EULESS, Texas, Feb. 24,
2021 /PRNewswire/ -- U.S. Concrete, Inc. (NASDAQ: USCR), a
leading producer of construction materials in select major markets
across the United States, the
U.S. Virgin Islands and
Canada, today announced results
for the full year and quarter ended December 31, 2020,
including record revenue and adjusted EBITDA in the aggregate
products segment for both periods.
FULL YEAR 2020 HIGHLIGHTS COMPARED TO FULL YEAR
20191
- Aggregate products revenue increased 10.9% to a record
$216.4 million
- Aggregate products volume increased 10.8% to a record 12.6
million tons
- Aggregate products adjusted EBITDA increased 50.4% to a record
$80.9 million
- Aggregate products adjusted EBITDA margin increased 980 basis
points to a record 37.4%
- Ready-mixed concrete adjusted EBITDA margin increased 60 basis
points to 12.9%
- Ready-mixed concrete average selling price per cubic yard
increased 1.2% to $140.69
- Net income was $24.5 million, a
margin of 1.8%
- Total Adjusted EBITDA2 increased to $192.9 million, despite the impact of the
COVID-19 pandemic
- Total Adjusted EBITDA Margin2 increased 160 basis
points to 14.1%
- Net cash provided by operating activities increased
$42.5 million to a record
$181.3 million
- Adjusted Free Cash Flow2 increased $53.6 million to a record $158.6 million
FOURTH QUARTER 2020 HIGHLIGHTS COMPARED TO FOURTH QUARTER
20191
- Aggregate products revenue increased 9.6% to $54.7 million
- Aggregate products volume increased 8.2% to 3.1 million
tons
- Aggregate products adjusted EBITDA increased 42.3% to
$21.2 million
- Aggregate products adjusted EBITDA margin increased 890 basis
points to 38.8%
- Ready-mixed concrete adjusted EBITDA margin increased 150 basis
points to 12.0%
- Net loss was $3.3 million, a loss
margin of 1.0%
- Total Adjusted EBITDA2 increased to $47.2 million
- Total Adjusted EBITDA Margin2 increased 180 basis
points to 14.1%
|
|
(1)
|
Certain
computations within this press release may reflect rounding
adjustments.
|
(2)
|
Total Adjusted
EBITDA, Total Adjusted EBITDA Margin and Adjusted Free Cash Flow
are non-GAAP financial measures. Please refer to the
reconciliations and other information at the end of this press
release.
|
Ronnie Pruitt, President and
Chief Executive Officer of U.S. Concrete, Inc. stated, "While 2020
was a year of overcoming obstacles, we have many reasons to
celebrate our performance during fiscal year 2020. Thanks to the
dedication, vigilance and discipline of the entire U.S. Concrete
team, we were able to successfully navigate through a very
challenging year. We are pleased to report record annual activity
in our aggregate products segment and our cost containment efforts
resulted in increased profitability. Our 2020 success is not only a
testament to our team's ability to adapt to the current, dynamic
environment, but also a reflection of the work we have done to
transform our business."
OPERATING RESULTS
AGGREGATE PRODUCTS SEGMENT
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
($ in millions,
except selling price)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Sales to
external customers
|
|
$
|
26.8
|
|
|
$
|
22.4
|
|
|
$
|
105.7
|
|
|
$
|
89.5
|
|
Freight revenue
on sales to external customers
|
|
10.9
|
|
|
13.5
|
|
|
46.5
|
|
|
52.2
|
|
Intersegment
sales
|
|
17.0
|
|
|
14.0
|
|
|
64.2
|
|
|
53.5
|
|
Total aggregate
products revenue
|
|
$
|
54.7
|
|
|
$
|
49.9
|
|
|
$
|
216.4
|
|
|
$
|
195.2
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
21.2
|
|
|
$
|
14.9
|
|
|
$
|
80.9
|
|
|
$
|
53.8
|
|
|
|
|
|
|
|
|
|
|
Average selling price
("ASP") per ton(1)
|
|
$
|
13.70
|
|
|
$
|
11.93
|
|
|
$
|
13.08
|
|
|
$
|
11.93
|
|
Sales volume in
thousand tons
|
|
3,139
|
|
|
2,900
|
|
|
12,622
|
|
|
11,392
|
|
(1)
|
The Company's
calculation of aggregate products segment ASP excludes freight and
certain other ancillary revenue. The Company's definition and
calculation of ASP may differ from other companies in the
construction materials industry.
|
The aggregate products segment achieved record revenue of
$216.4 million in 2020, representing
a 10.9% increase from the prior year that resulted from a 10.8%
increase in sales volume and a 9.6% increase in average selling
price related to the favorable mix of products sold, including the
impact of Coram Materials, compared to the prior year, partially
offset by a 10.9% decrease in pass-through freight revenue.
Aggregate products also achieved record adjusted EBITDA of
$80.9 million in 2020, a 50.4%
increase compared to the prior year, primarily related to improved
operating efficiencies, increased production volume, and the
profitability from the Coram Materials business acquired in
February 2020. During the fourth quarter of 2020, aggregate
products sales volume increased 8.2% compared to the prior year
fourth quarter. Aggregate products adjusted EBITDA of
$21.2 million in the 2020 fourth
quarter increased 42.3%, or $6.3
million compared to the prior year fourth quarter. The
revenue growth in our aggregate products segment was primarily the
result of our Coram Materials acquisition in the East Region as
well as our West Texas greenfield
operation in the Central Region, which was partially offset by
lower pass-through freight revenue due primarily to lower fuel
costs.
READY-MIXED CONCRETE SEGMENT
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
($ in millions,
except selling price)
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
|
$
|
283.5
|
|
|
$
|
320.1
|
|
|
$
|
1,161.4
|
|
|
$
|
1,278.6
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
33.9
|
|
|
$
|
33.6
|
|
|
$
|
149.6
|
|
|
$
|
157.7
|
|
|
|
|
|
|
|
|
|
|
ASP per cubic
yard
|
|
$
|
139.76
|
|
|
$
|
139.44
|
|
|
$
|
140.69
|
|
|
$
|
138.97
|
|
Sales volume in
thousand cubic yards
|
|
2,026
|
|
|
2,289
|
|
|
8,242
|
|
|
9,181
|
|
Revenue from the ready-mixed concrete segment for the full year
2020 decreased $117.2 million, or
9.2%, compared to the prior year. Revenue from the
ready-mixed concrete segment for the 2020 fourth quarter decreased
$36.6 million, or 11.4%, compared to
the prior year fourth quarter. The decreases for both the
full year and fourth quarter were primarily due to lower sales
volume from delays in projects as a result of the COVID-19 pandemic
and negative weather impacts, partially offset by higher average
selling prices.
FULL YEAR 2020 RESULTS COMPARED TO FULL YEAR 2019
RESULTS
Record aggregate products sales in 2020 helped partially offset
the decrease in ready-mixed concrete sales, as total Company
revenue decreased 7.6% to $1.4
billion, versus $1.5 billion
in 2019. For 2020, net income attributable to U.S. Concrete
was $25.5 million, including the
impact of a $12.4 million loss on the
extinguishment of debt and the favorable income tax impact in 2020,
compared to $14.9 million for
2019. For 2020, net income was $24.5
million compared to $16.3 million for 2019. Despite
challenges from the pandemic in 2020, the Company achieved Total
Adjusted EBITDA of $192.9 million,
which was $8.8 million higher than in
2019.
CONSOLIDATED FOURTH QUARTER 2020 RESULTS
COMPARED TO FOURTH QUARTER 2019
Fourth quarter 2020 consolidated revenue decreased 9.4% compared
to the prior year fourth quarter, primarily resulting from lower
sales volume of ready-mixed concrete, partially offset by higher
average selling prices of ready-mixed concrete and higher sales
volume and average selling prices of aggregate products.
During the fourth quarter of 2020, operating income was
$19.3 million compared to operating
income of $18.0 million in the fourth
quarter of 2019, with an operating income margin of 5.8% compared
to an operating income margin of 4.9% in the fourth quarter of
2019, as we maintained a strong focus on cost controls amid the
lower volumes and operated more efficiently in the fourth quarter
of 2020.
Selling, general and administrative expenses ("SG&A") as a
percentage of revenue was 8.8% in the 2020 fourth quarter compared
to 7.2% in the prior year fourth quarter. SG&A increased
$2.8 million, or 10.5%, for the
quarter ended December 31, 2020, in comparison to the
corresponding 2019 quarter, primarily due to higher incentive
compensation, partially offset by the impact of the Company's cost
control initiatives. On a non-GAAP basis, our Adjusted
SG&A as a percentage of revenue, which excludes non-cash stock
compensation, acquisition-related costs, realignment initiative
costs, officer transition expenses and litigation settlement costs,
was 7.5% in the 2020 fourth quarter compared to 6.5% in the prior
year fourth quarter. Adjusted SG&A as a percentage of
revenue is a non-GAAP financial measure. Please refer to the
definitions, reconciliations and other information at the end of
this press release.
BALANCE SHEET AND LIQUIDITY
Net cash provided by operating activities in the 2020 fourth
quarter was $35.9 million, compared
to $46.7 million in the prior year
fourth quarter. The decrease in net cash provided by
operating activities in the fourth quarter of 2020 was primarily
due to our lower sales volumes. The Company's Adjusted Free
Cash Flow in the 2020 fourth quarter was $30.0 million, as compared to $34.2 million in the prior year fourth
quarter. Adjusted Free Cash Flow is a non-GAAP financial
measure. Please refer to the definitions, reconciliations and
other information at the end of this press release.
Net cash provided by operating activities for 2020 was a record
$181.3 million that was driven
primarily by the Company's cost control initiatives, the deferral
of the remittance of payroll taxes as permitted by the Coronavirus
Aid, Relief and Economic Security ("CARES") Act, income tax
refunds, and ongoing initiatives to optimize working capital.
At December 31, 2020, the Company had cash and cash
equivalents of $11.1 million and
total debt of $702.4 million,
resulting in Net Debt of $691.3
million. Net Debt increased by $44.6 million from December 31, 2019, as a
result of higher debt balances to fund acquisitions and the
refinancing of certain of our senior unsecured notes in 2020.
The Company had $230.2 million of
unused borrowing availability under its revolving credit facility
and $179.1 million under its delayed
draw term loan facility at December 31, 2020, resulting in
total liquidity of $420.4 million
when combined with its cash balances. Net Debt is a non-GAAP
financial measure. Please refer to the definitions,
reconciliations and other information at the end of this press
release.
OUTLOOK FOR 2021
We are currently targeting 2021 Total Adjusted EBITDA to be
around $200 million for the full
year, or a 2% to 5% increase from 2020. Total Adjusted EBITDA
is a non-GAAP financial measure. Please refer to the
definition and other information at the end of this press
release. Because certain GAAP financial measures on a
forward-looking basis are not accessible and not available without
unreasonable effort, reconciliations are not provided for
forward-looking non-GAAP measures.
CONFERENCE CALL AND WEBCAST DETAILS
U.S. Concrete will host a conference call on Wednesday,
February 24, 2021 at 8:30 a.m. Eastern
Time (7:30 a.m. Central Time),
to review its fourth quarter 2020 results. To participate in
the call, please dial (877) 312-8806 – Conference ID: 3295129 at
least 20 minutes before the conference call begins and ask for the
U.S. Concrete conference call.
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 20 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.
ABOUT U.S. CONCRETE
U.S. Concrete, Inc. (NASDAQ: USCR) is a leading supplier of
aggregates and concrete for infrastructure, residential and
commercial projects across the country. The Company holds
leading market positions in the high-growth metropolitan markets
of Dallas/Fort Worth, San
Francisco, New York
City, Philadelphia, and Washington, D.C., and its
materials have been used in some of the most complex and highly
specialized construction projects of the last decade. U.S.
Concrete has continued to grow organically and through a
series of strategic acquisitions of independent producers in our
target markets.
For more information on U.S. Concrete, visit
www.us-concrete.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements and information provided in this press
release are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements
include, without limitation, statements concerning plans,
objectives, goals, projections, outlook, strategies, future events
or performance, and underlying assumptions and other statements,
which are not statements of historical facts. In some cases, you
can identify forward-looking statements by terminology such as
"may," "will," "intend," "should," "expect," "plan," "target,"
"anticipate," "believe," "estimate," "outlook," "predict,"
"potential" or "continue," the negative of such terms or other
comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about us, may
include projections of our future financial performance, our
anticipated growth strategies and anticipated trends in our
business. These statements are predictions based on our current
expectations and projections about future events which we believe
are reasonable. Actual events or results may differ materially.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We believe
that these risks and uncertainties include, but are not limited to:
general economic and business conditions, which will, among other
things, affect demand for new residential and commercial
construction; our ability to successfully identify, manage, and
integrate acquisitions; the cyclical nature of, and changes in, the
real estate and construction markets, including pricing changes by
our competitors; governmental requirements and initiatives,
including those related to mortgage lending, financing or
deductions, funding for public or infrastructure construction, land
usage, and environmental, health, and safety matters; disruptions,
uncertainties or volatility in the credit markets that may limit
our, our suppliers' and our customers' access to capital; our
ability to successfully implement our operating strategy; weather
conditions; our substantial indebtedness and the restrictions
imposed on us by the terms of our indebtedness; the effects of
currency fluctuations on our results of operations and financial
condition; our ability to maintain favorable relationships with
third parties who supply us with equipment and essential supplies;
our ability to retain key personnel and maintain satisfactory labor
relations; and product liability, property damage, results of
litigation and other claims and insurance coverage issues. These
risks and uncertainties also include the effects of COVID-19; the
length and severity of the COVID-19 pandemic; the pace of recovery
following the COVID-19 pandemic; our ability to implement cost
containment strategies; and the adverse effects of the COVID-19
pandemic on our business, the economy and the markets we serve.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking
statements. All written and oral forward-looking statements made in
connection with this press release that are attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the "Risk Factors" in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission. We are under no duty to update any
of the forward-looking statements after the date of this press
release to conform such statements to actual results or to changes
in our expectations, except as required by federal securities
laws. There can be no assurance that other factors will not
affect the accuracy of these forward-looking statements or that our
actual results will not differ materially from the results
anticipated in such forward-looking statements. Unpredictable or
unknown factors we have not discussed in this press release also
could have material effects on actual results or matters that are
the subject of our forward-looking statements. We undertake no
obligation to, and do not intend to, update our description of
important factors each time a potential important factor
arises.
Non-GAAP Financial Measures
Included in this press release are certain non-GAAP financial
measures that we believe are useful for investors. These
non-GAAP financial measures may not be comparable to similarly
titled measures other companies report and are not intended to be
used as an alternative to any measure of our performance in
accordance with GAAP.
Reconciliations and definitions of the non-GAAP measures used in
this press release are included at the end of this press
release. Because certain 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.
(Tables Follow)
U.S. CONCRETE,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(in millions
except per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue
|
$
|
334.4
|
|
|
$
|
369.2
|
|
|
$
|
1,365.7
|
|
|
$
|
1,478.7
|
|
Cost of goods sold
before depreciation, depletion and amortization
|
262.7
|
|
|
301.2
|
|
|
1,070.6
|
|
|
1,187.6
|
|
Selling, general and
administrative expenses
|
29.5
|
|
|
26.7
|
|
|
127.0
|
|
|
130.0
|
|
Depreciation,
depletion and amortization
|
25.3
|
|
|
23.0
|
|
|
99.7
|
|
|
93.2
|
|
Change in value of
contingent consideration
|
(1.9)
|
|
|
1.2
|
|
|
(7.3)
|
|
|
2.8
|
|
Gain on sale/disposal
of property, plant and equipment, net
|
(0.5)
|
|
|
(0.9)
|
|
|
(0.6)
|
|
|
(0.1)
|
|
Operating
income
|
19.3
|
|
|
18.0
|
|
|
76.3
|
|
|
65.2
|
|
Interest expense,
net
|
11.1
|
|
|
11.3
|
|
|
45.9
|
|
|
46.1
|
|
Loss on
extinguishment of debt
|
12.4
|
|
|
—
|
|
|
12.4
|
|
|
—
|
|
Other income,
net
|
0.1
|
|
|
(1.7)
|
|
|
(1.5)
|
|
|
(9.5)
|
|
Income (loss) before
income taxes
|
(4.3)
|
|
|
8.4
|
|
|
19.5
|
|
|
28.6
|
|
Income tax expense
(benefit)
|
(1.0)
|
|
|
4.0
|
|
|
(5.0)
|
|
|
12.3
|
|
Net income
(loss)
|
(3.3)
|
|
|
4.4
|
|
|
24.5
|
|
|
16.3
|
|
Amounts attributable
to non-controlling interest
|
1.8
|
|
|
(0.5)
|
|
|
1.0
|
|
|
(1.4)
|
|
Net income (loss)
attributable to U.S. Concrete
|
$
|
(1.5)
|
|
|
$
|
3.9
|
|
|
$
|
25.5
|
|
|
$
|
14.9
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to U.S. Concrete:
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
|
(0.09)
|
|
|
$
|
0.24
|
|
|
$
|
1.54
|
|
|
$
|
0.91
|
|
Diluted earnings
(loss) per share
|
$
|
(0.09)
|
|
|
$
|
0.23
|
|
|
$
|
1.53
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
16.6
|
|
|
16.5
|
|
|
16.6
|
|
|
16.4
|
|
Diluted
|
16.6
|
|
|
16.6
|
|
|
16.6
|
|
|
16.4
|
|
Note:
Certain computations within this press release may reflect rounding
adjustments.
|
U.S. CONCRETE,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
(in
millions)
|
|
|
|
December 31,
2020
|
|
December 31,
2019
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
11.1
|
|
|
$
|
40.6
|
|
Trade accounts
receivable, net
|
|
212.5
|
|
|
233.1
|
|
Inventories
|
|
70.3
|
|
|
59.0
|
|
Other receivables,
net
|
|
13.2
|
|
|
8.4
|
|
Prepaid expenses and
other
|
|
11.1
|
|
|
7.9
|
|
Total current
assets
|
|
318.2
|
|
|
349.0
|
|
Property, plant and
equipment, net
|
|
788.2
|
|
|
673.5
|
|
Operating lease
assets
|
|
76.1
|
|
|
69.8
|
|
Goodwill
|
|
238.2
|
|
|
239.5
|
|
Intangible assets,
net
|
|
70.9
|
|
|
92.4
|
|
Other
assets
|
|
14.7
|
|
|
9.1
|
|
Total
assets
|
|
$
|
1,506.3
|
|
|
$
|
1,433.3
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
127.8
|
|
|
$
|
136.4
|
|
Accrued
liabilities
|
|
86.1
|
|
|
63.5
|
|
Current maturities of
long-term debt
|
|
33.7
|
|
|
32.5
|
|
Current operating
lease liabilities
|
|
14.3
|
|
|
12.9
|
|
Total current
liabilities
|
|
261.9
|
|
|
245.3
|
|
Long-term debt, net
of current maturities
|
|
668.7
|
|
|
654.8
|
|
Long-term operating
lease liabilities
|
|
65.5
|
|
|
59.7
|
|
Other long-term
obligations and deferred credits
|
|
51.9
|
|
|
49.1
|
|
Deferred income
taxes
|
|
56.6
|
|
|
54.8
|
|
Total
liabilities
|
|
1,104.6
|
|
|
1,063.7
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
Common
stock
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
363.8
|
|
|
348.9
|
|
Retained
earnings
|
|
53.3
|
|
|
31.1
|
|
Treasury stock, at
cost
|
|
(37.9)
|
|
|
(36.6)
|
|
Total shareholders'
equity
|
|
379.2
|
|
|
343.4
|
|
Non-controlling
interest
|
|
22.5
|
|
|
26.2
|
|
Total
equity
|
|
401.7
|
|
|
369.6
|
|
Total liabilities and
equity
|
|
$
|
1,506.3
|
|
|
$
|
1,433.3
|
|
U.S. CONCRETE,
INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
(in
millions)
|
|
|
Twelve Months
Ended December 31,
|
|
2020
|
|
2019
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net income
|
$
|
24.5
|
|
|
$
|
16.3
|
|
Adjustments to
reconcile net income to net cash provided by
operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
99.7
|
|
|
93.2
|
|
Amortization of debt
issuance costs
|
2.1
|
|
|
1.8
|
|
Change in value of
contingent consideration
|
(7.3)
|
|
|
2.8
|
|
Loss on extinguishment
of debt
|
12.4
|
|
|
—
|
|
Gain on sale of
property, plant and equipment
|
(0.6)
|
|
|
(0.1)
|
|
Gains from eminent
domain matter and property insurance claims
|
—
|
|
|
(6.0)
|
|
Deferred income
taxes
|
5.5
|
|
|
12.2
|
|
Provision for doubtful
accounts and customer disputes
|
3.0
|
|
|
3.2
|
|
Stock-based
compensation
|
11.6
|
|
|
19.1
|
|
Other, net
|
0.1
|
|
|
(2.2)
|
|
Changes in assets and
liabilities, excluding effects of acquisitions:
|
|
|
|
Accounts
receivable
|
15.1
|
|
|
(8.6)
|
|
Inventories
|
(3.6)
|
|
|
(7.8)
|
|
Prepaid expenses and
other current assets
|
(7.6)
|
|
|
8.8
|
|
Other assets and
liabilities
|
9.3
|
|
|
3.9
|
|
Accounts payable and
accrued liabilities
|
17.1
|
|
|
2.2
|
|
Net cash provided by
operating activities
|
181.3
|
|
|
138.8
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Purchases of property,
plant and equipment
|
(24.4)
|
|
|
(42.7)
|
|
Payments for
acquisition of businesses
|
(149.4)
|
|
|
—
|
|
Proceeds from sale of
property, plant and equipment
|
1.7
|
|
|
2.9
|
|
Proceeds from eminent
domain matter and property insurance claims
|
—
|
|
|
6.0
|
|
Net cash used in
investing activities
|
(172.1)
|
|
|
(33.8)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from revolver
borrowings
|
447.7
|
|
|
353.5
|
|
Repayments of revolver
borrowings
|
(441.2)
|
|
|
(368.5)
|
|
Proceeds from issuance
of senior unsecured notes
|
400.0
|
|
|
—
|
|
Repayment of senior
unsecured notes
|
(400.0)
|
|
|
—
|
|
Premium paid on early
retirement of debt
|
(12.7)
|
|
|
—
|
|
Payments of
acquisition-related liabilities
|
(10.0)
|
|
|
(33.4)
|
|
Payments for finance
leases, promissory notes and other
|
(27.0)
|
|
|
(32.8)
|
|
Debt issuance
costs
|
(9.0)
|
|
|
—
|
|
Shares redeemed for
employee income tax obligations
|
(1.3)
|
|
|
(3.2)
|
|
Proceeds from finance
lease and other
|
14.8
|
|
|
0.2
|
|
Net cash used in
financing activities
|
(38.7)
|
|
|
(84.2)
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND CASH EQUIVALENTS
|
—
|
|
|
(0.2)
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
(29.5)
|
|
|
20.6
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
40.6
|
|
|
20.0
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
11.1
|
|
|
$
|
40.6
|
|
NON-GAAP FINANCIAL
MEASURES
(Unaudited)
Total Adjusted EBITDA and Total Adjusted
EBITDA Margin
Total Adjusted EBITDA and Total Adjusted EBITDA Margin are
non-GAAP financial measures. We define Total Adjusted EBITDA
as our net income (loss), excluding the impact of income taxes,
depreciation, depletion and amortization, net interest expense and
certain other non-cash, non-recurring and/or unusual, non-operating
items including, but not limited to: non-cash stock compensation
expense, non-cash change in value of contingent consideration,
acquisition-related costs, officer transition expenses, purchase
accounting adjustments for inventory, pension withdrawal liability,
and realignment initiative costs. Acquisition-related costs include
fees and expenses for accountants, lawyers and other professionals
incurred during the negotiation and closing of strategic
acquisitions. Acquisition-related costs do not include fees
or expenses associated with post-closing integration of strategic
acquisitions. We define Total Adjusted EBITDA Margin as the
amount determined by dividing Total Adjusted EBITDA by total
revenue. We have included Total Adjusted EBITDA and Total
Adjusted EBITDA Margin herein 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 Total 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. Total Adjusted EBITDA and Total Adjusted
EBITDA Margin are not intended to be used as an alternative to any
measure of our performance in accordance with GAAP. The
following table reconciles Total Adjusted EBITDA to the most
directly comparable GAAP financial measure, which is net income
(loss).
($ in
millions)
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Total Adjusted
EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
(3.3)
|
|
|
$
|
4.4
|
|
|
$
|
24.5
|
|
|
$
|
16.3
|
|
Add (subtract):
Income tax expense (benefit)
|
|
(1.0)
|
|
|
4.0
|
|
|
(5.0)
|
|
|
12.3
|
|
Income (loss) before
income taxes
|
|
(4.3)
|
|
|
8.4
|
|
|
19.5
|
|
|
28.6
|
|
Add:
Depreciation, depletion and amortization
|
|
25.3
|
|
|
23.0
|
|
|
99.7
|
|
|
93.2
|
|
Add: Interest
expense, net
|
|
11.1
|
|
|
11.3
|
|
|
45.9
|
|
|
46.1
|
|
Add: Loss on
extinguishment of debt
|
|
12.4
|
|
|
—
|
|
|
12.4
|
|
|
—
|
|
Add: Non-cash
stock compensation expense
|
|
2.8
|
|
|
2.7
|
|
|
11.6
|
|
|
19.1
|
|
Add: Purchase
accounting adjustments for inventory
|
|
0.3
|
|
|
—
|
|
|
4.9
|
|
|
—
|
|
Add (subtract):
Acquisition-related costs, net
|
|
1.2
|
|
|
(0.9)
|
|
|
2.8
|
|
|
0.1
|
|
Add: Realignment
initiative costs
|
|
0.3
|
|
|
—
|
|
|
1.7
|
|
|
—
|
|
Add: Pension
withdrawal liability
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
Add (subtract):
Officer transition expenses
|
|
—
|
|
|
(0.5)
|
|
|
0.2
|
|
|
0.6
|
|
Add (subtract):
Non-cash change in value of contingent consideration
|
|
(1.9)
|
|
|
1.2
|
|
|
(7.3)
|
|
|
2.8
|
|
Add: Loss on
mixer truck fire
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
Add: Litigation
settlement costs
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
Subtract:
Eminent domain matter
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.3)
|
|
Subtract:
Hurricane-related loss recoveries, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1)
|
|
Total Adjusted
EBITDA
|
|
$
|
47.2
|
|
|
$
|
45.5
|
|
|
$
|
192.9
|
|
|
$
|
184.1
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
margin
|
|
(1.0)
|
%
|
|
1.2
|
%
|
|
1.8
|
%
|
|
1.1
|
%
|
Total Adjusted EBITDA
Margin
|
|
14.1
|
%
|
|
12.3
|
%
|
|
14.1
|
%
|
|
12.5
|
%
|
Adjusted Gross Profit and Adjusted Gross
Profit Margin
Adjusted Gross Profit and Adjusted Gross Profit Margin are
non-GAAP financial measures. We define Adjusted Gross Profit
as our operating income, excluding the impact of depreciation,
depletion and amortization ("DD&A"), selling, general and
administrative expenses, change in value of contingent
consideration, purchase accounting adjustments for inventory and
gain on sale/disposal of property, plant and equipment, net.
We define Adjusted Gross Profit Margin as the amount determined by
dividing Adjusted Gross Profit by total revenue. We have
included Adjusted Gross Profit and Adjusted Gross Profit Margin
herein because they are widely used by investors for valuing and
comparing our financial performance from period to period. We
also use Adjusted Gross Profit and Adjusted Gross Profit Margin to
monitor and compare the financial performance of our
operations. Adjusted Gross Profit and Adjusted Gross Profit
Margin are not intended to be used as an alternative to any measure
of our performance in accordance with GAAP. The following
table reconciles Adjusted Gross Profit to the most directly
comparable GAAP financial measure, which is operating income.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted Gross
Profit Reconciliation
|
|
|
|
|
|
|
|
Operating
income
|
$
|
19.3
|
|
|
$
|
18.0
|
|
|
$
|
76.3
|
|
|
$
|
65.2
|
|
Add: Selling, general
and administrative expenses
|
29.5
|
|
|
26.7
|
|
|
127.0
|
|
|
130.0
|
|
Add: Depreciation,
depletion and amortization
|
25.3
|
|
|
23.0
|
|
|
99.7
|
|
|
93.2
|
|
Add: Purchase
accounting adjustments for inventory
|
0.3
|
|
|
—
|
|
|
4.9
|
|
|
—
|
|
Add (subtract):
Change in value of contingent consideration
|
(1.9)
|
|
|
1.2
|
|
|
(7.3)
|
|
|
2.8
|
|
Subtract: Gain on
sale/disposal of property, plant and equipment, net
|
(0.5)
|
|
|
(0.9)
|
|
|
(0.6)
|
|
|
(0.1)
|
|
Adjusted Gross
Profit
|
$
|
72.0
|
|
|
$
|
68.0
|
|
|
$
|
300.0
|
|
|
$
|
291.1
|
|
|
|
|
|
|
|
|
|
Operating income
margin
|
5.8
|
%
|
|
4.9
|
%
|
|
5.6
|
%
|
|
4.4
|
%
|
Adjusted Gross Profit
Margin
|
21.5
|
%
|
|
18.4
|
%
|
|
22.0
|
%
|
|
19.7
|
%
|
Adjusted SG&A and Adjusted SG&A as a
Percentage of Revenue
Adjusted selling, general and administrative expenses
("SG&A") and Adjusted SG&A as a percentage of revenue are
non-GAAP financial measures. We define Adjusted SG&A as
selling, general and administrative expenses, excluding the impact
of non-cash stock compensation expense, acquisition-related costs,
officer transition costs, pension withdrawal liability, realignment
initiative cost and litigation settlement costs. We
define Adjusted SG&A as a percentage of revenue as Adjusted
SG&A divided by total revenue. We have included Adjusted
SG&A and Adjusted SG&A as a percentage of revenue herein
because they are used by investors to compare our SG&A leverage
with the performance of other building materials companies.
We use Adjusted SG&A and Adjusted SG&A as a percentage of
revenue to monitor and compare the financial performance of our
operations. Adjusted SG&A and Adjusted SG&A as a
percentage of revenue are not intended to be used as an alternative
to any measure of our performance under GAAP. The following
table reconciles Adjusted SG&A to the most directly comparable
GAAP financial measure, which is SG&A.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted
SG&A
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
$
|
29.5
|
|
|
$
|
26.7
|
|
|
$
|
127.0
|
|
|
$
|
130.0
|
|
Subtract: Non-cash
stock compensation expense
|
(2.8)
|
|
|
(2.7)
|
|
|
(11.6)
|
|
|
(19.1)
|
|
Subtract:
Acquisition-related costs
|
(1.2)
|
|
|
(0.2)
|
|
|
(2.8)
|
|
|
(1.1)
|
|
Subtract:
Realignment initiative costs
|
(0.3)
|
|
|
—
|
|
|
(1.7)
|
|
|
—
|
|
Subtract:
Pension withdrawal liability
|
—
|
|
|
—
|
|
|
(1.5)
|
|
|
—
|
|
Add (subtract):
Officer transition expenses
|
—
|
|
|
0.5
|
|
|
(0.2)
|
|
|
(0.6)
|
|
Subtract: Litigation
settlement costs
|
—
|
|
|
(0.3)
|
|
|
—
|
|
|
(0.3)
|
|
Adjusted
SG&A
|
$
|
25.2
|
|
|
$
|
24.0
|
|
|
$
|
109.2
|
|
|
$
|
108.9
|
|
|
|
|
|
|
|
|
|
SG&A as a
percentage of revenue
|
8.8
|
%
|
|
7.2
|
%
|
|
9.3
|
%
|
|
8.8
|
%
|
Adjusted SG&A as
a percentage of revenue
|
7.5
|
%
|
|
6.5
|
%
|
|
8.0
|
%
|
|
7.4
|
%
|
Adjusted Net Income Attributable to U.S.
Concrete and Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share
Adjusted Net Income Attributable to U.S. Concrete and Adjusted
Net Income Attributable to U.S. Concrete per Diluted Share are
non-GAAP financial measures. We define Adjusted Net Income
Attributable to U.S. Concrete as net income (loss) attributable to
U.S. Concrete, excluding the impact of income taxes, and certain
other non-cash, non-recurring and/or unusual, non-operating items
including, but not limited to: non-cash stock compensation expense,
non-cash change in value of contingent consideration,
acquisition-related costs, officer transition expenses, purchase
accounting adjustments for inventory, and realignment initiative
costs. We also adjust Adjusted Net Income Attributable to U.S.
Concrete for a normalized effective income tax rate of 27%. We
define Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share as Adjusted Net Income Attributable to U.S. Concrete
on a diluted per share basis. Acquisition-related costs
include fees and expenses for accountants, lawyers and other
professionals incurred during the negotiation and closing of
strategic acquisitions. Acquisition-related costs do not
include fees or expenses associated with post-closing integration
of strategic acquisitions.
We have included Adjusted Net Income Attributable to U.S.
Concrete and Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share herein because they are used by investors for
valuation and comparing our financial performance with the
performance of other building material companies. We use
Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net
Income Attributable to U.S. Concrete per Diluted Share to monitor
and compare the financial performance of our operations.
Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net
Income Attributable to U.S. Concrete per Diluted Share are not
intended to be used as an alternative to any measure of our
performance in accordance with GAAP.
The following tables reconcile (i) Adjusted Net Income
Attributable to U.S. Concrete to the most directly comparable GAAP
financial measure, which is net income (loss) attributable to U.S.
Concrete and (ii) Adjusted Net Income Attributable to U.S. Concrete
per Diluted Share to the most directly comparable GAAP financial
measure, which is net income (loss) attributable to U.S. Concrete
per diluted share.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted Net
Income Attributable to U.S. Concrete Reconciliation
|
|
|
|
|
|
|
|
Net income (loss)
attributable to U.S. Concrete
|
$
|
(1.5)
|
|
|
$
|
3.9
|
|
|
$
|
25.5
|
|
|
$
|
14.9
|
|
Add (subtract):
Income tax expense (benefit)
|
(1.0)
|
|
|
4.0
|
|
|
(5.0)
|
|
|
12.3
|
|
Adjusted income
(loss) before income taxes
|
(2.5)
|
|
|
7.9
|
|
|
20.5
|
|
|
27.2
|
|
Add: Loss on
extinguishment of debt
|
12.4
|
|
|
—
|
|
|
12.4
|
|
|
—
|
|
Add: Non-cash stock
compensation expense
|
2.8
|
|
|
2.7
|
|
|
11.6
|
|
|
19.1
|
|
Add: Purchase
accounting adjustments for inventory
|
0.3
|
|
|
—
|
|
|
4.9
|
|
|
—
|
|
Add (subtract):
Acquisition-related costs, net
|
1.2
|
|
|
(0.9)
|
|
|
2.8
|
|
|
0.1
|
|
Add:
Realignment initiative costs
|
0.3
|
|
|
|
|
1.7
|
|
|
|
Add: Pension
withdrawal liability
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
Add (subtract):
Officer transition expenses
|
—
|
|
|
(0.5)
|
|
|
0.2
|
|
|
0.6
|
|
Add (subtract):
Non-cash change in value of contingent consideration
|
(1.9)
|
|
|
1.2
|
|
|
(7.3)
|
|
|
2.8
|
|
Add: Loss on mixer
truck fire
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
Add: Litigation
settlement costs
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
Subtract: Eminent
domain matter
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.3)
|
|
Subtract:
Hurricane-related loss recoveries, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1)
|
|
Adjusted income
before income taxes
|
12.6
|
|
|
10.7
|
|
|
48.3
|
|
|
43.4
|
|
Subtract:
Normalized income tax expense(1)
|
3.4
|
|
|
2.9
|
|
|
13.0
|
|
|
11.7
|
|
Adjusted Net Income
Attributable to U.S. Concrete
|
$
|
9.2
|
|
|
$
|
7.8
|
|
|
$
|
35.3
|
|
|
$
|
31.7
|
|
|
|
|
|
|
|
|
|
(1) Assumes a
normalized effective tax rate of 27% in all periods.
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted Net
Income Attributable to U.S. Concrete per Diluted Share
Reconciliation
|
|
|
|
|
|
|
|
Net income (loss)
attributable to U.S. Concrete per share
|
$
|
(0.09)
|
|
|
$
|
0.23
|
|
|
$
|
1.53
|
|
|
$
|
0.91
|
|
Add (subtract):
Impact of income tax expense (benefit)
|
(0.06)
|
|
|
0.24
|
|
|
(0.30)
|
|
|
0.75
|
|
Adjusted income
(loss) before income taxes per share
|
(0.15)
|
|
|
0.47
|
|
|
1.23
|
|
|
1.66
|
|
Add: Impact of
loss on extinguishment of debt
|
0.75
|
|
|
—
|
|
|
0.75
|
|
|
—
|
|
Add: Impact of
non-cash stock compensation expense
|
0.16
|
|
|
0.16
|
|
|
0.71
|
|
|
1.16
|
|
Add: Impact of
purchase accounting adjustments for inventory
|
0.02
|
|
|
—
|
|
|
0.30
|
|
|
—
|
|
Add (subtract):
Impact of acquisition-related costs, net
|
0.07
|
|
|
(0.05)
|
|
|
0.17
|
|
|
0.01
|
|
Add: Impact of
realignment initiative costs
|
0.02
|
|
|
|
|
0.10
|
|
|
|
Add: Impact of
pension withdrawal liability
|
—
|
|
|
—
|
|
|
0.09
|
|
|
—
|
|
Add (subtract):
Impact of officer transition expenses
|
—
|
|
|
(0.03)
|
|
|
0.01
|
|
|
0.04
|
|
Add (subtract):
Impact of non-cash change in value of contingent
consideration
|
(0.11)
|
|
|
0.07
|
|
|
(0.44)
|
|
|
0.17
|
|
Add: Impact of
loss from mixer truck fire
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
Add: Impact of
litigation settlement costs
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
Subtract:
Impact of eminent domain matter
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.32)
|
|
Subtract:
Impact of hurricane-related loss recoveries, net
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.13)
|
|
Adjusted income
before income taxes per share
|
0.76
|
|
|
0.64
|
|
|
2.92
|
|
|
2.65
|
|
Subtract:
Impact of normalized income tax expense
(benefit)(1)
|
(0.21)
|
|
|
(0.17)
|
|
|
(0.79)
|
|
|
(0.72)
|
|
Adjusted Net Income
Attributable to U.S. Concrete per Diluted Share
|
$
|
0.55
|
|
|
$
|
0.47
|
|
|
$
|
2.13
|
|
|
$
|
1.93
|
|
|
|
|
|
|
|
|
|
(1) Assumes a
normalized effective tax rate of 27% in all periods.
|
Adjusted Free Cash Flow
Adjusted Free Cash Flow is a non-GAAP financial measure.
We define Adjusted Free Cash Flow as net cash provided by operating
activities less purchases of property, plant and equipment and
purchase of environmental credits plus proceeds from the disposal
of businesses and property, plant and equipment, eminent domain
matter, and insurance proceeds from property loss claims. We
consider Adjusted Free Cash Flow to be an important indicator of
our ability to service our debt and generate cash for acquisitions
and other strategic investments. However, Adjusted Free Cash
Flow is not intended to be used as an alternative to any measure of
our liquidity in accordance with GAAP. The following table
reconciles Adjusted Free Cash Flow to the most directly comparable
GAAP financial measure, which is net cash provided by operating
activities.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Adjusted Free Cash
Flow Reconciliation
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
35.9
|
|
|
$
|
46.7
|
|
|
$
|
181.3
|
|
|
$
|
138.8
|
|
Subtract: Purchases
of property, plant and equipment
|
(6.9)
|
|
|
(14.1)
|
|
|
(24.4)
|
|
|
(42.7)
|
|
Add: Proceeds from
sale of property, plant and equipment
|
1.0
|
|
|
1.6
|
|
|
1.7
|
|
|
2.9
|
|
Add: Proceeds from
eminent domain matter and property
insurance
claims
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
Adjusted Free Cash
Flow
|
$
|
30.0
|
|
|
$
|
34.2
|
|
|
$
|
158.6
|
|
|
$
|
105.0
|
|
Net Debt
Net Debt is a non-GAAP financial measure. We define Net
Debt as total debt, including current maturities and finance lease
obligations, less cash and cash equivalents. We believe that
Net Debt is useful to investors as a measure of our financial
position. We use Net Debt to monitor and compare our
financial position from period to period. However, Net Debt
is not intended to be used as an alternative to any measure of our
financial position in accordance with GAAP. The following
table reconciles Net Debt to the most directly comparable GAAP
financial measure, which is total debt, including current
maturities and finance lease obligations.
($ in
millions)
|
|
As
of
|
|
As
of
|
|
|
December 31,
2020
|
|
December 31,
2019
|
Net Debt
Reconciliation
|
|
|
|
|
Total debt, including
current maturities and finance lease obligations
|
|
$
|
702.4
|
|
|
$
|
687.3
|
|
Subtract: cash and
cash equivalents
|
|
11.1
|
|
|
40.6
|
|
Net Debt
|
|
$
|
691.3
|
|
|
$
|
646.7
|
|
Net Debt to Total Adjusted EBITDA
Net Debt to Total Adjusted EBITDA is a non-GAAP financial
measure. We define Net Debt to Total Adjusted EBITDA as Net Debt
divided by Total Adjusted EBITDA for the applicable last
twelve-month period. We define Total Adjusted EBITDA as our
net income, excluding the impact of income taxes, depreciation,
depletion and amortization, net interest expense and certain other
non-cash, non-recurring and/or unusual, non-operating items
including, but not limited to: non-cash stock compensation expense,
non-cash change in value of contingent consideration,
acquisition-related costs, officer transition expenses, purchase
accounting adjustments for inventory, pension withdrawal liability,
and realignment initiative costs. We believe that Net Debt to Total
Adjusted EBITDA is useful to investors as a measure of our
financial position. We use this measure to monitor and
compare our financial position from period to period.
However, Net Debt to Total Adjusted EBITDA is not intended to be
used as an alternative to any measure of our financial position in
accordance with GAAP. The following table presents our
calculation of Net Debt to Total Adjusted EBITDA and the most
directly comparable GAAP ratio, which is total debt to last twelve
months ("LTM") net income attributable to U.S. Concrete. For an
explanation and reconciliation of Total Adjusted EBITDA, see page
13 of this release.
($ in
millions)
|
|
Twelve Month
Period
|
|
|
January 1, 2020
to
|
|
|
December 31,
2020
|
Total Adjusted
EBITDA
|
|
$
|
192.9
|
|
|
|
|
Net Debt
|
|
$
|
691.3
|
|
|
|
|
Total debt to LTM net
income
|
|
28.7x
|
|
Net Debt to Total
Adjusted EBITDA as of December 31, 2020
|
|
3.6x
|
|
Source: USCR-E
Contact:
|
U.S. Concrete, Inc.
Investor Relations
|
|
844-828-4774
|
|
IR@us-concrete.com
|
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SOURCE U.S. Concrete, Inc.