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SiteOne(SITE) - 2025 Q4 - Annual Results
SITESiteOne(SITE)2025-02-12 11:03

Financial Performance - Fourth Quarter 2024 net sales increased 5% to 1.01billioncomparedto1.01 billion compared to 965.0 million in the prior year[5] - Full Year 2024 net sales increased 6% to 4.54billion,withacquisitionscontributing4.54 billion, with acquisitions contributing 286.0 million, or 7%, to net sales growth[9] - Fourth Quarter 2024 gross profit increased 3% to 337.6million,whilegrossmargindecreased50basispointsto33.3337.6 million, while gross margin decreased 50 basis points to 33.3%[6] - Full Year 2024 adjusted EBITDA decreased 8% to 378.2 million, with an adjusted EBITDA margin of 8.3%[13] - Net sales for the year reached 4,540.6million,up5.64,540.6 million, up 5.6% from 4,301.2 million in 2023[29] - Gross profit for the year was 1,560.1million,anincreaseof4.61,560.1 million, an increase of 4.6% compared to 1,491.2 million in 2023[29] - Net income for the year was 124.4million,down28.3124.4 million, down 28.3% from 173.4 million in 2023[29] - Operating income for the year was 192.3million,down23.1192.3 million, down 23.1% from 250.3 million in 2023[29] - Basic net income per share for the year was 2.73,downfrom2.73, down from 3.84 in 2023[29] - Reported net income for the 2024 fiscal year was 124.4million,asignificantrecoveryfromanetlossof124.4 million, a significant recovery from a net loss of 21.5 million in Q4 2023[35] - Adjusted EBITDA for the 2024 fiscal year was 378.2million,withQ42024contributing378.2 million, with Q4 2024 contributing 331.3 million, reflecting a 10.7% increase from Q4 2023[35] Acquisitions - The company closed two acquisitions in the fourth quarter and seven acquisitions during the full year, contributing approximately 200millionintrailingtwelvemonthsnetsales[4]−Thecompanymadeacquisitionstotaling200 million in trailing twelve months net sales[4] - The company made acquisitions totaling 138.2 million in 2024, compared to 192.7millionin2023[31]−Acquisitioncontributiontonetsalesforthe2024fiscalyearwas192.7 million in 2023[31] - Acquisition contribution to net sales for the 2024 fiscal year was 406.5 million, with Q4 contribution at 100.8million[39]DebtandAssets−NetdebttoadjustedEBITDAatyear−endwas1.1x,comparedto0.9xatyear−end2023[14]−Totalassetsincreasedto100.8 million[39] Debt and Assets - Net debt to adjusted EBITDA at year-end was 1.1x, compared to 0.9x at year-end 2023[14] - Total assets increased to 3,070.8 million in 2024 from 2,828.9millionin2023,representinganincreaseof8.52,828.9 million in 2023, representing an increase of 8.5%[27] - Total current liabilities increased to 640.8 million in 2024 from 578.3millionin2023,ariseof10.8578.3 million in 2023, a rise of 10.8%[27] Cash Flow and Expenses - The company reported a net cash provided by operating activities of 283.4 million, a decrease from 297.5millionin2023[31]−Thecompanyreportedaninterestexpenseof297.5 million in 2023[31] - The company reported an interest expense of 31.9 million in Q4 2024, compared to 27.1millioninQ42023,reflectingincreasedfinancingcosts[35]−Depreciationandamortizationexpensesforthe2024fiscalyeartotaled27.1 million in Q4 2023, reflecting increased financing costs[35] - Depreciation and amortization expenses for the 2024 fiscal year totaled 139.0 million, with Q4 expenses at 35.6million[35]−Thecompanyrecordedstock−basedcompensationof35.6 million[35] - The company recorded stock-based compensation of 25.0 million for the 2024 fiscal year, with Q4 expenses at 5.5million[35]SalesOutlook−Thecompanyexpectslowsingle−digitorganicdailysalesgrowthfor2025,despiteongoingcommoditypricedeflation[16]−TheprojectedadjustedEBITDAfor2025isexpectedtobeintherangeof5.5 million[35] Sales Outlook - The company expects low single-digit organic daily sales growth for 2025, despite ongoing commodity price deflation[16] - The projected adjusted EBITDA for 2025 is expected to be in the range of 400 million to 430million[16]−Thecompanyanticipatescontinuedgrowthinorganicdailysales,projecting430 million[16] - The company anticipates continued growth in organic daily sales, projecting 17.6 million for the 2025 fiscal year[41] - Organic sales for the 2024 fiscal year were 4,134.1million,withQ4organicsalesat4,134.1 million, with Q4 organic sales at 912.3 million, indicating a growth trend[39] Other Information - SG&A as a percentage of net sales increased 150 basis points to 36.0% in the fourth quarter, primarily due to acquisitions[7] - The number of selling days in 2024 was 252, consistent with the previous year, which may impact sales comparisons[39] - Cash and cash equivalents at the end of 2024 were 107.1million,upfrom107.1 million, up from 82.5 million in 2023[31]