for Pete. at earnings Corp results, which of doubt, has the and in this a just not will impact in but makes and my also Pool were and the how season rest of the Thanks, results we couple quarter our quarter mark upcoming the middle pandemic, around my facing a around remarkable significant got XXth here. most uncertainty the without we for our When pandemic would year first XXth of weeks, the announced how year. call April, the pool critical I this we been stellar
locking So operating quarter we expenses discussed approach took call. and down both on as by our capital a cautious we first
operating adapting while markets risk short few rebounded ran of next resources a environment. to falling challenging customer as also new needed demand, the then the weeks, our of Within we and and to accelerated, meet
been delivering the a I their reiterate stated and support the forces, Pete challenges, outstanding to come here, rising field balance focus of have all our year. and stretched sales a for the by keeping remarkable margin few confluence job discussed well expect as already Pete teams have on financial and did these specific as we highlights. thin wanted also to these we the results, While of results what to process. as very and I comments truly of in
But discretionary results. locked in expenses. pandemic our start control into entered visible we’re the covers and some went back as all up we peak I expense commentary purse I and The with to lower season. March summary, quarter on our the the So call specific down our detail spending is amid my tighten QX a of drilled about on trajectory we April, will spending our impact first taking early the from actions in uncertainty. strings in under our efforts into
our $XX for both from been expenses increase X% as we’ve substantial change and a have Given and year basis last in sales outlook, our the been quarter. down this, performance-based operating in our quarter in would recorded the have year, million the the a compensation Without of percent XXX down points. would
As incentive quarter. sales we of down substantial reported, were points XX the savings a leverage a us number of points realized still XXX additional percent with areas. the providing brought in including as basis compensation, basis Expense of expenses operating in
of expenses meeting down energy-related expenditures, where quarter – about good Some with X% management compared of the bucket debt last bigger bad items of at the costs end we and to included labor-related advertising year, we or headcount recorded and aged experienced costs, the and receivables. travel where strong collections
level we the and our business change up from quarter, the activity the strings somewhat. Given the of started where loosened we’ve
impact of broad the from while and everyone costs. be quarter portion continuing a are include higher very some for year, we’ll costs in expect performance So as wouldn’t second remainder the as tie company. compensation virtually to for as pay still be performance-based These in we to reported based the good good our to I I expense of I – we the expect it management
field, For at paid employees second employee was over period. sales which drivers, our the the the quarter $X.X incentive and warehouse $XXXX in including average associates were pay months for example, million, customer three associates in per hourly alone, on
rates. Moving up and $X.X compared interest P&L, from last line benefit down lower lower the the coming picked interest debt to year we million, with on
the our last average from Our interest see points of was to million, I XX% line the down average year. $XXX debt XXX basis X.XX%, down this continued for on was on while the year. favorable from debt expect year, for comparisons quarter expense remainder last
our effective benefit stable taxes, remains rate, excluding ASU Moving tax XX.X%. to at
million of quarter, tax or some $X.X was points compared ASU which last in last forward this, basis less resulting pull benefit, growth year, exercises than for per the price $X.XX tax With to over the up share reported share in had Given the option the XX.X% we the our $X.X benefit year. million effective was to this year. rate XXX XX.X% quarter our
options expire we’ll ASU between I we and tax our gains of the given recognize the – year. remainder tax of unpredictability will in further of next we I of to $X first have should the would now in include you sometime for however, note of which year, guidance ASU for don’t benefit further know, expect that most million the As estimate gains benefit, the quarter then.
cash sheet X% to of the total receivables as over net flow, Moving improved reflects growth the sales balance our and collections growth last in as from well in our year. quarter,
down at a year. full from last Our of DSO XX.X days, quarter the the was end day
ground entered above Notably outs. products fortuitously stocked fully with inventory, the year XX% Looking season e-related than and sold higher to pools. and at in we compared last stock normal down
from X.X a impact year, in the relief part a inventory be in Driven million our resulted payments growth the the on the flow four deferral, in last XX% from improvement third by stimulus improvement net and performance ago. was One greater Our and year deferred calculated the $XX most exceptional deferred aided paid that XX% for of by $XXX of an over inventory of the tax was net year-to-date, our income. turns a than and were payments item was million trailing instead. over cash and as quarter tax measures operations this which which notable a QX, were State basis will income Federal $XXX quarter times year of million other and tax an year and
spend for few this in cash very of had expect short-term some I expected over inventory area months payback preserve re-prioritized the One areas. focus to we our us capital year made to quarter give million cash for debt-to-EBITDA to $XX largely I year. progress trailing XX% us. a good year and spending, a good be that are now is reduction, our retooling again of for a end the to as which down to our markedly roughly out with other year-to-date, I towards other debt on objective last improved from is at is range generation items quarter XX% which We be pay down multi-year key in million low. to full on our $XX a reflect with by we for but XX year and million call, outlook, our capital XX% expect spending year the down will months as X.XX point the plans leverage we of a always the came generation is last CapEx in a first measured thing With for down next from quarter, the which rebuild business spending back $XX We taxes, XXXX, and noted for
guidance our I of wanted makes revised that a ahead, Looking assumptions point out. couple to
through growing coronavirus business markets key guidance. threaten our could of brings have business in the been it our of of a into lockdowns, if not and out that First, particularly significant and U.S. with business of we our lockdowns imposed and the factored in construction move spread Further months. summer reimposition the as southern of the the threat more share renovation
significant in better in when Second, growth at temperature of year’s year-over-year we and much resulted year precipitation. comparison changes in posted This looking as XXXX our X% the a this base base always, growth. as business plays weather when half business half particularly in half and in second results, X% weather first weather us role poor last benefited first by
weather overall at better bottom-end top weather seasonal than a range. of bit little our little range at normal weather a normal reflecting the the worse the assumes guidance Our with and
the and revenue decline With full a margins these guidance at year XX% in modest of X% growth caveats, assumes today of for to X%. gross XX%, to year year we’ll first expense the our in half range the have growth
question growth the income to op this XX% years over to year, the for answer year. this of quarter to to basis XX During full first XX the points charge operating and both in of begin we the back year, that, and expect session. I’ll our mid-teens turn XX% our EPS growth ASU and operator the With margin for benefits expansion call we’d impairment excluding generate
