Exhibit 99.1 October 30, 2024 SiteOne Landscape Supply Announces Third Quarter 2024 Earnings Third Quarter 2024 Highlights (Compared to Third Quarter 2023): · Net sales increased 6% to $1.21 billion · Organic Daily Sales decreased 1% · Gross profit increased 6% to $411.0 million; gross margin improved 10 basis points to 34.0% · SG&A as a percentage of Net sales increased 170 basis points to 28.9% · Net income attributable to SiteOne decreased $12.9 million to $44.4 million · Adjusted EBITDA decreased 4% to ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________ FORM 10-Q __________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From __________ to ___________ Commission file number: 001-37760 SiteOne Landscape Supply, Inc. (E ...

Wall Street expects a year-over-year decline in earnings on higher revenues when SiteOne Landscape (SITE) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on October 30, 2024, might help the stock move higher if these key numbers are better ...

I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely from a fundamental long-term point of view. On Seeking Alpha I mostly cover REITs and financials, with occasional articles on ETFs and other stocks driven by a macro trade idea. Analyst's ...

SITE Centers Corp. (SITC) has provided an update on its transaction and financing activities in the third quarter of 2024 through Sept. 17, 2024. It also issued an updated projected SITE Centers and Curbline Properties balance sheet information. In a recent update, SITE centers disclosed that from the beginning of the third quarter of 2024 through Sept. 17, 2024, it has sold 13 wholly-owned shopping centers for $714.3 million. This retail REIT also purchased six convenience properties for a gross price of $ ...

In a recent update, SITE Centers Corp. (SITC) has announced that from the beginning of the third quarter of 2024 through Aug. 29, 2024, it has sold 11 wholly-owned shopping centers for $552.7 million. This retail REIT also purchased four convenience properties for a gross price of $88 million. This included Crocker Commons in Cleveland, OH; Maple Corner in Nashville, TN; Village Plaza in Houston, TX; and Brookhaven Station in Atlanta, GA. As previously announced, the company has successfully closed and fund ...

Financial Data and Key Metrics Changes - The company reported a net sales increase of 4% to $1.41 billion for the second quarter of 2024, with organic daily sales declining by 3% due to price deflation and flat volumes [20][21] - Adjusted EBITDA for the quarter was $210.5 million, comparable to $211.2 million for the same period in 2023, with an adjusted EBITDA margin decline of 70 basis points to 14.9% [15][26] - Gross profit increased by 4% to $510 million, while gross margin decreased by 10 basis points to 36.1% due to lower price realization [23][14] Business Line Data and Key Metrics Changes - Organic daily sales for agronomic products decreased by 1%, while landscaping products saw a 4% decline primarily due to price deflation and weakness in the repair and remodel market [22] - Acquisition sales contributed approximately $103 million or 8% to net sales growth volume, indicating the impact of recent acquisitions on overall performance [23] Market Data and Key Metrics Changes - The company operates in a fragmented $25 billion wholesale landscaping products distribution market, with an estimated market share of only 17% [7] - The repair and upgrade market, representing 31% of sales, is expected to decline by high single digits in 2024, while new residential construction is projected to be flat [36][37] Company Strategy and Development Direction - The company aims to leverage its scale and resources to consistently deliver superior value to customers and suppliers, focusing on both organic growth and acquisitions [8][10] - The acquisition strategy remains robust, with 96 acquisitions completed since 2014, adding approximately $1.9 billion in trailing 12-month net sales [11][30] Management's Comments on Operating Environment and Future Outlook - Management noted softer demand driven by a weak repair and upgrade market and persistent commodity price deflation, expecting these trends to continue through the year [4][36] - The company anticipates organic daily sales growth to be down low single digits for the full year 2024, with price deflation expected to be approximately 3% [37] Other Important Information - The company has increased its percentage of bilingual branches to 60% and is executing focused Hispanic marketing programs [17] - The company reported a net debt of approximately $524 million, with a leverage ratio of 1.3x trailing 12-month adjusted EBITDA [28] Q&A Session Summary Question: Outlook for price deflation - Management indicated that price deflation is expected to be down 2% to 3% in the second half, factoring in current trends and uncertainties [39] Question: Margins guidance - The update on EBITDA margins reflects both SG&A deleverage and gross margin impacts, primarily driven by sales-related factors [40][41] Question: Organic SG&A leverage - The company achieved slight leverage in organic SG&A, but expects a slight deleverage in the second half due to tougher comparisons [43][44] Question: Pioneer acquisition performance - Management acknowledged operational challenges with the Pioneer acquisition but remains optimistic about future improvements [45][46] Question: PVC price trends - The company has not seen significant upward pressure on PVC prices, indicating a more stable market compared to previous years [49] Question: Grass seed market deflation - Price deflation in the grass seed market is attributed to an oversupply and a return to pre-COVID pricing levels [50] Question: R&R end market drivers - The decline in the repair and remodel market is influenced by consumer confidence, inflation, and housing turnover [55][56] Question: Focus branches performance - The company is focusing on the bottom 20% of branches to improve performance through leadership changes and operational efficiencies [60] Question: Gross margin headwinds - The gross margin headwind from deflation was lessening, with acquisitions contributing positively to gross margin [62] Question: Volume expectations for the second half - Management indicated that volume growth in the second half would be crucial for achieving higher EBITDA margins [64]

SiteOne Landscape (SITE) came out with quarterly earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.50 per share. This compares to earnings of $2.71 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.20%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.43, delivering a surprise of -59.26%. Over the last four quarters, the company ...

[Performance Highlights & Management Commentary](index=1&type=section&id=Performance%20Highlights%20%26%20Management%20Commentary) SiteOne reported a 4% net sales increase in Q2 2024, driven by acquisitions, offsetting a 3% organic daily sales decline, with Adjusted EBITDA nearly flat Q2 2024 Key Performance Indicators (vs. Q2 2023) | Metric | Q2 2024 | Change vs. Q2 2023 | | :--- | :--- | :--- | | Net Sales | $1.41 billion | +4% | | Organic Daily Sales | - | -3% | | Gross Margin | 36.1% | -10 bps | | Net Income | $120.2 million | -3% | | Adjusted EBITDA | $210.5 million | -0.3% | - CEO Doug Black noted that while Q2 Organic Daily Sales were initially trending down 4-5%, conditions improved in June, resulting in only a **3% decline** for the quarter[2](index=2&type=chunk) - The company continues to execute its acquisition strategy, adding **four companies** in Q2 (Eggemeyer, Devil Mountain Wholesale Nursey, Hardscape.com, Cohen & Cohen) and **one** in July (Millican Nurseries)[2](index=2&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Financial Performance Analysis](index=1&type=section&id=Financial%20Performance%20Analysis) Q2 2024 net sales rose 4% to $1.41 billion due to acquisitions, masking a 3% organic daily sales decline and contributing to a 3% net income decrease - Net sales growth was driven by an **8% contribution from acquisitions**, offsetting a **3% decrease in Organic Daily Sales**[7](index=7&type=chunk) - Gross margin contracted by **10 basis points to 36.1%** due to lower price realization, which was partially offset by a positive impact from acquisitions[8](index=8&type=chunk) - SG&A as a percentage of Net sales increased by **60 basis points to 24.3%**, primarily due to the impact of acquisitions[9](index=9&type=chunk) - Net income attributable to common shares fell to **$120.2 million** from **$124.0 million** in the prior year, attributed to increased SG&A from acquisitions and lower gross margin[5](index=5&type=chunk) [Financial Position and Cash Flow](index=2&type=section&id=Financial%20Position%20and%20Cash%20Flow) Net debt increased to $523.6 million, raising the leverage ratio to 1.3x, while operating cash flow significantly decreased to $147.4 million Net Debt and Leverage Ratio | Metric | June 30, 2024 | July 2, 2023 | | :--- | :--- | :--- | | Net Debt | $523.6 million | $385.4 million | | Leverage Ratio (Net debt to TTM Adj. EBITDA) | 1.3x | 0.9x | - Operating cash flow decreased from **$253.8 million** in Q2 2023 to **$147.4 million** in Q2 2024, primarily due to seasonal working capital timing differences[28](index=28&type=chunk) [Outlook](index=2&type=section&id=Outlook) SiteOne revised 2024 Adjusted EBITDA guidance to $380-400 million, expecting continued market softness and a low single-digit organic daily sales decline - The company updated its Fiscal 2024 Adjusted EBITDA guidance to a range of **$380 million to $400 million**, excluding unannounced acquisitions[30](index=30&type=chunk) - Management expects continued soft demand, particularly from the repair and remodel end market, and ongoing price deflation in commodities for the second half of 2024[37](index=37&type=chunk) - A **low single-digit Organic Daily Sales decline** is projected for the rest of the year, though overall sales growth is expected to be positive due to acquisitions[37](index=37&type=chunk) [Post-Quarter Events](index=1&type=section&id=Post-Quarter%20Events) Post-quarter, SiteOne acquired Millican Nurseries and refinanced its term loan, increasing principal, extending maturity, and reducing interest - In July, the company closed the acquisition of **Millican Nurseries**[6](index=6&type=chunk) - On July 2, 2024, the term loan was refinanced, increasing it to **$392.7 million**, extending maturity by **two years to March 2030**, and lowering the interest rate to **Term SOFR plus 175 basis points**[35](index=35&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, including statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details Q2 2024 financial performance, reporting $1.41 billion net sales, $510.3 million gross profit, and $120.2 million net income Consolidated Statements of Operations (in millions, except per share data) | Metric | Three Months Ended June 30, 2024 | Three Months Ended July 2, 2023 | | :--- | :--- | :--- | | Net sales | $1,413.9 | $1,353.7 | | Gross profit | $510.3 | $489.4 | | Operating income | $169.6 | $171.3 | | Net income attributable to common shares | $120.2 | $124.0 | | Diluted EPS | $2.63 | $2.71 | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) This statement presents the financial position as of June 30, 2024, showing total assets at $3.19 billion and total liabilities at $1.59 billion Consolidated Balance Sheet Highlights (in millions) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $71.9 | $82.5 | | Inventory, net | $935.1 | $771.2 | | Total current assets | $1,689.6 | $1,405.3 | | Total assets | $3,185.4 | $2,828.9 | | **Liabilities & Equity** | | | | Accounts payable | $347.6 | $270.8 | | Long-term debt, total | $480.2 | $372.9 | | Total liabilities | $1,589.5 | $1,342.8 | | Total stockholders' equity | $1,576.9 | $1,486.1 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement shows cash movements for the six months ended June 30, 2024, with operating cash flow at $48.1 million and a $10.6 million net cash decrease Consolidated Statements of Cash Flows (in millions) | Metric | Six Months Ended June 30, 2024 | Six Months Ended July 2, 2023 | | :--- | :--- | :--- | | Net Cash Provided By Operating Activities | $48.1 | $101.2 | | Net Cash Used In Investing Activities | $(119.8) | $(74.9) | | Net Cash Provided By Financing Activities | $61.4 | $14.0 | | Net change in cash | $(10.6) | $40.5 | | Cash and cash equivalents, ending | $71.9 | $69.6 | [Non-GAAP Financial Measures & Reconciliations](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section provides reconciliations and definitions for non-GAAP financial measures used in the report [Reconciliation of Adjusted EBITDA to Net Income](index=8&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA%20to%20Net%20Income) This section reconciles Q2 2024 Net Income of $120.6 million to Adjusted EBITDA of $210.5 million, detailing key adjustments Adjusted EBITDA to Net Income Reconciliation - Q2 2024 (in millions) | Line Item | Q2 2024 | | :--- | :--- | | Net income (loss) | $120.6 | | Income tax expense | $40.0 | | Interest expense, net | $9.0 | | Depreciation and amortization | $34.6 | | **EBITDA** | **$204.2** | | Stock-based compensation | $3.8 | | Acquisitions and other adjustments | $2.8 | | **Adjusted EBITDA** | **$210.5** | [Reconciliation of Organic Daily Sales to Net Sales](index=8&type=section&id=Reconciliation%20of%20Organic%20Daily%20Sales%20to%20Net%20Sales) This table reconciles Q2 2024 Net Sales of $1.41 billion to Organic Daily Sales of $20.2 million, adjusting for acquisitions Organic Daily Sales Reconciliation - Q2 2024 (in millions) | Metric | Q2 2024 | | :--- | :--- | | Reported Net sales | $1,413.9 | | Acquisition contribution | $122.4 | | Organic Sales | $1,291.5 | | Selling Days | 64 | | **Organic Daily Sales** | **$20.2** | [Definitions of Non-GAAP Measures](index=3&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines key non-GAAP financial measures such as Adjusted EBITDA, Organic Daily Sales, and Net Debt, clarifying their calculation - **Adjusted EBITDA:** Defined as Net income plus taxes, interest, D&A, and further adjusted for stock-based compensation, certain gains/losses, financing fees, and acquisition-related costs[11](index=11&type=chunk) - **Organic Daily Sales:** Defined as Organic Sales (Net sales excluding sales from branches acquired within the last four full fiscal quarters) divided by the number of Selling Days in the period[11](index=11&type=chunk)[12](index=12&type=chunk) - **Net Debt:** Defined as long-term debt (net of issuance costs) plus finance leases, minus cash and cash equivalents[11](index=11&type=chunk)

Financial Performance - The company achieved net sales growth of 4% and 6% for the three and six months ended June 30, 2024, primarily driven by positive contributions from acquisitions [81]. - Organic Daily Sales decreased by 3% and 2% for the three and six months ended June 30, 2024, primarily due to commodity price deflation, which is estimated to have reduced Organic Daily Sales by 3% [81]. - Net income attributable to common shares decreased to $120.2 million and $100.9 million for the three and six months ended June 30, 2024, compared to $124.0 million and $119.5 million for the same periods in 2023 [81]. - Gross margin decreased by 10 and 40 basis points for the three and six months ended June 30, 2024, respectively, primarily due to lower price realization [81]. - Selling, general and administrative expenses (SG&A) increased by 7% and 10% for the three and six months ended June 30, 2024, respectively, primarily due to the impact of acquisitions [81]. - The company reported net sales of $1,413.9 million for the three months ended June 30, 2024, compared to $1,353.7 million for the same period in 2023, reflecting a year-over-year increase of 4.4% [98]. - Gross profit for the three months ended June 30, 2024, was $510.3 million, representing a gross margin of 36.1%, slightly down from 36.2% in the prior year [98]. - The company achieved a net income of $120.6 million for the three months ended June 30, 2024, which is 8.5% of net sales, compared to 9.2% in the prior year [98]. - Net sales for Q2 2024 reached $1,413.9 million, a 4.4% increase compared to $1,353.7 million in Q2 2023 [120]. - Gross profit for Q2 2024 was $510.3 million, a 4% increase from $489.4 million in Q2 2023, while gross margin decreased to 36.1% from 36.2% [122]. - Net income attributable to common shares for Q2 2024 was $120.2 million, compared to a loss of $19.3 million in Q1 2024 [129]. Tax and Financial Obligations - The company's effective tax rate was approximately 23.0% for the six months ended June 30, 2024, down from 23.8% for the same period in 2023, primarily due to an increase in excess tax benefits from stock-based compensation [72]. - The company recorded excess tax benefits of $2.8 million for the six months ended June 30, 2024, compared to $1.9 million for the same period in 2023 [72]. - The effective tax rate decreased to 23.0% for the six months ended June 30, 2024, down from 23.8% for the same period in 2023 [123]. - The company recognized excess tax benefits of $2.8 million for the six months ended June 30, 2024, compared to $1.9 million for the same period in 2023 [123]. - The total amount of interest on long-term debt increased to $124.9 million as of June 30, 2024, primarily due to increased borrowings under the ABL Facility [162]. - The interest rate on the outstanding balance of the New Term Loans was 7.45841% as of June 30, 2024 [169]. - The Tranche B Term Loans bear interest at either an adjusted Term SOFR rate plus an applicable margin of 1.75% or an alternative base rate plus an applicable margin of 0.75% [172]. - The interest rate on outstanding balances under the ABL Facility ranged from 6.55130% to 6.55252% as of June 30, 2024 [177]. - The commitment fee paid on unfunded amounts under the ABL Facility was 0.25% as of June 30, 2024 [177]. Acquisitions and Growth Strategy - The company has a robust acquisition pipeline and remains committed to driving growth organically and through acquisitions [63]. - In August 2023, the company acquired Pioneer Landscape Centers, Inc. and JLL Pioneer LLC, expanding its presence with 34 locations across Colorado and Arizona [94]. - The company has made several acquisitions in 2023, including Timothy's Center for Gardening and New England Silica, to strengthen its distribution network [94]. Operational Initiatives - The company has implemented marketing initiatives focusing on customer analytics, digital marketing strategy, and a new Partners Program to enhance customer engagement [97]. - Operational excellence initiatives are being pursued, including best practices in branch operations and enhanced automation of branch systems [97]. - The company is focusing on supply chain initiatives, including new inventory planning systems and expanding distribution network capabilities [115]. - Future strategies include enhancing the B2B e-Commerce platform and improving sales and delivery processes through local branch collaboration [115]. Market Conditions and Risks - The company continues to monitor market conditions and geopolitical risks, including the ongoing war in Ukraine and unrest in the Middle East, which may impact business operations [104]. - The company expects prices to be down approximately 3% for the 2024 Fiscal Year, which is higher than the initial anticipated range of 1% to 2% [81]. Cash Flow and Capital Management - The company had total cash and cash equivalents of $71.9 million and total gross long-term debt of $485.6 million as of June 30, 2024 [134]. - Working capital increased by $179.6 million to $1,006.6 million as of June 30, 2024, compared to $827.0 million as of December 31, 2023 [135]. - Net cash used in investing activities was $119.8 million for the six months ended June 30, 2024, up from $74.9 million for the same period in 2023 [137]. - Net cash provided by operating activities decreased to $48.1 million for the six months ended June 30, 2024, compared to $101.2 million for the same period in 2023 [148]. - The company repurchased 128,922 shares at an average price of $153.84 during the three and six months ended June 30, 2024, with $343.8 million remaining under the share repurchase authorization [145]. - The borrowing base capacity under the ABL Facility was $470.6 million as of June 30, 2024, down from $578.2 million as of December 31, 2023 [134]. - Total finance lease obligations (excluding interest) amounted to $115.3 million as of June 30, 2024 [134]. - Cash used in investing activities amounted to $(119.8) million for the six months ended June 30, 2024, compared to $(74.9) million for the same period ended July 2, 2023, indicating an increase in investment outflows [163]. - Cash provided by financing activities was $61.4 million for the six months ended June 30, 2024, compared to $14.0 million for the same period ended July 2, 2023, reflecting a significant increase in financing [163]. - The ability of subsidiaries to make distributions and dividends depends on their operating results, cash requirements, financial condition, and general business conditions [181]. - The company entered into an additional $120.0 million of New Term Loans on July 12, 2023, to enhance its financing capabilities [167]. - The Second Amendment to the Second Amended and Restated Credit Agreement provides for an aggregate principal amount of approximately $392.7 million in term loans [172].