03/10/2021 | Press release | Distributed by Public on 03/10/2021 02:27
New Segment Information (Reported Results) | ||||||||||||||||||||
In Millions | ||||||||||||||||||||
FY 2020 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | ||||||||||||||||
Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | |
Prior U.S. Segment | $ 9,070 | $ 3,333 | $ 2,034 | $ 1,299 | $ 2,307 | $ 881 | $ 541 | $ 340 | $ 2,169 | $ 795 | $ 477 | $ 318 | $ 2,347 | $ 855 | $ 501 | $ 354 | $ 2,247 | $ 802 | $ 515 | $ 287 |
Less: Former Intercompany Sales and Related GP (Prior U.S. Segment sales to Affiliates) | (509) | (37) | - | (37) | (133) | (10) | - | (10) | (118) | (8) | - | (8) | (131) | (9) | - | (9) | (127) | (10) | - | (10) |
Reclassify: GP Impact to SG&A Service Fee | - | - | (37) | 37 | - | - | (10) | 10 | - | - | (8) | 8 | - | - | (9) | 9 | - | - | (10) | 10 |
Add: Allocable Corporate Costs | - | - | 124 | (124) | - | - | 30 | (30) | - | - | 35 | (35) | - | - | 27 | (27) | - | - | 32 | (32) |
U.S. | $ 8,561 | $ 3,296 | $ 2,121 | $ 1,175 | $ 2,174 | $ 871 | $ 561 | $ 310 | $ 2,051 | $ 787 | $ 504 | $ 283 | $ 2,216 | $ 846 | $ 519 | $ 327 | $ 2,120 | $ 792 | $ 537 | $ 255 |
Canada | 476 | 151 | 167 | (16) | 129 | 41 | 44 | (3) | 107 | 34 | 37 | (3) | 116 | 37 | 35 | 2 | 124 | 39 | 51 | (12) |
Other High-Touch Solutions (N.A.) - Mexico/P.R. | 184 | 77 | 54 | 23 | 52 | 22 | 15 | 7 | 39 | 17 | 12 | 5 | 45 | 18 | 13 | 5 | 48 | 20 | 14 | 6 |
Total High-Touch Solutions (N.A.) | $ 9,221 | $ 3,524 | $ 2,342 | $ 1,182 | $ 2,355 | $ 934 | $ 620 | $ 314 | $ 2,197 | $ 838 | $ 553 | $ 285 | $ 2,377 | $ 901 | $ 567 | $ 334 | $ 2,292 | $ 851 | $ 602 | $ 249 |
MonotaRO | $ 1,436 | $ 378 | $ 203 | $ 175 | $ 315 | $ 84 | $ 47 | $ 37 | $ 355 | $ 93 | $ 50 | $ 43 | $ 371 | $ 96 | $ 49 | $ 47 | $ 395 | $ 105 | $ 57 | $ 48 |
Zoro | 717 | 219 | 207 | 12 | 177 | 54 | 53 | 1 | 164 | 50 | 48 | 2 | 194 | 58 | 54 | 4 | 182 | 57 | 52 | 5 |
Other Endless Assortment | 25 | 4 | 25 | (21) | 4 | - 0 | 3 | (3) | 6 | 1 | 4 | (3) | 7 | 2 | 5 | (3) | 8 | 1 | 13 | (12) |
Total Endless Assortment | $ 2,178 | $ 601 | $ 435 | $ 166 | $ 496 | $ 138 | $ 103 | $ 35 | $ 525 | $ 144 | $ 102 | $ 42 | $ 572 | $ 156 | $ 108 | $ 48 | $ 585 | $ 163 | $ 122 | $ 41 |
Cromwell | $ 247 | $ 63 | $ 98 | $ (35) | $ 76 | $ 22 | $ 25 | $ (3) | $ 47 | $ 13 | $ 20 | $ (7) | $ 60 | $ 15 | $ 25 | $ (10) | $ 64 | $ 13 | $ 28 | $ (15) |
Other | 151 | 50 | 344 | (294) | 74 | 27 | 214 | (187) | 68 | 21 | 136 | (115) | 9 | 2 | (6) | 8 | - 0 | - 0 | - 0 | - 0 |
Total Other | $ 398 | $ 113 | $ 442 | $ (329) | $ 150 | $ 49 | $ 239 | $ (190) | $ 115 | $ 34 | $ 156 | $ (122) | $ 69 | $ 17 | $ 19 | $ (2) | $ 64 | $ 13 | $ 28 | $ (15) |
Total Company | $ 11,797 | $ 4,238 | $ 3,219 | $ 1,019 | $ 3,001 | $ 1,121 | $ 962 | $ 159 | $ 2,837 | $ 1,016 | $ 811 | $ 205 | $ 3,018 | $ 1,074 | $ 694 | $ 380 | $ 2,941 | $ 1,027 | $ 752 | $ 275 |
Metrics (Reported) | ||||||||||||||||||||
Rates based on Thousands | ||||||||||||||||||||
Prior U.S. Segment | 36.7% | 22.4% | 14.3% | 38.2% | 23.4% | 14.7% | 36.7% | 22.0% | 14.6% | 36.4% | 21.3% | 15.1% | 35.7% | 22.9% | 12.8% | |||||
U.S. | 38.5% | 24.8% | 13.7% | 40.1% | 25.8% | 14.2% | 38.4% | 24.6% | 13.8% | 38.2% | 23.4% | 14.7% | 37.4% | 25.3% | 12.0% | |||||
Canada | 31.6% | 35.1% | -3.4% | 31.3% | 33.9% | -2.6% | 31.5% | 34.0% | -2.5% | 32.3% | 30.5% | 1.9% | 31.5% | 41.5% | -10.0% | |||||
Other High-Touch Solutions (N.A.) - Mexico/P.R. | 41.7% | 29.0% | 12.7% | 42.9% | 28.4% | 14.5% | 43.0% | 31.3% | 11.7% | 41.5% | 28.7% | 12.8% | 39.5% | 27.9% | 11.6% | |||||
Total High-Touch Solutions (N.A.) | 38.2% | 25.4% | 12.8% | 39.6% | 26.3% | 13.3% | 38.1% | 25.1% | 13.0% | 37.9% | 23.9% | 14.1% | 37.1% | 26.3% | 10.8% | |||||
MonotaRO | 26.4% | 14.1% | 12.2% | 26.6% | 14.9% | 11.7% | 26.2% | 14.0% | 12.2% | 26.1% | 13.5% | 12.6% | 26.6% | 14.3% | 12.2% | |||||
Zoro | 30.6% | 28.9% | 1.6% | 30.2% | 29.9% | 0.3% | 30.6% | 29.2% | 1.3% | 30.1% | 28.1% | 2.0% | 31.3% | 28.5% | 2.8% | |||||
Other Endless Assortment | 14.7% | 96.8% | -82.1% | 9.4% | 95.0% | -85.6% | 14.7% | 76.7% | -62.0% | 16.4% | 56.7% | -40.3% | 15.2% | 145.7% | -130.6% | |||||
Total Endless Assortment | 27.6% | 20.0% | 7.6% | 27.8% | 20.7% | 7.0% | 27.4% | 19.4% | 8.0% | 27.3% | 19.0% | 8.3% | 27.9% | 20.7% | 7.2% | |||||
Cromwell | 25.5% | 39.8% | -14.3% | 29.2% | 33.9% | -4.7% | 27.7% | 42.5% | -14.8% | 24.7% | 40.8% | -16.1% | 20.4% | 43.9% | -23.5% | |||||
Other | 33.2% | 228.6% | -195.4% | 36.9% | 287.0% | -250.2% | 30.6% | 198.6% | -168.0% | 21.7% | -67.0% | 88.7% | N/A | N/A | N/A | |||||
Total Other | 28.4% | 111.2% | -82.7% | 33.0% | 159.1% | -126.1% | 29.4% | 135.1% | -105.7% | 24.3% | 28.6% | -4.3% | 20.4% | 43.7% | -23.3% | |||||
Total Company | 35.9% | 27.3% | 8.6% | 37.4% | 32.1% | 5.3% | 35.8% | 28.5% | 7.3% | 35.6% | 23.1% | 12.6% | 34.9% | 25.5% | 9.4% |
New Segment Information (Adjusted Results)1 | ||||||||||||||||||||
In Millions | ||||||||||||||||||||
FY 2020 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | ||||||||||||||||
Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | Revenue | GP | SG&A | OE | |
Prior U.S. Segment | $ 9,070 | $ 3,333 | $ 2,028 | $ 1,305 | $ 2,307 | $ 881 | $ 535 | $ 346 | $ 2,169 | $ 795 | $ 477 | $ 318 | $ 2,347 | $ 855 | $ 501 | $ 354 | $ 2,247 | $ 802 | $ 515 | $ 287 |
Less: Former Intercompany Sales and Related GP (Prior U.S. Segment sales to Affiliates) | (509) | (37) | - | (37) | (133) | (10) | - | (10) | (118) | (8) | - | (8) | (131) | (9) | - | (9) | (127) | (10) | - | (10) |
Reclassify: GP Impact to SG&A Service Fee | - | - | (37) | 37 | - | - | (10) | 10 | - | - | (8) | 8 | - | - | (9) | 9 | - | - | (10) | 10 |
Add: Allocable Corporate Costs | - | - | 124 | (124) | - | - | 30 | (30) | - | - | 35 | (35) | - | - | 27 | (27) | - | - | 32 | (32) |
U.S. | $ 8,561 | $ 3,296 | $ 2,115 | $ 1,181 | $ 2,174 | $ 871 | $ 555 | $ 316 | $ 2,051 | $ 787 | $ 504 | $ 283 | $ 2,216 | $ 846 | $ 519 | $ 327 | $ 2,120 | $ 792 | $ 537 | $ 255 |
Canada | 476 | 151 | 155 | (4) | 129 | 41 | 43 | (2) | 107 | 34 | 36 | (2) | 116 | 37 | 36 | 1 | 124 | 39 | 40 | (1) |
Other High-Touch Solutions (N.A.) - Mexico/P.R. | 184 | 77 | 54 | 23 | 52 | 22 | 15 | 7 | 39 | 17 | 12 | 5 | 45 | 18 | 13 | 5 | 48 | 20 | 14 | 6 |
Total High-Touch Solutions (N.A.) | $ 9,221 | $ 3,524 | $ 2,324 | $ 1,200 | $ 2,355 | $ 934 | $ 613 | $ 321 | $ 2,197 | $ 838 | $ 552 | $ 286 | $ 2,377 | $ 901 | $ 568 | $ 333 | $ 2,292 | $ 851 | $ 591 | $ 260 |
MonotaRO | $ 1,436 | $ 378 | $ 203 | $ 175 | $ 315 | $ 84 | $ 47 | $ 37 | $ 355 | $ 93 | $ 50 | $ 43 | $ 371 | $ 96 | $ 49 | $ 47 | $ 395 | $ 105 | $ 57 | $ 48 |
Zoro | 717 | 219 | 207 | 12 | 177 | 54 | 53 | 1 | 164 | 50 | 48 | 2 | 194 | 58 | 54 | 4 | 182 | 57 | 52 | 5 |
Other Endless Assortment | 25 | 4 | 16 | (12) | 4 | - 0 | 3 | (3) | 6 | 1 | 4 | (3) | 7 | 2 | 5 | (3) | 8 | 1 | 4 | (3) |
Total Endless Assortment | $ 2,178 | $ 601 | $ 426 | $ 175 | $ 496 | $ 138 | $ 103 | $ 35 | $ 525 | $ 144 | $ 102 | $ 42 | $ 572 | $ 156 | $ 108 | $ 48 | $ 585 | $ 163 | $ 113 | $ 50 |
Cromwell | $ 247 | $ 63 | $ 98 | $ (35) | $ 76 | $ 22 | $ 25 | $ (3) | $ 47 | $ 13 | $ 20 | $ (7) | $ 60 | $ 15 | $ 25 | $ (10) | $ 64 | $ 13 | $ 28 | $ (15) |
Other | 151 | 50 | 63 | (13) | 74 | 27 | 37 | (10) | 68 | 21 | 27 | (6) | 9 | 2 | (1) | 3 | - 0 | - 0 | - 0 | - 0 |
Total Other | $ 398 | $ 113 | $ 161 | $ (48) | $ 150 | $ 49 | $ 62 | $ (13) | $ 115 | $ 34 | $ 47 | $ (13) | $ 69 | $ 17 | $ 24 | $ (7) | $ 64 | $ 13 | $ 28 | $ (15) |
Total Company | $ 11,797 | $ 4,238 | $ 2,911 | $ 1,327 | $ 3,001 | $ 1,121 | $ 778 | $ 343 | $ 2,837 | $ 1,016 | $ 701 | $ 315 | $ 3,018 | $ 1,074 | $ 700 | $ 374 | $ 2,941 | $ 1,027 | $ 732 | $ 295 |
Metrics (Adjusted) | ||||||||||||||||||||
Rates based on Thousands | ||||||||||||||||||||
Prior U.S. Segment | 36.7% | 22.4% | 14.4% | 38.2% | 23.2% | 15.0% | 36.7% | 22.0% | 14.7% | 36.4% | 21.4% | 15.1% | 35.7% | 22.9% | 12.8% | |||||
U.S. | 38.5% | 24.7% | 13.8% | 40.1% | 25.6% | 14.5% | 38.4% | 24.6% | 13.8% | 38.2% | 23.4% | 14.7% | 37.4% | 25.3% | 12.0% | |||||
Canada | 31.6% | 32.5% | -0.9% | 31.3% | 33.0% | -1.7% | 31.5% | 33.6% | -2.2% | 32.3% | 31.1% | 1.2% | 31.5% | 32.3% | -0.7% | |||||
Other High-Touch Solutions (N.A.) - Mexico/P.R. | 41.7% | 29.0% | 12.7% | 42.9% | 28.4% | 14.5% | 43.0% | 31.3% | 11.7% | 41.5% | 28.7% | 12.8% | 39.5% | 27.9% | 11.6% | |||||
Total High-Touch Solutions (N.A.) | 38.2% | 25.2% | 13.0% | 39.6% | 26.1% | 13.6% | 38.1% | 25.1% | 13.0% | 37.9% | 23.9% | 14.0% | 37.1% | 25.8% | 11.3% | |||||
MonotaRO | 26.4% | 14.1% | 12.2% | 26.6% | 14.9% | 11.7% | 26.2% | 14.0% | 12.2% | 26.1% | 13.5% | 12.6% | 26.6% | 14.3% | 12.2% | |||||
Zoro | 30.6% | 28.9% | 1.6% | 30.2% | 29.9% | 0.3% | 30.6% | 29.2% | 1.3% | 30.1% | 28.1% | 2.0% | 31.3% | 28.5% | 2.8% | |||||
Other Endless Assortment | 14.7% | 62.6% | -47.9% | 9.4% | 95.0% | -85.6% | 14.7% | 76.7% | -62.0% | 16.4% | 56.7% | -40.3% | 15.2% | 47.7% | -32.6% | |||||
Total Endless Assortment | 27.6% | 19.6% | 8.0% | 27.8% | 20.7% | 7.0% | 27.4% | 19.4% | 8.0% | 27.3% | 19.0% | 8.3% | 27.9% | 19.2% | 8.6% | |||||
Cromwell | 25.5% | 39.8% | -14.3% | 29.2% | 33.9% | -4.7% | 27.7% | 42.5% | -14.8% | 24.7% | 40.8% | -16.1% | 20.4% | 43.9% | -23.5% | |||||
Other | 33.2% | 41.3% | -8.1% | 36.9% | 48.6% | -11.7% | 30.6% | 38.5% | -7.9% | 21.7% | -1.8% | 23.4% | N/A | N/A | N/A | |||||
Total Other | 28.4% | 40.4% | -11.9% | 33.0% | 41.1% | -8.1% | 29.4% | 40.1% | -10.7% | 24.3% | 36.0% | -11.7% | 20.4% | 43.7% | -23.3% | |||||
Total Company | 35.9% | 24.7% | 11.2% | 37.4% | 25.9% | 11.4% | 35.8% | 24.7% | 11.1% | 35.6% | 23.3% | 12.4% | 34.9% | 24.9% | 10.0% | |||||
1 Please refer to tabs 'TC GAAP-NonGAAP', 'HTSNA GAAP-NonGAAP', 'EA GAAP-NonGAAP' and 'Other GAAP-NonGAAP' for reconciliations of non-GAAP measures to the most directly comparable GAAP measures. |
GAAP to Non-GAAP Reconciliations | ||||||||||
Total Company | ||||||||||
In millions | ||||||||||
FY '20 | GM | Q1 '20 | GM | Q2 '20 | GM | Q3 '20 | GM | Q4 '20 | GM | |
Total company gross profit reported | $ 4,238 | 35.9% | $ 1,121 | 37.4% | $ 1,016 | 35.8% | $ 1,074 | 35.6% | $ 1,027 | 34.9% |
Total company gross profit adjusted | $ 4,238 | 35.9% | $ 1,121 | 37.4% | $ 1,016 | 35.8% | $ 1,074 | 35.6% | $ 1,027 | 34.9% |
In millions | ||||||||||
FY '20 | OM | Q1 '20 | OM | Q2 '20 | OM | Q3 '20 | OM | Q4 '20 | OM | |
Total company operating earnings reported | $ 1,019 | 8.6% | $ 159 | 5.3% | $ 205 | 7.3% | $ 380 | 12.6% | $ 275 | 9.4% |
Restructuring, net (High-Touch Solutions (N.A.)) | 18 | 7 | 1 | (1) | 11 | |||||
Restructuring, net (Endless Assortment) | 9 | - | - | - | 9 | |||||
Other: | ||||||||||
Impairment charges | 177 | 177 | - | - | - | |||||
Fabory divestiture | 109 | - | 109 | - | - | |||||
Grainger China divestiture | (5) | - | - | (5) | - | |||||
Subtotal - other | 281 | 177 | 109 | (5) | - | |||||
Subtotal - total company | 308 | 2.6% | 184 | 6.1% | 110 | 3.8% | (6) | -0.2% | 20 | 0.6% |
Total company operating earnings adjusted | $ 1,327 | 11.2% | $ 343 | 11.4% | $ 315 | 11.1% | $ 374 | 12.4% | $ 295 | 10.0% |
Note: The reconciliations for reported SG&A to adjusted SG&A contain the same adjustments in the same amounts presented in the reported gross profit to adjusted gross profit and reported operating earnings to adjusted operating earnings tables, therefore no separate reconciliation is provided. |
GAAP to Non-GAAP Reconciliations | ||||||||||
High-Touch Solutions (N.A.) | ||||||||||
In millions | ||||||||||
FY '20 | GM | Q1 '20 | GM | Q2 '20 | GM | Q3 '20 | GM | Q4 '20 | GM | |
HTSNA gross profit reported | $ 3,524 | 38.2% | $ 934 | 39.6% | $ 838 | 38.1% | $ 901 | 37.9% | $ 851 | 37.1% |
HTSNA gross profit adjusted | $ 3,524 | 38.2% | $ 934 | 39.6% | $ 838 | 38.1% | $ 901 | 37.9% | $ 851 | 37.1% |
In millions | ||||||||||
FY '20 | OM | Q1 '20 | OM | Q2 '20 | OM | Q3 '20 | OM | Q4 '20 | OM | |
HTSNA operating earnings reported | $ 1,182 | 12.8% | $ 314 | 13.3% | $ 285 | 13.0% | $ 334 | 14.1% | $ 249 | 10.8% |
Restructuring, net (U.S.) | 6 | 6 | - | - | - | |||||
Restructuring, net (Canada) | 12 | 1 | 1 | (1) | 11 | |||||
Subtotal - total company | 18 | 0.2% | 7 | 0.3% | 1 | 0.0% | (1) | -0.1% | 11 | 0.5% |
HTSNA operating earnings adjusted | $ 1,200 | 13.0% | $ 321 | 13.6% | $ 286 | 13.0% | $ 333 | 14.0% | $ 260 | 11.3% |
Note: The reconciliations for reported SG&A to adjusted SG&A contain the same adjustments in the same amounts presented in the reported gross profit to adjusted gross profit and reported operating earnings to adjusted operating earnings tables, therefore no separate reconciliation is provided. |
GAAP to Non-GAAP Reconciliations | ||||||||||
Endless Assortment | ||||||||||
In millions | ||||||||||
FY '20 | GM | Q1 '20 | GM | Q2 '20 | GM | Q3 '20 | GM | Q4 '20 | GM | |
EA gross profit reported | $ 601 | 27.6% | $ 138 | 27.8% | $ 144 | 27.4% | $ 156 | 27.3% | $ 163 | 27.9% |
EA gross profit adjusted | $ 601 | 27.6% | $ 138 | 27.8% | $ 144 | 27.4% | $ 156 | 27.3% | $ 163 | 27.9% |
In millions | ||||||||||
FY '20 | OM | Q1 '20 | OM | Q2 '20 | OM | Q3 '20 | OM | Q4 '20 | OM | |
EA operating earnings reported | $ 166 | 7.6% | $ 35 | 7.0% | $ 42 | 8.0% | $ 48 | 8.3% | $ 41 | 7.2% |
Restructuring, net (Other Endless Assortment) | 9 | - | - | - | 9 | |||||
Subtotal - total company | 9 | 0.4% | - | 0.0% | - | 0.0% | - | 0.0% | 9 | 1.4% |
EA operating earnings adjusted | $ 175 | 8.0% | $ 35 | 7.0% | $ 42 | 8.0% | $ 48 | 8.3% | $ 50 | 8.6% |
Note: The reconciliations for reported SG&A to adjusted SG&A contain the same adjustments in the same amounts presented in the reported gross profit to adjusted gross profit and reported operating earnings to adjusted operating earnings tables, therefore no separate reconciliation is provided. |
GAAP to Non-GAAP Reconciliations | ||||||||||
Other | ||||||||||
In millions | ||||||||||
FY '20 | GM | Q1 '20 | GM | Q2 '20 | GM | Q3 '20 | GM | Q4 '20 | GM | |
Other gross profit reported | $ 113 | 28.4% | $ 49 | 33.0% | $ 34 | 29.4% | $ 17 | 24.3% | $ 13 | 20.4% |
Other gross profit adjusted | $ 113 | 28.4% | $ 49 | 33.0% | $ 34 | 29.4% | $ 17 | 24.3% | $ 13 | 20.4% |
In millions | ||||||||||
FY '20 | OM | Q1 '20 | OM | Q2 '20 | OM | Q3 '20 | OM | Q4 '20 | OM | |
Other operating earnings reported | $ (329) | -82.7% | $ (190) | -126.1% | $ (122) | -105.7% | $ (2) | -4.3% | $ (15) | -23.3% |
Impairment charges (Other) | 177 | 177 | - | - | - | |||||
Fabory divestiture (Other) | 109 | - | 109 | - | - | |||||
Grainger China divestiture (Other) | (5) | - | - | (5) | - | |||||
Subtotal - total company | 281 | 70.8% | 177 | 118.0% | 109 | 95.0% | (5) | -7.4% | - | 0.0% |
Other operating earnings adjusted | $ (48) | -11.9% | $ (13) | -8.1% | $ (13) | -10.7% | $ (7) | -11.7% | $ (15) | -23.3% |
Note: The reconciliations for reported SG&A to adjusted SG&A contain the same adjustments in the same amounts presented in the reported gross profit to adjusted gross profit and reported operating earnings to adjusted operating earnings tables, therefore no separate reconciliation is provided. |