Pool Corporation (POOL) Q4 2022 Earnings Call Transcript

Pool Corporation (NASDAQ:POOL) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET

Company Participants

Melanie Hart - CFO

Peter Arvan - President &CEO

Conference Call Participants

Ryan Merkel - William Blair

David Manthey - Baird

Susan Maklari - Goldman Sachs

Andrew Carter - Stifel

Joe Ahlersmeyer - Deutsche Bank

Noah Merkousko - Stephens, Inc.

Joseph Nolan - Longbow Research

Shaun Calnan - Bank of America

Jeffrey Stevenson - Loop Capital

Operator

Good day, and welcome to the Pool Corporation Fourth Quarter 2022 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note this event is being recorded.

I'd now like to turn the conference over to Melanie Hart, Vice President and Chief Financial Officer. Please go ahead.

Melanie Hart

Welcome to our fourth quarter and year end 2022 earnings conference call. Our discussion, comments and responses to questions today may include forward-looking statements, including management's outlook for 2023 and future periods. Actual results may differ materially from those discussed today. Information regarding the factors and variables that could cause actual results to differ from projected results are discussed in our 10-K.

In addition, we may make references to non-GAAP financial measures in our comments. A description and reconciliation of our non-GAAP financial measures is included in our press release and posted to our corporate website in the Investor Relations section.

I'll now turn the call over to our President and CEO, Peter Arvan. Pete?

Peter Arvan

Thank you, Melanie, and good morning to everyone on the call, and thank you for joining us. 2022 was another extraordinary year for POOLCORP. We achieved results in revenue and earnings. We grew our market share. Our focus on the customer experience and execution has never been stronger, and we continue to enhance our capabilities as we integrated Porpoise Pool & Patio.

For the first time ever, we exceeded $6 billion in net revenue, ending the year at $6.2 billion and generated just over $1 billion of operating income. When compared to 2019, the last pre-pandemic year, our revenue has almost doubled and our operating income has tripled. We now operate over 420 sales centers, and we are continuing to expand our footprint and capabilities.

In 2022, we opened 10 new location, and Pinch A Penny added seven new stores to the franchise network. The industry has grown substantially, and POOLCORP has significantly outpaced the industry by providing best-in-class service to our customers and helping them grow their business and being the best channel to market for our suppliers.