智通财经APP获悉，QXO 公司(QXO.US)表示，已向 GMS 公司(GMS.US)发函提议以约 50 亿美元的价 格收购这家建筑产品经销商。根据周三发布的一份声明，每股 95.20 美元的报价较 GMS 过去 60 天的成 交量加权平均价格 74.82 美元高出 27%。 QXO首席财务官Ihsan Essaid在信中写道："我们不搞花招——我们直截了当，行动迅速。本着这种精 神，我们提出了一个极具吸引力的报价，且价格处于我们估值范围的上限。" 位于佐治亚州塔克市的 GMS 公司的股票在周三收涨近 11%，至每股 81.01 美元，使公司的市值达到 31 亿美元。截至发稿，GMS股价盘后进一步上涨17.27%，达到每股约 95 美元。 QXO 在周三的信中称，在收购 Beacon Roofing后，QXO 成为了美国最大的上市建筑产品分销商(包括屋 顶材料、防水材料及配套建筑产品)。今年，QXO 的股价已上涨 42%，使其市值接近 130 亿美元。QXO 股价周三收涨11.66%。 QXO 在信中表示，只要保密协议中不包含会妨碍其直接向 GMS 股东提出该收购提议的"暂停条款"，它 就愿意签署该协议。 ...

Table of Contents 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, 2025 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: 001-37784 ______________________________________________________________ GMS INC. (Exact name of registrant as specified in its char ...

GMS (GMS) Q4 2025 Earnings Call June 18, 2025 08:30 AM ET Company Participants Carey Phelps - VP - IRJohn Turner - President & CEOScott Deakin - SVP & CFOMichael Dahl - Managing Director Conference Call Participants David Manthey - Senior Research AnalystMatthew Bouley - Senior Equity Research AnalystBrian Biros - Equity AnalystKurt Yinger - SVP & Research Analyst Operator Greetings, and welcome to GMS Inc. Fourth Quarter Fiscal Year twenty twenty five Earnings Conference Call. At this time, all participant ...

Financial Data and Key Metrics Changes - For the full year, net sales were $5.5 billion, a marginal increase compared to the prior year, driven by contributions from recent acquisitions [5] - Organic sales for the year were $5.2 billion, down 5.4% on a same-day basis compared to the prior year [6] - Net income for the full year was $115.5 million, including a $42.5 million non-cash goodwill impairment charge [6] - Adjusted EBITDA was $500.9 million, and free cash flow for the year was $336.1 million, representing 67% of adjusted EBITDA [6] - In the fourth quarter, net sales were $1.3 billion, with organic sales declining 8.3% per day [7][17] - Net income for the fourth quarter was $26.1 million, and adjusted EBITDA was $109.8 million [7][31] - Free cash flow generated during the quarter was $183.4 million, or 167% of adjusted EBITDA, marking the highest level of quarterly free cash flow conversion in the company's history [7][32] Business Line Data and Key Metrics Changes - Ceilings saw volume improvement during the quarter, benefiting from the addition of CAMCO and a focus on architectural specialties projects [8][9] - Wallboard sales for the quarter were $526.6 million, down 10.1% year-over-year, with a 12.1% decrease in volume partially offset by a 1% increase in price and mix [21][22] - Steel framing sales were $189.2 million, down 14.2% for the quarter, with volumes down 2.6% and price and mix down 10.2% [25] - Complementary product sales were nearly flat year-over-year, up 1.4% on a per-day basis, representing the twentieth consecutive quarter of per-day growth in this category [26] Market Data and Key Metrics Changes - Wallboard industry volumes were down 10% in the first calendar quarter, with high interest rates and policy uncertainty being primary impediments to growth [11] - U.S. residential revenues declined 6% per day compared to the prior year, with single-family volumes down 1.9% per day [20][21] - Multifamily revenues fell 32.4% and commercial revenues fell 10.1% on a per-day basis [20] - The company expects to slightly outpace normal seasonal trends in wallboard volumes for the fiscal first quarter [12] Company Strategy and Development Direction - The company is focused on four strategic pillars: expanding share in core products, growing complementary products, expanding the platform, and driving improved productivity and profitability [15] - A significant cost savings program has been executed, achieving $25 million in annualized cost savings in the fiscal fourth quarter, totaling $55 million for the year [16][18] - The company aims to maintain a disciplined approach to capital allocation, balancing stock buybacks with debt reduction while pursuing attractive M&A opportunities [34] Management's Comments on Operating Environment and Future Outlook - Management is cautiously optimistic about nearing the bottom of the cycle, with expectations for recovery tied closely to mortgage rates and the broader macroeconomic environment [10][35] - The company anticipates that pent-up demand will materialize when conditions improve, with expectations for single-family volumes to be flat to slightly up year-over-year for the fiscal first quarter [36] - Management acknowledges the need for market recovery to achieve long-term margin targets of 10% to 12% [62] Other Important Information - The company reduced net debt by more than 10% during the quarter, maintaining a leverage ratio within the target range of 1.5 to 2.5 times [16] - Cash on hand as of April 30 was $55.6 million, with $631.3 million of available liquidity under the revolving credit facility [32] Q&A Session Summary Question: Can you elaborate on the sequential organic trends and why they might improve? - Management noted improvements primarily in the single-family market and share gains with larger customers, contributing to a more positive outlook [44] Question: What technology and efficiency optimization efforts are being implemented? - The company has continued to invest in digital initiatives, including e-commerce and automation, which have contributed to cost reductions and improved efficiencies [48][49] Question: How does the company view the single-family market dynamics and share gains? - Management indicated that they are leveraging scale to support builder partners and have gained share through strong relationships and geographic focus [56][58] Question: What is the expected timeline for seeing start activity flow into shipments? - Typically, there is a three to six-month lead time for production large builder focus, with visibility comfortable for the current quarter [72] Question: How permanent are the recent cost reductions? - Management estimates that about 50% of the cost reductions are permanent, while the other 50% may return with volume recovery [77]

Q4 FY2025 Earnings Call June 18, 2025 Safe Harbor and Basis of Presentation Forward-Looking Statement Safe Harbor — This presentation includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "anticipate," "believe," "confident," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," or ...

Exhibit 99.1 GMS Reports Fourth Quarter and Fiscal Year 2025 Results Resilient Pricing Despite Challenging and Uncertain End Market Conditions; Additional Structural Cost Reductions Realized Tucker, Georgia, June 18, 2025. GMS Inc. (NYSE: GMS), a leading North American specialty building products distributor, today reported financial results for the fourth quarter and fiscal year 2025 ended April 30, 2025. Fourth Quarter Fiscal 2025 Highlights (Comparisons are to the fourth quarter of fiscal 2024 unless oth ...

In its upcoming report, GMS (GMS) is predicted by Wall Street analysts to post quarterly earnings of $1.15 per share, reflecting a decline of 40.4% compared to the same period last year. Revenues are forecasted to be $1.3 billion, representing a year-over-year decrease of 8.2%.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period ...

Financial Data and Key Metrics Changes - The company reported net sales of $1.3 billion for Q3 2025, roughly flat compared to the same period a year ago, with organic sales declining by 6.7% [10][25] - Gross margin for the quarter was 31.2%, slightly down from 31.4% in the previous quarter and down from 33% a year ago [10][42] - Adjusted EBITDA decreased by 27.3% year-over-year to $93 million, with an adjusted EBITDA margin declining from 10.2% to 7.4% [48] Business Line Data and Key Metrics Changes - Wallboard sales dollars were $501.7 million, down 3.6% year-over-year, with a volume decline of 4.9% partially offset by a 1.3% increase in price and mix [33] - Complementary product sales grew 5.3% year-over-year to $398.6 million, marking the 19th consecutive quarter of growth, although organic sales decreased by 4.3% [40] - Steel framing sales were down 11.6% for the quarter, with a 6% decline in price and mix and a volume decline of 5.6% [37] Market Data and Key Metrics Changes - US commercial revenues were down 7.8% organically compared to last year, with the Architectural Billings Index indicating a decline for 17 out of the last 18 months [13] - In Canada, residential building permit activity ended 2024 on a high note, with a total value of permits reaching the highest level since 2017, indicating a more positive market compared to the US [20][32] - The company noted that multifamily revenues in the US were down 27% year-over-year, while single-family revenues were up 1.9%, leading to a total US residential sales dollar decline of 6.4% [31] Company Strategy and Development Direction - The company is focusing on four strategic pillars: expanding share in core products, growing complementary products, expanding the platform, and driving improved productivity and profitability [21] - The company is implementing an additional estimated $20 million in annualized cost reductions, bringing the total annualized run rate of cost reductions to $50 million since the start of the fiscal year [22] - The company remains confident in its ability to generate significant cash flow and maintain a solid balance sheet, positioning itself for long-term growth opportunities [22][63] Management's Comments on Operating Environment and Future Outlook - Management indicated that the challenging demand backdrop experienced in the last half of Q3 is expected to continue through the end of the fiscal year and likely beyond [55] - The company anticipates that the current macro conditions will persist through most of calendar 2025, but expects to see improvement in demand towards the end of 2025 and into 2026 [62] - Management expressed optimism about future growth, citing the need for affordable housing and the potential for recovery in the single-family market [19][62] Other Important Information - The company recognized a $42.5 million non-cash goodwill impairment charge during the quarter, contributing to a GAAP net loss of $21.4 million compared to net income of $51.9 million in the prior year [46] - Cash provided by operating activities for the quarter was $94.1 million, with free cash flow of $83.1 million, representing 89% of adjusted EBITDA for the quarter [50] Q&A Session Summary Question: Regarding steel pricing expectations - Management acknowledged that while there may be some inflation in steel prices, it is likely to occur post the current quarter due to existing inventory levels and demand conditions [67][68] Question: April quarter outlook and cost reductions - Management confirmed that the full run rate of the $20 million cost reductions will be realized in the first quarter of fiscal 2026, with some benefits expected in the current quarter [71][76] Question: Deterioration in commercial sectors - Management noted that the commercial sector is experiencing significant declines, particularly in retail and private financing projects, while data centers remain strong [82][84] Question: Ceiling pricing dynamics - Management indicated that the strong performance in ceiling pricing is due to a focus on architectural specialties and successful project closures, which are expected to continue [100][102] Question: Wallboard pricing and volume growth - Management stated that volume growth across any end market would be beneficial for pricing, with a particular emphasis on the single-family market as a key driver [109]

Financial Performance - Net sales for the three months ended January 31, 2025, were $1,260,710, a slight increase from $1,258,348 in the same period of 2024, representing a growth of 0.1%[19] - Gross profit for the three months ended January 31, 2025, was $393,090, down from $414,720 in the prior year, reflecting a decrease of 5.2%[19] - Operating income decreased significantly to $4,784 for the three months ended January 31, 2025, compared to $86,225 in the same period of 2024, a decline of 94.4%[19] - The company reported a net loss of $21,409 for the three months ended January 31, 2025, compared to a net income of $51,905 in the same period of 2024[19] - The company's Adjusted EBITDA for the three months ended January 31, 2025, was $93,041 thousand, down from $128,020 thousand for the same period in 2024, indicating a decrease of about 27.4%[100] - The company’s net income for the nine months ended January 31, 2025, was $89,375 thousand, compared to $219,692 thousand for the same period in 2024, reflecting a decline of approximately 59.3%[100] - Adjusted EBITDA of $391.1 million during the nine months ended January 31, 2025, a 16.6% decrease compared to the prior year, with Adjusted EBITDA as a percentage of net sales decreasing to 9.4%[120] Assets and Liabilities - Total assets as of January 31, 2025, were $3,793,036, a slight increase from $3,759,840 as of April 30, 2024[17] - Current liabilities decreased to $648,207 as of January 31, 2025, from $757,050 as of April 30, 2024, a reduction of 14.4%[17] - Long-term debt increased to $1,352,873 as of January 31, 2025, compared to $1,229,726 as of April 30, 2024, an increase of 10.0%[17] - The total stockholders' equity decreased to $1,393,608 as of January 31, 2025, from $1,460,521 as of April 30, 2024, a decline of 4.6%[17] Cash Flow and Investments - The company experienced a total cash flow from operating activities of $186,806 thousand for the nine months ended January 31, 2025, compared to $229,026 thousand for the same period in 2024[28] - Cash used in investing activities totaled $227,738 thousand for the nine months ended January 31, 2025, compared to $93,182 thousand in the prior year[28] - The company repurchased $138,902 thousand of common stock during the nine months ended January 31, 2025[28] - As of January 31, 2025, GMS Inc. had cash and cash equivalents of $59,029 thousand, down from $88,341 thousand at the end of the previous year[28] Acquisitions and Business Operations - On May 1, 2024, the Company acquired Howard & Sons Building Materials, Inc., expanding its distribution capabilities in California[43] - On July 2, 2024, the Company acquired Yvon Building Supply, Inc. and related entities for a total consideration of $239.0 million, including $212.4 million in cash and $26.6 million in contingent consideration[44][47] - The Company recorded $114.3 million in net sales and a net loss of $0.1 million from acquisitions made in fiscal 2025[46] - The company completed three acquisitions and opened three greenfield locations during the nine months ended January 31, 2025[125] Market and Economic Conditions - Demand for wallboard in the commercial sector declined year-over-year during the first half of fiscal 2025, reflecting an uncertain economic climate[114] - Single-family housing starts are expected to remain muted in the near term due to affordability challenges and high mortgage rates[116] - Multi-family construction activity was robust throughout calendar 2023, but demand for products declined year-over-year during the first three quarters of fiscal 2025[117] Stock and Shareholder Activities - The company approved a share repurchase program authorizing up to $250.0 million, with $218.4 million remaining for repurchase as of January 31, 2025[77] - The company repurchased approximately 1.6 million shares of common stock for $137.8 million during the nine months ended January 31, 2025, with $218.4 million remaining under the 2024 Repurchase Plan[165] - The average price paid per share for repurchases in January 2025 was $83.47, with a total of 168,791 shares repurchased during that month[189] Impairments and Expenses - The company recognized a non-cash goodwill impairment charge of $42.5 million during the three months ended January 31, 2025, primarily due to decreased forecasted future cash flows[137] - Selling, general and administrative expenses increased by 5.1% to $310,815 for the three months ended January 31, 2025, attributed to incremental expenses from acquisitions[135] - Interest expense increased by 22.8% to $23,069 for the three months ended January 31, 2025, due to higher outstanding debt and finance leases[140] Tax and Compliance - The company's effective income tax rate on continuing operations was 33.0% for the nine months ended January 31, 2025, compared to 24.5% for the same period in 2024[74] - The company was in compliance with all debt covenants as of January 31, 2025[167] - Certifications of the Chief Executive Officer and Chief Financial Officer were submitted in compliance with the Securities Exchange Act of 1934[31.1][31.2]

Call Start: 08:30 January 1, 0000 9:30 AM ET GMS Inc. (NYSE:GMS) Q3 2025 Earnings Conference Call March 06, 2025 08:30 AM ET Company Participants Carey Phelps - Vice President of Investor Relations John Turner - President & Chief Executive Officer Scott Deakin - Senior Vice President & Chief Financial Officer Conference Call Participants David Manthey - Baird Keith Hughes - Truist Securities Brian Biros - Thompson Research Group Trey Grooms - Stephens Anika Dholakia - Barclays Kurt Yinger - D.A. Davidson Op ...