SiteOne Landscape Supply Files Q3 2024 10-Q

TL;DR

SiteOne Landscape Supply's Q3 2024 10-Q is in. Get the latest numbers.

AI Summary

SiteOne Landscape Supply, Inc. filed its 10-Q for the period ending September 29, 2024. The company's fiscal year ends on December 29. Key financial data and operational details for the third quarter and year-to-date are presented in this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of SiteOne Landscape Supply, crucial for understanding the company's trajectory in the professional and commercial equipment and supplies wholesale sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-29 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
• 2024-01-01 — Reporting Period Start Date (This is the start date for the financial data presented in the 10-Q.)
• 2023-12-31 — Prior Year End Date (Provides a comparison point for the current fiscal year's financial performance.)

Key Players & Entities

• SiteOne Landscape Supply, Inc. (company) — Filer of the 10-Q report.
• September 29, 2024 (date) — End of the reporting period for the 10-Q.
• December 29 (date) — Fiscal year end date for SiteOne Landscape Supply.
• 300 Colonial Center Parkway, Suite 600 (location) — Company's business and mailing address.
• Roswell, GA (location) — City and State of the company's address.

FAQ

Key Financial Figures

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

Filing Documents

• site-20240929.htm (10-Q) — 1458KB
• site_09302024xex311.htm (EX-31.1) — 8KB
• site_09302024xex312.htm (EX-31.2) — 8KB
• site_09302024xex321.htm (EX-32.1) — 4KB
• site_09302024xex322.htm (EX-32.2) — 4KB
• site-20240929_g1.jpg (GRAPHIC) — 673KB
• 0001650729-24-000018.txt ( ) — 9464KB
• site-20240929.xsd (EX-101.SCH) — 46KB
• site-20240929_cal.xml (EX-101.CAL) — 85KB
• site-20240929_def.xml (EX-101.DEF) — 239KB
• site-20240929_lab.xml (EX-101.LAB) — 659KB
• site-20240929_pre.xml (EX-101.PRE) — 471KB
• site-20240929_htm.xml (XML) — 1187KB

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Income 7 Consolidated Statements of Equity and Redeemable Non-controlling Interest 8 Consolidated Statements of Cash Flows 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11

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 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50 Signature 51 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; severe weather and climate conditions, such as Hurricanes Helene and Milton; prices for the products we purchase may fluctuate; market variables, including inflation and elevated interest rates for prolonged periods; increases in operating costs; public pe

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) 4 Table of Contents SiteOne Landscape Supply, Inc. Consolidated Balance Sheets (Unaudited) (In millions, except share and per share data) Assets September 29, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 85.5 $ 82.5 Accounts receivable, net of allowance for doubtful accounts of $ 25.8 and $ 27.3 , respectively 574.9 490.6 Inventory, net 884.9 771.2 Income tax receivable 4.0 — Prepaid expenses and other current assets 91.4 61.0 Total current assets 1,640.7 1,405.3 Property and equipment, net ( Note 5 ) 288.4 249.4 Operating lease right-of-use assets, net ( Note 7 ) 419.9 388.9 Goodwill ( Note 6 ) 509.9 485.5 Intangible assets, net ( Note 6 ) 268.3 280.8 Deferred tax assets 7.2 5.3 Other assets 11.8 13.7 Total assets $ 3,146.2 $ 2,828.9 Liabilities, Redeemable Non-controlling Interest, and Stockholders' Equity Current liabilities: Accounts payable $ 327.8 $ 270.8 Current portion of finance leases ( Note 7 ) 28.1 21.8 Current portion of operating leases ( Note 7 ) 86.1 83.6 Accrued compensation 67.5 74.2 Long-term debt, current portion ( Note 9 ) 4.7 5.3 Income tax payable — 8.0 Accrued liabilities 134.8 114.6 Total current liabilities 649.0 578.3 Other long-term liabilities 10.5 11.5 Finance leases, less current portion ( Note 7 ) 96.1 69.8 Operating leases, less current portion ( Note 7 ) 342.2 313.3 Deferred tax liabilities — 2.3 Long-term debt, less current portion ( Note 9 ) 405.9 367.6 Total liabilities 1,503.7 1,342.8 Commitments and contingencies ( Note 11 ) Redeemable non-controlling interest 19.2 — Stockholders' equity: Common stock, par value $ 0.01 ; 1,000,000,000 shares authorized; 45,583,961 and 45,404,091 shares issued, and 45,118,918 and 45,082,070 shares outstanding at September 29, 2024 and December 31, 2023, respectively 0.5 0.5 Additional paid-in capital 620.9 601.8 Retained earnings 1,061.6 916.3 Accumulated ot

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1. Nature of Business and Significant Accounting Policies 12 Note 2. Revenue from Contracts with Customers 15 Note 3. Acquisitions 16 Note 4. Fair Value Measurement and Interest Rate Swaps 17 Note 5. Property and Equipment, Net 20 Note 6. Goodwill and Intangible Assets, Net 20 Note 7. Leases 22 Note 8. Employee Benefit and Stock Incentive Plans 23 Note 9. Long-Term Debt 26 Note 10. Income Taxes 29 Note 11. Commitments and Contingencies 30 Note 12. Earnings (Loss) Per Share 30 11 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 three percent of sales and total assets in Canada for all periods presented. As of September 29, 2024, the Company had over 700 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 plan and/or pursuant to open market or accelerated s

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View this 10-Q filing on SEC EDGAR