(Exact name of registrant as specified in its charter) | |||||||||||
(State or other jurisdiction of | (IRS Employer | ||||||||||
incorporation or organization) | Identification No.) | ||||||||||
| |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) Exhibits | |||||
Press Release issued by Pool Corporation on | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
POOL CORPORATION | ||||||||||||||
By: | /s/ Melanie Housey Hart | |||||||||||||
Melanie Housey Hart | ||||||||||||||
Vice President and Chief Financial Officer | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net sales | $ | 1,857,363 | $ | 2,055,818 | $ | 3,064,138 | $ | 3,468,468 | |||||||||||||||
Cost of sales | 1,289,580 | 1,389,014 | 2,126,599 | 2,354,474 | |||||||||||||||||||
Gross profit | 567,783 | 666,804 | 937,539 | 1,113,994 | |||||||||||||||||||
Percent | 30.6 | % | 32.4 | % | 30.6 | % | 32.1 | % | |||||||||||||||
Selling and administrative expenses | 240,774 | 247,916 | 464,758 | 459,382 | |||||||||||||||||||
Operating income | 327,009 | 418,888 | 472,781 | 654,612 | |||||||||||||||||||
Percent | 17.6 | % | 20.4 | % | 15.4 | % | 18.9 | % | |||||||||||||||
Interest and other non-operating expenses, net | 16,892 | 8,523 | 32,728 | 13,722 | |||||||||||||||||||
Income before income taxes and equity in earnings | 310,117 | 410,365 | 440,053 | 640,890 | |||||||||||||||||||
Provision for income taxes | 77,987 | 103,160 | 106,260 | 154,482 | |||||||||||||||||||
Equity in earnings of unconsolidated investments, net | 120 | 78 | 156 | 136 | |||||||||||||||||||
Net income | $ | 232,250 | $ | 307,283 | $ | 333,949 | $ | 486,544 | |||||||||||||||
Earnings per share attributable to common stockholders: (1) | |||||||||||||||||||||||
Basic | $ | 5.95 | $ | 7.71 | $ | 8.55 | $ | 12.16 | |||||||||||||||
Diluted | $ | 5.91 | $ | 7.63 | $ | 8.48 | $ | 12.03 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 38,837 | 39,660 | 38,857 | 39,795 | |||||||||||||||||||
Diluted | 39,115 | 40,064 | 39,155 | 40,231 | |||||||||||||||||||
Cash dividends declared per common share | $ | 1.10 | $ | 1.00 | $ | 2.10 | $ | 1.80 |
June 30, | June 30, | Change | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 53,225 | $ | 91,481 | $ | (38,256) | (42) | % | ||||||||||||||||||||||||||||||
Receivables, net (1) | 203,459 | 239,639 | (36,180) | (15) | ||||||||||||||||||||||||||||||||||
Receivables pledged under receivables facility | 427,491 | 516,946 | (89,455) | (17) | ||||||||||||||||||||||||||||||||||
Product inventories, net (2) | 1,392,886 | 1,579,101 | (186,215) | (12) | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 19,994 | 43,317 | (23,323) | (54) | ||||||||||||||||||||||||||||||||||
Total current assets | 2,097,055 | 2,470,484 | (373,429) | (15) | ||||||||||||||||||||||||||||||||||
Property and equipment, net | 209,541 | 183,480 | 26,061 | 14 | ||||||||||||||||||||||||||||||||||
Goodwill | 699,918 | 692,972 | 6,946 | 1 | ||||||||||||||||||||||||||||||||||
Other intangible assets, net | 302,444 | 309,375 | (6,931) | (2) | ||||||||||||||||||||||||||||||||||
Equity interest investments | 1,278 | 1,179 | 99 | 8 | ||||||||||||||||||||||||||||||||||
Operating lease assets | 279,468 | 259,571 | 19,897 | 8 | ||||||||||||||||||||||||||||||||||
Other assets | 90,875 | 45,044 | 45,831 | 102 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 3,680,579 | $ | 3,962,105 | $ | (281,526) | (7) | % | ||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 485,100 | $ | 604,225 | $ | (119,125) | (20) | % | ||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 170,658 | 195,529 | (24,871) | (13) | ||||||||||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt | 36,219 | 19,731 | 16,488 | 84 | ||||||||||||||||||||||||||||||||||
Current operating lease liabilities | 79,763 | 71,550 | 8,213 | 11 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 771,740 | 891,035 | (119,295) | (13) | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 58,151 | 42,380 | 15,771 | 37 | ||||||||||||||||||||||||||||||||||
Long-term debt, net | 1,148,367 | 1,575,667 | (427,300) | (27) | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | 39,236 | 32,109 | 7,127 | 22 | ||||||||||||||||||||||||||||||||||
Non-current operating lease liabilities | 204,553 | 191,856 | 12,697 | 7 | ||||||||||||||||||||||||||||||||||
Total liabilities | 2,222,047 | 2,733,047 | (511,000) | (19) | ||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 1,458,532 | 1,229,058 | 229,474 | 19 | ||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,680,579 | $ | 3,962,105 | $ | (281,526) | (7) | % |
Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||
Net income | $ | 333,949 | $ | 486,544 | $ | (152,595) | ||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation | 15,292 | 15,376 | (84) | |||||||||||||||||||||||||||||
Amortization | 4,237 | 4,358 | (121) | |||||||||||||||||||||||||||||
Share-based compensation | 9,996 | 7,571 | 2,425 | |||||||||||||||||||||||||||||
Equity in earnings of unconsolidated investments, net | (156) | (136) | (20) | |||||||||||||||||||||||||||||
Other | 3,563 | 7,185 | (3,622) | |||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||||||||||||||||||||
Receivables | (276,945) | (384,245) | 107,300 | |||||||||||||||||||||||||||||
Product inventories | 201,380 | (251,090) | 452,470 | |||||||||||||||||||||||||||||
Prepaid expenses and other assets | (4,423) | (20,573) | 16,150 | |||||||||||||||||||||||||||||
Accounts payable | 76,140 | 208,017 | (131,877) | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 13,744 | (44,276) | 58,020 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 376,777 | 28,731 | 348,046 | |||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (11,500) | (7,629) | (3,871) | |||||||||||||||||||||||||||||
Purchases of property and equipment, net of sale proceeds | (30,191) | (19,802) | (10,389) | |||||||||||||||||||||||||||||
Other investments, net | (169) | — | (169) | |||||||||||||||||||||||||||||
Net cash used in investing activities | (41,860) | (27,431) | (14,429) | |||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||
Proceeds from revolving line of credit | 698,795 | 1,122,186 | (423,391) | |||||||||||||||||||||||||||||
Payments on revolving line of credit | (1,001,399) | (1,128,902) | 127,503 | |||||||||||||||||||||||||||||
Proceeds from term loan under credit facility | — | 250,000 | (250,000) | |||||||||||||||||||||||||||||
Proceeds from asset-backed financing | 388,900 | 215,000 | 173,900 | |||||||||||||||||||||||||||||
Payments on asset-backed financing | (240,200) | (50,000) | (190,200) | |||||||||||||||||||||||||||||
Payments on term facility | (47,313) | (4,625) | (42,688) | |||||||||||||||||||||||||||||
Proceeds from short-term borrowings and current portion of long-term debt | 17,859 | 24,767 | (6,908) | |||||||||||||||||||||||||||||
Payments on short-term borrowings and current portion of long-term debt | (19,182) | (16,808) | (2,374) | |||||||||||||||||||||||||||||
Payments of deferred and contingent acquisition consideration | (551) | (1,374) | 823 | |||||||||||||||||||||||||||||
Proceeds from stock issued under share-based compensation plans | 7,309 | 5,107 | 2,202 | |||||||||||||||||||||||||||||
Payments of cash dividends | (82,018) | (72,028) | (9,990) | |||||||||||||||||||||||||||||
Purchases of treasury stock | (50,742) | (278,680) | 227,938 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (328,542) | 64,643 | (393,185) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 1,259 | 1,217 | 42 | |||||||||||||||||||||||||||||
Change in cash and cash equivalents | 7,634 | 67,160 | (59,526) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 45,591 | 24,321 | 21,270 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 53,225 | $ | 91,481 | $ | (38,256) |
December 31, 2022 | 420 | ||||
Acquired locations | 4 | ||||
New locations | 8 | ||||
June 30, 2023 | 432 |
(Unaudited) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||
(in thousands) | June 30, | June 30, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Net income | $ | 232,250 | $ | 307,283 | $ | 333,949 | $ | 486,544 | ||||||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||
Interest and other non-operating expenses (1) | 17,066 | 8,333 | 33,407 | 13,608 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 77,987 | 103,160 | 106,260 | 154,482 | ||||||||||||||||||||||||||||||||||
Share-based compensation | 5,073 | 3,914 | 9,996 | 7,571 | ||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated investments, net | (120) | (78) | (156) | (136) | ||||||||||||||||||||||||||||||||||
Depreciation | 7,660 | 7,713 | 15,292 | 15,376 | ||||||||||||||||||||||||||||||||||
Amortization (2) | 1,915 | 1,951 | 3,862 | 3,928 | ||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 341,831 | $ | 432,276 | $ | 502,610 | $ | 681,373 |
(Unaudited) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Diluted EPS | $ | 5.91 | $ | 7.63 | $ | 8.48 | $ | 12.03 | |||||||||||||||||||||
ASU 2016-09 tax benefit | (0.02) | (0.04) | (0.14) | (0.22) | |||||||||||||||||||||||||
Adjusted diluted EPS | $ | 5.89 | $ | 7.59 | $ | 8.34 | $ | 11.81 | |||||||||||||||||||||
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Document Document |
Jul. 20, 2023 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0000945841 |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Entity Registrant Name | POOL CORPORATION |
Document Type | 8-K |
Document Period End Date | Jul. 20, 2023 |
Entity File Number | 0-26640 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-3943363 |
Entity Address, Address Line One | 109 Northpark Boulevard, |
Entity Address, City or Town | Covington, |
Entity Address, State or Province | LA |
Entity Address, Postal Zip Code | 70433-5001 |
City Area Code | (985) |
Local Phone Number | 892-5521 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Trading Symbol | POOL |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
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