DALLAS--(BUSINESS WIRE)--Eagle Materials Inc. (NYSE: EXP) today reported financial results for the second quarter of fiscal 2025 ended September 30, 2024. Notable items for the quarter are highlighted below (unless otherwise noted, all comparisons are with the prior year's fiscal second quarter):
Second Quarter Fiscal 2025 Highlights
- Record Revenue of $623.6 million
- Net Earnings of $143.5 million
- Net Earnings per diluted share of $4.26
- Adjusted net earnings per share (Adjusted EPS) of $4.31
- Adjusted EPS is a non-GAAP financial measure calculated by excluding non-routine items in the manner described in Attachment 6
- Adjusted EBITDA of $242.2 million
- Adjusted EBITDA is a non-GAAP financial measure calculated by excluding non-routine items and certain non-cash expenses in the manner described in Attachment 6
- Repurchased approximately 253,000 shares of Eagle's common stock for $61 million
Commenting on the second quarter results, Michael Haack, President and CEO, said, "Eagle's portfolio of businesses continued to perform well despite ongoing adverse weather during the quarter, which affected sales volumes primarily in our Cement and Concrete and Aggregates businesses. We generated record revenue of $624 million and increased cashflow from operations by 35% to $233 million. We used our strong cashflow to continue advancing our long-term growth and value-creation strategies: during the quarter, we completed a bolt-on aggregates acquisition, returned $69 million of cash to shareholders through share repurchases and dividends, and strengthened our balance sheet, ending the quarter with debt of $1.1 billion and a net leverage ratio (net debt to Adjusted EBITDA) of 1.2x." (Net debt is a non-GAAP financial measure calculated by subtracting cash and cash equivalents from debt as described in Attachment 6).
Mr. Haack continued, "We remain optimistic about our near-term and future opportunities and confident in our ability to execute on them. The current economic environment is constructive for our businesses. Employment is strong, recent inflation data should support a more accommodative monetary environment, spending from the Infrastructure Investment and Jobs Act (IIJA) is still in the beginning phases, and housing supply remains chronically short because of decade-long production deficits."
"We believe our well-positioned balance sheet should give us substantial financial flexibility and support our capital allocation priorities and long-term growth, and our consistent, disciplined operational and strategic approach should position us to continue to perform well through economic cycles and drive superior value for our shareholders."
Segment Financial Results
Heavy Materials: Cement, Concrete and Aggregates
Revenue in the Heavy Materials sector, which includes Cement, Concrete and Aggregates, Joint Venture and intersegment Cement revenue, was $418.7 million, a 2% decrease. Heavy Materials operating earnings were down 9% to $114.9 million. Both declines resulted from lower sales volume, partially offset by higher sales prices as well as the effects of the Aggregates acquisition described below.
Cement revenue for the quarter, including Joint Venture and intersegment revenue, was down 2% to $352.8 million, and operating earnings were down 5% to $115.9 million. These declines reflect lower Cement sales volume and a $7 million increase in Cement maintenance costs, partially offset by higher Cement net sales prices. The average net sales price for the quarter was up 3% to $156.51 per ton, as a result of Cement price increases implemented earlier this calendar year. Cement sales volume decreased 5% to 2.0 million tons. Sales volume was affected by ongoing adverse weather during the quarter, particularly in Texas in July and in our eastern markets during September.
Concrete and Aggregates revenue decreased slightly to $65.9 million, reflecting lower Concrete and Aggregates sales volume, partially offset by higher Concrete and Aggregates pricing. The second quarter operating loss of $1.0 million reflects lower Concrete and Aggregates sales volume and approximately $0.7 million of expenses from the impact of the step-up in inventory values related to an Aggregates acquisition during the quarter. We acquired a small mine located near one of our existing mines in Kentucky. The acquisition was completed in August with a purchase price of $24.9 million.
Light Materials: Gypsum Wallboard and Paperboard
Revenue in the Light Materials sector, which includes Gypsum Wallboard and Paperboard, increased 5% to $244.1 million, reflecting higher Wallboard and Paperboard sales volume and sales prices. Gypsum Wallboard sales volume improved 3% to 752 million square feet (MMSF), while the average Gypsum Wallboard net sales price increased 1% to $236.88 per MSF.
Paperboard sales volume for the quarter was up 6% to 85,000 tons. The average Paperboard net sales price was $595.19 per ton, up 10%, consistent with the pricing provisions in our long-term sales agreements that factor in changes to input costs.
Operating earnings in the sector were $98.2 million, an increase of 5%, reflecting higher Wallboard sales volume and net sales prices.
Corporate General and Administrative Expenses
Corporate General and Administrative Expenses during the second quarter includes approximately $1.0 million of costs associated with business development and transaction diligence.
Details of Financial Results
We conduct one of our cement plant operations through a 50/50 joint venture, Texas Lehigh Cement Company LP (the Joint Venture). We use the equity method of accounting for our 50% interest in the Joint Venture. For segment reporting purposes only, we proportionately consolidate our 50% share of the Joint Venture's revenue and operating earnings, which is consistent with the way management organizes the segments within the Company for making operating decisions and assessing performance.
In addition, for segment reporting purposes, we report intersegment revenue as a part of a segment's total revenue. Intersegment sales are eliminated on the consolidated income statement. Refer to Attachment 3 for a reconciliation of these amounts.
About Eagle Materials Inc.
Eagle Materials Inc. is a leading U.S. manufacturer of heavy construction products and light building materials. Eagle's primary products, Portland Cement and Gypsum Wallboard, are essential for building, expanding and repairing roads and highways and for building and renovating residential, commercial and industrial structures across America. Eagle manufactures and sells its products through a network of more than 70 facilities spanning 21 states and is headquartered in Dallas, Texas. Visit eaglematerials.com for more information.
Eagle's senior management will conduct a conference call to discuss the financial results, forward-looking information and other matters at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Tuesday, October 29, 2024. The conference call will be webcast on the Eagle website, eaglematerials.com. A replay of the webcast and the presentation will be archived on the website for one year.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statements and generally arise when the Company is discussing its beliefs, estimates or expectations as to future events. These statements are not historical facts or guarantees of future performance but instead represent only the Company's belief at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside the Company's control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the Company's actual performance include the following: the cyclical and seasonal nature of the Company's businesses; fluctuations in public infrastructure expenditures; the effects of adverse weather conditions on infrastructure and other construction projects as well as our facilities and operations; the fact that our products are commodities and that prices for our products are subject to material fluctuation due to market conditions and other factors beyond our control; the availability of and fluctuations in the cost of raw materials; changes in the costs of energy, including, without limitation, natural gas, coal and oil (including diesel), and the nature of our obligations to counterparties under energy supply contracts, such as those related to market conditions (for example, spot market prices), governmental orders and other matters; changes in the cost and availability of transportation; unexpected operational difficulties, including unexpected maintenance costs, equipment downtime and interruption of production; material nonpayment or non-performance by any of our key customers; consolidation of our customers; inability to timely execute announced capacity expansions; difficulties and delays in the development of new business lines; governmental regulation and changes in governmental and public policy (including, without limitation, climate change and other environmental regulation); possible losses or other adverse outcomes from pending or future litigation or arbitration proceedings; changes in economic conditions or the nature or level of activity in any one or more of the markets or industries in which the Company or its customers are engaged; competition; cyber-attacks or data security breaches, together with the costs of protecting our systems against such incidents and the possible effects thereof on our operations; increases in capacity in the gypsum wallboard and cement industries; changes in the demand for residential housing construction or commercial construction or construction projects undertaken by state or local governments; the availability of acquisitions or other growth opportunities that meet our financial return standards and fit our strategic focus; risks related to pursuit of acquisitions, joint ventures and other transactions or the execution or implementation of such transactions, including the integration of operations acquired by the Company; general economic conditions, including inflation and recessionary conditions; and changes in interest rates and the resulting effects on the Company and demand for our products. For example, increases in interest rates, decreases in demand for construction materials or increases in the cost of energy (including, without limitation, natural gas, coal and oil) or the cost of our raw materials can be expected to adversely affect the revenue and operating earnings of our operations. In addition, changes in national or regional economic conditions and levels of infrastructure and construction spending could also adversely affect the Company's results of operations. Finally, any forward-looking statements made by the Company are subject to the risks and impacts associated with natural disasters, the outbreak, escalation or resurgence of health emergencies, pandemics or other unforeseen events, including, without limitation, the COVID-19 pandemic and responses thereto designed to contain its spread and mitigate its public health effects, as well as their impact on our operations and on economic conditions, capital and financial markets. These and other factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, and subsequent quarterly and annual reports upon filing. These reports are filed with the Securities and Exchange Commission. All forward-looking statements made herein are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. The Company undertakes no duty to update any forward-looking statement to reflect future events or changes in the Company's expectations.
Attachment 1 Statement of Consolidated Earnings
Attachment 2 Revenue and Earnings by Business Segment
Attachment 3 Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue
Attachment 4 Consolidated Balance Sheets
Attachment 5 Depreciation, Depletion and Amortization by Business Segment
Attachment 6 Reconciliation of Non-GAAP Financial Measures
Attachment 1 | |||||||||||||||
Eagle Materials Inc. | |||||||||||||||
Statement of Consolidated Earnings | |||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Quarter Ended
| Six Months Ended
| ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | 623,619 | $ | 622,236 | $ | 1,232,308 | $ | 1,223,757 | |||||||
Cost of Goods Sold | 419,775 | 413,218 | 841,596 | 838,744 | |||||||||||
Gross Profit | 203,844 | 209,018 | 390,712 | 385,013 | |||||||||||
Equity in Earnings of Unconsolidated JV | 9,276 | 10,346 | 16,992 | 13,505 | |||||||||||
Corporate General and Administrative Expenses | (17,879 | ) | (16,576 | ) | (33,528 | ) | (28,255 | ) | |||||||
Other Non-Operating Income | 724 | 1,605 | 3,407 | 1,818 | |||||||||||
Earnings before Interest and Income Taxes | 195,965 | 204,393 | 377,583 | 372,081 | |||||||||||
Interest Expense, net | (10,714 | ) | (10,204 | ) | (21,398 | ) | (22,443 | ) | |||||||
Earnings before Income Taxes | 185,251 | 194,189 | 356,185 | 349,638 | |||||||||||
Income Tax Expense | (41,731 | ) | (43,636 | ) | (78,823 | ) | (78,236 | ) | |||||||
Net Earnings | $ | 143,520 | $ | 150,553 | $ | 277,362 | $ | 271,402 | |||||||
NET EARNINGS PER SHARE | |||||||||||||||
Basic | $ | 4.29 | $ | 4.29 | $ | 8.26 | $ | 7.72 | |||||||
Diluted | $ | 4.26 | $ | 4.26 | $ | 8.19 | $ | 7.66 | |||||||
AVERAGE SHARES OUTSTANDING | |||||||||||||||
Basic | 33,431,315 | 35,056,973 | 33,581,970 | 35,165,268 | |||||||||||
Diluted | 33,716,036 | 35,336,966 | 33,853,703 | 35,433,837 | |||||||||||
Attachment 2 | |||||||||||||||
Eagle Materials Inc. | |||||||||||||||
Revenue and Earnings by Business Segment | |||||||||||||||
(dollars in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Quarter Ended
| Six Months Ended
| ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue* | |||||||||||||||
Heavy Materials: | |||||||||||||||
Cement (Wholly Owned) | $ | 313,571 | $ | 322,593 | $ | 613,143 | $ | 614,365 | |||||||
Concrete and Aggregates | 65,930 | 66,104 | 126,968 | 133,519 | |||||||||||
379,501 | 388,697 | 740,111 | 747,884 | ||||||||||||
Light Materials: | |||||||||||||||
Gypsum Wallboard | 214,975 | 209,233 | 432,801 | 428,330 | |||||||||||
Recycled Paperboard | 29,143 | 24,306 | 59,396 | 47,543 | |||||||||||
244,118 | 233,539 | 492,197 | 475,873 | ||||||||||||
Total Revenue | $ | 623,619 | $ | 622,236 | $ | 1,232,308 | $ | 1,223,757 | |||||||
Segment Operating Earnings | |||||||||||||||
Heavy Materials: | |||||||||||||||
Cement (Wholly Owned) | $ | 106,657 | $ | 111,083 | $ | 188,066 | $ | 181,985 | |||||||
Cement (Joint Venture) | 9,276 | 10,346 | 16,992 | 13,505 | |||||||||||
Concrete and Aggregates | (995 | ) | 4,640 | 1,985 | 11,674 | ||||||||||
114,938 | 126,069 | 207,043 | 207,164 | ||||||||||||
Light Materials: | |||||||||||||||
Gypsum Wallboard | 90,141 | 85,705 | 184,117 | 176,562 | |||||||||||
Recycled Paperboard | 8,041 | 7,590 | 16,544 | 14,792 | |||||||||||
98,182 | 93,295 | 200,661 | 191,354 | ||||||||||||
Sub-total | 213,120 | 219,364 | 407,704 | 398,518 | |||||||||||
Corporate General and Administrative Expense | (17,879 | ) | (16,576 | ) | (33,528 | ) | (28,255 | ) | |||||||
Other Non-Operating Income | 724 | 1,605 | 3,407 | 1,818 | |||||||||||
Earnings before Interest and Income Taxes | $ | 195,965 | $ | 204,393 | $ | 377,583 | $ | 372,081 | |||||||
* Excluding Intersegment and Joint Venture Revenue listed on Attachment 3 | |||||||||||||||
Attachment 3 | |||||||||||||
Eagle Materials Inc. | |||||||||||||
Sales Volume, Average Net Sales Prices and Intersegment and Cement Revenue | |||||||||||||
(dollars in thousands, except per unit data) | |||||||||||||
(unaudited) | |||||||||||||
Sales Volume | |||||||||||||
Quarter Ended
| Six Months Ended
| ||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||
Cement (M Tons): | |||||||||||||
Wholly Owned | 1,848 | 1,959 | -6 | % | 3,615 | 3,807 | -5 | % | |||||
Joint Venture | 176 | 170 | +4 | % | 356 | 335 | +6 | % | |||||
2,024 | 2,129 | -5 | % | 3,971 | 4,142 | -4 | % | ||||||
Concrete (M Cubic Yards) | 348 | 362 | -4 | % | 691 | 747 | -7 | % | |||||
Aggregates (M Tons) | 979 | 1,171 | -16 | % | 1,778 | 2,328 | -24 | % | |||||
Gypsum Wallboard (MMSFs) | 752 | 733 | +3 | % | 1,509 | 1,496 | +1 | % | |||||
Recycled Paperboard (M Tons): | |||||||||||||
Internal | 35 | 33 | +6 | % | 74 | 73 | +1 | % | |||||
External | 50 | 47 | +6 | % | 102 | 90 | +13 | % | |||||
85 | 80 | +6 | % | 176 | 163 | +8 | % | ||||||
Average Net Sales Price* | |||||||||||||||
Quarter Ended
| Six Months Ended
| ||||||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
Cement (Ton) | $ | 156.51 | $ | 151.99 | +3% | $ | 156.31 | $ | 149.70 | +4% | |||||
Concrete (Cubic Yard) | $ | 149.16 | $ | 145.39 | +3% | $ | 148.86 | $ | 143.55 | +4% | |||||
Aggregates (Ton) | $ | 12.69 | $ | 11.15 | +14% | $ | 12.65 | $ | 11.21 | +13% | |||||
Gypsum Wallboard (MSF) | $ | 236.88 | $ | 233.69 | +1% | $ | 238.16 | $ | 235.20 | +1% | |||||
Recycled Paperboard (Ton) | $ | 595.19 | $ | 542.28 | +10% | $ | 596.33 | $ | 539.35 | +11% | |||||
*Net of freight and delivery costs billed to customers. | |||||||||||||||
Intersegment and Cement Revenue | |||||||||||
Quarter Ended
| Six Months Ended
| ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Intersegment Revenue: | |||||||||||
Cement | $ | 10,384 | $ | 9,251 | $ | 20,664 | $ | 19,388 | |||
Concrete and Aggregates | 4,050 | 3,783 | 7,827 | 6,821 | |||||||
Recycled Paperboard | 21,634 | 18,710 | 45,621 | 40,801 | |||||||
$ | 36,068 | $ | 31,744 | $ | 74,112 | $ | 67,010 | ||||
Cement Revenue: | |||||||||||
Wholly Owned | $ | 313,571 | $ | 322,593 | $ | 613,143 | $ | 614,365 | |||
Joint Venture | 28,825 | 28,907 | 58,135 | 56,030 | |||||||
$ | 342,396 | $ | 351,500 | $ | 671,278 | $ | 670,395 | ||||
Attachment 4 | ||||||||||||
Eagle Materials Inc. | ||||||||||||
Consolidated Balance Sheets | ||||||||||||
(dollars in thousands) | ||||||||||||
(unaudited) | ||||||||||||
September 30, | March 31, | |||||||||||
2024 | 2023 | 2024* | ||||||||||
ASSETS | ||||||||||||
Current Assets - | ||||||||||||
Cash and Cash Equivalents | $ | 93,909 | $ | 47,321 | $ | 34,925 | ||||||
Accounts and Notes Receivable, net | 246,349 | 244,832 | 202,985 | |||||||||
Inventories | 375,602 | 301,374 | 373,923 | |||||||||
Federal Income Tax Receivable | 2,474 | 8,144 | 9,910 | |||||||||
Prepaid and Other Assets | 12,115 | 10,135 | 5,950 | |||||||||
Total Current Assets | 730,449 | 611,806 | 627,693 | |||||||||
Property, Plant and Equipment, net | 1,724,288 | 1,676,738 | 1,676,217 | |||||||||
Investments in Joint Venture | 130,685 | 100,115 | 113,478 | |||||||||
Operating Lease Right of Use Asset | 17,316 | 22,068 | 19,373 | |||||||||
Goodwill and Intangibles | 489,232 | 490,180 | 486,117 | |||||||||
Other Assets | 29,833 | 16,187 | 24,141 | |||||||||
$ | 3,121,803 | $ | 2,917,094 | $ | 2,947,019 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Current Liabilities - | ||||||||||||
Accounts Payable | $ | 131,411 | $ | 113,737 | $ | 127,183 | ||||||
Accrued Liabilities | 95,337 | 90,815 | 94,327 | |||||||||
Income Taxes Payable | 69,450 | 1,778 | - | |||||||||
Current Portion of Long-Term Debt | 10,000 | 10,000 | 10,000 | |||||||||
Operating Lease Liabilities | 6,029 | 8,205 | 7,899 | |||||||||
Total Current Liabilities | 312,227 | 224,535 | 239,409 | |||||||||
Long-term Liabilities | 68,261 | 62,590 | 70,979 | |||||||||
Bank Credit Facility | 155,000 | 162,000 | 170,000 | |||||||||
Bank Term Loan | 167,500 | 177,500 | 172,500 | |||||||||
2.500% Senior Unsecured Notes due 2031 | 741,433 | 740,165 | 740,799 | |||||||||
Deferred Income Taxes | 245,733 | 243,670 | 244,797 | |||||||||
Stockholders' Equity - | ||||||||||||
Preferred Stock, Par Value $0.01; Authorized 5,000,000 Shares; None Issued | - | - | - | |||||||||
Common Stock, Par Value $0.01; Authorized 100,000,000 Shares; Issued and Outstanding 33,539,154; 35,031,889 and 34,143,945 Shares, respectively | 335 | 350 | 341 | |||||||||
Capital in Excess of Par Value | - | - | - | |||||||||
Accumulated Other Comprehensive Losses | (3,283 | ) | (3,451 | ) | (3,373 | ) | ||||||
Retained Earnings | 1,434,597 | 1,309,735 | 1,311,567 | |||||||||
Total Stockholders' Equity | 1,431,649 | 1,306,634 | 1,308,535 | |||||||||
$ | 3,121,803 | $ | 2,917,094 | $ | 2,947,019 | |||||||
*From audited financial statements | ||||||||||||
Attachment 5 | |||||
Eagle Materials Inc. | |||||
Depreciation, Depletion and Amortization by Business Segment | |||||
(dollars in thousands) | |||||
(unaudited) | |||||
The following table presents Depreciation, Depletion and Amortization by business segment for the quarters ended September 30, 2024 and 2023: | |||||
Depreciation, Depletion and Amortization | |||||
Quarter Ended
| |||||
2024 | 2023 | ||||
Cement | $ | 22,907 | $ | 22,187 | |
Concrete and Aggregates | 5,283 | 4,962 | |||
Gypsum Wallboard | 6,451 | 5,548 | |||
Recycled Paperboard | 3,669 | 3,708 | |||
Corporate and Other | 767 | 792 | |||
$ | 39,077 | $ | 37,197 | ||
Attachment 6 |
Eagle Materials Inc. |
Reconciliation of Non-GAAP Financial Measures |
(unaudited) |
(dollars in thousands, other than earnings per share amounts, and number of shares in thousands) |
Adjusted Earnings per Diluted Share (Adjusted EPS)
|
Quarter Ended
| |||||||
2024 | 2023 | ||||||
Net Earnings, as reported | $ | 143,520 | $ | 150,553 | |||
Non-routine Items: | |||||||
Acquisition accounting and related expenses 1 | $ | 1,618 | $ | 1,107 | |||
Litigation loss | 700 | - | |||||
Total Non-routine Items before Taxes | $ | 2,318 | $ | 1,107 | |||
Tax Impact on Non-routine Items | (522 | ) | (249 | ) | |||
After-tax Impact of Non-routine Items | $ | 1,796 | $ | 858 | |||
Adjusted Net Earnings | $ | 145,316 | $ | 151,411 | |||
Diluted Average Shares Outstanding | 33,716 | 35,337 | |||||
Net earnings per diluted share, as reported | $ | 4.26 | $ | 4.26 | |||
Adjusted net earnings per diluted share (Adjusted EPS) | $ | 4.31 | $ | 4.28 | |||
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs | |||||||
Attachment 6, continued |
EBITDA and Adjusted EBITDA
|
Quarter Ended | Six Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Net Earnings, as reported | $ | 143,520 | $ | 150,553 | $ | 277,362 | $ | 271,402 | ||||
Income Tax Expense | 41,731 | 43,636 | 78,823 | 78,236 | ||||||||
Interest Expense | 10,714 | 10,204 | 21,398 | 22,443 | ||||||||
Depreciation, Depletion and Amortization | 39,077 | 37,197 | 77,427 | 73,879 | ||||||||
EBITDA | $ | 235,042 | $ | 241,590 | $ | 455,010 | $ | 445,960 | ||||
Acquisition accounting and related expenses 1 | 1,618 | 1,107 | 1,618 | 4,568 | ||||||||
Litigation loss | 700 | - | 700 | - | ||||||||
Stock-based Compensation | 4,864 | 4,542 | 9,403 | 10,999 | ||||||||
Adjusted EBITDA | $ | 242,224 | $ | 247,239 | $ | 466,731 | $ | 461,527 | ||||
Twelve Months Ended | |||||
September 30, | March 31, | ||||
2024 | 2024 | ||||
Net Earnings, as reported | $ | 483,599 | $ | 477,639 | |
Income Tax Expense | 140,885 | 140,298 | |||
Interest Expense | 41,212 | 42,257 | |||
Depreciation, Depletion and Amortization | 153,380 | 149,832 | |||
EBITDA | $ | 819,076 | $ | 810,026 | |
Acquisition accounting and related expenses 1 | 1,618 | 4,568 | |||
Litigation loss | 700 | - | |||
Stock-based Compensation | 18,304 | 19,900 | |||
Adjusted EBITDA | $ | 839,698 | $ | 834,494 | |
1 Represents the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting and business development costs | |||||
Attachment 6, continued |
Reconciliation of Net Debt to Adjusted EBITDA
|
As of | As of | ||||
September 30, 2024 | March 31, 2024 | ||||
Total debt, excluding debt issuance costs | $ | 1,082,500 | $ | 1,102,500 | |
Cash and cash equivalents | 93,909 | 34,925 | |||
Net Debt | $ | 988,591 | $ | 1,067,575 | |
Trailing Twelve Months Adjusted EBITDA | $ | 839,698 | 834,494 | ||
Net Debt to Adjusted EBITDA | 1.2x | 1.3x | |||
Contacts
Contact at 214-432-2000:
Michael R. Haack
President and Chief Executive Officer
D. Craig Kesler
Executive Vice President and Chief Financial Officer
Alex Haddock
Senior Vice President, Investor Relations, Strategy and Corporate Development
