SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2024 Earnings
SiteOne Landscape Supply (NYSE: SITE) reported mixed results for Q4 and full-year 2024. In Q4, net sales increased 5% to $1.01 billion with 1% organic daily sales growth, though the company posted a net loss of $21.7 million. For full-year 2024, net sales grew 6% to $4.54 billion, while net income decreased 29% to $123.6 million.
Key metrics show some challenges: Adjusted EBITDA declined 20% to $31.8 million in Q4 and fell 8% to $378.2 million for the full year. Gross margin decreased 50 basis points to 33.3% in Q4 and 30 basis points to 34.4% for the year. The company completed seven acquisitions during 2024 with approximately $200 million in trailing twelve-month sales.
Looking ahead to 2025, SiteOne expects low single-digit organic daily sales growth and projects Adjusted EBITDA between $400-430 million, anticipating improved margins despite ongoing commodity price deflation.
SiteOne Landscape Supply (NYSE: SITE) ha riportato risultati misti per il quarto trimestre e l'intero anno 2024. Nel quarto trimestre, le vendite nette sono aumentate del 5% a $1,01 miliardi con una crescita organica delle vendite giornaliere dell'1%, sebbene l'azienda abbia registrato una perdita netta di $21,7 milioni. Per l'intero anno 2024, le vendite nette sono cresciute del 6% a $4,54 miliardi, mentre il reddito netto è diminuito del 29% a $123,6 milioni.
I principali indicatori mostrano alcune sfide: l'EBITDA rettificato è diminuito del 20% a $31,8 milioni nel quarto trimestre e dell'8% a $378,2 milioni per l'intero anno. Il margine lordo è diminuito di 50 punti base al 33,3% nel quarto trimestre e di 30 punti base al 34,4% per l'anno. L'azienda ha completato sette acquisizioni nel 2024 con circa $200 milioni in vendite negli ultimi dodici mesi.
Guardando al 2025, SiteOne prevede una crescita organica delle vendite giornaliere a bassa cifra singola e proietta un EBITDA rettificato tra $400-430 milioni, anticipando margini migliorati nonostante la continua deflazione dei prezzi delle materie prime.
SiteOne Landscape Supply (NYSE: SITE) reportó resultados mixtos para el cuarto trimestre y el año completo 2024. En el cuarto trimestre, las ventas netas aumentaron un 5% a $1.01 mil millones con un crecimiento orgánico de ventas diarias del 1%, aunque la empresa registró una pérdida neta de $21.7 millones. Para el año completo 2024, las ventas netas crecieron un 6% a $4.54 mil millones, mientras que el ingreso neto disminuyó un 29% a $123.6 millones.
Métricas clave muestran algunos desafíos: el EBITDA ajustado disminuyó un 20% a $31.8 millones en el cuarto trimestre y cayó un 8% a $378.2 millones para el año completo. El margen bruto disminuyó 50 puntos base al 33.3% en el cuarto trimestre y 30 puntos base al 34.4% para el año. La empresa completó siete adquisiciones durante 2024 con aproximadamente $200 millones en ventas de los últimos doce meses.
De cara a 2025, SiteOne espera un crecimiento orgánico de ventas diarias de un solo dígito bajo y proyecta un EBITDA ajustado entre $400-430 millones, anticipando márgenes mejorados a pesar de la continua deflación de los precios de las materias primas.
SiteOne Landscape Supply (NYSE: SITE)는 2024년 4분기 및 전체 연도에 대한 혼합된 결과를 발표했습니다. 4분기에는 순매출이 5% 증가하여 10억 1천만 달러에 달했으며, 유기적인 일일 매출 성장률은 1%였습니다. 그러나 회사는 2,170만 달러의 순손실을 기록했습니다. 2024년 전체 연도 동안 순매출은 6% 증가하여 45억 4천만 달러에 도달했지만, 순이익은 29% 감소하여 1억 2,360만 달러에 그쳤습니다.
주요 지표는 몇 가지 도전을 보여줍니다: 조정된 EBITDA는 4분기에 20% 감소하여 3,180만 달러가 되었고, 전체 연도 동안 8% 감소하여 3억 7,820만 달러에 이릅니다. 총 마진은 4분기에 50bp 감소하여 33.3%가 되었고, 연간으로는 30bp 감소하여 34.4%에 도달했습니다. 회사는 2024년 동안 약 2억 달러의 매출이 발생한 7건의 인수합병을 완료했습니다.
2025년을 바라보며 SiteOne은 낮은 단일 자릿수의 유기적인 일일 매출 성장을 예상하고 있으며, 조정된 EBITDA는 4억에서 4억 3천만 달러 사이로 예상하며, 지속적인 원자재 가격 하락에도 불구하고 마진이 개선될 것으로 기대하고 있습니다.
SiteOne Landscape Supply (NYSE: SITE) a rapporté des résultats mitigés pour le quatrième trimestre et l'année entière 2024. Au quatrième trimestre, le chiffre d'affaires net a augmenté de 5% pour atteindre 1,01 milliard de dollars, avec une croissance organique des ventes quotidiennes de 1%, bien que l'entreprise ait enregistré une perte nette de 21,7 millions de dollars. Pour l'année entière 2024, le chiffre d'affaires net a augmenté de 6% pour atteindre 4,54 milliards de dollars, tandis que le revenu net a diminué de 29% pour s'établir à 123,6 millions de dollars.
Les indicateurs clés montrent certains défis : l'EBITDA ajusté a diminué de 20% pour atteindre 31,8 millions de dollars au quatrième trimestre et a chuté de 8% pour atteindre 378,2 millions de dollars pour l'année entière. La marge brute a diminué de 50 points de base à 33,3% au quatrième trimestre et de 30 points de base à 34,4% pour l'année. L'entreprise a réalisé sept acquisitions en 2024 avec environ 200 millions de dollars de ventes au cours des douze derniers mois.
Pour 2025, SiteOne s'attend à une croissance organique des ventes quotidiennes à un chiffre unique bas et projette un EBITDA ajusté entre 400 et 430 millions de dollars, anticipant une amélioration des marges malgré la déflation continue des prix des matières premières.
SiteOne Landscape Supply (NYSE: SITE) hat gemischte Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Im vierten Quartal stiegen die Nettoumsätze um 5% auf 1,01 Milliarden US-Dollar, wobei das organische tägliche Umsatzwachstum bei 1% lag, obwohl das Unternehmen einen Nettoverlust von 21,7 Millionen US-Dollar verzeichnete. Für das gesamte Jahr 2024 wuchsen die Nettoumsätze um 6% auf 4,54 Milliarden US-Dollar, während der Nettogewinn um 29% auf 123,6 Millionen US-Dollar fiel.
Wichtige Kennzahlen zeigen einige Herausforderungen: Das bereinigte EBITDA sank im vierten Quartal um 20% auf 31,8 Millionen US-Dollar und fiel für das gesamte Jahr um 8% auf 378,2 Millionen US-Dollar. Die Bruttomarge verringerte sich im vierten Quartal um 50 Basispunkte auf 33,3% und um 30 Basispunkte auf 34,4% für das gesamte Jahr. Das Unternehmen hat 2024 sieben Akquisitionen mit einem Umsatz von etwa 200 Millionen US-Dollar in den letzten zwölf Monaten abgeschlossen.
Für 2025 erwartet SiteOne ein organisches tägliches Umsatzwachstum im niedrigen einstelligen Bereich und prognostiziert ein bereinigtes EBITDA zwischen 400 und 430 Millionen US-Dollar, wobei eine Verbesserung der Margen trotz der anhaltenden Deflation der Rohstoffpreise erwartet wird.
- Net sales increased 5% to $1.01B in Q4 and 6% to $4.54B for full-year 2024
- Operating cash flow improved by $11.8M to $119.4M in Q4
- Completed seven acquisitions adding ~$200M in trailing twelve-month sales
- Strong balance sheet with net debt to Adjusted EBITDA ratio of 1.1x
- Repurchased $51.6M in shares during 2024
- Q4 net loss widened to $21.7M from $3.4M year-over-year
- Full-year net income decreased 29% to $123.6M
- Adjusted EBITDA declined 20% in Q4 and 8% for full-year
- Gross margin contracted 50 basis points in Q4 and 30 basis points for full-year
- Organic Daily Sales decreased 1% for full-year 2024
Insights
SiteOne's 2024 performance reflects the challenging dynamics of managing growth while battling significant headwinds. The company's top-line growth of
The deterioration in profitability metrics is particularly noteworthy. The decline in adjusted EBITDA margin to
However, the company's financial position remains solid with a conservative leverage ratio of 1.1x net debt to adjusted EBITDA. The robust liquidity position, including
Looking ahead to 2025, management's guidance for adjusted EBITDA of
- Moderating impact of commodity price deflation through price increases in non-commodity products
- Cost reduction initiatives and SG&A management to improve operational efficiency
- Continued strategic acquisitions to expand market presence and drive growth
The company's end-market outlook appears cautiously optimistic, with expectations for flat to modest growth in maintenance and resilient demand across repair, upgrade, and construction segments. However, investors should monitor several risk factors, including potential tariffs, interest rate dynamics, and labor market constraints that could impact market conditions.
Fourth Quarter 2024 Highlights (Compared to Fourth Quarter 2023):
-
Net sales increased
5% to$1.01 billion -
Organic Daily Sales increased
1% -
Gross profit increased
3% to$337.6 million 33.3% -
SG&A as a percentage of Net sales increased 150 basis points to
36.0% -
Net loss attributable to SiteOne of
$21.7 million -
Adjusted EBITDA1 decreased
20% to$31.8 million 3.1% -
Cash provided by operating activities increased
$11.8 million $119.4 million -
Repurchased
$30.0 million - Closed two acquisitions: Custom Stone and OakStreet Wholesale Nursery
Full Year 2024 Highlights (Compared to Full Year 2023):
-
Net sales increased
6% to$4.54 billion -
Organic Daily Sales decreased
1% -
Gross profit increased
5% to$1.56 billion 34.4% -
SG&A as a percentage of Net sales increased 130 basis points to
30.5% -
Net income attributable to SiteOne decreased
29% to$123.6 million -
Adjusted EBITDA1 decreased
8% to$378.2 million 8.3% -
Repurchased
$51.6 million -
Closed seven acquisitions during the year with approximately
$200 million - Refinanced and extended the maturity of term loan
- Net debt to Adjusted EBITDA at year-end was 1.1x, compared to 0.9x at year-end 2023
Post Quarter Highlights
- Closed one acquisition: Pacific Nurseries
“We were pleased to finish a challenging year in 2024 on a more positive note, achieving
Fourth Quarter 2024 Results
Net sales for the Fourth Quarter 2024 increased to
Gross profit increased
Selling, general and administrative expenses (“SG&A”) for the Fourth Quarter 2024 increased to
Net loss attributable to SiteOne for the Fourth Quarter 2024 was
Adjusted EBITDA1 for the Fourth Quarter 2024 decreased
Fiscal 2024 Results
Net sales for Fiscal 2024 increased to
Gross profit for Fiscal 2024 increased to
SG&A for Fiscal 2024 increased to
Our effective tax rate for Fiscal 2024 was
Net income attributable to SiteOne for Fiscal 2024 decreased to
For the year, Adjusted EBITDA1 decreased
Cash provided by operating activities decreased
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 December 29, 2024, was
As of December 29, 2024, Cash and cash equivalents was
1. |
Adjusted EBITDA includes contribution from non-controlling interest of |
Outlook
“As we enter 2025, there is much uncertainty with interest rates, potential tariffs, and labor supply that could affect our markets. Against this backdrop, we expect commodity price deflation to continue moderating in 2025 with declines in products like PVC pipe mitigated by increases across our other products. Overall, we expect pricing to be flat to slightly down for the full year 2025,” Doug Black continued. “In terms of end markets, we expect overall demand to be flat to slightly up with modest growth in maintenance and resilient demand in repair and upgrade, new residential, and new commercial construction. With the benefit of our commercial initiatives, we expect sales volume to more than offset price deflation, yielding low single-digit Organic Daily Sales growth for the full year. With the strong actions taken in 2024 to reduce cost combined with our continued operational initiatives, ongoing SG&A management, and contributions from acquisitions, we expect to increase Adjusted EBITDA margin in 2025."
Given these trends, we expect our Adjusted EBITDA to be in the range of
Reconciliation for the forward-looking full-year 2025 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 12, 2025, at 8:00 a.m. Eastern Time, to discuss the Company’s financial results. The conference call can also 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 replay it is 13750904. The replay will be available until 11:59 p.m. (ET) on February 26, 2025.
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. (NYSE: SITE), is the largest and only national full product line wholesale distributor of landscape supplies in
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 2025 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 business, financial market, and economic conditions; severe weather and climate conditions; seasonality of our business and its impact on demand for our products; prices for the products we purchase may fluctuate; market variables, including inflation and elevated interest rates for prolonged periods; increases in operating costs; 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; 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; 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
Non-GAAP Financial Information
This release includes certain financial information, not prepared in accordance with
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 Net income (loss) plus the sum of income tax expense (benefit), 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 includes Adjusted EBITDA attributable to non-controlling interest. Adjusted EBITDA does not include pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our liquidity or financial performance under
SiteOne Landscape Supply, Inc. |
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Consolidated Balance Sheets (Unaudited) |
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(In millions, except share and per share data) |
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Assets |
|
December 29, 2024 |
|
December 31, 2023 |
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
107.1 |
|
|
$ |
82.5 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
547.1 |
|
|
|
490.6 |
|
Inventory, net |
|
|
827.2 |
|
|
|
771.2 |
|
Income tax receivable |
|
|
12.3 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
55.9 |
|
|
|
61.0 |
|
Total current assets |
|
|
1,549.6 |
|
|
|
1,405.3 |
|
|
|
|
|
|
||||
Property and equipment, net |
|
|
292.1 |
|
|
|
249.4 |
|
Operating lease right-of-use assets, net |
|
|
415.3 |
|
|
|
388.9 |
|
Goodwill |
|
|
518.1 |
|
|
|
485.5 |
|
Intangible assets, net |
|
|
261.0 |
|
|
|
280.8 |
|
Deferred tax assets |
|
|
18.5 |
|
|
|
5.3 |
|
Other assets |
|
|
16.2 |
|
|
|
13.7 |
|
Total assets |
|
$ |
3,070.8 |
|
|
$ |
2,828.9 |
|
|
|
|
|
|
||||
Liabilities, Redeemable Non-controlling Interest, and Stockholders' Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
315.5 |
|
|
$ |
270.8 |
|
Current portion of finance leases |
|
|
29.7 |
|
|
|
21.8 |
|
Current portion of operating leases |
|
|
90.2 |
|
|
|
83.6 |
|
Accrued compensation |
|
|
70.9 |
|
|
|
74.2 |
|
Long-term debt, current portion |
|
|
4.3 |
|
|
|
5.3 |
|
Income tax payable |
|
|
— |
|
|
|
8.0 |
|
Accrued liabilities |
|
|
130.2 |
|
|
|
114.6 |
|
Total current liabilities |
|
|
640.8 |
|
|
|
578.3 |
|
|
|
|
|
|
||||
Other long-term liabilities |
|
|
11.0 |
|
|
|
11.5 |
|
Finance leases, less current portion |
|
|
100.9 |
|
|
|
69.8 |
|
Operating leases, less current portion |
|
|
342.3 |
|
|
|
313.3 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
2.3 |
|
Long-term debt, less current portion |
|
|
383.9 |
|
|
|
367.6 |
|
Total liabilities |
|
|
1,478.9 |
|
|
|
1,342.8 |
|
Commitments and contingencies |
|
|
|
|
||||
Redeemable non-controlling interest |
|
|
19.4 |
|
|
|
— |
|
Stockholders’ equity: |
|
|
|
|
||||
Common stock, par value |
|
|
0.5 |
|
|
|
0.5 |
|
Additional paid-in capital |
|
|
626.5 |
|
|
|
601.8 |
|
Retained earnings |
|
|
1,039.9 |
|
|
|
916.3 |
|
Accumulated other comprehensive income (loss) |
|
|
(6.1 |
) |
|
|
4.2 |
|
Treasury stock, at cost, 688,464 and 322,021 shares at December 29, 2024 and December 31, 2023, respectively |
|
|
(88.3 |
) |
|
|
(36.7 |
) |
Total stockholders’ equity |
|
|
1,572.5 |
|
|
|
1,486.1 |
|
Total liabilities, redeemable non-controlling interest, and stockholders’ equity |
|
$ |
3,070.8 |
|
|
$ |
2,828.9 |
|
SiteOne Landscape Supply, Inc. |
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Consolidated Statements of Operations (Unaudited) |
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(In millions, except share and per share data) |
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For the Quarter |
|
For the Year |
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|
September 30, 2024 to
|
|
October 2, 2023 to
|
|
January 1, 2024 to
|
|
January 2, 2023 to
|
||||||
|
|
|
|
|
|
|
|
||||||
Net sales |
$ |
1,013.1 |
|
|
$ |
965.0 |
|
|
$ |
4,540.6 |
|
$ |
4,301.2 |
Cost of goods sold |
|
675.5 |
|
|
|
638.4 |
|
|
|
2,980.5 |
|
|
2,810.0 |
Gross profit |
|
337.6 |
|
|
|
326.6 |
|
|
|
1,560.1 |
|
|
1,491.2 |
|
|
|
|
|
|
|
|
||||||
Selling, general and administrative expenses |
|
364.5 |
|
|
|
332.8 |
|
|
|
1,385.1 |
|
|
1,256.6 |
Other income |
|
2.0 |
|
|
|
4.3 |
|
|
|
17.3 |
|
|
15.7 |
Operating income (loss) |
|
(24.9 |
) |
|
|
(1.9 |
) |
|
|
192.3 |
|
|
250.3 |
|
|
|
|
|
|
|
|
||||||
Interest and other non-operating expenses, net |
|
6.7 |
|
|
|
6.5 |
|
|
|
31.9 |
|
|
27.1 |
Income (loss) before taxes |
|
(31.6 |
) |
|
|
(8.4 |
) |
|
|
160.4 |
|
|
223.2 |
Income tax expense (benefit) |
|
(10.1 |
) |
|
|
(5.0 |
) |
|
|
36.0 |
|
|
49.8 |
Net income (loss) |
|
(21.5 |
) |
|
|
(3.4 |
) |
|
|
124.4 |
|
|
173.4 |
|
|
|
|
|
|
|
|
||||||
Less: Net income attributable to non-controlling interest |
|
0.2 |
|
|
|
— |
|
|
|
0.8 |
|
|
— |
|
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to SiteOne |
$ |
(21.7 |
) |
|
$ |
(3.4 |
) |
|
$ |
123.6 |
|
$ |
173.4 |
|
|
|
|
|
|
|
|
||||||
Net income (loss) per common share: |
|
|
|
|
|
|
|
||||||
Basic |
$ |
(0.48 |
) |
|
$ |
(0.08 |
) |
|
$ |
2.73 |
|
$ |
3.84 |
Diluted |
$ |
(0.48 |
) |
|
$ |
(0.08 |
) |
|
$ |
2.71 |
|
$ |
3.80 |
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||
Basic |
|
45,217,624 |
|
|
|
45,162,695 |
|
|
|
45,244,491 |
|
|
45,112,977 |
Diluted |
|
45,217,624 |
|
|
|
45,162,695 |
|
|
|
45,635,077 |
|
|
45,686,268 |
SiteOne Landscape Supply, Inc. |
||||||||||||
Consolidated Statements of Cash Flows (Unaudited) |
||||||||||||
(In millions) |
||||||||||||
|
|
For the year
|
|
For the year
|
|
For the year
|
||||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||||||
Net income |
|
$ |
124.4 |
|
|
$ |
173.4 |
|
|
$ |
245.4 |
|
Adjustments to reconcile Net income to net cash provided by operating activities: |
|
|
|
|
|
|
||||||
Amortization of finance lease right-of-use assets and depreciation |
|
|
75.3 |
|
|
|
64.1 |
|
|
|
51.6 |
|
Stock-based compensation |
|
|
25.0 |
|
|
|
25.7 |
|
|
|
18.3 |
|
Amortization of software and intangible assets |
|
|
63.7 |
|
|
|
63.6 |
|
|
|
52.2 |
|
Amortization of debt related costs |
|
|
1.3 |
|
|
|
1.2 |
|
|
|
1.1 |
|
Loss on extinguishment of debt |
|
|
1.8 |
|
|
|
— |
|
|
|
0.6 |
|
(Gain) loss on sale of equipment |
|
|
0.5 |
|
|
|
(0.5 |
) |
|
|
(0.8 |
) |
Deferred income taxes |
|
|
(11.0 |
) |
|
|
(14.5 |
) |
|
|
(5.2 |
) |
Other |
|
|
0.9 |
|
|
|
(5.6 |
) |
|
|
2.3 |
|
Changes in operating assets and liabilities, net of the effects of acquisitions: |
|
|
|
|
|
|
||||||
Receivables |
|
|
(41.6 |
) |
|
|
(17.4 |
) |
|
|
(44.6 |
) |
Inventory |
|
|
19.0 |
|
|
|
38.1 |
|
|
|
(99.3 |
) |
Income tax receivable |
|
|
(11.2 |
) |
|
|
10.9 |
|
|
|
(7.6 |
) |
Prepaid expenses and other assets |
|
|
2.1 |
|
|
|
(4.3 |
) |
|
|
3.5 |
|
Accounts payable |
|
|
29.7 |
|
|
|
(35.1 |
) |
|
|
8.9 |
|
Income tax payable |
|
|
(8.0 |
) |
|
|
7.9 |
|
|
|
— |
|
Accrued expenses and other liabilities |
|
|
11.5 |
|
|
|
(10.0 |
) |
|
|
(9.2 |
) |
Net Cash Provided By Operating Activities |
|
$ |
283.4 |
|
|
$ |
297.5 |
|
|
$ |
217.2 |
|
|
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||||||
Purchases of property and equipment |
|
|
(40.5 |
) |
|
|
(32.1 |
) |
|
|
(27.1 |
) |
Purchases of intangible assets |
|
|
(4.3 |
) |
|
|
(3.9 |
) |
|
|
(14.6 |
) |
Acquisitions, net of cash acquired |
|
|
(138.2 |
) |
|
|
(192.7 |
) |
|
|
(244.9 |
) |
Proceeds from the sale of property and equipment |
|
|
5.9 |
|
|
|
2.7 |
|
|
|
2.2 |
|
Net Cash Used In Investing Activities |
|
$ |
(177.1 |
) |
|
$ |
(226.0 |
) |
|
$ |
(284.4 |
) |
|
|
|
|
|
|
|
||||||
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||||||
Equity proceeds from common stock |
|
|
5.6 |
|
|
|
5.2 |
|
|
|
3.6 |
|
Repurchases of common shares |
|
|
(51.3 |
) |
|
|
(12.0 |
) |
|
|
(24.4 |
) |
Borrowings under term loan |
|
|
220.1 |
|
|
|
120.0 |
|
|
|
— |
|
Repayments under term loan |
|
|
(197.0 |
) |
|
|
(3.2 |
) |
|
|
(2.6 |
) |
Borrowings on asset-based credit facilities |
|
|
381.9 |
|
|
|
434.3 |
|
|
|
732.8 |
|
Repayments on asset-based credit facilities |
|
|
(398.3 |
) |
|
|
(526.8 |
) |
|
|
(632.8 |
) |
Payments of debt issuance costs |
|
|
(2.2 |
) |
|
|
(1.8 |
) |
|
|
(2.3 |
) |
Payments on finance lease obligations |
|
|
(26.7 |
) |
|
|
(18.5 |
) |
|
|
(12.6 |
) |
Payments of acquisition related contingent obligations |
|
|
(5.6 |
) |
|
|
(8.0 |
) |
|
|
(10.0 |
) |
Other financing activities |
|
|
(7.4 |
) |
|
|
(7.5 |
) |
|
|
(8.3 |
) |
Net Cash (Used In) Provided By Financing Activities |
|
$ |
(80.9 |
) |
|
$ |
(18.3 |
) |
|
$ |
43.4 |
|
|
|
|
|
|
|
|
||||||
Effect of exchange rate on cash |
|
|
(0.8 |
) |
|
|
0.2 |
|
|
|
(0.8 |
) |
Net Change In Cash |
|
|
24.6 |
|
|
|
53.4 |
|
|
|
(24.6 |
) |
|
|
|
|
|
|
|
||||||
Cash and cash equivalents: |
|
|
|
|
|
|
||||||
Beginning |
|
|
82.5 |
|
|
|
29.1 |
|
|
|
53.7 |
|
Ending |
|
$ |
107.1 |
|
|
$ |
82.5 |
|
|
$ |
29.1 |
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosures of Cash Flow Information: |
|
|
|
|
|
|
||||||
Cash paid during the year for interest |
|
$ |
29.8 |
|
|
$ |
26.8 |
|
|
$ |
15.5 |
|
Cash paid during the year for income taxes |
|
$ |
57.6 |
|
|
$ |
46.0 |
|
|
$ |
82.1 |
|
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 (loss):
|
2024 Fiscal Year |
|
2023 Fiscal Year |
|||||||||||||||||||||||||||||||||
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Reported Net income (loss) |
$ |
124.4 |
|
$ |
(21.5 |
) |
|
$ |
44.6 |
|
$ |
120.6 |
|
|
$ |
(19.3 |
) |
|
$ |
173.4 |
|
|
$ |
(3.4 |
) |
|
$ |
57.3 |
|
|
$ |
124.0 |
|
$ |
(4.5 |
) |
Income tax expense (benefit) |
|
36.0 |
|
|
(10.1 |
) |
|
|
15.8 |
|
|
40.0 |
|
|
|
(9.7 |
) |
|
|
49.8 |
|
|
|
(5.0 |
) |
|
|
17.5 |
|
|
|
40.0 |
|
|
(2.7 |
) |
Interest expense, net |
|
31.9 |
|
|
6.7 |
|
|
|
9.5 |
|
|
9.0 |
|
|
|
6.7 |
|
|
|
27.1 |
|
|
|
6.5 |
|
|
|
6.4 |
|
|
|
7.3 |
|
|
6.9 |
|
Depreciation & amortization |
|
139.0 |
|
|
35.6 |
|
|
|
35.9 |
|
|
34.6 |
|
|
|
32.9 |
|
|
|
127.7 |
|
|
|
34.6 |
|
|
|
31.3 |
|
|
|
31.0 |
|
|
30.8 |
|
EBITDA |
|
331.3 |
|
|
10.7 |
|
|
|
105.8 |
|
|
204.2 |
|
|
|
10.6 |
|
|
|
378.0 |
|
|
|
32.7 |
|
|
|
112.5 |
|
|
|
202.3 |
|
|
30.5 |
|
Stock-based compensation(a) |
|
25.0 |
|
|
5.5 |
|
|
|
5.2 |
|
|
3.8 |
|
|
|
10.5 |
|
|
|
25.7 |
|
|
|
5.0 |
|
|
|
5.0 |
|
|
|
7.1 |
|
|
8.6 |
|
(Gain) loss on sale of assets(b) |
|
0.5 |
|
|
1.5 |
|
|
|
0.3 |
|
|
(0.3 |
) |
|
|
(1.0 |
) |
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
(0.4 |
) |
Financing fees(c) |
|
0.5 |
|
|
— |
|
|
|
0.5 |
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
— |
|
Acquisitions and other adjustments(d) |
|
20.9 |
|
|
14.1 |
|
|
|
3.0 |
|
|
2.8 |
|
|
|
1.0 |
|
|
|
7.0 |
|
|
|
2.3 |
|
|
|
2.1 |
|
|
|
1.5 |
|
|
1.1 |
|
Adjusted EBITDA(e) |
$ |
378.2 |
|
$ |
31.8 |
|
|
$ |
114.8 |
|
$ |
210.5 |
|
|
$ |
21.1 |
|
|
$ |
410.7 |
|
|
$ |
39.9 |
|
|
$ |
119.8 |
|
|
$ |
211.2 |
|
$ |
39.8 |
|
| ___________________________________________ | ||
(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 and settlement of litigation, performance bonuses, and retention and severance payments related to historical acquisitions. Also included is the cost of inventory that was stepped up to fair value during the second quarter of 2024 related to the purchase accounting of Devil Mountain and charges during the fourth quarter of 2024 for consolidating or closing certain Pioneer locations. We cannot predict the timing or amount of any such fees or payments. These amounts are recorded in Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations. |
|
(e) |
Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented. Adjusted EBITDA includes Adjusted EBITDA attributable to non-controlling interest of |
|
SiteOne Landscape Supply, Inc.
2024 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:
|
2024 Fiscal Year |
|
2023 Fiscal Year |
||||||||||||||||||||||||||
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reported Net sales |
$ |
4,540.6 |
|
$ |
1,013.1 |
|
$ |
1,208.8 |
|
$ |
1,413.9 |
|
$ |
904.8 |
|
$ |
4,301.2 |
|
$ |
965.0 |
|
$ |
1,145.1 |
|
$ |
1,353.7 |
|
$ |
837.4 |
Organic sales(a) |
|
4,134.1 |
|
|
912.3 |
|
|
1,089.6 |
|
|
1,291.5 |
|
|
840.7 |
|
|
4,180.7 |
|
|
907.2 |
|
|
1,103.2 |
|
|
1,334.5 |
|
|
835.8 |
Acquisition contribution(b) |
|
406.5 |
|
|
100.8 |
|
|
119.2 |
|
|
122.4 |
|
|
64.1 |
|
|
120.5 |
|
|
57.8 |
|
|
41.9 |
|
|
19.2 |
|
|
1.6 |
Selling Days |
|
252 |
|
|
61 |
|
|
63 |
|
|
64 |
|
|
64 |
|
|
252 |
|
|
61 |
|
|
63 |
|
|
64 |
|
|
64 |
Organic Daily Sales |
$ |
16.4 |
|
$ |
15.0 |
|
$ |
17.3 |
|
$ |
20.2 |
|
$ |
13.1 |
|
$ |
16.6 |
|
$ |
14.9 |
|
$ |
17.5 |
|
$ |
20.9 |
|
$ |
13.1 |
| _____________________________________ | ||
(a) |
Organic sales equal Net sales less Net sales from branches acquired in 2024 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 2024 Fiscal Year. Includes Net sales from branches acquired in 2024 and 2023. |
|
SiteOne Landscape Supply, Inc.
2025 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:
|
2025 Fiscal Year |
|
2024 Fiscal Year |
|||||||||||||||||||||
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|
Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reported Net sales |
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
$ |
4,540.6 |
|
$ |
1,013.1 |
|
$ |
1,208.8 |
|
$ |
1,413.9 |
|
$ |
904.8 |
Organic sales(a) |
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
|
4,430.8 |
|
|
971.9 |
|
|
1,166.9 |
|
|
1,387.2 |
|
|
904.8 |
Acquisition contribution(b) |
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
|
109.8 |
|
|
41.2 |
|
|
41.9 |
|
|
26.7 |
|
|
-- |
Selling Days |
252 |
|
61 |
|
63 |
|
64 |
|
64 |
|
|
252 |
|
|
61 |
|
|
63 |
|
|
64 |
|
|
64 |
Organic Daily Sales |
-- |
|
-- |
|
-- |
|
-- |
|
-- |
|
$ |
17.6 |
|
$ |
15.9 |
|
$ |
18.5 |
|
$ |
21.7 |
|
$ |
14.1 |
| _____________________________________ | ||
(a) |
Organic sales equal Net sales less Net sales from branches acquired in 2025 and 2024. |
|
(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 2025 Fiscal Year. Includes Net sales from branches acquired in 2025 and 2024. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212083049/en/
Investor Relations:
SiteOne Landscape Supply, Inc.
Investor Relations
470-270-7011
investors@siteone.com
Source: SiteOne Landscape Supply, Inc.
FAQ
What were SiteOne's (SITE) Q4 2024 financial results?
How many acquisitions did SITE complete in 2024?
What is SiteOne's Adjusted EBITDA guidance for 2025?
How did SITE's full-year 2024 performance compare to 2023?
What was SITE's share repurchase activity in 2024?
