Slide 1: Q1 FY 2022 Earnings Conference Call
Q1 FY 2022 Earnings Conference Call September 2, 2021
Slide 2: Forward-Looking Statement Safe Harbor
2 Forward - Looking Statement Safe Harbor — This presentation includes “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward - looking statements by the Company’s use of forward - looking terminology such as “ant
Slide 3: Q1 Fiscal 2022 Highlights
3 Q1 Fiscal 2022 Highlights 1. For a reconciliation of Adjusted SG&A, Adjusted Net Income, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP metrics, see Appendix. Record Levels of Net Sales, Net Income and Adjusted EBITDA 1 • Quarterly net sales topped $1 billion for
Slide 4: Strategic Growth Priorities – Q1 FY22 Update
4 Strategic Growth Priorities – Q1 FY22 Update Capitalize on existing fixed investments in locations and equipment where we are underpenetrated or below expected share Expand Share in Core Products Grow Complementary Product opportunities outside of core products to diversify and profitably expand o
Slide 5: Q1 Fiscal 2022 Performance – Net Sales Top $1 Billion
5 $260.5 $335.8 32.5% 32.2% 20.0% 20.5% 21.0% 21.5% 22.0% 22.5% 23.0% 23.5% 24.0% 24.5% 25.0% 25.5% 26.0% 26.5% 27.0% 27.5% 28.0% 28.5% 29.0% 29.5% 30.0% 30.5% 31.0% 31.5% 32.0% 32.5% 33.0% 33.5% 34.0% 34.5% 35.0% 35.5% 36.0% 36.5% 37.0% $0 $50 $100 $150 $200 $250 $300 Fiscal Q1 2021 Fiscal Q1 2022
Slide 6: Q1 Fiscal 2022 – Improved Profitability
6 $83.1 $128.1 10.3% 12.3% Fiscal Q1 2021 Fiscal Q1 2022 Adj. EBITDA Adj. EBITDA Margin $178.1 $210.3 22.2% 20.2% 20.0% 20.5% 21.0% 21.5% 22.0% 22.5% $0 $50 $100 $150 $200 Fiscal Q1 2021 Fiscal Q1 2022 Adj. SG&A Adj. SG&A % ($ mm) Q1 Fiscal 2022 – Improved Profitability 1. For a reconciliation of Ad
Slide 7: Attractive Capital Structure Supports Strategic Initiatives
7 Attractive Capital Structure Supports Strategic Initiatives Cash From Operations and Free Cash Flow 1 $89.9 $82.5 ▪ As is typical for our fiscal first quarter, we recorded a use of cash for Q1 FY22 ▪ Cash used in Operations was $75.1 million, compared to a use of $15.7 million in Q1 FY21 ▪ Free Ca
Slide 8: Expectations
8 Expectations 1. For a reconciliation of Adjusted SG&A, Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to the most directly comparable GAAP metrics, see Appendix. Continued strength in residential, demand for Complementary products and favorable pricing should resul
Slide 9: GMS is Well-Positioned Now and for the Long-Term
9 GMS is Well - Positioned Now and for the Long - Term ▪ A North American market leader in specialty distribution of interior construction products. ▪ Significant scale combined with local expertise ▪ Differentiated best - in - class customer service model ▪ Entrepreneurial culture ▪ We are successf
Slide 10: Q1 FY 2022 Earnings Conference Call
10 Q1 FY 2022 Earnings Conference Call
Slide 11: Appendix
11 Appendix
Slide 12: Summary Quarterly Financials
12 Summary Quarterly Financials (In millions, except per share data) 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 (Unaudited) Wallboard Volume (MSF) 1,054 1,073 997 1,147 4,270 1,095 Wallboard Price ($ / '000 Sq. Ft.) 311$ 308$ 312$ 329$ 311$ 356$ Wallboard 328$ 331$ 311$ 377$ 1,330$ 390$ Ceilings 114 111 102 121
Slide 13: Quarterly Cash Flows
13 Quarterly Cash Flows (1) Free cash flow is a non - GAAP financial measure defined as net cash provided by (used in) operations less capital expenditures. D ifferences may occur due to rounding. ($ in millions) (Unaudited) 1Q21 2Q21 3Q21 3Q21 FY21 1Q22 Net income $ 27.2 $ 28.5 $ 16.1 $ 33.7 $ 105.
Slide 14: Q1 2022 Net Sales
14 Q1 2022 Net Sales 1. Organic net sales growth calculation excludes net sales of acquired businesses until first anniversary of acquisition date an d i mpact of foreign currency translation. ($ in millions) (Unaudited) FY22 FY21 Reported Organic (1) Organic (1) 988.7$ 802.6$ Acquisitions 34.9 - Fx
Slide 15: Quarterly Net Income to Adjusted EBITDA Reconciliation
15 Quarterly Net Income to Adjusted EBITDA Reconciliation Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non - cash equity - based compensation expense related to the issuance of share
Slide 16: Net Income to Pro Forma Adjusted EBITDA Reconciliation
16 Net Income to Pro Forma Adjusted EBITDA Reconciliation Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non - cash equity - based compensation expense related to the issuance of share
Slide 17: Income Before Taxes to Adjusted Net Income Reconciliation
17 Income Before Taxes to Adjusted Net Income Reconciliation Commentary A. Depreciation and amortization from the increase in value of certain long - term assets associated with the April 1, 2014 acquisition of the predecessor company, the acquisition of Titan and the acquisition of Westside Buildin
Slide 18: Reported SG&A to Adjusted SG&A Reconciliation
18 Reported SG&A to Adjusted SG&A Reconciliation Commentary A. Represents changes in the fair value of stock appreciation rights B. Represents changes in the fair value of noncontrolling interests C. Represents non - cash equity - based compensation expense related to the issuance of share - based a
Slide 19: Leverage Summary
19 Leverage Summary (1) Net of unamortized discount of $1.5 mm, $1.4 mm, $1.4 mm, $0.6 mm and $0.6 mm as of July 31, 2020, October 31, 2020, January 31, 2021, April 30,2021, and July 31, 2021, respectively. (2) Net of deferred financing costs of $8.5 mm, $8.1 mm, $7.6 mm, $4.1 mm, and $3.9 mm as of