Arcosa, Inc. Announces Third Quarter 2024 Results
Arcosa (NYSE: ACA) reported strong Q3 2024 results with revenues increasing 8% to $640.4 million and adjusted EBITDA growing 28% to $114.0 million. The company completed two strategic moves: the divestiture of its steel components business and the $1.2 billion acquisition of Stavola. Free cash flow significantly improved to $107.2 million, up from $1.7 million year-over-year.
The company raised its full-year 2024 adjusted EBITDA guidance to $435-450 million, up from $420-440 million, while adjusting revenue guidance to $2.56-2.63 billion. Construction Products and Engineered Structures segments showed strong performance, with notable margin expansion across operations.
Arcosa (NYSE: ACA) ha riportato risultati solidi per il terzo trimestre del 2024, con entrate aumentate dell'8% a $640,4 milioni e un EBITDA rettificato in crescita del 28% a $114,0 milioni. L'azienda ha completato due mosse strategiche: la cessione della sua attività di componenti in acciaio e l'acquisizione di Stavola per $1,2 miliardi. Il flusso di cassa libero è migliorato significativamente, raggiungendo i $107,2 milioni, rispetto ai $1,7 milioni dell'anno precedente.
L'azienda ha elevato le sue previsioni di EBITDA rettificato per l'intero anno 2024 a $435-450 milioni, rispetto ai precedenti $420-440 milioni, adeguando inoltre le previsioni sui ricavi a $2,56-2,63 miliardi. I segmenti dei Prodotti per la Costruzione e delle Strutture Ingegnerizzate hanno mostrato prestazioni forti, con un notevole miglioramento dei margini attraverso le operazioni.
Arcosa (NYSE: ACA) reportó sólidos resultados en el tercer trimestre de 2024, con ingresos aumentando un 8% a $640.4 millones y un EBITDA ajustado creciendo un 28% a $114.0 millones. La empresa completó dos movimientos estratégicos: la desinversión de su negocio de componentes de acero y la adquisición de Stavola por $1.2 mil millones. El flujo de efectivo libre mejoró significativamente a $107.2 millones, en comparación con $1.7 millones en el año anterior.
La compañía elevó su guía de EBITDA ajustado para todo el año 2024 a $435-450 millones, por encima de los anteriores $420-440 millones, ajustando también la guía de ingresos a $2.56-2.63 mil millones. Los segmentos de Productos de Construcción y Estructuras Ingenierizadas mostraron un rendimiento fuerte, con una notable expansión en los márgenes en las operaciones.
아르코사 (NYSE: ACA)는 2024년 3분기 실적이 견조하다고 보고하며, 매출이 8% 증가한 6억 4천만 달러에 달하고, 조정 EBITDA는 28% 성장하여 1억 1천4백만 달러에 이르렀습니다. 회사는 두 가지 전략적 조치를 완료했습니다: 철강 부품 사업의 매각과 12억 달러에 이르는 스타볼라 인수입니다. 자유 현금 흐름은 1.7백만 달러에서 1억 72백만 달러로 크게 개선되었습니다.
회사는 2024년 전체 연도 조정 EBITDA 지침을 4억 35~45백만 달러로 상향 조정했으며, 이전의 4억 20~40백만 달러에서 조정하였고, 수익 가이드를 25억 6천만~26억 3천만 달러로 수정했습니다. 건설 제품 및 엔지니어링 구조 부문은 강력한 성과를 보이며 운영 전반에 걸쳐 두드러진 마진 확장을 보여주었습니다.
Arcosa (NYSE: ACA) a annoncé de solides résultats pour le troisième trimestre 2024, avec des revenus en hausse de 8 % à 640,4 millions de dollars et un EBITDA ajusté en croissance de 28 % à 114,0 millions de dollars. L'entreprise a complété deux mouvements stratégiques : la cession de son activité de composants en acier et l'acquisition de Stavola pour 1,2 milliard de dollars. Le flux de trésorerie libre s'est sensiblement amélioré, atteignant 107,2 millions de dollars, contre 1,7 million de dollars l'année précédente.
L'entreprise a relevé ses prévisions d'EBITDA ajusté pour l'ensemble de l'année 2024 à 435-450 millions de dollars, contre 420-440 millions de dollars précédemment, tout en ajustant ses prévisions de revenus à 2,56-2,63 milliards de dollars. Les segments Produits de Construction et Structures Ingénierées ont montré une performance solide, avec une expansion notable des marges au sein des opérations.
Arcosa (NYSE: ACA) berichtete von starken Ergebnissen im 3. Quartal 2024, mit einem Umsatzanstieg von 8% auf 640,4 Millionen USD und einem angepassten EBITDA-Wachstum von 28% auf 114 Millionen USD. Das Unternehmen hat zwei strategische Maßnahmen abgeschlossen: die Veräußerung seines Stahlkomponenten-Geschäfts und die Übernahme von Stavola für 1,2 Milliarden USD. Der freie Cashflow verbesserte sich erheblich auf 107,2 Millionen USD, im Vorjahr waren es noch 1,7 Millionen USD.
Das Unternehmen hob seine Prognose für das angepasste EBITDA für das gesamte Jahr 2024 auf 435 bis 450 Millionen USD an, nachdem es zuvor bei 420 bis 440 Millionen USD lag, und passte auch die Umsatzprognose auf 2,56 bis 2,63 Milliarden USD an. Die Segmente Bauprodukte und Ingenieurstrukturen zeigten eine starke Leistung, mit bemerkenswerter Margenerweiterung in den Betriebsabläufen.
- Revenue increased 8% to $640.4 million
- Adjusted EBITDA grew 28% to $114.0 million
- Free cash flow improved to $107.2 million from $1.7 million YoY
- Raised full-year 2024 adjusted EBITDA guidance to $435-450 million
- Operating cash flow increased by $91.1 million to $135.0 million
- Barge backlog at $244.7 million with 0.9 book-to-bill ratio
- Net income decreased 53% to $16.6 million
- $23.0 million pretax loss on steel components business sale
- Pro forma Net Debt to Adjusted EBITDA increased to 3.4x post-Stavola acquisition
- Organic revenues in aggregates and specialty materials declined slightly
Insights
The Q3 results demonstrate significant financial strength with revenue growth of 8% to
The company's strategic repositioning through the Stavola acquisition strengthens its infrastructure-focused portfolio while reducing cyclicality. Strong order trends in utility structures and a healthy barge backlog of
- Robust Third Quarter Earnings Growth and Margin Expansion Led by Construction Products and Engineered Structures
-
Strong Operating Cash Flow of
Driven by Increased Earnings and Improved Working Capital Management$135 Million -
October 1 Closing of
Stavola Acquisition and Third Quarter Completion of Steel Components Divestiture Enhance Portfolio Transformation$1.2 Billion - Raised Full Year 2024 Adjusted EBITDA Guidance Reflecting Strategic Actions
Third Quarter 2024 Highlights |
||||||||||
|
Three Months Ended September 30, |
|||||||||
|
2024 |
|
2023 |
|
% Change |
|||||
|
|
|
|
|
|
|||||
|
($ in millions, except per share amounts) |
|
|
|||||||
Revenues |
$ |
640.4 |
|
|
$ |
591.7 |
|
|
8 |
% |
Revenues, excluding the impact of divested business(1) |
$ |
626.8 |
|
|
$ |
551.9 |
|
|
14 |
% |
Net income |
$ |
16.6 |
|
|
$ |
35.5 |
|
|
(53 |
)% |
Adjusted Net Income(2) |
$ |
44.6 |
|
|
$ |
35.9 |
|
|
24 |
% |
Diluted EPS |
$ |
0.34 |
|
|
$ |
0.72 |
|
|
(53 |
)% |
Adjusted Diluted EPS(2) |
$ |
0.91 |
|
|
$ |
0.73 |
|
|
25 |
% |
Adjusted EBITDA(2) |
$ |
114.0 |
|
|
$ |
89.4 |
|
|
28 |
% |
Adjusted EBITDA Margin(2) |
|
17.8 |
% |
|
|
15.1 |
% |
|
270 |
bps |
Adjusted EBITDA, excluding impact from divested business(1)(2) |
$ |
115.3 |
|
|
$ |
83.1 |
|
|
39 |
% |
Adjusted EBITDA Margin, excluding impact from divested business(1)(2) |
|
18.4 |
% |
|
|
15.1 |
% |
|
330 |
bps |
Net cash provided by operating activities |
$ |
135.0 |
|
|
$ |
43.9 |
|
|
208 |
% |
Free Cash Flow(2) |
$ |
107.2 |
|
|
$ |
1.7 |
|
|
6206 |
% |
bps - basis points |
||||||||||
(1) Excludes the impact of the divested steel components business for both periods presented. |
||||||||||
(2) Non-GAAP financial measure. See reconciliation tables included in this release. |
Antonio Carrillo, President and Chief Executive Officer, noted, “We continue to successfully execute on our portfolio optimization strategy and are strengthening the foundation of our business by reducing the complexity and cyclicality while improving our margin profile. During the third quarter, we completed the divestiture of our steel components business and on October 1st we closed on the
“Our progress is reflected in our third quarter financial results with
“Order levels during the quarter remained healthy for our utility structures business while conversations with our customers for additional wind tower orders are focused on delivery in 2026 and beyond. For barge, we received orders for both tank and hopper barges representing a book-to-bill of 0.9 and providing increased production visibility for 2025.
“Severe weather has been a recurring event, with two hurricanes in the quarter and a third in early October, impacting areas where we have operations. We are thankful our people are safe and our plants were not significantly impacted, although we did experience some production interruptions as a result.”
Carrillo continued, “We generated
2024 Outlook and Guidance
The Company made the following adjustments to its full year 2024 guidance to reflect the strategic portfolio actions:
-
Adjusted its consolidated revenues range to
to$2.56 billion , compared to the prior guidance range of$2.63 billion to$2.60 billion .$2.72 billion -
Increased its consolidated Adjusted EBITDA range to
to$435 million , compared to the prior guidance range of$450 million to$420 million .$440 million
Commenting on the outlook, Carrillo noted, “Adjusting for the steel components divestiture, our third quarter results tracked well to our expectations, delivering in-line Adjusted EBITDA and outperforming on margin. Our outlook for the remainder of the year remains very positive. We are pleased to increase our Adjusted EBITDA guidance to reflect the strategic actions we have taken to optimize our portfolio, specifically, the acquisition of Stavola completed at the beginning of October, with some offset from the divestiture of steel components in August.”
Third Quarter 2024 Results and Commentary
Construction Products
-
Revenues increased
1% to primarily due to recent acquisitions. Organic revenues in our aggregates and specialty materials businesses were down slightly as lower volumes, a decrease in freight revenue, and a reduction in revenue from recently divested operations were partially offset by higher pricing. Revenues for our trench shoring business decreased$265.9 million 6% primarily due to lower steel prices and reduced volumes. -
Adjusted Segment EBITDA increased
21% to primarily due to the accretive impact of recent acquisitions, increased unit profitability in our legacy aggregates business and operating improvements in our specialty materials and shoring businesses.$71.0 million -
Adjusted Segment EBITDA Margin increased 430 basis points to
26.7% from22.4% in the prior year period and Freight-Adjusted Segment EBITDA Margin was29.2% compared to25.4% in the prior year period.
Engineered Structures
-
Revenues for utility, wind, and related structures increased
26% to primarily due to higher volumes in our wind towers business and the contribution from the Ameron Pole Products ("Ameron") business that was acquired in April 2024. Revenues for utility structures increased slightly as higher volumes and improved product mix were mostly offset by lower steel prices.$279.4 million -
Adjusted Segment EBITDA increased
74% to , and margin expanded 450 basis points to$44.3 million 15.9% , resulting from higher wind tower volumes, the accretive impact of the acquired Ameron business, and operating improvements in our utility structures business. - Order activity for utility and related structures remains healthy and conversations with our customers for additional wind tower orders continue.
-
At the end of the third quarter, the combined backlog for utility, wind, and related structures was
compared to$1,264.6 million at the end of the third quarter of 2023. We expect to deliver approximately$1,450.8 million 20% of our current backlog in 2024.
Transportation Products
-
Results for the segment were impacted by the divestiture of the steel components business. Third quarter revenues and Adjusted EBITDA for the steel components business were
and$13.6 million , respectively, compared to$(1.3) million and$39.8 million , respectively, in the prior year period.$6.3 million -
In addition, the Company recognized a pretax loss on the sale of
($23.0 million after tax), which has been excluded from Adjusted Segment EBITDA.$17.7 million -
Revenues for our barge business increased
21% primarily due to higher tank barge deliveries. -
Excluding the impact of the divested steel components business from both periods, Adjusted Segment EBITDA increased
8% , to , driven by higher tank barge deliveries.$12.9 million -
Adjusted Segment EBITDA Margin was
15.8% compared to17.7% in the prior period, excluding the steel components business. The decrease was largely due to planned operating inefficiencies resulting from the changeover from hopper to tank barge production in one of our facilities. -
During the quarter, we received barge orders totaling approximately
for both tank and hopper barges representing a book-to-bill of 0.9.$75 million -
Backlog for inland barges at the end of the quarter was
compared to$244.7 million at the end of the third quarter of 2023. We expect to deliver approximately$240.4 32% of our current backlog in 2024.
Corporate and Other Financial Notes
-
Excluding acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA, corporate expenses decreased to
in the third quarter from$13.4 million in the prior year.$14.2 million -
Acquisition and divestiture-related costs were
in the third quarter compared to$11.6 million in the prior year.$0.5 million -
The effective tax rate in the second quarter was
13.1% compared to17.4% in the prior year. The decrease in the tax rate was primarily due to increased Advanced Manufacturing Production tax credits and foreign currency impacts.
Cash Flow and Liquidity
-
Operating cash flow was
during the third quarter, an increase of$135.0 million compared to the prior year driven by a reduction in working capital.$91.1 million -
Working capital was a
net source of cash for the quarter compared to the prior year's$50.0 million net use of cash. The increase in cash provided by working capital was driven by a decrease in receivables and an increase in accrued liabilities.$29.4 million -
Capital expenditures in the third quarter were
, compared to$34.4 million in the prior year, as we near completion on organic projects underway in Construction Products and Engineered Structures.$47.9 million -
Free Cash Flow for the quarter was
, up significantly from$107.2 million in the prior year.$1.7 million -
During the quarter, we invested
, net of cash acquired, for the acquisition of a$34.7 million Phoenix, Arizona based natural aggregates business. -
The Company received net cash proceeds of
from the divestiture of the steel components business, which was used to fund repayments on the Company's revolving credit facility totaling$53.1 million during the quarter.$60 million -
On August 26, 2024, we issued
of$600.0 million 6.875% unsecured senior notes, temporarily increasing cash, net of issuance costs, for the quarter, to partially fund the acquisition of Stavola. The balance of the purchase price was funded with a$1.2 billion variable-rate senior secured Term Loan B Facility that closed concurrently with the acquisition on October 1, 2024.$700.0 million -
We ended the quarter with total liquidity of
, including$516.1 million of cash and cash equivalents, excluding the net proceeds from the senior note issuance.$156.8 million - Net Debt to Adjusted EBITDA was 1.2x for the trailing twelve months. Pro forma Net Debt to Adjusted EBITDA for the acquisition of Stavola is 3.4x.
Non-GAAP Financial Information
This earnings release contains financial measures that have not been prepared in accordance with
Conference Call Information
A conference call is scheduled for 8:30 a.m. Eastern Time on October 31, 2024 to discuss third quarter 2024 results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa’s website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company’s website in advance of the call at https://ir.arcosa.com. The audio conference call number is 800-343-1703 for domestic callers and 785-424-1116 for international callers. The conference ID is ARCOSA and the passcode is 15081. An audio playback will be available through 11:59 p.m. Eastern Time on November 14, 2024, by dialing 800-934-4577 for domestic callers and 402-220-1177 for international callers. A replay of the webcast will be available for one year on Arcosa’s website at https://ir.arcosa.com/news-events/events-presentations.
About Arcosa
Arcosa, Inc. (NYSE:ACA), headquartered in
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” “plans,” “goal,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; assumptions regarding achievements of the expected benefits from the Inflation Reduction Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa’s business; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see “Risk Factors” and the “Forward-Looking Statements” section of “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Arcosa's Form 10-K for the year ended December 31, 2023 and as may be revised and updated by Arcosa's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
TABLES TO FOLLOW
Arcosa, Inc. Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
$ |
640.4 |
|
|
$ |
591.7 |
|
|
$ |
1,903.7 |
|
|
$ |
1,725.7 |
|
Operating costs: |
|
|
|
|
|
|
|
||||||||
Cost of revenues |
|
503.7 |
|
|
|
484.6 |
|
|
|
1,517.4 |
|
|
|
1,388.9 |
|
Selling, general, and administrative expenses |
|
82.4 |
|
|
|
61.3 |
|
|
|
231.0 |
|
|
|
194.5 |
|
Gain on disposition of property, plant, equipment, and other assets |
|
(2.5 |
) |
|
|
(2.6 |
) |
|
|
(8.4 |
) |
|
|
(25.8 |
) |
(Gain) loss on sale of businesses |
|
23.0 |
|
|
|
— |
|
|
|
3.5 |
|
|
|
(6.4 |
) |
Impairment charge |
|
— |
|
|
|
— |
|
|
|
5.8 |
|
|
|
— |
|
|
|
606.6 |
|
|
|
543.3 |
|
|
|
1,749.3 |
|
|
|
1,551.2 |
|
Operating profit |
|
33.8 |
|
|
|
48.4 |
|
|
|
154.4 |
|
|
|
174.5 |
|
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
15.8 |
|
|
|
6.7 |
|
|
|
35.5 |
|
|
|
20.9 |
|
Other, net (income) expense |
|
(1.1 |
) |
|
|
(1.3 |
) |
|
|
(0.7 |
) |
|
|
(5.8 |
) |
|
|
14.7 |
|
|
|
5.4 |
|
|
|
34.8 |
|
|
|
15.1 |
|
Income before income taxes |
|
19.1 |
|
|
|
43.0 |
|
|
|
119.6 |
|
|
|
159.4 |
|
Provision for income taxes |
|
2.5 |
|
|
|
7.5 |
|
|
|
18.2 |
|
|
|
27.3 |
|
Net income |
$ |
16.6 |
|
|
$ |
35.5 |
|
|
$ |
101.4 |
|
|
$ |
132.1 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
0.34 |
|
|
$ |
0.73 |
|
|
$ |
2.08 |
|
|
$ |
2.71 |
|
Diluted |
$ |
0.34 |
|
|
$ |
0.72 |
|
|
$ |
2.07 |
|
|
$ |
2.70 |
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
48.7 |
|
|
|
48.7 |
|
|
|
48.6 |
|
|
|
48.5 |
|
Diluted |
|
48.8 |
|
|
|
48.8 |
|
|
|
48.7 |
|
|
|
48.7 |
|
Arcosa, Inc. Condensed Segment Data (in millions) (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
Revenues: |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Aggregates and specialty materials |
$ |
233.6 |
|
|
$ |
227.8 |
|
|
$ |
690.8 |
|
|
$ |
665.9 |
|
Construction site support |
|
32.3 |
|
|
|
34.3 |
|
|
|
102.4 |
|
|
|
97.1 |
|
Construction Products |
|
265.9 |
|
|
|
262.1 |
|
|
|
793.2 |
|
|
|
763.0 |
|
|
|
|
|
|
|
|
|
||||||||
Utility, wind, and related structures |
|
279.4 |
|
|
|
222.5 |
|
|
|
785.8 |
|
|
|
637.2 |
|
Engineered Structures |
|
279.4 |
|
|
|
222.5 |
|
|
|
785.8 |
|
|
|
637.2 |
|
|
|
|
|
|
|
|
|
||||||||
Inland barges |
|
81.5 |
|
|
|
67.3 |
|
|
|
236.9 |
|
|
|
207.9 |
|
Steel components(1) |
|
13.6 |
|
|
|
39.8 |
|
|
|
87.8 |
|
|
|
117.6 |
|
Transportation Products |
|
95.1 |
|
|
|
107.1 |
|
|
|
324.7 |
|
|
|
325.5 |
|
Consolidated Total |
$ |
640.4 |
|
|
$ |
591.7 |
|
|
$ |
1,903.7 |
|
|
$ |
1,725.7 |
|
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
Operating profit (loss): |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Construction Products |
$ |
40.4 |
|
|
$ |
30.3 |
|
|
$ |
108.6 |
|
|
$ |
114.2 |
|
Engineered Structures |
|
32.6 |
|
|
|
18.7 |
|
|
|
94.0 |
|
|
|
70.3 |
|
Transportation Products(1) |
|
(14.2 |
) |
|
|
14.1 |
|
|
|
13.0 |
|
|
|
35.8 |
|
Segment Total |
|
58.8 |
|
|
|
63.1 |
|
|
|
215.6 |
|
|
|
220.3 |
|
Corporate |
|
(25.0 |
) |
|
|
(14.7 |
) |
|
|
(61.2 |
) |
|
|
(45.8 |
) |
Consolidated Total |
$ |
33.8 |
|
|
$ |
48.4 |
|
|
$ |
154.4 |
|
|
$ |
174.5 |
|
Backlog: |
September 30,
|
|
September 30,
|
||||
Engineered Structures: |
|
|
|
||||
Utility, wind, and related structures |
$ |
1,264.6 |
|
$ |
1,450.8 |
||
Transportation Products: |
|
|
|
||||
Inland barges |
$ |
244.7 |
|
|
$ |
240.4 |
|
(1) On August 16, 2024, the Company completed the divestiture of the steel components business. During the three and nine months ended September 30, 2024, the Company recognized a loss on the sale of |
Arcosa, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited) |
|||||||
|
September 30,
|
|
December 31,
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
756.8 |
|
|
$ |
104.8 |
|
Receivables, net of allowance |
|
396.4 |
|
|
|
357.1 |
|
Inventories |
|
360.4 |
|
|
|
401.8 |
|
Other |
|
46.1 |
|
|
|
48.3 |
|
Total current assets |
|
1,559.7 |
|
|
|
912.0 |
|
|
|
|
|
||||
Property, plant, and equipment, net |
|
1,381.5 |
|
|
|
1,336.3 |
|
Goodwill |
|
1,009.3 |
|
|
|
990.7 |
|
Intangibles, net |
|
306.3 |
|
|
|
270.7 |
|
Deferred income taxes |
|
6.8 |
|
|
|
6.8 |
|
Other assets |
|
93.3 |
|
|
|
61.4 |
|
|
$ |
4,356.9 |
|
|
$ |
3,577.9 |
|
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
242.9 |
|
|
$ |
272.5 |
|
Accrued liabilities |
|
156.0 |
|
|
|
117.4 |
|
Advance billings |
|
29.3 |
|
|
|
34.5 |
|
Current portion of long-term debt |
|
4.1 |
|
|
|
6.8 |
|
Total current liabilities |
|
432.3 |
|
|
|
431.2 |
|
|
|
|
|
||||
Debt |
|
1,232.8 |
|
|
|
561.9 |
|
Deferred income taxes |
|
198.4 |
|
|
|
179.6 |
|
Other liabilities |
|
59.3 |
|
|
|
73.2 |
|
|
|
1,922.8 |
|
|
|
1,245.9 |
|
Stockholders' equity: |
|
|
|
||||
Common stock |
|
0.5 |
|
|
|
0.5 |
|
Capital in excess of par value |
|
1,692.1 |
|
|
|
1,682.8 |
|
Retained earnings |
|
759.0 |
|
|
|
664.9 |
|
Accumulated other comprehensive loss |
|
(16.7 |
) |
|
|
(16.2 |
) |
Treasury stock |
|
(0.8 |
) |
|
|
— |
|
|
|
2,434.1 |
|
|
|
2,332.0 |
|
|
$ |
4,356.9 |
|
|
$ |
3,577.9 |
|
Arcosa, Inc. Consolidated Statements of Cash Flows (in millions) (unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
2024 |
|
2023 |
||||
Operating activities: |
|
|
|
||||
Net income |
$ |
101.4 |
|
|
$ |
132.1 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation, depletion, and amortization |
|
134.6 |
|
|
|
118.8 |
|
Impairment charge |
|
5.8 |
|
|
|
— |
|
Stock-based compensation expense |
|
19.0 |
|
|
|
18.3 |
|
Provision for deferred income taxes |
|
14.7 |
|
|
|
14.0 |
|
Gain on disposition of property, plant, equipment, and other assets |
|
(8.4 |
) |
|
|
(25.8 |
) |
(Gain) loss on sale of businesses |
|
3.5 |
|
|
|
(6.4 |
) |
(Increase) decrease in other assets |
|
(1.9 |
) |
|
|
(3.5 |
) |
Increase (decrease) in other liabilities |
|
(16.4 |
) |
|
|
(6.2 |
) |
Other |
|
(3.8 |
) |
|
|
1.3 |
|
Changes in current assets and liabilities: |
|
|
|
||||
(Increase) decrease in receivables |
|
(45.5 |
) |
|
|
(34.6 |
) |
(Increase) decrease in inventories |
|
33.1 |
|
|
|
(40.4 |
) |
(Increase) decrease in other current assets |
|
3.7 |
|
|
|
1.0 |
|
Increase (decrease) in accounts payable |
|
(24.8 |
) |
|
|
49.5 |
|
Increase (decrease) in advance billings |
|
(4.1 |
) |
|
|
(4.1 |
) |
Increase (decrease) in accrued liabilities |
|
42.9 |
|
|
|
(15.2 |
) |
Net cash provided by operating activities |
|
253.8 |
|
|
|
198.8 |
|
Investing activities: |
|
|
|
||||
Proceeds from disposition of property, plant, equipment, and other assets |
|
14.0 |
|
|
|
30.1 |
|
Proceeds from sale of businesses |
|
86.4 |
|
|
|
2.0 |
|
Capital expenditures |
|
(136.4 |
) |
|
|
(144.8 |
) |
Acquisitions, net of cash acquired |
|
(214.6 |
) |
|
|
(18.8 |
) |
Net cash required by investing activities |
|
(250.6 |
) |
|
|
(131.5 |
) |
Financing activities: |
|
|
|
||||
Payments to retire debt |
|
(260.2 |
) |
|
|
(142.0 |
) |
Proceeds from issuance of debt |
|
935.0 |
|
|
|
100.0 |
|
Dividends paid to common stockholders |
|
(7.3 |
) |
|
|
(7.3 |
) |
Purchase of shares to satisfy employee tax on vested stock |
|
(10.5 |
) |
|
|
(11.1 |
) |
Holdback payment from acquisition |
|
— |
|
|
|
(10.0 |
) |
Debt issuance costs |
|
(8.2 |
) |
|
|
(2.0 |
) |
Net cash provided (required) by financing activities |
|
648.8 |
|
|
|
(72.4 |
) |
Net increase (decrease) in cash and cash equivalents |
|
652.0 |
|
|
|
(5.1 |
) |
Cash and cash equivalents at beginning of period |
|
104.8 |
|
|
|
160.4 |
|
Cash and cash equivalents at end of period |
$ |
756.8 |
|
|
$ |
155.3 |
|
Arcosa, Inc.
Reconciliation of Adjusted Net Income and Adjusted Diluted EPS (unaudited) |
|||||||||||||||
GAAP does not define “Adjusted Net Income” and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in millions) |
||||||||||||||
Net Income |
$ |
16.6 |
|
$ |
35.5 |
|
$ |
101.4 |
|
$ |
132.1 |
|
|||
(Gain) loss on sale of businesses, net of tax |
|
17.7 |
|
|
|
— |
|
|
|
2.7 |
|
|
|
(4.5 |
) |
Impact of acquisition and divestiture-related expenses, net of tax(1) |
|
10.3 |
|
|
|
0.4 |
|
|
|
16.7 |
|
|
|
1.1 |
|
Benefit from reduction in holdback obligation, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.8 |
) |
Impairment charge, net of tax |
|
— |
|
|
|
— |
|
|
|
4.5 |
|
|
|
— |
|
Adjusted Net Income |
$ |
44.6 |
|
|
$ |
35.9 |
|
|
$ |
125.3 |
|
|
$ |
124.9 |
|
GAAP does not define “Adjusted Diluted EPS” and it should not be considered as an alternative to earnings measures defined by GAAP, including diluted EPS. We use this metric to assess the operating performance of our consolidated business. We adjust diluted EPS for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period. |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in dollars per share) |
||||||||||||||
Diluted EPS |
$ |
0.34 |
|
$ |
0.72 |
|
$ |
2.07 |
|
$ |
2.70 |
|
|||
(Gain) loss on sale of businesses |
|
0.36 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
(0.09 |
) |
Impact of acquisition and divestiture-related expenses(1) |
|
0.21 |
|
|
|
0.01 |
|
|
|
0.34 |
|
|
|
0.02 |
|
Benefit from reduction in holdback obligation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
Impairment charge |
|
— |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
Adjusted Diluted EPS |
$ |
0.91 |
|
|
$ |
0.73 |
|
|
$ |
2.55 |
|
|
$ |
2.55 |
|
(1) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. For the three and nine months ended September 30, 2024, includes legal fees accrued in interest expense in connection with the committed senior secured 364-day bridge loan facility that was available to fund the Stavola acquisition in the event permanent financing was not obtained prior to closing. |
Arcosa, Inc.
Reconciliation of Adjusted EBITDA ($ in millions) (unaudited) |
|||||||||||||||||||||||
“EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA divided by Revenues. |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Full Year 2024 Guidance(3) |
||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Low |
|
High |
||||||||||||
Revenues |
$ |
640.4 |
|
|
$ |
591.7 |
|
|
$ |
1,903.7 |
|
|
$ |
1,725.7 |
|
|
$ |
2,560.0 |
|
|
$ |
2,630.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income |
|
16.6 |
|
|
|
35.5 |
|
|
|
101.4 |
|
|
|
132.1 |
|
|
|
119.4 |
|
|
|
123.8 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest expense, net |
|
12.0 |
|
|
|
5.0 |
|
|
|
29.3 |
|
|
|
16.6 |
|
|
|
62.0 |
|
|
|
64.0 |
|
Provision for income taxes |
|
2.5 |
|
|
|
7.5 |
|
|
|
18.2 |
|
|
|
27.3 |
|
|
|
22.8 |
|
|
|
25.4 |
|
Depreciation, depletion, and amortization expense(1) |
|
45.2 |
|
|
|
40.5 |
|
|
|
134.6 |
|
|
|
118.8 |
|
|
|
181.0 |
|
|
|
185.0 |
|
EBITDA |
|
76.3 |
|
|
|
88.5 |
|
|
|
283.5 |
|
|
|
294.8 |
|
|
|
385.2 |
|
|
|
398.2 |
|
Add (less): |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Gain) loss on sale of businesses |
|
23.0 |
|
|
|
— |
|
|
|
3.5 |
|
|
|
(6.4 |
) |
|
|
3.5 |
|
|
|
3.5 |
|
Impact of acquisition and divestiture-related expenses(2) |
|
12.0 |
|
|
|
0.5 |
|
|
|
20.4 |
|
|
|
1.4 |
|
|
|
35.0 |
|
|
|
37.0 |
|
Benefit from reduction in holdback obligation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5.0 |
) |
|
|
— |
|
|
|
— |
|
Impairment charge |
|
— |
|
|
|
— |
|
|
|
5.8 |
|
|
|
— |
|
|
|
5.8 |
|
|
|
5.8 |
|
Other, net (income) expense |
|
2.7 |
|
|
|
0.4 |
|
|
|
5.5 |
|
|
|
(1.5 |
) |
|
|
5.5 |
|
|
|
5.5 |
|
Adjusted EBITDA |
$ |
114.0 |
|
|
$ |
89.4 |
|
|
$ |
318.7 |
|
|
$ |
283.3 |
|
|
$ |
435.0 |
|
|
$ |
450.0 |
|
Adjusted EBITDA Margin |
|
17.8 |
% |
|
|
15.1 |
% |
|
|
16.7 |
% |
|
|
16.4 |
% |
|
|
17.0 |
% |
|
|
17.1 |
% |
(1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. (3) Full year 2024 guidance does not include the fair value markup of inventory or long-lived assets associated with purchase price allocation for the Stavola acquisition that closed on October 1, 2024. |
Arcosa, Inc. Reconciliation of Adjusted Segment EBITDA ($ in millions) (unaudited) |
|||||||||||||||||||
“Segment EBITDA” is defined as segment operating profit plus depreciation, depletion, and amortization. “Adjusted Segment EBITDA” is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company's performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. “Adjusted Segment EBITDA Margin” is defined as Adjusted Segment EBITDA divided by Revenues. |
|||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Twelve Months Ended
|
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||||
Construction Products |
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
$ |
265.9 |
|
|
$ |
262.1 |
|
|
$ |
793.2 |
|
|
$ |
763.0 |
|
|
$ |
1,031.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Profit |
|
40.4 |
|
|
|
30.3 |
|
|
|
108.6 |
|
|
|
114.2 |
|
|
|
133.0 |
|
Add: Depreciation, depletion, and amortization expense(1) |
|
30.2 |
|
|
|
28.4 |
|
|
|
89.7 |
|
|
|
83.1 |
|
|
|
118.3 |
|
Segment EBITDA |
|
70.6 |
|
|
|
58.7 |
|
|
|
198.3 |
|
|
|
197.3 |
|
|
|
251.3 |
|
Less: Gain on sale of businesses |
|
— |
|
|
|
— |
|
|
|
(5.0 |
) |
|
|
— |
|
|
|
(5.0 |
) |
Add: Impact of acquisition and divestiture-related expenses(2) |
|
0.4 |
|
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
|
1.7 |
|
Less: Benefit from reduction in holdback obligation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5.0 |
) |
|
|
— |
|
Add: Impairment charge |
|
— |
|
|
|
— |
|
|
|
5.8 |
|
|
|
— |
|
|
|
5.8 |
|
Adjusted Segment EBITDA |
$ |
71.0 |
|
|
$ |
58.7 |
|
|
$ |
200.8 |
|
|
$ |
192.3 |
|
|
$ |
253.8 |
|
Adjusted Segment EBITDA Margin |
|
26.7 |
% |
|
|
22.4 |
% |
|
|
25.3 |
% |
|
|
25.2 |
% |
|
|
24.6 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Engineered Structures |
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
$ |
279.4 |
|
|
$ |
222.5 |
|
|
$ |
785.8 |
|
|
$ |
637.2 |
|
|
$ |
1,022.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Profit |
|
32.6 |
|
|
|
18.7 |
|
|
|
94.0 |
|
|
|
70.3 |
|
|
|
119.4 |
|
Add: Depreciation and amortization expense(1) |
|
11.7 |
|
|
|
6.7 |
|
|
|
32.1 |
|
|
|
19.7 |
|
|
|
39.0 |
|
Segment EBITDA |
|
44.3 |
|
|
|
25.4 |
|
|
|
126.1 |
|
|
|
90.0 |
|
|
|
158.4 |
|
Add: Impact of acquisition and divestiture-related expenses(2) |
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
1.6 |
|
Less: Gain on sale of businesses |
|
— |
|
|
|
— |
|
|
|
(14.5 |
) |
|
|
(6.4 |
) |
|
|
(14.5 |
) |
Adjusted Segment EBITDA |
$ |
44.3 |
|
|
$ |
25.4 |
|
|
$ |
113.2 |
|
|
$ |
83.6 |
|
|
$ |
145.5 |
|
Adjusted Segment EBITDA Margin |
|
15.9 |
% |
|
|
11.4 |
% |
|
|
14.4 |
% |
|
|
13.1 |
% |
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Transportation Products |
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
$ |
95.1 |
|
|
$ |
107.1 |
|
|
$ |
324.7 |
|
|
$ |
325.5 |
|
|
$ |
432.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Profit |
|
(14.2 |
) |
|
|
14.1 |
|
|
|
13.0 |
|
|
|
35.8 |
|
|
|
23.0 |
|
Add: Depreciation and amortization expense |
|
2.8 |
|
|
|
4.1 |
|
|
|
10.9 |
|
|
|
12.1 |
|
|
|
14.8 |
|
Segment EBITDA |
|
(11.4 |
) |
|
|
18.2 |
|
|
|
23.9 |
|
|
|
47.9 |
|
|
|
37.8 |
|
Add: Loss on sale of businesses |
|
23.0 |
|
|
|
— |
|
|
|
23.0 |
|
|
|
— |
|
|
|
23.0 |
|
Adjusted Segment EBITDA |
$ |
11.6 |
|
|
$ |
18.2 |
|
|
$ |
46.9 |
|
|
$ |
47.9 |
|
|
$ |
60.8 |
|
Adjusted Segment EBITDA Margin |
|
12.2 |
% |
|
|
17.0 |
% |
|
|
14.4 |
% |
|
|
14.7 |
% |
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Loss - Corporate |
$ |
(25.0 |
) |
|
$ |
(14.7 |
) |
|
$ |
(61.2 |
) |
|
$ |
(45.8 |
) |
|
$ |
(78.2 |
) |
Add: Impact of acquisition and divestiture-related expenses - Corporate(2) |
|
11.6 |
|
|
|
0.5 |
|
|
|
17.1 |
|
|
|
1.4 |
|
|
|
17.9 |
|
Add: Corporate depreciation expense |
|
0.5 |
|
|
|
1.3 |
|
|
|
1.9 |
|
|
|
3.9 |
|
|
|
3.2 |
|
Adjusted EBITDA |
$ |
114.0 |
|
|
$ |
89.4 |
|
|
$ |
318.7 |
|
|
$ |
283.3 |
|
|
$ |
403.0 |
|
(1) Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. (2) Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs. |
Arcosa, Inc. Reconciliation of Freight-Adjusted Revenues for Construction Products ($ in millions) (unaudited) |
|||||||||||||||
“Freight-Adjusted Revenues” for Construction Products is defined as segment revenues less freight and delivery, which are pass-through activities. GAAP does not define Freight-Adjusted Revenues and they should not be considered as alternatives to earnings measures defined by GAAP, including revenues. We use Freight-Adjusted Revenues in the review of our operating results. We also believe that this presentation is consistent with our competitors. As a widely used metric by analysts and investors, this metric assists in comparing a company's performance on a consistent basis. “Freight-Adjusted Segment Margin” is defined as Freight-Adjusted Revenues divided by Adjusted Segment EBITDA. |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Construction Products |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
265.9 |
|
|
$ |
262.1 |
|
|
$ |
793.2 |
|
|
$ |
763.0 |
|
Less: Freight revenues(1) |
|
22.7 |
|
|
|
31.2 |
|
|
|
73.7 |
|
|
|
90.2 |
|
Freight-Adjusted Revenues |
$ |
243.2 |
|
|
$ |
230.9 |
|
|
$ |
719.5 |
|
|
$ |
672.8 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted Segment EBITDA(2) |
$ |
71.0 |
|
|
$ |
58.7 |
|
|
$ |
200.8 |
|
|
$ |
192.3 |
|
Adjusted Segment EBITDA Margin(2) |
|
26.7 |
% |
|
|
22.4 |
% |
|
|
25.3 |
% |
|
|
25.2 |
% |
|
|
|
|
|
|
|
|
||||||||
Freight-Adjusted Segment EBITDA Margin |
|
29.2 |
% |
|
|
25.4 |
% |
|
|
27.9 |
% |
|
|
28.6 |
% |
(1) The freight revenue amount shown for the three and nine months ended September 30, 2023 has been updated from the prior year disclosure due to a reclass between freight revenue and product revenue. (2) See Reconciliation of Adjusted Segment EBITDA table. |
Arcosa, Inc. Reconciliation of Free Cash Flow and Net Debt to Adjusted EBITDA ($ in millions) (unaudited) |
|||||||||||||||
GAAP does not define “Free Cash Flow” and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less capital expenditures net of the proceeds from the disposition of property, plant, equipment, and other assets. The Company also uses “Free Cash Flow Conversion”, which we define as Free Cash Flow divided by net income. We use these metrics to assess the liquidity of our consolidated business. We present these metrics for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cash Provided by Operating Activities |
$ |
135.0 |
|
|
$ |
43.9 |
|
|
$ |
253.8 |
|
|
$ |
198.8 |
|
Capital expenditures |
|
(34.4 |
) |
|
|
(47.9 |
) |
|
|
(136.4 |
) |
|
|
(144.8 |
) |
Proceeds from disposition of property, plant, equipment, and other assets |
|
6.6 |
|
|
|
5.7 |
|
|
|
14.0 |
|
|
|
30.1 |
|
Free Cash Flow |
$ |
107.2 |
|
|
$ |
1.7 |
|
|
$ |
131.4 |
|
|
$ |
84.1 |
|
|
|
|
|
|
|
|
|
||||||||
Net income |
$ |
16.6 |
|
|
$ |
35.5 |
|
|
$ |
101.4 |
|
|
$ |
132.1 |
|
Free Cash Flow Conversion |
|
646 |
% |
|
|
5 |
% |
|
|
130 |
% |
|
|
64 |
% |
GAAP does not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company’s outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses “Net Debt to Adjusted EBITDA”, which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions. |
|||||||||||
|
September 30,
|
|
October 1
|
|
September 30, 2024
|
||||||
Total debt excluding debt issuance costs |
$ |
1,248.7 |
|
$ |
600.0 |
|
|
$ |
1,848.7 |
||
Cash and cash equivalents |
|
756.8 |
|
|
|
(627.7 |
) |
|
|
129.1 |
|
Net Debt |
$ |
491.9 |
|
|
$ |
1,227.7 |
|
|
$ |
1,719.6 |
|
|
|
|
|
|
|
||||||
Adjusted EBITDA (trailing twelve months)(1) |
$ |
399.6 |
|
|
$ |
100.5 |
|
|
$ |
500.1 |
|
Net Debt to Adjusted EBITDA |
|
1.2 |
|
|
|
|
|
3.4 |
|
||
(1) Adjusted EBITDA includes an upward pro forma adjustment for Ameron, acquired on April 9, 2024, of
(2) The |
Arcosa, Inc. Reconciliation of Adjusted EBITDA for Steel Components Business (in millions) (unaudited) |
|||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
Twelve Months Ended
|
||||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
2024 |
||||||||||
Steel Components Business: |
|
|
|
|
|
|
|
|
|
||||||||||
Operating Profit |
$ |
(25.4 |
) |
|
$ |
3.9 |
|
|
$ |
(20.9 |
) |
|
$ |
8.1 |
|
$ |
(18.0 |
) |
|
Add: Depreciation and amortization expense |
|
1.1 |
|
|
|
2.4 |
|
|
|
5.9 |
|
|
|
7.3 |
|
|
|
8.3 |
|
Steel Components EBITDA |
|
(24.3 |
) |
|
|
6.3 |
|
|
|
(15.0 |
) |
|
|
15.4 |
|
|
|
(9.7 |
) |
Add: Loss on sale of business |
|
23.0 |
|
|
|
— |
|
|
23.0 |
|
|
|
— |
|
|
|
23.0 |
|
|
Steel Components Adjusted EBITDA |
$ |
(1.3 |
) |
|
$ |
6.3 |
|
|
$ |
8.0 |
|
|
$ |
15.4 |
|
|
$ |
13.3 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030900631/en/
INVESTOR CONTACTS
Erin Drabek
VP of Investor Relations
T 972.942.6500
InvestorResources@arcosa.com
David Gold
ADVISIRY Partners
T 212.661.2220
David.Gold@advisiry.com
MEDIA CONTACT
Media@arcosa.com
Source: Arcosa, Inc.
FAQ
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