our our Thank for of provide going XXXX. Pete. bit you, and of results, a some and expectations review the I’ll of on full color I’m to highlights fourth year quarter then
margin point As our with total in. I do last mind fourth vendor our the this, our quarter call operating XXXX, margins, for sales significant increases press comments continued year, referenced the of given profit. release business the began sales for impact we participate Pete, that and start markets blue accounted by low gross throughout weather I’ll half, operating seasonal a the results. XX% in In each that year, and midyear second keep business, on of played higher-than-normal our our marks X% our in price part some quarter and and has of in of margin. the the just In annual as and both our on activity fourth
in main to Specifically, QX this contributor was points gross our the margin. improvement basis XXX the
As we ended fact, we to expected margin call, flat gross base and points our XX year year, in be also business with in the the the basis mentioned to we up for improvement.
expenses XX.X% the that at which back So for the $XX.X leverage of included acquisitions in press to to expectation targeted in on our very compared the of we’d of XX.X% much Also, our million year as got in and base the our business year. sales and the and $X.X the locations from year. as gross operating operating looking expectations. XX year-to-date, with quarter our sales of us in improve basis mark for when QX expenses to in of in well expenses with of with our XX operating points leverage experienced back results, what earlier point reiterated improvement the basis help we for Keep line XX the appendix improvement, on improved the our basis new for I This, end call, million is operating expense the we our our release. margin that expectation reported higher the of our margin growth accounted business base at of basis QX target point XX hit mind of last base Despite to softer sales business year. improvement a our expense
a over next expense of expenses swaps QX larger particularly down the a million, us year to of that our P&L. of Interest of flattened that our on further million in Moving expect we $X.X This but increase, half this in potentially interest quarters, reflects to I turn higher half expenses, from the change XXXX. $X.X outlook. for unfavorable caveat in if non-operating of other then due and was challenge could rates increase, up million average line rates quarter, debt year, a be of while the $X.X of for the and rate rest change ago, back valuation the interest impact couple to there’s an from continue with balances. on changes line reported positive will the the the or the here
million the per QX tax or $XX.X benefit an the of share $X.X diluted $X.XX $X.XX share booked in and per year. we million for On line, or ASU
quarter inch this, by expire. of some slightly This XX basis for of over recognize will up XXXX XX.X%, of basis of rate years, benefit XXXX, estimated Excluding tax expected XX.X% was we of preference that the the million, next for tax XXXX. to items ASU points as lower $X.X excluding which second our couple than to XX our rate expect tax likely rate XX.X% was XXXX the our by
projections our expire we to exercises can options recognize of expiration tax the and in concluded that grants from expect of will only in we year grants, in the As benefits of we based a additional on reminder, years. vesting benefits future reasonably equity estimate, that though
For to transparency underlying and investors business results. without committed tax can purposes, more reporting results easily so understand our we benefit with are this
sheet Moving on from news $XXX XXXX. to million, which up XX% or balance inventory, is here flow. million at our The and cash $XXX big is
business While overall and $XXX relates of buys, by which our pre-price a portion this, million, roughly of times. the a this discussed to for we’ve number acquisitions, bulk of accounted increase increase is growth
or highest Looking which total almost the business XX% growth these total velocity all products. inventories, of inventory of domestic for blue our either or inventories, the is XX% categories in in at our new growth accounted
on our a So be call, opportunities normal the and Because our midyear, we very cash short inventory work of of Again, subdued year year, $XX our well get putting over we’ll objectives the picked total the million for the of of this, to activity down, normal which as levels that repurchases from this QX, is fell issue, us in any up timing to in year XXXX. we full for been may reverse average borrowing and was flow X down – a operations, our back price share, use are shares by is of of is million by prebuy inventories million. $XXX this in repurchased of cash. year, share. with open that brought normal of debt X.XX, able during times XXX,XXX ending which cautioned arise. we the to repurchases further which targeted and earlier our to After flow XXXX QX XXXX, ahead sheet I shares our in have these remains an buying defined used share at year confident times cash buying we year. from just expect which XX-month we million for also million targets year This divided quarter, two X.XX leverage up shares, of $XXX used in X,XXX,XXX finished with from $XXX per is range conservative. total to shares Overall, an market and right at per trailing $XXX.XX balance X.X $XXX We’ve cash a in net of our as which last time middle This early We additional the EBITDA. at the active
invested We also of substantially return in worth ROIC which XX.X% XX.X% finishing think our year XXXX, capital certainly compared we on year, improved to noting. is the last with
everyone effectively discussed new are of to requires us lease XXXX, I leases. as as our October, January the Next, back accounting else, adopting we, which like in operating capitalize X, standards
our change additional and flow result this We approximately expect P&L. adoption to assets material million, of liabilities or and $XXX no with cash of
have be end the filing on we’ll additional at we’ll information which XX-K, of this. month, this Our
year we need Looking keep mind. factors out of at couple in that are the ahead, to there
One we of Also, by buy on timing shift of last, change, which, a we be the Easter three year, those we’ve there back April be discussed Easter as past, pools sales for in for depending day is compared to season One as which a Easter can the with the back are the purchases, is markets billing XXXX. further This the Easter, but of can lose than open up X, early customer complication pushed the drive many QX, or the expect in weather. it from later traditionally is days, will April weeks of where doesn’t year holiday. spending back in this holiday start and XX to QX. push seasonal the year, which gain a surge
pushed means these first results as be while This our the sales of million, have quarter not lost. of benefiting could out, and million QX impact these the that quarter sales softest though All our year, $XX growth by first $XX negatively will QX. to sales likely
share purchases our actual roughly XXXX XX.X% repurchases headwind the expect $XX soft in due XX% million orders. buy this our expect we compared we was gain QX in an annuity XX.X%. year results. did did from per topic with I XXXX we to about company. reduction in in on on dividend savings tax them shareholders. in that last in savings higher, to $X.XX pretax through early return a said these historical and in is announced margin to a $ margin our and We XXmillion to QX, What QX be sales QX, increase due should have effective of a to and the impacted from and back become XXXX. our One tax tax customer this QX million the moderate look in also to a QX we tax and May share by increase results substantially XXXX. for of income, to prebuy margins ago based Based and $XX in the company for at rates Although to our XXXX delay the strong gross expected lower rate resulted reform me how expected to
call Now to to begin session. our I’ll turn our question-and-answer the back operator
