On this page of StockholderLetter.com we present the latest annual shareholder letter from Core & Main, Inc. — ticker symbol CNM. Reading current and past CNM letters to shareholders can bring important insights into the investment thesis.

 •  5/13/2025 Letter Continued (Full PDF)
 •  5/16/2023 CNM Stockholder Letter
 •  5/14/2024 CNM Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  CNM Benford's Law Stock Score = 83

CNM Shareholder/Stockholder Letter Transcript:

ADVANCING
Reliable Infrastructure.
FISCAL YEAR 2024
ANNUAL REPORT

CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This Annual Report contains    forward-looking statements    within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include, without limitation, all statements other than statements of historical facts contained in this
Annual Report, including statements relating to our intentions, beliefs, assumptions or current expectations
concerning, among other things, our future results of operations and financial position, business strategy and plans
and objectives of management for future operations, including, among others, statements regarding expected
growth, future capital expenditures, capital allocation and debt service obligations, and the anticipated impact
on our business.
Some of the forward-looking statements can be identified by the use of forward-looking terms such as    believes,   
   expects,       may,       will,       shall,       should,       would,       could,       seeks,       aims,       projects,       is optimistic,       intends,       plans,   
   estimates,       anticipates    or the negative versions of these words or other comparable terms.
Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be
outside our control. We caution you that forward-looking statements are not guarantees of future performance or
outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations,
financial condition and liquidity, and the development of the market in which we operate, may differ materially from
those made in or suggested by the forward-looking statements contained in this Annual Report. In addition, even
if our results of operations, financial condition, cash flows and the development of the market in which we operate
are consistent with the forward-looking statements contained in this Annual Report, those results or developments
may not be indicative of results or developments in subsequent periods. A number of important factors, including,
without limitation, the risks and uncertainties discussed under the captions    Risk Factors    in our Annual Report
on Form 10-K for the fiscal year ended February 2, 2025 and    Management   s Discussion and Analysis of Financial
Condition and Results of Operations    in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025,
could cause actual results and outcomes to differ materially from those reflected in the forward-looking statements.
Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks
and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report.
FISCAL 2024 ANNUAL REPORT | I

ADVANCING
Reliable Infrastructure.
FISCAL 2024 ANNUAL REPORT | II

LETTER FROM
OUR CHAIRMAN
Dear Shareholders,
Our teams across the country executed at a high level in fiscal 2024 to deliver
record net sales that represented our 15th consecutive year of growth. These
consistent results are driven by our resilient end markets, the investments we
have made to support and execute our growth strategy, and the expertise and
dedication of our associates.
Steve LeClair
Our cash generative business model allowed us to continue investing in our three
capital allocation priorities. First, we made investments in our people, facilities,
fleet, technology and other capabilities to drive above market growth and
enhance operational efficiency. This included investments in the training,
development and well-being of our associates, who we believe are some of the
most experienced and talented in the industry, and we remain committed to their
continued growth and success. Second, we continued to acquire businesses in our
fragmented markets by investing $741 million in ten high-quality acquisitions. We
have solidified our position as the    acquirer of choice    in our industry and we have
a significant runway to continue driving growth through acquisitions. Finally, we
remain committed to returning capital to shareholders, and in June 2024, we
announced a $500 million share repurchase authorization. We returned $176 million
to shareholders through share repurchases during the fiscal year, and we had
approximately $374 million remaining under authorization at the end of the fiscal
year. Our balance sheet is strong, and we have ample capacity to pursue additional
growth opportunities now and in the future, while returning capital to shareholders
to compound value creation over the long-term.
EXECUTIVE CHAIR &
CHAIR OF THE BOARD
We were excited to welcome James Hope to our board in May 2024. As a seasoned
leader with deep expertise in finance, capital markets, distribution, and M&A,
Mr. Hope   s insights are invaluable as we continue to build on our success. Our
Nominating and Governance Committee remains dedicated to ensuring our board
is dynamic and diverse, bringing together a mix of perspectives and experiences
to drive effective governance.
As part of our long-term succession planning, we announced changes to our
executive leadership team in March of this year. After nearly two decades with
Core & Main, I transitioned from chief executive officer to the role of executive chair
and Mark Witkowski, our former chief financial officer, now succeeds me as CEO.
Additionally, Robyn Bradbury, our former senior vice president of finance &
investor relations, assumed Mark   s prior responsibilities as chief financial officer.
Leading Core & Main has been the privilege of a lifetime, and I am proud of all
that we accomplished during my tenure. Today, the business is stronger than
ever, and our strategy remains intact: drive profitable growth, both organically
and through acquisitions, while generating strong cash flow that can be
reinvested back into the business and returned to shareholders. With this
foundation and great team in place, I was pleased to transition the leadership
of Core & Main to Mark and the rest of our talented executive team.
Sincerely,
Steve LeClair
Executive Chair & Chair of the Board
FISCAL 2024 ANNUAL REPORT | II
III

LETTER FROM
OUR CEO
ADVANCING
Reliable Infrastructure.
Dear Shareholders,
As we consider the future of water resilience in the U.S., we are at a pivotal moment as
the gap between water supply and demand continues to widen. Groundwater reserves
are being depleted at an alarming rate and aging water infrastructure compounds
the problem, as leaks and inefficiencies lead to significant losses in a resource that is
becoming increasingly scarce. Additionally, the increasing frequency of severe weather
events is contributing to more frequent and intense flooding, underscoring the critical
Mark Witkowski
need for more modern, resilient storm drainage infrastructure to protect communities
and critical water systems. At the same time, demand for water is surging. Population
CHIEF EXECUTIVE
OFFICER
growth is increasing water consumption for municipal and domestic use, while economic
development     such as energy production and industrial expansion     also demands
substantial water resources. Without significant efforts to improve water conservation and address aging infrastructure,
the gap between water supply and demand will continue to widen. Addressing the widening gap requires bold
investments to modernize and expand water infrastructure, and the Infrastructure Investment & Jobs Act provides a
critical opportunity to do just that. With our extensive product and service portfolio spanning water, wastewater, storm
drainage and fire protection systems, Core & Main is equipped to meet the growing demand for water infrastructure
upgrades and to support the development of resilient, future-focused water systems.
Looking ahead, we are well-positioned to deliver above market growth while capitalizing on new opportunities driven
by the long-term structural demand trends across each of our end markets. We value our business model, the stability
of our municipal end market, the flexibility of our cost structure through economic cycles, our strong cash flow
generation, and the highly specified nature of our products. Our strategy is rooted in our people-first culture and our
exceptional team     defined by talent, collaboration, entrepreneurship and a deep commitment to service. Our local
leaders are empowered with autonomy and flexibility to act quickly in response to changing market conditions, evolving
customer needs or product requirements. We supplement our local presence with the power of scale, enabling us to
value-engineer complex projects by utilizing our extensive supply chain and team of national resources to secure access
to the right products, while leveraging our project management capabilities to ensure an efficient project completion
that meets timelines and stays within our customers    budget. Our vision of fostering a world where communities thrive
because our people and products provide safe, sustainable infrastructure for generations to come has never been more
important. Advancing reliable infrastructure means bringing clean water to communities, reducing impacts from floods,
saving lives and property through fire protection, and so much more. I am continually inspired by how our team rises to
meet that responsibility with dedication and pride. While I am proud of the results we have generated, I am even more
proud of the culture we continue to foster, the leadership depth we   ve developed, and the incredible opportunities we   ve
chartered for the future. With a strong foundation, a clear strategy, and a passionate, capable team, Core & Main has
never been better positioned to drive profitable growth and operational excellence for years to come.
Thank you to our associates, customers and suppliers for your unwavering commitment to Core & Main. And on behalf
of the more than 5,700 associates at Core & Main, thank you to our shareholders for your continued trust and support
of our company.
Sincerely,
Mark Witkowski
Chief Executive Officer
FISCAL 2024 ANNUAL REPORT | IV



 5/13/2025 Letter Continued (Full PDF)