Summit Materials, Inc.

Delisted

CIK 0001621563Large AcceleratedMining & Quarrying Of Nonmetallic Minerals (No Fuels)DelawareFY ends Dec 31

Period

FY 2023

Revenue

$2.62B

Net Income

$289.63M

Total Assets

$5.15B

Equity

$2.31B

Shares Out

—

Op. Cash Flow

$438.86M

Business

Summit Materials, Inc. is a vertically integrated construction materials company that supplies aggregates, cement and related downstream products and provides asphalt paving and related services. Its main products and services include aggregates, cement, ready‑mix concrete, asphalt paving mix, paving and related services, and distribution through terminals and ports, with waste‑to‑fuel processing for its cement plants. The company operates through three principal segments—West, East and Cement—each with local management overseeing operations and integrations. It serves markets across 21 U.S. states and British Columbia, Canada, and distributes by truck, rail, barge and port terminals.

Summary from filing dated 2024-02-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Revenue	2,619	2,413	2,410	2,332	2,222
Cost of revenue	1,862	1,763	1,736	1,711	1,646
General and administrative expenses	210	187	193	183	156
Depreciation, depletion, amortization and accretion	218	200	229	221	217
Transaction and integration costs	27	3	3	—	—
Gain on sale of property, plant and equipment	−8	−10	−6	−8	−11
Operating income	311	269	253	225	214
Interest expense	114	87	92	104	117
Loss on debt financings	493,000	2	6	4	15
Tax receivable agreement (benefit) expense	−162	2	−7	—	—
(Gain) loss on sale of businesses	−15	−172	−20	0	0
Other income, net	−21	−10	−17	−4	−12
Income from operations before taxes	394	361	199	129	78
Income tax expense	105	86	44	−12	17
Net income	290	276	154	141	61
Net income attributable to noncontrolling interest in Summit Holdings	4	4	2	3	2
Net income attributable to Summit Inc/LLC	286	272	152	138	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Cash and cash equivalents	374	520	381	418	311
Restricted cash	800	0	—	—	—
Accounts receivable, net	287	257	287	255	253
Costs and estimated earnings in excess of billings	10	7	8	9	13
Inventories	241	212	181	200	205
Other current assets	18	21	12	11	14
Current assets held for sale	1	1	1	—	—
Total current assets	1,732	1,018	870	893	796
Property, plant and equipment, net	1,977	1,814	1,843	1,850	1,747
Goodwill	1,225	1,133	1,164	1,201	1,200
Intangible assets, net	68	71	69	48	23
Deferred tax assets	52	137	205	232	212
Operating lease right-of-use assets	37	38	30	29	33
Other assets	59	45	59	55	56
Total assets	5,150	4,256	4,239	4,308	4,068
Current portion of debt	4	5	6	6	8
Current portion of acquisition-related liabilities	7	14	13	10	33
Accounts payable	124	104	128	121	116
Accrued expenses	172	120	147	161	120
Current operating lease liabilities	9	7	6	8	8
Billings in excess of costs and estimated earnings	8	6	7	16	14
Total current liabilities	323	256	309	323	299
Long-term debt	2,284	1,489	1,591	1,892	1,851
Acquisition-related liabilities	28	29	33	12	20
Tax receivable agreement liability	41	328	327	322	327
Noncurrent operating lease liabilities	33	36	29	22	25
Other noncurrent liabilities	124	107	127	121	100
Total liabilities	2,833	2,244	2,416	2,692	2,623
Commitments and contingencies (see note 16)	—	—	—	—	—
Additional paid-in capital	1,422	1,404	1,326	1,265	1,234
Accumulated earnings	877	591	479	327	189
Accumulated other comprehensive income	7	3	7	5	3
Stockholders equity	2,307	1,999	1,814	1,598	1,427
Noncontrolling interest in Summit Holdings	10	13	10	18	17
Total stockholders equity	2,317	2,012	1,823	1,616	1,445
Total liabilities and stockholders equity	5,150	4,256	4,239	4,308	4,068

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Depreciation, depletion, amortization and accretion	227	213	235	228	223
Share-based compensation expense	20	18	20	29	20
Net gain on asset and business disposals	−23	−182	−26	−8	−10
Non-cash loss on debt financings	161,000	915,000	2	4	3
Change in deferred tax asset, net	79	70	25	—	—
Other	−482,000	−1	−2	619,000	−2
Accounts receivable, net	−26	11	−31	5	−37
Inventories	−26	−63	4	3	9
Costs and estimated earnings in excess of billings	−4	−5	−394,000	5	6
Other current assets	14	−7	−2	472,000	5
Other assets	−33	−7	8	10	5
Accounts payable	5	−9	5	−4	19
Accrued expenses	42	−25	−7	15	8
Billings in excess of costs and estimated earnings	2	−768,000	−7	3	2
Tax receivable agreement (benefit) expense	−154	1	5	−5	17
Other liabilities	27	−4	−19	−449,000	−7
Net cash provided by operating activities	439	284	362	409	337
Acquisitions, net of cash acquired	−240	−23	−20	−123	−5
Purchases of property, plant and equipment	−256	−267	−212	−177	−177
Proceeds from the sale of property, plant and equipment	14	15	12	14	21
Proceeds from sale of businesses	66	373	128	0	0
Other	−5	−3	236,000	1	−1
Net cash (used in) provided by investing activities	−420	96	−91	−286	−163
Proceeds from debt issuances	800	0	0	700	300
Debt issuance costs	−6	−2	0	−10	−6
Payments on debt	−10	−123	−329	−674	−270
Purchase of tax receivable agreement interests	−132	0	0	—	—
Payments on acquisition-related liabilities	−12	−13	−10	−33	−34
Distributions from partnership	−500,000	−700,000	0	0	0
Repurchases of common stock	0	−101	0	0	—
Proceeds from stock option exercises	247,000	213,000	32	1	19
Other	−5	−27,000	−1	−907,000	−502,000
Net cash provided by (used in) financing activities	634	−239	−308	−17	8
Impact of foreign currency on cash	1	−1	26,000	351,000	286,000
Net increase in cash and cash equivalents and restricted cash	654	139	−37	107	183

Filings

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