GMS Results Presentation Deck
Net Income to Pro Forma Adjusted EBITDA
($ 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
Impairment of goodwill
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
Change in fair value of financial instruments
Secondary public offerings
Debt transaction costs
Total Adjustments
Adjusted EBITDA (as reported)
Contributions from acquisitions
Pro Forma Adjusted EBITDA
Net Sales
Adjusted EBITDA margin (as reported)
GMS
GYPSUM MANAGEMENT & SUPPLY, INC.
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
(1)
(J)
$ 308,155
$
$
2Q24 LTM
$
72,783
1,401
(1,843)
100,426
64,416
62,780
608,118
3,748
1,007
14,719
3.345
3,891
(1,651)
1,386
1,462
27,907
636,025
$
$5,369,250
11.8%
$
2023
$
Reconciliation
332,991
(1,287)
114,512
61,177
65,730
$ 638,966
65,843
7,703
1,178
13,217
2,788
1,961
(1,413)
1,123
173
26,730
11,386
9,535
$ 647,411 $ 675,231
$
$5,329,252
12.5%
$
$
2022
273,442
58,097
(163)
91,377
55,437
63,795
541,985
4,403
1,983
10,968
1,132
3,545
(913)
3,818
665,696 $ 566,921
24,936
$
$4,634,875
12.2%
$
$
$
21,348
$ 588,269 $
2021
105,560
53,786
4,606
(86)
31,534
50,480
57,645
303,525
3,173
1,288
8,442
2,948
1,068
(1,011)
788
(1,382)
$
$
532
15,846 $
$3,298,823
9.7%
319,371 $
4,948
324,319 $
2020
23,381 $
67,718
1,331
(88)
22,944
51,332
65,201
231,819
63,074
1,572
520
7,060
5,733
2,414
658
575
(14,029)
363
67,940
$
$3,241,307
9.2%
$
299,759 $
1,480
301,239 $
2019
56,002
73,677
(66)
14,039
46,456
71,003
261,111
2,730
1,188
3,906
8,152
7,858
(525)
4,176
6,395
678
34,558
6,717
302,386
$
$3,116,032
9.5%
$
295,669 $
$
$
2018
62,971 $
31,395
74
(177)
20,883
24,075
41,455
180,676 $
2,318
1,868
1,695
581
3,370
(509)
324
6,125
1,525
1,285
18,582 $
199,258 $
1,280
200,538 $
$2,511,469
7.9%
2017
48,886
29,360
7,103
(152)
22,654
25,565
43,675
177,091
148
3,536
2,534
(157)
2,249
(338)
946
382
1,385
265
11,138
188,229
9,500
197,729
$2,319,146
8.1%
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 certain other
cost adjustments as permitted under the ABL Facility
and the Term Loan Facility
E. Represents one-time costs related to our initial public
offering and acquisitions paid to third party advisors
as well as costs related to the retirement of corporate
stock appreciation rights
F. Represents the non-cash cost of sales impact of
purchase accounting adjustments to increase
inventory to its estimated fair value
G. Represents mark-to-market adjustments for
derivative financial instruments
H. Represents one-time costs related to our secondary
offerings paid to third party advisors
I.
Represents expenses paid to third party advisors
related to debt refinancing activities
J.
Pro form a impact of earnings from acquisitions from
the beginning of the LTM period to the date of
acquisition, including synergies
15View entire presentation