $ |
25,314
|
|
Aggregate Intrinsic Value, Vested and expected to vest at end of period | $ |
$ 26,473
|
|
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Stock Appreciation Rights, Deferred Compensation and Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Apr. 30, 2023 |
Selling, general and administrative expenses |
|
|
|
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] |
|
|
|
Expense related to equity based compensation arrangements |
$ 2,300
|
$ 6,400
|
|
Stock Appreciation Rights |
|
|
|
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] |
|
|
|
Award liability as of beginning of period |
32,432
|
|
|
Amounts redeemed |
(1,810)
|
|
|
Change in fair value |
1,619
|
|
|
Award liability as of end of period |
32,241
|
|
|
Current liabilities related to plans |
7,671
|
|
$ 7,446
|
Long-term liabilities related to plans |
24,570
|
|
24,986
|
Deferred Compensation |
|
|
|
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] |
|
|
|
Award liability as of beginning of period |
2,407
|
|
|
Amounts redeemed |
(586)
|
|
|
Change in fair value |
105
|
|
|
Award liability as of end of period |
1,926
|
|
|
Current liabilities related to plans |
0
|
|
545
|
Long-term liabilities related to plans |
1,926
|
|
1,862
|
Redeemable Noncontrolling Interests |
|
|
|
Deferred Compensation Liability, Current and Noncurrent [Roll Forward] |
|
|
|
Award liability as of beginning of period |
12,002
|
|
|
Amounts redeemed |
(2,931)
|
|
|
Change in fair value |
559
|
|
|
Award liability as of end of period |
9,630
|
|
|
Current liabilities related to plans |
0
|
|
2,726
|
Long-term liabilities related to plans |
$ 9,630
|
|
$ 9,276
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Segments - Net Sales, Adjusted EBITDA and Certain Other Measures (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Segment information |
|
|
|
|
Net sales |
$ 1,420,930
|
$ 1,430,979
|
$ 2,830,530
|
$ 2,790,532
|
Gross Profit |
458,629
|
464,500
|
909,183
|
899,221
|
Depreciation and Amortization |
32,937
|
32,226
|
64,955
|
64,666
|
Adjusted EBITDA |
167,558
|
195,513
|
340,856
|
370,527
|
Geographic divisions |
|
|
|
|
Segment information |
|
|
|
|
Net sales |
1,389,073
|
1,398,540
|
2,768,034
|
2,726,988
|
Gross Profit |
441,166
|
443,868
|
873,880
|
860,006
|
Depreciation and Amortization |
29,004
|
27,750
|
57,110
|
55,728
|
Adjusted EBITDA |
162,306
|
185,807
|
329,591
|
353,176
|
Other |
|
|
|
|
Segment information |
|
|
|
|
Net sales |
31,857
|
32,439
|
62,496
|
63,544
|
Gross Profit |
17,463
|
20,632
|
35,303
|
39,215
|
Depreciation and Amortization |
3,849
|
4,352
|
7,673
|
8,687
|
Adjusted EBITDA |
5,252
|
9,706
|
11,265
|
17,351
|
Corporate |
|
|
|
|
Segment information |
|
|
|
|
Net sales |
0
|
0
|
0
|
0
|
Gross Profit |
0
|
0
|
0
|
0
|
Depreciation and Amortization |
84
|
124
|
172
|
251
|
Adjusted EBITDA |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
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v3.23.3
Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Segment Reporting [Abstract] |
|
|
|
|
|
|
Net income |
$ 80,957
|
$ 86,830
|
$ 103,153
|
$ 89,470
|
$ 167,787
|
$ 192,623
|
Interest expense |
18,742
|
|
16,055
|
|
37,656
|
30,716
|
Write-off of debt discount and deferred financing fees |
0
|
|
0
|
|
1,401
|
0
|
Interest income |
(292)
|
|
(154)
|
|
(766)
|
(210)
|
Provision for income taxes |
27,205
|
|
35,995
|
|
53,939
|
68,025
|
Depreciation expense |
16,963
|
|
15,058
|
|
33,290
|
30,051
|
Amortization expense |
15,974
|
|
17,168
|
|
31,665
|
34,615
|
Stock appreciation rights |
401
|
|
3,230
|
|
1,619
|
5,574
|
Redeemable noncontrolling interests and deferred compensation |
184
|
|
340
|
|
664
|
835
|
Equity-based compensation |
5,111
|
|
3,781
|
|
8,415
|
6,913
|
Severance and other permitted costs |
882
|
|
379
|
|
1,288
|
731
|
Transaction costs (acquisitions and other) |
1,223
|
|
292
|
|
2,608
|
678
|
(Gain) loss on disposal of assets |
(310)
|
|
81
|
|
(441)
|
(203)
|
Effects of fair value adjustments to inventory |
140
|
|
135
|
|
442
|
179
|
Debt transaction costs |
378
|
|
0
|
|
1,289
|
0
|
Adjusted EBITDA |
$ 167,558
|
|
$ 195,513
|
|
$ 340,856
|
$ 370,527
|
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v3.23.3
Segments - Net Sales by Main Product Lines (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Revenue from external customers |
|
|
|
|
Total net sales |
$ 1,420,930
|
$ 1,430,979
|
$ 2,830,530
|
$ 2,790,532
|
Wallboard |
|
|
|
|
Revenue from external customers |
|
|
|
|
Total net sales |
585,174
|
584,557
|
1,156,599
|
1,106,111
|
Complementary products |
|
|
|
|
Revenue from external customers |
|
|
|
|
Total net sales |
428,319
|
408,669
|
854,529
|
804,497
|
Steel framing |
|
|
|
|
Revenue from external customers |
|
|
|
|
Total net sales |
232,108
|
278,152
|
468,868
|
553,048
|
Ceilings |
|
|
|
|
Revenue from external customers |
|
|
|
|
Total net sales |
$ 175,329
|
$ 159,601
|
$ 350,534
|
$ 326,876
|
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3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
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|
|
|
|
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$ 1,420,930
|
$ 1,430,979
|
$ 2,830,530
|
$ 2,790,532
|
United States |
|
|
|
|
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|
|
|
|
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1,238,855
|
1,252,324
|
2,457,286
|
2,440,195
|
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|
|
|
|
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|
|
|
|
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|
$ 178,655
|
$ 373,244
|
$ 350,337
|
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Oct. 31, 2023 |
Apr. 30, 2023 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total property and equipment, net |
$ 423,240
|
$ 396,419
|
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|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total property and equipment, net |
379,671
|
354,652
|
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|
|
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|
|
Total property and equipment, net |
$ 43,569
|
$ 41,767
|
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v3.23.3
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Oct. 31, 2023 |
Jul. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
Computation of basic and diluted earnings per share of common stock |
|
|
|
|
|
|
Net income |
$ 80,957
|
$ 86,830
|
$ 103,153
|
$ 89,470
|
$ 167,787
|
$ 192,623
|
Basic earnings per common share: |
|
|
|
|
|
|
Basic weighted average common shares outstanding (in shares) |
40,466
|
|
42,232
|
|
40,608
|
42,390
|
Basic earnings per common share (in dollars per share) |
$ 2.00
|
|
$ 2.44
|
|
$ 4.13
|
$ 4.54
|
Diluted earnings per common share: |
|
|
|
|
|
|
Basic weighted average common shares outstanding (in shares) |
40,466
|
|
42,232
|
|
40,608
|
42,390
|
Add: Common Stock Equivalents (in shares) |
622
|
|
655
|
|
674
|
712
|
Diluted weighted average common shares outstanding (in shares) |
41,088
|
|
42,887
|
|
41,282
|
43,102
|
Diluted earnings per common share (in dollars per share) |
$ 1.97
|
|
$ 2.41
|
|
$ 4.06
|
$ 4.47
|
Shares were not included in the calculation of Diluted loss per common share |
|
|
|
|
|
|
Anti-dilutive shares (in shares) |
0
|
|
0
|
|
0
|
0
|
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