Fourth Quarter 2023 Highlights (Compared to Fourth Quarter
2022):
- Net sales increased 8% to $965.0 million
- Organic Daily Sales decreased 1%
- Gross profit increased 8% to $326.6 million; Gross margin
decreased 20 basis points to 33.8%
- SG&A as a percentage of Net sales increased 30 basis points
to 34.5%
- Net loss of $3.4 million
- Adjusted EBITDA increased 3% to $39.9 million; Adjusted EBITDA
margin was 4.1%
- Closed the acquisition of Newsom Seed
- Repurchased $11.4 million of shares under the share repurchase
authorization
Full Year 2023 Highlights (Compared to Full Year
2022):
- Net sales increased 7% to $4.30 billion
- Organic Daily Sales were flat
- Gross profit increased 5% to $1.49 billion; Gross margin
decreased 70 basis points to 34.7%
- SG&A as a percentage of Net sales increased 190 basis
points to 29.2%
- Net income decreased 29% to $173.4 million
- Adjusted EBITDA decreased 12% to $410.7 million; Adjusted
EBITDA margin was 9.5%
- Operating cash flow increased $80.3 million to $297.5
million
- Closed 11 acquisitions during the year with approximately $320
million in trailing twelve months Net sales
- Net debt to Adjusted EBITDA at year-end was 0.9x, compared to
0.8x at year-end 2022
SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”)
(NYSE: SITE) announced earnings for its fourth quarter (“Fourth
Quarter 2023”) and full fiscal year ended December 31, 2023
(“Fiscal 2023”).
“We were pleased to finish the year strongly in the fourth
quarter with sales volume growth mostly mitigating commodity price
deflation, combined with continued gross margin recovery and tight
SG&A management resulting in modest adjusted EBITDA growth.
Overall, 2023 was a tough year where we faced many challenges
including softer markets, operating cost inflation, gross margin
normalization, and commodity price deflation. Despite these
challenges, our teams continued to drive our initiatives and gain
market share to deliver mid-single digit growth in Net sales,
Adjusted EBITDA that was just above the top end of our guidance
range, and record operating cash flow,” said Doug Black, SiteOne’s
Chairman and CEO. “During the year we also added eleven excellent
companies to the SiteOne family, representing a record $320 million
in trailing twelve-month sales. As we look to 2024, we feel good
about our momentum and are encouraged by the underlying demand
across our end markets. We remain well positioned to continue
executing our strategy and driving attractive performance and
growth in the years to come.”
Fourth Quarter 2023 Results
Net sales for the Fourth Quarter 2023 increased to $965.0
million, or 8%, compared to $890.0 million for the prior-year
period. Organic Daily Sales decreased 1% compared to the prior-year
period driven by a decline in prices for commodity products such as
PVC pipe, grass seed, and fertilizer compared to the prior-year
period. Acquisitions contributed $71.4 million, or 8%, to Net sales
growth for the quarter.
Gross profit increased 8% to $326.6 million for the Fourth
Quarter 2023 compared to $302.6 million for the prior-year period.
Gross margin decreased 20 basis points to 33.8% for the Fourth
Quarter 2023 due to lower prices and less vendor support than the
prior year period, partially offset by the positive impact of
acquisitions.
Selling, general and administrative expenses (“SG&A”) for
the Fourth Quarter 2023 increased to $332.8 million from $304.6
million for the prior-year period. SG&A as a percentage of Net
sales increased 30 basis points to 34.5% due to the impact of
acquisitions with higher operating costs.
Net loss for the Fourth Quarter 2023 was $3.4 million, compared
to a Net loss of $0.9 million in the prior-year period. Higher Net
sales were offset by lower gross margin and increased SG&A
expense.
Adjusted EBITDA increased 3% to $39.9 million for the Fourth
Quarter 2023, compared to $38.9 million for the prior-year period.
Adjusted EBITDA margin decreased 30 basis points to 4.1%.
Full Year 2023 Results
Net sales for Fiscal 2023 increased to $4.30 billion, or 7%,
compared to $4.01 billion for the fiscal year ended January 1, 2023
(“Fiscal 2022”). Organic Daily Sales for Fiscal 2023 were flat
compared to Fiscal 2022 due to moderating economic conditions in
our end markets. Acquisitions contributed $278.7 million, or 7%, to
Net sales growth for Fiscal 2023.
Gross profit for Fiscal 2023 increased to $1.49 billion, up 5%
compared to $1.42 billion for the prior year. Gross margin for the
year decreased by 70 basis points to 34.7% compared to 35.4% in
Fiscal 2022. The decrease in gross margin reflects the absence of
the price realization benefit realized in the prior year, partially
offset by the positive impact of acquisitions and lower freight
costs.
SG&A for Fiscal 2023 increased to $1.26 billion from $1.10
billion in Fiscal 2022. SG&A as a percentage of Net sales
increased by 190 basis points to 29.2%, compared to the prior year
driven by the impact of acquisitions and operating cost
inflation.
Our effective tax rate for Fiscal 2023 was 22.3% compared to
21.6% for Fiscal 2022. We currently expect our 2024 effective tax
rate will be between 25.0% and 26.0%, excluding discrete items such
as excess tax benefits.
Net income for Fiscal 2023 decreased to $173.4 million, or 29%,
compared to $245.4 million for Fiscal 2022. The decrease in Net
income for the year reflects lower gross margin and an increase in
SG&A, partially offset by an increase in Net sales.
For the year, Adjusted EBITDA decreased 12% to $410.7 million,
compared to $464.3 million in Fiscal 2022. Adjusted EBITDA margin
decreased 210 basis points to 9.5%, compared to Fiscal 2022.
Cash provided by operating activities increased to a record
$297.5 million in Fiscal 2023 compared to $217.2 million in Fiscal
2022, reflecting improved working capital management.
Balance Sheet and Liquidity
Net debt, calculated as long-term debt (net of issuance costs
and discounts) plus finance leases, net of cash and cash
equivalents on our balance sheet as of December 31, 2023, was
$382.0 million compared to $380.2 million as of January 1, 2023.
Net debt to Adjusted EBITDA for the last twelve months was 0.9
times compared to 0.8 times at year-end 2022.
As of December 31, 2023, Cash and cash equivalents was $82.5
million and available capacity under the ABL Facility was $578.2
million.
Outlook
“We expect commodity price deflation to moderate in the first
half of 2024 with positive contribution from pricing in the second
half. Overall, we expect prices to be down 1% to 2% for the full
year 2024," Doug Black continued. "With a recovering residential
market, steady maintenance, and resilient commercial, repair and
remodel markets, combined with our commercial initiatives, we
expect sales volume to more than offset price deflation, yielding
low single digit Organic Daily Sales growth for the full year 2024.
With the benefit of our operational initiatives, SG&A
management, and contribution from our acquisitions, we would expect
to increase adjusted EBITDA margin during the year.”
Given these trends, we expect our Adjusted EBITDA to be in the
range of $420 million to $455 million. Our guidance does not
include any contributions from unannounced acquisitions.
Reconciliation for the forward-looking full-year 2024 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
14, 2024, at 8:00 a.m. Eastern Time, to discuss the Company’s
financial results. The conference call can be accessed by dialing
877-704-4453 (domestic) or 201-389-0920 (international), or by
clicking on this link for instant telephone access to the call. 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
13743802 The replay will be available until 11:59 p.m. (ET) on
February 28, 2024.
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
full product line 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 Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
statements relating to our 2023 Adjusted EBITDA outlook and our
share repurchase program. 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 business, financial
market, and economic conditions; seasonality of our business and
its impact on demand for our products; weather and climate
conditions; prices for the products we purchase may fluctuate;
market variables, including inflation and elevated interest rates
for prolonged periods; increases in operating costs; public
perceptions that our products and services are not environmentally
friendly or that our practices are not sustainable; climate,
environmental, health and safety laws and regulations; hazardous
materials and related materials; laws and government regulations
applicable to our business that could negatively impact demand for
our products; competitive industry pressures, including competition
for our talent base; supply chain disruptions, product or labor
shortages, and the loss of key suppliers; inventory management
risks; ability to implement our business strategies and achieve our
growth objectives; acquisition and integration risks, including
increased competition for acquisitions; risks associated with our
large labor force and our customers’ labor force and labor market
disruptions; retention of key personnel; construction defect and
product liability claims; impairment of goodwill; adverse credit
and financial markets events and conditions; inefficient or
ineffective allocation of capital; credit sale risks; performance
of individual branches; cybersecurity incidents involving our
systems or third-party systems; failure or malfunctions in our
information technology systems; security of personal information
about our customers; intellectual property and other proprietary
rights; unanticipated changes in our tax provisions; threats from
terrorism, violence, uncertain political conditions, and
geopolitical conflicts such as the ongoing conflict between Russia
and Ukraine, the conflict in the Gaza Strip, and unrest in the
Middle East; risks related to our current indebtedness and our
ability to obtain financing in the future; financial institution
disruptions; risks related to our common stock; 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 January 1, 2023, as
may be updated by subsequent filings under the Securities Exchange
Act of 1934, as amended, including Forms 10-Q and 8-K.
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) expense,
interest expense, net of interest income, and depreciation and
amortization. Adjusted EBITDA represents EBITDA as further adjusted
for stock-based compensation expense, (gain) loss on sale of assets
and termination of finance leases not in the ordinary course of
business, financing fees as well as other fees and expenses related
to acquisitions, and other non-recurring (income) loss. Adjusted
EBITDA does not include pre-acquisition acquired Adjusted EBITDA.
Adjusted EBITDA is not a measure of our liquidity or financial
performance under U.S. GAAP and should not be considered as an
alternative to Net income, operating income or any other
performance measures derived in accordance with U.S. 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 finance 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 branches, but excluding Net sales from acquired branches
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)
Assets
December 31, 2023
January 1, 2023
Current assets:
Cash and cash equivalents
$
82.5
$
29.1
Accounts receivable, net of allowance for
doubtful accounts of $27.3 and $21.7, respectively
490.6
455.5
Inventory, net
771.2
767.7
Income tax receivable
—
10.9
Prepaid expenses and other current
assets
61.0
56.1
Total current assets
1,405.3
1,319.3
Property and equipment, net
249.4
188.8
Operating lease right-of-use assets,
net
388.9
321.6
Goodwill
485.5
411.9
Intangible assets, net
280.8
276.0
Deferred tax assets
5.3
3.7
Other assets
13.7
12.6
Total assets
$
2,828.9
$
2,533.9
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
270.8
$
279.7
Current portion of finance leases
21.8
14.8
Current portion of operating leases
83.6
70.1
Accrued compensation
74.2
81.2
Long-term debt, current portion
5.3
4.0
Income tax payable
8.0
—
Accrued liabilities
114.6
110.0
Total current liabilities
578.3
559.8
Other long-term liabilities
11.5
12.8
Finance leases, less current portion
69.8
43.9
Operating leases, less current portion
313.3
260.1
Deferred tax liabilities
2.3
7.8
Long-term debt, less current portion
367.6
346.6
Total liabilities
1,342.8
1,231.0
Commitments and contingencies
Stockholders’ equity:
Common stock, par value $0.01;
1,000,000,000 shares authorized; 45,404,091 and 45,148,312 shares
issued, and 45,082,070 and 44,916,291 shares outstanding at
December 31, 2023 and January 1, 2023, respectively
0.5
0.5
Additional paid-in capital
601.8
577.1
Retained earnings
916.3
742.9
Accumulated other comprehensive income
4.2
7.7
Treasury stock, at cost, 322,021 and
232,021 shares at December 31, 2023 and January 1, 2023,
respectively
(36.7
)
(25.3
)
Total stockholders’ equity
1,486.1
1,302.9
Total liabilities and stockholders’
equity
$
2,828.9
$
2,533.9
SiteOne Landscape Supply,
Inc.
Consolidated Statements of
Operations
(In millions, except share and
per share data)
For the quarter
For the year
October 2, 2023 to
October 3, 2022 to
January 2, 2023 to
January 3, 2022 to
December 31, 2023
January 1, 2023
December 31, 2023
January 1, 2023
Net sales
$
965.0
$
890.0
$
4,301.2
$
4,014.5
Cost of goods sold
638.4
587.4
2,810.0
2,593.0
Gross profit
326.6
302.6
1,491.2
1,421.5
Selling, general and administrative
expenses
332.8
304.6
1,256.6
1,097.0
Other income
4.3
2.0
15.7
8.6
Operating income
(1.9
)
—
250.3
333.1
Interest and other non-operating expenses,
net
6.5
5.5
27.1
20.0
Income (loss) before taxes
(8.4
)
(5.5
)
223.2
313.1
Income tax (benefit) expense
(5.0
)
(4.6
)
49.8
67.7
Net income (loss)
$
(3.4
)
$
(0.9
)
$
173.4
$
245.4
Net income (loss) per common
share:
Basic
$
(0.08
)
$
(0.02
)
$
3.84
$
5.45
Diluted
$
(0.08
)
$
(0.02
)
$
3.80
$
5.36
Weighted average number of common
shares outstanding:
Basic
45,162,695
45,119,900
45,112,977
45,048,218
Diluted
45,162,695
45,119,900
45,686,268
45,780,836
SiteOne Landscape Supply,
Inc.
Consolidated Statements of
Cash Flows
(In millions)
For the year January 2, 2023
to December 31, 2023
For the year January 3, 2022
to January 1, 2023
For the year January 4, 2021
to January 2, 2022
Cash Flows from Operating Activities:
Net income
$
173.4
$
245.4
$
238.4
Adjustments to reconcile Net income to net
cash provided by operating activities:
Amortization of finance lease right-of-use
assets and depreciation
64.1
51.6
36.2
Stock-based compensation
25.7
18.3
14.3
Amortization of software and intangible
assets
63.6
52.2
46.8
Amortization of debt related costs
1.2
1.1
2.3
Loss on extinguishment of debt
—
0.6
0.8
Gain on sale of equipment
(0.5
)
(0.8
)
(0.1
)
Deferred income taxes
(14.5
)
(5.2
)
(3.1
)
Other
(5.6
)
2.3
6.5
Changes in operating assets and
liabilities, net of the effects of acquisitions:
Receivables
(17.4
)
(44.6
)
(92.1
)
Inventory
38.1
(99.3
)
(156.9
)
Income tax receivable
10.9
(7.6
)
3.5
Prepaid expenses and other assets
(4.3
)
3.5
(3.2
)
Accounts payable
(35.1
)
8.9
74.4
Income tax payable
7.9
—
—
Accrued expenses and other liabilities
(10.0
)
(9.2
)
43.0
Net Cash Provided By Operating
Activities
$
297.5
$
217.2
$
210.8
Cash Flows from Investing Activities:
Purchases of property and equipment
(32.1
)
(27.1
)
(32.5
)
Purchases of intangible assets
(3.9
)
(14.6
)
(4.5
)
Acquisitions, net of cash acquired
(192.7
)
(244.9
)
(147.2
)
Proceeds from the sale of property and
equipment
2.7
2.2
2.2
Net Cash Used In Investing
Activities
$
(226.0
)
$
(284.4
)
$
(182.0
)
Cash Flows from Financing Activities:
Equity proceeds from common stock
5.2
3.6
9.3
Repurchases of common stock
(12.0
)
(24.4
)
—
Borrowings under term loan
120.0
—
325.0
Repayments under term loan
(3.2
)
(2.6
)
(338.6
)
Borrowings on asset-based credit
facility
434.3
732.8
161.9
Repayments on asset-based credit
facility
(526.8
)
(632.8
)
(161.9
)
Payments of debt issuance costs
(1.8
)
(2.3
)
(2.4
)
Payments on finance lease obligations
(18.5
)
(12.6
)
(10.4
)
Payments of acquisition related contingent
obligations
(8.0
)
(10.0
)
(8.6
)
Other financing activities
(7.5
)
(8.3
)
(4.7
)
Net Cash (Used In) Provided By
Financing Activities
$
(18.3
)
$
43.4
$
(30.4
)
Effect of exchange rate on cash
0.2
(0.8
)
0.1
Net Change In Cash
53.4
(24.6
)
(1.5
)
Cash and cash equivalents:
Beginning
29.1
53.7
55.2
Ending
$
82.5
$
29.1
$
53.7
Supplemental Disclosures of Cash Flow
Information:
Cash paid during the year for interest
$
26.8
$
15.5
$
15.6
Cash paid during the year for income
taxes
$
46.0
$
82.1
$
55.8
SiteOne Landscape Supply,
Inc.
Adjusted EBITDA to Net Income
(Loss) Reconciliation (Unaudited)
(In millions)
The following table presents a
reconciliation of Adjusted EBITDA to Net income (loss):
2023 Fiscal Year
2022 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net income (loss)
$
173.4
$
(3.4
)
$
57.3
$
124.0
$
(4.5
)
$
245.4
$
(0.9
)
$
73.3
$
140.7
$
32.3
Income tax (benefit) expense
49.8
(5.0
)
17.5
40.0
(2.7
)
67.7
(4.6
)
22.9
44.8
4.6
Interest expense, net
27.1
6.5
6.4
7.3
6.9
20.0
5.5
5.6
4.6
4.3
Depreciation & amortization
127.7
34.6
31.3
31.0
30.8
103.8
31.6
27.4
23.1
21.7
EBITDA
378.0
32.7
112.5
202.3
30.5
436.9
31.6
129.2
213.2
62.9
Stock-based compensation(a)
25.7
5.0
5.0
7.1
8.6
18.3
4.3
4.5
5.8
3.7
(Gain) loss on sale of assets(b)
(0.5
)
(0.1
)
(0.2
)
0.2
(0.4
)
(0.8
)
0.2
(0.7
)
(0.2
)
(0.1
)
Financing fees(c)
0.5
—
0.4
0.1
—
0.3
—
0.1
0.2
—
Acquisitions and other adjustments(d)
7.0
2.3
2.1
1.5
1.1
9.6
2.8
2.5
3.0
1.3
Adjusted EBITDA(e)
$
410.7
$
39.9
$
119.8
$
211.2
$
39.8
$
464.3
$
38.9
$
135.6
$
222.0
$
67.8
_____________________________________
(a) Represents stock-based compensation expense recorded during the
period. (b) Represents any gain or loss associated with the sale of
assets and termination of finance leases not in the ordinary course
of business. (c) Represents fees associated with our debt
refinancing and debt amendments. (d) Represents professional fees,
retention and severance payments, and performance bonuses 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. These
amounts are recorded in Selling, general and administrative in the
Consolidated Statements of Operations.
(e)
Adjusted EBITDA excludes any earnings or
loss of acquisitions prior to their respective acquisition dates
for all periods presented.
SiteOne Landscape Supply,
Inc.
2023 Organic Daily Sales to
Net Sales Reconciliation (Unaudited)
(In millions, except Selling
Days)
The following table presents a
reconciliation of Organic Daily Sales to Net sales:
2023 Fiscal Year
2022 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net sales
$
4,301.2
$
965.0
$
1,145.1
$
1,353.7
$
837.4
$
4,014.5
$
890.0
$
1,102.6
$
1,216.6
$
805.3
Organic sales(a)
3,937.3
860.6
1,046.7
1,252.4
777.6
3,929.3
857.0
1,068.9
1,201.4
802.0
Acquisition contribution(b)
363.9
104.4
98.4
101.3
59.8
85.2
33.0
33.7
15.2
3.3
Selling Days
252
61
63
64
64
252
60
63
64
65
Organic Daily Sales
$
15.6
$
14.1
$
16.6
$
19.6
$
12.2
$
15.6
$
14.3
$
17.0
$
18.8
$
12.3
_____________________________________
(a) Organic sales equal Net sales less Net sales from branches
acquired in 2023 and 2022. (b) 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 2023 Fiscal Year. Includes
Net sales from branches acquired in 2023 and 2022.
SiteOne Landscape Supply,
Inc.
2024 Organic Daily Sales to
Net Sales Reconciliation (Unaudited)
(In millions, except Selling
Days)
The following table presents a
reconciliation of Organic Daily Sales to Net sales:
2024 Fiscal Year
2023 Fiscal Year
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Year
Qtr 4
Qtr 3
Qtr 2
Qtr 1
Reported Net sales
--
--
--
--
--
$
4,301.2
$
965.0
$
1,145.1
$
1,353.7
$
837.4
Organic sales(a)
--
--
--
--
--
4,180.7
907.2
1,103.2
1,334.5
835.8
Acquisition contribution(b)
--
--
--
--
--
120.5
57.8
41.9
19.2
1.6
Selling Days
252
61
63
64
64
252
61
63
64
64
Organic Daily Sales
--
--
--
--
--
$
16.6
$
14.9
$
17.5
$
20.9
$
13.1
_____________________________________
(a)
Organic sales equal Net sales
less Net sales from branches acquired in 2024 and 2023.
(b)
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 2024 Fiscal
Year. Includes Net sales from branches acquired in 2024 and
2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240214373977/en/
Investor Relations: SiteOne Landscape Supply, Inc.
Investor Relations 470-270-7011 investors@siteone.com
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