Exhibit 99.1
February 15,
2023
SiteOne
Landscape Supply Announces Fourth Quarter and Full Year 2022 Earnings
Fourth Quarter
2022 Highlights (Compared to Fourth Quarter 2021):
| · | Net
sales increased 11% to $890.0 million |
| · | Organic
Daily Sales increased 7% |
| · | Gross
profit increased 7% to $302.6 million; Gross margin was 34.0% |
| · | SG&A
as a percentage of Net sales increased 350 basis points to 34.2% |
| · | Net
loss of $0.9 million |
| · | Adjusted
EBITDA decreased 37% to $38.9 million; Adjusted EBITDA margin was 4.4% |
| · | Closed
three acquisitions: Madison Block & Stone, Telluride Natural Stone, and Whittlesey Landscape
Supplies & Recycling |
| · | Board
of Directors approved $400 million share repurchase authorization; repurchased $25.0 million
of shares |
Full Year 2022 Highlights (Compared
to Full Year 2021):
| · | Net
sales increased by 16% to $4.01 billion |
| · | Organic
Daily Sales increased 11% |
| · | Gross
profit increased 17% to $1.42 billion; Gross margin increased 50 basis points to 35.4% |
| · | SG&A
as a percentage of Net sales increased by 140 basis points to 27.3% |
| · | Net
income for the year increased 3% to $245.4 million |
| · | Adjusted
EBITDA increased 12% to $464.3 million |
| · | Adjusted
EBITDA margin decreased 30 basis points to 11.6% |
| · | Closed
16 acquisitions during the year with approximately $240 million in trailing twelve months
Net sales |
| · | Net
debt to Adjusted EBITDA at year-end was 0.8x, compared to 0.6x at year-end 2021 |
ROSWELL, Ga.
— (BUSINESS WIRE) — SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced
earnings for its fourth quarter and full fiscal year ended January 1, 2023 (“Fiscal 2022”).
“We finished
the year well against a very strong fourth quarter performance in 2021, capping off an excellent year in 2022 of double-digit growth
in Net sales and Adjusted EBITDA, resilient Adjusted EBITDA margin and good cash flow,” said Doug Black, SiteOne’s Chairman
and CEO. “Working through the challenges of continued high price inflation and reduced volume, our teams executed at a high level
and delivered another record year while improving our capabilities for performance and growth in the years to come. We also added 16
new high-performing companies with 48 locations and approximately $240 million in trailing twelve-month sales to SiteOne in 2022. As
we face the economic headwinds of 2023, we will continue to leverage our exceptional teams, market leadership position, strong balance
sheet, and ongoing commercial and operational initiatives to outperform the market organically, build our company through acquisition,
and further execute our long-term growth strategy.”
Fourth Quarter
2022 Results
Net sales for the fourth quarter of
Fiscal 2022 increased to $890.0 million, or 11%, compared to $805.2 million for the prior-year period. Organic Daily Sales increased
7% compared to the prior-year period primarily driven by price inflation in response to elevated product costs. Acquisitions contributed
$41.9 million, or 5%, to Net sales growth for the quarter.
Gross profit increased 7% to $302.6
million for the fourth quarter of Fiscal 2022 compared to $282.4 million for the prior-year period. Gross margin decreased 110 basis
points to 34.0% for the fourth quarter of Fiscal 2022 as the price realization benefit achieved in the fourth quarter of 2021 was not
repeated.
Selling, general and administrative
expenses (“SG&A”) for the fourth quarter of Fiscal 2022 increased to $304.6 million from $247.2 million for the prior-year
period. SG&A as a percentage of Net sales increased 350 basis points to 34.2% due to the impact of acquisitions, cost inflation,
and increased operating expenses supporting our growth.
Net loss for the fourth quarter of Fiscal
2022 was $0.9 million, compared to a Net income of $27.5 million during the same period in the prior-year. The net loss was driven by
lower gross margin and higher SG&A.
Adjusted EBITDA decreased 37% to $38.9
million for the fourth quarter of Fiscal 2022, compared to $61.8 million for the prior-year period. Adjusted EBITDA margin decreased
330 basis points to 4.4%.
Full Year 2022 Results
Net sales for Fiscal 2022 increased
to $4.01 billion, or 16%, compared to $3.48 billion for the fiscal year ended January 2, 2022 (“Fiscal 2021”). Organic Daily
Sales increased 11% for Fiscal 2022 compared to Fiscal 2021. Organic growth was driven by price inflation in response to rising product
costs, partially offset by dampened volume resulting from higher prices and moderating economic conditions. Acquisitions contributed
$186.8 million, or 5%, to Net sales growth for Fiscal 2022.
Gross profit for Fiscal 2022 increased
to $1.42 billion, up 17% compared to $1.21 billion for the prior year. Gross margin for the year improved by 50 basis points to 35.4%
compared to 34.9% in Fiscal 2021. The increase in gross margin reflects the contribution from new acquisitions, supplier programs, and
the benefit of supply chain initiatives.
SG&A for Fiscal 2022 increased to
$1.10 billion from $900.6 million in Fiscal 2021. SG&A as a percentage of Net sales increased by 140 basis points to 27.3%, compared
to the prior year driven by the impact of acquisitions, cost inflation, and higher operating expenses supporting our growth.
Our effective tax rate for Fiscal 2022
was 21.6% compared to 19.0% for Fiscal 2021. We currently expect our 2023 effective tax rate will be between 25.0% and 26.0%, excluding
discrete items such as excess tax benefits.
Net income for Fiscal 2022 increased
to $245.4 million, or 3%, compared to $238.4 million for Fiscal 2021. The increase in Net income for the year was attributable to sales
growth and improved gross margin.
For the year, Adjusted EBITDA increased
12% to $464.3 million, compared to $415.1 million in Fiscal 2021. Adjusted EBITDA margin decreased 30 basis points to 11.6%, compared
to Fiscal 2021.
Balance Sheet and Liquidity
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 January 1, 2023, was $380.2 million compared to $246.9 million as of January 2, 2022. Net debt to Adjusted EBITDA for the last twelve
months was 0.8 times compared to 0.6 times at year-end 2021. The increase in Net debt and leverage reflects higher borrowings, partially
offset by increased profitability.
As of January
1, 2023, Cash and cash equivalents was $29.1 million and available capacity under the ABL Facility was $487.4 million.
Outlook
“In
looking ahead to 2023, we expect the nearly 80% of our business tied to maintenance, repair and upgrade, and new commercial
construction to remain resilient with flat to modest growth,” Doug Black continued. “We expect the remainder of our
business tied to new residential construction will be down as the market adjusts to higher home prices and mortgage interest rates.
Across all sectors, we expect to continue gaining market share and outperforming the market through our commercial and operational
initiatives. In total, we expect Organic Daily Sales to be flat to down mid-single digits for the full year 2023. We also expect our
gross margin to normalize without the substantial benefit that we saw in 2021 and 2022 due to our strategic inventory purchases
ahead of the rapid inflation. Accordingly, we expect our overall Adjusted EBITDA margin to normalize in 2023 providing a foundation
for further improvement over the longer-term.”
For Fiscal
2023, we expect our Adjusted EBITDA to be in the range of $395 million to $425 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, February 15, 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 13735630. The replay will be
available until 11:59 p.m. (ET) on March 1, 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 2022 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; economic downturn or recession; general economic and financial conditions, including a prolonged economic
recession; demand for our products; seasonality of our business; climate change-related events, weather conditions, seasonality, and
availability of water to end-users; inflation and increased operating costs; increases in interest rates; the potential negative
impact of the COVID-19 pandemic (which, among other things, may exacerbate each of the forward-looking statements discussed here);
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; cybersecurity incidents involving our systems or third party systems, including the July 2020 ransomware
attack; prices for the products we purchase may fluctuate; ability to pass along product cost increases; 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 (including
headwinds due to COVID-19) and ongoing labor market disruptions; retention of key personnel; construction defect and product
liability claims; impairment of goodwill; adverse credit and financial markets events and conditions; 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; 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, public health emergencies, violence,
uncertain political conditions and geopolitical conflicts such as the ongoing conflict between Russia and Ukraine; risks related to
our current indebtedness and our ability to obtain financing in the future; 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
2, 2022, as updated by our 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 is further adjusted for stock-based
compensation expense, (gain) loss on sale of assets, and other non-cash items, financing fees, 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 | |
January 1, 2023 | | |
January 2, 2022 | |
| Current assets: | |
| | | |
| | |
| Cash and cash equivalents | |
$ | 29.1 | | |
$ | 53.7 | |
| Accounts receivable, net of allowance for doubtful accounts of $21.7 and $13.5, respectively | |
| 455.5 | | |
| 393.8 | |
| Inventory, net | |
| 767.7 | | |
| 636.6 | |
| Income tax receivable | |
| 10.9 | | |
| 3.3 | |
| Prepaid expenses and other current assets | |
| 56.1 | | |
| 41.4 | |
| Total current assets | |
| 1,319.3 | | |
| 1,128.8 | |
| | |
| | | |
| | |
| Property and equipment, net | |
| 188.8 | | |
| 151.5 | |
| Operating lease right-of-use assets, net | |
| 321.6 | | |
| 298.5 | |
| Goodwill | |
| 411.9 | | |
| 311.1 | |
| Intangible assets, net | |
| 276.0 | | |
| 213.9 | |
| Deferred tax assets | |
| 3.7 | | |
| 3.2 | |
| Other assets | |
| 12.6 | | |
| 9.1 | |
| Total assets | |
$ | 2,533.9 | | |
$ | 2,116.1 | |
| | |
| | | |
| | |
| Liabilities and Stockholders’ Equity | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | |
| Accounts payable | |
$ | 279.7 | | |
$ | 254.5 | |
| Current portion of finance leases | |
| 14.8 | | |
| 11.0 | |
| Current portion of operating leases | |
| 70.1 | | |
| 62.1 | |
| Accrued compensation | |
| 81.2 | | |
| 99.3 | |
| Long-term debt, current portion | |
| 4.0 | | |
| 4.0 | |
| Accrued liabilities | |
| 110.0 | | |
| 82.0 | |
| Total current liabilities | |
| 559.8 | | |
| 512.9 | |
| | |
| | | |
| | |
| Other long-term liabilities | |
| 12.8 | | |
| 10.6 | |
| Finance leases, less current portion | |
| 43.9 | | |
| 34.4 | |
| Operating leases, less current portion | |
| 260.1 | | |
| 244.2 | |
| Deferred tax liabilities | |
| 7.8 | | |
| 5.1 | |
| Long-term debt, less current portion | |
| 346.6 | | |
| 251.2 | |
| Total liabilities | |
| 1,231.0 | | |
| 1,058.4 | |
| | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ equity: | |
| | | |
| | |
| Common stock, par value $0.01; 1,000,000,000 shares authorized; 45,148,312 and 44,788,385 shares issued, and 44,916,291 and 44,767,474 shares outstanding at January 1, 2023 and January 2, 2022, respectively | |
| 0.5 | | |
| 0.4 | |
| Additional paid-in capital | |
| 577.1 | | |
| 562.3 | |
| Retained earnings | |
| 742.9 | | |
| 497.5 | |
| Accumulated other comprehensive income (loss) | |
| 7.7 | | |
| (2.2 | ) |
| Treasury stock, at cost, 232,021 and 20,911 shares at January 1, 2023 and January 2, 2022, respectively | |
| (25.3 | ) | |
| (0.3 | ) |
| Total stockholders’ equity | |
| 1,302.9 | | |
| 1,057.7 | |
| Total liabilities and stockholders’ equity | |
$ | 2,533.9 | | |
$ | 2,116.1 | |
SiteOne Landscape
Supply, Inc.
Consolidated
Statements of Operations (Unaudited)
(In millions,
except share and per share data)
| | |
For the quarter (1) | | |
For the year (2) | |
| | |
October 3, 2022 to | | |
October 4, 2021 to | | |
January 3, 2022 to | | |
January 4, 2021 to | |
| | |
January 1, 2023 | | |
January 2, 2022 | | |
January 1, 2023 | | |
January 2, 2022 | |
| Net sales | |
$ | 890.0 | | |
$ | 805.2 | | |
$ | 4,014.5 | | |
$ | 3,475.7 | |
| Cost of goods sold | |
| 587.4 | | |
| 522.8 | | |
| 2,593.0 | | |
| 2,263.1 | |
| Gross profit | |
| 302.6 | | |
| 282.4 | | |
| 1,421.5 | | |
| 1,212.6 | |
| | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative expenses | |
| 304.6 | | |
| 247.2 | | |
| 1,097.0 | | |
| 900.6 | |
| Other income | |
| 2.0 | | |
| 0.1 | | |
| 8.6 | | |
| 1.7 | |
| Operating income | |
| — | | |
| 35.3 | | |
| 333.1 | | |
| 313.7 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest and other non-operating expenses, net | |
| 5.5 | | |
| 5.1 | | |
| 20.0 | | |
| 19.2 | |
| Income (loss) before taxes | |
| (5.5 | ) | |
| 30.2 | | |
| 313.1 | | |
| 294.5 | |
| Income tax expense (benefit) | |
| (4.6 | ) | |
| 2.7 | | |
| 67.7 | | |
| 56.1 | |
| Net income (loss) | |
$ | (0.9 | ) | |
$ | 27.5 | | |
$ | 245.4 | | |
$ | 238.4 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | (0.02 | ) | |
$ | 0.61 | | |
$ | 5.45 | | |
$ | 5.35 | |
| Diluted | |
$ | (0.02 | ) | |
$ | 0.60 | | |
$ | 5.36 | | |
$ | 5.20 | |
| Weighted average number of common shares outstanding: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 45,119,900 | | |
| 44,779,572 | | |
| 45,048,218 | | |
| 44,578,649 | |
| Diluted | |
| 45,119,900 | | |
| 45,942,851 | | |
| 45,780,836 | | |
| 45,805,373 | |
SiteOne Landscape
Supply, Inc.
Consolidated
Statements of Cash Flows (Unaudited)
(In millions)
| | |
For the year
January 3,
2022 to
January 1,
2023 | | |
For the year
January 4,
2021 to
January 2,
2022 | | |
For the year
December 30,
2019 to
January 3,
2021 | |
| Cash Flows from Operating Activities: | |
| | | |
| | | |
| | |
| Net income | |
$ | 245.4 | | |
$ | 238.4 | | |
$ | 121.3 | |
| Adjustments to reconcile Net income to net cash provided by operating activities: | |
| | | |
| | | |
| | |
| Amortization of finance lease right-of-use assets and depreciation | |
| 51.6 | | |
| 36.2 | | |
| 29.4 | |
| Stock-based compensation | |
| 18.3 | | |
| 14.3 | | |
| 10.6 | |
| Amortization of software and intangible assets | |
| 52.2 | | |
| 46.8 | | |
| 37.8 | |
| Amortization of debt related costs | |
| 1.1 | | |
| 2.3 | | |
| 4.1 | |
| Loss on extinguishment of debt | |
| 0.6 | | |
| 0.8 | | |
| — | |
| Gain on sale of equipment | |
| (0.8 | ) | |
| (0.1 | ) | |
| (0.4 | ) |
| Deferred income taxes | |
| (5.2 | ) | |
| (3.1 | ) | |
| 0.4 | |
| Other | |
| 2.3 | | |
| 6.5 | | |
| 3.7 | |
| Changes in operating assets and liabilities, net of the effects of acquisitions: | |
| | | |
| | | |
| | |
| Receivables | |
| (44.6 | ) | |
| (92.1 | ) | |
| 2.8 | |
| Inventory | |
| (99.3 | ) | |
| (156.9 | ) | |
| (7.9 | ) |
| Income tax receivable | |
| (7.6 | ) | |
| 3.5 | | |
| 0.2 | |
| Prepaid expenses and other assets | |
| 3.5 | | |
| (3.2 | ) | |
| (11.0 | ) |
| Accounts payable | |
| 8.9 | | |
| 74.4 | | |
| (4.3 | ) |
| Accrued expenses and other liabilities | |
| (9.2 | ) | |
| 43.0 | | |
| 42.7 | |
| Net Cash Provided By Operating Activities | |
$ | 217.2 | | |
$ | 210.8 | | |
$ | 229.4 | |
| | |
| | | |
| | | |
| | |
| Cash Flows from Investing Activities: | |
| | | |
| | | |
| | |
| Purchases of property and equipment | |
| (27.1 | ) | |
| (32.5 | ) | |
| (18.6 | ) |
| Purchases of intangible assets | |
| (14.6 | ) | |
| (4.5 | ) | |
| (7.2 | ) |
| Acquisitions, net of cash acquired | |
| (244.9 | ) | |
| (147.2 | ) | |
| (159.4 | ) |
| Proceeds from the sale of property and equipment | |
| 2.2 | | |
| 2.2 | | |
| 1.0 | |
| Net Cash Used In Investing Activities | |
$ | (284.4 | ) | |
$ | (182.0 | ) | |
$ | (184.2 | ) |
| | |
| | | |
| | | |
| | |
| Cash Flows from Financing Activities: | |
| | | |
| | | |
| | |
| Equity proceeds from common stock | |
| 3.6 | | |
| 9.3 | | |
| 271.5 | |
| Repurchases of common stock | |
| (24.4 | ) | |
| — | | |
| — | |
| Borrowings under term loan | |
| — | | |
| 325.0 | | |
| — | |
| Repayments under term loan | |
| (2.6 | ) | |
| (338.6 | ) | |
| (172.8 | ) |
| Borrowings on asset-based credit facility | |
| 732.8 | | |
| 161.9 | | |
| 285.4 | |
| Repayments on asset-based credit facility | |
| (632.8 | ) | |
| (161.9 | ) | |
| (378.2 | ) |
| Payments of debt issuance costs | |
| (2.3 | ) | |
| (2.4 | ) | |
| — | |
| Payments on finance lease obligations | |
| (12.6 | ) | |
| (10.4 | ) | |
| (8.5 | ) |
| Payments of acquisition related contingent obligations | |
| (10.0 | ) | |
| (8.6 | ) | |
| (4.8 | ) |
| Other financing activities | |
| (8.3 | ) | |
| (4.7 | ) | |
| (1.7 | ) |
| Net Cash Provided By (Used In) Financing Activities | |
$ | 43.4 | | |
$ | (30.4 | ) | |
$ | (9.1 | ) |
| | |
| | | |
| | | |
| | |
| Effect of exchange rate on cash | |
| (0.8 | ) | |
| 0.1 | | |
| 0.1 | |
| Net Change In Cash | |
| (24.6 | ) | |
| (1.5 | ) | |
| 36.2 | |
| | |
| | | |
| | | |
| | |
| Cash and cash equivalents: | |
| | | |
| | | |
| | |
| Beginning | |
| 53.7 | | |
| 55.2 | | |
| 19.0 | |
| Ending | |
$ | 29.1 | | |
$ | 53.7 | | |
$ | 55.2 | |
| | |
| | | |
| | | |
| | |
| Supplemental Disclosures of Cash Flow Information: | |
| | | |
| | | |
| | |
| Cash paid during the year for interest | |
$ | 15.5 | | |
$ | 15.6 | | |
$ | 27.3 | |
| Cash paid during the year for income taxes | |
$ | 82.1 | | |
$ | 55.8 | | |
$ | 25.2 | |
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:
| | |
2022 Fiscal Year | | |
2021 Fiscal Year | |
| | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | |
| Reported Net income (loss) | |
$ | 245.4 | | |
$ | (0.9 | ) | |
$ | 73.3 | | |
$ | 140.7 | | |
$ | 32.3 | | |
$ | 238.4 | | |
$ | 27.5 | | |
$ | 80.0 | | |
$ | 123.5 | | |
$ | 7.4 | |
| Income tax (benefit) expense | |
| 67.7 | | |
| (4.6 | ) | |
| 22.9 | | |
| 44.8 | | |
| 4.6 | | |
| 56.1 | | |
| 2.7 | | |
| 19.1 | | |
| 36.8 | | |
| (2.5 | ) |
| Interest expense, net | |
| 20.0 | | |
| 5.5 | | |
| 5.6 | | |
| 4.6 | | |
| 4.3 | | |
| 19.2 | | |
| 5.1 | | |
| 4.3 | | |
| 4.3 | | |
| 5.5 | |
| Depreciation & amortization | |
| 103.8 | | |
| 31.6 | | |
| 27.4 | | |
| 23.1 | | |
| 21.7 | | |
| 83.0 | | |
| 22.3 | | |
| 21.0 | | |
| 20.3 | | |
| 19.4 | |
| EBITDA | |
| 436.9 | | |
| 31.6 | | |
| 129.2 | | |
| 213.2 | | |
| 62.9 | | |
| 396.7 | | |
| 57.6 | | |
| 124.4 | | |
| 184.9 | | |
| 29.8 | |
| Stock-based compensation(a) | |
| 18.3 | | |
| 4.3 | | |
| 4.5 | | |
| 5.8 | | |
| 3.7 | | |
| 14.3 | | |
| 3.1 | | |
| 3.5 | | |
| 4.6 | | |
| 3.1 | |
| (Gain) loss on sale of assets(b) | |
| (0.8 | ) | |
| 0.2 | | |
| (0.7 | ) | |
| (0.2 | ) | |
| (0.1 | ) | |
| (0.1 | ) | |
| 0.2 | | |
| (0.2 | ) | |
| (0.2 | ) | |
| 0.1 | |
| Financing fees(c) | |
| 0.3 | | |
| — | | |
| 0.1 | | |
| 0.2 | | |
| — | | |
| 0.7 | | |
| — | | |
| — | | |
| — | | |
| 0.7 | |
| Acquisitions and other adjustments(d) | |
| 9.6 | | |
| 2.8 | | |
| 2.5 | | |
| 3.0 | | |
| 1.3 | | |
| 3.5 | | |
| 0.9 | | |
| 0.5 | | |
| 1.3 | | |
| 0.8 | |
| Adjusted EBITDA(e) | |
$ | 464.3 | | |
$ | 38.9 | | |
$ | 135.6 | | |
$ | 222.0 | | |
$ | 67.8 | | |
$ | 415.1 | | |
$ | 61.8 | | |
$ | 128.2 | | |
$ | 190.6 | | |
$ | 34.5 | |
| (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.
2022 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:
| | |
2022 Fiscal Year | | |
2021 Fiscal Year | |
| | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | |
| Reported Net sales | |
$ | 4,014.5 | | |
$ | 890.0 | | |
$ | 1,102.6 | | |
$ | 1,216.6 | | |
$ | 805.3 | | |
$ | 3,475.7 | | |
$ | 805.2 | | |
$ | 936.4 | | |
$ | 1,083.9 | | |
$ | 650.2 | |
| Organic sales(a) | |
| 3,738.4 | | |
| 815.0 | | |
| 1,017.8 | | |
| 1,145.5 | | |
| 760.1 | | |
| 3,386.4 | | |
| 772.1 | | |
| 908.2 | | |
| 1,057.7 | | |
| 648.4 | |
| Acquisition contribution(b) | |
| 276.1 | | |
| 75.0 | | |
| 84.8 | | |
| 71.1 | | |
| 45.2 | | |
| 89.3 | | |
| 33.1 | | |
| 28.2 | | |
| 26.2 | | |
| 1.8 | |
| Selling Days | |
| 252 | | |
| 60 | | |
| 63 | | |
| 64 | | |
| 65 | | |
| 253 | | |
| 61 | | |
| 63 | | |
| 64 | | |
| 65 | |
| Organic Daily Sales | |
$ | 14.8 | | |
$ | 13.6 | | |
$ | 16.2 | | |
$ | 17.9 | | |
$ | 11.7 | | |
$ | 13.4 | | |
$ | 12.7 | | |
$ | 14.4 | | |
$ | 16.5 | | |
$ | 10.0 | |
| (a) | Organic
sales equal Net sales less Net sales from branches acquired in 2022 and 2021. |
| (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 2022 Fiscal Year. Includes Net sales from branches
acquired in 2022 and 2021. |
SiteOne Landscape
Supply, Inc.
2023 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 Fiscal Year | | |
2022 Fiscal Year | |
| | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | | |
Year | | |
Qtr 4 | | |
Qtr 3 | | |
Qtr 2 | | |
Qtr 1 | |
| Reported Net sales | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 4,014.5 | | |
$ | 890.0 | | |
$ | 1,102.6 | | |
$ | 1,216.6 | | |
$ | 805.3 | |
| Organic sales(a) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,929.3 | | |
| 857.0 | | |
| 1,068.9 | | |
| 1,201.4 | | |
| 802.0 | |
| Acquisition contribution(b) | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 85.2 | | |
| 33.0 | | |
| 33.7 | | |
| 15.2 | | |
| 3.3 | |
| Selling Days | |
| 252 | | |
| 61 | | |
| 63 | | |
| 64 | | |
| 64 | | |
| 252 | | |
| 60 | | |
| 63 | | |
| 64 | | |
| 65 | |
| Organic Daily Sales | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 15.6 | | |
$ | 14.3 | | |
$ | 17.0 | | |
$ | 18.8 | | |
$ | 12.3 | |
| (a) | Organic
sales equals reported Net sales less Net sales from branches acquired in 2022 and 2023. |
| (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 2022 and 2023. |
