Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours
Professional golfer and two-time major champion Bryson DeChambeau's unorthodox approach to golf has earned him the nickname "The Mad Scientist." However, the real estate project DeChambeau has invested his golf earnings in might be the clearest example of his penchant for thinking outside the box.
DeChambeau is one of a group of professional golfers who left the PGA Tour to play LIV Golf. LIV is a Saudi-backed professional golf league that intends to rival the PGA Tour. Part of that effort included paying established PGA Tour players like DeChambeau massive bonuses to switch leagues. Golf magazine reports that LIV paid DeChambeau $125 million to come aboard. Despite that massive payday, DeChambeau likes to quip that he's "broke."
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That's not because he spent all his money on expensive cars and fancy houses. DeChambeau is committed to helping grow the game, and he's willing to put his LIV earnings at risk to accomplish his mission. He has used a significant portion of his earnings to buy real estate in his hometown of Clovis, California. DeChambeau intends to build a massive golf complex that will attract new players to the game and put Clovis on the map.
"You build a community around a multisport complex center," he told Golf. "It's going to take 12-15 months to get the permits approved for the full scope. It's over 200 acres of land that we have right now. It's going to be a multisport complex center — driving range, golf course, residential, community center, the whole thing." He told Golf magazine that he believes having all these facilities in one central location is key to his project.
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"Making it economically viable and more accessible are two massive things," DeChambeau told Golf magazine. "I've got a strategy right now that I'm implementing that people have heard. It's a strategy that essentially brings people from off the street, to the driving range, to lessons, and then to the golf course. "You have to have it at one place. At a community center, where it is easily accessible and easily affordable."
DeChambeau calls his plan a "mega-project," and he told Golf magazine he's been busily working on completing it for the past several years. We have acquired massive amounts of land in my hometown, and it is a three-phase process to build a whole community and increase the size of where I grew up by 30 %," he said. "It's a full-scale plan fully throughout [with] county, state, state assemblyman, city officials, [and] mayor."Golf magazine also notes DeChambeau is working on obtaining a conditional use permit that would allow students in the Clovis Unified School District to use the facility. If that happens, it will be one of the most unique public golf facilities in the country. It's a massive undertaking, and DeChambeau knows it wouldn't be possible without the LIV money.
"A lot of the reason why I have been able to do this is because of LIV," DeChambeau said. "They gave me the economic viability to do these things and the platform to be able to do it." The entire project is a massive undertaking, but it's also "on-brand" for DeChambeau. This is, after all, a man who won two majors playing with a set of irons that are all the same length.
Read Next: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O'Reilly and Rudy Giuliani are . This article Golfer Bryson DeChambeau's Massive Real Estate Investment Has Eaten Up Most Of The $125 Million He Got Paid To Switch Tours originally appeared on Benzinga.com
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Fastenal Company Reports 2025 Second Quarter Earnings
WINONA, Minn., July 14, 2025--(BUSINESS WIRE)--Fastenal Company (Nasdaq:FAST) ('Fastenal', 'we', 'our', or 'us'), a leader in the wholesale distribution of industrial and construction supplies, today announced its financial results for the quarter ended June 30, 2025. Except for share and per share information, or as otherwise noted below, dollar amounts are stated in millions. All historical common stock share and per share information and stockholders' equity balances for all periods presented in this release, including the financial statements attached to this release, have been retroactively adjusted to reflect a two-for-one stock split effective at the close of business on May 21, 2025. Percentage and dollar calculations, which are based on non-rounded dollar values, may not be able to be recalculated using the dollar values included in this document due to the rounding of those dollar values. References to daily sales rate (DSR) change may reflect either growth (positive) or contraction (negative) for the applicable period. PERFORMANCE SUMMARY Six-month Period Three-month Period 2025 2024 Change 2025 2024 Change Net sales $ 4,039.7 3,811.3 6.0 % $ 2,080.3 1,916.2 8.6 % Business days 127 128 64 64 Daily sales $ 31.8 29.8 6.8 % $ 32.5 29.9 8.6 % Gross profit $ 1,826.7 1,725.1 5.9 % $ 942.8 863.5 9.2 % % of net sales 45.2 % 45.3 % 45.3 % 45.1 % Selling, general, and administrative (SG&A) expenses $ 996.7 948.0 5.1 % $ 506.7 476.6 6.3 % % of net sales 24.7 % 24.9 % 24.4 % 24.9 % Operating income $ 830.0 777.1 6.8 % $ 436.1 386.9 12.7 % % of net sales 20.5 % 20.4 % 21.0 % 20.2 % Income before income taxes $ 829.8 776.2 6.9 % $ 436.6 386.4 13.0 % % of net sales 20.5 % 20.4 % 21.0 % 20.2 % Net income $ 628.9 590.4 6.5 % $ 330.3 292.7 12.8 % Diluted net income per share $ 0.55 0.51 6.4 % $ 0.29 0.25 12.7 % Note – Daily sales are defined as the total net sales for the period divided by the number of business days (in the U.S.) in the period. QUARTERLY RESULTS OF OPERATIONS Sales Net sales increased $164.1, or 8.6%, in the second quarter of 2025 when compared to the second quarter of 2024. Both periods had the same number of selling days. The results largely reflect the contribution from improved customer contract signings over the past six quarters. Market conditions remained sluggish, providing minimal contribution. Changes in foreign exchange rates positively affected sales in the second quarter of 2025 by approximately 10 basis points and negatively affected sales in the second quarter of 2024 by approximately 20 basis points. We experienced an increase in unit sales in the second quarter of 2025. This was due to a growth in the number of customer sites spending $10K or more per month with Fastenal and, to a lesser degree, growth in average monthly sales per customer site across all customer spend categories. The impact of product pricing on net sales in the second quarter of 2025 was an increase of 140 to 170 basis points, in contrast to the second quarter of 2024, which experienced a decline of 30 to 60 basis points. From a product standpoint, we have three categories: fasteners, including fasteners used in original equipment manufacturing (OEM) and maintenance, repair, and operations (MRO), safety supplies, and other product lines, the latter of which includes eight smaller product categories, such as tools, janitorial supplies, and cutting tools. With industrial production still sluggish in the second quarter of 2025, the performance of our fastener product line continued to lag our non-fastener product lines. The fastener category experienced improved growth in the second quarter of 2025, as compared to the second quarter of 2024. This was driven by easier comparisons, increased contribution from large customer signings, better product availability in our distribution centers, and pricing actions implemented in the second quarter of 2025. We achieved growth in our safety category reflecting the lower volatility of PPE demand, which tends to be utilized in more MRO than OEM applications, growth of our vending installed base, and success with warehousing and data center customers. Other product lines experienced higher growth from MRO-oriented lines, such as electrical and janitorial, rather than from OEM-oriented lines, such as cutting tools and welding/abrasives, reflecting continued soft manufacturing demand. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows: DSR Change Three-month Period % of Sales Three-month Period 2025 2024 2025 2024 OEM fasteners 8.4% -2.3% 19.4% 19.5% MRO fasteners 3.4% -4.3% 11.1% 11.5% Total fasteners 6.6% -3.0% 30.5% 31.0% Safety supplies 10.7% 7.1% 22.2% 21.8% Other product lines 9.0% 3.0% 47.3% 47.2% Total non-fasteners 9.5% 4.2% 69.5% 69.0% From an end market standpoint, we have four categories: heavy manufacturing, other manufacturing, non-residential construction, and other, the latter of which includes reseller, government/education, transportation, warehousing and storage, and data centers. Our manufacturing end markets outperformed primarily due to the relative strength we are experiencing with key account customers with significant managed spend where our service model and technology are particularly impactful. This disproportionately benefits manufacturing customers. The non-residential construction end market experienced growth for the first time in ten consecutive quarters. Other end market sales were favorably impacted by growth with warehousing and storage, and data center customers, which were partially offset by declining sales with resellers. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows: DSR Change Three-month Period % of Sales Three-month Period 2025 2024 2025 2024 Heavy manufacturing 7.5% 1.8% 42.9% 43.3% Other manufacturing 11.5% 4.0% 33.0% 32.2% Total manufacturing 9.2% 2.7% 75.9% 75.5% Non-residential construction 3.0% -5.5% 8.1% 8.5% Other end markets 8.7% 1.5% 16.0% 16.0% Total non-manufacturing 6.7% -1.0% 24.1% 24.5% From a customer standpoint, we have two categories: contracts, which include national multi-site, local and regional, and government customers with significant revenue potential, and non-contracts, which include all other customers. Sales with our contract customers continue to outperform as we realize incremental sales from implementing strong customer signings that we have achieved over the last six quarters, which was partially offset by subdued business activity. Non-contract customers tend to be smaller and utilize fewer of our tools and capabilities, providing fewer avenues for share gains and therefore more closely reflect overall business trends, which remain sluggish. The DSR change when compared to the same period in the prior year and the percent of sales in the period were as follows: DSR Change Three-month Period % of Sales Three-month Period 2025 2024 2025 2024 Contract sales 11.0% 6.9% 73.2% 71.2% Non-contract sales 2.6% -9.0% 26.8% 28.8% Supplemental Data Prior to 2025, our disclosed metrics primarily addressed development of capabilities, including branch openings, geographic expansion, growth of national accounts, growth of non-fastener products, FMI installations, and Onsite signings, to name a few. The data provided in the chart below measures the number of customer sites that are served throughout our in-market network, categorizing them by monthly customer spend categories and end market, and the sales and average sales per site. We believe this supplemental information may be useful to investors in evaluating Fastenal's business trends and whether and to what degree we are being successful. Historical end market sales have been updated in the table below to categorize by customer site and may not be able to be recalculated due to the rounding of those dollar values. Three-month Period 2025 Three-month Period 2024 Customer Sites (#) (1) (2) Sales Mo. Sales per Customer Site (3) Customer Sites (#) (1) (2) Sales Mo. Sales per Customer Site (3) Manufacturing $50K+/Mo. (4) 2,250 $937.5 $138,889 2,021 $835.8 $137,853 $10K+/Mo. 8,827 1,373.6 51,871 8,369 1,250.3 49,799 $5K-$10K/Mo. 4,456 95.9 7,174 4,434 94.9 7,134 <$5K/Mo. 29,855 103.2 1,152 32,009 104.6 1,089 Other sales (5) — 2.7 — — 11.1 — Total manufacturing 43,138 $1,575.4 $12,152 44,812 $1,460.9 $10,784 Non-manufacturing $50K+/Mo. (4) 433 $156.6 $120,554 365 $120.0 $109,589 $10K+/Mo. 3,141 320.4 34,002 2,849 267.1 31,251 $5K-$10K/Mo. 2,922 61.6 7,027 2,849 59.9 7,008 <$5K/Mo. 52,239 111.4 711 58,844 116.6 661 Other sales (5) — 11.5 — — 11.7 — Total non-manufacturing 58,302 $504.9 $2,822 64,542 $455.3 $2,290 Total $50K+/Mo. (4) 2,683 $1,094.1 $135,930 2,386 $955.8 $133,529 $10K+/Mo. 11,968 1,694.0 47,181 11,218 1,517.4 45,088 $5K-$10K/Mo. 7,378 157.5 7,116 7,283 154.8 7,085 <$5K/Mo. 82,094 214.6 871 90,853 221.2 812 Other sales (5) — 14.2 — — 22.8 — Total 101,440 $2,080.3 $6,790 109,354 $1,916.2 $5,771 (1) Customer sites represent the number of customer locations served by our in-market network. Individual customers with multiple locations across multiple in-market locations will have multiple customer sites. (2) Customer sites are an average of the number of customer sites calculated each month. (3) Monthly sales per customer site totals do not include the sales from other sales lines, as there is no customer site count associated with it. This column is not rounded to the millions and represents the exact dollar amount. (4) $50K+ customer sites are disclosed as a representation of Onsite-like customers and are also a subset of $10K+ customer sites. (5) Other sales represent impacts to sales that are not tied to a specific site or in-market location. This includes certain service fees, cash sales, direct product sales, etc. FMI Technology comprises our FASTStock℠ (scanned stocking locations), FASTBin® (infrared, RFID, and scaled bins), and FASTVend® (vending devices) offerings. FASTStock's fulfillment processing technology is not embedded, is relatively less expensive and highly flexible in application, and is delivered using our proprietary mobility technology. FASTBin and FASTVend incorporate highly efficient and powerful embedded data tracking and fulfillment processing technologies. The first statistic is a weighted FMI® measure, which combines the signings and installations of FASTBin and FASTVend in a standardized machine equivalent unit (MEU) based on the expected output of each type of device. We do not include FASTStock in this measurement because scanned stocking locations can take many forms, such as bins, shelves, cabinets, pallets, etc., that cannot be converted into a standardized MEU. The second statistic is sales through FMI Technology, which combines the sales through FASTStock, FASTBin, and FASTVend. A portion of the growth in sales experienced by FMI, particularly FASTStock and FASTBin, reflects the migration of products from less efficient non-digital stocking locations to more efficient, digital stocking locations. We signed 6,458 weighted FASTBin and FASTVend devices in the second quarter of 2025, resulting in 12,875 new FASTBin and FASTVend signings in the first six months of 2025. Our goal for weighted FASTBin and FASTVend device signings in 2025 is 25,000 to 26,000 MEU (our previous goal was 28,000 to 30,000 MEUs). The table below summarizes signings and installations of our FMI devices and sales through our FMI devices, eBusiness(1) tools, and Digital Footprint(2). Six-month Period Three-month Period 2025 2024 DSR Change (3) 2025 2024 DSR Change (3) Weighted FASTBin/FASTVend signings (MEUs) 12,875 13,914 -7.5% 6,458 7,188 -10.2% Signings per day 101 109 101 112 Weighted FASTBin/FASTVend installations (MEUs; end of period) 132,174 119,306 10.8% FASTStock sales $ 502.3 484.2 4.6% $ 263.2 244.4 7.7% % of sales 12.3% 12.5% 12.5% 12.6% FASTBin/FASTVend sales $ 1,285.2 1,123.9 15.3% $ 665.3 567.0 17.3% % of sales 31.4% 29.1% 31.6% 29.2% FMI sales $ 1,787.5 1,608.1 12.0% $ 928.5 811.4 14.4% FMI daily sales $ 14.1 12.6 $ 14.5 12.7 % of sales 43.7% 41.7% 44.1% 41.8% eBusiness sales $ 1,239.6 1,103.8 13.2% $ 631.9 557.0 13.5% % of sales 30.3% 28.6% 30.0% 28.7% Less: eBusiness and FMI sales overlap $ 534.5 426.4 26.3% $ 275.7 215.9 27.8% % of sales 13.1% 11.1% 13.1% 11.1% Digital Footprint sales $ 2,492.6 2,285.5 9.9% $ 1,284.7 1,152.5 11.5% % of sales 61.0% 59.2% 61.0% 59.4% (1) Our eBusiness includes eProcurement activities, which are integrated transactions, including electronic data interchange (EDI), and eCommerce (transactional website sales). (2) Digital Footprint is a combination of our sales through FMI (FASTStock, FASTBin, and FASTVend) plus that portion of our eBusiness sales that does not represent billings of FMI services. (3) Weighted FASTBin/FASTVend signings and installations reflects the percent change compared to the same period in the prior year. Gross Profit Our gross profit, as a percentage of net sales, increased to 45.3% in the second quarter of 2025 from 45.1% in the second quarter of 2024. Price/cost had a slightly favorable impact on our gross profit percentage. Improved margin on fastener sales relating to the fastener expansion project and other supplier-focused initiatives contributed to the increase. The aforementioned positive effects on our gross profit percentage were partly offset by a number of variables. First, customer and product mix diluted our gross profit percentage. This reflects relatively stronger growth from large customers, including Onsite-like customers, and non-fastener products, each of which tend to have a lower gross profit percentage than our business as a whole. Second, we experienced higher import duty costs and higher fleet and transportation costs due to inflation in vehicle costs as we cycle our fleet and in third-party freight costs. Third, customer and supplier incentives were a slight drag on our gross profit percentage. SG&A Expenses Our SG&A expenses, as a percentage of net sales, were 24.4% in the second quarter of 2025 versus 24.9% in the second quarter of 2024. This reflects growth in SG&A of 6.3% in the second quarter of 2025 versus net sales growth of 8.6% in the same period of 2025. Employee-related expenses, which represent 70% to 75% of total SG&A expenses, increased 10.3% in the second quarter of 2025 compared to the second quarter of 2024. We experienced an increase in employee base pay, although at a rate below the growth in sales, due to higher average FTE during the period, and, to a lesser degree, higher average wages during the period. Bonuses and commissions and profit sharing increased at a rate greater than sales as a result of improved business activity and financial performance versus the year-ago period. Additionally, health insurance costs increased at a rate greater than sales. Occupancy-related expenses, which represent 15% to 20% of total SG&A expenses, increased 3.0% in the second quarter of 2025 compared to the second quarter of 2024. This was primarily a result of general inflation in branch rental costs and slightly higher depreciation from an increase in the installed base of FMI hardware. Combined, all other SG&A expenses, which represent 10% to 15% of total SG&A expenses, decreased 10.6% in the second quarter of 2025 compared to the second quarter of 2024. Sales-related travel and information technology (IT) expenses increased slightly. These increases were more than offset by an increase in supplier marketing credits and reductions in general insurance expense. Operating Income Our operating income, as a percentage of net sales, increased to 21.0% in the second quarter of 2025 from 20.2% in the second quarter of 2024. Net Interest We had higher interest income earned during the second quarter of 2025. We had higher interest expense as a result of higher borrowings through the second quarter of 2025. The increase in interest income relative to interest expense resulted in our generating net interest income of $0.5 in the second quarter of 2025, which compared to net interest expense $0.5 in the second quarter of 2024. Income Taxes We recorded income tax expense of $106.3 in the second quarter of 2025, or 24.4% of income before income taxes. Income tax expense was $93.7 in the second quarter of 2024, or 24.2% of income before income taxes. We believe our ongoing tax rate, absent any discrete tax items or broader changes to tax law, will be approximately 24.5%. On July 4, 2025, the U.S. enacted H.R. 1 "A bill to provide for reconciliation pursuant to Title II of H. Con. Res. 14", commonly referred to as the One Big Beautiful Bill Act (OBBBA). Changes in tax laws may affect recorded deferred tax assets and deferred tax liabilities and our effective tax rate in the future and we continue to evaluate the impacts the new legislation will have on the Condensed Consolidated Financial Statements. As a result of the enactment of H.R. 1, we anticipate an impact to the deferred tax liability and the income tax payable related to the provisions for 100% bonus depreciation for assets placed in service after January 19, 2025 and full expensing of domestic research and experimental expenditures. We do not expect any material change to our ongoing tax rate as a result of this legislation. Net Income Our net income during the second quarter of 2025 was $330.3, an increase of 12.8% compared to the second quarter of 2024. Our diluted net income per share was $0.29 in the second quarter of 2025, compared to $0.25 in the second quarter of 2024. CASH FLOW AND BALANCE SHEET Net cash provided by operating activities was $278.6 in the second quarter of 2025, an increase of 8.1% from the second quarter of 2024, representing 84.4% of the period's net income versus 88.1% in the second quarter of 2024. The decrease in operating cash flow, as a percent of net income, primarily reflects our operating assets and liabilities being a greater use of cash in the second quarter of 2025 as compared to the second quarter of 2024. Net cash provided by operating activities was $540.8 in the first six months of 2025, a decrease of 8.8% from the first six months of 2024, representing 86.0% of the period's net income versus 100.5% in the first six months of 2024. The decrease in operating cash flow, as a percent of net income, primarily reflects our operating assets and liabilities being a more significant use of cash in the first six months of 2025 than in the first six months of 2024. The dollar and percentage change in accounts receivable, net, inventories, and accounts payable as of June 30, 2025 when compared to June 30, 2024 were as follows: June 30 Twelve-month Dollar Change Twelve-month Percentage Change 2025 2024 2025 2025 Accounts receivable, net $ 1,324.2 1,204.8 $ 119.3 9.9 % Inventories 1,726.3 1,504.6 221.7 14.7 % Trade working capital $ 3,050.5 2,709.4 $ 341.0 12.6 % Accounts payable $ 319.3 292.6 $ 26.7 9.1 % Trade working capital, net $ 2,731.2 2,416.8 $ 314.3 13.0 % Net sales in last three months $ 2,080.3 1,916.2 $ 164.1 8.6 % Note - Amounts may not foot due to rounding difference. The increase in our accounts receivable balance in the second quarter of 2025 was primarily attributable to growth in sales with our customers, including relative growth with larger customers that tend to carry longer payment terms. The increase in our inventory balance in the second quarter of 2025 was primarily attributable to three factors. First, we added inventory to support projected growth in our business and, to a lesser extent, the anticipated impact of tariffs. Second, our inventory increased as a result of growth in sales with certain customers and the addition of stock to ensure we can support their future growth. Third, we added inventory to support our fastener expansion and optimal package quantity initiatives, which are intended to improve service to our in-market locations and generate efficiencies in our hubs. The increase in our accounts payable balance in the second quarter of 2025 was primarily attributable to an increase in our product purchases as reflected in the growth in inventories. During the second quarter of 2025, our investment in property and equipment, net of proceeds from sales, was $64.3, which was a slight increase from $52.6 in the second quarter of 2024. This was primarily related to an increase in spending for FMI hardware to support growth in our installed base, facility construction and upgrades, IT, and vehicles. For 2025, we expect our investment in property and equipment, net of proceeds from sales, to be within a range of $250.0 to $270.0, a decrease from our originally anticipated range ($265.0 to $285.0) and an increase from $214.1 in 2024. The expected growth on a year-to-year basis reflects three items. First, we expect higher distribution center spending to complete our replacement Utah hub facility, begin construction on a replacement Atlanta hub facility, and improve our picking capacity and efficiency across our hub network. Second, we expect elevated IT spending as projects that were expected in 2024 experienced delays and will occur in 2025. Third, we expect greater outlays for FMI hardware reflecting an increase in our targeted signings. During the second quarter of 2025, we returned $252.5 to our shareholders in the form of dividends, compared to the second quarter of 2024 when we returned $223.3 to our shareholders in the form of dividends. During the first six months of 2025, we returned $499.1 to our shareholders in the form of dividends, compared to the first six months of 2024 when we returned $446.5 to our shareholders in the form of dividends. We did not repurchase any of our common stock in either period. Total debt on our balance sheet was $230.0 at the end of the second quarter of 2025, or 5.7% of total capital (the sum of stockholders' equity and total debt). This compares to $235.0, or 6.3% of total capital, at the end of the second quarter of 2024. ADDITIONAL INFORMATION The table below summarizes our absolute and full time equivalent (FTE; based on 40 hours per week) employee headcount, number of branch locations, number of $50K+ customer sites, and weighted FMI devices at the end of the periods presented and the percentage change compared to the end of the prior periods. Change Since: Change Since: Change Since: Q2 2025 Q1 2025 Q1 2025 Q4 2024 Q4 2024 Q2 2024 Q2 2024 Selling personnel - absolute employee headcount (1) 17,192 16,995 1.2 % 16,669 3.1 % 16,727 2.8% Selling personnel - FTE employee headcount (1) 15,660 15,236 2.8 % 15,014 4.3 % 15,341 2.1% Total personnel - absolute employee headcount 24,362 24,181 0.7 % 23,702 2.8 % 23,629 3.1% Total personnel - FTE employee headcount 21,807 21,339 2.2 % 20,958 4.1 % 21,249 2.6% Number of branch locations 1,596 1,587 0.6 % 1,597 -0.1 % 1,599 -0.2% Number of $50K+ customer sites 2,683 2,502 7.2 % 2,330 15.2 % 2,386 12.4% Weighted FMI devices (MEU installed count) 132,174 129,996 1.7 % 126,957 4.1 % 119,306 10.8% (1) In the fourth quarter of 2024, we realigned certain employees as a result of a routine review of our organizational structure. While there is no change to total absolute or total FTE headcount, it produces minor shifts between headcount categories. Historical numbers have been adjusted to reflect this realignment. During the last twelve months, we increased our total FTE employee headcount by 558. Our total FTE selling and sales support personnel increased by 319 to support growth and sales initiatives to target customer acquisition. We had an increase in our distribution and transportation FTE personnel of 133 to support increased product throughput at our distribution facilities. We had an increase in our remaining FTE personnel of 106, which related primarily to personnel investments in manufacturing, quality control, IT, and business analytics. CONFERENCE CALL TO DISCUSS QUARTERLY RESULTS As we previously disclosed, we will host a conference call today to review the quarterly results, as well as current operations. This conference call will be broadcast live over the Internet at 9:00 a.m., central time. To access the webcast, please go to our Investor Relations Website at ADDITIONAL MONTHLY AND QUARTERLY INFORMATION We publish on the 'Investor Relations' page of our website at both our monthly consolidated net sales information and the presentation for our quarterly conference call (which includes information, supplemental to that contained in our earnings announcement, regarding results for the quarter). We expect to publish the consolidated net sales information for each month, other than the third month of a quarter, at 6:00 a.m., central time, on the fourth business day of the following month. We expect to publish the consolidated net sales information for the third month of each quarter and the conference call presentation for each quarter at 6:00 a.m., central time, on the date our earnings announcement for such quarter is publicly released. FORWARD-LOOKING STATEMENTS Certain statements contained in this document do not relate strictly to historical or current facts. As such, they are considered 'forward-looking statements' that provide current expectations or forecasts of future events. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of terminology such as anticipate, believe, should, estimate, expect, intend, may, will, plan, goal, project, hope, trend, target, opportunity, and similar words or expressions, or by references to typical outcomes. Any statement that is not a historical fact, including estimates, projections, future trends, and the outcome of events that have not yet occurred, is a forward-looking statement. Our forward-looking statements generally relate to our expectations and beliefs regarding the business environment in which we operate, our projections of future performance, our perceived marketplace opportunities including our prospects to capture long-term value from certain warehousing customers and the related end market, our strategies, goals, mission, and vision, and our expectations about future capital expenditures, future tax rates, including anticipated tax impacts from recent legislation, future inventory levels, pricing, weighted FMI device signings, future sales attributable to our Digital Footprint, investment in property and equipment, the impact of inflation or deflation on our cost of goods, controlling SG&A expenses including FTE growth, future traditional branch closures and openings, the impact of fluctuations in freight and shipping costs, future operating results and business activity, and the impact of natural disasters on daily sales. You should understand that forward-looking statements involve a variety of risks and uncertainties, known and unknown (including risks disclosed in our most recent annual and quarterly reports), and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. Factors that could cause our actual results to differ from those discussed in the forward-looking statements include, but are not limited to, those detailed in our most recent annual and quarterly reports. Each forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any such statement to reflect events or circumstances arising after such date. FAST-E FASTENAL COMPANY Condensed Consolidated Balance Sheets (Amounts in millions except share and per share information) (Unaudited) Assets June 30,2025 December 31,2024 Current assets: Cash and cash equivalents $ 237.8 255.8 Trade accounts receivable, net of allowance for credit losses of $4.7 and $5.2, respectively 1,324.2 1,108.6 Inventories 1,726.3 1,645.0 Prepaid income taxes 14.5 18.8 Other current assets 158.9 183.7 Total current assets 3,461.7 3,211.9 Property and equipment, net 1,101.0 1,056.6 Operating lease right-of-use assets 308.3 279.2 Other assets 145.2 150.3 Total assets $ 5,016.2 4,698.0 Liabilities and Stockholders' Equity Current liabilities: Current portion of debt $ 130.0 75.0 Accounts payable 319.3 287.7 Accrued expenses 257.1 225.6 Current portion of operating lease liabilities 106.1 98.8 Income taxes payable 7.8 — Total current liabilities 820.3 687.1 Long-term debt 100.0 125.0 Operating lease liabilities 209.1 186.6 Deferred income taxes 70.3 68.9 Other long-term liabilities 9.1 14.1 Stockholders' equity: Preferred stock: $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding — — Common stock: $0.01 par value, 1,600,000,000 shares authorized, 1,147,617,563 and 1,146,640,904 shares issued and outstanding, respectively 11.5 11.5 Additional paid-in capital 104.2 82.8 Retained earnings 3,743.3 3,613.5 Accumulated other comprehensive loss (51.6 ) (91.5 ) Total stockholders' equity 3,807.4 3,616.3 Total liabilities and stockholders' equity $ 5,016.2 4,698.0 FASTENAL COMPANY Condensed Consolidated Statements of Income (Amounts in millions except income per share) (Unaudited) Six Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Net sales $ 4,039.7 3,811.3 $ 2,080.3 1,916.2 Cost of sales 2,213.0 2,086.2 1,137.5 1,052.7 Gross profit 1,826.7 1,725.1 942.8 863.5 Selling, general, and administrative expenses 996.7 948.0 506.7 476.6 Operating income 830.0 777.1 436.1 386.9 Interest income 3.6 2.9 2.7 1.3 Interest expense (3.8 ) (3.8 ) (2.2 ) (1.8 ) Income before income taxes 829.8 776.2 436.6 386.4 Income tax expense 200.9 185.8 106.3 93.7 Net income $ 628.9 590.4 $ 330.3 292.7 Basic net income per share $ 0.55 0.52 $ 0.29 0.26 Diluted net income per share $ 0.55 0.51 $ 0.29 0.25 Basic weighted average shares outstanding 1,147.2 1,144.9 1,147.5 1,145.2 Diluted weighted average shares outstanding 1,149.8 1,148.2 1,150.1 1,148.2 FASTENAL COMPANY Condensed Consolidated Statements of Cash Flows (Amounts in millions) (Unaudited) Six Months Ended June 30, Three Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities: Net income $ 628.9 590.4 $ 330.3 292.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation of property and equipment 84.4 81.2 42.4 41.0 Gain on sale of property and equipment (1.6 ) (1.7 ) (1.3 ) (1.1 ) Bad debt expense (recoveries) 1.9 (0.6 ) 0.2 0.3 Deferred income taxes 1.4 1.2 0.7 0.4 Stock-based compensation 4.1 4.0 2.0 2.0 Amortization of intangible assets 5.4 5.4 2.7 2.7 Changes in operating assets and liabilities: Trade accounts receivable, net (206.4 ) (120.9 ) (36.4 ) 6.7 Inventories (67.7 ) 12.2 (41.2 ) (9.7 ) Other current assets 25.6 6.5 15.5 (28.4 ) Accounts payable 24.7 30.7 (20.6 ) 15.1 Accrued expenses 30.1 (22.5 ) 38.9 9.4 Income taxes 12.5 1.0 (58.4 ) (73.5 ) Other (2.5 ) 6.7 3.8 0.4 Net cash provided by operating activities 540.8 593.6 278.6 258.0 Cash flows from investing activities: Purchases of property and equipment (125.0 ) (106.9 ) (69.3 ) (56.1 ) Proceeds from sale of property and equipment 6.9 6.0 5.0 3.5 Other (0.2 ) (0.2 ) (0.1 ) (0.1 ) Net cash used in investing activities (118.3 ) (101.1 ) (64.4 ) (52.7 ) Cash flows from financing activities: Proceeds from debt obligations 675.0 385.0 520.0 225.0 Payments against debt obligations (645.0 ) (410.0 ) (490.0 ) (190.0 ) Proceeds from exercise of stock options 17.3 18.6 6.1 2.8 Cash dividends paid (499.1 ) (446.5 ) (252.5 ) (223.3 ) Net cash used in financing activities (451.8 ) (452.9 ) (216.4 ) (185.5 ) Effect of exchange rate changes on cash and cash equivalents 11.3 (5.4 ) 8.2 (1.4 ) Net (decrease) increase in cash and cash equivalents (18.0 ) 34.2 6.0 18.4 Cash and cash equivalents at beginning of period 255.8 221.3 231.8 237.1 Cash and cash equivalents at end of period $ 237.8 255.5 $ 237.8 255.5 Supplemental information: Cash paid for interest $ 4.2 4.2 $ 2.7 1.8 Net cash paid for income taxes $ 185.3 181.8 $ 163.4 165.8 Operating lease right-of-use assets obtained in exchange for new operating lease liabilities $ 73.2 49.4 $ 42.7 19.0 View source version on Contacts Dray SchreiberFinancial Reporting & Regulatory Compliance507.313.7324
Yahoo
14 minutes ago
- Yahoo
ESPN, NFL Fight Mark Gastineau's $100M Lawsuit Over '30 for 30′
ESPN, the NFL and other defendants named in retired New York Jets defensive end Mark Gastineau's $100 million breach of contract and false endorsement lawsuit argue in a new motion to dismiss the case that the five-time Pro Bowler's legal theories are contradicted by contracts he signed and defy basic principles of both the right of publicity and the First Amendment. In March, Gastineau filed a complaint in the Southern District of New York accusing ESPN and the NFL of using unauthorized video of him confronting retired Hall of Fame quarterback Brett Favre at a sports memorabilia show in 2023. The video appears in '30 for 30: The New York Sack Exchange,' which centers on Gastineau and teammates who were part of the highly-vaunted Jets' defensive line in the early 1980s. The 30 for 30 includes a clip of Gastineau accusing Favre of 'falling down' in the final minutes of the 2001 regular season, when New York Giant defensive end Michael Strahan sacked Favre and broke Gastineau's NFL record for most sacks in a single season. Gastineau, 68, says he has been ridiculed on social media over how he is portrayed. He says he never consented to the filming of the Favre confrontation. Gastineau also accuses ESPN and the NFL of placing him in a false light by omitting video of Gastineau and Favre shaking hands at the end of their conversation. Through a brief filed by Alexander Kaplan and other attorneys from Oppenheim + Zebrak on July 3, ESPN and the NFL assert Gastineau's case has numerous flaws. First, Gastineau signed contracts with NFL Films that—ESPN and the NFL maintain—negate his claims. Of central importance Gastineau signed a talent agreement which, in exchange for Gastineau receiving compensation, granted NFL films the right to his NIL and other aspects of his right of publicity, including his voice, actions and biographical information. The agreement also contemplated Gastineau waiving any right to approve how he is portrayed or to approve the film itself. Likewise, the agreement indicates that NFL films can modify and edit content. It also neither requires nor excludes 'any material to be specifically included in the Film.' ESPN and the NFL maintain that a plain reading of the contractual language should end Gastineau's case. As the defendants tell it, he granted 'unfettered rights of publicity, including with respect to the footage about which he is complaining.' Beyond contractual language, ESPN and the NFL stress the 'Favre Encounter' was a newsworthy event and thus exempt from right of publicity and privacy claims. The defendants stress that the encounter was of public interest because it concerned Gastineau's relationship with Favre regarding and tackled an especially divisive topic: Whether Favre took a dive to give Strahan the all-time NFL single season sack record. 'The Favre Encounter,' the defendants wrote, 'is a key development in the narrative of Gastineau's legacy, how he was impacted by Favre's sack, and how his New York Sack Exchange teammates viewed him.' ESPN and the NFL also argue that while Gastineau contends his impromptu meeting with Favre at the memorabilia show was a 'private encounter,' it was anything but. The defendants point out that Gastineau and Favre were surrounded by onlookers. Gastineau also wore a microphone provided by the film crew, which indicates he 'consented to the recording.' This was also not a hidden camera situation: the film crew was around Gastineau, and he was 'fully aware' of them. In addition, ESPN and the NFL stress how in interpreting the First Amendment, courts have consistently protected artistic works, including documentaries and other biographical works. The New York Sack Exchange and its members, including Gastineau, are fair game for historical reports and other media, the defendants insist. Through what is sometimes coined artistic license, filmmakers also enjoy substantial discretion in how they tell of events and narrate history. Lastly, ESPN and the NFL maintain that Gastineau didn't suffer any damages. He contractually assented to appear in a film and to the filmmaker controlling how he appeared. Further, 'waived any right to inspect or approve' how he appeared in the film. The defendants essentially argue that Gastineau is complaining about something he contractually accepted and thus can't establish he was harmed in a way the law ought to remedy. Gastineau will have the opportunity to try to rebut ESPN and the NFL's arguments by filing an opposition to their motion to dismiss. The case is before U.S. District Judge Paul A. Engelmayer. Advertisement More from Best of Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
Yahoo
15 minutes ago
- Yahoo
Sham Yankees: MLB Suit Targets Alleged Counterfeiter With 5 Names
A man who goes by as many as five different names is accused in a new federal lawsuit of repeatedly selling counterfeit New York Yankees merchandise around Yankee Stadium. MLB Advanced Media and MLB Properties contend that Jemal Dortch—who is also called Jamal Dortch, Jamal Wiggins, Jemal Wiggins and Jamaal Wiggins—is liable for trademark counterfeiting, trademark infringement and related claims. The case is detailed in a 34-page complaint filed on Tuesday in the Southern District of New York. Advertisement More from MLB Advanced Media and MLB Properties (hereinafter MLB) own and officially license various apparel and other products that feature among the more than 1,000 trademarks of MLB and its teams. As MLB tells it, Dortch has been a serial counterfeiter and infringer who has ignored 'repeated warnings' to stop the distribution and selling of baseball caps, headwear and other products bearing MLB trademarks. The complaint, authored by Robertson D. Beckerlegge and other attorneys from BakerHostetler, refers to undercover investigators hired by MLB to pose as buyers of merchandise outside of Yankee Stadium. MLB cites 18 separate examples of Dortch running afoul of the law between September 2022 and last month by selling counterfeit and infringing goods. Despite being arrested or caught in the act by private investigators, Dortch doesn't appear deterred by the consequences. He's accused of simply trying again months, weeks, days or even hours after being caught. Advertisement For example, on Sept. 23, 2022, Dortch was arrested for trademark counterfeiting in connection with his distributing, offering for sale, and/or selling infringing goods. On April 1, 2023, Dortch was arrested again for the same offense. On July 7, 2024, Dortch was observed selling caps bearing Yankees logos. MLB then served Dortch with a cease-and-desist letter and he agreed to surrender 56 counterfeit Yankees caps. But a couple of weeks later, he was observed engaged in the same activity, leading to another cease-and-desist letter and him surrendering more than two dozen counterfeit Yankees caps and hats. MLB cites still other incidents that occurred closer in time. On Aug. 24, 2024, Dortch surrendered 18 counterfeit Yankees caps and hats. A day later there were two separate incidents. In the first one he surrendered counterfeit Yankees caps, hats and t-shirts and later in the day he was spotted again. He then turned over more caps, hats and t-shirts. The complaint's inventory of incidents is extensive and includes surveillance photos. Advertisement MLB highlights that the sale of counterfeit goods is likely to 'cause confusion and mistake in the minds of the purchasing public.' Some consumers might wrongly believe they're buying officially licensed products. MLB also points out its intellectual property and goodwill are harmed since its trademarks stand for 'the reputation for quality' that officially licensed products demand. Among the demanded remedies, MLB wants a permanent injunction to block Dortch from selling any 'any reproduction, counterfeit, copy or colorable imitation of the MLB Trademarks to identify any goods or the rendering of any services not authorized.' The league also demands that Dortch be barred from 'making any statement or representation whatsoever' that could induce consumers into believing he's selling legit items. The destruction or 'otherwise dealing with the unauthorized products' is also demanded, as is a requirement that Dortch supply MLB 'with the name and address of each person or entity from whom or from which it has purchased any item bearing the MLB Trademarks.' In addition, MLB wants Dortch's profits and other financial compensation as well as total sales figures for any sales of unauthorized MLB items. The case has been assigned to U.S. District Judge Loretta A. Preska, who has presided over several high-profile cases over the years. In the late 1990s, Preska was the judge for the defamation lawsuit brought by wrongly accused Olympic Park bombing suspect Richard Jewell against the New York Post. That litigation settled out of court. Best of Advertisement Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
