Core & Main Files Q1 2024 10-Q

TL;DR

Core & Main's Q1 10-Q is in: Balance sheet details and equity changes laid out for April 28, 2024.

AI Summary

Core & Main, Inc. filed its 10-Q for the period ending April 28, 2024, reporting on its financial performance. The filing details changes in its balance sheet, including increases in assets and liabilities, and provides information on its equity structure. Specific financial figures and comparative data from prior periods are presented within the report.

Why It Matters

This filing provides investors and analysts with the latest financial snapshot of Core & Main, Inc., crucial for understanding the company's operational health and financial position.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) that provides standard financial disclosures.

Key Numbers

• 20240428 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 20240604 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Core & Main, Inc. (company) — Filer of the 10-Q report
• 20240428 (date) — End of the reporting period
• 20240604 (date) — Filing date of the report
• 0001856525 (company) — CIK number for Core & Main, Inc.

FAQ

Key Financial Figures

• $0.01 — stered Class A common stock, par value $0.01 per share CNM The New York Stock Exchan

Filing Documents

• cnm-20240428.htm (10-Q) — 1014KB
• coremainex311q12024.htm (EX-31.1) — 9KB
• coremainex312q12024.htm (EX-31.2) — 9KB
• coremainex321q12024.htm (EX-32.1) — 6KB
• coremainex322q12024.htm (EX-32.2) — 6KB
• cnm-20240428_g1.jpg (GRAPHIC) — 92KB
• 0001856525-24-000072.txt ( ) — 6352KB
• cnm-20240428.xsd (EX-101.SCH) — 48KB
• cnm-20240428_cal.xml (EX-101.CAL) — 72KB
• cnm-20240428_def.xml (EX-101.DEF) — 230KB
• cnm-20240428_lab.xml (EX-101.LAB) — 590KB
• cnm-20240428_pre.xml (EX-101.PRE) — 409KB
• cnm-20240428_htm.xml (XML) — 784KB

- Financial Information

Part I - Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets as of April 28, 2024 and January 28, 2024 (unaudited) 5 Condensed Consolidated Statements of Operations for the three months periods ended April 28, 2024 and April 30, 2023 (unaudited) 6 Condensed Consolidated Statements of Comprehensive Income for the three month periods ended April 28, 2024 and April 30, 2023 (unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three month periods ended April 28, 2024 and April 30, 2023 (unaudited) 8 Condensed Consolidated Statements of Cash Flows for the three month periods ended April 28, 2024 and April 30, 2023 (unaudited) 9 Notes to the Condensed Consolidated Financial Statements (unaudited) 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 33

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report, 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 Quarterly Report on Form 10-Q. In addition, even if our results of operations, financial condition, cash flows and the development of the market in which we operate are consistent with the forward-l

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CORE & MAIN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS Amounts in millions (except share and per share data), unaudited April 28, 2024 January 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 30 $ 1 Receivables, net of allowance for credit losses of $ 13 and $ 12 , respectively 1,200 973 Inventories 945 766 Prepaid expenses and other current assets 48 33 Total current assets 2,223 1,773 Property, plant and equipment, net 160 151 Operating lease right-of-use assets 206 192 Intangible assets, net 971 784 Goodwill 1,845 1,561 Deferred income taxes 546 542 Other assets 90 66 Total assets $ 6,041 $ 5,069 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 23 $ 15 Accounts payable 777 504 Accrued compensation and benefits 68 106 Current operating lease liabilities 61 55 Other current liabilities 109 94 Total current liabilities 1,038 774 Long-term debt 2,401 1,863 Non-current operating lease liabilities 145 138 Deferred income taxes 92 48 Tax receivable agreement liabilities 697 706 Other liabilities 24 16 Total liabilities 4,397 3,545 Commitments and contingencies Class A common stock, par value $ 0.01 per share, 1,000,000,000 shares authorized, 192,634,317 and 191,663,608 shares issued and outstanding as of April 28, 2024 and January 28, 2024, respectively 2 2 Class B common stock, par value $ 0.01 per share, 500,000,000 shares authorized, 8,813,532 and 9,630,186 shares issued and outstanding as of April 28, 2024 and January 28, 2024, respectively — — Additional paid-in capital 1,221 1,214 Retained earnings 284 189 Accumulated other comprehensive income 63 46 Total stockholders' equity attributable to Core & Main, Inc. 1,570 1,451 Non-controlling interests 74 73 Total stockholders' equity 1,644 1,524 Total liabilities and stockholders' equity $ 6,041 $ 5,069 The accompanying notes are an integral part of these unaudited condensed conso

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View this 10-Q filing on SEC EDGAR