SiteOne Landscape Supply Inc. (NYSE:SITE) Q2 2023 Earnings Call Transcript August 2, 2023 8:00 AM ET

Company Participants

John Guthrie - Executive VP, CFO and Assistant Secretary

Doug Black - Chairman of the Board and CEO

Scott Salmon - Executive Vice President of Strategy & Development

Conference Call Participants

Ryan Merkel - William Blair

David Manthey - Baird

Damian Karas - UBS

Mike Dahl - RBC Capital Markets

Keith Hughes - Truist

Joe Ahlersmeyer - Deutsche Bank

Jeffrey Stevenson - Loop Capital

Matthew Bouley - Barclays

Operator

Good day, and welcome to the SiteOne Landscape Supply Inc Conference Call. All participants are in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to John Guthrie. Please go ahead.

John Guthrie

Thank you, and good morning, everyone. We issued our second quarter 2023 earnings press release this morning and posted a slide presentation to the Investor Relations portion of our website at investors.siteone.com. I'm joined today by Doug Black, our Chairman and Chief Executive Officer; and Scott Salmon, Executive Vice President, Strategy and Development.

Before 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. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. Such risks and uncertainties include the factors set forth in the earnings release and in our filings with the Securities and Exchange Commission.

Additionally, during today's call, we will discuss non-GAAP measures. We believe can be useful in evaluating our performance. A reconciliation of these measures can be found in our earnings release and in the slide presentation.

I would now like to turn the call over to Doug Black.

Doug Black

Thanks, John. Good morning, and thank you for joining us today. We're pleased to see end market demand remain resilient in the second quarter, which allowed us to achieve solid organic daily sales growth and record operating cash flow despite the continued normalization of our gross margin and EBITDA margin.

Our strong teams executed well in gaining market share, driving positive organic sales volume growth and managing through price deflation and select products. We were also pleased to add 3 new high-performing companies to SiteOne during the quarter and in July, bringing terrific talent to our team and expanding our customer relationships and our full product line capability in their respective markets. Through 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.