Company Quick10K Filing
Summit Materials
Price1.00 EPS-62,603,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt1,693 EBIT206
TEV1,693 TEV/EBIT8
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-07-24
10-Q 2020-03-28 Filed 2020-04-29
10-K 2019-12-28 Filed 2020-02-05
10-Q 2019-09-28 Filed 2019-10-30
10-Q 2019-06-29 Filed 2019-08-01
10-Q 2019-03-30 Filed 2019-05-08
10-K 2018-12-29 Filed 2019-02-06
10-Q 2018-09-29 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-30 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-07-01 Filed 2017-08-04
10-Q 2017-04-01 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-10-01 Filed 2016-11-03
10-Q 2016-07-02 Filed 2016-08-10
10-Q 2016-04-02 Filed 2016-05-04
10-K 2016-01-02 Filed 2016-02-22
10-Q 2015-09-26 Filed 2015-11-03
10-Q 2015-06-27 Filed 2015-08-10
10-Q 2015-03-28 Filed 2015-05-05
8-K 2020-08-11 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2020-07-30 Officers, Exhibits
8-K 2020-07-27 Enter Agreement, Regulation FD, Exhibits
8-K 2020-07-22 Earnings, Exhibits
8-K 2020-07-20 Officers, Regulation FD, Exhibits
8-K 2020-05-19
8-K 2020-04-29
8-K 2020-02-05
8-K 2019-10-30
8-K 2019-09-18
8-K 2019-08-01
8-K 2019-06-06
8-K 2019-05-22
8-K 2019-05-08
8-K 2019-03-15
8-K 2019-02-28
8-K 2019-02-25
8-K 2019-02-06
8-K 2018-12-29
8-K 2018-11-06
8-K 2018-09-10
8-K 2018-08-09
8-K 2018-08-01
8-K 2018-05-22
8-K 2018-05-17
8-K 2018-05-08
8-K 2018-02-14
8-K 2018-01-16
8-K 2018-01-02

SUM 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31110q22020.htm
EX-31.2 ex31210q22020.htm
EX-31.3 ex31310q22020.htm
EX-31.4 ex31410q22020.htm
EX-32.1 ex32110q22020.htm
EX-32.2 ex32210q22020.htm
EX-32.3 ex32310q22020.htm
EX-32.4 ex32410q22020.htm
EX-95.1 exhibit95110q22020.htm
EX-99.1 sum-20200627_d2.htm

Summit Materials Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
4.13.32.51.60.80.02013201520172020
Assets, Equity
0.80.60.40.30.1-0.12013201520172020
Rev, G Profit, Net Income
0.50.30.1-0.2-0.4-0.62013201520172020
Ops, Inv, Fin

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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 June 27, 2020
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.)
Delaware (Summit Materials, LLC)
(State or other jurisdiction of incorporation or organization)
1550 Wynkoop Street, 3rd Floor
Denver, Colorado
(Address of principal executive offices)


47-1984212
26-4138486
(I.R.S. Employer Identification No.)
80202
(Zip Code)




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.   YesNo
Summit Materials, LLC   YesNo
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.   YesNo
Summit Materials, LLC   YesNo
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.   YesNo
Summit Materials, LLC   YesNo
As of July 22, 2020, 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 114,114,577 and 99, respectively.
As of July 22, 2020, 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 June 27, 2020, its sole material asset was a 97.4% 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 1/8% senior notes due 2023 (“2023 Notes”), our 5 1/8% senior notes due 2025 (“2025 Notes”) and our 6 1/2 % senior notes due 2027 (“2027 Notes” and collectively with the 2023 Notes and 2025 Notes, the “Senior Notes”). Summit Inc.’s only revenue for the three and six months ended June 27, 2020 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 December 28, 2019 (the “Annual Report”), and Quarterly Report on Form 10-Q for the fiscal period ended March 28, 2020, each as filed with the Securities and Exchange Commission (the “SEC”), the factors discussed in the section entitled “Risk Factors” of this report and the following:

the impact of the coronavirus (“COVID-19”) pandemic, or any similar crisis, on our business;
our dependence on the construction industry and the strength of the local economies in which we operate;
the cyclical nature of our business;
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 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;



declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies;
our reliance on private investment in infrastructure, which may be adversely affected by periods of economic stagnation and recession;
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 commodities, labor and other production and delivery costs as a result of inflation 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 substantial current level of indebtedness;
our dependence on senior management and other key 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 regulations;
unexpected operational difficulties;
interruptions in our information technology systems and infrastructure; and
potential labor disputes.
        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;
“Issuers” refers to Summit LLC and Finance Corp. as co‑issuers of the Senior Notes;  
“IPO” refers to the March 2015 initial public offering of Summit Inc.;
“LP Units” refers to the Class A limited partnership units of Summit Holdings; and
“TRA” refers to 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 June 27, 2020. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
sum-20200627_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.


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



Table of Contents
PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets 
(In thousands, except share and per share amounts)
 June 27, 2020December 28, 2019
 (unaudited)(audited)
Assets  
Current assets:  
Cash and cash equivalents$253,407  $311,319  
Accounts receivable, net280,863  253,256  
Costs and estimated earnings in excess of billings43,604  13,088  
Inventories231,942  204,787  
Other current assets12,168  13,831  
Total current assets821,984  796,281  
Property, plant and equipment, less accumulated depreciation, depletion and amortization (June 27, 2020 - $1,043,800 and December 28, 2019 - $955,815)
1,752,221  1,747,449  
Goodwill1,196,999  1,199,699  
Intangible assets, less accumulated amortization (June 27, 2020 - $11,943 and December 28, 2019 - $10,366)
38,644  23,498  
Deferred tax assets, less valuation allowance (June 27, 2020 - $1,675 and December 28, 2019 - $1,675)
221,512  212,333  
Operating lease right-of-use assets30,347  32,777  
Other assets49,511  55,519  
Total assets$4,111,218  $4,067,556  
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of debt$7,942  $7,942  
Current portion of acquisition-related liabilities31,483  32,700  
Accounts payable138,330  116,359  
Accrued expenses138,001  120,005  
Current operating lease liabilities8,382  8,427  
Billings in excess of costs and estimated earnings12,556  13,864  
Total current liabilities336,694  299,297  
Long-term debt1,849,520  1,851,057  
Acquisition-related liabilities13,157  19,801  
Tax receivable agreement liability327,957  326,965  
Noncurrent operating lease liabilities22,978  25,381  
Other noncurrent liabilities99,049  100,282  
Total liabilities2,649,355  2,622,783  
Commitments and contingencies (see note 16)
Stockholders’ equity:
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 114,111,948 and 113,309,385 shares issued and outstanding as of June 27, 2020 and December 28, 2019, respectively
1,142  1,134  
Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of June 27, 2020 and December 28, 2019
    
Additional paid-in capital1,244,163  1,234,020  
Accumulated earnings200,890  188,805  
Accumulated other comprehensive (loss) income(497) 3,448  
Stockholders’ equity1,445,698  1,427,407  
Noncontrolling interest in Summit Holdings16,165  17,366  
Total stockholders’ equity1,461,863  1,444,773  
Total liabilities and stockholders’ equity$4,111,218  $4,067,556  
See notes to unaudited consolidated financial statements.
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Table of Contents
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts) 
 Three months endedSix months ended
 June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Revenue:    
Product$488,260  $467,637  $793,567  $739,278  
Service86,980  84,954  124,079  119,263  
Net revenue575,240  552,591  917,646  858,541  
Delivery and subcontract revenue55,769  48,300  80,553  74,989  
Total revenue631,009  600,891  998,199  933,530  
Cost of revenue (excluding items shown separately below):
Product293,555  294,857  526,059  508,583  
Service60,834  62,336  89,701  88,925  
Net cost of revenue354,389  357,193  615,760  597,508  
Delivery and subcontract cost55,769  48,300  80,553  74,989  
Total cost of revenue410,158  405,493  696,313  672,497  
General and administrative expenses66,544  60,961  136,768  128,571  
Depreciation, depletion, amortization and accretion53,928  53,625  105,706  109,013  
Transaction costs319  390  1,072  698  
Operating income100,060  80,422  58,340  22,751  
Interest expense25,608  29,401  53,426  59,506  
Loss on debt financings      14,565  
Other income, net(1,616) (3,676) (1,527) (6,479) 
Income (loss) from operations before taxes76,068  54,697  6,441  (44,841) 
Income tax expense (benefit)17,181  16,707  (5,720) (11,330) 
Net income (loss)58,887  37,990  12,161  (33,511) 
Net income (loss) attributable to Summit Holdings1,823  1,580  76  (1,149) 
Net income (loss) attributable to Summit Inc.$57,064  $36,410  $12,085  $(32,362) 
Earnings (loss) per share of Class A common stock:
Basic$0.50  $0.32  $0.11  $(0.29) 
Diluted$0.50  $0.32  $0.11  $(0.29) 
Weighted average shares of Class A common stock:
Basic114,111,204  112,070,009  113,856,657  111,940,844  
Diluted114,137,857  112,182,555  114,252,268  111,940,844  

See notes to unaudited consolidated financial statements.
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Table of Contents
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
 Three months endedSix months ended
 June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income (loss)$58,887  $37,990  $12,161  $(33,511) 
Other comprehensive income (loss):
Foreign currency translation adjustment2,946  2,233  (5,413) 4,591  
Income (loss) on cash flow hedges  (137)   (303) 
Less tax effect of other comprehensive (loss) income items(721) (508) 1,325  (1,050) 
Other comprehensive income (loss)2,225  1,588  (4,088) 3,238  
Comprehensive income (loss)61,112  39,578  8,073  (30,273) 
Less comprehensive income (loss) attributable to Summit Holdings1,900  1,642  (67) (1,021) 
Comprehensive income (loss) attributable to Summit Inc.$59,212  $37,936  $8,140  $(29,252) 

See notes to unaudited consolidated financial statements.
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Table of Contents
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
 Six months ended
 June 27, 2020June 29, 2019
Cash flow from operating activities:  
Net income (loss)$12,161  $(33,511) 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, depletion, amortization and accretion111,278  110,982  
Share-based compensation expense9,797  10,605  
Net gain on asset disposals(4,131) (3,937) 
Non-cash loss on debt financings  2,850  
Change in deferred tax asset, net(8,175) (12,550) 
Other1,244  (120) 
Decrease (increase) in operating assets, net of acquisitions and dispositions:
Accounts receivable, net(28,969) (79,320) 
Inventories(27,391) 5,208  
Costs and estimated earnings in excess of billings(30,557) (26,715) 
Other current assets654  3,585  
Other assets6,420  4,374  
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
Accounts payable15,410  29,898  
Accrued expenses4,681  9,395  
Billings in excess of costs and estimated earnings(1,253) (1,138) 
Tax receivable agreement liability993  59  
Other liabilities(461) (3,717) 
Net cash provided by operating activities61,701  15,948  
Cash flow from investing activities:
Acquisitions, net of cash acquired  (2,842) 
Purchases of property, plant and equipment(105,724) (105,569) 
Proceeds from the sale of property, plant and equipment6,607  8,005  
Other1,629  (439) 
Net cash used for investing activities(97,488) (100,845) 
Cash flow from financing activities:
Proceeds from debt issuances  300,000  
Debt issuance costs  (6,246) 
Payments on debt(11,388) (261,025) 
Payments on acquisition-related liabilities(9,703) (9,158) 
Proceeds from stock option exercises310  784  
Other(907) (502) 
Net cash (used in) provided by financing activities(21,688) 23,853  
Impact of foreign currency on cash(437) 194  
Net decrease in cash(57,912) (60,850) 
Cash and cash equivalents—beginning of period311,319  128,508  
Cash and cash equivalents—end of period$253,407  $67,658  
See notes to unaudited consolidated financial statements.
4