Exhibit 99.1

 

 

 

February 20, 2018

 

SiteOne Landscape Supply Announces Fourth Quarter and Full Year 2017 Earnings

 

Fourth Quarter 2017 Highlights:

 

·Net sales increased by 15% to $415.7 million
·Organic Daily Sales increased by 7%
·Gross profit increased 18% to $131.9 million; gross margin increased 80 basis points to 31.7%
·Net income of $4.0 million, compared to a net loss of $5.6 million in the prior year period
·Adjusted EBITDA increased 37% to $15.3 million
·Completed the acquisition of Harmony Gardens

 

Full Year 2017 Highlights:

 

·Net sales increased by 13% to $1.86 billion
·Organic Daily Sales increased by 5%
·Gross profit increased 15% to $595.5 million; gross margin increased 70 basis points to 32.0%
·Net income for the year was $54.6 million, compared to $30.6 million in 2016
·Adjusted EBITDA increased 17% to $157.2 million; adjusted EBITDA margin improved to 8.4%
·Year-end net debt to Adjusted EBITDA was 2.9x
·Completed eight acquisitions during the year with approximately $130.0 million in annualized net sales

 

Post-Quarter Highlights:

 

·Completed the acquisition of Pete Rose, Inc. and Atlantic Irrigation

 

ROSWELL, Ga. — (BUSINESS WIRE) — SiteOne Landscape Supply, Inc. (the “Company” or “SiteOne”) (NYSE: SITE) announced earnings for its fourth quarter and full fiscal year ended December 31, 2017 (“Fiscal 2017”).

 

“We finished 2017 with a strong fourth quarter performance and are pleased with our overall full-year financial results. During the year we improved organic sales growth, achieved solid contribution of sales and profits from acquisitions and expanded our adjusted EBITDA margin. The combination of these allowed us to deliver strong adjusted EBITDA and net income growth while keeping our leverage ratio within our targeted range,” said Doug Black, SiteOne’s Chairman and CEO. “We also made important investments in our salesforce, eCommerce, IT, and supply chain to strengthen our company and support future growth and profitability. With positive end-market growth trends, we are excited to continue to execute our strategy and create significant value for all of our stakeholders in the coming years. ”

 

Fourth Quarter 2017 Results

 

Net sales for the fourth quarter of Fiscal 2017 increased to $415.7 million, or 15%, compared to $361.8 million for the prior-year period. Organic Daily Sales increased 7% compared to prior year period as we saw strength in the construction, repair and remodel and golf markets. Acquisitions contributed approximately $31 million in sales, or 8%, to our overall growth for the quarter.

 

 

 

 

Gross profit increased to $131.9 million, or 18%, compared to $111.8 million for the prior-year period. Gross margin improved by 80 bps to 31.7% for the fourth quarter of Fiscal 2017. We continue to see margin improvement driven by category management.

 

Selling, general and administrative expenses (“SG&A”) in the fourth quarter of Fiscal 2017 increased to $133.8 million from $116.2 million in the same period last year due to the additional contribution from acquisitions. SG&A as a percent of net sales increased to 32.2%, an increase of 10 basis points compared to the same period last year.

 

Net income for the fourth quarter of Fiscal 2017 was $4.0 million, compared to a net loss of $5.6 million during the same period in the prior year. The improvement in net income was driven by a lower effective tax rate, higher sales and increased profitability.

 

Adjusted EBITDA increased to $15.3 million for the fourth quarter of Fiscal 2017, compared to $11.2 million for the prior-year period.

 

Full Year 2017 Results

 

Net sales for Fiscal 2017 increased to $1.86 billion, or 13%, compared to $1.65 billion for the prior fiscal year (“Fiscal 2016”). Organic Daily Sales increased 5% for Fiscal 2017 compared to Fiscal 2016. Organic growth was driven by sales of our construction related products like hardscapes, nursery, landscape accessories and irrigation. Acquisitions contributed $135.0 million, or 8%, to our overall net sales growth for Fiscal 2017.

 

Gross profit for Fiscal 2017 increased to $595.5 million, up 15% compared to $515.7 million for the prior year. Gross margin for the year improved by 70 basis points to 32.0% compared to 31.3% in Fiscal 2016. Operational improvements in category management were the primary contributor to margin gains.

 

SG&A for the year increased to $502.2 million from $446.5 million in Fiscal 2016. The increase in SG&A was attributable to our investments made to support future organic growth and profitability along with operating costs associated with our acquisitions. SG&A as a percent of net sales declined to 27.0%, a 10 basis points improvement compared to the prior year period due in part to the non-recurrence of IPO related costs in 2017.

 

Our effective tax rate for Fiscal 2017 was 24.8% as compared to 41.0% for Fiscal 2016. The decrease in the effective rate was due primarily to a $6.8 million benefit related to ASU 2016-09, and a $3.2 million benefit related to the Tax Cuts and Jobs Act (the “2017 Tax Act”). The 2017 Tax Act required us to re-measure certain deferred tax assets and liabilities at the reduced U.S. corporate income tax rate of 21%, and to record a one-time transition tax related to the unremitted earnings of our Canadian subsidiary. We have not finalized our accounting for the tax effects of the 2017 Tax Act; however, our net benefit is based upon a reasonable estimate. We currently expect our 2018 effective tax rate will be between 26% and 27%, excluding ASU 2016-09 and other discrete items.

 

Net income for Fiscal 2017 was $54.6 million, compared to net income of $30.6 million for Fiscal 2016. The increase in net income for the year was attributable to the sales growth both organically and through acquisition, gross margin improvement and a lower effective tax rate. For the year, Adjusted EBITDA increased 17% to $157.2 million, compared to $134.3 million in Fiscal 2016. The Adjusted EBITDA margin expanded by 30 basis points to 8.4%, compared to Fiscal 2016.

 

 

 

 

Net debt, calculated as long-term debt (net of issuance costs and discounts) plus capital leases, net of cash and cash equivalents on our balance sheet as of December 31, 2017, was $458.6 million. Net debt to Adjusted EBITDA for the last twelve months was 2.9 times.

 

Outlook

 

For 2018, we expect Adjusted EBITDA to be in the range of $180 million to $192 million.

 

Reconciliation for the forward-looking full-year 2018 Adjusted EBITDA outlook is not being provided, as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation.

 

Conference Call Information

 

SiteOne management will host a conference call today, February 20, 2018, at 8 a.m. Eastern Time, to discuss the Company’s financial results. The conference call may be accessed by dialing (877) 705-6003 (domestic) or (201) 493-6725 (international). A telephonic replay will be available approximately two hours after the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13675849. The replay will be available until 11:59 p.m. (ET) on March 6, 2018.

 

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at http://investors.siteone.com. The online replay will be available for 30 days on the same website immediately following the call. A slide presentation highlighting the Company’s results and key performance indicators will also be available on the Investor Relations section of the Company’s website.

 

To learn more about SiteOne, please visit the company's website at http://investors.siteone.com.

 

About SiteOne Landscape Supply, Inc.

 

SiteOne Landscape Supply, Inc. is the largest and only national wholesale distributor of landscape supplies in the United States and has a growing presence in Canada. Its 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.

 

Investor Relations Contact:

 

SiteOne Landscape Supply, Inc.

 

Pascal Convers

 

Executive Vice President, Strategy, Development and Investor Relations

 

470-270-7011

 

investors@siteone.com

 

 

 

 

Forward-Looking Statements

 

This release contains “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our 2018 Adjusted EBITDA outlook. Some of the forward-looking statements can be identified by the use of 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. You should be aware that these forward-looking statements are subject to risks and uncertainties that are beyond our control. 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. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. 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 economic and financial conditions; weather conditions, seasonality and availability of water to end-users; laws and government regulations applicable to our business that could negatively impact demand for our products; public perceptions that our products and services are not environmentally friendly; competitive industry pressures; product shortages and the loss of key suppliers; product price fluctuations; inventory management risks; ability to implement our business strategies and achieve our growth objectives; acquisition and integration risks; increased operating costs; and other risks, as described in Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended January 1, 2017.

 

Non-GAAP Financial Information

 

This release includes certain financial information, not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Further, these measures should not be considered substitutes for the information contained in the historical financial information of the Company prepared in accordance with U.S. GAAP that is set forth herein.

 

We present Adjusted EBITDA in order to evaluate the operating performance and efficiency of our business. Adjusted EBITDA represents EBITDA as further adjusted for items permitted under the covenants of our credit facilities. EBITDA represents our net income (loss) plus the sum of income tax (benefit), depreciation and amortization and interest expense, net of interest income. Adjusted EBITDA is further adjusted for stock-based compensation expense, related party advisory fees, (gain) loss on sale of assets and other non-cash items, other non-recurring (income) and loss. Adjusted EBITDA does not include pre-acquisition acquired Adjusted EBITDA. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. The use of Adjusted EBITDA instead of net income has limitations as an analytical tool. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies, limiting its usefulness as a comparative measure. Net debt is defined as long-term debt (net of issuance costs and discounts) plus capital leases, net of cash and cash-equivalents on our balance sheet. Leverage Ratio is defined as Net Debt to trailing twelve months Adjusted EBITDA. Free Cash Flow is defined as Cash Flow from Operating Activities, less capital expenditures. We define Organic Daily Sales as Organic Sales divided by the number of Selling Days in the relevant reporting period. We define Organic Sales as Net sales, including Net sales from newly-opened greenfield stores, but excluding Net sales from acquired stores until they have been under our ownership for at least four full fiscal quarters at the start of the fiscal year. Selling Days are the number of business days, excluding Saturdays, Sundays and holidays, that SiteOne branches are open during the relevant reporting period.

 

 

 

 

SiteOne Landscape Supply, Inc.

Consolidated Balance Sheets

(In millions, except share and per share data)

 

   December 31,
2017
   January 1,
2017
 
Assets          
Current assets          
Cash and cash equivalents  $16.7   $16.3 
Accounts receivable, net of allowance for doubtful accounts of $4.7 and $4.3 for 2017 and 2016, respectively   219.9    169.0 
Inventory, net   338.3    289.6 
Income tax receivable   2.7    1.6 
Prepaid expenses and other current assets   24.3    13.5 
Total current assets   601.9    490.0 
           
Property and equipment, net   75.5    69.8 
Goodwill   106.5    70.8 
Intangible assets, net   112.8    103.3 
Other assets   14.0    8.7 
Total assets  $910.7   $742.6 
           
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $124.1   $108.3 
Current portion of capital leases   4.9    4.3 
Accrued compensation   40.1    36.7 
Long term debt, current portion   3.5    3.0 
Accrued liabilities   33.2    33.2 
Total current liabilities   205.8    185.5 
           
Other long-term liabilities   16.8    9.1 
Capital leases, less current portion   6.8    6.7 
Deferred tax liabilities   8.4    20.0 
Long term debt, less current portion   460.1    372.5 
Total liabilities   697.9    593.8 
           
Commitment and contingencies          
Redeemable convertible preferred stock        
           
Stockholders’ equity          
Common stock, par value $0.01; 1,000,000,000 shares authorized; 39,977,181 and 39,597,532 shares issued, and 39,956,270 and 39,576,621 shares outstanding at December 31, 2017 and January 1, 2017, respectively   0.4    0.4 
Additional paid-in capital   227.8    219.3 
Accumulated deficit   (15.1)   (69.7)
Accumulated other comprehensive loss   (0.3)   (1.2)
Total stockholders’ equity   212.8    148.8 
Total liabilities and stockholders’ equity  $910.7   $742.6 

 

 

 

 

SiteOne Landscape Supply, Inc.

Consolidated Statements of Operations

(In millions, except share and per share data)

 

   For the year
January 2, 2017
to December 31, 2017
   For the year
January 4, 2016
to January 1, 2017
   For the year
December 29, 2014
to January 3, 2016
 
Net sales  $1,861.7   $1,648.2   $1,451.6 
Cost of goods sold   1,266.2    1,132.5    1,022.5 
Gross profit   595.5    515.7    429.1 
                
Selling, general and administrative expenses   502.2    446.5    373.3 
Other income   4.5    4.8    4.0 
Operating income   97.8    74.0    59.8 
                
Interest and other non-operating (income) expenses   25.2    22.1    11.4 
Net income before taxes   72.6    51.9    48.4 
Income tax expense   18.0    21.3    19.5 
Net income   54.6    30.6    28.9 
Less:               
Redeemable convertible preferred stock dividends       9.6    25.1 
Redeemable convertible preferred stock beneficial conversion feature           18.6 
Special cash dividend paid to preferred stockholders       112.4     
Net income (loss) attributable to common shares  $54.6   $(91.4)  $(14.8)
                
Net income (loss) per common share:               
Basic  $1.37   $(3.01)  $(1.04)
Diluted  $1.29   $(3.01)  $(1.04)
Weighted average number of common shares outstanding:               
Basic   39,754,595    30,316,087    14,209,843 
Diluted   42,193,432    30,316,087    14,209,843 

 

 

 

 

SiteOne Landscape Supply, Inc.

Consolidated Statements of Cash Flows

(In millions)

 

   For the year
Jan 2, 2017 to
Dec 31, 2017
   For the year
Jan 4, 2016 to
Jan 1, 2017
   For the year
Dec 29, 2014 to
Jan 3, 2016
 
Cash Flows from Operating Activities:               
Net income  $54.6   $30.6   $28.9 
Adjustments to reconcile net income to net cash provided by operating activities:               
Depreciation   17.6    14.2    12.8 
Stock-based compensation   5.9    4.7    3.0 
Amortization of software and intangible assets   25.5    22.8    18.4 
Amortization of debt related costs   3.0    2.5    3.0 
Loss on extinguishment of debt   0.1    1.7    1.2 
Loss on sale of equipment   0.6        0.4 
Deferred income taxes   (16.5)   (9.9)   (7.5)
Other   0.1    (0.3)   0.3 
Changes in operating assets and liabilities, net of the effects of acquisitions:               
Receivables   (40.5)   (18.7)   (11.4)
Inventory   (31.0)   (0.6)   3.7 
Income tax receivable   (1.0)   6.6    6.3 
Prepaid expenses and other assets   (12.2)   0.2    5.0 
Accounts payable   7.1    8.2    (8.9)
Accrued expenses and other liabilities   3.0    10.9    15.8 
Net Cash Provided By Operating Activities  $16.3   $72.9   $71.0 
                
Cash Flows from Investing Activities:               
Purchases of property and equipment   (14.5)   (8.8)   (10.5)
Purchases of intangible assets   (1.5)        
Acquisitions, net of cash acquired   (82.9)   (66.4)   (100.7)
Proceeds from the sale of property and equipment   0.3    0.3    0.2 
Net Cash Used In Investing Activities  $(98.6)  $(74.9)  $(111.0)
                
Cash Flows from Financing Activities:               
Equity proceeds from common stock   2.7    0.2    2.2 
Purchase of treasury stock       (0.2)   (0.1)
Special cash dividend       (176.0)    
Other dividends paid       (13.0)    
Borrowings under term loan   649.5    570.9     
Repayments under term loan   (598.3)   (336.2)   (0.8)
Borrowings on asset-based credit facility   386.4    355.5    364.1 
Repayments on asset-based credit facility   (350.4)   (392.5)   (310.4)
Debt issue costs paid   (2.2)   (4.2)   (1.0)
Payments on capital lease obligations   (5.1)   (4.2)   (4.3)
Other financing activities   (0.1)   (2.1)    
Net Cash Provided By (Used In) Financing Activities  $82.5   $(1.8)  $49.7 
                
Effect of exchange rate on cash   0.2        (0.2)
Net Change In Cash   0.4    (3.8)   9.5 
                
Cash and cash equivalents:               
Beginning   16.3    20.1    10.6 
Ending  $16.7   $16.3   $20.1 
                
Supplemental Disclosures of Cash Flow Information:               
Cash paid during the year for interest   23.9    16.5    8.4 
Cash paid during the year for income taxes   35.9    24.3    21.9 
                
Supplemental Disclosures of Noncash Investing and Financing Information:               
Acquisition of property and equipment through capital leases   5.8    4.3    4.8 

 

 

 

 

SiteOne Landscape Supply, Inc.

Consolidated Statements of Operations

(In millions, except share and per share data)

 

   For the quarter (1)   For the year (2) 
   October 2, 2017 to
December 31, 2017
   October 3, 2016 to
January 1, 2017
   January 2, 2017 to
December 31, 2017
   January 4, 2016 to
January 1, 2017
 
                 
Net sales  $415.7   $361.8   $1,861.7   $1,648.2 
Cost of goods sold   283.8    250.0    1,266.2    1,132.5 
Gross profit   131.9    111.8    595.5    515.7 
                     
Selling, general and administrative expenses   133.8    116.2    502.2    446.5 
Other income   0.7    1.4    4.5    4.8 
Operating income (loss)   (1.2)   (3.0)   97.8    74.0 
                     
Interest and other non-operating (income) expenses   6.2    6.7    25.2    22.1 
Net income (loss) before taxes   (7.4)   (9.7)   72.6    51.9 
Income tax expense (benefit)   (11.4)   (4.1)   18.0    21.3 
Net income (loss)   4.0    (5.6)   54.6    30.6 
Less:                    
Redeemable convertible preferred stock dividends               9.6 
Special cash dividend paid to preferred stockholders               112.4 
Net loss attributable to common shares  $4.0   $(5.6)  $54.6   $(91.4)
                     
Net loss per common share:                    
Basic  $0.10   $(0.14)  $1.37   $(3.01)
Diluted  $0.09   $(0.14)  $1.29   $(3.01)
Weighted average number of common shares outstanding:                    
Basic   39,877,912    39,575,530    39,754,595    30,316,087 
Diluted   42,477,161    39,575,530    42,193,432    30,316,087 

 

 

 

(1)Unaudited.

(2)Derived from audited financial statements.

 

 

 

 

The following table presents a reconciliation of Adjusted EBITDA to Net income (loss):

 

(In millions, unaudited)

 

   2017 Fiscal Year   2016 Fiscal Year 
   Year   Qtr 4   Qtr 3   Qtr 2   Qtr 1   Year   Qtr 4   Qtr 3   Qtr 2   Qtr 1 
Reported Net income (loss)  $54.6   $4.0   $16.9   $44.2   $(10.5)  $30.6   $(5.6)  $14.9   $26.9   $(5.6)
Income tax (benefit) expense   18.0    (11.4)   10.7    26.3    (7.6)   21.3    (4.1)   10.7    18.1    (3.4)
Interest expense, net   25.2    6.2    6.2    6.6    6.2    22.1    6.7    6.3    6.5    2.6 
Depreciation & amortization   43.1    11.4    11.1    10.8    9.8    37.0    9.6    9.7    9.1    8.6 
EBITDA   140.9    10.2    44.9    87.9    (2.1)   111.0    6.6    41.6    60.6    2.2 
Stock-based compensation(a)   5.9    1.4    1.5    1.6    1.4    5.3    1.3    1.1    2.2    0.7 
(Gain) loss on sale of assets(b)   0.6    0.4        0.1    0.1        0.1            (0.1)
Advisory fees(c)                       8.5            8.0    0.5 
Financing fees(d)   1.7    0.2    0.4    1.1        4.6    1.1    0.4    3.1     
Rebranding and other adjustments(e)   8.1    3.1    1.6    1.6    1.8    4.9    2.1    0.6    1.0    1.2 
Adjusted EBITDA(f)  $157.2   $15.3   $48.4   $92.3   $1.2   $134.3   $11.2   $43.7   $74.9   $4.5 

 

 

 

(a)Represents stock-based compensation expense recorded during the period.
(b)Represents any gain or loss associated with the sale or write-down of assets not in the ordinary course of business.
(c)Represents fees paid to CD&R and Deere for consulting services. In connection with the IPO, we entered into termination agreements with CD&R and Deere pursuant to which the parties agreed to terminate the related consulting agreements.
(d)Represents fees associated with our debt refinancing and debt amendments, as well as fees incurred in connection with our initial public offering and secondary offerings.
(e)Represents (i) expenses related to our rebranding to the name SiteOne and (ii) professional fees, retention and severance payments, and performance bonuses related to historical acquisitions. Although we have incurred professional fees, retention and severance payments, and performance bonuses related to acquisitions in several historical periods and expect to incur such fees and payments for any future acquisitions, we cannot predict the timing or amount of any such fees or payments.
(f)Adjusted EBITDA excludes any earnings or loss of acquisitions prior to their respective acquisition dates for all periods presented.

 

The following table presents a reconciliation of Organic Daily Sales to Net sales:

 

(In millions, except Selling Days; unaudited)

 

   2017 Fiscal Year   2016 Fiscal Year 
   Year   Qtr 4   Qtr 3   Qtr 2   Qtr 1   Year   Qtr 4   Qtr 3   Qtr 2   Qtr 1 
Reported Net sales  $1,861.7   $415.7   $502.4   $608.6   $335.0   $1,648.2   $361.8   $444.5   $513.4   $328.5 
Organic sales   1,694.0    370.0    457.4    548.1    318.5    1,615.5    346.8    433.6    506.6    328.5 
Acquisition contribution(a)   167.7    45.7    45.0    60.5    16.5    32.7    15.0    10.9    6.8     
Selling Days   252    61    63    64    64    253    61    63    64    65 
Organic Daily Sales  $6.7   $6.1   $7.3   $8.6   $5.0   $6.4   $5.7   $6.9   $7.9   $5.1 

 

 

 

(a)Represents net sales from acquired branches that have not been under our ownership for at least four full fiscal quarters at the start of the 2017 Fiscal Year.

 

 

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SEC Filing Disclosures
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Intrinsic Value Calculator
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Financial Stability Report
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