Fastenal(FAST) - 2023 Q1 - Earnings Call Presentation

Financial Performance - First quarter 2023 earnings per share (EPS) were $0.52, a 10.4% increase[39] - First quarter 2023 operating cash flow was $388.5 million, representing 131.7% of net earnings[24, 35] - The company returned $199.8 million of capital to shareholders through dividends in the first quarter of 2023[29] - First quarter 2023 gross margin was 45.7%, a decrease from 46.6% in the first quarter of 2022[47] - First quarter 2023 operating margin was 21.2%, an increase from 21.0% in the first quarter of 2022, with an incremental operating margin of 22.7%[48] - The company's balance sheet debt was 10.9% of total capital in the first quarter of 2023, compared to 10.4% in the first quarter of 2022[29] - The company repurchased $237.8 million of its common stock over the past twelve months[29] - The company's net capital spending was $30.9 million in the first quarter of 2023, with a projected range of $210.0 to $230.0 million for 2023[29] Sales and Market Trends - Daily sales through the company's digital footprint (FMI technology plus non-FMI-related eCommerce) accounted for 54.1% of sales in the first quarter of 2023, compared to 47.0% in the first quarter of 2022[41] - eCommerce daily sales increased by 48.7% in the first quarter of 2023, with large customer-oriented electronic data interchange (EDI) up 42.2% and web sales up 69.5%[42] - National Accounts' daily sales rose 13.6% in the first quarter of 2023, while non-National Account daily sales rose 3.4%[46] - The company signed 5,902 weighted devices (92/day) in the first quarter of 2023, compared to 5,329 (83/day) in the first quarter of 2022, with an installed base of 104,673 weighted devices, a 10.9% increase[37] - Active Onsite locations finished at 1,674, a 16.3% increase from the first quarter of 2022, with daily sales, excluding transferred branch sales, growing roughly 20%[37] Operational Statistics - The company's total employee headcount was 22,820 in the first quarter of 2023, a 1.9% increase since the fourth quarter of 2022 and a 7.8% increase since the first quarter of 2022[21] - The number of in-market locations (branches & Onsites) was 13,668 in the first quarter of 2023, a 1.9% increase since the fourth quarter of 2022 and a 6.3% increase since the first quarter of 2022[21]