![]() ![]() Overall, our balanced end market mix, broad product portfolio and good geographic coverage offer us multiple avenues to grow and create value for our customers and suppliers while providing important resiliency in softer markets. 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. As the only national and full product line wholesale distributor in the market, we also have an excellent balance across our product lines as well as geographically. We have a balanced mix of business with 65% focused on maintenance, repair and upgrade, 21% focused on new residential construction and 14% on new commercial and recreational construction. Yet we estimate that we only have about a 16% share of the very fragmented $25 billion wholesale landscaping products distribution market.Īccordingly, our future growth opportunities remain significant. We are the clear industry leader over 4x the size of our nearest competitor. Scott Salmon will discuss our acquisition strategy, and then I will come back to address our latest outlook for 2023 before taking your questions.Īs shown on Slide 4 of the earnings presentation, we have grown our footprint to more than 640 branches and 4 distribution centers across 45 U.S. John Guthrie will then walk you through our first 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 review of our unique market position and our strategy for long-term performance and growth, followed by some highlights from the quarter. As we face softer markets, we remain confident that our well-balanced business, strong balance sheet, exceptional teams, improved capabilities and robust acquisition pipeline, position us well to navigate the current environment and achieve continued success. To the execution of our commercial and operational initiatives and our acquisition strategy, we continue to build SiteOne as a world class market leader for the long-term while delivering consistent performance and growth in the near-term. These companies have talented teams and strong customer relationships and expand our product lines and market presence in their respective markets. We are also very pleased to add two new high-performing companies to SiteOne during the first quarter. Against the headwinds of a very strong prior year period, poor weather in the West and North and moderating market demand, we executed well in the first quarter, delivering top line growth and gross margin expansion, along with a solid EBITDA outcome in this traditionally low volume quarter. 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. Additionally, during today’s call, we will discuss non-GAAP measures, which we believe can be useful in evaluating our performance. Such risks and uncertainties include the factors set forth in the earnings press release and in our filings with the Securities and Exchange Commission. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. I am 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 the call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We issued our first quarter 2023 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 Earnings Call. Scott Salmon - Executive Vice President, Strategy and Development John Guthrie - Executive Vice President and Chief Financial Officerĭoug Black - Chairman and Chief Executive Officer ( NYSE: SITE) Q1 2023 Earnings Conference Call 8:00 AM ET ![]()
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