From your perspective, could you discuss the manufacturer-distributor relationship in general, not just with Core & Main, and explain how it is mutually beneficial for both sides?

I will specifically speak about ductile iron pipe. About 80% of our sales are through distribution, and 20% are direct sales to large contractors or major municipalities like LADWP, City of Chicago, and Boston. The relationship is particularly beneficial for us because we have 40 representatives covering the country. We can't be aware of every single job everywhere. Distributors, with their extensive coverage, generally have access to 99% of the ductile iron pipe jobs that are out for bidding.

From your perspective, could you discuss the manufacturer-distributor relationship in general, not just with Core & Main, and explain how it is mutually beneficial for both sides?

Distributors have access to pipes that complement their product portfolio. One side benefit for a manufacturer, especially for us with high dollar volume, is that we get paid on time. Distributors, I can almost say universally, are great payers. I don't spend time worrying about distributors not paying us. Contractors, on the other hand, can be notoriously slow on the payment side, requiring us to spend significant time and resources on collections. This is another side benefit of distribution. It's a symbiotic relationship.