(State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
incorporation) | ||||||||
Delaware | 1-41642 | 92-1008893 |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(Title of each class) | (Trading Symbol(s)) | (Name of each exchange on which registered) | ||||||
Common Stock, $0.01 par value | KNF | New York Stock Exchange |
Date November 6, 2023 |
By /s/ Nathan W. Ring |
|||||||
Nathan W. Ring | ||||||||
Vice President and Chief Financial Officer |
(In millions, except per share) | 2023 | 2022 | % Change | ||||||||
Revenue | $1,090.4 | $975.4 | 12% | ||||||||
Gross profit | $269.4 | $184.5 | 46% | ||||||||
Net income | $146.7 | $99.7 | 47% | ||||||||
EBITDA | $241.4 | $172.1 | 40% | ||||||||
EBITDA margin | 22.1% | 17.6% | |||||||||
Adjusted EBITDA | $247.5 | $173.1 | 43% | ||||||||
Adjusted EBITDA margin | 22.7% | 17.8% | |||||||||
Net income per diluted share | $2.58 | $1.76 | 47% | ||||||||
Note: EBITDA, Adjusted EBITDA, EBITDA margin and Adjusted EBITDA margin are non-GAAP financial measures. For more information on all non-GAAP measures and a reconciliation to the nearest GAAP measure, see the section entitled "Non-GAAP Financial Measures." |
Third Quarter Consolidated Company Results |
Financial and Operating Results by Reporting Segment | |||||||||||||||||||||||
Pacific | |||||||||||||||||||||||
Alaska, California, Hawaii | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 181.4 | $ | 152.4 | 19% | $ | 391.4 | $ | 366.1 | 7% | |||||||||||||
Net income |
$ | 31.9 | $ | 19.0 | 67% | $ | 39.8 | $ | 29.1 | 37% | |||||||||||||
EBITDA | $ | 37.6 | $ | 24.6 | 53% | $ | 56.5 | $ | 45.2 | 25% | |||||||||||||
EBITDA margin | 20.7 | % | 16.1 | % | 14.4 | % | 12.3 | % |
Northwest | |||||||||||||||||||||||
Oregon, Washington | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 209.4 | $ | 204.7 | 2% | $ | 504.2 | $ | 461.2 | 9% | |||||||||||||
Net income |
$ | 39.1 | $ | 34.6 | 13% | $ | 74.3 | $ | 53.4 | 39% | |||||||||||||
EBITDA | $ | 48.9 | $ | 43.8 | 12% | $ | 102.7 | $ | 79.8 | 29% | |||||||||||||
EBITDA margin | 23.3 | % | 21.4 | % | 20.4 | % | 17.3 | % |
Mountain | |||||||||||||||||||||||
Idaho, Montana, Wyoming | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 255.1 | $ | 204.1 | 25% | $ | 491.5 | $ | 433.0 | 14% | |||||||||||||
Net income |
$ | 54.1 | $ | 33.8 | 60% | $ | 67.9 | $ | 43.0 | 58% | |||||||||||||
EBITDA | $ | 60.4 | $ | 39.6 | 53% | $ | 86.5 | $ | 60.2 | 44% | |||||||||||||
EBITDA margin | 23.7 | % | 19.4 | % | 17.6 | % | 13.9 | % |
North Central | |||||||||||||||||||||||
Iowa, Minnesota, North Dakota, South Dakota | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 305.1 | $ | 294.3 | 4% | $ | 513.7 | $ | 484.4 | 6% | |||||||||||||
Net income |
$ | 64.4 | $ | 52.5 | 23% | $ | 53.5 | $ | 32.5 | 65% | |||||||||||||
EBITDA | $ | 70.5 | $ | 58.6 | 20% | $ | 71.4 | $ | 50.4 | 42% | |||||||||||||
EBITDA margin | 23.1 | % | 19.9 | % | 13.9 | % | 10.4 | % |
All Other and intersegment eliminations | |||||||||||||||||||||||
Iowa, Nebraska, South Dakota, Texas, Wyoming, Corporate |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
Sept. 30, | Sept. 30, | ||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Revenue | $ | 139.4 | $ | 119.9 | 16% | $ | 282.7 | $ | 252.5 | 12% | |||||||||||||
Net loss |
$ | (42.8) | $ | (40.2) | 6% | $ | (73.3) | $ | (59.8) | 23% | |||||||||||||
EBITDA | $ | 24.0 | $ | 5.5 | 336% | $ | 35.3 | $ | 5.6 | 533% | |||||||||||||
EBITDA margin | 17.2 | % | 4.6 | % | 12.5 | % | 2.2 | % |
Liquidity and Capital Allocation |
Guidance |
Conference Call |
About Knife River Corporation |
Knife River Corporation | |||||||||||||||||
Consolidated Statements of Operations | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Revenue: | |||||||||||||||||
Construction materials | $ | 553.1 | $ | 483.2 | $ | 1,177.7 | $ | 1,060.0 | |||||||||
Contracting services | 537.3 | 492.2 | 1,005.8 | 937.2 | |||||||||||||
Total revenue | 1,090.4 | 975.4 | 2,183.5 | 1,997.2 | |||||||||||||
Cost of revenue: | |||||||||||||||||
Construction materials | 346.3 | 340.6 | 856.6 | 847.0 | |||||||||||||
Contracting services | 474.7 | 450.3 | 900.4 | 861.3 | |||||||||||||
Total cost of revenue | 821.0 | 790.9 | 1,757.0 | 1,708.3 | |||||||||||||
Gross profit | 269.4 | 184.5 | 426.5 | 288.9 | |||||||||||||
Selling, general and administrative expenses | 59.2 | 41.6 | 167.3 | 130.2 | |||||||||||||
Operating income | 210.2 | 142.9 | 259.2 | 158.7 | |||||||||||||
Interest expense | 15.3 | 8.8 | 44.0 | 21.5 | |||||||||||||
Other income (expense) | — | (1.3) | 3.3 | (6.1) | |||||||||||||
Income before income taxes | 194.9 | 132.8 | 218.5 | 131.1 | |||||||||||||
Income tax expense | 48.2 | 33.1 | 56.3 | 32.9 | |||||||||||||
Net income | $ | 146.7 | $ | 99.7 | $ | 162.2 | $ | 98.2 | |||||||||
Earnings per share: |
|||||||||||||||||
Basic | $ | 2.59 | $ | 1.76 | $ | 2.87 | $ | 1.74 | |||||||||
Diluted | $ | 2.58 | $ | 1.76 | $ | 2.86 | $ | 1.74 | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 56.6 | 56.6 | 56.6 | 56.6 | |||||||||||||
Diluted | 56.7 | 56.6 | 56.6 | 56.6 |
Knife River Corporation | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Unaudited) | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | (In millions, except shares and per share amounts) | ||||||||||
Current assets: | |||||||||||
Cash, cash equivalents and restricted cash | $ | 116.2 | $ | 10.1 | |||||||
Receivables, net | 491.9 | 210.2 | |||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 50.5 | 31.1 | |||||||||
Due from related-party | — | 16.1 | |||||||||
Inventories | 314.7 | 323.3 | |||||||||
Prepayments and other current assets | 38.1 | 17.8 | |||||||||
Total current assets | 1,011.4 | 608.6 | |||||||||
Noncurrent assets: | |||||||||||
Property, plant and equipment | 2,547.6 | 2,489.4 | |||||||||
Less accumulated depreciation, depletion and amortization | 1,248.1 | 1,174.2 | |||||||||
Net property, plant and equipment | 1,299.5 | 1,315.2 | |||||||||
Goodwill | 274.5 | 274.5 | |||||||||
Other intangible assets, net | 11.5 | 13.4 | |||||||||
Operating lease right-of-use assets | 44.3 | 45.9 | |||||||||
Investments and other | 39.7 | 36.7 | |||||||||
Total noncurrent assets | 1,669.5 | 1,685.7 | |||||||||
Total assets | $ | 2,680.9 | $ | 2,294.3 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Long-term debt - current portion | $ | 7.1 | $ | .2 | |||||||
Related-party notes payable - current portion | — | 238.0 | |||||||||
Accounts payable | 149.0 | 87.4 | |||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | 58.8 | 39.8 | |||||||||
Taxes payable | 53.3 | 8.5 | |||||||||
Accrued compensation | 37.9 | 29.2 | |||||||||
Due to related-party | — | 20.3 | |||||||||
Current operating lease liabilities | 13.7 | 13.2 | |||||||||
Other accrued liabilities | 105.2 | 80.3 | |||||||||
Total current liabilities | 425.0 | 516.9 | |||||||||
Noncurrent liabilities: | |||||||||||
Long-term debt | 675.6 | .4 | |||||||||
Related-party notes payable | — | 446.4 | |||||||||
Deferred income taxes | 174.0 | 175.8 | |||||||||
Noncurrent operating lease liabilities | 30.6 | 32.7 | |||||||||
Other | 132.7 | 93.5 | |||||||||
Total liabilities | 1,437.9 | 1,265.7 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock, 300,000,000 shares authorized, $0.01 par value, 56,997,350 shares
issued and 56,566,214 shares outstanding at September 30, 2023; 80,000 shares authorized, issued and outstanding, $10 par value at December 31, 2022
|
.6 | .8 | |||||||||
Other paid-in capital | 613.0 | 549.1 | |||||||||
Retained earnings | 645.2 | 494.7 | |||||||||
MDU Resources common stock held by subsidiary at cost - 538,921 shares at
December 31, 2022
|
— | (3.6) | |||||||||
Treasury stock held at cost - 431,136 shares |
(3.6) | — | |||||||||
Accumulated other comprehensive loss | (12.2) | (12.4) | |||||||||
Total stockholders' equity | 1,243.0 | 1,028.6 | |||||||||
Total liabilities and stockholders' equity | $ | 2,680.9 | $ | 2,294.3 |
Knife River Corporation | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
(Unaudited) | |||||||||||
Nine Months Ended | |||||||||||
September 30, | |||||||||||
2023 | 2022 | ||||||||||
(In millions) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 162.2 | $ | 98.2 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
93.0 | 95.0 | |||||||||
Changes in current assets and liabilities, net of acquisitions: | |||||||||||
Receivables | (302.5) | (239.6) | |||||||||
Due from related-party | 16.1 | 1.3 | |||||||||
Inventories | 8.6 | (18.6) | |||||||||
Other current assets | (20.2) | .8 | |||||||||
Accounts payable | 91.6 | 69.6 | |||||||||
Due to related-party | (7.3) | 9.8 | |||||||||
Other current liabilities | 78.0 | 21.8 | |||||||||
Pension and postretirement benefit plan contributions | (1.6) | (.3) | |||||||||
Other noncurrent changes | 35.0 | 1.4 | |||||||||
Net cash provided by operating activities | $ | 152.9 | $ | 39.4 | |||||||
Investing activities: | |||||||||||
Capital expenditures | (86.4) | (121.8) | |||||||||
Acquisitions, net of cash acquired | — | .4 | |||||||||
Net proceeds from sale or disposition of property and other | 5.2 | 5.7 | |||||||||
Investments | (1.7) | (2.2) | |||||||||
Net cash used in investing activities | $ | (82.9) | $ | (117.9) | |||||||
Financing activities: | |||||||||||
Issuance of current related-party notes, net | — | 100.0 | |||||||||
Issuance of long-term related-party notes, net | 205.3 | 26.9 | |||||||||
Issuance of long-term debt | 700.0 | — | |||||||||
Repayment of long-term debt | (1.9) | (.2) | |||||||||
Debt issuance costs | (16.7) | (.7) | |||||||||
Net transfers to Centennial Energy Holdings Inc. | (850.6) | (42.3) | |||||||||
Net cash provided by financing activities | $ | 36.1 | $ | 83.7 | |||||||
Increase in cash, cash equivalents and restricted cash | 106.1 | 5.2 | |||||||||
Cash, cash equivalents and restricted cash -- beginning of year | 10.1 | 13.8 | |||||||||
Cash, cash equivalents and restricted cash -- end of period | $ | 116.2 | $ | 19.0 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Revenues by operating segment: | |||||||||||||||||||||||||||||
Pacific | $ | 181.4 | $ | 152.4 | $ | 391.4 | $ | 366.1 | |||||||||||||||||||||
Northwest | 209.4 | 204.7 | 504.2 | 461.2 | |||||||||||||||||||||||||
Mountain | 255.1 | 204.1 | 491.5 | 433.0 | |||||||||||||||||||||||||
North Central | 305.1 | 294.3 | 513.7 | 484.4 | |||||||||||||||||||||||||
All Other and internal sales | 139.4 | 119.9 | 282.7 | 252.5 | |||||||||||||||||||||||||
Total revenues | $ | 1,090.4 | $ | 975.4 | $ | 2,183.5 | $ | 1,997.2 | |||||||||||||||||||||
Gross profit by operating segment: | |||||||||||||||||||||||||||||
Pacific | $ | 42.8 | 23.6% | $ | 27.4 | 18.0% | $ | 71.7 | 18.3% | $ | 54.0 | 14.7% | |||||||||||||||||
Northwest | 50.6 | 24.1% | 44.1 | 21.5% | 109.3 | 21.7% | 82.4 | 17.9% | |||||||||||||||||||||
Mountain | 60.7 | 23.8% | 40.9 | 20.0% | 89.3 | 18.2% | 64.6 | 14.9% | |||||||||||||||||||||
North Central | 74.5 | 24.4% | 58.9 | 20.0% | 82.8 | 16.1% | 55.7 | 11.5% | |||||||||||||||||||||
All Other | 40.8 | 29.3% | 13.2 | 11.0% | 73.4 | 25.9% | 32.2 | 12.7% | |||||||||||||||||||||
Total gross profit | $ | 269.4 | 24.7% | $ | 184.5 | 18.9% | $ | 426.5 | 19.5% | $ | 288.9 | 14.5% | |||||||||||||||||
EBITDA*: | |||||||||||||||||||||||||||||
Pacific | $ | 37.6 | 20.7% | $ | 24.6 | 16.1% | $ | 56.5 | 14.4% | $ | 45.2 | 12.3% | |||||||||||||||||
Northwest | 48.9 | 23.3% | 43.8 | 21.4% | 102.7 | 20.4% | 79.8 | 17.3% | |||||||||||||||||||||
Mountain | 60.4 | 23.7% | 39.6 | 19.4% | 86.5 | 17.6% | 60.2 | 13.9% | |||||||||||||||||||||
North Central | 70.5 | 23.1% | 58.6 | 19.9% | 71.4 | 13.9% | 50.4 | 10.4% | |||||||||||||||||||||
All Other | 24.0 | 17.2% | 5.5 | 4.6% | 35.3 | 12.5% | 5.6 | 2.2% | |||||||||||||||||||||
Total EBITDA* | $ | 241.4 | 22.1% | $ | 172.1 | 17.6% | $ | 352.4 | 16.1% | $ | 241.2 | 12.1% |
September 30, 2023 | September 30, 2022 | ||||||||||
(In millions) | |||||||||||
Pacific | $ | 69.8 | $ | 79.1 | |||||||
Northwest | 227.4 | 150.6 | |||||||||
Mountain | 251.1 | 310.9 | |||||||||
North Central | 109.3 | 181.1 | |||||||||
All Other | 74.6 | 82.0 | |||||||||
$ | 732.2 | $ | 803.7 |
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Sales (thousands): | |||||||||||||||||
Aggregates (tons) | 12,022 | 12,399 | 26,071 | 26,891 | |||||||||||||
Ready-mix concrete (cubic yards) | 1,271 | 1,306 | 2,944 | 3,179 | |||||||||||||
Asphalt (tons) | 3,349 | 3,550 | 5,441 | 5,968 | |||||||||||||
Average selling price:* | |||||||||||||||||
Aggregates (per ton) | $ | 16.10 | $ | 13.86 | $ | 16.24 | $ | 14.35 | |||||||||
Ready-mix concrete (per cubic yard) | $ | 169.98 | $ | 152.34 | $ | 169.02 | $ | 149.59 | |||||||||
Asphalt (per ton) | $ | 66.51 | $ | 57.91 | $ | 66.41 | $ | 57.85 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | Amount | % of Revenues | ||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||||||
Revenues by product line: | |||||||||||||||||||||||||||||
Aggregates | $ | 193.6 | $ | 171.8 | $ | 423.5 | $ | 385.8 | |||||||||||||||||||||
Ready-mix concrete | 216.0 | 198.9 | 497.7 | 475.5 | |||||||||||||||||||||||||
Asphalt | 222.8 | 205.6 | 361.3 | 345.2 | |||||||||||||||||||||||||
Other* | 214.1 | 166.7 | 395.9 | 328.5 | |||||||||||||||||||||||||
Contracting services | 537.3 | 492.2 | 1,005.8 | 937.2 | |||||||||||||||||||||||||
Internal sales | (293.4) | (259.8) | (500.7) | (475.0) | |||||||||||||||||||||||||
Total revenues | $ | 1,090.4 | $ | 975.4 | $ | 2,183.5 | $ | 1,997.2 | |||||||||||||||||||||
Gross profit by product line: | |||||||||||||||||||||||||||||
Aggregates | $ | 51.8 | 26.7% | $ | 32.7 | 19.1% | $ | 90.6 | 21.4% | $ | 62.8 | 16.3% | |||||||||||||||||
Ready-mix concrete | 37.7 | 17.4% | 34.4 | 17.3% | 74.5 | 15.0% | 67.0 | 14.1% | |||||||||||||||||||||
Asphalt | 39.4 | 17.7% | 29.2 | 14.2% | 49.7 | 13.8% | 35.4 | 10.3% | |||||||||||||||||||||
Other* | 77.9 | 36.4% | 46.3 | 27.8% | 106.3 | 26.9% | 47.8 | 14.6% | |||||||||||||||||||||
Contracting services | 62.6 | 11.7% | 41.9 | 8.5% | 105.4 | 10.5% | 75.9 | 8.1% | |||||||||||||||||||||
Total gross profit | $ | 269.4 | 24.7% | $ | 184.5 | 18.9% | $ | 426.5 | 19.5% | $ | 288.9 | 14.5% |
Three Months Ended September 30, 2023 | Pacific | Northwest | Mountain | North Central | All Other and Intersegment Eliminations | Consolidated | ||||||||||||||
(In millions) | ||||||||||||||||||||
Net income (loss) | $ | 31.9 | $ | 39.1 | $ | 54.1 | $ | 64.4 | $ | (42.8) | $ | 146.7 | ||||||||
Depreciation, depletion and amortization | 5.7 | 9.8 | 6.3 | 6.1 | 3.9 | 31.8 | ||||||||||||||
Interest expense, net |
— | — | — | — | 14.7 | 14.7 | ||||||||||||||
Income taxes | — | — | — | — | 48.2 | 48.2 | ||||||||||||||
EBITDA | $ | 37.6 | $ | 48.9 | $ | 60.4 | $ | 70.5 | $ | 24.0 | $ | 241.4 | ||||||||
Unrealized (gains) losses on benefit plan investments | .6 | .6 | ||||||||||||||||||
Stock-based compensation expense | 1.5 | 1.5 | ||||||||||||||||||
One-time separation costs | 4.0 | 4.0 | ||||||||||||||||||
Adjusted EBITDA | $ | 30.1 | $ | 247.5 | ||||||||||||||||
Revenue | $ | 181.4 | $ | 209.4 | $ | 255.1 | $ | 305.1 | $ | 139.4 | $ | 1,090.4 | ||||||||
Net Income Margin | 17.6 | % | 18.7 | % | 21.2 | % | 21.1 | % | (30.7) | % | 13.4 | % | ||||||||
EBITDA Margin | 20.7 | % | 23.3 | % | 23.7 | % | 23.1 | % | 17.2 | % | 22.1 | % | ||||||||
Adjusted EBITDA Margin | 21.6 | % | 22.7 | % |
Three Months Ended September 30, 2022 | Pacific | Northwest | Mountain | North Central | All Other and Intersegment Eliminations | Consolidated | ||||||||||||||
(In millions) | ||||||||||||||||||||
Net income (loss) | $ | 19.0 | $ | 34.6 | $ | 33.8 | $ | 52.5 | $ | (40.2) | $ | 99.7 | ||||||||
Depreciation, depletion and amortization | 5.6 | 9.2 | 5.8 | 6.1 | 3.8 | 30.5 | ||||||||||||||
Interest expense, net |
— | — | — | — | 8.8 | 8.8 | ||||||||||||||
Income taxes | — | — | — | — | 33.1 | 33.1 | ||||||||||||||
EBITDA | $ | 24.6 | $ | 43.8 | $ | 39.6 | $ | 58.6 | $ | 5.5 | $ | 172.1 | ||||||||
Unrealized (gains) losses on benefit plan investments | .8 | .8 | ||||||||||||||||||
Stock-based compensation expense | .2 | .2 | ||||||||||||||||||
Adjusted EBITDA | $ | 6.5 | $ | 173.1 | ||||||||||||||||
Revenue | $ | 152.4 | $ | 204.7 | $ | 204.1 | $ | 294.3 | $ | 119.9 | $ | 975.4 | ||||||||
Net Income Margin | 12.5 | % | 16.9 | % | 16.6 | % | 17.8 | % | (33.5) | % | 10.2 | % | ||||||||
EBITDA Margin | 16.1 | % | 21.4 | % | 19.4 | % | 19.9 | % | 4.6 | % | 17.6 | % | ||||||||
Adjusted EBITDA Margin | 5.5 | % | 17.8 | % |
Nine Months Ended September 30, 2023 | Pacific | Northwest | Mountain | North Central | All Other and Intersegment Eliminations | Consolidated | ||||||||||||||
(In millions) | ||||||||||||||||||||
Net income (loss) | $ | 39.8 | $ | 74.3 | $ | 67.9 | $ | 53.5 | $ | (73.3) | $ | 162.2 | ||||||||
Depreciation, depletion and amortization | 16.7 | 28.4 | 18.5 | 17.9 | 11.0 | 92.5 | ||||||||||||||
Interest expense, net |
— | — | .1 | — | 41.3 | 41.4 | ||||||||||||||
Income taxes | — | — | — | — | 56.3 | 56.3 | ||||||||||||||
EBITDA | $ | 56.5 | $ | 102.7 | $ | 86.5 | $ | 71.4 | $ | 35.3 | $ | 352.4 | ||||||||
Unrealized (gains) losses on benefit plan investments | (1.1) | (1.1) | ||||||||||||||||||
Stock-based compensation expense | 2.3 | 2.3 | ||||||||||||||||||
One-time separation costs | 6.4 | 6.4 | ||||||||||||||||||
Adjusted EBITDA | $ | 42.9 | $ | 360.0 | ||||||||||||||||
Revenue | $ | 391.4 | $ | 504.2 | $ | 491.5 | $ | 513.7 | $ | 282.7 | $ | 2,183.5 | ||||||||
Net Income Margin | 10.2 | % | 14.7 | % | 13.8 | % | 10.4 | % | (25.9) | % | 7.4 | % | ||||||||
EBITDA Margin | 14.4 | % | 20.4 | % | 17.6 | % | 13.9 | % | 12.5 | % | 16.1 | % | ||||||||
Adjusted EBITDA Margin | 15.2 | % | 16.5 | % |
Nine Months Ended September 30, 2022 | Pacific | Northwest | Mountain | North Central | All Other and Intersegment Eliminations | Consolidated | ||||||||||||||
(In millions) | ||||||||||||||||||||
Net income (loss) | $ | 29.1 | $ | 53.4 | $ | 43.0 | $ | 32.5 | $ | (59.8) | $ | 98.2 | ||||||||
Depreciation, depletion and amortization | 16.1 | 26.4 | 17.1 | 17.9 | 11.1 | 88.6 | ||||||||||||||
Interest expense, net |
— | — | .1 | — | 21.4 | 21.5 | ||||||||||||||
Income taxes | — | — | — | — | 32.9 | 32.9 | ||||||||||||||
EBITDA | $ | 45.2 | $ | 79.8 | $ | 60.2 | $ | 50.4 | $ | 5.6 | $ | 241.2 | ||||||||
Unrealized (gains) losses on benefit plan investments | 4.8 | 4.8 | ||||||||||||||||||
Stock-based compensation expense | 1.6 | 1.6 | ||||||||||||||||||
Adjusted EBITDA | $ | 12.0 | $ | 247.6 | ||||||||||||||||
Revenue | $ | 366.1 | $ | 461.2 | $ | 433.0 | $ | 484.4 | $ | 252.5 | $ | 1,997.2 | ||||||||
Net Income Margin | 8.0 | % | 11.6 | % | 9.9 | % | 6.7 | % | (23.7) | % | 4.9 | % | ||||||||
EBITDA Margin | 12.3 | % | 17.3 | % | 13.9 | % | 10.4 | % | 2.2 | % | 12.1 | % | ||||||||
Adjusted EBITDA Margin | 4.7 | % | 12.4 | % |
Twelve Months Ended
September 30, 2023
|
Nine Months Ended September 30, 2023 | Twelve Months Ended December 31, 2022 |
Nine Months Ended September 30, 2022 | ||||||||||||||
(In millions) | |||||||||||||||||
Net income | $ | 180.2 | $ | 162.2 | $ | 116.2 | $ | 98.2 | |||||||||
Depreciation, depletion and amortization | 121.7 | 92.5 | 117.8 | 88.6 | |||||||||||||
Interest expense, net | 50.0 | 41.4 | 30.1 | 21.5 | |||||||||||||
Income taxes | 66.0 | 56.3 | 42.6 | 32.9 | |||||||||||||
EBITDA | $ | 417.9 | $ | 352.4 | $ | 306.7 | $ | 241.2 | |||||||||
Unrealized (gains) losses on benefit plan investments | (1.9) | (1.1) | 4.0 | 4.8 | |||||||||||||
Stock-based compensation expense | 3.4 | 2.3 | 2.7 | 1.6 | |||||||||||||
One-time separation costs | 6.4 | 6.4 | — | — | |||||||||||||
Adjusted EBITDA | $ | 425.8 | $ | 360.0 | $ | 313.4 | $ | 247.6 |
Twelve Months Ended
September 30, 2023
|
||||||||
(In millions) | ||||||||
Long-term debt | $ | 675.6 | ||||||
Long-term debt - current portion | 7.1 | |||||||
Total debt | 682.7 | |||||||
Add: Unamortized debt issuance costs |
16.0 | |||||||
Total debt, gross |
698.7 | |||||||
Less: Cash and cash equivalents, excluding restricted cash | 84.0 | |||||||
Total debt, net |
$ | 614.7 | ||||||
Trailing twelve months ended September 30, 2023, Adjusted EBITDA |
$ | 425.8 | ||||||
Net leverage |
1.4 | x |
2023 | ||||||||
Low | High | |||||||
(In millions) | ||||||||
Net income | $ | 160.0 | $ | 180.0 | ||||
Adjustments: |
||||||||
Interest expense |
55.0 | 55.0 | ||||||
Income taxes |
53.0 | 63.0 | ||||||
Depreciation, depletion and amortization |
120.0 | 120.0 | ||||||
EBITDA | $ | 388.0 | $ | 418.0 | ||||
Unrealized (gains) losses on benefit plan investments | (1.1) | (1.1) | ||||||
Stock-based compensation expense | 3.5 | 3.5 | ||||||
One-time separation costs | 9.6 | 9.6 | ||||||
Adjusted EBITDA | $ | 400.0 | $ | 430.0 |