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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended July 3, 2021
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file numbers:
001-36873 (Summit Materials, Inc.)
333-187556 (Summit Materials, LLC)
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SUMMIT MATERIALS, INC. |
SUMMIT MATERIALS, LLC |
(Exact name of registrants as specified in their charters) |
| | | | | | | | |
Delaware (Summit Materials, Inc.) | | 47-1984212 |
Delaware (Summit Materials, LLC) | | 26-4138486 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
1550 Wynkoop Street, 3rd Floor | | 80202 |
Denver, Colorado | | (Zip Code) |
(Address of principal executive offices) | | |
Registrants’ telephone number, including area code: (303) 893-0012
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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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 $.01 per share) | | SUM | | New York Stock Exchange |
| | | | | | | | | | | | | | | | | | | | | | | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |
Summit Materials, Inc. | | | | Yes | ☒ | No | ☐ |
Summit Materials, LLC | | | | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | |
Summit Materials, Inc. | | | | Yes | ☒ | No | ☐ |
Summit Materials, LLC | | | | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |
Summit Materials, Inc. | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | | | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | | | ☐ |
| | | 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. | | | ☐ |
Summit Materials, LLC | | | | | | | |
Large accelerated filer | ☐ | | Accelerated filer | | | ☐ |
Non-accelerated filer | ☒ | | Smaller reporting company | | | ☐ |
| | | 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. | | | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | |
Summit Materials, Inc. | | | | Yes | ☐ | No | ☒ |
Summit Materials, LLC | | | | Yes | ☐ | No | ☒ |
As of August 2, 2021, the number of shares of Summit Materials, Inc.’s outstanding Class A and Class B common stock, par value $0.01 per share for each class, was 118,021,330 and 99, respectively.
As of August 2, 2021, 100% of Summit Materials, LLC’s outstanding limited liability company interests were held by Summit Materials Intermediate Holdings, LLC, its sole member and an indirect subsidiary of Summit Materials, Inc.
EXPLANATORY NOTE
This quarterly report on Form 10-Q (this “report”) is a combined quarterly report being filed separately by two registrants: Summit Materials, Inc. and Summit Materials, LLC. Each registrant hereto is filing on its own behalf all of the information contained in this report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. We believe that combining the quarterly reports on Form 10-Q of Summit Materials, Inc. and Summit Materials, LLC into this single report eliminates duplicative and potentially confusing disclosure and provides a more streamlined presentation since a substantial amount of the disclosure applies to both registrants.
Unless stated otherwise or the context requires otherwise, references to “Summit Inc.” mean Summit Materials, Inc., a Delaware corporation, and references to “Summit LLC” mean Summit Materials, LLC, a Delaware limited liability company. The references to Summit Inc. and Summit LLC are used in cases where it is important to distinguish between them. We use the terms “we,” “our,” “us” or “the Company” to refer to Summit Inc. and Summit LLC together with their respective subsidiaries, unless otherwise noted or the context otherwise requires.
Summit Inc. was formed on September 23, 2014 to be a holding company. As of July 3, 2021, its sole material asset was a 98.6% economic interest in Summit Materials Holdings L.P., a Delaware limited partnership (“Summit Holdings”). Summit Inc. has 100% of the voting rights of Summit Holdings, which is the indirect parent of Summit LLC. Summit LLC is a co-issuer of our outstanding 5 1/8% senior notes due 2025 (“2025 Notes”), our 6 1/2 % senior notes due 2027 (“2027 Notes”) and our 5 1/4% senior notes due 2029 (“2029 Notes” and collectively with the 2025 Notes and the 2027 Notes, the “Senior Notes”). Summit Inc.’s only revenue for the three and six months ended July 3, 2021 was that generated by Summit LLC and its consolidated subsidiaries. Summit Inc. controls all of the business and affairs of Summit Holdings and, in turn, Summit LLC.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report 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 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” of this report and the following:
•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 ability to implement and successfully execute on our Elevate Summit strategy;
•our dependence on securing and permitting aggregate reserves in strategically located areas;
•the impact of the coronavirus (“COVID-19”) pandemic, or any similar crisis, on our business;
•declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies particularly if such are not augmented by federal funding or if the federal government fails to act on a highway infrastructure bill;
•our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
•environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use;
•costs associated with pending and future litigation;
•rising prices for commodities, labor and other production and delivery inputs as a result of inflation or otherwise;
•conditions in the credit markets;
•our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
•material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
•cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
•special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
•unexpected factors affecting self-insurance claims and reserve estimates;
•our substantial current level of indebtedness, including our exposure to variable interest rate risk;
•our dependence on senior management team, and our ability to retain and attract other 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 other 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 report. 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.
CERTAIN DEFINITIONS
As used in this report, unless otherwise noted or the context otherwise requires:
•“EBITDA” refers to net income (loss) before interest expense (income), income tax expense (benefit) and depreciation, depletion and amortization;
•“Finance Corp.” refers to Summit Materials Finance Corp., an indirect wholly-owned subsidiary of Summit LLC and the co-issuer of the Senior Notes;
•“Issuers” refers to Summit LLC and Finance Corp. as co‑issuers of the Senior Notes;
•“LP Units” refers to the Class A limited partnership units of Summit Holdings; and
•“TRA” refers to a tax receivable agreement between Summit Inc. and certain current and former holders of LP Units and their permitted assignees.
Corporate Structure
The following chart summarizes our organizational structure, equity ownership and our principal indebtedness as of July 3, 2021. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
(1)SEC registrant.
(2)The shares of Class B Common Stock are currently held by pre-IPO investors, including certain members of management or their family trusts that directly hold LP Units. A holder of Class B Common Stock is entitled, without regard to the number of shares of Class B Common Stock held by such holder, to a number of votes that is equal to the aggregate number of LP Units held by such holder.
(3)Guarantor under the senior secured credit facilities, but not the Senior Notes.
(4)Summit LLC and Finance Corp are the issuers of the Senior Notes and Summit LLC is the borrower under our senior secured credit facilities. Finance Corp. was formed solely for the purpose of serving as co-issuer or guarantor of certain indebtedness, including the Senior Notes. Finance Corp. does not and will not have operations of any kind and does not and will not have revenue or assets other than as may be incidental to its activities as a co-issuer or guarantor of certain indebtedness.
SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC
FORM 10-Q
TABLE OF CONTENTS
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PART I—Financial Information |
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PART II — Other Information |
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PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
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| July 3, 2021 | | January 2, 2021 |
| (unaudited) | | (audited) |
Assets | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 469,097 | | | $ | 418,181 | |
Accounts receivable, net | 316,615 | | | 254,696 | |
Costs and estimated earnings in excess of billings | 28,717 | | | 8,666 | |
Inventories | 198,217 | | | 200,308 | |
Other current assets | 15,271 | | | 11,428 | |
Total current assets | 1,027,917 | | | 893,279 | |
Property, plant and equipment, less accumulated depreciation, depletion and amortization (July 3, 2021 - $1,184,841 and January 2, 2021 - $1,132,925) | 1,865,841 | | | 1,850,169 | |
Goodwill | 1,176,351 | | | 1,201,291 | |
Intangible assets, less accumulated amortization (July 3, 2021 - $13,366 and January 2, 2021 - $11,864) | 71,409 | | | 47,852 | |
Deferred tax assets, less valuation allowance (July 3, 2021 - $1,675 and January 2, 2021 - $1,675) | 226,722 | | | 231,877 | |
Operating lease right-of-use assets | 28,164 | | | 28,543 | |
Other assets | 55,981 | | | 55,000 | |
Total assets | $ | 4,452,385 | | | $ | 4,308,011 | |
Liabilities and Stockholders’ Equity | | | |
Current liabilities: | | | |
Current portion of debt | $ | 6,354 | | | $ | 6,354 | |
Current portion of acquisition-related liabilities | 13,519 | | | 10,265 | |
Accounts payable | 152,285 | | | 120,813 | |
Accrued expenses | 150,154 | | | 160,570 | |
Current operating lease liabilities | 7,019 | | | 8,188 | |
Billings in excess of costs and estimated earnings | 12,524 | | | 16,499 | |
Total current liabilities | 341,855 | | | 322,689 | |
Long-term debt | 1,890,697 | | | 1,892,347 | |
Acquisition-related liabilities | 32,815 | | | 12,246 | |
Tax receivable agreement liability | 328,812 | | | 321,680 | |
Noncurrent operating lease liabilities | 22,316 | | | 21,500 | |
Other noncurrent liabilities | 140,968 | | | 121,281 | |
Total liabilities | 2,757,463 | | | 2,691,743 | |
Commitments and contingencies (see note 12) | | | |
Stockholders’ equity: | | | |
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 117,955,888 and 114,390,595 shares issued and outstanding as of July 3, 2021 and January 2, 2021, respectively | 1,180 | | | 1,145 | |
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of July 3, 2021 and January 2, 2021 | — | | | — | |
Additional paid-in capital | 1,313,414 | | | 1,264,681 | |
Accumulated earnings | 360,914 | | | 326,772 | |
Accumulated other comprehensive income | 8,866 | | | 5,203 | |
Stockholders’ equity | 1,684,374 | | | 1,597,801 | |
Noncontrolling interest in Summit Holdings | 10,548 | | | 18,467 | |
Total stockholders’ equity | 1,694,922 | | | 1,616,268 | |
Total liabilities and stockholders’ equity | $ | 4,452,385 | | | $ | 4,308,011 | |
See notes to unaudited consolidated financial statements.
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts)
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| Three months ended | | Six months ended |
| July 3, 2021 | | June 27, 2020 | | July 3, 2021 | | June 27, 2020 |
Revenue: | | | | | | | |
Product | $ | 527,800 | | | $ | 488,260 | | | $ | 882,034 | | | $ | 793,567 | |
Service | 90,730 | | | 86,980 | | | 134,977 | | | 124,079 | |
Net revenue | 618,530 | | | 575,240 | | | 1,017,011 | | | 917,646 | |
Delivery and subcontract revenue | 49,387 | | | 55,769 | | | 78,750 | | | 80,553 | |
Total revenue | 667,917 | | | 631,009 | | | 1,095,761 | | | 998,199 | |
Cost of revenue (excluding items shown separately below): | | | | | | | |
Product | 346,697 | | | 315,079 | | | 623,831 | | | 569,134 | |
Service | 71,632 | | | 68,660 | | | 111,829 | | | 107,184 | |
Net cost of revenue | 418,329 | | | 383,739 | | | 735,660 | | | 676,318 | |
Delivery and subcontract cost | 49,387 | | | 55,769 | | | 78,750 | | | 80,553 | |
Total cost of revenue | 467,716 | | | 439,508 | | | 814,410 | | | 756,871 | |
General and administrative expenses | 47,448 | | | 39,727 | | | 99,090 | | | 81,413 | |
Depreciation, depletion, amortization and accretion | 58,233 | | | 53,928 | | | 114,569 | | | 105,706 | |
Gain on sale of property, plant and equipment | (1,403) | | | (2,214) | | | (3,172) | | | (4,131) | |
Operating income | 95,923 | | | 100,060 | | | 70,864 | | | 58,340 | |
Interest expense | 24,216 | | | 25,608 | | | 48,402 | | | 53,426 | |
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Loss (gain) on sale of businesses | 236 | | | — | | | (15,432) | | | — | |
Other income, net | (4,695) | | | (1,616) | | | (9,584) | | | (1,527) | |
Income from operations before taxes | 76,166 | | | 76,068 | | | 47,478 | | | 6,441 | |
Income tax expense (benefit) | 18,408 | | | 17,181 | | | 12,965 | | | (5,720) | |
Net income | 57,758 | | | 58,887 | | | 34,513 | | | 12,161 | |
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Net income attributable to Summit Holdings | 1,099 | | | 1,823 | | | 371 | | | 76 | |
Net income attributable to Summit Inc. | $ | 56,659 | | | $ | 57,064 | | | $ | 34,142 | | | $ | 12,085 | |
Earnings per share of Class A common stock: | | | | | | | |
Basic | $ | 0.48 | | | $ | 0.50 | | | $ | 0.29 | | | $ | 0.11 | |
Diluted | $ | 0.48 | | | $ | 0.50 | | | $ | 0.29 | | | $ | 0.11 | |
Weighted average shares of Class A common stock: | | | | | | | |
Basic | 117,637,036 | | | 114,111,204 | | | 116,650,881 | | | 113,856,657 | |
Diluted | 118,585,398 | | | 114,137,857 | | | 117,832,026 | | | 114,252,268 | |
See notes to unaudited consolidated financial statements.
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands)
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| Three months ended | | Six months ended |
| July 3, 2021 | | June 27, 2020 | | July 3, 2021 | | June 27, 2020 |
Net income | $ | 57,758 | | | $ | 58,887 | | | $ | 34,513 | | | $ | 12,161 | |
Other comprehensive income (loss): | | | | | | | |
Foreign currency translation adjustment | 2,632 | | | 2,946 | | | 4,758 | | | (5,413) | |
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Less tax effect of other comprehensive (loss) income items | (553) | | | (721) | | | (999) | | | 1,325 | |
Other comprehensive income (loss) | 2,079 | | | 2,225 | | | 3,759 | | | (4,088) | |
Comprehensive income | 59,837 | | | 61,112 | | | 38,272 | | | 8,073 | |
Less comprehensive income (loss) attributable to Summit Holdings | 1,195 | | | 1,900 | | | 467 | | | (67) | |
Comprehensive income attributable to Summit Inc. | $ | 58,642 | | | $ | 59,212 | | | $ | 37,805 | | | $ | 8,140 | |
See notes to unaudited consolidated financial statements.
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands)
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| Six months ended |
| July 3, 2021 | | June 27, 2020 |
Cash flow from operating activities: | | | |
Net income | $ | 34,513 | | | $ | 12,161 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation, depletion, amortization and accretion | 118,430 | | | 111,278 | |
Share-based compensation expense | 10,190 | | | 9,797 | |
Net gain on asset and business disposals | (18,390) | | | (4,131) | |
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Change in deferred tax asset, net | 2,743 | | | (8,175) | |
Other | 92 | | | 1,244 | |
Decrease (increase) in operating assets, net of acquisitions and dispositions: | | | |
Accounts receivable, net | (60,829) | | | (28,969) | |
Inventories | (14,606) | | | (27,391) | |
Costs and estimated earnings in excess of billings | (21,475) | | | (30,557) | |
Other current assets | (3,925) | | | 654 | |
Other assets | 4,927 | | | 6,420 | |
(Decrease) increase in operating liabilities, net of acquisitions and dispositions: | | | |
Accounts payable | 26,858 | | | 15,410 | |
Accrued expenses | (4,496) | | | 4,681 | |
Billings in excess of costs and estimated earnings | (2,031) | | | (1,253) | |
Tax receivable agreement liability | 7,132 | | | 993 | |
Other liabilities | (4,482) | | | (461) | |
Net cash provided by operating activities | 74,651 | | | 61,701 | |
Cash flow from investing activities: | | | |
Acquisitions, net of cash acquired | (7,271) | | | — | |
Purchases of property, plant and equipment | (132,723) | | | (105,724) | |
Proceeds from the sale of property, plant and equipment | 6,806 | | | 6,607 | |
Proceeds from sale of businesses | 103,649 | | | — | |
Other | (27) | | | 1,629 | |
Net cash used in investing activities | (29,566) | | | (97,488) | |
Cash flow from financing activities: | | | |
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Payments on debt | (17,433) | | | (11,388) | |
Payments on acquisition-related liabilities | (8,378) | | | (9,703) | |
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Proceeds from stock option exercises | 31,766 | | | 310 | |
Other | (417) | | | (907) | |
Net cash provided by (used in) financing activities | 5,538 | | | (21,688) | |
Impact of foreign currency on cash | 293 | | | (437) | |
Net increase (decrease) in cash | 50,916 | | | (57,912) | |
Cash and cash equivalents—beginning of period | 418,181 | | | 311,319 | |
Cash and cash equivalents—end of period | $ | 469,097 | | | $ | 253,407 | |
See notes to unaudited consolidated financial statements.
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share amounts)
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| Summit Materials, Inc. | | |
| | | Accumulated | | | | | | | | | | | | | | |
| | | Other | | Class A | | Class B | | Additional | | Noncontrolling | | Total |
| Accumulated | | Comprehensive | | Common Stock | | Common Stock | | Paid-in | | Interest in | | Stockholders’ |
| Earnings | | income (loss) | | Shares | | Dollars | | Shares | | Dollars | | Capital | | Summit Holdings | | Equity |
Balance - January 2, 2021 | $ | 326,772 | | | $ | 5,203 | | | 114,390,595 | | | $ | 1,145 | | | 99 | | | $ | — | | | $ | 1,264,681 | | | $ | 18,467 | | | $ | 1,616,268 | |
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Net loss | (22,517) | | | — | | | — | | | — | | | — | | | — | | | — | | | (728) | | | (23,245) | |
LP Unit exchanges | — | | | — | | | 711,794 | | | 7 | | | — | | | — | | | 4,744 | | | (4,751) | | | — | |
Other comprehensive income, net of tax | — | | | 1,635 | | | — | | | — | | | — | | | — | | | — | | | 45 | | | 1,680 | |
Stock option exercises | — | | | — | | | 863,338 | | | 9 | | | — | | | — | | | 15,911 | | | — | | | 15,920 | |
Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 5,363 | | | — | | | 5,363 | |
Shares redeemed to settle taxes and other | — | | | — | | | 678,605 | | | 6 | | | — | | | — | | | (1,432) | | | — | | | (1,426) | |
Balance — April 3, 2021 | $ | 304,255 | | | $ | 6,838 | | | 116,644,332 | | | $ | 1,167 | | | 99 | | | $ | — | | | $ | 1,289,267 | | | $ | 13,033 | | | $ | 1,614,560 | |
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Net income | 56,659 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,099 | | | 57,758 | |
LP Unit exchanges | — | | | — | | | 445,540 | | | 4 | | | — | | | — | | | 3,631 | | | (3,635) | | | — | |
Other comprehensive income, net of tax | — | | | 2,028 | | | — | | | — | | | — | | | — | | | — | | | 51 | | | 2,079 | |
Stock option exercises | — | | | — | | | 847,480 | | | 8 | | | — | | | — | | | 15,837 | | | — | | | 15,845 | |
Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 4,827 | | | — | | | 4,827 | |
Shares redeemed to settle taxes and other | — | | | — | | | 18,536 | | | 1 | | | — | | | — | | | (148) | | | — | | | (147) | |
Balance - July 3, 2021 | $ | 360,914 | | | $ | 8,866 | | | 117,955,888 | | | $ | 1,180 | | | 99 | | | $ | — | | | $ | 1,313,414 | | | $ | 10,548 | | | $ | 1,694,922 | |
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Balance — December 28, 2019 | $ | 188,805 | | | $ | 3,448 | | | 113,309,385 | | | $ | 1,134 | | | 99 | | | $ | — | | | $ | 1,234,020 | | | $ | 17,366 | | | $ | 1,444,773 | |
Net loss | (44,979) | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,747) | | | (46,726) | |
LP Unit exchanges | — | | | — | | | 196,542 | | | 2 | | | — | | | — | | | 1,132 | | | (1,134) | | | — | |
Other comprehensive loss, net of tax | — | | | (6,093) | | | — | | | — | | | — | | | — | | | — | | | (220) | | | (6,313) | |
Stock option exercises | — | | | — | | | 13,335 | | | — | | | — | | | — | | | 310 | | | — | | | 310 | |
Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 4,905 | | | — | | | 4,905 | |
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Shares redeemed to settle taxes and other | — | | | — | | | 591,335 | | | 6 | | | — | | | — | | | (1,096) | | | — | | | (1,090) | |
Balance — March 28, 2020 | $ | 143,826 | | | $ | (2,645) | | | 114,110,597 | | | $ | 1,142 | | | 99 | | | $ | — | | | $ | 1,239,271 | | | $ | 14,265 | | | $ | 1,395,859 | |
Net income | 57,064 | | | — | | | — | | | — | | | — | | | — | | | — | | | 1,823 | | | 58,887 | |
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Other comprehensive income, net of tax | — | | | 2,148 | | | — | | | — | | | — | | | — | | | — | | | 77 | | | 2,225 | |
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Share-based compensation | — | | | — | | | — | | | — | | | — | | | — | | | 4,892 | | | — | | | 4,892 | |
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Shares redeemed to settle taxes and other | — | | | — | | | 1,351 | | | — | | | — | | | — | | | — | | | — | | | — | |
Balance — June 27, 2020 | $ | 200,890 | | | $ | (497) | | | 114,111,948 | | | $ | 1,142 | | | 99 | | | $ | — | | | $ | 1,244,163 | | | $ | 16,165 | | | $ | 1,461,863 | |
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See notes to unaudited consolidated financial statements.
SUMMIT MATERIALS, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts or otherwise noted)
1.SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Summit Materials, Inc. (“Summit Inc.” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits, two cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments.
Substantially all of the Company’s construction materials, products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions, weather conditions and to cyclical changes in construction spending, among other factors.
Summit Inc. is a holding corporation operating and controlling all of the business and affairs of Summit Materials Holdings L.P. (“Summit Holdings”) and its subsidiaries and, through Summit Holdings, conducts its business. Summit Inc. owns the majority of the partnership interests of Summit Holdings (see Note 9, Stockholders’ Equity). Summit Materials, LLC (“Summit LLC”) an indirect wholly owned subsidiary of Summit Holdings, conducts the majority of our operations. Summit Materials Finance Corp. (“Summit Finance”), an indirect wholly owned subsidiary of Summit LLC, has jointly issued our Senior Notes as described below.
Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended January 2, 2021. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements.
Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of July 3, 2021, the results of operations for the three and six months ended July 3, 2021 and June 27, 2020 and cash flows for the six months ended July 3, 2021 and June 27, 2020.
Principles of Consolidation—The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated.
For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity.
Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, tax receivable agreement ("TRA") liability, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs.
Business and Credit Concentrations—The Company’s operations are conducted primarily across 21 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Utah, Kansas and Missouri. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and six months ended July 3, 2021 or June 27, 2020.
Revenue Recognition—We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products, and from the provision of services, which are primarily paving and related services.
Products: Revenue for product sales is recognized when evidence of an arrangement exists and when control passes, which generally is when the product is shipped.
Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on the percentage of completion or a customer’s engineer review of progress.
The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion.
The percentage of completion method of accounting involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes.
Earnings per Share—The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. Since the Class B common stock has no economic value, those shares are not included in the weighted-average common share amount for basic or diluted earnings per share. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share.
Prior Period Reclassifications — In the first half of 2021, we reclassified $29.4 million and $60.6 million of fixed overhead expenses related to production activities from general and administrative expenses to cost of revenue for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. In addition, we reclassified $2.2 million and $4.1 million of gain on sale of property, plant and equipment from general and administrative expenses to a separate line item included within operating loss, also to conform to the current year presentation. Lastly, we reclassified $0.3 million and $1.1 million of transaction costs from its own line item within operating income into general and administrative expenses for the three and six months ended June 27, 2020, respectively, to conform to the current year presentation. We believe these reclassifications enhance the comparability of our financial statements to others in the industry and had no material impact on previously reported operating income or Adjusted EBITDA, a non-GAAP measure described in Note 14, Segment Information, below.
New Accounting Standards — In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which reduces the accounting complexity of implementing a cloud computing service arrangement. The ASU aligns the capitalization of implementation costs among hosting arrangements and costs incurred to develop internal-use software. We adopted this ASU in the first quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework Changes to The Disclosure Requirements for Defined Benefits Plans, which
modifies the disclosure requirements of employer-sponsored defined benefit and other postretirement benefits plans. The ASU is effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. We adopted this ASU in the fourth quarter of 2020 and the adoption of this ASU did not have a material impact on the consolidated financial statements.
2.ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES
The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized. The following table summarizes the Company’s acquisitions by region and period:
| | | | | | | | | | | |
| Six months ended | | Year ended |
| July 3, 2021 | | January 2, 2021 |
West | — | | | 2 | |
East | 2 | | | 1 | |
| | | |
The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the six months ended July 3, 2021, as well as the acquisitions completed during 2020 that occurred after June 27, 2020, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
| | | | | | | | | | | |
| Six months ended | | Year ended |
| July 3, 2021 | | January 2, 2021 |
Financial assets | $ | — | | | $ | 8,696 | |
Inventories | |