0001628280-20-005777.txt : 20200429 0001628280-20-005777.hdr.sgml : 20200429 20200428174239 ACCESSION NUMBER: 0001628280-20-005777 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200429 DATE AS OF CHANGE: 20200428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Summit Materials, Inc. CENTRAL INDEX KEY: 0001621563 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 471984212 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36873 FILM NUMBER: 20826366 BUSINESS ADDRESS: STREET 1: 1550 WYNKOOP STREET, 3RD FLOOR CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 303-893-0012 MAIL ADDRESS: STREET 1: 1550 WYNKOOP STREET, 3RD FLOOR CITY: DENVER STATE: CO ZIP: 80202 8-K 1 a8kcoverpage-q12020.htm 8-K Document
false0001621563 0001621563 2020-04-29 2020-04-29


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 29, 2020
 
Summit Materials, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
001-36873
47-1984212
(State or Other Jurisdiction
(Commission
(I.R.S. Employer
of Incorporation)
File Number)
Identification No.)
 
1550 Wynkoop Street, 3rd Floor
Denver, Colorado 80202
(Address of Principal Executive Offices) (Zip Code)
 Registrant’s Telephone Number, Including Area Code:  (303) 893-0012
 Not Applicable
(Former Name or Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock (par value, $0.01 per share)
 
SUM
 
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company             ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                                  ☐




Item 2.02 Results of Operations and Financial Condition.  
 
On April 29, 2020, Summit Materials, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 28, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
The information being furnished pursuant to this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
 
Item 9.01 Financial Statements and Exhibits.  
 
(d)    Exhibits
 
 
Exhibit No.
    
Description
 
 
 
99.1
 
 
 
 
104.1
 
Cover Page Interactive Data File (embedded within the Inline XBRL document)





SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
SUMMIT MATERIALS, INC.
 
 
 
 
By:
/s/ Anne Lee Benedict
 
Name:
Anne Lee Benedict
 
Title:
Chief Legal Officer
 
 
DATED:  April 29, 2020



EX-99.1 2 a8kexhibit991-q12020.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
 
Summit Materials, Inc. Reports First Quarter 2020 Results
 
- Record Net Revenue increased 11.9% to $342.4 million
-Aggregates volumes increased 9.7%
- Adjusted EBITDA increased 149.1% to $16.4 million
 
DENVER, CO. - (April 29, 2020) - Summit Materials, Inc. (NYSE: SUM, “Summit,” "Summit Inc." or the “Company”), a leading vertically integrated construction materials company, today announced results for the first quarter 2020. 
For the three months ended March 28, 2020, the Company reported net loss attributable to Summit Inc. of $(45.0) million, or $(0.40) per basic share, compared to net loss attributable to Summit Inc. of $(68.8) million, or $(0.62) per basic share in the comparable prior year period.  Summit reported adjusted diluted net loss of $(56.3) million, or $(0.48) per adjusted diluted share as compared to adjusted diluted net income of $(56.9) million, or $(0.49) per adjusted diluted share in the prior year period. 
Summit's net revenue increased 11.9% in the first quarter of 2020 compared to the first quarter of 2019, as ready mix and aggregates contributed the largest proportion of incremental net revenue. The Company reported an operating loss of $(41.7) million in the first quarter 2020, compared to $(57.7) million in the prior year.  Summit's operating margin improved to (12.2)% in the three months ended March 28, 2020 from (18.8)% 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 149.1% in the first quarter to $16.4 million as compared to $6.6 million in 2019.
For the three months ended March 28, 2020, organic sales volumes increased 9.7% in aggregates, 0.7% in cement and 14.0% in ready-mix concrete and decreased (2.9)% in asphalt, relative to the same period last year, while Q1 2020 organic average selling prices increased 2.2% in aggregates, 2.6% in cement, 6.0% in ready-mix concrete, and 4.1% in asphalt relative to the prior year period.
Tom Hill, CEO of Summit Materials, commented, "We experienced strong demand and favorable pricing conditions in our East and West regions throughout the first quarter, resulting in record Q1 net revenue. More importantly, we implemented safety and distancing protocols at all of our operations in early March in response to the COVID-19 outbreak and we are committed to the continuous improvement of those safety measures. Construction has been deemed essential in all of Summit's markets, and the health and safety of our workforce, customers and local communities is our highest priority."
As of March 28, 2020, the Company had $199.1 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 three months ended March 28, 2020, cash flow used in operations was $(38.9) million while cash paid for capital equipment was $61.8 million. Brian Harris, CFO of Summit Materials added, "While we’ve only seen a limited impact from COVID-19 to date, we have been proactively engaging in contingency planning. We are conducting regular reviews of our capital spending, cost structure, receivables, and working capital under various demand scenarios. Summit has over $500 million in available liquidity and is in a strong financial position."
Summit is withdrawing its previously announced 2020 Adjusted EBITDA guidance of $460 million to $500 million. Hill continued, "While demand for our products and services has not yet been materially impacted by COVID-19, the near term impact to construction activity is less clear. We believe that it is prudent to withdraw 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 reducing its 2020 capital expenditure guidance to $145 to $160 million, including $50 million to $60 million for greenfield projects, from its prior 2020 capital expenditure guidance of $185 to $205 million, which included $65 to $80 million for greenfield projects, as certain items have been deferred at Summit's option to later periods.
Summit's approximately 6,000 employees continue to work as construction has been deemed essential in its markets. Extensive safety, hygiene, and distancing protocols have been implemented. Summit has been continuously improving its safety measures and following CDC guidelines. Employees in office-related functions have been working from home since early March.

First Quarter 2020 | Results by Line of Business
 
Aggregates Business: Aggregates net revenues increased by 9.4% to $96.2 million in the first quarter 2020 when compared to the prior year period. Aggregates adjusted cash gross profit margin increased to 47.7% in the first quarter 2020 compared to 43.2% on higher volumes, increased average selling prices and product mix. Aggregates sales volumes increased 9.7% in the first quarter 2020, when compared to the prior-year period on higher organic volume growth, particularly in Missouri, Kansas, Utah, and Virginia.  Average selling prices for aggregates increased 2.2% in the first quarter 2020 when compared to the prior year period.
 
Cement Business: Cement segment net revenues increased 1.7% to $37.9 million in the first quarter 2020, when compared to the prior-year period. Cement adjusted cash gross profit margin decreased to (10.0)% in the first quarter, compared to 3.1% in the prior year period, as the Company incurred higher maintenance and winter storage costs. Organic sales volume of cement increased 0.7% in the first quarter and organic average selling prices increased 2.6% when compared to the prior year period.
 
Products Business: Products net revenues were $176.3 million in the first quarter 2020, compared to $151.3 million in the prior year period. Products adjusted cash gross profit margin increased to 18.4% in the first quarter, versus 13.5% in the prior year period. Our organic average

1


sales price for ready-mix concrete increased 6.0%, coupled with a 14.0% increase in organic sales volumes of ready-mix concrete, led by higher volumes in Kansas, Utah, and Arkansas. Our organic average sales price for asphalt increased 4.1% while we had a 2.9% decrease in asphalt organic sales volumes as volume growth in Virginia was partially offset by maintenance activity in parts of Texas.

First Quarter 2020 | Results By Reporting Segment
 
Net revenue increased by 11.9% to $342.4 million in the first quarter 2020, versus $306.0 million in the prior year period. The improvement in net revenue was primarily attributable to organic volume and price growth in ready-mix concrete and aggregates. The Company reported an operating loss of $(41.7) million in the first quarter 2020, compared to $(57.7) million in the prior year period. Net loss decreased to $(46.7) million in the first quarter of 2020, compared to a loss of $(71.5) million in the prior year period. Adjusted EBITDA increased 149.1% to $16.4 million in the first quarter of 2020, compared to $6.6 million in the prior year period.
 
West Segment: The West Segment reported operating income of $0.4 million in the first quarter 2020, compared to $(11.6) million in the prior year period. Adjusted EBITDA increased to $22.5 million in the first quarter 2020, compared to $14.3 million in the prior year period. Improvements in operating income reflected increased demand for ready-mix and aggregates in Utah and Texas. Aggregates revenue in the first quarter increased 7.5% over the prior year period including a 9.2% increase in organic volumes despite a (1.5)% decrease in organic average sales prices. Ready-mix concrete revenue in the first quarter 2020 increased 11.8% over the prior year period, as a 5.2% increase in organic volumes and a 6.3% increase in organic average sales prices reflected favorable market conditions in Utah and Texas. Asphalt revenue decreased by (3.6)% in the first quarter 2020 over the prior year period on a (4.9)% decrease in volume in parts of Texas related to maintenance activity, partially offset by a 3.7% increase in price.
East Segment: The East Segment reported operating loss of $(11.8) million in the first quarter 2020, compared to $(17.3) million in the prior year period. Adjusted EBITDA increased to $9.6 million in the first quarter 2020, compared to $3.2 million in the prior year period. Adjusted EBITDA was favorably impacted by higher volume and price in all lines of business. Aggregates revenue increased 15.7% resulting from a 10.0% and 5.2% increase in organic volumes and average sales prices, respectively, driven by growth in Missouri and parts of Kansas. Ready-mix concrete revenue increased 58.7% due to an increase in organic volumes while average selling prices increased 3.5% due in part to wind farm work in Kansas and significant commercial work in Arkansas. Asphalt revenue increased 20.0% due to a 21.2% increase in organic volumes and a 5.8% increase in organic average sales prices reflecting strong demand and favorable weather conditions in Virginia.
Cement Segment: The Cement Segment reported an operating loss of $(15.5) million in the first quarter 2020, an increase from $(12.9) million in the prior year period. Adjusted EBITDA decreased to $(7.6) million in the first quarter 2020, compared to $(2.6) million in the prior year period, due to higher maintenance and winter storage costs. The segment reported increases of 0.7% and 2.6% in organic sales volumes and organic average selling prices, respectively, during the first quarter 2020 as compared to the prior year period.

 
Liquidity and Capital Resources
 
As of March 28, 2020, the Company had cash on hand of $199.1 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.  The Company only has a financial maintenance covenant for the benefit of its revolving credit facility not to exceed First Lien on its Net Leverage of 4.75x. As of March 28, 2020, the Company had $1.9 billion in debt outstanding, including $680.7 million of Net Senior Secured Leverage.
 
 
Financial Outlook
 
Summit is withdrawing its previously announced 2020 Adjusted EBITDA guidance until the Company has better visibility into the extent of economic disruption related to COVID-19 and the ultimate resumption of normal business conditions. The Company is reducing its 2020 capital expenditure guidance to $145-$160 million, including $50 million to $60 million estimated for greenfield projects, from its prior 2020 capital expenditure guidance of $185 to $205 million, including $65 to $80 million for greenfield projects, as certain items have been deferred at Summit's option to later periods.

2


Webcast and Conference Call Information
 
Summit Materials will conduct a conference call on Wednesday, April 29, 2020, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the Company’s first 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:
 
Domestic Live:                       1-877-823-8690
International Live:                  1-825-312-2236
Conference ID:                       8877386
Password:                           Summit

To listen to a replay of the teleconference, which will be available through May 5, 2020:
 
Domestic Replay:                   1-800-585-8367
International Replay:              1-416-621-4642
Conference ID:                       8877386

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 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 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 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.

3


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, 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;

4


 
-
 
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.

5


SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
($ in thousands, except share and per share amounts)
 
 
 
Three months ended
 
 
March 28,
 
March 30,
 
 
2020
 
2019
Revenue:
 
 
 
 
Product
 
$
305,307

 
$
271,641

Service
 
37,099

 
34,309

Net revenue
 
342,406

 
305,950

Delivery and subcontract revenue
 
24,784

 
26,689

Total revenue
 
367,190

 
332,639

Cost of revenue (excluding items shown separately below):
 
 
 
 
Product
 
232,504

 
213,726

Service
 
28,867

 
26,589

Net cost of revenue
 
261,371

 
240,315

Delivery and subcontract cost
 
24,784

 
26,689

Total cost of revenue
 
286,155

 
267,004

General and administrative expenses
 
70,224

 
67,610

Depreciation, depletion, amortization and accretion
 
51,778

 
55,388

Transaction costs
 
753

 
308

Operating loss
 
(41,720
)
 
(57,671
)
Interest expense
 
27,818

 
30,105

Loss on debt financings
 
—

 
14,565

Other loss (income), net
 
89

 
(2,803
)
Loss from operations before taxes
 
(69,627
)
 
(99,538
)
Income tax benefit
 
(22,901
)
 
(28,037
)
Net loss
 
(46,726
)
 
(71,501
)
Net loss attributable to Summit Holdings (1)
 
(1,747
)
 
(2,729
)
Net loss attributable to Summit Holdings
 
$
(44,979
)
 
$
(68,772
)
Loss per share of Class A common stock:
 
 
 
 
Basic
 
$
(0.40
)
 
$
(0.62
)
Diluted
 
$
(0.40
)
 
$
(0.62
)
Weighted average shares of Class A common stock:
 
 
 
 
Basic
 
113,602,110

 
111,811,679

Diluted
 
113,602,110

 
111,811,679

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

6


SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands, except share and per share amounts)
 
 
March 28,
 
December 28,
 
 
2020
 
2019
 
 
(unaudited)
 
(audited)
Assets
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
199,114

 
$
311,319

Accounts receivable, net
 
231,215

 
253,256

Costs and estimated earnings in excess of billings
 
11,319

 
13,088

Inventories
 
231,413

 
204,787

Other current assets
 
15,195

 
13,831

Total current assets
 
688,256

 
796,281

Property, plant and equipment, less accumulated depreciation, depletion and amortization (March 28, 2020 - $1,000,745 and December 28, 2019 - $955,815)
 
1,768,703

 
1,747,449

Goodwill
 
1,195,557

 
1,199,699

Intangible assets, less accumulated amortization (March 28, 2020 - $11,071 and December 28, 2019 - $10,366)
 
22,793

 
23,498

Deferred tax assets, less valuation allowance (March 28, 2020 - $1,675 and December 28, 2019 - $1,675)
 
237,922

 
212,333

Operating lease right-of-use assets
 
30,527

 
32,777

Other assets
 
48,510

 
55,519

Total assets
 
$
3,992,268

 
$
4,067,556

Liabilities and Stockholders’ Equity
 
 
 
 
Current liabilities:
 
 
 
 
Current portion of debt
 
$
7,942

 
$
7,942

Current portion of acquisition-related liabilities
 
30,923

 
32,700

Accounts payable
 
122,350

 
116,359

Accrued expenses
 
102,460

 
120,005

Current operating lease liabilities
 
8,131

 
8,427

Billings in excess of costs and estimated earnings
 
14,022

 
13,864

Total current liabilities
 
285,828

 
299,297

Long-term debt
 
1,850,289

 
1,851,057

Acquisition-related liabilities
 
13,024

 
19,801

Tax receivable agreement liability
 
327,957

 
326,965

Noncurrent operating lease liabilities
 
23,280

 
25,381

Other noncurrent liabilities
 
96,031

 
100,282

Total liabilities
 
2,596,409

 
2,622,783

Stockholders’ equity:
 
 

 
 

Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 114,110,597 and 113,309,385 shares issued and outstanding as of March 28, 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 March 28, 2020 and December 28, 2019
 
—

 
—

Additional paid-in capital
 
1,239,271

 
1,234,020

Accumulated earnings
 
143,826

 
188,805

Accumulated other comprehensive (loss) income
 
(2,645
)
 
3,448

Stockholders’ equity
 
1,381,594

 
1,427,407

Noncontrolling interest in Summit Holdings
 
14,265

 
17,366

Total stockholders’ equity
 
1,395,859

 
1,444,773

Total liabilities and stockholders’ equity
 
$
3,992,268

 
$
4,067,556



7


SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
($ in thousands)
 
 
Three months ended
 
 
March 28,
 
March 30,
 
 
2020
 
2019
Cash flow from operating activities:
 
 
 
 
Net loss
 
$
(46,726
)
 
$
(71,501
)
Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
Depreciation, depletion, amortization and accretion
 
55,278

 
57,039

Share-based compensation expense
 
4,905

 
5,906

Net gain on asset disposals
 
(1,933
)
 
(1,735
)
Non-cash loss on debt financings
 
—

 
2,850

Change in deferred tax asset, net
 
(24,194
)
 
(28,028
)
Other
 
1,611

 
47

Decrease (increase) in operating assets, net of acquisitions and dispositions:
 
 
 
 
Accounts receivable, net
 
19,939

 
20,118

Inventories
 
(26,979
)
 
(705
)
Costs and estimated earnings in excess of billings
 
1,710

 
1,541

Other current assets
 
(2,519
)
 
(3,447
)
Other assets
 
5,543

 
2,576

(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
 
 
 
 
Accounts payable
 
(2,712
)
 
(5,431
)
Accrued expenses
 
(20,776
)
 
(6,963
)
Billings in excess of costs and estimated earnings
 
245

 
(1,195
)
Tax receivable agreement liability
 
993

 
59

Other liabilities
 
(3,316
)
 
(1,807
)
Net cash used in operating activities
 
(38,931
)
 
(30,676
)
Cash flow from investing activities:
 
 
 
 
Acquisitions, net of cash acquired
 
—

 
(2,842
)
Purchases of property, plant and equipment
 
(61,829
)
 
(62,188
)
Proceeds from the sale of property, plant and equipment
 
3,160

 
2,797

Other
 
1,801

 
(178
)
Net cash used for investing activities
 
(56,868
)
 
(62,411
)
Cash flow from financing activities:
 
 
 
 
Proceeds from debt issuances
 
—

 
300,000

Debt issuance costs
 
—

 
(5,774
)
Payments on debt
 
(5,493
)
 
(256,333
)
Payments on acquisition-related liabilities
 
(9,515
)
 
(8,933
)
Proceeds from stock option exercises
 
310

 
766

Other
 
(908
)
 
(501
)
Net cash (used in) provided by financing activities
 
(15,606
)
 
29,225

Impact of foreign currency on cash
 
(800
)
 
191

Net decrease in cash
 
(112,205
)
 
(63,671
)
Cash and cash equivalents—beginning of period
 
311,319

 
128,508

Cash and cash equivalents—end of period
 
$
199,114

 
$
64,837


8


SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Revenue Data by Segment and Line of Business
($ in thousands)
 
Three months ended
 
Twelve months ended
 
March 28,
 
March 30,
 
March 28,
 
March 30,
 
2020
 
2019
 
2020
 
2019
Segment Net Revenue:
 
 
 
 
 

 
 

West
$
184,492

 
$
168,229

 
$
1,038,993

 
$
1,010,440

East
119,989

 
100,415

 
736,787

 
634,308

Cement
37,925

 
37,306

 
291,323

 
280,544

Net Revenue
$
342,406

 
$
305,950

 
$
2,067,103

 
$
1,925,292

 
 
 
 
 
 
 
 
Line of Business - Net Revenue:
 

 
 

 
 

 
 

Materials
 

 
 

 
 

 
 

Aggregates
$
96,161

 
$
87,872

 
$
477,959

 
$
394,246

Cement (1)
32,863

 
32,499

 
266,599

 
258,258

Products
176,283

 
151,270

 
1,013,570

 
962,489

Total Materials and Products
305,307

 
271,641

 
1,758,128

 
1,614,993

Services
37,099

 
34,309

 
308,975

 
310,299

Net Revenue
$
342,406

 
$
305,950

 
$
2,067,103

 
$
1,925,292

 
 
 
 
 
 
 
 
Line of Business - Net Cost of Revenue:
 

 
 

 
 

 
 

Materials
 

 
 

 
 

 
 

Aggregates
$
50,263

 
$
49,890

 
$
187,097

 
$
162,246

Cement
36,651

 
31,351

 
154,449

 
140,160

Products
143,927

 
130,855

 
783,605

 
763,037

Total Materials and Products
230,841

 
212,096

 
1,125,151

 
1,065,443

Services
30,530

 
28,219

 
230,744

 
235,551

Net Cost of Revenue
$
261,371

 
$
240,315

 
$
1,355,895

 
$
1,300,994

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

 
 

 
 

 
 

Materials
 

 
 

 
 

 
 

Aggregates
$
45,898

 
$
37,982

 
$
290,862

 
$
232,000

Cement (3)
(3,788
)
 
1,148

 
112,150

 
118,098

Products
32,356

 
20,415

 
229,965

 
199,452

Total Materials and Products
74,466

 
59,545

 
632,977

 
549,550

Services
6,569

 
6,090

 
78,231

 
74,748

Adjusted Cash Gross Profit
$
81,035

 
$
65,635

 
$
711,208

 
$
624,298

 
 
 
 
 
 
 
 
Adjusted Cash Gross Profit Margin (2)
 

 
 

 
 

 
 

Materials
 

 
 

 
 

 
 

Aggregates
47.7
 %
 
43.2
%
 
60.9
%
 
58.8
%
Cement (3)
(10.0
)%
 
3.1
%
 
38.5
%
 
42.1
%
Products
18.4
 %
 
13.5
%
 
22.7
%
 
20.7
%
Services
17.7
 %
 
17.8
%
 
25.3
%
 
24.1
%
Total Adjusted Cash Gross Profit Margin
23.7
 %
 
21.5
%
 
34.4
%
 
32.4
%
________________________________________________________
(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.


9


SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Volume and Price Statistics
(Units in thousands)
 
 
Three months ended
Total Volume
March 28, 2020
 
March 30, 2019
Aggregates (tons)
11,193

 
10,207

Cement (tons)
299

 
297

Ready-mix concrete (cubic yards)
1,244

 
1,091

Asphalt (tons)
409

 
421

 
 
 
 
 
Year ended
Pricing
March 28, 2020
 
March 30, 2019
Aggregates (per ton)
$
10.85

 
$
10.62

Cement (per ton)
116.21

 
113.31

Ready-mix concrete (per cubic yards)
114.04

 
107.62

Asphalt (per ton)
56.86

 
54.62

 
 
 
 
 
Year ended
 
Percentage Change in
Year over Year Comparison
Volume
 
Pricing
Aggregates (per ton)
9.7
 %
 
2.2
%
Cement (per ton)
0.7
 %
 
2.6
%
Ready-mix concrete (per cubic yards)
14.0
 %
 
6.0
%
Asphalt (per ton)
(2.9
)%
 
4.1
%
 
 
 
 
 
Year ended
 
Percentage Change in
Year over Year Comparison (Excluding acquisitions)
Volume
 
Pricing
Aggregates (per ton)
9.7
 %
 
2.2
%
Cement (per ton)
0.7
 %
 
2.6
%
Ready-mix concrete (per cubic yards)
14.0
 %
 
6.0
%
Asphalt (per ton)
(2.9
)%
 
4.1
%



10


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 March 28, 2020
 
 
 
 
 
 
Gross Revenue
 
Intercompany
 
Net
 
 
Volumes
 
Pricing
 
by Product 
 
Elimination/Delivery 
 
Revenue 
Aggregates
 
11,193

 
$
10.85

 
$
121,473

 
$
(25,312
)
 
$
96,161

Cement
 
299

 
116.21

 
34,758

 
(1,895
)
 
32,863

Materials
 
 
 
 
 
$
156,231

 
$
(27,207
)
 
$
129,024

Ready-mix concrete
 
1,244

 
114.04

 
141,809

 
(105
)
 
141,704

Asphalt
 
409

 
56.86

 
23,243

 
(49
)
 
23,194

Other Products
 
 
 
 
 
69,846

 
(58,461
)
 
11,385

Products
 
 
 
 
 
$
234,898

 
$
(58,615
)
 
$
176,283



11


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 loss to Adjusted EBITDA by segment for the three months ended March 28, 2020 and March 30, 2019.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
 
Three months ended March 28, 2020
by Segment
 
West
 
East
 
Cement
 
Corporate
 
Consolidated
($ in thousands)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
498

 
$
(11,067
)
 
$
(12,278
)
 
$
(23,879
)
 
$
(46,726
)
Interest (income) expense
 
(578
)
 
(569
)
 
(3,176
)
 
32,141

 
27,818

Income tax benefit
 
(467
)
 
(129
)
 
—

 
(22,305
)
 
(22,901
)
Depreciation, depletion and amortization
 
21,684

 
20,720

 
7,808

 
989

 
51,201

EBITDA
 
$
21,137

 
$
8,955

 
$
(7,646
)
 
$
(13,054
)
 
$
9,392

Accretion
 
116

 
376

 
85

 
—

 
577

Transaction costs
 
—

 
—

 
—

 
753

 
753

Non-cash compensation
 
—

 
—

 
—

 
4,905

 
4,905

Other
 
1,215

 
242

 
—

 
(670
)
 
787

Adjusted EBITDA
 
$
22,468

 
$
9,573

 
$
(7,561
)
 
$
(8,066
)
 
$
16,414

Adjusted EBITDA Margin (1)
 
12.2
%
 
8.0
%
 
(19.9
)%
 
 
 
4.8
%
Reconciliation of Net Loss to Adjusted EBITDA
 
Three months ended March 30, 2019
by Segment
 
West
 
East
 
Cement
 
Corporate
 
Consolidated
($ in thousands)
 
 
 
 
 
 
 
 
 
 
Net loss
 
$
(9,552
)
 
$
(18,367
)
 
$
(10,568
)
 
$
(33,014
)
 
$
(71,501
)
Interest expense (income)
 
743

 
1,008

 
(2,319
)
 
30,673

 
30,105

Income tax (benefit) expense
 
(443
)
 
54

 
—

 
(27,648
)
 
(28,037
)
Depreciation, depletion and amortization
 
23,796

 
19,905

 
10,154

 
952

 
54,807

EBITDA
 
$
14,544

 
$
2,600

 
$
(2,733
)
 
$
(29,037
)
 
$
(14,626
)
Accretion
 
129

 
306

 
146

 
—

 
581

Loss on debt financings
 
—

 
—

 
—

 
14,565

 
14,565

Transaction costs
 
—

 
—

 
—

 
308

 
308

Non-cash compensation
 
—

 
—

 
—

 
5,906

 
5,906

Other
 
(375
)
 
336

 
—

 
(107
)
 
(146
)
Adjusted EBITDA
 
$
14,298

 
$
3,242

 
$
(2,587
)
 
$
(8,365
)
 
$
6,588

Adjusted EBITDA Margin (1)
 
8.5
%
 
3.2
%
 
(6.9
)%
 
 
 
2.2
%
________________________________________________
(1) Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of net revenue.


12


The table below reconciles our net loss per share attributable to Summit Materials, Inc. to adjusted diluted net loss per share for the three months ended March 28, 2020 and March 30, 2019. The per share amount of the net 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 loss per share.
 
Three months ended
 
March 28, 2020
 
March 30, 2019
Reconciliation of Net Loss Per Share to Adjusted Diluted EPS
Net Loss
 
Per Equity Unit
 
Net Loss
 
Per Equity Unit
Net loss attributable to Summit Materials, Inc.
$
(44,979
)
 
$
(0.39
)
 
$
(68,772
)
 
$
(0.60
)
Adjustments:
 
 
 
 
 
 
 
Net loss attributable to noncontrolling interest
(1,747
)
 
(0.01
)
 
(2,729
)
 
(0.02
)
Loss on debt financings
—

 
—

 
14,565

 
0.13

Adjusted diluted net loss before tax related adjustments
(46,726
)
 
(0.40
)
 
(56,936
)
 
(0.49
)
Changes in unrecognized tax benefits
(9,537
)
 
(0.08
)
 
—

 
—

Adjusted diluted net loss
$
(56,263
)
 
$
(0.48
)
 
$
(56,936
)
 
$
(0.49
)
Weighted-average shares:
 
 
 
 
 
 
 
Basic Class A common stock
113,602,110

 
 
 
111,811,679

 
 
LP Units outstanding
3,154,228

 
 
 
3,426,617

 
 
Total equity units
116,756,338

 
 
 
115,238,296

 
 
 
The following table reconciles operating loss to Adjusted Cash Gross Profit and Adjusted Cash Gross Profit Margin for the three months ended March 28, 2020 and March 30, 2019.  
 
Three months ended
 
March 28,
 
March 30,
Reconciliation of Operating Loss to Adjusted Cash Gross Profit
2020
 
2019
($ in thousands)
 
 
 
Operating loss
$
(41,720
)
 
$
(57,671
)
General and administrative expenses
70,224

 
67,610

Depreciation, depletion, amortization and accretion
51,778

 
55,388

Transaction costs
753

 
308

Adjusted Cash Gross Profit (exclusive of items shown separately)
$
81,035

 
$
65,635

Adjusted Cash Gross Profit Margin (exclusive of items shown separately) (1)
23.7
%
 
21.5
%
_______________________________________________________
(1) Adjusted Cash Gross Profit Margin is defined as Adjusted Cash Gross Profit as a percentage of net revenue.

13


The following table reconciles net cash used for operating activities to free cash flow for the three months ended March 28, 2020 and March 30, 2019. 
 
Three months ended
 
March 28,
 
March 30,
($ in thousands)
2020
 
2019
Net loss
$
(46,726
)
 
$
(71,501
)
Non-cash items
35,667

 
36,079

Net loss adjusted for non-cash items
(11,059
)
 
(35,422
)
Change in working capital accounts
(27,872
)
 
4,746

Net cash used in operating activities
(38,931
)
 
(30,676
)
Capital expenditures, net of asset sales
(58,669
)
 
(59,391
)
Free cash flow
$
(97,600
)
 
$
(90,067
)
 
 

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



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Cover Document
Apr. 29, 2020
Cover [Abstract]  
Document Type 8-K
Document Period End Date Apr. 29, 2020
Entity Registrant Name Summit Materials, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36873
Entity Tax Identification Number 47-1984212
Entity Address, Address Line One 1550 Wynkoop Street
Entity Address, Address Line Two 3rd Floor
Entity Address, City or Town Denver
Entity Address, State or Province CO
Entity Address, Postal Zip Code 80202
City Area Code 303
Local Phone Number 893-0012
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock (par value, $0.01 per share)
Trading Symbol SUM
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0001621563
Amendment Flag false
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