SiteOne Landscape Supply, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SiteOne Landscape Supply, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and position.</b>

AI Summary

SiteOne Landscape Supply, Inc. (SITE) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. SiteOne Landscape Supply, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 29th. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and April 2, 2023. The company's principal executive offices are located at 300 Colonial Center Parkway, Suite 600, Roswell, GA 30076.

Why It Matters

For investors and stakeholders tracking SiteOne Landscape Supply, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for SiteOne Landscape Supply, Inc., crucial for understanding the company's performance in the first quarter of 2024. The detailed financial statements and disclosures within the report are essential for assessing the company's operational health, profitability, and any potential risks or opportunities.

Risk Assessment

Risk Level: low — SiteOne Landscape Supply, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess SiteOne Landscape Supply's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 1229 — Fiscal Year End (Fiscal year end)
• 364485550 — IRS Number (IRS number)

Key Players & Entities

• SiteOne Landscape Supply, Inc. (company) — Filer name
• SITE (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• 300 Colonial Center Parkway, Suite 600 (location) — Business address
• Roswell, GA 30076 (location) — Business address
• 001-37760 (regulator) — SEC file number
• 24899802 (regulator) — Film number

FAQ

Industry Context

SiteOne Landscape Supply operates in the wholesale distribution of landscaping products and related services. This sector is influenced by construction, real estate, and seasonal demand.

Regulatory Implications

The filing is a standard Form 10-Q, a quarterly report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Identify any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal quarter ending March 31, 2024, following the previous 10-K annual report and prior 10-Q filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share SITE New York Stock

Filing Documents

• site-20240331.htm (10-Q) — 1110KB
• site_03312024xex311.htm (EX-31.1) — 8KB
• site_03312024xex312.htm (EX-31.2) — 8KB
• site_03312024xex321.htm (EX-32.1) — 4KB
• site_03312024xex322.htm (EX-32.2) — 4KB
• site-20240331_g1.jpg (GRAPHIC) — 673KB
• 0001650729-24-000009.txt (&nbsp;) — 8278KB
• site-20240331.xsd (EX-101.SCH) — 45KB
• site-20240331_cal.xml (EX-101.CAL) — 79KB
• site-20240331_def.xml (EX-101.DEF) — 226KB
• site-20240331_lab.xml (EX-101.LAB) — 620KB
• site-20240331_pre.xml (EX-101.PRE) — 442KB
• site-20240331_htm.xml (XML) — 953KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 4 Consolidated Statements of Operations 5 Consolidated Statements of Comprehensive Loss 6 Consolidated Statements of Equity 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 9

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 27

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 45 Signature 46 1 Table of Contents Special Note Regarding Forward-Looking Statements and Information This Quarterly Report on Form 10-Q, 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

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) SiteOne Landscape Supply, Inc. Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) Assets March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 41.5 $ 82.5 Accounts receivable, net of allowance for doubtful accounts of $ 26.9 and $ 27.3 , respectively 528.5 490.6 Inventory, net 933.6 771.2 Income tax receivable 2.8 — Prepaid expenses and other current assets 73.6 61.0 Total current assets 1,580.0 1,405.3 Property and equipment, net ( Note 5 ) 252.1 249.4 Operating lease right-of-use assets, net ( Note 7 ) 380.5 388.9 Goodwill ( Note 6 ) 485.2 485.5 Intangible assets, net ( Note 6 ) 266.9 280.8 Deferred tax assets 5.3 5.3 Other assets 11.4 13.7 Total assets $ 2,981.4 $ 2,828.9 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 390.9 $ 270.8 Current portion of finance leases ( Note 7 ) 23.7 21.8 Current portion of operating leases ( Note 7 ) 83.4 83.6 Accrued compensation 52.5 74.2 Long-term debt, current portion ( Note 9 ) 5.3 5.3 Income tax payable — 8.0 Accrued liabilities 114.2 114.6 Total current liabilities 670.0 578.3 Other long-term liabilities 10.3 11.5 Finance leases, less current portion ( Note 7 ) 77.8 69.8 Operating leases, less current portion ( Note 7 ) 304.7 313.3 Deferred tax liabilities 2.1 2.3 Long-term debt, less current portion ( Note 9 ) 442.7 367.6 Total liabilities 1,507.6 1,342.8 Commitments and contingencies ( Note 11 ) Stockholders' equity: Common stock, par value $ 0.01 ; 1,000,000,000 shares authorized; 45,520,704 and 45,404,091 shares issued, and 45,198,683 and 45,082,070 shares outstanding at March 31, 2024 and December 31, 2023, respectively 0.5 0.5 Additional paid-in capital 610.7 601.8 Retained earnings 897.0 916.3 Accumulated other comprehensive income 2.3 4.2 Treasury stock, at cost, 322,021 and 322,021 shares at March 31, 2024 and Decemb

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1. Nature of Business and Significant Accounting Policies 10 Note 2. Revenue from Contracts with Customers 12 Note 3. Acquisitions 13 Note 4. Fair Value Measurement and Interest Rate Swaps 14 Note 5. Property and Equipment, Net 16 Note 6. Goodwill and Intangible Assets, Net 17 Note 7. Leases 18 Note 8. Employee Benefit and Stock Incentive Plans 19 Note 9. Long-Term Debt 22 Note 10. Income Taxes 25 Note 11. Commitments and Contingencies 25 Note 12. Earnings (Loss) Per Share 26 Note 13. Subsequent Events 26 9 Table of Contents Note 1. Nature of Business and Significant Accounting Policies Nature of Business SiteOne Landscape Supply, Inc. (hereinafter collectively with all its consolidated subsidiaries referred to as the "Company") is a wholesale distributor of irrigation supplies, hardscapes (including pavers, natural stone, and blocks), fertilizer and control products (e.g., herbicides), landscape accessories, nursery goods, outdoor lighting, and ice melt products to green industry professionals. The Company also provides value-added consultative services to complement its product offering and to help customers operate and grow their businesses. Substantially all of the Company's sales are to customers located in the United States of America ("U.S."), with less than two percent of sales and less than three percent of total assets in Canada for all periods presented. As of March 31, 2024, the Company had over 690 branches. Based on the nature of the Company's products and customers' business cycles, sales are significantly higher in the second and third quarters of each fiscal year. Share Repurchase Program On October 20, 2022, the Company's Board of Directors authorized the Company to repurchase, at any time or from time to time, shares of the Company's common stock having an aggregate purchase price not to exceed $ 400.0 million pursuant to a Rule 10b5-1

View Full Filing

View this 10-Q filing on SEC EDGAR