John Turner: Thank you, Carey, and thank you all for joining us today. I would also like to thank our team for once again executing against our key initiatives and delivering outstanding service and solid results this quarter. Volume growth was realized across all of our major product categories as we benefited both from our organic efforts and from the contributions of recent acquisitions. And except in steel, pricing remained resilient and in total, accretive to growth as compared with a year ago. Our increase in total net sales versus last year was achieved despite significant steel price deflation, which we expected, along with the near-term headwind of adverse weather conditions that we faced in late January. The difficult weather forced all but one of our geographic divisions to shut down locations temporarily during the week of January 15, delaying sales into the early part of our fourth quarter.

Still, even with these challenges, we were pleased to deliver third quarter net income of $51.9 million and adjusted EBITDA of $128 million, which were both above our previously communicated expectations. During the quarter strong multi-family and commercial end market demand, along with an improving single-family backdrop and gains from acquisitions, helped drive volume growth in wallboard, ceilings, steel framing, and complementary products. And these trends are expected to continue as we anticipate delivering both year-over-year and sequential growth in net sales for our fourth quarter as we close out fiscal 2024 at the end of April. While multi-family permits and starts do indicate a forthcoming slowdown likely in the back half of this calendar year, for now there remains a significant number of units still under construction.

Commercial is also expected to continue its current pace of solid demand as our internal and external channel checks indicate levels of backlog consistent with those we experienced in our third quarter. For single-family, we are encouraged by the continuing uptick in new home orders reported by our builder customers and the three-month consecutive rise in builder confidence levels, reflecting expectations for an improving mortgage rate environment and the pronounced foundation of pent-up need for housing in a relatively supply-constrained environment. In addition, we are pleased with the continued resilience of pricing in wallboard, reinforcing what we continue to believe is a structurally changed industry with low levels of recent new or planned capacity and rising manufacturing costs, particularly given the declining availability of synthetic gypsum.

Pricing in ceilings and complementary products has also held up well, while steel framing has performed as expected with prices down substantially year-over-year. Although raw steel price indices began escalating roughly four months ago, it appears that these have now reached a near-term peak, as such, while we expect our prices to slightly increase sequentially for our fiscal fourth quarter, those prices will likely flatten for at least the near term thereafter. While navigating the near-term dynamics in end market demand and pricing, our teams have continued to deliver solid results and have maintained their focus on the successful execution of our four strategic pillars, which are highlighted on Slide 4. First, measuring against data from the Gypsum Association, the Steel Framing Industry Association, and Manufacturer Disclosures, we believe that we have continued to expand our share in each of our core product categories.

Customers across our end markets are seeing the value that our scale, expertise, product breadth and commitment to delivering outstanding service provide. In recent months, we have successfully secured a range of new projects, including expanding activity with some of the nation's largest residential home builders. While also winning commercial work in those sectors which remain most active, primarily manufacturing, medical, education, government, and data centers, as well as participation in many of the megaprojects underway across the country. Second, our complementary products category continues to grow as an increasingly important part of our product mix. This category has made up 30% of our sales so far this fiscal year and as we've said in previous quarters, our aim is to grow this category at twice the rate of our core products.

In particular, we are placing emphasis on tools and fasteners, EIFS, and Stucco and insulation, which collectively grew 11.7% for the quarter, while the total complementary products category grew 7.3%. Over time, we expect to continue to drive accelerated growth in this margin-accretive segment as a percentage of our overall net sales. Third, we are seeing success with our many productivity initiatives and our push to drive complexity costs out of the business while further realizing the benefits of our attractive scale position. Equipping our yard operators with the right tools and technologies continues to improve the efficiency of their operations. Our eCommerce advancements are providing an enhanced customer experience and among other features, offer an avenue for quick product pricing and order information, together with easy online payments, which customers are increasingly taking advantage of.

Additionally, we are consolidating a number of our legacy legal entities and merging back-of-house functionality, thereby reducing organizational and process complexity along with costs, while also leveraging the standardization of our product, vendor, customer, and other operational data across the business. Collectively, these initiatives help drive additional profitability in the business and make us better operators, further positioning GMS as a provider of choice for our customers. Finally, our fourth strategic pillar is to expand our platform through accretive acquisition and greenfield opportunities. During the third quarter, we opened three new greenfields and we continue to focus on M&A to drive growth with attractive opportunities in both our core and complementary businesses.

In late December, as highlighted on Slide 5, we capitalized on one of these opportunities and announced our agreement to purchase Kamco Supply Corporation, a leading distributor of building products in the New York City market. We are very excited about the prospects of this transaction, which we expect to close in the coming days. Kamco's values and highly regarded execution discipline align very well with our own and we are pleased to welcome the company's leadership and employees as they join GMS. Bringing Kamco into the GMS family of brands represents a unique opportunity to advance our strategic priorities, including expanding share in our core products and geographic expansion in the highly attractive New York City market. Additionally, as we continue to drive complementary product sales, this transaction will present cross-selling opportunities with other GMS operations in the area, including further expanding our leadership position in wallboard.

We are very excited about becoming one of the top distributors in this key region and will look to leverage Kamco's excellent reputation for customer service and operational execution as a base for further organic and inorganic expansion. Before turning the call over to Scott, who will cover more on this exciting transaction and our business results, I want once again to thank our team for maintaining our high level of service and performance during the quarter. We again successfully demonstrated the benefits of our end market balance and the flexibility and expertise we have in servicing each one. I am confident that we will continue to drive further growth and profitability as we execute on our strategic priorities. With that, I will turn the call over to Scott.

Scott Deakin: Thanks, JT. Good morning everyone. As just mentioned, in late December we entered into an agreement to acquire Kamco Supply Corporation and affiliates for a purchase price of $321.5 million inclusive of additional consideration in connection with the exit of a legacy pension fund. Kamco, which generated $235 million in revenue during the 12 months ended December 31st, 2023 has four legacy locations in the greater New York City market, including yards in Brooklyn, Manhattan, Long Island, and Paterson. Plus, they recently added an important new greenfield location in the Bronx, which we believe will meaningfully add to Kamco's top-line growth. Before any expected synergies, Kamco has historically generated EBITDA margins roughly in line with the broader GMS business.

In addition, over the next 24 months to 36 months, we expect this transaction to generate cost and revenue synergies through the integration of our distribution networks and purchasing programs, cross-selling opportunities, notably for wallboard and complementary products, and SG&A savings. Moreover, as an asset transaction, we will have substantial tax benefits from intangibles amortization. All in including these synergies and tax attributes, we expect to pay just above a 7.5 times pro forma EBITDA multiple for this business. We expect to fund this transaction with cash on hand and from borrowings under our ABL, which we expect would, all else being equal, briefly raise our net debt leverage ratio by less than one-half turn before warrant returning to our current level over approximately the next year.

We are very pleased to be nearing the close of this highly strategic transaction. With that, let me move on to our results for our fiscal third quarter. Starting with Slide 6, net sales for the quarter increased 1.9% to $1.3 billion as volume growth across all of our major product categories, coupled with resilient pricing for nearly all of our product lines helped to offset an estimated $55 million of steel price deflation, assuming current volumes have been sold at prior year prices. Also, as JT mentioned, in mid-January, harsh weather conditions across much of our service territory delayed project demand and slowed delivery execution, pushing an estimated $15 million of net sales into our fiscal fourth quarter. This also forced some temporary operational inefficiencies as our teams added weekend and overtime hours to keep our customers' projects moving forward.

Commercial and multi-family activity levels remained solid during the quarter. While the sentiment around single-family demand is improving. Our recent acquisitions such as EMJ and Tanner also contributed positively to our quarter's results. Organically consolidated sales were essentially flat as compared with the same period a year ago. From US end market perspective, multi-family sales dollars grew 8.2% year-over-year, while single-family sales dollars declined 6.1%, resulting in a total residential sales dollar decline of 2.4%. Commercial sales dollars in the US grew 1.7% as increased sales volumes were muted by significant steel price deflation. Wallboard sales dollars of $520.7 million were up 4% over the same period last year, with multi-family and commercial volumes up 12.7% and 7.9%, respectively.

Single-family volumes were down only 2.3% year-over-year, and based on our current run rates, given increasing sequential growth, we expect this comparison to turn positive for our fiscal fourth quarter. Organically third quarter wallboard sales were up 3.5% compared with the prior year period, comprised of a 3.6% increase in volume with a nearly flat price and mix component. For the third quarter, the average realized wallboard price was $473 per thousand square feet, flat with a year ago and down slightly from our fiscal second quarter. Overall, wallboard pricing continues to be resilient despite year-over-year declines in single-family wallboard volumes for now five consecutive quarters. With continued improvement anticipated in the single-family space and a developing renewal of price-increased negotiations, we expect for wallboard pricing to improve at least slightly both sequentially and year-over-year, for our fiscal fourth quarter.

Ceiling sales of $155.7 million in the quarter were up 6.1%, all from the benefit of increased volumes as any price benefits were offset by mix. Organic sales in ceilings grew 4.2%, with a 4.3% increase in volumes slightly offset by a 0.1% decrease from price and mix. Third quarter steel framing sales of $203.4 million were down 13.3% versus the prior-year quarter as deflationary pricing drove a 24.3% decline in price and mix while volumes increased 11%. Organically. Steel Framing sales were down 14% with a 24.2% decline in price and mix, partially offset by a 10.2% increase in volume. While prices for steel framing products were down 21.9% year-over-year and 4% on a sequential basis, multiple framing manufacturers have issued notices of upcoming price increases.

As a result, we expect for the year-over-year declines in pricing to continue to moderate as we finish out fiscal 2024, with some sequential improvement expected for our fourth quarter. Complementary product sales of $378.6 million for the quarter grew 7.3% year-over-year in total and 1.8% on an organic basis, representing the 15th consecutive quarter of through-the-cycle growth for this category. Expansion of complementary products, particularly through tools and fasteners EIFS and stucco and insulation continues to be a key element of our strategic priorities. We are sharing commercial and purchasing best practices across the organization to promote the advancement of these product lines, building on our desire to expand this margin-accretive category through both organic and inorganic means.

Now turning to Slide 7, which highlights our profitability for the quarter. Gross profit **of $414.7 million increased 3.1% compared to the prior year quarter, reflecting improved volumes and the associated attainment of calendar year end volume and center targets, partially offset by deflationary dynamics in steel pricing. Gross margin of 33% was up 40 basis points as compared to 32.6% a year ago. Despite the steel deflation, incrementally benefited mostly from a realization of the purchasing incentives. Selling, general and administrative expenses were $295.7 million for the quarter, an increase of $28.3 million over the prior year quarter, nearly $10 million of that increase related to recent acquisitions and newly opened greenfield locations.

The remaining organic increase was primarily driven by labor and other expenses, particularly those elevated by the higher cost to serve mix and high volume of commercial and multi-family end market demand. SG&A as a percentage of net sales was 23.5%, an increase of 180 basis points from the third quarter of fiscal 2023. Along with the items I just noted for SG&A expenses, reduced revenue from steel price deflation negatively impacted SG&A leverage by 100 basis points, and the weather-related revenue delays and associated operational inefficiencies had an estimated 30 basis points of additional unfavorable impact. Adjusted SG&A expense as a percentage of net sales of 22.9% increased 150 basis points from 21.4% in the prior year quarter. All in and with 10.9% higher interest expense, net income decreased 19.9% to $51.9 million for the quarter or a $1.28 per diluted share, compared to net income of $64.8 million or a $1.53 per diluted share a year ago.

Adjusted EBITDA of $128 million decreased 9.1% or $12.8 million as compared with a year ago, and adjusted EBITDA margin decreased to 10.2% compared to last year's third quarter level of 11.4%. Now, shifting to our balance sheet, which is highlighted on Slide 8. At January 31st, we had cash on hand of $88.3 million and $866.3 million of available liquidity under our revolving credit facility. We have no near-term debt maturities and our net adjusted EBITDA debt leverage at the end of the quarter was 1.5 times improved from 1.6 times a year ago. Given the approaching Kamco transaction closure, we expect to end the fourth quarter with net debt leverage of approximately 1.8 times before moderating back to back towards our current level over the next 12 months or so.

Just after the end of our third quarter, we opportunistically repriced our Term Loan B at SOFR plus 2.25%, successfully achieving a 75 basis point improvement which represents a $3.7 million annualized interest expense savings as compared to the prior terms, or a $2.6 million annual benefit to net income. Our loan agreement will expire in May of 2030, consistent with its prior term. For the quarter cash provided by operating activities was $104.3 million compared to $134.1 million a year ago. Free cash flow was $94.1 million compared to $122.5 million for the same period last year. For the full year, we expect free cash flow generation of approximately 55% to 60% of adjusted EBITDA. Capital expenditures of $10.2 million for the quarter compared to $11.6 million a year ago.

We continue to expect that for the full year fiscal 2024, capital expenditures will be approximately $56 million to $58 million. We repurchased another 370,000 shares of stock during the quarter for $24.8 million and had $216.5 million of share purchase authorization remaining at January 31. We have a solid balance sheet with no near-term maturities and an attractive capital structure providing an effective foundation for the execution of our strategic priorities. Of note, on the strength of our business and the health of our balance sheet, GMS was upgraded earlier this month by Moody's Investor Service to Ba1, putting us now only one notch below investment grade. Looking forward, we expect to maintain our balanced approach to capital allocation as we intend to continue to invest in the business, seek additional M&A opportunities, and opportunistically leverage favorable market conditions to repurchase shares.

I want to thank our team for the remarkable efforts to flex our operations as demand has shifted over time and for their commitment to drive improved profitability, all while maintaining exceptional levels of service. Before turning the call over to JT to provide a review of our outlook and fourth quarter projections, let me highlight two housekeeping items. First, please note that there are 64 selling days during the fourth quarter of fiscal 2024 as compared with 63 in the prior year period. And second, the projections that JT will provide exclude any potential benefits from the Kamco transaction. However, once the transaction closes, likely in the next few days, we would expect Kamco to add approximately $20 million in net sales with approximately $2 million to $2.5 million of adjusted EBITDA for each full month as part of GMS during our fiscal Q4.

With that, I'll now turn the call over to JT. He will start on Slide 9.

John Turner: Thank you, Scott. Looking forward, we are encouraged by what we believe lies ahead for GMS. On our call in December, we spoke about the likelihood of a potential air pocket in commercial activity starting sometime during calendar 2024. While still a likely eventuality, at some point it appears to be further down the road than we would have expected, and likely less pronounced in both duration and severity. The strength in the US economy, the myriad large-scale infrastructure stimulus programs, and the expectation of reduced interest rates and loosening lending conditions in the back half of 2024 provide more optimism than previously anticipated. Assuming that the still present risk of a broad contagion of commercial loan defaults is avoided.

And in the very near term, our backlog would indicate similar levels of commercial activity in Q4 as in our previous quarter. Our commercial volumes remain solid, with particularly high demand for steel products. Also, February has proven to be a strong month not only for commercial but across our other end markets, albeit in part due to the work that was weather-delayed at the end of our Q3. Single-family demand is improving and we expect it to show year-over-year improvement for the full calendar year of 2024. For multi-family, despite a reduction in starts, its current backlog continues to drive construction activity, and we expect it to do so for at least the next couple of quarters. Given this backdrop and starting with wallboard volumes, we anticipate commercial to be up mid to high single digits for our fiscal Q4 on a per day basis.

Multi-family wallboard volumes are expected to grow low single digits as compared with the prior year period as we are progressively facing much tougher year ago comparisons. And single-family wallboard volumes are expected to be up low single digits, which, if realized, will represent the first positive year-over-year comparison for single-family wallboard volume in a year and a half. In total, wallboard volumes are expected to be up low single digits per day as compared with the Q4 of last year. Pricing for wallboard is expected to remain resilient with price increase negotiations currently underway. As such, for our fiscal Q4, we expect wallboard prices to be up slightly in the low single digits both sequentially and as compared to a year ago.

In ceilings given our expectation of continued solid demand in our commercial land market, we expect low to mid-single-digit per day increases year-over-year for volume and a mid-single-digit increase for price and mix. We are still claiming as I stated earlier, demand is expected to remain solid with per day volumes up in the mid-teens for the fourth quarter. While our prices appear to have stabilized in steel framing for now, they still lag last year's level with a year-over-year decline in the low teens expected on a per day basis. Finally, net sales for our complementary products are expected to grow high single digits on a per day basis as compared with the fourth quarter a year ago. All in as shown on Slide 10, including the additional sales dollars that were pushed into Q4 due to weather delays and factoring in an expectation for approximately $25 million of year-over-year deflation in steel pricing, we anticipate net sales per day to increase mid-single digits as compared with a year ago.

We also expect that the steel price deflation will negatively impact SG&A as a percentage of sales by an estimated 40 basis points. For gross margin without the benefits we saw in Q3 when we achieved new volume tiers associated with year end incentives and as single-family begins to increase as a component of our mix, we expect our gross margin to be approximately 32.2% for the fourth quarter. Altogether, adjusted EBITDA is expected to be in the range of $145 million to $150 million for the fourth quarter. Looking ahead to fiscal 2025, we believe that we will again see the dynamics of our end market shift with strength building for single-family, while construction will likely reach completion by calendar Q3 on a substantial portion of what remains of the multi-family backlog.

We are currently expecting commercial to continue with activity levels that are similar to what we just reported for at least the next couple of quarters. Given that with a balanced mix of end markets, our team is ready for these expected shifts and has demonstrated our ability to flex as needed to best serve our customers. Thank you for joining us today. Operator, we are ready to open the line for questions.

Operator: Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] One moment please while we poll for questions. The first question comes from the line of David Manthey with Baird. Please go ahead.

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