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Pool Corp (POOL) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Pool Corp

HISTORY TOOLS
CIK: 945841 Ticker: POOL


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Exhibit 99.1

FOR IMMEDIATE RELEASE


POOL CORPORATION REPORTS YEAR END AND FOURTH QUARTER 2022 RESULTS;
PROVIDES 2023 EARNINGS GUIDANCE

Highlights include:

•Record annual net sales of $6.2 billion, up 17% from 2021
•Operating income of $1.0 billion, up 23% from 2021 with a 90 bps improvement in operating margin
•Record 2022 diluted EPS of $18.70, an increase of 17% over 2021 or an increase of 21% to $18.43 without tax benefits in both periods
•2023 diluted EPS guidance range of $16.03 - $17.03, including an estimated $0.03 tax benefit
______________________

COVINGTON, LA. (February 16, 2023)
– Pool Corporation (Nasdaq/GSM:POOL) today announced full year and fourth quarter 2022 results.

“I am proud to present another year of record results with annual sales growth of 17% to $6.2 billion, nearly double our 2019 sales. The relentless focus of our highly talented team on capacity creation and their dedication to serving our customers drove our operating income for the full year up 23% to a record $1.0 billion on top of 79% growth in 2021. We leveraged our strong capital position and operating capabilities to invest in inventory ahead of challenging supply chain and inflationary conditions to serve our customers and bring new products to the market in a dynamic environment. Our results speak to the strength of our team who work collaboratively with our customers and suppliers to make POOLCORP such an incredible business. We celebrate our successes over the past year and remain well-positioned to execute our long-term growth strategy and grow our industry-leading position,” commented Peter D. Arvan, president and CEO.

Year ended December 31, 2022 compared to the year ended December 31, 2021

Net sales increased 17% to a record $6.2 billion for the year ended December 31, 2022 compared to $5.3 billion in 2021. Base business sales increased 12%. Net sales benefited approximately 10% from inflationary product cost increases and were aided by solid consumer demand for outdoor living products throughout the year. Net sales were also unfavorably impacted 1% from currency exchange rate fluctuations, 1% from softness in our European markets and generally less favorable weather conditions on a year-over-year comparison.

Gross profit reached a record $1.9 billion for the year ended December 31, 2022, a 20% increase over gross profit of $1.6 billion in 2021. Gross margin improved 80 basis points to 31.3% in 2022 compared to 30.5% in 2021, reflecting benefits from acquisitions, increased pricing and supply chain management initiatives to address inflation. These increases were partially offset by $13.0 million recorded within Cost of sales in the fourth quarter of 2022 related to increased duties and tariffs for certain imported chemicals. Given supply chain improvements through the latter half of 2022, we do not expect to import a significant portion of this product in 2023.

Selling and administrative expenses (operating expenses) increased 16%, or $123.3 million, to $907.6 million in 2022, including a 1% benefit from currency exchange rate fluctuations. As a percentage of net sales, operating expenses declined 10 basis points to 14.7% in 2022 compared to 14.8% in 2021. Our operating expenses have generally increased in line with sales growth to support our business, including recent acquisitions.


The following information was filed by Pool Corp (POOL) on Thursday, February 16, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pool Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Income
Acquisitions
Acquisitions (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Details)
Debt (Tables)
Debt - Interest Rate Swaps (Details)
Debt - Interest Rate Swaps 2 (Details)
Debt - Maturities (Details)
Details Of Certain Balance Sheet Accounts
Details Of Certain Balance Sheet Accounts (Details)
Details Of Certain Balance Sheet Accounts (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Employee Benefit Plans (Tables)
Goodwill (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies (Tables)
Organization And Summary Of Significant Accounting Policies - Nonrecurring Fair Value (Details)
Organization And Summary Of Significant Accounting Policies Accumulated Other Comprehensive Income (Loss) (Details)
Organization And Summary Of Significant Accounting Policies Equity Method Investments (Details)
Organization And Summary Of Significant Accounting Policies Fair Value Measurements (Details)
Organization And Summary Of Significant Accounting Policies Property And Equipment (Details)
Organization And Summary Of Significant Accounting Policies Valuation And Qualifying Accounts (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Related Party Transactions
Related Party Transactions (Details)
Related Party Transactions (Tables)
Share-Based Compensation
Share-Based Compensation (Details)
Share-Based Compensation (Tables)
Share-Based Compensation Share-Based Compensation Price Ranges (Details)
Ticker: POOL
CIK: 945841
Form Type: 10-K Annual Report
Accession Number: 0000945841-23-000015
Submitted to the SEC: Fri Feb 24 2023 12:43:49 PM EST
Accepted by the SEC: Fri Feb 24 2023
Period: Saturday, December 31, 2022
Industry: Wholesale Misc Durable Goods

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