Core & Main Files Q2 2024 10-Q
Ticker: CNM · Form: 10-Q · Filed: Sep 4, 2024 · CIK: 1856525
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Core & Main dropped its Q2 10-Q. Check financials.
AI Summary
Core & Main, Inc. filed its 10-Q for the period ending July 28, 2024. The filing details financial performance and operational updates for the second quarter of fiscal year 2024. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial results and operational details for Core & Main, Inc., crucial for understanding the company's current performance and future outlook.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks highlighted.
Key Players & Entities
- Core & Main, Inc. (company) — Filer of the 10-Q
- 2024-07-28 (date) — End of the reporting period
- 20240904 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended July 28, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on September 4, 2024.
What is the company's Central Index Key (CIK)?
The Central Index Key for Core & Main, Inc. is 0001856525.
What is the company's fiscal year end?
Core & Main, Inc.'s fiscal year ends on December 31.
What is the SEC file number for Core & Main, Inc.?
The SEC file number for Core & Main, Inc. is 001-40650.
Filing Stats: 4,783 words · 19 min read · ~16 pages · Grade level 19.5 · Accepted 2024-09-04 07:33:54
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-20240728.htm (10-Q) — 1255KB
- coremainex311q22024.htm (EX-31.1) — 9KB
- coremainex312q22024.htm (EX-31.2) — 9KB
- coremainex321q22024.htm (EX-32.1) — 6KB
- coremainex322q22024.htm (EX-32.2) — 6KB
- cnm-20240728_g1.jpg (GRAPHIC) — 92KB
- 0001856525-24-000111.txt ( ) — 6896KB
- cnm-20240728.xsd (EX-101.SCH) — 49KB
- cnm-20240728_cal.xml (EX-101.CAL) — 72KB
- cnm-20240728_def.xml (EX-101.DEF) — 223KB
- cnm-20240728_lab.xml (EX-101.LAB) — 596KB
- cnm-20240728_pre.xml (EX-101.PRE) — 407KB
- cnm-20240728_htm.xml (XML) — 915KB
- Financial Information
Part I - Financial Information
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets as of July 28, 2024 and January 28, 2024 (unaudited) 5 Condensed Consolidated Statements of Operations for the three and six month periods ended July 28, 2024 and July 30, 2023 (unaudited) 6 Condensed Consolidated Statements of Comprehensive Income for the three and six month periods ended July 28, 2024 and July 30, 2023 (unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six month periods ended July 28, 2024 and July 30, 2023 (unaudited) 8 Condensed Consolidated Statements of Cash Flows for the six month periods ended July 28, 2024 and July 30, 2023 (unaudited) 10 Notes to the Condensed Consolidated Financial Statements (unaudited) 11
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 24
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 38
- Other Information
Part II - Other Information
Legal Proceedings
Item 1. Legal Proceedings 39
Risk Factors
Item 1A. Risk Factors 39
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 39
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 39
Other Information
Item 5. Other Information 40
Exhibits
Item 6. Exhibits 41
Signatures
Signatures 42 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 July 28, 2024 January 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 13 $ 1 Receivables, net of allowance for credit losses of $ 18 and $ 12 , respectively 1,294 973 Inventories 959 766 Prepaid expenses and other current assets 52 33 Total current assets 2,318 1,773 Property, plant and equipment, net 163 151 Operating lease right-of-use assets 206 192 Intangible assets, net 954 784 Goodwill 1,843 1,561 Deferred income taxes 559 542 Other assets 55 66 Total assets $ 6,098 $ 5,069 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 23 $ 15 Accounts payable 738 504 Accrued compensation and benefits 80 106 Current operating lease liabilities 61 55 Other current liabilities 110 94 Total current liabilities 1,012 774 Long-term debt 2,404 1,863 Non-current operating lease liabilities 146 138 Deferred income taxes 84 48 Tax receivable agreement liabilities 701 706 Other liabilities 31 16 Total liabilities 4,378 3,545 Commitments and contingencies Class A common stock, par value $ 0.01 per share, 1,000,000,000 shares authorized, 192,642,689 and 191,663,608 shares issued and outstanding as of July 28, 2024 and January 28, 2024, respectively 2 2 Class B common stock, par value $ 0.01 per share, 500,000,000 shares authorized, 8,483,709 and 9,630,186 shares issued and outstanding as of July 28, 2024 and January 28, 2024, respectively — — Additional paid-in capital 1,225 1,214 Retained earnings 385 189 Accumulated other comprehensive income 32 46 Total stockholders' equity attributable to Core & Main, Inc. 1,644 1,451 Non-controlling interests 76 73 Total stockholders' equity 1,720 1,524 Total liabilities and stockholders' equity $ 6,098 $ 5,069 The accompanying notes are an integral part of these unaudited condensed consolid