Core & Main, Inc. Files 2024 10-K Report

TL;DR

<b>Core & Main, Inc. has filed its annual 10-K report detailing its fiscal year 2023 performance and financial position.</b>

AI Summary

Core & Main, Inc. (CNM) filed a Annual Report (10-K) with the SEC on March 19, 2024. Core & Main, Inc. filed its 10-K report for the fiscal year ended January 28, 2024. The filing covers the period from January 30, 2023, to January 28, 2024. The company's principal executive offices are located at 1830 Craig Park Court, St. Louis, MO. Core & Main, Inc. is incorporated in Delaware. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking Core & Main, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Core & Main's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. The detailed financial statements and risk factors within the report offer insights into potential challenges and opportunities, enabling stakeholders to make informed investment decisions regarding Core & Main.

Risk Assessment

Risk Level: medium — Core & Main, Inc. shows moderate risk based on this filing. The company operates in the wholesale durable goods sector, which can be subject to economic downturns and fluctuations in demand, as indicated by its SIC code 5099.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Core & Main's performance drivers and future outlook.

Key Numbers

• 2024-01-28 — Fiscal Year End (Conformed Period of Report)
• 2024-03-19 — Filing Date (Filed as of Date)
• 001-40650 — SEC File Number (SEC File Number)

Key Players & Entities

• Core & Main, Inc. (company) — Filer name
• 0001856525 (company) — Central Index Key
• 5099 (company) — Standard Industrial Classification code
• DE (company) — State of Incorporation
• 1830 CRAIG PARK COURT (company) — Business Address Street 1
• ST. LOUIS (company) — Business Address City
• MO (company) — Business Address State
• 314-432-4700 (company) — Business Phone

FAQ

Industry Context

Core & Main operates in the wholesale trade sector, specifically focusing on durable goods.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review the 'Business' section to understand Core & Main's operations and market position.
2. Analyze the 'Financial Statements and Supplementary Data' for detailed financial performance.
3. Examine the 'Risk Factors' section for potential challenges and uncertainties.

Key Dates

• 2024-01-28: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-19: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending January 28, 2024, following previous filings.

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share CNM The New York Stock Exchan
• $39 billion — we estimate to represent approximately $39 billion in annual sales. As of January 28, 202
• $55 billion — S. law, which included an allocation of $55 billion to invest in water infrastructure acros

Filing Documents

• cnm-20240128.htm (10-K) — 1957KB
• ex106secondamendmenttothee.htm (EX-10.6) — 41KB
• ex1028amendment2-restateda.htm (EX-10.28) — 35KB
• ex1030december2023repurcha.htm (EX-10.30) — 153KB
• ex1031amendment1-purchasea.htm (EX-10.31) — 30KB
• ex1032january52024purchase.htm (EX-10.32) — 148KB
• ex1033january212024purchas.htm (EX-10.33) — 148KB
• ex231-pwcconsent2023.htm (EX-23.1) — 2KB
• coremainex311q42023.htm (EX-31.1) — 9KB
• coremainex312q42023.htm (EX-31.2) — 9KB
• coremainex321q42023.htm (EX-32.1) — 6KB
• coremainex322q42023.htm (EX-32.2) — 6KB
• ex971dodd-frankclawbackpol.htm (EX-97.1) — 37KB
• cnm-20240128_g1.jpg (GRAPHIC) — 92KB
• cnm-20240128_g2.jpg (GRAPHIC) — 95KB
• 0001856525-24-000036.txt (&nbsp;) — 11393KB
• cnm-20240128.xsd (EX-101.SCH) — 77KB
• cnm-20240128_cal.xml (EX-101.CAL) — 94KB
• cnm-20240128_def.xml (EX-101.DEF) — 394KB
• cnm-20240128_lab.xml (EX-101.LAB) — 877KB
• cnm-20240128_pre.xml (EX-101.PRE) — 653KB
• cnm-20240128_htm.xml (XML) — 1454KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34 I tem 1C. Cybersecurity 34

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 Part II 36

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[ Reserved ]

Item 6. [ Reserved ] 38

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 52

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 54

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 89

Controls and Procedures

Item 9A. Controls and Procedures 89

Other Information

Item 9B. Other Information 90

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 90 Part III 91

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 91

Executive Compensation

Item 11. Executive Compensation 91

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 91

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 91

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 91 Part IV 92

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 92

Form 10-K Summary

Item 16. Form 10-K Summary 95

Signatures

Signatures 96 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, without limitation, all statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements relating to our intentions, beliefs, assumptions or current expectations concerning, among other things, our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures, capital allocation and debt service obligations, and the anticipated impact on our business. Some of the forward-looking statements can be identified by the use of forward-looking terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "is optimistic," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable terms. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be outside our control. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of the market in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this Annual Report on Form 10-K. In addition, even if our results of operations, financial condition and cash flows, and the development of the market in which we operate, are consistent with the forw

Business

Item 1. Business Our Company Core & Main, Inc. ("Core & Main" and collectively with its subsidiaries, the "Company," "we," "our" or "us") is a holding company and its primary material assets are its direct and indirect ownership interest in Core & Main Holdings, LP, a Delaware limited partnership ("Holdings") and deferred tax assets associated with this ownership. Core & Main is a leader in advancing reliable infrastructure with local service, nationwide. As a leading specialty distributor with a focus on water, wastewater, storm drainage and fire protection products, and related services, we provide solutions to municipalities, private water companies and professional contractors across municipal, non- residential and residential end markets, nationwide. Our products and services are used primarily in the maintenance, repair, replacement and new construction of water, wastewater, storm drainage and fire protection infrastructure. We are one of only two national distributors operating across large and highly fragmented markets, which we estimate to represent approximately $39 billion in annual sales. As of January 28, 2024, we had a network of approxi mately 335 bra nch locations in 48 states across the U.S., which serve as a critical link between approximately 5,000 suppliers and a diverse and long-standing base of over 60,000 customers. Our sales reach, technical product knowledge, broad product portfolio, customer service, project planning and delivery capabilities, and ability to provide local expertise, nationwide, make us a critical partner to both our customers and suppliers. We offer a comprehensive portfolio of more than 200,000 stock keeping units ("SKUs") covering a full spectrum of specialized products and services, including pipes, valves & fittings, storm drainage products, fire protection products and fabrication services, and smart metering products and technology. Our products are generally unique to our industry and must meet local municipal, s

View Full Filing

View this 10-K filing on SEC EDGAR