(Exact name of registrant as specified in its charter) | |||||||||||
(State or other jurisdiction of | (IRS Employer | ||||||||||
incorporation or organization) | Identification No.) | ||||||||||
| |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) Exhibits | |||||
Press Release issued by Pool Corporation on | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
POOL CORPORATION | ||||||||||||||
By: | /s/ Melanie Housey Hart | |||||||||||||
Melanie Housey Hart | ||||||||||||||
Vice President and Chief Financial Officer | ||||||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net sales | $ | 1,206,774 | $ | 1,412,650 | |||||||
Cost of sales | 837,019 | 965,461 | |||||||||
Gross profit | 369,755 | 447,189 | |||||||||
Percent | 30.6 | % | 31.7 | % | |||||||
Selling and administrative expenses | 223,984 | 211,466 | |||||||||
Operating income | 145,771 | 235,723 | |||||||||
Percent | 12.1 | % | 16.7 | % | |||||||
Interest and other non-operating expenses, net | 15,835 | 5,198 | |||||||||
Income before income taxes and equity in earnings | 129,936 | 230,525 | |||||||||
Provision for income taxes | 28,273 | 51,322 | |||||||||
Equity in earnings of unconsolidated investments, net | 36 | 58 | |||||||||
Net income | $ | 101,699 | $ | 179,261 | |||||||
Earnings per share attributable to common stockholders: (1) | |||||||||||
Basic | $ | 2.60 | $ | 4.46 | |||||||
Diluted | $ | 2.58 | $ | 4.41 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 38,877 | 39,932 | |||||||||
Diluted | 39,189 | 40,392 | |||||||||
Cash dividends declared per common share | $ | 1.00 | $ | 0.80 |
March 31, | March 31, | Change | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | $ | % | |||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 26,470 | $ | 35,365 | $ | (8,895) | (25) | % | ||||||||||||||||||||||||||||||
Receivables, net (1) | 163,048 | 195,951 | (32,903) | (17) | ||||||||||||||||||||||||||||||||||
Receivables pledged under receivables facility | 401,123 | 483,976 | (82,853) | (17) | ||||||||||||||||||||||||||||||||||
Product inventories, net (2) | 1,686,683 | 1,641,155 | 45,528 | 3 | ||||||||||||||||||||||||||||||||||
Prepaid expenses and other current assets | 27,875 | 42,310 | (14,435) | (34) | ||||||||||||||||||||||||||||||||||
Total current assets | 2,305,199 | 2,398,757 | (93,558) | (4) | ||||||||||||||||||||||||||||||||||
Property and equipment, net | 200,997 | 180,504 | 20,493 | 11 | ||||||||||||||||||||||||||||||||||
Goodwill | 693,242 | 688,350 | 4,892 | 1 | ||||||||||||||||||||||||||||||||||
Other intangible assets, net | 303,753 | 310,848 | (7,095) | (2) | ||||||||||||||||||||||||||||||||||
Equity interest investments | 1,206 | 1,184 | 22 | 2 | ||||||||||||||||||||||||||||||||||
Operating lease assets | 274,428 | 260,285 | 14,143 | 5 | ||||||||||||||||||||||||||||||||||
Other assets | 84,004 | 42,213 | 41,791 | 99 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 3,862,829 | $ | 3,882,141 | $ | (19,312) | — | % | ||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 739,749 | $ | 685,946 | $ | 53,803 | 8 | % | ||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | 126,093 | 179,552 | (53,459) | (30) | ||||||||||||||||||||||||||||||||||
Short-term borrowings and current portion of long-term debt | 33,080 | 21,265 | 11,815 | 56 | ||||||||||||||||||||||||||||||||||
Current operating lease liabilities | 78,498 | 71,685 | 6,813 | 10 | ||||||||||||||||||||||||||||||||||
Total current liabilities | 977,420 | 958,448 | 18,972 | 2 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 57,868 | 40,944 | 16,924 | 41 | ||||||||||||||||||||||||||||||||||
Long-term debt, net | 1,332,670 | 1,483,808 | (151,138) | (10) | ||||||||||||||||||||||||||||||||||
Other long-term liabilities | 37,623 | 32,940 | 4,683 | 14 | ||||||||||||||||||||||||||||||||||
Non-current operating lease liabilities | 200,498 | 191,723 | 8,775 | 5 | ||||||||||||||||||||||||||||||||||
Total liabilities | 2,606,079 | 2,707,863 | (101,784) | (4) | ||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 1,256,750 | 1,174,278 | 82,472 | 7 | ||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 3,862,829 | $ | 3,882,141 | $ | (19,312) | — | % |
Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||||||||||
Net income | $ | 101,699 | $ | 179,261 | $ | (77,562) | ||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation | 7,632 | 7,663 | (31) | |||||||||||||||||||||||||||||
Amortization | 2,135 | 2,192 | (57) | |||||||||||||||||||||||||||||
Share-based compensation | 4,923 | 3,657 | 1,266 | |||||||||||||||||||||||||||||
Equity in earnings of unconsolidated investments, net | (36) | (58) | 22 | |||||||||||||||||||||||||||||
Other | 2,732 | 5,777 | (3,045) | |||||||||||||||||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||||||||||||||||||||
Receivables | (211,015) | (303,400) | 92,385 | |||||||||||||||||||||||||||||
Product inventories | (96,011) | (306,582) | 210,571 | |||||||||||||||||||||||||||||
Prepaid expenses and other assets | (5,786) | (23,330) | 17,544 | |||||||||||||||||||||||||||||
Accounts payable | 332,800 | 287,449 | 45,351 | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | (35,870) | (60,738) | 24,868 | |||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 103,203 | (208,109) | 311,312 | |||||||||||||||||||||||||||||
Investing activities | ||||||||||||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | (1,760) | — | (1,760) | |||||||||||||||||||||||||||||
Purchases of property and equipment, net of sale proceeds | (15,570) | (9,159) | (6,411) | |||||||||||||||||||||||||||||
Other investments, net | (230) | — | (230) | |||||||||||||||||||||||||||||
Net cash used in investing activities | (17,560) | (9,159) | (8,401) | |||||||||||||||||||||||||||||
Financing activities | ||||||||||||||||||||||||||||||||
Proceeds from revolving line of credit | 256,079 | 564,288 | (308,209) | |||||||||||||||||||||||||||||
Payments on revolving line of credit | (376,895) | (604,960) | 228,065 | |||||||||||||||||||||||||||||
Proceeds from term loan under credit facility | — | 250,000 | (250,000) | |||||||||||||||||||||||||||||
Proceeds from asset-backed financing | 151,200 | 155,000 | (3,800) | |||||||||||||||||||||||||||||
Payments on asset-backed financing | (51,100) | (50,000) | (1,100) | |||||||||||||||||||||||||||||
Payments on term facility | (2,313) | (2,313) | — | |||||||||||||||||||||||||||||
Proceeds from short-term borrowings and current portion of long-term debt | 3,011 | 10,277 | (7,266) | |||||||||||||||||||||||||||||
Payments on short-term borrowings and current portion of long-term debt | (1,223) | (784) | (439) | |||||||||||||||||||||||||||||
Payments of deferred and contingent acquisition consideration | (551) | (1,374) | 823 | |||||||||||||||||||||||||||||
Proceeds from stock issued under share-based compensation plans | 5,896 | 3,135 | 2,761 | |||||||||||||||||||||||||||||
Payments of cash dividends | (39,073) | (32,132) | (6,941) | |||||||||||||||||||||||||||||
Purchases of treasury stock | (50,549) | (62,420) | 11,871 | |||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (105,518) | 228,717 | (334,235) | |||||||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 754 | (405) | 1,159 | |||||||||||||||||||||||||||||
Change in cash and cash equivalents | (19,121) | 11,044 | (30,165) | |||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 45,591 | 24,321 | 21,270 | |||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 26,470 | $ | 35,365 | $ | (8,895) |
(Unaudited) | Base Business | Excluded | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, | March 31, | March 31, | ||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,130,353 | $ | 1,337,685 | $ | 76,421 | $ | 74,965 | $ | 1,206,774 | $ | 1,412,650 | ||||||||||||||||||||||||||
Gross profit | 339,597 | 416,167 | 30,158 | 31,022 | 369,755 | 447,189 | ||||||||||||||||||||||||||||||||
Gross margin | 30.0 | % | 31.1 | % | 39.5 | % | 41.4 | % | 30.6 | % | 31.7 | % | ||||||||||||||||||||||||||
Operating expenses | 204,922 | 195,909 | 19,062 | 15,557 | 223,984 | 211,466 | ||||||||||||||||||||||||||||||||
Expenses as a % of net sales | 18.1 | % | 14.6 | % | 24.9 | % | 20.8 | % | 18.6 | % | 15.0 | % | ||||||||||||||||||||||||||
Operating income | 134,675 | 220,258 | 11,096 | 15,465 | 145,771 | 235,723 | ||||||||||||||||||||||||||||||||
Operating margin | 11.9 | % | 16.5 | % | 14.5 | % | 20.6 | % | 12.1 | % | 16.7 | % |
Acquired | Acquisition Date | Net Sales Centers Acquired | Periods Excluded | |||||||||||||||||
Pro-Water Irrigation & Landscape Supply, Inc. | March 2023 | 2 | March 2023 | |||||||||||||||||
Tri-State Pool Distributors | April 2022 | 1 | January - March 2023 | |||||||||||||||||
Porpoise Pool & Patio, Inc. | December 2021 | 1 | January - March 2023 and January - March 2022 | |||||||||||||||||
Wingate Supply, Inc. | December 2021 | 1 | January - February 2023 and January - February 2022 |
December 31, 2022 | 420 | ||||
Acquired locations | 2 | ||||
New locations | 5 | ||||
March 31, 2023 | 427 |
(Unaudited) | Three Months Ended | |||||||||||||||||||
(in thousands) | March 31, | |||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Net income | $ | 101,699 | $ | 179,261 | ||||||||||||||||
Add: | ||||||||||||||||||||
Interest and other non-operating expenses (1) | 15,835 | 5,198 | ||||||||||||||||||
Provision for income taxes | 28,273 | 51,322 | ||||||||||||||||||
Share-based compensation | 4,923 | 3,657 | ||||||||||||||||||
Equity in earnings of unconsolidated investments, net | (36) | (58) | ||||||||||||||||||
Depreciation | 7,632 | 7,663 | ||||||||||||||||||
Amortization (2) | 1,948 | 1,977 | ||||||||||||||||||
Adjusted EBITDA | $ | 160,274 | $ | 249,020 |
(Unaudited) | Three Months Ended | |||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Diluted EPS | $ | 2.58 | $ | 4.41 | ||||||||||
ASU 2016-09 tax benefit | (0.12) | (0.18) | ||||||||||||
Adjusted diluted EPS | $ | 2.46 | $ | 4.23 | ||||||||||
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
Document Document |
Apr. 20, 2023 |
---|---|
Cover Page [Abstract] | |
Entity Central Index Key | 0000945841 |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Entity Registrant Name | POOL CORPORATION |
Document Type | 8-K |
Document Period End Date | Apr. 20, 2023 |
Entity File Number | 0-26640 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 36-3943363 |
Entity Address, Address Line One | 109 Northpark Boulevard, |
Entity Address, City or Town | Covington, |
Entity Address, State or Province | LA |
Entity Address, Postal Zip Code | 70433-5001 |
City Area Code | (985) |
Local Phone Number | 892-5521 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Trading Symbol | POOL |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
%^@2O&+(=/EB>N$_NG_A.
M\SQ-LPRKZ'8;9;#%ZI9E\!>/AG$##RP/9'I;K?%NXQ/R^AQ@/7UM0K"=XI.(
M[12O-2#QNH%'GL>[C>4!#ZP+V.Q _G@>F*FX3YI"5S%NV G&D3S'$)C%^(QF
M&5*=##[Q_F"G)$WS/(X %F>0IA@"IQ%', ; 4/2='@//GL?)=-[*CG_5U/\
M!%!+ P04 " !/4)16EXJ[', 3 @ "P %]R96QS+RYR96QSG9*Y
M;L,P#$!_Q=">, ?0(8@S9?$6!/D!5J(/V!(%BD6=OZ_:I7&0"QEY/3P2W!YI
M0.TXI+:+J1C]$%)I6M6X 4BV)8]ISI%"KM0L'C6'TD!$VV-#L%HL/D N&6:W
MO606IW.D5XA
N9 -.(OL6 L>X_//(IHWTUSYYJJ R%KK"@>7(F2"6[48.1([T=9=G1Y_N
M[!3Z"0(2P?L5'M@ENHRCZ[0K_."AV#VD"7*Y!UUD![_S+1%)FWM_=_9#\CN:
M%+0CG&OC0[8M,J_L9T?&A^+(N#B"DSO3Q,%D35OK+GZZ:50XUK?O+31;?(8]
MY1SU_% [?7%E-_'AE .1] U)$/LA:?/)7DABZ@#X9
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MJEN."=XDW6@4Y.CA<#!E )2$)3,_$ P/ $(W-YB+!X$5ESP$#@ >JW_6AJM, DIH8_,W.UY+.-1Q0U'F
MRG")/M!_R[\RZXCE6> +@/\/D%V^OCC;?LNX_9_P_!Y^EQP*QID[AY'[Q0BO
MR\V#H1],PL>\1XJ-@OP+G[KQ8_<[<@?90:2DI$UY.&]MUE9:-^G#NR/HE\9P
M=^.+XI1Q KYB81<,J-$0 )$U8:_TRE+*&V4NB0VMWE.SUSM*C\W$I&SWO1H B
M(K,NU-4-]J6LV_GF#2]-KG9!Z/&;,=@KU:)HUS=E[*E_MMJP.WJ->Z4+YKM3
M:JH?B2X;]3(ODANP<9DJVO:R[2,U##>,H6.QOM]-;Q0V[*$J&Y5?;]N!6AV:
M>^A#KAA#0^W48LVZPW8B-+2S&I0NY<=VW##;J0.$\E:F,\]U?7*D%$ZK^V4?
ML./P,_ G6DJWNE&TZ.Y\(F#K>U?F0]\??@RM7!89VV&ZO&8R\PEN*$WK'A&4
M-4M9=K3YMN2R*^3 T.A2C6.YUJ6PBAV7 W@Q%'%!KAI\L(]]VJ^E+UT0)]S/ER:S2?SHV\'*EG UMC
ML+PX:+TG0>I.Q!Z+(]ME0L0M^85GS](PBF:>:_&]61HR@3=_[%K;;S5KJD7+
MVNS.VU_E AQQN[[X-Y?L'ST_^13\>-@I7\,MSWLR;N54NYS-,+&
9?_GG(LT4&FOQHP!S'R8!TDE!KUH@4TS!
M1"I!=;V.J;+^$9;&40::$)[FMN438,""SUG;C>X-8AUK@+9T]5P%6#/5OA*H
M8Z)[+;#A]>=4 W6!-=8#M<9MA?]%35*SI,_*Z@31"GB]B-\UO#C!0N3^#=/Q5TEH2;?7=GII^I&W+2@M!UX?>0!#OG[OHDH(9%+&X+%W<_@J!R
ME6-2A/FQ"R3C,2
O[^_OAO38,H]O7-U]?
MTZ'TUWX8QF3H)NZ+MV_H)_"38/?M_WKSOP<#]#X
*BD H+(DUGN*(/$V'S!P^
M'S@Y(1:MBC72U)L1YF7D8?]Y!M*_2__;D5&T].'6W*@-,/R=QHDW61S)6WCW
M^?^".7CS^9.$_KP