Granite Reports Second Quarter 2024 Results and Announces Agreement to Acquire Dickerson & Bowen, Inc.
-
Q2 revenue increased 20% year-over-year to
$1.1 billion -
Q2 diluted EPS of
$0.76 and adjusted diluted EPS (1) of$1.73 -
Committed and Awarded Projects (“CAP”) (2) of
$5.6 billion , a sequential increase of$77 million -
Entered into an agreement, subject to customary closing conditions, to acquire
Dickerson & Bowen, Inc. , a leading regional aggregates, asphalt, and highway construction company serving central and southernMississippi
Second Quarter 2024 Results
Net income attributable to
-
Revenue increased
$183 million to$1.1 billion compared to$899 million for the same period in the prior year. The Construction and Materials segments posted year-over-year increases of 22% and 10%, respectively. -
Gross profit increased
$62 million to$165 million compared to$103 million for the same period in the prior year. -
Selling, general, and administrative (“SG&A”) expenses increased
$5 million to$70 million , or 6.5% of revenue, compared to$65 million , or 7.2% of revenue, for the same period in the prior year. -
Adjusted EBITDA (1) totaled
$130 million compared to$81 million for the same period in the prior year. -
CAP (2) increased
$77 million sequentially and$139 million year-over-year to$5.6 billion .
“I am pleased with our strong second quarter,” said
“In addition, we are excited to announce the agreement to acquire
Six Months Ended
Net income attributable to
-
Revenue increased
$296 million to$1.8 billion compared to$1.5 billion for the same period in the prior year. The Construction and Materials segments posted year-over-year increases of 21% and 17%, respectively. -
Gross profit increased
$84 million to$219 million compared to$135 million for the same period in the prior year. -
SG&A expenses increased
$20 million to$158 million , or 9.0% of revenue, compared to$138 million , or 9.4% of revenue, for the same period in the prior year. -
Adjusted EBITDA (1) totaled
$144 million compared to$77 million for the same period in the prior year.
(1) |
Adjusted net income attributable to |
|
(2) |
CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable. |
Three and Six Months ended
Construction Segment |
|||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|||||||||||
Revenue |
$ |
917,954 |
|
|
$ |
749,413 |
|
|
$ |
168,541 |
|
22.5 |
% |
|
$ |
1,513,167 |
|
|
$ |
1,252,829 |
|
|
$ |
260,338 |
|
20.8 |
% |
||
Gross profit |
$ |
135,372 |
|
|
$ |
79,154 |
|
|
$ |
56,218 |
|
|
71.0 |
% |
|
$ |
192,200 |
|
|
$ |
115,859 |
|
|
$ |
76,341 |
|
|
65.9 |
% |
Gross profit as a percent of revenue |
|
14.7 |
% |
|
|
10.6 |
% |
|
|
|
|
|
|
12.7 |
% |
|
|
9.2 |
% |
|
|
|
|
For the three and six months ended
CAP increased
Materials Segment |
|||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||||||||||
Revenue |
$ |
164,532 |
|
|
$ |
149,139 |
|
|
$ |
15,393 |
|
10.3 |
% |
|
$ |
241,594 |
|
|
$ |
205,791 |
|
|
$ |
35,803 |
|
17.4 |
% |
||
Gross profit |
$ |
29,339 |
|
|
$ |
23,932 |
|
|
$ |
5,407 |
|
|
22.6 |
% |
|
$ |
26,796 |
|
|
$ |
19,586 |
|
|
$ |
7,210 |
|
|
36.8 |
% |
Gross profit as a percent of revenue |
|
17.8 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
11.1 |
% |
|
|
9.5 |
% |
|
|
|
|
||||||
Cash gross profit(1) |
$ |
39,300 |
|
|
$ |
30,314 |
|
|
$ |
8,986 |
|
|
29.6 |
% |
|
$ |
46,516 |
|
|
$ |
31,378 |
|
|
$ |
15,138 |
|
|
48.2 |
% |
Cash gross profit as a percent of revenue(1) |
|
23.9 |
% |
|
|
20.3 |
% |
|
|
|
|
|
|
19.3 |
% |
|
|
15.2 |
% |
|
|
|
|
(1) |
Materials segment cash gross profit and cash gross profit as a percent of revenue are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables. |
For the three and six months ended
Outlook
Our guidance for 2024 is unchanged with the exception of revenue as noted below.
-
Revenue in the range of
$3.9 billion to$4.0 billion , narrowed from$3.8 billion to$4.0 billion - Adjusted EBITDA margin in the range of 9.5% to 11.5%
- SG&A expense in the range of 7.5% to 8.0% of revenue
- Mid-20s effective tax rate for adjusted net income
-
Capital expenditures of approximately
$130 million to$150 million
We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward-looking GAAP measure of net income attributable to
Conference Call
Granite will conduct a conference call today,
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in
Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2024 fiscal year guidance for revenue, adjusted EBITDA margin, SG&A expense, effective tax rate, and capital expenditures, the acquisition of
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.
|
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(Unaudited - in thousands, except share and per share data) |
|||||||
|
|
|
|
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
366,746 |
|
$ |
417,663 |
||
Short-term marketable securities |
|
10,500 |
|
|
|
35,863 |
|
Receivables, net |
|
709,248 |
|
|
|
598,705 |
|
Contract assets |
|
309,376 |
|
|
|
262,987 |
|
Inventories |
|
119,060 |
|
|
|
103,898 |
|
Equity in construction joint ventures |
|
157,070 |
|
|
|
171,233 |
|
Other current assets |
|
34,168 |
|
|
|
53,102 |
|
Total current assets |
|
1,706,168 |
|
|
|
1,643,451 |
|
Property and equipment, net |
|
670,876 |
|
|
|
662,864 |
|
Investments in affiliates |
|
93,499 |
|
|
|
92,910 |
|
|
|
146,768 |
|
|
|
155,004 |
|
Intangible assets |
|
107,575 |
|
|
|
117,322 |
|
Right of use assets |
|
78,374 |
|
|
|
78,176 |
|
Deferred income taxes, net |
|
19,989 |
|
|
|
8,179 |
|
Other noncurrent assets |
|
58,120 |
|
|
|
55,634 |
|
Total assets |
$ |
2,881,369 |
|
|
$ |
2,813,540 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Current maturities of long-term debt |
$ |
1,510 |
|
|
$ |
39,932 |
|
Accounts payable |
|
450,656 |
|
|
|
408,363 |
|
Contract liabilities |
|
262,198 |
|
|
|
243,848 |
|
Accrued expenses and other current liabilities |
|
302,039 |
|
|
|
337,740 |
|
Total current liabilities |
|
1,016,403 |
|
|
|
1,029,883 |
|
Long-term debt |
|
737,436 |
|
|
|
614,781 |
|
Long-term lease liabilities |
|
64,995 |
|
|
|
63,548 |
|
Deferred income taxes, net |
|
3,272 |
|
|
|
3,708 |
|
Other long-term liabilities |
|
71,848 |
|
|
|
74,654 |
|
Commitments and contingencies |
|
|
|
||||
Equity |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
437 |
|
|
|
439 |
|
Additional paid-in capital |
|
435,271 |
|
|
|
474,134 |
|
Accumulated other comprehensive income |
|
270 |
|
|
|
881 |
|
Retained earnings |
|
495,679 |
|
|
|
501,844 |
|
|
|
931,657 |
|
|
|
977,298 |
|
Non-controlling interests |
|
55,758 |
|
|
|
49,668 |
|
Total equity |
|
987,415 |
|
|
|
1,026,966 |
|
Total liabilities and equity |
$ |
2,881,369 |
|
|
$ |
2,813,540 |
|
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(Unaudited - in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Construction |
$ |
917,954 |
|
|
$ |
749,413 |
|
|
$ |
1,513,167 |
|
|
$ |
1,252,829 |
|
Materials |
|
164,532 |
|
|
|
149,139 |
|
|
|
241,594 |
|
|
|
205,791 |
|
Total revenue |
|
1,082,486 |
|
|
|
898,552 |
|
|
|
1,754,761 |
|
|
|
1,458,620 |
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
Construction |
|
782,582 |
|
|
|
670,259 |
|
|
|
1,320,967 |
|
|
|
1,136,970 |
|
Materials |
|
135,193 |
|
|
|
125,207 |
|
|
|
214,798 |
|
|
|
186,205 |
|
Total cost of revenue |
|
917,775 |
|
|
|
795,466 |
|
|
|
1,535,765 |
|
|
|
1,323,175 |
|
Gross profit |
|
164,711 |
|
|
|
103,086 |
|
|
|
218,996 |
|
|
|
135,445 |
|
Selling, general and administrative expenses |
|
70,052 |
|
|
|
64,563 |
|
|
|
158,045 |
|
|
|
137,685 |
|
Other costs, net |
|
10,225 |
|
|
|
13,607 |
|
|
|
21,235 |
|
|
|
18,130 |
|
Gain on sales of property and equipment, net |
|
(1,387 |
) |
|
|
(3,944 |
) |
|
|
(2,805 |
) |
|
|
(5,981 |
) |
Operating income (loss) |
|
85,821 |
|
|
|
28,860 |
|
|
|
42,521 |
|
|
|
(14,389 |
) |
Other (income) expense |
|
|
|
|
|
|
|
||||||||
Loss on debt extinguishment |
|
27,824 |
|
|
|
51,052 |
|
|
|
27,824 |
|
|
|
51,052 |
|
Interest income |
|
(3,600 |
) |
|
|
(3,232 |
) |
|
|
(10,302 |
) |
|
|
(6,994 |
) |
Interest expense |
|
5,337 |
|
|
|
4,131 |
|
|
|
13,420 |
|
|
|
7,022 |
|
Equity in income of affiliates, net |
|
(4,557 |
) |
|
|
(7,044 |
) |
|
|
(8,527 |
) |
|
|
(12,231 |
) |
Other (income) expense, net |
|
1,267 |
|
|
|
(1,225 |
) |
|
|
(476 |
) |
|
|
(3,175 |
) |
Total other expense, net |
|
26,271 |
|
|
|
43,682 |
|
|
|
21,939 |
|
|
|
35,674 |
|
Income (loss) before income taxes |
|
59,550 |
|
|
|
(14,822 |
) |
|
|
20,582 |
|
|
|
(50,063 |
) |
Provision for (benefit from) income taxes |
|
20,693 |
|
|
|
9,024 |
|
|
|
11,167 |
|
|
|
(445 |
) |
Net income (loss) |
|
38,857 |
|
|
|
(23,846 |
) |
|
|
9,415 |
|
|
|
(49,618 |
) |
Amount attributable to non-controlling interests |
|
(1,962 |
) |
|
|
6,846 |
|
|
|
(3,503 |
) |
|
|
9,595 |
|
Net income (loss) attributable to Granite |
$ |
36,895 |
|
|
$ |
(17,000 |
) |
|
$ |
5,912 |
|
|
$ |
(40,023 |
) |
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share attributable to |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.84 |
|
|
$ |
(0.39 |
) |
|
$ |
0.13 |
|
|
$ |
(0.91 |
) |
Diluted |
$ |
0.76 |
|
|
$ |
(0.39 |
) |
|
$ |
0.13 |
|
|
$ |
(0.91 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
44,060 |
|
|
|
43,892 |
|
|
|
44,024 |
|
|
|
43,829 |
|
Diluted |
|
52,727 |
|
|
|
43,892 |
|
|
|
44,593 |
|
|
|
43,829 |
|
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited - in thousands) |
|||||||
Six Months Ended |
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
||||
Net income (loss) |
$ |
9,415 |
|
|
$ |
(49,618 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation, depletion and amortization |
|
58,468 |
|
|
|
41,528 |
|
Amortization related to long-term debt |
|
2,334 |
|
|
|
988 |
|
Loss on debt extinguishment |
|
27,824 |
|
|
|
51,052 |
|
Gain on sales of property and equipment, net |
|
(2,805 |
) |
|
|
(5,981 |
) |
Stock-based compensation |
|
15,084 |
|
|
|
6,702 |
|
Equity in net (income) loss from unconsolidated construction joint ventures |
|
(752 |
) |
|
|
4,005 |
|
Net income from affiliates |
|
(8,527 |
) |
|
|
(12,231 |
) |
Other non-cash adjustments |
|
(348 |
) |
|
|
(7 |
) |
Changes in assets and liabilities |
|
(78,609 |
) |
|
|
(155,386 |
) |
Net cash provided by (used in) operating activities |
$ |
22,084 |
|
|
$ |
(118,948 |
) |
Investing activities |
|
|
|
||||
Maturities of marketable securities |
|
25,000 |
|
|
|
30,000 |
|
Purchases of property and equipment |
|
(66,861 |
) |
|
|
(79,689 |
) |
Proceeds from sales of property and equipment |
|
4,229 |
|
|
|
10,564 |
|
Proceeds from company owned life insurance |
|
— |
|
|
|
1,545 |
|
Return of investment in affiliates |
|
693 |
|
|
|
— |
|
Cash paid for purchase price adjustments on business acquisition |
|
(13,183 |
) |
|
|
— |
|
Acquisition of business |
|
— |
|
|
|
(26,933 |
) |
Collection of notes receivable |
|
— |
|
|
|
135 |
|
Net cash used in investing activities |
$ |
(50,122 |
) |
|
$ |
(64,378 |
) |
Financing activities |
|
|
|
||||
Proceeds from issuance of convertible notes |
|
373,750 |
|
|
|
373,750 |
|
Proceeds from long-term debt |
|
— |
|
|
|
55,000 |
|
Debt principal repayments |
|
(309,808 |
) |
|
|
(249,589 |
) |
Capped call transactions |
|
(46,046 |
) |
|
|
(53,035 |
) |
Redemption of warrants |
|
586 |
|
|
|
(13,201 |
) |
Debt issuance costs |
|
(9,654 |
) |
|
|
(9,806 |
) |
Cash dividends paid |
|
(11,452 |
) |
|
|
(11,391 |
) |
Repurchases of common stock |
|
(21,144 |
) |
|
|
(3,766 |
) |
Contributions from non-controlling partners |
|
17,000 |
|
|
|
22,400 |
|
Distributions to non-controlling partners |
|
(16,372 |
) |
|
|
(6,850 |
) |
Other financing activities, net |
|
261 |
|
|
|
269 |
|
Net cash provided by (used in) financing activities |
$ |
(22,879 |
) |
|
$ |
103,781 |
|
Net decrease in cash and cash equivalents |
|
(50,917 |
) |
|
|
(79,545 |
) |
Cash and cash equivalents at beginning of period |
|
417,663 |
|
|
|
293,991 |
|
Cash and cash equivalents at end of period |
$ |
366,746 |
|
|
$ |
214,446 |
|
Non-GAAP Financial Information
The tables below contain financial information calculated other than in accordance with
We provide adjusted income before income taxes, adjusted provision for income taxes, adjusted net income attributable to
- Other costs, net as described above;
- Transaction costs which include acquired intangible amortization expense and acquisition-related depreciation;
- Loss on debt extinguishment, and
- Stock-based compensation expense.
We also provide materials segment cash gross profit to exclude the impact of the segment’s depreciation, depletion and amortization from the segment’s gross profit. Management believes that non-GAAP financial measures such as materials segment cash gross profit are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures.
Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating the Company's performance. However, the reader is cautioned that any non-GAAP financial measures provided by the Company are provided in addition to, and not as alternatives for, the Company's reported results prepared in accordance with GAAP. Items that may have a significant impact on the Company's financial position, results of operations and cash flows must be considered when assessing the Company's actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by the Company may not be comparable to similar measures provided by other companies.
|
|||||||||||||||
EBITDA AND ADJUSTED EBITDA(1) |
|||||||||||||||
(Unaudited - dollars in thousands) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
EBITDA: |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
36,895 |
|
|
$ |
(17,000 |
) |
|
$ |
5,912 |
|
|
$ |
(40,023 |
) |
Net income (loss) margin (2) |
|
3.4 |
% |
|
|
(1.9 |
)% |
|
|
0.3 |
% |
|
|
(2.7 |
)% |
|
|
|
|
|
|
|
|
||||||||
Depreciation, depletion and amortization expense (3) |
|
30,303 |
|
|
|
21,937 |
|
|
|
59,576 |
|
|
|
41,811 |
|
Provision for (benefit from) income taxes |
|
20,693 |
|
|
|
9,024 |
|
|
|
11,167 |
|
|
|
(445 |
) |
Interest expense, net |
|
1,737 |
|
|
|
899 |
|
|
|
3,118 |
|
|
|
28 |
|
EBITDA(1) |
$ |
89,628 |
|
|
$ |
14,860 |
|
|
$ |
79,773 |
|
|
$ |
1,371 |
|
EBITDA margin(1)(2) |
|
8.3 |
% |
|
|
1.7 |
% |
|
|
4.5 |
% |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
||||||||
ADJUSTED EBITDA: |
|
|
|
|
|
|
|
||||||||
Other costs, net |
|
10,225 |
|
|
|
13,607 |
|
|
|
21,235 |
|
|
|
18,130 |
|
Stock-based compensation (4) |
|
2,189 |
|
|
|
1,874 |
|
|
|
15,084 |
|
|
|
6,702 |
|
Loss on debt extinguishment |
|
27,824 |
|
|
|
51,052 |
|
|
|
27,824 |
|
|
|
51,052 |
|
Adjusted EBITDA(1) |
$ |
129,866 |
|
|
$ |
81,393 |
|
|
$ |
143,916 |
|
|
$ |
77,255 |
|
Adjusted EBITDA margin(1)(2) |
|
12.0 |
% |
|
|
9.1 |
% |
|
|
8.2 |
% |
|
|
5.3 |
% |
(1) |
We define EBITDA as GAAP net income attributable to |
|
(2) |
Represents net income (loss), EBITDA and adjusted EBITDA divided by consolidated revenue of |
|
(3) |
Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations. |
|
(4) |
In the first quarter of 2024, we revised the adjusted EBITDA calculation to exclude the impact of stock-based compensation expense. The prior period adjusted EBITDA has been recast to conform to current presentation. |
|
|||||||||||||||
ADJUSTED NET INCOME (LOSS) RECONCILIATION |
|||||||||||||||
(Unaudited - in thousands, except per share data) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Income (loss) before income taxes |
$ |
59,550 |
|
|
$ |
(14,822 |
) |
|
$ |
20,582 |
|
|
$ |
(50,063 |
) |
Other costs, net |
|
10,225 |
|
|
|
13,607 |
|
|
|
21,235 |
|
|
|
18,130 |
|
Transaction costs |
|
4,313 |
|
|
|
2,460 |
|
|
|
9,940 |
|
|
|
4,954 |
|
Stock-based compensation (1) |
|
2,189 |
|
|
|
1,874 |
|
|
|
15,084 |
|
|
|
6,702 |
|
Loss on debt extinguishment |
|
27,824 |
|
|
|
51,052 |
|
|
|
27,824 |
|
|
|
51,052 |
|
Adjusted income before income taxes |
$ |
104,101 |
|
|
$ |
54,171 |
|
|
$ |
94,665 |
|
|
$ |
30,775 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for (benefit from) income taxes |
$ |
20,693 |
|
|
$ |
9,024 |
|
|
$ |
11,167 |
|
|
$ |
(445 |
) |
Tax effect of adjusting items (2) |
|
4,469 |
|
|
|
4,665 |
|
|
|
12,147 |
|
|
|
7,744 |
|
Adjusted provision for income taxes |
$ |
25,162 |
|
|
$ |
13,689 |
|
|
$ |
23,314 |
|
|
$ |
7,299 |
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to |
$ |
36,895 |
|
|
$ |
(17,000 |
) |
|
$ |
5,912 |
|
|
$ |
(40,023 |
) |
After-tax adjusting items |
|
40,082 |
|
|
|
64,328 |
|
|
|
61,936 |
|
|
|
73,094 |
|
Adjusted net income attributable to Granite |
$ |
76,977 |
|
|
$ |
47,328 |
|
|
$ |
67,848 |
|
|
$ |
33,071 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares of common stock |
|
52,727 |
|
|
|
43,892 |
|
|
|
44,593 |
|
|
|
43,829 |
|
Add: dilutive effect of restricted stock units and Convertible Notes (3) |
|
35 |
|
|
|
10,681 |
|
|
|
8,138 |
|
|
|
10,679 |
|
Less: dilutive effect of Convertible Notes (4) |
|
(8,138 |
) |
|
|
(10,095 |
) |
|
|
(8,138 |
) |
|
|
(10,095 |
) |
Adjusted diluted weighted average shares of common stock |
|
44,624 |
|
|
|
44,478 |
|
|
|
44,593 |
|
|
|
44,413 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted net income (loss) per share attributable to common shareholders |
$ |
0.76 |
|
|
$ |
(0.39 |
) |
|
$ |
0.13 |
|
|
$ |
(0.91 |
) |
After-tax adjusting items per share attributable to common shareholders |
|
0.97 |
|
|
|
1.45 |
|
|
|
1.39 |
|
|
|
1.65 |
|
Adjusted diluted earnings per share attributable to common shareholders |
$ |
1.73 |
|
|
$ |
1.06 |
|
|
$ |
1.52 |
|
|
$ |
0.74 |
|
(1) |
In the first quarter of 2024, we revised the adjusted net income calculation to exclude the impact of stock-based compensation expense. The prior period adjusted net income and diluted loss per share calculations have been recast to conform to current presentation. |
|
(2) |
The tax effect of adjusting items was calculated using the Company’s estimated annual statutory tax. The tax effect of adjusting items for the three and six months ended |
|
(3) |
The dilutive effect of the restricted stock units (“RSUs”) is included in the three and six months ended |
|
(4) |
When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. For the purposes of calculating adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes is removed to reflect the impact of the purchased equity derivative instruments which economically offsets dilution risk. |
|
|||||||||||||||||||||||||||||||
MATERIALS SEGMENT CASH GROSS PROFIT RECONCILIATION |
|||||||||||||||||||||||||||||||
(Unaudited - in thousands) |
|||||||||||||||||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
Year Ended
|
||||||||||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross Profit |
$ |
29,339 |
|
|
$ |
23,932 |
|
|
$ |
17,314 |
|
|
$ |
26,796 |
|
|
$ |
19,586 |
|
|
$ |
18,927 |
|
|
$ |
71,344 |
|
|
$ |
65,613 |
|
Gross profit as a percent of revenue |
|
17.8 |
% |
|
|
16.0 |
% |
|
|
12.7 |
% |
|
|
11.1 |
% |
|
|
9.5 |
% |
|
|
8.9 |
% |
|
|
13.8 |
% |
|
|
13.2 |
% |
Depreciation, depletion and amortization |
|
9,961 |
|
|
|
6,382 |
|
|
|
6,153 |
|
|
|
19,720 |
|
|
|
11,792 |
|
|
|
11,952 |
|
|
|
26,766 |
|
|
|
23,948 |
|
Cash gross profit |
|
39,300 |
|
|
|
30,314 |
|
|
|
23,467 |
|
|
|
46,516 |
|
|
|
31,378 |
|
|
|
30,879 |
|
|
|
98,110 |
|
|
|
89,561 |
|
Cash gross profit as a percent of revenue |
|
23.9 |
% |
|
|
20.3 |
% |
|
|
17.3 |
% |
|
|
19.3 |
% |
|
|
15.2 |
% |
|
|
14.6 |
% |
|
|
19.0 |
% |
|
|
18.0 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731240417/en/
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