Core & Main, Inc. has recently released its 10-K report, detailing its financial and operational performance. The company, founded in 1874 and headquartered in Saint Louis, Missouri, is a leading distributor of water, wastewater, storm drainage, and fire protection products and related services to municipalities, private water companies, and professional contractors in the United States.
As of January 28, 2024, the company had $1 million in cash and cash equivalents. It also amended the terms of its senior asset-based revolving credit facility, extending the maturity from July 27, 2026, to February 9, 2029. Additionally, the company entered into an incremental $750 million term loan, maturing on February 9, 2031, and an interest rate swap to manage its exposure to variable interest rates.
The report also provided insights into the company's cash flows. In fiscal 2023, Core & Main, Inc. saw an increase in net cash provided by operating activities, reaching $1.069 billion compared to $401 million in fiscal 2022. This improvement was driven by a reduction in inventory and a decrease in operating income. However, net cash used in financing activities was $975 million in fiscal 2023, primarily due to $1.344 billion in cash outflows for Repurchase Transactions and a $5 million payment pursuant to the Tax Receivable Agreements.
Furthermore, the 10-K report detailed the company's debt obligations. Core & Main, Inc. had outstanding borrowings of $430 million under its Senior ABL Credit Facility as of January 28, 2024. The report outlined the original aggregate principal and borrowing capacity of its 2028 and 2031 Senior Term Loans, as well as the interest rates associated with each debt obligation.
The market has reacted to these announcements by moving the company's shares 7.0% to a price of $54.23. Check out the company's full 10-K submission here.
