The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst
: A lot has been covered already. Just had a couple of cleanups here. On the Dana Kepner deal, just given its size, I'm just wondering
if the multiple reflected a more competitive process. I'm asking in context of, I think you said something about $780 million deployed
for the year and after the year ended and it looks like in the fiscal '23, the numbers were like $231 million of spend, so most of that
came after the year. So curious if you have any comments on that.
And then related to that, on the business itself, what would be some reasons to pay a higher multiple for it? Are there synergies or
something else to consider? And are there any kind of overlaps with your existing footprint, like any risk of cannibalization of existing
sales?
Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst
: Okay. So there's not much overlap then in terms of the footprint cannibalization risk for sales?
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MARCH 19, 2024 / 12:30PM, CNM.N - Q4 2023 Core & Main Inc Earnings Call
Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst
: Helpful. And then the AC West (sic) [ACF West] deal that you mentioned, I think, earlier in the call, that -- am I right to assume that,
that wasn't yet put in the guide? So has it closed yet or no?
Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst
: And then just a couple of little cleanups on the guide. So the -- on sales, the 1% to 2% from the extra week, that's embedded in the
guide, right? And does that have any margin impact? And then there's like a lot moving around below the line given all the capital
allocation toward the end of the year. You mentioned tax rate of 25%. Can you give us any sense on interest expense and share
count for '24 based on kind of where we're at today?
Question: Patrick Michael Baumann - JPMorgan Chase & Co, Research Division - Analyst
: No. Thanks for indulging me with all those details. Really appreciate it, and best of luck.
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