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Share Name | Share Symbol | Market | Type |
---|---|---|---|
GMS Inc | NYSE:GMS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.11 | 5.52% | 97.63 | 94.83 | 91.77 | 92.60 | 358,346 | 22:30:00 |
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) |
Title of each class | Trading Symbol(s) | Name of each exchanged on which registered | |||||||||||||||
Common Stock, par value $0.01 per share | GMS | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I | ||||||||
Item 1 | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
PART II | ||||||||
Item 1 | ||||||||
Item 1A | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
Item 5 | ||||||||
Item 6 | ||||||||
January 31, 2022 | April 30, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 86,975 | $ | 167,012 | |||||||
Trade accounts and notes receivable, net of allowances of $9,683 and $6,282, respectively | 700,255 | 558,661 | |||||||||
Inventories, net | 585,351 | 357,054 | |||||||||
Prepaid expenses and other current assets | 19,055 | 19,525 | |||||||||
Total current assets | 1,391,636 | 1,102,252 | |||||||||
Property and equipment, net of accumulated depreciation of $216,541 and $193,364, respectively | 342,995 | 311,326 | |||||||||
Operating lease right-of-use assets | 146,762 | 118,413 | |||||||||
Goodwill | 693,942 | 576,330 | |||||||||
Intangible assets, net | 480,312 | 350,869 | |||||||||
Deferred income taxes | 20,536 | 15,715 | |||||||||
Other assets | 9,997 | 8,993 | |||||||||
Total assets | $ | 3,086,180 | $ | 2,483,898 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 293,485 | $ | 322,965 | |||||||
Accrued compensation and employee benefits | 79,031 | 72,906 | |||||||||
Other accrued expenses and current liabilities | 129,927 | 87,138 | |||||||||
Current portion of long-term debt | 44,624 | 46,018 | |||||||||
Current portion of operating lease liabilities | 40,413 | 33,474 | |||||||||
Total current liabilities | 587,480 | 562,501 | |||||||||
Non-current liabilities: | |||||||||||
Long-term debt, less current portion | 1,281,737 | 932,409 | |||||||||
Long-term operating lease liabilities | 107,002 | 90,290 | |||||||||
Deferred income taxes, net | 47,174 | 12,728 | |||||||||
Other liabilities | 59,511 | 63,508 | |||||||||
Total liabilities | 2,082,904 | 1,661,436 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, par value $0.01 per share, 500,000 shares authorized; 43,095 and 43,073 shares issued and outstanding as of January 31, 2022 and April 30, 2021, respectively | 431 | 431 | |||||||||
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of January 31, 2022 and April 30, 2021 | — | — | |||||||||
Additional paid-in capital | 536,635 | 542,737 | |||||||||
Retained earnings | 471,481 | 274,535 | |||||||||
Accumulated other comprehensive income (loss) | (5,271) | 4,759 | |||||||||
Total stockholders' equity | 1,003,276 | 822,462 | |||||||||
Total liabilities and stockholders' equity | $ | 3,086,180 | $ | 2,483,898 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | 1,153,595 | $ | 751,191 | $ | 3,346,222 | $ | 2,366,620 | |||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 785,823 | 507,867 | 2,270,747 | 1,597,767 | |||||||||||||||||||
Gross profit | 367,772 | 243,324 | 1,075,475 | 768,853 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 241,040 | 184,844 | 685,652 | 556,308 | |||||||||||||||||||
Depreciation and amortization | 29,750 | 25,562 | 86,867 | 79,904 | |||||||||||||||||||
Total operating expenses | 270,790 | 210,406 | 772,519 | 636,212 | |||||||||||||||||||
Operating income | 96,982 | 32,918 | 302,956 | 132,641 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (15,429) | (13,454) | (43,830) | (41,060) | |||||||||||||||||||
Gain on legal settlement | — | 1,382 | — | 1,382 | |||||||||||||||||||
Other income, net | 1,041 | 989 | 2,771 | 2,441 | |||||||||||||||||||
Total other expense, net | (14,388) | (11,083) | (41,059) | (37,237) | |||||||||||||||||||
Income before taxes | 82,594 | 21,835 | 261,897 | 95,404 | |||||||||||||||||||
Provision for income taxes | 21,211 | 5,709 | 64,951 | 23,590 | |||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 43,094 | 42,726 | 43,106 | 42,691 | |||||||||||||||||||
Diluted | 43,945 | 43,361 | 43,937 | 43,184 | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | 1.42 | $ | 0.38 | $ | 4.57 | $ | 1.68 | |||||||||||||||
Diluted | $ | 1.40 | $ | 0.37 | $ | 4.48 | $ | 1.66 | |||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Foreign currency translation income (loss) | (15,185) | 20,373 | (19,304) | 39,813 | |||||||||||||||||||
Changes in other comprehensive income, net of tax | 4,023 | 1,974 | 9,274 | 5,777 | |||||||||||||||||||
Comprehensive income | $ | 50,221 | $ | 38,473 | $ | 186,916 | $ | 117,404 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of April 30, 2021 | 43,073 | $ | 431 | $ | 542,737 | $ | 274,535 | $ | 4,759 | $ | 822,462 | ||||||||||||||||||||||||
Net income | — | — | — | 61,202 | — | 61,202 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (8,233) | (8,233) | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 1,962 | 1,962 | |||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (85) | (1) | (3,854) | — | — | (3,855) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 1,958 | — | — | 1,958 | |||||||||||||||||||||||||||||
Exercise of stock options | 44 | 1 | 862 | — | — | 863 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 8 | — | — | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (256) | — | — | (256) | |||||||||||||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 43 | — | 1,140 | — | — | 1,140 | |||||||||||||||||||||||||||||
Balances as of July 31, 2021 | 43,083 | 431 | 542,587 | 335,737 | (1,512) | 877,243 | |||||||||||||||||||||||||||||
Net income | — | — | — | 74,361 | — | 74,361 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 4,114 | 4,114 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 3,289 | 3,289 | |||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (195) | (2) | (9,267) | — | — | (9,269) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 3,215 | — | — | 3,215 | |||||||||||||||||||||||||||||
Exercise of stock options | 52 | 1 | 976 | — | — | 977 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 112 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (2,579) | — | — | (2,579) | |||||||||||||||||||||||||||||
Balances as of October 31, 2021 | 43,052 | 431 | 534,931 | 410,098 | 5,891 | 951,351 | |||||||||||||||||||||||||||||
Net income | — | — | — | 61,383 | — | 61,383 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | (15,185) | (15,185) | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 4,023 | 4,023 | |||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (87) | (1) | (4,733) | — | — | (4,734) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 3,077 | — | — | 3,077 | |||||||||||||||||||||||||||||
Exercise of stock options | 101 | 1 | 2,183 | — | — | 2,184 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 2 | — | — | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (15) | — | — | (15) | |||||||||||||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 27 | — | 1,192 | — | — | 1,192 | |||||||||||||||||||||||||||||
Balances as of January 31, 2022 | 43,095 | $ | 431 | $ | 536,635 | $ | 471,481 | $ | (5,271) | $ | 1,003,276 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances as of April 30, 2020 | 42,554 | $ | 426 | $ | 529,662 | $ | 168,975 | $ | (65,082) | $ | 633,981 | ||||||||||||||||||||||||
Net income | — | — | — | 27,219 | — | 27,219 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 16,281 | 16,281 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 959 | 959 | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 1,575 | — | — | 1,575 | |||||||||||||||||||||||||||||
Exercise of stock options | 54 | — | 691 | — | — | 691 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 7 | — | — | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (105) | — | — | (105) | |||||||||||||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 58 | 1 | 1,269 | — | — | 1,270 | |||||||||||||||||||||||||||||
Balances as of July 31, 2020 | 42,673 | 427 | 533,092 | 196,194 | (47,842) | 681,871 | |||||||||||||||||||||||||||||
Net income | — | — | — | 28,469 | — | 28,469 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 3,159 | 3,159 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 2,844 | 2,844 | |||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (50) | (1) | (1,221) | — | — | (1,222) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 3,253 | — | — | 3,253 | |||||||||||||||||||||||||||||
Exercise of stock options | 5 | — | 172 | — | — | 172 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 62 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (649) | — | — | (649) | |||||||||||||||||||||||||||||
Balances as of October 31, 2020 | 42,690 | 427 | 534,646 | 224,663 | (41,839) | 717,897 | |||||||||||||||||||||||||||||
Net income | — | — | — | 16,126 | — | 16,126 | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | 20,373 | 20,373 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 1,974 | 1,974 | |||||||||||||||||||||||||||||
Repurchase and retirement of common stock | (30) | — | (778) | — | — | (778) | |||||||||||||||||||||||||||||
Equity-based compensation | — | — | 1,876 | — | — | 1,876 | |||||||||||||||||||||||||||||
Exercise of stock options | 152 | 1 | 2,792 | — | — | 2,793 | |||||||||||||||||||||||||||||
Vesting of restricted stock units | 4 | — | — | — | — | — | |||||||||||||||||||||||||||||
Tax withholding related to net share settlements of equity awards | — | — | (53) | — | — | (53) | |||||||||||||||||||||||||||||
Issuance of common stock pursuant to employee stock purchase plan | 38 | — | 806 | — | — | 806 | |||||||||||||||||||||||||||||
Balances as of January 31, 2021 | 42,854 | $ | 428 | $ | 539,289 | $ | 240,789 | $ | (19,492) | $ | 761,014 |
Nine Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 196,946 | $ | 71,814 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 86,867 | 79,904 | |||||||||
Amortization of debt discount and debt issuance costs | 2,037 | 2,257 | |||||||||
Equity-based compensation | 12,461 | 10,318 | |||||||||
Gain on disposal of assets | (474) | (529) | |||||||||
Deferred income taxes | (1,740) | (9,645) | |||||||||
Other items, net | 5,357 | 105 | |||||||||
Changes in assets and liabilities net of effects of acquisitions: | |||||||||||
Trade accounts and notes receivable | (109,948) | (15,381) | |||||||||
Inventories | (191,103) | (24,391) | |||||||||
Prepaid expenses and other assets | 2,215 | 1,040 | |||||||||
Accounts payable | (46,310) | (41,371) | |||||||||
Accrued compensation and employee benefits | 3,618 | (11,932) | |||||||||
Other accrued expenses and liabilities | 20,187 | 6,307 | |||||||||
Cash (used in) provided by operating activities | (19,887) | 68,496 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (33,161) | (17,857) | |||||||||
Proceeds from sale of assets | 1,124 | 1,233 | |||||||||
Acquisition of businesses, net of cash acquired | (345,376) | (51) | |||||||||
Cash used in investing activities | (377,413) | (16,675) | |||||||||
Cash flows from financing activities: | |||||||||||
Repayments on revolving credit facilities | (823,583) | (102,189) | |||||||||
Borrowings from revolving credit facilities | 1,182,774 | 14,750 | |||||||||
Payments of principal on long-term debt | (3,832) | (7,476) | |||||||||
Payments of principal on finance lease obligations | (23,154) | (22,662) | |||||||||
Repurchases of common stock | (17,858) | (2,000) | |||||||||
Proceeds from exercises of stock options | 4,024 | 3,656 | |||||||||
Payments for taxes related to net share settlement of equity awards | (2,850) | (807) | |||||||||
Other financing activities | 2,332 | 2,076 | |||||||||
Cash provided by (used in) financing activities | 317,853 | (114,652) | |||||||||
Effect of exchange rates on cash and cash equivalents | (590) | 2,495 | |||||||||
Decrease in cash and cash equivalents | (80,037) | (60,336) | |||||||||
Cash and cash equivalents, beginning of period | 167,012 | 210,909 | |||||||||
Cash and cash equivalents, end of period | $ | 86,975 | $ | 150,573 | |||||||
Supplemental cash flow disclosures: | |||||||||||
Cash paid for income taxes | $ | 61,066 | $ | 31,942 | |||||||
Cash paid for interest | 35,721 | 38,114 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
Medical self‑insurance | $ | 3,738 | $ | 3,852 | |||||||
General liability, automobile and workers’ compensation | 18,140 | 19,807 | |||||||||
Expected recoveries for insurance liabilities | (3,256) | (3,209) |
(in thousands) | |||||
Cash consideration | $ | 126,609 | |||
Holdback liability | 13,500 | ||||
Total preliminary consideration transferred | $ | 140,109 |
July 1, 2021 | Adjustments | January 31, 2022 | |||||||||||||||
(in thousands) | |||||||||||||||||
Trade accounts and notes receivable | $ | 27,081 | $ | (799) | $ | 26,282 | |||||||||||
Inventories | 28,900 | (145) | 28,755 | ||||||||||||||
Prepaid and other current assets | 228 | — | 228 | ||||||||||||||
Property and equipment | 16,687 | — | 16,687 | ||||||||||||||
Operating lease right-of-use assets | 20,782 | — | 20,782 | ||||||||||||||
Customer relationships | 51,500 | — | 51,500 | ||||||||||||||
Tradenames | 11,300 | — | 11,300 | ||||||||||||||
Goodwill | 13,351 | 1,363 | 14,714 | ||||||||||||||
Accounts payable and accrued expenses | (14,375) | 55 | (14,320) | ||||||||||||||
Operating lease liabilities | (15,819) | — | (15,819) | ||||||||||||||
Fair value of consideration transferred | $ | 139,635 | $ | 474 | $ | 140,109 |
Preliminary Acquisition Accounting | |||||
(in thousands) | |||||
Cash and cash equivalents | $ | 10,692 | |||
Trade accounts and notes receivable | 9,955 | ||||
Inventories | 15,464 | ||||
Prepaid and other current assets | 1,941 | ||||
Property and equipment | 6,165 | ||||
Operating lease right-of-use assets | 8,238 | ||||
Customer relationships | 63,000 | ||||
Tradenames | 53,000 | ||||
Patents | 3,000 | ||||
Goodwill | 104,557 | ||||
Accounts payable and accrued expenses | (14,827) | ||||
Deferred tax liability | (28,440) | ||||
Operating lease liabilities | (8,238) | ||||
Fair value of consideration transferred | $ | 224,507 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net sales | $ | 1,160,211 | $ | 813,078 | $ | 3,429,878 | $ | 2,571,616 | |||||||||||||||
Net income | 61,336 | 15,303 | 203,721 | 75,924 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
Trade receivables | $ | 604,321 | $ | 488,002 | |||||||
Other receivables | 105,617 | 76,941 | |||||||||
Allowance for expected credit losses | (5,424) | (3,254) | |||||||||
Other allowances | (4,259) | (3,028) | |||||||||
Trade accounts and notes receivable | $ | 700,255 | $ | 558,661 |
(in thousands) | |||||
Balance as of April 30, 2021 | $ | 3,254 | |||
Provision | 786 | ||||
Other | 1,384 | ||||
Balance as of January 31, 2022 | $ | 5,424 |
Gross | Accumulated | Net | |||||||||||||||
Carrying Amount | Impairment Loss | Carrying Amount | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance as of April 30, 2021 | $ | 645,377 | $ | (69,047) | $ | 576,330 | |||||||||||
Goodwill recognized from acquisitions | 122,624 | — | 122,624 | ||||||||||||||
Acquisition accounting adjustments from prior period | (476) | — | (476) | ||||||||||||||
Translation adjustment | (6,504) | 1,968 | (4,536) | ||||||||||||||
Balance as of January 31, 2022 | $ | 761,021 | $ | (67,079) | $ | 693,942 |
Estimated Useful Lives (years) | Weighted Average Amortization Period | January 31, 2022 | |||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Customer relationships | 5-16 | 12.5 | $ | 674,835 | $ | (368,089) | $ | 306,746 | |||||||||||||||||||||
Definite-lived tradenames | 5-20 | 15.8 | 72,141 | (18,023) | 54,118 | ||||||||||||||||||||||||
Vendor agreements | 8-10 | 8.3 | 6,644 | (5,976) | 668 | ||||||||||||||||||||||||
Developed technology | 5 | 4.9 | 8,499 | (4,151) | 4,348 | ||||||||||||||||||||||||
Other | 3-5 | 3.8 | 1,278 | (1,213) | 65 | ||||||||||||||||||||||||
Definite-lived intangible assets | $ | 763,397 | $ | (397,452) | $ | 365,945 | |||||||||||||||||||||||
Indefinite-lived intangible assets | 114,367 | ||||||||||||||||||||||||||||
Total intangible assets, net | $ | 480,312 | |||||||||||||||||||||||||||
Estimated Useful Lives (years) | Weighted Average Amortization Period | April 30, 2021 | |||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Customer relationships | 5-16 | 13.3 | $ | 569,255 | $ | (330,880) | $ | 238,375 | |||||||||||||||||||||
Definite-lived tradenames | 5-20 | 16.8 | 62,084 | (14,842) | 47,242 | ||||||||||||||||||||||||
Vendor agreements | 8-10 | 8.3 | 6,644 | (5,372) | 1,272 | ||||||||||||||||||||||||
Developed technology | 5 | 4.9 | 5,699 | (3,381) | 2,318 | ||||||||||||||||||||||||
Other | 3-5 | 3.3 | 4,291 | (3,996) | 295 | ||||||||||||||||||||||||
Definite-lived intangible assets | $ | 647,973 | $ | (358,471) | $ | 289,502 | |||||||||||||||||||||||
Indefinite-lived intangible assets | 61,367 | ||||||||||||||||||||||||||||
Total intangible assets, net | $ | 350,869 |
Year Ending April 30, | (in thousands) | ||||
2022 (remaining three months) | $ | 17,637 | |||
2023 | 65,218 | ||||
2024 | 54,181 | ||||
2025 | 45,074 | ||||
2026 | 37,786 | ||||
Thereafter | 146,049 | ||||
Total | $ | 365,945 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
Term Loan Facility | $ | 505,890 | $ | 509,722 | |||||||
Unamortized discount and deferred financing costs on Term Loan Facility | (3,861) | (4,735) | |||||||||
Senior Notes | 350,000 | 350,000 | |||||||||
Unamortized discount and deferred financing costs on Senior Notes | (4,989) | (5,485) | |||||||||
ABL Facility | 359,000 | — | |||||||||
Finance lease obligations | 112,967 | 117,948 | |||||||||
Installment notes at fixed rates up to 5.0%, due in monthly and annual installments through 2025 | 7,812 | 11,716 | |||||||||
Unamortized discount on installment notes | (458) | (739) | |||||||||
Carrying value of debt | 1,326,361 | 978,427 | |||||||||
Less current portion | 44,624 | 46,018 | |||||||||
Long-term debt | $ | 1,281,737 | $ | 932,409 |
Term Loan Facility | Senior Notes | ABL Facility | Finance Leases | Installment Notes | Total | ||||||||||||||||||||||||||||||
Year Ending April 30, | (in thousands) | ||||||||||||||||||||||||||||||||||
2022 (remaining three months) | $ | 1,278 | $ | — | $ | — | $ | 9,107 | $ | 493 | $ | 10,878 | |||||||||||||||||||||||
2023 | 5,110 | — | — | 35,585 | 4,505 | 45,200 | |||||||||||||||||||||||||||||
2024 | 5,110 | — | — | 28,819 | 1,881 | 35,810 | |||||||||||||||||||||||||||||
2025 | 5,110 | — | 359,000 | 19,082 | 921 | 384,113 | |||||||||||||||||||||||||||||
2026 | 489,282 | — | — | 11,867 | 12 | 501,161 | |||||||||||||||||||||||||||||
Thereafter | — | 350,000 | — | 8,507 | — | 358,507 | |||||||||||||||||||||||||||||
$ | 505,890 | $ | 350,000 | $ | 359,000 | $ | 112,967 | $ | 7,812 | $ | 1,335,669 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | 5,557 | $ | 5,898 | $ | 16,713 | $ | 17,997 | |||||||||||||||
Interest on lease liabilities | 1,954 | 2,748 | 6,378 | 8,673 | |||||||||||||||||||
Operating lease cost | 12,628 | 10,601 | 34,955 | 31,930 | |||||||||||||||||||
Variable lease cost | 4,440 | 3,197 | 12,992 | 9,329 | |||||||||||||||||||
Total lease cost | $ | 24,579 | $ | 22,444 | $ | 71,038 | $ | 67,929 |
Nine Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||||
Operating cash flows from operating leases | $ | 35,385 | $ | 32,208 | |||||||
Operating cash flows from finance leases | 6,378 | 8,673 | |||||||||
Financing cash flows from finance leases | 23,154 | 22,662 | |||||||||
Right-of-use assets obtained in exchange for lease obligations | |||||||||||
Operating leases(a) | 53,549 | 27,918 | |||||||||
Finance leases | 24,887 | 22,408 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
Finance leases included in property and equipment | |||||||||||
Property and equipment | $ | 180,401 | $ | 176,591 | |||||||
Accumulated depreciation | (54,954) | (51,869) | |||||||||
$ | 125,447 | $ | 124,722 | ||||||||
Weighted-average remaining lease term (years) | |||||||||||
Operating leases | 4.5 | 4.7 | |||||||||
Finance leases | 3.2 | 3.5 | |||||||||
Weighted-average discount rate | |||||||||||
Operating leases | 4.9 | % | 5.5 | % | |||||||
Finance leases | 4.5 | % | 4.6 | % |
Finance | Operating | ||||||||||
Year Ending April 30, | (in thousands) | ||||||||||
2022 (remaining three months) | $ | 10,797 | $ | 12,214 | |||||||
2023 | 40,327 | 45,206 | |||||||||
2024 | 31,056 | 39,144 | |||||||||
2025 | 20,118 | 28,353 | |||||||||
2026 | 12,316 | 17,146 | |||||||||
Thereafter | 8,678 | 22,890 | |||||||||
Total lease payments | 123,292 | 164,953 | |||||||||
Less imputed interest | 10,325 | 17,538 | |||||||||
Total | $ | 112,967 | $ | 147,415 |
Foreign Currency Translation | Derivative Financial Instruments | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance as of April 30, 2021 | $ | 20,764 | $ | (16,005) | $ | 4,759 | |||||||||||
Other comprehensive income (loss) before reclassification | (19,304) | 2,430 | (16,874) | ||||||||||||||
Reclassification to earnings from accumulated other comprehensive income (loss) | — | 6,844 | 6,844 | ||||||||||||||
Balance as of January 31, 2022 | $ | 1,460 | $ | (6,731) | $ | (5,271) |
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, 2021 | 1,289 | $ | 20.86 | 6.8 | $ | 29,465 | |||||||||||||||||
Options granted | 208 | 49.77 | |||||||||||||||||||||
Options exercised | (197) | 20.58 | |||||||||||||||||||||
Options forfeited | (15) | 23.06 | |||||||||||||||||||||
Outstanding as of January 31, 2022 | 1,285 | $ | 25.56 | 6.6 | $ | 33,023 | |||||||||||||||||
Exercisable as of January 31, 2022 | 758 | $ | 20.09 | 5.1 | $ | 23,558 | |||||||||||||||||
Vested and Expected to vest as of January 31, 2022 | 1,281 | $ | 25.51 | 6.6 | $ | 32,960 |
Nine Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
Volatility | 43.13 | % | 51.28 | % | |||||||
Expected life (years) | 6.0 | 6.0 | |||||||||
Risk-free interest rate | 0.89 | % | 0.30 | % | |||||||
Dividend yield | — | % | — | % | |||||||
Grant date fair value | $ | 20.86 | $ | 11.13 |
Number of Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||||||
(shares in thousands) | |||||||||||
Outstanding as of April 30, 2021 | 361 | $ | 22.92 | ||||||||
Granted | 165 | 49.51 | |||||||||
Vested | (182) | 23.14 | |||||||||
Forfeited | (7) | 23.03 | |||||||||
Outstanding as of January 31, 2022 | 337 | $ | 35.79 |
Stock Appreciation Rights | Deferred Compensation | Redeemable Noncontrolling Interests | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance as of April 30, 2021 | $ | 26,795 | $ | 1,875 | $ | 9,373 | |||||||||||
Amounts redeemed | (320) | — | — | ||||||||||||||
Change in fair value | 3,126 | 181 | 904 | ||||||||||||||
Balance as of January 31, 2022 | $ | 29,601 | $ | 2,056 | $ | 10,277 | |||||||||||
Classified as current as of April 30, 2021 | $ | 1,305 | $ | — | $ | — | |||||||||||
Classified as long-term as of April 30, 2021 | 25,490 | 1,875 | 9,373 | ||||||||||||||
Classified as current as of January 31, 2022 | $ | 1,310 | $ | — | $ | — | |||||||||||
Classified as long-term as of January 31, 2022 | 28,291 | 2,056 | 10,277 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
Interest rate swaps (Level 2) | $ | 8,720 | $ | 21,004 |
January 31, 2022 | April 30, 2021 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Senior Notes | $ | 350,000 | $ | 338,625 | $ | 350,000 | $ | 350,000 |
Three Months Ended January 31, 2022 | |||||||||||||||||||||||
Net Sales | Gross Profit | Depreciation and Amortization | Adjusted EBITDA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Geographic divisions | $ | 1,130,130 | $ | 356,811 | $ | 28,154 | $ | 129,725 | |||||||||||||||
Other | 23,465 | 10,961 | 1,102 | 5,330 | |||||||||||||||||||
Corporate | — | — | 494 | — | |||||||||||||||||||
$ | 1,153,595 | $ | 367,772 | $ | 29,750 | $ | 135,055 |
Three Months Ended January 31, 2021 | |||||||||||||||||||||||
Net Sales | Gross Profit | Depreciation and Amortization | Adjusted EBITDA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Geographic divisions | $ | 741,885 | $ | 240,536 | $ | 24,942 | $ | 61,916 | |||||||||||||||
Other | 9,306 | 2,788 | 92 | 671 | |||||||||||||||||||
Corporate | — | — | 528 | — | |||||||||||||||||||
$ | 751,191 | $ | 243,324 | $ | 25,562 | $ | 62,587 |
Nine Months Ended January 31, 2022 | |||||||||||||||||||||||
Net Sales | Gross Profit | Depreciation and Amortization | Adjusted EBITDA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Geographic divisions | $ | 3,303,170 | $ | 1,057,417 | $ | 84,572 | $ | 404,665 | |||||||||||||||
Other | 43,052 | 18,058 | 1,278 | 8,008 | |||||||||||||||||||
Corporate | — | — | 1,017 | — | |||||||||||||||||||
$ | 3,346,222 | $ | 1,075,475 | $ | 86,867 | $ | 412,673 |
Nine Months Ended January 31, 2021 | |||||||||||||||||||||||
Net Sales | Gross Profit | Depreciation and Amortization | Adjusted EBITDA | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Geographic divisions | $ | 2,341,430 | $ | 760,908 | $ | 78,507 | $ | 226,588 | |||||||||||||||
Other | 25,190 | 7,945 | 274 | 1,575 | |||||||||||||||||||
Corporate | — | — | 1,123 | — | |||||||||||||||||||
$ | 2,366,620 | $ | 768,853 | $ | 79,904 | $ | 228,163 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Interest expense | 15,429 | 13,454 | 43,830 | 41,060 | |||||||||||||||||||
Interest income | (40) | (6) | (67) | (57) | |||||||||||||||||||
Provision for income taxes | 21,211 | 5,709 | 64,951 | 23,590 | |||||||||||||||||||
Depreciation expense | 13,816 | 11,371 | 40,444 | 36,908 | |||||||||||||||||||
Amortization expense | 15,934 | 14,191 | 46,423 | 42,996 | |||||||||||||||||||
Stock appreciation rights(a) | 1,251 | 1,446 | 3,126 | 2,552 | |||||||||||||||||||
Redeemable noncontrolling interests(b) | 182 | 624 | 1,085 | 1,062 | |||||||||||||||||||
Equity-based compensation(c) | 3,077 | 1,877 | 8,250 | 6,734 | |||||||||||||||||||
Severance and other permitted costs(d) | 273 | (83) | 669 | 2,626 | |||||||||||||||||||
Transaction costs (acquisitions and other)(e) | 921 | 664 | 3,889 | 789 | |||||||||||||||||||
Gain on disposal of assets(f) | (252) | (1,404) | (474) | (529) | |||||||||||||||||||
Effects of fair value adjustments to inventory(g) | 1,870 | — | 3,601 | — | |||||||||||||||||||
Gain on legal settlement | — | (1,382) | — | (1,382) | |||||||||||||||||||
Adjusted EBITDA | $ | 135,055 | $ | 62,587 | $ | 412,673 | $ | 228,163 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Wallboard | $ | 415,132 | $ | 311,122 | $ | 1,219,789 | $ | 969,722 | |||||||||||||||
Ceilings | 139,894 | 103,711 | 418,831 | 330,480 | |||||||||||||||||||
Steel framing | 282,764 | 103,957 | 751,040 | 325,782 | |||||||||||||||||||
Complementary products | 315,805 | 232,401 | 956,562 | 740,636 | |||||||||||||||||||
Total net sales | $ | 1,153,595 | $ | 751,191 | $ | 3,346,222 | $ | 2,366,620 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
United States | $ | 1,016,425 | $ | 637,568 | $ | 2,867,318 | $ | 2,001,020 | |||||||||||||||
Canada | 137,170 | 113,623 | 478,904 | 365,600 | |||||||||||||||||||
Total net sales | $ | 1,153,595 | $ | 751,191 | $ | 3,346,222 | $ | 2,366,620 |
January 31, 2022 | April 30, 2021 | ||||||||||
(in thousands) | |||||||||||
United States | $ | 302,420 | $ | 271,346 | |||||||
Canada | 40,575 | 39,980 | |||||||||
Total property and equipment, net | $ | 342,995 | $ | 311,326 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | 43,094 | 42,726 | 43,106 | 42,691 | |||||||||||||||||||
Basic earnings per common share | $ | 1.42 | $ | 0.38 | $ | 4.57 | $ | 1.68 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | 43,094 | 42,726 | 43,106 | 42,691 | |||||||||||||||||||
Add: Common Stock Equivalents | 851 | 635 | 831 | 493 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 43,945 | 43,361 | 43,937 | 43,184 | |||||||||||||||||||
Diluted earnings per common share | $ | 1.40 | $ | 0.37 | $ | 4.48 | $ | 1.66 |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Statement of operations data: | |||||||||||||||||||||||
Net sales | $ | 1,153,595 | $ | 751,191 | $ | 3,346,222 | $ | 2,366,620 | |||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 785,823 | 507,867 | 2,270,747 | 1,597,767 | |||||||||||||||||||
Gross profit | 367,772 | 243,324 | 1,075,475 | 768,853 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative expenses | 241,040 | 184,844 | 685,652 | 556,308 | |||||||||||||||||||
Depreciation and amortization | 29,750 | 25,562 | 86,867 | 79,904 | |||||||||||||||||||
Total operating expenses | 270,790 | 210,406 | 772,519 | 636,212 | |||||||||||||||||||
Operating income | 96,982 | 32,918 | 302,956 | 132,641 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (15,429) | (13,454) | (43,830) | (41,060) | |||||||||||||||||||
Gain on legal settlement | — | 1,382 | — | 1,382 | |||||||||||||||||||
Other income, net | 1,041 | 989 | 2,771 | 2,441 | |||||||||||||||||||
Total other expense, net | (14,388) | (11,083) | (41,059) | (37,237) | |||||||||||||||||||
Income before taxes | 82,594 | 21,835 | 261,897 | 95,404 | |||||||||||||||||||
Provision for income taxes | 21,211 | 5,709 | 64,951 | 23,590 | |||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Non-GAAP measures: | |||||||||||||||||||||||
Adjusted EBITDA(1) | $ | 135,055 | $ | 62,587 | $ | 412,673 | $ | 228,163 | |||||||||||||||
Adjusted EBITDA margin(1)(2) | 11.7 | % | 8.3 | % | 12.3 | % | 9.6 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Wallboard | $ | 415,132 | $ | 311,122 | $ | 104,010 | 33.4 | % | |||||||||||||||
Ceilings | 139,894 | 103,711 | 36,183 | 34.9 | % | ||||||||||||||||||
Steel framing | 282,764 | 103,957 | 178,807 | 172.0 | % | ||||||||||||||||||
Complementary products | 315,805 | 232,401 | 83,404 | 35.9 | % | ||||||||||||||||||
Total net sales | $ | 1,153,595 | $ | 751,191 | $ | 402,404 | 53.6 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Net sales | $ | 1,153,595 | $ | 751,191 | |||||||||||||||||||
Recently acquired net sales (1) | (87,670) | — | |||||||||||||||||||||
Impact of foreign currency (2) | (2,894) | — | |||||||||||||||||||||
Base business net sales (3) | $ | 1,063,031 | $ | 751,191 | $ | 311,840 | 41.5 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Gross profit | $ | 367,772 | $ | 243,324 | $ | 124,448 | 51.1 | % | |||||||||||||||
Gross margin | 31.9 | % | 32.4 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Selling, general and administrative expenses | $ | 241,040 | $ | 184,844 | $ | 56,196 | 30.4 | % | |||||||||||||||
% of net sales | 20.9 | % | 24.6 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Depreciation | $ | 13,816 | $ | 11,371 | $ | 2,445 | 21.5 | % | |||||||||||||||
Amortization | 15,934 | 14,191 | 1,743 | 12.3 | % | ||||||||||||||||||
Depreciation and amortization | $ | 29,750 | $ | 25,562 | $ | 4,188 | 16.4 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | (15,429) | $ | (13,454) | $ | 1,975 | 14.7 | % |
Three Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for income taxes | $ | 21,211 | $ | 5,709 | $ | 15,502 | 271.5 | % | |||||||||||||||
Effective tax rate | 25.7 | % | 26.1 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Wallboard | $ | 1,219,789 | $ | 969,722 | $ | 250,067 | 25.8 | % | |||||||||||||||
Ceilings | 418,831 | 330,480 | 88,351 | 26.7 | % | ||||||||||||||||||
Steel framing | 751,040 | 325,782 | 425,258 | 130.5 | % | ||||||||||||||||||
Complementary products | 956,562 | 740,636 | 215,926 | 29.2 | % | ||||||||||||||||||
Total net sales | $ | 3,346,222 | $ | 2,366,620 | $ | 979,602 | 41.4 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Net sales | $ | 3,346,222 | $ | 2,366,620 | |||||||||||||||||||
Recently acquired net sales (1) | (198,527) | — | |||||||||||||||||||||
Impact of foreign currency (2) | (29,836) | — | |||||||||||||||||||||
Base business net sales (3) | $ | 3,117,859 | $ | 2,366,620 | $ | 751,239 | 31.7 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Gross profit | $ | 1,075,475 | $ | 768,853 | $ | 306,622 | 39.9 | % | |||||||||||||||
Gross margin | 32.1 | % | 32.5 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Selling, general and administrative expenses | $ | 685,652 | $ | 556,308 | $ | 129,344 | 23.3 | % | |||||||||||||||
% of net sales | 20.5 | % | 23.5 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Depreciation | $ | 40,444 | $ | 36,908 | $ | 3,536 | 9.6 | % | |||||||||||||||
Amortization | 46,423 | 42,996 | 3,427 | 8.0 | % | ||||||||||||||||||
Depreciation and amortization | $ | 86,867 | $ | 79,904 | $ | 6,963 | 8.7 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Interest expense | $ | (43,830) | $ | (41,060) | $ | 2,770 | 6.7 | % |
Nine Months Ended January 31, | Change | ||||||||||||||||||||||
2022 | 2021 | Dollar | Percent | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Provision for income taxes | $ | 64,951 | $ | 23,590 | $ | 41,361 | 175.3 | % | |||||||||||||||
Effective tax rate | 24.8 | % | 24.7 | % |
Nine Months Ended January 31, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Cash (used in) provided by operating activities | $ | (19,887) | $ | 68,496 | |||||||
Cash used in investing activities | (377,413) | (16,675) | |||||||||
Cash provided by (used in) financing activities | 317,853 | (114,652) | |||||||||
Effect of exchange rates on cash and cash equivalents | (590) | 2,495 | |||||||||
Decrease in cash and cash equivalents | $ | (80,037) | $ | (60,336) |
Three Months Ended January 31, | Nine Months Ended January 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 61,383 | $ | 16,126 | $ | 196,946 | $ | 71,814 | |||||||||||||||
Interest expense | 15,429 | 13,454 | 43,830 | 41,060 | |||||||||||||||||||
Interest income | (40) | (6) | (67) | (57) | |||||||||||||||||||
Provision for income taxes | 21,211 | 5,709 | 64,951 | 23,590 | |||||||||||||||||||
Depreciation expense | 13,816 | 11,371 | 40,444 | 36,908 | |||||||||||||||||||
Amortization expense | 15,934 | 14,191 | 46,423 | 42,996 | |||||||||||||||||||
Stock appreciation rights(a) | 1,251 | 1,446 | 3,126 | 2,552 | |||||||||||||||||||
Redeemable noncontrolling interests(b) | 182 | 624 | 1,085 | 1,062 | |||||||||||||||||||
Equity-based compensation(c) | 3,077 | 1,877 | 8,250 | 6,734 | |||||||||||||||||||
Severance and other permitted costs(d) | 273 | (83) | 669 | 2,626 | |||||||||||||||||||
Transaction costs (acquisitions and other)(e) | 921 | 664 | 3,889 | 789 | |||||||||||||||||||
Gain on disposal of assets(f) | (252) | (1,404) | (474) | (529) | |||||||||||||||||||
Effects of fair value adjustments to inventory(g) | 1,870 | — | 3,601 | — | |||||||||||||||||||
Gain on legal settlement | — | (1,382) | — | (1,382) | |||||||||||||||||||
Adjusted EBITDA | $ | 135,055 | $ | 62,587 | $ | 412,673 | $ | 228,163 | |||||||||||||||
Net sales | $ | 1,153,595 | $ | 751,191 | $ | 3,346,222 | $ | 2,366,620 | |||||||||||||||
Adjusted EBITDA Margin | 11.7 | % | 8.3 | % | 12.3 | % | 9.6 | % |
Total Number of Shares Repurchased | Average Price Paid Per Share | Total Number of Shares Repurchased as Part of Publicly Announced Program (1) | Approximate Dollar Value that May Yet be Purchased Under the Program | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
November 1 through November 30 | 11,647 | $ | 50.49 | 11,647 | $ | 40,608 | |||||||||||||||||
December 1 through December 31 | 23,764 | 56.46 | 23,764 | 39,267 | |||||||||||||||||||
January 1 through January 31 | 51,651 | 54.30 | 51,651 | 36,462 | |||||||||||||||||||
Total | 87,062 | 87,062 |
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). |
GMS INC. | ||||||||
Date: March 3, 2022 | By: | /s/ Scott M. Deakin | ||||||
Scott M. Deakin | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) |
1 Year GMS Chart |
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