Financial Data and Key Metrics Changes - The company reported net sales of $473.9 million, a decline of 15.6% compared to the prior year [6][13] - Adjusted EBITDA increased by 7% to $72.3 million, representing 15.3% of net sales [8][15] - Reported EPS was $1.85, while adjusted EPS was $2.36, showing an increase from $2.24 in the previous year [8][14] - Gross profit margin improved by 420 basis points to 21.8% from 17.6% year-over-year [13][14] - Free cash flow totaled $109.9 million year-to-date, up from $44.4 million in the prior year [16] Business Line Data and Key Metrics Changes - New construction sales declined by 11.1% year-over-year [6][13] - Remodel net sales, which includes home centers and independent dealers, decreased by 18.8% [13] - Home center business was down 18.3%, while dealer and distributor business saw a 20% decline [7][13] Market Data and Key Metrics Changes - The company is strategically aligned with 19 of the top 20 national builders, indicating a strong market position despite the downturn [7] - Macroeconomic factors such as interest rates and housing affordability are impacting new construction and remodel demand [6][7] Company Strategy and Development Direction - The company’s strategy focuses on three main pillars: growth, digital transformation, and platform design [10] - Plans include launching a low SKU, high-value offering targeting professionals and a new brand for distribution customers [10] - Ongoing digital transformation efforts include ERP implementation and website enhancements [10][11] Management's Comments on Operating Environment and Future Outlook - Management expects low double-digit declines in net sales for fiscal year 2024, influenced by economic growth trends and consumer behavior [18] - Adjusted EBITDA expectations have been raised to a range of $235 million to $250 million due to strong operational performance [18] - The company anticipates challenges in the remodel market but sees potential for slight growth in new construction in 2024 [58] Other Important Information - The company has a cash balance of $96.4 million and access to an additional $323.2 million under its revolving credit facility [9][17] - A new $125 million share repurchase program has been authorized, replacing the previous program [9][17] Q&A Session Summary Question: Insights on in-stock and made-to-order categories in R&R - Management noted negative trends in both categories, with made-to-order being more severely impacted [22][23] Question: Trade-down effects in new construction - Management indicated they are not seeing significant trade-down pressures, focusing on maintaining a positive mix [24][25] Question: Clarification on raised EBITDA guidance - The raised EBITDA guidance is primarily based on first-half performance, with uncertainty remaining for the second half [27][30] Question: Input costs and trends - Raw material costs have stabilized, but there is upward pressure on labor and transportation costs [34][35] Question: Operational efficiencies and supply chain stabilization - Supply chain stability has improved, and there are ongoing opportunities for operational excellence [41][42] Question: Expectations for third and fourth quarters - The third quarter is expected to be similar to the second, with potential for improved comparisons in the fourth quarter [44] Question: Builder customer affordability and home sizes - Builders are adjusting home sizes to create more affordable products, but kitchen cabinetry demand remains stable [46][48] Question: Outlook for 2024 - There is a wide range of expectations among builders for 2024, with some projecting slight growth [58]

Financial Performance - Net sales for the three months ended October 31, 2023, were $473.867 million, a decrease of 15.6% compared to $561.499 million in the same period of 2022[11] - Gross profit for the six months ended October 31, 2023, was $212.768 million, representing a 14.7% increase from $185.481 million in the same period of 2022[11] - Net income for the three months ended October 31, 2023, was $30.341 million, an increase of 5.4% from $28.784 million in the same period of 2022[14] - For the six months ended October 31, 2023, net income was $68,191,000, up from $48,854,000 in the prior year, reflecting a growth of 39.6%[38] - The company reported a total comprehensive income of $29.355 million for the three months ended October 31, 2023, down from $34.049 million in the same period of 2022[14] Assets and Liabilities - Total current assets as of October 31, 2023, were $402.065 million, up from $368.255 million as of April 30, 2023, reflecting an increase of 9.2%[7] - Total liabilities as of October 31, 2023, were $638.490 million, compared to $636.686 million as of April 30, 2023, indicating a slight increase of 0.3%[8] - The company’s total assets as of October 31, 2023, were $1.534 billion, a slight increase from $1.518 billion as of April 30, 2023[8] - Total current liabilities as of October 31, 2023, were $181.489 million, an increase from $178.124 million as of April 30, 2023[8] - Total shareholders' equity as of October 31, 2023, was $895.580 million, up from $873.788 million as of April 30, 2023[8] Cash Flow - The company reported a net cash provided by operating activities of $143,722,000 for the three months ended October 31, 2023, compared to $55,426,000 for the same period in 2022, indicating a significant increase of 158.5%[24] - Cash and cash equivalents increased to $96.381 million as of October 31, 2023, from $41.732 million as of April 30, 2023, marking a significant increase of 130.5%[7] - Cash and cash equivalents at the end of the period were $96,381,000, compared to $44,834,000 at the end of the same period in 2022, representing a 115.5% increase[26] Expenses - Selling and marketing expenses decreased to $22.685 million for the three months ended October 31, 2023, down from $24.651 million in the same period of 2022, a reduction of 8.0%[11] - The company recorded stock-based compensation expense of $4,402,000 for the three months ended October 31, 2023, compared to $3,389,000 for the same period in 2022, an increase of 29.8%[24] - Stock-based compensation expense for the six months ended October 31, 2023, was $4,402,000, compared to $3,389,000 in the same period of 2022, reflecting a 29.8% increase[24] Earnings Per Share - The basic net earnings per share for the three months ended October 31, 2023, was $1.86, compared to $1.73 for the same period in 2022, representing a growth of 7.5%[38] - The diluted net earnings per share for the six months ended October 31, 2023, was $4.13, compared to $2.94 for the same period in 2022, indicating an increase of 40.7%[38] - Basic net earnings per share for the six months ended October 31, 2023, was $4.16, up from $2.94 in 2022, indicating a 41.5% increase[39] Inventory and Receivables - Net customer receivables as of October 31, 2023, were $120.742 million, up from $119.163 million as of April 30, 2023, indicating a 1.3% increase[44] - Total inventories decreased to $162.062 million as of October 31, 2023, down from $190.699 million as of April 30, 2023, reflecting a 15.1% decline[46] Debt and Financing - The Company has a $500 million revolving loan facility with $206.3 million outstanding as of October 31, 2023, leaving approximately $323.2 million in available capacity[58] - The Company has $206.3 million outstanding on the Term Loan Facility and $163.8 million on the Revolving Facility as of October 31, 2023, with approximately $323.2 million available under the Revolving Facility[58] Tax and Compliance - The effective income tax rates for the three- and six-month periods ended October 31, 2023, were 25.0% and 23.3%, respectively, compared to 25.2% and 25.1% in the same periods of the previous year[67] - The Company was in compliance with all covenants included in the amended and restated credit agreement as of October 31, 2023[61] Customer Concentration - Customer A and Customer B represented 32.3% and 18.4% of the Company's gross customer receivables, respectively, as of October 31, 2023[71] - Customer A accounted for 27.9% of net sales for the three-month period ended October 31, 2023, while Customer B accounted for 13.0%[72]

Financial Data and Key Metrics Changes - Net sales for Q1 2024 were $498.3 million, a decline of 8.2% compared to the previous year [6][12] - Adjusted EBITDA increased by 33% to $75.2 million, representing 15.1% of net sales [8][15] - Reported EPS was $2.28, while adjusted EPS was $2.78, up from $1.71 in the prior year [8][15] - Gross profit margin improved to 22%, up 600 basis points from 16% in the same quarter last year [13] - Free cash flow totaled $72.5 million, compared to $32.7 million in the prior year [16] Business Line Data and Key Metrics Changes - New construction sales declined by 6.4% year-over-year [6][12] - Revenue from remodel, including home center and independent dealer businesses, decreased by 9.5% [7][12] - Home center business saw a decline of 12.8% compared to the previous year [7][12] - Dealer/distributor business experienced a slight increase of 0.1% year-over-year [8][12] Market Data and Key Metrics Changes - Cancellations in new construction are holding in the historic range of 14% to 16% [6] - Demand trends for made-to-order and stock kitchen business have slowed due to lower in-store traffic [7] - The company expects low double-digit declines in net sales for fiscal year 2024, influenced by overall industry economic growth trends [17] Company Strategy and Development Direction - The company’s strategy focuses on three main pillars: growth, digital transformation, and platform design [9][10] - New operational locations in Hamlet, North Carolina, and Monterrey, Mexico are expected to enhance capacity in stock kitchen and bath cabinetry [18] - Capital allocation priorities include investing in plant expansions and digital transformation initiatives [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the outlook for repair and remodel demand is softer than originally anticipated, while new construction demand shows slight improvement [9][17] - The company plans to appeal a $4.9 million tariff charge incurred during the quarter [15] - Management expressed confidence in the operational efficiencies and stability of the supply chain contributing to improved financial performance [16][19] Other Important Information - The company repurchased 328,000 shares during the quarter, representing about 2% of outstanding shares [9][17] - Net leverage was reduced to 1.9 times adjusted EBITDA, with a significant improvement from 2.8 times in the prior fiscal year [16] Q&A Session Summary Question: Can you discuss the repair and remodel side and what's driving lower in-store traffic rates? - Management expects sales to decline in both channels, attributing lower in-store traffic to smaller-sized projects and overall market conditions [22][24] Question: What is your sense of inventory levels today? - Inventories are stabilizing, with room for improvement, and free cash flow is expected to remain strong for the year [25][26] Question: What are your expectations for input costs for the balance of the fiscal year? - Relief is seen in hardwood lumber costs, but upward pressure remains on plywood, paint, hardware, and labor costs [30] Question: Can you walk through the drivers helping gross margin in the quarter? - Key drivers include better pricing matching inflation, operational efficiencies, and stability in the supply chain [34][35] Question: How do you see the new facilities' costs evolving? - The costs are expected to be a pressure this year but should normalize as the facilities become fully utilized [37][38] Question: What is driving the increase in the margin guide? - The increase is attributed to better-than-expected first-quarter performance, pricing, and operational improvements [39][40] Question: Can you discuss destocking at the home centers? - Management believes there is an opportunity to increase in-store inventory levels to support product availability [43][44] Question: Are there differences in order activity based on the size of builders? - Larger builders are more optimistic about their expectations compared to smaller builders, with regional variations noted [50]

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, 2023 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock AMWD NASDAQ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2023 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 Ame ...

American Woodmark Corporation (NASDAQ:AMWD) Q4 2023 Earnings Conference Call May 25, 2023 11:00 AM ET Company Participants Paul Joachimczyk - SVP and CFO Scott Culbreth - President and CEO Conference Call Participants Adam Baumgarten - Zelman Garik Shmois - Loop Capital Collin Verron - Jefferies Tim Wojs - Baird Julio Romero - Sidoti Operator Good day, and welcome to the American Woodmark Corporation Fourth Fiscal Quarter 2023 Conference Call. Today's call is being recorded, May 25, 2023. During this call, ...

American Woodmark Corporation (NASDAQ:AMWD) Q3 2023 Earnings Conference Call February 28, 2023 11:00 AM ET Company Participants Paul Joachimczyk - Senior Vice President and Chief Financial Officer Scott Culbreth - President and Chief Executive Officer Conference Call Participants Adam Baumgarten - Zelman Garik Shmois - Loop Capital Steven Ramsey - Thompson Research Group Tim Wojs - Baird Collin Verron - Jefferies Operator Good day, and welcome to the American Woodmark Corporation Third Fiscal Quarter 2023 C ...

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 January 31, 2023 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 ...

American Woodmark Corporation (NASDAQ:AMWD) Q2 2023 Earnings Conference Call November 22, 2022 11:00 AM ET Company Participants Paul Joachimczyk - SVP & CFO Scott Culbreth - President & CEO Conference Call Participants Adam Baumgarten - Zelman Tim Wojs - Baird Collin Verron - Jefferies Steven Ramsey - Thompson Research Group Julio Romero - Sidoti & Company Joseph Ahlersmeyer - Deutsche Bank Jeffrey Stevenson - Loop Capital Operator Good day, and welcome to the American Woodmark Corporation Second Fiscal Qua ...