Pool Corp Files 10-Q for Q1 2024

TL;DR

<b>Pool Corp filed its Q1 2024 10-Q, detailing financial performance and balance sheet information for the period ending March 31, 2024.</b>

AI Summary

POOL CORP (POOL) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Pool Corp reported Q1 2024 results, filing a 10-Q on April 29, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Financial data for Q1 2024 and comparative periods are included. Balance sheet information as of March 31, 2024, and prior periods is detailed. Information on fair value inputs and hedging instruments is presented.

Why It Matters

For investors and stakeholders tracking POOL CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and position of Pool Corp, crucial for understanding recent operational results and financial health. The detailed financial statements and disclosures allow stakeholders to assess the company's performance against previous periods and market expectations.

Risk Assessment

Risk Level: low — POOL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Monitor Pool Corp's revenue growth and net income trends in subsequent filings to assess its ongoing performance in the pool supply industry.

Key Numbers

• 2024-01-01 — Q1 2024 Start Date (Reporting period)
• 2024-03-31 — Q1 2024 End Date (Reporting period)
• 2023-01-01 — Q1 2023 Start Date (Comparative period)
• 2023-03-31 — Q1 2023 End Date (Comparative period)

Key Players & Entities

• POOL CORP (company) — Filer
• 0000945841 (company) — Central Index Key
• 2024-04-29 (date) — Filed as of date
• 2024-03-31 (date) — Conformed period of report
• 10-Q (document_type) — Form type
• 1934 Act (regulation) — SEC Act
• 000-26640 (document_id) — SEC file number
• COVINGTON, LA (location) — Business address city and state

FAQ

Industry Context

Pool Corp operates in the wholesale distribution of swimming pool supplies, equipment, and related products.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 performance metrics with historical data and industry benchmarks.
3. Analyze any disclosed risk factors or forward-looking statements for potential business impacts.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous fiscal year's reports.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share POOL Nasdaq Global Select Mar

Filing Documents

• pool-20240331.htm (10-Q) — 766KB
• exhibit31_1q124.htm (EX-31.1) — 9KB
• exhibit31_2q124.htm (EX-31.2) — 9KB
• exhibit32_1q124.htm (EX-32.1) — 9KB
• pool-20240331_g1.jpg (GRAPHIC) — 16KB
• 0000945841-24-000089.txt (&nbsp;) — 3499KB
• pool-20240331.xsd (EX-101.SCH) — 19KB
• pool-20240331_cal.xml (EX-101.CAL) — 52KB
• pool-20240331_def.xml (EX-101.DEF) — 61KB
• pool-20240331_lab.xml (EX-101.LAB) — 340KB
• pool-20240331_pre.xml (EX-101.PRE) — 218KB
• pool-20240331_htm.xml (XML) — 324KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Consolidated Statements of Income 1 Consolidated Statements of Comprehensive Income 2 Consolidated Balance Sheets 3 Condensed Consolidated Statements of Cash Flows 4 Consolidated Statements of Changes in Stockholders' Equity 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 25

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27 SIGNATURE 28

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements POOL CORPORATION Consolidated Statements of Income (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2024 2023 Net sales $ 1,120,810 $ 1,206,774 Cost of sales 782,250 837,019 Gross profit 338,560 369,755 Selling and administrative expenses 229,840 223,984 Operating income 108,720 145,771 Interest and other non-operating expenses, net 13,419 15,835 Income before income taxes and equity in earnings 95,301 129,936 Provision for income taxes 16,473 28,273 Equity in earnings of unconsolidated investments, net 57 36 Net income $ 78,885 $ 101,699 Earnings per share attributable to common stockholders: Basic $ 2.05 $ 2.60 Diluted $ 2.04 $ 2.58 Weighted average common shares outstanding: Basic 38,205 38,877 Diluted 38,467 39,189 Cash dividends declared per common share $ 1.10 $ 1.00 The accompanying Notes are an integral part of the Consolidated Financial Statements. 1 POOL CORPORATION Consolidated Statements of Comprehensive Income (Unaudited) (In thousands) Three Months Ended March 31, 2024 2023 Net income $ 78,885 $ 101,699 Other comprehensive (loss) income: Foreign currency translation (loss) gain ( 3,668 ) 2,469 Unrealized gain (loss) on interest rate swaps, net of the change in taxes of $( 742 ) and $ 1,269 2,226 ( 3,809 ) Total other comprehensive loss ( 1,442 ) ( 1,340 ) Comprehensive income $ 77,443 $ 100,359 The accompanying Notes are an integral part of the Consolidated Financial Statements. 2 POOL CORPORATION Consolidated Balance Sheets (In thousands, except share data) March 31, March 31, December 31, 2024 2023 2023 (Unaudited) (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $ 67,974 $ 26,470 $ 66,540 Receivables, net 150,240 163,048 145,723 Receivables pledged under receivables facility 376,935 401,123 197,187 Product inventories, net 1,496,947 1,686,683 1,365,466 Prepaid expenses and other current assets 44,521 27

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1 – Summary of Significant Accounting Policies Pool Corporation (the Company , which may also be referred to as we, us or our ) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated. A description of our significant accounting policies is included in our 2023 Annual Report on Form 10-K. You should read the interim Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and accompanying notes in our 2023 Annual Report on Form 10-K. The results for our three-month period ended March 31, 2024, are not necessarily indicative of the expected results for our fiscal year ending December 31, 2024. Income Taxes We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on restricted stock awards lapse. We recorded excess tax benefits of $ 7.4 million in the first quarter of 2024 compared to $ 4

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion in conjunction with the accompanying interim Consolidated Financial Statements and notes, the Consolidated Financial Statements and accompanying notes in our 2023 Annual Report on Form 10-K and Management's Discussion and Analysis in our 2023 Annual Report on Form 10-K.

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking information that involves risks and uncertainties. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including projections of earnings and other financial performance measures, statements of management's expectations regarding our strategic, operational and capital allocation plans and objectives, management's views on industry, economic, competitive, technological and regulatory conditions and other forecasts of trends and other matters. Forward-looking statements speak only as of the date of this filing, and we undertake no obligation to publicly update or revise such statements to reflect new circumstances or unanticipated events as they occur. You can identify these statements by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate," "estimate," "expect," "intend," "believe," "will likely result," "outlook," "project," "may," "can," "plan," "target," "potential," "should" and other words and expressions of similar meaning. No assurance can be given that the expected results in any forward-looking statement will be achieved, and actual results may differ materially due to one or more factors, including the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; our ability to maintain favorable relationships with suppliers and manufacturers; the extent to which home-centric trends associated with the pandemic will continue to moderate or reverse; competition from other leisure product alternatives or mass merchants; our ability to continue to execute our growth strategies; changes in the regulatory environment; new or ad

View Full Filing

View this 10-Q filing on SEC EDGAR