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SiteOne(SITE) - 2022 Q2 - Earnings Call Transcript
2022-08-03 17:55
SiteOne Landscape Supply, Inc. (NYSE:SITE) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET Company Participants John Guthrie - EVP, CFO & Assistant Secretary Doug Black - Chairman & CEO Scott Salmon - EVP, Strategy & Development Conference Call Participants Ryan Merkel - William Blair & Company Stephen Volkmann - Jefferies David Manthey - Robert W. Baird & Co. Michael Dahl - RBC Capital Markets Damian Karas - UBS William Carter - Stifel, Nicolaus & Company Jeffrey Stevenson - Loop Capital Markets ...
SiteOne(SITE) - 2023 Q2 - Quarterly Report
2022-08-03 10:01
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 10-Q __________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 3, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From __________ to ___________ Commission file number: 001-37760 SiteOne Landscape Supply, Inc. (Exact n ...
SiteOne(SITE) - 2022 Q1 - Earnings Call Transcript
2022-05-07 06:52
Financial Data and Key Metrics Changes - The company reported a net sales increase of 24% to $805 million in Q1 2022, with organic daily sales growth of 17% driven by continued demand and price inflation [21][28] - Adjusted EBITDA increased by 97% to $67.8 million, with an adjusted EBITDA margin expansion of 310 basis points to 8.4% [25][37] - Gross profit increased by 34% to $269 million, with gross margin improving by 240 basis points to 33.4% [34][22] Business Line Data and Key Metrics Changes - Organic daily sales for landscaping products increased by 20%, while agronomic products saw a 10% increase [30][31] - The company achieved 7% net sales growth through acquisitions, contributing approximately $43 million to first-quarter net sales [28][21] - SG&A expenses increased by 20% to $231 million, but as a percentage of net sales, it decreased by 100 basis points to 28.6% [35][24] Market Data and Key Metrics Changes - Organic daily sales growth was 13% in northern markets compared to 23% in southern and western markets, indicating regional performance variations [30][88] - The company estimates a 15% market share in the fragmented $23 billion wholesale landscaping products distribution market, indicating significant growth opportunities [11][12] Company Strategy and Development Direction - The company aims to leverage its scale and resources to deliver superior value to customers and suppliers while focusing on organic growth and acquisitions [16][17] - The acquisition strategy remains robust, with 67 acquisitions completed since 2014, and three completed in 2022, adding approximately $50 million in trailing 12-month sales [19][43] - The company is focused on filling its product portfolio through acquisitions, particularly in nursery, hardscapes, and landscape supplies [20][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high single-digit organic daily sales growth for 2022, primarily driven by price inflation [53][56] - The company anticipates challenges due to inflation and supply chain uncertainties but remains optimistic about maintaining strong demand across all end markets [51][52] - Management noted that while gross margin is expected to decline somewhat, initiatives are in place to mitigate this impact [54][23] Other Important Information - The company has a strong balance sheet with liquidity of $243 million, consisting of $45 million in cash and approximately $198 million in available capacity under its ABL facility [40][41] - The company is committed to maintaining financial strength and flexibility while pursuing long-term growth opportunities [41] Q&A Session Summary Question: Can you break out price across agronomics versus landscape products? - Agronomics saw about 17% price increase, while landscaping products were a little over 20% [61] Question: How do you think a housing slowdown would impact SiteOne? - The company has a balanced business model, with 37% in maintenance, which should hold up well regardless of market conditions [68][69] Question: How far are customers booked out? - Commercial backlogs are typically 9 to 12 months, while new home construction is about 3 to 6 months [75] Question: What do you expect for price now in 2022? - The company maintains a forecast of high single-digit organic growth, primarily driven by price [77] Question: Is it more difficult to acquire businesses in hardscapes and nursery? - There is no fundamental difference in acquiring across business lines, but hardscapes and nursery are more fragmented [82][84] Question: Have you seen any improvement with material availability? - The supply environment remains similar, with specific products still in tight supply [106] Question: Are you expecting a similar pace of share gains as last year? - The company feels confident in continuing to gain market share despite supply challenges [109]
SiteOne(SITE) - 2022 Q1 - Earnings Call Presentation
2022-05-06 08:12
| --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-----------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | � LANDSCAPE SUPPLY | | | | | | | | | Stronger Together | | | | | | | | | First Quarter 2022 Earnings | Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1 ...
SiteOne(SITE) - 2023 Q1 - Quarterly Report
2022-05-04 10:01
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 __________________________ For the Transition Period From __________ to ___________ FORM 10-Q __________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2022 or Commission file number: 001-37760 SiteOne Landscape Supply, Inc. Securit ...
SiteOne(SITE) - 2022 Q4 - Annual Report
2022-02-24 11:09
Company Overview - The company is the largest national wholesale distributor of landscape supplies in the U.S., with over 590 branch locations across 45 states and six Canadian provinces[19]. - The addressable market for wholesale landscape supplies in North America was estimated at approximately $23 billion in 2021[25]. - The company sources products from approximately 5,000 suppliers, ensuring a broad product portfolio of over 135,000 SKUs[19][33]. - The company operates over 590 branches and 42 areas, providing management of business performance and execution of local strategies[51]. Sales and Revenue - Approximately 60% of the company's 2021 Fiscal Year net sales were derived from the residential construction sector, 30% from the commercial sector, and 10% from recreational and other sectors[21]. - The company's proprietary branded products, including LESCO, SiteOne Green Tech, and Pro-Trade, accounted for approximately 15% of net sales in the 2021 Fiscal Year[42]. - The Partners Program had around 22,500 enrolled customers as of January 2, 2022, contributing to approximately 50% of the company's net sales for the 2021 Fiscal Year[48]. - Net sales for the year ended January 2, 2022, were $3,475.7 million, an increase of 28.5% compared to $2,704.5 million in the previous year[321]. - Gross profit for the same period was $1,212.6 million, representing a gross margin of approximately 34.9%[321]. - Net income for the year was $238.4 million, which is a 96.5% increase from $121.3 million in the prior year[321]. Market Strategy and Growth - The company aims to grow market share in existing markets with limited capital investment by optimizing local strategies and expanding product offerings[29]. - The company is focused on pursuing strategic acquisitions to enhance market share and local leadership positions, currently operating in about 50% of the 384 U.S. metropolitan statistical areas[30]. - The company plans to continue expanding its Pro-Trade product line, having introduced 20 new products in 2021 and aiming for further growth in 2022[44]. - The company completed various acquisitions during the year for an aggregate purchase price of approximately $147.2 million, including customer relationship intangible assets valued at $54.2 million[314]. Operational Efficiency and Challenges - The company emphasizes operational initiatives to improve profitability and supply chain efficiency, including enhancements to its B2B e-Commerce platform[31]. - The company faces risks related to significant price fluctuations in the products purchased, which may not always be passed on to customers, potentially affecting profitability[97]. - Supply chain disruptions, labor shortages, and rising commodity costs have been exacerbated by the COVID-19 pandemic, negatively impacting the company's operations in Fiscal 2021[104]. - The company is subject to numerous environmental, health, and safety laws, which may lead to significant investigation and clean-up costs for contamination at owned or operated facilities[80]. Financial Position and Risks - The company may incur substantial additional indebtedness, which could adversely affect its financial health and ability to obtain future financing[92]. - As of January 2, 2022, the company had total long-term consolidated indebtedness of $260.2 million and finance leases of $45.4 million[152]. - The company has an asset-based loan facility of up to $375.0 million under the ABL Credit Agreement, with available borrowing capacity of $364.1 million as of January 2, 2022[153]. - The company reported total stockholders' equity of $1,057.7 million, an increase from $795.0 million, reflecting a growth of 33.0%[319]. Workforce and Labor - The company employed approximately 5,700 associates as of January 2, 2022, with 92% being full-time[65]. - The company aims to increase diversity in its workforce through various initiatives, including the creation of Associate Resource Groups[75]. - Labor force risks, including high turnover rates and competition for hourly positions, could lead to increased training and retention costs[121]. Environmental and Regulatory Compliance - Changes in environmental laws and regulations could lead to additional compliance costs and liabilities[81]. - The company is exposed to risks associated with hazardous materials and related activities, which may not be fully covered by insurance[86]. - Public perception regarding environmental practices may adversely affect demand for the company's products and services, potentially leading to reputational damage[106]. Economic and Market Conditions - The company’s net sales are significantly affected by the cyclical nature of the residential and commercial construction sectors, which can experience downturns of approximately 20% to 40%[91]. - Demand for landscape supplies is highly correlated with residential construction, and unfavorable changes in housing market factors could adversely affect consumer spending and demand for products[90]. - The ongoing COVID-19 pandemic has disrupted operations, supply chains, and customer demand, with significant uncertainty regarding its future impact on financial results[102]. Financial Performance Metrics - Total assets increased to $2,116.1 million as of January 2, 2022, up from $1,695.7 million the previous year, reflecting a growth of 24.8%[319]. - Accounts receivable increased to $393.8 million, up from $292.8 million, indicating a growth of 34.4%[319]. - Inventory levels rose to $636.6 million, compared to $458.6 million, marking an increase of 38.8%[319]. - Cash provided by operating activities was $210.8 million, slightly lower than $229.4 million in the previous year[330].
SiteOne(SITE) - 2021 Q4 - Earnings Call Presentation
2022-02-16 17:36
LANDSCAPE SUPPLY Stronger Together Fourth Quarter and Full Year 2021 Earnings Disclaimer Forward-Looking Statements This presentation 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 2022 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 ...
SiteOne(SITE) - 2021 Q4 - Earnings Call Transcript
2022-02-16 17:04
SiteOne Landscape Supply, Inc. (NYSE:SITE) Q4 2021 Earnings Conference Call February 16, 2022 8:00 AM ET Company Participants Doug Black – Chairman and Chief Executive Officer John Guthrie – Executive Vice President and Chief Financial Officer Scott Selman – Executive Vice President Strategy and Development Conference Call Participants Ryan Merkel – William Blair David Manthey – Baird Stephen Volkmann – Jefferies Ashley Kim – Barclays Ryan Frank – RBC Capital Markets Damian Karas – UBS Operator Greetings, a ...
SiteOne(SITE) - 2021 Q3 - Earnings Call Presentation
2021-11-04 17:38
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-----------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | LANDSCAPE SUPPLY | | | | | | | | | | Stronger Together | | | | | | | | | | Third Quarter 2021 Earnings | Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of t ...
SiteOne(SITE) - 2021 Q3 - Earnings Call Transcript
2021-11-03 16:02
SiteOne Landscape Supply, Inc. (NYSE:SITE) Q3 2021 Earnings Conference Call November 3, 2021 8:00 AM ET Company Participants John Guthrie – Executive Vice President and Chief Financial Officer Doug Black – Chairman and Chief Executive Officer Scott Selman – Executive Vice President Strategy and Development Conference Call Participants Ryan Merkel – William Blair Stephen Volkmann – Jefferies Matthew Bouley – Barclays Quinn Fredrickson – Baird Judy Merrick – Truist Securities Mike Dahl – RBC Capital Markets J ...