American Woodmark Corporation (NASDAQ:AMWD) Q4 2021 Earnings Conference Call May 27, 2021 11:00 AM ET Company Participants Scott Culbreth - President and Chief Executive Officer Paul Joachimczyk - Vice President and Chief Financial Officer Conference Call Participants Trevor Allinson - Wolfe Research Garik Shmois - Loop Capital Collin Verron - Jefferies Steven Ramsey - Thompson Research Group Justin Speer - Zelman Josh Chan - Baird Julio Romero - Sidoti Operator Good day and welcome to the American Woodmark ...

American Woodmark Corporation (NASDAQ:AMWD) Q3 2021 Results Earnings Conference Call February 25, 2021 11:00 AM ET Company Participants Paul Joachimczyk - Vice President and Chief Financial Officer Scott Culbreth - President and Chief Executive Officer Conference Call Participants Garik Shmois - Loop Capital Tim Wojs - Baird Justin Speer - Zelman & Associates Operator Good day, and welcome to the American Woodmark Corporation's Third Fiscal Quarter 2021 Conference Call. Today's call is being recorded Februa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock AMWD NASDAQ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock AMWD NASDAQ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Num ...

American Woodmark Corporation (NASDAQ:AMWD) Q1 2021 Earnings Conference Call August 25, 2020 11:00 AM ET Company Participants Paul Joachimcyzk - Vice President and Chief Financial Officer Scott Culbreth - President and Chief Executive Officer Conference Call Participants Garik Shmois - Loop Capital Markets LLC Truman Patterson - Wells Fargo Securities, LLC Steven Ramsey - Thompson Research Group David MacGregor - Longbow Research Julio Romero - Sidoti & Company Josh Chan - Robert W. Baird & Co. Justin Speer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number: 000-14798 American Woodmark Corporation (Exact name of registrant as specified in its charter) | --- | --- | --- | |-- ...

Financial Data and Key Metrics Changes - Net sales for the fourth fiscal quarter were $399 million, a decrease of 2% compared to the same period last year [25] - Adjusted net income was $22.5 million, or $1.33 per diluted share, down from $31.5 million, or $1.87 per diluted share in the previous year [25] - Adjusted EBITDA was $53.4 million, or 13.4% of net sales, compared to $63.8 million, or 15.7% of net sales for the same quarter last year [25][28] - Gross profit margin for the fourth quarter was 18.9%, down from 21.4% in the same quarter last year [28] Business Line Data and Key Metrics Changes - New construction sales increased by 4.6% year-over-year, while the remodel business revenue decreased by 5.8% [27] - Home center business was down 6.3%, and dealer/distributor business decreased by 4.2% [27][14] - Stock kitchen business performed well, comping double digits for the quarter despite operational disruptions [14] Market Data and Key Metrics Changes - The overall market activity in single-family homes was up 21% for the financial fourth quarter, but single-family completions were only up 3% [26] - Builders reported a decline in new starts, with variations by region, particularly focusing on first-time homebuyers and lower price point homes [10][11] Company Strategy and Development Direction - The company aims to leverage its builder and stock platforms while managing costs effectively during the pandemic [22][20] - There is a focus on digital transformation and improving customer experience to adapt to changing consumer preferences [66] - The acquisition of RSI is expected to enhance the company's product offerings in retail and new construction [20] Management's Comments on Operating Environment and Future Outlook - The management expressed uncertainty in forecasting due to the macroeconomic impact of COVID-19, with expectations of a 15% to 20% revenue decline in the first fiscal quarter [22][32] - There is optimism regarding the recovery of the housing market, particularly in the new construction segment, as inventory levels remain low [11][21] - The company is prepared to adapt quickly to changes in demand and market conditions [19] Other Important Information - Free cash flow totaled $136.8 million for the fiscal year, with $96 million in debt paid down [18][31] - The company faced challenges from tariffs, particleboard supply disruptions, and costs related to the temporary suspension of operations [28][31] Q&A Session All Questions and Answers Question: How should we think of the operational costs going forward? - Management indicated that tariffs will start to ease, and particleboard supply disruption costs are expected to reduce significantly [36] Question: How has industry pricing and promotional activity trended? - Pricing has remained stable, with no significant declines anticipated in the near term [38] Question: How has the professionally installed business trended? - The business has faced challenges due to homeowners' reluctance to allow contractors into their homes, impacting the R&R market [40] Question: Can you provide more granularity on the expected sales decline in Q1? - Management noted that new construction remains strong, but there is uncertainty regarding the timing of sales relative to housing starts [44][50] Question: What are the expectations for raw material costs in the year ahead? - Raw material costs are expected to remain stable, with some categories showing slight improvements [73] Question: Are there any labor availability issues within production? - The company has managed to maintain operations without significant labor shortages, as they were deemed essential and did not shut down [75]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The financial statements detail the company's financial position, operations, and cash flows, noting increased assets, reduced long-term debt, and the adoption of ASC 842 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2020 | Apr 30, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1,593,834** | **$1,529,931** | | Cash and cash equivalents | $47,063 | $57,656 | | Inventories | $121,930 | $108,528 | | Goodwill | $767,612 | $767,612 | | **Total Liabilities** | **$904,549** | **$909,578** | | Long-term debt, less current maturities | $600,573 | $689,205 | | **Total Shareholders' Equity** | **$689,285** | **$620,353** | - The company adopted the new lease standard, resulting in the recognition of **$90.5 million** in Operating lease right-of-use assets and corresponding short-term (**$20.8 million**) and long-term (**$73.3 million**) lease liabilities as of January 31, 2020[7](index=7&type=chunk) [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Three Months Ended January 31 (in thousands) | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $395,755 | $384,080 | 3.0% | | Gross Profit | $72,348 | $76,853 | (5.9)% | | Operating Income | $24,033 | $27,150 | (11.5)% | | **Net Income** | **$12,804** | **$18,409** | **(30.4)%** | | Diluted EPS | $0.75 | $1.07 | (29.9)% | Nine Months Ended January 31 (in thousands) | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Net sales | $1,251,136 | $1,237,920 | 1.1% | | Gross Profit | $253,917 | $259,351 | (2.1)% | | Operating Income | $105,339 | $103,141 | 2.1% | | **Net Income** | **$61,848** | **$61,664** | **0.3%** | | Diluted EPS | $3.65 | $3.53 | 3.4% | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Nine Months Ended January 31 (in thousands) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $112,208 | $137,950 | | Net cash used by investing activities | ($30,213) | ($31,299) | | Net cash used by financing activities | ($92,588) | ($143,052) | | **Net decrease in cash and cash equivalents** | **($10,593)** | **($36,401)** | - The decrease in cash from financing activities was primarily due to no stock repurchases in the first nine months of fiscal 2020, compared to **$41.0 million** in repurchases in the same period of fiscal 2019[14](index=14&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company adopted the new lease accounting standard (ASU 2016-02) on May 1, 2019, recognizing operating lease assets and liabilities of **$80.4 million** upon adoption[24](index=24&type=chunk) Revenue by Sales Channel - Nine Months Ended Jan 31 (in thousands) | Channel | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | Home center retailers | $579,443 | $587,592 | (1.4)% | | Builders | $512,513 | $482,023 | 6.3% | | Independent dealers and distributors | $159,180 | $168,305 | (5.4)% | | **Total Net Sales** | **$1,251,136** | **$1,237,920** | **1.1%** | - The company has significant customer concentration risk, with its two largest customers (A and B) representing **30.3%** and **24.5%** of gross customer receivables, respectively, at January 31, 2020[58](index=58&type=chunk) - As of January 31, 2020, the company had **$250 million** outstanding on its term loans and **$350 million** in 4.875% Senior Notes due 2026. The company was in compliance with all debt covenants[46](index=46&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q3 FY2020 net sales grew 3.0% but gross margin declined due to operational issues and tariffs, with full-year sales growth expected to be low single-digit [Overview and Results of Operations](index=23&type=section&id=Overview%20and%20Results%20of%20Operations) Q3 FY2020 Performance vs. Q3 FY2019 (in thousands) | Metric | Q3 FY2020 | Q3 FY2019 | % Change | | :--- | :--- | :--- | :--- | | Net Sales | $395,800 | $384,100 | 3.0% | | Gross Profit | $72,300 | $76,900 | (5.9)% | | Gross Margin | 18.3% | 20.0% | (170 bps) | | Net Income | $12,800 | $18,400 | (30.4)% | - Sales growth was driven by a **5.3%** increase in the new construction channel, while remodeling sales (home center and dealer channels combined) grew **1.6%**[80](index=80&type=chunk)[81](index=81&type=chunk) - The decline in Q3 gross margin was attributed to operating inefficiencies, increased tariffs, costs from a particleboard supply disruption, and **$1.6 million** in duplicate rent and move costs for a California facility[84](index=84&type=chunk) [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 FY2020 | Q3 FY2019 | | :--- | :--- | :--- | | Net Income (GAAP) | $12,804 | $18,409 | | **Adjusted EBITDA (Non-GAAP)** | **$50,125** | **$52,196** | | Adjusted EBITDA Margin | 12.7% | 13.6% | Adjusted Net Income Reconciliation (in thousands, except per share data) | Metric | Q3 FY2020 | Q3 FY2019 | | :--- | :--- | :--- | | Net Income (GAAP) | $12,804 | $18,409 | | **Adjusted Net Income (Non-GAAP)** | **$21,987** | **$24,109** | | **Adjusted EPS per diluted share (Non-GAAP)** | **$1.30** | **$1.40** | [Outlook](index=27&type=section&id=Outlook) - The company expects to grow sales at a **low single-digit rate** for the full fiscal year 2020[100](index=100&type=chunk) - Adjusted EBITDA margins for fiscal 2020 are expected to **decrease slightly** compared to the prior year, primarily due to ongoing tariff costs and particleboard pricing/transportation costs[100](index=100&type=chunk) - The new residential construction business is expected to grow **faster than the market rate** due to continued market share gains[99](index=99&type=chunk) [Particleboard Supply Disruption](index=27&type=section&id=Particleboard%20Supply%20Disruption) - A catastrophic fire at a key supplier's plant in May 2019 is causing **higher costs** for particleboard[101](index=101&type=chunk) - The company incurred net costs of **$3.0 million** for the nine months ended Jan 31, 2020, related to the disruption. It expects an ongoing negative impact of **$1.5 to $1.9 million** per quarter until resolved[102](index=102&type=chunk) - The company received a **$5 million** insurance reimbursement during the nine-month period, which is the limit of its business interruption coverage[103](index=103&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - Total long-term debt decreased by **$88.6 million** to **$602.9 million** at January 31, 2020, from April 30, 2019[104](index=104&type=chunk) - Cash provided by operating activities for the first nine months of fiscal 2020 was **$112.2 million**, a decrease from **$138.0 million** in the prior-year period[111](index=111&type=chunk) - The Board of Directors authorized a new stock repurchase program of up to **$50 million** on August 22, 2019. No shares were repurchased during the quarter ended January 31, 2020[114](index=114&type=chunk)[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from inflation, commodity prices, variable interest rates, and foreign currency, with a 100 basis point interest rate increase impacting annual expense by **$2.5 million** - The company is subject to interest rate risk on its variable-rate debt. A hypothetical **100 basis point** increase in the variable interest rate would increase annual interest expense by approximately **$2.5 million**[119](index=119&type=chunk) - The company uses foreign exchange forward contracts to manage currency risk from transactions denominated in foreign currencies, primarily the Mexican peso[120](index=120&type=chunk)[22](index=22&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of January 31, 2020, due to a material weakness in IT controls at the acquired RSI business, with a remediation plan in progress - The CEO and CFO concluded that disclosure controls and procedures were **not effective** as of January 31, 2020[122](index=122&type=chunk) - The ineffectiveness is due to a **material weakness** in internal control over financial reporting involving general information technology controls (GITCs) related to the acquired RSI business[122](index=122&type=chunk) - The company is implementing a remediation plan and expects it to be completed prior to the end of fiscal 2020[123](index=123&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various routine lawsuits and claims incidental to its business, none of which are considered material - The Company is involved in various suits and claims in the normal course of business, which are considered ordinary, routine litigation incidental to its business and are **not deemed material**[125](index=125&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes to 10-K risk factors, except for a revised global operations risk detailing international manufacturing and sourcing disruptions, including tariffs and the coronavirus response - No material changes from the risk factors disclosed in the Annual Report on Form 10-K, except for **one revised factor**[126](index=126&type=chunk) - The revised risk factor details risks associated with manufacturing internationally (Mexico) and sourcing raw materials globally (Asia), including tariffs, trade disputes, and compliance with foreign laws[126](index=126&type=chunk)[129](index=129&type=chunk) - A new point was added to the list of international sourcing risks: 'countries taking steps that disrupt supply chains and worker and customer activity, including closing borders and implementing quarantines, for public health reasons or otherwise, such as the on-going response to coronavirus'[129](index=129&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and the Interactive Data File (Inline XBRL) - Lists exhibits filed with the report, including Certifications of the CEO and CFO pursuant to Exchange Act rules and the Sarbanes-Oxley Act of 2002[131](index=131&type=chunk) - Includes the Interactive Data File (Inline XBRL) for the financial statements and notes[131](index=131&type=chunk) [Signatures](index=32&type=section&id=SIGNATURES)

American Woodmark Corporation (NASDAQ:AMWD) Q3 2020 Results Conference Call February 25, 2020 11:00 AM ET Company Participants Scott Culbreth - Senior Vice President and Chief Financial Officer Cary Dunston - Chairman and Chief Executive Officer Conference Call Participants Garik Shmois - Loop Capital Steven Ramsey - Thompson Research Group Tim Wojs - Baird David MacGregor - Longbow Research Justin Speer - Zelman and Associates Operator Good day, and welcome to the American Woodmark Corporation Third Quart ...