SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2024 Earnings
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. |
||||||||
Consolidated Balance Sheets (Unaudited) |
||||||||
(In millions, except share and per share data) |
||||||||
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) |
|||||||||||||
(In millions, except share and per share data) |
|||||||||||||
|
For the Quarter |
|
For the Year |
||||||||||
|
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 |
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Year |
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Qtr 4 |
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Qtr 3 |
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Qtr 2 |
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Qtr 1 |
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Year |
|
Qtr 4 |
|
Qtr 3 |
|
Qtr 2 |
|
Qtr 1 |
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|
|
|
|||||||||||||||||
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.
