SiteOne Landscape Supply, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>SiteOne Landscape Supply, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

SiteOne Landscape Supply, Inc. (SITE) filed a Annual Report (10-K) with the SEC on February 22, 2024. SiteOne Landscape Supply, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 2, 2023, to December 31, 2023. The company's principal business address is located at 300 Colonial Center Parkway, Suite 600, Roswell, GA 30076. The company is incorporated in Delaware (DE). The filing was made on February 22, 2024.

Why It Matters

For investors and stakeholders tracking SiteOne Landscape Supply, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of SiteOne Landscape Supply's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue, profitability, assets, and liabilities, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — SiteOne Landscape Supply, Inc. shows moderate risk based on this filing. The company operates in the wholesale distribution of professional and commercial equipment and supplies, a sector that can be influenced by economic cycles and competition, as indicated by its SIC code 5040.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the landscape supply industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-22 — Filing Date (FILED AS OF DATE)
• 5040 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• SiteOne Landscape Supply, Inc. (company) — CONFORMED NAME
• 300 Colonial Center Parkway, Suite 600, Roswell, GA 30076 (company) — BUSINESS ADDRESS
• DE (company) — STATE OF INCORPORATION
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240222 (date) — FILED AS OF DATE
• 5040 (company) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by SiteOne Landscape Supply, Inc. to report its annual financial results and business overview.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates SiteOne Landscape Supply's business is in the wholesale of professional & commercial equipment & supplies (5040).)

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SITE New York Stock
• $25 billion — cape supplies represented approximately $25 billion in revenue in 2023. Growth in our indus

Filing Documents

• site-20231231.htm (10-K) — 2176KB
• site_12312023xex42.htm (EX-4.2) — 27KB
• site_12312023xex1064.htm (EX-10.64) — 125KB
• site_12312023xex1066.htm (EX-10.66) — 85KB
• site_12312023xex1067.htm (EX-10.67) — 91KB
• site_12312023xex211.htm (EX-21.1) — 24KB
• site_12312023xex231.htm (EX-23.1) — 2KB
• site_12312023xex311.htm (EX-31.1) — 8KB
• site_12312023xex312.htm (EX-31.2) — 8KB
• site_12312023xex321.htm (EX-32.1) — 4KB
• site_12312023xex322.htm (EX-32.2) — 4KB
• site_12312023xex97.htm (EX-97) — 38KB
• site-20231231_g1.jpg (GRAPHIC) — 673KB
• site-20231231_g2.jpg (GRAPHIC) — 36KB
• site-20231231_g3.jpg (GRAPHIC) — 58KB
• 0001650729-24-000004.txt (&nbsp;) — 13506KB
• site-20231231.xsd (EX-101.SCH) — 67KB
• site-20231231_cal.xml (EX-101.CAL) — 118KB
• site-20231231_def.xml (EX-101.DEF) — 394KB
• site-20231231_lab.xml (EX-101.LAB) — 970KB
• site-20231231_pre.xml (EX-101.PRE) — 687KB
• site-20231231_htm.xml (XML) — 1609KB

Risk Factors

Item 1A. Risk Factors 15

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 34

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

[Reserved]

Item 6. [Reserved] 38

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 39

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 59

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 98

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 98 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 99

Executive Compensation

Item 11. Executive Compensation 99

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 99

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 99 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 100

Form 10-K Summary

Item 16. Form 10-K Summary 107

SIGNATURES

SIGNATURES 108 1 Table of Contents Special Note Regarding Forward-Looking Statements and Information This Annual Report on Form 10-K, other periodic reports filed by us under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other written or oral statements made from time to time by our management contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 often signify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that are beyond our control, and because they also relate to the future, they are likewise subject to inherent uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. 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. 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 frie

Business

Item 1. Business The following discussion of our business contains "forward-looking statements," as discussed in "Special Note Regarding Forward-Looking Statements and Information" above. Our business, operations, and financial condition are subject to various risks as set forth in Part I, Item 1A., Risk Factors'' below. The following information should be read in conjunction with the Risk Factors, Management's Discussion and Analysis of Financial Condition and Results of Operations, and the Financial Statements and Supplementary Data and related notes included elsewhere in this Annual Report on Form 10-K. Company Overview We are the largest and only national full product line wholesale distributor of landscape supplies in the United States and have a growing presence in Canada. Our 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. As of December 31, 2023, we had over 690 branch locations in 45 U.S. states and six Canadian provinces. Through our expansive North American network, we offer a comprehensive selection of approximately 160,000 stock keeping units ("SKUs") including irrigation supplies, fertilizer and control products (e.g., herbicides), hardscapes (including pavers, natural stone, and blocks), landscape accessories, nursery goods, outdoor lighting, and ice melt products to green industry professionals. We also provide value-added consultative services to complement our product offerings and to help our customers operate and grow their businesses. Our consultative services include assistance with irrigation project take-offs, commercial project planning, generation of sales leads, business operations, and product support services, as well as a series of technical and business management seminars that we call SiteOne University. Our typical customer is a private landscape contractor that operates in a single mar

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View this 10-K filing on SEC EDGAR