Investor Relations
Press Release
U.S. Concrete Announces 2016 Second Quarter Results
Second Quarter 2016 Highlights Compared to Second Quarter 2015
- Consolidated revenue increased 12.7% to
$275.8 million - Ready-mixed concrete revenue increased 13.5% to
$248.5 million - Ready-mixed concrete average sales price improved 4.7% to
$129.01 per cubic yard - Adjusted ready-mixed concrete material spread increased 1.3% from
$62.32 per cubic yard to$63.11 per cubic yard - Adjusted aggregate products revenue increased 18.1% to
$18.5 million - Adjusted aggregate products average sales price improved 10.1% to
$11.49 per ton - Adjusted earnings per diluted share of
$0.54 compared to$0.70 - Adjusted EBITDA increased 1.3% to
$34.1 million - Issued
$400.0 million of 6.375% senior unsecured notes due 2024 at 100% of par value - Redeemed all
$200.0 million of outstanding 8.5% senior secured notes due 2018 and repaid all outstanding borrowings under the revolving credit facility - Acquired a premier ready-mixed concrete producer in the
New York City market which expanded the Company's regional footprint and customer base
SECOND QUARTER 2016 RESULTS COMPARED TO SECOND QUARTER 2015
Consolidated revenue increased 12.7% to
Consolidated gross profit increased
Consolidated adjusted EBITDA of
Adjusted net income was
FIRST SIX MONTHS OF 2016 RESULTS COMPARED TO FIRST SIX MONTHS OF 2015
Consolidated revenue for the first six months of 2016 increased 25.2% to
For the first six months of 2016, consolidated adjusted EBITDA of
BALANCE SHEET AND LIQUIDITY
Cash provided by operating activities in the second quarter of 2016 was
In
At
SECOND QUARTER 2016 ACQUISITION
In
CONFERENCE CALL AND WEBCAST DETAILS
A live webcast will be available on the Investor Relations section of the Company's website at www.us-concrete.com. Please visit the website at least 15 minutes before the call begins to register, download and install any necessary audio software. A replay of the conference call and archive of the webcast will be available shortly after the call on the Investor Relations section of the Company's website at www.us-concrete.com.
USE OF NON-GAAP FINANCIAL MEASURES
This press release uses the non-GAAP financial measures "adjusted EBITDA," "segment adjusted EBITDA," "adjusted net income (loss)," "adjusted net income from continuing operations," "adjusted net income from operations before income taxes," "normalized income tax expense," "adjusted EBITDA margin," "free cash flow," "net debt," "adjusted segment revenue," and "adjusted material spread." The Company has included adjusted EBITDA and adjusted EBITDA margin in this press release because it is widely used by investors for valuation and comparing the Company's financial performance with the performance of other building material companies. The Company also uses adjusted EBITDA and adjusted EBITDA margin to monitor and compare the financial performance of its operations. Adjusted EBITDA does not give effect to
the cash the Company must use to service its debt or pay its income taxes, and thus does not reflect the funds actually available for capital expenditures. In addition, the Company's presentation of adjusted EBITDA and adjusted EBITDA margin may not be comparable to similarly titled measures that other companies report. The Company considers free cash flow to be an important indicator of its ability to service debt and generate cash for acquisitions and other strategic investments. The Company believes that net debt is useful to investors as a measure of its financial position. The Company presents adjusted net income (loss) from continuing operations, normalized income tax expense, adjusted net income from continuing operations before taxes, adjusted net income (loss) from continuing operations per share, and adjusted net income from continuing operations before income taxes per share
to provide more consistent information for investors to use when comparing operating results for the second quarter of 2016 to the second quarter of 2015. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results, cash flow from operations or any other measure of performance as determined in accordance with GAAP. See the attached "Additional Statistics" for reconciliation of each of these non-GAAP financial measures to the most comparable GAAP financial measures for the three and six months ended
ABOUT
For more information on
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and
monitor working capital usage; and the adequacy of current liquidity. Although
(Tables Follow)
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(Unaudited) | |||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Three Months Ended |
Six Months Ended |
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2016 | 2015 | 2016 | 2015 | ||||||||||||||
Revenue | $ | 275,750 | $ | 244,695 | $ | 520,795 | $ | 416,033 | |||||||||
Cost of goods sold before depreciation, depletion and amortization | 222,216 | 192,296 | 420,974 | 332,082 | |||||||||||||
Selling, general and administrative expenses | 23,180 | 21,992 | 46,343 | 39,900 | |||||||||||||
Depreciation, depletion and amortization | 13,015 | 10,567 | 24,656 | 18,846 | |||||||||||||
Loss (gain) on revaluation of contingent consideration | 364 | (664 | ) | 1,611 | (664 | ) | |||||||||||
(Gain) loss on sale of assets | (114 | ) | 25 | (13 | ) | (38 | ) | ||||||||||
Income from operations | 17,089 | 20,479 | 27,224 | 25,907 | |||||||||||||
Interest expense, net | (6,598 | ) | (5,367 | ) | (12,298 | ) | (10,520 | ) | |||||||||
Derivative loss | (2,562 | ) | (8,048 | ) | (15,342 | ) | (19,547 | ) | |||||||||
Loss on extinguishment of debt | (12,003 | ) | - | (12,003 | ) | - | |||||||||||
Other income, net | 510 | 450 | 1,007 | 893 | |||||||||||||
(Loss) income from continuing operations before income taxes | (3,564 | ) | 7,514 | (11,412 | ) | (3,267 | ) | ||||||||||
Income tax (benefit) expense | (251 | ) | (2,709 | ) | 1,740 | (2,783 | ) | ||||||||||
(Loss) income from continuing operations | (3,313 | ) | 10,223 | (13,152 | ) | (484 | ) | ||||||||||
Loss from discontinued operations, net of taxes | (164 | ) | (520 | ) | (352 | ) | (297 | ) | |||||||||
Net (loss) income | $ | (3,477 | ) | $ | 9,703 | $ | (13,504 | ) | $ | (781 | ) | ||||||
Basic (loss) income per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (0.22 | ) | $ | 0.73 | $ | (0.89 | ) | $ | (0.04 | ) | ||||||
Loss from discontinued operations, net of taxes | (0.01 | ) | (0.04 | ) | (0.02 | ) | (0.02 | ) | |||||||||
Net (loss) income per share - basic | $ | (0.23 | ) | $ | 0.69 | $ | (0.91 | ) | $ | (0.06 | ) | ||||||
Diluted (loss) income per share: | |||||||||||||||||
(Loss) income from continuing operations | $ | (0.22 | ) | $ | 0.67 | $ | (0.89 | ) | $ | (0.04 | ) | ||||||
Loss from discontinued operations, net of taxes | (0.01 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | |||||||||
Net (loss) income per share - diluted | $ | (0.23 | ) | $ | 0.64 | $ | (0.91 | ) | $ | (0.06 | ) | ||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 14,920 | 14,049 | 14,854 | 13,806 | |||||||||||||
Diluted | 14,920 | 15,218 | 14,854 | 13,806 |
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CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(in thousands) | ||||||||||
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(Unaudited) | (Restated) | |||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 101,116 | $ | 3,925 | ||||||
Trade accounts receivable, net of allowances of |
186,171 | 171,256 | ||||||||
Inventories | 39,819 | 36,726 | ||||||||
Prepaid expenses | 6,543 | 4,243 | ||||||||
Other receivables | 6,878 | 7,765 | ||||||||
Other current assets | 2,614 | 2,374 | ||||||||
Total current assets | 343,141 | 226,289 | ||||||||
Property, plant and equipment, net of accumulated depreciation, depletion, and amortization of |
300,428 | 248,123 | ||||||||
114,544 | 100,204 | |||||||||
Intangible assets, net | 96,879 | 95,754 | ||||||||
Deferred income taxes | 7,941 | 6,026 | ||||||||
Other assets | 3,245 | 5,301 | ||||||||
Total assets | $ | 866,178 | $ | 681,697 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 92,505 | $ | 80,419 | ||||||
Accrued liabilities | 76,772 | 85,854 | ||||||||
Current maturities of long-term debt | 13,185 | 9,386 | ||||||||
Derivative liabilities | 71,695 | 67,401 | ||||||||
Total current liabilities | 254,157 | 243,060 | ||||||||
Long-term debt, net of current maturities | 428,459 | 266,214 | ||||||||
Other long-term obligations and deferred credits | 46,525 | 38,416 | ||||||||
Total liabilities | 729,141 | 547,690 | ||||||||
Commitments and contingencies | ||||||||||
Equity: | ||||||||||
Preferred stock | - | - | ||||||||
Common stock | 16 | 16 | ||||||||
Additional paid-in capital | 220,203 | 201,015 | ||||||||
Accumulated deficit | (61,661 | ) | (48,157 | ) | ||||||
Treasury stock, at cost | (21,521 | ) | (18,867 | ) | ||||||
Total stockholders' equity | 137,037 | 134,007 | ||||||||
Total liabilities and equity | $ | 866,178 | $ | 681,697 |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(Unaudited) | ||||||||||
(in thousands) | ||||||||||
Six Months Ended |
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2016 | 2015 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net loss | $ | (13,504 | ) | $ | (781 | ) | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||
Depreciation, depletion and amortization | 24,656 | 18,846 | ||||||||
Debt issuance cost amortization | 1,017 | 874 | ||||||||
Amortization of discount on long-term incentive plan and other accrued interest | 250 | 175 | ||||||||
Net loss on derivative | 15,342 | 19,547 | ||||||||
Net loss (gain) on revaluation of contingent consideration | 1,611 | (664 | ) | |||||||
Net (gain) loss on sale of assets | (13 | ) | 54 | |||||||
Excess tax benefits from stock-based compensation | (3,908 | ) | - | |||||||
Loss on extinguishment of debt | 12,003 | - | ||||||||
Deferred income taxes | 2,863 | (3,598 | ) | |||||||
Provision for doubtful accounts and customer disputes | 522 | 2,761 | ||||||||
Stock-based compensation | 4,121 | 2,546 | ||||||||
Changes in assets and liabilities, excluding effects of acquisitions: | ||||||||||
Accounts receivable | (3,834 | ) | (28,479 | ) | ||||||
Inventories | (2,583 | ) | (1,799 | ) | ||||||
Prepaid expenses and other current assets | (798 | ) | 591 | |||||||
Other assets and liabilities | 780 | 23 | ||||||||
Accounts payable and accrued liabilities | (6,915 | ) | 25,300 | |||||||
Net cash provided by operating activities | 31,610 | 35,396 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Purchases of property, plant and equipment | (22,933 | ) | (7,424 | ) | ||||||
Payments for acquisitions, net of cash acquired | (44,272 | ) | (86,214 | ) | ||||||
Proceeds from disposals of property, plant and equipment | 373 | 540 | ||||||||
Proceeds from disposal of businesses | 250 | 250 | ||||||||
Net cash used in investing activities | (66,582 | ) | (92,848 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from revolver borrowings | 128,789 | 107,004 | ||||||||
Repayments of revolver borrowings | (173,789 | ) | (57,004 | ) | ||||||
Proceeds from issuance of debt | 400,000 | - | ||||||||
Repayments of debt | (200,000 | ) | - | |||||||
Premium paid on early retirement of debt | (8,500 | ) | - | |||||||
Proceeds from exercise of stock options and warrants | 110 | 123 | ||||||||
Payments of other long-term obligations | (2,979 | ) | (2,250 | ) | ||||||
Payments for other financing | (5,033 | ) | (3,472 | ) | ||||||
Debt issuance costs | (7,689 | ) | - | |||||||
Excess tax benefits from stock-based compensation | 3,908 | - | ||||||||
Other treasury share purchases | (2,654 | ) | (2,125 | ) | ||||||
Net cash provided by financing activities | 132,163 | 42,276 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 97,191 | (15,176 | ) | |||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,925 | 30,202 | ||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 101,116 | $ | 15,026 | ||||||
ADDITIONAL STATISTICS
(Unaudited)
We report our financial results in accordance with generally accepted accounting principles in
We define total adjusted EBITDA as our net income (loss) from continuing operations, plus the provision (benefit) for income taxes, net interest expense, depreciation, depletion and amortization, non-cash stock compensation expense, derivative (gain) loss, (gain) loss on revaluation of contingent consideration, acquisition-related professional fees, and officer severance. We define adjusted EBITDA margin as the amount determined by dividing total adjusted EBITDA by total revenue. We have included total adjusted EBITDA and adjusted EBITDA margin in the accompanying tables because they are widely used by investors for valuation and comparing our financial performance with the performance of other building material companies. We also use total adjusted EBITDA and adjusted EBITDA margin to monitor and compare the financial performance of our operations. Total adjusted EBITDA does not give effect to the cash we must use to service our debt or pay our income taxes and thus does not reflect the funds actually available for capital expenditures. In addition, our presentation of total adjusted EBITDA may not be comparable to similarly titled measures other companies report.
We define adjusted aggregate products revenue and adjusted aggregate products average sales price per ton (in dollars) as excluding the impact of any internal transfer price increases that have occurred since the corresponding period in the prior year for sales from our aggregates segment to our ready-mixed segment.
We define adjusted ready-mixed concrete material spread (in dollars per cubic yard) as excluding the impact of any internal transfer price increases from our aggregate products segment for any aggregates purchased by our ready-mixed concrete segment since the corresponding period in the prior year.
We define aggregate products segment adjusted EBITDA and ready-mixed concrete segment adjusted EBITDA as total adjusted EBITDA further adjusted to exclude the impact of internal transfer prices as described above for adjusted aggregate products revenue and adjusted ready-mixed concrete material spread.
We define gross profit as income (loss) from continuing operations excluding depreciation, depletion and amortization, selling and general administrative expenses, non-cash gain (loss) on revaluation of contingent consideration, and gain (loss) on sale of assets. We define gross profit percentage as the amount determined by dividing gross profit by total revenue. We believe that gross profit and gross profit percentage are useful to investors as a measure of our financial performance.
We define adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share as net income (loss) and net income (loss) per share excluding (i) non-cash stock compensation expense, (ii) derivative loss, (iii) non-cash gain (loss) on revaluation of contingent consideration, (iv) loss on extinguishment of debt, (v) acquisition-related professional fees, and (vi) officer severance and including normalized income tax expense (benefit). We present normalized income tax expense, adjusted net income (loss) from continuing operations and adjusted net income (loss) from continuing operations per share to provide more consistent information for investors to use when comparing operating results for the three and six months ended
We define Free Cash Flow as cash provided by (used in) operations less capital expenditures for property, plant and equipment, net of disposals. We consider Free Cash Flow to be an important indicator of our ability to service our debt and generate cash for acquisitions and other strategic investments.
We define Net Debt as total debt, including current maturities and capital lease obligations, minus cash and cash equivalents. We believe that Net Debt is useful to investors as a measure of our financial position.
Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported operating results or cash flow from operations or any other measure of performance prepared in accordance with GAAP.
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(In thousands, except average price amounts) | ||||||||||||||||||||
Three Months Ended | Year-Over- | Six Months Ended | Year-Over- | |||||||||||||||||
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Year % |
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Year % | |||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
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Average sales price per cubic yard (in dollars) | $ | 129.01 | $ | 123.24 | 4.7 | % | $ | 127.78 | $ | 122.32 | 4.5 | % | ||||||||
Sales volume in cubic yards | 1,925 | 1,766 | 9.0 | % | 3,689 | 3,043 | 21.2 | % | ||||||||||||
Aggregate Products | ||||||||||||||||||||
Adjusted average sales price per ton (in dollars) | $ | 11.49 | $ | 10.44 | 10.1 | % | $ | 11.29 | $ | 10.25 | 10.1 | % | ||||||||
Sales volume in tons | 1,412 | 1,248 | 13.1 | % | 2,610 | 2,021 | 29.1 | % | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
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2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Gross Profit: | ||||||||||||||||||||
Income from operations | $ | 17,089 | $ | 20,479 | $ | 27,224 | $ | 25,907 | ||||||||||||
Add: Depreciation, depletion and amortization | 13,015 | 10,567 | 24,656 | 18,846 | ||||||||||||||||
Add: Selling, general and administrative expenses | 23,180 | 21,992 | 46,343 | 39,900 | ||||||||||||||||
Add: Non-cash loss (gain) on revaluation of contingent consideration | 364 | (664 | ) | 1,611 | (664 | ) | ||||||||||||||
Add: (Gain) loss on sale of assets | (114 | ) | 25 | (13 | ) | (38 | ) | |||||||||||||
Gross profit | $ | 53,534 | $ | 52,399 | $ | 99,821 | $ | 83,951 | ||||||||||||
Gross profit percentage | 19.4 | % | 21.4 | % | 19.2 | % | 20.2 | % |
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three Months Ended |
Six Months Ended |
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2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Revenue: | ||||||||||||||||||||
Ready-mixed concrete | ||||||||||||||||||||
Sales to external customers | $ | 248,532 | $ | 219,019 | $ | 472,621 | $ | 374,063 | ||||||||||||
Adjusted aggregate products | ||||||||||||||||||||
Sales to external customers | 10,607 | 8,862 | 18,466 | 14,093 | ||||||||||||||||
Adjusted intersegment sales | 7,846 | 6,767 | 14,749 | 10,446 | ||||||||||||||||
Total adjusted aggregate products | 18,453 | 15,629 | 33,215 | 24,539 | ||||||||||||||||
Total adjusted reportable segment revenue | 266,985 | 234,648 | 505,836 | 398,602 | ||||||||||||||||
Adjusted other products and eliminations | 8,765 | 10,047 | 14,959 | 17,431 | ||||||||||||||||
Total revenue | $ | 275,750 | $ | 244,695 | $ | 520,795 | $ | 416,033 | ||||||||||||
Reportable Segment and Total Adjusted EBITDA: | ||||||||||||||||||||
Adjusted ready-mixed concrete | $ | 33,331 | $ | 33,650 | $ | 61,469 | $ | 54,220 | ||||||||||||
Adjusted aggregate products | 4,480 | 3,792 | 7,021 | 3,969 | ||||||||||||||||
Total reportable segment Adjusted EBITDA | 37,811 | 37,442 | 68,490 | 58,189 | ||||||||||||||||
Other products and eliminations | 3,324 | 2,923 | 6,137 | 4,532 | ||||||||||||||||
Corporate | (10,157 | ) | (9,533 | ) | (20,129 | ) | (17,739 | ) | ||||||||||||
Non-cash stock compensation expense | 2,744 | 1,695 | 4,121 | 2,546 | ||||||||||||||||
Acquisition-related professional fees | 379 | 1,162 | 1,127 | 2,088 | ||||||||||||||||
Officer severance | - | (28 | ) | - | 357 | |||||||||||||||
Total Adjusted EBITDA | $ | 34,101 | $ | 33,661 | $ | 59,746 | $ | 49,973 | ||||||||||||
Adjusted EBITDA margin | 12.4 | % | 13.8 | % | 11.5 | % | 12.0 | % | ||||||||||||
Reconciliation Of Total Adjusted EBITDA To (Loss ) Income From Continuing Operations Before Income Taxes: | ||||||||||||||||||||
Total Adjusted EBITDA | $ | 34,101 | $ | 33,661 | $ | 59,746 | $ | 49,973 | ||||||||||||
Depreciation, depletion and amortization | (13,015 | ) | (10,567 | ) | (24,656 | ) | (18,846 | ) | ||||||||||||
Interest expense, net | (6,598 | ) | (5,367 | ) | (12,298 | ) | (10,520 | ) | ||||||||||||
Corporate loss on early extinguishment of debt | (12,003 | ) | - | (12,003 | ) | - | ||||||||||||||
Derivative loss | (2,562 | ) | (8,048 | ) | (15,342 | ) | (19,547 | ) | ||||||||||||
Non-cash (loss) gain on revaluation of contingent consideration | (364 | ) | 664 | (1,611 | ) | 664 | ||||||||||||||
Non-cash stock compensation expense | (2,744 | ) | (1,695 | ) | (4,121 | ) | (2,546 | ) | ||||||||||||
Acquisition-related professional fees | (379 | ) | (1,162 | ) | (1,127 | ) | (2,088 | ) | ||||||||||||
Officer severance | - | 28 | - | (357 | ) | |||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (3,564 | ) | $ | 7,514 | $ | (11,412 | ) | $ | (3,267 | ) |
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SELECTED REPORTABLE OPERATING AND FINANCIAL INFORMATION | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(In thousands, except net income (loss) per share) | ||||||||||||||||
Three Months Ended |
Six Months Ended |
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2016 | 2015 | 2016 | 2015 | |||||||||||||
Adjusted Net Income from Continuing Operations and EPS | ||||||||||||||||
(Loss) income from continuing operations before income taxes | $ | (3,564 | ) | $ | 7,514 | $ | (11,412 | ) | $ | (3,267 | ) | |||||
Add: Derivative loss | 2,562 | 8,048 | 15,342 | 19,547 | ||||||||||||
Add: Loss on extinguishment of debt | 12,003 | - | 12,003 | - | ||||||||||||
Add: Non-cash stock compensation expense | 2,744 | 1,695 | 4,121 | 2,546 | ||||||||||||
Add: Acquisition-related professional fees | 379 | 1,162 | 1,127 | 2,088 | ||||||||||||
Add: Officer severance | - | (28 | ) | - | 357 | |||||||||||
Add: Non-cash loss (gain) on revaluation of contingent consideration | 364 | (664 | ) | 1,611 | (664 | ) | ||||||||||
Adjusted income from continuing operations before income taxes | 14,488 | 17,727 | 22,792 | 20,607 | ||||||||||||
Normalized income tax expense(1) | 5,795 | 7,091 | 9,117 | 8,243 | ||||||||||||
Adjusted net income from continuing operations | $ | 8,693 | $ | 10,636 | $ | 13,675 | $ | 12,364 | ||||||||
(Loss) income from continuing operations before income taxes per diluted share(2) | $ | (0.24 | ) | $ | 0.49 | $ | (0.77 | ) | $ | (0.24 | ) | |||||
Impact of derivative loss | 0.16 | 0.53 | 0.95 | 1.32 | ||||||||||||
Loss on extinguishment of debt | 0.74 | - | 0.74 | - | ||||||||||||
Impact of non-cash stock compensation expense | 0.17 | 0.11 | 0.26 | 0.17 | ||||||||||||
Impact of acquisition-related professional fees | 0.02 | 0.08 | 0.07 | 0.14 | ||||||||||||
Impact of officer severance | - | - | - | 0.02 | ||||||||||||
Impact of non-cash loss (gain) on revaluation of contingent consideration | 0.02 | (0.04 | ) | 0.10 | (0.04 | ) | ||||||||||
Adjusted income from continuing operations before income taxes | 0.89 | 1.16 | 1.41 | 1.39 | ||||||||||||
Normalized income tax expense | 0.36 | 0.47 | 0.57 | 0.56 | ||||||||||||
Adjusted net income from continuing operations per diluted share | $ | 0.54 | $ | 0.70 | $ | 0.85 | $ | 0.84 | ||||||||
Free Cash Flow Reconciliation | ||||||||||||||||
Net cash provided by operating activities | $ | 13,785 | $ | 34,464 | $ | 31,610 | $ | 35,396 | ||||||||
Less: capital expenditures | (11,713 | ) | (3,878 | ) | (22,933 | ) | (7,424 | ) | ||||||||
Plus: proceeds from the sale of property, plant and equipment | 336 | 71 | 373 | 540 | ||||||||||||
Plus: proceeds from the disposal of business units | 125 | 250 | 250 | 250 | ||||||||||||
Free Cash Flow | $ | 2,533 | $ | 30,907 | $ | 9,300 | $ | 28,762 | ||||||||
Net Debt Reconciliation | ||||||||||||||||
As of | As of | |||||||||||||||
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Total debt, including current maturities and capital lease obligations | $ | 441,644 | $ | 275,600 | ||||||||||||
Less: cash and cash equivalents | 101,116 | 3,925 | ||||||||||||||
Net Debt | $ | 340,528 | $ | 271,675 |
(1) | Assumes a normalized effective tax rate of 40% in both periods. | |
(2) | Loss from continuing operations before income taxes per diluted share for both the three and six months ended |
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Source: USCR-E
Company Contact Information:
Investor Relations Contact:
844-828-4774
IR@us-concrete.com
Media Contact:
Media@us-concrete.com
Source:
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