US CONCRETE INC

CIK:0001073429|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 327.4	$ 322.7	$ 613.1	$ 657.1
Cost of goods sold excluding depreciation, depletion and amortization	259.4	250.1	492.5	524.0
Selling, general and administrative expenses	48.3	31.7	77.6	65.4
Depreciation, depletion and amortization	25.7	25.2	50.1	48.6
Change in value of contingent consideration	0.0	(5.8)	(0.1)	(5.5)
Gain on sale/disposal of assets and business, net	(0.1)	(0.1)	(1.6)	(0.1)
Operating income (loss)	(5.9)	21.6	(5.4)	24.7
Interest expense, net	10.3	11.4	20.7	22.8
Loss on extinguishment of debt	5.5	0.0	5.5	0.0
Other income, net	(0.5)	(0.6)	(0.9)	(1.2)
Income (loss) before income taxes	(21.2)	10.8	(30.7)	3.1
Income tax expense (benefit)	(0.7)	4.3	(5.4)	(0.6)
Net income (loss)	(20.5)	6.5	(25.3)	3.7
Amounts attributable to non-controlling interest	(0.2)	(0.1)	(0.2)	0.2
Net income (loss) attributable to U.S. Concrete	$ (20.3)	$ 6.6	$ (25.1)	$ 3.5
Earnings (loss) per share attributable to U.S. Concrete:
Basic earnings per share (in dollars per share)	$ (1.19)	$ 0.39	$ (1.49)	$ 0.21
Diluted earnings per share (in dollars per share)	$ (1.19)	$ 0.39	$ (1.49)	$ 0.21
Weighted average shares outstanding:
Basic (in shares)	17.0	16.6	16.9	16.6
Diluted (in shares)	17.0	16.6	16.9	16.6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (25.3)	$ 3.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	50.1	48.6
Loss on extinguishment of debt	5.5	0.0
Amortization of debt issuance costs	1.0	1.0
Change in value of contingent consideration	(0.1)	(5.5)
Gain on sale/disposal of assets and business, net	(1.6)	(0.1)
Deferred income taxes	5.8	2.6
Provision for doubtful accounts and customer disputes	1.0	1.0
Stock-based compensation	17.6	6.2
Other, net	1.0	(0.8)
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable	18.0	24.9
Inventories	(13.1)	1.7
Prepaid expenses and other current assets	(10.7)	(3.0)
Other assets and liabilities	(4.4)	2.7
Accounts payable and accrued liabilities	(40.4)	1.1
Net cash provided by operating activities	4.4	84.1
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(46.0)	(14.2)
Proceeds from sale of business and property, plant and equipment	3.0	0.3
Payments for acquisition of businesses	(0.2)	(140.2)
Net cash used in investing activities	(43.2)	(154.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolver borrowings	274.4	260.8
Repayments of revolver borrowings	(277.4)	(204.3)
Proceeds from issuance of term loans	296.2	0.0
Repayment of senior unsecured notes	(200.0)	0.0
Premium paid on early retirement of debt	(3.2)	0.0
Payments for acquisition-related liabilities	(8.2)	(9.9)
Payments for finance leases, promissory notes and other	(17.6)	(10.8)
Shares redeemed for employee income tax obligations	(14.3)	(1.2)
Proceeds from finance leases and other	0.0	14.5
Debt issuance costs	(1.2)	(2.2)
Net cash provided by financing activities	48.7	46.9
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(0.1)	0.0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	9.8	(23.1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11.1	40.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	20.9	17.5
Supplemental Disclosure of Cash Flow Information:
Net cash paid for interest	18.2	22.6
Net cash paid for (refund from) income taxes	1.8	(0.1)
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Capital expenditures funded by finance leases and promissory notes	11.6	13.7
Net right-of-use assets obtained in exchange for operating lease liabilities	4.5	7.4
Acquisitions funded by deferred consideration	0.0	1.7
Transfer of non-controlling interest	$ 0.0	$ 3.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 20.9	$ 11.1
Trade accounts receivable, net	193.5	212.5
Inventories	76.5	70.3
Other receivables, net	25.8	13.2
Prepaid expenses and other	9.1	11.1
Total current assets	325.8	318.2
Property, plant and equipment, net of accumulated depreciation, depletion and amortization of $395.3 as of June 30, 2021 and $360.2 as of December 31, 2020	806.8	788.2
Operating lease assets	73.2	76.1
Goodwill	238.0	238.2
Intangible assets, net of accumulated amortization of $102.1 as of June 30, 2021 and $97.5 as of December 31, 2020	60.0	70.9
Other assets	19.8	14.7
Total assets	1,523.6	1,506.3
Current liabilities:
Accounts payable	94.3	127.8
Accrued liabilities	75.6	86.1
Current maturities of long-term debt	40.8	33.7
Current operating lease liabilities	14.7	14.3
Total current liabilities	225.4	261.9
Long-term debt, net of current maturities	748.3	668.7
Long-term operating lease liabilities	62.5	65.5
Other long-term obligations and deferred credits	46.4	51.9
Deferred income taxes	61.3	56.6
Total liabilities	1,143.9	1,104.6
Commitments and contingencies (Note 9)
Equity:
Additional paid-in capital	381.4	363.8
Retained earnings	28.2	53.3
Treasury stock, at cost	(52.2)	(37.9)
Total shareholders' equity	357.4	379.2
Non-controlling interest	22.3	22.5
Total equity	379.7	401.7
Total liabilities and equity	$ 1,523.6	$ 1,506.3