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10-Q Filing

SITEONE LANDSCAPE SUPPLY, INC. CIK: 1650729 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001650729-22-000010
Period End Date 20220331
Filing Date 20220504
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance site-20220403_htm.xml
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $13.50M USD Point-in-time
Allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $14.80M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $45.10M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $53.70M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $14.8 and $13.5, respectively AccountsReceivableNetCurrent $437.10M USD Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $14.8 and $13.5, respectively AccountsReceivableNetCurrent $393.80M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 44.92M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 44.79M shares Point-in-time
Inventory, net InventoryNet $636.60M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 44.90M shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 44.77M shares Point-in-time
Inventory, net InventoryNet $853.70M USD Point-in-time
Income tax receivable IncomeTaxesReceivable - USD Point-in-time
Income tax receivable IncomeTaxesReceivable $3.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $50.00M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $41.40M USD Point-in-time
Total current assets AssetsCurrent $1.39B USD Point-in-time
Total current assets AssetsCurrent $1.13B USD Point-in-time
Property and equipment, net (Note 5) PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $151.50M USD Point-in-time
Property and equipment, net (Note 5) PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $152.00M USD Point-in-time
Operating lease right-of-use assets, net (Note 7) OperatingLeaseRightOfUseAsset $307.10M USD Point-in-time
Operating lease right-of-use assets, net (Note 7) OperatingLeaseRightOfUseAsset $298.50M USD Point-in-time
Goodwill (Note 6) Goodwill $311.10M USD Point-in-time
Goodwill (Note 6) Goodwill $325.90M USD Point-in-time
Intangible assets, net (Note 6) IntangibleAssetsNetExcludingGoodwill $219.00M USD Point-in-time
Intangible assets, net (Note 6) IntangibleAssetsNetExcludingGoodwill $213.90M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $2.70M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $3.20M USD Point-in-time
Other assets OtherAssetsNoncurrent $14.80M USD Point-in-time
Other assets OtherAssetsNoncurrent $9.10M USD Point-in-time
Total assets Assets $2.12B USD Point-in-time
Total assets Assets $2.41B USD Point-in-time
Accounts payable AccountsPayableCurrent $390.30M USD Point-in-time
Accounts payable AccountsPayableCurrent $254.50M USD Point-in-time
Current portion of finance leases (Note 7) FinanceLeaseLiabilityCurrent $11.00M USD Point-in-time
Current portion of finance leases (Note 7) FinanceLeaseLiabilityCurrent $11.30M USD Point-in-time
Current portion of operating leases (Note 7) OperatingLeaseLiabilityCurrent $64.50M USD Point-in-time
Current portion of operating leases (Note 7) OperatingLeaseLiabilityCurrent $62.10M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $99.30M USD Point-in-time
Accrued compensation EmployeeRelatedLiabilitiesCurrent $51.20M USD Point-in-time
Long-term debt, current portion (Note 9) LongTermDebtCurrent $4.00M USD Point-in-time
Long-term debt, current portion (Note 9) LongTermDebtCurrent $4.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $82.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $74.60M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $1.60M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent - USD Point-in-time
Total current liabilities LiabilitiesCurrent $597.50M USD Point-in-time
Total current liabilities LiabilitiesCurrent $512.90M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $10.60M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $6.20M USD Point-in-time
Finance leases, less current portion (Note 7) FinanceLeaseLiabilityNoncurrent $34.40M USD Point-in-time
Finance leases, less current portion (Note 7) FinanceLeaseLiabilityNoncurrent $33.20M USD Point-in-time
Operating leases, less current portion (Note 7) OperatingLeaseLiabilityNoncurrent $250.80M USD Point-in-time
Operating leases, less current portion (Note 7) OperatingLeaseLiabilityNoncurrent $244.20M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $7.30M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $5.10M USD Point-in-time
Long-term debt, less current portion (Note 9) LongTermDebtNoncurrent $251.20M USD Point-in-time
Long-term debt, less current portion (Note 9) LongTermDebtNoncurrent $413.20M USD Point-in-time
Total liabilities Liabilities $1.31B USD Point-in-time
Total liabilities Liabilities $1.06B USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 11) CommitmentsAndContingencies - USD Point-in-time
Common stock, par value $0.01; 1,000,000,000 shares authorized; 44,922,535 and 44,788,385 shares issued, and 44,901,624 and 44,767,474 shares outstanding at April 3, 2022 and January 2, 2022, respectively CommonStockValue $400.00K USD Point-in-time
Common stock, par value $0.01; 1,000,000,000 shares authorized; 44,922,535 and 44,788,385 shares issued, and 44,901,624 and 44,767,474 shares outstanding at April 3, 2022 and January 2, 2022, respectively CommonStockValue $400.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $563.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $562.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $529.80M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $497.50M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $6.00M USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $-2.20M USD Point-in-time
Total stockholders' equity StockholdersEquity $795.00M USD Point-in-time
Total stockholders' equity StockholdersEquity $805.50M USD Point-in-time
Total stockholders' equity StockholdersEquity $1.06B USD Point-in-time
Total stockholders' equity StockholdersEquity $1.10B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.41B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.12B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $650.20M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $805.30M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $448.70M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization $536.10M USD 1 Quarter
Gross profit GrossProfit $201.50M USD 1 Quarter
Gross profit GrossProfit $269.20M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $230.50M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $192.30M USD 1 Quarter
Other income OtherOperatingIncomeExpenseNet $2.50M USD 1 Quarter
Other income OtherOperatingIncomeExpenseNet $1.20M USD 1 Quarter
Operating income OperatingIncomeLoss $41.20M USD 1 Quarter
Operating income OperatingIncomeLoss $10.40M USD 1 Quarter
Interest and other non-operating expenses, net InterestExpense $5.50M USD 1 Quarter
Interest and other non-operating expenses, net InterestExpense $4.30M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $4.90M USD 1 Quarter
Income before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $36.90M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $4.60M USD 1 Quarter
Income tax (benefit) expense IncomeTaxExpenseBenefit $-2.50M USD 1 Quarter
Net income NetIncomeLoss $32.30M USD 1 Quarter
Net income NetIncomeLoss $7.40M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.17 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.72 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.16 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.70 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 44.38M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 44.94M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 45.85M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 45.66M shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $32.30M USD 1 Quarter
Net income NetIncomeLoss $7.40M USD 1 Quarter
Amortization of finance lease right-of-use assets and depreciation FinanceLeaseRightofUseAssetAmortizationAndDepreciation $8.50M USD 1 Quarter
Amortization of finance lease right-of-use assets and depreciation FinanceLeaseRightofUseAssetAmortizationAndDepreciation $10.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.70M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.10M USD 1 Quarter
Amortization of software and intangible assets AmortizationofSoftwareandIntangibleAssets $11.70M USD 1 Quarter
Amortization of software and intangible assets AmortizationofSoftwareandIntangibleAssets $10.90M USD 1 Quarter
Amortization of debt related costs AmortizationOfFinancingCostsAndDiscounts $300.00K USD 1 Quarter
Amortization of debt related costs AmortizationOfFinancingCostsAndDiscounts $400.00K USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt - USD 1 Quarter
Loss on extinguishment of debt GainsLossesOnExtinguishmentOfDebt $-800.00K USD 1 Quarter
(Gain) loss on sale of equipment GainLossOnSaleOfPropertyPlantEquipment $100.00K USD 1 Quarter
(Gain) loss on sale of equipment GainLossOnSaleOfPropertyPlantEquipment $-100.00K USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $-500.00K USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $-600.00K USD 1 Quarter
Receivables IncreaseDecreaseInOtherReceivables $45.80M USD 1 Quarter
Receivables IncreaseDecreaseInOtherReceivables $39.90M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $157.60M USD 1 Quarter
Inventory IncreaseDecreaseInInventories $216.10M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $1.00M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $-3.30M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.00M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $6.30M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $145.60M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $134.30M USD 1 Quarter
Income tax payable IncreaseDecreaseInAccruedIncomeTaxesPayable $1.60M USD 1 Quarter
Income tax payable IncreaseDecreaseInAccruedIncomeTaxesPayable - USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-19.30M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-52.60M USD 1 Quarter
Net Cash Used In Operating Activities NetCashProvidedByUsedInOperatingActivities $-45.50M USD 1 Quarter
Net Cash Used In Operating Activities NetCashProvidedByUsedInOperatingActivities $-118.30M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.50M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.20M USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets $2.50M USD 1 Quarter
Purchases of intangible assets PaymentsToAcquireIntangibleAssets $2.40M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $37.70M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $31.50M USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $1.00M USD 1 Quarter
Proceeds from the sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $500.00K USD 1 Quarter
Net Cash Used In Investing Activities NetCashProvidedByUsedInInvestingActivities $-41.00M USD 1 Quarter
Net Cash Used In Investing Activities NetCashProvidedByUsedInInvestingActivities $-46.30M USD 1 Quarter
Equity proceeds from common stock ProceedsFromIssuanceOfCommonStock $1.20M USD 1 Quarter
Equity proceeds from common stock ProceedsFromIssuanceOfCommonStock $2.40M USD 1 Quarter
Borrowings under term loan ProceedsFromIssuanceOfSeniorLongTermDebt - USD 1 Quarter
Borrowings under term loan ProceedsFromIssuanceOfSeniorLongTermDebt $325.00M USD 1 Quarter
Repayments under term loan RepaymentsOfSeniorDebt $269.00M USD 1 Quarter
Repayments under term loan RepaymentsOfSeniorDebt $600.00K USD 1 Quarter
Borrowings on asset-based credit facility ProceedsFromLinesOfCredit $105.40M USD 1 Quarter
Borrowings on asset-based credit facility ProceedsFromLinesOfCredit $223.50M USD 1 Quarter
Repayments on asset-based credit facility RepaymentsOfLinesOfCredit $60.80M USD 1 Quarter
Repayments on asset-based credit facility RepaymentsOfLinesOfCredit $83.50M USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts $2.40M USD 1 Quarter
Payments on finance lease obligations FinanceLeasePrincipalPayments $2.90M USD 1 Quarter
Payments on finance lease obligations FinanceLeasePrincipalPayments $2.40M USD 1 Quarter
Payments of acquisition related contingent obligations PaymentForContingentConsiderationLiabilityFinancingActivities $3.30M USD 1 Quarter
Payments of acquisition related contingent obligations PaymentForContingentConsiderationLiabilityFinancingActivities $5.60M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-3.30M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $-4.20M USD 1 Quarter
Net Cash Provided By Financing Activities NetCashProvidedByUsedInFinancingActivities $150.60M USD 1 Quarter
Net Cash Provided By Financing Activities NetCashProvidedByUsedInFinancingActivities $68.90M USD 1 Quarter
Effect of exchange rate on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $200.00K USD 1 Quarter
Effect of exchange rate on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $100.00K USD 1 Quarter
Net change In cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-22.70M USD 1 Quarter
Net change In cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-8.60M USD 1 Quarter
Beginning CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $32.50M USD Point-in-time
Beginning CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $55.20M USD Point-in-time
Beginning CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $45.10M USD Point-in-time
Beginning CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $53.70M USD Point-in-time
Ending CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $32.50M USD Point-in-time
Ending CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $55.20M USD Point-in-time
Ending CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $45.10M USD Point-in-time
Ending CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $53.70M USD Point-in-time
Cash paid during the year for interest InterestPaidNet $3.20M USD 1 Quarter
Cash paid during the year for interest InterestPaidNet $5.20M USD 1 Quarter
Cash paid during the year for income taxes IncomeTaxesPaidNet $100.00K USD 1 Quarter
Cash paid during the year for income taxes IncomeTaxesPaidNet $2.40M USD 1 Quarter
Stockholders Equity 16 line items
Line Item Tag Value Unit Period
Stockholders' equity, beginning balance StockholdersEquity $795.00M USD Point-in-time
Stockholders' equity, beginning balance StockholdersEquity $805.50M USD Point-in-time
Stockholders' equity, beginning balance StockholdersEquity $1.06B USD Point-in-time
Stockholders' equity, beginning balance StockholdersEquity $1.10B USD Point-in-time
Net income (loss) NetIncomeLoss $32.30M USD 1 Quarter
Net income (loss) NetIncomeLoss $7.40M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $8.20M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.10M USD 1 Quarter
Issuance of common shares under stock-based compensation plan StockIssuedDuringPeriodValueShareBasedCompensation $-2.70M USD 1 Quarter
Issuance of common shares under stock-based compensation plan StockIssuedDuringPeriodValueShareBasedCompensation $-1.10M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.10M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.70M USD 1 Quarter
Stockholders' equity, ending balance StockholdersEquity $795.00M USD Point-in-time
Stockholders' equity, ending balance StockholdersEquity $805.50M USD Point-in-time
Stockholders' equity, ending balance StockholdersEquity $1.06B USD Point-in-time
Stockholders' equity, ending balance StockholdersEquity $1.10B USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Unrealized gain (loss) on interest rate swaps, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent $-300.00K USD 1 Quarter
Net income NetIncomeLoss $32.30M USD 1 Quarter
Unrealized gain (loss) on interest rate swaps, tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent $-2.60M USD 1 Quarter
Net income NetIncomeLoss $7.40M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $200.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $600.00K USD 1 Quarter
Interest rate swaps - net unrealized gains and reclassifications into earnings, net of taxes of $(2.6) and $(0.3), respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $7.60M USD 1 Quarter
Interest rate swaps - net unrealized gains and reclassifications into earnings, net of taxes of $(2.6) and $(0.3), respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $900.00K USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $8.20M USD 1 Quarter
Total other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $1.10M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $8.50M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $40.50M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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