Press Release

Summit Materials, Inc. Reports Third Quarter 2021 Results

Company Release - 11/03/2021

- Third Quarter Net Revenue of $662.3 million, an increase of 2.6%

-Net income attributable to Summit Inc. of $74.2 million

-Third Quarter Adjusted EBITDA of $190.3 million

-Aggregates volumes increased 9.2%

-Cement volumes increased 2.0%

Summit Materials, Inc. (NYSE: SUM, “Summit,” “Summit Materials,” "Summit Inc." or the “Company”), a leading vertically integrated construction materials company, today announced results for the third quarter 2021.

For the three months ended October 2, 2021, the Company reported net income attributable to Summit Inc. of $74.2 million, or $0.63 per basic share, compared to net income attributable to Summit Inc. of $90.7 million, or $0.79 per basic share in the comparable prior year period. The 18.2% decrease in net income included the reversal of an unrecognized tax benefit in 2020. Summit reported adjusted diluted net income of $81.5 million, or $0.68 per adjusted diluted share as compared to adjusted diluted net income of $63.9 million, or $0.55 per adjusted diluted share in the prior year period.

Summit's net revenue increased $17.0 million, or 2.6% in the third quarter of 2021 to $662.3 million, compared to $645.2 million in the third quarter of 2020, on higher aggregates, ready-mix concrete and cement revenue relative to a year ago on continued favorable market demand conditions and price growth in all lines of business.

The Company reported operating income of $125.0 million in the third quarter 2021, an increase of 24.3%, compared to $100.6 million in the prior year period, primarily due to higher revenue. General and administrative expenses also decreased by $3.6 million in the current period relative to third quarter 2020, when the Company incurred CEO transition costs. Summit's operating margin percentage for the three months ended October 2, 2021 increased to 18.9% from 15.6%, from the comparable period a year ago, due to the factors noted above.

Adjusted EBITDA increased in the third quarter 2021 to $190.3 million as compared to $177.3 million in the third quarter 2020.

For the three months ended October 2, 2021, sales volumes increased 9.2% in aggregates and 2.0% in cement relative to the same period last year on strong demand in most of our markets. Average selling prices in the third quarter of 2021 increased 3.9% in aggregates, 4.4% in cement, 3.7% in ready-mix concrete and 1.7% in asphalt. Adjusted cash gross profit for aggregates expanded to $96.7 million in the third quarter 2021, an increase of 26.1% relative to $76.7 million in the year ago quarter.

Anne Noonan, CEO of Summit Materials, commented, "The Market Leadership theme in our Elevate Summit strategy is beginning to be reflected in our results. Today we are reporting third quarter Adjusted EBITDA growth of 7.3%versus Q3 2020. Organic volume and pricing growth was reflected in expanded adjusted cash gross profit margin in aggregates, cement and services. Our Q3 Adjusted EBITDA margin increased 120 basis points from the year ago quarter, contributing towards our Elevate Summit 30% Adjusted EBITDA margin goal, which is measured over the trailing 12 months.

Summit is currently progressing several strategic divestitures in addition to the five divestitures that were already completed in the first half of 2021. We believe Summit's organic growth profile and asset light conversion model position the Company to absorb the impact of the foregone contribution from those divested businesses. When comparing 2020 to 2021, it’s also important to understand that 2020 included 53 reporting weeks, while 2021 is a standard 52-week reporting year. In consideration of factors such as those, we are leaving our full year 2021 Adjusted EBITDA guidance unchanged."

On September 27, 2021, Summit redeemed all $300.0 million of the 5.125% senior notes due June 1, 2025 using existing cash on hand. As a result of the redemption, charges of $6.0 million were recognized in the quarter ended October 2, 2021, which included charges of $3.9 million for the applicable redemption premium and $2.1 million for the write-off of the deferred financing fees.

As of October 2, 2021, the Company had $258.1 million in cash and $1.6 billion in debt outstanding. The Company's $345 million revolving credit facility has $329.1 million available after outstanding letters of credit. For the quarter ended October 2, 2021, cash flow provided by operations was $207.4 million and cash paid for capital expenditures was $170.1 million.

Brian Harris, CFO of Summit Materials, added, "Just a few months after the announcement of our Elevate Strategy, we have achieved our Elevate Summit leverage reduction goal of less than 3.0x, and we believe further improvements are possible with steady execution of our strategy."

For the full year 2021, Summit has not made any changes to its outlook for Adjusted EBITDA of approximately $490 million to $520 million, The Company continues to expect 2021 capital expenditure guidance of approximately $200 million to $220 million including approximately $25 million to $35 million for greenfield projects.

Third Quarter 2021 | Results by Line of Business

Aggregates Business: Aggregates net revenues increased by $23.9 million to $160.3 million in the third quarter 2021 when compared to the prior year period. Aggregates adjusted cash gross profit margin increased to 60.3% in the third quarter 2021 as compared to 56.2% in the third quarter 2020. Aggregates sales volumes increased 9.2% in the third quarter 2021 when compared to the prior year period on organic growth in both the West and East segments. Volume increased in the Intermountain West, North Kansas, Virginia and British Columbia markets. Average selling prices for aggregates increased 3.9% in the third quarter 2021.

Cement Business: Cement segment net revenues increased 9.0% to $92.5 million in the third quarter 2021, when compared to the prior year period, on higher sales volume of cement. Cement adjusted cash gross profit margin increased to 47.4% in the third quarter, compared to 45.1% in the prior year period. Our Green America Recycling facility continues to ramp up production following an explosion that occurred in April 2020. Sales volume of cement increased 2.0% in the third quarter and average selling prices increased 4.4% when compared to the prior year period.

Products Business: Products net revenues were $314.0 million in the third quarter 2021, compared to $321.8 million in the prior year period. Products adjusted cash gross profit margin decreased to 21.0% in the third quarter, versus 21.8% in the prior year period. Our organic average sales price for ready-mix concrete increased 3.7% and organic sales volumes of ready-mix concrete decreased 1.4%, due mostly to wet conditions in Texas in the third quarter of 2021 that resulted in operational inefficiencies. Our organic average sales price for asphalt increased 1.7%, with pricing improvements in Kentucky and British Columbia, while volume decreased 11.2% due to a divestiture of a paving business.

Third Quarter 2021 | Results By Reporting Segment

Net revenue increased by 2.6% to $662.3 million in the third quarter 2021, versus $645.2 million in the prior year period on growth in our aggregates, cement, and ready-mix concrete operations. The Company reported operating income of $125.0 million in the third quarter 2021, compared to $100.6 million in the prior year period due to favorable volume and price trends in most lines of business in addition to lower general and administrative costs.

Net income decreased 18.7% to $75.4 million in the third quarter of 2021, compared to income of $92.8 million in the prior year period, which included the reversal of an unrecognized tax benefit. Adjusted EBITDA increased 7.3% to $190.3 million in the third quarter of 2021, compared to $177.3 million in the prior year period on higher revenue.

West Segment: The West Segment reported operating income of $67.4 million in the third quarter 2021, compared to $72.3 million in the prior year period. Adjusted EBITDA was $92.3 million in the third quarter 2021, compared to $95.5 million in the prior year period. The decreases in operating income and Adjusted EBITDA for the third quarter of 2021 occurred as the weather conditions in 2021 in Texas were less favorable as compared to the 2020 period, resulting in operational inefficiencies. Aggregates revenue in the third quarter increased 11.9% over the prior year period, while organic volumes and organic average sales prices increased 3.8% and 2.8%, respectively. Ready-mix concrete revenue in the third quarter 2021 increased 4.2% over the prior year period, as organic volumes increased 0.7% and organic average sales prices increased 3.4%, reflecting favorable market conditions for residential construction. Asphalt revenue decreased by 25.6% in the third quarter 2021 over the prior year period as asphalt volumes decreased 23.1%, due to a divestiture in the second quarter 2021, while sales prices increased 1.8%.

East Segment: The East Segment reported operating income of $45.0 million in the third quarter 2021, compared to $29.3 million in the prior year period as net revenue increases in aggregates, asphalt and paving and related services exceeded a decrease in ready-mix concrete. Adjusted EBITDA increased to $69.1 million in the third quarter 2021, compared to $56.9 million in the prior year period. Aggregates revenue increased 15.0%, as volumes increased 8.9% and average selling prices increased 5.5%. Ready-mix concrete revenue decreased 3.4% as organic volumes decreased by 7.5%, partially offset by organic average selling prices which increased 4.3%, primarily due to lower volumes in Kansas as wind farm projects in the 2020 period were not fully replaced in 2021. Asphalt revenue increased 30.6% as organic volumes increased 18.6% on higher volumes in Kentucky, Kansas and Virginia, and organic average selling prices increased 5.4% on higher liquid asphalt index prices in most of our markets.

Cement Segment: The Cement Segment reported operating income of $30.0 million in the third quarter 2021, compared to $24.0 million in the prior year period. Adjusted EBITDA increased to $40.4 million in the third quarter 2021, compared to $35.1 million in the prior year period on higher volumes and prices. The segment reported increased organic sales volumes and organic average selling prices of 2.0% and 4.4%, respectively, during the third quarter 2021 as compared to the prior year period. Our Green America Recycling facility is now operational, but continues to ramp up production following an explosion that occurred in April 2020.

Liquidity and Capital Resources

As of October 2, 2021, the Company had cash on hand of $258.1 million and borrowing capacity under its $345 million revolving credit facility of $329.1 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 October 2, 2021, the Company had $1.6 billion in debt outstanding.

Financial Outlook

For the full year 2021, Summit has not made any changes to its outlook for Adjusted EBITDA of approximately $490 million to $520 million. The Company continues to expect 2021 capital expenditure guidance of approximately $200 million to $220 million including approximately $25 million to $35 million for greenfield projects.

Webcast and Conference Call Information

Summit Materials will conduct a conference call on Thursday, November 4, 2021 , at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the Company’s third quarter 2021 financial results, discuss recent events and conduct a question-and-answer session.

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 for third quarter 2021 financial results:

Domestic Live: 1-877-823-8690
International Live: 1-825-312-2236
Conference ID: 3128039
Password: Summit

To listen to a replay of the teleconference, which will be available through November 11, 2021:

Domestic Replay: 1-800-585-8367
International Replay: 1-416-621-4642
Conference ID: 3128039

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 January 2, 2021, 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, and responses to it, including vaccine mandates, 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, or more limited availability of, commodities, labor and other production and delivery inputs as a result of inflation, supply chain challenges 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

Unaudited Consolidated Statements of Operations

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

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

October 2,

 

September 26,

 

October 2,

 

September 26,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

Product

 

$

561,938

 

 

 

$

540,904

 

 

 

$

1,443,972

 

 

 

$

1,334,471

 

 

Service

 

100,321

 

 

 

104,342

 

 

 

235,298

 

 

 

228,421

 

 

Net revenue

 

662,259

 

 

 

645,246

 

 

 

1,679,270

 

 

 

1,562,892

 

 

Delivery and subcontract revenue

 

54,981

 

 

 

64,373

 

 

 

133,731

 

 

 

144,926

 

 

Total revenue

 

717,240

 

 

 

709,619

 

 

 

1,813,001

 

 

 

1,707,818

 

 

Cost of revenue (excluding items shown separately below):

 

 

 

 

 

 

 

 

Product

 

356,214

 

 

 

354,250

 

 

 

980,045

 

 

 

923,384

 

 

Service

 

75,741

 

 

 

82,969

 

 

 

187,570

 

 

 

190,153

 

 

Net cost of revenue

 

431,955

 

 

 

437,219

 

 

 

1,167,615

 

 

 

1,113,537

 

 

Delivery and subcontract cost

 

54,981

 

 

 

64,373

 

 

 

133,731

 

 

 

144,926

 

 

Total cost of revenue

 

486,936

 

 

 

501,592

 

 

 

1,301,346

 

 

 

1,258,463

 

 

General and administrative expenses

 

47,364

 

 

 

50,972

 

 

 

146,454

 

 

 

132,385

 

 

Depreciation, depletion, amortization and accretion

 

59,082

 

 

 

58,054

 

 

 

173,651

 

 

 

163,760

 

 

Gain on sale of property, plant and equipment

 

(1,159

)

 

 

(1,616

)

 

 

(4,331

)

 

 

(5,747

)

 

Operating income

 

125,017

 

 

 

100,617

 

 

 

195,881

 

 

 

158,957

 

 

Interest expense

 

24,134

 

 

 

24,623

 

 

 

72,536

 

 

 

78,049

 

 

Loss on debt financings

 

6,016

 

 

 

4,064

 

 

 

6,016

 

 

 

4,064

 

 

Loss (gain) on sale of businesses

 

113

 

 

 

 

 

 

(15,319

)

 

 

 

 

Other income, net

 

(1,137

)

 

 

(1,226

)

 

 

(10,721

)

 

 

(2,753

)

 

Income from operations before taxes

 

95,891

 

 

 

73,156

 

 

 

143,369

 

 

 

79,597

 

 

Income tax expense (benefit)

 

20,513

 

 

 

(19,613

)

 

 

33,478

 

 

 

(25,333

)

 

Net income

 

75,378

 

 

 

92,769

 

 

 

109,891

 

 

 

104,930

 

 

Net income attributable to Summit Holdings (1)

 

1,174

 

 

 

2,039

 

 

 

1,545

 

 

 

2,115

 

 

Net income attributable to Summit Inc.

 

$

74,204

 

 

 

$

90,730

 

 

 

$

108,346

 

 

 

$

102,815

 

 

Earnings per share of Class A common stock:

 

 

 

 

 

 

 

 

Basic

 

$

0.63

 

 

 

$

0.79

 

 

 

$

0.92

 

 

 

$

0.90

 

 

Diluted

 

$

0.62

 

 

 

$

0.79

 

 

 

$

0.92

 

 

 

$

0.90

 

 

Weighted average shares of Class A common stock:

 

 

 

 

 

 

 

 

Basic

 

118,473,530

 

 

 

114,436,907

 

 

 

117,258,431

 

 

 

114,088,447

 

 

Diluted

 

119,291,646

 

 

 

114,472,171

 

 

 

118,360,615

 

 

 

114,457,276

 

 

(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)

 

 

 

 

 

 

 

October 2,

 

January 2,

 

 

2021

 

2021

 

 

(unaudited)

 

(audited)

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

258,083

 

 

$

418,181

 

Accounts receivable, net

 

333,351

 

 

254,696

 

Costs and estimated earnings in excess of billings

 

34,181

 

 

8,666

 

Inventories

 

195,312

 

 

200,308

 

Other current assets

 

13,855

 

 

11,428

 

Total current assets

 

834,782

 

 

893,279

 

Property, plant and equipment, less accumulated depreciation, depletion and amortization (October 2, 2021 - $1,234,171 and January 2, 2021 - $1,132,925)

 

1,841,139

 

 

1,850,169

 

Goodwill

 

1,174,855

 

 

1,201,291

 

Intangible assets, less accumulated amortization (October 2, 2021 - $14,309 and January 2, 2021 - $11,864)

 

70,338

 

 

47,852

 

Deferred tax assets, less valuation allowance (October 2, 2021 - $1,675 and January 2, 2021 - $1,675)

 

210,389

 

 

231,877

 

Operating lease right-of-use assets

 

27,339

 

 

28,543

 

Other assets

 

57,807

 

 

55,000

 

Total assets

 

$

4,216,649

 

 

$

4,308,011

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of debt

 

$

6,354

 

 

$

6,354

 

Current portion of acquisition-related liabilities

 

12,809

 

 

10,265

 

Accounts payable

 

155,919

 

 

120,813

 

Accrued expenses

 

137,378

 

 

160,570

 

Current operating lease liabilities

 

6,818

 

 

8,188

 

Billings in excess of costs and estimated earnings

 

11,631

 

 

16,499

 

Total current liabilities

 

330,909

 

 

322,689

 

Long-term debt

 

1,591,989

 

 

1,892,347

 

Acquisition-related liabilities

 

33,223

 

 

12,246

 

Tax receivable agreement liability

 

330,871

 

 

321,680

 

Noncurrent operating lease liabilities

 

21,596

 

 

21,500

 

Other noncurrent liabilities

 

136,297

 

 

121,281

 

Total liabilities

 

2,444,885

 

 

2,691,743

 

Stockholders’ equity:

 

 

 

 

Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 118,564,950 and 114,390,595 shares issued and outstanding as of October 2, 2021 and January 2, 2021, respectively

 

1,186

 

 

1,145

 

Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of October 2, 2021 and January 2, 2021

 

 

 

 

Additional paid-in capital

 

1,319,897

 

 

1,264,681

 

Accumulated earnings

 

435,118

 

 

326,772

 

Accumulated other comprehensive income

 

5,670

 

 

5,203

 

Stockholders’ equity

 

1,761,871

 

 

1,597,801

 

Noncontrolling interest in Summit Holdings

 

9,893

 

 

18,467

 

Total stockholders’ equity

 

1,771,764

 

 

1,616,268

 

Total liabilities and stockholders’ equity

 

$

4,216,649

 

 

$

4,308,011

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Consolidated Statements of Cash Flows

($ in thousands)

 

 

 

 

 

Three months ended

 

 

October 2,

 

September 26,

 

 

2021

 

 

2020

 

Cash flow from operating activities:

 

 

 

 

Net income

 

$

109,891

 

 

 

$

104,930

 

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

Depreciation, depletion, amortization and accretion

 

177,841

 

 

 

164,397

 

 

Share-based compensation expense

 

14,875

 

 

 

23,119

 

 

Net gain on asset and business disposals

 

(19,295

)

 

 

(5,746

)

 

Non-cash loss on debt financings

 

2,116

 

 

 

4,064

 

 

Change in deferred tax asset, net

 

19,814

 

 

 

(28,968

)

 

Other

 

(586

)

 

 

760

 

 

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

 

 

 

 

Accounts receivable, net

 

(78,108

)

 

 

(48,361

)

 

Inventories

 

(12,002

)

 

 

(2,829

)

 

Costs and estimated earnings in excess of billings

 

(26,969

)

 

 

(30,912

)

 

Other current assets

 

(2,556

)

 

 

(75

)

 

Other assets

 

6,459

 

 

 

8,367

 

 

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

 

 

 

 

Accounts payable

 

33,756

 

 

 

21,729

 

 

Accrued expenses

 

(15,598

)

 

 

3,164

 

 

Billings in excess of costs and estimated earnings

 

(2,907

)

 

 

395

 

 

Tax receivable agreement liability

 

9,191

 

 

 

993

 

 

Other liabilities

 

(8,549

)

 

 

3,012

 

 

Net cash provided by operating activities

 

207,373

 

 

 

218,039

 

 

Cash flow from investing activities:

 

 

 

 

Acquisitions, net of cash acquired

 

(7,263

)

 

 

(123,195

)

 

Purchases of property, plant and equipment

 

(170,070

)

 

 

(140,006

)

 

Proceeds from the sale of property, plant and equipment

 

8,827

 

 

 

8,848

 

 

Proceeds from sale of businesses

 

103,649

 

 

 

 

 

Other

 

(459

)

 

 

1,395

 

 

Net cash used in investing activities

 

(65,316

)

 

 

(252,958

)

 

Cash flow from financing activities:

 

 

 

 

Proceeds from debt issuances

 

 

 

 

700,000

 

 

Debt issuance costs

 

 

 

 

(9,565

)

 

Payments on debt

 

(323,802

)

 

 

(666,892

)

 

Payments on acquisition-related liabilities

 

(9,755

)

 

 

(10,391

)

 

Proceeds from stock option exercises

 

32,416

 

 

 

329

 

 

Other

 

(951

)

 

 

(908

)

 

Net cash (used in) provided by financing activities

 

(302,092

)

 

 

12,573

 

 

Impact of foreign currency on cash

 

(63

)

 

 

(216

)

 

Net decrease in cash

 

(160,098

)

 

 

(22,562

)

 

Cash and cash equivalents—beginning of period

 

418,181

 

 

 

311,319

 

 

Cash and cash equivalents—end of period

 

$

258,083

 

 

 

$

288,757

 

 

SUMMIT MATERIALS, INC. AND SUBSIDIARIES

Unaudited Revenue Data by Segment and Line of Business

($ in thousands)

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

October 2,

 

September 26,

 

October 2,

 

September 26,

 

 

2021

 

2020

 

2021

 

2020

Segment Net Revenue:

 

 

 

 

 

 

 

 

West

 

$

338,575

 

 

$

351,510

 

 

$

886,936

 

 

$

835,026

 

East

 

231,184

 

 

208,862

 

 

573,343

 

 

529,405

 

Cement

 

92,500

 

 

84,874

 

 

218,991

 

 

198,461

 

Net Revenue

 

$

662,259

 

 

$

645,246

 

 

$

1,679,270

 

 

$

1,562,892

 

 

 

 

 

 

 

 

 

 

Line of Business - Net Revenue:

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

160,317

 

 

$

136,396

 

 

$

431,201

 

 

$

362,546

 

Cement (1)

 

87,645

 

 

82,698

 

 

207,953

 

 

188,854

 

Products

 

313,976

 

 

321,810

 

 

804,818

 

 

783,071

 

Total Materials and Products

 

561,938

 

 

540,904

 

 

1,443,972

 

 

1,334,471

 

Services

 

100,321

 

 

104,342

 

 

235,298

 

 

228,421

 

Net Revenue

 

$

662,259

 

 

$

645,246

 

 

$

1,679,270

 

 

$

1,562,892

 

 

 

 

 

 

 

 

 

 

Line of Business - Net Cost of Revenue:

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

63,622

 

 

$

59,704

 

 

$

199,653

 

 

$

174,169

 

Cement

 

43,768

 

 

44,449

 

 

122,800

 

 

115,998

 

Products

 

248,042

 

 

251,606

 

 

657,005

 

 

633,991

 

Total Materials and Products

 

355,432

 

 

355,759

 

 

979,458

 

 

924,158

 

Services

 

76,523

 

 

81,460

 

 

188,157

 

 

189,379

 

Net Cost of Revenue

 

$

431,955

 

 

$

437,219

 

 

$

1,167,615

 

 

$

1,113,537

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

$

96,695

 

 

$

76,692

 

 

$

231,548

 

 

$

188,377

 

Cement (3)

 

43,877

 

 

38,249

 

 

85,153

 

 

72,856

 

Products

 

65,934

 

 

70,204

 

 

147,813

 

 

149,080

 

Total Materials and Products

 

206,506

 

 

185,145

 

 

464,514

 

 

410,313

 

Services

 

23,798

 

 

22,882

 

 

47,141

 

 

39,042

 

Adjusted Cash Gross Profit

 

$

230,304

 

 

$

208,027

 

 

$

511,655

 

 

$

449,355

 

 

 

 

 

 

 

 

 

 

Adjusted Cash Gross Profit Margin (2)

 

 

 

 

 

 

 

 

Materials

 

 

 

 

 

 

 

 

Aggregates

 

60.3

%

 

56.2

%

 

53.7

%

 

52.0

%

Cement (3)

 

47.4

%

 

45.1

%

 

38.9

%

 

36.7

%

Products

 

21.0

%

 

21.8

%

 

18.4

%

 

19.0

%

Services

 

23.7

%

 

21.9

%

 

20.0

%

 

17.1

%

Total Adjusted Cash Gross Profit Margin

 

34.8

%

 

32.2

%

 

30.5

%

 

28.8

%

(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

 

Nine months ended

Total Volume

 

October 2, 2021

 

September 26, 2020

 

October 2, 2021

 

September 26, 2020

Aggregates (tons)

 

17,884

 

 

16,383

 

 

48,484

 

 

42,476

 

Cement (tons)

 

748

 

 

733

 

 

1,796

 

 

1,686

 

Ready-mix concrete (cubic yards)

 

1,509

 

 

1,531

 

 

4,381

 

 

4,217

 

Asphalt (tons)

 

1,880

 

 

2,118

 

 

3,911

 

 

4,281

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

Pricing

 

October 2, 2021

 

September 26, 2020

 

October 2, 2021

 

September 26, 2020

Aggregates (per ton)

 

$

11.32

 

 

$

10.89

 

 

$

11.16

 

 

$

10.96

 

Cement (per ton)

 

121.26

 

 

116.17

 

 

119.76

 

 

116.22

 

Ready-mix concrete (per cubic yards)

 

121.40

 

 

117.12

 

 

119.95

 

 

115.97

 

Asphalt (per ton)

 

61.42

 

 

60.40

 

 

60.63

 

 

59.69

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

Percentage Change in

 

Percentage Change in

Year over Year Comparison

 

Volume

 

Pricing

 

Volume

 

Pricing

Aggregates (per ton)

 

9.2

%

 

3.9

%

 

14.1

%

 

1.8

%

Cement (per ton)

 

2.0

%

 

4.4

%

 

6.5

%

 

3.0

%

Ready-mix concrete (per cubic yards)

 

(1.4

)%

 

3.7

%

 

3.9

%

 

3.4

%

Asphalt (per ton)

 

(11.2

)%

 

1.7

%

 

(8.6

)%

 

1.6

%

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

Percentage Change in

 

Percentage Change in

Year over Year Comparison (Excluding acquisitions)

 

Volume

 

Pricing

 

Volume

 

Pricing

Aggregates (per ton)

 

5.6

%

 

4.7

%

 

5.0

%

 

3.5

%

Cement (per ton)

 

2.0

%

 

4.4

%

 

6.5

%

 

3.0

%

Ready-mix concrete (per cubic yards)

 

(1.4

)%

 

3.7

%

 

3.9

%

 

3.4

%

Asphalt (per ton)

 

(11.2

)%

 

1.7

%

 

(8.6

)%

 

1.6

%

 

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 October 2, 2021

 

 

 

 

 

 

Gross Revenue

 

Intercompany

 

Net

 

 

Volumes

 

Pricing

 

by Product

 

Elimination/Delivery

 

Revenue

Aggregates

 

17,884

 

 

$

11.32

 

 

$

202,523

 

 

$

(42,206

)

 

 

$

160,317

 

Cement

 

748

 

 

121.26

 

 

90,648

 

 

(3,003

)

 

 

87,645

 

Materials

 

 

 

 

 

$

293,171

 

 

$

(45,209

)

 

 

$

247,962

 

Ready-mix concrete

 

1,509

 

 

121.40

 

 

183,213

 

 

(99

)

 

 

183,114

 

Asphalt

 

1,880

 

 

61.42

 

 

115,471

 

 

(106

)

 

 

115,365

 

Other Products

 

 

 

 

 

106,663

 

 

(91,166

)

 

 

15,497

 

Products

 

 

 

 

 

$

405,347

 

 

$

(91,371

)

 

 

$

313,976

 

 

 

Nine months ended October 2, 2021

 

 

 

 

 

 

Gross Revenue

 

Intercompany

 

Net

 

 

Volumes

 

Pricing

 

by Product

 

Elimination/Delivery

 

Revenue

Aggregates

 

48,484

 

 

$

11.16

 

 

$

540,912

 

 

$

(109,711

)

 

 

$

431,201

 

Cement

 

1,796

 

 

119.76

 

 

215,024

 

 

(7,071

)

 

 

207,953

 

Materials

 

 

 

 

 

$

755,936

 

 

$

(116,782

)

 

 

$

639,154

 

Ready-mix concrete

 

4,381

 

 

119.95

 

 

525,485

 

 

(277

)

 

 

525,208

 

Asphalt

 

3,911

 

 

60.63

 

 

237,138

 

 

(246

)

 

 

236,892

 

Other Products

 

 

 

 

 

283,804

 

 

(241,086

)

 

 

42,718

 

Products

 

 

 

 

 

$

1,046,427

 

 

$

(241,609

)

 

 

$

804,818

 

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 nine months ended October 2, 2021 and September 26, 2020.

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Three months ended October 2, 2021

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

69,457

 

 

$

47,924

 

 

$

34,310

 

 

$

(76,313

)

 

$

75,378

Interest (income) expense

 

(2,933

)

 

(2,237

)

 

(4,359

)

 

33,663

 

 

24,134

Income tax expense

 

976

 

 

119

 

 

 

 

19,418

 

 

20,513

Depreciation, depletion and amortization

 

24,577

 

 

22,412

 

 

10,324

 

 

1,068

 

 

58,381

EBITDA

 

$

92,077

 

 

$

68,218

 

 

$

40,275

 

 

$

(22,164

)

 

$

178,406

Accretion

 

219

 

 

397

 

 

85

 

 

 

 

701

Loss on debt financings

 

 

 

 

 

 

 

6,016

 

 

6,016

(Gain) loss on sale of businesses

 

(135

)

 

248

 

 

 

 

 

 

113

Non-cash compensation

 

 

 

 

 

 

 

4,685

 

 

4,685

Other

 

142

 

 

221

 

 

 

 

 

 

363

Adjusted EBITDA

 

$

92,303

 

 

$

69,084

 

 

$

40,360

 

 

$

(11,463

)

 

$

190,284

Adjusted EBITDA Margin (1)

 

27.3

%

 

29.9

%

 

43.6

%

 

 

 

28.7

%

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Three months ended September 26, 2020

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

72,871

 

 

$

31,013

 

 

$

27,324

 

 

$

(38,439

)

 

$

92,769

 

Interest (income) expense

 

(1,192

)

 

(649

)

 

(3,393

)

 

29,857

 

 

24,623

 

Income tax expense (benefit)

 

937

 

 

(193

)

 

 

 

(20,357

)

 

(19,613

)

Depreciation, depletion and amortization

 

22,973

 

 

22,346

 

 

11,066

 

 

979

 

 

57,364

 

EBITDA

 

$

95,589

 

 

$

52,517

 

 

$

34,997

 

 

$

(27,960

)

 

$

155,143

 

Accretion

 

144

 

 

457

 

 

89

 

 

 

 

690

 

Loss on debt financings

 

 

 

 

 

 

 

4,064

 

 

4,064

 

Non-cash compensation

 

 

 

 

 

 

 

13,322

 

 

13,322

 

Other

 

(263

)

 

3,969

 

 

 

 

377

 

 

4,083

 

Adjusted EBITDA

 

$

95,470

 

 

$

56,943

 

 

$

35,086

 

 

$

(10,197

)

 

$

177,302

 

Adjusted EBITDA Margin (1)

 

27.2

%

 

27.3

%

 

41.3

%

 

 

 

27.5

%

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Nine months ended October 2, 2021

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

142,340

 

 

$

91,928

 

 

$

65,935

 

 

$

(190,312

)

 

$

109,891

 

Interest (income) expense

 

(7,825

)

 

(6,133

)

 

(12,439

)

 

98,933

 

 

72,536

 

Income tax expense

 

2,360

 

 

209

 

 

 

 

30,909

 

 

33,478

 

Depreciation, depletion and amortization

 

74,634

 

 

65,032

 

 

28,535

 

 

3,273

 

 

171,474

 

EBITDA

 

$

211,509

 

 

$

151,036

 

 

$

82,031

 

 

$

(57,197

)

 

$

387,379

 

Accretion

 

653

 

 

1,274

 

 

250

 

 

 

 

2,177

 

Loss on debt financings

 

 

 

 

 

 

 

6,016

 

 

6,016

 

Gain on sale of businesses

 

(408

)

 

(14,911

)

 

 

 

 

 

(15,319

)

Non-cash compensation

 

 

 

 

 

 

 

14,875

 

 

14,875

 

Other

 

(32

)

 

714

 

 

 

 

 

 

682

 

Adjusted EBITDA

 

$

211,722

 

 

$

138,113

 

 

$

82,281

 

 

$

(36,306

)

 

$

395,810

 

Adjusted EBITDA Margin (1)

 

23.9

%

 

24.1

%

 

37.6

%

 

 

 

23.6

%

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Nine months ended September 26, 2020

by Segment

 

West

 

East

 

Cement

 

Corporate

 

Consolidated

($ in thousands)

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

130,409

 

 

$

52,152

 

 

$

44,432

 

 

$

(122,063

)

 

$

104,930

 

Interest (income) expense

 

(2,479

)

 

(1,651

)

 

(9,685

)

 

91,864

 

 

78,049

 

Income tax expense (benefit)

 

1,524

 

 

(358

)

 

 

 

(26,499

)

 

(25,333

)

Depreciation, depletion and amortization

 

66,707

 

 

64,080

 

 

28,165

 

 

2,960

 

 

161,912

 

EBITDA

 

$

196,161

 

 

$

114,223

 

 

$

62,912

 

 

$

(53,738

)

 

$

319,558

 

Accretion

 

375

 

 

1,213

 

 

260

 

 

 

 

1,848

 

Loss on debt financings

 

 

 

 

 

 

 

4,064

 

 

4,064

 

Non-cash compensation

 

 

 

 

 

 

 

23,119

 

 

23,119

 

Other

 

345

 

 

4,464

 

 

 

 

(522

)

 

4,287

 

Adjusted EBITDA

 

$

196,881

 

 

$

119,900

 

 

$

63,172

 

 

$

(27,077

)

 

$

352,876

 

Adjusted EBITDA Margin (1)

 

23.6

%

 

22.6

%

 

31.8

%

 

 

 

22.6

%

 

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

The table below reconciles our net income attributable to Summit Materials, Inc. to adjusted diluted net income per share for the three and nine months ended October 2, 2021 and September 26, 2020. The per share amount of the net income 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 per share.

 

 

 

Three months ended

 

Nine months ended

 

 

October 2, 2021

 

September 26, 2020

 

October 2, 2021

 

September 26, 2020

Reconciliation of Net Income Per Share to Adjusted Diluted EPS

 

Net Income

 

Per Equity Unit

 

Net Income

 

Per Equity Unit

 

Net Income

 

Per Equity Unit

 

Net Income

 

Per Equity Unit

Net income attributable to Summit Materials, Inc.

 

$

74,204

 

 

$

0.62

 

 

$

90,730

 

 

 

$

0.77

 

 

 

$

108,346

 

 

 

$

0.91

 

 

 

$

102,815

 

 

 

$

0.88

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interest

 

1,174

 

 

0.01

 

 

2,039

 

 

 

0.02

 

 

 

1,545

 

 

 

0.01

 

 

 

2,115

 

 

 

0.02

 

 

Loss (gain) on sale of businesses

 

113

 

 

 

 

 

 

 

 

 

 

(15,319

)

 

 

(0.13

)

 

 

 

 

 

 

 

Loss on debt financings

 

6,016

 

 

0.05

 

 

4,064

 

 

 

0.04

 

 

 

6,016

 

 

 

0.05

 

 

 

4,064

 

 

 

0.03

 

 

Adjusted diluted net income before tax related adjustments

 

81,507

 

 

0.68

 

 

96,833

 

 

 

0.83

 

 

 

100,588

 

 

 

0.84

 

 

 

108,994

 

 

 

0.93

 

 

Changes in unrecognized tax expense (benefit)

 

 

 

 

 

(32,885

)

 

 

(0.28

)

 

 

 

 

 

 

 

 

(42,422

)

 

 

(0.36

)

 

Adjusted diluted net income

 

$

81,507

 

 

$

0.68

 

 

$

63,948

 

 

 

$

0.55

 

 

 

$

100,588

 

 

 

$

0.84

 

 

 

$

66,572

 

 

 

$

0.57

 

 

Weighted-average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Class A common stock

 

118,272,955

 

 

 

 

114,116,564

 

 

 

 

 

117,040,207

 

 

 

 

 

113,943,292

 

 

 

 

LP Units outstanding

 

1,594,272

 

 

 

 

3,053,115

 

 

 

 

 

2,031,090

 

 

 

 

 

3,086,820

 

 

 

 

Total equity units

 

119,867,227

 

 

 

 

117,169,679

 

 

 

 

 

119,071,297

 

 

 

 

 

117,030,112

 

 

 

 

The following table reconciles operating income to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three and nine months ended October 2, 2021 and September 26, 2020.

 

 

 

Three months ended

 

Nine months ended

 

 

October 2,

 

September 26,

 

October 2,

 

September 26,

Reconciliation of Operating Income to Adjusted Cash Gross Profit

 

2021

 

 

2020

 

 

2021

 

 

2020

 

($ in thousands)

 

 

 

 

 

 

 

 

Operating income

 

$

125,017

 

 

$

100,617

 

 

$

195,881

 

 

$

158,957

 

General and administrative expenses

 

47,364

 

 

50,972

 

 

146,454

 

 

132,385

 

Depreciation, depletion, amortization and accretion

 

59,082

 

 

58,054

 

 

173,651

 

 

163,760

 

Gain on sale of property, plant and equipment

 

(1,159

)

 

(1,616

)

 

(4,331

)

 

(5,747

)

Adjusted Cash Gross Profit (exclusive of items shown separately)

 

$

230,304

 

 

$

208,027

 

 

$

511,655

 

 

$

449,355

 

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

 

34.8

%

 

32.2

%

 

30.5

%

 

28.8

%

 

(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 nine months ended October 2, 2021 and September 26, 2020.

 

 

 

Three months ended

 

Nine months ended

 

 

October 2,

 

September 26,

 

October 2,

 

September 26,

($ in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

75,378

 

 

 

$

92,769

 

 

 

$

109,891

 

 

 

$

104,930

 

 

Non-cash items

 

81,700

 

 

 

47,613

 

 

 

194,765

 

 

 

157,626

 

 

Net income adjusted for non-cash items

 

157,078

 

 

 

140,382

 

 

 

304,656

 

 

 

262,556

 

 

Change in working capital accounts

 

(24,356

)

 

 

15,956

 

 

 

(97,283

)

 

 

(44,517

)

 

Net cash provided by operating activities

 

132,722

 

 

 

156,338

 

 

 

207,373

 

 

 

218,039

 

 

Capital expenditures, net of asset sales

 

(35,326

)

 

 

(32,041

)

 

 

(161,243

)

 

 

(131,158

)

 

Free cash flow

 

$

97,396

 

 

 

$

124,297

 

 

 

$

46,130

 

 

 

$

86,881

 

 

 

Karli Anderson
EVP, Chief Environmental, Social & Governance Officer and Head of Investor Relations
karli.anderson@summit-materials.com
303-875-3886

 

Source: Summit Materials, Inc.