Gms Inc. (GMS) SEC Filing 10-Q Quarterly Report for the period ending Saturday, July 31, 2021

Exhibit 99.1

GMS REPORTS FIRST QUARTER FISCAL 2022 RESULTS

Net Sales Top $1 Billion

Record Levels of Net Sales, Net Income and Adjusted EBITDA

Tucker, Georgia, September 2, 2021.

First Quarter Fiscal 2022 Highlights

(Comparisons are to the first quarter of fiscal 2021, except where noted.)

“GMS’s outstanding performance continued, as we delivered another quarter of record net sales, net income and Adjusted EBITDA, including recording more than a billion dollars in quarterly net sales for the first time in the Company’s history,” said John C. Turner, Jr., President and Chief Executive Officer. “We are continuing to benefit from a robust residential market, an inflationary environment and strong demand for our complementary products, while our team’s solid execution of our strategic growth priorities helped offset continuing softness in many commercial markets. We successfully navigated a very dynamic business environment, while leveraging our scale and operational strength to ensure the continuity of supply needed to provide best-in-class service to our customers. This resulted in greater profitability, including more than double the net income and 200 basis points of improvement in Adjusted EBITDA margin compared to the first quarter of fiscal 2021.”

Turner continued, “As we look ahead to the remainder of fiscal 2022 and beyond, we expect to continue both greenfields and acquisitions to enter underserved markets and boost our product offerings. I am confident that our focus on our strategic priorities and our team’s continued drive to execute will position us to generate value for our shareholders well into the future.”

First Quarter Fiscal 2022 Results

Net sales for the first quarter of fiscal 2022 of $1.04 billion increased 29.8% as compared with the COVID-19 impacted prior year quarter, primarily due to strong residential end markets, inflationary pricing, solid demand for our complementary products and the acquisitions of D.L. Building Materials and Westside Building Material. Organic net sales increased 23.2%.