Page 1

SiteOne INVESTOR LANDSCAPE SUPPLY RELATIONS SITEONE LANDSCAPE SUPPLY ANNOUNCES THIRD QUARTER 2021 EARNINGS November 03 , 2021 Third Quarter 2021 Highlights ( Compared to Third Quarter 2020 ) : • Net sales increased 25 % to $ 936.4 million • Organic Daily Sales increased by 15 % • Gross profit increased 36 % to $ 340.5 million ; gross margin increased 310 basis points to 36.4 % • SG & A as a percentage of Net sales increased by 70 basis points to 25.1 % • Net income increased 66 % to $ 80.0 million • Adjusted EBITDA increased 46 % to $ 128.2 million • Adjusted EBITDA margin increased 200 basis points to 13.7 % • Completed the acquisition of Green Brothers Earth Works Post - Quarter Highlights • Issued 2021 Environmental , Social , and Governance ( ESG ) Report with enhanced disclosures and climate considerations • Established fourth major distribution center in Dallas , Texas ROSWELL , Ga .-- ( BUSINESS WIRE ) -- SiteOne Landscape Supply , Inc. ( the " Company " or " SiteOne " ) ( NYSE : SITE ) announced earnings for its third quarter ended October 3 , 2021 ( " Third Quarter 2021 " ) . " Our excellent momentum in 2021 continued in the third quarter as our outstanding field and functional teams worked together to overcome select product shortages , trucking challenges and rapidly rising product costs in order to take advantage of the solid demand for landscaping products and services . With strong contributions from our acquisitions , we delivered another quarter of excellent organic and inorganic Net sales growth , EBITDA margin improvement and EBITDA growth , " said Doug Black , SiteOne's Chairman and CEO . " Our teams are executing at a high level and thereby leveraging our market leadership position and significant commercial and operational capabilities to gain market share . During the quarter , we also published our annual ESG report which shares our broader objective to build a true company of excellence and create significant value for our associates , customers , suppliers , shareholders , and communities . Lastly , we added another terrific company to SiteOne through acquisition and have several more active deals that we expect to close over the coming months . Overall , I am very proud of the entire SiteOne team as we continue to execute our strategy and build our company . With ongoing positive market trends , a robust acquisition pipeline and steady improvement in our capabilities , we are confident in our ability to deliver superior results to our stakeholders during the remainder of 2021 and beyond . " Third Quarter 2021 Results Net sales for the Third Quarter 2021 increased to $ 936.4 million , or 25 % , compared to $ 751.9 million for the prior - year period . Organic Daily Sales increased 15 % compared to the prior year period benefiting from continued investment in outdoor living spaces and price inflation resulting from rising product costs . Acquisitions contributed $ 73.5 million , or 10 % , to Net sales growth for the quarter . Gross profit increased 36 % to $ 340.5 million , compared to $ 250.1 million for the prior - year period . Gross margin increased by 310 basis points to 36.4 % for the Third Quarter 2021 due to the execution of our supply chain initiatives , favorable pricing , and increased supplier incentives . Selling , general and administrative expenses ( " SG & A " ) for the Third Quarter 2021 increased to $ 235.3 million from $ 183.3 million for the prior - year period . SG & A as a percentage of Net sales increased to 25.1 % , an increase of 70 basis points compared to the same period last year due to higher variable compensation . Net income for the Third Quarter 2021 increased 66 % to $ 80.0 million , compared to $ 48.2 million for the prior - year period . Net income growth was driven by higher Net sales and gross margin improvement . Adjusted EBITDA for the Third Quarter 2021 increased 46 % to $ 128.2 million , compared to $ 87.8 million for the prior - year period . Adjusted EBITDA margin increased 200 basis points to 13.7 % driven by Net sales growth and improved profitability . 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 October 3 , 2021 , was $ 208.4 million compared to $ 194.5 million as of September 27 , 2020. Net debt to Adjusted EBITDA for the last twelve months was 0.5 times compared to 0.8 times at the same period last year . As of October 3 , 2021 , cash on hand was $ 158.0 million and available capacity under the Company's ABL Facility was $ 364.1 million . Outlook " Organic sales growth has continued to be strong in October with elevated inflation and favorable market trends across all residential and commercial segments . Our customers are very busy with robust backlogs although they remained constrained by the tight labor market . Given these trends , we now expect organic sales growth to remain healthy through the end of the year , " Doug Black continued . " We also expect Adjusted EBITDA for 2021 to be in the range of $ 380 million to $ 400 million , representing year - over - year growth of 46 % to 54 % . This compares to our prior expectation for Adjusted EBITDA of $ 335 million to $ 365 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 , November 3 , 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 13724069. The replay will be available until 11:59 p.m. ( ET ) on November 17 , 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 un anticipated 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