SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2018 Earnings
Fourth Quarter 2018 Highlights:
-
Net sales increased by 14% to $474.6 million
-
Organic Daily Sales increased by 4%
-
Gross profit increased 13% to $148.7 million; gross margin decreased
40 basis points to 31.3%
-
Net loss of $2.1 million, compared to net income of $4.0 million in
the prior year period
-
Adjusted EBITDA increased 18% to $18.1 million; adjusted EBITDA margin
increased 10 basis points to 3.8%
-
Completed two acquisitions: C&C Sand and Stone and All Around
Landscape Supply
Full Year 2018 Highlights:
-
Net sales increased by 13% to $2.11 billion
-
Organic Daily Sales increased by 4%
-
Gross profit increased 14% to $678.1 million; gross margin increased
10 basis points to 32.1%
-
Net income for the year increased 35% to $73.9 million, compared to
$54.6 million in 2017
-
Adjusted EBITDA increased 12% to $176.0 million; adjusted EBITDA
margin decreased 10 basis points to 8.3%
-
Net cash provided by operating activities improved by $61.8 million to
$78.1 million
-
Completed 13 acquisitions during the year with approximately $230
million in trailing twelve months (“TTM”) net sales
Post-Quarter Highlights:
-
Completed the acquisition of Cutting Edge Curbing Sand & Rock and
signed a definitive agreement to acquire All Pro Horticulture with
approximately $25 million in combined TTM net sales
-
Amended ABL credit facility in February primarily to extend the
maturity to February 2024 and increase the commitments to $375.0
million
-
Recently announced the appointment of Scott Salmon as Executive Vice
President of Strategy and Development effective March 11, 2019
ROSWELL, Ga.--(BUSINESS WIRE)--
SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE:SITE)
announced earnings for its fourth quarter and full fiscal year ended
December 30, 2018 (“Fiscal 2018”).
“Despite the inflationary headwinds in the first half of 2018 coupled
with challenging weather in both the spring and fall seasons, our teams
worked hard to deliver another year of double digit growth in net sales
and adjusted EBITDA. We regained our EBITDA margin expansion momentum in
both the third and fourth quarters, executed on a number of strategic
and operational initiatives during the year, achieved strong organic
growth in our important agronomics (primarily maintenance) product line
and added approximately $230 million in TTM net sales through the
acquisition of 13 excellent companies,” said Doug Black, SiteOne’s
Chairman and CEO. “We enter 2019 with our three distribution centers and
our e-Commerce platform up and running, an expanded product mix and
stronger teams and good momentum on our initiatives – all positioning us
to further execute our strategy and deliver strong performance and
growth in a solid market demand environment.”
Fourth Quarter 2018 Results
Net sales for the fourth quarter of Fiscal 2018 increased to $474.6
million, or 14%, compared to $415.7 million for the prior-year period.
Organic Daily Sales increased 4% compared to the prior year period
driven by strength in our agronomics product line. Acquisitions
contributed $41.7 million, or 10 percentage points, to net sales growth
for the quarter.
Gross profit increased to $148.7 million, or 13%, compared to $131.9
million for the prior-year period. Gross margin declined by 40 bps to
31.3% for the fourth quarter of Fiscal 2018. Gross margin during the
quarter was negatively impacted primarily by product mix and lower
supplier incentives.
Selling, general and administrative expenses (“SG&A”) for the fourth
quarter of Fiscal 2018 increased to $150.1 million from $133.8 million
in the same period last year primarily due to acquisitions. SG&A as a
percent of net sales decreased to 31.6%, an improvement of 60 basis
points compared to the same period last year.
Net loss for the fourth quarter of Fiscal 2018 was $2.1 million,
compared to net income of $4.0 million during the same period in the
prior year. The net loss was driven by higher interest expense and a
smaller income tax benefit.
Adjusted EBITDA increased 18% to $18.1 million for the fourth quarter of
Fiscal 2018, compared to $15.3 million for the prior-year period.
Full Year 2018 Results
Net sales for Fiscal 2018 increased to $2.11 billion, or 13%, compared
to $1.86 billion for the fiscal year ended December 31, 2017 (“Fiscal
2017”). Organic Daily Sales increased 4% for Fiscal 2018 compared to
Fiscal 2017. Organic growth was driven by strong sales of agronomic
products, which include fertilizer, control products, seed, ice melt and
equipment. Acquisitions contributed $171.9 million, or 9 percentage
points, to net sales growth for Fiscal 2018.
Gross profit for Fiscal 2018 increased to $678.1 million, up 14%
compared to $595.5 million for the prior year. Gross margin for the year
improved by 10 basis points to 32.1% compared to 32.0% in Fiscal 2017.
Gross margin benefited from acquisitions and positive pricing, partially
offset by higher freight costs.
SG&A for the year increased to $578.8 million from $502.2 million in
Fiscal 2017. The increase in SG&A was attributable to investments in
strategic initiatives and additional expenses from acquisitions. SG&A as
a percent of net sales increased to 27.4%, a 40 basis point increase
compared to the prior year due to higher costs associated with
investments and acquisitions.
Our effective tax rate for Fiscal 2018 was 1.7% as compared to 24.8% for
Fiscal 2017. The decrease in the effective rate was due primarily to the
reduction of the U.S. corporate income tax rate from 35% to 21% as a
result of the 2017 Tax Act and an increase in the amount of excess tax
benefits pursuant to ASU 2016-09. We currently expect our 2019 effective
tax rate will be between 26% and 27%, excluding discrete items such as
excess tax benefits.
Net income for Fiscal 2018 was $73.9 million, compared to net income of
$54.6 million for Fiscal 2017. The 35% increase in net income for the
year was attributable to sales growth and a lower effective tax rate.
For the year, Adjusted EBITDA increased 12% to $176.0 million, compared
to $157.2 million in Fiscal 2017. The Adjusted EBITDA margin declined by
10 basis points to 8.3%, compared to Fiscal 2017.
Net debt, calculated as long-term debt (net of issuance costs and
discounts) plus capital leases, net of cash and cash equivalents on our
balance sheet as of December 30, 2018, was $555.6 million. Net debt to
Adjusted EBITDA for the last twelve months was 3.2 times.
Outlook
“We expect an overall solid market in 2019 to support continued organic
daily sales growth in the mid-single digits,” Doug Black continued. “We
expect the construction markets to be driven by stronger activity in
commercial construction and repair and upgrade partially offset by
softening growth in new residential construction. We expect steady
demand in the maintenance end market where we are beginning to achieve
consistent market share gains with our agronomic product lines. Organic
sales growth should also be supported by continued inflation. Our
acquisition pipeline remains robust which should support another year of
healthy activity, following a strong 2018. Lastly, we expect to make
good progress improving our Adjusted EBITDA margin during 2019.”
For 2019, we expect Adjusted EBITDA to be in the range of $193 million
to $207 million, representing year-over-year growth of 10-18%. This
guidance does not include any contributions from unannounced
acquisitions.
Reconciliation for the forward-looking full-year 2019 Adjusted EBITDA
outlook is not being provided, as the Company does not currently have
sufficient data to accurately estimate the variables and individual
adjustments for such reconciliation.
Conference Call Information
SiteOne management will host a conference call today, February 19, 2019,
at 8:00 a.m. Eastern Time, to discuss the Company’s financial results.
The conference call may be accessed by dialing (877) 705-6003 (domestic)
or (201) 493-6725 (international). A telephonic replay will be available
approximately two hours after the call by dialing (844) 512-2921, or for
international callers, (412) 317-6671. The passcode for the live call
and the replay is 13686636. The replay will be available until 11:59
p.m. (ET) on March 5, 2019.
Interested investors and other parties can listen to a webcast of the
live conference call by logging onto the Investor Relations section of
the Company's website at http://investors.siteone.com.
The online replay will be available for 30 days on the same website
immediately following the call. A slide presentation highlighting the
Company’s results and key performance indicators will also be available
on the Investor Relations section of the Company’s website.
To learn more about SiteOne, please visit the company's website at http://investors.siteone.com.
About SiteOne Landscape Supply, Inc.
SiteOne Landscape Supply, Inc. is the largest and only national
wholesale distributor of landscape supplies in the United States and has
a growing presence in Canada. Its customers are primarily residential
and commercial landscape professionals who specialize in the design,
installation and maintenance of lawns, gardens, golf courses and other
outdoor spaces.
Forward-Looking Statements
This release 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 2019 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,” “would,” “expect,”
“believe,” “estimate,” “anticipate,” “predict,” “project,” “potential,”
or the negative of these terms, and similar expressions. You should be
aware that these forward-looking statements are subject to risks and
uncertainties that are beyond our control. Further, any forward-looking
statement speaks only as of the date on which it is made, and we
undertake no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which it is made or to
reflect the occurrence of anticipated or unanticipated events or
circumstances. New factors emerge from time to time that may cause our
business not to develop as we expect, and it is not possible for us to
predict all of them. Factors that may cause actual results to differ
materially from those expressed or implied by the forward-looking
statements include, but are not limited to, the following: cyclicality
in residential and commercial construction markets; general economic and
financial conditions, including inflation; weather conditions,
seasonality and availability of water to end-users; laws and government
regulations applicable to our business that could negatively impact
demand for our products; public perceptions that our products and
services are not environmentally friendly; competitive industry
pressures; product shortages and the loss of key suppliers; product
price fluctuations; inventory management risks; ability to implement our
business strategies and achieve our growth objectives; acquisition and
integration risks; increased operating costs; and other risks, as
described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2017.
Non-GAAP Financial Information
This release includes certain financial information, not prepared in
accordance with U.S. GAAP. Because not all companies calculate non-GAAP
financial information identically (or at all), the presentations herein
may not be comparable to other similarly titled measures used by other
companies. Further, these measures should not be considered substitutes
for the information contained in the historical financial information of
the Company prepared in accordance with U.S. GAAP that is set forth
herein.
We present Adjusted EBITDA in order to evaluate the operating
performance and efficiency of our business. Adjusted EBITDA represents
EBITDA as further adjusted for items permitted under the covenants of
our credit facilities. EBITDA represents our net income (loss) plus the
sum of income tax (benefit), depreciation and amortization and interest
expense, net of interest income. Adjusted EBITDA is further adjusted for
stock-based compensation expense, related party advisory fees, (gain)
loss on sale of assets and other non-cash items, other non-recurring
(income) and loss. Adjusted EBITDA does not include pre-acquisition
acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our
liquidity or financial performance under GAAP and should not be
considered as an alternative to net income, operating income or any
other performance measures derived in accordance with GAAP, or as an
alternative to cash flow from operating activities as a measure of our
liquidity. The use of Adjusted EBITDA instead of net income has
limitations as an analytical tool. Because not all companies use
identical calculations, our presentation of Adjusted EBITDA may not be
comparable to other similarly titled measures of other companies,
limiting its usefulness as a comparative measure. Net debt is defined as
long-term debt (net of issuance costs and discounts) plus capital
leases, net of cash and cash-equivalents on our balance sheet. Leverage
Ratio is defined as Net Debt to trailing twelve months Adjusted EBITDA.
Free Cash Flow is defined as Cash Flow from Operating Activities, less
capital expenditures. We define Organic Daily Sales as Organic Sales
divided by the number of Selling Days in the relevant reporting period.
We define Organic Sales as Net sales, including Net sales from
newly-opened greenfield stores, but excluding Net sales from acquired
stores until they have been under our ownership for at least four full
fiscal quarters at the start of the fiscal year. Selling Days are the
number of business days, excluding Saturdays, Sundays and holidays, that
SiteOne branches are open during the relevant reporting period.
|
|
|
| |
|
| |
| SiteOne Landscape Supply, Inc. |
| Consolidated Balance Sheets |
| (In millions, except share and per share data) |
| | | | | | |
|
| | | | December 30, 2018 | | | December 31, 2017 |
|
Assets
| | | | | | | |
|
Current assets
| | | | | | | |
|
Cash and cash equivalents
| | | |
$
|
17.3
| | | |
$
|
16.7
| |
|
Accounts receivable, net of allowance for doubtful accounts of $5.9
and $4.7 for 2018 and 2017, respectively
| | | |
285.3
| | | |
219.9
| |
|
Inventory, net
| | | |
411.7
| | | |
338.3
| |
|
Income tax receivable
| | | |
10.0
| | | |
2.7
| |
|
Prepaid expenses and other current assets
| | | |
41.1
|
| | |
24.3
|
|
| Total current assets | | | |
765.4
| | | |
601.9
| |
| | | | | | |
|
|
Property and equipment, net
| | | |
88.4
| | | |
75.5
| |
|
Goodwill
| | | |
148.4
| | | |
106.5
| |
|
Intangible assets, net
| | | |
155.6
| | | |
112.8
| |
|
Other assets
| | | |
10.7
|
| | |
14.0
|
|
| Total assets | | | |
$
|
1,168.5
|
| | |
$
|
910.7
|
|
| | | | | | |
|
Liabilities and Stockholders’ Equity | | | | | | | |
|
Current liabilities:
| | | | | | | |
|
Accounts payable
| | | |
$
|
184.6
| | | |
$
|
124.1
| |
|
Current portion of capital leases
| | | |
5.2
| | | |
4.9
| |
|
Accrued compensation
| | | |
42.1
| | | |
40.1
| |
|
Long term debt, current portion
| | | |
4.5
| | | |
3.5
| |
|
Accrued liabilities
| | | |
46.0
|
| | |
33.2
|
|
| Total current liabilities | | | |
282.4
| | | |
205.8
| |
| | | | | | |
|
|
Other long-term liabilities
| | | |
14.0
| | | |
16.8
| |
|
Capital leases, less current portion
| | | |
9.5
| | | |
6.8
| |
|
Deferred tax liabilities
| | | |
7.1
| | | |
8.4
| |
|
Long term debt, less current portion
| | | |
553.7
|
| | |
460.1
|
|
| Total liabilities | | | |
866.7
|
| | |
697.9
|
|
| | | | | | |
|
|
Commitments and contingencies
| | | | | | | |
| | | | | | |
|
|
Stockholders’ equity:
| | | | | | | |
|
Common stock, par value $0.01; 1,000,000,000 shares authorized;
40,910,992 and 39,977,181 shares issued, and 40,890,081 and
39,956,270 shares outstanding at December 30, 2018 and December 31,
2017, respectively
| | | |
0.4
| | | |
0.4
| |
|
Additional paid-in capital
| | | |
242.1
| | | |
227.8
| |
|
Retained earnings (accumulated deficit)
| | | |
60.1
| | | |
(15.1
|
)
|
|
Accumulated other comprehensive loss
| | | |
(0.8
|
)
| | |
(0.3
|
)
|
| Total stockholders’ equity | | | |
301.8
|
| | |
212.8
|
|
| Total liabilities and stockholders’ equity | | | |
$
|
1,168.5
|
| | |
$
|
910.7
|
|
| | | | | | | | | | |
|
|
|
| SiteOne Landscape Supply, Inc. |
| Consolidated Statements of Operations |
| (In millions, except share and per share data) |
|
|
|
| |
|
| |
|
| |
|
| |
| | | | For the quarter (1) | | | For the year (2) |
| | | | October 1, 2018 to | | | October 2, 2017 to | | | January 1, 2018 to | | | January 2, 2017 to |
| | | | December 30, 2018 | | | December 31, 2017 | | | December 30, 2018 | | | December 31, 2017 |
| | | | | | | | | | | | |
|
|
Net sales
| | | |
$
|
474.6
| | | |
$
|
415.7
| | | |
$
|
2,112.3
| | | |
$
|
1,861.7
|
|
Cost of goods sold
| | | |
325.9
|
| | |
283.8
|
| | |
1,434.2
|
| | |
1,266.2
|
| Gross profit | | | |
148.7
| | | |
131.9
| | | |
678.1
| | | |
595.5
|
| | | | | | | | | | | | |
|
|
Selling, general and administrative expenses
| | | |
150.1
| | | |
133.8
| | | |
578.8
| | | |
502.2
|
|
Other income
| | | |
2.0
|
| | |
0.7
|
| | |
8.0
|
| | |
4.5
|
| Operating income (loss) | | | |
0.6
|
| | |
(1.2
|
)
| | |
107.3
|
| | |
97.8
|
| | | |
| | |
| | |
| | |
|
|
Interest and other non-operating expenses
| | | |
8.3
|
| | |
6.2
|
| | |
32.1
|
| | |
25.2
|
| Net income (loss) before taxes | | | |
(7.7
|
)
| | |
(7.4
|
)
| | |
75.2
| | | |
72.6
|
|
Income tax expense (benefit)
| | | |
(5.6
|
)
| | |
(11.4
|
)
| | |
1.3
|
| | |
18.0
|
| Net income (loss) | | | |
(2.1
|
)
| | |
4.0
|
| | |
73.9
|
| | |
54.6
|
| | | | | | | | | | | | |
|
| | | | | | | | | | | | |
|
| Net loss per common share: | | | | | | | | | | | | | |
|
Basic
| | | |
$
|
(0.05
|
)
| | |
$
|
0.10
| | | |
$
|
1.83
| | | |
$
|
1.37
|
|
Diluted
| | | |
$
|
(0.05
|
)
| | |
$
|
0.09
| | | |
$
|
1.73
| | | |
$
|
1.29
|
| Weighted average number of common shares outstanding: | | | | | | | | | | | | | |
|
Basic
| | | |
40,869,879
| | | |
39,877,912
| | | |
40,488,196
| | | |
39,754,595
|
|
Diluted
| | | |
40,869,879
| | | |
42,477,161
| | | |
42,633,309
| | | |
42,193,432
|
_________________________________
| (1) |
|
|
Unaudited.
|
| (2) | | |
Derived from audited financial statements.
|
| | |
|
|
|
|
| |
|
| |
|
| |
| SiteOne Landscape Supply, Inc. |
| Consolidated Statements of Cash Flows |
| (In millions) |
| | | | | | | | | |
|
| | | | For the year
January 1, 2018 to
December
30, 2018 | | | For the year
January 2, 2017 to
December
31, 2017 | | | For the year
January 4, 2016 to
January
1, 2017 |
|
Cash Flows from Operating Activities:
| | | | | | | | | | |
|
Net income
| | | |
$
|
73.9
| | | |
$
|
54.6
| | | |
$
|
30.6
| |
|
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | | | | | | | |
|
Depreciation
| | | |
21.5
| | | |
17.6
| | | |
14.2
| |
|
Stock-based compensation
| | | |
7.9
| | | |
5.9
| | | |
4.7
| |
|
Amortization of software and intangible assets
| | | |
30.8
| | | |
25.5
| | | |
22.8
| |
|
Amortization of debt related costs
| | | |
3.1
| | | |
3.0
| | | |
2.5
| |
|
Loss on extinguishment of debt
| | | |
0.7
| | | |
0.1
| | | |
1.7
| |
|
(Gain) loss on sale of equipment
| | | |
(0.4
|
)
| | |
0.6
| | | |
—
| |
|
Deferred income taxes
| | | |
(7.1
|
)
| | |
(16.5
|
)
| | |
(9.9
|
)
|
|
Other
| | | |
(0.6
|
)
| | |
0.1
| | | |
(0.3
|
)
|
|
Changes in operating assets and liabilities, net of the effects of
acquisitions:
| | | | | | | | | | |
|
Receivables
| | | |
(43.4
|
)
| | |
(40.5
|
)
| | |
(18.7
|
)
|
|
Inventory
| | | |
(38.5
|
)
| | |
(31.0
|
)
| | |
(0.6
|
)
|
|
Income tax receivable
| | | |
(6.0
|
)
| | |
(1.0
|
)
| | |
6.6
| |
|
Prepaid expenses and other assets
| | | |
(8.9
|
)
| | |
(12.2
|
)
| | |
0.2
| |
|
Accounts payable
| | | |
40.4
| | | |
7.1
| | | |
8.2
| |
|
Accrued expenses and other liabilities
| | | |
4.7
|
| | |
3.0
|
| | |
10.9
|
|
| Net Cash Provided By Operating Activities | | | |
$
|
78.1
|
| | |
$
|
16.3
|
| | |
$
|
72.9
|
|
| | | | | | | | | |
|
|
Cash Flows from Investing Activities:
| | | | | | | | | | |
|
Purchases of property and equipment
| | | |
(14.9
|
)
| | |
(14.5
|
)
| | |
(8.8
|
)
|
|
Purchases of intangible assets
| | | |
(5.0
|
)
| | |
(1.5
|
)
| | |
—
| |
|
Acquisitions, net of cash acquired
| | | |
(147.7
|
)
| | |
(82.9
|
)
| | |
(66.4
|
)
|
|
Proceeds from the sale of property and equipment
| | | |
3.5
|
| | |
0.3
|
| | |
0.3
|
|
| Net Cash Used In Investing Activities | | | |
$
|
(164.1
|
)
| | |
$
|
(98.6
|
)
| | |
$
|
(74.9
|
)
|
| | | | | | | | | |
|
|
Cash Flows from Financing Activities:
| | | | | | | | | | |
|
Equity proceeds from common stock
| | | |
6.7
| | | |
2.7
| | | |
0.2
| |
|
Purchase of treasury stock
| | | |
—
| | | |
—
| | | |
(0.2
|
)
|
|
Special cash dividend
| | | |
—
| | | |
—
| | | |
(176.0
|
)
|
|
Other dividends paid
| | | |
—
| | | |
—
| | | |
(13.0
|
)
|
|
Borrowings under term loan
| | | |
447.4
| | | |
649.5
| | | |
570.9
| |
|
Repayments under term loan
| | | |
(350.3
|
)
| | |
(598.3
|
)
| | |
(336.2
|
)
|
|
Borrowings on asset-based credit facility
| | | |
406.0
| | | |
386.4
| | | |
355.5
| |
|
Repayments on asset-based credit facility
| | | |
(410.0
|
)
| | |
(350.4
|
)
| | |
(392.5
|
)
|
|
Payments of debt issue costs
| | | |
(2.4
|
)
| | |
(2.2
|
)
| | |
(4.2
|
)
|
|
Payments on capital lease obligations
| | | |
(6.2
|
)
| | |
(5.1
|
)
| | |
(4.2
|
)
|
|
Payments of acquisition related contingent obligations
| | | |
(4.0
|
)
| | |
—
| | | |
—
| |
|
Other financing activities
| | | |
(0.4
|
)
| | |
(0.1
|
)
| | |
(2.1
|
)
|
| Net Cash Provided By (Used In) Financing Activities | | | |
$
|
86.8
|
| | |
$
|
82.5
|
| | |
$
|
(1.8
|
)
|
| | | | | | | | | |
|
|
Effect of exchange rate on cash
| | | |
(0.2
|
)
| | |
0.2
|
| | |
—
|
|
| Net Change In Cash | | | |
0.6
| | | |
0.4
| | | |
(3.8
|
)
|
| | | | | | | | | |
|
|
Cash and cash equivalents:
| | | | | | | | | | |
|
Beginning
| | | |
16.7
|
| | |
16.3
|
| | |
20.1
|
|
|
Ending
| | | |
$
|
17.3
|
| | |
$
|
16.7
|
| | |
$
|
16.3
|
|
| | | | | | | | | |
|
|
Supplemental Disclosures of Cash Flow Information:
| | | | | | | | | | |
|
Cash paid during the year for interest
| | | |
26.2
| | | |
23.9
| | | |
16.5
| |
|
Cash paid during the year for income taxes
| | | |
14.5
| | | |
35.9
| | | |
24.3
| |
| | | | | | | | | |
|
|
Supplemental Disclosures of Noncash Investing and Financing
Information:
| | | | | | | | | | |
|
Acquisition of property and equipment through capital leases
| | | |
7.4
| | | |
5.8
| | | |
4.3
| |
| | | | | | | | | | | | |
|
|
|
|
| |
|
| |
|
| |
|
| |
| SiteOne Landscape Supply, Inc. |
| Adjusted EBITDA Reconciliation |
| (In millions, unaudited) |
| | | | | | | | | | | | |
|
| | | |
2018 Fiscal Year
| | |
2017 Fiscal Year
|
| | | | Year | | | Qtr 4 |
|
| Qtr 3 |
|
| Qtr 2 |
|
| Qtr 1 | | | Year | | | Qtr 4 |
|
| Qtr 3 |
|
| Qtr 2 |
|
| Qtr 1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Reported Net income (loss) | | | |
$
|
73.9
| | | |
$
|
(2.1
|
)
| | |
$
|
29.9
| | | |
$
|
63.1
| | | |
$
|
(17.0
|
)
| | |
$
|
54.6
| | | |
$
|
4.0
| | | |
$
|
16.9
| | | |
$
|
44.2
| | | |
$
|
(10.5
|
)
|
|
Income tax (benefit) expense
| | | |
1.3
| | | |
(5.6
|
)
| | |
2.4
| | | |
14.7
| | | |
(10.2
|
)
| | |
18.0
| | | |
(11.4
|
)
| | |
10.7
| | | |
26.3
| | | |
(7.6
|
)
|
|
Interest expense, net
| | | |
32.1
| | | |
8.3
| | | |
9.2
| | | |
8.0
| | | |
6.6
| | | |
25.2
| | | |
6.2
| | | |
6.2
| | | |
6.6
| | | |
6.2
| |
|
Depreciation & amortization
| | | |
52.3
|
| | |
14.0
|
| | |
14.1
|
| | |
12.5
|
| | |
11.7
|
| | |
43.1
|
| | |
11.4
|
| | |
11.1
|
| | |
10.8
|
| | |
9.8
|
|
| EBITDA | | | |
159.6
| | | |
14.6
| | | |
55.6
| | | |
98.3
| | | |
(8.9
|
)
| | |
140.9
| | | |
10.2
| | | |
44.9
| | | |
87.9
| | | |
(2.1
|
)
|
|
Stock-based compensation(a) | | | |
7.9
| | | |
1.8
| | | |
1.9
| | | |
2.1
| | | |
2.1
| | | |
5.9
| | | |
1.4
| | | |
1.5
| | | |
1.6
| | | |
1.4
| |
|
(Gain) loss on sale of assets(b) | | | |
(0.4
|
)
| | |
(0.1
|
)
| | |
(0.3
|
)
| | |
0.1
| | | |
(0.1
|
)
| | |
0.6
| | | |
0.4
| | | |
—
| | | |
0.1
| | | |
0.1
| |
|
Financing fees(c) | | | |
0.8
| | | |
0.1
| | | |
0.7
| | | |
—
| | | |
—
| | | |
1.7
| | | |
0.2
| | | |
0.4
| | | |
1.1
| | | |
—
| |
|
Acquisitions and other adjustments(d) | | | |
8.1
|
| | |
1.7
|
| | |
2.1
|
| | |
2.5
|
| | |
1.8
|
| | |
8.1
|
| | |
3.1
|
| | |
1.6
|
| | |
1.6
|
| | |
1.8
|
|
| Adjusted EBITDA(e) | | | |
$
|
176.0
|
| | |
$
|
18.1
|
| | |
$
|
60.0
|
| | |
$
|
103.0
|
| | |
$
|
(5.1
|
)
| | |
$
|
157.2
|
| | |
$
|
15.3
|
| | |
$
|
48.4
|
| | |
$
|
92.3
|
| | |
$
|
1.2
|
|
_____________________________________
|
(a)
|
|
|
Represents stock-based compensation expense recorded during the
period.
|
|
(b)
| | |
Represents any gain or loss associated with the sale of assets not
in the ordinary course of business.
|
|
(c)
| | |
Represents fees associated with our debt refinancing and debt
amendments, as well as fees incurred in connection with our
secondary offerings of common stock in 2017.
|
|
(d)
| | |
Represents professional fees, retention and severance payments, and
performance bonuses primarily related to historical acquisitions.
Although we have incurred professional fees, retention and severance
payments, and performance bonuses related to acquisitions in several
historical periods and expect to incur such fees and payments for
any future acquisitions, we cannot predict the timing or amount of
any such fees or payments.
|
|
(e)
| | |
Adjusted EBITDA excludes any earnings or loss of acquisitions prior
to their respective acquisition dates for all periods presented.
|
| | |
|
|
|
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
| |
| SiteOne Landscape Supply, Inc. |
| Organic Daily Sales to Net sales Reconciliation |
| (In millions, except Selling Days; unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
2018 Fiscal Year
| | |
2017 Fiscal Year
|
| | | | Year | | | Qtr 4 | | | Qtr 3 | | | Qtr 2 | | | Qtr 1 | | | Year | | | Qtr 4 | | | Qtr 3 | | | Qtr 2 | | | Qtr 1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Reported Net sales | | | |
$
|
2,112.3
| | |
$
|
474.6
| | |
$
|
578.5
| | |
$
|
687.8
| | |
$
|
371.4
| | |
$
|
1,861.7
| | |
$
|
415.7
| | |
$
|
502.4
| | |
$
|
608.6
| | |
$
|
335.0
|
|
Organic sales
| | | |
1,849.5
| | |
404.3
| | |
498.2
| | |
609.1
| | |
337.9
| | |
1,770.8
| | |
387.1
| | |
476.0
| | |
578.3
| | |
329.4
|
|
Acquisition contribution(a) | | | |
262.8
| | |
70.3
| | |
80.3
| | |
78.7
| | |
33.5
| | |
90.9
| | |
28.6
| | |
26.4
| | |
30.3
| | |
5.6
|
|
Selling Days
| | | |
252
| | |
61
| | |
63
| | |
64
| | |
64
| | |
252
| | |
61
| | |
63
| | |
64
| | |
64
|
| Organic Daily Sales | | | |
$
|
7.3
| | |
$
|
6.6
| | |
$
|
7.9
| | |
$
|
9.5
| | |
$
|
5.3
| | |
$
|
7.0
| | |
$
|
6.3
| | |
$
|
7.6
| | |
$
|
9.0
| | |
$
|
5.1
|
_____________________________________
|
(a)
|
|
|
Represents net sales from acquired branches that have not been under
our ownership for at least four full fiscal quarters at the start of
the 2018 Fiscal Year.
|
| | |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190219005332/en/
Investor Relations:
SiteOne Landscape Supply, Inc.
Pascal
Convers
Executive Vice President, Strategy, Development and
Investor Relations
470-270-7011
[email protected]
Source: SiteOne Landscape Supply, Inc.
