
Financial Performance - Net sales for the three months ended January 31, 2021, were $751,191, a decrease of 1.5% compared to $761,352 for the same period in 2020[18]. - Gross profit for the nine months ended January 31, 2021, was $768,853, down 5.2% from $811,620 in the prior year[18]. - Operating income increased to $32,918 for the three months ended January 31, 2021, compared to $30,667 for the same period in 2020, reflecting a growth of 7.3%[18]. - Net income for the three months ended January 31, 2021, was $16,126, representing a 48.5% increase from $10,879 in the same period last year[18]. - Net income for the nine months ended January 31, 2021, was $71,814,000, an increase from $64,837,000 in the same period of 2020, representing an increase of approximately 4.5%[23]. - Adjusted EBITDA for the three months ended January 31, 2021, was $62.6 million, slightly down from $62.7 million in the same period of the previous year[116]. - Adjusted EBITDA for the nine months ended January 31, 2021, was $228.2 million, a 3.4% decrease compared to the prior year, with an adjusted EBITDA margin of 9.6%[136]. Assets and Liabilities - Total assets decreased to $2,251,759 as of January 31, 2021, down from $2,288,782 as of April 30, 2020[17]. - Total liabilities decreased to $1,490,745 as of January 31, 2021, compared to $1,654,801 as of April 30, 2020, a reduction of 9.9%[17]. - Stockholders' equity increased to $761,014 as of January 31, 2021, up from $633,981 as of April 30, 2020, reflecting a growth of 19.9%[17]. - The company's long-term debt as of January 31, 2021, was $942.6 million, a decrease from $1,047.3 million as of April 30, 2020[64]. - As of January 31, 2021, the Company had a total long-term debt maturity of $1,003.99 million, with $869.43 million due under the Term Loan Facility[72]. Cash Flow - Cash provided by operating activities for the nine months ended January 31, 2021, was $68,496,000, compared to $135,367,000 for the same period in 2020, indicating a decrease of approximately 49.3%[23]. - Cash used in investing activities for the nine months ended January 31, 2021, was $16,675,000, compared to $40,388,000 in the same period of 2020, indicating a decrease of approximately 58.7%[23]. - Total cash and cash equivalents at the end of the period on January 31, 2021, were $150,573,000, up from $40,949,000 at the end of the previous year[23]. Expenses - Total operating expenses decreased to $636.2 million for the nine months ended January 31, 2021, down from $676.7 million in the prior year[138]. - Selling, general and administrative expenses decreased to $184.8 million for the three months ended January 31, 2021, representing 24.6% of net sales[148]. - Interest expense decreased to $13.5 million for the three months ended January 31, 2021, an 18.3% reduction compared to the prior year[151]. - Provision for income taxes increased to $5.7 million for the three months ended January 31, 2021, with an effective tax rate of 26.1%[152]. Market and Operational Insights - The company operates a network of more than 265 distribution centers across the United States and Canada, focusing on specialty building products[24]. - The company experienced a decline in sales of ceilings and steel framing products due to the impact of COVID-19 on commercial construction, while the residential market showed increased demand[130]. - Incremental costs related to the COVID-19 pandemic amounted to $0.7 million during the nine months ended January 31, 2021[132]. - The company plans to continue pursuing organic growth through market share expansion and strategic acquisitions to enhance its geographic footprint[128]. Shareholder Activities - The Company repurchased approximately 80,000 shares of its common stock for $2.0 million during the nine months ended January 31, 2021, with $56.5 million remaining under the stock repurchase authorization[87]. - The company repurchased a total of 29,658,000 shares during the three months ended January 31, 2021, with an average price of $24.64 per share[196]. Legal and Compliance - The company is currently not a party to any legal proceedings that would materially affect its business or financial condition[194]. - The company was in compliance with all covenants contained in the Term Loan Facility and the ABL Facility as of January 31, 2021[176][177].