GMS Investor Conference Presentation Deck
Quarterly Net Income to Adjusted EBITDA
(Ş in 000s)
(Unaudited)
Net Income
Add: Interest Expense
Add: Write off of debt discount and deferred financing fees
Less: Interest Income
Add: Income Tax Expense
Add: Depreciation Expense
Add: Amortization Expense
EBITDA
Adjustments
Stock appreciation rights
Redeemable noncontrolling interests
Equity-based compensation
Severance and other permitted costs
Transaction costs (acquisition and other)
(Gain) loss on disposal of assets
Effects of fair value adjustments to inventory
Gain on legal settlement
Debt transaction costs
Total Adjustments
Adjusted EBITDA (as reported)
Net Sales
Adjusted EBITDA Margin
GMS
GYPSUM MANAGEMENT & SUPPLY, INC.
(A)
(B)
(F)
(G)
(H)
Reconciliation
1Q23
$
14,661
89,470 $ 103,153 $ 64,775
(56)
2Q23
2,344
495
3,132
352
386
(284)
44
6,469
16,055
(180)
23,697
32,030
35,995
14,993
15,058
15,162
17,447
17,168
16,257
168,545 $ 187,275 Ș 136,654
(154)
3,230
340
3Q23
3,781
379
292
81
135
8,238
16,943
314
368
3,285
(315)
476
(411)
457
4,174
4Q23
$1,359,553 $1,430,979 $1,234,618
12.9%
13.7%
11.4%
$ 75,593
18,184
(897)
22,790
15,964
14,858
1,815
(25)
3,019
2,372
807
(799)
487
173
7,849
FY23
(1,287)
114,512
61,177
65,730
146,492 $ 638,966 $ 165,423
$1,304,102
11.8%
$ 332,991 $ 86,830
65,843
7,703
1,178
13,217
2,788
1,961
1Q24
(1,413)
1,123
18,914
1,401
$5,329,252
12.5%
(474)
26,734
16,327
15,691
1,218
480
3,304
406
1,385
$ 175,014 Ș 195,513 $ 140,828 $ 154,341 $ 665,696 $ 173,298
(131)
302
173
911
$ 26,730 $ 7,875
$1,409,600
12.3%
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 awards
D. Represents severance expenses and other
costs permitted in calculations under the ABL
Facility and the Term Loan Facility
E. Represents one-time costs related to
acquisitions paid to third parties
F. Includes gains and losses from the sale and
disposal of assets
G. Represents the non-cash cost of sales
impact of purchase accounting adjustments
to increase inventory to its estimated fair
value
H. Represents expenses paid to third party
advisors related to debt refinancing activities
21View entire presentation