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Segment Operations | 3 Months Ended
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Aug. 31, 2025
Segment Reporting [Abstract] |
Segment Operations | Note L – Segment Operations Our operating segments reflect the way in which internally-reported financial information is regularly reviewed by the CODM to analyze performance, make decisions and allocate resources. We have identified our CEO as our CODM. Our CODM evaluates segment performance on the basis of adjusted EBITDA, as described in the “Use of Non-GAAP Financial Measures and Definitions” section. Factors used to identify operating segments include the nature of the products provided by each business, the management reporting structure, similarity of economic characteristics and certain quantitative measures, as prescribed by GAAP. Our operations are organized under two operating segments: Consumer Products and Building Products. Unallocated Corporate and Other also includes certain assets and liabilities (e.g., cash and cash equivalents and public debt) held at the corporate level as well as general corporate expenses that are not directly attributable to our business operations and are administrative in nature, such as public company and other governance-related costs that benefit the organization as a whole. Activity outside of our two operating segments is presented within “Other” and “Unallocated Corporate” as described further below. Other includes our share of the equity earnings of two of our unconsolidated joint ventures, Sustainable Energy Solutions and Workhorse. Unallocated Corporate includes certain assets and liabilities (e.g. public debt) held at the corporate level as well as general corporate expenses that are not directly attributable to our business operations and are administrative in nature, such as public company and other governance-related costs that benefit the organization as a whole, have not been allocated to our operating segments and are held at the corporate level. The following tables present summarized financial information for our reportable operating segments and Unallocated Corporate and Other for the periods indicated. A reconciliation from the GAAP financial measure of earnings (loss) before income taxes to the non-GAAP financial measure of adjusted EBITDA is provided directly following the summarized information below.
| Three Months Ended August 31, 2025 |
|  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
| Consumer |  |  | Building |  |  | Reportable |  |  |  |  |  | Unallocated |  |  |  |
|  |  |  |  |  |  | Operating |  |  |  |  |  |  |  |  |  |
| Products |  |  | Products |  |  | Segments |  |  | Other |  |  | Corp |  |  | Consolidated |
Net sales | $ | 118,938 |  |  | $ | 184,769 |  |  | $ | 303,707 |  |  |  | - |  |  |  | - |  |  | $ | 303,707 |
Cost of goods sold |  | 79,972 |  |  |  | 141,399 |  |  |  | 221,371 |  |  |  | - |  |  |  | 52 |  |  |  | 221,423 |
SG&A |  | 27,710 |  |  |  | 33,636 |  |  |  | 61,346 |  |  |  | - |  |  |  | 9,219 |  |  |  | 70,565 |
Restructuring and other expense, net |  | 13 |  |  |  | 296 |  |  |  | 309 |  |  |  | - |  |  |  | 2,167 |  |  |  | 2,476 |
Other segment items (1) |  | 18 |  |  |  | 98 |  |  |  | 116 |  |  |  | - |  |  |  | 103 |  |  |  | 219 |
Equity in net income of unconsolidated affiliates |  | - |  |  |  | 38,320 |  |  |  | 38,320 |  |  |  | (1,663 | ) |  |  | - |  |  |  | 36,657 |
Earnings (loss) before income taxes |  | 11,225 |  |  |  | 47,660 |  |  |  | 58,885 |  |  |  | (1,663 | ) |  |  | (11,541 | ) |  |  | 45,681 |
Reconciling items to adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 3,858 |  |  |  | 9,036 |  |  |  | 12,894 |  |  |  | - |  |  |  | 192 |  |  |  | 13,086 |
Interest expense (income) |  | (2 | ) |  |  | (18 | ) |  |  | (20 | ) |  |  | - |  |  |  | 83 |  |  |  | 63 |
Stock-based compensation |  | 727 |  |  |  | 819 |  |  |  | 1,546 |  |  |  | - |  |  |  | 1,881 |  |  |  | 3,427 |
Restructuring and other expense, net |  | 13 |  |  |  | 296 |  |  |  | 309 |  |  |  | - |  |  |  | 2,167 |  |  |  | 2,476 |
Net loss attributable to noncontrolling interest |  | 327 |  |  |  | - |  |  |  | 327 |  |  |  | - |  |  |  | - |  |  |  | 327 |
Adjusted EBITDA | $ | 16,148 |  |  | $ | 57,793 |  |  | $ | 73,941 |  |  | $ | (1,663 | ) |  | $ | (7,218 | ) |  | $ | 65,060 |
| Three Months Ended August 31, 2024 |
|  |  |  |  |  |  | Total |  |  |  |  |  |  |  |  |  |
| Consumer |  |  | Building |  |  | Reportable |  |  |  |  |  | Unallocated |  |  |  |
|  |  |  |  |  |  | Operating |  |  |  |  |  |  |  |  |  |
| Products |  |  | Products |  |  | Segments |  |  | Other |  |  | Corp |  |  | Consolidated |
Net sales | $ | 117,596 |  |  | $ | 139,712 |  |  | $ | 257,308 |  |  | $ | - |  |  | $ | - |  |  | $ | 257,308 |
Cost of goods sold |  | 78,113 |  |  |  | 116,64 7 |  |  |  | 194,760 |  |  |  | - |  |  |  | 53 |  |  |  | 194,813 |
SG&A |  | 26,861 |  |  |  | 28,050 |  |  |  | 54,911 |  |  |  | - |  |  |  | 11,125 |  |  |  | 66,036 |
Restructuring and other expense, net |  | - |  |  |  | 289 |  |  |  | 289 |  |  |  | - |  |  |  | 869 |  |  |  | 1,158 |
Other segment items (1) |  | (15 | ) |  |  | (225 | ) |  |  | (240 | ) |  |  | - |  |  |  | 243 |  |  |  | 3 |
Equity in net income of unconsolidated affiliates |  | - |  |  |  | 36,645 |  |  |  | 36,645 |  |  |  | (1,153 | ) |  |  | - |  |  |  | 35,492 |
Earnings (loss) before income taxes |  | 12,637 |  |  |  | 31,596 |  |  |  | 44,233 |  |  |  | (1,153 | ) |  |  | (12,290 | ) |  |  | 30,790 |
Reconciling items to adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 4,336 |  |  |  | 7,294 |  |  |  | 11,630 |  |  |  | - |  |  |  | 200 |  |  |  | 11,830 |
Interest expense |  | - |  |  |  | 17 |  |  |  | 17 |  |  |  | - |  |  |  | 472 |  |  |  | 489 |
Stock-based compensation |  | 557 |  |  |  | 533 |  |  |  | 1,090 |  |  |  | - |  |  |  | 2,835 |  |  |  | 3,925 |
Restructuring and other expense, net |  | - |  |  |  | 289 |  |  |  | 289 |  |  |  | - |  |  |  | 869 |  |  |  | 1,158 |
Net loss attributable to noncontrolling interest |  | 245 |  |  |  | - |  |  |  | 245 |  |  |  | - |  |  |  | - |  |  |  | 245 |
Adjusted EBITDA | $ | 17,775 |  |  | $ | 39,729 |  |  | $ | 57,504 |  |  | $ | (1,153 | ) |  | $ | (7,914 | ) |  | $ | 48,437 |
(1) Other segment items consist of non-operating activity included in adjusted EBITDA, which is our segment profit measure. Total assets for each of our reportable operating segments at the dates indicated were as follows:
|  |  |  |  |  |  |  |  | August 31, |  |  | May 31, |
|  |  |  |  |  |  |  |  | 2025 |  |  | 2025 |
Consumer Products |  | $ | 534,316 |  |  | $ | 531,187 |
Building Products |  |  | 928,012 |  |  |  | 795,837 |
Total reportable operating segments |  |  | 1,462,328 |  |  |  | 1,327,024 |
Unallocated Corporate and Other |  |  |  |  |  |  |  |  |  | 275,809 |  |  |  | 368,128 |
Total assets |  | $ | 1,738,137 |  |  | $ | 1,695,152 |
The following table presents capital expenditures for each of our reportable operating segments for the three months ended August 31, 2025 and August 31, 2024
|  |  |  |  |  |  |  |  | Three Months Ended |
|  |  |  |  |  |  |  |  | August 31, |
|  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |
Consumer Products |  | $ | 9,041 |  |  | $ | 4,943 |
Building Products |  |  | 3,509 |  |  |  | 3,709 |
Total reportable operating segments |  |  | 12,550 |  |  |  | 8,652 |
Unallocated Corporate |  |  | 645 |  |  |  | 977 |
Total |  | $ | 13,195 |  |  | $ | 9,629 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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