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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 2, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                       
Commission file numbers:
001-36873 (Summit Materials, Inc.)
333-187556 (Summit Materials, LLC)
SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC
(Exact name of registrants as specified in their charters)

Delaware (Summit Materials, Inc.)
47-1984212
Delaware (Summit Materials, LLC)
26-4138486
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1550 Wynkoop Street, 3rd Floor
80202
Denver, Colorado
(Zip Code)
(Address of principal executive offices)

Registrants’ telephone number, including area code: (303893-0012
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock (par value $.01 per share)SUMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Summit Materials, Inc.YesNoSummit Materials, LLCYesNo
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Summit Materials, Inc.YesNoSummit Materials, LLCYesNo
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Summit Materials, Inc.     
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Summit Materials, LLC     
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Summit Materials, Inc.YesNoSummit Materials, LLCYesNo
As of August 2, 2022, the number of shares of Summit Materials, Inc.’s outstanding Class A and Class B common stock, par value $0.01 per share for each class, was 118,300,041 and 99, respectively.
As of August 2, 2022, 100% of Summit Materials, LLC’s outstanding limited liability company interests were held by Summit Materials Intermediate Holdings, LLC, its sole member and an indirect subsidiary of Summit Materials, Inc.



EXPLANATORY NOTE
 
This quarterly report on Form 10-Q (this “report”) is a combined quarterly report being filed separately by two registrants: Summit Materials, Inc. and Summit Materials, LLC. Each registrant hereto is filing on its own behalf all of the information contained in this report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. We believe that combining the quarterly reports on Form 10-Q of Summit Materials, Inc. and Summit Materials, LLC into this single report eliminates duplicative and potentially confusing disclosure and provides a more streamlined presentation since a substantial amount of the disclosure applies to both registrants.
 
Unless stated otherwise or the context requires otherwise, references to “Summit Inc.” mean Summit Materials, Inc., a Delaware corporation, and references to “Summit LLC” mean Summit Materials, LLC, a Delaware limited liability company. The references to Summit Inc. and Summit LLC are used in cases where it is important to distinguish between them. We use the terms “we,” “our,” “us” or “the Company” to refer to Summit Inc. and Summit LLC together with their respective subsidiaries, unless otherwise noted or the context otherwise requires.
 
Summit Inc. was formed on September 23, 2014 to be a holding company. As of July 2, 2022, its sole material asset was a 98.9% economic interest in Summit Materials Holdings L.P., a Delaware limited partnership (“Summit Holdings”). Summit Inc. has 100% of the voting rights of Summit Holdings, which is the indirect parent of Summit LLC. Summit LLC is a co-issuer of our outstanding 6 1/2 % senior notes due 2027 (“2027 Notes”) and our 5 1/4% senior notes due 2029 (“2029 Notes” and collectively with the 2027 Notes, the “Senior Notes”). Summit Inc.’s only revenue for the three and six months ended July 2, 2022 was that generated by Summit LLC and its consolidated subsidiaries. Summit Inc. controls all of the business and affairs of Summit Holdings and, in turn, Summit LLC.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This report includes “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” of this report and the following:

our dependence on the construction industry and the strength of the economies in which we operate;
the cyclical nature of our industry;
risks related to weather and seasonality;
risks associated with our capital-intensive business;
competition within our local markets;
our ability to execute on our acquisition and portfolio optimization strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses;
our dependence on securing and permitting aggregate reserves in strategically located areas;
the impact of the coronavirus (“COVID-19”) pandemic, and responses to it, including vaccine mandates, or any similar crisis, on our business;



declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies particularly if such are not augmented by federal funding or if the federal government fails to act on a highway infrastructure bill;
our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation, recession and rising interest rates;
environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use;
costs associated with pending and future litigation;
rising prices for, or more limited availability of, commodities, labor and other production and delivery inputs as a result of inflation, supply chain challenges, geopolitical events or otherwise;
conditions in the credit markets;
our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
unexpected factors affecting self-insurance claims and reserve estimates;
our current level of indebtedness, including our exposure to variable interest rate risk;
our dependence on senior management team, and our ability to retain and attract other qualified personnel;
supply constraints or significant price fluctuations in the electricity and petroleum-based resources that we use, including diesel and liquid asphalt;
climate change and climate change legislation or other regulations;
unexpected operational difficulties;
interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage risks; and
potential labor disputes, strikes, other forms of work stoppage or other union activities.

All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
 
Any forward-looking statement that we make herein speaks only as of the date of this report. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

 CERTAIN DEFINITIONS
 
As used in this report, unless otherwise noted or the context otherwise requires:
 
“EBITDA” refers to net income (loss) before interest expense (income), income tax expense (benefit) and depreciation, depletion and amortization;
“Finance Corp.” refers to Summit Materials Finance Corp., an indirect wholly-owned subsidiary of Summit LLC and the co-issuer of the Senior Notes;
“LP Units” refers to the Class A limited partnership units of Summit Holdings; and
“TRA” refers to a tax receivable agreement between Summit Inc. and certain current and former holders of LP Units and their permitted assignees.



Corporate Structure
The following chart summarizes our organizational structure, equity ownership and our principal indebtedness as of July 2, 2022. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
sum-20220702_g1.jpg
(1)SEC registrant.
(2)The shares of Class B Common Stock are currently held by pre-IPO investors, including certain members of management or their family trusts that directly hold LP Units. A holder of Class B Common Stock is entitled, without regard to the number of shares of Class B Common Stock held by such holder, to a number of votes that is equal to the aggregate number of LP Units held by such holder.
(3)Guarantor under the senior secured credit facilities, but not the Senior Notes.
(4)Summit LLC and Finance Corp are the issuers of the Senior Notes and Summit LLC is the borrower under our senior secured credit facilities. Finance Corp. was formed solely for the purpose of serving as co-issuer or guarantor of certain indebtedness, including the Senior Notes. Finance Corp. does not and will not have operations of any kind and does not and will not have revenue or assets other than as may be incidental to its activities as a co-issuer or guarantor of certain indebtedness.


SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC 
FORM 10-Q 
TABLE OF CONTENTS  
  Page No.
PART I—Financial Information 
   
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
   
   
   
PART II — Other Information 
   
   
   
   
   
   
   
  



PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
 July 2, 2022January 1, 2022
 (unaudited)(audited)
Assets  
Current assets:  
Cash and cash equivalents$465,315 $380,961 
Accounts receivable, net327,266 287,226 
Costs and estimated earnings in excess of billings37,813 7,600 
Inventories209,875 180,760 
Other current assets14,393 11,827 
Current assets held for sale1,799 1,236 
Total current assets1,056,461 869,610 
Property, plant and equipment, less accumulated depreciation, depletion and amortization (July 2, 2022 - $1,219,120 and January 1, 2022 - $1,266,513)
1,785,844 1,842,908 
Goodwill1,144,282 1,163,750 
Intangible assets, less accumulated amortization (July 2, 2022 - $13,824 and January 1, 2022 - $15,269)
68,375 69,396 
Deferred tax assets, less valuation allowance (July 2, 2022 - $1,113 and January 1, 2022 - $1,675)
161,942 204,566 
Operating lease right-of-use assets31,407 30,150 
Other assets42,492 58,745 
Total assets$4,290,803 $4,239,125 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt$6,354 $6,354 
Current portion of acquisition-related liabilities12,846 13,110 
Accounts payable167,643 128,232 
Accrued expenses133,810 147,476 
Current operating lease liabilities6,504 6,497 
Billings in excess of costs and estimated earnings5,805 7,401 
Total current liabilities332,962 309,070 
Long-term debt1,516,705 1,591,019 
Acquisition-related liabilities23,849 33,369 
Tax receivable agreement liability327,501 326,548 
Noncurrent operating lease liabilities30,186 28,880 
Other noncurrent liabilities118,798 127,027 
Total liabilities2,350,001 2,415,913 
Commitments and contingencies (see note 12)
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 118,114,612 and 118,705,108 shares issued and outstanding as of July 2, 2022 and January 1, 2022, respectively
1,182 1,188 
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of July 2, 2022 and January 1, 2022
  
Additional paid-in capital1,336,375 1,326,340 
Accumulated earnings587,283 478,956 
Accumulated other comprehensive income4,193 7,083 
Stockholders’ equity1,929,033 1,813,567 
Noncontrolling interest in Summit Holdings11,769 9,645 
Total stockholders’ equity1,940,802 1,823,212 
Total liabilities and stockholders’ equity$4,290,803 $4,239,125 

See notes to unaudited consolidated financial statements.
1

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts) 
 Three months endedSix months ended
 July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Revenue:    
Product$542,939 $527,800 $898,608 $882,034 
Service88,979 90,730 125,805 134,977 
Net revenue631,918 618,530 1,024,413 1,017,011 
Delivery and subcontract revenue54,636 49,387 83,088 78,750 
Total revenue686,554 667,917 1,107,501 1,095,761 
Cost of revenue (excluding items shown separately below):
Product360,356 346,697 650,701 623,831 
Service69,213 71,632 103,796 111,829 
Net cost of revenue429,569 418,329 754,497 735,660 
Delivery and subcontract cost54,636 49,387 83,088 78,750 
Total cost of revenue484,205 467,716 837,585 814,410 
General and administrative expenses47,651 47,448 99,575 99,090 
Depreciation, depletion, amortization and accretion47,157 58,233 98,350 114,569 
Gain on sale of property, plant and equipment (3,695)(1,403)(4,950)(3,172)
Operating income111,236 95,923 76,941 70,864 
Interest expense20,599 24,216 40,748 48,402 
Tax receivable agreement expense954  954  
(Gain) loss on sale of businesses(156,053)236 (170,258)(15,432)
Other income, net(977)(4,695)(1,673)(9,584)
Income from operations before taxes246,713 76,166 207,170 47,478 
Income tax expense53,947 18,408 49,204 12,965 
Net income192,766 57,758 157,966 34,513 
Net income attributable to Summit Holdings2,653 1,099 2,145 371 
Net income attributable to Summit Inc.$190,113 $56,659 $155,821 $34,142 
Earnings per share of Class A common stock:
Basic$1.61 $0.48 $1.31 $0.29 
Diluted$1.60 $0.48 $1.31 $0.29 
Weighted average shares of Class A common stock:
Basic118,242,880 117,637,036 118,590,173 116,650,881 
Diluted118,681,507 118,585,398 119,394,954 117,832,026 

See notes to unaudited consolidated financial statements.
2

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
 Three months endedSix months ended
 July 2, 2022July 3, 2021July 2, 2022July 3, 2021
Net income$192,766 $57,758 $157,966 $34,513 
Other comprehensive income (loss):
Foreign currency translation adjustment(5,610)2,632 (3,866)4,758 
Less tax effect of other comprehensive income (loss) items1,353 (553)934 (999)
Other comprehensive (loss) income(4,257)2,079 (2,932)3,759 
Comprehensive income188,509 59,837 155,034 38,272 
Less comprehensive income attributable to Summit Holdings2,592 1,150 2,103 467 
Comprehensive income attributable to Summit Inc.$185,917 $58,687 $152,931 $37,805 

See notes to unaudited consolidated financial statements.
3

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
 Six months ended
 July 2, 2022July 3, 2021
Cash flows from operating activities:  
Net income$157,966 $34,513 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion107,511 118,430 
Share-based compensation expense10,156 10,190 
Net gain on asset and business disposals(174,902)(18,390)
Change in deferred tax asset, net44,160 2,743 
Other(357)92 
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(57,797)(60,829)
Inventories(58,092)(14,606)
Costs and estimated earnings in excess of billings(36,165)(21,475)
Other current assets(2,130)(3,925)
Other assets(593)4,927 
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable39,602 26,858 
Accrued expenses(11,108)(4,496)
Billings in excess of costs and estimated earnings(737)(2,031)
Tax receivable agreement liability954 7,132 
Other liabilities(2,214)(4,482)
Net cash provided by operating activities16,254 74,651 
Cash flows from investing activities:
Acquisitions, net of cash acquired(1,933)(7,271)
Purchases of property, plant and equipment(129,580)(132,723)
Proceeds from the sale of property, plant and equipment5,427 6,806 
Proceeds from sale of businesses341,741 103,649 
Other(1,098)(27)
Net cash provided by (used in) investing activities214,557 (29,566)
Cash flows from financing activities:
Payments on debt(86,821)(17,433)
Payments on acquisition-related liabilities(11,577)(8,378)
Distributions from partnership(25) 
Repurchases of common stock(47,509) 
Proceeds from stock option exercises123 31,766 
Other(187)(417)
Net cash (used in) provided by financing activities(145,996)5,538 
Impact of foreign currency on cash(461)293 
Net increase in cash84,354 50,916 
Cash and cash equivalents—beginning of period380,961 418,181 
Cash and cash equivalents—end of period$465,315 $469,097 

See notes to unaudited consolidated financial statements.
4

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share amounts) 
 Summit Materials, Inc. 
 Accumulated
OtherClass AClass BAdditionalNoncontrollingTotal
AccumulatedComprehensiveCommon StockCommon StockPaid-inInterest inStockholders’
 EarningsincomeSharesDollarsSharesDollarsCapitalSummit HoldingsEquity
Balance - January 1, 2022$478,956 $7,083 118,705,108 $1,188 99 $ $1,326,340 $9,645 $1,823,212 
Net loss(34,292)— — — — — — (508)(34,800)
Other comprehensive income, net of tax— 1,306 — — — — — 19 1,325 
Stock option exercises— — 1,589  — — 27 — 27 
Share-based compensation— — — — — — 5,422 — 5,422 
Repurchases of common stock(47,494)— (1,506,878)(15)— — (121)121 (47,509)
Shares redeemed to settle taxes and other— — 842,029 8 — — (1,120)(68)(1,180)
Balance — April 2, 2022$397,170 $8,389 118,041,848 $1,181 99 $ $1,330,548 $9,209 $1,746,497 
Net income190,113 — — — — — — 2,653 192,766 
Other comprehensive loss, net of tax— (4,196)— — — — — (61)(4,257)
Stock option exercises— — 4,929  — — 96 — 96 
Share-based compensation— — — — — — 4,734 — 4,734 
Distributions from partnership— — — — — — — (25)(25)
Shares redeemed to settle taxes and other— — 67,835 1 — — 997 (7)991 
Balance - July 2, 2022$587,283 $4,193 118,114,612 $1,182 99 $ $1,336,375 $11,769 $1,940,802 
Balance — January 2, 2021$326,772 $5,203 114,390,595 $1,145 99 $ $1,264,681 $18,467 $1,616,268 
Net loss(22,517)— — — — — — (728)(23,245)
LP Unit exchanges— — 711,794 7 — — 4,744 (4,751) 
Other comprehensive income, net of tax— 1,635 — — — — — 45 1,680 
Stock option exercises— — 863,338 9 — — 15,911 — 15,920 
Share-based compensation— — — — — — 5,363 — 5,363 
Shares redeemed to settle taxes and other— — 678,605 6 — — (1,432)— (1,426)
Balance — April 3, 2021$304,255 $6,838 116,644,332 $1,167 99 $ $1,289,267 $13,033 $1,614,560 
Net income56,659 — — — — — — 1,099 57,758 
LP Unit exchanges— — 445,540 4 — — 3,631 (3,635) 
Other comprehensive income, net of tax— 2,028 — — — — — 51 2,079 
Stock option exercises— — 847,480 8 — — 15,837 — 15,845 
Share-based compensation— — — — — — 4,827 — 4,827 
Shares redeemed to settle taxes and other— — 18,536 1 — — (148)— (147)
Balance — July 3, 2021$360,914 $8,866 117,955,888 $1,180 99 $ $1,313,414 $10,548 $1,694,922 
See notes to unaudited consolidated financial statements.
5

SUMMIT MATERIALS, INC.
 
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
(Dollars in tables in thousands, except per share amounts or otherwise noted)
 
1.SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
 
Summit Materials, Inc. (“Summit Inc.” and, together with its subsidiaries, “Summit,” “we,” “us,” “our” or the “Company”) is a vertically-integrated construction materials company. The Company is engaged in the production and sale of aggregates, cement, ready-mix concrete, asphalt paving mix and concrete products and owns and operates quarries, sand and gravel pits,