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10-Q Filing

CORE & MAIN, INC. CIK: 1856525 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001856525-23-000032
Period End Date 20230430
Filing Date 20230606
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance cnm-20230430_htm.xml
Balance Sheet 68 line items
Line Item Tag Value Unit Period
Allowance for credit losses AccountsAndFinancingReceivableAllowanceForCreditLoss $10.00M USD Point-in-time
Allowance for credit losses AccountsAndFinancingReceivableAllowanceForCreditLoss $9.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $177.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $1.00M USD Point-in-time
Receivables, net of allowance for credit losses of $10 and $9, respectively ReceivablesNetCurrent $1.10B USD Point-in-time
Receivables, net of allowance for credit losses of $10 and $9, respectively ReceivablesNetCurrent $955.00M USD Point-in-time
Inventories InventoryNet $1.03B USD Point-in-time
Inventories InventoryNet $1.05B USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $37.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $32.00M USD Point-in-time
Total current assets AssetsCurrent $2.17B USD Point-in-time
Total current assets AssetsCurrent $2.21B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $105.00M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $121.00M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $175.00M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $178.00M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $798.00M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $795.00M USD Point-in-time
Goodwill Goodwill $1.54B USD Point-in-time
Goodwill Goodwill $1.53B USD Point-in-time
Deferred Income Tax Assets, Net DeferredIncomeTaxAssetsNet - USD Point-in-time
Deferred Income Tax Assets, Net DeferredIncomeTaxAssetsNet $49.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $81.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $88.00M USD Point-in-time
Total assets Assets $4.93B USD Point-in-time
Total assets Assets $4.91B USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $15.00M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $15.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $479.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $581.00M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $123.00M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $60.00M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $55.00M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $54.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $87.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $55.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $726.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $798.00M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $1.44B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $1.57B USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $123.00M USD Point-in-time
Non-current operating lease liabilities OperatingLeaseLiabilityNoncurrent $121.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $40.00M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $9.00M USD Point-in-time
Payable to related parties pursuant to Tax Receivable Agreements DueToOtherRelatedPartiesNoncurrent $183.00M USD Point-in-time
Payable to related parties pursuant to Tax Receivable Agreements DueToOtherRelatedPartiesNoncurrent $180.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $19.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $22.00M USD Point-in-time
Total liabilities Liabilities $2.74B USD Point-in-time
Total liabilities Liabilities $2.50B USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.18B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.24B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $458.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $403.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $41.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $45.00M USD Point-in-time
Total stockholders equity attributable to Core & Main, Inc. StockholdersEquity $1.75B USD Point-in-time
Total stockholders equity attributable to Core & Main, Inc. StockholdersEquity $1.63B USD Point-in-time
Non-controlling interests MinorityInterest $564.00M USD Point-in-time
Non-controlling interests MinorityInterest $663.00M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.19B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.83B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.41B USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.01B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $4.91B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $4.93B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $1.60B USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $1.57B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.18B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $1.14B USD 1 Quarter
Gross profit GrossProfit $421.00M USD 1 Quarter
Gross profit GrossProfit $439.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $223.00M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $206.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $35.00M USD 1 Quarter
Depreciation and amortization DepreciationAndAmortization $35.00M USD 1 Quarter
Total operating expenses OperatingExpenses $258.00M USD 1 Quarter
Total operating expenses OperatingExpenses $241.00M USD 1 Quarter
Operating income OperatingIncomeLoss $181.00M USD 1 Quarter
Operating income OperatingIncomeLoss $180.00M USD 1 Quarter
Interest expense InterestExpense $17.00M USD 1 Quarter
Interest expense InterestExpense $13.00M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $164.00M USD 1 Quarter
Income before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $167.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $30.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $31.00M USD 1 Quarter
Net income ProfitLoss $133.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Less: net income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $51.00M USD 1 Quarter
Less: net income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $51.00M USD 1 Quarter
Less: net income attributable to non-controlling interests NetIncomeLossAttributableToNoncontrollingInterest $47.00M USD 1 Quarter
Net income attributable to Core & Main, Inc. NetIncomeLoss $86.00M USD 1 Quarter
Net income attributable to Core & Main, Inc. NetIncomeLoss $86.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.51 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.51 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.50 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.50 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.50 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.50 USD 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 167.54M shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 171.60M shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 167.54M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 243.72M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 246.15M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 246.15M shares 1 Quarter
Cash Flow Statement 59 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $133.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $37.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $36.00M USD 1 Quarter
Equity-based compensation expense ShareBasedCompensation $2.00M USD 1 Quarter
Equity-based compensation expense ShareBasedCompensation $3.00M USD 1 Quarter
Other OtherNoncashIncomeExpense - USD 1 Quarter
Other OtherNoncashIncomeExpense $2.00M USD 1 Quarter
(Increase) decrease in receivables IncreaseDecreaseInReceivables $135.00M USD 1 Quarter
(Increase) decrease in receivables IncreaseDecreaseInReceivables $227.00M USD 1 Quarter
(Increase) decrease in inventories IncreaseDecreaseInInventories $207.00M USD 1 Quarter
(Increase) decrease in inventories IncreaseDecreaseInInventories $-35.00M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $4.00M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherOperatingAssets $1.00M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $98.00M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayable $251.00M USD 1 Quarter
Increase (decrease) in accrued liabilities IncreaseDecreaseInAccruedLiabilities $-28.00M USD 1 Quarter
Increase (decrease) in accrued liabilities IncreaseDecreaseInAccruedLiabilities $-46.00M USD 1 Quarter
Increase (decrease) in other liabilities IncreaseDecreaseInOtherOperatingLiabilities $1.00M USD 1 Quarter
Increase (decrease) in other liabilities IncreaseDecreaseInOtherOperatingLiabilities - USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $120.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-37.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $6.00M USD 1 Quarter
Capital expenditures PaymentsToAcquireProductiveAssets $10.00M USD 1 Quarter
Acquisitions of businesses, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $64.00M USD 1 Quarter
Acquisitions of businesses, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $6.00M USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $1.00M USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-74.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-11.00M USD 1 Quarter
Repurchase and retirement of partnership interests PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase and retirement of partnership interests PaymentsForRepurchaseOfCommonStock $332.00M USD 1 Quarter
Distributions to non-controlling interest holders PaymentsToMinorityShareholders $10.00M USD 1 Quarter
Distributions to non-controlling interest holders PaymentsToMinorityShareholders $5.00M USD 1 Quarter
Payments pursuant to Tax Receivable Agreements PaymentsPursuantToTaxReceivableAgreements $5.00M USD 1 Quarter
Payments pursuant to Tax Receivable Agreements PaymentsPursuantToTaxReceivableAgreements - USD 1 Quarter
Payments for withholding tax on equity compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.00M USD 1 Quarter
Payments for withholding tax on equity compensation plans PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Borrowings on asset-based revolving credit facility ProceedsFromLongTermLinesOfCredit $57.00M USD 1 Quarter
Borrowings on asset-based revolving credit facility ProceedsFromLongTermLinesOfCredit $130.00M USD 1 Quarter
Repayments of long-term debt RepaymentsOfSeniorDebt $4.00M USD 1 Quarter
Repayments of long-term debt RepaymentsOfSeniorDebt $4.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-222.00M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $48.00M USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect - USD 1 Quarter
Decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-176.00M USD 1 Quarter
Cash and cash equivalents at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the beginning of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $177.00M USD Point-in-time
Cash and cash equivalents at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.00M USD Point-in-time
Cash and cash equivalents at the end of the period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $177.00M USD Point-in-time
Cash paid for interest (excluding effects of interest rate swap) InterestPaidNet $28.00M USD 1 Quarter
Cash paid for interest (excluding effects of interest rate swap) InterestPaidNet $12.00M USD 1 Quarter
Cash paid for taxes IncomeTaxesPaid $27.00M USD 1 Quarter
Cash paid for taxes IncomeTaxesPaid $28.00M USD 1 Quarter
Stockholders Equity 28 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.19B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.83B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.41B USD Point-in-time
Beginning balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.01B USD Point-in-time
Net income ProfitLoss $133.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Equity-based compensation AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $2.00M USD 1 Quarter
Equity-based compensation AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $3.00M USD 1 Quarter
Net interest rate swap loss, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $37.00M USD 1 Quarter
Net interest rate swap loss, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-8.00M USD 1 Quarter
Distributions to non-controlling interest holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $3.00M USD 1 Quarter
Distributions to non-controlling interest holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders $17.00M USD 1 Quarter
Repurchase and Retirement of Class A and Class B shares and corresponding Partnership Interest StockRepurchasedAndRetiredDuringPeriodValue $332.00M USD 1 Quarter
Repurchase and Retirement of Class A and Class B shares and corresponding Partnership Interest StockRepurchasedAndRetiredDuringPeriodValue $332.00M USD Point-in-time
Exchange of Partnership Interests and Class B Shares for Class A Shares StockIssuedDuringPeriodValueExchangeOfPartnershipInterestshares - USD 1 Quarter
Exchange of Partnership Interests and Class B Shares for Class A Shares StockIssuedDuringPeriodValueExchangeOfPartnershipInterestshares - USD 1 Quarter
Adjustment of deferred tax liability associated with Core & Main investment in Core & Main Holdings, LP AdjustmentsToAdditionalPaidInCapitalDeferredTaxLiabilityAdjustment $18.00M USD 1 Quarter
Adjustment of deferred tax liability associated with Core & Main investment in Core & Main Holdings, LP AdjustmentsToAdditionalPaidInCapitalDeferredTaxLiabilityAdjustment $1.00M USD 1 Quarter
Establishment of Tax Receivable Agreement liabilities AdjustmentsToAdditionalPaidInCapitalTaxReceivableAgreement $14.00M USD 1 Quarter
Activity under equity-based compensation plans, net of tax withholdings ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsValuePeriodIncreaseDecrease - USD 1 Quarter
Activity under equity-based compensation plans, net of tax withholdings ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsValuePeriodIncreaseDecrease - USD 1 Quarter
Forfeiture of Class A Shares and Partnership Interests StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures - USD 1 Quarter
Non-controlling interest adjustments for vesting of Core & Main Holdings, LP Partnership Interests held by non-controlling interests NoncontrollingInterestAdjustmentForVestingOfPartnershipInterests - USD 1 Quarter
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.19B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $1.83B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.41B USD Point-in-time
Ending balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.01B USD Point-in-time
Comprehensive Income 13 line items
Line Item Tag Value Unit Period
Tax expense OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $-1.00M USD 1 Quarter
Net income ProfitLoss $133.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Net income ProfitLoss $137.00M USD 1 Quarter
Tax expense OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $8.00M USD 1 Quarter
Net interest rate swap (loss) gain, net of tax benefit (expense) of $1 and $(8), respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $37.00M USD 1 Quarter
Net interest rate swap (loss) gain, net of tax benefit (expense) of $1 and $(8), respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-8.00M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $174.00M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $125.00M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $65.00M USD 1 Quarter
Less: comprehensive income attributable to non-controlling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $44.00M USD 1 Quarter
Total comprehensive income attributable to Core & Main, Inc. ComprehensiveIncomeNetOfTax $109.00M USD 1 Quarter
Total comprehensive income attributable to Core & Main, Inc. ComprehensiveIncomeNetOfTax $81.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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