GMS (GMS) 8-K GMS Reports Fourth Quarter and Fiscal Year 2019 Results

Exhibit 99.2

GMS Quarterly Review Fiscal Q4 2019

Safe Harbor and Basis of Presentation Forward-Looking Statement Safe Harbor - This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can generally identify forward-looking statements by the Company’s use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” or “should,” or the negative thereof or other variations thereon or comparable terminology. In particular, statements about the markets in which GMS operates and the economy generally, statements about growth potential across the Company’s business and the ability to deliver growth and value creation, and the anticipated benefits of the Company’s cost reduction and operational improvements plan, including future SG&A savings, contained in this presentation are forward-looking statements. In addition, forward looking statements may include statements regarding the Company’s expectations concerning management's plans for execution of a stock repurchase program, including the maximum amount, manner and duration of purchases of the Company’s common stock under its authorized stock repurchase program. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control, that may cause its business, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include, among other things: changes in the prices, supply, and/or demand for products which GMS distributes; general economic and business conditions in the United States and Canada; the activities of competitors; changes in significant operating expenses; changes in the availability of capital and interest rates; adverse weather patterns or conditions; cybersecurity breaches and other disruptions to our IT systems; our recently announced leadership succession plan; variations in the performance of the financial markets, including the credit markets; the possibility that the expected synergies and cost savings and final impacts from the Titan acquisition will not be realized, or will not be realized within the expected time period; the risk that the GMS and Titan businesses will not be integrated successfully; disruption from the transaction making it more difficult to maintain business and operational relationships and to accomplish other GMS objectives; the risk of customer attrition; our ability to efficiently manage and control our costs and the success of our previously announced cost reduction plan; and other factors described in the “Risk Factors” section in the Company’s most recent Annual Report on Form 10-K, and in its other periodic reports filed with the SEC. In addition, the statements in this presentation are made as of June 27, 2019. The Company undertakes no obligation to update any of the forward-looking statements made herein, whether as a result of new information, future events, changes in expectation or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to June 27, 2019. Use of Non-GAAP and Adjusted Financial Information - To supplement GAAP financial information, we use adjusted measures of operating results which are non-GAAP measures. This non-GAAP adjusted financial information is provided as additional information for investors. These adjusted results exclude certain costs, expenses, gains and losses, and we believe their exclusion can enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our GAAP results are made with the intent of providing both management and investors a more complete understanding of our operating performance by excluding non-recurring, infrequent or other non-cash charges that are not believed to be material to the ongoing performance of our business. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures of net income, diluted earnings per share or net cash provided by (used in) operating activities prepared in accordance with generally accepted accounting principles in the United States. Please see the Appendix to this presentation for a further discussion on these non-GAAP measures and a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. 2

Q4 Fiscal 2019 Highlights 3 We had a strong finish to fiscal 2019 Net sales in the fourth fiscal quarter of 2019 increased 22.7% to a record $780.1 million Organic net sales growth of 7.0% Wallboard sales increased 15.1% (3.8% organic) Ceilings sales increased 17.4% (13.7% organic) Steel framing sales increased 16.3% (8.3% organic) Other product sales increased 44.4% (7.8% organic) Reported net income of $16.6 million, or $0.39 per diluted share Adjusted net income of $28.7 million, or $0.68 per diluted share (1) Adjusted EBITDA increased 46.9% to $73.5 million (1); Improved Adjusted EBITDA margin (1) by 150 basis points to 9.4% from 7.9% in FY 2018 Completed the acquisition of Commercial Builders Group, LLC in southern Louisiana on March 4, 2019 Opened four greenfield locations: Carrollton, TX, Fredericksburg, VA, Harrisburg, PA and Portland, ME Subsequent to end of quarter, completed acquisition of Hart Acoustical and Drywall Supply in South Texas Generated strong operating and free cash flow (1) of $88.2 million and $82.8 million, respectively Net leverage decreased to 3.6 times at end of Q4 2019 from 3.8 times at end of Q3 2019 Repurchased $5.0 million, or 287,000 shares, of our common stock We are encouraged by activity levels in our US markets; Canadian single-family market remains challenging For a reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to the most directly comparable GAAP metrics, see Appendix.

Full Year Fiscal 2019 Highlights 4 We made significant progress on a number of fronts in an operationally and strategically important year Net sales increased 24.1% (7.1% on organic basis) to surpass $3.0 billion for fiscal 2019 Reported net income of $56.0 million, or $1.31 per diluted share Adjusted net income of $119.5 million, or $2.80 per diluted share (1) Adjusted EBITDA increased 48.4% to $295.7 million (1); improved Adjusted EBITDA margin(1) by 160 basis points to 9.5% from 7.9% in FY 2018 Completed three acquisitions, including WSB Titan, a strategic acquisition which provided entry to the Canadian market and extended our leadership position in North America with expanded scale and footprint Opened eight greenfield locations Generated strong operating and free cash flow(1) of $193.6 and $174.8 million, respectively Net leverage decreased to 3.6 times at end of Q4 2019 from 4.2 times at end of Q1 2019 Repurchased $16.5 million, or 978,000 shares, of our common stock; approximately $58.5 million of availability remaining under the existing authorization For a reconciliation of Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow to the most directly comparable GAAP metrics, see Appendix.

Fiscal Q4 2019 Performance Gross Profit ($ mm) Gross Profit & Margin Net Sales & Mix 5 Net Sales ($ mm) +22.7% YOY Organic net sales growth of 7.0% Wallboard: +3.8% organic (Volume ~+3%/Price ~+1%) Ceilings: +13.7% organic (Volume ~+5%/Price ~+9%) Steel: +8.3% organic (Volume ~+4%/Price ~+4%) Other: +7.8% organic Gross Profit up 24.8% as a result of higher sales, both organically and including positive impact of acquisitions, as well as pricing improvement Gross margin of 32.9% up from 32.4% last year due to contributions from Titan, favorable price-cost dynamics and mix On a sequential basis, gross margin improved 50 basis points from 32.4% in Q3 $635.8 $780.1 $0 $100 $200 $300 $400 $500 $600 $700 $800 Fiscal Q4 2018 Fiscal Q4 2019 44% 15% 17% 24% 41% 14% 16% 28%

Fiscal Q4 2019 Performance Adj. EBITDA ($ mm) Net Income & Adjusted EBITDA (1) For a reconciliation of Adjusted SG&A, Adjusted EBITDA, Adjusted Net Income and Adjusted EBITDA Margin to the most directly comparable GAAP metrics, see Appendix. Fiscal Q4 2019 includes a $5.9 million favorable impact to Adjusted SG&A and Adjusted EBITDA related to the amendment of existing GMS equipment operating leases to capital leases. We have excluded this impact here for comparability. +46.9% YOY 6 24.6% 23.6% SG&A and Adjusted SG&A (1) Adj. SG&A ($ mm) 7.9% 9.4% SG&A% ex. Leases(2): 24.4% -20 bps Reported net income was $16.6 million in Q4 2019 and $9.9 million in Q4 2018 Adjusted net income was $28.7 million in Q4 2019 and $23.5 million in Q4 2018 Adjusted EBITDA up 46.9% reflecting contributions from Titan, growth in base business and operational improvements Adjusted EBITDA margin up 150 bps year over year; excluding leases, up 70 bps Reported SG&A was $190.6 million (24.4% of sales) in Q4 2019 and $161.6 million (25.4% of sales) in Q4 2018 Adjusted SG&A was $184.3 million (23.6% of sales) in Q4 2019 and $156.3 million (24.6% of sales) in Q4 2018 Adjusted SG&A as % of sales reduced by 100 bps year over year: 20 bps due to increased cost efficiencies partially offset by inflationary pressures, primarily in logistics, as well as unanticipated insurance and the timing of certain other costs Remaining 80 bps due to lease changes Margin ex. Leases(2): 8.6% +70 bps $50.1 $73.5 $0 $30 $60 $90 Fiscal Q4 2018 Fiscal Q4 2019 $156.3 $184.3 $0 $25 $50 $75 $100 $125 $150 $175 Fiscal Q4 2018 Fiscal Q4 2019

Attractive Capital Structure Generated operating and free cash flow (1) of $88.2 million and $82.8 million, respectively, reducing net debt by $65.6 million and repurchasing $5.0 million of common stock Substantial liquidity, with $47.3 million of cash on hand and an additional $313.7 million available under our revolving credit facilities First Lien Term Loan at L+275 (~80% of total long term debt) matures 2025 Commentary Leverage Summary Net Debt / PF Adjusted EBITDA (2) For a reconciliation of Free Cash Flow to the most directly comparable GAAP metric, see Appendix. See appendix for a reconciliation of Pro Forma Adjusted EBITDA. Net of unamortized discount of $2.4mm, $2.3mm, $2.2mm and $2.1mm as of July 31, 2018, October 31, 2018, January 31, 2019 and April 30, 2019, respectively. Net of deferred financing costs of $13.6mm, $13.1mm, $12.6mm and $12.1 mm as of July 31, 2018, October 31, 2018, January 31, 2019 and April 30, 2019, respectively. Net of unamortized discount of $1.5mm, $1.4mm, $1.3mm and $1.2 mm as of July 31, 2018, October 31, 2018, January 31, 2019 and April 30, 2019, respectively. 7 4.2x 3.8x 3.8x 3.6x 7/31/18 LTM 10/31/18 LTM 1/31/2019 LTM 4/30/2019 LTM ($ mm) 7/31/18 10/31/18 1/31/19 4/30/19 LTM LTM LTM LTM Cash and cash equivalents $37 $53 $74 $47 Asset-Based Revolver $215 $153 $138 $44 First Lien Term Loan (3)(4) 978 976 975 973 Capital Lease Obligations 94 100 105 109 Installment Notes (5) 16 15 16 15 Total Debt $1,304 $1,245 $1,234 $1,141 Total Net Debt $1,267 $1,192 $1,160 $1,094 PF Adj. EBITDA (2) $304 $310 $305 $302 Total Debt / PF Adj. EBITDA 4.3x 4.0x 4.0x 3.8x Net Debt / PF Adj. EBITDA 4.2x 3.8x 3.8x 3.6x

Leading Specialty Distributor Poised for Continued Growth 8 Market – Leading Distributor of Interior Building Products with significant scale and local expertise Differentiated Service Model Drives Market Leadership Multiple Levers to Drive Growth – Organic Growth, Greenfields, M&A, Operating Leverage Capitalizing on growth in Large, Diverse End Markets Entrepreneurial Culture with Dedicated Employees and Experienced Leadership Driving Superior Execution

Appendix

Summary Quarterly Financials 10 Note: Fiscal year end April 30. Includes greenfields, which we consider extensions of “base business.” FY18 acquired branches have been updated to reflect the number of acquired branches that are included within the sales from acquisitions. (In millions, except per share data) 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 4Q19 FY19 (Unaudited) Wallboard Volume (MSF) 914 929 826 878 3,548 985 1,025 912 993 3,915 Wallboard Price ($ / '000 Sq. Ft.) 311 $ 311 $ 312 $ 319 $ 313 $ 323 $ 327 $ 326 $ 324 $ 325 $ Wallboard 285 $ 288 $ 256 $ 280 $ 1,110 $ 318 $ 335 $ 297 $ 322 $ 1,272 $ Ceilings 100 102 90 96 387 116 118 105 112 452 Steel framing 105 103 97 107 412 129 136 117 125 507 Other products 153 155 142 153 603 215 245 204 221 885 Net sales 642 648 586 636 2,511 778 834 724 780 3,116 Cost of sales 437 436 390 430 1,693 533 566 490 523 2,112 Gross profit 205 212 195 206 819 245 268 234 257 1,004 Gross margin 31.9% 32.8% 33.4% 32.4% 32.6% 31.5% 32.2% 32.4% 32.9% 32.2% Operating expenses: Selling, general and administrative expenses 156 160 156 162 634 185 185 178 191 739 Depreciation and amortization 16 17 16 16 66 26 31 30 30 117 Total operating expenses 172 177 173 178 699 212 216 208 221 857 Operating income 33 36 23 28 119 33 52 26 36 147 Other (expense) income: Interest expense (8) (8) (8) (8) (31) (16) (19) (20) (19) (74) Change in fair value of financial instruments (0) (0) (0) (5) (6) (6) (0) - - (6) Write-off of discount and deferred financing costs (0) - - - (0) - - - - - Other income, net 0 1 1 1 2 1 0 1 1 3 Total other expense, net (7) (8) (7) (13) (35) (22) (19) (19) (18) (77) Income from continuing operations, before tax 25 28 15 15 84 11 33 7 18 70 Income tax expense (benefit) 10 10 (4) 5 21 3 8 1 2 14 Net income 15 $ 18 $ 20 $ 10 $ 63 $ 9 $ 25 $ 6 $ 17 $ 56 $ Business Days 64 65 62 63 254 64 65 62 63 254 Net Sales by Business Day 10.0 $ 10.0 $ 9.4 $ 10.1 $ 9.9 $ 12.2 $ 12.8 $ 11.7 $ 12.4 $ 12.3 $ Base Business Branches (1) (2) 206 206 207 207 207 209 209 210 214 214 Acquired Branches (2) - 4 5 7 7 37 38 38 40 40 Total Branches 206 210 212 214 214 246 247 248 254 254

Quarterly Cash Flows 11 Free cash flow is a non-GAAP financial measure defined as net cash provided by (used in) operations less capital expenditures. Differences may occur due to rounding. ($ in millions) (Unaudited) 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 4Q19 FY19 Net income $ 15.3 $ 18.0 $ 19.7 $ 9.9 $ 63.0 $ 8.7 $ 24.9 $ 5.8 $ 16.6 $ 56.0 Non-cash changes & other changes (0.2) 13.3 14.9 35.3 63.4 7.1 45.3 19.8 47.0 119.3 Changes in primary working capital components: Trade accounts and notes receivable (12.9) (8.9) 36.4 (26.3) (11.8) (41.0) (4.4) 68.6 (36.8) (13.7) Inventories (3.3) (4.0) (16.3) (11.2) (34.8) (20.9) 16.4 (7.0) 16.7 5.2 Accounts payable 9.5 5.1 (20.3) 17.1 11.4 (1.7) 11.2 (27.4) 44.7 26.8 Cash provided by (used in) operating activities 8.5 23.5 34.4 24.9 91.2 (47.8) 93.5 59.8 88.2 193.6 Purchases of property and equipment (5.5) (2.9) (5.0) (10.3) (23.7) (3.8) (5.4) (4.2) (5.4) (18.8) Proceeds from sale of assets 1.4 0.5 0.4 0.5 2.9 0.3 0.4 0.3 0.3 1.2 Acquisitions of businesses, net of cash acquired (3.1) (15.3) (5.2) (4.8) (28.3) (575.5) (3.4) (0.8) (3.4) (583.1) Cash (used in) investing activities (7.2) (17.7) (9.7) (14.6) (49.2) (579.0) (8.4) (4.8) (8.5) (600.7) Cash provided by (used in) financing activities 3.9 (5.8) (15.5) (2.8) (20.2) 627.3 (68.7) (33.9) (105.7) 419.0 Effect of exchange rates - - - - - (0.0) (0.4) 0.4 (1.0) (1.0) Increase in cash and cash equivalents 5.2 0.0 9.2 7.5 21.8 0.4 16.0 21.5 (27.0) 10.9 Balance, beginning of period 14.6 19.7 19.8 28.9 14.6 36.4 36.8 52.9 74.3 36.4 Balance, end of period $ 19.7 $ 19.8 $ 28.9 $ 36.4 $ 36.4 $ 36.8 $ 52.9 $ 74.3 $ 47.3 $ 47.3 Supplemental cash flow disclosures: Cash paid for income taxes $ 1.8 $ 26.7 $ 6.6 $ 3.9 $ 39.0 $ 1.0 $ 9.5 $ 5.7 $ 3.2 $ 19.4 Cash paid for interest $ 6.8 $ 7.3 $ 7.1 $ 7.4 $ 28.6 $ 11.0 $ 20.0 $ 14.8 $ 20.7 $ 66.4 Cash provided by (used in) operating activities $ 8.5 $ 23.5 $ 34.4 $ 24.9 $ 91.2 $ (47.8) $ 93.5 $ 59.8 $ 88.2 $ 193.6 Purchases of property and equipment (5.5) (2.9) (5.0) (10.3) (23.7) (3.8) (5.4) (4.2) (5.4) (18.8) Free cash flow (1) 3.0 20.6 29.5 14.6 67.4 (51.6) 88.1 55.6 82.8 174.8 Historical

Quarterly Net Sales Note: Fiscal year end April 30. When calculating our “base business” results, we exclude any branches that were acquired in the current fiscal year, prior fiscal year and three months prior to the start of the prior fiscal year. FY18 quarterly sales from acquisitions have been updated in accordance with our presentation of base business for the FY19 vs. FY18 comparative period. 12 ($ in millions) 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 4Q19 FY19 (Unaudited) Base Business (1) (2) 642 $ 642 $ 579 $ 627 $ 2,490 $ 681 $ 698 $ 617 $ 671 $ 2,667 $ Acquisitions (2) - 6 7 8 21 97 136 107 109 449 Total Net Sales 642 $ 648 $ 586 $ 636 $ 2,512 $ 778 $ 834 $ 724 $ 780 $ 3,116 $ Total Net Sales Growth Wallboard 13.3% 6.9% 0.6% (0.8%) 4.8% 11.6% 16.0% 16.0% 15.1% 14.6% Ceilings 15.5% 19.0% 10.5% 9.3% 13.6% 16.2% 16.5% 16.4% 17.4% 16.6% Steel Framing 24.1% 7.4% 3.5% 6.8% 10.0% 23.4% 31.5% 21.4% 16.3% 23.1% Other Products 19.8% 10.2% 7.4% 5.6% 10.5% 40.7% 58.4% 43.6% 44.4% 46.9% Total Net Sales 16.8% 9.5% 4.1% 3.4% 8.3% 21.2% 28.7% 23.6% 22.7% 24.1% Base Business Sales Growth Wallboard 4.9% 3.0% (1.0%) (1.4%) 1.5% 2.5% 3.7% 3.9% 3.8% 3.5% Ceilings 10.6% 12.9% 7.4% 5.1% 9.0% 8.1% 10.0% 10.6% 13.7% 10.5% Steel Framing 10.0% 2.3% 3.6% 5.5% 5.4% 16.1% 21.9% 13.1% 8.3% 14.8% Other Products 10.0% 6.1% 7.2% 4.6% 7.0% 4.6% 8.5% 4.5% 7.8% 6.4% Total Base Business Net Sales 7.8% 5.1% 2.9% 2.0% 4.5% 6.1% 8.7% 6.6% 7.0% 7.1%

Quarterly Net Income to Adjusted EBITDA Adjusted EBITDA Reconciliation Commentary Represents non-cash expense related to stock appreciation rights agreements Represents non-cash compensation expense related to changes in the values of noncontrolling interests Represents non-cash equity-based compensation expense related to the issuance of share-based awards Represents severance expenses and other costs permitted in calculations under the ABL Facility and the First Lien Facility Represents one-time costs related to acquisitions paid to third parties Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value Represents mark-to-market adjustments for derivative financial instruments Represents costs related to our secondary offering paid to third-party advisors Represents expenses paid to third-party advisors related to debt refinancing activities 13 ( $ in 000s) 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 4Q19 FY19 (Unaudited) Net Income 15,343 $ 18,023 $ 19,686 $ 9,919 $ 62,971 $ 8,650 $ 24,912 $ 5,815 $ 16,625 $ 56,002 $ Add: Interest Expense 7,500 7,917 7,871 8,107 31,395 16,188 19,182 19,526 18,781 73,677 Add: Write off of debt discount and deferred financing fees 74 - - - 74 - - - - - Less: Interest Income (23) (26) (44) (84) (177) (236) 203 (10) (23) (66) Add: Income Tax Expense (Benefit) 10,060 9,983 (4,488) 5,328 20,883 2,836 8,059 1,442 1,702 14,039 Add: Depreciation Expense 5,990 6,023 6,009 6,054 24,075 10,610 11,538 11,919 12,389 46,456 Add: Amortization Expense 10,355 10,690 10,481 9,928 41,455 15,712 19,249 18,301 17,741 71,003 EBITDA 49,299 $ 52,610 $ 39,515 $ 39,252 $ 180,676 $ 53,760 $ 83,143 $ 56,993 $ 67,215 $ 261,111 $ Adjustments Stock appreciation rights expense (A) 590 642 631 455 2,318 334 649 442 1,305 2,730 Redeemable noncontrolling interests (B) 866 164 340 498 1,868 531 282 (35) 410 1,188 Equity-based compensation (C) 473 375 430 418 1,695 404 1,094 1,140 1,268 3,906 Severance and other permitted costs (D) 205 113 8 256 581 4,836 882 229 2,205 8,152 Transaction costs (acquisition and other) (E) 159 88 75 3,049 3,370 4,753 841 1,066 1,198 7,858 (Gain) loss on disposal of assets (390) (207) (51) 139 (509) (121) (173) (118) (113) (525) Effects of fair value adjustments to inventory (F) - 187 89 48 324 4,129 - - 47 4,176 Change in fair value of financial instruments (G) 196 238 276 5,415 6,125 6,019 376 - - 6,395 Secondary public offerings (H) 631 - 894 - 1,525 - - - - - Debt transaction costs (I) 723 35 - 527 1,285 627 51 - - 678 Total Add-Backs 3,453 $ 1,635 $ 2,692 $ 10,805 $ 18,582 $ 21,512 $ 4,002 $ 2,724 $ 6,320 $ 34,558 $ Adjusted EBITDA (as reported) 52,752 $ 54,245 $ 42,207 $ 50,057 $ 199,258 $ 75,272 $ 87,145 $ 59,717 $ 73,535 $ 295,669 $

LTM Net Income to Pro Forma Adjusted EBITDA Pro Forma Adjusted EBITDA Reconciliation Commentary 14 Represents non-cash expense related to stock appreciation rights agreements Represents non-cash compensation expense related to changes in the values of noncontrolling interests Represents non-cash equity-based compensation expense related to the issuance of share-based awards Represents severance expenses and other costs permitted in calculations under the ABL Facility and the First Lien Facility Represents one-time costs related to our initial public offering and acquisitions paid to third party advisors as well as costs related to the retirement of corporate stock appreciation rights Represents management fees paid to AEA, which were discontinued after the IPO Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value Represents mark-to-market adjustments for derivative financial instruments Represents one-time costs related to our secondary offerings paid to third party advisors Represents expenses paid to third party advisors related to debt refinancing activities Pro forma impact of earnings from acquisitions from the beginning of the LTM period to the date of acquisition, including synergies ( $ in 000s) 2019 2018 2017 2016 (Unaudited) Net Income 56,002 $ 62,971 $ 48,886 $ $ 12,564 Add: Interest Expense 73,677 31,395 29,360 37,418 Add: Write off of debt discount and deferred financing fees - 74 7,103 - Less: Interest Income (66) (177) (152) (928) Add: Income Tax Expense 14,039 20,883 22,654 12,584 Add: Depreciation Expense 46,456 24,075 25,565 26,667 Add: Amortization Expense 71,003 41,455 43,675 37,548 EBITDA 261,111 $ 180,676 $ 177,091 $ $ 125,853 Adjustments Stock appreciation rights expense (A) 2,730 2,318 148 1,988 Redeemable noncontrolling interests (B) 1,188 1,868 3,536 880 Equity-based compensation (C) 3,906 1,695 2,534 2,699 Severance and other permitted costs (D) 8,152 581 (157) 379 Transaction costs (acquisition and other) (E) 7,858 3,370 2,249 3,751 Gain on disposal of assets (525) (509) (338) (645) AEA management fee (F) - - 188 2,250 Effects of fair value adjustments to inventory (G) 4,176 324 946 1,009 Change in fair value of financial instruments (H) 6,395 6,125 382 - Secondary public offerings (I) - 1,525 1,385 19 Debt transaction costs (J) 678 1,285 265 - Total Add-Backs 34,558 $ 18,582 $ 11,138 $ 12,330 $ Adjusted EBITDA (as reported) 295,669 $ 199,258 $ 188,229 $ 138,183 $ Contributions from acquisitions (K) 6,717 1,280 9,500 12,093 Pro Forma Adjusted EBITDA 302,386 $ 200,538 $ 197,729 $ 150,276 $

Reconciliation of Income Before Taxes to Adjusted Net Income Adjusted Net Income Reconciliation Commentary Depreciation and amortization from the increase in value of certain long-term assets associated with the April 1, 2014 acquisition of the predecessor company and the acquisition of Titan. Full year amount for FY19 was $49.6 million. Normalized cash tax rate determined based on our estimated taxes for fiscal 2019 excluding the impact of purchase accounting and certain other deferred tax amounts. Includes the effect of 1.1 million shares of equity issued in connection with the acquisition of Titan that were exchangeable for the Company’s common stock as of April 30, 2019. 15 ($ in 000s) 4Q19 4Q18 FY19 FY18 (Unaudited) Income before taxes 18,327 $ 15,247 $ 70,041 $ 83,854 $ EBITDA add-backs 6,320 10,805 34,558 18,582 Write-off of debt discount and deferred financing fees - - - 74 Purchase accounting depreciation and amortization (A) 12,369 5,233 49,619 21,271 Adjusted pre-tax income 37,016 31,285 154,218 123,781 Adjusted income tax expense 8,329 7,790 34,699 39,077 Adjusted net income 28,687 23,495 119,518 84,704 Effective tax rate (B) 22.5% 24.9% 22.5% 31.6% Weighted average shares outstanding: Basic 40,487 41,048 40,914 41,015 Diluted (C) 42,105 42,151 42,718 42,163 Adjusted net income per share: Basic 0.71 $ 0.57 $ 2.92 $ 2.07 $ Diluted 0.68 $ 0.56 $ 2.80 $ 2.01 $

Reconciliation of Gross Profit to Adjusted Gross Profit Adjusted Gross Profit Reconciliation Commentary Represents the non-cash cost of sales impact of purchase accounting adjustments to increase inventory to its estimated fair value 16 (Unaudited) 1Q18 2Q18 3Q18 4Q18 FY2018 1Q19 2Q19 3Q19 4Q19 FY2019 ($ in millions) Gross Profit - Reported 205.1 $ 212.3 $ 195.4 $ 205.8 $ 818.6 $ 244.8 $ 268.2 $ 234.2 $ 256.9 $ 1,004.1 $ Adjustments Effects of fair value adjustments to inventory (A) - 0.2 0.1 0.0 0.3 4.1 - - 0.0 4.2 Gross Profit - Adjusted 205.1 $ 212.4 $ 195.5 $ 205.8 $ 818.9 $ 248.9 $ 268.2 $ 234.2 $ 257.0 $ 1,008.3 $ Gross Margin - Adjusted 31.9% 32.8% 33.4% 32.4% 32.6% 32.0% 32.2% 32.4% 32.9% 32.4%

Reconciliation of SG&A to Adjusted SG&A & Organic Adjusted SG&A Adjusted SG&A Reconciliation Commentary Represents non-cash expense related to stock appreciation rights agreements Represents non-cash compensation expense related to changes in the values of noncontrolling interests Represents non-cash equity-based compensation expense related to the issuance of share-based awards Represents severance expenses and other costs permitted in calculations under the ABL Facility and the First Lien Facility Represents one-time costs related to acquisitions paid to third parties. Represents costs paid to third-party advisors related to the secondary public offering of our common stock Represents expenses paid to third-party advisors related to debt refinancing activities Represents SG&A incurred by any branches that were acquired in the current fiscal year, prior fiscal year and three months prior to the start of the prior fiscal year 17 (Unaudited) 1Q18 2Q18 3Q18 4Q18 FY2018 1Q19 2Q19 3Q19 4Q19 FY2019 ($ in millions) SG&A - Reported 156.1 $ 159.9 $ 156.3 $ 161.6 $ 633.9 $ 185.4 $ 185.3 $ 178.2 $ 190.6 $ 739.5 $ Adjustments Stock appreciation rights (expense) benefit (A) (0.6) (0.6) (0.6) (0.5) (2.3) (0.3) (0.6) (0.4) (1.3) (2.7) Redeemable noncontrolling interests (B) (0.9) (0.2) (0.3) (0.5) (1.9) (0.5) (0.3) 0.0 (0.4) (1.2) Equity-based compensation (C) (0.5) (0.4) (0.4) (0.4) (1.7) (0.4) (1.1) (1.1) (1.3) (3.9) Severance and other permitted costs (D) (0.2) (0.1) (0.0) (0.3) (0.6) (4.8) (0.9) (0.2) (2.2) (8.2) Transaction costs (acquisition and other) (E) (0.2) (0.1) (0.1) (3.0) (3.4) (4.8) (0.8) (1.1) (1.2) (7.9) Gain (loss) on disposal of assets 0.4 0.2 0.1 (0.1) 0.5 0.1 0.2 0.1 0.1 0.5 Secondary Public Offering (F) (0.6) - (0.9) - (1.5) - - - - - Debt Related Costs (G) (0.7) (0.0) - (0.5) (1.3) (0.6) (0.1) - - (0.7) SG&A - Adjusted 152.8 $ 158.7 $ 153.9 $ 156.3 $ 621.7 $ 174.1 $ 181.6 $ 175.5 $ 184.3 $ 715.5 $ % of net sales 23.8% 24.5% 26.3% 24.6% 24.8% 22.4% 21.8% 24.2% 23.6% 23.0% SG&A - Acquistions (H) - $ 1.0 $ 1.2 $ 0.5 $ 2.7 $ 17.8 $ 25.6 $ 22.8 $ 23.8 $ 90.0 $ Organic Adjusted SG&A 152.8 $ 157.7 $ 152.7 $ 155.8 $ 619.0 $ 156.3 $ 156.1 $ 152.7 $ 160.5 $ 625.5 $

Q&A