and Canada, both organically and through acquisition, strengthens and reinforces this balance over time. Our strategy to fill in our product lines across the U.S. We have a balanced mix of business, with 64% focused on maintenance, repair and upgrade, 21% focused on new residential construction and 15% on new commercial and recreational construction.Īs the only national full product line wholesale distributor in the market, we also have an excellent balance across our product lines as well as geographically. Accordingly, our future growth opportunity is significant. We are the clear industry leader, over 5x the size of our nearest competitor, yet we estimate that we only have about a 15% share of the very fragmented $23 billion wholesale landscaping products distribution market. Scott Salmon will discuss our acquisition strategy, and then I will come back to address our latest outlook before taking your questions.Īs shown on Slide 4 of the earnings presentation, we have grown our footprint to more than 630 branches and 4 distribution centers across 45 U.S. He will also comment on our recently announced share repurchase authorization. John Guthrie will then walk you through our third quarter financial results in more detail and provide an update on our balance sheet and liquidity position. I will start today’s call with a brief overview of our unique market position, and our strategy for long-term performance and growth, followed by some highlights from the quarter. Overall, we expect to continue gaining market share and achieving strong performance and growth in the years ahead. While we are seeing some early signs of softness in the residential market, we feel confident that we will finish 2022 well, and enter 2023 from a position of strength with our well-balanced business, strong balance sheet, exceptional teams, improved capabilities and robust acquisition pipeline. Through the execution of our commercial and operational initiatives, and through acquisition, we continue to build SiteOne as a world-class market leader for the long term and deliver consistent performance and growth in the near term. All these companies have talented teams and terrific customer relationships, and expand our product lines and market presence in their respective markets. We are also very pleased to add 7 new high-performing companies to SiteOne over the last 4 months, bringing our total number of acquisitions completed year-to-date to 14. We are pleased to continue our positive momentum during the third quarter, with solid growth in net sales and adjusted EBITDA despite the strong comparable growth and outsized gains in gross margin that we achieved in the second half of last year. Good morning, and thank you for joining us today. I would now like to turn the call over to Doug Black. A reconciliation of these measures can be found in our earnings release and in the slide presentation. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission.Īdditionally, during today’s call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. I’m joined today by Doug Black, our Chairman and Chief Executive Officer and Scott Salmon, Executive Vice President, Strategy and Development.īefore we begin, I would like to remind everyone that today’s press release, slide presentation and the statements made during this call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We issued our third quarter’s 2022 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at. It is now my pleasure to introduce your host, John Guthrie, Executive Vice President and Chief Financial Officer. As a reminder, this conference is being recorded. Greetings, and welcome to the SiteOne Landscape Supply, Inc. Scott Salmon - EVP, Strategy and Development ( NYSE: SITE) Q3 2022 Results Conference Call Novem8:00 AM ET
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