GMS Results Presentation Deck
Quarterly Net Income to 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
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
$ 89,470
14,661
(56)
32,030
14,993
17,447
$ 168,545
2,344
495
3,132
352
386
(284)
44
2Q23
$ 103,153
16,055
(154)
35,995
15,058
17,168
3,230
340
3,781
379
292
81
135
3Q23
$ 6,469 $ 8,238 $
16,943
(180)
23,697
15,162
16,257
$ 64,775 $ 75,593 $ 332,991 $ 86,830 $ 80,957
314
368
3,285
4Q23
(315)
476
$ 187,275 $ 136,654 $ 146,492 $ 638,966
(411)
457
18,184
(897)
22,790
15,964
14,858
1,815
(25)
3,019
2,372
807
(799)
487
173
4,174 $ 7,849
FY23
$ 175,014 $ 195,513 $ 140,828 $ 154,341
$1,359,553 $1,430,979 $1,234,618 $1,304,102
12.9%
13.7%
11.4%
11.8%
65,843
(1,287)
114,512
61,177
65,730
7,703
1,178
13,217
2,788
1,961
(1,413)
1,123
173
$ 26,730
$ 665,696
1Q24
$5,329,252
12.5%
18,914
1,401
(474)
1,218
480
3,304
406
1,385
(131)
302
26,734
27,205
16,327
16,963
15,691
15,974
$ 165,423 $ 159,549
911
$ 7,875
2Q24
$ 173,298
$1,409,600
12.3%
18,742
(292)
401
184
5,111
882
1,223
(310)
140
378
$ 8,009
$ 167,558
$1,420,930
11.8%
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
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
14View entire presentation