Summit Materials, Inc. Reports Second Quarter 2020 Results

- Record 2Q Net Revenue increased 4.1% to $575.2 million

- Record 2Q Net Income Attributable to Summit Inc. of $57.1 million

- Aggregates volumes increased 2.6%

- Record 2Q Adjusted EBITDA increased 14.1% to $160.2 million

DENVER--()--Summit Materials, Inc. (NYSE: SUM, “Summit,” "Summit Inc." or the “Company”), a leading vertically integrated construction materials company, today announced results for the second quarter 2020.

For the three months ended June 27, 2020, the Company reported net income attributable to Summit Inc. of $57.1 million, or $0.50 per basic share, compared to net income attributable to Summit Inc. of $36.4 million, or $0.32 per basic share in the comparable prior year period. Summit reported adjusted diluted net income of $58.9 million, or $0.50 per adjusted diluted share as compared to adjusted diluted net income of $36.0 million, or $0.31 per adjusted diluted share in the prior year period.

Summit's net revenue increased 4.1% in the second quarter of 2020 compared to the second quarter of 2019, as ready mix and aggregates contributed the largest proportion of incremental net revenue. The Company reported operating income of $100.1 million in the second quarter 2020, compared to $80.4 million in the prior year. Summit's operating margin improved to 17.4% in the three months ended June 27, 2020 from 14.6% in the comparable prior year period on net revenue gains in excess of our cost of revenue, partially offset by increases in general and administrative expenses. Adjusted EBITDA increased 14.1% in the second quarter to $160.2 million as compared to $140.5 million in 2019.

For the three months ended June 27, 2020, organic sales volumes increased 2.6% in aggregates, 3.2% in ready-mix concrete, and 10.0% in asphalt, respectively, and decreased (6.3)% in cement relative to the same period last year. Organic average selling prices in the second quarter of 2020 decreased (0.2)% in aggregates, and increased 1.2% in cement, 5.5% in ready-mix concrete, and 2.3% in asphalt relative to the prior year period.

Tom Hill, CEO of Summit Materials, commented, "Despite economic uncertainty, Summit experienced resilient demand and favorable weather conditions, particularly in Utah and Kansas, which led to record 2Q net revenue, net income, and adjusted EBITDA. While our average selling price for aggregates declined relative to the second quarter of 2019, our aggregates adjusted cash gross profit margin expanded by 250 basis points, reflecting a different sales mix, particularly for levee repair work, than a year ago. Most importantly, we have been vigilant in practicing safety and distancing protocols in response to the COVID-19 outbreak. Construction is essential in all of Summit's markets, and the health and safety of our workforce, customers and local communities continues to remain our highest priority."

As of June 27, 2020, the Company had $253.4 million in cash and $1.9 billion in debt outstanding. The Company's $345 million revolving credit facility has $329 million available after consideration of committed letters of credit. For the six months ended June 27, 2020, cash flow provided by operations was $61.7 million while cash paid for capital equipment was $105.7 million. Brian Harris, CFO of Summit Materials added, "While we’ve only seen a limited impact from COVID-19 thus far, the North American economic outlook remains uncertain. We continue to engage in contingency planning and proactive reviews of capital spending, receivables and working capital under various demand scenarios. Summit reported over $580 million in available liquidity at quarter end, and is in a strong financial position."

Subsequent to the end of the second quarter of 2020, Summit acquired Multisources Sand & Gravel, a pure play, 100% aggregates supplier in West and North Houston. Combined with Summit's existing footprint, this acquisition creates the leading aggregates supplier in Houston with 14 plants.

Given the uncertainties relating to COVID-19, Summit is not providing Adjusted EBITDA guidance at this time. Hill continued, "We continue to believe that it is prudent to forego providing guidance pending better visibility into the ultimate resumption of normal business conditions."

The Company is maintaining its previously announced 2020 capital expenditure guidance to $145 million to $160 million, which the Company expects will include $50 million to $60 million for greenfield projects.

Second Quarter 2020 | Results by Line of Business

Aggregates Business: Aggregates net revenues increased by $1.3 million to $130.0 million in the second quarter 2020 when compared to the prior year period. Aggregates adjusted cash gross profit margin increased to 63.9% in the second quarter 2020 compared to 61.4% on higher volumes and product mix. Aggregates sales volumes increased 2.6% in the second quarter 2020, when compared to the prior-year period on higher organic volume growth, particularly in Utah, Kansas, Missouri and Texas. Average selling prices for aggregates decreased (0.2)% in the second quarter 2020. On a mix-adjusted basis, Summit estimates that aggregates prices have increased by approximately 2.5% year-to-date in 2020.

Cement Business: Cement segment net revenues decreased (10.5)% to $75.7 million in the second quarter 2020, when compared to the prior-year period on lower sales volume of cement. Cement adjusted cash gross profit margin increased to 50.8% in the second quarter, compared to 45.8% in the prior year period, as the Company incurred lower storage, distribution and plant costs. In addition, our solid waste processing facility underwent repairs related to an explosion in April 2020, which shut down that facility during the quarter. The Adjusted EBITDA impact from the down time at the facility was approximately $3.8 million in the second quarter. Organic sales volume of cement decreased (6.3)% in the second quarter and organic average selling prices increased 1.2% when compared to the prior year period.

Products Business: Products net revenues were $285.0 million in the second quarter 2020, compared to $261.2 million in the prior year period. Products adjusted cash gross profit margin increased to 25.4% in the second quarter, versus 22.3% in the prior year period. Our organic average sales price for ready-mix concrete increased 5.5% and organic sales volumes of ready-mix concrete increased 3.2%, led by higher volumes in Utah, Kansas and Missouri. Our organic average sales price for asphalt increased 2.3%, led by strength in Kansas, while asphalt organic sales volumes increased 10.0%, led by Texas, Utah, and Kansas.

Second Quarter 2020 | Results By Reporting Segment

Net revenue increased by 4.1% to $575.2 million in the second quarter 2020, versus $552.6 million in the prior year period. The improvement in net revenue was primarily attributable to organic volume growth in ready-mix concrete and aggregates, combined with pricing growth in ready-mix. The Company reported operating income of $100.1 million in the second quarter 2020, compared to $80.4 million in the prior year period. Net income increased to $58.9 million in the second quarter of 2020, compared to income of $38.0 million in the prior year period. Adjusted EBITDA increased 14.1% to $160.2 million in the second quarter of 2020, compared to $140.5 million in the prior year period.

West Segment: The West Segment reported operating income of $56.7 million in the second quarter 2020, compared to $31.6 million in the prior year period. Adjusted EBITDA increased to $78.9 million in the second quarter 2020, compared to $54.8 million in the prior year period. Improvements in operating income reflected increased demand for aggregates in Utah and Texas. Aggregates revenue in the second quarter increased 1.8% over the prior year period, as organic volumes were in line with the prior year, while organic average sales prices increased 1.8%. Ready-mix concrete revenue in the second quarter 2020 increased 4.6% over the prior year period, as organic volumes decreased (1.2)% and were offset as organic average sales prices increased 5.8%, reflecting favorable market conditions in Utah and Texas. Asphalt revenue increased by 14.7% in the second quarter 2020 over the prior year period, organic volumes increased 14.3% in Utah and in parts of Texas, while organic sales prices increased 2.3%.

East Segment: The East Segment reported operating income of $31.5 million in the second quarter 2020, compared to $33.7 million in the prior year period. Adjusted EBITDA decreased to $53.4 million in the second quarter 2020, compared to $54.4 million in the prior year period. Aggregates revenue increased 2.7%, resulting from a 4.6% increase in organic volumes driven by growth in Kansas and Missouri. Average selling prices decreased (1.8)% on a difference in product mix from the year-ago quarter. Ready-mix concrete revenue increased 22.5% due to an increase in organic volumes, while organic average selling prices increased 4.9% due in part to wind farm work in Kansas and significant work in Missouri and Arkansas. Asphalt revenue decreased (8.7)% as, organic volumes decreased (0.2)% on a lower contribution from Kentucky, while organic average selling prices increased 1.8%, reflecting strong demand and favorable weather conditions in Kansas.

Cement Segment: The Cement Segment reported an operating income of $26.1 million in the second quarter 2020, compared to $25.5 million in the prior year period. Adjusted EBITDA increased to $35.6 million in the second quarter 2020, compared to $35.4 million in the prior year period, on lower storage, distribution and plant costs. The segment reported organic sales volumes and organic average selling prices decreased (6.3)% and increased 1.2%, respectively, during the second quarter 2020 as compared to the prior year period. In addition, our solid waste processing facility underwent repairs related to an explosion in April 2020, which shut down that facility during the second quarter, The Adjusted EBITDA impact from the down time at the facility was approximately $3.8 million in the second quarter.

Liquidity and Capital Resources

As of June 27, 2020, the Company had cash on hand of $253.4 million and borrowing capacity under its $345 million revolving credit facility of $329 million. The borrowing capacity on the revolving credit facility is currently fully available to the Company within the terms and covenant requirements of its credit agreement. As of June 27, 2020, the Company had $1.9 billion in debt outstanding, including $680.7 million of Net Senior Secured Leverage.

Financial Outlook

Summit is not providing Adjusted EBITDA guidance at this time, pending better visibility into the extent of economic disruption related to COVID-19 and the ultimate resumption of normal business conditions. The Company is maintaining its previously announced 2020 capital expenditure guidance to $145 million to $160 million, which the Company expects will include $50 million to $60 million for greenfield projects.

Webcast and Conference Call Information

Summit Materials will conduct a conference call on Wednesday, July 22, 2020, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the Company’s second quarter 2020 financial results. A webcast of the conference call and accompanying presentation materials will be available in the Investors section of Summit’s website at investors.summit-materials.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference on July 22, 2020:

Domestic Live:

1-877-823-8690

International Live:

1-825-312-2236

Conference ID:

9979939

Password:

Summit

To listen to a replay of the teleconference, which will be available through July 29, 2020:

Domestic Replay:

1-800-585-8367

International Replay:

1-416-621-4642

Conference ID:

9979939

About Summit Materials

Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

Non-GAAP Financial Measures

The Securities and Exchange Commission (“SEC”) regulates the use of “non-GAAP financial measures,” such as Adjusted Net Income (Loss), Adjusted Diluted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Free Cash Flow, Net Leverage and Net Debt which are derived on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We have provided these measures because, among other things, we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Our Adjusted Net Income (Loss), Adjusted Diluted Net Income, Adjusted Diluted EPS, Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Free Cash Flow, Net Leverage and Net Debt may vary from the use of such terms by others and should not be considered as alternatives to or more important than net income (loss), operating income (loss), revenue or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or to cash flows as measures of liquidity.

Adjusted EBITDA, Adjusted EBITDA Margin, and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of the limitations of Adjusted EBITDA are that these measures do not reflect: (i) our cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) changes in, or cash requirements for, our working capital needs; (iii) interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iv) income tax payments we are required to make. Because of these limitations, we rely primarily on our U.S. GAAP results and use Adjusted EBITDA, Adjusted EBITDA Margin and other non-GAAP measures on a supplemental basis.

Adjusted EBITDA, Further Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Cash Gross Profit, Adjusted Cash Gross Profit Margin, Adjusted Net Income (Loss), Adjusted Diluted Net Income, Adjusted Diluted EPS, Free Cash Flow, Net Leverage and Net Debt reflect additional ways of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to U.S. GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely on any single financial measure. Reconciliations of the non-GAAP measures used in this press release are included in the attached tables. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019 and Quarterly Report on Form 10-Q for the fiscal period ended March 28, 2020, each as filed with the SEC, and any factors discussed in the section entitled “Risk Factors” in any of our subsequently filed SEC filings.

  • the impact of the COVID-19 pandemic, or any similar crisis, on our business;
  • our dependence on the construction industry and the strength of the local economies in which we operate;
  • the cyclical nature of our business;
  • risks related to weather and seasonality;
  • risks associated with our capital-intensive business;
  • competition within our local markets;
  • our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses;
  • our dependence on securing and permitting aggregate reserves in strategically located areas;
  • declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies;
  • our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
  • environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use;
  • costs associated with pending and future litigation;
  • rising prices for commodities, labor and other production and delivery inputs as a result of inflation or otherwise;
  • conditions in the credit markets;
  • our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
  • material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
  • cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
  • special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
  • unexpected factors affecting self-insurance claims and reserve estimates;
  • our substantial current level of indebtedness, including our exposure to variable interest rate risk;
  • our dependence on senior management and other key personnel, and our ability to retain and attract qualified personnel;
  • supply constraints or significant price fluctuations in the electricity and petroleum-based resources that we use, including diesel and liquid asphalt;
  • climate change and climate change legislation or regulations;
  • unexpected operational difficulties;
  • interruptions in our information technology systems and infrastructure; including cybersecurity and data leakage risks; and
  • potential labor disputes, strikes, other forms of work stoppage or other union activities.

All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements. Any forward-looking statement that we make herein speaks only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

($ in thousands, except share and per share amounts)

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 27,

 

June 29,

 

June 27,

 

June 29,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue:

 

 

 

 

 

 

 

 

Product

 

$

488,260

 

 

 

$

467,637

 

 

 

$

793,567

 

 

 

$

739,278

 

 

Service

 

86,980

 

 

 

84,954

 

 

 

124,079

 

 

 

119,263

 

 

Net revenue

 

575,240

 

 

 

552,591

 

 

 

917,646

 

 

 

858,541

 

 

Delivery and subcontract revenue

 

55,769

 

 

 

48,300

 

 

 

80,553

 

 

 

74,989

 

 

Total revenue

 

631,009

 

 

 

600,891

 

 

 

998,199

 

 

 

933,530

 

 

Cost of revenue (excluding items shown separately below):

 

 

 

 

 

 

 

 

Product

 

293,555

 

 

 

294,857

 

 

 

526,059

 

 

 

508,583

 

 

Service

 

60,834

 

 

 

62,336

 

 

 

89,701

 

 

 

88,925

 

 

Net cost of revenue

 

354,389

 

 

 

357,193

 

 

 

615,760

 

 

 

597,508

 

 

Delivery and subcontract cost

 

55,769

 

 

 

48,300

 

 

 

80,553

 

 

 

74,989

 

 

Total cost of revenue

 

410,158

 

 

 

405,493

 

 

 

696,313

 

 

 

672,497

 

 

General and administrative expenses

 

66,544

 

 

 

60,961

 

 

 

136,768

 

 

 

128,571

 

 

Depreciation, depletion, amortization and accretion

 

53,928

 

 

 

53,625

 

 

 

105,706

 

 

 

109,013

 

 

Transaction costs

 

319

 

 

 

390

 

 

 

1,072

 

 

 

698

 

 

Operating income

 

100,060

 

 

 

80,422

 

 

 

58,340

 

 

 

22,751

 

 

Interest expense

 

25,608

 

 

 

29,401

 

 

 

53,426

 

 

 

59,506

 

 

Loss on debt financings

 

 

 

 

 

 

 

 

 

 

14,565

 

 

Other income, net

 

(1,616

)

 

 

(3,676

)

 

 

(1,527

)

 

 

(6,479

)

 

Income (loss) from operations before taxes

 

76,068

 

 

 

54,697

 

 

 

6,441

 

 

 

(44,841

)

 

Income tax expense (benefit)

 

17,181

 

 

 

16,707

 

 

 

(5,720

)

 

 

(11,330

)

 

Net income (loss)

 

58,887

 

 

 

37,990

 

 

 

12,161

 

 

 

(33,511

)

 

Net loss attributable to Summit Holdings (1)

 

1,823

 

 

 

1,580

 

 

 

76

 

 

 

(1,149

)

 

Net income (loss) attributable to Summit Holdings

 

$

57,064

 

 

 

$

36,410

 

 

 

$

12,085

 

 

 

$

(32,362

)

 

Loss per share of Class A common stock:

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

 

$

0.32

 

 

 

$

0.11

 

 

 

$

(0.29

)

 

Diluted

 

$

0.50

 

 

 

$

0.32

 

 

 

$

0.11

 

 

 

$

(0.29

)

 

Weighted average shares of Class A common stock:

 

 

 

 

 

 

 

 

Basic

 

114,111,204

 

 

 

112,070,009

 

 

 

113,856,657

 

 

 

111,940,844

 

 

Diluted

 

114,137,857

 

 

 

112,182,555

 

 

 

114,252,268

 

 

 

111,940,844

 

 

________________________________________________________

(1) Represents portion of business owned by pre-IPO investors rather than by Summit.

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

($ in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

 

 

June 27,

 

December 28,

 

 

2020

 

 

2019

 

 

(unaudited)

 

(audited)

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

253,407

 

 

 

$

311,319

 

Accounts receivable, net

 

280,863

 

 

 

253,256

 

Costs and estimated earnings in excess of billings

 

43,604

 

 

 

13,088

 

Inventories

 

231,942

 

 

 

204,787

 

Other current assets

 

12,168

 

 

 

13,831

 

Total current assets

 

821,984

 

 

 

796,281

 

Property, plant and equipment, less accumulated depreciation, depletion and amortization (June 27, 2020 - $1,043,800 and December 28, 2019 - $955,815)

 

1,752,221

 

 

 

1,747,449

 

Goodwill

 

1,196,999

 

 

 

1,199,699

 

Intangible assets, less accumulated amortization (June 27, 2020 - $11,943 and December 28, 2019 - $10,366)

 

38,644

 

 

 

23,498

 

Deferred tax assets, less valuation allowance (June 27, 2020 - $1,675 and December 28, 2019 - $1,675)

 

221,512

 

 

 

212,333

 

Operating lease right-of-use assets

 

30,347

 

 

 

32,777

 

Other assets

 

49,511

 

 

 

55,519

 

Total assets

 

$

4,111,218

 

 

 

$

4,067,556

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of debt

 

$

7,942

 

 

 

$

7,942

 

Current portion of acquisition-related liabilities

 

31,483

 

 

 

32,700

 

Accounts payable

 

138,330

 

 

 

116,359

 

Accrued expenses

 

138,001

 

 

 

120,005

 

Current operating lease liabilities

 

8,382

 

 

 

8,427

 

Billings in excess of costs and estimated earnings

 

12,556

 

 

 

13,864

 

Total current liabilities

 

336,694

 

 

 

299,297

 

Long-term debt

 

1,849,520

 

 

 

1,851,057

 

Acquisition-related liabilities

 

13,157

 

 

 

19,801

 

Tax receivable agreement liability

 

327,957

 

 

 

326,965

 

Noncurrent operating lease liabilities

 

22,978

 

 

 

25,381

 

Other noncurrent liabilities

 

99,049

 

 

 

100,282

 

Total liabilities

 

2,649,355

 

 

 

2,622,783

 

Stockholders’ equity:

 

 

 

 

Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 114,111,948 and 113,309,385 shares issued and outstanding as of June 27, 2020 and December 28, 2019, respectively

 

1,142

 

 

 

1,134

 

Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of June 27, 2020 and December 28, 2019

 

 

 

 

 

Additional paid-in capital

 

1,244,163

 

 

 

1,234,020

 

Accumulated earnings

 

200,890

 

 

 

188,805

 

Accumulated other comprehensive (loss) income

 

(497

)

 

 

3,448

 

Stockholders’ equity

 

1,445,698

 

 

 

1,427,407

 

Noncontrolling interest in Summit Holdings

 

16,165

 

 

 

17,366

 

Total stockholders’ equity

 

1,461,863

 

 

 

1,444,773

 

Total liabilities and stockholders’ equity

 

$

4,111,218

 

 

 

$

4,067,556

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

($ in thousands)

 

 

 

 

 

Six months ended

 

 

June 27,

 

June 29,

 

 

2020

 

 

2019

 

Cash flow from operating activities:

 

 

 

 

Net income (loss)

 

$

12,161

 

 

 

$

(33,511

)

 

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

Depreciation, depletion, amortization and accretion

 

111,278

 

 

 

110,982

 

 

Share-based compensation expense

 

9,797

 

 

 

10,605

 

 

Net gain on asset disposals

 

(4,131

)

 

 

(3,937

)

 

Non-cash loss on debt financings

 

 

 

 

2,850

 

 

Change in deferred tax asset, net

 

(8,175

)

 

 

(12,550

)

 

Other

 

1,244

 

 

 

(120

)

 

Decrease (increase) in operating assets, net of acquisitions and dispositions:

 

 

 

 

Accounts receivable, net

 

(28,969

)

 

 

(79,320

)

 

Inventories

 

(27,391

)

 

 

5,208

 

 

Costs and estimated earnings in excess of billings

 

(30,557

)

 

 

(26,715

)

 

Other current assets

 

654

 

 

 

3,585

 

 

Other assets

 

6,420

 

 

 

4,374

 

 

(Decrease) increase in operating liabilities, net of acquisitions and dispositions:

 

 

 

 

Accounts payable

 

15,410

 

 

 

29,898

 

 

Accrued expenses

 

4,681

 

 

 

9,395

 

 

Billings in excess of costs and estimated earnings

 

(1,253

)

 

 

(1,138

)

 

Tax receivable agreement liability

 

993

 

 

 

59

 

 

Other liabilities

 

(461

)

 

 

(3,717

)

 

Net cash provided by operating activities

 

61,701

 

 

 

15,948

 

 

Cash flow from investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

(2,842

)

 

Purchases of property, plant and equipment

 

(105,724

)

 

 

(105,569

)

 

Proceeds from the sale of property, plant and equipment

 

6,607

 

 

 

8,005

 

 

Other

 

1,629

 

 

 

(439

)

 

Net cash used for investing activities

 

(97,488

)

 

 

(100,845

)

 

Cash flow from financing activities:

 

 

 

 

Proceeds from debt issuances

 

 

 

 

300,000

 

 

Debt issuance costs

 

 

 

 

(6,246

)

 

Payments on debt

 

(11,388

)

 

 

(261,025

)

 

Payments on acquisition-related liabilities

 

(9,703

)

 

 

(9,158

)

 

Proceeds from stock option exercises

 

310

 

 

 

784

 

 

Other

 

(907

)

 

 

(502

)

 

Net cash (used in) provided by financing activities

 

(21,688

)

 

 

23,853

 

 

Impact of foreign currency on cash

 

(437

)

 

 

194

 

 

Net decrease in cash

 

(57,912

)

 

 

(60,850

)

 

Cash and cash equivalents—beginning of period

 

311,319

 

 

 

128,508

 

 

Cash and cash equivalents—end of period

 

$

253,407

 

 

 

$

67,658

 

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Revenue Data by Segment and Line of Business

($ in thousands)

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

June 27,

 

June 29,

 

June 27,

 

June 29,

 

 

2020

 

2019

 

2020

 

2019

Segment Net Revenue:

 

 

 

 

 

 

 

 

West

 

$

299,024

 

 

$

273,306

 

 

$

483,516

 

 

$

441,535

 

East

 

200,554

 

 

194,738

 

 

320,543

 

 

295,153

 

Cement

 

75,662

 

 

84,547

 

 

113,587

 

 

121,853

 

Net Revenue

 

$

575,240

 

 

$

552,591

 

 

$

917,646

 

 

$

858,541

 

 

 

 

 

 

 

 

 

 

Line of Business - Net Revenue:

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

129,989

 

 

$

128,650

 

 

$

226,150

 

 

$

216,522

 

Cement (1)

 

73,293

 

 

77,799

 

 

106,156

 

 

110,298

 

Products

 

284,978

 

 

261,188

 

 

461,261

 

 

412,458

 

Total Materials and Products

 

488,260

 

 

467,637

 

 

793,567

 

 

739,278

 

Services

 

86,980

 

 

84,954

 

 

124,079

 

 

119,263

 

Net Revenue

 

$

575,240

 

 

$

552,591

 

 

$

917,646

 

 

$

858,541

 

 

 

 

 

 

 

 

 

 

Line of Business - Net Cost of Revenue:

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

46,923

 

 

$

49,652

 

 

$

97,186

 

 

$

99,542

 

Cement

 

34,891

 

 

39,112

 

 

71,542

 

 

70,463

 

Products

 

212,661

 

 

203,035

 

 

356,588

 

 

333,890

 

Total Materials and Products

 

294,475

 

 

291,799

 

 

525,316

 

 

503,895

 

Services

 

59,914

 

 

65,394

 

 

90,444

 

 

93,613

 

Net Cost of Revenue

 

$

354,389

 

 

$

357,193

 

 

$

615,760

 

 

$

597,508

 

 

 

 

 

 

 

 

 

 

Line of Business - Adjusted Cash Gross Profit (2):

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

83,066

 

 

$

78,998

 

 

$

128,964

 

 

$

116,980

 

Cement (3)

 

38,402

 

 

38,687

 

 

34,614

 

 

39,835

 

Products

 

72,317

 

 

58,153

 

 

104,673

 

 

78,568

 

Total Materials and Products

 

193,785

 

 

175,838

 

 

268,251

 

 

235,383

 

Services

 

27,066

 

 

19,560

 

 

33,635

 

 

25,650

 

Adjusted Cash Gross Profit

 

$

220,851

 

 

$

195,398

 

 

$

301,886

 

 

$

261,033

 

 

 

 

 

 

 

 

 

 

Adjusted Cash Gross Profit Margin (2)

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

63.9

%

 

61.4

%

 

57.0

%

 

54.0

%

Cement (3)

 

50.8

%

 

45.8

%

 

30.5

%

 

32.7

%

Products

 

25.4

%

 

22.3

%

 

22.7

%

 

19.0

%

Services

 

31.1

%

 

23.0

%

 

27.1

%

 

21.5

%

Total Adjusted Cash Gross Profit Margin

 

38.4

%

 

35.4

%

 

32.9

%

 

30.4

%

________________________________________________________

(1) Net revenue for the cement line of business excludes revenue associated with hazardous and non-hazardous waste, which is processed into fuel and used in the cement plants and is included in services net revenue. Additionally, net revenue from cement swaps and other cement-related products are included in products net revenue.

(2) Adjusted cash gross profit is calculated as net revenue by line of business less net cost of revenue by line of business. Adjusted cash gross profit margin is defined as adjusted cash gross profit divided by net revenue.

(3) The cement adjusted cash gross profit includes the earnings from the waste processing operations, cement swaps and other products. Cement line of business adjusted cash gross profit margin is defined as cement adjusted cash gross profit divided by cement segment net revenue.

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Volume and Price Statistics

(Units in thousands)

 

 

 

Three months ended

 

Six months ended

Total Volume

 

June 27, 2020

 

June 29, 2019

 

June 27, 2020

 

June 29, 2019

Aggregates (tons)

 

14,901

 

 

14,528

 

 

26,093

 

 

24,735

 

Cement (tons)

 

654

 

 

698

 

 

954

 

 

995

 

Ready-mix concrete (cubic yards)

 

1,443

 

 

1,398

 

 

2,686

 

 

2,489

 

Asphalt (tons)

 

1,755

 

 

1,596

 

 

2,163

 

 

2,017

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

Pricing

 

June 27, 2020

 

June 29, 2019

 

June 27, 2020

 

June 29, 2019

Aggregates (per ton)

 

$

11.12

 

 

$

11.14

 

 

$

11.00

 

 

$

10.93

 

Cement (per ton)

 

116.29

 

 

114.95

 

 

116.26

 

 

114.46

 

Ready-mix concrete (per cubic yards)

 

116.41

 

 

110.35

 

 

115.31

 

 

109.15

 

Asphalt (per ton)

 

59.48

 

 

58.16

 

 

58.99

 

 

57.42

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

Percentage Change in

 

Percentage Change in

Year over Year Comparison

 

Volume

 

Pricing

 

Volume

 

Pricing

Aggregates (per ton)

 

2.6

%

 

(0.2)

%

 

5.5

%

 

0.6

%

Cement (per ton)

 

(6.3)

%

 

1.2

%

 

(4.1)

%

 

1.6

%

Ready-mix concrete (per cubic yards)

 

3.2

%

 

5.5

%

 

7.9

%

 

5.6

%

Asphalt (per ton)

 

10.0

%

 

2.3

%

 

7.2

%

 

2.7

%

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

 

Percentage Change in

 

Percentage Change in

Year over Year Comparison (Excluding acquisitions)

 

Volume

 

Pricing

 

Volume

 

Pricing

Aggregates (per ton)

 

2.6

%

 

(0.2)

%

 

5.5

%

 

0.6

%

Cement (per ton)

 

(6.3)

%

 

1.2

%

 

(4.1)

%

 

1.6

%

Ready-mix concrete (per cubic yards)

 

3.2

%

 

5.5

%

 

7.9

%

 

5.6

%

Asphalt (per ton)

 

10.0

%

 

2.3

%

 

7.2

%

 

2.7

%

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Reconciliations of Gross Revenue to Net Revenue by Line of Business

($ and Units in thousands, except pricing information)

 

 

Three months ended June 27, 2020

 

 

 

 

 

 

Gross Revenue

 

Intercompany

 

Net

 

 

Volumes

 

Pricing

 

by Product

 

Elimination/Delivery

 

Revenue

Aggregates

 

14,901

 

 

$

11.12

 

 

$

165,648

 

 

$

(35,659

)

 

 

$

129,989

 

Cement

 

654

 

 

116.29

 

 

76,106

 

 

(2,813

)

 

 

73,293

 

Materials

 

 

 

 

 

$

241,754

 

 

$

(38,472

)

 

 

$

203,282

 

Ready-mix concrete

 

1,443

 

 

116.41

 

 

167,964

 

 

(82

)

 

 

167,882

 

Asphalt

 

1,755

 

 

59.48

 

 

104,373

 

 

(179

)

 

 

104,194

 

Other Products

 

 

 

 

 

97,974

 

 

(85,072

)

 

 

12,902

 

Products

 

 

 

 

 

$

370,311

 

 

$

(85,333

)

 

 

$

284,978

 

 

 

Six months ended June 27, 2020

 

 

 

 

 

 

Gross Revenue

 

Intercompany

 

Net

 

 

Volumes

 

Pricing

 

by Product

 

Elimination/Delivery

 

Revenue

Aggregates

 

26,093

 

 

$

11.00

 

 

$

287,121

 

 

$

(60,971

)

 

 

$

226,150

 

Cement

 

954

 

 

116.26

 

 

110,864

 

 

(4,708

)

 

 

106,156

 

Materials

 

 

 

 

 

$

397,985

 

 

$

(65,679

)

 

 

$

332,306

 

Ready-mix concrete

 

2,686

 

 

115.31

 

 

309,773

 

 

(187

)

 

 

309,586

 

Asphalt

 

2,163

 

 

58.99

 

 

127,616

 

 

(228

)

 

 

127,388

 

Other Products

 

 

 

 

 

167,820

 

 

(143,533

)

 

 

24,287

 

Products

 

 

 

 

 

$

605,209

 

 

$

(143,948

)

 

 

$

461,261

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Reconciliations of Non-GAAP Financial Measures

($ in thousands, except share and per share amounts)

The tables below reconcile our net income (loss) to Adjusted EBITDA by segment for the three and six months ended June 27, 2020 and June 29, 2019.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Three months ended June 27, 2020

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

57,040

 

 

 

$

32,206

 

 

 

$

29,386

 

 

 

$

(59,745

)

 

 

$

58,887

 

 

Interest (income) expense

 

(709

)

 

 

(433

)

 

 

(3,116

)

 

 

29,866

 

 

 

25,608

 

 

Income tax expense (benefit)

 

1,054

 

 

 

(36

)

 

 

 

 

 

16,163

 

 

 

17,181

 

 

Depreciation, depletion and amortization

 

22,050

 

 

 

21,014

 

 

 

9,291

 

 

 

992

 

 

 

53,347

 

 

EBITDA

 

$

79,435

 

 

 

$

52,751

 

 

 

$

35,561

 

 

 

$

(12,724

)

 

 

$

155,023

 

 

Accretion

 

115

 

 

 

380

 

 

 

86

 

 

 

 

 

 

581

 

 

Transaction costs

 

 

 

 

 

 

 

 

 

 

319

 

 

 

319

 

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

4,892

 

 

 

4,892

 

 

Other

 

(607

)

 

 

253

 

 

 

 

 

 

(229

)

 

 

(583

)

 

Adjusted EBITDA

 

$

78,943

 

 

 

$

53,384

 

 

 

$

35,647

 

 

 

$

(7,742

)

 

 

$

160,232

 

 

Adjusted EBITDA Margin (1)

 

26.4

 

%

 

26.6

 

%

 

47.1

 

%

 

 

 

27.9

 

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Three months ended June 29, 2019

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

30,739

 

 

 

$

35,175

 

 

 

$

27,917

 

 

 

$

(55,841

)

 

 

$

37,990

 

 

Interest expense (income)

 

751

 

 

 

1,047

 

 

 

(2,345

)

 

 

29,948

 

 

 

29,401

 

 

Income tax expense

 

777

 

 

 

64

 

 

 

 

 

 

15,866

 

 

 

16,707

 

 

Depreciation, depletion and amortization

 

22,784

 

 

 

19,540

 

 

 

9,719

 

 

 

992

 

 

 

53,035

 

 

EBITDA

 

$

55,051

 

 

 

$

55,826

 

 

 

$

35,291

 

 

 

$

(9,035

)

 

 

$

137,133

 

 

Accretion

 

140

 

 

 

300

 

 

 

150

 

 

 

 

 

 

590

 

 

Transaction costs

 

11

 

 

 

 

 

 

 

 

 

379

 

 

 

390

 

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

4,699

 

 

 

4,699

 

 

Other

 

(382

)

 

 

(1,714

)

 

 

 

 

 

(250

)

 

 

(2,346

)

 

Adjusted EBITDA

 

$

54,820

 

 

 

$

54,412

 

 

 

$

35,441

 

 

 

$

(4,207

)

 

 

$

140,466

 

 

Adjusted EBITDA Margin (1)

 

20.1

 

%

 

27.9

 

%

 

41.9

 

%

 

 

 

25.4

 

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Six months ended June 27, 2020

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

57,538

 

 

 

$

21,139

 

 

 

$

17,108

 

 

 

$

(83,624

)

 

 

$

12,161

 

 

Interest (income) expense (1)

 

(1,287

)

 

 

(1,002

)

 

 

(6,292

)

 

 

62,007

 

 

 

53,426

 

 

Income tax expense (benefit)

 

587

 

 

 

(165

)

 

 

 

 

 

(6,142

)

 

 

(5,720

)

 

Depreciation, depletion and amortization

 

43,734

 

 

 

41,734

 

 

 

17,099

 

 

 

1,981

 

 

 

104,548

 

 

EBITDA

 

$

100,572

 

 

 

$

61,706

 

 

 

$

27,915

 

 

 

$

(25,778

)

 

 

$

164,415

 

 

Accretion

 

231

 

 

 

756

 

 

 

171

 

 

 

 

 

 

1,158

 

 

Transaction costs

 

 

 

 

 

 

 

 

 

 

1,072

 

 

 

1,072

 

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

9,797

 

 

 

9,797

 

 

Other

 

608

 

 

 

495

 

 

 

 

 

 

(899

)

 

 

204

 

 

Adjusted EBITDA

 

$

101,411

 

 

 

$

62,957

 

 

 

$

28,086

 

 

 

$

(15,808

)

 

 

$

176,646

 

 

Adjusted EBITDA Margin (1)

 

21.0

 

%

 

19.6

 

%

 

24.7

 

%

 

 

 

19.2

 

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Six months ended June 29, 2019

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

21,187

 

 

 

$

16,808

 

 

 

$

17,349

 

 

 

$

(88,855

)

 

 

$

(33,511

)

 

Interest expense (income) (1)

 

1,494

 

 

 

2,055

 

 

 

(4,664

)

 

 

60,621

 

 

 

59,506

 

 

Income tax expense (benefit)

 

334

 

 

 

118

 

 

 

 

 

 

(11,782

)

 

 

(11,330

)

 

Depreciation, depletion and amortization

 

46,580

 

 

 

39,445

 

 

 

19,873

 

 

 

1,944

 

 

 

107,842

 

 

EBITDA

 

$

69,595

 

 

 

$

58,426

 

 

 

$

32,558

 

 

 

$

(38,072

)

 

 

$

122,507

 

 

Accretion

 

269

 

 

 

606

 

 

 

296

 

 

 

 

 

 

1,171

 

 

Loss on debt financings

 

 

 

 

 

 

 

 

 

 

14,565

 

 

 

14,565

 

 

Transaction costs

 

11

 

 

 

 

 

 

 

 

 

687

 

 

 

698

 

 

Non-cash compensation

 

 

 

 

 

 

 

 

 

 

10,605

 

 

 

10,605

 

 

Other

 

(757

)

 

 

(1,378

)

 

 

 

 

 

(357

)

 

 

(2,492

)

 

Adjusted EBITDA

 

$

69,118

 

 

 

$

57,654

 

 

 

$

32,854

 

 

 

$

(12,572

)

 

 

$

147,054

 

 

Adjusted EBITDA Margin (1)

 

15.7

 

%

 

19.5

 

%

 

27.0

 

%

 

 

 

17.1

 

%

________________________________________________

(1) Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue.

The table below reconciles our net income (loss) attributable to Summit Materials, Inc. to adjusted diluted net income (loss) per share for the three and six months ended June 27, 2020 and June 29, 2019. The per share amount of the net income (loss) attributable to Summit Materials, Inc. presented in the table is calculated using the total equity interests for the purpose of reconciling to adjusted diluted net income (loss) per share.

 

 

Three months ended

 

Six months ended

 

 

June 27, 2020

 

June 29, 2019

 

June 27, 2020

 

June 29, 2019

Reconciliation of Net Income (Loss) Per Share to Adjusted Diluted EPS

 

Net Income

 

Per Equity Unit

 

Net Income

 

Per Equity Unit

 

Net Income

 

Per Equity Unit

 

Net Loss

 

Per Equity Unit

Net income (loss) attributable to Summit Materials, Inc.

 

$

57,064

 

 

$

0.49

 

 

$

36,410

 

 

 

$

0.32

 

 

 

$

12,085

 

 

 

$

0.10

 

 

 

$

(32,362

)

 

 

$

(0.28

)

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to noncontrolling interest

 

1,823

 

 

0.01

 

 

1,580

 

 

 

0.01

 

 

 

76

 

 

 

 

 

 

(1,149

)

 

 

(0.01

)

 

Adjustment to acquisition deferred liability

 

 

 

 

 

(2,000

)

 

 

(0.02

)

 

 

 

 

 

 

 

 

(2,000

)

 

 

(0.02

)

 

Loss on debt financings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,565

 

 

 

0.13

 

 

Adjusted diluted net income (loss) before tax related adjustments

 

58,887

 

 

0.50

 

 

35,990

 

 

 

0.31

 

 

 

12,161

 

 

 

0.10

 

 

 

(20,946

)

 

 

(0.18

)

 

Changes in unrecognized tax benefits

 

 

 

 

 

 

 

 

 

 

 

(9,537

)

 

 

(0.08

)

 

 

 

 

 

 

 

Adjusted diluted net income (loss)

 

$

58,887

 

 

$

0.50

 

 

$

35,990

 

 

 

$

0.31

 

 

 

$

2,624

 

 

 

$

0.02

 

 

 

$

(20,946

)

 

 

$

(0.18

)

 

Weighted-average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Class A common stock

 

114,111,204

 

 

 

 

112,070,009

 

 

 

 

 

113,856,657

 

 

 

 

 

111,940,844

 

 

 

 

LP Units outstanding

 

3,053,115

 

 

 

 

3,418,018

 

 

 

 

 

3,103,672

 

 

 

 

 

3,422,318

 

 

 

 

Total equity units

 

117,164,319

 

 

 

 

115,488,027

 

 

 

 

 

116,960,329

 

 

 

 

 

115,363,162

 

 

 

 

The following table reconciles operating income to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three and six months ended June 27, 2020 and June 29, 2019.

 

 

Three months ended

 

Six months ended

 

 

June 27,

 

June 29,

 

June 27,

 

June 29,

Reconciliation of Operating Income to Adjusted Cash Gross Profit

 

2020

 

2019

 

2020

 

2019

($ in thousands)

 

 

 

 

 

 

 

 

Operating income

 

$

100,060

 

 

$

80,422

 

 

$

58,340

 

 

$

22,751

 

General and administrative expenses

 

66,544

 

 

60,961

 

 

136,768

 

 

128,571

 

Depreciation, depletion, amortization and accretion

 

53,928

 

 

53,625

 

 

105,706

 

 

109,013

 

Transaction costs

 

319

 

 

390

 

 

1,072

 

 

698

 

Adjusted Cash Gross Profit (exclusive of items shown separately)

 

$

220,851

 

 

$

195,398

 

 

$

301,886

 

 

$

261,033

 

Adjusted Cash Gross Profit Margin (exclusive of items shown separately) (1)

 

38.4

%

 

35.4

%

 

32.9

%

 

30.4

%

_______________________________________________________

(1) Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit as a percentage of net revenue.

The following table reconciles net cash provided by operating activities to free cash flow for the three and six months ended June 27, 2020 and June 29, 2019.

 

 

Three months ended

 

Six months ended

 

 

June 27,

 

June 29,

 

June 27,

 

June 29,

($ in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

58,887

 

 

 

$

37,990

 

 

 

$

12,161

 

 

 

$

(33,511

)

 

Non-cash items

 

74,346

 

 

 

71,751

 

 

 

110,013

 

 

 

107,830

 

 

Net income (loss) adjusted for non-cash items

 

133,233

 

 

 

109,741

 

 

 

122,174

 

 

 

74,319

 

 

Change in working capital accounts

 

(32,601

)

 

 

(63,117

)

 

 

(60,473

)

 

 

(58,371

)

 

Net cash provided by operating activities

 

100,632

 

 

 

46,624

 

 

 

61,701

 

 

 

15,948

 

 

Capital expenditures, net of asset sales

 

(40,448

)

 

 

(38,173

)

 

 

(99,117

)

 

 

(97,564

)

 

Free cash flow

 

$

60,184

 

 

 

$

8,451

 

 

 

$

(37,416

)

 

 

$

(81,616

)

 

 

Contacts

Karli Anderson
Vice President, Investor Relations
karli.anderson@summit-materials.com
303-515-5152

Release Summary

Summit Materials, Inc. Reports Second Quarter 2020 Results

Contacts

Karli Anderson
Vice President, Investor Relations
karli.anderson@summit-materials.com
303-515-5152