GMS (GMS) 8-K GMS Reports First Quarter Fiscal 2020 Results

Exhibit 99.2

August 29, 2019 Q1 FY 2020 Earnings Conference Call

2 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 August 29, 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 August 29, 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.

3 Q1 Fiscal 2020 Highlights We are off to a strong start to fiscal 2020 with record Q1 results Net sales in Q1 2020 increased 8.9% to $847.2 million; Organic net sales growth of 3.4% Wallboard sales increased 7.5% (3.5% organic) Ceilings sales increased 11.4% (8.3% organic) Steel framing sales increased 2.1% (down 0.8% organic) Other product sales increased 13.6% (3.1% organic) Reported net income of $24.8 million, or $0.59 per diluted share Adjusted net income of $37.5 million, or $0.89 per diluted share (1) Adjusted EBITDA increased 11.0% to $83.6 million (1); Improved Adjusted EBITDA margin (1) by 20 basis points to 9.9% from 9.7% in Q1 2019 Completed the acquisition of Hart Acoustical and Drywall Supply with three locations in South Texas on June 3, 2019 Opened two greenfield locations: Manchester, NH and Wichita Falls, TX We see healthy end markets with solid demand in the US; Canadian single-family market remains soft For a reconciliation of Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP metrics, see Appendix.

4 Q1 Fiscal 2020 Performance Net Sales & Mix Organic net sales growth of 3.4% Wallboard: +3.5% organic (Volume ~+4%/Price <-1%) Ceilings: +8.3% organic (Volume ~+3%/Price ~+5%) Steel: -0.8% organic (Volume ~+5%/ Price & Mix ~-6%) Other: +3.1% organic Gross Profit & Margin Net Sales ($ mm) Gross Profit up 11.8% as a result of higher sales, both organically and from acquisitions, as well as $4.1 million of non-cash purchase accounting adjustments recorded in Q1 2019 Gross margin of 32.3% increased 80 bps from 31.5% last year due to net favorable price-cost dynamics, Titan purchasing synergies, and the prior year purchase accounting adjustments +8.9% YOY As of Q1 2020, organic net sales growth calculation modified to exclude net sales of acquired businesses until first anniversary of acquisition date and impact of foreign currency translation (see page 13 for presentation of prior years’ organic net sales growth under new methodology). $778.1 $847.2 $0 $300 $600 $900 Fiscal Q1 2019 Fiscal Q1 2020 41% 15% 16% 28% 40% 15% 16% 29% $244.8 $273.7 31.5% 32.3% 20.0% 20.5% 21.0% 21.5% 22.0% 22.5% 23.0% 23.5% 24.0% 24.5% 25.0% 25.5% 26.0% 26.5% 27.0% 27.5% 28.0% 28.5% 29.0% 29.5% 30.0% 30.5% 31.0% 31.5% 32.0% 32.5% 33.0% $0 $50 $100 $150 $200 $250 $300 Fiscal Q1 2019 Fiscal Q1 2020 Gross Profit Gross Margin

5 SG&A and Adjusted SG&A (1) Q1 Fiscal 2020 Performance Reported SG&A was $194.6 million (23.0% of sales) in Q1 2020 and $185.4 million (23.8% of sales) in Q1 2019 Adjusted SG&A was $191.1 million (22.6% of sales) in Q1 2020 and $174.1 million (22.4% of sales) in Q1 2019 Adjusted SG&A as % of sales increased by 20 bps year over year as a result of investments in business initiatives, reduced operating leverage in Canada and inflationary cost pressures including those resulting from adverse weather conditions. These impacts were partially offset by increased cost efficiencies resulting from the Company’s cost reduction initiatives. Net Income, Adjusted Net Income & Adjusted EBITDA (1) Reported net income was $24.8 million in Q1 2020 and $8.7 million in Q1 2019 Adjusted net income was $37.5 million in Q1 2020 and $35.2 million in Q1 2019 Adjusted EBITDA of $83.6 million up 11.0% year over year Adjusted EBITDA margin up 20 bps year over year Adj. SG&A ($ mm) Adj. EBITDA ($ mm) 7.9% 9.4% 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. +11.0% YOY $174.1 $191.1 22.4% 22.6% 20.0% 20.5% 21.0% 21.5% 22.0% 22.5% 23.0% $0 $50 $100 $150 $200 Fiscal Q1 2019 Fiscal Q1 2020 Adj. SG&A Adj. SG&A % $75.3 $83.6 9.7% 9.9% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% $0 $50 $100 Fiscal Q1 2019 Fiscal Q1 2020 Adj. EBITDA Adj. EBITDA Margin

6 Cash Flow, Liquidity and Net Leverage Cash used in operating activities and free cash flow (1) of $(12.4) million and $(18.3) million, respectively, improved from $(47.8) million and $(51.6) million a year ago. Q1 typically results in a use of free cash flow Substantial liquidity, with $24.1 million of cash on hand and an additional $296.4 million available under our revolving credit facilities First Lien Term Loan at L+275 (~80% of total long term debt) matures 2025 Leverage Summary Net Debt / PF Adjusted EBITDA (2) For a reconciliation of free cash flow to cash used in operating activities, the most directly comparable GAAP metric, see Appendix. For a reconciliation Pro Forma Adjusted EBITDA to net income, the most directly comparable GAAP metric, see Appendix. Net of unamortized discount of $2.4mm, $2.3mm, $2.2mm, $2.1mm and $2.0mm as of July 31, 2018, October 31, 2018, January 31, 2019, April 30, 2019, and July 31, 2019 respectively. Net of deferred financing costs of $13.6mm, $13.1mm, $12.6mm, $12.1mm and $11.6 mm as of July 31, 2018, October 31, 2018, January 31, 2019, April 30, 2019, and July 31, 2019 respectively. Net of unamortized discount of $1.5mm, $1.4mm, $1.3mm, $1.2 mm and $1.1 mm as of July 31, 2018, October 31, 2018, January 31, 2019, April 30, 2019, and July 31, 2019 respectively. 4.2x 3.8x 3.8x 3.6x 3.7x 7/31/18 LTM 10/31/18 LTM 1/31/2019 LTM 4/30/2019 LTM 7/31/2019 LTM ($ mm) 7/31/18 10/31/18 1/31/19 4/30/19 7/31/19 LTM LTM LTM LTM LTM Cash and cash equivalents $37 $53 $74 $47 $24 Asset-Based Revolver $215 $153 $138 $44 $54 First Lien Term Loan (3)(4) 978 976 975 973 971 Capital Lease Obligations 94 100 105 109 114 Installment Notes & Other (5) 16 15 16 15 22 Total Debt $1,304 $1,245 $1,234 $1,141 $1,161 Total Net Debt $1,267 $1,192 $1,160 $1,094 $1,137 PF Adj. EBITDA (2) $304 $310 $305 $302 $305 Total Debt / PF Adj. EBITDA 4.3x 4.0x 4.0x 3.8x 3.8x Net Debt / PF Adj. EBITDA 4.2x 3.8x 3.8x 3.6x 3.7x

7 Moving Forward We have a strong market position through our extensive North American network coupled with local expertise and teams focused on superior service delivery We remain focused on leveraging the foundation of our business and positioning GMS for long-term growth and profitability We are committed to advancing our next phase of growth and success We will seek to capitalize on significant growth opportunities across our existing platform We will continue to enhance and expand our geographic footprint through accretive acquisitions and greenfield operations balanced with our debt reduction priorities We will continue to leverage our scale and employ best practices to deliver further profit improvement

8 Leading Specialty Distributor Poised for Continued Growth North American market leader in specialty distribution of interior construction products Significant scale combined with local expertise Differentiated Service Model Drives Market Leadership Multiple Levers to Drive Above-Market Growth – Organic Growth, Greenfields, M&A, Operating Leverage Capitalizing on Large, Diverse End Markets Poised for Continued Growth Entrepreneurial Culture with Dedicated Employees and Experienced Leadership Driving Superior Execution Proven track record of growth and cash flow generation Attractive capital structure and balanced approach to capital allocation

Appendix

10 Summary Quarterly Financials (In millions, except per share data) 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 (Unaudited) Wallboard Volume (MSF) 985 1,025 912 993 3,915 1,064 Wallboard Price ($ / '000 Sq. Ft.) 323 $ 327 $ 326 $ 324 $ 325 $ 321 $ Wallboard 318 $ 335 $ 297 $ 322 $ 1,272 $ 342 $ Ceilings 116 118 105 112 452 129 Steel framing 129 136 117 125 507 132 Other products 215 245 204 221 885 245 Net sales 778 834 724 780 3,116 847 Cost of sales 533 566 490 523 2,112 574 Gross profit 245 268 234 257 1,004 274 Gross margin 31.5% 32.2% 32.4% 32.9% 32.2% 32.3% Operating expenses: Selling, general and administrative expenses 185 185 178 191 739 195 Depreciation and amortization 26 31 30 30 117 29 Total operating expenses 212 216 208 221 857 224 Operating income 33 52 26 36 147 50 Other (expense) income: Interest expense (16) (19) (20) (19) (74) (18) Change in fair value of financial instruments (6) (0) - - (6) - Other income, net 1 0 1 1 3 1 Total other expense, net (22) (19) (19) (18) (77) (17) Income from continuing operations, before tax 11 33 7 18 70 32 Income tax expense (benefit) 3 8 1 2 14 8 Net income 9 $ 25 $ 6 $ 17 $ 56 $ 25 $ Business Days 64 65 62 63 254 64 Net Sales by Business Day 12.2 $ 12.8 $ 11.7 $ 12.4 $ 12.3 $ 13.2 $ Beginning Branch Count 214 246 246 249 214 254 Added Branches 32 - 3 5 40 5 Ending Branch Count 246 246 249 254 254 259

11 Quarterly Cash Flows 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) 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 Net income $ 8.7 $ 24.9 $ 5.8 $ 16.6 $ 56.0 $ 24.8 Non-cash changes & other changes 7.1 45.3 19.8 47.0 119.3 (4.5) Changes in primary working capital components: Trade accounts and notes receivable (41.0) (4.4) 68.6 (36.8) (13.7) (23.2) Inventories (20.9) 16.4 (7.0) 16.7 5.2 0.0 Accounts payable (1.7) 11.2 (27.4) 44.7 26.8 (9.5) Cash provided by (used in) operating activities (47.8) 93.5 59.8 88.2 193.6 (12.4) Purchases of property and equipment (3.8) (5.4) (4.2) (5.4) (18.8) (5.9) Proceeds from sale of assets 0.3 0.4 0.3 0.3 1.2 0.2 Acquisitions of businesses, net of cash acquired (575.5) (3.4) (0.8) (3.4) (583.1) (10.6) Cash (used in) investing activities (579.0) (8.4) (4.8) (8.5) (600.7) (16.3) Cash provided by (used in) financing activities 627.3 (68.7) (33.9) (105.7) 419.0 5.3 Effect of exchange rates (0.0) (0.4) 0.4 (1.0) (1.0) 0.2 Increase (decrease) in cash and cash equivalents 0.4 16.0 21.5 (27.0) 10.9 (23.2) Balance, beginning of period 36.4 36.8 52.9 74.3 36.4 47.3 Balance, end of period $ 36.8 $ 52.9 $ 74.3 $ 47.3 $ 47.3 $ 24.1 Supplemental cash flow disclosures: Cash paid for income taxes $ 1.0 $ 9.5 $ 5.7 $ 3.2 $ 19.4 $ 18.8 Cash paid for interest $ 11.0 $ 20.0 $ 14.8 $ 20.7 $ 66.4 $ 17.0 Cash provided by (used in) operating activities $ (47.8) $ 93.5 $ 59.8 $ 88.2 $ 193.6 $ (12.4) Purchases of property and equipment (3.8) (5.4) (4.2) (5.4) (18.8) (5.9) Free cash flow (1) (51.6) 88.1 55.6 82.8 174.8 (18.3)

12 Q1 Net Sales Organic net sales growth calculation modified to exclude net sales of acquired businesses until first anniversary of acquisition date and impact of foreign currency translation. ($ in millions) (Unaudited) FY19 FY20 Reported Organic (1) Organic (1) 778.1 $ 804.2 $ Acquisitions - 43.8 Fx Impact - (0.8) Total Net Sales 778.1 $ 847.2 $ 8.9% 3.4% Wallboard 317.7 $ 341.6 $ 7.5% 3.5% Ceilings 115.9 129.1 11.4% 8.3% Steel Framing 129.1 131.8 2.1% (0.8%) Other Products 215.4 244.6 13.6% 3.1% Total Net Sales 778.1 $ 847.2 $ 8.9% 3.4% Fiscal Q1 Variance

13 Prior Period Organic Net Sales Calculation – Prior and Current Method Prior Method: Through FY 2019, organic net sales growth calculation excluded net sales of businesses acquired in the current fiscal year, prior fiscal year and three months prior to the start of the prior fiscal year. Current Method: At beginning of FY 2020, organic net sales growth calculation modified to exclude net sales of acquired businesses until first anniversary of acquisition date and impact of foreign currency translation. ($ in millions) (Unaudited) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Prior Method (1) Prior Period Reported 549.8 591.8 562.5 615.0 2,319.1 642.2 648.0 585.5 635.9 2,511.6 Acq 6.0 30.8 52.0 56.9 145.7 - 6.1 6.5 8.5 21.1 Organic 543.8 561.1 510.5 558.1 2,173.5 642.2 641.9 579.0 627.4 2,490.4 Current Period Reported 642.2 648.0 585.5 635.9 2,511.6 778.1 833.8 723.9 780.2 3,116.1 Acq 56.0 58.4 59.1 66.5 239.9 96.9 136.0 106.7 109.2 448.8 Organic 586.2 589.6 526.4 569.4 2,271.7 681.3 697.8 617.2 671.0 2,667.3 Organic Growth % 7.8% 5.1% 2.9% 2.0% 4.5% 6.1% 8.7% 6.6% 7.0% 7.1% Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Current Method (2) Prior Period Reported 549.8 591.8 562.5 615.0 2,319.1 642.2 648.0 585.5 635.9 2,511.6 Acq - - - - - - - - - - Organic 549.8 591.8 562.5 615.0 2,319.1 642.2 648.0 585.5 635.9 2,511.6 Current Period Reported 642.2 648.0 585.5 635.9 2,511.6 778.1 833.8 723.9 780.2 3,116.1 Acq 49.7 30.9 7.6 8.5 96.6 96.9 129.6 100.7 101.7 428.8 Organic 592.5 617.1 578.0 627.4 2,415.0 681.3 704.2 623.2 678.6 2,687.3 Organic Growth % 7.8% 4.3% 2.7% 2.0% 4.1% 6.1% 8.7% 6.4% 6.7% 7.0% FY18 FY19

14 Quarterly Net Income to 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 expenses paid to third-party advisors related to debt refinancing activities ( $ in 000s) 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 (Unaudited) Net Income 8,650 $ 24,912 $ 5,815 $ 16,625 $ 56,002 $ 24,820 $ Add: Interest Expense 16,188 19,182 19,526 18,781 73,677 18,277 Less: Interest Income (236) 203 (10) (23) (66) (12) Add: Income Tax Expense (Benefit) 2,836 8,059 1,442 1,702 14,039 7,590 Add: Depreciation Expense 10,610 11,538 11,919 12,389 46,456 12,422 Add: Amortization Expense 15,712 19,249 18,301 17,741 71,003 16,853 EBITDA 53,760 $ 83,143 $ 56,993 $ 67,215 $ 261,111 $ 79,950 $ Adjustments Stock appreciation rights expense (A) 334 649 442 1,305 2,730 60 Redeemable noncontrolling interests (B) 531 282 (35) 410 1,188 662 Equity-based compensation (C) 404 1,094 1,140 1,268 3,906 1,395 Severance and other permitted costs (D) 4,836 882 229 2,205 8,152 554 Transaction costs (acquisition and other) (E) 4,753 841 1,066 1,198 7,858 972 (Gain) loss on disposal of assets (121) (173) (118) (113) (525) (156) Effects of fair value adjustments to inventory (F) 4,129 - - 47 4,176 151 Change in fair value of financial instruments (G) 6,019 376 - - 6,395 - Debt transaction costs (H) 627 51 - - 678 - Total Add-Backs 21,512 $ 4,002 $ 2,724 $ 6,320 $ 34,558 $ 3,638 $ Adjusted EBITDA (as reported) 75,272 $ 87,145 $ 59,717 $ 73,535 $ 295,669 $ 83,588 $

15 Net Income to Pro Forma 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 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) 1Q20 LTM 2019 2018 2017 2016 (Unaudited) Net Income 72,172 $ 56,002 $ 62,971 $ 48,886 $ $ 12,564 Add: Interest Expense 75,766 73,677 31,395 29,360 37,418 Add: Write off of debt discount and deferred financing fees - - 74 7,103 - Less: Interest Income 158 (66) (177) (152) (928) Add: Income Tax Expense 18,793 14,039 20,883 22,654 12,584 Add: Depreciation Expense 48,268 46,456 24,075 25,565 26,667 Add: Amortization Expense 72,144 71,003 41,455 43,675 37,548 EBITDA 287,301 $ 261,111 $ 180,676 $ 177,091 $ $ 125,853 Adjustments Stock appreciation rights expense (A) 2,456 2,730 2,318 148 1,988 Redeemable noncontrolling interests (B) 1,319 1,188 1,868 3,536 880 Equity-based compensation (C) 4,897 3,906 1,695 2,534 2,699 Severance and other permitted costs (D) 3,870 8,152 581 (157) 379 Transaction costs (acquisition and other) (E) 4,077 7,858 3,370 2,249 3,751 Gain on disposal of assets (560) (525) (509) (338) (645) AEA management fee (F) - - - 188 2,250 Effects of fair value adjustments to inventory (G) 198 4,176 324 946 1,009 Change in fair value of financial instruments (H) 376 6,395 6,125 382 - Secondary public offerings (I) - - 1,525 1,385 19 Debt transaction costs (J) 51 678 1,285 265 - Total Add-Backs 16,684 $ 34,558 $ 18,582 $ 11,138 $ 12,330 $ Adjusted EBITDA (as reported) 303,985 $ 295,669 $ 199,258 $ 188,229 $ 138,183 $ Contributions from acquisitions (K) 1,293 6,717 1,280 9,500 12,093 Pro Forma Adjusted EBITDA 305,278 $ 302,386 $ 200,538 $ 197,729 $ 150,276 $

16 Reconciliation of Income Before Taxes to 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. Normalized cash tax rate determined based on our estimated taxes for fiscal 2020 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. ($ in 000s) 1Q20 1Q19 (Unaudited) Income before taxes 32,410 $ 11,486 $ EBITDA add-backs 3,638 21,512 Purchase accounting depreciation and amortization (A) 12,385 12,455 Adjusted pre-tax income 48,433 45,453 Adjusted income tax expense 10,897 10,227 Adjusted net income 37,536 35,226 Effective tax rate (B) 22.5% 22.5% Weighted average shares outstanding: Basic 41,001 41,094 Diluted (C) 42,148 43,203 Adjusted net income per share: Basic 0.92 $ 0.86 $ Diluted 0.89 $ 0.82 $

17 Reported SG&A to 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 expenses paid to third-party advisors related to debt refinancing activities (Unaudited) 1Q19 2Q19 3Q19 4Q19 FY2019 1Q20 ($ in millions) SG&A - Reported 185.4 $ 185.3 $ 178.2 $ 190.6 $ 739.5 $ 194.6 $ Adjustments Stock appreciation rights (expense) benefit (A) (0.3) (0.6) (0.4) (1.3) (2.7) (0.1) Redeemable noncontrolling interests (B) (0.5) (0.3) 0.0 (0.4) (1.2) (0.7) Equity-based compensation (C) (0.4) (1.1) (1.1) (1.3) (3.9) (1.4) Severance and other permitted costs (D) (4.8) (0.9) (0.2) (2.2) (8.2) (0.6) Transaction costs (acquisition and other) (E) (4.8) (0.8) (1.1) (1.2) (7.9) (1.0) Gain (loss) on disposal of assets 0.1 0.2 0.1 0.1 0.5 0.2 Debt Related Costs (F) (0.6) (0.1) - - (0.7) - SG&A - Adjusted 174.1 $ 181.6 $ 175.5 $ 184.3 $ 715.5 $ 191.1 $ % of net sales 22.4% 21.8% 24.2% 23.6% 23.0% 22.6%

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