Gms Group Co., Ltd. · TSE:544A
Gms — Q1 FY2021 Earnings Presentation
17 slides from Gms's earnings presentation, Sep 3, 2020
Slide 1: Q1 FY 2021 Earnings Conference Call
September 3, 2020 Q1 FY 2021 Earnings Conference Call
Slide 2: Safe Harbor and Basis of Presentation
2 Safe Harbor and Basis of Presentation 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 forw
Slide 3: Q1 Fiscal 2021 Highlights
3 Q1 Fiscal 2021 Highlights Q1 results reflect outstanding execution by the entire team against the backdrop of a business environment that remained challenging throughout the period. Net sales decreased 5.3% due to continued COVID - 19 related market declines; Organic net sales were down 5.7%. Desp
Slide 4: Q1 Fiscal 2021 Performance: Net Sales & Mix
4 Q1 Fiscal 2021 Performance Net Sales & Mix $847.2 $802.6 $0 $300 $600 $900 Fiscal Q1 2020 Fiscal Q1 2021 40% 15% 16% 29% ▪ Net sales decline of 5.3% due to continued COVID - 19 related declines in the US, partially offset by higher sales in Canada. ▪ Organic net sales down 5.7%: Net Sales ($ mm) 4
Slide 5: SG&A and Adjusted SG&A: Q1 Fiscal 2021 Performance
5 SG&A and Adjusted SG&A (1) Q1 Fiscal 2021 Performance ▪ Reported SG&A was 22.8% of sales compared to 23.0% of sales a year ago. ▪ Adjusted SG&A (1) was 22.2% of sales compared to 22.6% of sales a year ago. ▪ Adjusted SG&A as % of sales improved by 40 bps year over year despite 50 basis points of n
Slide 6: Cash Flow, Liquidity and Net Leverage
6 Cash Flow, Liquidity and Net Leverage ▪ As is typical during the first quarter of the fiscal year, we recorded a use of cash from operating activities and free cash flow. ▪ Substantial liquidity, with $139.7 million of cash on hand and an additional $372.5 million available under our revolving cre
Slide 7: Strategic Growth Priorities
7 Expand Share in Core Products Grow Other Products Platform Expansion Capitalize on existing fixed investment in locations and equipment where we’re underpenetrated or below expected share Grow select “Other Product” opportunities outside of core products to diversify and profitably expand our prod
Slide 8: GMS is Well-Positioned Both Now and for the Long-Term
8 GMS is Well - Positioned Both Now and for the Long - Term • Our team intends to quickly and nimbly address challenges and leverage opportunities arising from the continued uncertainty regarding the near - term outlook for the industry and the broader economy. • Strong cash flow generation resultin
Slide 9: Appendix
GYPSUM MANAGEMENT & SUPPLY, INC. Appendix DRYWALL | STEELSTUDS | JOINTTREATMENT& FINISHES | ACOUSTICALCEILINGS INSULATION | EIFS&EXTERIORFINISHES | TOOLS | SAFETY | ACCESSORIES
Slide 10: Summary Quarterly Financials
10 Summary Quarterly Financials (In millions, except per share data) 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 (Unaudited) Wallboard Volume (MSF) 1,064 1,103 993 1,029 4,189 1,054 Wallboard Price ($ / '000 Sq. Ft.) 321$ 318$ 317$ 314$ 317$ 311$ Wallboard 342$ 351$ 314$ 323$ 1,330$ 328$ Ceilings 129 123 113 111
Slide 11: Quarterly Cash Flows
11 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) 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 Net income (loss) $ 24.8 $ 29.1 $ 10.9 $ (41.
Slide 12: Q1 2021 Net Sales
12 Q1 2021 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) FY21 FY20 Reported Organic (1) Organic (1) 799.2$ 847.2$ Acquisitions 6.9 - Fx
Slide 13: Quarterly Net Income to Adjusted EBITDA Reconciliation
13 Quarterly Net Income to Adjusted EBITDA Reconciliation Commentary A. Represents non - cash expense related to stock appreciation rights agreements B. Represents non - cash compensation expense related to changes in the values of noncontrolling interests C. Represents non - cash equity - based com
Slide 14: Net Income to Pro Forma Adjusted EBITDA Reconciliation
14 Net Income to Pro Forma Adjusted EBITDA Reconciliation Commentary A. Represents non - cash expense related to stock appreciation rights agreements B. Represents non - cash compensation expense related to changes in the values of noncontrolling interests C. Represents non - cash equity - based com
Slide 15: Reconciliation of Income Before Taxes to Adjusted Net Income
15 Reconciliation of 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 and the acquisition of Titan. B. Normalized cas
Slide 16: Reported SG&A to Adjusted SG&A Reconciliation
16 Reported SG&A to Adjusted SG&A Reconciliation Commentary A. Represents non - cash expense related to stock appreciation rights agreements B. Represents non - cash compensation expense related to changes in the values of noncontrolling interests C. Represents non - cash equity - based compensation
Slide 17: Gypsum Management & Supply, Inc.
GYPSUM MANAGEMENT & SUPPLY, INC. www.gms.com DRYWALL | STEELSTUDS | JOINTTREATMENT& FINISHES | ACOUSTICALCEILINGS INSULATION | EIFS&EXTERIORFINISHES | TOOLS | SAFETY | ACCESSORIES