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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)

 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                       
Commission file numbers:
001-36873 (Summit Materials, Inc.)
333-187556 (Summit Materials, LLC)
SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC
(Exact name of registrants as specified in their charters)

Delaware (Summit Materials, Inc.)
Delaware (Summit Materials, LLC)
(State or other jurisdiction of incorporation or organization)
1550 Wynkoop Street, 3rd Floor
Denver, Colorado
(Address of principal executive offices)
                            


 
47-1984212
26-4138486
(I.R.S. Employer Identification No.)
80202
(Zip Code)




Registrants’ telephone number, including area code: (303893-0012
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Class A Common Stock (par value $.01 per share)
 
SUM
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Summit Materials, Inc.
 
 
 
Yes
No
Summit Materials, LLC
 
 
 
Yes
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
Summit Materials, Inc.
 
 
 
Yes
No
Summit Materials, LLC
 
 
 
Yes
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Summit Materials, Inc.
 
 
 
 
 
 
 
Large accelerated filer
 
Accelerated filer
 
 
Non-accelerated filer
 
Smaller reporting company
 

 
 
 
Emerging growth company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
Summit Materials, LLC
 
 
 
 
 
 
 
Large accelerated filer
 
Accelerated filer
 
 
Non-accelerated filer
 
Smaller reporting company
 

 
 
 
Emerging growth company
 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Summit Materials, Inc.
 
 
 
Yes
No
Summit Materials, LLC
 
 
 
Yes
No
As of October 28, 2019, the number of shares of Summit Materials, Inc.’s outstanding Class A and Class B common stock, par value $0.01 per share for each class, was 112,279,406 and 99, respectively.
As of October 28, 2019, 100% of Summit Materials, LLC’s outstanding limited liability company interests were held by Summit Materials Intermediate Holdings, LLC, its sole member and an indirect subsidiary of Summit Materials, Inc.



EXPLANATORY NOTE
 
This quarterly report on Form 10-Q (this “report”) is a combined quarterly report being filed separately by two registrants: Summit Materials, Inc. and Summit Materials, LLC. Each registrant hereto is filing on its own behalf all of the information contained in this report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. We believe that combining the quarterly reports on Form 10-Q of Summit Materials, Inc. and Summit Materials, LLC into this single report eliminates duplicative and potentially confusing disclosure and provides a more streamlined presentation since a substantial amount of the disclosure applies to both registrants.
 
Unless stated otherwise or the context requires otherwise, references to “Summit Inc.” mean Summit Materials, Inc., a Delaware corporation, and references to “Summit LLC” mean Summit Materials, LLC, a Delaware limited liability company. The references to Summit Inc. and Summit LLC are used in cases where it is important to distinguish between them. We use the terms “we,” “our,” “us” or “the Company” to refer to Summit Inc. and Summit LLC together with their respective subsidiaries, unless otherwise noted or the context otherwise requires.
 
Summit Inc. was formed on September 23, 2014 to be a holding company. As of September 28, 2019, its sole material asset was a 97.1% economic interest in Summit Materials Holdings L.P., a Delaware limited partnership (“Summit Holdings”). Summit Inc. has 100% of the voting rights of Summit Holdings, which is the indirect parent of Summit LLC. Summit LLC is a co-issuer of our outstanding 6 1/8% senior notes due 2023 (“2023 Notes”), our 5 1/8% senior notes due 2025 (“2025 Notes”) and our 6 1/2 % senior notes due 2027 (“2027 Notes” and collectively with the 2023 Notes and 2025 Notes, the “Senior Notes”). Summit Inc.’s only revenue for the three and nine months ended September 28, 2019 was that generated by Summit LLC and its consolidated subsidiaries. Summit Inc. controls all of the business and affairs of Summit Holdings and, in turn, Summit LLC.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
This report includes “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. All statements made relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results are forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in Summit Inc.’s Annual Report on Form 10-K for the fiscal year ended December 29, 2018 (the “Annual Report”), as filed with the Securities and Exchange Commission (the “SEC”), any factors discussed in the section entitled “Risk Factors” of this report and the following:
 
our dependence on the construction industry and the strength of the local economies in which we operate;
the cyclical nature of our business;
risks related to weather and seasonality;
risks associated with our capital-intensive business;
competition within our local markets;
our ability to execute on our acquisition strategy, successfully integrate acquisitions with our existing operations and retain key employees of acquired businesses;
our dependence on securing and permitting aggregate reserves in strategically located areas;



declines in public infrastructure construction and delays or reductions in governmental funding, including the funding by transportation authorities and other state agencies;
environmental, health, safety and climate change laws or governmental requirements or policies concerning zoning and land use;
rising prices for commodities, labor and other production and delivery costs as a result of inflation or otherwise;
conditions in the credit markets;
our ability to accurately estimate the overall risks, requirements or costs when we bid on or negotiate contracts that are ultimately awarded to us;
material costs and losses as a result of claims that our products do not meet regulatory requirements or contractual specifications;
cancellation of a significant number of contracts or our disqualification from bidding for new contracts;
special hazards related to our operations that may cause personal injury or property damage not covered by insurance;
our substantial current level of indebtedness;
our dependence on senior management and other key personnel;
supply constraints or significant price fluctuations in the electricity and petroleum-based resources that we use, including diesel and liquid asphalt;
climate change and climate change legislation or regulations;
unexpected operational difficulties;
interruptions in our information technology systems and infrastructure; and
potential labor disputes.
All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.
 
Any forward-looking statement that we make herein speaks only as of the date of this report. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

 CERTAIN DEFINITIONS
 
As used in this report, unless otherwise noted or the context otherwise requires:
 
“EBITDA” refers to net income (loss) before interest expense (income), income tax expense (benefit) and depreciation, depletion and amortization;
“Finance Corp.” refers to Summit Materials Finance Corp., an indirect wholly-owned subsidiary of Summit LLC and the co-issuer of the Senior Notes;
“Issuers” refers to Summit LLC and Finance Corp. as co‑issuers of the Senior Notes;  
“IPO” refers to the March 2015 initial public offering of Summit Inc.;
“LP Units” refers to the Class A limited partnership units of Summit Holdings; and
“TRA” refers to tax receivable agreement between Summit Inc. and certain current and former holders of LP Units and their permitted assignees.



Corporate Structure
The following chart summarizes our organizational structure, equity ownership and our principal indebtedness as of September 28, 2019. This chart is provided for illustrative purposes only and does not show all of our legal entities or all obligations of such entities.
400723047_corpstructurea12.jpg
                                                                                         
(1)
SEC registrant.
(2)
The shares of Class B Common Stock are currently held by pre-IPO investors, including certain members of management or their family trusts that directly hold LP Units.  A holder of Class B Common Stock is entitled, without regard to the number of shares of Class B Common Stock held by such holder, to a number of votes that is equal to the aggregate number of LP Units held by such holder.
(3)
Guarantor under the senior secured credit facilities, but not the Senior Notes.
(4)
Summit LLC and Finance Corp are the issuers of the Senior Notes and Summit LLC is the borrower under our senior secured credit facilities. Finance Corp. was formed solely for the purpose of serving as co-issuer or guarantor of certain indebtedness, including the Senior Notes. Finance Corp. does not and will not have operations of any kind and does not and will not have revenue or assets other than as may be incidental to its activities as a co-issuer or guarantor of certain indebtedness.


Table of Contents

SUMMIT MATERIALS, INC.
SUMMIT MATERIALS, LLC 
FORM 10-Q 
TABLE OF CONTENTS  
 
 
Page No.
PART I—Financial Information 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II — Other Information 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets 
(In thousands, except share and per share amounts)
 
September 28, 2019
 
December 29, 2018
 
(unaudited)
 
(audited)
Assets
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
182,589

 
$
128,508

Accounts receivable, net
337,060

 
214,518

Costs and estimated earnings in excess of billings
49,715

 
18,602

Inventories
197,015

 
213,851

Other current assets
12,037

 
16,061

Total current assets
778,416

 
591,540

Property, plant and equipment, less accumulated depreciation, depletion and amortization (September 28, 2019 - $923,439 and December 29, 2018 - $794,251)
1,762,307

 
1,780,132

Goodwill
1,198,496

 
1,192,028

Intangible assets, less accumulated amortization (September 28, 2019 - $9,666 and December 29, 2018 - $8,247)
24,446

 
18,460

Deferred tax assets, less valuation allowance (September 28, 2019 - $29,472 and December 29, 2018 - $19,366)
193,632

 
225,397

Operating lease right-of-use assets
33,045

 

Other assets
51,772

 
50,084

Total assets
$
4,042,114

 
$
3,857,641

Liabilities and Stockholders’ Equity
 
 
 
Current liabilities:
 
 
 
Current portion of debt
$
6,354

 
$
6,354

Current portion of acquisition-related liabilities
34,398

 
34,270

Accounts payable
152,232

 
107,702

Accrued expenses
118,003

 
100,491

Current operating lease liabilities
8,609

 

Billings in excess of costs and estimated earnings
12,476

 
11,840

Total current liabilities
332,072

 
260,657

Long-term debt
1,853,414

 
1,807,502

Acquisition-related liabilities
40,662

 
49,468

Tax receivable agreement liability
310,098

 
309,674

Noncurrent operating lease liabilities
25,329

 

Other noncurrent liabilities
93,761

 
88,195

Total liabilities
2,655,336

 
2,515,496

Commitments and contingencies (see note 12)


 


Stockholders’ equity:
 
 
 
Class A common stock, par value $0.01 per share; 1,000,000,000 shares authorized, 112,275,998 and 111,658,927 shares issued and outstanding as of September 28, 2019 and December 29, 2018, respectively
1,124

 
1,117

Class B common stock, par value $0.01 per share; 250,000,000 shares authorized, 99 shares issued and outstanding as of September 28, 2019 and December 29, 2018

 

Additional paid-in capital
1,212,240

 
1,194,204

Accumulated earnings
153,134

 
129,739

Accumulated other comprehensive income
4,938

 
2,681

Stockholders’ equity
1,371,436

 
1,327,741

Noncontrolling interest in Summit Holdings
15,342

 
14,404

Total stockholders’ equity
1,386,778

 
1,342,145

Total liabilities and stockholders’ equity
$
4,042,114

 
$
3,857,641

See notes to unaudited consolidated financial statements.

1

Table of Contents

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Operations
(In thousands, except share and per share amounts) 
 
Three months ended
 
Nine months ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Revenue:
 
 
 
 
 
 
 
Product
$
554,721

 
$
512,822

 
$
1,293,999

 
$
1,229,596

Service
111,126

 
112,195

 
230,389

 
234,572

Net revenue
665,847

 
625,017

 
1,524,388

 
1,464,168

Delivery and subcontract revenue
66,235

 
69,644

 
141,224

 
145,804

Total revenue
732,082

 
694,661

 
1,665,612

 
1,609,972

Cost of revenue (excluding items shown separately below):
 
 
 
 
 
 
 
Product
338,119

 
321,586

 
846,702

 
814,166

Service
78,625

 
80,573

 
167,550

 
170,626

Net cost of revenue
416,744

 
402,159

 
1,014,252

 
984,792

Delivery and subcontract cost
66,235

 
69,644

 
141,224

 
145,804

Total cost of revenue
482,979

 
471,803

 
1,155,476

 
1,130,596

General and administrative expenses
62,344

 
59,457

 
190,915

 
190,975

Depreciation, depletion, amortization and accretion
55,127

 
53,974

 
164,140

 
150,663

Transaction costs
751

 
1,260

 
1,449

 
3,817

Operating income
130,881

 
108,167

 
153,632

 
133,921

Interest expense
28,917

 
28,889

 
88,423

 
86,616

Loss on debt financings

 

 
14,565

 
149

Gain on sale of business

 
(12,108
)
 

 
(12,108
)
Other income, net
(1,875
)
 
(3,371
)
 
(8,354
)
 
(11,942
)
Income from operations before taxes
103,839

 
94,757

 
58,998

 
71,206

Income tax expense
45,602

 
20,765

 
34,272

 
16,249

Net income
58,237

 
73,992

 
24,726

 
54,957

Net income attributable to Summit Holdings
2,480

 
2,703

 
1,331

 
1,888

Net income attributable to Summit Inc.
$
55,757

 
$
71,289

 
$
23,395

 
$
53,069

Earnings per share of Class A common stock:
 
 
 
 
 
 
 
Basic
$
0.50

 
$
0.64

 
$
0.21

 
$
0.48

Diluted
$
0.48

 
$
0.64

 
$
0.21

 
$
0.47

Weighted average shares of Class A common stock:
 
 
 
 
 
 
 
Basic
112,179,137

 
111,641,344

 
112,020,275

 
111,288,211

Diluted
115,505,122

 
111,940,067

 
112,497,610

 
112,472,724


See notes to unaudited consolidated financial statements.

2

Table of Contents

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Comprehensive Income
(In thousands) 
 
Three months ended
 
Nine months ended
 
September 28, 2019
 
September 29, 2018
 
September 28, 2019
 
September 29, 2018
Net income
$
58,237

 
$
73,992

 
$
24,726

 
$
54,957

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
(1,328
)
 
1,970

 
3,263

 
(3,179
)
Income (loss) on cash flow hedges
155

 
87

 
(148
)
 
1,443

Less tax effect of other comprehensive income (loss) items
284

 
(507
)
 
(766
)
 
428

Other comprehensive (loss) income
(889
)
 
1,550

 
2,349

 
(1,308
)
Comprehensive income
57,348

 
75,542

 
27,075

 
53,649

Less comprehensive income attributable to Summit Holdings
2,444

 
2,764

 
1,423

 
1,832

Comprehensive income attributable to Summit Inc.
$
54,904

 
$
72,778

 
$
25,652

 
$
51,817


See notes to unaudited consolidated financial statements.

3

Table of Contents

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
(In thousands) 
 
Nine months ended
 
September 28, 2019
 
September 29, 2018
Cash flow from operating activities:
 
 
 
Net income
$
24,726

 
$
54,957

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion, amortization and accretion
166,997

 
152,829

Share-based compensation expense
15,424

 
19,833

Net gain on asset disposals
(8,030
)
 
(27,261
)
Non-cash loss on debt financings
2,850

 

Change in deferred tax asset, net
32,736

 
12,577

Other
(1,609
)
 
873

(Increase) decrease in operating assets, net of acquisitions and dispositions:
 
 
 
Accounts receivable, net
(121,196
)
 
(90,481
)
Inventories
16,296

 
(26,027
)
Costs and estimated earnings in excess of billings
(31,085
)
 
(37,643
)
Other current assets
5,635

 
(6,819
)
Other assets
4,992

 
(1,217
)
(Decrease) increase in operating liabilities, net of acquisitions and dispositions:
 
 
 
Accounts payable
52,423

 
24,978

Accrued expenses
8,447

 
(2,197
)
Billings in excess of costs and estimated earnings
618

 
(3,850
)
Tax receivable agreement liability
424

 
1,812

Other liabilities
(5,805
)
 
(1,807
)
Net cash provided by operating activities
163,843

 
70,557

Cash flow from investing activities:
 
 
 
Acquisitions, net of cash acquired
(2,842
)
 
(210,894
)
Purchases of property, plant and equipment
(139,762
)
 
(183,752
)
Proceeds from the sale of property, plant and equipment
13,035

 
18,426

Proceeds from sale of business

 
21,564

Other
(207
)
 
2,660

Net cash used for investing activities
(129,776
)
 
(351,996
)
Cash flow from financing activities:
 
 
 
Proceeds from debt issuances
300,000

 
64,500

Debt issuance costs
(6,312
)
 
(550
)
Payments on debt
(264,906
)
 
(79,027
)
Payments on acquisition-related liabilities
(11,000
)
 
(35,321
)
Distributions from partnership

 
(69
)
Proceeds from stock option exercises
2,559

 
15,615

Other
(501
)
 
(1,913
)
Net cash provided by (used in) financing activities
19,840

 
(36,765
)
Impact of foreign currency on cash
174

 
(422
)
Net increase (decrease) in cash
54,081

 
(318,626
)
Cash and cash equivalents—beginning of period
128,508

 
383,556

Cash and cash equivalents—end of period
$
182,589

 
$
64,930

See notes to unaudited consolidated financial statements.

4

Table of Contents

SUMMIT MATERIALS, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Changes in Stockholders’ Equity
(In thousands, except share amounts) 
 
Summit Materials, Inc.
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
Class A
 
Class B
 
Additional
 
Noncontrolling
 
Total
 
Accumulated
 
Comprehensive
 
Common Stock
 
Common Stock
 
Paid-in
 
Interest in
 
Stockholders’
 
Earnings
 
income
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Capital
 
Summit Holdings
 
Equity
Balance - December 29, 2018
$
129,739

 
$
2,681

 
111,658,927

 
$
1,117

 
99

 
$

 
$
1,194,204

 
$
14,404

 
$
1,342,145

Net loss
(68,772
)
 

 

 

 

 

 

 
(2,729
)
 
(71,501
)
LP Unit exchanges

 

 
17,500

 

 

 

 
122

 
(122
)
 

Other comprehensive income, net of tax

 
1,584

 

 

 

 

 

 
66

 
1,650

Stock option exercises

 

 
43,142

 
1

 

 

 
766

 

 
767

Share-based compensation

 

 

 

 

 

 
5,906

 

 
5,906

Shares redeemed to settle taxes and other

 

 
347,962

 
3

 

 

 
(495
)
 

 
(492
)
Balance — March 30, 2019
$
60,967

 
$
4,265

 
112,067,531

 
$
1,121

 
99

 
$

 
$
1,200,503

 
$
11,619

 
$
1,278,475

Net loss
36,410

 

 

 

 

 

 

 
1,580

 
37,990

Other comprehensive income, net of tax

 
1,526

 

 

 

 

 

 
62

 
1,588

Stock option exercises

 

 
1,019

 

 

 

 
17

 

 
17

Share-based compensation

 

 

 

 

 

 
4,699

 

 
4,699

Shares redeemed to settle taxes and other

 

 
4,944

 
1

 

 

 
2

 
(1
)
 
2

Balance — June 29, 2019
$
97,377

 
$
5,791

 
112,073,494

 
$
1,122

 
99

 
$

 
$
1,205,221

 
$
13,260

 
$
1,322,771

Net income
55,757

 

 

 

 

 

 

 
2,480

 
58,237

LP Unit exchanges

 

 
89,836

 
1

 

 

 
361

 
(362
)
 

Other comprehensive income, net of tax

 
(853
)
 

 

 

 

 

 
(36
)
 
(889
)
Stock option exercises

 

 
99,344

 
1

 

 

 
1,774

 

 
1,775

Share-based compensation

 

 

 

 

 

 
4,819

 

 
4,819

Shares redeemed to settle taxes and other

 

 
13,324

 

 

 

 
65

 

 
65

Balance - September 28, 2019
$
153,134

 
$
4,938

 
112,275,998

 
$
1,124

 
99

 
$

 
$
1,212,240

 
$
15,342

 
$
1,386,778


5

Table of Contents

 
Summit Materials, Inc.
 
 
 
 
 
Accumulated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
 
Class A
 
Class B
 
Additional
 
Noncontrolling
 
Total
 
Accumulated
 
Comprehensive
 
Common Stock
 
Common Stock
 
Paid-in
 
Interest in
 
Stockholders’
 
Earnings
 
income
 
Shares
 
Dollars
 
Shares
 
Dollars
 
Capital
 
Summit Holdings
 
Equity
Balance — December 30, 2017
$
95,833

 
$
7,386

 
110,350,594

 
$
1,104

 
100

 
$

 
$
1,154,220

 
$
13,178

 
$
1,271,721

Net loss
(53,729
)
 

 

 

 

 

 

 
(2,219
)
 
(55,948
)
LP Unit exchanges

 

 
104,104

 
1

 

 

 
485

 
(486
)
 

Other comprehensive loss, net of tax

 
(2,563
)
 

 

 

 

 

 
(66