GMS(US:GMS)2022-12-08 12:41Financial Performance - Net sales reached $1.4 billion, a 24.4% increase compared to Q2 FY22[3, 4] - Organic sales grew by 22.2%, driven by product inflation and volume growth in Wallboard, Ceilings, and Complementary Products[3, 7] - Gross profit increased by 24.9%[3, 10] reaching $464.5 million[4] - Net income increased by 38.7%[4] to $103.2 million[4] - Adjusted EBITDA increased by 30.7%, or $46.0 million, year-over-year[4] to $195.5 million[5] - Adjusted EBITDA margin improved by 70 basis points[4] to 13.7%[13] Volume and Pricing - Wallboard volumes increased by low double-digits year-over-year[3], with organic volume growth of 11.4%[5] - Ceilings experienced organic volume growth of 2.9% year-over-year[5] - Wallboard organic growth was 41.4%, Ceilings organic growth was 13.6%, and Steel Framing organic growth was 2.5%[5] - Total Wallboard growth was +39.2% which includes +9.2% volume and +30.0% price/mix[6] Strategic Growth and Capital Structure - Net debt leverage decreased to 1.6 times as of October 31, 2022, down from 2.4 times a year ago[5, 18] - The company generated $96.5 million in Free Cash Flow, compared to a use of $11.3 million in Q2 FY22[14] - Cash from Operating Activities was $107.3 million, compared to a use of $2.0 million in Q2 FY22[14]