Page 1

Boyd Group Services Inc. Reports Second Quarter 2021 Results / NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES / - Improved performance combined with strong location growth- WINNIPEG , MB , Aug. 11 , 2021 / CNW / - Boyd Group Services Inc. ( TSX : BYD ) ( " the Boyd Group " , " Boyd " or " the Company " ) today announced the results for the three and six month period ended June 30 , 2021. The Boyd Group's second 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 Second Quarter Ended June 30 , 2021 : Although still estimated to be below pre - pandemic levels , demand for collision repair accelerated meaningfully in most U.S. markets as the second quarter of 2021 progressed , in stark contrast with the second quarter of 2020 where demand was significantly diminished due to the COVID - 19 pandemic and expenses were aggressively reduced accordingly • Sales increased by 44.4 % to $ 444.6 million from $ 308.0 million in the same period of 2020 , including same - store sales increases of 34.5 % , recognizing the same number of selling and production days in the U.S. and Canada in the second quarter of 2021 when compared to the same period of 2020. Same - store sales increases in Canada were much lower than same - store sales increases in the U.S. • Adjusted EBITDA¹ increased 62.7 % to $ 58.0 million , or 13.0 % of sales , including , $ 3.6 million of Canada Emergency Wage Subsidy ( " CEWS " ) , compared with Adjusted EBITDA of $ 35.6 million , or 11.6 % of sales in the same period of 2020 , which included $ 3.4 million of CEWS • Adjusted net earnings 1 increased to $ 11.4 million , compared with $ 4.8 million in adjusted net loss in the same period of 2020 and adjusted net earnings per share¹ increased to $ 0.53 , compared with adjusted net loss per share of $ 0.23 in the same period of 2020 • Net earnings increased to $ 10.5 million , compared with a net loss of $ 5.0 million in the same period of 2020 and net earnings per share increased to $ 0.49 , compared with net loss per share of $ 0.24 in the same period of 2020 • Cash balance at quarter end of $ 35.6 million • Net debt of $ 671.1 million , with no significant maturities until March 2025 • Declared second quarter dividend in the amount of C $ 0.141 per share • Added 39 locations , including 32 through acquisition , five intake centers and two start - up locations , as well as a mobile scanning and calibration business . Included in the locations added is the acquisition of 16 locations previously operating as John Harris Body Shops in Georgia and South Carolina . Subsequent to Quarter End • Added 39 locations , including 35 locations previously operating as Collision Works in Oklahoma , Kansas and Missouri " Comparing the second quarter of 2021 to the same period of 2020 demonstrates how significantly the business was impacted by the pandemic one year ago and how far we have come since that time " , said Timothy O'Day , President and Chief Executive Officer of the Boyd Group . " During the second quarter , we saw infection numbers and restrictions decrease , while vaccination levels increased . We achieved strong same - store sales growth in the quarter , which resulted in increased