-------------- ----- ----- ----- ----- ----- ------ --- --------
Unrealized
(gains)
losses on
benefit plan
investments $ 0.6 $ 0.6
Stock-based
compensation
expense 1.5 1.5
One-time
separation
costs 4.0 4.0
-------------- ---------- ------------- ---------- ---------- ---------- ------ ---- --------
Adjusted
EBITDA $ (9.5) $ 247.5
-------------- ---------- ------------- ---------- ---------- ---------- ------ --- --------
Revenue $157.3 $ 209.4 $255.1 $354.9 $140.6 $ (26.9) $ 1,090.4
Net Income
Margin 14.7% 18.5% 20.8% 18.6% 31.6% N.M. 13.4%
EBITDA Margin 18.2% 23.2% 23.3% 21.1% 32.5% N.M. 22.1%
Adjusted
EBITDA
Margin N.M. 22.7%
-------------- ---------- ------------- ---------- ---------- ---------- ---------------- --------
* N.M. - not meaningful
Nine Months
Ended Corporate
September 30, Energy Services and
2024 Pacific Northwest Mountain Central Services Eliminations Consolidated
-------------- ---------- ------------- ---------- ---------- ---------- ---------------- ----------------
(In millions)
Net income
(loss) $ 28.5 $ 95.1 $ 76.8 $ 69.7 $ 46.8 $ (138.5) $ 178.4
-------------- ----- ----- ----- ----- ----- ------- --------
Depreciation,
depletion and
amortization 18.0 31.7 19.6 27.6 3.8 0.8 101.5
Interest
expense, net -- -- 0.1 -- -- 36.0 36.1
Income taxes -- -- -- -- -- 59.4 59.4
-------------- ----- ----- ----- ----- ----- ------- --- --------
EBITDA $ 46.5 $ 126.8 $ 96.5 $ 97.3 $ 50.6 $ (42.3) $ 375.4
-------------- ----- ----- ----- ----- ----- ------- --------
Unrealized
(gains)
losses on
benefit plan
investments $ (2.8) $ (2.8)
Stock-based
compensation
expense 5.4 5.4
One-time
separation
costs 3.8 3.8
-------------- ---------- ------------- ---------- ---------- ---------- ------- --- --------
Adjusted
EBITDA $ (35.9) $ 381.8
-------------- ---------- ------------- ---------- ---------- ---------- ------- --------
Revenue $375.2 $ 539.7 $514.9 $630.5 $214.9 $ (33.4) $ 2,241.8
Net Income
Margin 7.6% 17.6% 14.9% 11.1% 21.8% N.M. 8.0%
EBITDA Margin 12.4% 23.5% 18.7% 15.4% 23.5% N.M. 16.7%
Adjusted
EBITDA
Margin N.M. 17.0%
-------------- ---------- ------------- ---------- ---------- ---------- ---------------- --------
* N.M. - not meaningful
Nine Months
Ended Corporate
September 30, Energy Services and
2023 Pacific Northwest Mountain Central Services Eliminations Consolidated
-------------- ---------- ------------- ---------- ---------- ---------- ---------------- ----------------
(In millions)
Net income
(loss) $ 30.2 $ 72.9 $ 67.4 $ 61.1 $ 60.8 $ (130.2) $ 162.2
-------------- ----- ----- ----- ----- ----- ------- --------
Depreciation,
depletion and
amortization 15.9 28.4 18.5 25.2 3.7 0.8 92.5
Interest
expense, net -- -- 0.1 -- -- 41.3 41.4
Income taxes -- -- -- -- -- 56.3 56.3
-------------- ----- ----- ----- ----- ----- ------- --- --------
EBITDA $ 46.1 $ 101.3 $ 86.0 $ 86.3 $ 64.5 $ (31.8) $ 352.4
-------------- ----- ----- ----- ----- ----- ------- --------
Unrealized
(gains)
losses on
benefit plan
investments $ (1.1) $ (1.1)
Stock-based
compensation
expense 2.3 2.3
One-time
separation
costs 6.4 6.4
-------------- ---------- ------------- ---------- ---------- ---------- ------- --- --------
Adjusted
EBITDA $ (24.2) $ 360.0
-------------- ---------- ------------- ---------- ---------- ---------- ------- --------
Revenue $348.1 $ 504.2 $491.5 $643.6 $234.1 $ (38.0) $ 2,183.5
Net Income
Margin 8.7% 14.5% 13.7% 9.5% 26.0% N.M. 7.4%
EBITDA Margin 13.3% 20.1% 17.5% 13.4% 27.6% N.M. 16.1%
Adjusted
EBITDA
Margin N.M. 16.5%
-------------- ---------- ------------- ---------- ---------- ---------- ---------------- --------
* N.M. - not meaningful
The following tables provide the reconciliation to trailing-twelve-month EBITDA and Adjusted EBITDA as of September 30, 2024, as well as the net leverage calculation of net debt to trailing-twelve-month Adjusted EBITDA.
Twelve Nine Months Twelve Nine Months
Months Ended Ended Months Ended Ended
September September December 31, September
30, 2024 30, 2024 2023 30, 2023
-------------- ------------ ------------ ------------ ------------
(In millions)
Net income $ 199.1 $ 178.4 $ 182.9 $ 162.2
Depreciation,
depletion and
amortization 132.8 101.5 123.8 92.5
Interest
expense, net 47.6 36.1 52.9 41.4
Income taxes 65.5 59.4 62.4 56.3
-------------- ------- ------- ------- -------
EBITDA $ 445.0 $ 375.4 $ 422.0 $ 352.4
-------------- ------- ------- ------- -------
Unrealized
(gains)
losses on
benefit plan
investments (4.4) (2.8) (2.7) (1.1)
Stock-based
compensation
expense 6.2 5.4 3.1 2.3
One-time
separation
costs 7.4 3.8 10.0 6.4
-------------- ------- ------- ------- -------
Adjusted
EBITDA $ 454.2 $ 381.8 $ 432.4 $ 360.0
-------------- ------- ------- ------- -------
Revenue $2,888.6 $2,241.8 $2,830.3 $2,183.5
Net Income
Margin 6.9% 8.0% 6.5% 7.4%
EBITDA Margin 15.4% 16.7% 14.9% 16.1%
Adjusted
EBITDA
Margin 15.7% 17.0% 15.3% 16.5%
-------------- ------- ------- ------- -------
Twelve Nine Months Twelve Nine Months
Months Ended Ended Months Ended Ended
September September December 31, September
30, 2023 30, 2023 2022 30, 2022
-------------- ------------ ------------ ------------ ------------
(In millions)
Net income $ 180.2 $ 162.2 $ 116.2 $ 98.2
Depreciation,
depletion and
amortization 121.7 92.5 117.8 88.6
Interest
expense, net 50.0 41.4 30.1 21.5
Income taxes 66.0 56.3 42.6 32.9
-------------- ------- ------- ------- -------
EBITDA $ 417.9 $ 352.4 $ 306.7 $ 241.2
-------------- ------- ------- ------- -------
Unrealized
(gains)
losses on
benefit plan
(MORE TO FOLLOW) Dow Jones Newswires
November 04, 2024 07:00 ET (12:00 GMT)
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