Slide 1: Fiscal 2021 Fourth Quarter and Full-Year Results
Fiscal 2021 Fourth Quarter and Full-Year Results MARCH 30, 2022
Slide 2: Cautionary Statements
© Core & Main All Rights Reserved. Confidential and Proprietary Information. CAUTIONARY STATEMENTS 2 Cautionary Note Regarding Forward-Looking Statements This presentation and accompanying discussion may include “forward-looking statements” within the meaning of the Private Securities Litigation Ref
Slide 3: Today's Presenters
© Core & Main All Rights Reserved. Confidential and Proprietary Information. TODAY’S PRESENTERS 3 000 Steve LeClair Chief Executive Officer Mark Witkowski Chief Financial Officer Robyn Bradbury VP, Investor Relations and FP&A
Slide 4: Business Update
© Core & Main All Rights Reserved. Confidential and Proprietary Information. BUSINESS UPDATE 4
Slide 5: Execution Highlights
© Core & Main All Rights Reserved. Confidential and Proprietary Information. EXECUTION HIGHLIGHTS 5 ✓ Achieved record performance in FY21, delivering on our pledge of dependable service to our customers and suppliers in challenging market conditions ✓ Net income of $79 million for Q4 2021 and $225 m
Slide 6: Dependable Service to Our Customers, One Job at a Time
© Core & Main All Rights Reserved. Confidential and Proprietary Information. 6 DEPENDABLE SERVICE TO OUR CUSTOMERS… …ONE JOB AT A TIME Ventnor Heights, New Jersey ▪ In February 2021, for four excruciating days, sewage poured into the streets and across the yards of Ventnor Heights, N.J., residents d
Slide 7: Topics of Interest
© Core & Main All Rights Reserved. Confidential and Proprietary Information. 7 TOPICS OF INTEREST Topic Consideration 1 Product Availability Continued Access Despite Tight Supply Chains 2 Material Cost Inflation Continue to Pass Through Higher Selling Prices, Although Gross Margin Rates May Contract
Slide 8: Financial Highlights
© Core & Main All Rights Reserved. Confidential and Proprietary Information. FINANCIAL HIGHLIGHTS 8
Slide 9: Q4 2021 Operating Results
© Core & Main All Rights Reserved. Confidential and Proprietary Information. $71 $151 Q4'20 Q4'21 $204 $327 Q4'20 Q4'21 $831 $1,246 Q4'20 Q4'21 Q4 2021 OPERATING RESULTS 9 Net Sales Gross Profit Adjusted Net Income(1) Adjusted EBITDA(1) (1) Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA ma
Slide 10: Fiscal 2021 Operating Results
© Core & Main All Rights Reserved. Confidential and Proprietary Information. $342 $604 FY20 FY21 $878 $1,280 FY20 FY21 $3,642 $5,004 FY20 FY21 FISCAL 2021 OPERATING RESULTS 10 Net Sales Gross Profit Adjusted Net Income(1) Adjusted EBITDA(1) (1) Adjusted Net Income, Adjusted EBITDA and Adjusted EBITD
Slide 11: Cash Flow & Balance Sheet Highlights
© Core & Main All Rights Reserved. Confidential and Proprietary Information. CASH FLOW & BALANCE SHEET HIGHLIGHTS 11 Operating Cash Flow Net Debt & Net Debt Leverage(5) ($ in Millions) ($ in Millions) FY20 FY21 Y-o-Y $ Adjusted EBITDA $342 $604 $262 Investment in Operating Capital(1) (15) (478) (463
Slide 12: Fiscal 2022 Outlook
© Core & Main All Rights Reserved. Confidential and Proprietary Information. FISCAL 2022 OUTLOOK 12 ▪ Demand remains positive across all end markets, sustaining growth against tough prior year comparisons ▪ Market demand, sustained pricing benefits, above-market growth initiatives and closed acquisi
Slide 13: Appendix
© Core & Main All Rights Reserved. Confidential and Proprietary Information. APPENDIX 13
Slide 14: Why Core & Main
© Core & Main All Rights Reserved. Confidential and Proprietary Information. WHY CORE & MAIN 14
Slide 15: Product & Service Offering
© Core & Main All Rights Reserved. Confidential and Proprietary Information. PRODUCT & SERVICE OFFERING 15
Slide 16: Track Record of Acquisitions
© Core & Main All Rights Reserved. Confidential and Proprietary Information. TRACK RECORD OF ACQUISITIONS 16 Organic Growth Why We Succeed Acquisition Focus Acquirer of Choice ✓ Reputation in the industry ✓ Entrepreneurial culture ✓ Investment in our people ✓ Consolidate existing market positions ✓
Slide 17: Tax Receivable Agreement Considerations
© Core & Main All Rights Reserved. Confidential and Proprietary Information. TAX RECEIVABLE AGREEMENT CONSIDERATIONS 17 Organizational Structure Tax Receivable Agreements (“TRA”) ▪ Class A & Class B common stock have the same voting rights ▪ Public ownership = 24% of total shares of common stock ▪ N
Slide 18: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
© Core & Main All Rights Reserved. Confidential and Proprietary Information. January 30, 2022 January 31, 2021 January 30, 2022 January 31, 2021 Net income attributable to Core & Main, Inc. $48 $166 Plus: net income attributable to non-controlling interests 31 59 Net income 79 $0 225 $37 Depreciatio
Slide 19: Reconciliation of Non-GAAP Measures: Adjusted Net Income
© Core & Main All Rights Reserved. Confidential and Proprietary Information. January 30, 2022 January 31, 2021 January 30, 2022 January 31, 2021 Net income attributable to Core & Main, Inc. $48 $166 Plus: net income attributable to non-controlling interests 31 59 Net income 79 $0 225 $37 Pro forma i
Slide 20: Reconciliation of Non-GAAP Measures: Net Debt Leverage
© Core & Main All Rights Reserved. Confidential and Proprietary Information. January 30, 2022 January 31, 2021 Senior Term Loan due August 2024 $ - $1,261 Senior Notes due September 2024 - 300 Senior Notes due August 2025 - 750 Senior ABL Credit Facility due July 2026 - - Senior Term Loan due July 2