EULESS, Texas, Feb. 25,
2020 /PRNewswire/ -- U.S. Concrete, Inc. (NASDAQ: USCR), a
leading heavy building materials supplier of aggregates and
ready-mixed concrete in select major markets across the United States, the U.S. Virgin Islands and Canada, today announced a strategic
acquisition as well as results for the full year and quarter ended
December 31, 2019.
William J. Sandbrook, Chairman
and Chief Executive Officer of U.S. Concrete, Inc. stated, "Today
we are excited to announce the completion of our most recent
aggregates acquisition, Coram Materials Corp., for a purchase price
of $142 million, which significantly
expands our East Coast aggregates portfolio. The acquisition should
produce a margin profile in excess of the Company's average within
the first full year of ownership. Post synergies, which we expect
to achieve within two years, the deal represents a multiple of
approximately 7 times EBITDA. This acquisition possesses
significant, premium sand reserves that will provide us with
self-sufficiency in meeting our sand supply needs to our
ready-mixed concrete operations in New
York City as well as providing external sales to third party
customers. Coram's 50 million tons
of reserves, located in the quickly depleting Long Island sand market, increases the
vertical integration of our New
York operations, strengthens our competitive position and
advances the continuation of our strategy of expanding into higher
margin aggregates businesses. Following our successful Polaris
acquisition, we continue to seek out accretive opportunities of
coupling the pull through capabilities of our large regional
footprints of ready-mixed concrete operations with attractive
aggregate assets."
Mr. Sandbrook concluded, "Alongside the acquisition, we continue
to focus on previously discussed operational, technology and
financial improvement initiatives. Through re-engineering certain
of our processes and technology investments, we expect to generate
enhanced margins. Our record high adjusted EBITDA in the second
half of 2019 highlights the traction that our profit improvement
initiatives are gaining within our operations. While our fourth
quarter of 2019 results were negatively impacted by a significant
increase in our self-insurance reserves, claim costs and premiums
year-over-year, we experienced good growth in our aggregate
products segment and are seeing positive momentum in ready-mixed
concrete pricing to further enhance profitability."
FINANCIAL RESULTS
FULL YEAR 2019 COMPARED TO FULL YEAR 20181
- Consolidated revenue was $1,479
million versus $1,506
million
- Aggregate products revenue increased 6.9% to $195 million
- Aggregate products volume increased 2.5% to 11.4 million
tons
- Aggregate products adjusted EBITDA increased 29.3% to
$53.8 million
- Net cash provided by operating activities increased
$16.0 million to $138.8 million
- Adjusted Free Cash Flow2 increased $1.6 million to $105.0
million
FOURTH QUARTER 2019 COMPARED TO FOURTH QUARTER
20181
- Consolidated revenue decreased 0.2% to $369.2 million
- Aggregate products revenue increased 7.5% to $49.9 million
- Aggregate products volume increased 7.1% to 2.9 million
tons
- Aggregate products adjusted EBITDA increased 19.2% to
$14.9 million
- Net income increased $1.3 million
to $4.4 million
- Net cash provided by operating activities increased
$14.1 million to $46.7 million
- Adjusted Free Cash Flow2 increased $6.7 million to $34.2
million
|
|
|
|
|
|
(1)
|
Certain computations
within this press release may reflect rounding
adjustments.
|
(2)
|
Adjusted Free Cash
Flow is a non-GAAP financial measure. Please refer to the
reconciliations and other information at the end of this press
release.
|
OPERATING RESULTS
READY-MIXED CONCRETE SEGMENT
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
($ in millions,
except selling price)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue
|
|
$
|
320.1
|
|
|
$
|
321.0
|
|
|
$
|
1,278.6
|
|
|
$
|
1,306.5
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
33.6
|
|
|
$
|
38.9
|
|
|
$
|
157.7
|
|
|
$
|
179.2
|
|
|
|
|
|
|
|
|
|
|
Average selling price
("ASP") per cubic yard
|
|
$
|
139.44
|
|
|
$
|
137.94
|
|
|
$
|
138.97
|
|
|
$
|
136.42
|
|
Sales volume in
thousand cubic yards
|
|
2,289
|
|
|
2,324
|
|
|
9,181
|
|
|
9,546
|
|
Revenue from the ready-mixed concrete segment for the 2019
fourth quarter decreased $0.9
million, or 0.3%, compared to the prior year fourth
quarter. Revenue from the ready-mixed concrete segment for
the full year 2019 decreased $27.9
million, or 2.1%, compared to the prior year. The
decreases for both the fourth quarter and full year were primarily
due to lower sales volume from delays in projects and negative
weather impacts, partially offset by higher average selling
prices.
AGGREGATE PRODUCTS SEGMENT
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
($ in millions,
except selling price)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Sales to
external customers
|
|
$
|
35.9
|
|
|
$
|
35.6
|
|
|
$
|
141.7
|
|
|
$
|
136.5
|
|
Intersegment
sales
|
|
14.0
|
|
|
10.8
|
|
|
53.5
|
|
|
46.1
|
|
Total aggregate
products revenue
|
|
$
|
49.9
|
|
|
$
|
46.4
|
|
|
$
|
195.2
|
|
|
$
|
182.6
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
14.9
|
|
|
$
|
12.5
|
|
|
$
|
53.8
|
|
|
$
|
41.6
|
|
|
|
|
|
|
|
|
|
|
Average selling price
per ton(1)
|
|
$
|
11.93
|
|
|
$
|
11.35
|
|
|
$
|
11.93
|
|
|
$
|
11.28
|
|
Sales volume in
thousand tons
|
|
2,900
|
|
|
2,708
|
|
|
11,392
|
|
|
11,110
|
|
|
|
(1)
|
The Company's
calculation of the aggregate products segment ASP (defined below)
excludes certain other ancillary revenue and Polaris's freight
revenue. The Company defines revenue for its aggregate
products ASP calculation as amounts billed to external and internal
customers for coarse and fine aggregate products, excluding
delivery charges. The Company's definition and calculation of
ASP may differ from other companies in the construction materials
industry.
|
Aggregate products revenue increased $12.6 million, or 6.9%, for the full year 2019
compared to the prior year. In 2019, aggregate products
segment Adjusted EBITDA increased by $12.2
million to $53.8 million
compared to the prior year. During the fourth quarter,
aggregate products sales volume increased 7.1% compared to the
prior year fourth quarter. Aggregate products Adjusted EBITDA
of $14.9 million in the 2019 fourth
quarter increased $2.4 million
compared to the prior year fourth quarter. The growth in our
aggregate products segment was primarily the result of increased
demand from our existing operations along with less down-time at
our quarries.
FULL YEAR 2019 RESULTS COMPARED TO FULL YEAR 2018
RESULTS
Consolidated revenue for 2019 decreased 1.8% to $1,478.7 million, versus $1,506.4 million. For 2019, net income
attributable to U.S. Concrete was $14.9
million compared to $30.0
million for 2018. For 2019, net income was
$16.3 million compared to
$31.3 million for 2018. For
2019, Total Adjusted EBITDA of $184.1
million was $9.4 million less
than the $193.5 million in 2018.
CONSOLIDATED FOURTH QUARTER 2019 RESULTS
COMPARED TO FOURTH QUARTER 2018
Fourth quarter 2019 consolidated revenue decreased 0.2% compared
to the prior year fourth quarter, primarily resulting from lower
sales volume of ready-mixed concrete, partially offset by higher
average selling prices of ready-mixed concrete and higher sales
volume and average selling prices of aggregate products.
During the fourth quarter of 2019, operating income was
$18.0 million compared to operating
income of $16.7 million in the fourth
quarter of 2018, with an operating income margin of 4.9% compared
to an operating income margin of 4.5% in the fourth quarter of
2018, as we controlled costs on the lower volumes and operated more
efficiently in 2019.
Selling, general and administrative expenses ("SG&A") as a
percentage of revenue were 7.2% in the 2019 fourth quarter compared
to 8.1% in the prior year fourth quarter. SG&A decreased
$3.4 million, or 11.3%, for the
quarter ended December 31, 2019, in comparison to the
corresponding 2018 quarter. The decrease resulted from lower
acquisition-related costs and certain personnel-related costs,
partially offset by an increase in certain self-insurance accruals
and expenses. On a non-GAAP basis, our Adjusted SG&A, which
excludes non-cash stock compensation, acquisition-related costs and
litigation settlement costs, was 6.5% in the 2019 fourth quarter
compared to 6.9% in the prior year fourth quarter. The
improvement of Adjusted SG&A as a percentage of revenue in the
2019 fourth quarter also reflects the benefit of controlled
expenses from our profit improvement initiatives. Adjusted
SG&A as a percentage of revenue is a non-GAAP financial
measure. Please refer to the definitions, reconciliations and
other information at the end of this press release.
BALANCE SHEET AND LIQUIDITY
Net cash provided by operating activities in the 2019 fourth
quarter was $46.7 million, compared
to $32.6 million in the prior year
fourth quarter. The increase in net cash provided by
operating activities in the fourth quarter of 2019 was primarily
driven by our results of operations and the positive impact of our
working capital management. The Company's Adjusted Free Cash
Flow in the 2019 fourth quarter was $34.2
million, as compared to $27.5
million in the prior year fourth quarter. Adjusted
Free Cash Flow is a non-GAAP financial measure. Please refer
to the definitions, reconciliations and other information at the
end of this press release.
At December 31, 2019, the Company had cash and cash
equivalents of $40.6 million and
total debt of $687.3 million,
resulting in Net Debt of $646.7
million. Net Debt decreased by $47.4 million from December 31, 2018, as a
result of higher cash balances from our management of working
capital and lower debt balances, as we did not have any borrowings
under our revolving credit facility at the end of 2019. The
Company had $243.7 million of unused
availability under its revolving credit facility at
December 31, 2019, resulting in total liquidity of
$284.3 million. Net Debt is a
non-GAAP financial measure. Please refer to the definitions,
reconciliations and other information at the end of this press
release.
OUTLOOK FOR 2020
Overall we continue to be optimistic about the construction
sectors. For the full year 2020, including the impact of the
acquisition announced today, we are currently targeting the
following results:
|
|
2020
Guidance
|
Category
|
|
Low
|
|
High
|
Consolidated
revenue
|
|
$1.5
billion
|
|
$1.6
billion
|
Total Adjusted
EBITDA(1)
|
|
$195
million
|
|
$215
million
|
|
|
(1)
|
Because certain GAAP
financial measures on a forward-looking basis are not accessible
and reconciling information is not available without unreasonable
effort, we have not provided reconciliations for forward-looking
non-GAAP measures.
|
CONFERENCE CALL AND WEBCAST DETAILS
U.S. Concrete will host a conference call on Tuesday,
February 25, 2020 at 8:30 a.m. Eastern
Time (7:30 a.m. Central Time),
to review its fourth quarter 2019 results. To participate in
the call, please dial (877) 312-8806 – Conference ID: 5537569 at
least ten minutes before the conference call begins and ask for the
U.S. Concrete conference call.
A live webcast will be available on the Investor Relations
section of the Company's website at www.us-concrete.com.
Please visit the website at least 15 minutes before the call begins
to register, download and install any necessary audio
software. A replay of the conference call and archive of the
webcast will be available shortly after the call on the Investor
Relations section of the Company's website at
www.us-concrete.com.
ABOUT U.S. CONCRETE
U.S. Concrete, Inc. (NASDAQ: USCR) is a leading
supplier of concrete and aggregates for large-scale commercial,
residential and infrastructure projects across the country.
The Company holds leading market positions in the high-growth
metropolitan markets of New York, Philadelphia, San
Francisco, Dallas/Fort Worth and Washington, D.C.,
and its materials have been used in some of the most complex and
highly specialized construction projects of the last decade.
U.S. Concrete has continued to grow organically and through a
series of strategic acquisitions of independent producers in our
target markets.
For more information on U.S. Concrete, visit
www.us-concrete.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements and information provided in
this press release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking
statements include, without limitation, statements concerning
plans, objectives, goals, projections, outlook, strategies, future
events or performance, and underlying assumptions and other
statements, which are not statements of historical facts. In some
cases, you can identify forward-looking statements by terminology
such as "may," "will," "intend," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "outlook," "predict,"
"potential" or "continue," the negative of such terms or other
comparable terminology. These forward-looking statements, which are
subject to risks, uncertainties and assumptions about us, may
include projections of our future financial performance, our
anticipated growth strategies and anticipated trends in our
business. These statements are predictions based on our current
expectations and projections about future events which we believe
are reasonable. Actual events or results may differ materially.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. We believe
that these risks and uncertainties include, but are not limited to:
general economic and business conditions, which will, among other
things, affect demand for new residential and commercial
construction; our ability to successfully identify, manage, and
integrate acquisitions; the cyclical nature of, and changes in, the
real estate and construction markets, including pricing changes by
our competitors; governmental requirements and initiatives,
including those related to mortgage lending, financing or
deductions, funding for public or infrastructure construction, land
usage, and environmental, health, and safety matters; disruptions,
uncertainties or volatility in the credit markets that may limit
our, our suppliers' and our customers' access to capital; our
ability to successfully implement our operating strategy; weather
conditions; our substantial indebtedness and the restrictions
imposed on us by the terms of our indebtedness; the effects of
currency fluctuations on our results of operations and financial
condition; our ability to maintain favorable relationships with
third parties who supply us with equipment and essential supplies;
our ability to retain key personnel and maintain satisfactory labor
relations; and product liability, property damage, results of
litigation and other claims and insurance coverage issues.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
Moreover, neither we nor any other person assumes responsibility
for the accuracy and completeness of the forward-looking
statements. All written and oral forward-looking statements made in
connection with this press release that are attributable to us or
persons acting on our behalf are expressly qualified in their
entirety by the "Risk Factors" in our Annual Report on Form 10-K
and our Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission. We are under no duty to update any
of the forward-looking statements after the date of this press
release to conform such statements to actual results or to changes
in our expectations, except as required by federal securities
laws. There can be no assurance that other factors will not
affect the accuracy of these forward-looking statements or that our
actual results will not differ materially from the results
anticipated in such forward-looking statements. Unpredictable or
unknown factors we have not discussed in this press release also
could have material effects on actual results or matters that are
the subject of our forward-looking statements. We undertake no
obligation to, and do not intend to, update our description of
important factors each time a potential important factor
arises.
Non-GAAP Financial Measures
Included in this press
release are certain non-GAAP financial measures that we believe are
useful for investors. These non-GAAP financial measures may
not be comparable to similarly titled measures other companies
report and are not intended to be used as an alternative to any
measure of our performance in accordance with GAAP.
Reconciliations and definitions of the non-GAAP measures used in
this press release are included at the end of this press
release. Because certain GAAP financial measures on a
forward-looking basis are not accessible, and reconciling
information is not available without unreasonable effort, we have
not provided reconciliations for forward-looking non-GAAP
measures.
(Tables Follow)
U.S. CONCRETE,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited) (in millions except
per share amounts)
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue
|
$
|
369.2
|
|
|
$
|
370.1
|
|
|
$
|
1,478.7
|
|
|
$
|
1,506.4
|
|
Cost of goods sold
before depreciation, depletion and amortization
|
301.2
|
|
|
299.5
|
|
|
1,187.6
|
|
|
1,212.2
|
|
Selling, general and
administrative expenses
|
26.7
|
|
|
30.1
|
|
|
130.0
|
|
|
126.5
|
|
Depreciation,
depletion and amortization
|
23.0
|
|
|
23.6
|
|
|
93.2
|
|
|
91.8
|
|
Change in value of
contingent consideration
|
1.2
|
|
|
0.9
|
|
|
2.8
|
|
|
—
|
|
Asset
impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
Gain on sale/disposal
of assets and businesses, net
|
(0.9)
|
|
|
(0.7)
|
|
|
(0.1)
|
|
|
(15.3)
|
|
Operating
income
|
18.0
|
|
|
16.7
|
|
|
65.2
|
|
|
89.9
|
|
Interest expense,
net
|
11.3
|
|
|
11.8
|
|
|
46.1
|
|
|
46.4
|
|
Other income,
net
|
(1.7)
|
|
|
(0.5)
|
|
|
(9.5)
|
|
|
(4.6)
|
|
Income before income
taxes
|
8.4
|
|
|
5.4
|
|
|
28.6
|
|
|
48.1
|
|
Income tax
expense
|
4.0
|
|
|
2.3
|
|
|
12.3
|
|
|
16.8
|
|
Net income
|
4.4
|
|
|
3.1
|
|
|
16.3
|
|
|
31.3
|
|
Less: Net income
attributable to non-controlling interest
|
(0.5)
|
|
|
(1.1)
|
|
|
(1.4)
|
|
|
(1.3)
|
|
Net income
attributable to U.S. Concrete
|
$
|
3.9
|
|
|
$
|
2.0
|
|
|
$
|
14.9
|
|
|
$
|
30.0
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to U.S. Concrete:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.24
|
|
|
$
|
0.12
|
|
|
$
|
0.91
|
|
|
$
|
1.82
|
|
Diluted earnings per
share
|
$
|
0.23
|
|
|
$
|
0.12
|
|
|
$
|
0.91
|
|
|
$
|
1.82
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
16.5
|
|
|
16.4
|
|
|
16.4
|
|
|
16.5
|
|
Diluted
|
16.6
|
|
|
16.5
|
|
|
16.4
|
|
|
16.5
|
|
|
|
Note:
|
Certain
computations within this press release may reflect rounding
adjustments.
|
U.S. CONCRETE,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) (in millions)
|
|
|
|
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
40.6
|
|
|
$
|
20.0
|
|
Trade accounts
receivable, net
|
|
233.1
|
|
|
226.6
|
|
Inventories
|
|
59.0
|
|
|
51.2
|
|
Other receivables,
net
|
|
8.4
|
|
|
18.4
|
|
Prepaid expenses and
other
|
|
7.9
|
|
|
7.9
|
|
Total current
assets
|
|
349.0
|
|
|
324.1
|
|
Property, plant and
equipment, net
|
|
673.5
|
|
|
680.2
|
|
Operating lease
assets
|
|
69.8
|
|
|
—
|
|
Goodwill
|
|
239.5
|
|
|
239.3
|
|
Intangible assets,
net
|
|
92.4
|
|
|
116.6
|
|
Other
assets
|
|
9.1
|
|
|
11.1
|
|
Total
assets
|
|
$
|
1,433.3
|
|
|
$
|
1,371.3
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
|
136.4
|
|
|
$
|
125.8
|
|
Accrued
liabilities
|
|
63.5
|
|
|
96.3
|
|
Current maturities of
long-term debt
|
|
32.5
|
|
|
30.8
|
|
Current operating
lease liabilities
|
|
12.9
|
|
|
—
|
|
Total current
liabilities
|
|
245.3
|
|
|
252.9
|
|
Long-term debt, net
of current maturities
|
|
654.8
|
|
|
683.3
|
|
Long-term operating
lease liabilities
|
|
59.7
|
|
|
—
|
|
Other long-term
obligations and deferred credits
|
|
49.1
|
|
|
54.8
|
|
Deferred income
taxes
|
|
54.8
|
|
|
43.1
|
|
Total
liabilities
|
|
1,063.7
|
|
|
1,034.1
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
Preferred
stock
|
|
—
|
|
|
—
|
|
Common
stock
|
|
—
|
|
|
—
|
|
Additional paid-in
capital
|
|
348.9
|
|
|
329.6
|
|
Retained
earnings
|
|
31.1
|
|
|
16.2
|
|
Treasury stock, at
cost
|
|
(36.6)
|
|
|
(33.4)
|
|
Total shareholders'
equity
|
|
343.4
|
|
|
312.4
|
|
Non-controlling
interest
|
|
26.2
|
|
|
24.8
|
|
Total
equity
|
|
369.6
|
|
|
337.2
|
|
Total liabilities and
equity
|
|
$
|
1,433.3
|
|
|
$
|
1,371.3
|
|
U.S. CONCRETE,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited) (in
millions)
|
|
|
|
Twelve Months
Ended December 31,
|
|
2019
|
|
2018
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net income
|
$
|
16.3
|
|
|
$
|
31.3
|
|
Adjustments to
reconcile net income to net cash provided by
operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
93.2
|
|
|
91.8
|
|
Amortization of debt
issuance costs
|
1.8
|
|
|
1.8
|
|
Change in value of
contingent consideration
|
2.8
|
|
|
—
|
|
Gain on sale of
businesses and assets, net
|
(0.1)
|
|
|
(15.3)
|
|
Gains from eminent
domain matter and property insurance claims
|
(6.0)
|
|
|
—
|
|
Asset
impairments
|
—
|
|
|
1.3
|
|
Deferred income
taxes
|
12.2
|
|
|
14.6
|
|
Provision for
doubtful accounts and customer disputes
|
3.2
|
|
|
4.6
|
|
Stock-based
compensation
|
19.1
|
|
|
10.4
|
|
Other, net
|
(2.2)
|
|
|
(1.3)
|
|
Changes in assets and
liabilities, excluding effects of acquisitions:
|
|
|
|
Accounts
receivable
|
(8.6)
|
|
|
(16.9)
|
|
Inventories
|
(7.8)
|
|
|
(2.1)
|
|
Prepaid expenses and
other current assets
|
8.8
|
|
|
(2.0)
|
|
Other assets and
liabilities
|
3.9
|
|
|
(3.0)
|
|
Accounts payable and
accrued liabilities
|
2.2
|
|
|
7.6
|
|
Net cash provided by
operating activities
|
138.8
|
|
|
122.8
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Purchases of
property, plant and equipment
|
(42.7)
|
|
|
(39.9)
|
|
Payments for
acquisitions, net of cash acquired
|
—
|
|
|
(72.3)
|
|
Proceeds from sale of
businesses and property, plant and equipment
|
2.9
|
|
|
20.7
|
|
Proceeds from eminent
domain matter and property insurance claims
|
6.0
|
|
|
2.6
|
|
Purchase of
environmental credits
|
—
|
|
|
(2.8)
|
|
Net cash used in
investing activities
|
(33.8)
|
|
|
(91.7)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from
revolver borrowings
|
353.5
|
|
|
431.2
|
|
Repayments of
revolver borrowings
|
(368.5)
|
|
|
(425.2)
|
|
Proceeds from stock
option exercises
|
0.2
|
|
|
0.1
|
|
Payments of other
long-term obligations
|
(33.4)
|
|
|
(5.9)
|
|
Payments for finance
leases, promissory notes and other
|
(32.8)
|
|
|
(29.6)
|
|
Payments for Share
Repurchase Program
|
—
|
|
|
(6.7)
|
|
Shares redeemed for
employee income tax obligations
|
(3.2)
|
|
|
(1.9)
|
|
Other
proceeds
|
—
|
|
|
4.6
|
|
Net cash used in
financing activities
|
(84.2)
|
|
|
(33.4)
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND CASH EQUIVALENTS
|
(0.2)
|
|
|
(0.3)
|
|
NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS
|
20.6
|
|
|
(2.6)
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
20.0
|
|
|
22.6
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
|
40.6
|
|
|
$
|
20.0
|
|
NON-GAAP FINANCIAL
MEASURES
(Unaudited)
Total Adjusted EBITDA and Total Adjusted
EBITDA Margin
Total Adjusted EBITDA and Total Adjusted EBITDA Margin are
non-GAAP financial measures. We define Total Adjusted EBITDA
as our net income, excluding the impact of income taxes,
depreciation, depletion and amortization, net interest expense and
certain other non-cash, non-recurring and/or unusual, non-operating
items including, but not limited to: non-cash stock compensation
expense, non-cash change in value of contingent consideration,
impairment of assets, acquisition-related costs, officer transition
expenses, an eminent domain matter and hurricane-related losses
(gains), net. Acquisition-related costs include fees and
expenses for accountants, lawyers and other professionals incurred
during the negotiation and closing of strategic acquisitions and
certain acquired entities' management severance costs.
Acquisition-related costs do not include fees or expenses
associated with post-closing integration of strategic
acquisitions. We define Total Adjusted EBITDA Margin as the
amount determined by dividing Total Adjusted EBITDA by total
revenue. We have included Total Adjusted EBITDA and Total
Adjusted EBITDA Margin herein because they are widely used by
investors for valuation and comparing our financial performance
with the performance of other building material companies. We
also use Total Adjusted EBITDA and Total Adjusted EBITDA Margin to
monitor and compare the financial performance of our
operations. Total Adjusted EBITDA does not give effect to the
cash we must use to service our debt or pay our income taxes and
thus does not reflect the funds actually available for capital
expenditures. In addition, our presentation of Total Adjusted
EBITDA may not be comparable to similarly titled measures other
companies report. Total Adjusted EBITDA and Total Adjusted
EBITDA Margin are not intended to be used as an alternative to any
measure of our performance in accordance with GAAP. The
following table reconciles Total Adjusted EBITDA to the most
directly comparable GAAP financial measure, which is net
income.
($ in
millions)
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Total Adjusted
EBITDA Reconciliation
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
4.4
|
|
|
$
|
3.1
|
|
|
$
|
16.3
|
|
|
$
|
31.3
|
|
Add: Income tax
expense
|
|
4.0
|
|
|
2.3
|
|
|
12.3
|
|
|
16.8
|
|
Income before income
taxes
|
|
8.4
|
|
|
5.4
|
|
|
28.6
|
|
|
48.1
|
|
Add:
Depreciation, depletion and amortization
|
|
23.0
|
|
|
23.6
|
|
|
93.2
|
|
|
91.8
|
|
Add: Interest
expense, net
|
|
11.3
|
|
|
11.8
|
|
|
46.1
|
|
|
46.4
|
|
Add: Non-cash
stock compensation expense
|
|
2.7
|
|
|
2.4
|
|
|
19.1
|
|
|
10.4
|
|
Add: Non-cash
change in value of contingent consideration
|
|
1.2
|
|
|
0.9
|
|
|
2.8
|
|
|
—
|
|
Add/Subtract:
Acquisition-related costs, net
|
|
(0.9)
|
|
|
1.0
|
|
|
0.1
|
|
|
6.2
|
|
Add: Loss on
mixer truck fire
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
Add/Subtract:
Officer transition expenses
|
|
(0.5)
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
Add: Litigation
settlement costs
|
|
0.3
|
|
|
1.2
|
|
|
0.3
|
|
|
2.1
|
|
Add/Subtract:
Eminent domain matter
|
|
—
|
|
|
0.1
|
|
|
(5.3)
|
|
|
0.7
|
|
Subtract:
Hurricane-related gains, net
|
|
—
|
|
|
(0.6)
|
|
|
(2.1)
|
|
|
(0.8)
|
|
Add: Impairment
of assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
Add: Quarry
dredge costs for specific event
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
1.1
|
|
Add: Purchase
accounting adjustments for inventory
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.8
|
|
Subtract: Gain
on sale of business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.6)
|
|
Total Adjusted
EBITDA
|
|
$
|
45.5
|
|
|
$
|
46.2
|
|
|
$
|
184.1
|
|
|
$
|
193.5
|
|
|
|
|
|
|
|
|
|
|
Net income
margin
|
|
1.2
|
%
|
|
0.8
|
%
|
|
1.1
|
%
|
|
2.1
|
%
|
Total Adjusted EBITDA
Margin
|
|
12.3
|
%
|
|
12.5
|
%
|
|
12.5
|
%
|
|
12.8
|
%
|
Adjusted Gross Profit and Adjusted Gross
Margin
Adjusted Gross Profit and Adjusted Gross Margin are non-GAAP
financial measures. We define Adjusted Gross Profit as our
operating income, excluding the impact of depreciation, depletion
and amortization ("DD&A"), selling, general and administrative
expenses, and certain other non-cash, non-recurring and/or unusual,
non-operating items, including change in value of contingent
consideration, impairment of assets, an eminent domain matter, and
hurricane-related losses in COGS before DD&A, purchase
accounting adjustments for inventory and loss (gain) on disposal of
assets, net. We define Adjusted Gross Margin as the amount
determined by dividing Adjusted Gross Profit by total
revenue. We have included Adjusted Gross Profit and Adjusted
Gross Margin herein because they are widely used by investors for
valuing and comparing our financial performance from period to
period. We also use Adjusted Gross Profit and Adjusted Gross
Margin to monitor and compare the financial performance of our
operations. Adjusted Gross Profit and Adjusted Gross Margin
are not intended to be used as an alternative to any measure of our
performance in accordance with GAAP. The following table
reconciles Adjusted Gross Profit to the most directly comparable
GAAP financial measure, which is operating income.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted Gross
Profit Reconciliation
|
|
|
|
|
|
|
|
Operating
income
|
$
|
18.0
|
|
|
$
|
16.7
|
|
|
$
|
65.2
|
|
|
$
|
89.9
|
|
Add: Selling, general
and administrative expenses
|
26.7
|
|
|
30.1
|
|
|
130.0
|
|
|
126.5
|
|
Add: Depreciation,
depletion and amortization
|
23.0
|
|
|
23.6
|
|
|
93.2
|
|
|
91.8
|
|
Add: Change in value
of contingent consideration
|
1.2
|
|
|
0.9
|
|
|
2.8
|
|
|
—
|
|
Add/Subtract: Eminent
domain matter
|
—
|
|
|
0.1
|
|
|
(5.3)
|
|
|
0.7
|
|
Subtract: Gain on
sale/disposal of assets and businesses, net
|
(0.9)
|
|
|
(0.7)
|
|
|
(0.1)
|
|
|
(15.3)
|
|
Add: Impairment of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
Add: Quarry dredge
costs for specific event
|
—
|
|
|
0.3
|
|
|
—
|
|
|
1.1
|
|
Add: Purchase
accounting adjustments for inventory
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.8
|
|
Add:
Hurricane-related losses in COGS before DD&A
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
Adjusted Gross
Profit
|
$
|
68.0
|
|
|
$
|
71.1
|
|
|
$
|
285.8
|
|
|
$
|
297.1
|
|
|
|
|
|
|
|
|
|
Operating income
margin
|
4.9
|
%
|
|
4.5
|
%
|
|
4.4
|
%
|
|
6.0
|
%
|
Adjusted Gross Profit
Margin
|
18.4
|
%
|
|
19.2
|
%
|
|
19.3
|
%
|
|
19.7
|
%
|
Adjusted SG&A and Adjusted SG&A as a
Percentage of Revenue
Adjusted selling, general and administrative expenses
("SG&A") and Adjusted SG&A as a percentage of revenue are
non-GAAP financial measures. We define Adjusted SG&A as
selling, general and administrative expenses, excluding the impact
of certain non-cash, non-recurring and/or unusual, non-operating
items, including stock compensation expense, acquisition-related
costs, officer transition expenses, and litigation settlement
costs. We define Adjusted SG&A as a percentage of revenue
as Adjusted SG&A divided by total revenue. We have
included Adjusted SG&A and Adjusted SG&A as a percentage of
revenue herein because they are used by investors to compare our
SG&A leverage with the performance of other building materials
companies. We use Adjusted SG&A and Adjusted SG&A as
a percentage of revenue to monitor and compare the financial
performance of our operations. Adjusted SG&A and Adjusted
SG&A as a percentage of revenue are not intended to be used as
an alternative to any measure of our performance under GAAP.
The following table reconciles Adjusted SG&A to the most
directly comparable GAAP financial measure, which is SG&A.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted
SG&A
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
$
|
26.7
|
|
|
$
|
30.1
|
|
|
$
|
130.0
|
|
|
$
|
126.5
|
|
Subtract: Non-cash
stock compensation expense
|
(2.7)
|
|
|
(2.4)
|
|
|
(19.1)
|
|
|
(10.4)
|
|
Subtract:
Acquisition-related costs
|
(0.2)
|
|
|
(1.0)
|
|
|
(1.1)
|
|
|
(6.2)
|
|
Add/Subtract: Officer
transition expenses
|
0.5
|
|
|
—
|
|
|
(0.6)
|
|
|
—
|
|
Subtract: Litigation
settlement costs
|
(0.3)
|
|
|
(1.2)
|
|
|
(0.3)
|
|
|
(2.1)
|
|
Adjusted
SG&A
|
$
|
24.0
|
|
|
$
|
25.5
|
|
|
$
|
108.9
|
|
|
$
|
107.8
|
|
|
|
|
|
|
|
|
|
SG&A as a
percentage of revenue
|
7.2
|
%
|
|
8.1
|
%
|
|
8.8
|
%
|
|
8.4
|
%
|
Adjusted SG&A as
a percentage of revenue
|
6.5
|
%
|
|
6.9
|
%
|
|
7.4
|
%
|
|
7.2
|
%
|
Adjusted Net Income Attributable to U.S.
Concrete and Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share
Adjusted Net Income Attributable to U.S. Concrete and Adjusted
Net Income Attributable to U.S. Concrete per Diluted Share are
non-GAAP financial measures. We define Adjusted Net Income
Attributable to U.S. Concrete as net income (loss) attributable to
U.S. Concrete, excluding the impact of income tax expense and
certain other non-cash, non-recurring and/or unusual, non-operating
items including, but not limited to: non-cash stock compensation
expense, non-cash change in value of contingent consideration,
impairment of assets, acquisition-related costs, officer transition
expenses, an eminent domain matter and hurricane-related (gains)
losses, net. We also adjust Adjusted Net Income Attributable
to U.S. Concrete for a normalized effective income tax rate of 27%.
We define Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share as Adjusted Net Income Attributable to U.S. Concrete
on a diluted per share basis. Acquisition-related costs
include fees and expenses for accountants, lawyers and other
professionals incurred during the negotiation and closing of
strategic acquisitions and certain acquired entities' management
severance costs. Acquisition-related costs do not include
fees or expenses associated with post-closing integration of
strategic acquisitions.
We have included Adjusted Net Income Attributable to U.S.
Concrete and Adjusted Net Income Attributable to U.S. Concrete per
Diluted Share herein because they are used by investors for
valuation and comparing our financial performance with the
performance of other building material companies. We use
Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net
Income Attributable to U.S. Concrete per Diluted Share to monitor
and compare the financial performance of our operations.
Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net
Income Attributable to U.S. Concrete per Diluted Share are not
intended to be used as an alternative to any measure of our
performance in accordance with GAAP.
The following tables reconcile (i) Adjusted Net Income
Attributable to U.S. Concrete to the most directly comparable GAAP
financial measure, which is net income attributable to U.S.
Concrete and (ii) Adjusted Net Income Attributable to U.S. Concrete
per Diluted Share to the most directly comparable GAAP financial
measure, which is net income attributable to U.S. Concrete per
diluted share.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted Net
Income Attributable to U.S. Concrete Reconciliation
|
|
|
|
|
|
|
|
Net income
attributable to U.S. Concrete
|
$
|
3.9
|
|
|
$
|
2.0
|
|
|
$
|
14.9
|
|
|
$
|
30.0
|
|
Add: Income tax
expense
|
4.0
|
|
|
2.3
|
|
|
12.3
|
|
|
16.8
|
|
Adjusted Income
before income taxes
|
7.9
|
|
|
4.3
|
|
|
27.2
|
|
|
46.8
|
|
Add: Non-cash stock
compensation expense
|
2.7
|
|
|
2.4
|
|
|
19.1
|
|
|
10.4
|
|
Add: Non-cash change
in value of contingent consideration
|
1.2
|
|
|
0.9
|
|
|
2.8
|
|
|
—
|
|
Add/Subtract:
Acquisition-related costs, net
|
(0.9)
|
|
|
1.0
|
|
|
0.1
|
|
|
6.2
|
|
Add: Loss on mixer
truck fire
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
Add/Subtract: Officer
transition expenses
|
(0.5)
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
Add: Litigation
settlement costs
|
0.3
|
|
|
1.2
|
|
|
0.3
|
|
|
2.1
|
|
Add/Subtract: Eminent
domain matter
|
—
|
|
|
0.1
|
|
|
(5.3)
|
|
|
0.7
|
|
Subtract:
Hurricane-related gains, net
|
—
|
|
|
(0.6)
|
|
|
(2.1)
|
|
|
(0.8)
|
|
Add: Impairment of
assets
|
—
|
|
|
—
|
|
|
—
|
|
|
1.3
|
|
Add: Quarry dredge
costs for specific event
|
—
|
|
|
0.3
|
|
|
—
|
|
|
1.1
|
|
Add: Purchase
accounting adjustments for inventory
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.8
|
|
Subtract: Gain on
sale of business
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.6)
|
|
Adjusted income
before income taxes
|
10.7
|
|
|
9.7
|
|
|
43.4
|
|
|
54.0
|
|
Subtract:
Normalized income tax expense(1)
|
2.9
|
|
|
2.6
|
|
|
11.7
|
|
|
14.6
|
|
Adjusted Net Income
Attributable to U.S. Concrete
|
$
|
7.8
|
|
|
$
|
7.1
|
|
|
$
|
31.7
|
|
|
$
|
39.4
|
|
|
|
|
|
|
|
|
|
(1)
|
Assumes a
normalized effective tax rate of 27% in all periods.
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted Net
Income Attributable to U.S. Concrete
per Diluted Share
Reconciliation
|
|
|
|
|
|
|
|
Net income
attributable to U.S. Concrete
|
$
|
0.23
|
|
|
$
|
0.12
|
|
|
$
|
0.91
|
|
|
$
|
1.82
|
|
Add: Income tax
expense
|
0.24
|
|
|
0.14
|
|
|
0.75
|
|
|
1.01
|
|
Adjusted income
before income taxes
|
0.47
|
|
|
0.26
|
|
|
1.66
|
|
|
2.83
|
|
Add: Impact of
non-cash stock compensation expense
|
0.16
|
|
|
0.15
|
|
|
1.16
|
|
|
0.63
|
|
Add: Impact of
non-cash change in value of contingent consideration
|
0.07
|
|
|
0.05
|
|
|
0.17
|
|
|
—
|
|
Add/Subtract:
Impact of acquisition-related costs, net
|
(0.05)
|
|
|
0.06
|
|
|
0.01
|
|
|
0.38
|
|
Add: Impact of
loss from mixer truck fire
|
—
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
Add/Subtract:
Impact of officer transition expenses
|
(0.03)
|
|
|
—
|
|
|
0.04
|
|
|
—
|
|
Add: Impact of
litigation settlement costs
|
0.02
|
|
|
0.07
|
|
|
0.02
|
|
|
0.13
|
|
Add/Subtract:
Impact of eminent domain matter
|
—
|
|
|
0.01
|
|
|
(0.32)
|
|
|
0.04
|
|
Subtract:
Impact of hurricane-related gains, net
|
—
|
|
|
(0.04)
|
|
|
(0.13)
|
|
|
(0.05)
|
|
Add: Impact of
impairment of assets
|
—
|
|
|
—
|
|
|
—
|
|
|
0.08
|
|
Add: Impact of
quarry dredge costs for specific event
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.06
|
|
Add: Impact of
purchase accounting adjustments for inventory
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.05
|
|
Subtract:
Impact of gain on sale of business
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.88)
|
|
Adjusted income
before income taxes
|
0.64
|
|
|
0.59
|
|
|
2.65
|
|
|
3.27
|
|
Subtract:
Normalized income tax expense(1)
|
(0.17)
|
|
|
(0.16)
|
|
|
(0.72)
|
|
|
(0.88)
|
|
Adjusted Net Income
Attributable to U.S. Concrete per Diluted Share
|
$
|
0.47
|
|
|
$
|
0.43
|
|
|
$
|
1.93
|
|
|
$
|
2.39
|
|
|
|
|
|
|
|
|
|
(1)
|
Assumes a
normalized effective tax rate of 27% in all periods.
|
Adjusted Free Cash Flow
Adjusted Free Cash Flow is a non-GAAP financial measure.
We define Adjusted Free Cash Flow as net cash provided by operating
activities less purchases of property, plant and equipment and
purchase of environmental credits plus proceeds from the disposal
of businesses and property, plant and equipment, eminent domain
matter, and insurance proceeds from property loss claims. We
consider Adjusted Free Cash Flow to be an important indicator of
our ability to service our debt and generate cash for acquisitions
and other strategic investments. However, Adjusted Free Cash
Flow is not intended to be used as an alternative to any measure of
our liquidity in accordance with GAAP. The following table
reconciles Adjusted Free Cash Flow to the most directly comparable
GAAP financial measure, which is net cash provided by operating
activities.
($ in
millions)
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Adjusted Free Cash
Flow Reconciliation
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
46.7
|
|
|
$
|
32.6
|
|
|
$
|
138.8
|
|
|
$
|
122.8
|
|
Subtract: Purchases
of property, plant and equipment
|
(14.1)
|
|
|
(7.7)
|
|
|
(42.7)
|
|
|
(39.9)
|
|
Subtract: Purchase of
environmental credits
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.8)
|
|
Add: Proceeds from
sale of businesses and property,
plant and
equipment
|
1.6
|
|
|
2.1
|
|
|
2.9
|
|
|
20.7
|
|
Add: Proceeds from
eminent domain matter and property
insurance
claims
|
—
|
|
|
0.5
|
|
|
6.0
|
|
|
2.6
|
|
Adjusted Free Cash
Flow
|
$
|
34.2
|
|
|
$
|
27.5
|
|
|
$
|
105.0
|
|
|
$
|
103.4
|
|
Net Debt
Net Debt is a non-GAAP financial measure. We define Net
Debt as total debt, including current maturities and capital lease
obligations, less cash and cash equivalents. We believe that
Net Debt is useful to investors as a measure of our financial
position. We use Net Debt to monitor and compare our
financial position from period to period. However, Net Debt
is not intended to be used as an alternative to any measure of our
financial position in accordance with GAAP. The following
table reconciles Net Debt to the most directly comparable GAAP
financial measure, which is total debt, including current
maturities and capital lease obligations.
($ in
millions)
|
|
As
of
|
|
As
of
|
|
|
December 31,
2019
|
|
December 31,
2018
|
Net Debt
Reconciliation
|
|
|
|
|
Total debt, including
current maturities and finance lease obligations
|
|
$
|
687.3
|
|
|
$
|
714.1
|
|
Subtract: cash and
cash equivalents
|
|
40.6
|
|
|
20.0
|
|
Net Debt
|
|
$
|
646.7
|
|
|
$
|
694.1
|
|
Net Debt to Total Adjusted EBITDA
Net Debt to Total Adjusted EBITDA is a non-GAAP financial
measure. We define Net Debt to Total Adjusted EBITDA as Net Debt
divided by Total Adjusted EBITDA for the applicable last
twelve-month period. We define Total Adjusted EBITDA as our
net income, excluding the impact of income taxes, depreciation,
depletion and amortization, net interest expense and certain other
non-cash, non-recurring and/or unusual, non-operating items
including, but not limited to: non-cash stock compensation expense,
non-cash change in value of contingent consideration, impairment of
assets, acquisition-related costs, officer transition expenses, an
eminent domain matter, and hurricane-related losses (gains), net.
We believe that Net Debt to Total Adjusted EBITDA is useful to
investors as a measure of our financial position. We use this
measure to monitor and compare our financial position from period
to period. However, Net Debt to Total Adjusted EBITDA is not
intended to be used as an alternative to any measure of our
financial position in accordance with GAAP. The following
table presents our calculation of Net Debt to Total Adjusted EBITDA
and the most directly comparable GAAP ratio, which is total debt to
last twelve months ("LTM") net income attributable to U.S.
Concrete. For an explanation and reconciliation of Total Adjusted
EBITDA, see page 10 of this release.
($ in
millions)
|
|
Twelve Month
Period
|
|
|
January 1, 2019
to
|
|
|
December 31,
2019
|
Total Adjusted
EBITDA
|
|
$
|
184.1
|
|
|
|
|
Net Debt
|
|
$
|
646.7
|
|
|
|
|
Total debt to LTM net
income attributable to U.S. Concrete
|
|
42.17x
|
Net Debt to Total
Adjusted EBITDA as of December 31, 2019
|
|
3.5x
|
Source: USCR-E
Contact:
|
U.S. Concrete, Inc.
Investor Relations
|
|
844-828-4774
|
|
IR@us-concrete.com
|
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SOURCE U.S. Concrete, Inc.