Financial Performance - Net sales increased by 9% from $1741 million in Q1 2024 to $1911 million in Q1 2025[17] - Gross profit increased by 10% from $468 million in Q1 2024 to $510 million in Q1 2025, with gross profit margin decreasing by 20 bps from 269% to 267%[17] - Net income increased by 3% from $101 million in Q1 2024 to $105 million in Q1 2025, with net income margin decreasing by 30 bps from 58% to 55%[17] - Adjusted EBITDA increased by 4% from $217 million in Q1 2024 to $224 million in Q1 2025, with Adjusted EBITDA margin decreasing by 80 bps from 125% to 117%[17] Capital Allocation and Debt - The company deployed $39 million of capital to repurchase 837k shares[13] - Net debt stood at $2276 million as of May 4, 2025[20] Fiscal Year 2025 Outlook - The company reaffirmed its FY25 outlook, expecting net sales between $76 billion and $78 billion[22] - The company expects Adjusted EBITDA between $950 million and $1 billion, and Adjusted EBITDA margin between 125% and 128%[22] Business Strategy and Growth - The company has completed over 40 acquisitions since 2017, adding approximately $18 billion of annual net sales[14] - The company is targeting organic above-market volume growth of +2-4%[28]