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Acer Releases Pair of New 11-inch Chromebooks for Education

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Editor’s Summary

  • The Acer Chromebook 511 features the Qualcomm® Snapdragon 7c compute platform for powerful, sustained performance and incredible battery life; additionally, secure and reliable 4G LTE connectivity allows for a modern, untethered education experience
  • The Acer Chromebook 311 is a reliable and easy-to-use device aimed at K-12 students, equipped with the MediaTek MT8183 processor
  • All models meet the MIL-STD 810H[1], [2] durability standard and a number of leading toy-safety standards, providing users with the peace-of-mind to focus on what counts: learning

TAIPEI, Jan. 21, 2020 /PRNewswire/ — Acer today announced a pair of new 11-inch Chromebooks for the education market with well-rounded features intended to make it as easy as possible for a school to go digital: military durability standards let parents trust that the devices are reliable, Zero-touch enrollment makes it easy for IT to roll them out, and students will enjoy the intuitive responsiveness of Chrome OS.

Acer Chromebook 511 — Learning Without Borders

The Acer Chromebook 511 (C741L) is an 11.6-inch notebook computer that simplifies the process of establishing a digital learning environment, with a number of features that will benefit both the students using the devices and the school administrators rolling them out. The Qualcomm® Snapdragon 7c compute platform allows for up to 20 hours[3] of battery life between charges on top of offering an efficient performance to keep up with students’ learning needs. Utilizing Snapdragon 7c, the Acer Chromebook 511 also delivers built-in 4G LTE connectivity to help protect the security of users’ data and to provide fast, reliable access to learning apps in the cloud — enabling students to take the classroom with them and learn from virtually anywhere. Weighing in at just 1.3kg (2.87 lbs), this thin and light device is portable enough for students of all ages to easily transport between classes.

Equipped with a MIL-STD 810H[1],[2] tested and impact-resistant chassis, the Acer Chromebook 511 is more than capable of shrugging off daily wear and tear, whether it’s a bump or elbows resting on a desk. The Acer Chromebook 511 also features widened brackets and reinforced I/O ports that help it stand up to rough handling, while a unique drainage system built into its keyboard helps to protect the device’s internals from accidental spills[4]. As a final touch, mechanically anchored keys serve to keep keys where they should be and facilitate easier repairs for IT personnel.

With Zero-touch enrollment, IT departments can drop ship both the Acer Chromebook 511 and Acer Chromebook 311, which will automatically enroll into school administration as soon as the end user connects to the internet.

Acer Chromebook 311 — Built to Survive the School Day

Made especially for K-12 students and those supervising them, the Acer Chromebook 311 (C722) is a reliable device with a MediaTek MT8183 processor designed around a number of industrial durability and safety standards. Compliant with the MIL-STD 810H[1], [2] standard, the device can survive falls of up to 122 cm (48.03 in) and withstand up to 60 kg (132.28 lbs) of downward force, feats accomplished with shock-absorbent bumpers and an enhanced interior design. Special attention was paid to the Chromebook’s keyboard, a uniquely vulnerable area that receives significant wear and tear. It is capable of withstanding up to 330 ml (11.6 fl oz) of water, and its keys have been mechanically anchored with two wings that extend out under the chassis, protecting them from removal by restless hands and sticky fingers.

Striving to create a device that not only was capable of surviving the mishaps of a typical school day but was also suitable for more vulnerable young learners, Acer built the Acer Chromebook 311 (and Acer Chromebook 511) in compliance with a pair of leading toy safety standards. Plastic coatings on the computer have been strictly tested and certified under the ASTM F963-16[5] Toy Safety Standard and the device also meets the UL/IEC 60950-1[6] standard, covering everything from chemical and material safety to sharp edges to ensure that the Acer Chromebook 311 is safe and suitable for use by younger children.

Ultimately, the Acer Chromebook 311 offers durability and peace of mind so that users can spend less time worrying about the device and more about what really matters: learning. The Chromebook features up to 20 hours[3] of battery life so that it’s capable of getting through the school day and back home with young learners. It also includes a number of features to enhance collaborative learning, such as an optional touch screen[7], an HDR webcam with a wide field-of-view for online classes and all the advantages of Chrome OS: quicker boot times, an easy-to-use interface, built-in malware protection, access to millions of Android apps on Google Play, and much more.

App Support

The new Acer Chromebook 511 and Acer Chromebook 311 both support apps via Google Play and web based apps, so customers will have access to all the apps they love for productivity, creativity, services and more.

Pricing and Availability

The Acer Chromebook 511 (C741L) will be available in North America in April starting at USD 399.99; and in EMEA in March starting at EUR 399.

The Acer Chromebook 311 (C722) will be available in North America in January starting at USD 299.99; and in EMEA in March starting at EUR 269.

Exact specifications, prices, and availability will vary by region. To learn more about availability, product specifications and prices in specific markets, please contact your nearest Acer office via www.acer.com.

[1] Sand and Dust testing based on MIL-STD 810F.

[2] Tested by qualified 3rd party labs for certain tests procedure under MIL-STD 810H for environmental conditions that include high and low temperatures, humidity, vibrations, mechanical shocks on drops, rain, dust and sand.

[3] Battery life may vary depending on model and configuration. Based on Google power_LoadTest. Up to 20 hours with 48 Wh battery, and up to 15 hours with 36Wh battery

[4] Up to 330 ml (11 fluid ounces) of water

[5] Plastic coatings used on Acer Chromebook Spin 311 surface have been strictly tested and certified under ASTM F963-16 Toy Safety Standard and Consumer Product Safety Improvement Act (CPCIA) of 2008. For more information visit: https://standardscatalog.ul.com/standards/en/standard_60950-1_2

[6] Acer Chromebook Spin 311 is designed and tested to meet UL/IEC 60950-1 safety standard, investigated by UL 696 safety electric toys and meets the ASTM F963 toy safety for kids over 3 years old. For more information visit: https://www.astm.org/Standards/F963.htm

[7] Specifications may vary depending on model and/or region.

About Acer

Established in 1976, Acer is a hardware + software + services company dedicated to the research, design, marketing, sale, and support of innovative products that enhance people’s lives. Acer’s product offerings include PCs, displays, projectors, servers, tablets, smartphones and wearables. It is also developing cloud solutions to bring together the Internet of Things. Acer celebrated its 40th anniversary in 2016 and is one of the world’s top 5 PC companies. It employs 7,000 people worldwide and has a presence in over 160 countries. Please visit www.acer.com for more information.

© 2021 Acer Inc. All rights reserved. Acer and the Acer logo are registered trademarks of Acer Inc. Celeron, Intel and the Intel logo are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries. Qualcomm and Snapdragon are trademarks or registered trademarks of Qualcomm Incorporated. Qualcomm Snapdragon is a product of Qualcomm Technologies, Inc. and/or its subsidiaries. Other trademarks, registered trademarks, and/or service marks, indicated or otherwise, are the property of their respective owners. All offers subject to change without notice or obligation and may not be available through all sales channels. Prices listed are manufacturer suggested retail prices and may vary by location. Applicable sales tax extra.

SOURCE Acer

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Source: https://www.prnewswire.com:443/news-releases/acer-releases-pair-of-new-11-inch-chromebooks-for-education-301212393.html

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Yellow Wood Partners to Acquire Scholl From Reckitt Benckiser

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BOSTON, Feb. 24, 2021 /PRNewswire/ — Yellow Wood Partners LLC (“Yellow Wood”), a Boston-based private equity firm focused on investing in consumer brands and companies, today announced that it has entered into an agreement to acquire the Scholl footcare brand, which operates globally outside of the Americas, from U.K.-based consumer-goods company Reckitt Benckiser Group plc (“RB”).  The acquisition will reunite Scholl with the Dr. Scholl’s™ brand as one entity after 30+ years of separate ownership.  The combined business generates annual retail sales exceeding $700 million with leading market shares in the footcare category globally.

The Dr. Scholl’s™ brand is a category leader at major bricks and mortar and ecommerce retailers in the U.S.  Similarly, the Scholl brand is a category leader in various regions such as France, Italy, Germany, the U.K., Australia and many other markets outside of North America with deep penetration at both major retailers and independent pharmacies across Europe.   In addition to its footcare products, the Scholl brand provides a diversified portfolio of skin care products, insoles, and treatment solutions for targeted foot conditions.  The combination of Scholl and Dr. Scholl’s will create a global footcare brand operating in 50+ countries as an integrated business.

Dana Schmaltz, Partner of Yellow Wood, said, “This transaction provides us with a unique opportunity to create a global brand as an undisputed leader in the footcare category.  We are excited to reunite these two companies to continue the legacy and heritage of the century old Dr. Scholl’s brand.   The combined company will have the global resources to continue to develop innovative wellness products with a single vision focused on providing the best footcare products for consumers around the world.  We are very proud of the work our management team and we have done thus far to build the Scholl’s Wellness Company as a standalone, highly-focused entity in the Americas, and, we look forward to the potential of capitalizing on the company’s strong momentum with this highly complementary acquisition.”

Yellow Wood acquired the Dr. Scholl’s brand in the Americas from Bayer AG in 2019 and has since successfully built out a full standalone Dr. Scholl’s organization.  Successful business enhancement initiatives since acquiring the business include building its e-commerce capabilities, accelerating new product development, strengthening the senior management team, and optimizing the consumer marketing mix.

Tad Yanagi, Partner at Yellow Wood, said, “Our experience of successfully executing corporate carve outs has helped us gain a deep understanding of the many complexities that accompany the separation of an operating subsidiary from a large global parent company.  Our previous experience with other global multinational CPG companies enabled us to work directly with Reckitt Benckiser to create this opportunity. We look forward to using the full Yellow Wood operating capabilities to complete the Scholl transaction in a smooth manner.  We are excited to bring the operating focus required to achieve what we believe is a strong future growth plan for the business that will benefit customers and employees around the world.”

The transaction is expected to be completed by the third quarter of 2021 and is subject to normal and customary closing conditions.

Dr. William Matthias Scholl started the much-loved, iconic brand in 1906 and over the next several decades developed many innovative products and grew the company in the U.S. and internationally.  The brand has been owned by a number of multi-national corporations over the last 50 years, and rights to the brand were divided amongst the Americas and the rest of the world over 30 years ago.  Bayer bought the Dr. Scholl’s Americas business in 2014 as part of its acquisition of Merck & Co.’s consumer health unit.  Yellow Wood acquired rights to the Dr. Scholl’s brand in the Americas in 2019 from Bayer and established the Scholl’s Wellness Company.  RB has owned the rights to the Scholl brand outside the Americas since its 2010 acquisition of SSL International, plc.

Guy Phillips from Spayne Lindsay & Co. LLP, and Sawaya Partners, LLC acted as financial advisers for the transaction.  Fried Frank provided legal counsel to Yellow Wood on the transaction.

About Scholl
Scholl is a leading global footcare brand that produces a wide range of skin care products, insoles and treatment solutions for targeted foot conditions. The brand was founded in 1906 by William Scholl in Chicago, USA and has a long history of innovation and category leadership.  RB acquired the brand as part of its acquisition of SSL International in 2010. The proposed sale also includes RB’s Amopé, Krack and Eulactol footcare brands.

About Scholl’s Wellness Company
The Dr. Scholl’s brand has been synonymous with foot care for more than a century. Founded by William Mathias Scholl, M.D. with a drive to scientifically support the feet to improve mobility, Dr. Scholl’s products are clinically engineered and proven to provide comfort, reduce fatigue, relieve and prevent lower body pain. Today, the Scholl’s Wellness Company continues to advance the science of movement and foot care with a mission to help people be more active and move comfortably every day of their lives.  Visit www.drscholls.com for more details.
Facebook@DrScholls
Instagram@drscholls_usa  
YouTubehttps://www.youtube.com/user/DrScholls

About Yellow Wood Partners
Yellow Wood Partners is a Boston-based private investment firm that invests exclusively in the consumer industry in the middle market.  The firm seeks to acquire branded consumer products that sell into a variety of consumer channels, including mass, drug, food, specialty, value, club and e-commerce. Yellow Wood’s investment and operating strategy is based on utilizing the firm’s functional operating resources to help maximize brand performance by driving organic growth and increasing operating efficiencies while acquiring additional brands into a limited number of platform companies in its concentrated investment portfolio.  For more information, please visit www.yellowwoodpartners.com.

Contact:
Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
[email protected]

SOURCE Yellow Wood Partners

Source: https://www.prnewswire.com:443/news-releases/yellow-wood-partners-to-acquire-scholl-from-reckitt-benckiser-301234105.html

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Chinas „Lippenstift-König” Austin Li unter den 100 einflussreichsten Menschen des Time Magazine

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Die zweite jährliche TIME100 Next-Liste stellt 100 der besten aufstrebenden Führungskräfte aus aller Welt vor. Als Erweiterung der TIME100 Most Influential People Liste geht es bei Next darum, Menschen zu feiern, die die Zukunft gestalten. Die Liste für 2021 ist besonders wichtig, da die COVID-19-Pandemie die Gesellschaft auf die Probe gestellt und positive und einflussreiche Führungspersönlichkeiten in den Vordergrund gerückt hat.

„Es begeistert mich sehr, dass durch meine Bemühungen mehr und mehr Menschen mit Chinas boomender E-Commerce-Industrie in Berührung kommen”, sagte Li, einer der führenden E-Commerce-Livestreamer des Landes und ein aufstrebender Philanthrop.

„Es erfüllt mich auch mit Stolz, dass meine und die Bemühungen und Leistungen meines Landes auf globaler Ebene anerkannt werden”, sagte er. „Ich hatte das Glück, an der Erholung der chinesischen Wirtschaft von der Pandemie beteiligt zu sein, und diese Auszeichnung ist auch eine Anerkennung für Chinas Erfolg im Kampf gegen die Pandemie.”

Die Liste teilt die Personen in fünf Kategorien ein: „Künstler”, „Phänomene”, „Führungskräfte”, „Befürworter” und „Innovatoren”; Li wurde als „Innovator” ausgezeichnet. Lis Errungenschaften im E-Commerce-Live-Streaming sind nahezu beispiellos. Bekannt für seine charismatische Persönlichkeit und seine ehrlichen Produktbewertungen, ist Li eine anerkannte Autorität in der Beauty-Branche, deren Meinungen und Empfehlungen Gewicht haben und die Kaufentscheidungen von Millionen beeinflussen.

Im Jahr 2018 trat er Seite an Seite mit Jack Ma bei Alibabas „Ten Years, Ten People”-Event auf und verkaufte dann 15.000 Lippenstifte in nur fünf Minuten. Dann, im Jahr 2019, half er dabei, 145 Millionen US-Dollar Umsatz auf dem E-Retailer Taobao während Chinas Singles’ Day-Einkaufsextravaganz zu erzielen. Er hält den Guinness-Weltrekord für „Die meisten Lippenstift-Applikationen in 30 Sekunden” und ist an der Seite vieler A-Prominenter und Nachrichtenkommentatoren aufgetreten, wobei er die Kluft zwischen traditionellen Medien und sozialen Medien überbrückt hat.

Während des Jahres 2020 konzentrierte Li seine Aufmerksamkeit und Reichweite darauf, China bei der Bewältigung der COVID-19-Pandemie zu helfen. In Zusammenarbeit mit Vertretern der staatlichen Medien, um lokale Produkte aus dem schwer getroffenen Wuhan zu fördern und die angeschlagene Wirtschaft der Stadt anzukurbeln, half Li dabei, am chinesischen Neujahrsfest 70 Millionen CNY zu sammeln, um Landwirten und ganzen Gemeinden zu helfen.

In einem Gespräch mit Xinhua im September 2020 bemerkte Li: „Ob es nun um die Bekämpfung von COVID-19 oder die Armutsbekämpfung geht, ich denke, wir müssen unseren Teil dazu beitragen.” Diese Einstellung spiegelt sich in seiner enormen Online-Fangemeinde wider, die davon Notiz nimmt und sich ebenfalls für den gesellschaftlichen Fortschritt einsetzt.

Seit letztem Jahr konzentriert sich Li auf die Entwicklung abgelegener Gebiete in China, von der Armutsbekämpfung durch E-Commerce bis hin zur Verbesserung des Bildungswesens und der Gesundheitsversorgung, um die Wiederbelebung ländlicher Gebiete zu unterstützen.

„In Zukunft wird mehr getan werden, um die Bildung der Kinder in ländlichen Gebieten zu verbessern und medizinische und gesundheitliche Dienste für Frauen in abgelegenen Gebieten bereitzustellen”, sagte Li.

Derzeit befindet sich Li an der Spitze von Chinas Live-Streaming-E-Commerce-Industrie, einer Branche, die bis 2023 einen Wert von 15 Milliarden US-Dollar erreichen soll.

Informationen zu Meione

Meione wurde 2015 gegründet und ist ein innovatives E-Commerce-Unternehmen mit Sitz in Shanghai, das von neuen Arten von Medien und Inhalten angetrieben wird. Meione gründete die Marke +7, deren treibende Kraft und Unternehmenspartner Li Jiaqi ist. Die Vision von Meione ist es, „alles schön zu machen”, und in der Zukunft hofft das Unternehmen, eine große Markengruppe für Modeprodukte zu werden, deren Kern die Schönheit ist.

Foto – https://mma.prnewswire.com/media/1441811/1.jpg

SOURCE Meione

Source: https://www.prnewswire.com:443/news-releases/chinas-lippenstift-konig-austin-li-unter-den-100-einflussreichsten-menschen-des-time-magazine-832044598.html

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U.S. Concrete Reports 2020 Full Year And Fourth Quarter Results

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EULESS, Texas, Feb. 24, 2021 /PRNewswire/ — U.S. Concrete, Inc. (NASDAQ: USCR), a leading producer of construction materials in select major markets across the United States, the U.S. Virgin Islands and Canada, today announced results for the full year and quarter ended December 31, 2020, including record revenue and adjusted EBITDA in the aggregate products segment for both periods. 

FULL YEAR 2020 HIGHLIGHTS COMPARED TO FULL YEAR 20191

  • Aggregate products revenue increased 10.9% to a record $216.4 million
  • Aggregate products volume increased 10.8% to a record 12.6 million tons
  • Aggregate products adjusted EBITDA increased 50.4% to a record $80.9 million
  • Aggregate products adjusted EBITDA margin increased 980 basis points to a record 37.4%
  • Ready-mixed concrete adjusted EBITDA margin increased 60 basis points to 12.9%
  • Ready-mixed concrete average selling price per cubic yard increased 1.2% to $140.69
  • Net income was $24.5 million, a margin of 1.8%
  • Total Adjusted EBITDA2 increased to $192.9 million, despite the impact of the COVID-19 pandemic
  • Total Adjusted EBITDA Margin2 increased 160 basis points to 14.1%
  • Net cash provided by operating activities increased $42.5 million to a record $181.3 million
  • Adjusted Free Cash Flow2 increased $53.6 million to a record $158.6 million

FOURTH QUARTER 2020 HIGHLIGHTS COMPARED TO FOURTH QUARTER 20191

  • Aggregate products revenue increased 9.6% to $54.7 million
  • Aggregate products volume increased 8.2% to 3.1 million tons
  • Aggregate products adjusted EBITDA increased 42.3% to $21.2 million
  • Aggregate products adjusted EBITDA margin increased 890 basis points to 38.8%
  • Ready-mixed concrete adjusted EBITDA margin increased 150 basis points to 12.0%
  • Net loss was $3.3 million, a loss margin of 1.0%
  • Total Adjusted EBITDA2 increased to $47.2 million
  • Total Adjusted EBITDA Margin2 increased 180 basis points to 14.1%


(1)

Certain computations within this press release may reflect rounding adjustments.

(2)

Total Adjusted EBITDA, Total Adjusted EBITDA Margin and Adjusted Free Cash Flow are non-GAAP financial measures.  Please refer to the reconciliations and other information at the end of this press release.

Ronnie Pruitt, President and Chief Executive Officer of U.S. Concrete, Inc. stated, “While 2020 was a year of overcoming obstacles, we have many reasons to celebrate our performance during fiscal year 2020. Thanks to the dedication, vigilance and discipline of the entire U.S. Concrete team, we were able to successfully navigate through a very challenging year. We are pleased to report record annual activity in our aggregate products segment and our cost containment efforts resulted in increased profitability. Our 2020 success is not only a testament to our team’s ability to adapt to the current, dynamic environment, but also a reflection of the work we have done to transform our business.” 

OPERATING RESULTS

AGGREGATE PRODUCTS SEGMENT



Three Months Ended
December 31,


Twelve Months Ended
December 31,

($ in millions, except selling price)


2020


2019


2020


2019

 Sales to external customers


$

26.8



$

22.4



$

105.7



$

89.5


 Freight revenue on sales to external customers


10.9



13.5



46.5



52.2


 Intersegment sales


17.0



14.0



64.2



53.5


 Total aggregate products revenue


$

54.7



$

49.9



$

216.4



$

195.2











Adjusted EBITDA


$

21.2



$

14.9



$

80.9



$

53.8











Average selling price (“ASP”) per ton(1)


$

13.70



$

11.93



$

13.08



$

11.93


Sales volume in thousand tons


3,139



2,900



12,622



11,392


(1)

The Company’s calculation of aggregate products segment ASP excludes freight and certain other ancillary revenue. The Company’s definition and calculation of ASP may differ from other companies in the construction materials industry.

The aggregate products segment achieved record revenue of $216.4 million in 2020, representing a 10.9% increase from the prior year that resulted from a 10.8% increase in sales volume and a 9.6% increase in average selling price related to the favorable mix of products sold, including the impact of Coram Materials, compared to the prior year, partially offset by a 10.9% decrease in pass-through freight revenue.  Aggregate products also achieved record adjusted EBITDA of $80.9 million in 2020, a 50.4% increase compared to the prior year, primarily related to improved operating efficiencies, increased production volume, and the profitability from the Coram Materials business acquired in February 2020.  During the fourth quarter of 2020, aggregate products sales volume increased 8.2% compared to the prior year fourth quarter.  Aggregate products adjusted EBITDA of $21.2 million in the 2020 fourth quarter increased 42.3%, or $6.3 million  compared to the prior year fourth quarter.  The revenue growth in our aggregate products segment was primarily the result of our Coram Materials acquisition in the East Region as well as our West Texas greenfield operation in the Central Region, which was partially offset by lower pass-through freight revenue due primarily to lower fuel costs. 

READY-MIXED CONCRETE SEGMENT



Three Months Ended
December 31,


Twelve Months Ended
December 31,

($ in millions, except selling price)


2020


2019


2020


2019

Revenue


$

283.5



$

320.1



$

1,161.4



$

1,278.6











Adjusted EBITDA


$

33.9



$

33.6



$

149.6



$

157.7











ASP per cubic yard


$

139.76



$

139.44



$

140.69



$

138.97


Sales volume in thousand cubic yards  


2,026



2,289



8,242



9,181


Revenue from the ready-mixed concrete segment for the full year 2020 decreased $117.2 million, or 9.2%, compared to the prior year.  Revenue from the ready-mixed concrete segment for the 2020 fourth quarter decreased $36.6 million, or 11.4%, compared to the prior year fourth quarter.  The decreases for both the full year and fourth quarter were primarily due to lower sales volume from delays in projects as a result of the COVID-19 pandemic and negative weather impacts, partially offset by higher average selling prices.

FULL YEAR 2020 RESULTS COMPARED TO FULL YEAR 2019 RESULTS

Record aggregate products sales in 2020 helped partially offset the decrease in ready-mixed concrete sales, as total Company revenue decreased 7.6% to $1.4 billion, versus $1.5 billion in 2019.  For 2020, net income attributable to U.S. Concrete was $25.5 million, including the impact of a $12.4 million loss on the extinguishment of debt and the favorable income tax impact in 2020, compared to $14.9 million for 2019.  For 2020, net income was $24.5 million compared to $16.3 million for 2019.  Despite challenges from the pandemic in 2020, the Company achieved Total Adjusted EBITDA of $192.9 million, which was $8.8 million higher than in 2019.

CONSOLIDATED FOURTH QUARTER 2020 RESULTS COMPARED TO FOURTH QUARTER 2019

Fourth quarter 2020 consolidated revenue decreased 9.4% compared to the prior year fourth quarter, primarily resulting from lower sales volume of ready-mixed concrete, partially offset by higher average selling prices of ready-mixed concrete and higher sales volume and average selling prices of aggregate products.  During the fourth quarter of 2020, operating income was $19.3 million compared to operating income of $18.0 million in the fourth quarter of 2019, with an operating income margin of 5.8% compared to an operating income margin of 4.9% in the fourth quarter of 2019, as we maintained a strong focus on cost controls amid the lower volumes and operated more efficiently in the fourth quarter of 2020.

Selling, general and administrative expenses (“SG&A”) as a percentage of revenue was 8.8% in the 2020 fourth quarter compared to 7.2% in the prior year fourth quarter.  SG&A increased $2.8 million, or 10.5%, for the quarter ended December 31, 2020, in comparison to the corresponding 2019 quarter, primarily due to higher incentive compensation, partially offset by the impact of the Company’s cost control initiatives.  On a non-GAAP basis, our Adjusted SG&A as a percentage of revenue, which excludes non-cash stock compensation, acquisition-related costs, realignment initiative costs, officer transition expenses and litigation settlement costs, was 7.5% in the 2020 fourth quarter compared to 6.5% in the prior year fourth quarter.  Adjusted SG&A as a percentage of revenue is a non-GAAP financial measure.  Please refer to the definitions, reconciliations and other information at the end of this press release.

BALANCE SHEET AND LIQUIDITY

Net cash provided by operating activities in the 2020 fourth quarter was $35.9 million, compared to $46.7 million in the prior year fourth quarter.  The decrease in net cash provided by operating activities in the fourth quarter of 2020 was primarily due to our lower sales volumes.  The Company’s Adjusted Free Cash Flow in the 2020 fourth quarter was $30.0 million, as compared to $34.2 million in the prior year fourth quarter.  Adjusted Free Cash Flow is a non-GAAP financial measure.  Please refer to the definitions, reconciliations and other information at the end of this press release.  

Net cash provided by operating activities for 2020 was a record $181.3 million that was driven primarily by the Company’s cost control initiatives, the deferral of the remittance of payroll taxes as permitted by the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, income tax refunds, and ongoing initiatives to optimize working capital.

At December 31, 2020, the Company had cash and cash equivalents of $11.1 million and total debt of $702.4 million, resulting in Net Debt of $691.3 million.  Net Debt increased by $44.6 million from December 31, 2019, as a result of higher debt balances to fund acquisitions and the refinancing of certain of our senior unsecured notes in 2020.  The Company had $230.2 million of unused borrowing availability under its revolving credit facility and $179.1 million under its delayed draw term loan facility at December 31, 2020, resulting in total liquidity of $420.4 million when combined with its cash balances.  Net Debt is a non-GAAP financial measure.  Please refer to the definitions, reconciliations and other information at the end of this press release.

OUTLOOK FOR 2021

We are currently targeting 2021 Total Adjusted EBITDA to be around $200 million for the full year, or a 2% to 5% increase from 2020.  Total Adjusted EBITDA is a non-GAAP financial measure.  Please refer to the definition and other information at the end of this press release.  Because certain GAAP financial measures on a forward-looking basis are not accessible and not available without unreasonable effort, reconciliations are not provided for forward-looking non-GAAP measures.

CONFERENCE CALL AND WEBCAST DETAILS

U.S. Concrete will host a conference call on Wednesday, February 24, 2021 at 8:30 a.m. Eastern Time (7:30 a.m. Central Time), to review its fourth quarter 2020 results.  To participate in the call, please dial (877) 312-8806 – Conference ID: 3295129 at least 20 minutes before the conference call begins and ask for the U.S. Concrete conference call. 

A live webcast will be available on the Investor Relations section of the Company’s website at www.us-concrete.com.  Please visit the website at least 20 minutes before the call begins to register, download and install any necessary audio software.  A replay of the conference call and archive of the webcast will be available shortly after the call on the Investor Relations section of the Company’s website at www.us-concrete.com.  

ABOUT U.S. CONCRETE

U.S. Concrete, Inc. (NASDAQ: USCR) is a leading supplier of aggregates and concrete for infrastructure, residential and commercial projects across the country.  The Company holds leading market positions in the high-growth metropolitan markets of Dallas/Fort Worth, San Francisco, New York City, Philadelphia, and Washington, D.C., and its materials have been used in some of the most complex and highly specialized construction projects of the last decade.  U.S. Concrete has continued to grow organically and through a series of strategic acquisitions of independent producers in our target markets.

For more information on U.S. Concrete, visit www.us-concrete.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements and information provided in this press release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, without limitation, statements concerning plans, objectives, goals, projections, outlook, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “intend,” “should,” “expect,” “plan,” “target,” “anticipate,” “believe,” “estimate,” “outlook,” “predict,” “potential” or “continue,” the negative of such terms or other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are predictions based on our current expectations and projections about future events which we believe are reasonable. Actual events or results may differ materially.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to: general economic and business conditions, which will, among other things, affect demand for new residential and commercial construction; our ability to successfully identify, manage, and integrate acquisitions; the cyclical nature of, and changes in, the real estate and construction markets, including pricing changes by our competitors; governmental requirements and initiatives, including those related to mortgage lending, financing or deductions, funding for public or infrastructure construction, land usage, and environmental, health, and safety matters; disruptions, uncertainties or volatility in the credit markets that may limit our, our suppliers’ and our customers’ access to capital; our ability to successfully implement our operating strategy; weather conditions; our substantial indebtedness and the restrictions imposed on us by the terms of our indebtedness; the effects of currency fluctuations on our results of operations and financial condition; our ability to maintain favorable relationships with third parties who supply us with equipment and essential supplies; our ability to retain key personnel and maintain satisfactory labor relations; and product liability, property damage, results of litigation and other claims and insurance coverage issues. These risks and uncertainties also include the effects of COVID-19; the length and severity of the COVID-19 pandemic; the pace of recovery following the COVID-19 pandemic; our ability to implement cost containment strategies; and the adverse effects of the COVID-19 pandemic on our business, the economy and the markets we serve.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All written and oral forward-looking statements made in connection with this press release that are attributable to us or persons acting on our behalf are expressly qualified in their entirety by the “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.  We are under no duty to update any of the forward-looking statements after the date of this press release to conform such statements to actual results or to changes in our expectations, except as required by federal securities laws.  There can be no assurance that other factors will not affect the accuracy of these forward-looking statements or that our actual results will not differ materially from the results anticipated in such forward-looking statements. Unpredictable or unknown factors we have not discussed in this press release also could have material effects on actual results or matters that are the subject of our forward-looking statements. We undertake no obligation to, and do not intend to, update our description of important factors each time a potential important factor arises.

Non-GAAP Financial Measures

Included in this press release are certain non-GAAP financial measures that we believe are useful for investors.  These non-GAAP financial measures may not be comparable to similarly titled measures other companies report and are not intended to be used as an alternative to any measure of our performance in accordance with GAAP. 

Reconciliations and definitions of the non-GAAP measures used in this press release are included at the end of this press release.  Because certain GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures.

(Tables Follow) 

U.S. CONCRETE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in millions except per share amounts)



Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Revenue

$

334.4



$

369.2



$

1,365.7



$

1,478.7


Cost of goods sold before depreciation, depletion and amortization

262.7



301.2



1,070.6



1,187.6


Selling, general and administrative expenses

29.5



26.7



127.0



130.0


Depreciation, depletion and amortization

25.3



23.0



99.7



93.2


Change in value of contingent consideration

(1.9)



1.2



(7.3)



2.8


Gain on sale/disposal of property, plant and equipment, net

(0.5)



(0.9)



(0.6)



(0.1)


Operating income

19.3



18.0



76.3



65.2


Interest expense, net

11.1



11.3



45.9



46.1


Loss on extinguishment of debt

12.4





12.4




Other income, net

0.1



(1.7)



(1.5)



(9.5)


Income (loss) before income taxes

(4.3)



8.4



19.5



28.6


Income tax expense (benefit)

(1.0)



4.0



(5.0)



12.3


Net income (loss)

(3.3)



4.4



24.5



16.3


Amounts attributable to non-controlling interest

1.8



(0.5)



1.0



(1.4)


Net income (loss) attributable to U.S. Concrete

$

(1.5)



$

3.9



$

25.5



$

14.9










Earnings per share attributable to U.S. Concrete:








Basic earnings (loss) per share

$

(0.09)



$

0.24



$

1.54



$

0.91


Diluted earnings (loss) per share

$

(0.09)



$

0.23



$

1.53



$

0.91










Weighted average shares outstanding:








Basic

16.6



16.5



16.6



16.4


Diluted

16.6



16.6



16.6



16.4


Note:  Certain computations within this press release may reflect rounding adjustments.

U.S. CONCRETE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions)




December 31, 2020


December 31, 2019

ASSETS





Current assets:





Cash and cash equivalents


$

11.1



$

40.6


Trade accounts receivable, net


212.5



233.1


Inventories


70.3



59.0


Other receivables, net


13.2



8.4


Prepaid expenses and other


11.1



7.9


Total current assets


318.2



349.0


Property, plant and equipment, net


788.2



673.5


Operating lease assets


76.1



69.8


Goodwill


238.2



239.5


Intangible assets, net


70.9



92.4


Other assets


14.7



9.1


Total assets


$

1,506.3



$

1,433.3


LIABILITIES AND EQUITY





Current liabilities:





Accounts payable


$

127.8



$

136.4


Accrued liabilities


86.1



63.5


Current maturities of long-term debt


33.7



32.5


Current operating lease liabilities


14.3



12.9


Total current liabilities


261.9



245.3


Long-term debt, net of current maturities


668.7



654.8


Long-term operating lease liabilities


65.5



59.7


Other long-term obligations and deferred credits


51.9



49.1


Deferred income taxes


56.6



54.8


Total liabilities


1,104.6



1,063.7







Equity:





Preferred stock





Common stock





Additional paid-in capital


363.8



348.9


Retained earnings


53.3



31.1


Treasury stock, at cost


(37.9)



(36.6)


Total shareholders’ equity


379.2



343.4


Non-controlling interest


22.5



26.2


Total equity


401.7



369.6


Total liabilities and equity


$

1,506.3



$

1,433.3


U.S. CONCRETE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)



Twelve Months Ended December 31,


2020


2019

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$

24.5



$

16.3


Adjustments to reconcile net income to net cash provided by

operating activities:




Depreciation, depletion and amortization

99.7



93.2


Amortization of debt issuance costs

2.1



1.8


Change in value of contingent consideration

(7.3)



2.8


Loss on extinguishment of debt

12.4




Gain on sale of property, plant and equipment

(0.6)



(0.1)


Gains from eminent domain matter and property insurance claims



(6.0)


Deferred income taxes

5.5



12.2


Provision for doubtful accounts and customer disputes

3.0



3.2


Stock-based compensation

11.6



19.1


Other, net

0.1



(2.2)


Changes in assets and liabilities, excluding effects of acquisitions:




Accounts receivable

15.1



(8.6)


Inventories

(3.6)



(7.8)


Prepaid expenses and other current assets

(7.6)



8.8


Other assets and liabilities

9.3



3.9


Accounts payable and accrued liabilities

17.1



2.2


Net cash provided by operating activities

181.3



138.8


CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of property, plant and equipment

(24.4)



(42.7)


Payments for acquisition of businesses

(149.4)




Proceeds from sale of property, plant and equipment

1.7



2.9


Proceeds from eminent domain matter and property insurance claims



6.0


Net cash used in investing activities

(172.1)



(33.8)


CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from revolver borrowings

447.7



353.5


Repayments of revolver borrowings

(441.2)



(368.5)


Proceeds from issuance of senior unsecured notes

400.0




Repayment of senior unsecured notes

(400.0)




Premium paid on early retirement of debt

(12.7)




Payments of acquisition-related liabilities

(10.0)



(33.4)


Payments for finance leases, promissory notes and other

(27.0)



(32.8)


Debt issuance costs

(9.0)




Shares redeemed for employee income tax obligations

(1.3)



(3.2)


Proceeds from finance lease and other

14.8



0.2


Net cash used in financing activities

(38.7)



(84.2)


EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS



(0.2)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(29.5)



20.6


CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

40.6



20.0


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

11.1



$

40.6


NON-GAAP FINANCIAL MEASURES
(Unaudited)

Total Adjusted EBITDA and Total Adjusted EBITDA Margin

Total Adjusted EBITDA and Total Adjusted EBITDA Margin are non-GAAP financial measures.  We define Total Adjusted EBITDA as our net income (loss), excluding the impact of income taxes, depreciation, depletion and amortization, net interest expense and certain other non-cash, non-recurring and/or unusual, non-operating items including, but not limited to: non-cash stock compensation expense, non-cash change in value of contingent consideration, acquisition-related costs, officer transition expenses, purchase accounting adjustments for inventory, pension withdrawal liability, and realignment initiative costs. Acquisition-related costs include fees and expenses for accountants, lawyers and other professionals incurred during the negotiation and closing of strategic acquisitions.  Acquisition-related costs do not include fees or expenses associated with post-closing integration of strategic acquisitions.  We define Total Adjusted EBITDA Margin as the amount determined by dividing Total Adjusted EBITDA by total revenue.  We have included Total Adjusted EBITDA and Total Adjusted EBITDA Margin herein because they are widely used by investors for valuation and comparing our financial performance with the performance of other building material companies.  We also use Total Adjusted EBITDA and Total Adjusted EBITDA Margin to monitor and compare the financial performance of our operations.  Total Adjusted EBITDA does not give effect to the cash we must use to service our debt or pay our income taxes and thus does not reflect the funds actually available for capital expenditures.  In addition, our presentation of Total Adjusted EBITDA may not be comparable to similarly titled measures other companies report.  Total Adjusted EBITDA and Total Adjusted EBITDA Margin are not intended to be used as an alternative to any measure of our performance in accordance with GAAP.  The following table reconciles Total Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss).

($ in millions)


Three Months Ended
December 31,


Twelve Months Ended
December 31,



2020


2019


2020


2019

Total Adjusted EBITDA Reconciliation









Net income (loss)


$

(3.3)



$

4.4



$

24.5



$

16.3


Add (subtract):  Income tax expense (benefit)


(1.0)



4.0



(5.0)



12.3


Income (loss) before income taxes


(4.3)



8.4



19.5



28.6


Add:  Depreciation, depletion and amortization


25.3



23.0



99.7



93.2


Add:  Interest expense, net


11.1



11.3



45.9



46.1


Add:  Loss on extinguishment of debt


12.4





12.4




Add:  Non-cash stock compensation expense


2.8



2.7



11.6



19.1


Add:  Purchase accounting adjustments for inventory


0.3





4.9




Add (subtract):  Acquisition-related costs, net


1.2



(0.9)



2.8



0.1


Add:  Realignment initiative costs


0.3





1.7




Add:  Pension withdrawal liability






1.5




Add (subtract):  Officer transition expenses




(0.5)



0.2



0.6


Add (subtract):  Non-cash change in value of contingent consideration


(1.9)



1.2



(7.3)



2.8


Add:  Loss on mixer truck fire








0.7


Add:  Litigation settlement costs




0.3





0.3


Subtract:  Eminent domain matter








(5.3)


Subtract:  Hurricane-related loss recoveries, net








(2.1)


Total Adjusted EBITDA


$

47.2



$

45.5



$

192.9



$

184.1











Net income (loss) margin


(1.0)

%


1.2

%


1.8

%


1.1

%

Total Adjusted EBITDA Margin


14.1

%


12.3

%


14.1

%


12.5

%

Adjusted Gross Profit and Adjusted Gross Profit Margin

Adjusted Gross Profit and Adjusted Gross Profit Margin are non-GAAP financial measures.  We define Adjusted Gross Profit as our operating income, excluding the impact of depreciation, depletion and amortization (“DD&A”), selling, general and administrative expenses, change in value of contingent consideration, purchase accounting adjustments for inventory and gain on sale/disposal of property, plant and equipment, net.  We define Adjusted Gross Profit Margin as the amount determined by dividing Adjusted Gross Profit by total revenue.  We have included Adjusted Gross Profit and Adjusted Gross Profit Margin herein because they are widely used by investors for valuing and comparing our financial performance from period to period.  We also use Adjusted Gross Profit and Adjusted Gross Profit Margin to monitor and compare the financial performance of our operations.  Adjusted Gross Profit and Adjusted Gross Profit Margin are not intended to be used as an alternative to any measure of our performance in accordance with GAAP.  The following table reconciles Adjusted Gross Profit to the most directly comparable GAAP financial measure, which is operating income.

($ in millions)

Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Adjusted Gross Profit Reconciliation








Operating income

$

19.3



$

18.0



$

76.3



$

65.2


Add: Selling, general and administrative expenses

29.5



26.7



127.0



130.0


Add: Depreciation, depletion and amortization

25.3



23.0



99.7



93.2


Add: Purchase accounting adjustments for inventory

0.3





4.9




Add (subtract): Change in value of contingent consideration

(1.9)



1.2



(7.3)



2.8


Subtract: Gain on sale/disposal of property, plant and equipment, net

(0.5)



(0.9)



(0.6)



(0.1)


Adjusted Gross Profit

$

72.0



$

68.0



$

300.0



$

291.1










Operating income margin

5.8

%


4.9

%


5.6

%


4.4

%

Adjusted Gross Profit Margin

21.5

%


18.4

%


22.0

%


19.7

%

Adjusted SG&A and Adjusted SG&A as a Percentage of Revenue

Adjusted selling, general and administrative expenses (“SG&A”) and Adjusted SG&A as a percentage of revenue are non-GAAP financial measures.  We define Adjusted SG&A as selling, general and administrative expenses, excluding the impact of non-cash stock compensation expense, acquisition-related costs, officer transition costs, pension withdrawal liability, realignment initiative cost and litigation settlement costs.   We define Adjusted SG&A as a percentage of revenue as Adjusted SG&A divided by total revenue.  We have included Adjusted SG&A and Adjusted SG&A as a percentage of revenue herein because they are used by investors to compare our SG&A leverage with the performance of other building materials companies.  We use Adjusted SG&A and Adjusted SG&A as a percentage of revenue to monitor and compare the financial performance of our operations.  Adjusted SG&A and Adjusted SG&A as a percentage of revenue are not intended to be used as an alternative to any measure of our performance under GAAP.  The following table reconciles Adjusted SG&A to the most directly comparable GAAP financial measure, which is SG&A.

($ in millions)

Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Adjusted SG&A








Selling, general and administrative expenses

$

29.5



$

26.7



$

127.0



$

130.0


Subtract: Non-cash stock compensation expense

(2.8)



(2.7)



(11.6)



(19.1)


Subtract: Acquisition-related costs

(1.2)



(0.2)



(2.8)



(1.1)


Subtract:  Realignment initiative costs

(0.3)





(1.7)




Subtract:  Pension withdrawal liability





(1.5)




Add (subtract): Officer transition expenses



0.5



(0.2)



(0.6)


Subtract: Litigation settlement costs



(0.3)





(0.3)


Adjusted SG&A

$

25.2



$

24.0



$

109.2



$

108.9










SG&A as a percentage of revenue

8.8

%


7.2

%


9.3

%


8.8

%

Adjusted SG&A as a percentage of revenue

7.5

%


6.5

%


8.0

%


7.4

%

Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net Income Attributable to U.S. Concrete per Diluted Share

Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net Income Attributable to U.S. Concrete per Diluted Share are non-GAAP financial measures.  We define Adjusted Net Income Attributable to U.S. Concrete as net income (loss) attributable to U.S. Concrete, excluding the impact of income taxes, and certain other non-cash, non-recurring and/or unusual, non-operating items including, but not limited to: non-cash stock compensation expense, non-cash change in value of contingent consideration, acquisition-related costs, officer transition expenses, purchase accounting adjustments for inventory, and realignment initiative costs. We also adjust Adjusted Net Income Attributable to U.S. Concrete for a normalized effective income tax rate of 27%. We define Adjusted Net Income Attributable to U.S. Concrete per Diluted Share as Adjusted Net Income Attributable to U.S. Concrete on a diluted per share basis.  Acquisition-related costs include fees and expenses for accountants, lawyers and other professionals incurred during the negotiation and closing of strategic acquisitions.  Acquisition-related costs do not include fees or expenses associated with post-closing integration of strategic acquisitions.

We have included Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net Income Attributable to U.S. Concrete per Diluted Share herein because they are used by investors for valuation and comparing our financial performance with the performance of other building material companies.  We use Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net Income Attributable to U.S. Concrete per Diluted Share to monitor and compare the financial performance of our operations.  Adjusted Net Income Attributable to U.S. Concrete and Adjusted Net Income Attributable to U.S. Concrete per Diluted Share are not intended to be used as an alternative to any measure of our performance in accordance with GAAP.

The following tables reconcile (i) Adjusted Net Income Attributable to U.S. Concrete to the most directly comparable GAAP financial measure, which is net income (loss) attributable to U.S. Concrete and (ii) Adjusted Net Income Attributable to U.S. Concrete per Diluted Share to the most directly comparable GAAP financial measure, which is net income (loss) attributable to U.S. Concrete per diluted share.

($ in millions)

Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Adjusted Net Income Attributable to U.S. Concrete Reconciliation








Net income (loss) attributable to U.S. Concrete

$

(1.5)



$

3.9



$

25.5



$

14.9


Add (subtract):  Income tax expense (benefit)

(1.0)



4.0



(5.0)



12.3


Adjusted income (loss) before income taxes

(2.5)



7.9



20.5



27.2


Add: Loss on extinguishment of debt

12.4





12.4




Add: Non-cash stock compensation expense

2.8



2.7



11.6



19.1


Add: Purchase accounting adjustments for inventory

0.3





4.9




Add (subtract): Acquisition-related costs, net

1.2



(0.9)



2.8



0.1


Add:  Realignment initiative costs

0.3





1.7




Add:  Pension withdrawal liability





1.5




Add (subtract): Officer transition expenses



(0.5)



0.2



0.6


Add (subtract): Non-cash change in value of contingent consideration

(1.9)



1.2



(7.3)



2.8


Add: Loss on mixer truck fire







0.7


Add: Litigation settlement costs



0.3





0.3


Subtract: Eminent domain matter







(5.3)


Subtract: Hurricane-related loss recoveries, net







(2.1)


Adjusted income before income taxes

12.6



10.7



48.3



43.4


Subtract:  Normalized income tax expense(1)

3.4



2.9



13.0



11.7


Adjusted Net Income Attributable to U.S. Concrete

$

9.2



$

7.8



$

35.3



$

31.7










(1) Assumes a normalized effective tax rate of 27% in all periods.


Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Adjusted Net Income Attributable to U.S. Concrete per Diluted Share Reconciliation








Net income (loss) attributable to U.S. Concrete per share

$

(0.09)



$

0.23



$

1.53



$

0.91


Add (subtract):  Impact of income tax expense (benefit)

(0.06)



0.24



(0.30)



0.75


Adjusted income (loss) before income taxes per share

(0.15)



0.47



1.23



1.66


Add:  Impact of loss on extinguishment of debt

0.75





0.75




Add:  Impact of non-cash stock compensation expense

0.16



0.16



0.71



1.16


Add:  Impact of purchase accounting adjustments for inventory

0.02





0.30




Add (subtract):  Impact of acquisition-related costs, net

0.07



(0.05)



0.17



0.01


Add: Impact of realignment initiative costs

0.02





0.10




Add: Impact of pension withdrawal liability





0.09




Add (subtract):  Impact of officer transition expenses



(0.03)



0.01



0.04


Add (subtract):  Impact of non-cash change in value of contingent consideration

(0.11)



0.07



(0.44)



0.17


Add:  Impact of loss from mixer truck fire







0.04


Add:  Impact of litigation settlement costs



0.02





0.02


Subtract:  Impact of eminent domain matter







(0.32)


Subtract:  Impact of hurricane-related loss recoveries, net







(0.13)


Adjusted income before income taxes per share

0.76



0.64



2.92



2.65


Subtract:  Impact of normalized income tax expense (benefit)(1)

(0.21)



(0.17)



(0.79)



(0.72)


Adjusted Net Income Attributable to U.S. Concrete per Diluted Share

$

0.55



$

0.47



$

2.13



$

1.93










(1) Assumes a normalized effective tax rate of 27% in all periods.

Adjusted Free Cash Flow

Adjusted Free Cash Flow is a non-GAAP financial measure.  We define Adjusted Free Cash Flow as net cash provided by operating activities less purchases of property, plant and equipment and purchase of environmental credits plus proceeds from the disposal of businesses and property, plant and equipment, eminent domain matter, and insurance proceeds from property loss claims.  We consider Adjusted Free Cash Flow to be an important indicator of our ability to service our debt and generate cash for acquisitions and other strategic investments.  However, Adjusted Free Cash Flow is not intended to be used as an alternative to any measure of our liquidity in accordance with GAAP.  The following table reconciles Adjusted Free Cash Flow to the most directly comparable GAAP financial measure, which is net cash provided by operating activities.

($ in millions)

Three Months Ended
December 31,


Twelve Months Ended
December 31,


2020


2019


2020


2019

Adjusted Free Cash Flow Reconciliation








Net cash provided by operating activities

$

35.9



$

46.7



$

181.3



$

138.8


Subtract: Purchases of property, plant and equipment

(6.9)



(14.1)



(24.4)



(42.7)


Add: Proceeds from sale of property, plant and equipment 

1.0



1.6



1.7



2.9


Add: Proceeds from eminent domain matter and property

insurance claims







6.0


Adjusted Free Cash Flow

$

30.0



$

34.2



$

158.6



$

105.0


Net Debt

Net Debt is a non-GAAP financial measure.  We define Net Debt as total debt, including current maturities and finance lease obligations, less cash and cash equivalents.  We believe that Net Debt is useful to investors as a measure of our financial position.  We use Net Debt to monitor and compare our financial position from period to period.  However, Net Debt is not intended to be used as an alternative to any measure of our financial position in accordance with GAAP.  The following table reconciles Net Debt to the most directly comparable GAAP financial measure, which is total debt, including current maturities and finance lease obligations.

($ in millions)


As of


As of



December 31, 2020


December 31, 2019

Net Debt Reconciliation





Total debt, including current maturities and finance lease obligations


$

702.4



$

687.3


Subtract: cash and cash equivalents     


11.1



40.6


Net Debt


$

691.3



$

646.7


Net Debt to Total Adjusted EBITDA

Net Debt to Total Adjusted EBITDA is a non-GAAP financial measure. We define Net Debt to Total Adjusted EBITDA as Net Debt divided by Total Adjusted EBITDA for the applicable last twelve-month period.  We define Total Adjusted EBITDA as our net income, excluding the impact of income taxes, depreciation, depletion and amortization, net interest expense and certain other non-cash, non-recurring and/or unusual, non-operating items including, but not limited to: non-cash stock compensation expense, non-cash change in value of contingent consideration, acquisition-related costs, officer transition expenses, purchase accounting adjustments for inventory, pension withdrawal liability, and realignment initiative costs. We believe that Net Debt to Total Adjusted EBITDA is useful to investors as a measure of our financial position.  We use this measure to monitor and compare our financial position from period to period.  However, Net Debt to Total Adjusted EBITDA is not intended to be used as an alternative to any measure of our financial position in accordance with GAAP.  The following table presents our calculation of Net Debt to Total Adjusted EBITDA and the most directly comparable GAAP ratio, which is total debt to last twelve months (“LTM”) net income attributable to U.S. Concrete. For an explanation and reconciliation of Total Adjusted EBITDA, see page 13 of this release.

($ in millions)


Twelve Month Period



January 1, 2020 to



December 31, 2020

Total Adjusted EBITDA


$

192.9





Net Debt


$

691.3





Total debt to LTM net income


28.7x


Net Debt to Total Adjusted EBITDA as of December 31, 2020


3.6x


Source: USCR-E

SOURCE U.S. Concrete, Inc.

Related Links

http://www.us-concrete.com

Source: https://www.prnewswire.com:443/news-releases/us-concrete-reports-2020-full-year-and-fourth-quarter-results-301234286.html

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PR Newswire

Alex Tan wird CEO von Hyva, Marco Mazzù wird Chairman

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Alex wurde 2004 zum Geschäftsführer von Hyva China ernannt und hat das Unternehmen seither mit Bravour geführt, indem er das kometenhafte Wachstum von der Gründung bis zur Marktführerschaft überwachte. Er wurde 2011 zum Leiter von Hyva Asien ernannt und übernahm 2015 auch die globale Verantwortung für den Geschäftsbereich Abfallmanagement von Hyva. Er sagte: „Ich fühle mich geehrt, die Möglichkeit zu erhalten, das Unternehmen zu leiten, das seit 21 Jahren mein Leben ist. Der Erfolg von Hyva wurde durch den starken Unternehmergeist unserer Mitarbeiter und unseren Fokus auf unsere Kunden und deren Erfolg erreicht. Ich möchte diese Qualitäten beibehalten, auch wenn wir unsere Fähigkeiten in den Bereichen Innovation und Entwicklung neuer Produkte verstärken, um unsere Kunden angesichts der sich schnell entwickelnden neuen Technologien und der Digitalisierung in unserer Branche effektiv zu unterstützen.”

Der derzeitige CEO, Marco Mazzù, wird in die Rolle des Chairman wechseln. Vor Hyva bekleidete er 20 Jahre lang Führungspositionen in der Automobil-, Nutzfahrzeug- und Landmaschinenindustrie auf vier verschiedenen Kontinenten: „Ich fühle mich geehrt, das Hyva-Team in den letzten sechs Jahren geleitet zu haben und dabei geholfen zu haben, das Unternehmen und unsere globale Organisation und Geschäftsprozesse neu zu positionieren. Ich bin stolz auf die großartigen Ergebnisse und Errungenschaften, die das Unternehmen in dieser Zeit erreicht hat. Ich habe sechs Jahre lang mit Alex zusammengearbeitet und ich weiß, dass er Hyva zu neuen großen Erfolgen führen wird.”

Der Vorstand von Hyva sagte in einer Erklärung: „Wir möchten Marco unseren Dank für die gute Arbeit aussprechen. Er kam zu Hyva, als das Unternehmen eine turbulente Zeit in vielen seiner Schlüsselmärkte erlebte, und hat seitdem eine enorme Verbesserung der operativen und finanziellen Leistung des Unternehmens überwacht, die trotz der durch COVID-19 verursachten Störungen im Jahr 2020 aufrechterhalten wurde. Wir möchten auch Alex zu seiner Ernennung zum CEO begrüßen und ihm gratulieren. Alex hat eine nachgewiesene Erfolgsbilanz als Führungskraft, die hervorragende Leistungen erbringt. Als Hyva-Insider bringt er ein tiefes Wissen über unsere Produkte, Märkte und Kunden mit. Wir wünschen ihm alles Gute!”

Das Unternehmen ist weltweit in allen wichtigen Märkten vertreten, mit einer langjährigen Präsenz in der schnell wachsenden Region Asien-Pazifik. Hyva bietet Lösungen für mehr als 20.000 Kunden und ist mit einem Weltmarktanteil von über 40 % Weltmarktführer bei Frontkippzylindern. Das Unternehmen ist in mehr als 110 Ländern mit über 3.500 Mitarbeitern weltweit tätig. Die Gruppe umfasst mehr als 30 Tochtergesellschaften in Europa, Asien, Nord- und Südamerika und MEA, mit einer großen Vertriebs- und Serviceabdeckung und einer gut ausgestatteten Produktionsbasis von 12 Produktionsstätten in Brasilien, China, Deutschland, Indien und Italien.

Während der schwierigen Zeit der Coronavirus-Pandemie gelang es Hyva, die Gesundheit seiner Mitarbeiter zu schützen und seine Kunden weltweit in allen vier Geschäftsbereichen zu betreuen: Kipplösungen, Kräne, Containerumschlaglösungen und Abfallumschlaglösungen.

Besuchen Sie www.hyva.com.

Foto – https://mma.prnewswire.com/media/1441194/Hyva_1.jpg
Foto – https://mma.prnewswire.com/media/1441195/Hyva_2.jpg
Logo – https://mma.prnewswire.com/media/1441196/Hyva_Logo.jpg

Für weitere Informationen:
Marcello Laugelli 
[email protected] 
+393358438856

Related Links

https://www.hyva.com

SOURCE Hyva

Source: https://www.prnewswire.com:443/news-releases/alex-tan-wird-ceo-von-hyva-marco-mazzu-wird-chairman-833341984.html

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