0000945841-21-000173.txt : 20211021 0000945841-21-000173.hdr.sgml : 20211021 20211021101341 ACCESSION NUMBER: 0000945841-21-000173 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211021 DATE AS OF CHANGE: 20211021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POOL CORP CENTRAL INDEX KEY: 0000945841 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MISC DURABLE GOODS [5090] IRS NUMBER: 363943363 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26640 FILM NUMBER: 211335993 BUSINESS ADDRESS: STREET 1: 109 NORTHPARK BLVD STREET 2: 4TH FLOOR CITY: COVINGTON STATE: LA ZIP: 70433-5001 BUSINESS PHONE: 9858925521 MAIL ADDRESS: STREET 1: 109 NORTHPARK BLVD STREET 2: 4TH FLOOR CITY: COVINGTON STATE: LA ZIP: 70433-5001 FORMER COMPANY: FORMER CONFORMED NAME: SCP POOL CORP DATE OF NAME CHANGE: 19950526 8-K 1 pool-20211021.htm POOL Q3 2021 EARNINGS RELEASE FORM 8-K pool-20211021
0000945841false00009458412021-10-212021-10-21

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 8-K
______________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 21, 2021
______________

Commission File Number: 0-26640
POOL CORPORATION
(Exact name of registrant as specified in its charter)
  
Delaware36-3943363
(State or other jurisdiction of(IRS Employer
incorporation or organization)Identification No.)
  
109 Northpark Boulevard,
Covington,Louisiana 70433-5001
(Address of principal executive offices)(Zip Code)
(985) 892-5521
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
 
☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per sharePOOLNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02 Results of Operations and Financial Condition.

The following information is being provided under Form 8-K Item 2.02 and should not be deemed incorporated by reference by any general statement incorporating by reference this Current Report on Form 8-K into any filing under the Securities Act of 1933 or under the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates this information by reference, and none of this information should be deemed "filed" under such acts.

On October 21, 2021, Pool Corporation, a Delaware corporation, issued a press release reporting third quarter results and increasing 2021 earnings guidance.

A copy of the release is included herein as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure.

On October 21, 2021, Pool Corporation issued the press release included herein as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits
Press Release issued by Pool Corporation on October 21, 2021, reporting third quarter results and increasing 2021 earnings guidance.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
POOL CORPORATION
By: /s/ Melanie Housey Hart
       Melanie Housey Hart
       Vice President and Chief Financial Officer
 


Dated: October 21, 2021

               
 



 EX-99.1 2 pool-q32021xer.htm POOL Q3 2021 EARNINGS RELEASE Document

image1a.jpg
Exhibit 99.1

FOR IMMEDIATE RELEASE
POOL CORPORATION REPORTS RECORD THIRD QUARTER RESULTS
AND INCREASES 2021 EARNINGS GUIDANCE

Highlights

•Record net sales for third quarter of 2021 reflect overall growth of 24% from Q3 2020
•Q3 2021 operating income of $237.3 million, up 60% from Q3 2020 with a 380 basis point improvement in operating margin
•Q3 2021 diluted EPS increase of 55% to a record $4.54 or an increase of 64% to $4.44, without tax benefits in both periods
•2021 earnings guidance for the full year increased to $14.85 - $15.35 per diluted share from previous $13.75 - $14.25 range
______________________

COVINGTON, LA. (October 21, 2021) – Pool Corporation (Nasdaq/GSM:POOL) today reported record results for the third quarter of 2021 and increased 2021 earnings guidance.
“I am incredibly proud of the POOLCORP team. Everyone in the field from our drivers, warehouse associates, customer service representatives, field management and those in support roles, came together to produce truly incredible results for the quarter. Their extraordinary efforts, tenacity and unending work ethic continued in the third quarter. Our net sales grew 24% to a record $1.4 billion, fueling 60% growth in operating income, on top of the 42% operating income growth that we posted in the third quarter of 2020. Each and every day, our teams have performed remarkably to meet customer demand in challenging conditions,” commented Peter D. Arvan, president and CEO.
In the third quarter of 2021, net sales increased 24% to a record $1.4 billion compared to $1.1 billion in the third quarter of 2020, while base business sales grew 19%. This growth is on top of 27% growth in the third quarter of last year, bringing our year-to-date net sales growth to $1.2 billion. Our sales continued to benefit from elevated demand for outdoor living products along with favorable weather conditions. Our rigorous commitment to operating efficiency and capacity creation, along with our strategic focus on inventory purchases to serve demand has allowed us to fulfill our customers' high volumes.
Gross profit increased 34% to a record $441.9 million in the third quarter of 2021 from $328.7 million in the same period of 2020. Base business gross profit improved 29% over the third quarter of 2020. Gross margin increased 240 basis points to 31.3% in the third quarter of 2021 compared to 28.9% in the third quarter of 2020, while base business gross margin increased 250 basis points, primarily reflecting benefits from our supply chain management initiatives.
Selling and administrative expenses (operating expenses), including the recovery of goodwill and other assets, increased 13% to $204.6 million in the third quarter of 2021 compared to $180.5 million in the third quarter of 2020, while base business operating expenses grew 7%, primarily due to growth-driven labor, facility and freight costs, along with increased investments in technology. In the third quarter of 2021, we recovered $1.4 million of a $2.5 million note impairment recorded in the first quarter of 2020. As a percentage of net sales, operating expenses decreased to 14.5% in the third quarter of 2021 compared to 15.8% in the same period of 2020, reflecting continued strong expense control.
Operating income in the third quarter of 2021 increased 60% to $237.3 million compared to $148.2 million in the same period in 2020. Operating margin was 16.8% in the third quarter of 2021 compared to 13.0% in the third quarter of 2020 while base business operating margin was 17.1%, up 410 basis points from the prior year period.
We recorded a $4.2 million, or $0.10 per diluted share, tax benefit from Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting, in the quarter ended September 30, 2021, compared to a tax benefit of $8.5 million, or $0.21 per diluted share, realized in the same period of 2020.


Net income increased 55% to $184.7 million in the third quarter of 2021 compared to $119.1 million in the third quarter of 2020. Earnings per diluted share increased 55% to $4.54 in the third quarter of 2021 compared to $2.92 in the same period of 2020. Without the impact from ASU 2016-09 in both periods, earnings per diluted share increased 64% to $4.44 in the third quarter of 2021 compared to $2.71 in the third quarter of 2020.
Net sales for the nine months ended September 30, 2021 increased 38% to a record $4.3 billion from $3.1 billion in the nine months ended September 30, 2020. Base business sales increased 31% for the period. Gross margin improved 160 basis points to 30.4% compared to 28.8% in the same period last year with base business gross margin 170 basis points higher, favorably impacted by improvements in our supply chain management initiatives.
Operating expenses, including the recovery of goodwill and other assets in 2021 and the impairment in 2020, for the nine months ended September 30, 2021 increased 17% compared to the first nine months of 2020. In the first quarter of 2020, we recorded impairment charges of $6.9 million, which included $2.5 million from a note and non-cash goodwill and intangibles impairment charges of $4.4 million. In the third quarter of 2021, we recovered $1.4 million of the previously impaired note. Without the impact of the recovery in 2021 and the prior year impairment charges, operating expenses were up 19% with base business operating expenses up 12%.
Operating income for the nine months ended September 30, 2021 increased 81% to a record $704.9 million compared to $389.7 million in the same period last year. Operating margin for the nine months ended September 30, 2021 was 16.5% compared to 12.6% for the nine months ended September 30, 2020, while base business operating margin increased 440 basis points.
We recorded a $15.9 million, or $0.39 per diluted share, tax benefit from ASU 2016-09 in the nine months ended September 30, 2021 compared to a $22.6 million, or $0.55 per diluted share, tax benefit in the same period of 2020.
Net income for the nine months ended September 30, 2021 increased 77% to a record $543.0 million compared to $307.6 million for the nine months ended September 30, 2020. Adjusted net income for the first nine months of 2021, without the note recovery in 2021 and the prior year impact of non-cash impairments, both net of tax, increased 73%. Earnings per share for the first nine months of 2021 increased 77% to $13.32 per diluted share versus $7.53 in the first nine months of 2020. Adjusted diluted EPS (as calculated in the addendum to this release) increased 81% during the first nine months of 2021 compared to the same period of the prior year. See the reconciliation of GAAP to non-GAAP measures in the addendum of this release.
On the balance sheet at September 30, 2021, total net receivables, including pledged receivables, increased 30% compared to September 30, 2020, primarily driven by our sales growth and recent acquisitions. Inventory levels increased 70% to $1.0 billion, or 63% without inventory from recently acquired businesses, compared to September 30, 2020. Our inventory balance has increased as we have made significant investments in inventory throughout the year to support increased demand and help manage potential supply chain disruptions that could negatively impact customer service. Total debt outstanding was $362.8 million at September 30, 2021, a $22.9 million increase from total debt at September 30, 2020. As previously announced, during the third quarter of 2021, we also amended and restated our credit facility to, among other things, extend the term approximately five years and enhance our borrowing capacity.
Net cash provided by operations decreased $29.8 million to $359.1 million in the first nine months of 2021 compared to $388.9 million in the first nine months of 2020, primarily reflecting our supply chain investments in inventory to enable us to continue to meet strong customer demand. Adjusted EBITDA (as defined in the addendum to this release) increased 72% to $737.1 million for the nine months ended September 30, 2021, compared to $429.4 million in the same period of the prior year.
“In response to our fantastic third quarter results and considering our expectations for the remainder of the year, we are raising our 2021 earnings guidance range to $14.85 to $15.35 per diluted share, including the impact of year-to-date tax benefits of $0.39. Our previous 2021 earnings guidance range was $13.75 to $14.25 per diluted share, and included tax benefits of $0.29 for the first six months of 2021. The strong demand trends combined with our focused strategic initiatives and ability to execute them make us well-positioned for the remainder of 2021 and into next season,” said Arvan.
2


POOLCORP is the world’s largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates 409 sales centers in North America, Europe and Australia, through which it distributes more than 200,000 national brand and private label products to roughly 120,000 wholesale customers. For more information, please visit www.poolcorp.com.
This news release includes “forward-looking” statements that involve risks and uncertainties that are generally identifiable through the use of words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “should” and similar expressions and include projections of earnings. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to publicly update or revise such statements to reflect new circumstances or unanticipated events as they occur. Actual results may differ materially due to a variety of factors, including impacts on our business from the COVID-19 pandemic and the extent to which home-centric trends will continue, accelerate or reverse; the sensitivity of our business to weather conditions; changes in the economy and the housing market; our ability to maintain favorable relationships with suppliers and manufacturers; competition from other leisure product alternatives and mass merchants; our ability to continue to execute our growth strategies; excess tax benefits or deficiencies recognized under ASU 2016-09 and other risks detailed in POOLCORP’s 2020 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports and filings with the Securities and Exchange Commission (SEC).

CONTACT:
Curtis J. Scheel
Director of Investor Relations
985.801.5341
curtis.scheel@poolcorp.com
3


POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
Net sales$1,411,448 $1,139,229 $4,260,027 $3,097,362 
Cost of sales969,549 810,531 2,965,311 2,205,555 
Gross profit441,899 328,698 1,294,716 891,807 
Percent31.3 %28.9 %30.4 %28.8 %
Selling and administrative expenses206,023 180,465 591,223 495,186 
(Recovery) impairment of goodwill and other assets(1,400)— (1,400)6,944 
Operating income237,276 148,233 704,893 389,677 
Percent16.8 %13.0 %16.5 %12.6 %
Interest and other non-operating expenses, net2,317 1,861 6,862 9,292 
Income before income taxes and equity earnings234,959 146,372 698,031 380,385 
Provision for income taxes50,386 27,360 155,240 73,068 
Equity earnings in unconsolidated investments, net92 86 224 248 
Net income $184,665 $119,098 $543,015 $307,565 
Earnings per share:    
Basic$4.60 $2.97 $13.53 $7.68 
Diluted$4.54 $2.92 $13.32 $7.53 
Weighted average shares outstanding:    
Basic40,101 40,123 40,146 40,073 
Diluted40,691 40,839 40,766 40,849 
Cash dividends declared per common share$0.80 $0.58 $2.18 $1.71 

4


POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,September 30,
Change
20212020
$
%
Assets
Current assets:
Cash and cash equivalents
$
83,475 
$
74,749 
$
8,72612 
%
Receivables, net (1)
174,987 135,555 39,43229 
Receivables pledged under receivables facility
301,163 230,857 70,30630 
Product inventories, net (2)
1,043,407 612,824 430,58370 
Prepaid expenses and other current assets
23,368 12,696 10,67284 
Total current assets
1,626,400 1,066,681 559,71952 
Property and equipment, net
111,339 109,086 2,2532 
Goodwill
281,300 199,360 81,94041 
Other intangible assets, net
12,067 10,522 1,54515 
Equity interest investments
1,242 1,314 (72)(5)
Operating lease assets
221,007 180,230 40,77723 
Other assets
28,878 20,396 8,48242 
Total assets
$
2,282,233 
$
1,587,589 
$
694,64444 
%
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
414,156 
$
268,412 
$
145,74454 
%
Accrued expenses and other current liabilities
231,794 145,420 86,37459 
Short-term borrowings and current portion of long-term debt
10,744 11,709 (965)(8)
Current operating lease liabilities
65,442 56,977 8,46515 
Total current liabilities
722,136 482,518 239,61850 
Deferred income taxes
30,275 29,476 7993 
Long-term debt, net
352,075 328,225 23,8507 
Other long-term liabilities
34,176 32,846 1,3304 
Non-current operating lease liabilities
158,359 125,023 33,33627 
Total liabilities
1,297,021 998,088 298,93330 
Total stockholders’ equity
985,212 589,501 395,71167 
Total liabilities and stockholders’ equity
$
2,282,233 
$
1,587,589 
$
694,64444 
%

(1)The allowance for doubtful accounts was $5.4 million at September 30, 2021 and $5.3 million at September 30, 2020.
(2)The inventory reserve was $15.7 million at September 30, 2021 and $11.4 million at September 30, 2020.
5


POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20212020Change
Operating activities
Net income$543,015 $307,565 $235,450 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation21,027 20,979 48 
Amortization1,064 975 89 
Share-based compensation11,755 11,095 660 
Equity earnings in unconsolidated investments, net(224)(248)24 
Impairment of goodwill and other assets— 6,944 (6,944)
Other5,256 1,092 4,164 
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables(186,772)(135,129)(51,643)
Product inventories(267,341)99,767 (367,108)
Prepaid expenses and other assets(22,674)311 (22,985)
Accounts payable146,616 3,385 143,231 
Accrued expenses and other current liabilities107,343 72,178 35,165 
Net cash provided by operating activities359,065 388,914 (29,849)
Investing activities
Acquisition of businesses, net of cash acquired(17,887)(24,655)6,768 
Purchases of property and equipment, net of sale proceeds(24,223)(16,897)(7,326)
Net cash used in investing activities(42,110)(41,552)(558)
Financing activities
Proceeds from revolving line of credit791,508 749,840 41,668 
Payments on revolving line of credit(730,277)(909,637)179,360 
Proceeds from asset-backed financing310,000 261,700 48,300 
Payments on asset-backed financing(415,000)(266,700)(148,300)
Payments on term facility(6,938)(6,938)— 
Proceeds from short-term borrowings and current portion of long-term debt7,880 13,255 (5,375)
Payments on short-term borrowings and current portion of long-term debt(9,006)(13,291)4,285 
Payments of deferred financing costs(1,610)(12)(1,598)
Payments of deferred and contingent acquisition consideration(362)(281)(81)
Proceeds from stock issued under share-based compensation plans11,524 16,696 (5,172)
Payments of cash dividends(87,509)(68,599)(18,910)
Purchases of treasury stock(137,975)(76,194)(61,781)
Net cash used in financing activities(267,765)(300,161)32,396 
Effect of exchange rate changes on cash and cash equivalents157 (1,035)1,192 
Change in cash and cash equivalents49,347 46,166 3,181 
Cash and cash equivalents at beginning of period34,128 28,583 5,545 
Cash and cash equivalents at end of period$83,475 $74,749 $8,726 

6


ADDENDUM

Base Business

The following table breaks out our consolidated results into the base business component and the excluded component (sales centers excluded from base business):
(Unaudited)Base BusinessExcludedTotal
(in thousands)Three Months EndedThree Months EndedThree Months Ended
 September 30,September 30,September 30,
 202120202021202020212020
Net sales$1,348,758 $1,136,946 $62,690 $2,283 $1,411,448 $1,139,229 
Gross profit423,238 328,140 18,661 558 441,899 328,698 
Gross margin31.4 %28.9 %29.8 %24.4 %31.3 %28.9 %
Operating expenses (1)
192,061 179,990 12,562 475 204,623 180,465 
Expenses as a % of net sales14.2 %15.8 %20.0 %20.8 %14.5 %15.8 %
Operating income (1)
231,177 148,150 6,099 83 237,276 148,233 
Operating margin17.1 %13.0 %9.7 %3.6 %16.8 %13.0 %

(1)Base business and total reflect a $1.4 million recovery of goodwill and other assets in 2021.

(Unaudited)Base BusinessExcludedTotal
(in thousands)Nine Months EndedNine Months EndedNine Months Ended
 September 30,September 30,September 30,
 202120202021202020212020
Net sales$4,052,044 $3,091,270 $207,983 $6,092 $4,260,027 $3,097,362 
Gross profit1,237,728 889,494 56,988 2,313 1,294,716 891,807 
Gross margin30.5 %28.8 %27.4 %38.0 %30.4 %28.8 %
Operating expenses (1)
549,913 500,196 39,910 1,934 589,823 502,130 
Expenses as a % of net sales13.6 %16.2 %19.2 %31.7 %13.8 %16.2 %
Operating income (1)
687,815 389,298 17,078 379 704,893 389,677 
Operating margin17.0 %12.6 %8.2 %6.2 %16.5 %12.6 %

(1)Base business and total reflect a $1.4 million recovery of goodwill and other assets in 2021 and a $6.9 million impairment of goodwill and other assets in 2020.

7


We have excluded the following acquisitions from our base business results for the periods identified:


Acquired

Acquisition
Date
Net
Sales Centers
Acquired

Periods
Excluded
Vak Pak Builders Supply, Inc. June 20211June - September 2021
Pool Source, LLCApril 20211April - September 2021
TWC Distributors, Inc.December 202010January - September 2021
Jet Line Products, Inc.October 20209January - September 2021
Northeastern Swimming Pool Distributors, Inc.
September 20202January - September 2021 and September 2020
Master Tile Network LLC
February 20204January - May 2021 and February - May 2020

When calculating our base business results, we exclude sales centers that are acquired, closed or opened in new markets for a period of 15 months. We also exclude consolidated sales centers when we do not expect to maintain the majority of the existing business and existing sales centers that are consolidated with acquired sales centers.
We generally allocate corporate overhead expenses to excluded sales centers on the basis of their net sales as a percentage of total net sales. After 15 months of operations, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.
The table below summarizes the changes in our sales center count in the first nine months of 2021.

December 31, 2020398 
Acquired locations
2 
New locations
10 
Consolidated location
(1)
September 30, 2021409
8


Adjusted EBITDA

We define Adjusted EBITDA as net income or net loss plus interest and other non-operating expenses, income taxes, depreciation, amortization, share-based compensation, goodwill and other impairments (recoveries) and equity earnings or loss in unconsolidated investments.  Other companies may calculate Adjusted EBITDA differently than we do, which may limit its usefulness as a comparative measure.

Adjusted EBITDA is not a measure of performance as determined by generally accepted accounting principles (GAAP). We believe Adjusted EBITDA should be considered in addition to, not as a substitute for, operating income or loss, net income or loss, net cash flows provided by or used in operating, investing and financing activities or other income statement or cash flow statement line items reported in accordance with GAAP.

We have included Adjusted EBITDA as a supplemental disclosure because we believe that it is widely used by our investors, industry analysts and others as a useful supplemental performance measure. We believe that Adjusted EBITDA, when viewed with our GAAP results and the accompanying reconciliations, provides additional information that is useful to gain an understanding of the factors and trends affecting our ability to service debt, pay taxes and fund capital expenditures.

The table below presents a reconciliation of net income to Adjusted EBITDA.

(Unaudited)Three Months EndedNine Months Ended
(in thousands)September 30,September 30,
2021202020212020
Net income$184,665 $119,098 $543,015 $307,565 
Add:
Interest and other non-operating expenses (1)
2,317 1,861 6,862 9,292 
Provision for income taxes50,386 27,360 155,240 73,068 
Share-based compensation4,206 3,874 11,755 11,095 
Equity earnings in unconsolidated investments(92)(86)(224)(248)
(Recovery) impairment of goodwill and other assets(1,400)— (1,400)6,944 
Depreciation7,143 6,986 21,027 20,979 
Amortization (2)
260 217 821 665 
Adjusted EBITDA$247,485 $159,310 $737,096 $429,360 
(1)Shown net of interest income and includes gains and losses on foreign currency transactions and amortization of deferred financing costs as discussed below.
(2)Excludes amortization of deferred financing costs of $81 and $103 for the three months ended September 30, 2021 and September 30, 2020, respectively, and $243 and $310 for the nine months ended September 30, 2021 and September 30, 2020, respectively. This non-cash expense is included in Interest and other non-operating expenses, net on the Consolidated Statements of Income.
9


Adjusted Income Statement Information

We have included adjusted net income and adjusted diluted EPS, which are non-GAAP financial measures, in this press release as supplemental disclosures, because we believe these measures are useful to investors and others in assessing our period-to-period operating performance.

Adjusted net income and adjusted diluted EPS are key measures used by management to demonstrate the impact of our non-cash and non-recurring charges and to provide investors and others with additional information about our potential future operating performance to supplement GAAP measures.

We believe these measures should be considered in addition to, not as a substitute for, net income and diluted EPS presented in accordance with GAAP, respectively, and in the context of our other disclosures in this press release. Other companies may calculate these non-GAAP financial measures differently than we do, which may limit their usefulness as comparative measures.

The table below presents a reconciliation of net income to adjusted net income.
(Unaudited)Nine Months Ended
(in thousands)September 30,
20212020
Net income$543,015 $307,565 
(Recovery) impairment of goodwill and other assets(1,400)6,944 
Tax impact on (recovery) impairment of note (1)
351 (654)
Adjusted net income$541,966 $313,855 
(1)Our effective tax rate at March 31, 2020 was a 0.1% benefit. Excluding impairment from goodwill and intangibles and tax benefits from ASU 2016-09 recorded in the first quarter of 2020, our effective tax rate for the first quarter of 2020 was 25.4%, which we used to calculate the tax impact related to the $2.5 million note impairment.
The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.
(Unaudited)Nine Months Ended
September 30,
20212020
Diluted EPS$13.32 $7.53 
After-tax (recovery) impairment charges(0.03)0.15 
Adjusted diluted EPS excluding after-tax (recovery) impairment charges13.29 7.68 
ASU 2016-09 tax benefit(0.39)(0.55)
Adjusted diluted EPS excluding after-tax (recovery) impairment charges and ASU 2016-19 tax benefit$12.90 $7.13 

10

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Document Document
Oct. 21, 2021
Cover Page [Abstract]  
Entity Central Index Key 0000945841
Title of 12(b) Security Common Stock, par value $0.001 per share
Entity Registrant Name POOL CORPORATION
Document Type 8-K
Document Period End Date Oct. 21, 2021
Entity File Number 0-26640
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-3943363
Entity Address, Address Line One 109 Northpark Boulevard,
Entity Address, City or Town Covington,
Entity Address, State or Province LA
Entity Address, Postal Zip Code 70433-5001
City Area Code (985)
Local Phone Number 892-5521
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Trading Symbol POOL
Security Exchange Name NASDAQ
Amendment Flag false
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