Workflow
Pool Corp(POOL) - 2024 Q4 - Annual Results
POOLPool Corp(POOL)2025-02-20 14:41

Financial Performance - Net sales for 2024 were 5.3billion,adecreaseof45.3 billion, a decrease of 4% from 5.5 billion in 2023, with stable maintenance activities and softer discretionary product sales due to macroeconomic conditions [5]. - Gross profit for 2024 was 1.6billion,down51.6 billion, down 5% from 1.7 billion in 2023, resulting in a gross margin of 29.7%, a decline of 30 basis points from 30.0% in 2023 [6]. - Operating income decreased 17% to 617.2millionin2024,withanoperatingmarginof11.6617.2 million in 2024, with an operating margin of 11.6%, down from 13.5% in 2023 [9]. - Net income for 2024 was 434.3 million, a decline of 17% compared to 523.2millionin2023,leadingtodilutedearningspershareof523.2 million in 2023, leading to diluted earnings per share of 11.30, down 15% from 13.35[11].−AdjustedEBITDAdecreased1613.35 [11]. - Adjusted EBITDA decreased 16% to 680.9 million in 2024, representing 12.8% of net sales compared to 14.6% in 2023 [12]. - Selling and administrative expenses increased 5% to 958.1millionin2024,representing18.0958.1 million in 2024, representing 18.0% of net sales, up from 16.5% in 2023 [7]. - Q4 2024 diluted EPS decreased to 0.98 from 1.32inQ42023,representingadeclineof25.761.32 in Q4 2023, representing a decline of 25.76% [49]. - Adjusted diluted EPS for Q4 2024 was 0.97, down from 1.30inQ42023,adecreaseof25.381.30 in Q4 2023, a decrease of 25.38% [49]. - For the year ended December 31, 2024, diluted EPS was 11.30, compared to 13.35in2023,reflectingadeclineof15.3613.35 in 2023, reflecting a decline of 15.36% [49]. - Adjusted diluted EPS for the year ended December 31, 2024, was 11.07, down from 13.18in2023,adecreaseof16.0113.18 in 2023, a decrease of 16.01% [49]. Cash Flow and Investments - Operating cash flows for 2024 were 659.2 million, or 152% of net income, with 306.3millionallocatedforsharerepurchasesand306.3 million allocated for share repurchases and 179.6 million for dividends [14]. - Cash and cash equivalents increased by 11,322million,or1711,322 million, or 17%, from 66,540 million in 2023 to 77,862millionin2024[31].−Paymentsonasset−backedfinancingincreasedby77,862 million in 2024 [31]. - Payments on asset-backed financing increased by 184,300 million, from 560,300millionin2023to560,300 million in 2023 to 744,600 million in 2024 [33]. Assets and Liabilities - Total assets decreased by 59,884million,or259,884 million, or 2%, from 3,428,068 million in 2023 to 3,368,184millionin2024[31].−Totalcurrentliabilitiesroseby3,368,184 million in 2024 [31]. - Total current liabilities rose by 73,420 million, or 10%, from 770,766millionin2023to770,766 million in 2023 to 844,186 million in 2024 [31]. - Total stockholders' equity decreased by 39,322million,or339,322 million, or 3%, from 1,312,787 million in 2023 to 1,273,465millionin2024[31].InventoryandAccounts−Inventorylevelswerereducedby61,273,465 million in 2024 [31]. Inventory and Accounts - Inventory levels were reduced by 6% to 1.3 billion, outpacing the 4% decline in net sales [13]. - Product inventories decreased by 76,166million,or676,166 million, or 6%, from 1,365,466 million in 2023 to 1,289,300millionin2024[31].−Theallowancefordoubtfulaccountsdecreasedfrom1,289,300 million in 2024 [31]. - The allowance for doubtful accounts decreased from 11.7 million in 2023 to 8.6millionin2024[31].ExpansionandGrowth−Thecompanyexpandeditssalescenternetworkbyadding10greenfieldlocationsand2acquisitions,bringingthetotalto448locationsworldwide[4].−Thecompanyacquired2newlocationsandopened10newlocations,resultinginatotalof448salescentersbyDecember31,2024[38].TaxBenefits−TheASU2016−09taxbenefitforQ42024was8.6 million in 2024 [31]. Expansion and Growth - The company expanded its sales center network by adding 10 greenfield locations and 2 acquisitions, bringing the total to 448 locations worldwide [4]. - The company acquired 2 new locations and opened 10 new locations, resulting in a total of 448 sales centers by December 31, 2024 [38]. Tax Benefits - The ASU 2016-09 tax benefit for Q4 2024 was 0.01, compared to 0.02inQ42023[49].−TheASU2016−09taxbenefitfortheyearendedDecember31,2024,was0.02 in Q4 2023 [49]. - The ASU 2016-09 tax benefit for the year ended December 31, 2024, was 0.23, up from $0.17 in 2023 [49].