Page 1

Boyd Group Services Inc. Reports First Quarter 2021 Results / NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES / - Preparing for a Post Pandemic Collision Recovery- WINNIPEG , MB , May 12 , 2021 / CNW / - Boyd Group Services Inc. ( TSX : BYD ) ( " the Boyd Group " , " Boyd " or " the Company " ) today announced the results for the three month period ended March 31 , 2021. The Boyd Group's first quarter 2021 financial statements and MD & A have been filed on SEDAR ( www.sedar.com ) . This news release is not in any way a substitute for reading Boyd's financial statements , including notes to the financial statements , and Boyd's Management's Discussion & Analysis . Results and Highlights for the First Quarter Ended March 31 , 2021 : • U.S. dollar reporting was adopted , beginning January 1 , 2021 • Financial results were significantly impacted by the COVID - 19 pandemic • Sales decreased by 9.9 % to $ 421.6 million from $ 467.8 million in the same period of 2020 , including same - store sales decreases of 14.2 % , with Canada having a significantly greater negative impact due to the slower economic reopening and more significant restrictions in place when compared to the U.S. Same - store sales decreased 12.6 % on a days adjusted basis , recognizing one less selling and production day in the U.S. and Canada in the first quarter of 2021 when compared to the same period of 2020 . • Adjusted EBITDA1 decreased 12.8 % to $ 52.7 million , or 12.5 % of sales , including , $ 3.4 million of Canada Emergency Wage Subsidy ( " CEWS " ) , compared with Adjusted EBITDA of $ 60.5 million , or 12.9 % of sales in the same period of 2020 • Adjusted net earnings 1 decreased 45.4 % to $ 8.3 million , compared with $ 15.2 million in adjusted net earnings in the same period of 2020 and adjusted net earnings per share 1,2 decreased 48.0 % to $ 0.39 , compared with $ 0.75 in the same period of 2020 • Net earnings decreased 54.4 % to $ 7.7 million , compared with $ 17.0 million in the same period of 2020 and net earnings per share² decreased 57.1 % to $ 0.36 , compared with $ 0.84 in the same period of 2020 • Cash balance at quarter end of $ 61.5 million • Net debt of $ 539.9 million , with no significant maturities until March 2025 • Declared first quarter dividend in the amount of C $ 0.141 per share • Added 22 locations , including 10 through acquisition , eight intake centers and four start - up locations Subsequent to Quarter End • Added an additional 13 locations , including 10 through acquisition and three intake centers , as well as a mobile scanning and calibration business • Entered into the state of Hawaii , with a three location acquisition , included above " Early in the pandemic , Boyd moved quickly and decisively to take aggressive action to both preserve liquidity and to reduce expenses in preparation for the demand and revenue decline anticipated as the result of the pandemic , which actions included converting a large number of our production facilities to skeleton staffed intake centers , in most cases staffed with a single employee . In late Q4 , we made the decision to ready ourselves for higher post pandemic demand levels expected in 2021. This included converting all temporary intake centers in the U.S. back to full production centers , thereby adding back most of the expenses that were temporarily eliminated . Our