(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
PART I. | FINANCIAL INFORMATION | PAGE NUMBER | ||||||
Item 1. | Financial Statements (unaudited) | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. | OTHER INFORMATION | |||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
October 31, 2023 | April 30, 2023 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Customer receivables, net | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Customer relationship intangibles, net | |||||||||||
Goodwill | |||||||||||
Promotional displays, net | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Current maturities of long-term debt | |||||||||||
Short-term lease liability - operating | |||||||||||
Accrued compensation and related expenses | |||||||||||
Accrued marketing expenses | |||||||||||
Other accrued expenses | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, less current maturities | |||||||||||
Deferred income taxes | |||||||||||
Long-term lease liability - operating | |||||||||||
Other long-term liabilities | |||||||||||
Shareholders' equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders' equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | $ | |||||||||
See notes to unaudited condensed consolidated financial statements. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales and distribution | |||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Selling and marketing expenses | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Restructuring charges, net | ( | ( | |||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Pension settlement, net | ( | ( | |||||||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Shares Outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Net earnings per share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
See notes to unaudited condensed consolidated financial statements. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Change in Cash flow hedges (swap), net of deferred taxes (benefit) of $( | ( | ( | |||||||||||||||||||||
Total Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
See notes to unaudited condensed consolidated financial statements. |
ACCUMULATED | |||||||||||||||||||||||||||||
OTHER | TOTAL | ||||||||||||||||||||||||||||
COMMON STOCK | RETAINED | COMPREHENSIVE | SHAREHOLDERS' | ||||||||||||||||||||||||||
(in thousands, except share data) | SHARES | AMOUNT | EARNINGS | (LOSS)/INCOME | EQUITY | ||||||||||||||||||||||||
Balance, April 30, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, | |||||||||||||||||||||||||||||
net of tax | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Exercise of stock-based | |||||||||||||||||||||||||||||
compensation awards, net of amounts | |||||||||||||||||||||||||||||
withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||
Balance, July 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, | |||||||||||||||||||||||||||||
net of tax | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Exercise of stock-based | |||||||||||||||||||||||||||||
compensation awards, net of amounts | |||||||||||||||||||||||||||||
withheld for taxes | — | — | |||||||||||||||||||||||||||
Employee benefit plan | |||||||||||||||||||||||||||||
contributions | — | — | |||||||||||||||||||||||||||
Balance, October 31, 2022 | $ | $ | $ | $ | |||||||||||||||||||||||||
ACCUMULATED | |||||||||||||||||||||||||||||
OTHER | TOTAL | ||||||||||||||||||||||||||||
COMMON STOCK | RETAINED | COMPREHENSIVE | SHAREHOLDERS' | ||||||||||||||||||||||||||
(in thousands, except share data) | SHARES | AMOUNT | EARNINGS | (LOSS)/INCOME | EQUITY | ||||||||||||||||||||||||
Balance, April 30, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, | |||||||||||||||||||||||||||||
net of tax | — | — | — | ||||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Exercise of stock-based | |||||||||||||||||||||||||||||
compensation awards, net of amounts | |||||||||||||||||||||||||||||
withheld for taxes | ( | — | — | ( | |||||||||||||||||||||||||
Stock repurchases | ( | ( | ( | — | ( | ||||||||||||||||||||||||
Employee benefit plan | |||||||||||||||||||||||||||||
contributions | — | — | |||||||||||||||||||||||||||
Balance, July 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income, | |||||||||||||||||||||||||||||
net of tax | — | — | — | ( | ( | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | ||||||||||||||||||||||||||
Exercise of stock-based | |||||||||||||||||||||||||||||
compensation awards, net of amounts | |||||||||||||||||||||||||||||
withheld for taxes | — | — | |||||||||||||||||||||||||||
Stock repurchases | ( | ( | ( | — | ( | ||||||||||||||||||||||||
Balance, October 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
See notes to unaudited condensed consolidated financial statements. |
Six Months Ended | |||||||||||
October 31, | |||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Net loss on disposal of property, plant and equipment | |||||||||||
Reduction in the carrying amount of operating lease right-of-use assets | |||||||||||
Amortization of debt issuance costs | |||||||||||
Unrealized (gain) loss on foreign exchange forward contracts | ( | ||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Pension settlement, net | ( | ||||||||||
Contributions of employer stock to employee benefit plan | |||||||||||
Other non-cash items | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Customer receivables | ( | ||||||||||
Income taxes | ( | ( | |||||||||
Inventories | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable | ( | ( | |||||||||
Accrued compensation and related expenses | |||||||||||
Operating lease liabilities | ( | ( | |||||||||
Marketing and other accrued expenses | |||||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Payments to acquire property, plant and equipment | ( | ( | |||||||||
Proceeds from sales of property, plant and equipment | |||||||||||
Investment in promotional displays | ( | ( | |||||||||
Net cash used by investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Payments of long-term debt | ( | ( | |||||||||
Repurchase of common stock | ( | ||||||||||
Withholding of employee taxes related to stock-based compensation | ( | ( | |||||||||
Net cash used by financing activities | ( | ( | |||||||||
Net increase in cash and cash equivalents |
Six Months Ended | |||||||||||
October 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents, end of period | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Non-cash investing and financing activities: | |||||||||||
Property, plant and equipment included in accounts payable at period end | $ | $ | |||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
See notes to unaudited condensed consolidated financial statements. |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
(in thousands, except per share amounts) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Numerator used in basic and diluted net earnings | ||||||||||||||||||||||||||
per common share: | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Denominator for basic net earnings per common | ||||||||||||||||||||||||||
share - weighted-average shares | ||||||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Stock options and restricted stock units | ||||||||||||||||||||||||||
Denominator for diluted net earnings per common | ||||||||||||||||||||||||||
share - weighted-average shares and assumed | ||||||||||||||||||||||||||
conversions | ||||||||||||||||||||||||||
Net earnings per share | ||||||||||||||||||||||||||
Basic | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted | $ | $ | $ | $ |
(in thousands, except per share amounts) | Stock Awards Granted | |||||||
Service-based RSUs | ||||||||
Performance-based RSUs | ||||||||
Non-statutory stock options | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Cost of sales and distribution | $ | $ | $ | $ | ||||||||||||||||||||||
Selling and marketing expenses | ||||||||||||||||||||||||||
General and administrative expenses | ||||||||||||||||||||||||||
Stock-based compensation expense | $ | $ | $ | $ |
October 31, | April 30, | |||||||||||||
(in thousands) | 2023 | 2023 | ||||||||||||
Gross customer receivables | $ | $ | ||||||||||||
Less: | ||||||||||||||
Allowance for credit losses | ( | ( | ||||||||||||
Allowance for returns and discounts | ( | ( | ||||||||||||
Net customer receivables | $ | $ |
October 31, | April 30, | |||||||||||||
(in thousands) | 2023 | 2023 | ||||||||||||
Raw materials | $ | $ | ||||||||||||
Work-in-process | ||||||||||||||
Finished goods | ||||||||||||||
Total inventories | $ | $ |
October 31, | April 30, | |||||||||||||
(in thousands) | 2023 | 2023 | ||||||||||||
Land | $ | $ | ||||||||||||
Buildings and improvements | ||||||||||||||
Buildings and improvements - finance leases | ||||||||||||||
Machinery and equipment | ||||||||||||||
Machinery and equipment - finance leases | ||||||||||||||
Software | ||||||||||||||
Construction in progress | ||||||||||||||
Total property, plant and equipment | ||||||||||||||
Less accumulated amortization and depreciation | ( | ( | ||||||||||||
Property, plant and equipment, net | $ | $ |
October 31, | April 30, | |||||||||||||
(in thousands) | 2023 | 2023 | ||||||||||||
Customer relationship intangibles | $ | $ | ||||||||||||
Less accumulated amortization | ( | ( | ||||||||||||
Total | $ | $ |
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Beginning balance at May 1 | $ | $ | ||||||||||||
Accrual | ||||||||||||||
Settlements | ( | ( | ||||||||||||
Ending balance at October 31 | $ | $ |
Fair Value Measurements | ||||||||||||||||||||
As of October 31, 2023 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Mutual funds | $ | $ | $ | |||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Total assets at fair value | $ | $ | $ | |||||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Foreign exchange forward contracts | $ | $ | $ | |||||||||||||||||
As of April 30, 2023 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||
ASSETS: | ||||||||||||||||||||
Mutual funds | $ | $ | $ | |||||||||||||||||
Interest rate swap contracts | ||||||||||||||||||||
Total assets at fair value | $ | $ | $ | |||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Home center retailers | $ | $ | $ | $ | ||||||||||||||||||||||
Builders | ||||||||||||||||||||||||||
Independent dealers and distributors | ||||||||||||||||||||||||||
Net Sales | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
October 31, | October 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Customer A | |||||||||||||||||||||||
Customer B |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||||||||||||||||
Net sales | $ | 473,867 | $ | 561,499 | (15.6) | % | $ | 972,122 | $ | 1,104,392 | (12.0) | % | ||||||||||||||||||||||||||
Gross profit | $ | 103,159 | $ | 98,734 | 4.5 | % | $ | 212,768 | $ | 185,481 | 14.7 | % | ||||||||||||||||||||||||||
Selling and marketing expenses | $ | 22,685 | $ | 24,651 | (8.0) | % | $ | 47,045 | $ | 50,417 | (6.7) | % | ||||||||||||||||||||||||||
General and administrative expenses | $ | 35,036 | $ | 32,101 | 9.1 | % | $ | 70,630 | $ | 62,281 | 13.4 | % |
Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income (GAAP) | $ | 30,341 | $ | 28,784 | $ | 68,191 | $ | 48,854 | ||||||||||||||||||
Add back: | ||||||||||||||||||||||||||
Income tax expense (benefit) | 10,120 | 9,679 | 20,735 | 16,370 | ||||||||||||||||||||||
Interest expense, net | 1,953 | 4,422 | 4,390 | 8,475 | ||||||||||||||||||||||
Depreciation and amortization expense | 11,647 | 12,334 | 23,392 | 24,764 | ||||||||||||||||||||||
Amortization of customer relationship intangibles | 11,417 | 11,417 | 22,834 | 22,834 | ||||||||||||||||||||||
EBITDA (Non-GAAP) | $ | 65,478 | $ | 66,636 | 139,542 | 121,297 | ||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||
Acquisition and restructuring related expenses (1) | 20 | 20 | 40 | 40 | ||||||||||||||||||||||
Non-recurring restructuring charges (2) | (26) | — | (198) | — | ||||||||||||||||||||||
Pension settlement, net | — | (6) | — | (245) | ||||||||||||||||||||||
Change in fair value of foreign exchange forward contracts (3) | 3,116 | (818) | 2,101 | (580) | ||||||||||||||||||||||
Stock-based compensation expense | 2,155 | 1,754 | 4,402 | 3,389 | ||||||||||||||||||||||
Loss on asset disposal | 1,586 | 37 | 1,593 | 214 | ||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 72,329 | $ | 67,623 | 147,480 | 124,115 | ||||||||||||||||||||
Net Sales | $ | 473,867 | $ | 561,499 | $ | 972,122 | $ | 1,104,392 | ||||||||||||||||||
Net income margin (GAAP) | 6.4 | % | 5.1 | % | 7.0 | % | 4.4 | % | ||||||||||||||||||
Adjusted EBITDA margin (Non-GAAP) | 15.3 | % | 12.0 | % | 15.2 | % | 11.2 | % |
Reconciliation of Net Income to Adjusted Net Income | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
October 31, | October 31, | |||||||||||||||||||||||||
(in thousands, except share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
Net income (GAAP) | $ | 30,341 | $ | 28,784 | $ | 68,191 | $ | 48,854 | ||||||||||||||||||
Add back: | ||||||||||||||||||||||||||
Acquisition and restructuring related expenses | 20 | 20 | 40 | 40 | ||||||||||||||||||||||
Non-recurring restructuring charges | (26) | — | (198) | — | ||||||||||||||||||||||
Pension settlement, net | — | (6) | — | (245) | ||||||||||||||||||||||
Amortization of customer relationship intangibles | 11,417 | 11,417 | 22,834 | 22,834 | ||||||||||||||||||||||
Tax benefit of add backs | (2,956) | (2,961) | (5,896) | (5,861) | ||||||||||||||||||||||
Adjusted net income (Non-GAAP) | $ | 38,796 | $ | 37,254 | $ | 84,971 | $ | 65,622 | ||||||||||||||||||
Weighted average diluted shares (GAAP) | 16,420,760 | 16,657,454 | 16,505,266 | 16,638,741 | ||||||||||||||||||||||
EPS per diluted share (GAAP) | $ | 1.85 | $ | 1.73 | $ | 4.13 | $ | 2.94 | ||||||||||||||||||
Adjusted EPS per diluted share (Non-GAAP) | $ | 2.36 | $ | 2.24 | $ | 5.15 | $ | 3.94 |
Share Repurchases | ||||||||||||||
Total Number of Shares Purchased | Average Price Paid | Total Number of Shares Purchased as Part of Publicly Announced | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs (000) | |||||||||||
(1) | Per Share | Programs | (1) | |||||||||||
August 1 - 31, 2023 | — | $ | — | — | $ | 52,872 | ||||||||
September 1 - 30, 2023 | — | $ | — | — | $ | 52,872 | ||||||||
October 1 - 31, 2023 | 394,220 | $ | 76.08 | 394,220 | $ | 22,872 | ||||||||
Quarter ended October 31, 2023 | 394,220 | $ | 76.08 | 394,220 | $ | 22,872 |
Exhibit Number | Description | ||||
Articles of Incorporation as amended (incorporated by reference to Exhibit 3.1 to the Registrant's Form 10-Q for the quarter ended July 31, 2004; Commission File No. 000-14798). | |||||
Bylaws – as amended (Filed Herewith). | |||||
American Woodmark Corporation 2023 Stock Incentive Plan (incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement filed with the Commission on June 27, 2023 (Commission File No. 000-14798)). | |||||
Form of Grant Letter used in connection with the grant of a supplemental long-term incentive award effective September 5, 2023 under the American Woodmark Corporation 2023 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report filed with the Commission on September 6, 2023 (Commission File No. 000-14798)). | |||||
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith). | |||||
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith). | |||||
Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Filed Herewith). | |||||
101 | Interactive Data File for the Registrant's Quarterly Report on Form 10-Q for the quarter ended October 31, 2023 formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements (Filed Herewith). | ||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
/s/ Paul Joachimczyk | |||||
Paul Joachimczyk | |||||
Senior Vice President and Chief Financial Officer | |||||
Date: November 30, 2023 | |||||
Signing on behalf of the registrant and | |||||
as principal financial and accounting officer | |||||
/s/ M. Scott Culbreth | ||
M. Scott Culbreth | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) | ||
November 30, 2023 |
/s/ Paul Joachimczyk | ||
Paul Joachimczyk | ||
Senior Vice President and Chief Financial Officer | ||
(Principal Financial Officer) | ||
Date: November 30, 2023 |
Date: November 30, 2023 | /s/ M. Scott Culbreth | ||||
M. Scott Culbreth | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
Date: November 30, 2023 | /s/ Paul Joachimczyk | ||||
Paul Joachimczyk | |||||
Senior Vice President and Chief Financial Officer | |||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Oct. 31, 2023 |
Apr. 30, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, no par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 16,026,398 | 16,635,295 |
Common stock, shares outstanding | 16,026,398 | 16,635,295 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
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Income Statement [Abstract] | ||||
Net sales | $ 473,867 | $ 561,499 | $ 972,122 | $ 1,104,392 |
Cost of sales and distribution | 370,708 | 462,765 | 759,354 | 918,911 |
Gross Profit | 103,159 | 98,734 | 212,768 | 185,481 |
Selling and marketing expenses | 22,685 | 24,651 | 47,045 | 50,417 |
General and administrative expenses | 35,036 | 32,101 | 70,630 | 62,281 |
Restructuring charges, net | (26) | 0 | (198) | 0 |
Operating Income | 45,464 | 41,982 | 95,291 | 72,783 |
Interest expense, net | 1,953 | 4,422 | 4,390 | 8,475 |
Pension settlement, net | 0 | (6) | 0 | (245) |
Other expense (income), net | 3,050 | (897) | 1,975 | (671) |
Income Before Income Taxes | 40,461 | 38,463 | 88,926 | 65,224 |
Income tax expense | 10,120 | 9,679 | 20,735 | 16,370 |
Net Income | $ 30,341 | $ 28,784 | $ 68,191 | $ 48,854 |
Weighted Average Shares Outstanding | ||||
Basic (in shares) | 16,322,069 | 16,614,677 | 16,406,239 | 16,599,136 |
Diluted (in shares) | 16,420,760 | 16,657,454 | 16,505,266 | 16,638,741 |
Net earnings per share | ||||
Basic (in usd per share) | $ 1.86 | $ 1.73 | $ 4.16 | $ 2.94 |
Diluted (in usd per share) | $ 1.85 | $ 1.73 | $ 4.13 | $ 2.94 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 30,341 | $ 28,784 | $ 68,191 | $ 48,854 |
Other comprehensive income, net of tax: | ||||
Change in Cash flow hedges (swap), net of deferred taxes (benefit) of $(335) and $1,783, and $(24) and $1,350 for the three- and six-months ended October 31, 2023 and 2022, respectively | (986) | 5,265 | (72) | 3,987 |
Total Comprehensive Income | $ 29,355 | $ 34,049 | $ 68,119 | $ 52,841 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
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Cash Flow Hedging | ||||
Change In Pension Benefits And Derivative Hedging Activities [Line Items] | ||||
Other comprehensive income, deferred tax | $ (335) | $ 1,783 | $ (24) | $ 1,350 |
Basis of Presentation |
6 Months Ended |
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Oct. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six-month period ended October 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending April 30, 2024 ("fiscal 2024"). The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2023 ("fiscal 2023") filed with the U.S. Securities and Exchange Commission ("SEC"). Goodwill and Intangible Assets: Goodwill represents the excess of purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. The Company does not amortize goodwill but evaluates for impairment annually, or whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company will perform the annual assessment on the first day of the fourth quarter unless an indicator of impairment exists prior to the annual date and the Company determines it is more likely than not that the fair value of the goodwill is below its book value. In accordance with accounting standards, when evaluating goodwill, an entity has the option first to assess qualitative factors to determine whether events and circumstances indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity concludes that it is more likely than not that the asset is not impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the associated assets must be written down by the amount that the carrying value exceeds the fair value of the reporting unit. There were no impairment charges related to goodwill for the three- and six-month periods ended October 31, 2023 and 2022. Intangible assets consist of customer relationship intangibles. The Company amortizes the cost of intangible assets over their estimated useful lives, six years, unless such lives are deemed indefinite. The Company reviews its intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges related to intangible assets for the three- and six-month periods ended October 31, 2023 and 2022. Derivative Financial Instruments: The Company uses derivatives as part of the normal business operations to manage its exposure to fluctuations in interest rates associated with variable interest rate debt and foreign exchange rates. The Company has established policies and procedures that govern the risk management of these exposures. The primary objective in managing these exposures is to add stability to interest expense, manage the Company's exposure to interest rate movements, and manage the risk from adverse fluctuations in foreign exchange rates. The Company uses interest rate swap contracts to manage interest rate exposures. The Company records derivatives in the condensed consolidated balance sheets at fair value. Changes in the fair value of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss), and subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, the change in fair value of the derivative is recognized directly in earnings. The Company also manages risks through the use of foreign exchange forward contracts. The Company recognizes its outstanding forward contracts in the condensed consolidated balance sheets at their fair values. The Company does not designate the forward contracts as accounting hedges. The changes in the fair value of the forward contracts are recorded in other expense (income), net in the condensed consolidated statements of income. Reclassifications: Certain reclassifications have been made to prior period balances to conform to the current year presentation.
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New Accounting Pronouncements |
6 Months Ended |
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Oct. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-06 "Disclosure Improvements", which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The ASU was issued in response to the SEC’s August 2018 Final Rule No. 33-10532, "Disclosure Update Simplification," that updated and simplified disclosure requirements that the SEC believed were “redundant, duplicative, overlapping, outdated, or superseded.” The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the impact that ASU 2023-06 will have on its condensed consolidated financial statements and related disclosures.
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Net Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings Per Share | Net Earnings Per Share The following table sets forth the computation of basic and diluted net earnings per share:
Potentially dilutive securities of 30,780 and 43,590 for the three- and six-month periods ended October 31, 2023, respectively, were excluded from the calculation of net earnings per diluted share as the effect would be anti-dilutive. There were no potentially dilutive securities for the three- and six-month periods ended October 31, 2022, which were excluded from the calculation of net earnings per diluted share.
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Stock-Based Compensation |
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Oct. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The Company has various stock-based compensation plans. During the six-months ended October 31, 2023, the Board of Directors of the Company approved grants of service-based restricted stock units ("RSUs") to non-employee directors. These service-based RSUs (i) vest daily through the end of the one-year vesting period as long as the recipient continuously remains a member of the Board and (ii) entitle the recipient to receive one share of the Company's common stock per unit vested. The Board of Directors also approved grants of service-based RSUs, performance-based RSUs and non-statutory stock options to key employees. The performance-based RSUs entitle the recipients to receive one share of the Company's common stock per unit granted if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units cliff vest at the end of the three year vesting period. The service-based RSUs to key employees entitle the recipients to receive one share of the Company's common stock per unit granted if they remain continuously employed with the Company until the units vest. The employee stock options cliff vest at the end of a three-year period and have a ten-year contractual term. Prior to June 2023, all of the Company's RSUs granted to employees cliff-vest three years from the grant date. Beginning in June 2023, service-based RSUs granted to employees vest one-third on each of the first, second and third anniversaries of the grant date. The fair value of the Company's RSU awards is expensed on a straight-line basis over the vesting period of the RSUs to the extent the Company believes it is probable the related performance criteria, if any, will be met. The following table summarizes the Company's stock-based compensations grants for the six-months ended October 31, 2023:
For the three- and six-month periods ended October 31, 2023 and 2022, stock-based compensation expense was allocated as follows:
During the six months ended October 31, 2023, the Company also approved grants of 12,199 cash-settled performance-based restricted stock tracking units ("RSTUs") and 6,571 cash-settled service-based RSTUs for more junior level employees. Each performance-based RSTU entitles the recipient to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if applicable performance conditions are met and the recipient remains continuously employed with the Company until the units vest. The service-based RSTUs entitle the recipients to receive a payment in cash equal to the fair market value of one share of the Company's common stock as of the payment date if they remain continuously employed with the Company until the units vest. Prior to June 2023, all of the Company's RSTUs granted to employees cliff-vest three years from the grant date. Beginning in June 2023, service-based RSTUs granted to employees vest one-third on each of the first, second and third anniversaries of the grant date. The fair value of each cash-settled RSTU award is remeasured at the end of each reporting period and the liability is adjusted, and related expense recorded, based on the new fair value. The expense recognized for the three- and six-month periods ended October 31, 2023 and 2022, and the liability as of October 31, 2023 and April 30, 2023, related to RSTUs is not significant.
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Customer Receivables |
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Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Receivables | Customer Receivables The components of customer receivables were:
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Inventories |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories The components of inventories were:
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Property, Plant and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment The components of property, plant and equipment were:
Amortization and depreciation expense on property, plant and equipment amounted to $9.7 million and $9.7 million for the three-months ended October 31, 2023 and 2022, respectively and $19.5 million and $19.4 million for the six-months ended October 31, 2023 and 2022, respectively. Accumulated amortization on finance leases included in the above table amounted to $31.6 million and $31.9 million as of October 31, 2023 and April 30, 2023, respectively.
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Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangibles | Intangibles The components of customer relationship intangibles were:
Customer relationship intangibles are amortized over the estimated useful lives on a straight-line basis over six years. Amortization expense for the three-month periods ended October 31, 2023 and 2022 was $11.4 million and $11.4 million, respectively and $22.8 million and $22.8 million, respectively, for each of the six-month periods ended October 31, 2023 and 2022.
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Product Warranty |
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Product Warranty | Product Warranty The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs from estimates. Warranty claims are generally made within two months of the original shipment date. The following is a reconciliation of the Company's warranty liability, which is included in other accrued expenses on the unaudited condensed consolidated balance sheets:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the following definitions: Level 1- Investments with quoted prices in active markets for identical assets or liabilities. The Company's cash equivalents are invested in money market funds, mutual funds, and certificates of deposit. The Company's mutual fund investment assets represent contributions made and invested on behalf of the Company's former executive officers in a supplementary employee retirement plan. Level 2- Investments with observable inputs other than Level 1 prices, such as: quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3- Investments with unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities measured on a recurring basis. The Company's financial instruments include cash and equivalents, marketable securities, and other investments; accounts receivable and accounts payable; interest rate swap and foreign exchange forward contracts; and short- and long-term debt. The carrying values of cash and equivalents, accounts receivable and payable, and short-term debt on the condensed consolidated balance sheets approximate their fair value due to the short maturities of these items. The interest rate swap and foreign exchange forward contracts were marked to market and therefore represent fair value. The fair values of these contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The following table summarizes the fair value of assets that are recorded in the Company's consolidated financial statements as of October 31, 2023 and April 30, 2023 at fair value on a recurring basis (in thousands):
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Loans Payable and Long-Term Debt |
6 Months Ended |
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Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Loans Payable and Long-Term Debt | Loans Payable and Long-Term Debt On April 22, 2021, the Company amended and restated its prior credit agreement and on January 17, 2023 the Company entered into an amendment of such agreement to transition the applicable interest rate from LIBOR to Secured Overnight Financing Rate ("SOFR"), effective January 31, 2023. The amended and restated credit agreement (the "A&R Credit Agreement") provides for a $500 million revolving loan facility with a $50 million sub-facility for the issuance of letters of credit (the "Revolving Facility") and a $250 million term loan facility (the "Term Loan Facility"). Also on April 22, 2021, the Company borrowed the entire $250 million under the Term Loan Facility and approximately $264 million under the Revolving Facility to fund, in part, the repayment in full of the amounts then outstanding under its prior credit agreement and the redemption of $350 million in aggregate principal amount of 4.875% Senior Notes due 2026. The Company is required to repay the Term Loan Facility in specified quarterly installments, which have been prepaid through April 30, 2025. The Revolving Facility and Term Loan Facility mature on April 22, 2026. As of October 31, 2023 and April 30, 2023, $206.3 million and $206.3 million, respectively, was outstanding on the Term Loan Facility. As of October 31, 2023 and April 30, 2023, $163.8 million and $163.8 million, respectively, was outstanding under the Revolving Facility. Outstanding letters of credit under the Revolving Facility were $13.0 million as of October 31, 2023, leaving approximately $323.2 million in available capacity under the Revolving Facility as of October 31, 2023. The outstanding balances noted above approximate fair value as the facilities have a floating interest rate. Amounts outstanding under the Term Loan Facility and the Revolving Facility bear interest based on a fluctuating rate measured by reference to either, at the Company's option, a base rate plus an applicable margin or SOFR plus 10 basis points plus an applicable margin, with the applicable margin being determined by reference to the Company's then-current "Secured Net Leverage Ratio." The Company also incurs a quarterly commitment fee on the average daily unused portion of the Revolving Facility during the applicable quarter at a rate per annum also determined by reference to the Company's then-current "Secured Net Leverage Ratio." In addition, a letter of credit fee accrues on the face amount of any outstanding letters of credit at a per annum rate equal to the applicable margin on SOFR loans, payable quarterly in arrears. As of October 31, 2023, the applicable margin with respect to base rate loans and SOFR loans was 0.0% and 1.0%, respectively, and the commitment fee was 0.1%. The A&R Credit Agreement includes certain financial covenants that require the Company to maintain (i) a "Consolidated Interest Coverage Ratio" of no less than 2.00 to 1.00 and (ii) a "Total Net Leverage Ratio" of no greater than 4.00 to 1.00, subject, in each case, to certain limited exceptions. The A&R Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, make certain investments, dispose of its assets, or engage in a merger or other similar transaction, or engage in transactions with affiliates, subject, in each case, to the various exceptions and conditions described in the A&R Credit Agreement. The negative covenants further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, including, in the case of the Company, the payment of dividends and the repurchase of common stock, in certain limited circumstances. As of October 31, 2023, the Company was in compliance with all covenants included in the A&R Credit Agreement. The Company's obligations under the A&R Credit Agreement are guaranteed by the Company's domestic subsidiaries, and the obligations of the Company and its domestic subsidiaries under the A&R Credit Agreement and their guarantees, respectively, are secured by a pledge of substantially all of their respective personal property.
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Derivative Financial Instruments |
6 Months Ended |
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Oct. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Interest Rate Swap Contracts The Company enters into interest rate swap contracts to manage variability in the amount of known or expected cash payments related to portions of its variable rate debt. On May 28, 2021, the Company entered into four interest rate swaps with an aggregate notional amount of $200 million to hedge part of the variable rate interest payments under the Term Loan Facility. The interest rate swaps became effective on May 28, 2021 and will terminate on May 30, 2025. The interest rate swaps economically convert a portion of the variable rate debt to fixed rate debt. The Company receives floating interest payments monthly based on one-month SOFR and pays a fixed rate of 0.53% to the counterparty. The interest rate swaps are designated as cash flow hedges. Changes in fair value are recorded to other comprehensive income. The risk management objective in using interest rate swaps is to add stability to interest expense and to manage the Company's exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses in connection with required interest payments on interest rate swaps are recorded in earnings, as a component of interest expense, net to offset variability in interest expense associated with the underlying debt's cash flows. For the three- and six-month periods ended October 31, 2023, unrealized gains, net of deferred taxes, of $0.8 million and $3.5 million, respectively, were recorded in other comprehensive income, and $1.8 million and $3.6 million, respectively, of realized gains, net of deferred taxes, were reclassified out of accumulated other comprehensive income (loss) to interest expense, net due to interest received from and payments made to the swap counterparties. For the three- and six-month periods ended October 31, 2022, unrealized gains, net of deferred taxes, of $6.1 million and $5.0 million, respectively, were recorded in other comprehensive income, and $0.8 million and $1.0 million, respectively, of realized gains, net of deferred taxes, were reclassified out of accumulated other comprehensive income (loss) to interest expense, net due to interest received from and payments made to the swap counterparties. As of October 31, 2023, the Company anticipates reclassifying approximately $9.4 million of net hedging gains from accumulated other comprehensive income into earnings during the next 12 months to offset the variability of the hedged items during this period. The fair value of the derivative instruments are included in other assets on the condensed consolidated balance sheets. Foreign Exchange Forward Contracts At October 31, 2023, the Company held forward contracts maturing from November 2023 to April 2024 to purchase 229.0 million Mexican pesos at an exchange rate of 18.91 Mexican pesos to one U.S. dollar. Additionally, the Company entered into a contingent forward contract with maturities from May 2024 to April 2025 to purchase 660.0 million Mexican pesos at an exchange rate of 18.91 Mexican pesos to one U.S. dollar. This contingent forward contract gives the bank the option to cancel these forward contracts in April 2024. Additionally, the Company entered into a target accrual redemption forward agreement to purchase Mexican Pesos across 51 defined fixings. These fixings allow for U.S. dollars to be converted into Pesos at a rate of 18.73 Pesos to one U.S. Dollar. Cumulative profit is capped at an aggregate of approximately $0.6 million over the shorter of the life of the contract fixings or the utilization of the cap. A liability of $2.1 million is recorded in other accrued expense on the condensed consolidated balance sheet.
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Income Taxes |
6 Months Ended |
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Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rates for the three- and six-month periods ended October 31, 2023 was 25.0% and 23.3%, respectively, compared with 25.2% and 25.1% in the comparable period in the prior fiscal year. The effective rates were higher than the 21.0% U.S. statutory rate for all periods presented primarily due to state income taxes.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company disaggregates revenue from contracts with customers into major sales distribution channels as these categories depict the nature, amount, timing, and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels for the three- and six-months ended October 31, 2023 and 2022:
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Concentration of Risk |
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Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Risk | Concentration of Risks Financial instruments that potentially subject the Company to concentrations of risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with major financial institutions and such balances may, at times, exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk with respect to cash. Credit is extended to customers based on an evaluation of each customer's financial condition and generally collateral is not required. The Company's customers operate in the new home construction and home remodeling markets. The Company maintains an allowance for expected credit losses based upon management's evaluation and judgment of potential net loss. The allowance is estimated based upon historical experience, the effects of current developments and economic conditions, and each customer's current and anticipated financial condition. Estimates and assumptions are periodically reviewed and updated. Any resulting adjustments to the allowance are reflected in current operating results. As of October 31, 2023, the Company's two largest customers, Customers A and B, represented 32.3% and 18.4% of the Company's gross customer receivables, respectively. As of October 31, 2022, Customers A and B represented 31.7% and 17.5% of the Company's gross customer receivables, respectively. The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three- and six-months ended October 31, 2023 and 2022:
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Other Information |
6 Months Ended |
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Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Information | Other Information The Company is involved in suits and claims in the normal course of business, including without limitation product liability and general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. As required by FASB Accounting Standards Codification Topic 450, "Contingencies," the Company categorizes the various suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, and those that are deemed to be remote. Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and consults with outside counsel. Except as described below, the Company believes that the aggregate range of loss stemming from the various suits and asserted and unasserted claims that were deemed to be either probable or reasonably possible was not material as of October 31, 2023. Antidumping and Countervailing Duties Investigation In February 2020, a conglomeration of domestic manufacturers filed a scope and circumvention petition seeking the imposition of antidumping (“AD”) and countervailing duties (“CVD”) with the United States Department of Commerce (“DOC”) and the United States International Trade Commission (“ITC”) against imports of hardwood plywood assembled in Vietnam using cores sourced from China. In July 2022, the DOC issued a Preliminary Scope Determination and Affirmative Preliminary Determination of Circumvention of the Antidumping and Countervailing Duty Orders (“Preliminary Determination”). In July 2023, the DOC issued a Final Determination of Circumvention of the Antidumping and Countervailing Duty Orders (“Final Determination”). Included in the Final Determination is a list of Vietnamese suppliers not eligible for certification. AD and CVD cash deposits of 206% are required for imports from the Vietnamese suppliers not eligible for certification. Many of the Vietnamese suppliers appealed their inclusion on the ineligible for certification list in the Preliminary Determination. Because two of the Company’s primary Vietnamese plywood vendors remained on the ineligible for certification list in the Final Determination, the Company recorded a loss on unliquidated customs entries as of Final Determination in July 2023. The loss recorded in the first quarter of fiscal 2024 was $4.9 million, or $3.7 million net of tax. Through the second fiscal quarter of 2024, the Company has remitted deposits of $3.8 million pursuant to the Preliminary Determination. Based on the evidence provided from the Vietnamese suppliers, the specific characteristics of the product imported and other relevant matters, the Company intends to vigorously appeal the Final Determination that it is subject to these duties and disputes the findings of the Final Determination with regards to the Company. Our last order was placed with these vendors in June 2022.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Oct. 31, 2023 |
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Pay vs Performance Disclosure | ||||||
Net income | $ 30,341 | $ 37,850 | $ 28,784 | $ 20,070 | $ 68,191 | $ 48,854 |
Insider Trading Arrangements |
3 Months Ended |
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Oct. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Net Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings per share:
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Stock-Based Compensation (Tables) |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Awards Granted | The following table summarizes the Company's stock-based compensations grants for the six-months ended October 31, 2023:
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Stock-Based Compensation Expense Allocated | For the three- and six-month periods ended October 31, 2023 and 2022, stock-based compensation expense was allocated as follows:
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Customer Receivables (Tables) |
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Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Customer Receivables | The components of customer receivables were:
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Inventories (Tables) |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The components of inventories were:
|
Property, Plant and Equipment (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Property, Plant And Equipment | The components of property, plant and equipment were:
|
Intangibles (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Intangible Assets | The components of customer relationship intangibles were:
|
Product Warranty (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warranty Liability | The following is a reconciliation of the Company's warranty liability, which is included in other accrued expenses on the unaudited condensed consolidated balance sheets:
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets on Recurring Basis | The following table summarizes the fair value of assets that are recorded in the Company's consolidated financial statements as of October 31, 2023 and April 30, 2023 at fair value on a recurring basis (in thousands):
|
Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table disaggregates our consolidated revenue by major sales distribution channels for the three- and six-months ended October 31, 2023 and 2022:
|
Concentration of Risk (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Percentage Of Sales | The following table summarizes the percentage of net sales attributable to the Company's two largest customers for the three- and six-months ended October 31, 2023 and 2022:
|
Basis of Presentation - Narrative (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges related to goodwill | $ 0 | $ 0 |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Impairment charges related to other intangible assets | $ 0 | $ 0 |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 6 years |
Net Earnings Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ 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 |
|
Earnings Per Share [Abstract] | ||||||
Net income | $ 30,341 | $ 37,850 | $ 28,784 | $ 20,070 | $ 68,191 | $ 48,854 |
Denominator for basic net earnings per common share - weighted-average shares | 16,322,069 | 16,614,677 | 16,406,239 | 16,599,136 | ||
Effect of dilutive securities: | ||||||
Stock options and restricted stock units | 99,000 | 42,000 | 99,000 | 40,000 | ||
Diluted (in shares) | 16,420,760 | 16,657,454 | 16,505,266 | 16,638,741 | ||
Earnings Per Share, Basic [Abstract] | ||||||
Basic (in usd per share) | $ 1.86 | $ 1.73 | $ 4.16 | $ 2.94 | ||
Earnings Per Share, Diluted [Abstract] | ||||||
Diluted (in usd per share) | $ 1.85 | $ 1.73 | $ 4.13 | $ 2.94 | ||
Stock excluded from the calculation of net earnings per share (shares) | 30,780 | 0 | 43,590 | 0 |
Stock-Based Compensation - Stock Awards Granted (Details) |
6 Months Ended |
---|---|
Oct. 31, 2023
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-statutory stock options, Stock Awards Granted (in shares) | 92,340 |
Service-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, Stock Awards Granted (in shares) | 79,778 |
Performance-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, Stock Awards Granted (in shares) | 155,062 |
Stock-Based Compensation (Stock-Based Compensation Expense Allocated) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 2,155 | $ 1,754 | $ 4,402 | $ 3,389 |
Cost of sales and distribution | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 473 | 498 | 1,051 | 936 |
Selling and marketing expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 476 | 572 | 1,084 | 1,070 |
General and administrative expenses | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,206 | $ 684 | $ 2,267 | $ 1,383 |
Customer Receivables (Components Of Customer Receivables ) (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
---|---|---|
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Gross customer receivables | $ 131,359 | $ 130,655 |
Less: | ||
Allowance for credit losses | (472) | (449) |
Allowance for returns and discounts | (10,145) | (11,043) |
Net customer receivables | $ 120,742 | $ 119,163 |
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
---|---|---|
Inventory, Net [Abstract] | ||
Raw materials | $ 68,946 | $ 80,953 |
Work-in-process | 44,794 | 49,064 |
Finished goods | 48,322 | 60,682 |
Inventories | $ 162,062 | $ 190,699 |
Intangibles (Schedule of Intangible Assets) (Details) - Customer relationships - USD ($) $ in Thousands |
Oct. 31, 2023 |
Apr. 30, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, gross | $ 274,000 | $ 274,000 |
Less accumulated amortization | (266,389) | (243,556) |
Intangibles, net | $ 7,611 | $ 30,444 |
Intangibles (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 11.4 | $ 11.4 | $ 22.8 | $ 22.8 |
Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets estimated useful lives | 6 years | 6 years |
Product Warranty (Schedule Of Warranty Liability) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Product Warranties Disclosures [Abstract] | ||
Warranty claims period | 2 months | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 8,014 | $ 6,878 |
Accrual | 10,465 | 19,022 |
Settlements | (11,506) | (17,360) |
Ending balance | $ 6,973 | $ 8,540 |
Income Taxes (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate (as a percent) | 25.00% | 25.20% | 23.30% | 25.10% |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 473,867 | $ 561,499 | $ 972,122 | $ 1,104,392 |
Home center retailers | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 193,872 | 237,433 | 404,332 | 478,751 |
Builders | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 207,583 | 233,566 | 410,958 | 450,802 |
Independent dealers and distributors | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 72,412 | $ 90,500 | $ 156,832 | $ 174,839 |
Concentration of Risk (Details) - Customer Concentration Risk |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2023 |
Oct. 31, 2022 |
Oct. 31, 2023 |
Oct. 31, 2022 |
|
Customer receivables | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 32.30% | 31.70% | ||
Customer receivables | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 18.40% | 17.50% | ||
Sales revenue, gross | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 27.90% | 28.90% | 28.10% | 29.60% |
Sales revenue, gross | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk (as a percent) | 13.00% | 13.40% | 13.50% | 13.80% |
Other Information (Details) $ in Thousands |
6 Months Ended |
---|---|
Oct. 31, 2023
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 4,900 |
Loss Contingency Accrual, Net | 3,700 |
Loss Contingency, Deposit Payment | $ 3,800 |
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