EX-99.1 2 pool-q32024xer.htm POOL Q3 2024 EARNINGS RELEASE Document

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附件 99.1

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POOL CORPORATION報告第三季度業績

亮點

•彈性強的經常性維護收入爲2024年第三季度淨銷售額貢獻了14億美元
•季節性毛利率 29.1%
•營業收入爲17640萬美元，營業利潤率爲12.3%
•2024年第三季度攤薄後每股收益爲 $3.27 或者不包括稅收優惠的 $3.26
•保持年度收益指引範圍 每股攤薄盈利爲11.06美元至11.46美元
______________________

路易斯安那州科溫頓（2024年10月24日） — Pool Corporation（納斯達克/GSM：POOL）今日公佈了2024年第三季度的業績。
“我們第三季度的淨銷售額爲 14 億美元，較2023年第三季度下降3％，這得益於對維護產品的穩定需求，而我們業務的自由支配部分繼續面臨壓力。在本季度，我們在Pool360技術推廣和數字營銷擴張方面取得了更多進展，自有品牌化學品銷售增長強勁，Pool360使用量增加，毛利率持續增長。總裁兼首席執行官彼得·阿爾文評論說，我們的專業團隊仍然專注於利用我們的互聯軟件解決方案和全國綜合分銷網絡的力量，提供一流的客戶體驗，爲未來的增長做好準備。”

2024年9月30日結束的第三季度與2023年9月30日結束的第三季度相比
2024年第三季度淨銷售額較2023年第三季度的15億美元下降了3％至14億美元。 基礎業務結果與該時期的綜合結果大致相符。 繼年初以來類似的趨勢，我們第三季度的業績主要得益於非必要保養產品的強勁銷售，而游泳池施工和非必要產品的銷售相比2023年第三季度仍較爲疲軟。 2024年第三季度比2023年同期多一個銷售日，淨銷售額受益約2％。
毛利潤在2024年第三季度減少3%，從2023年同一時期的42870萬降至41640萬。毛利率在2024年和2023年的第三季度保持一致，均爲29.1%。
2024年第三季度，我們的銷售和管理費用（營業費用）增長放緩，同比增長2%至24010萬美元，而2023年第三季度爲23430萬美元。本季度費用增加主要與通貨膨脹影響、網絡擴張和我們的科技計劃有關，並部分抵消了較低的變量成本和某些費用從2024年第三季度轉移到2024年第四季度的時間差。 作爲淨銷售額的百分比，2024年第三季度的營業費用佔比增至16.8%，而2023年同期爲15.9%。
2024年第三季度的營業收入爲 減少 較2023年的1.944億美元下降了9%，爲17640萬。2024年第三季度的營業利潤率爲12.3%，而2023年第三季度爲13.2%。
2024年第三季度的利息以及其他非營業費用淨額 減少 爲120萬美元，相較於2023年第三季度， 主要是由於期間之間平均債務的減少。
我們根據會計準則更新（ASU）2016-09記錄了50萬美元的稅收益。 員工股票激勵會計改進截至2024年9月30日的季度，與2023年同期實現的40萬美元稅收益相比。這導致2024年第三季度每股攤薄0.01美元的稅收益，與2023年同期實現的每股攤薄0.01美元的稅收益一致。


淨收入 減少 2024年第三季度的淨利潤爲12570萬美元，比2023年第三季度的13780萬美元下降了9%。稀釋每股收益在2024年第三季度降至3.27美元，比2023年同期的3.51美元下降了7%。如果不考慮兩個時期的ASU 2016-09的影響，稀釋每股收益 減少 在2023年第三季度降至3.26美元，比3.50美元下降了7%。
截至2024年9月30日的九個月與截至2023年9月30日的九個月比較
截至2024年9月30日的九個月淨銷售額 下降了 與截至2023年9月30日的45億美元相比，下降了5%至43億美元。基礎業務結果大致與該期間的合併結果相符。毛利率下降40個點子，從去年的30.1%下降至29.7%。
截至2024年9月30日的九個月的營業費用 增加 與2023年同期相比，增加了4%，達到72860萬，而2023年同期爲69900萬。 截至2024年9月30日的九個月的營業收入減少了17%，達到55660萬，而2023年同期爲66720萬 與去年同期相比。 截至2024年9月30日的九個月的營業利潤率爲12.9%，而截至2023年9月30日的九個月營業利潤率爲14.7%。
2024年前九個月的利息和其他非營業費用淨額比去年同期減少了650萬美金， 主要是由於兩期之間平均債務的減少。
截至2024年9月30日的九個月，淨利潤減少了16%，降至39700萬美元，較2023年9月30日的47180萬美元有所下降。我們在截至2024年9月30日的九個月內記錄了830萬美元，或每股稀釋後0.21美元的稅收優惠，來源於ASU 2016-09。 與2023年同期的590萬美元，或每股稀釋後0.15美元的稅收優惠相比。
2024年前九個月，每股稀釋收益下降14%，爲10.30美元，而2023年同期爲12.00美元。在兩個期間都不考慮ASU 2016-09的影響下，2024年前九個月的每股稀釋收益爲10.09美元，而2023年同期爲11.85美元。
資產負債表和流動性
截至2024年9月30日，總淨應收賬款，包括質押應收賬款，較2023年9月30日減少8%，主要是由於我們在2024年銷售較少。我們的存貨管理工作有助於2023年9月30日的存貨餘額爲7880萬美元，佔6%。 1200000000美元，下降 2024年9月30日，總未償債務爲92380萬美元，較2023年9月30日減少11010萬美元。正如先前宣佈的，在2024年第三季度，我們修改了信貸協議，在其他事項中，將期限延長三年並增加借款容量。
2024年前九個月經營活動產生的淨現金較2023年同期的$75000萬減少至$48860萬，受2023年前九個月我們先前的存貨減少努力影響，以及2024年淨利潤較低。截至2024年9月30日的九個月調整後的EBITDA較去年同期下降15%，爲$60330萬，而去年爲$71230萬。
展望
「隨着2024年游泳池季節的結束，我們維持2024年全年每股攤薄收益指引爲11.06至11.46美元，包括今年實現的0.21美元的稅收益。我想感謝我們衆多團隊成員在這種環境下繼續在機會領域取得成績。作爲游泳池和戶外生活產品行業的領先經銷商，我們致力於投資於持續改進，以增強每位客戶的體驗，通過與供應商的長期合作伙伴關係提供最廣泛的產品組合，優化我們的垂直整合能力，並拓展我們的數字生態系統。我們相信這些有機增長驅動因素將加速我們未來的能力。」Arvan說。

Non-GAAP Financial Measures
This press release contains certain non-GAAP measures (adjusted EBITDA and adjusted diluted EPS). See the addendum to this release for definitions of our non-GAAP measures and reconciliations of our non-GAAP measures to GAAP measures.
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About Pool Corporation
POOLCORP is the world’s largest wholesale distributor of swimming pool and related backyard products. POOLCORP operates 447 sales centers in North America, Europe and Australia, through which it distributes more than 200,000 products to roughly 125,000 wholesale customers. For more information, please visit www.poolcorp.com.
Forward-Looking Statements
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,” “will,” “may,” 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 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 the sensitivity of our business to weather conditions; changes in economic conditions, consumer discretionary spending, the housing market, inflation or interest rates; our ability to maintain favorable relationships with suppliers and manufacturers; the extent to which home-centric trends will continue to moderate or reverse; competition from other leisure product alternatives or mass merchants; our ability to continue to execute our growth strategies; changes in the regulatory environment; new or additional taxes, duties or tariffs; excess tax benefits or deficiencies recognized under ASU 2016-09 and other risks detailed in POOLCORP’s 2023 Annual Report on Form 10-K, 2024 Quarterly Reports on Form 10-Q and other reports and filings filed with the Securities and Exchange Commission (SEC) as updated by POOLCORP's subsequent filings with the SEC.

Investor Relations Contacts:

Kristin S. Byars
985.801.5153
kristin.byars@poolcorp.com

Curtis J. Scheel
985.801.5341
curtis.scheel@poolcorp.com

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POOL CORPORATION
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)

Three Months EndedNine Months Ended
September 30,September 30,
 2024202320242023
Net sales$1,432,879 $1,474,407 $4,323,474 $4,538,545 
Cost of sales1,016,476 1,045,676 3,038,370 3,172,276 
Gross profit416,403 428,731 1,285,104 1,366,269 
Percent29.1 %29.1 %29.7 %30.1 %
Selling and administrative expenses240,050 234,288 728,550 699,046 
Operating income176,353 194,443 556,554 667,223 
Percent12.3 %13.2 %12.9 %14.7 %
Interest and other non-operating expenses, net12,355 13,599 39,818 46,327 
Income before income taxes and equity in earnings163,998 180,844 516,736 620,896 
Provision for income taxes38,361 43,079 119,891 149,339 
Equity in earnings of unconsolidated investments, net64 78 180 235 
Net income $125,701 $137,843 $397,025 $471,792 
Earnings per share attributable to common stockholders: (1)
    
Basic$3.29 $3.54 $10.37 $12.09 
Diluted$3.27 $3.51 $10.30 $12.00 
Weighted average common shares outstanding:    
Basic37,983 38,735 38,104 38,816 
Diluted38,187 39,023 38,330 39,112 
Cash dividends declared per common share$1.20 $1.10 $3.50 $3.20 

(1)    Earnings per share under the two-class method is calculated using net income attributable to common stockholders (net income reduced by earnings allocated to participating securities), which was $125.0 million and $137.1 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $395.0 million and $469.3 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. Participating securities excluded from weighted average common shares outstanding were 206,000 and 205,000 for the three months ended September 30, 2024 and September 30, 2023, respectively, and 206,000 and 207,000 for the nine months ended September 30, 2024 and September 30, 2023, respectively.
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POOL CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
September 30,September 30,
Change
20242023
$
%
Assets
Current assets:
Cash and cash equivalents
$
91,347 
$
85,220 
$
6,1277
%
Receivables, net (1)
119,538 140,997 (21,459)(15)
Receivables pledged under receivables facility
306,155 320,585 (14,430)(5)
Product inventories, net (2)
1,180,491 1,259,308 (78,817)(6)
Prepaid expenses and other current assets
43,168 26,414 16,75463
Total current assets
1,740,699 1,832,524 (91,825)(5)
Property and equipment, net
243,308 213,732 29,57614
Goodwill
700,147 699,270 877—
Other intangible assets, net
292,722 300,237 (7,515)(3)
Equity interest investments
1,434 1,383 514
Operating lease assets
309,648 293,673 15,9755
Other assets
79,431 89,915 (10,484)(12)
Total assets
$
3,367,389 
$
3,430,734 
$
(63,345)(2)
%
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
401,702 
$
429,436 
$
(27,734)(6)
%
Accrued expenses and other current liabilities
185,118 157,172 27,94618
Short-term borrowings and current portion of long-term debt
44,683 37,788 6,89518
Current operating lease liabilities
95,412 84,724 10,68813
Total current liabilities
726,915 709,120 17,7953
Deferred income taxes
65,106 55,226 9,88018
Long-term debt, net
879,146 996,109 (116,963)(12)
Other long-term liabilities
43,612 37,885 5,72715
Non-current operating lease liabilities
220,101 214,168 5,9333
Total liabilities
1,934,880 2,012,508 (77,628)(4)
Total stockholders’ equity
1,432,509 1,418,226 14,2831
Total liabilities and stockholders’ equity
$
3,367,389 
$
3,430,734 
$
(63,345)(2)
%

(1)The allowance for doubtful accounts was $10.0 million at September 30, 2024 and $10.6 million at September 30, 2023.
(2)The inventory reserve was $28.6 million at September 30, 2024 and $25.9 million at September 30, 2023.
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POOL CORPORATION
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20242023Change
Operating activities
Net income$397,025 $471,792 $(74,767)
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation26,848 23,355 3,493 
Amortization6,514 6,425 89 
Share-based compensation14,391 14,592 (201)
Equity in earnings of unconsolidated investments, net(180)(235)55 
Goodwill impairment— 550 (550)
Other3,123 1,157 1,966 
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables(80,362)(110,078)29,716 
Product inventories181,326 330,850 (149,524)
Prepaid expenses and other assets57,151 (23,431)80,582 
Accounts payable(109,021)20,667 (129,688)
Accrued expenses and other liabilities(8,196)14,374 (22,570)
Net cash provided by operating activities488,619 750,018 (261,399)
Investing activities
Acquisition of businesses, net of cash acquired(4,435)(11,500)7,065 
Purchases of property and equipment, net of sale proceeds(45,951)(42,958)(2,993)
Other investments, net944 (48)992 
Net cash used in investing activities(49,442)(54,506)5,064 
Financing activities
Proceeds from revolving line of credit1,146,900 1,154,601 (7,701)
Payments on revolving line of credit(1,274,400)(1,497,501)223,101 
Payments on term loan under credit facility(18,750)(6,250)(12,500)
Proceeds from asset-backed financing623,900 465,500 158,400 
Payments on asset-backed financing(606,300)(422,700)(183,600)
Payments on term facility— (47,313)47,313 
Proceeds from short-term borrowings and current portion of long-term debt8,873 19,428 (10,555)
Payments on short-term borrowings and current portion of long-term debt(8,643)(19,182)10,539 
Payments of deferred financing costs(1,731)(52)(1,679)
Payments of deferred and contingent acquisition consideration— (551)551 
Proceeds from stock issued under share-based compensation plans11,955 9,278 2,677 
Payments of cash dividends(134,181)(124,983)(9,198)
Repurchases of common stock(159,408)(187,110)27,702 
Net cash used in financing activities(411,785)(656,835)245,050 
Effect of exchange rate changes on cash and cash equivalents(2,585)952 (3,537)
Change in cash and cash equivalents24,807 39,629 (14,822)
Cash and cash equivalents at beginning of period66,540 45,591 20,949 
Cash and cash equivalents at end of period$91,347 $85,220 $6,127 

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ADDENDUM

Base Business

When calculating our base business results, we exclude sales centers that are acquired, opened in new markets or closed 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, we include acquired, consolidated and new market sales centers in the base business calculation including the comparative prior year period.
We have not provided separate base business income statements within this press release as our base business results for the three and nine months ending September 30, 2024 closely approximated our consolidated results, and acquisitions and sales centers excluded from base business contributed less than 1% to the change in net sales.

The table below summarizes the changes in our sales center count in the first nine months of 2024.

December 31, 2023439 
Acquired locations
2 
New locations
9 
Consolidated/closed locations
(3)
September 30, 2024447

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Reconciliation of Non-GAAP Financial Measures

The non-GAAP measures described below should be considered in the context of all of our other disclosures in this press release.

Adjusted EBITDA

As illustrated in detail in the reconciliation table below, 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 and equity in earnings or loss of 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 management uses it to monitor our performance, and 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 an additional measure that enables management and investors to monitor 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,
2024202320242023
Net income$125,701 $137,843 $397,025 $471,792 
Adjustments to increase (decrease) net income:
Interest and other non-operating expenses (1)
12,230 13,647 39,484 47,054 
Provision for income taxes38,361 43,079 119,891 149,339 
Share-based compensation4,047 4,596 14,391 14,592 
Equity in earnings of unconsolidated investments, net(64)(78)(180)(235)
Goodwill impairment— 550 — 550 
Depreciation9,257 8,063 26,848 23,355 
Amortization (2)
1,963 2,001 5,854 5,863 
Adjusted EBITDA$191,495 $209,701 $603,313 $712,310 
(1)Shown net of losses (gains) on foreign currency transactions of $125 and $(48) for the three months ended September 30, 2024 and September 30, 2023, respectively, and $334 and $(727) for the nine months ended September 30, 2024 and September 30, 2023, respectively.
(2)Excludes amortization of deferred financing costs of $350 and $187 for the three months ended September 30, 2024 and September 30, 2023, respectively, and $660 and $562 for the nine months ended September 30, 2024 and September 30, 2023, respectively. This non-cash expense is included in Interest and other non-operating expenses, net on the Consolidated Statements of Income.

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Adjusted Diluted EPS

We have included adjusted diluted EPS, a non-GAAP financial measure, in this press release as a supplemental disclosure, because we believe this measure is useful to management, investors and others in assessing our period-to-period operating performance.

Adjusted diluted EPS is a key measure used by management to demonstrate the impact of tax benefits from ASU 2016-09 on our diluted EPS and to provide investors and others with additional information about our potential future operating performance to supplement GAAP measures.

We believe this measure should be considered in addition to, not as a substitute for, diluted EPS presented in accordance with GAAP, and in the context of our other disclosures in this press release. Other companies may calculate this non-GAAP financial measure differently than we do, which may limit its usefulness as a comparative measure.
The table below presents a reconciliation of diluted EPS to adjusted diluted EPS.
(Unaudited)Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
Diluted EPS$3.27 $3.51 $10.30 $12.00 
ASU 2016-09 tax benefit(0.01)(0.01)(0.21)(0.15)
Adjusted diluted EPS$3.26 $3.50 $10.09 $11.85 

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