American Woodmark Corporation
Annual Report 2024

2024
ANNUAL
REPORT

American Woodmark stands for more than making cabinets - we make brighter futures.
Our CITE principles help create the culture that sets us apart. 
At American Woodmark, we do more than make cabinets.
We champion your unique style. We inspire fresh designs and
bold possibilities, and celebrate the perfect union of creativity,
reliable function, and value.
At our core is a shared goal - a commitment to help customers build beautiful, comfortable spaces that 
reflect their idea of home. With our portfolio of brands, we can meet your ambition and bring your vision 
to life.
Our purpose may seem simple, but the rewards it brings are immeasurable. We’re over 8,600 strong, with 
a proud heritage, a thriving culture, and sustainable growth. Our employees are like family to us, and our 
products bring joy and peace of mind to homes across the country. 
Customer Satisfaction  Provide the best quality, service, and value to the greatest number of people by 
doing whatever is reasonable and sometimes unreasonable.
Integrity  Do what is right: act fairly and responsibly, care about the dignity of each person and be a 
good citizen in the community.
Excellence  Strive to perform every job or action in a superior way. Be innovative, always helping others 
become the best they can be. 
Teamwork  Understand that we must all work together in order to succeed. Realize that each person 
must contribute to the team to be a part of the team. 
Creating Value Through People

Dear Fellow Shareholders,
During fiscal 2024, our teams delivered net sales of $1,848 million and grew adjusted EBITDA to 
$253 million or 13.7% of net sales. The improvement in the company’s performance compared 
to the prior fiscal year is due to favorable mix, improved efficiencies in the manufacturing plat-
forms and focus throughout the organization to drive operational excellence. We accomplished 
this with safety as a top priority and delivered an OSHA recordable rate of 1.42 for the fiscal year 
which is well below the Bureau of Labor Statistics industry averages.
Our teams accomplished a number of key initiatives in fiscal year 2024 in support of our strat-
egy that has three pillars Growth, Digital Transformation and Platform Design or “GDP”. Our 
teams are delivering on the strategy by leveraging American Woodmark’s culture and connec-
tion with our employees, customers, suppliers, and communities.
With respect to Growth, we launched a low-SKU, high value offering in the home centers earli-
er this calendar year targeting Pro’s and expanded that program nationally for our dealer and 
distribution network. We also launched a new brand to serve our distribution customers – 1951 
CabinetryTM.
As part of our Digital Transformation journey, we launched our customer relationship manage-
ment (“CRM”) sales solution in the fall and went live on our ERP cloud solution in our new Mon-
terrey, Mexico facility. Planning is underway for the next phase of the ERP implementation in our 
made-to-stock west coast manufacturing facilities to be completed in fiscal 2025.
Under Platform Design, we opened a new facility in Monterrey, Mexico and expanded our Ham-
let, North Carolina facility. This investment established a component operation in eastern Mexi-
co and a stock kitchen and bath center of excellence footprint for the eastern US that will deliv-
er additional capacity for our customers.
We continue to execute the mission of the Company to Create Value Through People. We ac-
complish this through our CITE Principles which represent Customer Satisfaction, Integrity, 
Teamwork and Excellence. Over the past fiscal year our leadership team developed a training 
module on the principle of Excellence that we are cascading within the organization that will 
help deliver on our operational excellence goals.
Looking forward, we remain committed to executing our GDP strategy.
Growth will continue to be realized via product and channel expansion as we continue to evolve 
our offerings to meet customer needs, while ensuring we maintain a relevant and lean product 
line. Our upcoming summer launch will help grow our core business, the new distribution brand, 
1951 CabinetryTM,will expand our presence in that channel, and we will grow our stock bath and 
kitchen business through share gains. Despite a near-term slowdown in demand, we believe in 
the long term growth in net sales and we project that we will grow Adjusted EBITDA to over $350 
million in fiscal 2028.

Digital Transformation will bring our Company together and deliver efficiency gains across the 
enterprise. The expansion of our ERP cloud solution provider into our made-to-stock facilities on 
the west coast will occur during the fiscal year and scoping the next area of our CRM tool with 
the service module is underway. We will continue to invest in our online capabilities driving traf-
fic and conversion through our remodel partners.
Platform Design across our overall manufacturing and distribution footprint is focused on oper-
ational excellence and automation efforts with an emphasis to improve margins and positively 
impact our customer’s overall experience. Work will continue as we ramp our Monterrey, Mexico 
and Hamlet, North Carolina facilities. Mill equipment continues to be installed at both sites and 
will continue to ramp up through the first half of the fiscal year. Automation efforts will contin-
ue as we have targeted $75 million in spending over the next five years. Future projects will be 
focused on our mill, component, and assembly operations.
Our commitment to ESG continues as we positively impact our employees, communities, and 
key stakeholders. Over the last fiscal year, we invested in solar technology at our Maryland plant 
and are now able to provide electricity to the grid, completed the retrofit of our facilities to LED 
lighting and are conducting energy audits in high consumption locations. Reducing waste while 
recycling materials are key goals of our 2030 sustainability vision and we continue to identify 
outlets to recycle our waste streams. In addition, the American Woodmark Foundation made 
over 275 grants totaling over $650,000 in fiscal 2024 and continues to do make an impact in the 
communities where we live and work.
In closing, I would like to thank each and every one of our teammates for their commitment and 
dedication to the success of our business.
On behalf of our Chair, the Board of Directors, the leadership team, and the entire Company, we 
thank you for your continued support
M. Scott Culbreth
President & Chief Executive Officer

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-K 
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended April 30, 2024 
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number: 000-14798 
American Woodmark Corporation
(Exact name of registrant as specified in its charter)
Virginia
54-1138147
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
561 Shady Elm Road, Winchester, Virginia
22602
(Address of principal executive offices)
(Zip Code)
(540) 665-9100 
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
AMWD
NASDAQ
Securities registered pursuant to Section 12(g) of the Act:  None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. 
Yes ☒  No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. 
Yes ☐  No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the 
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to 
file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted  
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period 
that the registrant was required to submit such files).
Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller 
reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller 
reporting company" and "emerging growth company"   in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer                 
☐
Non-accelerated filer     
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period 
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange 
Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the 
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 
7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the 
registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive 
based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 
Section 240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). 
Yes ☐  No ☒
The aggregate market value of the registrant's Common Stock, no par value, held by non-affiliates of the registrant as of 
October 31, 2023, the last business day of the Company's most recent second quarter was $1,067,379,515.
As of June 17, 2024, 15,587,458 shares of the Registrant's Common Stock were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE 
Portions of the Registrant's definitive Proxy Statement for the Annual Meeting of Shareholders to be held on August 22, 2024 
("Proxy Statement") are incorporated by reference into Part III of this Form 10-K.

American Woodmark Corporation
2024 Annual Report on Form 10-K
TABLE OF CONTENTS
 
PART I
 
 
Item 1.
Business   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
Item 1A.
Risk Factors    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Item 1B.
Unresolved Staff Comments       . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Item 1C.
Cybersecurity      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Item 2.
Properties    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Item 3.
Legal Proceedings      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
Item 4.
Mine Safety Disclosures   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
 
Executive Officers of the Registrant     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
PART II
 
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer 
Purchases of Equity Securities   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
Item 6.
Selected Financial Data      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations    
20
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk    . . . . . . . . . . . . . . . . . . . . . . .
28
Item 8.
Financial Statements and Supplementary Data      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial 
Disclosure   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 9A.
Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 9B.
Other Information    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 9C.
Disclosure About Foreign Jurisdictions That Prevent Inspections     . . . . . . . . . . . . . . . . . . .
57
PART III
 
Item 10.
Directors, Executive Officers and Corporate Governance    . . . . . . . . . . . . . . . . . . . . . . . . . .
57
Item 11.
Executive Compensation     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related 
Stockholder Matters      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58
Item 13.
Certain Relationships and Related Transactions, and Director Independence    . . . . . . . . . . .
59
Item 14.
Principal Accounting Fees and Services      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
PART IV
 
Item 15.
Exhibits, Financial Statement Schedules   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
59
Item 16.
Form 10-K Summary     . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62
SIGNATURES      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
63
3

PART I
 
Item 1.  
BUSINESS
 
Our Company
American Woodmark Corporation ("American Woodmark," the "Company," "we," "our" or "us") was incorporated in 1980 by 
the four principal managers of the Boise Cascade Cabinet Division through a leveraged buyout of that division. We operated 
privately until 1986 when we became a public company through a registered public offering of common stock.
From design to installation, we believe we offer a higher level of service than our competitors, serving both national and 
regional markets with the most relevant options. This makes us the cabinetmaker of choice for many homeowners, builders, 
designers, dealers, distributors, and retailers across the country. Our customer base is expanding as we build our portfolio of 
brands and reach new markets beyond kitchen and bath. Aspirational yet grounded, we've embraced an ambitious, strategic 
vision that will advance us boldly into the future.
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all 
amendments to those reports are available free of charge on our website, americanwoodmark.com, as soon as reasonably 
practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission. The 
contents of our website are not, however, part of, or incorporated by reference into, this report.
Our Business
American Woodmark celebrates the creativity in all of us. With over 8,600 employees and more than a dozen brands, we're one 
of the nation's largest cabinet manufacturers. From inspiration to installation, we help people find their unique style and turn 
their home into a space for self-expression. By partnering with major home centers, builders, and independent dealers and 
distributors, we spark the imagination of homeowners and designers and bring their vision to life. Across our service and 
distribution centers, our corporate office and manufacturing facilities, you'll always find the same commitment to customer 
satisfaction, integrity, teamwork, and excellence. 
We believe the strength of our culture and connections will deliver profitability through Growth, Digital Transformation, and 
Platform Design ("GDP"). Our GDP strategy is the lens we use to view our long-term decision-making, enabling growth and 
profitability through the cycle. Growth will maximize our market opportunity through key initiatives. Digital Transformation 
will strengthen our goal of becoming "One American Woodmark." Lastly, Platform Design will leverage complexity reduction 
and operational excellence to drive margin improvement. 
Our Products 
We offer a wide variety of products that fall into product lines including kitchen cabinetry, bath cabinetry, office cabinetry, 
home organization and hardware. Our cabinetry products are available in a variety of designs, finishes and finish colors and 
door styles. 
Made-to-order products are typically constructed with higher grade materials and more options compared to our stock products; 
and are special ordered from all channels and shipped directly to the home from our factory.  Stock products typically have 
limited SKUs and high volumes; and are primarily sold point-of-sale as “cash and carry products” through home centers.  Our 
kitchen cabinetry and bath cabinetry products are offered across all product categories (made-to-order and stock) while our 
home organization products are exclusively stock products.
Our Market 
Our products are sold on a national basis across the United States to the remodeling and new home construction markets. We 
service these markets through three primary channels: home centers, builders, and independent dealers and distributors. We 
distribute our products to each market channel directly from our assembly plants and through a third party logistics network.
Our Customers 
We serve three main categories of customers: home centers, builders, and independent dealers and distributors. 
4

Home Centers 
Pro business customers, contractors, builders, remodelers, and do-it-yourself homeowners use our products primarily for repair 
and remodel ("R&R") projects. Products for R&R projects are predominately purchased through home centers such as Home 
Depot and Lowe's. Due to the market presence, store network and customer reach of these large home centers, our strategy has 
been to develop long-term strategic relationships with both Home Depot and Lowe's to distribute our products. During the fiscal 
year ended April 30, 2024 ("fiscal 2024"), Home Depot and Lowe's combined accounted for approximately 41.6% of net sales 
of the Company. The loss of either Home Depot or Lowe's as a customer would have a material adverse effect on us.
Builders
The builder business represents a large portion of our overall revenue and has historically been a strategic component of our go-
to-market strategy. We serve 19 of the top 20 U.S. builders with a high degree of geographic concentration around major metro 
areas where single family starts are most robust. We also serve multi-family builders, primarily in the Southwest region of the 
U.S. Our various service center locations are close to these builders and enable us to deliver exceptional service to our builder 
partners. During fiscal 2024, builders accounted for approximately 42.4% of net sales of the Company.
Independent Dealers & Distributors
In 2010, we expanded our business into the independent dealers channel with the launch of the Waypoint Living Spaces® 
brand. Today, we sell this brand to over 1,500 regional and local dealers across the country. The independent dealer and 
distributor channel is the largest by volume, characterized by a high degree of entrepreneurship and one that rewards suppliers 
that deliver great service. Our ability to provide superior value delivered with exceptional service has helped drive our 
expansion into this channel which will continue to be a strong growth and market share opportunity for us. Within our 
distributor channel we also sell our newly launched 1951 CabinetryTM brand through a network of regional distributors who are 
focused on selling a complete variety of building materials to small and midsized builders and contractors within their local 
markets. 1951 Cabinetry will be sold directly to distributors with a wide range of product offerings. Their styles and finishes 
will blend both timeless and on-trend designs that are curated to favor individual preferences for a traditional or contemporary 
feel. The brand maintains a commitment to longevity without compromising the excitement surrounding modern flair. 
Alongside the launch of 1951 Cabinetry comes 1951 Foundations and 1951 Progressions. 1951 Foundations and 1951 
Progressions utilize American Woodmark’s Made-to-Stock options to address the market demand for high-quality 
craftsmanship at an affordable price point with their focused selections of the most popular styles and finishes. During fiscal 
2024, independent dealers and distributors accounted for approximately 16.0% of net sales of the Company.  
Manufacturing, Distribution and Service 
Our manufacturing facilities are strategically located to serve our customers, which enhances our ability to provide high quality, 
value priced products with low production costs. We manufacture our products across 18 facilities located in Maryland, 
Indiana, West Virginia, Georgia, Arizona, Kentucky, Virginia, California, Texas, and North Carolina in the United States, and 
Tijuana and Monterrey, Mexico. We built a new manufacturing facility in Monterrey, Mexico, which began operations in the 
third quarter of fiscal 2024, and expanded our Hamlet, North Carolina facility. This investment established a component 
operation in eastern Mexico, and a stock kitchen and bath center of excellence delivering additional capacity for our east coast 
markets. The geographic distribution of our facilities throughout the United States, together with our third party logistics 
network for the American Woodmark business and beneficial freight arrangements with home centers, enable us to provide a 
"short supply chain" to our U.S. customers. The ordering patterns of Home Depot and Lowe's, our two biggest customers, 
require suppliers to have sufficient manufacturing capacity to meet demand and to serve a large number (frequently hundreds to 
thousands) of stores. They impose strict logistics and performance criteria on us. The scale and strategic locations of our 
manufacturing facilities help us to meet these demands of the home center customers, as well as provide a logistics platform 
that we can leverage for builders and independent dealers and distributors. We distribute our products through one stand-alone 
distribution center, distribution centers located in some of our manufacturing facilities, and other third party locations to 
maximize efficiency. Our vertically-integrated production and assembly lines, standardized product construction, and 
investments in automation have allowed us to continuously improve productivity, and develop an expertise in wood processing, 
alternate materials, and yield-maximizing technologies. We have standardized our raw material inputs and a number of our 
production processes, which reduces logistical requirements to manufacture and gives us increased economies of scale in 
sourcing these inputs. Certain of our inputs are also partially processed by our vendors, which reduces cost. In addition, our 
production of labor-intensive manufacturing and fabrication processes in our four Mexico facilities has enabled us to keep 
overall labor costs low while maintaining higher quality, greater speed-to-market and transportation cost advantage over Asian 
based manufacturers. 
5

We also provide complete turnkey installation services to our direct builder customers via our network of eight primary service 
centers that are strategically located throughout the United States in Virginia, Texas, North Carolina, Georgia, Florida, Arizona 
and California. 
We regularly evaluate our organizational productivity and supply chains and assess opportunities to reduce costs and enhance 
quality. Through operational excellence, we strive to improve quality, speed and flexibility to meet changing and uncertain 
market conditions, as well as manage cost inflation, including wages and employee medical costs. 
Raw Materials and Suppliers 
The primary raw materials used in our products include various wood species, including hard maple, cherry, and beech, particle 
board, medium density fiberboard, high density fiberboard, and plywood. Additional raw materials include paint, manufactured 
components, and hardware. We purchase these, and other raw materials, from more than one source and generally believe them 
to be readily available. We rely on outside suppliers for some of our key components and do not typically enter into long-term 
contracts with our suppliers or sourcing partners. We source a portion of our components from third parties in Asia and Europe. 
The distances involved in these arrangements, together with the differences in business practices, shipping and delivery 
requirements, and laws and regulations add complexity to our supply chain logistics and increase the potential for interruptions 
in our production scheduling. 
Competition 
We operate in a highly fragmented industry that is composed of several thousand local, regional, and national manufacturers. 
Most of our competitors compete on a local or regional basis, but others, like us, compete on a national basis as well. Our 
competitors include importers and large consolidated operations as well as relatively small, local cabinet manufacturers. 
Moreover, companies in other building products industries may compete with us. Competitive factors within the industry 
include pricing, quality, product availability, service, delivery time, and relationships with customers. Our principal means for 
competition is our breadth and variety of product offerings, expanded service capabilities, geographic reach, competitive price 
points for our products, and affordable quality. We believe we are a top three manufacturer of kitchen, bath, and home 
organization products in the United States based on publicly available information.
Environmental Matters and Regulatory Matters 
Our operations are subject to federal, state and local environmental laws and regulations relating to, among other things, the 
generation, storage, handling, emission, transportation, and discharge of regulated materials into the environment. Permits are 
required for certain of our operations, and these permits are subject to revocation, modification, and renewal by issuing 
authorities. Governmental authorities have the power to enforce compliance with their regulations, and violations may result in 
the payment of fines or the entry of injunctions, or both. We may also incur liabilities for investigation and clean-up of soil or 
groundwater contamination on or emanating from current or formerly owned and operated properties, or at offsite locations at 
which regulated materials are located where we are identified as a responsible party. Discovery of currently unknown 
conditions could require responses that could result in significant costs. 
Intellectual Property 
We maintain trademarks, copyrights, and trade secrets. We sell many of our products under a number of registered and 
unregistered trademarks, which we believe are widely recognized in our industry. We rely on trade secrets and confidentiality 
agreements to develop and maintain our competitive position. Monitoring the unauthorized use of our intellectual property is 
difficult, and the steps we have taken may not prevent unauthorized use of our intellectual property. The disclosure or 
misappropriation of our intellectual property could harm our ability to protect our rights and our competitive position. If we 
must litigate to protect our rights, we may incur significant expenses and divert significant attention from our business 
operations. To date, we have not relied on material patents in operating our business. 
Seasonality 
Our business has been subject to seasonal influences, with higher sales typically realized in our first and fourth fiscal quarters. 
General economic forces and changes in our customer mix have reduced seasonal fluctuations in revenue over the past few 
years and this trend is expected to continue. The costs of the Company's products are subject to inflationary pressures and 
commodity price fluctuations. The Company has generally been able, over time, to recover the effects of inflation and 
commodity price fluctuations through sales price increases.
6

Human Capital Resources
Employees 
As of April 30, 2024, we employed over 8,600 full-time employees, with approximately 228 unionized employees in Anaheim, 
California. We believe that our employee relations and relationship with the union representing the employees in Anaheim are 
good. 
Culture and Core Values
At American Woodmark, our mission to create value through people remains unchanged. The way we conduct our business and 
interact with our customers, vendors, and the communities in which we operate is driven by our core principles of Customer 
Satisfaction, Integrity, Teamwork, and Excellence. These principles also guide our interactions with employees and serve as a 
basis for setting goals for and evaluating our employees. By living out these principles, we believe we will be best positioned to 
attract, develop, and promote a broad range of talent and to conduct our business in a responsible, ethical, and professional 
manner. To that end, we have, among other things, established policies under which we strive to:
•
Engage with our key stakeholders, including employees, to ensure their needs and concerns are heard and addressed, 
and if appropriate, incorporated into our strategy;
•
Maintain a safe and enriching working environment where all employees are treated with respect and are able to 
achieve their full potential;
•
Encourage employees to volunteer in our communities through internally or externally organized events; 
•
Fund the American Woodmark Foundation and the AWCares Fund, which serve as vehicles for our employees to 
serve the community and receive financial assistance for unforeseen personal disaster or tragedy; and 
•
Provide scholarship opportunities to family members for our employees.
Training
Our training is designed and developed at the corporate and local level in order to further our goals of enterprise alignment and 
local integration. We prefer a leader-led approach to training whenever possible to foster engagement, relationship building, 
connection, and shared learning experiences. Depending on the course, our training and development opportunities are offered 
through a variety of platforms and frequencies, such as on an on-demand, semi-annual, annual, or biannual basis.
Safety
We have established comprehensive safety programs throughout our operations to provide our employees with the tools they 
need to comply with the safety standards established under federal, state, and local laws and regulations or independently by us. 
Our safety leadership teams monitor our safety programs and related benchmarking with the goal of improving safety across the 
Company. Our rate of incidents recordable under the standards of the Occupational Safety and Health Administration 
(“OSHA”) per one hundred employees per year, also known as the OSHA recordable rate, was 1.42 during fiscal 2024, which is 
57% better than the industry average of 3.3 according to the U.S. Department of Labor.
Diversity and Inclusion
American Woodmark is an equal opportunity employer, and we strive to create an opportunity that is free from discrimination 
and harassment.  That commitment extends to cultivating an inclusive environment where every individual is respected, valued, 
appreciated, and empowered to contribute their unique perspectives. We believe that embracing inclusion, not only results in 
increased diversity but also contributes to more robust solutions through learning and innovation.
In recent years, we have made significant progress in promoting diversity and inclusion throughout our organization. We have 
implemented Right Environment Councils across all our locations, ensuring meaningful engagement with employees at all 
levels and within the communities we serve. Moreover, we have placed a strong emphasis on educating our leaders and staff 
through comprehensive training on diversity and inclusion topics across our hourly and salaried employees, bolstering 
awareness and actionable insights through initiatives like our employee engagement survey, which now includes categorized 
diversity and inclusion questions, developed a Women in Operations mentorship program, and launched a quarterly series 
podcast committed to discussing topics around inclusion to the organization. 
We have elevated our efforts and continue pursuing strategic initiatives led by our Inclusion, Diversity, Equity, and Alignment 
(IDEA) team. Our enterprise-wide social strategic roadmap guides our ongoing endeavors, incorporating representation metrics 
into our organizational scorecards.
Looking ahead, we are unwavering in our commitment to deepen our culture of inclusion and leverage the voices and 
perspectives within our company. Our dedication to diversity and inclusion is not only rooted in our values but also vital to our 
organization's success.
7

Our Competitive Strengths
Market Leader with North American Manufacturing and Distribution Network
We believe our company holds the number two or three market position in the United States cabinet market with an estimated 
10% market share based on publicly available information. We are one of a select number of market participants with a national 
manufacturing and distribution footprint, which includes 18 manufacturing facilities in the United States and Mexico, and eight 
primary service centers and one distribution center located throughout the United States. Our operating footprint provides us an 
ability to service our builder, independent dealers and distributors, and home centers customers nationwide, offering them a 
broad set of products across a variety of price points. Our facilities are strategically located in or near major metropolitan 
markets to facilitate efficient product distribution to our customers. We believe the scale and breadth of our operations 
differentiate us and result in a competitive advantage providing superior customer service, low-cost distribution, and on-time 
delivery.
Comprehensive Product Offering with Diversified End-Markets
We believe that the diversity of our product portfolio across categories, channels, and end-markets enables our financial 
performance, both in periods of growth and cyclicality. Our made-to-order offerings provide products for customers looking for 
a designer product, which can be used for both new home construction and remodeling applications. Our stock offering allows 
us to further serve our existing end-markets through the addition of a lower price point product that is well-suited for areas of 
growing demand such as new home construction targeting the first-time homebuyer. We also offer turnkey cabinet solutions for 
our builder customers which we believe is a unique aspect of our service platform. Our turnkey solution provides in-house 
design and measurement as well as installation service. We believe the ability to leverage our labor and expertise is a value-
added service to our builder customers which has helped strengthen our position in the new home construction market.
Deep Relationships with Leading Retailers
We have built strong and stable relationships with a base of long-standing customers across home centers, builders, and 
independent dealers and distributors. We have an average relationship length of 20 plus years with our top 10 customers, 
including long-standing relationships with Home Depot and Lowe's. We believe our customers value our North American 
manufacturing and distribution footprint, which allows us to meet demanding logistics and performance criteria. We believe our 
focus on providing exceptional customer service and a quality product at a competitive price have enabled us to establish 
ourselves as a vendor of choice.
Best-in-Class Manufacturing Capabilities
We operate 18 manufacturing facilities across the United States and Mexico. Our vertically-integrated production and assembly 
lines, standardized product construction, and investments in automation, have allowed us to continuously improve productivity 
and efficiency. We have standardized our raw material inputs and a number of our production processes, which reduces 
logistical requirements and provides increased economies of scale in sourcing these inputs. Our labor-intensive manufacturing 
and fabrication processes in Mexico offer a low cost alternative to Asian based manufacturers, while providing a quality 
product with lower transportation costs. 
Experienced Management Team
We have assembled an executive team from leading organizations with a deep base of management experience within industrial 
manufacturing companies. Our President and Chief Executive Officer, M. Scott Culbreth, joined our team in 2014 as the Chief 
Financial Officer and was named Chief Executive Officer in 2020. Mr. Culbreth's career in the manufacturing industry has been 
highlighted with multiple leadership roles in finance. Our other senior executives all have over twenty plus years of experience 
working for multi-national companies, with individual backgrounds in manufacturing, finance, sales and human resources. 
Item 1A. 
RISK FACTORS 
 
There are a number of risks and uncertainties that may affect the Company's business, results of operations, and financial 
condition. These risks and uncertainties could cause future results to differ from past performance or expected results, including 
results described in statements elsewhere in this report that constitute "forward-looking statements" under the Private Securities 
Litigation Reform Act of 1995. Additional risks and uncertainties not presently known to the Company or currently believed to 
be immaterial also may adversely impact the Company's business. Should any risks or uncertainties develop into actual events, 
these developments could have material adverse effects on the Company's business, financial condition, and results of 
8

operations. These risks and uncertainties, which the Company considers to be most relevant to specific business activities, 
include, but are not limited to, the following. Additional risks and uncertainties that may affect the Company's business, results 
of operations, and financial condition are discussed elsewhere in this report, including in Item 7. "Management's Discussion and 
Analysis of Financial Condition and Results of Operations" under the headings "Forward-Looking Statements," "Seasonality," 
and "Outlook for Fiscal 2025" and Item 7A. "Quantitative and Qualitative Disclosures about Market Risk." 
 
Risks related to our business and industry
Because of the concentration of our sales to our two largest customers, the loss of either customer or a significant reduction 
in orders from either customer could adversely affect our financial results. Home Depot and Lowe's collectively accounted 
for approximately 41.6% of total net sales during the fiscal year 2024. We do not typically enter into long-term sales contracts 
with Home Depot or Lowe's and our sales usually occur on a "purchase order" basis. Our customers can make significant 
changes in their purchase volumes and can seek to significantly affect the prices we receive for our products and services and 
the other terms and conditions on which we do business. They have in the past discontinued, and may in the future choose to 
discontinue, purchasing some or all of our products with little or no notice. In the past, purchase volumes from our customers, 
including Home Depot and Lowe's, have fluctuated substantially, and we expect such fluctuations to occur from time to time in 
the future. Any reduction in, or termination of, our sales to either Home Depot or Lowe's could have a material adverse effect 
on our business, financial condition, or results of operations.
In addition, the potential for orders from these large retail customers to increase significantly from time to time requires us to 
have sufficient manufacturing capacity. These large retailers also impose strict logistics and performance criteria and fines. 
Failure to comply with these obligations may result in these customers reducing or stopping their purchase of our products.
We could also experience delays or defaults in payment from Home Depot or Lowe's, which could adversely affect our 
business, financial condition or results of operations. The loss of a substantial portion of our order volumes or revenue from 
either Home Depot or Lowe's for any reason would have a material adverse effect on our business, financial condition, or 
results of operations.
Our business primarily relies on U.S. home improvement, repair and remodel and new home construction activity levels, all 
of which are impacted by risks associated with fluctuations in the housing market. Downward changes in the general 
economy, the housing market, or other business conditions could adversely affect our results of operations, cash flows, and 
financial condition. Our business primarily relies on home improvement, repair and remodel and new home construction 
activity levels in the United States. The housing market is sensitive to changes in economic conditions and other factors, such as 
the level of employment, access to labor, consumer confidence, consumer income, availability of financing and interest rate 
levels, and available inventory. Consistent with our fiscal 2024 net sales volume decrease, adverse changes in any of these 
conditions generally, or in any of the markets where we operate, could decrease demand and could adversely impact our 
businesses by: 
•
causing consumers to delay or decrease homeownership; 
•
making consumers more price conscious resulting in a shift in demand to smaller, less expensive homes; 
•
making consumers more reluctant to make investments in their existing homes, including kitchen and bath repair and 
remodel projects; or 
•
making it more difficult to secure loans for major renovations. 
Fluctuating raw material and energy costs could have a material adverse effect on our business and results of operations. 
We purchase various raw materials, including, among others, wood, wood-based, and resin products, which are subject to price 
fluctuations that could materially increase our manufacturing costs. Further, increases in energy costs increase our production 
costs and also the cost to transport our products, each of which could have a material adverse effect on our business and results 
of operations. In addition, some of our suppliers have consolidated and other suppliers may do so in the future. Combined with 
increased demand, such consolidation could increase the price of our supplies and raw materials.
We also may be unwilling or unable to pass on to customers commensurate cost increases. Competitive considerations and 
customer resistance to price increases may delay or make us unable to adjust selling prices. To the extent we are unable to either 
re-engineer or otherwise offset increased costs or are unwilling or unable to build price increases into our sales prices, our 
margins will be negatively affected. Even if we are able to increase our selling prices, sustained price increases for our products 
may lead to sales declines and loss of market share, particularly if our competitors do not increase their prices, and there is 
usually a six to nine month lag before we are able to see the results of our pricing actions. Conversely, when raw materials or 
energy prices decline, we may receive customer pressure to reduce our sales prices.
9

These prices are market-based and fluctuate based on factors beyond our control. We do not have long-term fixed supply 
agreements and do not hedge against price fluctuations. We, therefore, cannot predict our raw materials or energy costs for the 
coming year. 
Prolonged economic downturns may adversely impact our sales, earnings, and liquidity. Our industry historically has been 
cyclical in nature and has fluctuated with economic cycles. During economic downturns, our industry could experience longer 
periods of recession and greater declines than the general economy. We believe that our industry is significantly influenced by 
economic conditions generally and particularly by housing activity, consumer confidence, the level of personal discretionary 
spending, demographics, and credit availability. These factors may affect not only the ultimate consumer of our products, but 
also may impact home centers, builders, and our other primary customers. As a result, a worsening of economic conditions 
could adversely affect our sales and earnings as well as our cash flow and liquidity.
The U.S. cabinetry industry is highly competitive, and market share losses could occur. We operate within a highly 
competitive U.S. cabinetry industry, which is characterized by competition from a number of other manufacturers. Competition 
is further intensified during economic downturns. We compete with numerous large national and regional home products 
companies for, among other things, customers, orders from Home Depot and Lowe's, raw materials, skilled management, and 
labor resources. Purchase volumes from our main home center customers have fluctuated substantially from time to time in the 
past, and we expect such fluctuations to occur from time to time in the future. 
Some of our competitors may have greater financial, marketing, and other resources than we do and, therefore, may be able to 
adapt to changes in customer preferences more quickly, devote more resources to the marketing and sale of their products, 
generate greater national brand recognition, or adopt more aggressive pricing policies than we can. In addition, some of our 
competitors may resort to price competition to sustain or gain market share and manufacturing capacity utilization, and we may 
have to adjust the prices on some of our products to stay competitive, which could reduce our revenues. 
We also face competition with respect to some of our products from competitors in countries with lower regulatory, safety, 
environmental, and other costs, such as China, Vietnam, Thailand, and Malaysia. These competitors may also benefit from 
certain local government subsidies or other incentives that are not available to us. 
We may not ultimately succeed in competing with other manufacturers and distributors in our market, which may have a 
material adverse effect on our business, financial condition, or results of operations.
Our failure to develop new products or respond to changing consumer preferences and purchasing practices could have a 
material adverse effect on our business, financial condition, or results of operations. The U.S. cabinetry industry is subject to 
changing consumer trends, demands, and preferences. The uncertainties associated with developing and introducing new 
products, such as gauging changing consumer preferences and successfully developing, manufacturing, marketing, and selling 
new products, could lead to, among other things, rejection of a new product line, reduced demand and price reductions for our 
products. If our products do not keep up with consumer trends, demands, and preference, we could lose market share, which 
could have a material adverse effect on our business, financial condition, or results of operations.
Changes to consumer shopping habits and potential trends toward "online" purchases could also impact our ability to compete. 
Further, the volatile and challenging economic environment of recent years has caused shifts in consumer trends, demands, 
preferences and purchasing practices, and changes in the business models and strategies of our customers. Shifts in consumer 
preferences, which may or may not be long-term, have altered the quantity, type, and prices of products demanded by the end-
consumer and our customers. If we do not timely and effectively identify and respond to these changing consumer preferences 
and purchasing practices, our relationships with our customers could be harmed, the demand for our products could be reduced, 
and our market share could be negatively affected.
We may fail to fully realize the anticipated benefits of our growth strategy within the home center, independent dealer and 
distributor and builder channels. Part of our growth strategy depends on expanding our business in the home center, 
independent dealer and distributor and builder channels. We may fail to compete successfully against other companies that are 
already established providers within the home center, independent dealer and distributor and builder channels. Demand for our 
products within the home center, builder, and independent dealer and distributor channels may not grow, or might even decline. 
In addition, we may not accurately gauge consumer preferences and successfully develop, manufacture, and market our 
products at a national level. Further, the implementation of our growth strategy may place additional demands on our 
administrative, operational, and financial resources and may divert management's attention away from our existing business and 
increase the demands on our financial systems and controls. If our management is unable to effectively manage growth, our 
business, financial condition, or results of operations could be adversely affected. If our growth strategy is not successful then 
our revenue and earnings may not grow as anticipated or may decline, we may not be profitable, or our reputation and brand 
10

may be damaged. In addition, we may change our financial strategy or other components of our overall business strategy if we 
believe our current strategy is not effective, if our business or markets change, or for other reasons, which may cause 
fluctuations in our financial results.
Manufacturing expansion to add capacity, manufacturing realignments, and other cost savings programs could result in a 
decrease in our near-term earnings. We continually review our manufacturing operations. These reviews could result in the 
expansion of capacity, manufacturing realignments, and various cost savings programs. Effects of manufacturing expansion, 
realignments, or cost savings programs could result in a decrease in our short-term earnings until the additional capacity is in 
place, cost reductions are achieved, and/or production volumes stabilize, such as our expansion of stock kitchen and bath 
capacity in North Carolina and Mexico, which was completed during the fiscal year. Such manufacturing expansions, 
realignments, and programs involve substantial planning, often require capital investments, and may result in charges for fixed 
asset impairments or obsolescence and substantial severance costs. We also cannot provide assurance that we will achieve all of 
the intended cost savings. Our ability to achieve cost savings and other benefits within expected time frames is subject to many 
estimates and assumptions. These estimates and assumptions are subject to significant economic, competitive, and other 
uncertainties, some of which are beyond our control. If these estimates and assumptions are incorrect, if we experience delays, 
or if other unforeseen events occur, our business, financial condition, and results of operations could be materially and 
adversely affected. In addition, downturns in the economy could potentially have a larger impact on the Company as a result of 
any added capacity.
We manufacture our products internationally and are exposed to risks associated with doing business globally. We 
manufacture our products in the United States and Mexico and sell our products in the United States and Canada. Accordingly, 
we are subject to risks associated with potential disruption caused by changes in political, monetary, economic, and social 
environments, including civil and political unrest, terrorism, possible expropriation, local labor conditions, changes in laws, 
regulations, and policies of foreign governments and trade disputes with the United States (including tariffs), and compliance 
with U.S. laws affecting activities of U.S. companies abroad, including tax laws, economic sanctions, and enforcement of 
contract and intellectual property rights. 
We are also subject to the Foreign Corrupt Practices Act and other anti-bribery laws. While we have implemented safeguards 
and policies to discourage these practices by our employees and agents, our existing safeguards and policies to assure 
compliance and any future improvements may prove to be less than effective and our employees or agents may engage in 
conduct for which we might be held responsible. If employees violate our policies, we may be subject to regulatory sanctions. 
Violations of these laws or regulations could result in sanctions including fines, debarment from export privileges, and penalties 
and could have a material adverse effect on our business, financial condition, or results of operations.
We may continue to hedge certain foreign currency transactions in the future; however, a change in the value of the currencies 
may impact our financial statements when translated into U.S. dollars. In addition, fluctuations in currency can adversely 
impact the cost position in local currency of our products, making it more difficult for us to compete. Our success will depend, 
in part, on our ability to effectively manage our business through the impact of these potential changes.
In addition, we source raw materials and components from Asia where we have recently experienced higher manufacturing 
costs and longer lead times due to currency fluctuations, higher wage rates, labor shortages, and higher raw material costs, and 
we have also experienced higher shipping costs and shipping delays. Our international operations and sourcing of materials 
(including from Asia and Mexico) could be harmed by a variety of factors including, but not limited to:
•
increases in transportation costs or transportation delays;
•
work stoppages and labor strikes;
•
introduction of non-native invasive organisms into new environments;
•
recessionary trends in international markets;
•
legal and regulatory changes and the burdens and costs of our compliance with a variety of laws, including export 
controls, import and customs trade restrictions, tariffs and other regulations;
•
fluctuations in exchange rates, particularly the value of the U.S. dollar relative to other currencies; and
•
political unrest, terrorism, and economic instability.
If any of these or other factors were to render the conduct of our business in a particular country undesirable or impractical, our 
business, financial condition, or results of operations could be materially adversely affected.
The inability to obtain raw materials from suppliers in a timely manner would adversely affect our ability to manufacture 
and market our products. Our ability to offer a wide variety of products depends on our ability to obtain an adequate supply of 
components from manufacturers and other suppliers, particularly wood-based and resin products. Transportation and container 
delays may adversely impact our supply chain. Additionally, failure by our suppliers to provide us with quality products on 
11

commercially reasonable terms, and to comply with legal requirements for business practices, could have a material adverse 
effect on our business, financial condition, or results of operations. Furthermore, we rely heavily or, in certain cases, 
exclusively, on outside suppliers for some of our key components. While we do not rely exclusively on any one supplier for any 
particular raw materials, the loss of a major supplier could increase our costs to obtain raw materials until we obtain an 
adequate alternative source.
We typically do not enter into long-term contracts with our suppliers or sourcing partners. Instead, most raw materials and 
sourced goods are obtained on a "purchase order" basis. Although these components are generally obtainable in sufficient 
quantities from other sources, resourcing them from another supplier could take time. Financial, operating, or other difficulties 
encountered by our suppliers or sourcing partners, or changes in our relationships with them could result in manufacturing or 
sourcing interruptions, delays, and inefficiencies, and prevent us from manufacturing enough products to meet customer 
demands. 
Certain of our customers have been expanding and may continue to expand through consolidation and internal growth, 
which may increase their buying power, which could materially and adversely affect our sales, results of operations, and 
financial position. Certain of our customers are large companies with significant buying power. In addition, potential further 
consolidation in the distribution channels could enhance the ability of certain of our customers to seek more favorable terms, 
including pricing, for the products that they purchase from us. Accordingly, our ability to maintain or raise prices in the future 
may be limited, including during periods of raw material and other cost increases. If we are forced to reduce prices or to 
maintain prices during periods of increased costs, or if we lose customers because of pricing or other methods of competition, 
our sales, operating results, and financial position may be materially and adversely affected.
Risks related to indebtedness
Our level and terms of indebtedness could adversely affect our business and liquidity position. Our consolidated indebtedness 
level could have important consequences to us, including, among other things, increasing our vulnerability to general economic 
and industry conditions; requiring a portion of our cash flow used in operations to be dedicated to the payment of principal and 
interest on our indebtedness, therefore reducing our liquidity and our ability to use our cash flow to fund our operations, capital 
expenditures and future business opportunities; exposing us to the risk of increased interest rates, and corresponding increased 
interest expense, because borrowings under our credit facilities are at variable rates of interest; reducing funds available for 
working capital, capital expenditures, acquisitions, and other general corporate purposes, due to the costs, and expenses 
associated with such debt; limiting our ability to obtain additional financing for working capital, capital expenditures, debt 
service requirements, acquisitions, and general corporate, or other purposes; and limiting our ability to adjust to changing 
marketplace conditions and placing us at a competitive disadvantage compared to our competitors who may have less debt.
If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay 
capital expenditures, sell assets, seek additional capital, or restructure or refinance our indebtedness. These alternative measures 
may not be successful and may not permit us to meet our scheduled debt service obligations, which could cause us to default on 
our debt obligations and impair our liquidity. In the event of a default under any of our indebtedness, the holders of the 
defaulted debt could elect to declare all the funds borrowed to be due and payable, together with accrued and unpaid interest. 
The lenders under our credit facilities could also elect to terminate their commitments thereunder and cease making further 
loans, and such lenders could institute foreclosure proceedings against their collateral, all of which could adversely affect our 
financial condition in a material way.
The credit agreement that governs our credit facility imposes operating and financial restrictions on us and our subsidiaries, 
which may prevent us from capitalizing on business opportunities or otherwise negatively impact our business. The credit 
agreement that governs our credit facility imposes operating and financial restrictions on us. These restrictions limit our ability 
and the ability of our subsidiaries to, among other things, to incur additional indebtedness, create additional liens on its assets, 
make certain investments, dispose of assets, or engage in a merger or other similar transaction or engage in transactions with 
affiliates, subject, in each case, to the various exceptions and conditions described in the credit agreement. The negative 
covenants further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, 
including, in the case of the Company, the payment of dividends, and the repurchase of common stock, in certain limited 
circumstances.
As a result of these restrictions, each of which is subject to certain exceptions and qualifications, we may be limited as to how 
we conduct our business and we may be unable to raise additional debt or equity financing to compete effectively or to take 
advantage of new business opportunities. The terms of any future indebtedness we may incur could include more restrictive 
covenants. We cannot assure you that we will be able to maintain compliance with these existing covenants in the future and, if 
we fail to do so, that we will be able to obtain waivers from the lenders and/or amend the covenants.
12

Our failure to comply with the restrictive covenants described above as well as other terms of our indebtedness and/or the terms 
of any future indebtedness from time to time could result in an event of default, which, if not cured or waived, could result in us 
being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable 
terms or cannot refinance these borrowings, our results of operations and financial condition could be adversely affected.
Other general risks applicable to us and our business
We may incur future goodwill impairment charges or other asset impairment charges which could negatively impact our 
future results of operations and financial condition. We recorded significant goodwill as a result of the acquisition of RSI 
Home Products, Inc. (the "RSI Acquisition" or "RSI") in fiscal 2018. Goodwill represents a substantial portion of our assets. 
We also have long-lived assets consisting of property and equipment and other identifiable intangible assets which we review 
both on an annual basis as well as when events or circumstances indicate that the carrying amount of an asset may not be 
recoverable. If a determination is made that a significant impairment in value of goodwill or long-lived assets has occurred, 
such determination could require us to impair a substantial portion of our assets. Asset impairments could have a material 
adverse effect on our financial condition and results of operations. 
The implementation of our Enterprise Resource Planning system could disrupt our business. We are in the process of 
implementing a common Enterprise Resource Planning (ERP) platform over several fiscal years.  The first wave (including the 
procurement, general ledger, accounts payable, projects, and fixed asset modules) went live in the second half of fiscal 2022.  
During fiscal 2024, our new Monterrey, Mexico facility went live. We have begun planning for the next implementation in our 
Anaheim and Riverside, California facilities in fiscal 2025. Although we currently expect the ERP implementation to increase 
efficiencies by leveraging a common, cloud-based system throughout the Company and standardizing processes and reporting, 
our ERP system implementation may not result in improvements that outweigh its costs and may disrupt our operations. Our 
inability to mitigate existing and future disruptions could adversely affect our sales, earnings, financial condition and liquidity. 
The ERP system implementation subjects us to substantial costs and inherent risks associated with migrating from our legacy 
systems. These costs and risks could include, but are not limited to:
•
significant capital and operating expenditures;
•
disruptions to our domestic and international supply chains;
•
inability to fill customer orders accurately and on a timely basis, or at all;
•
inability to process payments to suppliers, vendors and associates accurately and in a timely manner;
•
disruption to our system of internal controls;
•
inability to fulfill our SEC or other governmental reporting requirements in a timely or accurate manner;
•
inability to fulfill federal, state, or local tax filing requirements in a timely or accurate manner; and
•
increased demands on management and staff time to the detriment of other corporate initiatives.
Our operations may be adversely affected by information systems interruptions or intrusions. We rely on a number of 
information technology systems to process, transmit, store, and manage information to support our business activities. Increased 
global cybersecurity vulnerabilities, threats, and more sophisticated and targeted attacks pose a risk to our information 
technology systems. We have established security policies, processes, and layers of defense designed to help identify and 
protect against intentional and unintentional misappropriation or corruption of our systems and information and disruption of 
our operations. Despite these efforts, systems may be damaged, disrupted, or shut down due to attacks by unauthorized access, 
malicious software, undetected intrusion, hardware failures, or other events, and in these circumstances our disaster recovery 
planning may be ineffective or inadequate. These breaches or intrusions could lead to business interruption, exposure of 
proprietary or confidential information, data corruption, damage to our reputation, exposure to litigation, and increased 
operational costs. Such events could have a material adverse impact on our business, financial condition and results of 
operation. In addition, we could be adversely affected if any of our significant customers or suppliers experience any similar 
events that disrupt their business operations or damage their reputation. 
Increased compliance costs or liabilities associated with environmental regulations could have a material adverse effect on 
our business, financial condition, or results of operations. Our facilities are subject to numerous environmental laws, 
regulations and permits, including those governing emissions to air, discharges to water, storage, treatment and disposal of 
waste, remediation of contaminated sites, and protection of worker health and safety. We may not be in complete compliance 
with these laws, regulations, or permits at all times. Our efforts to comply with environmental requirements do not remove the 
risk that we may incur material liabilities, fines or penalties for, among other things, releases of regulated materials occurring 
on or emanating from current or formerly owned or operated properties or any associated offsite disposal location, or for 
contamination discovered at any of our properties from activities conducted by previous occupants. Liability for environmental 
13

contamination or a release of hazardous materials may be joint and several, so that we may be held responsible for more than 
our share of the contamination or other damages, or even for the entire share.
Changes in environmental laws and regulations or the discovery of previously unknown contamination or other liabilities 
relating to our properties and operations could result in significant environmental liabilities that could impact our business, 
financial condition, or results of operation. In addition, we may incur capital and other costs to comply with increasingly 
stringent environmental laws and enforcement policies. These laws, including, for example, the regulations relating to 
formaldehyde emissions promulgated by the California Air Resources Board, require us to rely on compliance by our suppliers 
of raw materials. Should a supplier fail to comply with such regulations, notify us of non-compliance, or provide us with a 
product that does not comply, we could be subject to disruption in our business and incur substantial liabilities.
Unauthorized disclosure of confidential information provided to us by customers, employees or third parties could harm our 
business. We rely on the internet and other electronic methods to transmit confidential information and store confidential 
information on our networks. If there were a disclosure of confidential information provided by, or concerning, our employees, 
customers or other third parties, including through inadvertent disclosure, unapproved dissemination, or unauthorized access, 
our reputation could be harmed and we could be subject to civil or criminal liability and regulatory actions.
Changes in government and industry regulatory standards could have a material adverse effect on our business, financial 
condition, or results of operations. Government regulations pertaining to health and safety and environmental concerns 
continue to emerge, domestically as well as internationally. These regulations include the Occupational Safety and Health 
Administration and other worker safety regulations for the protection of employees, as well as regulations for the protection of 
consumers. It is necessary for us to comply with current requirements (including requirements that do not become effective 
until a future date), and even more stringent requirements could be imposed on our products or processes. Compliance with 
these regulations may require us to alter our manufacturing and installation processes and our sourcing. Such actions could 
increase our capital expenditures and adversely impact our business, financial condition or results of operations, and our 
inability to effectively and timely meet such regulations could adversely impact our competitive position.
We could pursue growth opportunities through either acquisitions, mergers or internally developed projects, which may be 
unsuccessful or may adversely affect our future financial condition and operating results. We could pursue opportunities for 
growth through either acquisitions, mergers, or internally developed projects as part of our growth strategy. We cannot provide 
assurance that we will be successful in integrating an acquired business or that an internally developed project will perform at 
the levels we anticipate. We may pay for future acquisitions using cash, stock, the assumption of debt, or a combination of 
these. Future acquisitions could result in dilution to existing shareholders and to earnings per share. In addition, we may fail to 
identify significant liabilities or risks associated with a given acquisition that could adversely affect our future financial 
condition, and operating results or result in us paying more for the acquired business or assets than they are worth.
Our ability to operate and our growth potential could be materially and adversely affected if we cannot employ, train, and 
retain qualified personnel at a competitive cost. Many of the products that we manufacture and assemble require manual 
processes in plant environments. We believe that our success depends upon our ability to attract, employ, train, and retain 
qualified personnel with the ability to design, manufacture, and assemble these products. In addition, our ability to expand our 
operations depends in part on our ability to increase our skilled labor force as the housing market continues to recover in the 
United States. In addition, we believe that our success depends in part on our ability to quickly and effectively train additional 
workforce to handle the increased volume and production while minimizing labor inefficiencies and maintaining product 
quality in a housing market recovery. If either of these events were to occur, our cost structure could increase, our margins 
could decrease, and any growth potential could be impaired.
Our failure to maintain acceptable quality standards could result in significant unexpected costs. Any failure to maintain 
acceptable quality standards could require us to recall or redesign such products, or pay substantial damages, any of which 
would result in significant unexpected costs. We may also have difficulty controlling the quality of products or components 
sourced from other manufacturers, so we are exposed to risks relating to the quality of such products and to limitations on our 
recourse against such suppliers. Further, any claim or product recall could result in adverse publicity against us, which could 
decrease our credibility, harm our reputation, adversely affect our sales, or increase our costs. Defects in our products could 
also result in decreased orders or sales to our customers, which could have a material adverse effect on our business, financial 
condition or results of operations.
Natural disasters, terrorist acts or other catastrophic events could have a material adverse effect on our business, financial 
condition, or results of operations. Many of our facilities are located in regions that are vulnerable to natural disasters and 
other risks, such as earthquakes, fires, floods, tropical storms, hurricanes, and snow and ice, which at times have disrupted the 
local economy and posed physical risks to our property. In addition, the continued threat of terrorism and heightened security 
14

and military action in response to this threat, or any future acts of terrorism, may cause further disruptions to the economies of 
the United States and other countries. Our redundant, multiple site capacity may not be sufficient in the event of a natural 
disaster, terrorist act or other catastrophic event. Such disruptions could, among other things, disrupt our manufacturing or 
distribution facilities and result in delays or cancellations of customer orders for our products, which in turn could have a 
material adverse effect on our business, financial condition and results of operations. Further, if a natural disaster occurs in a 
region from which we derive a significant portion of our revenue, end-user customers in that region may delay or forego 
purchases of our products, which may materially and adversely impact our operating results for a particular period.
Item 1B. 
UNRESOLVED STAFF COMMENTS
 
None.
Item 1C. 
Cybersecurity
Risk Management and Strategy
Our operations rely on both on-premises and cloud-hosted IT solutions for critical business processes such as compliance, 
reporting, marketing, e-commerce, operations, product development, manufacturing, distribution, data management, and 
stakeholder communication. Recognizing the paramount importance of cybersecurity in today's digital landscape, we are 
committed to safeguarding our information assets, protecting consumer data, and maintaining the integrity and availability of 
our systems. To this end, we have implemented a comprehensive cybersecurity risk management framework designed to 
identify, assess, mitigate, and prevent potential cybersecurity risks, aligning with industry best practices and all applicable 
regulatory requirements. We evaluate our cybersecurity risk management framework against the National Institute of Standards 
and Technology's Cybersecurity Framework (NIST-CSF), which outlines the core components and responsibilities necessary to 
sustain a robust and well-balanced cybersecurity program.
The foundation of our framework rests on these key principles: (i) risk assessment and threat intelligence gathering; (ii) 
implementing robust security controls; (iii) maintaining effective incident response capabilities; (iv) promoting employee 
awareness and providing cybersecurity training; and (v) managing third-party risks. We continue to integrate our cybersecurity 
framework into our overarching enterprise risk management processes, enabling us to capitalize on our extensive enterprise-
wide experience in risk management and swiftly adapt to the ever-evolving cybersecurity threat landscape.
Risk Assessment and Threat Intelligence: Under the oversight of the Chief Information Officer (CIO), we conduct periodic risk 
assessments to pinpoint potential cybersecurity vulnerabilities and threats. These assessments entail evaluating the security 
posture of critical systems, networks, and applications, as well as analyzing the potential impact of cybersecurity threats on our 
business operations, financial condition, and reputation. Additionally, we perform continuous threat monitoring and deployed 
monitoring systems, encompassing technologies such as intrusion detection systems, security information and event 
management tools, and threat intelligence programs.
To ensure the effectiveness of our existing cybersecurity controls and processes, and identify areas for improvement based on 
the latest industry best practices, we regularly engage third-party consulting services to conduct independent audits and 
assessments. Additionally, we leverage external expertise to evaluate our cybersecurity and risk management strategy, review 
policies and procedures to address emerging risks, and maintain ongoing compliance with evolving legal and regulatory 
requirements.
Security Controls: Our approach to cybersecurity employs a multi-layered strategy, implementing a range of technical 
administrative and physical controls to safeguard critical systems and data. These controls encompass (i) firewalls, intrusion 
detection, and prevention systems to monitor and block unauthorized access attempts, detect and prevent malicious activities, 
and protect network infrastructure; (ii) encryption, including secure protocols and multi-factor authentication, to secure 
information in transit and at rest; and (iii) a secure network architecture that segregates critical systems from the public internet, 
limiting exposure to potential threats. We also conduct regular security patching to mitigate emerging cyber threats proactively.
Incident Response: We have implemented an incident response plan and playbook, encompassing procedures designed to 
respond to and recover from cybersecurity incidents. In collaboration with third-party security consultants, we conduct ongoing 
reviews and tabletop exercises of these procedures, which provide detailed descriptions of the roles and responsibilities of key 
stakeholders, as well as the protocols for communication and coordination during an incident. The procedures also outline 
guidelines for escalating incident information to our Cybersecurity Steering Committee, senior management, our Audit 
Committee (which, as discussed below, has been delegated the responsibility for our Board of Directors (the "Board") 
cybersecurity risk oversight function), our full Board, and for providing timely public disclosure when necessary.
15

Employee Awareness and Training: Our employees play a pivotal role in maintaining a strong cybersecurity posture. Our 
Information Security Policy Framework outlines the requirements for employee conduct concerning company information and 
company-managed devices, encompassing relevant privacy, data security, and data retention policies. We believe our 
Information Security Policy Framework aligns with industry best practices and applicable legal and regulatory requirements. 
Complementing our Information Security Policy Framework, we conduct regular cybersecurity training campaigns that 
emphasize the importance of cybersecurity awareness. These campaigns address relevant cybersecurity topics, such as common 
cybersecurity threats, phishing awareness, and best practices for safeguarding sensitive information. Employees are held 
accountable for completing all assigned cybersecurity programs and meeting certain performance thresholds in phishing 
awareness and testing exercises.
Third-Party Risk Management: We recognize the potential cybersecurity risks inherent in our relationships with third parties. 
To address this, we have implemented a comprehensive third-party risk management program designed to identify and oversee 
such risks. This program relies on key elements, including risk assessment, due diligence, contractual provisions, and ongoing 
monitoring, to identify and mitigate impacts from high-risk third parties and specific risks. We utilize security risk assessment 
questionnaire tools to identify high-risk third parties, enabling us to proactively and effectively assess and mitigate potential 
security vulnerabilities.
Governance
Our Board dedicates time and attention to our cybersecurity and information technology risks. The Board executes its 
cybersecurity risk oversight function collectively and by delegating responsibility to our Audit Committee. Our CIO presents to 
the Board at least annually and to our Audit Committee at least quarterly, covering a broad range of topics, such as recent and 
potential cybersecurity threats and incidents across our industry, best practices and policies, emerging trends, vulnerability 
assessments, and management's ongoing efforts to prevent, detect, and address internal and external cybersecurity threats 
specific to our organization. These briefings also include periodic third-party cybersecurity program assessments, benchmarks, 
and updates from our cybersecurity incident management exercises. Cybersecurity risks are documented and shared with our 
Audit Committee and the Board quarterly.
While our Board and Audit Committee oversees cybersecurity risk, senior management is responsible for actively managing 
cybersecurity risk, including overseeing and executing the risk management strategies discussed above. Senior management 
reports to the Board semi-annually on our enterprise risk management processes, ensuring transparency and accountability.
Additionally, our Cybersecurity Steering Committee is co-chaired by our CIO and Cybersecurity, Governance Risk and 
Compliance manager along with other key leaders, including the Chief Human Resources Officer, Vice President of Finance, 
Corporate Controller, Senior Corporate Risk Manager, Director of Enterprise Infrastructure and Senior Director of Internal 
Audit, all overseeing the management of key cybersecurity risks and strategy for the organization. The Cybersecurity Steering 
Committee meets and receives bi-monthly updates, which provide ongoing visibility into cybersecurity risks and mitigation 
efforts.
Through this robust governance structure, involving Board oversight, senior management leadership, and a cross-functional 
committee, we maintain a proactive and comprehensive approach to managing cybersecurity risks across the organization.
As of the date of this filing, we are not aware of any current cybersecurity threats or cybersecurity incidents that have materially 
affected or are reasonably likely to materially affect our business, results of operations or financial condition. For further 
discussion of the risks related to cybersecurity, see Item 1A. Risk Factors.
Item 2.  
PROPERTIES
 
We own our corporate office located in Winchester, Virginia. In addition, we lease five manufacturing facilities, one 
manufacturing facility/service center, and one distribution center in the United States and we lease four manufacturing facilities 
in Mexico. We own eight manufacturing facilities located primarily in the eastern and southern United States. We also lease 
seven primary service centers, ten satellite service centers, and four additional offices located throughout the United States that 
support the sale and distribution of products to each market channel. We consider our properties suitable for our business and 
adequate for our needs and believe that, if necessary, we could find additional and/or replacement facilities to lease without 
suffering a material adverse effect on our business.
 
Item 3.  
LEGAL PROCEEDINGS
 
The Company is involved in suits and claims in the normal course of business, including, without limitation, product liability 
and general liability claims and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly 
basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. 
16

As required by ASC Topic 450, "Contingencies" ("ASC 450"), the Company categorizes the various suits and claims into three 
categories according to their likelihood for resulting in potential loss: those that are probable, those that are reasonably possible, 
and those that are deemed to be remote. The Company accounts for these loss contingencies in accordance with ASC 450. 
Where losses are deemed to be probable and estimable, accruals are made. Where losses are deemed to be reasonably possible, 
a range of loss estimate is determined and considered for disclosure. In determining these loss range estimates, the Company 
considers known values of similar claims and consults with independent counsel.
 
The Company believes that the aggregate range of estimated loss stemming from the various suits and asserted and unasserted 
claims which were deemed to be either probable or reasonably possible was not material as of April 30, 2024, with the 
exception of the Antidumping and Countervailing Duties Investigation discussed in Note L — Commitments and Contingencies 
in the Notes to the Consolidated Financial Statements herein.
Item 4.  
MINE SAFETY DISCLOSURES
 
None.
 
EXECUTIVE OFFICERS OF THE REGISTRANT
 
Executive officers of the Company are elected by the Board of Directors and generally hold office until the next annual election 
of officers. There are no family relationships between any executive officer and any other officer or director of the Company or 
any arrangement or understanding between any executive officer and any other person pursuant to which such officer was 
elected. The executive officers of the Company are as follows: 
M. Scott Culbreth
53
Company President and Chief Executive Officer from July 2020 to present; 
Company Senior Vice President and Chief Financial Officer from February 2014 to 
July 2020.
Paul Joachimczyk
52
Company Senior Vice President and Chief Financial Officer from August 2022 to 
present; Company Vice President and Chief Financial Officer from July 2020 to 
August 2022; Vice President, Financial Planning and Analysis, from February 2019 
to July 2020.
Robert J. Adams, Jr.
58
Company Senior Vice President, Manufacturing and Technical Operations from 
August 2015 to present; Company Vice President of Value Stream Operations from 
September 2012 to August 2015; Company Vice President of Manufacturing and 
Engineering from April 2012 to September 2012.
Dwayne L. Medlin
56
Company Senior Vice President, Remodel Sales from August 2023 to present; 
Company Vice President, Remodel Sales from May 2021 to August 2023; Company 
Vice President Home Center Sales from June 2018 to May 2021.
Kimberly G. Coldiron
45
Company Senior Vice President, Chief Human Resources Officer from August 2023 
to present; Company Vice President, Chief Human Resources Officer from February 
2021 to August 2023; Executive Vice President, Chief Human Resources Officer at 
OmniMax, International from 2019 to February 2021.
Name
Age
Position(s) Held During Past Five Years and at the Company
PART II
 
Item 5.  
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS 
AND ISSUER PURCHASES OF EQUITY SECURITIES
 
Market Information
 
American Woodmark Corporation common stock is listed on The NASDAQ Global Select Market under the "AMWD" symbol.
 
As of June 17, 2024 there were approximately 27,500 total shareholders of the Company's common stock, including 6,300 
shareholders of record and 21,100 beneficial owners whose shares are held in "street" name by securities broker-dealers or other 
nominees. The Company's shareholders also include approximately 70% of the Company's employees who are eligible to 
participate in the American Woodmark Corporation Retirement Savings Plan. The Company does not currently pay cash 
dividends and has no current intention to do so in the near future. The determination as to the payment of future dividends will 
be made by the Board of Directors (the "Board") from time to time and will depend on the Company's then current financial 
17

condition, capital requirements, and results of operations, as well as any other factors then deemed relevant by the Board, and 
will be subject to applicable restrictions in the credit agreement governing the Company's credit facility
Purchase of Equity Securities by the Issuer
The following table details share repurchases by the Company during the fourth quarter of fiscal 2024:
Share Repurchases
Total Number of 
Shares Purchased
Average Price Paid
Total Number of 
Shares Purchased as 
Part of Publicly 
Announced
Approximate Dollar 
Value of Shares That 
May Yet Be 
Purchased Under the 
Programs (000)
(1)
Per Share
Programs
(1)
February 1 - 29, 2024
 
77,542 $ 
92.59  
77,542 $ 
98,206 
March 1 - 31, 2024
 
— 
N/A  
— $ 
— 
April 1 - 30, 2024
 
93,029 $ 
94.64  
93,029 $ 
89,476 
Quarter ended April 30, 2024  
170,571 $ 
93.74  
170,571 $ 
89,476 
(1) Under a stock repurchase authorization approved by its Board on November 29, 2023, the Company was authorized to 
purchase up to $125 million of the Company's common shares. Management funded these share repurchases using available 
cash and cash generated from operations. Repurchased shares became authorized but unissued common shares. At April 30, 
2024, $89.5 million of funds remained from the amounts authorized by the Board to repurchase the Company's common shares. 
The Company purchased a total of 170,571 common shares, for an aggregate purchase price of $15.9 million, during the fourth 
quarter of fiscal 2024 under the authorization pursuant to a repurchase plan intended to comply with the requirements of Rule 
10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
18

Stock Performance Graph 
The performance graph shown below compares the percentage change in the cumulative total shareholder return on our 
common stock against the cumulative total return of the Russell 2000 Index and Standard & Poor's Household Durables Index 
for the period from May 1, 2019 through April 30, 2024. The graph assumes an initial investment of $100 and the reinvestment 
of dividends. The graph is based on historical data and is not intended to be a forecast or indication of future performance of 
American Woodmark common stock.
Years ended April 30,
Dollars
Performance Graph
(Total Return)
American Woodmark Corporation
Russell 2000 Index
S&P Household Durables Index
2019
2020
2021
2022
2023
2024
25
50
75
100
125
150
175
200
225
250
2019
2020
2021
2022
2023
2024
American Woodmark Corporation
$100.00
$57.17
$110.60
$52.10
$56.18
$102.39
Russell 2000 Index
$100.00
$83.61
$146.25
$121.57
$117.14
$132.75
S&P Household Durables Index
$100.00
$93.86
$184.57
$140.73
$173.24
$230.33
The graph and related information above are not deemed to be "filed" with the Securities and Exchange ("SEC") for purposes of 
Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference into any future filing made by us 
with the SEC, except to the extent that we specifically incorporate it by reference into any such filing.
Item 6.  
[Reserved.]
19

Item 7.  
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
OF OPERATIONS
 
Results of Operations
 
The following table sets forth certain income and expense items as a percentage of net sales:
 
PERCENTAGE OF NET SALES
 
FISCAL YEARS ENDED APRIL 30,
 
2024
2023
2022
Net sales
 100.0 %
 100.0 %
 100.0 %
Cost of sales and distribution
 79.6 
 82.7 
 87.8 
Gross profit
 20.4 
 17.3 
 12.2 
Selling and marketing expenses
 5.0 
 4.6 
 5.0 
General and administrative expenses
 6.7 
 6.1 
 5.3 
Restructuring charges, net
 — 
 0.1 
 — 
Operating income
 8.7 
 6.5 
 1.9 
Pension settlement, net
 — 
 — 
 3.7 
Interest expense/other (income) expense, net
 0.4 
 0.7 
 0.5 
Income (loss) before income taxes
 8.3 
 5.8 
 (2.3) 
Income tax expense (benefit)
 1.9 
 1.4 
 (0.7) 
Net income (loss)
 6.4 
 4.4 
 (1.6) 
The following discussion should be read in conjunction with the Consolidated Financial Statements and the related notes 
contained elsewhere in this report.
 
Forward-Looking Statements
 
This annual report contains statements concerning the Company's expectations, plans, objectives, future financial performance, 
and other statements that are not historical facts. These statements may be "forward-looking statements" within the meaning of 
the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify forward-looking statements by 
words such as "anticipate," "estimate," "forecast," "expect," "believe," "should," "could," "would," "plan," "may," "intend," 
"estimate," "prospect," "goal," "will," "predict," "potential," or other similar words. Forward-looking statements contained in 
this report, including elsewhere in "Management's Discussion and Analysis of Financial Condition and Results of Operations," 
are based on current expectations and our actual results may differ materially from those projected in any forward-looking 
statements. In addition, the Company participates in an industry that is subject to rapidly changing conditions and there are 
numerous factors that could cause the Company to experience a decline in sales and/or earnings or deterioration in financial 
condition. Factors that could cause actual results to differ materially from those in forward-looking statements made in this 
report include but are not limited to:
•
the loss of or a reduction in business from one or more of our key customers;
•
negative developments in the macro-economic factors that impact our performance such as the U.S. housing market, 
general economy, unemployment rates, and consumer sentiment and the impact of such developments on our and our 
customers' business, operations, and access to financing;
•
an inability to obtain raw materials in a timely manner or fluctuations in raw material, transportation, and energy costs 
due to inflation or otherwise;
•
a failure to attract and retain certain members of management or other key employees or other negative labor 
developments, including increases in the cost of labor; competition from other manufacturers and the impact of such 
competition on pricing and promotional levels;
•
an inability to develop new products or respond to changing consumer preferences and purchasing practices;
•
increased buying power of large customers and the impact on our ability to maintain or raise prices;
•
a failure to effectively manage manufacturing operations, alignment, and capacity or an inability to maintain the quality 
of our products;
•
the impairment of goodwill or our long-lived assets;
20

•
information systems interruptions or intrusions or the unauthorized release of confidential information concerning 
customers, employees, or other third parties;
•
the cost of compliance with, or liabilities related to, environmental or other governmental regulations or changes in 
governmental or industry regulatory standards, especially with respect to health and safety and the environment; 
•
risks associated with the implementation of our growth strategy;
•
risks related to sourcing and selling products internationally and doing business globally, including the imposition of 
tariffs or duties on those products;
•
unexpected costs resulting from a failure to maintain acceptable quality standards;
•
changes in tax laws or the interpretations of existing tax laws;
•
the impact of another pandemic on our business, the global and U.S. economy, and our employees, customers, suppliers, 
and logistics system;
•
the occurrence of significant natural disasters, including earthquakes, fires, floods, hurricanes, or tropical storms;
•
the unavailability of adequate capital for our business to grow and compete; and
•
limitations on operating our business as a result of covenant restrictions under our indebtedness, our ability to pay 
amounts due under our credit facilities and our other indebtedness, and interest rate increases.
Additional information concerning the factors that could cause actual results to differ materially from those in forward-looking 
statements is contained in this annual report, including elsewhere in "Management's Discussion and Analysis of Financial 
Condition and Results of Operations" and under Item 1A. "Risk Factors," and Item 7A. "Quantitative and Qualitative 
Disclosures about Market Risk." While the Company believes that these risks are manageable and will not adversely impact the 
long-term performance of the Company, these risks could, under certain circumstances, have a material adverse impact on its 
operating results and financial condition.
 
Any forward-looking statement that the Company makes speaks only as of the date of this annual report. The Company 
undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new 
information, future events or otherwise, except as required by law.
 
Overview
 
American Woodmark Corporation manufactures and distributes kitchen, bath and home organization products for the 
remodeling and new home construction markets. Its products are sold on a national basis directly to home centers and builders 
and through a network of independent dealers and distributors. At April 30, 2024, the Company operated 18 manufacturing 
facilities in the United States and Mexico and eight primary service centers and one distribution center located throughout the 
United States.
Financial Overview
A number of general market factors impacted the Company's business in fiscal 2024, some positive and some negative, 
including:
 
• The unemployment rate increased by 15% compared to April 2023, to 3.9% as of April 2024 according to data provided by 
the U.S. Department of Labor; 
• There was an increase in single family housing starts during the Company's fiscal 2024 of 3.8%, as compared to the 
Company's fiscal 2023, and a decrease in housing completions during the Company's fiscal 2024 of 2.3%, as compared to the 
Company's fiscal 2023, according to the U.S. Department of Commerce;
• Mortgage interest rates increased with a 30-year fixed mortgage rate of 7.17% in April 2024, an increase of approximately 74 
basis points compared to April 2023;
• The median price of existing homes sold in the U.S. rose by 2.2% during the Company's fiscal 2024, according to data 
provided by the National Association of Realtors; and
• Consumer sentiment, as reported by the University of Michigan, averaged 21.6% higher during the Company's fiscal 2024 
than in its prior fiscal year.
The Company's largest remodeling customers and competitors continued to utilize sales promotions in the Company's product 
category during fiscal 2024. The Company strives to maintain its promotional levels in line with market activity, with a goal of 
remaining competitive. 
21

The Company's net sales decreased by 10.6% during fiscal 2024, which was driven by declines in all sales channels.
Gross profit for fiscal 2024 was 20.4%, an increase from 17.3% in fiscal 2023.  
The Company had net income of $116.2 million in fiscal 2024 and net income of $93.7 million in fiscal 2023. Net income and 
gross profit for fiscal 2024 increased primarily due to the result of pricing better matching inflationary pressures and overall 
increased efficiencies across our existing operating locations. These benefits were partially offset by one-time startup costs and 
inefficiencies driven by our new locations in Hamlet, North Carolina and Monterrey, Mexico, which will continue to ramp up 
production throughout the calendar year. 
 
The Company regularly considers the need for a valuation allowance against its deferred tax assets. The Company has 
generated operating profits for the past 12 years. As of April 30, 2024, the Company had total deferred tax assets of $59.5 
million net of valuation allowance, up from $47.9 million of deferred tax assets net of valuation allowance at April 30, 2023. 
Deferred tax assets are reduced by a valuation allowance when, after considering all positive and negative evidence, it is 
determined that it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The Company 
has recorded a valuation allowance related to deferred tax assets for certain state investment tax credit ("ITC") carryforwards. 
These credits expire in various years beginning in fiscal 2028. The Company believes based on positive evidence of the housing 
industry improvement, along with 12 consecutive years of operating profitability, that the Company will more likely than not 
realize all other remaining deferred tax assets.
The Company also regularly assesses its long-lived assets to determine if any impairment has occurred. The Company has 
concluded that none of its long-lived assets were impaired as of April 30, 2024. 
Fiscal Year Ended April 30, 2023 Compared to the Fiscal Year Ended April 30, 2022
For a comparison of our performance and financial metrics for the fiscal years ended April 30, 2023 and April 30 2022, see 
“Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual 
Report on Form 10-K for the fiscal year ended April 30, 2023, filed with the SEC on June 27, 2023.
Results of Operations
 
FISCAL YEARS ENDED APRIL 30,
(Dollars in thousands)
2024
2023
2022
2024 vs. 
2023 
PERCENT
 CHANGE
2023 vs. 
2022 
PERCENT
 CHANGE
Net sales
$ 1,847,502 $ 2,066,200 $ 1,857,186 
 (10.6) %
 11.3 %
Gross profit
 
377,807  
357,524  
226,444 
 5.7 %
 57.9 %
Selling and marketing expenses
 
92,603  
94,602  
92,555 
 (2.1) %
 2.2 %
General and administrative expenses
 
124,008  
125,045  
97,547 
 (0.8) %
 28.2 %
Interest expense, net
 
8,207  
15,994  
10,189 
 (48.7) %
 57.0 %
Net Sales
 
Net sales for fiscal 2024 decreased 10.6% to $1,847.5 million from the prior fiscal year. Sales in the home center channel 
decreased 13.9% and the independent dealer and distributor channel decreased 9.1%, primarily due to lower in-store traffic 
rates and consumers choosing smaller sized projects. Sales in the builder channel decreased 7.7%, primarily due to a decrease in 
housing completions, which declined 2.3% year over year according to data provided by the U.S. Department of Commerce.
Gross Profit
Gross profit as a percentage of sales increased to 20.4% in fiscal 2024 as compared with 17.3% in fiscal 2023, representing a 
310 basis point improvement. The increase in gross profit was primarily due to the result of pricing better matching inflationary 
pressures and overall increased efficiencies across our existing operating locations. These benefits were partially offset by one-
time startup costs and inefficiencies driven by our new locations in Hamlet, North Carolina and Monterrey, Mexico.
22

Selling and Marketing Expenses
 
Selling and marketing costs decreased by $2.0 million or 2.1% during fiscal 2024 versus the prior year. Selling and marketing 
expenses in fiscal 2024 were 5.0% of net sales, compared with 4.6% of net sales in fiscal 2023. The decrease in selling and 
marketing expenses was due to controlled discretionary spending within the function, partially offset by static fixed costs within 
the function and increased digital spend.
General and Administrative Expenses
 
General and administrative expenses decreased by $1.0 million or 0.8% during fiscal 2024 versus the prior fiscal year. General 
and administrative costs increased to 6.7% of net sales in fiscal 2024 compared with 6.1% of net sales in fiscal 2023. The 
decrease in general and administrative expenses was primarily due to controlled discretionary spending and reduced 
amortization of customer relationship intangibles, partially offset by increased incentive and profit sharing costs, digital spend, 
and deleverage created from lower sales.
Effective Income Tax Rates
 
The Company generated pre-tax income of $152.0 million during fiscal 2024. The Company's effective tax rate remained 
relatively flat from 23.6% in fiscal 2023 to 23.5% in fiscal 2024.
Non-GAAP Financial Measures
We have reported our financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). In addition, 
we have presented in this report the non-GAAP measures described below.
A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and 
presented in accordance with GAAP is set forth below.
Management believes these non-GAAP financial measures provide an additional means of analyzing the current period's results 
against the corresponding prior period's results. However, these non-GAAP financial measures should be viewed in addition to, 
and not as a substitute for, the Company's reported results prepared in accordance with GAAP. Our non-GAAP financial 
measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only 
in conjunction with our consolidated financial statements prepared in accordance with GAAP.
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
We use EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin in evaluating the performance of our business, and we use 
each in the preparation of our annual operating budgets and as indicators of business performance and profitability. We believe 
EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin allow us to readily view operating trends, perform analytical 
comparisons, and identify strategies to improve operating performance. Additionally, Adjusted EBITDA is a key measurement 
used in our Term Loans to determine interest rates and financial covenant compliance.
We define EBITDA as net income (loss) adjusted to exclude (1) income tax expense (benefit), (2) interest expense, net, (3) 
depreciation and amortization expense, and (4) amortization of customer relationship intangibles. We define Adjusted EBITDA 
as EBITDA adjusted to exclude (1) expenses related to the RSI Acquisition and the subsequent restructuring charges that the 
Company incurred related to the acquisition, (2) non-recurring restructuring charges, (3) net gain/loss on debt forgiveness and 
modification, (4) stock-based compensation expense, (5) gain/loss on asset disposals, (6) change in fair value of foreign 
exchange forward contracts, and (7) pension settlement charges. We believe Adjusted EBITDA, when presented in conjunction 
with comparable GAAP measures, is useful for investors because management uses Adjusted EBITDA in evaluating the 
performance of our business.
We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net sales.
Adjusted EPS per diluted share
We use Adjusted EPS per diluted share in evaluating the performance of our business and profitability. Management believes 
that this measure provides useful information to investors by offering additional ways of viewing the Company's results by 
providing an indication of performance and profitability excluding the impact of unusual and/or non-cash items. We define 
23

Adjusted EPS per diluted share as diluted earnings per share excluding the per share impact of (1) expenses related to the RSI 
Acquisition and the subsequent restructuring charges that the Company incurred related to the acquisition, (2) non-recurring 
restructuring charges, (3) the amortization of customer relationship intangibles, (4) net gain/loss on debt forgiveness and 
modification, (5) pension settlement charges, and (6) the tax benefit of RSI Acquisition expenses and subsequent restructuring 
charges, the net gain/loss on debt forgiveness and modification, and the amortization of customer relationship intangibles. The 
amortization of intangible assets is driven by the RSI Acquisition and will recur in future periods. Management has determined 
that excluding amortization of intangible assets from our definition of Adjusted EPS per diluted share will better help it evaluate 
the performance of our business and profitability. 
 
Free cash flow 
To better understand trends in our business, we believe that it is helpful to subtract amounts for capital expenditures consisting 
of cash payments for property, plant and equipment and cash payments for investments in displays from cash flows from 
continuing operations which is how we define free cash flow. Management believes this measure gives investors an additional 
perspective on cash flow from operating activities in excess of amounts required for reinvestment. It also provides a measure of 
our ability to repay our debt obligations.
A reconciliation of these non-GAAP financial measures and the most directly comparable measures calculated and presented in 
accordance with GAAP are set forth in the following tables:
Reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
FISCAL YEARS ENDED APRIL 30,
(Dollars in thousands)
2024
2023
2022
Net income (loss) (GAAP)
$ 
116,216 
$ 
93,723 
$ 
(29,722) 
Add back:
Income tax expense (benefit)
 
35,752 
 
28,963 
 
(13,257) 
Interest expense, net
 
8,207 
 
15,994 
 
10,189 
Depreciation and amortization expense
 
48,337 
 
48,077 
 
50,939 
Amortization of customer relationship intangibles
 
30,444 
 
45,667 
 
45,667 
EBITDA (Non-GAAP)
$ 
238,956 
$ 
232,424 
$ 
63,816 
Add back:
Acquisition and restructuring related expenses (1)
 
47 
 
80 
 
80 
Non-recurring restructuring charges, net (2)
 
(198) 
 
1,525 
 
183 
Pension settlement, net
 
— 
 
(7) 
 
68,473 
Net gain on debt modification (4)
 
— 
 
(2,089) 
 
— 
Change in fair value of foreign exchange forward contracts (3)
 
1,544 
 
— 
 
— 
Stock-based compensation expense
 
10,682 
 
7,396 
 
4,708 
Loss on asset disposal
 
1,742 
 
1,050 
 
697 
Adjusted EBITDA (Non-GAAP)
$ 
252,773 
$ 
240,379 
$ 
137,957 
Net Sales
$ 1,847,502 
$ 2,066,200 
$ 1,857,186 
Net income (loss) margin (GAAP)
 6.3 %
 4.5 %
 (1.6) %
Adjusted EBITDA margin (Non-GAAP)
 13.7 %
 11.6 %
 7.4 %
(1) Acquisition and restructuring related expenses are comprised of expenses related to the RSI Acquisition and the subsequent 
restructuring charges that the Company incurred related to the acquisition.
(2) Non-recurring restructuring charges are comprised of expenses incurred related to the nationwide reduction-in-force 
implemented in fiscal 2023 and the closure of the manufacturing plant in Humboldt, Tennessee in July 2020.
24

(3) In the normal course of business the Company is subject to risk from adverse fluctuations in foreign exchange rates. The 
Company manages these risks through the use of foreign exchange forward contracts. The changes in the fair value of the 
forward contracts are recorded in other expense (income), net in the operating results. 
(4) The Company recognized net gain on debt modification totaling $2.1 million in fiscal 2023 related to the New Market Tax 
Credits more fully described in Note F — Loans Payable and Long-Term Debt in the Notes to the Consolidated Financial 
Statements herein.
Adjusted EPS per diluted share
FISCAL YEARS ENDED APRIL 30,
(Dollars in thousands, except share and per share data)
2024
2023
2022
Net income (loss) (GAAP)
$ 
116,216 
$ 
93,723 
$ 
(29,722) 
Add back:
Acquisition and restructuring related expenses
 
47 
 
80 
 
80 
Non-recurring restructuring charges, net
 
(198) 
 
1,525 
 
183 
Pension settlement, net
 
— 
 
(7) 
 
68,473 
Amortization of customer relationship intangibles
 
30,444 
 
45,667 
 
45,667 
Net gain on debt modification
 
— 
 
(2,089) 
 
— 
Tax benefit of add backs
 
(7,785) 
 
(11,791) 
 
(29,859) 
Adjusted net income (Non-GAAP)
$ 
138,724 
$ 
127,108 
$ 
54,822 
Weighted average diluted shares (GAAP)
 
16,260,222 
 
16,685,359 
 
16,592,358 
Add back: potentially anti-dilutive shares (1)
 
— 
 
— 
 
48,379 
Weighted average diluted shares (Non-GAAP)
 
16,260,222 
 
16,685,359 
 
16,640,737 
EPS per diluted share (GAAP)
$ 
7.15 
$ 
5.62 
$ 
(1.79) 
Adjusted EPS per diluted share (Non-GAAP)
$ 
8.53 
$ 
7.62 
$ 
3.29 
(1) Potentially dilutive securities for the twelve-month period ended April 30, 2022 have not been considered in the GAAP 
calculation of net loss per shares as effect would be anti-dilutive.
Free cash flow
FISCAL YEARS ENDED APRIL 30,
(Dollars in thousands)
2024
2023
2022
Cash provided by operating activities
$ 
230,750 
$ 
198,837 
$ 
24,445 
Less: Capital expenditures (1)
 
92,241 
 
45,380 
 
51,582 
Free cash flow
$ 
138,509 
$ 
153,457 
$ 
(27,137) 
(1) Capital expenditures consist of cash payments for property, plant and equipment and cash payments for investments in 
displays. 
Outlook for Fiscal 2025
 
We expect low single-digit increases in net sales for fiscal 2025 versus fiscal 2024 with growth expected in all channels. Our 
outlook for Adjusted EBITDA for fiscal 2025 will range from $235 million to $255 million. The change in net sales and 
Adjusted EBITDA is highly dependent upon overall industry, economic growth trends, material constraints, labor impacts, 
interest rates and consumer behaviors. Adjusted EBITDA will also be impacted as we continue to ramp up production from our 
plant expansions in Monterrey, Mexico and Hamlet, North Carolina.
During fiscal 2025, we will continue our investment back into the business by continuing our path for our digital transformation 
with investments in our cloud-based ERP and CRM platforms and investing in automation. We will be opportunistic in our 
25

share repurchasing and lastly, we have our debt position at a leverage ratio we wanted to achieve and will continue to 
deprioritize paying down debt in fiscal 2025.
A reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as projected for fiscal 2025 is not provided 
because we do not forecast net income (loss) as we cannot, without unreasonable effort, estimate or predict with certainty 
various components of net income.
Additional risks and uncertainties that could affect the Company's results of operations and financial condition are discussed 
elsewhere in this annual report, including under "Forward-Looking Statements," and elsewhere in "Management's Discussion 
and Analysis of Financial Condition and Results of Operations," as well as under Item 1A. "Risk Factors" and Item 7A. 
"Quantitative and Qualitative Disclosures about Market Risk."
Liquidity and Capital Resources
The Company's cash and cash equivalents totaled $87.4 million at April 30, 2024, representing a $45.7 million increase from its 
April 30, 2023 levels. At April 30, 2024, total long-term debt (including current maturities) was $374.5 million, an increase of 
$2.8 million from the balance at April 30, 2023. The Company's ratio of long-term debt to total capital was 29.0% at April 30, 
2024, compared with 29.7% at April 30, 2023. The Company's main source of liquidity is its cash and cash equivalents on hand 
and cash generated from its operating activities, which we expect to continue into fiscal 2025. See Note F — Loans Payable 
and Long-Term Debt for further discussion on our indebtedness.
On April 22, 2021, the Company amended and restated the Prior Credit Agreement. The amended and restated credit agreement 
(the "A&R Credit Agreement") provides for a $500 million revolving loan facility with a $50 million sub-facility for the 
issuance of letters of credit (the "Revolving Facility") and a $250 million term loan facility (the "Term Loan Facility"). Also on 
April 22, 2021, the Company borrowed the entire $250 million under the Term Loan Facility and approximately $264 million 
under the Revolving Facility to fund, in part, the repayment in full of the amounts then outstanding under the Prior Credit 
Agreement and the redemption of the Senior Notes. The Company is required to repay the Term Loan Facility in specified 
quarterly installments. The Revolving Facility and Term Loan Facility mature on April 22, 2026. Approximately $322.9 million 
was available under this facility as of April 30, 2024.  
The A&R Credit Agreement includes certain financial covenants that require the Company to maintain (i) a "Consolidated 
Interest Coverage Ratio" of no less than 2.00 to 1.00 and (ii) a "Total Net Leverage Ratio" of no greater than 4.00 to 1.00, 
subject, in each case, to certain limited exceptions.
The A&R Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the 
Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, make certain 
investments, dispose of its assets or engage in a merger or other similar transaction or engage in transactions with affiliates, 
subject, in each case, to the various exceptions and conditions described in the A&R Credit Agreement. The negative covenants 
further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, including, in the 
case of the Company, the payment of dividends and the repurchase of common stock, in certain limited circumstances. See 
Note F — Loans Payable and Long-Term Debt for a discussion of interest rates under the new A&R Credit Agreement and our 
compliance with the covenants in the credit agreement. We were in compliance with each of the covenants under the A&R 
Credit Agreement during fiscal 2024 and expect to remain in compliance throughout fiscal 2025.
As of April 30, 2024 and 2023, the Company had no off-balance sheet arrangements.
 
OPERATING ACTIVITIES
 
Cash provided by operating activities in fiscal 2024 was $230.8 million, compared with $198.8 million in fiscal 2023. The 
increase in the Company's cash from operating activities was driven primarily by an increase in net income, decreased 
amortization of customer relationship intangibles and increased cash flows from accounts payable, accrued marketing expenses, 
and accrued compensation and related expenses, which were partially offset by a decrease in cash flows from income taxes, 
inventories, and customer receivables.
INVESTING ACTIVITIES
 
The Company's investing activities primarily consist of capital expenditures and investments in promotional displays. Net cash 
used by investing activities in fiscal 2024 was $92.2 million, compared with $45.3 million in fiscal 2023. Investments in 
property, plant and equipment for fiscal 2024 were $91.0 million, compared with $42.6 million in fiscal 2023, primarily due to 
26

our plant expansions in Monterrey, Mexico and Hamlet, North Carolina. Investments in promotional displays were $1.2 million 
in fiscal 2024, compared with $2.8 million in fiscal 2023.
FINANCING ACTIVITIES
 
The Company realized a net outflow of $92.9 million from financing activities in fiscal 2024 compared with a net outflow of 
$134.1 million in fiscal 2023. During fiscal 2024, $2.7 million, net, was used to repay long-term debt, compared with 
approximately $132.9 million in fiscal 2023.
On November 29, 2023 the Board of Directors authorized a stock repurchase program of up to $125 million of the Company's 
outstanding common shares. In conjunction with this authorization the Board of Directors cancelled the remaining $22.9 
million that had yet to be repurchased under the $100 million existing authorization from May 25, 2021. The Company 
repurchased $87.7 million during fiscal 2024. The Company did not repurchase any of its shares during the fiscal year ended 
April 30, 2023, and as of April 30, 2024 the current stock repurchase program has a remaining authorization of $89.5 million.
Cash flow from operations combined with accumulated cash and cash equivalents on hand are expected to be more than 
sufficient to support forecasted working capital requirements, service existing debt obligations, and fund capital expenditures 
for fiscal 2025.
Future minimum annual commitments for contractual obligations under term loans, the Revolving Facility, capital and 
operating lease obligations, and other long-term debt amount to $35.1 million in fiscal 2025, $426.0 million in fiscal 2026-27, 
$36.9 million in fiscal 2028-29, and $31.1 million in fiscal 2030 and thereafter. Estimated required interest payments based on 
rates as of April 30, 2024 would be $14.7 million in fiscal 2025, $21.0 million in fiscal 2026-27, $6.2 million in fiscal 2028-29, 
and $5.0  million in fiscal 2030 and thereafter.
SEASONALITY
Our business has been subject to seasonal influences, with higher sales typically realized in our first and fourth fiscal quarters. 
General economic forces and changes in our customer mix have reduced seasonal fluctuations in revenue over the past few 
years. The costs of the Company's products are subject to inflationary pressures and commodity price fluctuations. The 
Company has generally been able over time to recover the effects of inflation and commodity price fluctuations through sales 
price increases.
For additional discussion of risks that could affect the Company and its business, see "Forward-Looking Statements" above, as 
well as Item 1A. "Risk Factors" and Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." 
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management has chosen accounting policies that are necessary to give reasonable assurance that the Company's operational 
results and financial position are accurately and fairly reported. The significant accounting policies of the Company are 
disclosed in Note A to the Consolidated Financial Statements included in this annual report. The following discussion addresses 
the accounting policies that management believes have the greatest potential impact on the presentation of the financial 
condition and operating results of the Company for the periods being reported and that require the most judgment.
Management regularly reviews these critical accounting policies and estimates with the Audit Committee of the Board.
Revenue Recognition. The Company utilizes signed sales agreements that provide for transfer of title to the customer at the 
time of shipment or upon delivery based on the contractual terms. The Company must estimate the amount of sales that have 
been transferred to third-party carriers but not delivered to customers as the carriers are not able to report real-time what has 
been delivered and thus there is a delay in reporting to the Company. The estimate is calculated using a lag factor determined by 
analyzing the actual difference between shipment date and delivery date of orders over the past 12 months. Revenue is 
recognized on those shipments which the Company believes have been delivered to the customer.
The Company recognizes revenue based on the invoice price less allowances for sales returns, cash discounts, and other 
deductions as required under GAAP. Collection is reasonably assured as determined through an analysis of accounts receivable 
data, including historical product returns, historical collections, and the evaluation of each customer's ability to pay, as well as 
any relevant economic conditions. Allowances for sales returns are based on the historical relationship between shipments and 
returns. The Company believes that its historical experience is an accurate reflection of future returns.
27

Goodwill. Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not 
amortize goodwill but evaluates for impairment annually, or whenever events occur or circumstances change that would more 
likely than not reduce the fair value of a reporting unit below its carrying amount.
In accordance with the accounting standards, an entity has the option first to assess qualitative factors to determine whether 
events and circumstances indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity 
concludes that the asset is not impaired, then the entity is not required to take further action. However, if an entity concludes 
otherwise, then it is required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the 
associated assets must be written down to fair value. There were no impairment charges related to goodwill for the fiscal years 
2024, 2023, and 2022.
Item 7A. 
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The costs of the Company's products are subject to inflationary pressures and commodity price fluctuations. The Company has 
generally been able, over time, to recover the effects of inflation and commodity price fluctuations through sales price increases 
although there may be a lag in the recovery.
The A&R Credit Agreement includes a variable interest rate component. As a result, we are subject to interest rate risk with 
respect to such floating-rate debt. A 100 basis point increase in the variable interest rate component of our borrowings as of 
April 30, 2024 would increase our annual interest expense by approximately $1.7 million. See Note F — Loans Payable and 
Long-Term Debt Financial Instruments for further discussion. 
In May 2021, we entered into interest rate swaps to hedge approximately $200 million of our variable interest rate debt.  See 
Note J — Derivative Financial Instruments for further discussion.
The Company enters into foreign exchange forward contracts principally to offset currency fluctuations in transactions 
denominated in certain foreign currencies, thereby limiting our exposure to risk that would otherwise result from changes in 
exchange rates. The periods of the foreign exchange forward contracts correspond to the periods of the transactions 
denominated in foreign currencies.
The Company does not currently use commodity or similar financial instruments to manage its commodity price risks.
28

Item 8.  
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  
CONSOLIDATED BALANCE SHEETS
 
APRIL 30,
(in thousands, except share and per share data)
2024
2023
ASSETS
 
 
Current Assets
 
 
Cash and cash equivalents
$ 
87,398 $ 
41,732 
Customer receivables, net
 
117,559  
119,163 
Inventories
 
159,101  
190,699 
Income taxes receivable
 
14,548  
— 
Prepaid expenses and other
 
24,104  
16,661 
Total Current Assets
 
402,710  
368,255 
Property, plant and equipment, net
 
272,461  
219,415 
Operating lease right-of-use assets
 
126,383  
99,526 
Customer relationships intangibles, net
 
—  
30,444 
Goodwill, net
 
767,612  
767,612 
Promotional displays, net
 
3,274  
6,970 
Deferred income taxes
 
5,128  
1,469 
Other assets
 
16,297  
25,107 
TOTAL ASSETS
$ 
1,593,865 $ 
1,518,798 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
Current Liabilities
 
 
Accounts payable
$ 
64,470 $ 
63,915 
Current maturities of long-term debt
 
2,722  
2,263 
Short-term lease liability - operating
 
27,409  
24,778 
Accrued compensation and related expenses
 
61,212  
49,953 
Accrued marketing expenses
 
16,437  
12,528 
Other accrued expenses
 
23,476  
24,687 
Total Current Liabilities
 
195,726  
178,124 
Long-term debt, less current maturities
 
371,761  
369,396 
Deferred income taxes
 
5,002  
11,930 
Long-term lease liability - operating
 
106,573  
81,370 
Other long-term liabilities
 
4,427  
4,190 
Shareholders' Equity
 
Preferred stock, $1.00 par value; 2,000,000 shares authorized, none issued
 
—  
— 
Common stock, no par value; 40,000,000 shares authorized; issued and outstanding shares:  at 
April 30, 2024: 15,653,463, at April 30, 2023: 16,635,295
 
359,784  
370,259 
Retained earnings
 
543,274  
493,157 
Accumulated other comprehensive income
 
7,318  
10,372 
Total Shareholders' Equity
 
910,376  
873,788 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 
1,593,865 $ 
1,518,798 
See notes to consolidated financial statements.
29

CONSOLIDATED STATEMENTS OF OPERATIONS
 
 
FISCAL YEARS ENDED APRIL 30,
(in thousands, except per share data)
2024
2023
2022
Net sales
$ 1,847,502 $ 2,066,200 $ 1,857,186 
Cost of sales and distribution
 
1,469,695  
1,708,676  
1,630,742 
Gross Profit
 
377,807  
357,524  
226,444 
Selling and marketing expenses
 
92,603  
94,602  
92,555 
General and administrative expenses
 
124,008  
125,045  
97,547 
Restructuring charges, net
 
(198)  
1,525  
183 
Operating Income
 
161,394  
136,352  
36,159 
Interest expense, net
 
8,207  
15,994  
10,189 
Pension settlement, net
 
—  
(7)  
68,473 
Net gain on debt modification
 
—  
(2,089)  
— 
Other expense (income), net
 
1,219  
(232)  
476 
Income (Loss) Before Income Taxes
 
151,968  
122,686  
(42,979) 
Income tax expense (benefit)
 
35,752  
28,963  
(13,257) 
Net Income (Loss)
$ 
116,216 $ 
93,723 $ 
(29,722) 
SHARE INFORMATION
 
 
 
Earnings (loss) per share
 
 
 
Basic
$ 
7.20 $ 
5.64 $ 
(1.79) 
Diluted
$ 
7.15 $ 
5.62 $ 
(1.79) 
See notes to consolidated financial statements.
 
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
Net income (loss)
$ 
116,216 $ 
93,723 $ 
(29,722) 
Other comprehensive income (loss), net of tax:
Change in pension benefits, net of taxes of $0, $0 and $18,481, respectively
 
—  
—  
54,568 
Change in cash flow hedges (swap), net of taxes of $(1,020), $50, and $3,463, 
respectively 
 
(3,054)  
147  
10,225 
Total Comprehensive Income
$ 
113,162 $ 
93,870 $ 
35,071 
See notes to consolidated financial statements.
30

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
 
 
 
 
ACCUMULATED  
 
 
 
 
 
OTHER
TOTAL
 
COMMON STOCK
RETAINED
COMPREHENSIVE
SHAREHOLDERS'
(in thousands, except share data)
SHARES
AMOUNT
EARNINGS
INCOME (LOSS)
EQUITY
Balance, April 30, 2021
 16,801,101 
$ 
362,524 
$ 
448,282 
$ 
(54,568) $ 
756,238 
Net loss
 
— 
 
— 
 
(29,722)  
— 
 
(29,722) 
Other comprehensive income, net of 
tax
 
— 
 
— 
 
— 
 
64,793 
 
64,793 
Stock-based compensation
 
— 
 
4,708 
 
— 
 
— 
 
4,708 
Exercise of stock-based compensation 
awards, net of amounts withheld for 
taxes
 
29,808 
 
(1,072)  
— 
 
— 
 
(1,072) 
Stock repurchases
 
(299,781)  
(5,874)  
(19,126)  
— 
 
(25,000) 
Employee benefit plan contributions
 
39,491 
 
2,938 
 
— 
 
— 
 
2,938 
Balance, April 30, 2022
 16,570,619 
$ 
363,224 
$ 
399,434 
$ 
10,225 
$ 
772,883 
Net income
 
— 
 
— 
 
93,723 
 
— 
 
93,723 
Other comprehensive income, net of 
tax
 
— 
 
— 
 
— 
 
147 
 
147 
Stock-based compensation
 
— 
 
7,396 
 
— 
 
— 
 
7,396 
Exercise of stock-based compensation 
awards, net of amounts withheld for 
taxes
 
47,576 
 
(1,199) 
 
— 
 
(1,199) 
Employee benefit plan contributions
 
17,100 
 
838 
 
— 
 
— 
 
838 
Balance, April 30, 2023
 16,635,295 
$ 
370,259 
$ 
493,157 
$ 
10,372 
$ 
873,788 
Net income
 
— 
 
— 
 
116,216 
 
— 
 
116,216 
Other comprehensive loss, net of tax
 
— 
 
— 
 
— 
 
(3,054)  
(3,054) 
Stock-based compensation
 
— 
 
10,682 
 
— 
 
— 
 
10,682 
Exercise of stock-based compensation 
awards, net of amounts withheld for 
taxes
 
76,097 
 
(2,492) 
 
— 
 
(2,492) 
Stock repurchases
 (1,108,715)  
(22,341)  
(66,099)  
— 
 
(88,440) 
Employee benefit plan contributions
 
50,786 
 
3,676 
 
— 
 
— 
 
3,676 
Balance, April 30, 2024
 15,653,463 
$ 
359,784 
$ 
543,274 
$ 
7,318 
$ 
910,376 
See notes to consolidated financial statements.
31

CONSOLIDATED STATEMENTS OF CASH FLOWS
OPERATING ACTIVITIES
 
 
 
Net income (loss)
$ 
116,216 
$ 
93,723 
$ 
(29,722) 
Adjustments to reconcile net income (loss) to net cash and
cash equivalents provided by operating activities:
Depreciation and amortization
 
78,781 
 
93,744 
 
96,606 
Net loss on disposal of property, plant and equipment
 
1,742 
 
1,050 
 
697 
Reduction in carrying amount of operating lease right-of-use assets
 
31,365 
 
26,592 
 
27,610 
Amortization of debt issuance costs
 
842 
 
861 
 
867 
Unrealized loss on foreign exchange forward contracts
 
1,544 
 
— 
 
— 
Net gain on debt forgiveness and modification
 
— 
 
(2,089) 
 
— 
Stock-based compensation expense
 
10,682 
 
7,396 
 
4,708 
Deferred income taxes
 
(9,565) 
 
(24,152) 
 
(25,717) 
Pension contributions in excess of expense
 
— 
 
— 
 
710 
Pension settlement, net
 
— 
 
(7) 
 
68,473 
Contributions of employer stock to employee benefit plan
 
3,676 
 
838 
 
2,938 
Other non-cash items
 
1,881 
 
7,522 
 
489 
Changes in operating assets and liabilities (net of acquired assets and liabilities):
Customer receivables
 
1,783 
 
35,011 
 
(11,366) 
Inventories
 
28,459 
 
30,937 
 
(70,386) 
Income taxes receivable/payable
 
(16,815) 
 
3,055 
 
(6,206) 
Prepaid expenses and other assets
 
(5,515) 
 
(5,309) 
 
(3,542) 
Accounts payable
 
227 
 
(50,191) 
 
16,386 
Accrued compensation and related expenses
 
11,246 
 
5,060 
 
(15,518) 
Operating lease liabilities
 
(30,388) 
 
(26,906) 
 
(25,100) 
Marketing and other accrued expenses
 
4,589 
 
1,702 
 
(7,482) 
Net Cash Provided by Operating Activities
 
230,750 
 
198,837 
 
24,445 
INVESTING ACTIVITIES
 
 
 
Payments to acquire property, plant and equipment
 
(91,048) 
 
(42,600) 
 
(44,122) 
Proceeds from sales of property, plant and equipment
 
50 
 
43 
 
10 
Investment in promotional displays
 
(1,193) 
 
(2,780) 
 
(7,460) 
Net Cash Used by Investing Activities
 
(92,191) 
 
(45,337) 
 
(51,572) 
FINANCING ACTIVITIES
 
 
 
Payments of long-term debt
 
(2,749) 
 
(132,894) 
 
(50,891) 
Proceeds from long-term debt
 
— 
 
— 
 
35,430 
Repurchase of common stock
 
(87,652) 
 
— 
 
(25,000) 
Withholding of employee taxes related to stock-based compensation
 
(2,492) 
 
(1,199) 
 
(1,116) 
Debt issuance cost
 
— 
 
— 
 
(42) 
Net Cash Used by Financing Activities
 
(92,893) 
 
(134,093) 
 
(41,619) 
Net Increase (Decrease) in Cash and Cash Equivalents
 
45,666 
 
19,407 
 
(68,746) 
 
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
32

Cash and Cash Equivalents, Beginning of Year
 
41,732 
 
22,325 
 
91,071 
Cash and Cash Equivalents, End of Year
$ 
87,398 
$ 
41,732 
$ 
22,325 
 
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
Supplemental cash flow information:
 
 
     Non-cash investing and financing activities:
          Property, plant and equipment  
$ 
327 
$ 
2,684 
$ 
1,050 
    Cash paid during the period for:
         Interest
$ 
14,873 
$ 
17,347 
$ 
9,904 
      Income taxes
$ 
62,949 
$ 
49,593 
$ 
18,761 
See notes to consolidated financial statements.
33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note A — Summary of Significant Accounting Policies
 
American Woodmark Corporation ("American Woodmark," the "Company," "we," "our" or "us") manufactures and distributes 
kitchen, bath, and home organization products for the remodeling and new home construction markets. Its products are sold on 
a national basis directly to home centers, builders, and through a network of independent dealers and distributors. The Company 
operates within a single reportable segment primarily within the U.S.; long-lived assets and sales outside the U.S. are not 
significant.
 
The following is a description of the Company's significant accounting policies:
 
Principles of Consolidation and Basis of Presentation: The consolidated financial statements include the accounts of the 
Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
 
Revenue Recognition: Our principal performance obligations are the sale of kitchen, bath, and home organization products. The 
Company recognizes revenue as control of our products is transferred to our customers, which is at the time of shipment or 
upon delivery based on the contractual terms with our customers. We also derive revenue from installations and our revenue 
related to installations is recognized upon delivery of cabinets to the customer as installation is typically completed in one day. 
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods to our customers. 
Payment terms on our product sales normally range from 30 to 90 days. Taxes assessed by a governmental authority that we 
collect are excluded from revenue. The expected costs associated with our contractual warranties are recognized as expense 
when the products are sold. See Note L — Commitments and Contingencies for further discussion.
For products where title transfer occurs upon delivery to the customer's location, we must estimate the amount of sales that have 
been transferred to third-party carriers but not delivered to customers as the carriers are not able to report real-time what has 
been delivered and thus there is a delay in reporting to the Company. The estimate is calculated using a lag factor determined by 
analyzing the actual difference between shipment date and delivery date of orders over a representative period of time, which as 
of April 30, 2024 was the past 12 months. Revenue is recognized on those shipments which we believe have been delivered to 
the customer.
When revenue is recognized, we record estimates to reduce revenue for customer programs and incentives in order to determine 
the amount of consideration the Company will ultimately be entitled to receive. Customer programs and incentives are 
considered variable consideration, and include price discounts, volume-based incentives, promotions, and cooperative 
advertising. The Company includes variable consideration in revenue only to the extent that it is probable that a significant 
reversal in the amount of cumulative revenue recognized will not occur when the variable consideration is resolved. This 
determination is made based upon known customer programs and incentive offerings at the time of sale, and expected sales 
volume forecasts as it relates to our volume-based incentives. This determination is updated each reporting period. In addition, 
for certain customer program incentives, we receive an identifiable benefit (goods or services) in exchange for the consideration 
given and record the associated expenditure in selling, general and administrative expenses.
We account for shipping and handling costs that occur before the customer has obtained control of a product as a fulfillment 
activity rather than as a promised service. These costs are classified within costs of sales and distribution.
 
Cost of Sales and Distribution: Cost of sales and distribution includes all costs associated with the manufacture and distribution 
of the Company's products including the costs of shipping and handling.
 
Advertising Costs: Advertising costs are expensed as incurred. Advertising expenses for fiscal years 2024, 2023, and 2022 were 
$28.8 million, $34.6 million, and $32.6 million, respectively.
 
Cash and Cash Equivalents: Cash in excess of operating requirements is invested in money market accounts which are carried 
at cost (which approximates fair value). The Company considers all highly liquid short-term investments with an original 
maturity of three months or less when purchased to be cash equivalents. 
Inventories:  Inventory costs are determined on a first-in, first-out ("FIFO") basis. Costs include materials, labor, and production 
overhead at normal production capacity. Costs do not exceed net realizable values. See Note C — Inventories for additional 
information. 
34

Property, Plant and Equipment: Property, plant and equipment is stated on the basis of cost less accumulated depreciation. 
Depreciation is calculated using the straight-line method over the estimated useful lives of the related assets, which range from 
15 to 30 years for buildings and improvements, 3 to 12 years for machinery and equipment, and 3 to 10 years for software. 
Assets under financing leases are amortized over the shorter of their estimated useful lives or the term of the related lease.
Impairment of Long-Lived Assets: The Company reviews its long-lived assets for impairment when events or changes in 
circumstances indicate that the carrying amount of an asset may not be recoverable. During fiscal years 2024, 2023, and 2022, 
the Company concluded no impairment existed.
Goodwill: Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not 
amortize goodwill but evaluates for impairment annually on February 1st, or whenever events occur or circumstances change 
that would more likely than not reduce the fair value of a reporting unit below its carrying amount. In accordance with the 
accounting standards, an entity has the option first to assess qualitative factors to determine whether events and circumstances 
indicate that it is more likely than not that goodwill is impaired. If after such assessment an entity concludes that the asset is not 
more likely than not impaired, the entity is not required to take further action. However, if an entity concludes otherwise, it is 
required to determine the fair value of the asset using a quantitative impairment test, and if impaired, the associated assets must 
be written down by the amount that the carrying value exceeds the fair value of the reporting unit. During fiscal years 2024, 
2023, and 2022, the Company concluded no impairment existed based on a qualitative analysis.
Intangible Assets: Intangible assets consist of customer relationship intangibles. The Company amortizes the cost of intangible 
assets over their estimated useful lives, six years, unless such lives are deemed indefinite. The Company reviews its intangible 
assets for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be 
recoverable. During fiscal years 2024, 2023, and 2022, the Company concluded no impairment existed.
Promotional Displays: The Company invests in promotional displays in retail stores to demonstrate product features, product 
and quality specifications, and to serve as a training tool for retail kitchen designers. The Company invests in these long-lived 
productive assets to provide the aforementioned benefits. The Company's investment in promotional displays is carried at cost 
less applicable amortization. Amortization is calculated using the straight-line method on an individual display basis over 
periods of 24 to 60 months (the estimated period of benefit). Promotional display amortization expense for fiscal years 2024, 
2023, and 2022 was $4.9 million, $8.0 million, and $10.0 million, respectively, and is included in selling and marketing 
expenses.
 
Income Taxes: The Company accounts for deferred income taxes utilizing the asset and liability method, whereby deferred tax 
assets and liabilities are recognized based on the tax effects of temporary differences between the financial statement amounts 
and the tax basis of assets and liabilities, using enacted tax rates in effect for the year in which these items are expected to 
reverse. At each reporting date, the Company evaluates the need for a valuation allowance to adjust deferred tax assets to an 
amount that more likely than not will be realized.
 
Stock-Based Compensation: The Company recognizes stock-based compensation expense based on the grant date fair value 
over the requisite service period. The Company records the expense for stock-based compensation awards subject to 
performance-based criteria vesting over the remaining service period when the Company determines that achievement of the 
performance criteria is probable. The Company evaluates when the achievement of performance-based criteria is probable 
based on the expected satisfaction of the performance criteria at each reporting date.
 
Self Insurance: The Company is self-insured for certain costs related to employee medical coverage, workers' compensation 
liability, general liability, auto liability, and property insurance. The Company maintains stop-loss coverage with third-party 
insurers to limit total exposure. The Company establishes a liability at each balance sheet date based on estimates for a variety 
of factors that influence the Company's ultimate cost. In the event that actual experience is substantially different from the 
estimates, the financial results for the period could be adversely affected. The Company believes that the methodologies used to 
estimate insurance liabilities are an accurate reflection of the liabilities as of the date of the consolidated balance sheets.
Derivative Financial Instruments: The Company uses derivatives as part of the normal business operations to manage its 
exposure to fluctuations in interest rates associated with variable interest rate debt and foreign exchange rates. The Company 
has established policies and procedures that govern the risk management of these exposures. The primary objective in managing 
these exposures is to add stability to interest expense, manage the Company's exposure to interest rate movements, and manage 
the risk from adverse fluctuations in foreign exchange rates.
The Company uses interest rate swap contracts to manage interest rate exposures. The Company records outstanding swap 
contracts in the consolidated balance sheets at fair value. Changes in the fair value of interest rate swap contracts designated as 
35

cash flow hedges are recorded in accumulated other comprehensive income (loss), and subsequently reclassified into earnings 
in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, the change in fair 
value of the derivative is recognized directly in earnings. 
The Company also manages risks through the use of foreign exchange forward contracts. The Company recognizes its 
outstanding forward contracts in the consolidated balance sheets at their fair values. The Company does not designate the 
forward contracts as accounting hedges. The changes in the fair value of the forward contracts are recorded in other (income) 
expense, net in the consolidated statements of operations.
Use of Estimates: The preparation of consolidated financial statements in conformity with GAAP requires management to make 
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 
liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during each 
reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements: In December 2023, the Financial Accounting Standards Board (the “FASB”) issued 
Accounting Standards Update (“ASU”) No. 2023-09 “Improvements to Income Tax Disclosures.” The amendments in this 
ASU are intended to increase transparency through improvements to income tax disclosures primarily related to the rate 
reconciliation and income taxes paid information. This standard is effective for annual periods beginning after December 15, 
2024, with early adoption permitted. The Company is currently evaluating the disclosure impacts of ASU 2023-09 on its  
consolidated financial statements and related disclosures.
In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures" to improve the disclosures about reportable segments and include more detailed information about a reportable 
segment’s expenses. This ASU also requires that a public entity with a single reportable segment, like the Company, provide all 
of the disclosures required as part of the amendments and all existing disclosures required by Topic 280. The ASU should be 
applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after 
December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. 
The Company is currently evaluating the impact on the related disclosures; however, it does not expect this update to have an 
impact on its financial condition or results of operations.
Reclassifications:  Certain reclassifications have been made to prior period balances to conform to the current year presentation.
Note B — Customer Receivables
 
The components of customer receivables were:
 
APRIL 30,
(in thousands)
2024
2023
Gross customer receivables
$ 
126,680 $ 
130,655 
Less:
Allowance for credit losses
 
(474)  
(449) 
Allowance for returns and discounts
 
(8,647)  
(11,043) 
Net customer receivables
$ 
117,559 $ 
119,163 
36

Note C — Inventories
 
The components of inventories were:
 
APRIL 30,
(in thousands)
2024
2023
Raw materials
$ 
61,548 $ 
80,953 
Work-in-process
 
44,464  
49,064 
Finished goods
 
53,089  
60,682 
Total inventories
$ 
159,101 $ 
190,699 
Note D — Property, Plant and Equipment
 
The components of property, plant and equipment were:
 
APRIL 30,
(in thousands)
2024
2023
Land
$ 
4,475 $ 
4,475 
Buildings and improvements
 
131,663  
121,903 
Buildings and improvements - financing leases
 
11,164  
11,164 
Machinery and equipment
 
370,940  
331,146 
Machinery and equipment - financing leases
 
32,173  
29,869 
Software
 
39,252  
29,322 
Construction in progress
 
64,057  
45,710 
Total property, plant and equipment
 
653,724  
573,589 
Less accumulated amortization and depreciation
 
(381,263)  
(354,174) 
Property, plant and equipment, net
$ 
272,461 $ 
219,415 
Amortization and depreciation expense on property, plant and equipment amounted to $41.2 million, $37.9 million, and $38.0 
million in fiscal years 2024, 2023, and 2022, respectively. Accumulated amortization on financing leases included in the above 
table amounted to $31.7 million and $31.9 million as of April 30, 2024 and 2023, respectively.
 
Note E — Customer Relationships Intangibles
 
The components of customer relationships intangibles were:
 
APRIL 30,
(in thousands)
2024
2023
Customer relationship intangibles
$ 
274,000 $ 
274,000 
Less accumulated amortization
 
(274,000)  
(243,556) 
Total
$ 
— $ 
30,444 
Customer relationships intangibles are amortized over the estimated useful lives on a straight-line basis over six years. 
Amortization expense on customer relationships intangibles amounted to $30.4 million, $45.7 million, and $45.7 million in 
fiscal years 2024, 2023, and 2022, respectively.
37

Note F — Loans Payable and Long-Term Debt
 
Maturities of long-term debt are as follows:
 
FISCAL YEARS ENDING APRIL 30,
(in thousands)
2025
2026
2027
2028
2029
2030 
AND 
THERE-
AFTER
TOTAL 
OUTSTANDING 
AS OF APRIL 
30, 2024
TOTAL 
OUTSTANDING 
AS OF APRIL 
30, 2023
Term loans
$ 
— $ 206,250 $ 
— $ 
— $ 
— $ 
— $ 
206,250 $ 
206,250 
Revolving credit
 
—  163,750  
—  
—  
—  
—  
163,750  
163,750 
Finance lease 
obligations
 
2,292  
1,760  
1,156  
346  
130  
—  
5,684  
3,702 
Other long-term 
debt
 
430  
—  
—  
—  
—  
—  
430  
430 
Total
$ 2,722 $ 371,760 $ 1,156 $ 
346 $ 
130 $ 
— $ 
376,114 $ 
374,132 
Debt issuance 
costs
$ 
(1,631) $ 
(2,473) 
Current 
maturities
 
 
 
 
$ 
(2,722) $ 
(2,263) 
Total long-term 
debt
 
 
 
 
 
 
$ 
371,761 $ 
369,396 
Term Loans and Revolving Credit Facility
On December 29, 2017, the Company entered into a credit agreement (the "Prior Credit Agreement") with a syndicate of 
lenders and Wells Fargo Bank, National Association, as administrative agent. The Prior Credit Agreement provided for a 
$100 million revolving loan facility with a $25 million sub-facility for the issuance of letters of credit, a $250 million initial 
term loan facility and a $250 million delayed draw term loan facility. The Company borrowed the entire $250 million under the 
initial term loan facility, the entire $250 million under the delayed draw term loan facility and approximately $50 million under 
the revolving loan facility in connection with the acquisition of RSI Home Products, Inc. ("RSI") and the refinancing of certain 
senior notes assumed from RSI (the "RSI Notes"). The facilities under the Prior Credit Agreement were scheduled to mature on 
December 29, 2022.
On April 22, 2021, the Company amended and restated the Prior Credit Agreement and on January 17, 2023 the Company 
entered into an amendment of such agreement to transition the applicable interest rate from LIBOR to Secured Overnight 
Financing Rate ("SOFR"), effective January 31, 2023. The amended and restated credit agreement (the "A&R Credit 
Agreement") provides for a $500 million revolving loan facility with a $50 million sub-facility for the issuance of letters of 
credit (the "Revolving Facility") and a $250 million term loan facility (the "Term Loan Facility"). Also on April 22, 2021, the 
Company borrowed the entire $250 million under the Term Loan Facility and approximately $264 million under the Revolving 
Facility to fund, in part, the repayment in full of the amounts then outstanding under the Prior Credit Agreement and the 
redemption of $350 million in aggregate principal amount of 4.875% Senior Notes due 2026 (the Senior Notes). The Company 
is required to repay the Term Loan Facility in specified quarterly installments, which have been prepaid through April 30, 2025. 
The Revolving Facility and Term Loan Facility mature on April 22, 2026.
As of April 30, 2024, and 2023, $206.3 million was outstanding on the Term Loan Facility. As of April 30, 2024, and 2023, 
$163.8 million was outstanding under the Revolving Facility. Outstanding letters of credit under the Revolving Facility were 
38

$13.3 million as of April 30, 2024, leaving approximately $322.9 million in available capacity under the Revolving Facility as 
of April 30, 2024. Outstanding letters of credit under the Revolving Facility were $13.0 million, as of April 30, 2023, leaving 
approximately $323.2 million in available capacity under the Revolving Facility as of April 30, 2023. The outstanding balances 
noted above approximate fair value as the facilities have a floating interest rate.
Amounts outstanding under the Term Loan Facility and the Revolving Facility bear interest based on a fluctuating rate 
measured by reference to either, at the Company's option, a base rate plus an applicable margin or SOFR plus 10 basis points 
plus an applicable margin, with the applicable margin being determined by reference to the Company's then-current "Secured 
Net Leverage Ratio." The Company also incurs a quarterly commitment fee on the average daily unused portion of the 
Revolving Facility during the applicable quarter at a rate per annum also determined by reference to the Company's then-current 
"Secured Net Leverage Ratio." In addition, a letter of credit fee accrues on the face amount of any outstanding letters of credit 
at a per annum rate equal to the applicable margin on SOFR loans, payable quarterly in arrears. As of April 30, 2024, the 
applicable margin with respect to base rate loans and SOFR loans was 0.00% and 1.00%, respectively, and the commitment fee 
was 0.10%.
The A&R Credit Agreement includes certain financial covenants that require the Company to maintain (i) a "Consolidated 
Interest Coverage Ratio" of no less than 2.00 to 1.00 and (ii) a "Total Net Leverage Ratio" of no greater than 4.00 to 1.00, 
subject, in each case, to certain limited exceptions.
The A&R Credit Agreement includes certain additional covenants, including negative covenants that restrict the ability of the 
Company and certain of its subsidiaries to incur additional indebtedness, create additional liens on its assets, make certain 
investments, dispose of its assets, or engage in a merger or other similar transaction or engage in transactions with affiliates, 
subject, in each case, to the various exceptions and conditions described in the A&R Credit Agreement. The negative covenants 
further restrict the ability of the Company and certain of its subsidiaries to make certain restricted payments, including, in the 
case of the Company, the payment of dividends and the repurchase of common stock, in certain limited circumstances.
As of April 30, 2024, the Company was in compliance with all covenants included in the A&R Credit Agreement.
The Company's obligations under the A&R Credit Agreement are guaranteed by the Company's domestic subsidiaries and the 
obligations of the Company and its domestic subsidiaries under the A&R Credit Agreement and their guarantees, respectively, 
are secured by a pledge of substantially all of their respective personal property.
Financing Lease Obligations
The Company has various financing leases with interest rates between 2.0% and 6.9%. The leases require monthly payments 
and expire by September 30, 2028. The outstanding amounts owed as of April 30, 2024, and 2023, were $5.6 million and $3.7 
million, respectively.
Other Long-term Debt
On January 25, 2016, the Company entered into a New Markets Tax Credit ("NMTC") financing agreement to finance working 
capital and capital improvements at its Monticello, Kentucky facility. This agreement was structured with unrelated third party 
financial institutions (the "Investors"), their wholly-owned investment funds ("Investment Funds") and certain community 
development entities ("CDEs") in connection with our participation in qualified transactions under the NMTC program. In 
exchange for substantially all of the benefits derived from the tax credits, the Investors made a contribution of $2.3 million, net 
of syndication fees, to the Investment Funds. Simultaneously, a wholly owned subsidiary of the Company made a $4.3 million 
loan to the Investment Funds. The Investment Funds used the proceeds of such equity and debt investments to acquire equity 
interests in the CDEs, which the CDEs in turn used to make loans to the Company aggregating $6.6 million for the project. 
These loans have a term of 30 years with an aggregate interest rate of approximately 1.2%. The original terms of the transaction 
included Investor put options, exercisable after seven years, which, if exercised by the Investors, would require the Company to 
purchase the Investors’ interests in the Investment Funds. The Investors’ exercised such put options in February 2023 and the 
Company repurchased their interests in the Investment Funds in February 2023. As a result of the exercised put option, the 
Company recognized a reduction of long-term debt of $6.6 million, a reduction of loan receivable of $4.3 million and a gain on 
debt modification of $2.1 million, net of unamortized debt issuance costs of $0.2 million.
On March 8, 2022, the Company entered into a $0.4 million loan agreement with the West Virginia Water Development 
Authority acting on behalf of the West Virginia Infrastructure and Jobs Development Council and the Hardy County Rural 
Development Authority as part of the Company's capital improvements at the South Branch Primewood facility located in 
Hardy County, West Virginia. The loan agreement expires on March 8, 2025 and bears no interest rate. The loan agreement is 
39

secured by a sole first lien on the real property and fixtures associated with the facility. It defers principal and interest during the 
term of the obligation and forgives any outstanding balance at March 8, 2025, if the Company complies with certain 
employment levels at the facility.
Certain of the Company's loan agreements limit the amount and type of indebtedness the Company can incur and require the 
Company to maintain specified financial ratios measured on a quarterly basis. In addition to the assets previously discussed, 
certain of the Company's property, plant and equipment are pledged as collateral under certain loan agreements and the capital 
lease arrangements. The Company was in compliance with all covenants contained in its loan agreements and financing leases 
at April 30, 2024. 
Note G — Earnings Per Share
 
The following table summarizes the computations of basic and diluted earnings per share:
 
FISCAL YEARS ENDED APRIL 30,
(in thousands, except per share amounts)
2024
2023
2022
Numerator used in basic and diluted earnings per common share:
 
 
Net income (loss)
$ 116,216 $ 
93,723 $ 
(29,722) 
Denominator:
 
Denominator for basic earnings per common share -
 
weighted-average shares
 
16,139  
16,614  
16,592 
Effect of dilutive securities:
Stock options and restricted stock units
 
121  
71  
0 
Denominator for diluted earnings per common share -
 
 
 
weighted-average shares and assumed conversions
 
16,260  
16,685  
16,592 
Net earnings (loss) per share
 
 
 
Basic
$ 
7.20 $ 
5.64 $ 
(1.79) 
Diluted
$ 
7.15 $ 
5.62 $ 
(1.79) 
There were no anti-dilutive securities for the fiscal years ended April 30, 2024 and 2023, which were excluded from the 
calculation of net earnings per share. Potentially dilutive securities of 48,379 for the fiscal year ended April 30, 2022 have not 
been considered in the calculation of net earnings (loss) per share as the effect would be anti-dilutive.
On November 29, 2023 the Board of Directors authorized a stock repurchase program of up to $125 million of the Company's 
outstanding common shares. In conjunction with this authorization the Board of Directors cancelled the remaining 
$22.9 million that had yet to be repurchased under the $100 million existing authorization from May 25, 2021. The Company 
repurchased a total of 1,108,715 common shares, for an aggregate purchase price of $87.7 million of its common shares during 
fiscal 2024. During the first half of fiscal 2024, the Company repurchased $52.2 million under the May 25, 2021 authorization 
while the remaining $35.5 million of stock was repurchased under the November 25, 2023 authorization. The Company did not 
repurchase any of its shares during fiscal 2023 but purchased a total of 299,781 common shares, for an aggregate purchase price 
of $25.0 million under the plan approved on May 25, 2021 during fiscal 2022. The Company funded share repurchases using 
available cash and cash generated from operations. Repurchased shares became authorized but unissued common shares. At 
April 30, 2024, $89.5 million remained authorized by the Board to repurchase the Company’s common shares. 
Note H — Stock-Based Compensation
 
The Company has various stock-based compensation plans. The Company issues restricted stock units ("RSUs") and stock 
options to key employees and non-employee directors. The Company recognizes stock-based compensation costs for those 
shares expected to vest on a straight-line basis over the requisite service period of the award. The Company records forfeitures 
as they occur.
 
40

Stock Incentive Plans
 
At April 30, 2024, the Company had stock option and RSU awards outstanding under three different plans: (1) 2023 stock 
incentive plan; (2) 2016 employee stock incentive plan; and (3) 2015 non-employee directors equity ownership plan. As of 
April 30, 2024, there were 749,850 shares of common stock available for future stock-based compensation awards under the 
Company's stock incentive plans.
Methodology Assumptions
For purposes of valuing stock option grants, the Company uses the Black-Scholes option-pricing model to value the Company’s 
stock options. For purposes of determining the fair value of RSUs, the Company uses the closing stock price of its common 
stock as reported on the NASDAQ Global Select Market on the date of grant. The fair value of the Company's stock options 
and RSU awards is expensed on a straight-line basis over the vesting period of the stock options and RSUs to the extent the 
Company believes it is probable the related performance criteria, if any, will be met. The expected volatility assumption is 
based on the historical volatility of the Company’s stock over a term equal to the expected term of the option granted. The 
expected term of stock option awards granted is derived from the Company’s historical exercise experience and represents the 
period of time that stock option awards granted are expected to be outstanding. The expected term assumption incorporates the 
contractual term of an option grant, which is generally ten years for employees, as well as the vesting period of an award, which 
is typically three years. The risk-free interest rate is based on the implied yield on a U.S. Treasury constant maturity with a 
remaining term equal to the expected term of the option granted.
The weighted-average assumptions and valuation of the Company’s stock options were as follows:
FISCAL YEAR 
ENDED APRIL 30, 
2024
Weighted-average fair value of grants
$ 
77.19 
Expected volatility
 48.65 %
Expected term in years
6.5
Risk-free interest rate
 4.32 %
Expected dividend yield
 — %
 
Stock Option Activity:
Performance-based stock options ("Performance-Based Options") granted and outstanding under the Company’s 2023 stock 
incentive plan cliff vest at the end of three-years  and have contractual terms of ten-years. The Performance-Based Options are 
subject to performance conditions and continued employment through the vest date. The exercise price of all stock options 
granted is equal to the fair market value of the Company’s common stock on the option grant date.
The Company did not grant stock options during the fiscal years ended April 30, 2023 and 2022. 
41

The following table presents a summary of the Company’s stock option activity for the fiscal year ended April 30, 2024 
(remaining contractual term in years and exercise prices are weighted-averages):
 
NUMBER OF 
OPTIONS
WEIGHTED 
AVERAGE 
REMAINING 
CONTRACTUAL 
TERM
WEIGHTED 
AVERAGE 
EXERCISE PRICE
AGGREGATE 
INTRINSIC VALUE 
(in thousands)
Outstanding at April 30, 2023
 
— 
0
$ 
— $ 
— 
Granted
 
92,340 
9.4
 
77.19 $ 
1,375 
Exercised
 
— 
0
 
— $ 
— 
Cancelled or expired
 
(10,260) 
0
77.19
$ 
153 
Outstanding at April 30, 2024
 
82,080 
9.4
$ 
77.19 $ 
1,222 
Vested and expected to vest in the 
future at April 30, 2024
 
82,080 
9.4
$ 
77.19 $ 
1,222 
Exercisable at April 30, 2024
 
— 
0
$ 
— $ 
— 
As of April 30, 2024, there was $3.1 million of total unrecognized compensation expense related to unvested stock options 
granted under the Company's stock-based compensation plans. This expense is expected to be recognized over a weighted-
average period of 2.3 years.
Restricted Stock Unit Activity:
 
Prior to June 2023, the Company's RSUs granted to employees cliff-vest over a three-year period from date of grant, while 
RSUs granted to non-employee directors vest daily over a two-year period from date of grant. Directors were granted service-
based RSUs only, while employees were awarded both service-based and performance-based RSUs ("PBRSUs"). Beginning in 
June 2023, service-based RSUs granted to employees vest one-third on each of the first, second and third anniversaries of the 
grant date and service-based restricted stock units granted to non-employee directors vest daily through the end of the one-year 
vesting period as long as (i) the recipient continuously remains a member of the Board and (ii) entitle the recipient to receive 
one share of the Company's common stock per unit vested. Directors were granted service-based RSUs only, while employees 
were awarded both service-based and performance-based RSUs ("PBRSUs") in fiscal years 2024, 2023, and 2022. The 
PBRSUs granted in fiscal 2024, 2023, and 2022 are earned based on achievement of a number of goals pertaining to the 
Company's financial performance during three one-year performance periods and the achievement of certain cultural goals for 
the three-year period. Employees who satisfy the vesting criteria will receive a proportional amount of PBRSUs based upon the 
Compensation Committee's assessment of the Company's achievement of the performance criteria.
42

The following table contains a summary of the Company's RSU activity for the fiscal years ended April 30, 2024, 2023, and 
2022:
 
PERFORMANCE-
BASED RSUs
SERVICE-
BASED RSUs
TOTAL RSUs
WEIGHTED 
AVERAGE 
GRANT 
DATE FAIR 
VALUE
Issued and outstanding, April 30, 2021
 
131,684  
91,471  
223,155 
$64.81
Granted
 
57,392  
85,568  
142,960 
$76.97
Cancelled due to non-achievement of performance 
goals
 
(1,975)  
—  
(1,975) 
$104.10
Settled in common stock
 
(19,930)  
(23,242)  
(43,172) 
$71.47
Forfeited
 
(12,561)  
(6,563)  
(19,124) 
$72.79
Issued and outstanding, April 30, 2022
 
154,610  
147,234  
301,844 
$69.10
Granted
 
119,772  
82,848  
202,620 
$51.77
Cancelled due to non-achievement of performance 
goals
 
(38,454)  
—  
(38,454) 
$73.85
Settled in common stock
 
(19,478)  
(49,916)  
(69,394) 
$63.12
Forfeited
 
(16,620)  
(9,986)  
(26,606) 
$63.15
Issued and outstanding, April 30, 2023
 
199,830  
170,180  
370,010 
$61.77
Granted
 
155,062  
79,778  
234,840 
$63.41
Cancelled due to non-achievement of performance 
goals
 
(9,949)  
—  
(9,949) 
$63.83
Settled in common stock
 
(45,109)  
(68,034)  
(113,143) 
$65.02
Forfeited
 
(14,939)  
(8,400)  
(23,339) 
$66.52
Issued and outstanding, April 30, 2024
 
284,895  
173,524  
458,419 
$61.85
As of April 30, 2024, there was $17.7 million of total unrecognized compensation expense related to unvested RSUs granted 
under the Company's stock-based compensation plans. This expense is expected to be recognized over a weighted-average 
period of 1.7 years.
For the fiscal years ended April 30, 2024, 2023, and 2022 stock-based compensation expense was allocated as follows:
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
Cost of sales and distribution
$ 
2,377 $ 
2,154 $ 
1,299 
Selling and marketing expenses
 
2,364  
1,941  
1,266 
General and administrative expenses
 
5,941  
3,301  
2,143 
Stock-based compensation expense, before income taxes
$ 
10,682 $ 
7,396 $ 
4,708 
Note I — Employee Benefit and Retirement Plans
 
Under the American Woodmark Corporation Retirement Savings Plan (the "Plan"), essentially all employees are immediately 
eligible to participate in the Plan. Participants are eligible for 401(k) matching contributions based upon the employee’s 
contribution to the Plan. All participants employed at the end of the fiscal year and hired prior to November 2 of the fiscal year 
are eligible for a discretionary profit-sharing contribution.
Prior to February 1, 2024, discretionary profit-sharing contributions ranging from 0-5% of net income, based on predetermined 
net income levels of the Company, may be made annually in the form of Company stock. Effective February 1, 2024, the profit-
sharing contributions are limited to 3% of net income. The Company contributed 5% of net income for the first nine months of 
fiscal 2024 and 3% of net income for the last three months of fiscal 2024. The Company recognized expenses for profit-sharing 
contributions of $5.3 million, $4.7 million, and $0.8 million in fiscal years 2024, 2023, and 2022, respectively.
43

For the first eight months of fiscal 2024, the Company matched 100% of an employee's annual 401(k) contributions to the Plan 
up to 4% of annual compensation. Effective January 1, 2024, the matching contribution was increased to the first 4% of annual 
compensation plus an additional 50% of the next 2% of annual compensation, thus providing a 5% match. The expense for 
401(k) matching contributions for the plan was $12.9 million, $12.4 million, and $11.7 million, in fiscal years 2024, 2023, and 
2022, respectively.
Note J--Derivative Financial Instruments
Interest Rate Swap Contracts
The Company enters into interest rate swap contracts to manage variability in the amount of known or expected cash payments 
related to portions of its variable rate debt. On May 28, 2021, the Company entered into four interest rate swaps with an 
aggregate notional amount of $200 million to hedge part of the variable rate interest payments under the Term Loan Facility. 
The interest rate swaps became effective on May 28, 2021 and will terminate on May 30, 2025. The interest rate swaps 
economically convert a portion of the variable rate debt to fixed rate debt. The Company receives floating interest payments 
monthly based on one-month SOFR and pays a fixed rate of 0.53% to the counterparty.
The interest rate swaps are designated as cash flow hedges. Changes in fair value are recorded to other comprehensive income. 
The risk management objective in using interest rate swaps is to add stability to interest expense and to manage the Company's 
exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts 
from a counterparty in exchange for the Company making fixed-rate payments over the life of the contract agreements without 
exchange of the underlying notional amount. Realized gains or losses in connection with required interest payments on interest 
rate swaps are recorded in earnings, as a component of interest expense, net to offset variability in interest expense associated 
with the underlying debt's cash flows. 
For the year ended April 30, 2024, unrealized gains, net of deferred taxes, of $4.3 million, were recorded in other 
comprehensive income, and $7.4 million of realized gains were reclassified out of accumulated other comprehensive loss to 
interest expense, net due to interest received from and payments made to the swap counterparties. For the year ended April 30, 
2023, unrealized gains, net of deferred taxes, of $3.9 million, were recorded in other comprehensive income, and $3.8 million 
of realized losses were reclassified out of accumulated other comprehensive loss to interest expense due to payments made to 
the swap counterparties.
As of April 30, 2024, the Company anticipates reclassifying approximately $6.8 million of hedging gains, net of tax benefit, 
from accumulated other comprehensive income into earnings during the next 12 months to offset the variability of the hedged 
items during this period. 
The fair value of the derivative instruments are included in other assets on the consolidated balance sheets.
Foreign Exchange Forward Contracts
At April 30, 2024, the Company held a target accrual redemption forward agreement to purchase Mexican Pesos across 48 
defined fixings. These fixings allow for U.S. dollars to be converted into Pesos at a rate of 18.25 Pesos to one U.S. Dollar. 
Cumulative profit is capped at an aggregate of approximately $1.8 million over the shorter of the life of the contract fixings or 
the utilization of the cap. If the spot rate is between 18.25 and 19.00 for a defined fixing then the Company purchases at the 
spot rate and the profit cap is not impacted. As of April 30, 2024, a liability of $1.5 million is recorded in other accrued 
expenses on the consolidated balance sheets. At April 30, 2023, the Company held no forward contracts. 
44

Note K — Income Taxes
Income tax expense was comprised of the following:
 
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
CURRENT 
 
 
 
Federal
$ 
34,525 $ 
39,180 $ 
8,748 
State
 
9,828  
12,937  
3,295 
Foreign
 
964  
998  
417 
Total current expense
 
45,317  
53,115  
12,460 
DEFERRED
 
 
 
Federal
 
(7,156)  
(20,195)  
(21,316) 
State
 
(1,866)  
(3,869)  
(4,049) 
Foreign
 
(543)  
(88)  
(352) 
Total deferred benefit 
 
(9,565)  
(24,152)  
(25,717) 
Total expense (benefit)
 
35,752  
28,963  
(13,257) 
Tax (benefit) or loss included in other comprehensive income
 
(1,020)  
(50)  
21,944 
Total comprehensive income tax expense
$ 
34,732 $ 
28,913 $ 
8,687 
The Company's effective income tax rate varied from the federal statutory rate as follows: 
 
FISCAL YEARS ENDED APRIL 30,
 
2024
2023
2022
Federal statutory rate
 21.0 %
 21.0 %
 21.0 %
Effect of:
Federal income tax credits
 (3.1) 
 (2.7) 
 5.4 
Stock compensation
 (0.2) 
 0.2 
 (0.3) 
Uncertain tax positions
 — 
 (0.2) 
 1.7 
Meals and entertainment
 0.3 
 0.2 
 (0.4) 
Foreign
 0.1 
 0.3 
 0.6 
Other
 1.5 
 (0.4) 
 (0.6) 
State income taxes, net of federal tax effect
 3.9 
 5.2 
 3.4 
Effective income tax rate
 23.5 %
 23.6 %
 30.8 %
45

The significant components of deferred tax assets and liabilities were as follows:
 
APRIL 30,
(in thousands)
2024
2023
Deferred tax assets:
 
 
Accounts receivable
$ 
1,737 $ 
2,755 
Inventory
 
3,009  
1,902 
Product liability
 
1,395  
2,031 
Employee benefits
 
6,112  
6,824 
Tax credit carryforwards
 
6,087  
5,920 
Operating leases liabilities
 
33,454  
26,884 
Section 174 research and development
 
9,542  
5,258 
Other
 
4,038  
1,892 
Gross deferred tax assets, before valuation allowance
 
65,374  
53,466 
Valuation allowance
 
(5,878)  
(5,573) 
Gross deferred tax assets, after valuation allowance
 
59,496  
47,893 
Deferred tax liabilities:
 
 
Pension benefits
 
235  
227 
Depreciation
 
25,059  
22,464 
Intangibles
 
—  
6,830 
Operating leases right-of-use assets
 
30,981  
24,681 
Interest rate swaps
 
2,448  
3,518 
Other
 
647  
634 
Gross deferred tax liabilities
 
59,370  
58,354 
Net deferred tax (asset) liability
$ 
(126) $ 
10,461 
We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely 
reinvested in foreign operations. Undistributed earnings that are indefinitely reinvested in foreign operations are not significant 
as of April 30, 2024. 
The Company recorded a valuation allowance related to deferred tax assets for certain state investment tax credit ("ITC") 
carryforwards and foreign tax credit ("FTC") carryforwards. Deferred tax assets are reduced by a valuation allowance when, 
after considering all positive and negative evidence, it is determined that it is more likely than not that some portion, or all, of 
the deferred tax asset will not be realized. The Company determined that there will not be sufficient foreign source income to 
fully utilize the current year and carry forward FTCs. Therefore, the Company updated the valuation allowance for the current 
year activity of $0.2 million related to FTCs.
The gross amount of state tax credit carryforwards related to state ITCs as of April 30, 2024 and 2023 was $3.7 million and 
$3.6 million, respectively. These credits expire in various years beginning in fiscal 2028. Net of the federal impact and related 
valuation allowance, the Company recorded $0.2 million and $0.3 million of deferred tax assets related to these credits as of 
April 30, 2024 and 2023, respectively. The Company accounts for ITCs under the deferral method, under which the tax benefit 
from the ITC is deferred and amortized into income tax expense over the book life of the related property. As of April 30, 2024 
and 2023, a deferred credit balance of $0.2 million and $0.3 million, respectively, is included in other long-term liabilities on 
the consolidated balance sheets. 
The gross amount of FTC carryforwards as of April 30, 2024 and 2023 is $2.4 million and $2.2 million, respectively, which 
begin to expire in fiscal 2029.
The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax 
deductions:
46

 
APRIL 30,
(in thousands)
2024
2023
 Balance at beginning of year
$ 
2,892 $ 
2,070 
 Additions based on tax positions of prior years
 
—  
1,568 
 Reductions for tax positions of prior years settlements
 
—  
(746) 
 Balance at end of year
$ 
2,892 $ 
2,892 
The Company operates in multiple tax jurisdictions and, in the normal course of business, its tax returns are subject to 
examination by various taxing authorities. Such examinations may result in future assessments by these taxing authorities, and 
the Company will accrue a liability when it believes that it is not more likely than not that it will realize the benefits of tax 
positions that it has taken or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance 
with accounting standards. An estimate of the range of the amounts of unrecognized tax benefits that will increase or decrease 
income tax expense in the next 12 months cannot be made. As of April 30, 2024, federal tax years 2020 through 2023 remain 
subject to examination. The Company believes that adequate provisions have been made for all tax returns subject to 
examination. The Company is currently not under federal audit. If the liability for uncertain tax positions is released the entire 
amount would impact the Company's effective tax rate. 
Note L — Commitments and Contingencies
Legal Matters
The Company is involved in suits and claims in the normal course of business, including without limitation product liability and 
general liability claims, and claims pending before the Equal Employment Opportunity Commission. On at least a quarterly 
basis, the Company consults with its legal counsel to ascertain the reasonable likelihood that such claims may result in a loss. 
As required by FASB Accounting Standards Codification Topic 450, "Contingencies", the Company categorizes the various 
suits and claims into three categories according to their likelihood for resulting in potential loss: those that are probable, those 
that are reasonably possible and those that are deemed to be remote. Where losses are deemed to be probable and estimable, 
accruals are made. Where losses are deemed to be reasonably possible, a range of loss estimates is determined and considered 
for disclosure. In determining these loss range estimates, the Company considers known values of similar claims and 
consultation with independent counsel.
The Company believes that the aggregate range of losses stemming from the various suits and asserted and unasserted claims 
which were deemed to be either probable or reasonably possible are not material as of April 30, 2024, with the exception of the 
Antidumping and Countervailing Duties Investigation discussed below.
Antidumping and Countervailing Duties Investigation
In February 2020, a conglomeration of domestic manufacturers filed a scope and circumvention petition seeking the imposition 
of antidumping (“AD”) and countervailing duties (“CVD”) with the United States Department of Commerce (“DOC”) and the 
United States International Trade Commission (“ITC”) against imports of hardwood plywood assembled in Vietnam using 
cores sourced from China. In July 2022, the DOC issued a Preliminary Scope Determination and Affirmative Preliminary 
Determination of Circumvention of the Antidumping and Countervailing Duty Orders (“Preliminary Determination”).  In July 
2023, the DOC issued a Final Scope Determination and Affirmative Final Determination of Circumvention of the Antidumping 
and Countervailing Duty Orders (“Final Determination”).  
Included in the Final Determination is a list of Vietnamese suppliers not eligible for certification. AD and CVD cash deposits of 
206% are required for imports from the Vietnamese suppliers not eligible for certification. Many of the Vietnamese suppliers 
appealed their inclusion on the ineligible for certification list in the Preliminary Determination. Because two of the Company’s 
primary Vietnamese plywood vendors remained on the ineligible for certification list in the Final Determination, the Company 
recorded a loss on unliquidated customs entries as of Final Determination in July 2023. The loss recorded in fiscal 2024 was 
$4.9 million, or $3.7 million net of tax. Based on the evidence provided from the Vietnamese suppliers, the specific 
characteristics of the product imported and other relevant matters, the Company intends to vigorously appeal the Final 
Determination that it is subject to these duties and disputes the findings of the Final Determination with regards to the 
Company. In fiscal 2024 the Company filed an administrative review request on the AD/CVD orders and the Company filed a 
complaint with the Court of International Trade. As of April 30, 2024, both of these proceedings are pending. Our last order 
was placed with these vendors in June 2022.
47

Product Warranty
The Company estimates outstanding warranty costs based on the historical relationship between warranty claims and revenues. 
The warranty accrual is reviewed monthly to verify that it properly reflects the remaining obligation based on the anticipated 
expenditures over the balance of the obligation period. Adjustments are made when actual warranty claim experience differs 
from estimates. Warranty claims are generally made within two months of the original shipment date. 
The following is a reconciliation of the Company's warranty liability:
 
APRIL 30,
(in thousands)
2024
2023
Beginning balance
$ 
8,014 $ 
6,878 
Accrual for warranties
 
19,942  
34,620 
Settlements
 
(22,375)  
(33,484) 
Ending balance at fiscal year end
$ 
5,581 $ 
8,014 
Note M — Revenue Recognition 
The Company disaggregates revenue from contracts with customers into major sales distribution channels as these categories 
depict the nature, amount, timing, and uncertainty of revenues and cash flows that are affected by economic factors. The 
following table disaggregates our consolidated revenue by major sales distribution channels for the years ended April 30, 2024, 
2023, and 2022:
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
Home center retailers
$ 
768,614 $ 
892,721 $ 
890,554 
Builders
 
783,199  
848,302  
731,048 
Independent dealers and distributors
 
295,689  
325,177  
235,584 
Net Sales
$ 1,847,502 $ 2,066,200 $ 1,857,186 
Note N — Credit Concentration
Financial instruments that potentially subject the Company to concentrations of risk consist primarily of cash and cash 
equivalents and accounts receivable. The Company maintains its cash and cash equivalents with major financial institutions and 
such balances may, at times, exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced 
any losses in such accounts and believes it is not exposed to any significant risk on cash and cash equivalents.
Credit is extended to customers based on an evaluation of each customer's financial condition and generally collateral is not 
required. The Company's customers to whom credit is extended operate in the new home construction and home remodeling 
markets. 
 
The Company maintains an allowance for credit losses based upon management's evaluation and judgment of potential net loss. 
The allowance is estimated based upon historical experience, the effects of current developments and economic conditions and 
of each customer's current and anticipated financial condition. Estimates and assumptions are periodically reviewed and 
updated. Any resulting adjustments to the allowance are reflected in current operating results.
At April 30, 2024, the Company's two largest customers, Customers A and B, represented 33.2% and 17.7% of the Company's 
gross customer receivables, respectively. At April 30, 2023, Customers A and B represented 40.4% and 18.4% of the 
Company's gross customer receivables, respectively.
48

The following table summarizes the percentage of net sales to the Company's two largest customers for the last three fiscal 
years:
 
PERCENT OF ANNUAL NET SALES
 
2024
2023
2022
Customer A
28.5%
29.6%
31.9%
Customer B
13.1%
13.6%
16.1%
 
Note O — Leases
Operating Leases - right-of-use ("ROU") assets related to operating leases are presented as Operating lease right-of-use assets 
on the consolidated balance sheet. Lease liabilities related to operating leases with lease terms greater than twelve months are 
presented in Short-term lease liability - operating and Long-term lease liability - operating on the consolidated balance sheet.
Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the 
future lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the 
rate implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental 
borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of 
interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease 
payments in a similar economic environment. Operating lease ROU assets may also include any cumulative prepaid or accrued 
rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may also include 
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The ROU asset 
includes any lease payments made and lease incentives received prior to the commencement date. The Company has lease 
arrangements with lease and non-lease components, which are accounted for separately. Non-lease components of the lease 
payments are expensed as incurred and are not included in determining the present value.
Finance Leases - ROU assets related to finance leases are presented in Property, plant and equipment, net on the consolidated 
balance sheet. Lease liabilities related to finance leases are presented in Current maturities of long-term debt and Long-term 
debt, less current maturities on the consolidated balance sheet.
Finance lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of the future 
lease payments over the lease term. The discount rate used to determine the present value of the lease payments is the rate 
implicit in the lease unless that rate cannot be readily determined, in which case, the Company utilizes its incremental 
borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is the rate of 
interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease 
payments in a similar economic environment.
The components of lease costs were as follows:
 
FISCAL YEARS ENDED APRIL 30,
(in thousands)
2024
2023
2022
Finance lease cost:
Reduction in the carrying value of right-of-use assets
$ 
2,078 $ 
1,720 $ 
1,404 
Interest on lease liabilities
$ 
202 $ 
105 $ 
106 
Operating lease cost
$ 
31,365 $ 
26,592 $ 
27,610 
49

Additional information related to leases was as follows:
 
FISCAL YEARS ENDED APRIL 30,
(dollars in thousands)
2024
2023
2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases
$ 
202 
$ 
105 
$ 
106 
Operating cash flows for operating leases
$ 30,388 
$ 26,906 
$ 25,100 
Financing cash flows for financing leases
$ 2,059 
$ 1,714 
$ 1,379 
Right-of-use assets obtained in exchange for new finance lease liabilities
$ 4,738 
$ 1,138 
$ 1,862 
Right-of-use assets obtained in exchange for new operating lease liabilities
$ 26,912 
$ 11,109 
$ 7,482 
Weighted average remaining lease term (years)
Weighted average remaining lease term - finance leases
2.71
1.99
2.32
Weighted average remaining lease term - operating leases
5.91
4.84
5.77
Weighted average discount rate
Weighted average discount rate - finance leases
 6.04 %
 3.69 %
 2.91 %
Weighted average discount rate - operating leases
 4.18 %
 3.35 %
 3.20 %
The following is a reconciliation of future undiscounted cash flows to the operating and finance lease liabilities, and the related 
ROU assets, presented on the consolidated balance sheet as of April 30, 2024:
FISCAL YEAR
OPERATING        
(in thousands)
FINANCING        
(in thousands)
2025
$ 
32,384 $ 
2,563 
2026
 
29,516  
1,915 
2027
 
23,583  
1,215 
2028
 
20,658  
364 
2029
 
15,750  
132 
Thereafter
 
31,056  
— 
Total lease payments
 
152,947  
6,189 
Less imputed interest
 
(18,965)  
(505) 
Total lease liability
$ 
133,982 $ 
5,684 
Current maturities
 
(27,409)  
(2,292) 
Long-term lease liability
$ 
106,573 $ 
3,392 
Lease right-of-use assets
$ 
126,383 $ 
11,676 
NOTE P — Restructuring Charges
In the third quarter of fiscal 2023, the Company implemented nationwide reductions in force, which were substantially 
completed in the fourth quarter of fiscal 2023. The Company recognized pre-tax restructuring charges, net of $(0.2) million for 
the year ended April 30, 2024, related to these reductions in force, which were primarily severance and separation costs.
During fiscal years 2024, 2023, and 2022, the Company recognized total pre-tax restructuring charges, net of $(0.2) million, 
$1.5 million, and $0.2 million, respectively.
Note Q — Fair Value Measurements
The Company utilizes the hierarchy of fair value measurements to classify certain of its assets and liabilities based upon the 
following definitions:
50

Level 1 – Investments with quoted prices in active markets for identical assets or liabilities. The Company's cash equivalents 
are invested in money market funds, mutual funds and certificates of deposit. The Company's mutual fund investment assets 
represent contributions made and invested on behalf of the Company's named executive officers in a supplementary employee 
retirement plan.
Level 2 – Investments with observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; 
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market 
data for substantially the full term of the assets or liabilities.
Level 3 – Investments with unobservable inputs that are supported by little or no market activity and that are significant to the 
fair value of the assets or liabilities. The Company has no Level 3 assets or liabilities measured on a recurring basis.
The Company's financial instruments include cash and equivalents, marketable securities, and other investments; accounts 
receivable and accounts payable; interest rate swap contracts; and short- and long-term debt. The carrying values of cash and 
equivalents, accounts receivable and payable, and short-term debt on the consolidated balance sheets approximate their fair 
value due to the short maturities of these items. The interest rate swap and foreign exchange forward contracts were marked to 
market and therefore represent fair value. The fair values of these contracts are determined based on inputs that are readily 
available in public markets or can be derived from information available in publicly quoted markets. The following table 
summarizes the fair value of assets and liabilities that are recorded in the Company's consolidated financial statements as of 
April 30, 2024 and 2023 at fair value on a recurring basis (in thousands): 
 
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2024
LEVEL 1
LEVEL 2
LEVEL 3
ASSETS:
 
 
 
Mutual funds
$ 
178 $ 
— $ 
— 
Interest rate swap contracts
 
—  
9,810  
— 
Total assets at fair value
$ 
178 $ 
9,810 $ 
— 
LIABILITIES:
Foreign exchange forward contracts
 
—  
1,544  
— 
 
FAIR VALUE MEASUREMENTS AS OF APRIL 30, 2023
LEVEL 1
LEVEL 2
LEVEL 3
ASSETS:
 
 
 
Mutual funds
$ 
191 $ 
— $ 
— 
Interest rate swap contracts
 
—  
13,885  
— 
Total assets at fair value
$ 
191 $ 
13,885 $ 
— 
51

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of American Woodmark Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of American Woodmark Corporation (the Company) as of 
April 30, 2024 and 2023, the related consolidated statements of operations, comprehensive income, shareholders' equity and 
cash flows for each of the two years in the period ended April 30, 2024, and the related notes and financial statement schedule 
included under Item 15(a)2 (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated 
financial statements present fairly, in all material respects, the financial position of the Company at April 30, 2024 and 2023, 
and the results of its operations and its cash flows for each of the two years in the period ended April 30, 2024, in conformity 
with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the Company's internal control over financial reporting as of April 30, 2024, based on criteria established in Internal 
Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 
framework), and our report dated June 26, 2024 expressed an unmodified opinion thereon. 
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on 
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that 
was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that 
are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken 
as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit 
matter or on the accounts or disclosures to which it relates.
Timing of Revenue Recognition
Description of 
the Matter
As discussed at Note A of the consolidated financial statements, the Company recognizes revenue when 
control is transferred to the customer, which is at the time of shipment or delivery based on contractual 
terms with customers.  For products where title transfer occurs upon delivery to the customer’s location, 
the Company must estimate the amount of sales for products that have been shipped but not yet delivered.   
The estimate of sales shipped but not delivered is calculated using a lag factor, which is determined by 
analyzing the actual difference between shipment date and delivery date of orders over a representative 
period of time.  
Auditing management’s lag factor estimate was complex due to the significant judgments management 
made in determining the length of time to be used in arriving at the estimated days between shipment and 
delivery date. Management’s selected time period as opposed to a longer, shorter, or more recent period of 
time could have a significant effect on the amount of sales recorded as of period end. 
52

How We 
Addressed the 
Matter in Our 
Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over 
the Company’s process for determining the timing of transfer of control, including controls over 
management’s review of the lag factor calculation and management’s controls over validating the 
completeness and accuracy of the third-party carrier data used in the calculation. 
To test the Company’s lag estimate, we tested the completeness and accuracy of third-party carrier data 
used by the Company in its calculation and recalculated the estimated amount of sales shipped but not yet 
delivered.  We performed an independent calculation of the lag estimate utilizing delivery data for 
differing periods of time. We evaluated the reasonableness of the selected time period utilized by the 
Company in determining the lag by comparing it against the results of our independent calculation. 
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2022.
Richmond, Virginia
June 26, 2024 
53

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors 
American Woodmark Corporation:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of operations, comprehensive income, shareholders’ equity, and 
cash flows of American Woodmark Corporation and subsidiaries (the Company) for the year ended April 30, 2022, and the 
related notes and financial statement schedule II (collectively, the consolidated financial statements). In our opinion, the 
consolidated financial statements present fairly, in all material respects, the results of operations of the Company and its cash 
flows for the year ended April 30, 2022, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express 
an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the 
Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, 
whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the 
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such 
procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial 
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, 
as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a 
reasonable basis for our opinion.
/s/ KPMG LLP
We served as the Company’s auditor from 2004 to 2022.
Richmond, Virginia
June 29, 2022
54

Management's Annual Report on Internal Control over Financial Reporting
Management has responsibility for establishing and maintaining adequate internal control over financial reporting. Internal 
control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. generally accepted 
accounting principles. Because of its inherent limitations, a system of internal control over financial reporting may not prevent 
or detect misstatements. Management has assessed the effectiveness of the Company's internal control over financial reporting 
as of April 30, 2024. In making its assessment, Management has utilized the criteria set forth by the Committee of Sponsoring 
Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) (the "COSO 2013 Framework"). 
Management concluded that based on its assessment, American Woodmark Corporation's internal control over financial 
reporting was effective as of April 30, 2024. The Company's internal control over financial reporting as of April 30, 2024 has 
been audited by Enrst & Young LLP, an independent registered public accounting firm, as stated in their report, which appears 
in this Annual Report on Form 10-K.
/s/ M. SCOTT CULBRETH
M. Scott Culbreth
President and Chief Executive Officer
/s/ PAUL JOACHIMCZYK
Paul Joachimczyk
Senior Vice President and Chief Financial Officer
55

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of American Woodmark Corporation
Opinion on Internal Control Over Financial Reporting
We have audited American Woodmark Corporation’s internal control over financial reporting as of April 30, 2024, based on 
criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework) (the COSO criteria). In our opinion, American Woodmark Corporation (the 
Company) maintained, in all material respects, effective internal control over financial reporting as of April 30, 2024, based on 
the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated balance sheets of the Company as of April 30, 2024 and 2023, the related consolidated statements 
of operations, comprehensive income, shareholders’ equity, and cash flows for each of the two years in the period ended April 
30, 2024, and the related notes and financial statement schedule included under Item 15(a)2 and our report dated June 26, 2024 
expressed an unqualified opinion thereon. 
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual 
Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and 
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a 
reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Richmond, Virginia
June 26, 2024 
56

Item 9.  
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND 
FINANCIAL DISCLOSURE
 
None.
 
Item 9A. 
CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures. The Company’s management evaluated, with the participation of the 
Company’s principal executive officer and principal financial officer, the effectiveness of the Company’s disclosure controls 
and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the 
Exchange Act))  as of April 30, 2024. Based on this evaluation, Company management, including the principal executive 
officer and principal financial officer, concluded that the Company’s disclosure controls and procedures were effective.
Management’s Annual Report on Internal Control over Financial Reporting. Management had conducted an assessment of the 
Company's internal control over financial reporting as of April 30, 2024. Management's report regarding that assessment is 
included with the Consolidated Financial Statements included in this report under Item 8, "Financial Statements and 
Supplementary Data," and is incorporated in this item by reference.
Report of Registered Public Accounting Firm. The Company's independent registered public accounting firm, Ernst & Young 
LLP (EY), has issued an audit report on the effectiveness of the Company's internal control over financial reporting. EY's report 
on the effectiveness of the Company's internal control over financial reporting is included with the Consolidated Financial 
Statements included in this report under Item 8, "Financial Statements and Supplementary Data," and is incorporated in this 
item by reference.
Changes in Internal Control over Financial Reporting.  There has been no change in the Company's internal control over 
financial reporting during the fiscal quarter ended April 30, 2024, that has materially affected, or is reasonably likely to 
materially affect, the Company's internal control over financial reporting.
 
Item 9B. 
OTHER INFORMATION
 
Rule 10b5-1 Trading Plans
During the fiscal quarter ended April 30, 2024, none of the Company’s directors or executive officers adopted, terminated or 
modified a "Rule 10b5-1 trading agreement" or a “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 
408(a) of Regulation S-K. 
Item 9C. 
DISCLOSURE ABOUT FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
PART III
Item 10.  
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 
In response to this Item, and in accordance with General Instruction G(3) of Form 10-K:
 
(1)
the information concerning the Company's directors is set forth under the caption "Item 1 - Election of Directors - 
Information Regarding Nominees" in the Company's Proxy Statement for its Annual Meeting of Shareholders to be held on 
August 22, 2024  ("Proxy Statement") and is incorporated in this Item by reference;
(2)
the information concerning the Company's executive officers is set forth under the caption "Executive Officers of the 
Registrant" in Part I of this report and is incorporated in this Item by reference;
(3)
the information concerning compliance with Section 16(a) of the Exchange Act is set forth under the caption 
"Delinquent Section 16(a) Reports" in the Proxy Statement and is incorporated in this Item by reference;
(4)
the information concerning the Code of Business Conduct and Ethics governing the Company's Chief Executive 
Officer, Chief Financial Officer, Controller, and Treasurer is set forth under the caption "Corporate Governance – Codes of 
Business Conduct and Ethics" in the Proxy Statement and is incorporated in this Item by reference; 
57

(5)
the information concerning material changes, if any, in the procedures by which security holders may recommend 
nominees to the Company's Board of Directors is set forth under the caption "Corporate Governance – Procedures for 
Shareholder Nominations of Directors" in the Proxy Statement and is incorporated in this Item by reference; 
(6)
the information concerning the Audit Committee of the Company's Board of Directors, including the members of the 
Audit Committee and the Board's determination concerning whether certain members of the Audit Committee are "audit 
committee financial experts" as that term is defined under Item 407(d)(5) of Regulation S-K is set forth under the captions 
"Corporate Governance – Board of Directors and Committees – Audit Committee" in the Proxy Statement and is incorporated 
in this Item by reference; and
(7)
the information about our Insider Trading Policy is set forth under the caption “Corporate Governance – Insider 
Trading Arrangements and Policies” in the Proxy Statement is incorporated in this Item by reference.
 
Item 11.  
EXECUTIVE COMPENSATION
 
In response to this Item, and in accordance with General Instruction G(3) of Form 10-K, the information set forth under the 
captions "Executive Compensation," "Compensation Committee Report," "Compensation Committee Interlocks and Insider 
Participation," "Company's Compensation Policies and Practices Relating to Risk Management" and "Non-Management 
Directors' Compensation" in the Proxy Statement is incorporated in this Item by reference.
 
Item 12.  
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND 
RELATED STOCKHOLDER MATTERS
 
In response to this Item, and in accordance with General Instruction G(3) of Form 10-K, the information set forth under the 
caption "Security Ownership" in the Proxy Statement is incorporated in this Item by reference.
Equity Compensation Plan Information
The following table summarizes information about the Company’s equity compensation plans as of April 30, 2024:
 
Equity Compensation Plan Information
Plan Category
Number of securities to 
be issued upon exercise 
of outstanding options, 
warrants and rights
Weighted average 
exercise price of 
outstanding options, 
warrants and rights
Number of securities 
remaining available for 
future issuance under 
equity compensation 
plans (excluding 
securities reflected in 
column (a))
 
(a)
(b)
(c)
Equity compensation plans approved by security holders(1)
 
— $ 
—  
749,850 
Options
 
82,080 $ 
77.19 
Performance-based restricted stock units
 
284,895 
N/A(2)
Service-based restricted stock units
 
173,524 
N/A(2)
Equity compensation plans not approved by security 
holders(3)
 
— $ 
—  
— 
Total
 
540,499 
$77.19
 
749,850 
(1)
At April 30, 2024, the Company had restricted stock unit awards outstanding under three different plans: 2023 Stock 
Incentive Plan, 2016 Employee Stock Incentive Plan and 2015 Non-Employee Directors Restricted Stock Unit Plan.
(2)
Excludes exercise price for restricted stock units issued under the 2016 Employee Stock Incentive Plan and 2015 
Non-Employee Directors Restricted Stock Unit Plan because they are converted into common stock on a one-for-one 
basis at no additional cost.
(3)
The Company does not have equity compensation plans that have not been approved by the Company's security 
holders.
58

Item 13.  
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR 
INDEPENDENCE
 
In response to this Item, and in accordance with General Instruction G(3) of Form 10-K, the information set forth under the 
captions "Certain Related Party Transactions" and "Corporate Governance – Director Independence" in the Proxy Statement is 
incorporated in this Item by reference.
 
Item 14.  
PRINCIPAL ACCOUNTING FEES AND SERVICES
 
In response to this Item, and in accordance with General Instruction G(3) of Form 10-K, the information concerning fees and 
services of the Company's principal accounting firm set forth under the captions "Report of the Audit Committee - Independent 
Auditor Fee Information" and "Report of the Audit Committee - Pre-Approval Policies and Procedures" in the Proxy Statement 
is incorporated in this Item by reference. 
PART IV
 
Item 15.  
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a)1.
      Financial Statements
The following consolidated financial statements of American Woodmark Corporation are incorporated 
by reference to Item 8 of this report:
 
 
 
Consolidated Balance Sheets as of April 30, 2024 and 2023.
 
 
 
Consolidated Statements of Operations – for each year of the three-year period ended April 30, 2024.
 
Consolidated Statements of Comprehensive Income – for each year of the three-year period ended 
April 30, 2024.
 
Consolidated Statements of Shareholders' Equity – for each year of the three-year period ended 
April 30, 2024.
 
Consolidated Statements of Cash Flows – for each year of the three-year period ended April 30, 
2024.
 
Notes to Consolidated Financial Statements.
 
Report of Independent Registered Public Accounting Firm.(Ernst & Young LLP, Richmond, VA, 
Auditor Firm ID: 42)
Report of Independent Registered Public Accounting Firm.(KPMG LLP, Richmond, VA, Auditor 
Firm ID: 185)
 
Management's Annual Report on Internal Control over Financial Reporting.
 
Report of Independent Registered Public Accounting Firm – Internal Control over Financial 
Reporting.
(a)2.
Financial Statement Schedules
The following financial statement schedule is filed as a part of this Form 10-K:
 
Schedule II – Valuation and Qualifying Accounts for each year of the three-year period ended 
April 30, 2024.
 
Schedules other than the one listed above are omitted either because they are not required or are 
inapplicable.
 
(a)3.
Exhibits 
3.1
Articles of Incorporation as amended effective August 12, 1987 (incorporated by reference to Exhibit 3.1 to 
the Registrant's Form 10-Q for the quarter ended January 31, 2003; Commission File No. 000-14798).
3.1(b)
Articles of Amendment to the Articles of Incorporation effective September 10, 2004 (incorporated by 
reference to Exhibit 3.1 to the Registrant's Form 8-K as filed on August 31, 2004; Commission File No. 
000-14798).
3.2
Bylaws –  as amended effective January 16, 2024 (incorporated by reference to Exhibit 3.1 to the Registrant's 
Form 8-K as filed on January 22, 2024; Commission File No. 000-14798).
59

4.1
The Articles of Incorporation and Bylaws of the Registrant as currently in effect (incorporated by reference to 
Exhibits 3.1 and 3.2).
4.2
Description of Capital Stock (incorporated by reference to Exhibit 4.4 to the Registrant's Form 10-K for the 
fiscal year ended April 30, 2019; Commission File No. 000-14798).
 
Pursuant to Regulation S-K, Item 601(b)(4)(iii), instruments that define the rights of holders of the 
Registrant's long-term debt securities, where the long-term debt securities authorized under each such 
instrument do not exceed 10% of the Registrant's total assets, have been omitted and will be furnished to the 
Securities and Exchange Commission upon request.
10.1 (a)
Amendment and Restatement Agreement, dated as of April 22, 2021, by and among American Woodmark 
Corporation, each Subsidiary of American Woodmark Corporation party thereto, the Lenders party thereto 
and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 
10.1 to the Registrant's Form 8-K as filed on April 26, 2021; Commission File No. 000-14798).
10.1 (b)
Amended and Restated Credit Agreement, dated as of April 22, 2021, by and among American Woodmark 
Corporation, as Borrower, the Lenders referred to therein as Lenders and Wells Fargo Bank, National 
Association, as Administrative Agent, Swingline Lender and Issuing Lender (incorporated by reference to 
Exhibit 10.2 to the Registrant's Form 8-K as filed on April 26, 2021; Commission File No. 000-14798).
10.1 (c)
Amendment Agreement, dated as of January 17, 2023, to the Amended and Restated Credit Agreement dated 
as of April 22, 2021, among American Woodmark Corporation, as Borrower, the lenders from time to time 
party thereto and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by 
reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended January 31, 
2023; Commission File No. 000-14798).
10.2(a)
2015 Non-Employee Directors Restricted Stock Unit Plan (incorporated by reference to Appendix A to the 
Registrant's Definitive Proxy Statement on Schedule 14A as filed on June 30, 2015; Commission File No. 
000-14798).
10.3(a)
Employment Agreement for Mr. M. Scott Culbreth (incorporated by reference to Exhibit 10.1 to the 
Registrant's Form 8-K/A as filed on August 25, 2020; Commission File No. 000-14798).*
10.3(b)
Employment Agreement for Mr. Robert J. Adams, Jr. (incorporated by reference to Exhibit 10.3 to the 
Registrant's Form 8-K as filed on August 31, 2015; Commission File No. 000-14798).*
10.3(c)
Amendment to Employment Agreement for Mr. Robert J. Adams, Jr. (incorporated by reference to Exhibit 
10.4 to the Registrant's Form 8-K as filed on May 29, 2019; Commission File No. 000-14798).*
10.3(d)
Employment Agreement for Mr. Paul Joachimczyk (incorporated by reference to Exhibit 10.2 to the 
Registrant's Form 8-K/A filed on August 25, 2020; Commission File No. 000-14798).*
10.3(e)
Employment Agreement for Mr. Dwayne Medlin (filed herewith).*
10.3(f)
Employment Agreement for Ms. Kimberly Coldiron (filed herewith).*
10.4(a)
Equipment Lease, dated as of June 30, 2004, between the Company and the West Virginia Economic 
Development Authority (incorporated by reference to Exhibit 10.1(l) to the Registrant's Form 10-Q for the 
quarter ended July 31, 2004; Commission File No. 000-14798).
10.4(b)
West Virginia Facility Lease, dated as of July 30, 2004, between the Company and the West Virginia 
Economic Development Authority (incorporated by reference to Exhibit 10.1(m) to the Registrant's Form 10-
Q for the quarter ended July 31, 2004; Commission File No. 000-14798).
10.5
2016 Employee Stock Incentive Plan (incorporated by reference to Exhibit A to the Registrant's Definitive 
Proxy Statement on Schedule 14A as filed on June 29, 2016; Commission File No. 000-14798).
10.5(a)
Form of Grant Letter used in connection with awards of service-based restricted stock units granted under the 
Company's 2016 Employee Stock Incentive Plan (incorporated by reference to Exhibit 10.1(a) to the 
Registrant's Form 10-Q for the quarter ended July 31, 2017; Commission File No. 000-14798).*
10.5(b)
Form of Grant Letter used in connection with awards of performance-based restricted stock units granted 
under the Company's 2016 Employee Stock Incentive Plan (incorporated by reference to Exhibit 10.1(b) to 
the Registrant's Form 10-Q for the quarter ended July 31, 2017; Commission File No. 000-14798).*
10.5(c)
Form of Grant Letter used in connection with awards of cultural-based restricted stock units granted under the 
Company's 2016 Employee Stock Incentive Plan (incorporated by reference to Exhibit 10.1(c) to the 
Registrant's Form 10-Q for the quarter ended July 31, 2017; Commission File No. 000-14798).*
60

10.6(a)
American Woodmark Corporation 2023 Stock Incentive Plan (incorporated by reference to Appendix A to the 
Registrant’s Definitive Proxy Statement filed with the Commission on June 27, 2023 (Commission File No. 
000-14798)).*
10.6(b)
Form of Grant Letter used in connection with the grant of a supplemental long-term incentive award effective 
September 5, 2023 under the American Woodmark Corporation 2023 Stock Incentive Plan (incorporated by 
reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the Commission on 
September 6, 2023 (Commission File No 000-14798)).*
16.1(a)
Letter of KPMG, LLP, dated as of May 27, 2022, to the Securities and Exchange Commission (incorporated 
by reference to the Registrant's Current Report on Form 8-K filed May 27, 2022; Commission File No. 
000-14798).*
16.1(b)
Letter of KPMG, LLP, dated as of June 29, 2022, to the Securities and Exchange Commission (incorporated 
by reference to Amendment No. 1 to the Registrant’s Current Report on Form 8-K filed July 1, 2022; 
Commission File No. 000-14798).
19.1
American Woodmark Corporation Insider Trading Policy (Filed Herewith).
21
Subsidiaries of the Company (Filed Herewith).
23.1
Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm (Filed Herewith).
23.2
Consent of KPMG LLP, Independent Registered Public Accounting Firm (Filed Herewith).
31.1
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
31.2
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) of the Exchange Act (Filed Herewith).
32.1
Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14(b) of the 
Exchange Act and 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 
2002 (Filed Herewith).
97.1
American Woodmark Corporation Clawback Policy for the Recovery of Erroneously Awarded Compensation 
(Filed Herewith).
101
Interactive Data File for the Registrant's Annual Report on Form 10-K for the year ended April 30, 2024 
formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, 
(ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss); 
(iv) Consolidated Statements of Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) 
Notes to Consolidated Financial Statements (Filed Herewith).
104
Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
 *Management contract or compensatory plan or arrangement.
61

Schedule II - Valuation and Qualifying Accounts
 
AMERICAN WOODMARK CORPORATION
(In Thousands)
 
Description (a)
Balance at 
Beginning of 
Year
Additions 
(Reductions) 
Charged to 
Cost and 
Expenses
 
Other
Deductions
 
Balance at 
End of 
Year
Year ended April 30, 2024:
 
 
 
 
 
 
 
Allowance for credit losses
$ 
449 $ 
485  
$ 
— $ 
(460) (b) $ 
474 
Reserve for cash discounts
$ 
1,753 $ 
18,397 (c) $ 
— $ 
(18,663) (d) $ 
1,487 
Reserve for sales returns and allowances
$ 
9,290 $ 
25,040 (c) $ 
— $ 
(27,170)  
$ 
7,160 
Year ended April 30, 2023:
 
 
 
 
 
 
 
Allowance for credit losses
$ 
226 $ 
420 
$ 
— $ 
(197) (b) $ 
449 
Reserve for cash discounts
$ 
1,973 $ 
21,540 (c) $ 
— $ 
(21,760) (d) $ 
1,753 
Reserve for sales returns and allowances
$ 
9,539 $ 
26,043 (c) $ 
— $ 
(26,292) 
$ 
9,290 
Year ended April 30, 2022:
 
 
 
 
 
 
 
Allowance for credit losses
$ 
331 $ 
78 
$ 
— $ 
(183) (b) $ 
226 
Reserve for cash discounts
$ 
1,836 $ 
21,486 (c) $ 
— $ 
(21,349) (d) $ 
1,973 
Reserve for sales returns and allowances
$ 
7,154 $ 
30,088 (c) $ 
— $ 
(27,703) 
$ 
9,539 
 
(a)
All reserves relate to accounts receivable.
(b)
Principally write-offs, net of collections.
(c)
Reduction of gross sales.
(d)
Cash discounts granted.
Item 16.  Form 10-K Summary
None.
62

SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
American Woodmark Corporation
 
(Registrant)
June 26, 2024
/s/ M. SCOTT CULBRETH
 
M. Scott Culbreth
President and Chief Executive Officer
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following 
persons on behalf of the registrant and in the capacities and on the dates indicated. 
 
June 26, 2024
 
/s/ M. SCOTT CULBRETH
 
June 26, 2024
 
/s/ PAUL JOACHIMCZYK
 
 
M. Scott Culbreth           
President and Chief Executive 
Officer                           
(Principal Executive Officer)    
Director
 
 
 
Paul Joachimczyk
Senior Vice President and Chief 
Financial Officer
(Principal Financial Officer and 
Principal Accounting Officer)
June 26, 2024
/s/ LATASHA M. AKOMA
 
June 26, 2024
/s/ ANDREW B. COGAN
Latasha M. Akoma
Director
 
Andrew B. Cogan
Director
June 26, 2024
/s/ JAMES G. DAVIS, JR.
 
June 26, 2024
/s/ PHILIP D. FRACASSA
James G. Davis, Jr.
Director
 
Philip D. Fracassa
Director
June 26, 2024
/s/ DANIEL T. HENDRIX
 
June 26, 2024
 
/s/ DAVID A. RODRIGUEZ
Daniel T. Hendrix
Director
 
 
 
David A. Rodriguez
Director
June 26, 2024
/s/ VANCE W. TANG
June 26, 2024
/s/ EMILY C. VIDETTO
Vance W. Tang
Director, Non-Executive 
Chair
Emily C. Videtto
Director
 
  
In accordance with Securities and Exchange Commission requirements, the Company will furnish copies of all exhibits to its 
Form 10-K not contained herein upon receipt of a written request and payment of $0.10 per page to:
 
 
Mr. Kevin Dunnigan
VP, Treasurer
American Woodmark Corporation
P.O. Box 1980
Winchester, Virginia 22604-8090
63

 
 
 
 
 
 
 
 
 
 
 
 
 
This page intentionally left blank. 

 
 
 
 
 
 
 
 
 
 
 
 
 
This page intentionally left blank. 

 
 
 
 
 
 
 
 
 
 
 
 
 
This page intentionally left blank. 

Robert J. Adams, Jr.
Senior Vice President, 
Manufacturing and Technical 
Operations
Latasha M. Akoma
Director
Member of the Audit Committee
Operating Partner at GenNx360
Andrew B. Cogan
Director
Member of the CSPC
Director and Chief Executive Officer 
of Sonneman - A Way of Light
Kimberly G. Coldiron
Senior Vice President
Chief Human Resources Officer
M. Scott Culbreth
Director
President and 
Chief Executive Officer
Directors and Executive Officers
Corporate Information
Annual Meeting
The 2024 Annual Meeting of Shareholders will be held on 
Thursday, August 22, 2024 at 9:00 a.m. at American Woodmark Corporation, 
561 Shady Elm Road in Winchester, Virginia
Annual Report of Form 10-K
A copy of the Company’s Annual Report on Form 10-K for the fiscal year 
ending on April 30, 2024, may be obtained free of charge on the Company’s 
website at Americanwoodmark.com or by writing:
Kevin Dunnigan
Vice President - Treasurer
American Woodmark Corporation
PO Box 1980
Winchester, VA 22604-9100
Corporate Headquarters
American Woodmark Corporation
561 Shady Elm Road Winchester, VA 22602
(540) 665-9100
Transfer Agent
Computershare Shareholder Services
Investor Relations
(800) 942-5909
Shareholder Inquiries
Investor Relations
American Woodmark Corporation
561 Shady Elm Road, Winchester, VA 22602
(540) 665-9100
americanwoodmark.com
James G. Davis, Jr. 
Director
Chair of the GSNC and
Member of CSPC
Chief Executive Officer at James G. Davis  
Construction Corporation
Philip D. Fracassa
Director
Member of the Audit Committee
Executive Vice President and
Chief Financial Officer at 
The Timken Company 
 
Daniel T. Hendrix
Director
Chair of the Audit Committee
Retired Chairman of Interface, Inc.
Paul Joachimczyk
Senior Vice President 
and Chief Financial Officer
Corporate Secretary
Dwayne L. Medlin
Senior Vice President
Remodel Sales
David A. Rodriguez
Director
Chair of the CSPC and
Member of the GSNC 
Retired Executive Vice President and Global Chief 
Human Resources Officer 
at Marriot International
Vance W. Tang
Non-Executive Chair
Member of the CSPC, GSNC, and Audit Committee 
Retired President and Chief Executive Officer of 
KONE Inc.
Emily C. Videtto
Director
Member of the Audit Committee 
and GSNC
Executive Vice President, Sales and Marketing at 
Pella Corporation
CSPC:
Compensation and Social Principles Committee
GSNC:
Governance, Sustainability, and Nominating Committee

American Woodmark
561 Shady Elm Road
Winchester, Virginia 22602
(540) 665-9100
americanwoodmark.com