GMS Earnings 2020-01-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended January 31, 2020

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________.

COMMISSION FILE NUMBER: 001-37784

GMS INC.

(Exact name of registrant as specified in its charter)


Delaware	46-2931287
(State or other jurisdiction of incorporation	(IRS Employer Identification No.)
or organization)

100 Crescent Centre Parkway, Suite 800
Tucker, Georgia	30084
(Address of principal executive offices)	(ZIP Code)

(800) 392-4619
(Registrant’s telephone number, including area code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:


Title of each class	Trading Symbol(s)	Name of each exchanged on which registered
Common Stock, par value $0.01 per share	GMS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☐
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

There were 42,320,668 shares of the registrant’s common stock, par value $0.01 per share, outstanding as of February 28, 2020.

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FORM 10-Q

TABLE OF CONTENTS


		Page
Cautionary Note Regarding Forward-Looking Statements		3

PART I	Financial Information	5
Item 1	Financial Statements	5
	Condensed Consolidated Balance Sheets (Unaudited)	5
	Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	7
	Condensed Consolidated Statements of Cash Flows (Unaudited)	9
	Notes to Condensed Consolidated Financial Statements (Unaudited)	10
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4	Controls and Procedures	42

PART II	Other Information	43
Item 1	Legal Proceedings	43
Item 1A	Risk Factors	43
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3	Defaults Upon Senior Securities	43
Item 4	Mine Safety Disclosures	43
Item 5	Other Information	43
Item 6	Exhibits	44
Signatures		45

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). You can generally identify forward-looking statements by our 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 growth of our various markets, and statements about our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance contained in this Quarterly Report on Form 10-Q are forward-looking statements.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe 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 our control. These and other important factors, including those discussed under the heading “Risk Factors” in Part 1, Item 1A of our Annual Report on Form 10-K for the fiscal year ended April 30, 2019, filed with the U.S. Securities and Exchange Commission (the “SEC”), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

●

general economic and financial conditions;

●

our dependency upon the commercial and residential construction and residential repair and remodeling, or R&R, markets;

●

competition in our highly fragmented industry and the markets in which we operate;

●

the fluctuations in prices of the products we distribute;

●

the consolidation of our industry;

●

our ability to successfully implement our strategic initiatives, including our growth strategies and cost reduction initiatives;

●

our ability to open new branches and expand into new geographic markets;

●

our ability to successfully identify acquisition candidates, complete and integrate acquisitions and realize anticipated benefits and synergies from completed acquisitions;

●

product shortages and potential loss of relationships with key suppliers;

●

other disruptions in our supply chain or distribution network as a result of factors beyond our control, including public health issues such as pandemics or quarantines, work stoppages, natural disasters, military conflicts and acts of terrorism;

●

the seasonality of the commercial and residential construction markets;

●

the potential loss of any significant customers;

●

exposure to product liability and various other claims and litigation;

●

our ability to attract and retain key employees and risks related our recent executive management transitions;

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●

rising health care costs and labor costs, including the impact of labor and trucking shortages;

●

the reduction of the quantity of products our customers purchase;

●

the credit risk from our customers;

●

our ability to renew leases for our facilities on favorable terms or identify new facilities;

●

our ability to effectively manage our inventory as our sales volume increases or the prices of the products we distribute fluctuate;

●

an impairment of our goodwill or intangible assets;

●

the impact of federal, state, provincial and local regulations;

●

the cost of compliance with environmental, health and safety laws and other regulations;

●

significant increases in fuel costs or shortages in the supply of fuel;

●

a cybersecurity breach, including misappropriation of our customers’, employees’ or suppliers’ confidential information, and the potential costs related thereto;

●

a disruption in our IT systems and costs necessary to maintain and update our IT systems;

●

natural or man-made disruptions to our facilities;

●

our exposure to greater than anticipated tax liabilities;

●

the risk of our foreign operations, including currency rate fluctuations;

●

the imposition of tariffs and other trade barriers, and the effect of retaliatory trade measures;

●

our inability to engage in activities that may be in our best long-term interests because of restrictions in our debt agreements;

●

our current level of indebtedness and our potential to incur additional indebtedness;

●

our ability to obtain additional financing on acceptable terms, if at all; and

●

our holding company structure.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance and actual results and events may differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q.

Any forward-looking statement that we make in this Quarterly Report on Form 10-Q speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this Quarterly Report on Form 10-Q. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of the filing of this Quarterly Report on Form 10-Q.

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PART I – Financial Information

Item 1. Financial Statements

GMS Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(in thousands, except per share data)


	January 31,		April 30,
	2020		2019
Assets
Current assets:
Cash and cash equivalents	$	40,949	$	47,338
Trade accounts and notes receivable, net of allowances of $5,600 and $6,432, respectively		434,801		445,771
Inventories, net		296,117		290,829
Prepaid expenses and other current assets		17,142		18,368
Total current assets		789,009		802,306
Property and equipment, net of accumulated depreciation of $149,924 and $123,583, respectively		306,472		282,349
Operating lease right-of-use assets		118,092		—
Goodwill		624,070		617,327
Intangible assets, net		386,346		429,313
Deferred income taxes		8,014		4,676
Other assets		13,274		13,583
Total assets	$	2,245,277	$	2,149,554
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	143,689	$	173,751
Accrued compensation and employee benefits		51,256		62,858
Other accrued expenses and current liabilities		73,759		79,848
Current portion of long-term debt		48,688		42,118
Current portion of operating lease liabilities		33,131		—
Total current liabilities		350,523		358,575
Non-current liabilities:
Long-term debt, less current portion		1,020,306		1,099,077
Long-term operating lease liabilities		90,336		—
Deferred income taxes, net		12,977		10,226
Other liabilities		63,809		52,500
Total liabilities		1,537,951		1,520,378
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01 per share, 500,000 shares authorized; 42,310 and 40,375 shares issued and outstanding as of January 31, 2020 and April 30, 2019, respectively		423		404
Preferred stock, par value $0.01 per share, 50,000 shares authorized; 0 shares issued and outstanding as of January 31, 2020 and April 30, 2019		—		—
Exchangeable shares		—		29,639
Additional paid-in capital		524,313		480,113
Retained earnings		210,431		145,594
Accumulated other comprehensive loss		(27,841)		(26,574)
Total stockholders' equity		707,326		629,176
Total liabilities and stockholders' equity	$	2,245,277	$	2,149,554

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GMS Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(in thousands, except per share data)


	Three Months Ended				Nine Months Ended
	January 31,				January 31,
	2020		2019			2020	2019
Net sales	$	761,352	$	723,902	$	2,470,457	$	2,335,883
Cost of sales (exclusive of depreciation and amortization shown separately below)		507,879		489,676		1,658,837		1,588,691
Gross profit		253,473		234,226		811,620		747,192
Operating expenses:
Selling, general and administrative		193,384		178,180		588,472		548,883
Depreciation and amortization		29,422		30,220		88,215		87,329
Total operating expenses		222,806		208,400		676,687		636,212
Operating income		30,667		25,826		134,933		110,980
Other (expense) income:
Interest expense		(16,474)		(19,526)		(52,310)		(54,896)
Change in fair value of financial instruments		—		—		—		(6,395)
Write-off of debt discount and deferred financing fees		—		—		(707)		—
Other (expense) income, net		(498)		957		1,254		2,025
Total other expense, net		(16,972)		(18,569)		(51,763)		(59,266)
Income before taxes		13,695		7,257		83,170		51,714
Provision for income taxes		2,816		1,442		18,333		12,337
Net income	$	10,879	$	5,815	$	64,837	$	39,377
Weighted average common shares outstanding:
Basic		42,223		40,912		41,663		41,053
Diluted		42,949		41,371		42,401		41,789
Net income per common share⁽¹⁾:
Basic	$	0.26	$	0.14	$	1.55	$	0.94
Diluted	$	0.25	$	0.14	$	1.52	$	0.92
Comprehensive income
Net income	$	10,879	$	5,815	$	64,837	$	39,377
Foreign currency translation income (loss)		(2,504)		(128)		8,947		(8,821)
Changes in other comprehensive income, net of tax		(547)		—		(10,214)		491
Comprehensive income	$	7,828	$	5,687	$	63,570	$	31,047

(1)

See Note 15 for detailed calculations.

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GMS Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands)


										Accumulated
						Additional				Other		Total
	Common Stock			Exchangeable		Paid-in		Retained		Comprehensive		Stockholders'
	Shares	Amount		Shares		Capital		Earnings		Loss		Equity
Balances as of April 30, 2019	40,375	$	404	$	29,639	$	480,113	$	145,594	$	(26,574)	$	629,176
Net income	—		—		—		—		24,820		—		24,820
Exercise of Exchangeable Shares	1,129		11		(29,639)		29,628		—		—		-
Foreign currency translation adjustments	—		—		—		—		—		11,860		11,860
Change in other comprehensive loss, net of tax	—		—		—		—		—		(6,065)		(6,065)
Equity-based compensation	—		—		—		1,349		—		—		1,349
Exercise of stock options	9		—		—		133		—		—		133
Issuance of common stock pursuant to employee stock purchase plan	76		1		—		1,021		—		—		1,022
Balances as of July 31, 2019	41,589		416		—		512,244		170,414		(20,779)		662,295
Net income	—		—		—		—		29,138		—		29,138
Foreign currency translation adjustments	—		—		—		—		—		(409)		(409)
Change in other comprehensive loss, net of tax	—		—		—		—		—		(3,602)		(3,602)
Equity-based compensation	—		—		—		2,271		—		—		2,271
Exercise of stock options	525		5		—		6,623		—		—		6,628
Vesting of restricted stock units	55		1		—		(1)		—		—		-
Tax withholding related to net share settlements of equity awards	—		—		—		(282)		—		—		(282)
Balances as of October 31, 2019	42,169		422		—		520,855		199,552		(24,790)		696,039
Net income	—		—		—		—		10,879		—		10,879
Foreign currency translation adjustments	—		—		—		—		—		(2,504)		(2,504)
Change in other comprehensive loss, net of tax	—		—		—		—		—		(547)		(547)
Equity-based compensation	—		—		—		1,419		—		—		1,419
Exercise of stock options	85		1		—		1,518		—		—		1,519
Vesting of restricted stock units	17		—		—		—		—		—		—
Tax withholding related to net share settlements of equity awards	—		—		—		(250)		—		—		(250)
Issuance of common stock pursuant to employee stock purchase plan	39		—		—		771		—		—		771
Balances as of January 31, 2020	42,310	$	423	$	—	$	524,313	$	210,431	$	(27,841)	$	707,326

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GMS Inc.

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)

(in thousands)


										Accumulated
						Additional				Other		Total
	Common Stock			Exchangeable		Paid-in		Retained		Comprehensive		Stockholders'
	Shares	Amount		Shares		Capital		Earnings		Income (Loss)		Equity
Balances as of April 30, 2018	41,069	$	411	$	—	$	489,007	$	89,592	$	441	$	579,451
Net income	—		—		—		—		8,650		—		8,650
Issuance of Exchangeable Shares	—		—		33,194		—		—		—		33,194
Foreign currency translation adjustments	—		—		—		—		—		(3,791)		(3,791)
Change in other comprehensive income (loss), net of tax	—		—		—		—		—		113		113
Equity-based compensation	—		—		—		358		—		—		358
Tax withholding related to net share settlements of equity awards	—		—		—		(7)		—		—		(7)
Exercise of stock options	35		—		—		431		—		—		431
Issuance of common stock pursuant to employee stock purchase plan	35		—		—		881		—		—		881
Balances as of July 31, 2018	41,139		411		33,194		490,670		98,242		(3,237)		619,280
Net income	—		—		—		—		24,912		—		24,912
Foreign currency translation adjustments	—		—		—		—		—		(4,902)		(4,902)
Change in other comprehensive income (loss), net of tax	—		—		—		—		—		378		378
Equity-based compensation	—		—		—		1,049		—		—		1,049
Exercise of stock options	18		1		—		541		—		—		542
Balances as of October 31, 2018	41,157		412		33,194		492,260		123,154		(7,761)		641,259
Net income	—		—		—		—		5,815		—		5,815
Issuance of Exchangeable Shares	—		—		(3,555)		—		—		—		(3,555)
Repurchase and retirement of common stock	(691)		(7)		—		(11,507)		—		—		(11,514)
Foreign currency translation adjustments	—		—		—		—		—		(128)		(128)
Equity-based compensation	—		—		—		1,095		—		—		1,095
Tax withholding related to net share settlements of equity awards	—		—		—		(44)		—		—		(44)
Exercise of stock options	50		—		—		308		—		—		308
Vesting of restricted stock units	5		—		—		—		—		—		—
Issuance of common stock pursuant to employee stock purchase plan	40		1		—		523		—		—		524
Balances as of January 31, 2019	40,561	$	406	$	29,639	$	482,635	$	128,969	$	(7,889)	$	633,760

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GMS Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)


	Nine Months Ended
	January 31,
	2020		2019
Cash flows from operating activities:
Net income	$	64,837	$	39,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		88,215		87,329
Write-off and amortization of debt discount and debt issuance costs		2,964		2,505
Provision for losses on accounts and notes receivable		104		240
Provision for obsolescence of inventory		221		416
Effects of fair value adjustments to inventory		461		4,129
Increase in fair value of contingent consideration		1,601		535
Equity-based compensation		6,345		4,706
Gain on sale and disposal of assets		(872)		(412)
Change in fair value of financial instruments		—		6,395
Deferred income taxes		174		(18,470)
Changes in assets and liabilities net of effects of acquisitions:
Trade accounts and notes receivable		16,561		23,243
Inventories		317		(11,576)
Prepaid expenses and other assets		4,210		(968)
Accounts payable		(30,420)		(17,856)
Accrued compensation and employee benefits		(11,729)		(3,824)
Derivative liability		—		(10,778)
Other accrued expenses and liabilities		(7,622)		446
Cash provided by operating activities		135,367		105,437
Cash flows from investing activities:
Purchases of property and equipment		(20,884)		(13,385)
Proceeds from sale of assets		1,299		910
Acquisition of businesses, net of cash acquired		(20,803)		(579,731)
Cash used in investing activities		(40,388)		(592,206)
Cash flows from financing activities:
Repayments on the revolving credit facility		(794,623)		(748,999)
Borrowings from the revolving credit facility		760,444		886,896
Payments of principal on long-term debt		(57,476)		(7,476)
Payments of principal on finance lease obligations		(17,971)		(13,923)
Borrowings from term loan amendment		—		996,840
Repayments from term loan amendment		—		(571,840)
Repurchases of common stock		—		(11,514)
Debt issuance costs		(1,286)		(7,933)
Proceeds from exercises of stock options		8,280		1,280
Other financing activities		1,261		1,355
Cash (used in) provided by financing activities		(101,371)		524,686
Effect of exchange rates on cash and cash equivalents		3		(7)
(Decrease) increase in cash and cash equivalents		(6,389)		37,910
Cash and cash equivalents, beginning of period		47,338		36,437
Cash and cash equivalents, end of period	$	40,949	$	74,347
Supplemental cash flow disclosures:
Cash paid for income taxes	$	30,199	$	16,121
Cash paid for interest		49,224		45,724

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GMS Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

Founded in 1971, GMS Inc. (“we,” “our,” “us,” or the “Company”), through its wholly-owned operating subsidiaries, is a distributor of specialty building products including wallboard, suspended ceilings systems, or ceilings, steel framing and other complementary building products. We purchase products from a large number of manufacturers and then distribute these goods to a customer base consisting of wallboard and ceilings contractors and homebuilders and, to a lesser extent, general contractors and individuals. We operate a network of more than 260 distribution centers across the United States and Canada.

Basis of Presentation

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) that permit reduced disclosure for interim periods. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary for a fair presentation of the results of operations, financial position and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. The results of operations for interim periods are not necessarily indicative of results for any other interim period or the entire fiscal year. As a result, the unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2019.

Principles of Consolidation

The condensed consolidated financial statements present the results of operations, financial position, stockholders’ equity and cash flows of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. The results of operations of businesses acquired are included from their respective dates of acquisition.

Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Foreign Currency Translation

Assets and liabilities of the Company’s Canadian subsidiaries are translated at the exchange rate prevailing at the balance sheet date, while income and expenses are translated at average rates for the period. Translation gains and losses are reported as a separate component of stockholders’ equity and other comprehensive income. Gains and losses on foreign currency transactions are recognized in the Condensed Consolidated Statements of Operations and Comprehensive Income within other (expense) income, net.

Insurance Liabilities

The Company is self-insured for certain losses related to medical claims. The Company has stop-loss coverage to limit the exposure arising from medical claims. In addition, the Company has deductible-based insurance policies for certain losses related to general liability, automobile and workers’ compensation. The deductible amount per incident is $0.3 million, $0.5 million and $1.0 million for general liability, workers’ compensation and automobile, respectively. The coverage consists of a primary layer and an excess layer. The primary layer of coverage is from $0.5 million to $2.0 million and the excess layer cover claims from $2.0 million to $100.0 million. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability. Insurance losses for claims filed

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GMS Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued)

and claims incurred but not reported are accrued based upon estimates of the aggregate liability for uninsured claims using loss development factors, actuarial assumptions and historical loss development experience.

As of January 31, 2020 and April 30, 2019, the aggregate liabilities for medical self-insurance were $4.0 million and $3.4 million, respectively, and are included in other accrued expenses and current liabilities in the Condensed Consolidated Balance Sheets. As of January 31, 2020 and April 30, 2019, reserves for general liability, automobile and workers’ compensation totaled approximately $19.1 million and $17.7 million, respectively, and are included in other accrued expenses and current liabilities and other liabilities in the Condensed Consolidated Balance Sheets. As of January 31, 2020 and April 30, 2019, expected recoveries for medical self-insurance, general liability, automobile and workers’ compensation totaled approximately $6.1 million and $

Price	28.67	EPS	2
Shares	43	P/E	16
MCap	1,222	P/FCF	8
Net Debt	1,077	EBIT	182
TEV	2,300	TEV/EBIT	13
TTM 2019-10-31, in MM, except price, ratios

10-Q	2020-01-31	Filed 2020-03-05
10-Q	2019-10-31	Filed 2019-12-05
10-Q	2019-07-31	Filed 2019-08-29
10-K	2019-04-30	Filed 2019-06-27
10-Q	2019-01-31	Filed 2019-03-05
10-Q	2018-10-31	Filed 2018-12-04
10-Q	2018-07-31	Filed 2018-08-30
10-K	2018-04-30	Filed 2018-06-28
10-Q	2018-01-31	Filed 2018-03-06
10-Q	2017-10-31	Filed 2017-12-07
10-Q	2017-07-31	Filed 2017-09-06
10-K	2017-04-30	Filed 2017-06-30
10-Q	2017-01-31	Filed 2017-03-09
10-Q	2016-10-31	Filed 2016-12-13
10-Q	2016-07-31	Filed 2016-09-13
10-K	2016-04-30	Filed 2016-07-12

8-K	2020-03-05	Earnings, Regulation FD, Exhibits
8-K	2020-01-27	Officers
8-K	2019-12-05	Earnings, Regulation FD, Exhibits
8-K	2019-10-30	Officers, Shareholder Vote
8-K	2019-10-03	Officers, Exhibits
8-K	2019-09-30	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-09-27	Officers, Exhibits
8-K	2019-09-04	Other Events, Exhibits
8-K	2019-08-29	Earnings, Regulation FD, Exhibits
8-K	2019-08-02	Officers
8-K	2019-07-23	Officers, Exhibits
8-K	2019-06-27	Earnings, Regulation FD, Exhibits
8-K	2019-04-23	Officers, Exhibits
8-K	2019-03-29	Officers, Regulation FD, Exhibits
8-K	2019-03-05	Earnings, Regulation FD, Exhibits
8-K	2019-01-09	Officers
8-K	2018-12-04	Earnings, Regulation FD, Exhibits
8-K	2018-10-30	Shareholder Vote
8-K	2018-10-01	Officers
8-K	2018-09-06	Regulation FD, Exhibits
8-K	2018-08-30	Earnings, Regulation FD, Exhibits
8-K	2018-08-08	Regulation FD, Exhibits
8-K	2018-07-24	Officers
8-K	2018-06-28	Earnings, Regulation FD, Exhibits
8-K	2018-06-06	Officers
8-K	2018-06-01	Enter Agreement, M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K	2018-04-04	Enter Agreement, Regulation FD, Exhibits
8-K	2018-03-06	Earnings, Regulation FD, Exhibits

EX-31.1	ex-31d1.htm
EX-31.2	ex-31d2.htm
EX-32.1	ex-32d1.htm
EX-32.2	ex-32d2.htm

GMS 10Q Quarterly Report

GMS Earnings 2020-01-31