Full Year 2021 Core & Main Inc Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst : On the acquisition environment, I think you said 2% is embedded in the outlook for sales growth. Can you talk about the pipeline? And whether the volatility we've seen in the market year-to-date has delayed any deals from happening? And then you also mentioned something about evaluating additional capital allocation opportunities. Maybe you could kind of talk a little bit more about what you meant by that.

Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst : Okay. And then a follow-up is on the commodity pipe product. How big is that as a percentage of sales now, given the strong environment you saw for price there in 2021? And then on the non-commodity pipe product, what kind of product cost inflation did you see there last year? And what are you seeing so far this year?

Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst : Okay. And for that piece of the business, I mean, are you seeing that less tied to kind of like the volatility in steel, PVC, et cetera, so you should see price from that part of the business continue this year? Or is that still going to be moving up and down with those commodities like the commodity side?