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SiteOne INVESTOR LANDSCAPE SUPPLY RELATIONS SITEONE LANDSCAPE SUPPLY ANNOUNCES FIRST QUARTER 2021 EARNINGS May 05 , 2021 First Quarter 2021 Highlights ( Compared to First Quarter 2020 ) : • Net sales increased by 41 % to $ 650.2 million • Organic Daily Sales increased by 32 % • Gross profit increased 41 % to $ 201.5 million ; gross margin decreased 10 basis points to 31.0 % • SG & A as a percentage of Net sales decreased by 670 basis points to 29.6 % • Net income increased to $ 7.4 million from a Net loss of ( $ 17.5 ) million • Adjusted EBITDA increased to $ 34.5 million from a loss of ( $ 3.6 ) million • Adjusted EBITDA margin increased 610 basis points to 5.3 % • Closed two acquisitions : Lucky Landscape Supply and Arizona Stone and Solstice Post - Quarter Highlights : • Closed two acquisitions : Timberwall Landscape & Masonry Products and Melrose Irrigation Supply ROSWELL , Ga .-- ( BUSINESS WIRE ) -- SiteOne Landscape Supply , Inc. ( the " Company " or " SiteOne " ) ( NYSE : SITE ) announced earnings for its first quarter ended April 4 , 2021 ( " First Quarter 2021 " ) . " Following our strong finish last year , we are off to a fantastic start in 2021 as our talented and seasoned teams continue to provide outstanding service and support to our customers and take advantage of the ongoing robust market demand for landscaping products and services , " said Doug Black , SiteOne's Chairman and CEO . " With favorable demand across all regions and product lines , we achieved record Organic Daily Sales growth and excellent operating leverage resulting in strong EBITDA growth . Additionally , we have added four new high performing companies to the SiteOne family , while continuing to invest in our commercial and operational initiatives . Overall , I am pleased that we are executing our strategy at a high level and gaining strength as a company , which is allowing us to take advantage of the current market developments while setting us up for continued performance and growth in the longer term . We expect the underlying market trends to remain positive and are confident in our ability to deliver superior results to our stakeholders in 2021 and beyond . " First Quarter 2021 Results Net sales for the First Quarter 2021 increased to $ 650.2 million , or 41 % , compared to $ 459.8 million for the prior - year period . Organic Daily Sales increased 32 % compared to the prior year period driven by robust market demand as end customers continue to invest in their outdoor living spaces . Acquisitions contributed $ 33.5 million , or 7 % , to Net sales growth for the quarter . Gross profit increased to $ 201.5 million , or 41 % , compared to $ 142.8 million for the prior - year period . Gross margin decreased by 10 basis points to 31.0 % for the First Quarter 2021. Despite product cost inflation and increased material handling expense , Gross margin was maintained at slightly below prior year . Selling , general and administrative expenses ( " SG & A " ) for the First Quarter 2021 increased to $ 192.3 million from $ 167.1 million for the prior - year period . SG & A as a percentage of Net sales decreased to 29.6 % , an improvement of 670 basis points compared to the same period last year due to strong organic sales growth and solid cost management . Net income for the First Quarter 2021 increased to $ 7.4 million compared to a Net loss of ( $ 17.5 ) million for the prior - year period . Net income was driven by higher Net sales and SG & A leverage . Adjusted EBITDA increased to $ 34.5 million for the First Quarter 2021 , compared to a loss of ( $ 3.6 ) million for the prior - year period . Adjusted EBITDA margin increased 610 basis points to 5.3 % driven by higher Net sales and SG & A leverage . Balance Sheet and Liquidity Net debt , calculated as long - term debt ( net of issuance costs and discounts ) plus finance leases , net of cash and cash equivalents on our balance sheet as of April 4 , 2021 , was $ 354.7 million compared to $ 650.2 million as of March 29 , 2020. Net debt to Adjusted EBITDA for the last twelve months was 1.2 times compared to 3.2 times at the same time last year . As of April 4 , 2021 , cash on hand was $ 32.5 million and available capacity under the ABL Facility was $ 344.0 million . Outlook " Sales continued to be strong in April and we are pleased with the momentum in our business as we approach the tougher comparable sales from last year , which started in June and continued through December . Though we expect our growth this year to moderate significantly in the second half , we believe the underlying market trends will remain positive . Given the stronger than expected first four months , we are raising our expectations for full year 2021. We now expect low - double digit Organic Daily Sales growth for the full year , compared to our prior expectation for mid - single digit growth , " Doug Black continued . We expect Adjusted EBITDA for 2021 to be in the range of $ 300 million to $ 320 million , representing year - over - year growth of 15 % to 23 % . This compares to our prior expectation for Adjusted EBITDA of $ 275 million to $ 292 million . This guidance does not include any contribution from unannounced acquisitions . Reconciliation for the forward - looking full - year 2021 Adjusted EBITDA outlook is not being provided , as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation . Conference Call Information SiteOne management will host a conference call today , May 5 , 2021 , at 8:00 a.m. Eastern Time , to discuss the Company's financial results . The conference call may be accessed by dialing ( 877 ) 705-6003 ( domestic ) or ( 201 ) 493-6725 ( international ) . A telephonic replay will be available approximately two hours after the call by dialing ( 844 ) 512-2921 , or for international callers , ( 412 ) 317-6671 . The passcode for the live call and the replay is 13718797. The replay will be available until 11:59 p.m. ( ET ) on May 19 , 2021 . Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at http://investors.siteone.com . The online replay will be available for 30 days on the same website immediately following the call . A slide presentation highlighting the Company's results and key performance indicators will also be available on the Investor Relations section of the Company's website . To learn more about SiteOne , please visit the company's website at http://investors.siteone.com . About SiteOne Landscape Supply , Inc. SiteOne Landscape Supply , Inc. is the largest and only national wholesale distributor of landscape supplies in the United States and has a growing presence in Canada . Its customers are primarily residential and commercial landscape professionals who specialize in the design , installation and maintenance of lawns , gardens , golf courses and other outdoor spaces . Forward - Looking Statements This release contains " forward - looking statements " within the meaning of the Federal Private Securities Litigation Reform Act of 1995 . Forward - looking statements may include , but are not limited to , statements relating to our 2021 Adjusted EBITDA outlook . Some of the forward - looking statements can be identified by the use of terms such as " may , " " intend , " " might , " " will , " " should , " " could , " " would , " " expect , " " believe , " " estimate , " " anticipate , " " predict , " " project , " " potential , " or the negative of these terms , and similar expressions . You should be aware that these forward - looking statements are subject to risks and uncertainties that are beyond our control . Further , any forward looking statement speaks only as of the date on which it is made , and we undertake no obligation to update any forward - looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances . New factors emerge from time to time that may cause our business not to develop as we expect , and it is not possible for us to predict all of them . Factors that may cause actual results to differ materially from those expressed or implied by the forward - looking statements include , but are not limited to , the following : the potential negative impact of the COVID - 19 pandemic ( which , among other things , may exacerbate each of the risk listed below ) ; economic downturn or recession ; cyclicality in residential and commercial construction