GMS - Earnings call transcript Q1 2021

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Operator

Greetings and welcome to GMS Inc.

First Quarter Fiscal 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure Investor your Relations. my Vice Leslie now of President is to host, introduce Kratcoski, It Thank you.

begin. may You

Leslie Kratcoski

Thanks, Daryl. Scott first Good for morning Chief Officer. today and thank you President Turner, President earnings XXXX. am and call and by fiscal Financial John the Officer for conference for Vice of the and quarter Executive I joined Deakin, GMS joining us Chief

of press posted in to to forward-looking the remarks release website section presentation the Act the in to addition morning, prepared have as Securities issued statements On In we your gms.com. Litigation of this slides accompany Investors management’s contain today’s Reform our at this XXXX. defined Private questions call, may answers and

and may are our today. uncertainties, many Forward-looking actual matters cause statements from address of control beyond risks that those and to to are differ results discussed which subject

statements a to of the discussion related other measures references reconciliations on company Today’s also to and slides. of forward-looking XXXX in that note XX, no company’s obligation The the call reminder, to presentation definitions fiscal Please Risk XXXX. current provided future. presentation relate ended statements including Factors the XX-K company’s July press The to As this certain the in of includes reports. measures. are filings are the expectations. a forward-looking non-GAAP the the non-GAAP quarter first forward-looking in periodic and these quarter release to and estimates detailed section SEC, and contained discussions assumes the in more the Listeners any represent update these management’s with statements review encouraged

With and the one over to we of you request Finally, call limit JT? will Turner. yourself the follow-up. once turn kindly of question call, the in interest begin that, now time, we question-and-answer John the that to one I session

John Turner

joining of this well. our who and us at safe I I review saying call turn colleagues then and taking Thank and Leslie. will a over thoughts will everyone Scott Good financial your as then of GMS closing highlights it that operating to us all questions. joining well our your would and results. cover for with I by families you like will hope share morning are some before today. start you, thank open as to

If remains turn backdrop reflect the of first X, to execution our excuse Slide that – challenging you entire environment period. the clearly our business outstanding throughout against that quarter clearly demanded a me by team results

organic net our we adjusted and the to both income. EBITDA sales, and XX As higher structure impacts points arising and and and X.X% the sales improvements declined a sales alignment Despite These from of X.X% the respectively. pandemic, adjusted result net of margins net economic cost XX lower were improved higher gross the income net basis of COVID-XX rapid Furthermore, generated the by demand. current result direct we respectively.

coupled current significantly was containment anticipated XX% cost and provided environment. to sales, reflecting toward call balanced excellence. product disciplined result which of a quarter stance has adjusted serving was than better of just XX.X% in This strengthened with of X.X%. margin our better in a the Adjusted on Our and outlook margin our decremental relentless fourth we EBITDA gross $XX.X of of had as customers performance, our focus alignment execution initiatives been growth through the and and our operational a the million mix, EBITDA XX% than proactive market with

business top health of compliance remains maintained our and and with aimed On the and at the operating priority. the requirements, public enhanced communities safety health and in safety partners health reducing our protocols COVID-XX front, spread employees, recommendations guidelines we of and

Considering With support At our in customers of off both team and results congratulations we and Scott? we to of own results the the navigating difficult entire made provide thanks together are to frontlines suppliers, out on the it gratitude Scott some go and environment partnership possible strong continued unprecedented for these our in the I come gratitude financial offer All start which time, times. will challenges are to faced to share their in more same GMS to our have the the that, as over who My for other. during realities QX. and each current those of we express who on with proactive to we us XXXX. customers turn and at be now our been perspective these operating, the fiscal remaining GMS everyday to have a engaged, market. focused I who our

Scott Deakin

JT. morning. Good Thanks,

X.X% organic driven to decline Year organic and environment net million approximately our deck, the primarily down higher to year X% year-over-year, pronounced lower only and declines in mix sequentially. steel commercial organic with in offset Looking in offset Wallboard offset partially Gross in X% down and net volumes X.X%. of about market over pricing of profit an due year-over-year by basis the wallboard declines and in sales or COVID-XX positive Complementary to organic $XXX.X $XXX.X growth positive X.X% continued U.S. to X more continued Steel basis challenged construction activity, on XX.X% sales. a there greater of at X.X% execution million year-over-year acquisitions, into demand to products decreased basis, product of driven steel, to The which consolidated Gross of mix. million contributions strategic from our were sales due tied due weighting volumes were both product XX.X% during points and by wallboard were mix more declined share on categories sales as framing price increased and to X% Residential, a decreased down product the Canada. were by X.X% improved X% of pricing. partially organic other of higher sales residential. still lower and sales residential both a $XXX.X on other organic down a proportion margin quarter, improve and primarily $XXX XX.X% in X.X% initiatives, by primarily in XX.X% sales a pricing due both sales given mix lower on principally a volumes, product million decreased XX lesser of $XXX.X of deflationary or or million, on basis. continued XX.X% product versus sales initiatives environment basis purchasing quarter a and sales, while extent, basis result higher the relatively Slide favorable decreased an as $XXX.X Ceiling partially products. in mostly given an growth million decline Overall, and by to the Canada. an or of August. a related ceilings

for direct XX operating the first to favorable well was of EBITDA other Turning XX first our XX.X% business discretionary year prior decline adjusted fiscal marketplace X SG&A the declined Adjusted against were limit the basis from decremental marginally EBITDA as This single-family basis pleased point profit basis points improved the and as $XX.X that percent sales. towards first steel, We to defer to respect Slide the X.X% improvement terms in execution with This wallboard deflationary a represented costs. the adjusted million. our environment margin. over as adjusted or to expectations XX dollar we demand previous cost improved to with proactive All $XX.X non-essential structure however, despite expenses well XX improved very margin, as a headwind margins net basis considered, sales, in the expense, a points a residential aligned company’s in million mix despite of measures generated points. quarter of current XX.X%. quarter market-related of as from result realized quarter the both the in EBITDA as operating approximately and and

first to fiscal tempering Slide million of quarter. during the X, only of activities we use the typical operating as put Turning year, fourth in totaled $XX.X and modestly These of our cash. some generated and respectively, cash $XX.X a million precautionary we the measures place cash our increasing to is prior free the compared despite from in management year, quarter

For generating to we million. in Capital expenditures $X.X had delayed near-term business. is that maintain million anticipated of quarter, we cadence. said, lower or normal This expenditures capital or impact $XX typical our of year-over-year as looking our the level quarterly flow, robust cash free reduced we positive million forward, not a of which $X.X of were capital approximately anticipate cash second fiscal expenditures for fiscal estimate XXXX

of As facilities. had available we revolving of cash $XXX.X under million $XXX.X XX, July on credit our of XXXX million liquidity hand and

approximately down flexibility facilities quarter, financial recall that $XX on start revolving as during of quarter our the precautionary cash under fiscal me, and will of we increase during measure the pandemic, drew XXXX. You to at the fourth million the excuse credit a hand

repaid of million During these approximately the and August. quarter $XX we borrowings draw of precautionary remainder this in one, repaid

Our quarter, of first of end as the X.Xx XXXX. fourth the quarter of of and X.Xx was consistent compared net the fiscal Xx of the of end relatively as of to fiscal end leverage as quarter of with the the XXXX first

our in capital terms XXXX. of stability due of large not overall our the debt remains is sheet of structure, balance and the Our healthy, until majority

we over line me the let for call back questions. Now the to open before JT turn

John Turner

Thanks, Scott.

our committed developments, monitor strategic Turning continue to business to to initiatives, and growth guide a significant we Slide carefully long-term management growth potential. of remain X, long-term while we attractive very with market which our address

deliver core reminder, profitably reduction, best our expand opportunities are platform progress well diversify under-penetrated, technology profit offering, geographies share and to while as include, where best-in-class leveraging other productivity and balanced further practices the debt growth growing employing our and maintaining our customer our greenfield increased expanding products, product select priorities opportunities through and in core acquisition product we As scale accretive developing as and improvement. to outside and in products experience of a in a particularly

technology equipped all are in with expansion, meaningful and performance this of new deals Greenfield which pursuing an expansion. balanced these returned market execution from the in should stance in In strategies, of environment. which terms end benefits portfolios, all of of our we geographic we scale have to enhance advancing and product, active Near-term, have us not our only market realizing and acquisitions serve but with and to advantages, current

on our product enabled our serve challenging For our such our complementary this acquisitions and US achieve and expansion example, of balances increasing products enhanced our core e-commerce growing and quarter, our to diversifies and operational but offering business optimization only greenfield other us Focused is is of environment from segment enabled products also Canada. and our advantages. through emphasis market customers, including software, and as in grow Platform despite fleet us market locations but excellence. product, both our share deployments diversification, further portfolio. not across that has geographies scale to under-penetrated leadership the in has not provided geographic better scale, end only productivity and to the increased further Technology both logistic

update since both to improved. Finally, for varied you in residential last residential The external June, to has our construction. and commercial respect forecast current construction outlook with remained

hand, other activity forecast still changed suggest environment. consensus commercial the difficult On for little a are and

to comparison is quarter, challenging sales there record Moreover, a Looking experienced less all-time is we second weakness quarter ahead more in quarter. day the from anticipate in present what year. This do second to last of what than an further last selling year-over-year also this quarterly commercial year was year. one we QX to the expected first

year XX% was EBITDA was to XX% last believe XX% fiscal In in into the the difficult margin gross which of these the to decremental comparison the terms quarter. factors in Taking for QX case be first than targeted of within it of range of profitability, second quarter we consideration, year-over-year XXXX. prudent the will adjusted margin more

the should from comparisons will year-over-year the see quarters, third that challenged of be With improved we fourth start expectation in are year. numbers in that less some residential back and half our optimistic benefit we fiscal our sales

As what remains our we can. controlling focus we conclude, on

continue this and have our am believe our We leverage to to foundation nimbly. demand. business to address to market are leadership we team’s and with coupled sheet, we to open our continue quickly commitment the align duration call our balance ongoing I Operator, firmly taken, and optimize of strong at We operations success. and period questions. for GMS with actions ability growth in and challenges and to take our well ready generate for long-term strategic liquidity to positions for now the and us the necessary confident have built intend the to opportunities priorities cash, ability healthy

Operator

first your [Operator questions. the you. comes line Thank Barclays. proceed with Bouley Please Our Instructions] of question from Matthew of

Ashley Kim

for on Kim Ashley Matt is this Hi, today.

on impact was, this? margin do a first you result to wanted mix to outperform side, the the as question assuming I ask So of a continue commercial, expect resi significant

John Turner

a certainly the think side. margin an the the similar, the cost but bit two of deliver to expect itself wallboard little on was impact, the of they lower I are little side, in bit, lower had a the profitability but as on stated past, we’ve we because residential gross the actually

are seeing mix continue. You expect we ceilings steel and to the in and that

other We shouldn’t any don’t weakness continue. see in performance product are why with and category very of we that happy our commercial reason spite

And so, that the to the do think – we have in general, in what trends we able continuing. I what see quarter, here I were

Ashley Kim

people called weak you. kind Got you are And spot? that helpful. Thank That’s back quarter, has shown to improvements, seeing of work? out seeing a what And this it. just as tenant any potential you then on head improvement that last

John Turner

yet. Not

Ashley Kim

much. so you Thank it. got Okay,

John Turner

Thank you, Ashley.

Operator

Thank you.

comes Trey question. Please with question from of Grooms proceed with line your Stephens. next Our the

Trey Grooms

Thank Scott. you. Good morning, JT,

John Turner

morning. Hi, Trey. Good

Trey Grooms

want see expand seeing on commercial be maybe comment you if expecting first, can about or So to weakness. I may further your

level So color we you down double-digits is taking – you’re around from ceilings a volume can one less that give steel anymore organic comment? that saw deceleration that expecting us and and mean XQ, out in impact that that both and to day that is the of

John Turner

get calendar commercial until I than of be and in Yes, don’t it’s now, becoming although clear going we later XXXX. it’s about move balance is strengthen talked weaker calendar through won’t quarter, that think we the much as the to more different year likely we certainly into last

think I being after residential I of and think hand, last side I bullish accused excited than the more I was am somewhat was call, other probably the now I on On it the about then.

really we the in of deteriorate mentioned the happen is will likely is, I are comments into these deceleration steel the and will phone And expected a we than in I as steel begin I then we that little tell out you numbers ceiling – those happening So would can’t now, to bit better it get much year degree deceleration over that continued the think yes, here expect right we we about again, to deceleration starts But slightly talk operating roll as further and have offsets it. through on we ceiling. it we speak. to as offset get of QX. but QX that when our degree what we’re of of visibility as and to later

Trey Grooms

that’s see you for you leverage Okay, thoughts XX Thank What basis your on the XQ, the How on just least the you as with there, later, headwind got thinking leverage probably helpful. you a have points business we you And that the can Scott, lag going of had, the starts. might that sustainability with, there, of for or the we should drivers timing that. also were you in and as SG&A kind is mentioned with things of be SG&A the at that side from be when volumes the things? guys challenged to achieved headwind are about the SG&A, price. good but mentioned wallboard what be that side one around and not there few volumes given

Scott Deakin

we to look, think in we I really business pleased warehouse side are of have been expect the the with logistics the Yes, that it, what delivery we on all discipline quarter, that. the with of are over things. we side the continue would and maintaining seeing

wages, able types have things well. labor, of We materials, repairs, been to those really flex

expect those that doing. doing like we kinds entertainment, disciplined kinds of discretionary I think things on meetings, truly side G&A As all maintain into be are are the the we you will really there, obviously of we of of more we would things, look things what travel, to forward things,

terms way terms So maintenance the But pretty whole revenues, expect the And into ability to quarter, that, be our air as of to leverage in don’t the of got sales there softer some obviously, I we net we is a we quarter. we have just is the lot to a of go going decline in that weather though, be to that you the key environment. should the us. important in solid of business run do that part cover into that next this indicated, of

Trey Grooms

any into on and And that made there trajectory? did I it and more color it, expected it this further housing the improve sounds can kind you. any quarter, through one sound ramp we thank you down sneak on volume JT territory quarter, up on it’s in more yet? give around, comment it just could if down the of the even just down, improved It as Okay, but like us that in but to you the the in, that? was you quarter earlier, of residential was color more positive like in it it quarter, volume through Are was August. kind the And – get was

John Turner

and Yes, entered trend, have the going and to basis. think volume, I getting flat we flip a are kind even exited positive isn’t quarter the lower-single-digit of almost imagine trend with the much that mean, now mean, eventually a I numbers I that seen. starts we volume that we declines quarter continue Currently, low-single-digit maybe that hard it’s to year-over-year to on

numbers, we X obviously if another supplying could be will we could and months of we part get X residentially they the most – it. finish what they will if robust So to start, starts for

that trend. think I So positive we remain in

Trey Grooms

Yes.

it Thanks, for guys. that’s appreciate me. I it. Okay,

John Turner

Trey. Thanks,

Scott Deakin

Trey. Thanks,

Operator

you. Thank

of come with your question Group. question. Steven Research that proceed line Please next from the Thompson Our Ramsey with

Steven Ramsey

this in kind your into a growth of other and I can that into that did you while sustain little category, with more detail more steeply Maybe down some on comment trends to little maybe of out a expected you growth go drove other on go segment, will morning. products category? what go the Good detail start the

John Turner

now Well, much on external organization, residential to we had along don’t and I really to stop. so other continue, have really product some we the growth internal comment momentum the and our for the my time anything think doing tied accelerator is expect that that to expect and the environment the I is that of regarding to more we quite sustaining not is well products and category foot performance on that other related

Steven Ramsey

think region maybe then And that drove geography, the segment just QX? Great. or in particular you what on in is Canada, growth do sustainable and any it

John Turner

Yes.

So, in more phenomenon we as our we and the all of advantage is past have I kind the the seen of couple to business different Western center phenomenon, mentioned now of home of home one, are I a is position and in a many have Canada think have the improvement things, is reflective, been. COVID-XX, in certainly societally changes one take environment that,

gone you coming don’t how know housing pent through had And demand Canada up seeing slump prior of that and some are I I long Additionally COVID. a COVID. to think remains the snapback out see up very, this in that ready has in job last. near-term to positioning there our good might a But Canada be very to moment. done capitalize team we certainly trends us of good and

So do continue Canada. to in well

Steven Ramsey

And maybe change of acquisitions for years? does homes greenfields forward housing approach from housing as the of a potentially I or and few the the as, construction move out are layout less one mean of maybe where being drivers to that then offices hub de-urbanization spread growth, of over last centralized, offices that starts your commercial big on Great. more driving we evolves kind we level, next high are world in me move homes even from strategy one a is seeing, and going

John Turner

as balanced. before, the reality well pretty we are Well, I mentioned mean, is, we

are We that XX% XX% commercial everywhere. doesn’t residential, and we are mean

of mix, everywhere. stronger when being we shrinking in stronger being And in other our – category. initiatives balanced but becoming our core it’s growth category, product one it’s not the by one becoming talk So about

around would, is, going us in I white So that obviously the and, to the think ability near-term sense. very and that makes think, it’s of and the service but, so space acquisition much to we we in wise, important that acquisitions reality forward, residential is related yes, particularly pretty

Steven Ramsey

for Thanks the Excellent. color.

Operator

Thank you.

line the Our next proceed Please of question your from Hughes Truist you. with with question. Securities. Thank Keith comes

Keith Hughes

you. Thank

even question It it August? a like talk, like last have whether organic Just reported pacing, July us it. be can time you you off an helpful. your about in through into gave That looks growth fallen – just looked of of would mid-June, more July update kind may and

John Turner

Sure. bit Scott continue little of we year-over-year July, has a a sequentially We details. on and decelerated the but to so a into basis, tale improve stories two probably

Scott Deakin

X much. months the of say the sequentially are those each but months positive, August, X month, for sort to versus down in into Year-over-year of July a really X.X was across, ballpark the even of we not tick prior

X I say fairly across were So consistent would those we months.

Keith Hughes

And correct? that X X that’s X.X sort of that year-over-year, to negative to was is

Scott Deakin

sure. Yes,

Keith Hughes

more guess on final that’s the fill that end at any Okay. we point have numbers. them framing steel to at or this still deflation an quarters I question, signs several in the

John Turner

it more still it mean very is speak. looks but deflation several appear we bottoming – in the it’s are in it It as looks Not appear, it speak, bottoming market. we least near-term, we less I like quarters, seeing as at see can like we what albeit would would the some

Keith Hughes

thank you. Okay,

John Turner

go year’s. look last At least have really I sequentially, would and back to at

bit than quarter. seven this better think, it’s to we a little I be said even, this, going think we

I better not forward, we not – sequentially, to that thought a probably, think, we to it’s than an a maybe end. year-over-year, little it’s move as lot, think we be but coming but going

Keith Hughes

Yes, thank you.

Operator

Thank you.

line Research. the of with comes Hocevar next of Kevin Our from your proceed question Please question. Northcoast

Kevin Hocevar

good everybody. morning, Hey,

John Turner

Hi, Kevin.

Kevin Hocevar

always seems mentioned July of it as Scott, you the gross public been the of lowest in least have margin quarters terms since at the quarter you historically has like year. gross margin,

that there you – year in But for year. maybe saw the better the be be reach was this would the anything than than of quarter that? margin July or you in expect quarter July would that might the the different year so, margin to July gross quarter the balance that would it be the you to like gross expect XX% tough next And sounds last

Scott Deakin

I in we consistent XX.X% in I last the last much higher XX.X% be to last year we levels against think year of let’s were looking of for were at the mean QX quarter, QX this this year. year, say be XX% versus with in remainder would we QX more

Kevin Hocevar

of in sounds, And stand. in Okay, more active then you. a mentioned it got M&A, prepared returning terms the remarks, you to

in curious, that a outlook what you I on greenfield – greenfields, looks am with the is like curious the what quarter, also, looks of like. the couple well. pipeline So as branches closed And M&A curious the it in

John Turner

Yes.

So quarter, X we – have let’s talk all opportunities the in greenfield identified have where first. complementary we X At least good us to expand a all for markets, to already we greenfields, presence.

So is paused make operations didn’t and in good through legacy it, going now so was we a is COVID, good near-term, that acquisitions that we un-paused the were COVID. different continue. strategy pipeline our to things, have post of the and and we Acquisitions, couple pipeline closed before just those. What sense and basically it,

to over three front. two activity quarters expect some four next to the see on So for I to would sure that

Kevin Hocevar

very you Thank great. Okay, much.

Operator

you. Thank

comes the Please line question next with proceed Baird. with your of questions. Our from David Manthey

David Manthey

Thanks. everyone. Good morning,

John Turner

Dave, good morning.

Scott Deakin

Good morning.

David Manthey

guess comments, the quarters, comment third lines to back those they the pertains sounds and but that related starts knows also comment remarks, a fourth that mentioned revenue think where a who off, challenged that that which about in was and year, I you trends residential? comment specifically help non-res you on comps JT, in your the like are implying prepared – residential exclusively. you was in the It be may of I to First intersect, that will sales weakening, the half fiscal less residential made in

John Turner

it’s residential. – It to primarily is related

I that residential. direct of in think that could the a believe result as we QX recovery bottom be

X, commercial year, the at them XX them most are of hope I us, X. some low-double some of down the in digits, For X, forecasts for of showing

So, consensus it’s get board, that X, over that kind X. into of the all you but

of much seeing otherwise you the in think of I – of at look I and September But if QX do will those and kinds repeat, for in QX sure. be and regard. starts numbers, numbers that that’s our the in in were numbers. heart start July July the it, then than you think, August, be then if to kind will are we Then we – our better

David Manthey

Okay, grid you ceiling pricing alright. here but be last quarter unusual pretty with prices And you, quarter, and down expected slightly or volumes a for those higher, ceiling prices, ceiling mentioned assume down, temporary pricing, was I this which onetime some had is were to lower of could but that medium-term you and deal be a or other factors headwind? what is that that behind

John Turner

Yes.

have not price is there – the I I let is... bit, mean little will We ceilings a but down headlines Scott, but I guess are down,

Scott Deakin

right. on I tile think It’s you got right. got side really it grid about the it, you versus have the side,

David Manthey

Okay.

fourth of I quarters just headwind year, long in fiscal the we so second selling as then as so the guess, those. could the question And a and have be remains a through the for headwind, of number you final steel that Scott, could days just give us

Scott Deakin

– just just it. one in one down QX, we down in are one We the opposite again, up are of and QX

down We and... on up QX on QX, are

John Turner

one, Down down one, one. up

Scott Deakin

one down a for course one, quarters the year. of down up one, Yes, over down the net for next three full one the

David Manthey

Thank it. you. Got

Operator

you. Thank

comes Our question. with Mike proceed the next Dahl Capital RBC line from question with of Markets. your Please

Chris Kalata

questions. Kalata on Chris actually is taking for Thanks Mike. This for my

So EBITDA in would slightly outperformance question. the to quarter. my next this incremental would come above thought The go first I range. with to have just for I that, wanted quarter XX% commentary to that that back XX% the

just item cost of other out be you there that, saw back looking moving one-time So that should whether, just aware to on some quarter in some we on of I thoughts of pieces the your the there the of terms get curious comes and take some SG&A in to was this. or is

John Turner

year. it’s previous one gross selling a less under XX% mean slightly and day that will it’s It’s the decremental very comp I XX% to line. for difficult exacerbating in margin a that stay And a problem means versus SG&A deteriorating math No, normalized top control sure.

Chris Kalata

then Got new looks, it. could of outlook? kind R&R deterioration just in second out How That – from any commercial? and way And you makes the construction the question, our that your then parse what’s sense. versus

John Turner

really time, a quarters it’s need a bit It’s in us unfortunately it’s couple more a are it’s unless, – little put – now, the it’s of to right a – different hard weird to going for in very that understand it’s better. we before we bank

the part is and for of All already is mean, of the most lot challenged, have lot of a we remodel it new pipeline started. are doing a that I

of the refit, refit types So and of doing activities this busy would this in be and happening. time traditional that the normal in – office those not years we that’s

some are – frankly both I think quite to occupy I back back the moment. remodel I think work But office remodel start people space not that as pickup will they So that. and at longer challenged being are, moment. – all start see – some type that with as and I happening at will to term, challenged come robust to come are office equally the those see really as you hospitality, with just and think in restaurant markets, don’t some it’s

Chris Kalata

helpful. it. Got guys. Very Thanks,

Operator

are over Kratcoski the floor at like I to back no turn further for to closing time. questions this Leslie There would comments.

Leslie Kratcoski

us joining everyone Thanks, today. for

interest available in website. always, we this shortly our your replay And on GMS. call appreciate Good day. of a As will be

Operator

conclude today’s This conference. does

participation this your at and for great may You your a lines time. disconnect day. you have Thank

GMS (GMS) 3 Sep 202021 Q1 Earnings call transcript