SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2020 Earnings
SiteOne Landscape Supply reported strong financial results for Q4 and FY 2020, with net sales of $675.1 million for Q4, a 26% increase year-over-year, and $2.70 billion for the full year, up 15%. Organic Daily Sales grew 12% in Q4 and 8% for the year. Adjusted EBITDA surged 98% to $43.9 million in Q4, with a margin improvement to 6.5%. Net income rose to $11.5 million from $2.5 million in Q4, aided by higher sales and improved margins. The company anticipates mid-single digit Organic Daily Sales growth for 2021 and expects Adjusted EBITDA between $275 million and $292 million.
- Q4 net sales increased 26% to $675.1 million.
- FY 2020 net sales rose 15% to $2.70 billion.
- Adjusted EBITDA for Q4 grew 98% to $43.9 million.
- Net income for FY 2020 jumped 56% to $121.3 million.
- Strong demand and acquisitions contributed to sales growth.
- Significant reduction in net debt to $249.9 million.
- SG&A expenses increased to $202.8 million for Q4, up from $166.8 million.
SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its fourth quarter and full fiscal year ended January 3, 2021 (“Fiscal 2020”).
“With strong demand for our products, we delivered an excellent fourth quarter performance and finished the year with exceptional results on all fronts. I am very proud of the entire SiteOne team for their passion, commitment and teamwork in overcoming the many challenges and uncertainties of 2020 and delivering outstanding service and support to our customers and terrific results for our other key stakeholders,” said Doug Black, SiteOne’s Chairman and CEO. “The stay at home trend associated with COVID-19 has increased demand for new homes and accelerated investment in outdoor living, both of which have increased demand for landscaping products. This strong demand, coupled with our market share gains, helped us to achieve
Fourth Quarter 2020 Results
Net sales for the fourth quarter of Fiscal 2020 increased to
Gross profit increased to
Selling, general and administrative expenses (“SG&A”) for the fourth quarter of Fiscal 2020 increased to
Net income for the fourth quarter of Fiscal 2020 increased to
Adjusted EBITDA increased
Full Year 2020 Results
Net sales for Fiscal 2020 increased to
Gross profit for Fiscal 2020 increased to
SG&A for the year increased to
Our effective tax rate for Fiscal 2020 was
Net income for Fiscal 2020 was
For the year, Adjusted EBITDA increased
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 3, 2021, was
As of January 3, 2021, cash on hand was
Outlook
“We are pleased with the continuing momentum in our business and the current favorable underlying demand trends,” Doug Black continued. “As we look out over the full year, we expect to achieve mid-single digit Organic Daily Sales growth, with strong growth in the first half of the year moderating in the second half with more difficult comparisons. We also expect another year of healthy margin expansion, cash flow generation, and contribution from acquired companies.”
For 2021 we expect Adjusted EBITDA to be in the range of
Reconciliation for the forward-looking full-year 2021 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 24, 2021, at 8:00 a.m. Eastern Time, to discuss the Company’s financial results. The conference call may be accessed by dialing (877) 705-6003 (domestic) or (201) 493-6725 (international). 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 13715765. The replay will be available until 11:59 p.m. (ET) on March 10, 2021.
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 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.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our 2021 Adjusted EBITDA outlook. 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: the potential negative impact of the COVID-19 pandemic (which, among other things, may exacerbate each of the risk listed below); economic downturn or recession; cyclicality in residential and commercial construction markets; general economic and financial conditions; weather conditions, seasonality and availability of water to end-users; public perceptions that our products and services are not environmentally friendly; competitive industry pressures; product shortages and the loss of key suppliers; product price fluctuations; 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; increased operating costs; risks associated with our large labor force (including work stoppages due to COVID-19); retention of key personnel; construction defect and product liability claims; impairment of goodwill; adverse credit and financial markets events and conditions (which have worsened and may continue to worse as a result of the COVID-19 pandemic); credit sale risks; performance of individual branches; 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; computer data processing systems; cybersecurity incidents (including the July 2020 ransomware attack); security of personal information about our customers; intellectual property and other proprietary rights; the possibility of securities litigation; unanticipated changes in our tax provisions; our substantial indebtedness and our ability to obtain financing in the future; increases in interest rates; risks related to our common stock; terrorism or the threat of terrorism; 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 December 29, 2019, 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), 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 termination of finance leases and other non-cash items, other non-recurring (income) and loss. Adjusted EBITDA does not include pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with 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. |
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Consolidated Balance Sheets |
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(In millions, except share and per share data) |
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|
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January 3, 2021 |
|
December 29, 2019 |
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Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
55.2 |
|
|
$ |
19.0 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
292.8 |
|
|
283.4 |
|
||
Inventory, net |
|
458.6 |
|
|
427.1 |
|
||
Income tax receivable |
|
6.8 |
|
|
7.0 |
|
||
Prepaid expenses and other current assets |
|
38.2 |
|
|
29.3 |
|
||
Total current assets |
|
851.6 |
|
|
765.8 |
|
||
|
|
|
|
|
||||
Property and equipment, net |
|
130.0 |
|
|
104.9 |
|
||
Operating lease right-of-use assets, net |
|
256.5 |
|
|
231.0 |
|
||
Goodwill |
|
250.6 |
|
|
181.3 |
|
||
Intangible assets, net |
|
196.3 |
|
|
150.6 |
|
||
Deferred tax assets |
|
2.4 |
|
|
1.9 |
|
||
Other assets |
|
8.3 |
|
|
7.8 |
|
||
Total assets |
|
$ |
1,695.7 |
|
|
$ |
1,443.3 |
|
|
|
|
|
|
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Liabilities and Stockholders’ Equity |
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|
|
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Current liabilities: |
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|
|
|
||||
Accounts payable |
|
$ |
172.8 |
|
|
$ |
162.2 |
|
Current portion of finance leases |
|
9.2 |
|
|
6.7 |
|
||
Current portion of operating leases |
|
54.6 |
|
|
48.6 |
|
||
Accrued compensation |
|
69.2 |
|
|
39.7 |
|
||
Long-term debt, current portion |
|
2.8 |
|
|
4.5 |
|
||
Accrued liabilities |
|
60.0 |
|
|
49.1 |
|
||
Total current liabilities |
|
368.6 |
|
|
310.8 |
|
||
|
|
|
|
|
||||
Other long-term liabilities |
|
25.3 |
|
|
13.2 |
|
||
Finance leases, less current portion |
|
32.4 |
|
|
16.2 |
|
||
Operating leases, less current portion |
|
208.3 |
|
|
186.3 |
|
||
Deferred tax liabilities |
|
5.4 |
|
|
3.2 |
|
||
Long-term debt, less current portion |
|
260.7 |
|
|
520.4 |
|
||
Total liabilities |
|
900.7 |
|
|
1,050.1 |
|
||
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
|
||||
|
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock, par value |
|
0.4 |
|
|
0.4 |
|
||
Additional paid-in capital |
|
541.8 |
|
|
261.5 |
|
||
Retained earnings |
|
259.1 |
|
|
137.8 |
|
||
Accumulated other comprehensive loss |
|
(6.3 |
) |
|
(6.5 |
) |
||
Total stockholders’ equity |
|
795.0 |
|
|
393.2 |
|
||
Total liabilities and stockholders’ equity |
$ |
1,695.7 |
$ |
1,443.3 |
||||
SiteOne Landscape Supply, Inc. |
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Consolidated Statements of Operations |
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(In millions, except share and per share data) |
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|
|
|
|||||||||
|
|
For the quarter (1) |
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For the year (2) |
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|
|
September 28, 2020 to |
|
September 30, 2019 to |
|
December 30, 2019 to |
|
December 31, 2018 to |
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|
|
January 3, 2021 |
|
December 29, 2019 |
|
January 3, 2021 |
|
December 29, 2019 |
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|
|
|
|
|
|
|
|
|
|||||||||
Net sales |
|
$ |
675.1 |
|
|
$ |
535.0 |
|
|
$ |
2,704.5 |
|
|
$ |
2,357.5 |
|
|
Cost of goods sold |
|
452.8 |
|
|
365.0 |
|
|
1,803.2 |
|
|
1,584.3 |
|
|||||
Gross profit |
|
222.3 |
|
|
170.0 |
|
|
901.3 |
|
|
773.2 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expenses |
|
202.8 |
|
|
166.8 |
|
|
728.2 |
|
|
654.3 |
|
|||||
Other income |
|
2.7 |
|
|
1.2 |
|
|
6.7 |
|
|
6.0 |
|
|||||
Operating income |
|
22.2 |
|
|
4.4 |
|
|
179.8 |
|
|
124.9 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Interest and other non-operating expenses, net |
|
9.1 |
|
|
7.5 |
|
|
31.0 |
|
|
33.4 |
|
|||||
Income (loss) before taxes |
|
13.1 |
|
|
(3.1 |
) |
|
148.8 |
|
|
91.5 |
|
|||||
Income tax expense (benefit) |
|
1.6 |
|
|
(5.6 |
) |
|
27.5 |
|
|
13.8 |
|
|||||
Net income |
$ |
11.5 |
|
|
2.5 |
|
|
121.3 |
|
|
77.7 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Net income per common share: |
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
$ |
0.26 |
|
|
$ |
0.06 |
|
|
$ |
2.83 |
|
|
$ |
1.89 |
|
|
Diluted |
|
$ |
0.25 |
|
|
$ |
0.06 |
|
|
$ |
2.75 |
|
|
$ |
1.82 |
|
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
44,290,892 |
|
|
41,499,989 |
|
|
42,858,691 |
|
|
41,218,843 |
|
|||||
Diluted |
|
45,553,305 |
|
|
42,964,693 |
|
|
44,093,501 |
|
|
42,750,348 |
|
|||||
| (1) | Unaudited. |
| (2) | Derived from audited financial statements. |
SiteOne Landscape Supply, Inc. |
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Consolidated Statements of Cash Flows |
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(In millions) |
||||||||||||
|
|
For the year
|
|
For the year
|
|
For the year
|
||||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||||||
Net income |
|
$ |
121.3 |
|
|
$ |
77.7 |
|
|
$ |
73.9 |
|
Adjustments to reconcile Net income to net cash provided by operating activities: |
|
|
|
|
|
|
||||||
Amortization of finance lease right-of-use assets and depreciation |
|
29.4 |
|
|
25.1 |
|
|
21.5 |
|
|||
Stock-based compensation |
|
10.6 |
|
|
11.7 |
|
|
7.9 |
|
|||
Amortization of software and intangible assets |
|
37.8 |
|
|
34.4 |
|
|
30.8 |
|
|||
Amortization of debt related costs |
|
4.1 |
|
|
2.0 |
|
|
3.1 |
|
|||
Loss on extinguishment of debt |
|
— |
|
|
0.4 |
|
|
0.7 |
|
|||
(Gain) loss on sale of equipment |
|
(0.4 |
) |
|
0.3 |
|
|
(0.4 |
) |
|||
Deferred income taxes |
|
0.4 |
|
|
(3.4 |
) |
|
(7.1 |
) |
|||
Other |
|
3.7 |
|
|
0.9 |
|
|
(0.6 |
) |
|||
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
|
||||||
Receivables |
|
2.8 |
|
|
6.1 |
|
|
(43.4 |
) |
|||
Inventory |
|
(7.9 |
) |
|
(3.0 |
) |
|
(38.5 |
) |
|||
Income tax receivable |
|
0.2 |
|
|
3.0 |
|
|
(6.0 |
) |
|||
Prepaid expenses and other assets |
|
(11.0 |
) |
|
7.5 |
|
|
(8.9 |
) |
|||
Accounts payable |
|
(4.3 |
) |
|
(29.0 |
) |
|
40.4 |
|
|||
Accrued expenses and other liabilities |
|
42.7 |
|
|
(2.9 |
) |
|
4.7 |
|
|||
Net Cash Provided By Operating Activities |
|
$ |
229.4 |
|
|
$ |
130.8 |
|
|
$ |
78.1 |
|
|
|
|
|
|
|
|
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Cash Flows from Investing Activities: |
|
|
|
|
|
|
||||||
Purchases of property and equipment |
|
(18.6 |
) |
|
(19.5 |
) |
|
(14.9 |
) |
|||
Purchases of intangible assets |
|
(7.2 |
) |
|
(1.9 |
) |
|
(5.0 |
) |
|||
Acquisitions, net of cash acquired |
|
(159.4 |
) |
|
(71.5 |
) |
|
(147.7 |
) |
|||
Proceeds from the sale of property and equipment |
|
1.0 |
|
|
1.0 |
|
|
3.5 |
|
|||
Net Cash Used In Investing Activities |
|
$ |
(184.2 |
) |
|
$ |
(91.9 |
) |
|
$ |
(164.1 |
) |
|
|
|
|
|
|
|
||||||
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||||||
Equity proceeds from common stock |
|
271.5 |
|
|
8.4 |
|
|
6.7 |
|
|||
Borrowings under term loan |
|
— |
|
|
— |
|
|
447.4 |
|
|||
Repayments under term loan |
|
(172.8 |
) |
|
(4.5 |
) |
|
(350.3 |
) |
|||
Borrowings on asset-based credit facility |
|
285.4 |
|
|
273.7 |
|
|
406.0 |
|
|||
Repayments on asset-based credit facility |
|
(378.2 |
) |
|
(304.0 |
) |
|
(410.0 |
) |
|||
Payments of debt issue costs |
|
— |
|
|
(0.9 |
) |
|
(2.4 |
) |
|||
Payments on finance lease obligations |
|
(8.5 |
) |
|
(6.5 |
) |
|
(6.2 |
) |
|||
Payments of acquisition related contingent obligations |
|
(4.8 |
) |
|
(3.0 |
) |
|
(4.0 |
) |
|||
Other financing activities |
|
(1.7 |
) |
|
(0.5 |
) |
|
(0.4 |
) |
|||
Net Cash (Used In) Provided By Financing Activities |
|
$ |
(9.1 |
) |
|
$ |
(37.3 |
) |
|
$ |
86.8 |
|
|
|
|
|
|
|
|
||||||
Effect of exchange rate on cash |
|
0.1 |
|
|
0.1 |
|
|
(0.2 |
) |
|||
Net Change In Cash |
|
36.2 |
|
|
1.7 |
|
|
0.6 |
|
|||
|
|
|
|
|
|
|
||||||
Cash and cash equivalents: |
|
|
|
|
|
|
||||||
Beginning |
|
19.0 |
|
|
17.3 |
|
|
16.7 |
|
|||
Ending |
|
$ |
55.2 |
|
|
$ |
19.0 |
|
|
$ |
17.3 |
|
|
|
|
|
|
|
|
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Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
||||||
Cash paid during the year for interest |
|
$ |
27.3 |
|
|
$ |
30.3 |
|
|
$ |
26.2 |
|
Cash paid during the year for income taxes |
|
$ |
25.2 |
|
|
$ |
16.0 |
|
|
$ |
14.5 |
|
SiteOne Landscape Supply, Inc. |
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Adjusted EBITDA Reconciliation |
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(In millions, unaudited) |
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The following table presents a reconciliation of Adjusted EBITDA to Net income (loss): |
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(In millions, unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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2020 Fiscal Year |
|
2019 Fiscal Year |
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Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Reported Net income (loss) |
$ |
121.3 |
|
|
$ |
11.5 |
|
|
$ |
48.2 |
|
|
$ |
79.1 |
|
|
$ |
(17.5 |
) |
|
$ |
77.7 |
|
|
$ |
2.5 |
|
|
$ |
34.6 |
|
|
$ |
64.7 |
|
|
$ |
(24.1 |
) |
|
Income tax (benefit) expense |
27.5 |
|
|
1.6 |
|
|
13.8 |
|
|
25.6 |
|
|
(13.5 |
) |
|
13.8 |
|
|
(5.6 |
) |
|
9.7 |
|
|
19.3 |
|
|
(9.6 |
) |
|||||||||||
Interest expense, net |
31.0 |
|
|
9.1 |
|
|
6.6 |
|
|
7.6 |
|
|
7.7 |
|
|
33.4 |
|
|
7.5 |
|
|
8.2 |
|
|
8.7 |
|
|
9.0 |
|
|||||||||||
Depreciation & amortization |
67.2 |
|
|
18.2 |
|
|
16.3 |
|
|
16.4 |
|
|
16.3 |
|
|
59.5 |
|
|
14.8 |
|
|
14.6 |
|
|
14.7 |
|
|
15.4 |
|
|||||||||||
EBITDA |
247.0 |
|
|
40.4 |
|
|
84.9 |
|
|
128.7 |
|
|
(7.0 |
) |
|
184.4 |
|
|
19.2 |
|
|
67.1 |
|
|
107.4 |
|
|
(9.3 |
) |
|||||||||||
Stock-based compensation(a) |
10.6 |
|
|
2.7 |
|
|
2.6 |
|
|
2.8 |
|
|
2.5 |
|
|
11.7 |
|
|
2.0 |
|
|
2.5 |
|
|
5.4 |
|
|
1.8 |
|
|||||||||||
(Gain) loss on sale of assets(b) |
(0.4 |
) |
|
(0.2 |
) |
|
(0.4 |
) |
|
0.1 |
|
|
0.1 |
|
|
0.3 |
|
|
0.1 |
|
|
0.1 |
|
|
— |
|
|
0.1 |
|
|||||||||||
Acquisitions and other adjustments(c) |
3.0 |
|
|
1.0 |
|
|
0.7 |
|
|
0.5 |
|
|
0.8 |
|
|
4.7 |
|
|
0.9 |
|
|
0.8 |
|
|
1.5 |
|
|
1.5 |
|
|||||||||||
Adjusted EBITDA(d) |
$ |
260.2 |
|
|
$ |
43.9 |
|
|
$ |
87.8 |
|
|
$ |
132.1 |
|
|
$ |
(3.6 |
) |
|
$ |
201.1 |
|
|
$ |
22.2 |
|
|
$ |
70.5 |
|
|
$ |
114.3 |
|
|
$ |
(5.9 |
) |
|
(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 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. |
(d) |
Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented. |
SiteOne Landscape Supply, Inc. |
||||||||||||||||||||||||||||||||||||||||
2020 Organic Daily Sales to Net sales Reconciliation |
||||||||||||||||||||||||||||||||||||||||
(In millions, except Selling Days; unaudited) |
||||||||||||||||||||||||||||||||||||||||
The following table presents a reconciliation of Organic Daily Sales to Net sales: |
||||||||||||||||||||||||||||||||||||||||
(In millions, except Selling Days; unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
2020 Fiscal Year |
|
2019 Fiscal Year |
|||||||||||||||||||||||||||||||||||||
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Reported Net sales |
$ |
2,704.5 |
|
|
$ |
675.1 |
|
|
$ |
751.9 |
|
|
$ |
817.7 |
|
|
$ |
459.8 |
|
|
$ |
2,357.5 |
|
|
$ |
535.0 |
|
|
$ |
652.8 |
|
|
$ |
752.4 |
|
|
$ |
417.3 |
|
|
Organic sales(a) |
2,504.0 |
|
|
612.7 |
|
|
698.3 |
|
|
758.2 |
|
|
434.8 |
|
|
2,292.9 |
|
|
513.6 |
|
|
630.8 |
|
|
735.5 |
|
|
413.0 |
|
|||||||||||
Acquisition contribution(b) |
200.5 |
|
|
62.4 |
|
|
53.6 |
|
|
59.5 |
|
|
25.0 |
|
|
64.6 |
|
|
21.4 |
|
|
22.0 |
|
|
16.9 |
|
|
4.3 |
|
|||||||||||
Selling Days |
256 |
|
|
65 |
|
|
63 |
|
|
64 |
|
|
64 |
|
|
252 |
|
|
61 |
|
|
63 |
|
|
64 |
|
|
64 |
|
|||||||||||
Organic Daily Sales |
$ |
9.8 |
|
|
$ |
9.4 |
|
|
$ |
11.1 |
|
|
$ |
11.8 |
|
|
$ |
6.8 |
|
|
$ |
9.1 |
|
|
$ |
8.4 |
|
|
$ |
10.0 |
|
|
$ |
11.5 |
|
|
$ |
6.5 |
|
|
(a) |
Organic sales equals reported Net sales less Net sales from branches acquired in 2019 and 2020. |
(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 2020 Fiscal Year. Includes Net sales from branches acquired in 2019 and 2020. |
SiteOne Landscape Supply, Inc. |
||||||||||||||||||||||||||||||||||||||||
2021 Organic Daily Sales to Net sales Reconciliation |
||||||||||||||||||||||||||||||||||||||||
(In millions, except Selling Days; unaudited) |
||||||||||||||||||||||||||||||||||||||||
The following table presents a reconciliation of Organic Daily Sales to Net sales: |
||||||||||||||||||||||||||||||||||||||||
(In millions, except Selling Days; unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
2021 Fiscal Year |
|
2020 Fiscal Year |
|||||||||||||||||||||||||||||||||||||
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Reported Net sales |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
2,704.5 |
|
|
$ |
675.1 |
|
|
$ |
751.9 |
|
|
$ |
817.7 |
|
|
$ |
459.8 |
|
|
Organic sales(a) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,629.3 |
|
|
641.0 |
|
|
732.7 |
|
|
799.2 |
|
|
456.4 |
|
|||||||||||
Acquisition contribution(b) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
75.2 |
|
|
34.1 |
|
|
19.2 |
|
|
18.5 |
|
|
3.4 |
|
|||||||||||
Selling Days |
253 |
|
|
61 |
|
|
63 |
|
|
64 |
|
|
65 |
|
|
256 |
|
|
65 |
|
|
63 |
|
|
64 |
|
|
64 |
|
|||||||||||
Organic Daily Sales |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
10.3 |
|
|
$ |
9.9 |
|
|
$ |
11.6 |
|
|
$ |
12.5 |
|
|
$ |
7.1 |
|
|
(a) |
Organic sales equals reported Net sales less Net sales from branches acquired in 2020 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 2021 Fiscal Year. Includes Net sales from branches acquired in 2020 and 2021. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210224005287/en/
FAQ
What were SiteOne's fourth quarter earnings results for 2020?
How did SiteOne perform in Fiscal 2020?
What is the outlook for SiteOne in 2021?
How much did SiteOne's net debt reduce by in 2020?
What drove the sales growth for SiteOne in 2020?
