SiteOne(US:SITE)2024-05-01 10:07Financial Performance - Net sales for Q1 2024 increased to $904.8 million, an 8% rise compared to $837.4 million in Q1 2023[4] - Gross profit rose 5% to $301.2 million, while gross margin decreased by 100 basis points to 33.3% due to lower price realization[5] - Net loss for Q1 2024 was $19.3 million, compared to a net loss of $4.5 million in the prior year[7] - Adjusted EBITDA decreased by 47% to $21.1 million, with an adjusted EBITDA margin of 2.3%[7] - Net sales for the three months ended March 31, 2024, were $904.8 million, an increase of 8.0% compared to $837.4 million for the same period in 2023[22] - Gross profit for the same period was $301.2 million, up from $287.1 million, reflecting a gross margin improvement[22] - The net loss for Q1 2024 was $19.3 million, compared to a net loss of $4.5 million in Q1 2023, resulting in a net loss per share of $0.43[22] - Adjusted EBITDA for Q1 2024 was $21.1 million, compared to $39.8 million in Q1 2023, indicating a decrease in operational profitability[26] Sales and Growth - Organic Daily Sales grew by 1% year-over-year, driven by solid demand, despite commodity price deflation[4] - The company anticipates low single-digit Organic Daily Sales growth for the full year 2024, despite ongoing commodity price deflation[9] - Organic sales for Q1 2024 were $840.7 million, with an organic daily sales figure of $13.1 million, consistent with Q1 2023[31] Expenses and Cash Flow - SG&A expenses increased to $327.7 million, with SG&A as a percentage of net sales rising 140 basis points to 36.2%[6] - The company reported a net cash used in operating activities of $99.3 million for Q1 2024, an improvement from $152.6 million in Q1 2023[24] - Cash and cash equivalents at the end of Q1 2024 were $41.5 million, down from $40.3 million at the end of Q1 2023[24] - The company experienced a significant increase in accounts payable, which rose by $39.2 million to $121.0 million in Q1 2024[24] Acquisitions and Future Guidance - The company closed two acquisitions in April 2024, contributing to its growth strategy[2] - For the full year 2024, the company expects adjusted EBITDA in the range of $420 million to $455 million, unchanged from previous guidance[9] - The company made no acquisitions in Q1 2024, contrasting with $33.2 million spent on acquisitions in Q1 2023[24] Debt and Equity - Net debt as of March 31, 2024, was $508.0 million, down from $586.1 million a year earlier, with a net debt to adjusted EBITDA ratio of 1.3 times[8] - The company raised $2.6 million from equity proceeds in Q1 2024, compared to $1.1 million in Q1 2023[24]