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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): November 1, 2023
SiteOne Landscape Supply, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-37760 |
|
46-4056061 |
(State or other jurisdiction of
incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
300
Colonial Center Parkway, Suite 600 Roswell, Georgia | |
30076 |
(Address of principal executive offices) | |
(Zip Code) |
Registrant’s telephone number, including area code:
(470) 277-7000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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, par value $0.01 per share | |
SITE | |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 2.02 Results of Operations and Financial Condition.
On
November 1, 2023, SiteOne Landscape Supply, Inc. issued a press release announcing its results of operations for the third quarter ended
October 1, 2023. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
SITEONE LANDSCAPE SUPPLY, INC. |
|
|
|
By: |
/s/ John T. Guthrie |
|
|
John T. Guthrie |
|
|
Executive Vice President, Chief Financial Officer and Assistant Secretary |
Date: November 1, 2023
EXHIBIT
INDEX TO CURRENT REPORT ON FORM 8-K
Dated November 1, 2023
99.1 Press Release dated November 1, 2023
Exhibit 99.1
November 1, 2023
SiteOne Landscape Supply Announces Third
Quarter 2023 Earnings
Third Quarter 2023 Highlights (Compared
to Third Quarter 2022):
| · | Net sales increased 4% to $1.15 billion |
| · | Organic Daily Sales decreased 2% |
| · | Gross profit of $388.1 million was largely unchanged; gross margin contracted
130 basis points to 33.9% |
| · | SG&A as a percentage of Net sales increased 100 basis points to 27.2% |
| · | Net income decreased 22% to $57.3 million |
| · | Adjusted EBITDA decreased 12% to $119.8 million; Adjusted EBITDA margin was
10.5% |
| · | Operating cash flow decreased $47.4 million to $88.7 million |
| · | Closed six acquisitions: Hickory Hill Farm & Garden, New England Silica,
Timothy’s Center for Gardening, Pioneer Landscape Centers, Regal Chemical, and JMJ Organics |
| · | Successfully increased term loan by $120 million |
ROSWELL, Ga. — (BUSINESS WIRE) —
SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its third quarter
ended October 1, 2023 (“Third Quarter 2023”).
“Against the headwinds of softer markets
and commodity price deflation, we were pleased to achieve continued growth in Net sales during the third quarter with positive sales volume
growth and good contribution from acquisitions.” said Doug Black, SiteOne’s Chairman and CEO. “These same headwinds
negatively affected gross margin and EBITDA margin. We also added six excellent companies to SiteOne during the quarter, expanding our
position in key markets and increasing our ability to serve customers and grow. While certain areas of the economy have slowed, customer
demand has remained resilient, and we continue to build our capabilities to consistently gain market share. Overall, we remain confident
in our long-term strategy and in our ability to drive performance and growth.”
Third Quarter 2023 Results
Net sales for the Third Quarter 2023 increased to $1.15 billion, or
4%, compared to $1.10 billion for the prior-year period. Organic Daily Sales decreased 2% compared to the prior-year period driven by
a decline in prices for commodity products such as PVC pipe, grass seed, and fertilizer compared to the prior-year period. Acquisitions
contributed $64.7 million, or 6%, to Net sales growth for the quarter.
Gross profit was $388.1 million for the Third Quarter 2023 which was
similar to prior-year period gross profit of $388.6 million. Gross margin contracted 130 basis points to 33.9% for the Third Quarter 2023
primarily due to lower prices and the absence of the price realization benefit in the prior year, partially offset by the positive impact
of acquisitions and lower freight costs.
Selling, general and administrative expenses (“SG&A”)
for the Third Quarter 2023 increased to $311.8 million from $289.2 million for the prior-year period. SG&A as a percentage of Net
sales increased 100 basis points to 27.2% due to the impact of acquisitions and higher operating costs supporting our growth.
Net income for the Third Quarter 2023 was $57.3 million, compared to
Net income of $73.3 million for the prior-year period, as Net sales growth was more than offset by lower gross margin and increased SG&A
expense.
Adjusted EBITDA decreased 12% to $119.8 million for the Third Quarter
2023, compared to $135.6 million for the prior-year period. Adjusted EBITDA margin contracted 180 basis points to 10.5%.
Operating cash flow decreased $47.4 million to $88.7 million for the
Third Quarter 2023 compared to $136.1 million for the prior-year period. The decrease in operating cash flow primarily reflects earlier
timing on our seasonal inventory drawdown. Operating cash flow for the nine months ended October 1, 2023 increased $77.4 million to $189.9
million compared to the prior-year period of $112.5 million reflecting improved working capital management.
Net debt, calculated as long-term debt (net
of issuance costs and discounts) plus finance leases, net of cash and cash equivalents on our balance sheet as of October 1, 2023, was
$446.0 million compared to $376.6 million as of October 2, 2022. Net debt to Adjusted EBITDA for the last twelve months was 1.1 times
compared to 0.8 times at the same time last year.
Outlook
We are pleased to be achieving consistent
sales volume growth despite softer end markets. However, we are experiencing slightly more commodity price deflation than we had previously
forecasted, which is negatively affecting Organic Daily Sales growth and gross margin. We expect price deflation to moderate in 2024 but
continue to be a headwind for the remainder of the year. Accordingly, we expect Organic Daily Sales growth to be negative in the fourth
quarter with price deflation more than offsetting positive sales volume growth. We expect gross margin and Adjusted EBITDA margin in the
fourth quarter to be lower than the prior year, although we expect the year-over-year variance to improve from the third quarter of this
year. Lastly, we expect the acquisitions we completed in the third quarter to have a dilutive effect on Adjusted EBITDA during the fourth
quarter given the seasonal nature of these new companies.
Given these trends, we now expect our Adjusted
EBITDA to be in the range of $400 million to $410 million. Our guidance does not include any contributions from unannounced acquisitions.
Reconciliation for the forward-looking full-year
2023 Adjusted EBITDA outlook is not being provided, as the Company does not currently have sufficient data to accurately estimate the
variables and individual adjustments for such reconciliation.
Conference Call Information
SiteOne management will host a conference
call today, November 1, 2023, at 8:00 a.m. Eastern Time, to discuss the Company’s financial results. The conference call can be
accessed by dialing 877-704-4453 (domestic) or 201-389-0920 (international), or by clicking on this link for instant telephone
access to the call. A telephonic replay will be available approximately two hours after the call by dialing 844-512-2921, or for international
callers, 412-317-6671. The passcode for the live call and the replay is 13741707. The replay will be available until 11:59 p.m. (ET)
on November 15, 2023.
Interested investors and other parties can
listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at http://investors.siteone.com.
The online replay will be available for 30 days on the same website immediately following the call. A slide presentation highlighting
the Company’s results and key performance indicators will also be available on the Investor Relations section of the Company’s
website.
To learn more about SiteOne, please visit
the company's website at http://investors.siteone.com.
About SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. is the largest
and only national full product line wholesale distributor of landscape supplies in the United States and has a growing presence in Canada.
Its customers are primarily residential and commercial landscape professionals who specialize in the design, installation and maintenance
of lawns, gardens, golf courses and other outdoor spaces.
Investor Relations Contact:
SiteOne Landscape Supply, Inc.
Investor Relations
470-270-7011
investors@siteone.com
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may
include, but are not limited to, statements relating to our 2023 Adjusted EBITDA outlook and our share repurchase program. Some of
the forward-looking statements can be identified by the use of terms such as “may,” “intend,”
“might,” “will,” “should,” “could,” “would,” “expect,”
“believe,” “estimate,” “anticipate,” “predict,” “project,”
“potential,” or the negative of these terms, and similar expressions. You should be aware that these forward-looking
statements are subject to risks and uncertainties that are beyond our control. Further, any forward-looking statement speaks only as
of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or
circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or
circumstances. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible
for us to predict all of them. Factors that may cause actual results to differ materially from those expressed or implied by the
forward-looking statements include, but are not limited to, the following: cyclicality in residential and commercial construction
markets; general economic and financial conditions, including a prolonged economic recession; seasonality of our business and its
impact on demand for our products; weather and climate conditions; prices for the products we purchase may fluctuate; market
variables, including inflation and elevated interest rates for prolonged periods; increases in operating costs; public health emergencies
such as the COVID-19 pandemic; public perceptions that our products and services are not environmentally friendly or that our
practices are not sustainable; competitive industry pressures, including competition for our talent base; supply chain disruptions,
product or labor shortages, and the loss of key suppliers; inventory management risks; ability to implement our business strategies
and achieve our growth objectives; acquisition and integration risks, including increased competition for acquisitions; risks
associated with our large labor force and our customers’ labor force and labor market disruptions; retention of key personnel;
construction defect and product liability claims; impairment of goodwill; adverse credit and financial markets events and
conditions; inefficient or ineffective allocation of capital; credit sale risks; performance of individual branches; climate,
environmental, health and safety laws and regulations; hazardous materials and related materials; laws and government regulations
applicable to our business that could negatively impact demand for our products; cybersecurity incidents involving our systems or
third-party systems; failure or malfunctions in our information technology systems; security of personal information about our
customers; intellectual property and other proprietary rights; unanticipated changes in our tax provisions; threats from terrorism,
violence, uncertain political conditions, and geopolitical conflicts such as the ongoing conflict between Russia and Ukraine as well
as the conflict in the Gaza Strip; risks related to our current indebtedness and our ability to obtain financing
in the future; financial institution disruptions; risks related to our common stock; and other risks, as described in Item 1A,
“Risk Factors”, and elsewhere in our Annual Report on Form 10-K for the fiscal year ended January 1, 2023, as may be
updated by subsequent filings under the Securities Exchange Act of 1934, as amended, including Forms 10-Q and 8-K.
Non-GAAP Financial Information
This release includes certain financial information,
not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all),
the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, these measures should
not be considered substitutes for the information contained in the historical financial information of the Company prepared in accordance
with U.S. GAAP that is set forth herein.
We present Adjusted EBITDA in order to evaluate the operating
performance and efficiency of our business. Adjusted EBITDA represents EBITDA as further adjusted for items permitted under the
covenants of our credit facilities. EBITDA represents our Net income (loss) plus the sum of income tax (benefit) expense, interest
expense, net of interest income, and depreciation and amortization. Adjusted EBITDA represents EBITDA as further adjusted for
stock-based compensation expense, (gain) loss on sale of assets and termination of finance leases not in the ordinary course of
business, financing fees as well as other fees and expenses related to acquisitions, and other non-recurring (income) loss. Adjusted
EBITDA does not include pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our liquidity or financial
performance under U.S. GAAP and should not be considered as an alternative to Net income, operating income or any other performance
measures derived in accordance with U.S. GAAP, or as an alternative to cash flow from operating activities as a measure of our
liquidity. The use of Adjusted EBITDA instead of Net income has limitations as an analytical tool. Because not all companies use
identical calculations, our presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other
companies, limiting its usefulness as a comparative measure. Net debt is defined as long-term debt (net of issuance costs and
discounts) plus finance leases, net of cash and cash-equivalents on our
balance sheet. Leverage Ratio is defined as Net debt to trailing twelve months Adjusted EBITDA. Free Cash Flow is defined as Cash
Flow from Operating Activities, less capital expenditures. We define Organic Daily Sales as Organic Sales divided by the number of
Selling Days in the relevant reporting period. We define Organic Sales as Net sales, including Net sales from newly-opened
greenfield branches, but excluding Net sales from acquired branches until they have been under our ownership for at least four full
fiscal quarters at the start of the fiscal year. Selling Days are the number of business days, excluding Saturdays, Sundays, and
holidays, that SiteOne branches are open during the relevant reporting period.
SiteOne Landscape Supply, Inc.
Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
Assets | |
October 1, 2023 | | |
January 1, 2023 | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 74.9 | | |
$ | 29.1 | |
Accounts receivable, net of allowance for doubtful accounts of $24.2 and $21.7, respectively | |
| 540.4 | | |
| 455.5 | |
Inventory, net | |
| 852.2 | | |
| 767.7 | |
Income tax receivable | |
| 3.7 | | |
| 10.9 | |
Prepaid expenses and other current assets | |
| 102.3 | | |
| 56.1 | |
Total current assets | |
| 1,573.5 | | |
| 1,319.3 | |
| |
| | | |
| | |
Property and equipment, net | |
| 232.0 | | |
| 188.8 | |
Operating lease right-of-use assets, net | |
| 384.8 | | |
| 321.6 | |
Goodwill | |
| 484.4 | | |
| 411.9 | |
Intangible assets, net | |
| 304.2 | | |
| 276.0 | |
Deferred tax assets | |
| 2.8 | | |
| 3.7 | |
Other assets | |
| 7.8 | | |
| 12.6 | |
Total assets | |
$ | 2,989.5 | | |
$ | 2,533.9 | |
| |
| | | |
| | |
Liabilities and Stockholders' Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 355.3 | | |
$ | 279.7 | |
Current portion of finance leases | |
| 20.0 | | |
| 14.8 | |
Current portion of operating leases | |
| 81.1 | | |
| 70.1 | |
Accrued compensation | |
| 65.9 | | |
| 81.2 | |
Long-term debt, current portion | |
| 5.3 | | |
| 4.0 | |
Accrued liabilities | |
| 127.1 | | |
| 110.0 | |
Total current liabilities | |
| 654.7 | | |
| 559.8 | |
| |
| | | |
| | |
Other long-term liabilities | |
| 15.2 | | |
| 12.8 | |
Finance leases, less current portion | |
| 62.0 | | |
| 43.9 | |
Operating leases, less current portion | |
| 313.5 | | |
| 260.1 | |
Deferred tax liabilities | |
| 15.0 | | |
| 7.8 | |
Long-term debt, less current portion | |
| 433.6 | | |
| 346.6 | |
Total liabilities | |
| 1,494.0 | | |
| 1,231.0 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| | |
| |
| | | |
| | |
Stockholders' equity: | |
| | | |
| | |
Common stock, par value $0.01; 1,000,000,000 shares authorized; 45,341,602 and 45,148,312 shares issued, and 45,109,581 and 44,916,291 shares outstanding at October 1, 2023 and January 1, 2023, respectively | |
| 0.5 | | |
| 0.5 | |
Additional paid-in capital | |
| 594.9 | | |
| 577.1 | |
Retained earnings | |
| 919.7 | | |
| 742.9 | |
Accumulated other comprehensive income | |
| 5.7 | | |
| 7.7 | |
Treasury stock, at cost, 232,021 and 232,021 shares at October 1, 2023 and January 1, 2023, respectively | |
| (25.3 | ) | |
| (25.3 | ) |
Total stockholders' equity | |
| 1,495.5 | | |
| 1,302.9 | |
Total liabilities and stockholders' equity | |
$ | 2,989.5 | | |
$ | 2,533.9 | |
SiteOne Landscape Supply, Inc.
Consolidated Statements of Operations (Unaudited)
(In millions, except share and per share data)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
October 1, 2023 | | |
October 2, 2022 | | |
October 1, 2023 | | |
October 2, 2022 | |
Net sales | |
$ | 1,145.1 | | |
$ | 1,102.6 | | |
$ | 3,336.2 | | |
$ | 3,124.5 | |
Cost of goods sold | |
| 757.0 | | |
| 714.0 | | |
| 2,171.6 | | |
| 2,005.6 | |
Gross profit | |
| 388.1 | | |
| 388.6 | | |
| 1,164.6 | | |
| 1,118.9 | |
| |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative expenses | |
| 311.8 | | |
| 289.2 | | |
| 923.8 | | |
| 792.4 | |
Other income | |
| 4.9 | | |
| 2.4 | | |
| 11.4 | | |
| 6.6 | |
Operating income | |
| 81.2 | | |
| 101.8 | | |
| 252.2 | | |
| 333.1 | |
| |
| | | |
| | | |
| | | |
| | |
Interest and other non-operating expenses, net | |
| 6.4 | | |
| 5.6 | | |
| 20.6 | | |
| 14.5 | |
Income before taxes | |
| 74.8 | | |
| 96.2 | | |
| 231.6 | | |
| 318.6 | |
Income tax expense | |
| 17.5 | | |
| 22.9 | | |
| 54.8 | | |
| 72.3 | |
Net income | |
$ | 57.3 | | |
$ | 73.3 | | |
$ | 176.8 | | |
$ | 246.3 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 1.27 | | |
$ | 1.63 | | |
$ | 3.92 | | |
$ | 5.47 | |
Diluted | |
$ | 1.25 | | |
$ | 1.60 | | |
$ | 3.87 | | |
$ | 5.38 | |
Weighted average number of common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 45,149,650 | | |
| 45,102,574 | | |
| 45,096,404 | | |
| 45,024,324 | |
Diluted | |
| 45,747,398 | | |
| 45,774,367 | | |
| 45,690,285 | | |
| 45,804,041 | |
SiteOne Landscape Supply, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
|
|
Nine Months Ended |
|
|
|
October 1, 2023 |
|
|
October 2, 2022 |
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
176.8 |
|
|
$ |
246.3 |
|
Adjustments to reconcile Net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Amortization of finance lease right-of-use assets and depreciation |
|
|
46.1 |
|
|
|
34.1 |
|
Stock-based compensation |
|
|
20.7 |
|
|
|
14.0 |
|
Amortization of software and intangible assets |
|
|
47.0 |
|
|
|
38.1 |
|
Amortization of debt related costs |
|
|
0.9 |
|
|
|
0.9 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
0.6 |
|
Gain on sale of equipment |
|
|
(0.4 |
) |
|
|
(1.0 |
) |
Other |
|
|
(3.8 |
) |
|
|
1.0 |
|
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
|
|
|
Receivables |
|
|
(68.8 |
) |
|
|
(96.1 |
) |
Inventory |
|
|
(45.4 |
) |
|
|
(196.2 |
) |
Income tax receivable |
|
|
7.2 |
|
|
|
3.3 |
|
Prepaid expenses and other assets |
|
|
(37.2 |
) |
|
|
(7.5 |
) |
Accounts payable |
|
|
55.2 |
|
|
|
75.0 |
|
Income tax payable |
|
|
— |
|
|
|
7.0 |
|
Accrued expenses and other liabilities |
|
|
(8.4 |
) |
|
|
(7.0 |
) |
Net Cash Provided By Operating Activities |
|
$ |
189.9 |
|
|
$ |
112.5 |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(24.1 |
) |
|
|
(20.5 |
) |
Purchases of intangible assets |
|
|
(5.3 |
) |
|
|
(10.2 |
) |
Acquisitions, net of cash acquired |
|
|
(181.7 |
) |
|
|
(182.2 |
) |
Proceeds from the sale of property and equipment |
|
|
1.9 |
|
|
|
1.9 |
|
Net Cash Used In Investing Activities |
|
$ |
(209.2 |
) |
|
$ |
(211.0 |
) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Equity proceeds from common stock |
|
|
3.0 |
|
|
|
3.2 |
|
Repurchases of common stock |
|
|
(0.6 |
) |
|
|
— |
|
Borrowings under term loan |
|
|
120.0 |
|
|
|
— |
|
Repayments under term loan |
|
|
(2.2 |
) |
|
|
(1.9 |
) |
Borrowings on asset-based credit facility |
|
|
434.3 |
|
|
|
593.2 |
|
Repayments on asset-based credit facility |
|
|
(461.8 |
) |
|
|
(456.7 |
) |
Payments of debt issuance costs |
|
|
(1.8 |
) |
|
|
(2.3 |
) |
Payments on finance lease obligations |
|
|
(13.2 |
) |
|
|
(9.0 |
) |
Payments of acquisition related contingent obligations |
|
|
(5.6 |
) |
|
|
(10.0 |
) |
Other financing activities |
|
|
(7.0 |
) |
|
|
(8.0 |
) |
Net Cash Provided By Financing Activities |
|
$ |
65.1 |
|
|
$ |
108.5 |
|
Effect of exchange rate on cash |
|
|
— |
|
|
|
(1.0 |
) |
Net change in cash |
|
|
45.8 |
|
|
|
9.0 |
|
Cash and cash equivalents: |
|
|
|
|
|
|
|
|
Beginning |
|
|
29.1 |
|
|
|
53.7 |
|
Ending |
|
$ |
74.9 |
|
|
$ |
62.7 |
|
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid during the year for interest |
|
$ |
19.8 |
|
|
$ |
11.0 |
|
Cash paid during the year for income taxes |
|
$ |
46.0 |
|
|
$ |
63.8 |
|
SiteOne Landscape Supply, Inc.
Adjusted EBITDA to Net Income Reconciliation
(Unaudited)
(In millions)
The following table presents a reconciliation
of Adjusted EBITDA to Net income:
| |
2023 | | |
2022 | | |
2021 | |
| |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Qtr 4 | |
Reported Net income (loss) | |
$ | 57.3 | | |
$ | 124.0 | | |
$ | (4.5 | ) | |
$ | (0.9 | ) | |
$ | 73.3 | | |
$ | 140.7 | | |
$ | 32.3 | | |
$ | 27.5 | |
Income tax (benefit) expense | |
| 17.5 | | |
| 40.0 | | |
| (2.7 | ) | |
| (4.6 | ) | |
| 22.9 | | |
| 44.8 | | |
| 4.6 | | |
| 2.7 | |
Interest expense, net | |
| 6.4 | | |
| 7.3 | | |
| 6.9 | | |
| 5.5 | | |
| 5.6 | | |
| 4.6 | | |
| 4.3 | | |
| 5.1 | |
Depreciation and amortization | |
| 31.3 | | |
| 31.0 | | |
| 30.8 | | |
| 31.6 | | |
| 27.4 | | |
| 23.1 | | |
| 21.7 | | |
| 22.3 | |
EBITDA | |
| 112.5 | | |
| 202.3 | | |
| 30.5 | | |
| 31.6 | | |
| 129.2 | | |
| 213.2 | | |
| 62.9 | | |
| 57.6 | |
Stock-based compensation(a) | |
| 5.0 | | |
| 7.1 | | |
| 8.6 | | |
| 4.3 | | |
| 4.5 | | |
| 5.8 | | |
| 3.7 | | |
| 3.1 | |
(Gain) loss on sale of assets(b) | |
| (0.2 | ) | |
| 0.2 | | |
| (0.4 | ) | |
| 0.2 | | |
| (0.7 | ) | |
| (0.2 | ) | |
| (0.1 | ) | |
| 0.2 | |
Financing fees(c) | |
| 0.4 | | |
| 0.1 | | |
| — | | |
| — | | |
| 0.1 | | |
| 0.2 | | |
| — | | |
| — | |
Acquisitions and other adjustments(d) | |
| 2.1 | | |
| 1.5 | | |
| 1.1 | | |
| 2.8 | | |
| 2.5 | | |
| 3.0 | | |
| 1.3 | | |
| 0.9 | |
Adjusted EBITDA(e) | |
$ | 119.8 | | |
$ | 211.2 | | |
$ | 39.8 | | |
$ | 38.9 | | |
$ | 135.6 | | |
$ | 222.0 | | |
$ | 67.8 | | |
$ | 61.8 | |
_____________________________________
| (a) | Represents stock-based compensation expense recorded during the period. |
| (b) | Represents any gain or loss associated with the sale of assets and termination of finance leases not in
the ordinary course of business. |
| (c) | Represents fees associated with our debt refinancing and debt amendments. |
| (d) | Represents professional fees, retention and severance payments, and performance bonuses related to historical
acquisitions. Although we have incurred professional fees, retention and severance payments, and performance bonuses related to acquisitions
in several historical periods and expect to incur such fees and payments for any future acquisitions, we cannot predict the timing or
amount of any such fees or payments. |
| (e) | Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates
for all periods presented. |
SiteOne Landscape Supply, Inc.
Organic Daily Sales to Net Sales Reconciliation
(Unaudited)
(In millions, except Selling Days)
The following table presents a reconciliation
of Organic Daily Sales to Net sales:
| |
2023 | | |
2022 | |
|
|
|
|
| |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | |
Reported Net sales | |
$ | 1,145.1 | | |
$ | 1,353.7 | | |
$ | 837.4 | | |
$ | 1,102.6 | | |
$ | 1,216.6 | | |
$ | 805.3 | |
Organic Sales(a) | |
| 1,046.7 | | |
| 1,252.4 | | |
| 777.6 | | |
| 1,068.9 | | |
| 1,201.4 | | |
| 802.0 | |
Acquisition contribution(b) | |
| 98.4 | | |
| 101.3 | | |
| 59.8 | | |
| 33.7 | | |
| 15.2 | | |
| 3.3 | |
Selling Days | |
| 63 | | |
| 64 | | |
| 64 | | |
| 63 | | |
| 64 | | |
| 65 | |
Organic Daily Sales | |
$ | 16.6 | | |
$ | 19.6 | | |
$ | 12.2 | | |
$ | 17.0 | | |
$ | 18.8 | | |
$ | 12.3 | |
_____________________________________
| (a) | Organic Sales equal Net sales less Net sales from branches acquired in 2023 and 2022. |
| (b) | Represents Net sales from acquired branches that have not been under our ownership for at least four full
fiscal quarters at the start of the 2023 Fiscal Year. Includes Net sales from branches acquired in 2023 and 2022. |
v3.23.3
Cover
|
Nov. 01, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 01, 2023
|
Entity File Number |
001-37760
|
Entity Registrant Name |
SiteOne Landscape Supply, Inc.
|
Entity Central Index Key |
0001650729
|
Entity Tax Identification Number |
46-4056061
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
300
Colonial Center Parkway
|
Entity Address, Address Line Two |
Suite 600
|
Entity Address, City or Town |
Roswell
|
Entity Address, State or Province |
GA
|
Entity Address, Postal Zip Code |
30076
|
City Area Code |
470
|
Local Phone Number |
277-7000
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, par value $0.01 per share
|
Trading Symbol |
SITE
|
Security Exchange Name |
NYSE
|
Entity Emerging Growth Company |
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SiteOne Landscape Supply (NYSE:SITE)
過去 株価チャート
から 5 2024 まで 6 2024
SiteOne Landscape Supply (NYSE:SITE)
過去 株価チャート
から 6 2023 まで 6 2024