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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 September 28, 2024
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.)
SUMMIT MATERIALS, INC.
(Exact name of registrant as specified in its charter)

Delaware
47-1984212
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1801 California Street, Suite 3500
80202
Denver, Colorado
(Zip Code)
(Address of principal executive offices)

Registrant's telephone number, including area code: (303) 893-0012
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.
Yes☒No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes☒No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒ Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No☒
As of October 28, 2024, 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 175,605,396 and 0, respectively.



EXPLANATORY NOTE
 
Summit Materials, Inc. a Delaware Corporation ("Summit Inc." and, together with its subsidiaries, "Summit," "we," "us," "our" or "the Company").
 
Summit Inc. was formed on September 23, 2014 to be a holding company. As of September 28, 2024, it held 100.0% of the economic interest and 100% of the voting rights of Summit Materials Holdings L.P., a Delaware limited partnership (“Summit Holdings”), which is the indirect parent of Summit Materials, LLC ("Summit LLC"). Summit LLC is a co-issuer of our outstanding 6 1/2 % senior notes due 2027 (“2027 Notes”), our 5 1/4% senior notes due 2029 (“2029 Notes”) and our 7 1/4% senior notes due 2031 (“2031 Notes” collectively with the 2027 Notes and 2029 Notes, the “Senior Notes”) and borrower under our senior credit facilities. 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 December 30, 2023 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”) and the following:

•our dependence on the construction industry and the strength of the local economies in which we operate, including residential;
•the cyclical nature of our business;
•risks related to weather and seasonality;
•risks associated with our capital-intensive business;
•competition within our local markets;
•risks related to the integration of Argos USA and realization of intended benefits within the intended timeframe;
•our ability to execute on our acquisition strategy and portfolio optimization strategy and, successfully integrate acquisitions with our existing operations;
•our dependence on securing and permitting aggregate reserves in strategically located areas;
•the impact of rising interest rates;
•declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities, the federal government and other state agencies particularly;
•our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
•environmental, health, and safety laws or governmental requirements or policies concerning zoning and land use;
•rising prices for, or more limited availability of, commodities, labor and other production and delivery inputs as a result of inflation, supply chain challenges or otherwise;
•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;
•potential incurrence of substantially more debt;
•restrictive covenants in the instruments governing our debt obligations;
•our dependence on senior management and other key personnel, and our ability to retain and attract qualified personnel;
•supply constraints or significant price fluctuations in the coal, electricity, diesel fuel, natural gas, liquid asphalt and other petroleum‑based resources that we use;
•climate change and climate change legislation or other regulations;
•evolving corporate governance and corporate disclosure regulations and expectations, including with respect to environmental, social and governance matters;
•unexpected operational failures or difficulties;
•costs associated with pending and future litigation;
•interruptions in our information technology systems and infrastructure, including cybersecurity and data leakage risks;
•potential labor disputes, strikes, other forms of work stoppage or other union activities; and
•material or adverse effects related to the Argos USA combination.


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.



SUMMIT MATERIALS, INC.
FORM 10-Q 
TABLE OF CONTENTS  
  Page No.
PART I—Financial Information 
   
   
 
Consolidated Balance Sheets as of September 28, 2024 (unaudited) and December 30, 2023
   
 
Unaudited Consolidated Statements of Operations for the three and nine months ended September 28, 2024 and September 30, 2023
   
 
   
 
   
 
   
 
   
   
   
   
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)
 September 28, 2024December 30, 2023
 (unaudited)(audited)
Assets  
Current assets:  
Cash and cash equivalents$737,541 $374,162 
Restricted cash— 800,000 
Accounts receivable, net570,917 287,252 
Costs and estimated earnings in excess of billings35,263 10,289 
Inventories345,215 241,350 
Other current assets24,964 17,937 
Current assets held for sale1,495 1,134 
Total current assets1,715,395 1,732,124 
Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 28, 2024 - $1,568,591 and December 30, 2023 - $1,399,468)
4,293,472 1,976,820 
Goodwill2,069,495 1,224,861 
Intangible assets, less accumulated amortization (September 28, 2024 - $50,670 and December 30, 2023 - $18,972)
157,269 68,081 
Deferred tax assets, less valuation allowance (September 28, 2024 - $1,113 and December 30, 2023 - $1,113)
— 52,009 
Operating lease right-of-use assets83,012 36,553 
Other assets108,543 59,134 
Total assets$8,427,186 $5,149,582 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt$10,100 $3,822 
Current portion of acquisition-related liabilities8,996 7,007 
Accounts payable274,957 123,621 
Accrued expenses226,310 171,691 
Current operating lease liabilities17,134 8,596 
Billings in excess of costs and estimated earnings15,334 8,228 
Total current liabilities552,831 322,965 
Long-term debt2,776,918 2,283,639 
Acquisition-related liabilities21,230 28,021 
Tax receivable agreement liability47,667 41,276 
Deferred tax liabilities206,168 15,854 
Noncurrent operating lease liabilities75,287 33,230 
Other noncurrent liabilities300,459 108,017 
Total liabilities3,980,560 2,833,002 
Commitments and contingencies (see note 12)
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 175,596,314 and 119,529,380 shares issued and outstanding as of September 28, 2024 and December 30, 2023, respectively
1,757 1,196 
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 0 and 99 shares issued and outstanding as of September 28, 2024 and December 30, 2023, respectively
— — 
Preferred Stock, par value $0.01 per share; 250,000,000 shares authorized, 1 and 0 shares issued and outstanding as of September 28, 2024 and December 30, 2023, respectively
— — 
Additional paid-in capital3,419,477 1,421,813 
Accumulated earnings1,021,138 876,751 
Accumulated other comprehensive income4,254 7,275 
Stockholders’ equity4,446,626 2,307,035 
Noncontrolling interest in Summit Holdings— 9,545 
Total stockholders’ equity4,446,626 2,316,580 
Total liabilities and stockholders’ equity$8,427,186 $5,149,582 
See notes to unaudited consolidated financial statements.
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SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts) 
 Three months endedNine months ended
 September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Revenue:    
Product$1,013,646 $641,778 $2,736,081 $1,609,664 
Service98,200 100,182 224,465 219,939 
Net revenue1,111,846 741,960 2,960,546 1,829,603 
Delivery and subcontract revenue59,291 52,837 133,868 129,732 
Total revenue1,171,137 794,797 3,094,414 1,959,335 
Cost of revenue (excluding items shown separately below):
Product658,901 412,784 1,865,009 1,086,299 
Service70,118 77,538 163,453 173,568 
Net cost of revenue729,019 490,322 2,028,462 1,259,867 
Delivery and subcontract cost59,291 52,837 133,868 129,732 
Total cost of revenue788,310 543,159 2,162,330 1,389,599 
General and administrative expenses78,916 50,895 231,317 150,731 
Depreciation, depletion, amortization and accretion99,159 57,452 299,527 163,133 
Transaction and integration costs13,656 17,442 86,129 19,518 
Gain on sale of property, plant and equipment (3,555)(2,134)(7,583)(5,787)
Operating income194,651 127,983 322,694 242,141 
Interest expense50,916 28,013 155,657 83,335 
Loss on debt financings7,157 — 12,610 493 
Tax receivable agreement benefit— (153,080)— (153,080)
Loss (gain) on sale of businesses7,083 — (11,660)— 
Other income, net(9,224)(3,583)(26,188)(14,771)
Income from operations before taxes138,719 256,633 192,275 326,164 
Income tax expense33,541 23,908 48,292 39,923 
Net income105,178 232,725 143,983 286,241 
Net income (loss) attributable to noncontrolling interest in Summit Holdings— 2,680 (404)3,363 
Net income attributable to Summit Inc.$105,178 $230,045 $144,387 $282,878 
Earnings per share of Class A common stock:
Basic$0.60 $1.93 $0.84 $2.38 
Diluted$0.60 $1.92 $0.83 $2.37 
Weighted average shares of Class A common stock:
Basic175,635,388 119,013,331 172,899,150 118,874,967 
Diluted176,287,257 119,725,693 173,649,453 119,558,974 

See notes to unaudited consolidated financial statements.
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SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
 Three months endedNine months ended
 September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Net income$105,178 $232,725 $143,983 $286,241 
Other comprehensive income (loss):
Foreign currency translation adjustment2,752 (3,810)(3,987)295 
Less tax effect of other comprehensive (loss) income items(646)738 966 (80)
Other comprehensive income (loss)2,106 (3,072)(3,021)215 
Comprehensive income107,284 229,653 140,962 286,456 
Less comprehensive income (loss) attributable to Summit Holdings— 2,638 (404)3,366 
Comprehensive income attributable to Summit Inc.$107,284 $227,015 $141,366 $283,090 

See notes to unaudited consolidated financial statements.
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SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
 Nine months ended
 September 28, 2024September 30, 2023
Cash flows from operating activities:  
Net income$143,983 $286,241 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion310,216 168,758 
Share-based compensation expense20,862 15,116 
Net gain on asset and business disposals(19,246)(5,790)
Non-cash loss on debt financings12,439 161 
Change in deferred tax asset, net31,055 23,540 
Other1,801 (105)
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(129,153)(107,349)
Inventories(10,422)(23,935)
Costs and estimated earnings in excess of billings(25,366)(34,463)
Other current assets6,994 4,438 
Other assets6,395 2,208 
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable24,999 48,524 
Accrued expenses(26,846)19,034 
Billings in excess of costs and estimated earnings7,541 2,812 
Tax receivable agreement (benefit) expense6,227 (153,080)
Other liabilities(17,279)(2,486)
Net cash provided by operating activities344,200 243,624 
Cash flows from investing activities:
Acquisitions, net of cash acquired(1,064,987)(239,508)
Purchases of property, plant and equipment(275,137)(182,182)
Purchase of intellectual property(21,400)— 
Proceeds from the sale of property, plant and equipment21,041 9,760 
Proceeds from sale of businesses98,868 — 
Other(2,959)(3,602)
Net cash used in investing activities(1,244,574)(415,532)
Cash flows from financing activities:
Proceeds from debt issuances1,007,475 — 
Debt issuance costs(17,933)(1,566)
Payments on debt(511,181)(8,520)
Purchase of tax receivable agreement interests— (122,935)
Payments on acquisition-related liabilities(6,938)(12,203)
Distributions from partnership— (60)
Proceeds from stock option exercises1,601 112 
Other(8,238)(6,011)
Net cash provided by (used in) financing activities464,786 (151,183)
Impact of foreign currency on cash(1,033)115 
Net decrease in cash and cash equivalents and restricted cash(436,621)(322,976)
Cash and cash equivalents and restricted cash—beginning of period1,174,162 520,451 
Cash and cash equivalents and restricted cash—end of period$737,541 $197,475 

See notes to unaudited consolidated financial statements.
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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 - December 30, 2023$876,751 $7,275 119,529,380 $1,196 99 $— $1,421,813 $9,545 $2,316,580 
Net loss(66,866)— — — — — — (404)(67,270)
LP Unit exchanges— — 763,243 8 — — 9,534 (9,542)— 
Other comprehensive loss, net of tax— (3,585)— — — — — — (3,585)
Stock option exercises— — 29,216 — — — 593 — 593 
Class B share cancellation— — — — (99)— — — — 
Share-based compensation— — — — — — 6,720 — 6,720 
Issuance of Class A Shares— — 54,720,000 547 — — 1,973,203 — 1,973,750 
Shares redeemed to settle taxes and other— — 412,411 4 — — (8,556)401 (8,151)
Balance — March 30, 2024$809,885 $3,690 175,454,250 $1,755 — $— $3,403,307 $— $4,218,637 
Net income106,075 — — — — — — — 106,075 
Other comprehensive loss, net of tax— (1,542)— — — — — — (1,542)
Stock option exercises— — 54,272 1 — — 986 — 987 
Share-based compensation— — — — — — 7,413 — 7,413 
Shares redeemed to settle taxes and other— — 77,949 1 — — 1,173 — 1,174 
Balance — June 29, 2024$915,960 $2,148 175,586,471 $1,757 — $— $3,412,879 $— $4,332,744 
Net income105,178 — — — — — — — 105,178 
Other comprehensive income, net of tax— 2,106 — — — — — — 2,106 
Stock option exercises— — 1,005 — — — 21 — 21 
Share-based compensation— — — — — — 6,729 — 6,729 
Shares redeemed to settle taxes and other— — 8,838 — — — (152)— (152)
Balance - September 28, 2024$1,021,138 $4,254 175,596,314 $1,757 — $— $3,419,477 $— $4,446,626 
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Summit Materials, Inc.
Accumulated
OtherClass AClass BAdditionalNoncontrollingTotal
AccumulatedComprehensiveCommon StockCommon StockPaid-inInterest inStockholders’
EarningsincomeSharesDollarsSharesDollarsCapitalSummit HoldingsEquity
Balance — December 31, 2022$590,895 $3,084 118,408,655 $1,185 99 $— $1,404,122 $12,704 $2,011,990 
Net loss(30,804)— — — — — — (408)(31,212)
LP Unit exchanges— — 2,000 — — — 21 (21)— 
Other comprehensive income, net of tax— 161 — — — — — 3 164 
Stock option exercises— — 902 — — — 15 — 15 
Share-based compensation— — — — — — 4,708 — 4,708 
Shares redeemed to settle taxes and other— — 407,114 4 — — (5,680)(43)(5,719)
Balance — April 1, 2023$560,091 $3,245 118,818,671 $1,189 99 $— $1,403,186 $12,235 $1,979,946 
Net income83,637 — — — — — — 1,091 84,728 
Other comprehensive income, net of tax— 3,081 — — — — — 42 3,123 
Stock option exercises— — 3,338 — — — 69 — 69 
Share-based compensation— — — — — — 5,216 — 5,216 
Shares redeemed to settle taxes and other— — 64,265 1 — — 893 (12)882 
Balance — July 1, 2023$643,728 $6,326 118,886,274 $1,190 99 $— $1,409,364 $13,356 $2,073,964 
Net income230,045 — — — — — — 2,680 232,725 
LP Unit exchanges— — 174,258 2 — — 1,776 (1,778)— 
Other comprehensive loss, net of tax— (3,030)— — — — — (42)(3,072)
Stock option exercises— — 1,167 — — — 28 — 28 
Share-based compensation— — — — — — 5,192 — 5,192 
Distributions from partnership— — — — — — — (60)(60)
Shares redeemed to settle taxes and other— — 51,251 — — — (1,040)(4)(1,044)
Balance — September 30, 2023$873,773 $3,296 119,112,950 $1,192 99 $— $1,415,320 $14,152 $2,307,733 

See notes to unaudited consolidated financial statements.
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SUMMIT MATERIALS, INC. AND SUBSIDIARIES
 
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," "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, six cement plants, cement distribution terminals, ready-mix concrete plants, asphalt plants and landfill sites. It is also engaged in paving and related services. The Company’s three operating and reporting segments are the West, East and Cement segments.
 
Substantially all of the Company’s construction materials, products and services are produced, consumed and performed outdoors, primarily in the spring, summer and fall. Seasonal changes and other weather-related conditions can affect the production and sales volumes of its products and delivery of services. Therefore, the financial results for any interim period are typically not indicative of the results expected for the full year. Furthermore, the Company’s sales and earnings are sensitive to national, regional and local economic conditions, weather conditions and to cyclical changes in construction spending, among other factors.
 
On September 23, 2014, Summit Inc. was formed as a Delaware corporation to be a holding company. As of March 30, 2024, Summit Inc. held 100% of the economic interests and voting power of Summit Materials Holdings L.P. (“Summit Holdings”). Pursuant to a reorganization into a holding company structure (the “Reorganization”) consummated in connection with Summit Inc.’s March 2015 initial public offering ("IPO"), Summit Inc. became a holding corporation operating and controlling all of the business and affairs of Summit Holdings and its subsidiaries. Summit Inc. directly and indirectly owns all of the partnership interests of Summit Holdings (see note 9, Stockholders’ Equity). Summit Materials, LLC (“Summit LLC”) an indirect wholly owned subsidiary of Summit Holdings, conducts the majority of our operations. Summit Materials Finance Corp. (“Summit Finance”), an indirect wholly owned subsidiary of Summit LLC, has jointly issued our Senior Notes as described below.

On January 12, 2024, Summit completed a combination with Argos North America Corp. ("Argos USA"), Cementos Argos S.A. ("Cementos Argos"), Argos SEM LLC and Valle Cement Investments, Inc. (the "Argos Parties," and together with Argos USA, "Argos"), pursuant to which Summit acquired all of the outstanding equity interests (the "Transaction") of Argos USA from Argos SEM LLC and Valle Cement Investments, Inc. in exchange for $1.1 billion of cash, the issuance of 54,720,000 shares of the Summit Inc.'s Class A common stock and one preferred share in a transaction valued at approximately $3.1 billion. The cash consideration was funded from the net proceeds of an $800 million offering of Senior Notes due 2031 and new term loan borrowings under our current credit facility. The purchase price is subject to customary adjustments, with any upward or downward adjustments made against the cash consideration. The Transaction Agreement, dated as of September 7, 2023, contains customary representations and warranties, covenants and agreements, including a Stockholder Agreement. For additional details related to the Transaction, see Note 2, Acquisitions, Dispositions, Goodwill and Intangibles.

Basis of Presentation—These unaudited consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures typically included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto as of and for the year ended December 30, 2023. The Company continues to follow the accounting policies set forth in those audited consolidated financial statements.
 
Management believes that these consolidated interim financial statements include all adjustments, normal and recurring in nature, that are necessary to present fairly the financial position of the Company as of September 28, 2024, the results of operations for the three and nine months ended September 28, 2024 and September 30, 2023 and cash flows for the nine months ended September 28, 2024 and September 30, 2023.
 
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Principles of Consolidation—The consolidated financial statements include the accounts of Summit Inc. and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated.
 
For a summary of the changes in Summit Inc.’s ownership of Summit Holdings, see Note 9, Stockholders’ Equity.

Use of Estimates—Preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and reported amounts of revenue and expenses. Such estimates include the valuation of accounts receivable, inventories, valuation of deferred tax assets, goodwill, intangibles and other long-lived assets, tax receivable agreement ("TRA") liability, pension and other postretirement obligations and asset retirement obligations. Estimates also include revenue earned on contracts and costs to complete contracts. Most of the Company’s paving and related services are performed under fixed unit-price contracts with state and local governmental entities. Management regularly evaluates its estimates and assumptions based on historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results can differ significantly from estimates made. Changes in estimates, including those resulting from continuing changes in the economic environment, are reflected in the Company’s consolidated financial statements when the change in estimate occurs.

Business and Credit Concentrations—The Company’s operations are conducted primarily across 24 U.S. states and in British Columbia, Canada, with the most significant revenue generated in Texas, Florida, Missouri, Georgia, Utah, North Carolina and Kansas. The Company’s accounts receivable consist primarily of amounts due from customers within these areas. Therefore, collection of these accounts is dependent on the economic conditions in the aforementioned states, as well as specific situations affecting individual customers. Credit granted within the Company’s trade areas has been granted to many customers, and management does not believe that a significant concentration of credit exists with respect to any individual customer or group of customers. No single customer accounted for more than 10% of the Company’s total revenue in the three and nine months ended September 28, 2024 or September 30, 2023.

Revenue Recognition—We earn revenue from the sale of products, which primarily include aggregates, cement, ready-mix concrete and asphalt, but also include concrete products and plastics components, and from the provision of services, which are primarily paving and related services, but also include landfill operations, the receipt and disposal of waste that is converted to fuel for use in our cement plants.
Products: Revenue for product sales is recognized when the performance obligation is satisfied, which generally is when the product is shipped. 
Services: We earn revenue from the provision of services, which are primarily paving and related services, which are typically calculated using monthly progress based on a method similar to percentage of completion or a customer’s engineer review of progress.
The majority of our construction service contracts are completed within one year, but may occasionally extend beyond this time frame. The majority of our construction service contracts are for work that occurs mostly during the spring, summer and fall. We generally measure progress toward completion on long-term paving and related services contracts based on the proportion of costs incurred to date relative to total estimated costs at completion.
Estimating costs to be incurred for revenue recognition involves the use of various estimating techniques to project costs at completion, and in some cases includes estimates of recoveries asserted against the customer for changes in specifications or other disputes.
 
Earnings per Share—The Company computes basic earnings per share attributable to stockholders by dividing income attributable to Summit Inc. by the weighted-average shares of Class A common stock outstanding. Diluted earnings per share reflects the potential dilution beyond shares for basic earnings per share that could occur if securities or other contracts to issue common stock were exercised, converted into common stock, or resulted in the issuance of common stock that would have shared in the Company’s earnings. In addition, as the shares of Class A common stock are issued by Summit Inc., the earnings and equity interests of noncontrolling interests are not included in basic earnings per share.

Prior Year Reclassifications — We have reclassified transaction costs of $17.4 million and $19.5 million for the three and nine months ended September 30, 2023, respectively, from general and administrative expenses to a separate line item included in operating income to conform to the current year presentation. We have also reclassified our deferred tax liabilities of $15.9 million as of December 30, 2023, from other non-current liabilities to a separate line item in long term liabilities.
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2.ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES
 
Acquisition of Argos USA

On January 12, 2024, Summit completed its acquisition of all of the outstanding equity interests of Argos USA from Argos SEM LLC and Valle Cement Investments, Inc. for total consideration of approximately $3.1 billion. Summit acquired all of the outstanding equity interests of Argos USA in exchange for (i) $1.1 billion of cash (subject to customary adjustments), (ii) 54,720,000 shares of Class A Common Stock and (iii) one share of preferred stock, par value $0.01 per share, of Summit Inc. (together with the Class A Consideration, the “Stock Consideration”).

The Argos USA assets include four integrated cement plants, two grinding facilities, 140 ready-mix concrete plants, eight ports and 10 inland terminals across the East and Gulf Coast regions, with a total installed cement grinding capacity of 9.6 million tons per annum and a total import capacity of 5.4 million tons of cement per annum.

The results of Argos USA’s operations are included in these consolidated financial statements from the closing date of the Transaction. Argos USA revenues and net income included in the consolidated income statement for the period from January 12, 2024 to September 28, 2024 was $1,221.1 million and $139.6 million, respectively.

The following table includes unaudited pro forma financial information that presents the consolidated results of operations for the three and nine months ended September 28, 2024 and September 30, 2023 as if the Transaction had occurred on January 1, 2023.

Three months endedNine months ended
September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Total Revenues$1,171,137 $1,214,697 $3,138,301 $3,207,015 
Net income attributable to Summit Inc.$105,178 $262,676 $144,984 $335,440 

The unaudited pro forma information has been calculated after adjusting the results of Argos USA for the following impacts of the Transaction, among other items:
•Additional depreciation, depletion, and amortization for property, plant, and equipment and intangible assets acquired.
•Interest expense adjustments to reflect the payoff of Argos USA debt obligations and new debt issued by the Company to complete the Transaction.
•Elimination of royalties expenses paid to the parent of Argos USA which will not be incurred post-combination.
•Elimination of historical transaction expenses of Argos USA incurred to pursue an initial public offering.

The Company incurred combination-related costs of $83.9 million in the nine months ended September 28, 2024 and $17.9 million in the nine months ended September 30, 2023. These expenses are included in transaction and integration costs on consolidated income statement and are reflected in pro forma net income attributable to Summit Inc. for the nine months ended September 30, 2023 in the table above. The pro forma results do not include any cost savings or associated costs to achieve such savings from operating efficiencies or synergies that may result from the combination.

The unaudited pro forma financial information is provided for informational purposes only and is not necessarily indicative of the consolidated results of operations of the Company had the combination actually occurred on January 1, 2023, nor of the results of our future operations of the combined business. The pro forma results are based on the preliminary purchase price allocation and will be updated to reflect the final amounts as the allocation is finalized during the measurement period.

Fair value of consideration transferred
Cash consideration$1,094,909 
Fair value of stock consideration issued1,973,750 
Total fair value of consideration transferred$3,068,659 

Summit Inc. issued 54,720,000 shares of common stock and calculated the fair value of stock consideration using a per share price of $36.07 on January 12, 2024, the closing date of the Transaction. The fair value of preferred stock is immaterial.

The preferred stock is non-transferable and has no economic rights or ordinary voting rights. The preferred stock was issued to ensure the Argos Parties’ voting interests are not involuntarily diluted and provides a short window to purchase
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shares of Class A Common Stock in the market, in certain limited circumstances, to prevent the Argos Parties voting interests from dropping below 25.01% of the total Summit common stock.

Argos USA Preliminary Purchase Price Allocation

The acquisition of all of the outstanding equity interests of Argos USA was accounted for in accordance with Accounting Standards Codification 805, Business Combinations. The identifiable assets acquired and liabilities assumed were recorded at their estimated preliminary acquisition date fair values. The excess purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. The following table summarizes the preliminary allocation of the purchase price to the fair value of assets acquired and liabilities assumed.

Purchase Price$3,068,659 
Asset acquired:
Cash and cash equivalents97,153 
Accounts receivable, net157,170 
Inventories101,481 
Other current assets10,505 
Intangible assets, net100,000 
Property, plant and equipment, net2,312,752 
Operating lease right of use assets51,274 
Other assets50,053 
Liabilities assumed:
Accounts payable(124,670)
Accrued expenses(70,736)
Current operating lease liabilities(7,545)
Noncurrent operating lease liabilities(48,211)
Deferred tax liabilities(213,688)
Other noncurrent liabilities(204,590)
Fair value of identifiable net assets acquired2,210,948 
Goodwill$857,711 

The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The fair value estimates of assets acquired and liabilities assumed are pending the completion of various items, including obtaining further information regarding the identification and valuation of all assets acquired and liabilities assumed.

Certain of the more significant balances that are not yet finalized include the valuation of property, plant and equipment, intangible assets (including goodwill), inventories, and other working capital accounts, and related income tax considerations. Accordingly, management considers the balances above to be preliminary, and there could be further adjustments to the consolidated financial statements in subsequent periods, including changes to depreciation and amortization expense related to the property, plant, and equipment and intangible assets acquired and their respective useful lives, among other adjustments.

Certain measurement period adjustments were recorded in these consolidated financial statement due to the receipt of additional information and updated preliminary valuation reports. Further adjustments during the three months ended September 28, 2024 included:
i.$42.7 million decrease in property, plant, and equipment and a $10.6 million increase in other noncurrent liabilities related to updated valuations due to revised information included in preliminary valuation reports.
ii.$14.1 million decrease in goodwill related to the adjustments noted in (i.) above, among others.

The final determination of the fair values of the assets acquired and liabilities assumed will be completed within the measurement period of up to one year from the acquisition date.

10
The identified intangible assets acquired include Customer Relationships and Contractual Intangible Assets, with preliminary fair values of $85.0 million and $15.0 million, respectively, and expected to be amortized over a weighted average amortization period of 3 and 8 years, respectively.

Goodwill

Goodwill recognized includes synergies expected to be achieved from the operations of the combined company, the assembled workforce of Argos USA, and intangible assets that do not qualify for separate recognition. Expected synergies include both increased revenue opportunities and the cost savings from the planned integration of platform infrastructure, facilities, personnel, and systems. The transaction is considered a non-taxable business combination and the goodwill is not deductible for tax purposes. The allocation of goodwill to the Company’s reporting units is not complete and is subject to change during the measurement period. On a preliminary basis, goodwill was assigned to the Cement and East reportable segments.

Intellectual Property License Agreement

In connection with the Transaction, the Company and Argos USA entered into an Intellectual Property License Agreement with the Argos Parties pursuant to which the parties will grant each other various intellectual property licenses. Certain intellectual property licenses from the Argos Parties, including the "Argos" trade name in Canada and the United States, are provided on a royalty-fee basis. The $21.4 million paid to Argos Parties, which is also the fair value of these intangible assets acquired by the Company was excluded and recorded separately from the business combination.

Other Acquisitions

The financial results of each acquisition have been included in the Company’s consolidated results of operations beginning on the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized.

The following table summarizes the Company’s other acquisitions by region and period:

Nine months endedYear ended
September 28, 2024December 30, 2023
West*1 3 
East*1 1 
Cement*— — 
_______________________________________________________________________
* The combination with Argos USA affected all three reporting segments. In addition to the acquisition of all of the outstanding equity interests of Argos USA, we also acquired two aggregates-based operations, one in each of our West and East segments.

The purchase price allocation, primarily the valuation of property, plant and equipment, as well as considerations for contracts assumed in the acquisition, for the acquisitions completed during the nine months ended September 28, 2024, as well as the acquisitions completed during 2023 that occurred after September 30, 2023, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:

11
Nine months endedYear ended
September 28, 2024    December 30, 2023
Financial assets$1,740 $12,747 
Inventories161 6,251 
Property, plant and equipment28,165 125,207 
Other assets1,356 1,085 
Financial liabilities(904)(11,973)
Other long-term liabilities(102)(802)
Net assets acquired30,416 132,515 
Goodwill36,815 108,590 
Purchase price67,231 241,105 
Other— (1,597)
Net cash paid for acquisitions$67,231 $239,508 

Changes in the carrying amount of goodwill, by reportable segment, from December 30, 2023 to September 28, 2024 are summarized as follows:
 WestEastCement
Total  
Balance—December 30, 2023$658,704 $361,501 $204,656 $1,224,861 
Acquisitions (1)36,447 43,765 813,946 894,158 
Dispositions (2)— (48,235)— (48,235)
Foreign currency translation adjustments(1,289)— — (1,289)
Balance—September 28, 2024$693,862 $357,031 $1,018,602 $2,069,495 
_______________________________________________________________________
(1) Reflects goodwill from 2024 acquisitions and working capital adjustments from prior year acquisitions.
(2) Reflects goodwill derecognition from dispositions completed during 2024.

The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has certain rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits. The following table shows intangible assets by type and in total:

 September 28, 2024December 30, 2023
 Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount		Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount
Operating permits$38,677 $(6,899)$31,778 $38,677 $(5,691)$32,986 
Mineral leases17,375 (7,950)9,425 17,778 (7,676)10,102 
Reserve rights25,586 (5,638)19,948 25,586 (5,020)20,566 
Intellectual property21,400 (7,728)13,672 — — — 
Other104,901 (22,455)82,446 5,012 (585)4,427 
Total intangible assets$207,939 $(50,670)$157,269 $87,053 $(18,972)$68,081 
 
Amortization expense totaled $10.6 million and $30.8 million for the three and nine months ended September 28, 2024, respectively, and $0.8 million and $2.6 million for the three and nine months ended September 30, 2023, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to September 28, 2024 is as follows:

12
2024 (three months)$11,243 
202544,902 
202634,451 
20276,609 
20285,817 
20295,114 
Thereafter49,133 
Total$157,269 
During the first nine months of 2024, we sold three businesses in the East segment and one in the West segment, resulting in total proceeds of $98.9 million and a net gain on disposition of $11.7 million.

3.REVENUE RECOGNITION
 
We derive our revenue predominantly by selling construction materials, products and providing paving and related services. Construction materials consist of aggregates and cement. Products consist of related downstream products, including ready-mix concrete, asphalt paving mix and concrete products. Paving and related service revenue is generated primarily from the asphalt paving services that we provide.
 
Revenue by product for the three and nine months ended September 28, 2024 and September 30, 2023 is as follows:
 Three months endedNine months ended
 September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Revenue by product*:    
Aggregates$192,312 $179,819 $524,923 $505,984 
Cement304,953 115,135 840,238 267,755 
Ready-mix concrete375,994 213,325 1,081,319 551,673 
Asphalt115,538 117,896 221,147 236,340 
Paving and related services113,285 110,370 236,068 226,928 
Other69,055 58,252 190,719 170,655 
Total revenue$1,171,137 $794,797 $3,094,414 $1,959,335 
*Revenue from liquid asphalt terminals is included in asphalt revenue.
 
Accounts receivable, net consisted of the following as of September 28, 2024 and December 30, 2023: 
 September 28, 2024December 30, 2023
Trade accounts receivable$524,107 $228,697 
Construction contract receivables53,719 51,567 
Retention receivables10,536 13,541 
Receivables from related parties30 — 
Accounts receivable588,392 293,805 
Less: Allowance for doubtful accounts(17,475)(6,553)
Accounts receivable, net$570,917 $287,252 
 
Retention receivables are amounts earned by the Company but held by customers until paving and related service contracts and projects are near completion or fully completed. Amounts are generally billed and collected within one year.

4.INVENTORIES
 
Inventories consisted of the following as of September 28, 2024 and December 30, 2023: 
13
 September 28, 2024December 30, 2023
Aggregate stockpiles$173,077 $165,272 
Finished goods84,935 43,122 
Work in process17,651 10,702 
Raw materials69,552 22,254 
Total$345,215 $241,350 

5.ACCRUED EXPENSES
 
Accrued expenses consisted of the following as of September 28, 2024 and December 30, 2023:
 September 28, 2024December 30, 2023
Interest$33,264 $27,593 
Payroll and benefits55,597 63,888 
Finance lease obligations4,834 4,020 
Insurance45,198 25,277 
Current portion of accrued taxes and TRA liability25,090 11,042 
Deferred asset purchase payments8,385 5,903 
Professional fees2,004 2,036 
Other (1)51,938 31,932 
Total$226,310 $171,691 
(1)Consists primarily of current portion of asset retirement obligations and miscellaneous accruals.

6.DEBT
 
Debt consisted of the following as of September 28, 2024 and December 30, 2023: 
 September 28, 2024December 30, 2023
Term Loan, due 2029: