2024 Q4 - Annual Report

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION Washington,D.C.20549FORM10-K oANNUALREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 ForthefiscalyearendedApril30,2024or ☐TRANSITIONREPORTPURSUANTTOSECTION13OR15(d)OFTHESECURITIESEXCHANGEACTOF1934 Forthetransitionperiodfromto CommissionFileNumber:000-14798 AmericanWoodmarkCorporation (Exactnameofregistrantasspecifiedinitscharter) Virginia54-1138147 (Stateorotherjurisdictionofincorporationororganization)(I.R.S.EmployerIdentificationNo.) 561ShadyElmRoad,Winchester,Virginia22602 (Addressofprincipalexecutiveoffices)(ZipCode) (540)665-9100 (Registrant'stelephonenumber,includingareacode) SecuritiesregisteredpursuanttoSection12(b)oftheAct: Titleofeachclass TradingSymbol(s) Nameofeachexchangeonwhichregistered CommonStock AMWD NASDAQ SecuritiesregisteredpursuanttoSection12(g)oftheAct:None Indicatebycheckmarkiftheregistrantisawell-knownseasonedissuer,asdefinedinRule405oftheSecuritiesAct.Yes☒No☐ IndicatebycheckmarkiftheregistrantisnotrequiredtofilereportspursuanttoSection13orSection15(d)oftheAct.Yes☐No☒ Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast90days.Yes☒No☐ IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyeveryInteractiveDataFilerequiredtobesubmittedpursuanttoRule405ofRegulationS-T(§232.405ofthischapter)duringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmitsuchfiles). Yes☒No☐ Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,asmallerreportingcompanyoranemerginggrowthcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler,""smallerreportingcompany"and"emerginggrowthcompany"inRule12b-2oftheExchangeAct. Largeacceleratedfiler ☒ Acceleratedfiler ☐ Non-acceleratedfiler ☐ SmallerreportingcompanyEmerginggrowthcompany ☐☐ Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanyneworrevisedfinancialaccountingstandardsprovidedpursuanttoSection13(a)oftheExchange Act.☐ Indicatebycheckmarkwhethertheregistranthasfiledareportonandattestationtoitsmanagement'sassessmentoftheeffectivenessofitsinternalcontroloverfinancialreportingunderSection404(b)oftheSarbanes-OxleyAct(15U.S.C.7262(b))bytheregisteredpublicaccountingfirmthatpreparedorissueditsauditreport.☒ IfsecuritiesareregisteredpursuanttoSection12(b)oftheAct,indicatebycheckmarkwhetherthefinancialstatementsoftheregistrantincludedinthefilingreflectthecorrectionofanerrortopreviouslyissuedfinancialstatements.☐ Indicatebycheckmarkwhetheranyofthoseerrorcorrectionsarerestatementsthatrequiredarecoveryanalysisofincentivebasedcompensationreceivedbyanyoftheregistrant'sexecutiveofficersduringtherelevantrecoveryperiodpursuanttoSection240.10D-1(b).☐ Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).Yes☐No☒ Theaggregatemarketvalueoftheregistrant'sCommonStock,noparvalue,heldbynon-affiliatesoftheregistrantasofOctober31,2023,thelastbusinessdayoftheCompany'smostrecentsecondquarterwas$1,067,379,515. AsofJune17,2024,15,587,458sharesoftheRegistrant'sCommonStockwereoutstanding. DOCUMENTSINCORPORATEDBYREFERENCE PortionsoftheRegistrant'sdefinitiveProxyStatementfortheAnnualMeetingofShareholderstobeheldonAugust22,2024("ProxyStatement")areincorporatedbyreferenceintoPartIIIofthisForm10-K. PARTI AmericanWoodmarkCorporation2024AnnualReportonForm10-K TABLEOFCONTENTS Item1. Business 3 Item1A. RiskFactors 7 Item1B. UnresolvedStaffComments 14 Item1C. Cybersecurity 14 Item2. Properties 15 Item3. LegalProceedings 15 Item4. MineSafetyDisclosures 16 ExecutiveOfficersoftheRegistrant 16 PARTIIItem5. MarketforRegistrant'sCommonEquity,RelatedStockholderMattersandIssuerPurchasesof 16 Item6. EquitySecuritiesSelectedFinancialData 18 Item7. Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations 19 Item7A. QuantitativeandQualitativeDisclosuresAboutMarketRisk 27 Item8. FinancialStatementsandSupplementaryData 28 Item9. ChangesinandDisagreementsWithAccountantsonAccountingandFinancialDisclosure 57 Item9A. ControlsandProcedures 56 Item9B. OtherInformation 56 Item9C. DisclosureAboutForeignJurisdictionsThatPreventInspections 56 PARTIIIItem10. Directors,ExecutiveOfficersandCorporateGovernance 56 Item11.Item12. ExecutiveCompensationSecurityOwnershipofCertainBeneficialOwnersandManagementandRelatedStockholder 57 Matters 57 Item13. CertainRelationshipsandRelatedTransactions,andDirectorIndependence 58 Item14. PrincipalAccountingFeesandServices 58 PARTIVItem15. Exhibits,FinancialStatementSchedules 58 Item16. Form10-KSummary 61 SIGNATURES 63 2 PARTI Item1.BUSINESS OurCompany AmericanWoodmarkCorporation("AmericanWoodmark,"the"Company,""we,""our"or"us")wasincorporatedin1980bythefourprincipalmanagersoftheBoiseCa