Exhibit 99.1
Summit Materials Announces Third Quarter 2014 Results
Denver, Colorado (November 6, 2014)—Summit Materials, LLC today announced results for the quarter ended September 27, 2014.
Notable items for the quarter include (all comparisons, unless noted, are with the prior year’s third quarter):
| • | Revenue increased 25%. |
| • | Operating income and Adjusted EBITDA increased 26%. |
| • | Year-to-date operating margin increased 400 basis points. |
| • | Year-to-date aggregates, cement, ready-mixed concrete and asphalt volumes increased 35%, 2%, 123% and 9%, respectively. |
| • | Year-to-date aggregates, cement and ready-mixed concrete pricing improved 2%, 9% and 3%, respectively, while asphalt pricing decreased 1%. |
Tom Hill, the President and CEO of Summit Materials, stated, “This quarter, we were able to achieve a $54.9 million increase in product revenue and a $78.5 million increase in total revenue compared to the third quarter of 2013. Our operating income and Adjusted EBITDA both improved 26%, while SG&A expenses fell to 9% of net sales, which is a 2% reduction from the third quarter of 2013. Our product pricing increased in many of our markets, most notably in Missouri and Kansas. We continue to focus on growing our materials and products sales and improving margins in our paving and other services. It is encouraging to see our organic aggregate volumes grow 7% year-to-date, reflecting an overall increase in market demand in our existing markets. In addition, this quarter we increased our presence in Texas with the acquisitions of Canyon Redi-Mix, Inc. in Midland/Odessa and Southwest Ready-Mix LLC in Houston, both ready-mixed concrete producers. For the first time, we have entered an international market by acquiring Mainland Sand & Gravel, an aggregates business serving the Vancouver metropolitan area.”
Third Quarter Regional Results
West Region Results – The West Region’s revenue increased 48% due to higher aggregates, ready-mixed concrete and asphalt volumes and improved aggregate pricing. The increase in volumes was driven primarily by the Alleyton, Troy Vines and Mainland acquisitions, contributing approximately $48.7 million of incremental revenue. Adjusted EBITDA in the West Region increased $19.9 million. This was primarily driven by improved margins and the volume increases.
Central Region Results – The Central Region’s revenue increased 10%, which was primarily through organic growth. Aggregates, cement and asphalt volumes improved and the region experienced pricing improvements across the majority of the product lines. Adjusted EBITDA remained relatively flat.
East Region Results – The East Region’s revenue and Adjusted EBITDA declined $1.2 million and $1.3 million, respectively. The decline was due to higher costs to clear land for additional mining and lower production output in aggregates.
Liquidity and Capital Resources
Our primary sources of liquidity include cash on-hand, cash provided by our operations and amounts available for borrowing under our credit facilities. As of September 27, 2014, we had $6.7 million in cash and working capital of $134.7 million as compared to cash and working capital of $14.9 million and $85.4 million, respectively, at December 28, 2013. We calculate working capital as current assets less current liabilities, excluding the current portion of long term debt and outstanding borrowings on our revolving credit facility (“Revolver”). As of September 27, 2014, our remaining borrowing capacity on our Revolver was $102.7 million, net of $23.3 million of outstanding letters of credit.
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Given the seasonality of our business, we typically experience significant fluctuations in working capital needs and balances throughout the year. Our working capital requirements generally increase during the first half of the year as we build up inventory and focus on repair and maintenance and other set up costs for the upcoming season. Working capital levels then generally decrease toward the end of the year, which is when we generally see significant inflows of cash from the collection of receivables.
Free cash flow, a non-GAAP measure defined as net cash used for operating activities less net capital expenditures, was $65.5 million and $44.9 million in the nine months ended September 27, 2014 and September 28, 2013, respectively. We invested $10.6 million more in capital projects and generated $11.0 million less from operating activities in 2014 compared to 2013.
About Summit Materials
Summit Materials is a leading heavy-side construction materials company that supplies aggregates, cement, ready-mixed concrete and asphalt in more than 15 U.S. states and in western Canada. It was founded by CEO Tom Hill, The Blackstone Group and Silverhawk Capital Partners with the objective of building a geographically diverse, vertically integrated aggregates-based business of scale. To that end, Summit Materials has completed more than 30 acquisitions since 2009 focused around eleven operating platforms and continues to pursue growth opportunities in new and existing markets.
For more information about Summit Materials, please contact us at info@summit-materials.com.
Conference Call Information
The Company will conduct a conference call at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time) on Thursday, November 6, 2014. Interested parties may access this event athttps://viavid.webcasts.com/starthere.jsp?ei=1046462.
For those investors without online web access, the conference call may be accessed at:
Domestic: | 1-888-277-7112 | |||
International: | 1-913-312-0397 | |||
Conference ID: | 6705257 |
Non-GAAP Financial Measures
The rules of the Securities and Exchange Commission (the “SEC”) regulate the use in filings with the SEC of “non-GAAP financial measures,” such as Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow, which are derived on the basis of methodologies other than in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). We have provided Adjusted EBITDA and Pro Forma Adjusted EBITDA because we believe that they provide investors with additional information to measure our performance, evaluate our ability to service our debt and evaluate certain flexibility under our restrictive covenants. Pro Forma Adjusted EBITDA is defined in our senior secured credit facilities and used to measure compliance with covenants, including interest coverage and debt incurrence, and is used to measure our debt incurrence and restricted payment capacity under the indenture governing our senior notes. Our use of the terms Adjusted EBITDA and Pro Forma Adjusted EBITDA may vary from the use of such terms by others and should not be considered as alternatives to net income (loss), operating income (loss), revenue or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or to cash flows as measures of liquidity.
Adjusted EBITDA and Pro Forma Adjusted EBITDA and other non-GAAP measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of the limitations of Adjusted EBITDA and Pro Forma Adjusted EBITDA are that these measures do not reflect: (i) changes in, or cash requirements for, our working capital needs; (ii) the significant interest expense or cash requirements necessary to service interest and principal payments on our debt; and (iii) any cash requirements for the replacement cost of assets being depreciated or amortized. Because of these limitations, we rely primarily on our U.S. GAAP results and use Adjusted EBITDA and Pro Forma Adjusted EBITDA only supplementally.
We define free cash flow as net cash provided by (used for) operating activities less net purchases of property, plant and equipment. It is a metric used by our senior management to assess the performance of our segments.
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Adjusted EBITDA, Pro Forma Adjusted EBITDA and free cash flow reflect an additional way of viewing aspects of our business that, when viewed with our GAAP results and the accompanying reconciliations to U.S. GAAP financial measures included in the tables attached to this press release, may provide a more complete understanding of factors and trends affecting our business. However, non-GAAP financial measures should not be construed as being more important than other comparable U.S. GAAP financial measures and should be considered in conjunction with the U.S. GAAP measures. In addition, non-GAAP financial measures are not standardized; therefore, it may not be possible to compare such financial measures with other companies’ non-GAAP financial measures having the same or similar names. We strongly encourage investors to review our consolidated financial statements in their entirety and not rely on any single financial measure.
Reconciliations of net income (loss) to Adjusted EBITDA and cash flows used for operations to free cash flow for the three and nine months ended September 27, 2014 and of net income (loss) to Pro Forma Adjusted EBITDA for the twelve months ended September 27, 2014 and December 28, 2013 are included in the tables attached to this press release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “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. Any and all statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, sales volumes and financial results are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those expected. 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 impact 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 achieved. 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 our Annual Report on Form 10-K for the fiscal year ended December 28, 2013, filed with the SEC as such factors may be updated from time to time in our periodic filings with the SEC.
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.
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 otherwise required by law.
3
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands)
| September 27, 2014 | December 28, 2013 | |||||||
| (unaudited) | (audited) | |||||||
| Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 6,729 | $ | 14,917 | ||||
Accounts receivable, net | 179,328 | 99,337 | ||||||
Costs and estimated earnings in excess of billings | 26,542 | 10,767 | ||||||
Inventories | 111,137 | 96,432 | ||||||
Other current assets | 16,157 | 13,181 | ||||||
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Total current assets | 339,893 | 234,634 | ||||||
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 27, 2014 - $261,614 and December 28, 2013 - $212,382) | 946,980 | 831,778 | ||||||
Goodwill | 390,338 | 127,038 | ||||||
Intangible assets, less accumulated amortization (September 27, 2014 - $2,815 and December 28, 2013 - $2,193) | 18,026 | 15,147 | ||||||
Other assets | 51,255 | 39,197 | ||||||
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Total assets | $ | 1,746,492 | $ | 1,247,794 | ||||
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Liabilities, Redeemable Noncontrolling Interest and Member’s Interest | ||||||||
Current liabilities: | ||||||||
Current portion of debt | $ | 28,187 | $ | 30,220 | ||||
Current portion of acquisition-related liabilities | 20,571 | 10,635 | ||||||
Accounts payable | 87,604 | 72,104 | ||||||
Accrued expenses | 87,513 | 57,251 | ||||||
Billings in excess of costs and estimated earnings | 9,533 | 9,263 | ||||||
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Total current liabilities | 233,408 | 179,473 | ||||||
Long-term debt | 1,062,921 | 658,767 | ||||||
Acquisition-related liabilities | 41,287 | 23,756 | ||||||
Other noncurrent liabilities | 86,242 | 77,480 | ||||||
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Total liabilities | 1,423,858 | 939,476 | ||||||
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Redeemable noncontrolling interest | 31,820 | 24,767 | ||||||
Member’s interest: | ||||||||
Member’s equity | 514,890 | 486,896 | ||||||
Accumulated deficit | (218,128 | ) | (198,511 | ) | ||||
Accumulated other comprehensive loss | (7,236 | ) | (6,045 | ) | ||||
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Member’s interest | 289,526 | 282,340 | ||||||
Noncontrolling interest | 1,288 | 1,211 | ||||||
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Total member’s interest | 290,814 | 283,551 | ||||||
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Total liabilities, redeemable noncontrolling interest and member’s interest | $ | 1,746,492 | $ | 1,247,794 | ||||
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4
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
($ in thousands)
| Three months ended | Nine months ended | |||||||||||||||
| September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Revenue: | ||||||||||||||||
Product | $ | 265,031 | $ | 210,162 | $ | 594,800 | $ | 447,343 | ||||||||
Service | 129,728 | 106,101 | 275,345 | 230,591 | ||||||||||||
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Total revenue | 394,759 | 316,263 | 870,145 | 677,934 | ||||||||||||
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Cost of revenue (excluding items shown separately below): | ||||||||||||||||
Product | 184,573 | 145,605 | 429,576 | 327,536 | ||||||||||||
Service | 100,924 | 79,678 | 216,358 | 175,662 | ||||||||||||
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Total cost of revenue | 285,497 | 225,283 | 645,934 | 503,198 | ||||||||||||
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General and administrative expenses | 35,517 | 33,822 | 105,872 | 107,219 | ||||||||||||
Depreciation, depletion, amortization and accretion | 23,255 | 18,552 | 63,950 | 54,577 | ||||||||||||
Transaction costs | 2,741 | 711 | 7,737 | 3,175 | ||||||||||||
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Operating income | 47,749 | 37,895 | 46,652 | 9,765 | ||||||||||||
Other income, net | (1,408 | ) | (1,151 | ) | (2,299 | ) | (988 | ) | ||||||||
Loss on debt financings | — | — | — | 3,115 | ||||||||||||
Interest expense | 22,085 | 14,531 | 62,555 | 42,380 | ||||||||||||
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Income (loss) from continuing operations before taxes | 27,072 | 24,515 | (13,604 | ) | (34,742 | ) | ||||||||||
Income tax (benefit) expense | (1,038 | ) | 1,565 | (2,498 | ) | (1,782 | ) | |||||||||
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Income (loss) from continuing operations | 28,110 | 22,950 | (11,106 | ) | (32,960 | ) | ||||||||||
(Income) loss from discontinued operations | (7 | ) | 160 | (356 | ) | 257 | ||||||||||
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Net income (loss) | 28,117 | 22,790 | (10,750 | ) | (33,217 | ) | ||||||||||
Net income attributable to noncontrolling interest | 1,243 | 2,623 | 674 | 1,105 | ||||||||||||
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Net income (loss) attributable to member of Summit Materials, LLC | $ | 26,874 | $ | 20,167 | $ | (11,424 | ) | $ | (34,322 | ) | ||||||
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5
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
($ in thousands)
| Nine months ended | ||||||||
| September 27, 2014 | September 28, 2013 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (10,750 | ) | $ | (33,217 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 67,972 | 56,825 | ||||||
Financing fee amortization | 495 | 2,450 | ||||||
Share-based compensation expense | 1,746 | 1,743 | ||||||
Deferred income tax benefit | (525 | ) | (2,685 | ) | ||||
Net (gain) loss on asset disposals | (219 | ) | 7,709 | |||||
Loss on debt financings | — | 2,989 | ||||||
Other | (463 | ) | (79 | ) | ||||
(Increase) decrease in operating assets, net of acquisitions: | ||||||||
Accounts receivable, net | (54,463 | ) | (18,797 | ) | ||||
Inventories | (3,843 | ) | 700 | |||||
Costs and estimated earnings in excess of billings | (15,009 | ) | (21,836 | ) | ||||
Other current assets | (3,910 | ) | (1,046 | ) | ||||
Other assets | (675 | ) | (800 | ) | ||||
Increase (decrease) in operating liabilities, net of acquisitions: | ||||||||
Accounts payable | 9,433 | 10,919 | ||||||
Accrued expenses | 2,578 | (1,020 | ) | |||||
Billings in excess of costs and estimated earnings | 270 | (2,421 | ) | |||||
Other liabilities | (3,473 | ) | (1,311 | ) | ||||
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Net cash (used in) provided by operating activities | (10,836 | ) | 123 | |||||
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Cash flow from investing activities: | ||||||||
Acquisitions, net of cash acquired | (351,941 | ) | (60,913 | ) | ||||
Purchases of property, plant and equipment | (64,244 | ) | (53,659 | ) | ||||
Proceeds from the sale of property, plant and equipment | 9,575 | 8,642 | ||||||
Other | 757 | — | ||||||
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Net cash used for investing activities | (405,853 | ) | (105,930 | ) | ||||
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Cash flow from financing activities: | ||||||||
Proceeds from investment by member | 24,350 | — | ||||||
Proceeds from debt issuances | 657,217 | 217,681 | ||||||
Payments on long-term debt | (258,337 | ) | (111,884 | ) | ||||
Payments on acquisition-related liabilities | (5,807 | ) | (4,923 | ) | ||||
Financing costs | (8,834 | ) | (3,291 | ) | ||||
Other | (88 | ) | — | |||||
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Net cash provided by financing activities | 408,501 | 97,583 | ||||||
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Net decrease in cash | (8,188 | ) | (8,224 | ) | ||||
Cash – beginning of period | 14,917 | 27,431 | ||||||
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Cash – end of period | $ | 6,729 | $ | 19,207 | ||||
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6
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Financial Highlights
($ in thousands)
| Three months ended | Nine months ended | |||||||||||||||
| September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Revenue by product:* | ||||||||||||||||
Aggregates | $ | 68,997 | $ | 51,454 | $ | 160,362 | $ | 119,757 | ||||||||
Cement | 32,729 | 28,245 | 66,116 | 59,160 | ||||||||||||
Ready-mixed concrete | 75,429 | 36,035 | 189,198 | 82,447 | ||||||||||||
Asphalt | 104,862 | 87,277 | 203,944 | 162,485 | ||||||||||||
Paving and related services | 191,049 | 171,399 | 390,469 | 343,346 | ||||||||||||
Other | (78,307 | ) | (58,147 | ) | (139,944 | ) | (89,261 | ) | ||||||||
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Total revenue | $ | 394,759 | $ | 316,263 | $ | 870,145 | $ | 677,934 | ||||||||
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| * | Revenue by product includes intracompany sales transferred at market value. The elimination of intracompany transactions is included in Other. |
| Three months ended | Nine months ended | |||||||||||||||
| September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Revenue: | ||||||||||||||||
West region | $ | 211,302 | $ | 142,921 | $ | 478,432 | $ | 322,640 | ||||||||
Central region | 126,882 | 115,527 | 283,541 | 244,207 | ||||||||||||
East region | 56,575 | 57,815 | 108,172 | 111,087 | ||||||||||||
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Total revenue | $ | 394,759 | $ | 316,263 | $ | 870,145 | $ | 677,934 | ||||||||
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| Nine months ended | ||||||||
| Volume in 2014 Compared to 2013 | Pricing in 2014 Compared to 2013 | |||||||
Aggregate | 35 | % | 2 | % | ||||
Cement | 2 | % | 9 | % | ||||
Ready-mixed concrete | 123 | % | 3 | % | ||||
Asphalt | 9 | % | (1 | %) | ||||
7
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Reconciliations of Non-GAAP Financial Measures
($ in thousands)
The tables below reconcile our net income (loss) to Adjusted EBITDA and present Adjusted EBITDA by segment for the three and nine months ended September 27, 2014 and September 28, 2013.
| Three months ended | Nine months ended | |||||||||||||||
| September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||||||||||
Net income (loss) | $ | 28,117 | $ | 22,790 | $ | (10,750 | ) | $ | (33,217 | ) | ||||||
Income tax (benefit) expense | (1,038 | ) | 1,565 | (2,498 | ) | (1,782 | ) | |||||||||
Interest expense | 22,085 | 14,531 | 62,555 | 42,380 | ||||||||||||
Depreciation, depletion and amortization | 23,032 | 18,367 | 63,302 | 54,040 | ||||||||||||
Accretion | 223 | 185 | 648 | 537 | ||||||||||||
(Income) loss from discontinued operations | (7 | ) | 160 | (356 | ) | 257 | ||||||||||
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Adjusted EBITDA | $ | 72,412 | $ | 57,598 | $ | 112,901 | $ | 62,215 | ||||||||
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| Adjusted EBITDA by Segment | ||||||||||||||||
West | $ | 39,105 | $ | 19,175 | $ | 71,646 | $ | 19,260 | ||||||||
Central | 30,820 | 30,710 | 59,220 | 49,892 | ||||||||||||
East | 11,868 | 13,167 | 10,462 | 10,790 | ||||||||||||
Corporate(1) | (9,381 | ) | (5,454 | ) | (28,427 | ) | (17,727 | ) | ||||||||
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Adjusted EBITDA | $ | 72,412 | $ | 57,598 | $ | 112,901 | $ | 62,215 | ||||||||
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| (1) | The decrease in Corporate EBITDA in the three and nine months ended September 27, 2014, is due to a $0.9 million and $3.4 million, respectively, increase in transaction fees from the increase in 2014 acquisitions, a $1.0 million and $3.3 million, respectively, increase in monitoring fees paid to our indirect investors, which are based on a percentage of earnings and were allocated as a regional expense in 2013 and an increase in labor costs from the infrastructure development in the prior year. |
The following table reconciles net cash used for operating activities to free cash flow for the three and nine months ended September 27, 2014 and September 28, 2013.
| Three months ended | Nine months ended | |||||||||||||||
| September 27, 2014 | September 28, 2013 | September 27, 2014 | September 28, 2013 | |||||||||||||
Net income (loss) | $ | 28,117 | $ | 22,790 | $ | (10,750 | ) | $ | (33,217 | ) | ||||||
Non- cash items | 24,144 | 22,456 | 69,006 | 68,952 | ||||||||||||
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Net income adjusted for non-cash items | 52,261 | 45,246 | 58,256 | 35,735 | ||||||||||||
Change in working capital accounts | (17,217 | ) | 2,637 | (69,092 | ) | (35,612 | ) | |||||||||
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Net cash provided by (used for) operating activities | 35,044 | 47,883 | (10,836 | ) | 123 | |||||||||||
Capital expenditures, net of asset sales | (11,394 | ) | (11,575 | ) | (54,669 | ) | (45,017 | ) | ||||||||
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Free cash flow | $ | 23,650 | $ | 36,308 | $ | (65,505 | ) | $ | (44,894 | ) | ||||||
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8
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Reconciliations of Non-GAAP Financial Measures
($ in thousands)
The following table presents a reconciliation of net loss to Pro Forma Adjusted EBITDA for the twelve months ended September 27, 2014 and December 28, 2013.
| Twelve months ended September 27, 2014 | Twelve months ended December 28, 2013 | |||||||
Net loss | $ | (81,212 | ) | $ | (103,679 | ) | ||
Interest expense | 76,623 | 56,443 | ||||||
Income tax expense | (3,363 | ) | (2,647 | ) | ||||
Depreciation, depletion, amortization and accretion expense | 82,305 | 72,934 | ||||||
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EBITDA | $ | 74,353 | $ | 23,051 | ||||
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EBITDA for certain acquisitions | 31,418 | (1,596 | ) | |||||
Discontinued operations | 429 | 678 | ||||||
Transaction expenses | 8,552 | 3,990 | ||||||
Monitoring fees and expenses | 3,908 | 2,620 | ||||||
Strategic fees and initiatives | 1,487 | 3,887 | ||||||
Goodwill impairment | 68,202 | 68,202 | ||||||
Non-cash compensation | 2,319 | 2,315 | ||||||
Deferred financing fees written off at re-financing | — | 3,115 | ||||||
Loss on disposal and impairment of fixed assets | 4,677 | 12,419 | ||||||
Severance and relocation costs | 1,461 | 2,755 | ||||||
Other | (433 | ) | 7,015 | |||||
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Pro Forma Adjusted EBITDA | $ | 196,373 | $ | 128,451 | ||||
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9
SUMMIT MATERIALS, LLC AND SUBSIDIARIES
Unaudited Credit Statistics
($ in millions)
The following is a summary of our credit statistics as of and for the twelve months ended September 27, 2014 and December 28, 2013:
| September 27, 2014 | December 28, 2013 | |||||||
Cash | $ | 6.7 | $ | 14.9 | ||||
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Debt | ||||||||
Revolving credit facility ($150M capacity) | $ | 24.0 | $ | 26.0 | ||||
Senior secured term loan | 416.7 | 419.9 | ||||||
Capital leases | 28.4 | 8.0 | ||||||
Other debt | 0.4 | 1.6 | ||||||
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Total senior secured debt | $ | 469.5 | $ | 455.5 | ||||
10.5% senior notes | 625.0 | 250.0 | ||||||
Acquisition related liabilities | 61.9 | 34.4 | ||||||
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Total debt | $ | 1,156.4 | $ | 739.9 | ||||
Leverage Ratio Calculations | ||||||||
Senior secured net debt | $ | 462.7 | $ | 440.6 | ||||
Total net debt | $ | 1,149.6 | $ | 725.0 | ||||
Pro Forma Adjusted EBITDA | $ | 196.4 | $ | 128.5 | ||||
Senior Secured Net Leverage | 2.36 | x | 3.43 | x | ||||
Covenant Senior Secured Net Leverage Limit | 4.50 | x | 4.75 | x | ||||
Total Net Leverage | 5.85 | x | 5.64 | x | ||||
| Contact: | info@summit-materials.com | |
| 303-893-0012 |
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