Titan America Announces Record Full-Year 2024 Results
Titan America (NYSE: TTAM) reported strong full-year 2024 financial results, with revenue reaching $1.63 billion, up 2.7% from 2023. The company achieved record performance with net income of $166.1 million, a 7.0% increase, and EPS of $0.95, up from $0.89 in 2023.
Key highlights include:
- Adjusted EBITDA of $370.4 million, up 12.8% from 2023
- Florida segment revenue of $997.6 million (+2.8%)
- Mid-Atlantic segment revenue of $634.9 million (+2.5%)
Q4 2024 showed some challenges with revenue at $389.8 million, down from $399.1 million in Q4 2023, primarily due to extreme weather events. The company completed its IPO in February 2025 and projects mid-single digit revenue growth for 2025 with modest EBITDA margin improvement.
Titan America (NYSE: TTAM) ha riportato risultati finanziari solidi per l'intero anno 2024, con ricavi che hanno raggiunto 1,63 miliardi di dollari, in aumento del 2,7% rispetto al 2023. L'azienda ha ottenuto prestazioni record con un utile netto di 166,1 milioni di dollari, un incremento del 7,0%, e un utile per azione (EPS) di $0,95, in aumento rispetto a $0,89 nel 2023.
I punti salienti includono:
- EBITDA rettificato di 370,4 milioni di dollari, in aumento del 12,8% rispetto al 2023
- Ricavi del segmento Florida di 997,6 milioni di dollari (+2,8%)
- Ricavi del segmento Mid-Atlantic di 634,9 milioni di dollari (+2,5%)
Il quarto trimestre del 2024 ha mostrato alcune sfide con ricavi di 389,8 milioni di dollari, in calo rispetto ai 399,1 milioni di dollari del quarto trimestre del 2023, principalmente a causa di eventi meteorologici estremi. L'azienda ha completato la sua IPO a febbraio 2025 e prevede una crescita dei ricavi a cifra singola per il 2025, con un modesto miglioramento del margine EBITDA.
Titan America (NYSE: TTAM) reportó resultados financieros sólidos para el año completo 2024, con ingresos que alcanzaron 1.63 mil millones de dólares, un aumento del 2.7% en comparación con 2023. La compañía logró un rendimiento récord con un ingreso neto de 166.1 millones de dólares, un incremento del 7.0%, y un EPS de $0.95, en comparación con $0.89 en 2023.
Los puntos clave incluyen:
- EBITDA ajustado de 370.4 millones de dólares, un aumento del 12.8% respecto a 2023
- Ingresos del segmento de Florida de 997.6 millones de dólares (+2.8%)
- Ingresos del segmento del Atlántico Medio de 634.9 millones de dólares (+2.5%)
El cuarto trimestre de 2024 mostró algunos desafíos con ingresos de 389.8 millones de dólares, una disminución desde los 399.1 millones de dólares en el cuarto trimestre de 2023, principalmente debido a eventos climáticos extremos. La compañía completó su IPO en febrero de 2025 y proyecta un crecimiento de ingresos de un solo dígito para 2025, con una mejora modesta en el margen EBITDA.
타이탄 아메리카 (NYSE: TTAM)는 2024년 전체 연도 재무 결과를 발표했으며, 수익은 16억 3천만 달러에 달해 2023년 대비 2.7% 증가했습니다. 이 회사는 순이익 1억 6천6백만 달러를 기록하며 7.0% 증가했고, 주당순이익(EPS)은 $0.95로 2023년의 $0.89에서 증가했습니다.
주요 하이라이트는 다음과 같습니다:
- 조정된 EBITDA는 3억 7천4백만 달러로 2023년 대비 12.8% 증가
- 플로리다 부문 수익은 9억 9천7백6십만 달러 (+2.8%)
- 미드애틀란틱 부문 수익은 6억 3천4백9십만 달러 (+2.5%)
2024년 4분기는 수익이 3억 8천9백8십만 달러로 2023년 4분기의 3억 9천9백1십만 달러에서 감소하며 일부 도전 과제를 보여주었습니다. 이는 주로 극단적인 기상 현상 때문입니다. 이 회사는 2025년 2월에 IPO를 완료했으며, 2025년에는 중간 단위 수익 성장과 함께 완만한 EBITDA 마진 개선을 예상하고 있습니다.
Titan America (NYSE: TTAM) a annoncé de solides résultats financiers pour l'année entière 2024, avec des revenus atteignant 1,63 milliard de dollars, en hausse de 2,7 % par rapport à 2023. L'entreprise a réalisé une performance record avec un bénéfice net de 166,1 millions de dollars, une augmentation de 7,0 %, et un BPA de 0,95 $, en hausse par rapport à 0,89 $ en 2023.
Les points forts incluent :
- EBITDA ajusté de 370,4 millions de dollars, en hausse de 12,8 % par rapport à 2023
- Revenus du segment Floride de 997,6 millions de dollars (+2,8 %)
- Revenus du segment du Mid-Atlantic de 634,9 millions de dollars (+2,5 %)
Le quatrième trimestre 2024 a montré quelques défis avec des revenus de 389,8 millions de dollars, en baisse par rapport à 399,1 millions de dollars au quatrième trimestre 2023, principalement en raison d'événements météorologiques extrêmes. L'entreprise a complété son introduction en bourse en février 2025 et prévoit une croissance des revenus à un chiffre pour 2025, avec une amélioration modeste de la marge EBITDA.
Titan America (NYSE: TTAM) hat starke Finanzzahlen für das Gesamtjahr 2024 berichtet, mit einem Umsatz von 1,63 Milliarden Dollar, was einem Anstieg von 2,7% im Vergleich zu 2023 entspricht. Das Unternehmen erzielte eine Rekordleistung mit einem Nettogewinn von 166,1 Millionen Dollar, einem Anstieg von 7,0%, und einem Gewinn pro Aktie (EPS) von $0,95, im Vergleich zu $0,89 im Jahr 2023.
Die wichtigsten Highlights sind:
- Bereinigtes EBITDA von 370,4 Millionen Dollar, ein Anstieg von 12,8% im Vergleich zu 2023
- Umsatz im Florida-Segment von 997,6 Millionen Dollar (+2,8%)
- Umsatz im Mid-Atlantic-Segment von 634,9 Millionen Dollar (+2,5%)
Im vierten Quartal 2024 gab es einige Herausforderungen, da der Umsatz bei 389,8 Millionen Dollar lag, ein Rückgang von 399,1 Millionen Dollar im vierten Quartal 2023, hauptsächlich aufgrund extremer Wetterereignisse. Das Unternehmen hat im Februar 2025 seinen Börsengang abgeschlossen und prognostiziert für 2025 ein Umsatzwachstum im mittleren einstelligen Bereich mit moderaten Verbesserungen der EBITDA-Marge.
- Record full-year revenue of $1.63B, up 2.7% YoY
- Net income increased 7.0% to $166.1M
- Adjusted EBITDA grew 12.8% to $370.4M
- EBITDA margin improved 210 bps to 22.7%
- Strong free cash flow of $110.8M in 2024
- Secured participation in major infrastructure projects for 2025
- Q4 revenue declined 2.3% YoY to $389.8M
- Q4 net income dropped 19.6% YoY to $36.5M
- Q4 EPS decreased to $0.21 from $0.26 YoY
- Weather-related disruptions impacted Q4 performance
- High gross debt of $460.2M
Insights
Titan America's first earnings release as a public company reveals strong annual results despite Q4 weather-related challenges. The 2.7% revenue growth to
While Q4 showed some weakness with revenue declining
The segmental performance shows consistently strong execution across markets, with Florida increasing EBITDA by
Following their February 2025 IPO, this inaugural earnings report establishes a strong baseline of performance and creates positive investor sentiment heading into their first full year as a public company.
Titan America's results highlight exceptional operational execution in a complex construction materials market. The company's vertical integration model is proving highly effective, allowing them to outperform the broader market in sales volumes while achieving substantial margin improvement. Their emphasis on operational excellence has yielded significant cost reductions in materials, energy, and fuel, effectively counterbalancing inflation in labor and maintenance costs.
The company's strategic East Coast footprint positions them perfectly to capitalize on three critical growth catalysts: infrastructure modernization, resilient urbanization, and manufacturing reshoring. Their participation in five major "Moving Florida Forward" infrastructure projects and various Mid-Atlantic developments (including data centers and airport expansions) secures significant revenue streams for 2025 and beyond.
Their sustainability progress is equally notable, with
The Q4 weather disruptions were temporary setbacks in an otherwise stellar year. With infrastructure spending continuing to flow and construction demand remaining resilient in their high-growth markets, Titan's guidance for continued growth and margin expansion in 2025 appears well-supported by both market conditions and internal capabilities.
- Reports Record Full-Year Revenue, Net Income, and EPS -
- Successfully Completed Initial Public Offering in February 2025 -
- Announces 2025 Guidance -
Full-Year 2024 Highlights
-
Revenue of
, up$1,634.4 million 2.7% from 2023 -
Net Income of
, up$166.1 million 7.0% from 2023 -
Earnings per share of
, up from$0.95 in 2023$0.89 -
Adjusted EBITDA1 of
, up$370.4 million 12.8% from 2023
Fourth-Quarter 2024 Highlights
-
Revenue of
, compared to$389.8 million in Q4 2023$399.1 million -
Net Income of
, compared to$36.5 million in Q4 2023$45.4 million -
Earnings per share of
, compared to$0.21 in Q4 2023$0.26 -
Adjusted EBITDA of
, compared to$83.5 million from 2023$87.2 million
“In our first earnings announcement as a public company, we are pleased to report strong full-year financial results, while continuing to invest in Titan America’s future growth,” said Bill Zarkalis, President & CEO of Titan America. “Our uniquely vertically integrated business model, comprehensive logistics network, and strategic positioning led to record full-year 2024 results, with our sales volumes outperforming the broader market. We’re confident about the long-term secular trends in our markets, including infrastructure modernization, resilient urbanization, and manufacturing reshoring along the Eastern Seaboard of
Revenue by Reportable Segment
|
|
Year ended December 31 |
|
|
|
|
|||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||
($ in thousands) |
|
|
|
|
|
|
|
|
|||||
|
|
$ |
997,575 |
|
$ |
969,932 |
|
$ |
27,643 |
|
|
2.8 |
% |
Mid-Atlantic reportable segment |
|
|
634,946 |
|
|
619,683 |
|
|
15,263 |
|
|
2.5 |
% |
Other* |
|
|
1,872 |
|
|
1,986 |
|
|
(114 |
) |
|
(5.7 |
)% |
Consolidated Revenue |
|
$ |
1,634,393 |
|
$ |
1,591,601 |
|
$ |
42,792 |
|
|
2.7 |
% |
*Other includes equipment, related services and miscellaneous revenue |
Full-Year 2024 Results
Revenues for 2024 were
Adjusted EBITDA outpaced revenue growth totalling
Net income was
Fourth-Quarter 2024 Results
Fourth-quarter 2024 revenues were
Adjusted EBITDA for the quarter was
Net income was
Full-Year 2024 Results by Reporting Segment
The
Florida’s attractive market fundamentals include ongoing population growth, business migration, and infrastructure investment, which all continue to drive construction demand. These factors enable the
The Mid-Atlantic segment, generated
Primarily serving
Fourth-Quarter 2024 Results by Reporting Segment
The
The Mid-Atlantic segment generated
Cash flow and Capital Resources
For the year ended December 31, 2024, cash flow provided by operations was
As of December 31, 2024, Titan America had
2025 Outlook
Regarding Titan America’s outlook, Titan America President & CEO Bill Zarkalis stated, “Looking ahead, we remain focused on executing our strategic initiatives to deliver top line growth, margin expansion, and strong return on average capital employed. We expect market demand for construction materials and the pricing environment to remain positive, and in conjunction with our operating efficiency efforts, to drive improvements in margins. While we operate in a dynamic market environment, our vertically integrated business model and comprehensive logistics network give us flexibility to quickly adapt to evolving market conditions. With this backdrop, we are announcing our outlook for 2025 revenue growth to be in the mid-single digit percent range, with expected modest improvement in EBITDA margins in 2025 as compared to 2024.”
Sustainability
Sustainability is deeply embedded in all aspects of Titan America. We continue to make significant progress in reducing our environmental footprint, with our net CO₂ emissions per ton of cementitious materials declining to 582 kg in 2024 from 718 kg in 2019, a reduction of nearly
Titan America’s investments in alternative fuels, lower-carbon cement technologies, and operational efficiencies continue to drive both environmental improvement and business performance. Furthermore, our cement plants are among the top five most efficient in the
Conference Call
Titan America will host a conference call at 8:00 a.m. ET on March 26, 2025. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investors section of Titan America’s website at https://www.titanamerica.com/. For those who are unable to listen to the live broadcast, an audio replay of the conference call will be available on the Titan America website for 30 days.
About Titan America SA
Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the
Forward-Looking Statements
This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, Titan America’s future results of operations, financial condition, liquidity, prospects, growth, strategies, developments in the industry in which we operate and the proposed offering. In some cases, you can identify forward-looking statements by terminology such as “continue,” “could,” “expect,” “goal,” “may,” “plan,” “predict,” “propose,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this report regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. Titan America undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this report. The information contained in this report is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. This press release has been prepared in English and translated into French. In the case of discrepancies between the two versions, the English version will prevail.
Financial Measures (Non-IFRS)
In addition to the financial information presented in accordance with International Financial Reporting Standards (“IFRS”), this press release includes the following Non-IFRS financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, free cash flow and net debt. We define Adjusted EBITDA as net income before finance cost, net, income tax expense, depreciation, depletion and amortization, further adjusted to remove the impact of additional items such as (gain)/loss on disposal of fixed assets, asset impairment (recovery)/loss, foreign exchange (gain)/loss, net, derivative financial instrument (gain)/loss, net, fair value loss on sale of accounts receivable, net, share-based compensation and other non-recurring items, including certain transaction costs related to our initial public offering. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues. We define free cash flow as net cash provided by operating activities, less net payments for capital expenditures, which includes (i) investments in equipment, (ii) investments in identifiable intangible assets and (iii) proceeds from the sale of assets, net of disposition costs. We define net debt as the sum of short and long-term borrowings, including accrued interest and current and non-current lease liabilities less cash and cash equivalents. See “Reconciliation of IFRS to Non-IFRS” section for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure.
We believe that in addition to our results determined in accordance with IFRS, these Non-IFRS financial measures provide useful information to both management and investors in measuring our financial performance and highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.
Non-IFRS financial information is presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Our presentation of Non-IFRS measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. Other companies in our industry may calculate these measures differently, which may limit their usefulness as comparative measures.
_____________________ |
1 As used throughout this release, the terms Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow are non-IFRS financial metrics. See “Reconciliation of IFRS to Non-IFRS" for a detailed reconciliation of Non-IFRS financial measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for further discussion on these Non-IFRS measures and why we believe they are useful. |
Consolidated Statements of Income (Unaudited) |
|||||||
(all amounts in thousands of US$ except for earnings per share) |
Year Ended December 31 |
||||||
|
2024 |
|
2023 |
||||
|
|
|
|
||||
Revenue |
$ |
1,634,393 |
|
|
$ |
1,591,601 |
|
Cost of goods sold |
|
(1,217,738 |
) |
|
|
(1,228,112 |
) |
Gross profit |
|
416,655 |
|
|
|
363,489 |
|
|
|
|
|
||||
Selling expense |
|
(33,623 |
) |
|
|
(31,009 |
) |
General and administrative expense |
|
(128,930 |
) |
|
|
(99,909 |
) |
Net impairment losses on financial assets |
|
(398 |
) |
|
|
(1,224 |
) |
Fair value loss on sale of accounts receivable, net |
|
(4,620 |
) |
|
|
(6,113 |
) |
Other operating income/(loss), net |
|
2,304 |
|
|
|
402 |
|
Operating income |
|
251,388 |
|
|
|
225,636 |
|
|
|
|
|
||||
Finance cost, net |
|
(26,175 |
) |
|
|
(22,244 |
) |
Foreign exchange gain/(loss), net |
|
20,846 |
|
|
|
(11,981 |
) |
Derivative financial instrument (loss)/gain, net |
|
(22,441 |
) |
|
|
10,967 |
|
Income before income taxes |
|
223,618 |
|
|
|
202,378 |
|
Income tax expense |
|
(57,544 |
) |
|
|
(47,134 |
) |
Net income |
$ |
166,074 |
|
|
$ |
155,244 |
|
|
|
|
|
||||
Earnings per share of common stock: |
|
|
|
||||
Basic earnings per share |
$ |
0.95 |
|
|
$ |
0.89 |
|
Diluted earnings per share |
$ |
0.95 |
|
|
$ |
0.89 |
|
Weighted average number of common stock - basic and diluted |
|
175,362,465 |
|
|
|
175,362,465 |
|
Consolidated Balance Sheet (Unaudited) |
||||||
(all amounts in thousands of US$) | Year Ended December 31 | |||||
2024 |
2023 |
|||||
Current assets: | ||||||
Cash and cash equivalents | $ |
12,124 |
|
$ |
22,036 |
|
Derivative financial instruments |
|
709 |
|
|
5,315 |
|
Derivative credit support payments |
|
619 |
|
|
11,470 |
|
Trade receivables, net |
|
48,119 |
|
|
55,873 |
|
Other receivables, net |
|
57,937 |
|
|
65,121 |
|
Inventories |
|
227,638 |
|
|
189,989 |
|
Prepaid expenses and other current assets |
|
14,308 |
|
|
16,194 |
|
Income taxes receivable |
|
22,802 |
|
|
6,901 |
|
Total current assets |
|
384,256 |
|
|
372,899 |
|
Noncurrent assets: | ||||||
Derivative financial instruments |
|
— |
|
|
2,071 |
|
Derivative credit support payments |
|
3,770 |
|
|
— |
|
Property, plant, equipment and mineral deposits, net |
|
851,733 |
|
|
801,031 |
|
Right-of-use assets |
|
64,688 |
|
|
61,441 |
|
Other assets |
|
10,076 |
|
|
6,586 |
|
Intangible assets, net |
|
30,167 |
|
|
33,213 |
|
Goodwill |
|
221,562 |
|
|
221,562 |
|
Total noncurrent assets |
|
1,181,996 |
|
|
1,125,904 |
|
Total assets | $ |
1,566,252 |
|
$ |
1,498,803 |
|
Current liabilities: | ||||||
Accounts payable | $ |
139,831 |
|
$ |
151,229 |
|
Related party payables |
|
8,727 |
|
|
11,467 |
|
Accrued expenses |
|
24,879 |
|
|
20,757 |
|
Derivative financial instruments |
|
1,014 |
|
|
10,512 |
|
Derivative credit support receipts |
|
304 |
|
|
5,061 |
|
Provisions |
|
10,081 |
|
|
10,452 |
|
Contract liabilities |
|
6,344 |
|
|
1,090 |
|
Income taxes payable |
|
1,872 |
|
|
1,999 |
|
Short-term borrowings, including accrued interest |
|
33,608 |
|
|
267,670 |
|
Lease liabilities |
|
12,386 |
|
|
11,737 |
|
Total current liabilities |
|
239,046 |
|
|
491,974 |
|
Noncurrent liabilities: | ||||||
Long-term borrowings |
|
358,222 |
|
|
76,262 |
|
Lease liabilities |
|
55,967 |
|
|
53,744 |
|
Retirement benefit obligations |
|
5,117 |
|
|
4,310 |
|
Derivative financial instruments |
|
8,418 |
|
|
— |
|
Derivative credit support receipts |
|
— |
|
|
2,081 |
|
Provisions |
|
50,926 |
|
|
55,302 |
|
Contract liabilities |
|
— |
|
|
868 |
|
Other noncurrent liabilities |
|
330 |
|
|
114 |
|
Deferred income tax liability |
|
98,212 |
|
|
94,377 |
|
Total noncurrent liabilities |
|
577,192 |
|
|
287,058 |
|
Total liabilities |
|
816,238 |
|
|
779,032 |
|
Stockholder's equity: | ||||||
Common stock |
|
1,753,625 |
|
|
25,219 |
|
Share premium |
|
852,282 |
|
|
168,791 |
|
Capital reserves |
|
4,039 |
|
|
4,039 |
|
Retained earnings |
|
597,296 |
|
|
518,621 |
|
Common control reserve |
|
(2,460,630 |
) |
|
— |
|
Accumulated other comprehensive income |
|
3,402 |
|
|
3,101 |
|
Total stockholder's equity |
|
750,014 |
|
|
719,771 |
|
Total liabilities and stockholder's equity | $ |
1,566,252 |
|
$ |
1,498,803 |
Consolidated Statements of Cash Flows (Unaudited) |
||||||||
(all amounts in thousands of US$) | Year Ended December 31 | |||||||
2024 |
2023 |
|||||||
Cash flows from operating activities | ||||||||
Income before income taxes | $ |
223,618 |
|
$ |
202,378 |
|
||
Adjustments for: | ||||||||
Depreciation, depletion and amortization |
|
99,941 |
|
|
91,079 |
|
||
Finance cost |
|
27,643 |
|
|
23,194 |
|
||
Finance income |
|
(1,468 |
) |
|
(950 |
) |
||
Foreign exchange (gain)/loss, net |
|
(20,846 |
) |
|
11,981 |
|
||
Derivative financial instrument loss/(gain), net |
|
22,441 |
|
|
(10,967 |
) |
||
Changes in net operating assets and liabilities |
|
(43,516 |
) |
|
(42,326 |
) |
||
Other |
|
8,166 |
|
|
5,853 |
|
||
Cash generated from operations before income taxes |
|
315,979 |
|
|
280,242 |
|
||
Income taxes, net |
|
(67,942 |
) |
|
(53,117 |
) |
||
Net cash provided by operating activities |
|
248,037 |
|
|
227,125 |
|
||
Cash flows from investing activities | ||||||||
Investments in property, plant and equipment |
|
(135,421 |
) |
|
(117,144 |
) |
||
Investments in intangible assets |
|
(1,591 |
) |
|
(1,600 |
) |
||
Interest received |
|
1,468 |
|
|
950 |
|
||
Proceeds from the sale of assets, net of disposition costs |
|
(259 |
) |
|
141 |
|
||
Net cash used in investing activities |
|
(135,803 |
) |
|
(117,653 |
) |
||
Cash flows from financing activities | ||||||||
Repayment of affiliated party borrowings |
|
(39,701 |
) |
|
(37,838 |
) |
||
Borrowings from affiliated party |
|
85,218 |
|
|
45,537 |
|
||
Offering costs associated with borrowings |
|
(682 |
) |
|
— |
|
||
Borrowings from third party line of credit |
|
60,000 |
|
|
35,000 |
|
||
Repayment of third party line of credit |
|
(35,000 |
) |
|
(105,000 |
) |
||
Lease payments |
|
(9,486 |
) |
|
(12,151 |
) |
||
Return of capital |
|
(51,591 |
) |
|
— |
|
||
Dividends paid |
|
(85,069 |
) |
|
(33,786 |
) |
||
Capital increase expenses |
|
(155 |
) |
|
— |
|
||
Contribution from related party |
|
200 |
|
|
— |
|
||
Related party recharge for stock-based compensation |
|
(2,830 |
) |
|
(429 |
) |
||
Settlement of derivative financial instrument (payments)/receipts |
|
(16,783 |
) |
|
3,272 |
|
||
Derivative credit support receipts/(payments) |
|
243 |
|
|
11,399 |
|
||
Interest paid |
|
(25,383 |
) |
|
(23,783 |
) |
||
IPO Costs |
|
(2,307 |
) |
|
— |
|
||
Net cash used in financing activities |
|
(123,326 |
) |
|
(117,779 |
) |
||
Net (decrease)/increase in cash and cash equivalents |
|
(11,092 |
) |
|
(8,307 |
) |
||
Cash and cash equivalents at: | ||||||||
Beginning of period |
|
22,036 |
|
|
29,841 |
|
||
Effects of exchange rate changes |
|
1,180 |
|
|
502 |
|
||
End of period | $ |
12,124 |
|
$ |
22,036 |
|
||
Changes in net operating assets and liabilities | ||||||||
Inventories | $ |
(37,649 |
) |
$ |
(9,185 |
) |
||
Trade receivables, net |
|
7,136 |
|
|
(604 |
) |
||
Other receivables, net |
|
7,419 |
|
|
(3,637 |
) |
||
Prepaid expenses and other current assets |
|
1,886 |
|
|
(998 |
) |
||
Other assets |
|
(534 |
) |
|
101 |
|
||
Accounts payable |
|
(16,080 |
) |
|
(29,532 |
) |
||
Accrued expenses |
|
3,959 |
|
|
(4,372 |
) |
||
Provisions |
|
(4,934 |
) |
|
3,822 |
|
||
Other liabilities |
|
214 |
|
|
(672 |
) |
||
Retirement benefit obligations |
|
(39 |
) |
|
210 |
|
||
Operating related party activity |
|
(4,894 |
) |
|
2,541 |
|
||
Changes in net operating assets and liabilities | $ |
(43,516 |
) |
$ |
(42,326 |
) |
Reconciliation of IFRS Net Income to Non-IFRS Adjusted EBITDA and IFRS Net Income Margin to Non-IFRS Adjusted EBITDA Margin |
|||||||||||||||
|
Three months ended December 31 |
|
Year ended December 31 |
||||||||||||
2024 |
2023 |
|
2024 |
2023 |
|||||||||||
($ in thousands) |
|||||||||||||||
Net income |
$ |
36,528 |
|
|
$ |
45,444 |
|
|
$ |
166,074 |
|
|
$ |
155,244 |
|
Finance cost, net |
|
7,340 |
|
|
3,088 |
|
|
26,175 |
|
|
22,244 |
|
|||
Income tax expense |
|
13,645 |
|
|
|
8,707 |
|
|
|
57,544 |
|
|
|
47,134 |
|
Depreciation, depletion and amortization |
|
30,917 |
|
|
27,281 |
|
|
99,941 |
|
|
91,079 |
|
|||
Loss on disposal of fixed assets |
|
957 |
|
|
|
3,116 |
|
|
|
2,411 |
|
|
|
3,852 |
|
Asset impairment (recovery)/loss |
|
- |
|
|
(609 |
) |
|
- |
|
|
(609 |
) |
|||
Foreign exchange loss/(gain), net |
|
(28,313 |
) |
|
|
13,951 |
|
|
|
(20,846 |
) |
|
|
11,981 |
|
Derivative financial instrument (gain)/loss, net |
|
20,959 |
|
|
(15,122 |
) |
|
22,441 |
|
|
(10,967 |
) |
|||
Fair value loss on sale of accounts receivable, net |
|
570 |
|
|
|
1,176 |
|
|
|
4,620 |
|
|
|
6,113 |
|
Share-based compensation |
|
966 |
|
|
809 |
|
|
3,841 |
|
|
3,173 |
|
|||
IPO transaction costs |
|
2,304 |
|
|
|
- |
|
|
|
11,816 |
|
|
|
- |
|
Other |
|
(2,351 |
) |
|
(604 |
) |
|
(3,617 |
) |
|
(871 |
) |
|||
Adjusted EBITDA |
$ |
83,522 |
|
|
|
87,237 |
|
|
|
370,400 |
|
|
|
328,373 |
|
Revenue |
|
389,815 |
|
|
|
399,137 |
|
|
|
1,634,393 |
|
|
|
1,591,601 |
|
Net Income Margin(1) |
|
9.4 |
% |
|
11.4 |
% |
|
10.2 |
% |
|
9.8 |
% |
|||
Adjusted EBITDA Margin(2) |
|
21.4 |
% |
|
|
21.9 |
% |
|
|
22.7 |
% |
|
|
20.6 |
% |
(1) | Net Income Margin is calculated as net income divided by revenues. |
|
(2) | Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenues. |
Reconciliation of Free Cash Flow |
|||||||
|
Year Ended December 31 |
||||||
|
2024 |
2023 |
|||||
($ in thousands) |
|
|
|
||||
Net cash provided by operating activities |
$ |
248,037 |
|
|
$ |
227,125 |
|
Adjusted by: |
|
|
|
||||
Investments in property, plant and equipment |
|
(135,421 |
) |
|
|
(117,144 |
) |
Investments in identifiable intangible assets |
|
(1,591 |
) |
|
|
(1,600 |
) |
Proceeds from the sale of assets, net of disposition costs |
|
(259 |
) |
|
|
141 |
|
Net Capital Expenditures |
|
(137,271 |
) |
|
|
(118,603 |
) |
Free Cash Flow |
$ |
110,766 |
|
|
$ |
108,522 |
|
Reconciliation of Net Debt |
|||||||
|
Year Ended December 31 |
||||||
|
2024 |
|
2023 |
||||
($ in thousands) |
|
|
|
||||
Short-term borrowings, including accrued interest |
$ |
33,608 |
|
|
$ |
267,670 |
|
Long-term borrowings |
|
358,222 |
|
|
|
76,262 |
|
Short-term lease liabilities |
|
12,386 |
|
|
|
11,737 |
|
Long-term lease liabilities |
|
55,967 |
|
|
|
53,744 |
|
Less: |
|
|
|
||||
Cash and cash equivalents |
|
(12,124 |
) |
|
|
(22,036 |
) |
Net Debt |
$ |
448,059 |
|
|
$ |
387,377 |
|
Net Debt to Adjusted EBITDA |
|||||
|
Year Ended December 31 |
||||
|
2024 |
|
2023 |
||
($ in thousands) |
|
|
|
||
IFRS: |
|
|
|
||
Short-term borrowings, including accrued interest |
$ |
33,608 |
|
$ |
267,670 |
Long-term borrowings |
|
358,222 |
|
|
76,262 |
Short-term lease liabilities |
|
12,386 |
|
|
11,737 |
Long-term lease liabilities |
|
55,967 |
|
|
53,744 |
Total Debt |
$ |
460,183 |
|
$ |
409,413 |
Net Income |
|
166,074 |
|
|
155,244 |
Ratio of Total Debt to Net Income |
2.8x |
|
2.6x |
||
Non-IFRS: |
|
|
|
||
Net Debt |
$ |
448,059 |
|
$ |
387,377 |
Adjusted EBITDA |
$ |
370,400 |
|
$ |
328,373 |
Ratio of Net Debt to Adjusted EBITDA |
1.2x |
|
1.2x |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250325662435/en/
Investor Relations
ir@titanamerica.com
757-901-4152
Source: Titan America SA