MARTIN MARIETTA MATERIALS, INC. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
OVERVIEWMartin Marietta Materials, Inc. (the Company or Martin Marietta) is a natural resource-based building materials company. As ofSeptember 30, 2022 , the Company supplies aggregates (crushed stone, sand and gravel) through its network of approximately 350 quarries, mines and distribution yards in 28 states,Canada and TheBahamas . Martin Marietta also provides cement and downstream products and services, namely, ready mixed concrete, asphalt and paving, in vertically-integrated structured markets where the Company has a leading aggregates position. In addition, the Company has one cement plant, cement distribution terminals and ready mixed concrete operations inCalifornia that are classified as assets held for sale and reported as discontinued operations as of and for the nine months endedSeptember 30, 2022 . The Company's heavy-side building materials are used in infrastructure, nonresidential and residential construction projects. Aggregates are also used in agricultural, utility and environmental applications and as railroad ballast. The aggregates, cement, ready mixed concrete and asphalt and paving product lines are reported collectively as the "Building Materials" business.
The Company's
BUILDING MATERIALS BUSINESS
(continuing operations only)
Reportable
Segments East Group West Group
Operating Alabama, Florida, Georgia, Arizona, Arkansas, California,
Locations Indiana, Iowa, Colorado, Louisiana, Oklahoma,
Kansas, Kentucky, Maryland, Texas, Utah,
Minnesota, Missouri, Nebraska, Washington and Wyoming
North Carolina, Ohio,
Pennsylvania,
South Carolina, Tennessee,
Virginia,
West Virginia, Nova Scotia and
The Bahamas
Product Lines Aggregates and Asphalt Aggregates, Cement, Ready
Mixed Concrete, Asphalt and
Paving Services
Facility Types Quarries, Mines, Asphalt Plants Quarries, Mines, Cement Plants,
and Asphalt Plants, Ready Mixed
Distribution Facilities Concrete Plants and
Distribution Facilities
Modes of Truck, Rail and Ship Truck and Rail
Transportation
The Building Materials business is significantly affected by weather patterns
and seasonal changes. Production and shipment levels for aggregates, cement,
ready mixed concrete and asphalt materials correlate with general construction
activity levels, most of which occur in the spring, summer and fall. Thus,
production and shipment levels vary by quarter. Operations concentrated in the
northern and midwestern United States generally experience more severe winter
weather conditions than operations in the Southeast, Southwest and West.
Excessive rainfall, and conversely excessive drought, can also jeopardize
production, shipments and profitability in all markets served by the Company.
Due to the potentially significant impact of weather on the Company's
operations, current-period results are not necessarily indicative of expected
performance for other interim periods or the full year.
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The Company has a Magnesia Specialties business with manufacturing facilities inManistee, Michigan , andWoodville, Ohio . The Magnesia Specialties business produces magnesia-based chemicals products used in industrial, agricultural and environmental applications and dolomitic lime sold primarily to customers in the steel and mining industries. CRITICAL ACCOUNTING POLICIES The Company outlined its critical accounting policies in its Annual Report on Form 10-K for the year endedDecember 31, 2021 . There were no changes to the Company's critical accounting policies during the nine months endedSeptember 30, 2022 . RESULTS OF OPERATIONS Earnings from continuing operations before interest; income taxes; depreciation, depletion and amortization; the earnings/loss from nonconsolidated equity affiliates; acquisition and integration expenses; the impact of selling acquired inventory after markup to fair value as part of acquisition accounting; and the nonrecurring gain on the divestiture of certain ready mixed concrete operations (Adjusted EBITDA) is an indicator used by the Company and investors to evaluate the Company's operating performance from period to period. Adjusted EBITDA is not defined by accounting principles generally accepted inthe United States (GAAP) and, as such, should not be construed as an alternative to net earnings, earnings from operations or cash provided by operating activities. However, the Company's management believes that Adjusted EBITDA may provide additional information with respect to the Company's performance and is a measure used by management to evaluate the Company's performance. Because Adjusted EBITDA excludes some, but not all, items that affect net earnings and may vary among companies, Adjusted EBITDA as presented by the Company may not be comparable with similarly titled measures of other companies.
A reconciliation of net earnings from continuing operations attributable to Martin Marietta to Adjusted EBITDA is as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
(Dollars in Millions)
Net earnings from continuing
operations
attributable to Martin Marietta $ 291.2 $ 254.6 $ 668.9 $ 545.7
Add back (Deduct):
Interest expense, net of interest
income 38.8 44.2 121.5 99.6
Income tax expense for controlling
interests 79.1 63.6 189.4 141.7
Depreciation, depletion and
amortization and
earnings/loss from nonconsolidated
equity
affiliates 122.4 112.1 374.6 314.2
Acquisition and integration expenses 1.8 7.4 6.1 18.0
Impact of selling acquired inventory
after markup
to fair value as a part of
acquisition accounting - 8.1 - 15.7
Nonrecurring gain on divestiture (0.2 ) - (151.9 ) -
Adjusted EBITDA $ 533.1 $ 490.0 $ 1,208.6 $ 1,134.9
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Adjusted consolidated earnings from operations and adjusted earnings per diluted share from continuing operations represent non-GAAP financial measures and exclude acquisition and integration expenses; the impact of selling acquired inventory after its markup to fair value as part of acquisition accounting; and the impact of the nonrecurring gain on the divestiture of certain ready mixed concrete operations. Management presents these measures for investors to evaluate and forecast the Company's results, as the impact of these items are nonrecurring.
A reconciliation of consolidated earnings from operations to adjusted consolidated earnings from operations is as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
2022 2021 2022 2021
(Dollars in Millions)
Consolidated earnings from
operations in
accordance with GAAP $ 405.9 $ 356.9 $ 944.4 $ 763.7
Add back (Deduct):
Acquisition and integration
expenses 1.8 7.4 6.1 18.0
Impact of selling acquired
inventory after its
markup to fair value as part of
acquisition
accounting - 8.1 - 15.7
Nonrecurring gain on divestiture (0.2 ) - (151.9 ) -
Adjusted consolidated earnings
from operations $ 407.5 $ 372.4 $ 798.6 $ 797.4
A reconciliation of earnings per diluted share from continuing operations to
adjusted earnings per diluted share from continuing operations is as follows:
Three Months Ended September 30, 2022
Pretax Income Tax After-Tax Per Share
(In Millions, Except per Share)
Earnings per diluted share from
continuing
operations in accordance with
GAAP $ 4.67
Impact of acquisition and
integration expenses $ 1.8 $ (0.5 ) $ 1.3 0.02
Adjusted earnings per diluted
share from
continuing operations $ 4.69
Three Months Ended September 30, 2021
Pretax Income Tax After-Tax Per Share
(In Millions, Except per Share)
Earnings per diluted share from
continuing
operations in accordance with
GAAP $ 4.07
Impact of acquisition and
integration expenses $ 7.4 $ (1.8 ) $ 5.6 0.09
Impact of selling acquired
inventory after its
markup to fair value as part of
acquisition
accounting $ 8.1 $ (2.3 ) $ 5.8 0.09
Adjusted earnings per diluted
share from
continuing operations $ 4.25
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Nine Months Ended September 30, 2022 Pretax Income Tax After-Tax Per Share (In Millions, Except per Share) Earnings per diluted share from continuing operations in accordance with GAAP$ 10.69 Impact of acquisition and integration expenses$ 6.1 $ (1.4 ) $ 4.7 0.07 Impact of nonrecurring gain on divestiture$ (151.9 ) $ 43.6 $ (108.3 ) (1.73 ) Adjusted earnings per diluted share from continuing operations$ 9.03 Nine Months Ended September 30, 2021 Pretax Income Tax After-Tax Per Share (In Millions, Except per Share) Earnings per diluted share from continuing operations in accordance with GAAP$ 8.72 Impact of acquisition and integration expenses$ 18.0 $ (4.2 ) $ 13.8 0.22 Impact of selling acquired inventory after its markup to fair value as part of acquisition accounting$ 15.7 $ (4.2 ) $ 11.5 0.18 Adjusted earnings per diluted share from continuing operations$ 9.12 Mix-adjusted average selling price (mix-adjusted ASP) excludes the impacts of product, geographic and other mix from the current-period average selling price and is a non-GAAP measure. Mix-adjusted ASP is calculated by comparing current-period shipments to like-for-like shipments in the comparable prior period. Management uses this metric to evaluate the effectiveness of the Company's pricing increases and believes this information is useful to investors as it provides same-on-same pricing trends. Page 29 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following reconciles reported average selling price to mix-adjusted ASP and corresponding variances. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021Organic East Group - Aggregates: Reported average selling price$ 17.01 $ 15.25 $ 16.95 $ 15.62 Adjustment for impact of product, geographic and other mix (0.19 ) (0.08 ) Mix-adjusted ASP$ 16.82 $ 16.87 Reported average selling price variance 11.5 % 8.5 % Mix-adjusted ASP variance 10.3 % 8.0 %Organic West Group - Aggregates: Reported average selling price$ 16.11 $ 14.33 $ 15.71 $ 14.09 Adjustment for impact of product, geographic and other mix 0.11 (0.25 ) Mix-adjusted ASP$ 16.22 $ 15.46 Reported average selling price variance 12.4 % 11.5 % Mix-adjusted ASP variance 13.2 % 9.7 % Total Organic Aggregates: Reported average selling price$ 16.70 $ 14.93 $ 16.50 $ 15.08 Adjustment for impact of product, geographic and other mix (0.09 ) (0.13 ) Mix-adjusted ASP$ 16.61 $ 16.37 Reported average selling price variance 11.9 % 9.4 % Mix-adjusted ASP variance 11.3 % 8.6 % Cement: Reported average selling price$ 149.24 $ 122.91 $ 139.64 $ 120.29 Adjustment for impact of product, geographic and other mix (0.97 ) (0.72 ) Mix-adjusted ASP$ 148.27 $ 138.92 Reported average selling price variance 21.4 % 16.1 % Mix-adjusted ASP variance 20.6 % 15.5 % Page 30 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Quarter Ended
Financial highlights for the quarter ended
? Consolidated total revenues of$1.81 billion compared with$1.56 billion ?Building Materials business products and services revenues of$1.61 billion compared with$1.39 billion ? Magnesia Specialties products revenues of$69.0 million compared with$71.9 million ? Consolidated gross profit of$487.8 million compared with$441.9 million ? Consolidated earnings from operations of$405.9 million compared with$356.9 million ? Adjusted consolidated earnings from operations of$407.5 million compared with$372.4 million ? Net earnings from continuing operations attributable to Martin Marietta of$291.2 million compared with$254.6 million ? Adjusted EBITDA of$533.1 million compared with$490.0 million ? Earnings per diluted share from continuing operations of$4.67 compared with$4.07 ? Adjusted earnings per diluted share from continuing operations of$4.69 compared with$4.25 Page 31 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following tables present total revenues, gross profit (loss), selling, general and administrative (SG&A) expenses and earnings (loss) from operations data for the Company and its reportable segments by product line for continuing operations for the three months endedSeptember 30, 2022 and 2021. In each case, the data is stated as a percentage of revenues of the Company or the relevant segment or product line, as the case may be. Three Months Ended September 30, 2022 2021 Amount Amount (Dollars in Millions) Total revenues: Building Materials business: Products and services East Group Aggregates$ 641.7 $ 569.7 Asphalt 96.0 80.2 Less: Interproduct revenues (9.2 ) (8.1 ) East Group Total 728.5 641.8 West Group Aggregates 374.0 287.4 Cement 163.2 132.3 Ready mixed concrete 227.4 320.8 Asphalt and paving 213.8 115.7 Less: Interproduct revenues (95.4 ) (107.2 ) West Group Total 883.0 749.0 Products and services 1,611.5 1,390.8 Freight 124.5 88.1 Total Building Materials business 1,736.0 1,478.9 Magnesia Specialties: Products 69.0 71.9 Freight 6.7 6.5 Total Magnesia Specialties 75.7 78.4 Total$ 1,811.7 $ 1,557.3 Page 32 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Three Months Ended September 30, 2022 2021 Amount % of Revenues Amount % of Revenues (Dollars in Millions) Gross profit (loss): Building Materials business: Aggregates 330.3 32.5$ 292.9 34.2 Cement 67.7 41.5 49.9 37.7 Ready mixed concrete 18.7 8.2 31.4 9.8 Asphalt and paving 50.5 16.3 38.9 19.9 Products and services 467.2 29.0 413.1 29.7 Freight 2.1 1.3 Total Building Materials business 469.3 27.0 414.4 28.0 Magnesia Specialties: Products 21.6 31.3 28.1 39.0 Freight (1.0 ) (1.1 ) Total Magnesia Specialties 20.6 27.2 27.0 34.4 Corporate (2.1 ) 0.5 Total$ 487.8 26.9$ 441.9 28.4 Page 33 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Three Months Ended September 30, 2022 2021 % of % of Amount Revenues Amount Revenues (Dollars in Millions) Selling, general & administrative expenses: Building Materials business: East Group$ 29.0 $ 26.5 West Group 41.0 34.2 Total Building Materials business 70.0 60.7 Magnesia Specialties 4.0 3.8 Corporate 20.9 21.5 Total$ 94.9 5.2$ 86.0 5.5 Three Months Ended September 30, 2022 2021 Amount % of Revenues Amount % of Revenues (Dollars in
Millions)
Earnings (Loss) from operations: Building Materials business: East Group$ 239.4 $ 205.8 West Group 159.7 150.6 Total Building Materials business 399.1 356.4 Magnesia Specialties 16.5 23.1 Corporate (9.7 ) (22.6 ) Total$ 405.9 22.4$ 356.9 22.9 Page 34 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
Building Materials Business
The following tables present aggregates volume and pricing variance data and
shipments data by segment:
Three Months Ended
September 30, 2022
Volume Pricing
Volume/Pricing Variance(1)
East Group 0.2 % 11.5 %
West Group 15.6 % 12.2 %
Total aggregates operations(2) 5.6 % 11.6 %
Organic aggregates operations(3) (0.1 )% 11.9 %
Three Months Ended
September 30,
2022 2021
(Tons in Millions)
Shipments
East Group 37.2 37.1
West Group 23.0 19.9Total aggregates operations(2) 60.2 57.0
(1) Volume/pricing variances reflect the percentage increase from the comparable
period in the prior year.
(2) Total aggregates operations include acquisitions from the date of
acquisition and divestitures through the date of disposal.
(3) Organic aggregates operations exclude volume and pricing data for
acquisitions that have not been included in prior-year operations for the
comparable period and divestitures.
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following table presents shipments data by product line for theBuilding Materials business: Three Months Ended September 30, 2022 2021 % Change Shipments Aggregates (in millions): Tons to external customers 55.9 52.0 Internal tons used in other product lines 4.3 5.0 Total aggregates tons 60.2 57.0 5.6 % Cement (in millions): Tons to external customers 0.8 0.7 Internal tons used in ready mixed concrete 0.3
0.4
Total cement tons 1.1 1.1 2.3 % Ready Mixed Concrete (in millions of cubic yards) 1.7 2.7 (37.6 )% Asphalt (in millions): Tons to external customers 2.8 2.0 Internal tons used in paving business 0.9 0.8 Total asphalt tons 3.7 2.8 31.3 % The average selling price by product line for theBuilding Materials business is as follows: Three Months Ended September 30, 2022 2021 % Change Aggregates (per ton)$ 16.65 $ 14.93 11.6 % Cement (per ton)$ 149.24 $ 122.91 21.4 % Ready Mixed Concrete (per cubic yard)$ 132.64 $ 116.75 13.6 % Asphalt (per ton)$ 61.45 $ 48.72 26.1 % Aggregates End-Use Markets Organic aggregates shipments to the infrastructure market remained flat, reflecting increased highway construction activity inNorth Carolina ,Colorado ,Georgia andIndiana which was offset by project delays and projects coming to completion inTexas . The infrastructure market accounted for 36% of third-quarter organic aggregates shipments. Organic aggregates shipments to the nonresidential market increased 2%, driven by several large manufacturing, data center and energy projects inGeorgia ,North Carolina ,Iowa andTexas . The nonresidential market represented 35% of third-quarter organic aggregates shipments. Organic aggregates shipments to the residential market decreased 3%. Despite overall underbuilt conditions, several markets experienced a slowdown in this end use due to affordability concerns and logistical challenges. The residential market accounted for 24% of third-quarter organic aggregates shipments. TheChemRock /Rail market accounted for the remaining 5% of third-quarter organic aggregates shipments. Volumes to this end use increased 4%, driven by increased ballast shipments. Page 36 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)Building Materials Business Third-quarter organic aggregates shipments were flat, due to logistical constraints and cement shortages as well as inclement weather in certain key markets. Organic pricing increased 11.9%, or 11.3% on a mix-adjusted basis, over the prior-year quarter as the Company continued to benefit from price increases. Including acquired operations, total aggregates shipments and pricing grew 5.6% and 11.6%, respectively. East Group total shipments were flat, as strong underlying demand was negatively impacted by logistical bottlenecks and weather-related disruptions. East Group pricing increased 11.5%.West Group total shipments improved 15.6%, driven primarily by contributions from acquired operations and strongTexas demand, partially offset by historically wet weather inNorth Texas in the month of August.West Group pricing, inclusive of acquisitions, increased 12.2%.West Group organic pricing increased 12.4%, or 13.2% on a mix-adjusted basis. Third-quarter aggregates product gross profit improved 12.8% to$330.3 million , while product gross margin declined 170 basis points to 32.5%, primarily due to increased energy, internal freight and repairs and maintenance costs. Cement shipments of 1.1 million tons increased 2.3% driven by continued strong demand. Pricing increased 21.4%, or 20.6% on a mix-adjusted basis, following multiple price increases inTexas . Cement product gross profit grew to$67.7 million , an increase of 35.8%, and product gross margin expanded 380 basis points to 41.5%, as pricing gains more than offset higher energy costs in the period. On an organic basis, ready mix shipments were down 16.8%, largely due to significant rainfall inTexas during August as well as the completion of certain large projects. Organic pricing increased 20.3% due to multiple price increases implemented during the year. Ready mix product revenues and gross profit from continuing operations declined 29.1% and 40.3%, respectively, driven primarily by the divestiture of the Company'sColorado andCentral Texas ready mixed concrete businesses onApril 1 , which was partially offset by acquired operations inArizona . Including contributions from the acquiredWest Coast operations, total asphalt shipments and pricing increased 31.3% and 26.1%, respectively. On an organic basis, total asphalt shipments and pricing increased 4.3% and 22.0%, respectively. Total asphalt and paving products and services gross profit increased to a record$50.5 million . However, continued acceleration of liquid asphalt, or bitumen, costs contributed to products and services gross margin compression of 360 basis points in the third quarter.
Magnesia Specialties Business
Magnesia Specialties third-quarter product revenues decreased 4.0% to$69.0 million , driven largely by lower demand in the steel industry for dolomitic lime products. Product gross profit declined 22.9% to$21.6 million , as higher energy costs, particularly natural gas, depressed gross margin in the quarter.
Consolidated Operating Results
Consolidated SG&A for third quarter 2022 was 5.2% of total revenues compared with 5.5% in the prior-year quarter, a 30-basis-point improvement.
Among other items, other operating income, net, includes gains and losses on the sale of assets; recoveries and write-offs related to customer accounts receivable; rental, royalty and services income; and accretion expense, depreciation expense and gains and losses related to asset retirement obligations. For the third quarter, consolidated other operating income, net, was income of$14.8 million in 2022 and$8.4 million in 2021, with the increase driven by higher gains on sales of surplus land and other assets. Earnings from operations for the quarter were$405.9 million in 2022 compared with$356.9 million in 2021, with the increase driven by year-over-year price increases, partially offset by higher costs for energy, supplies, and freight. Page 37 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Other nonoperating income, net, includes interest income; pension and postretirement benefit cost excluding service cost; foreign currency transaction gains and losses; equity earnings or losses from nonconsolidated affiliates; and other miscellaneous income and expenses. For the third quarter, other nonoperating income, net, was$7.3 million and$5.6 million in 2022 and 2021, respectively.
Nine Months Ended
Financial highlights for the nine months ended
? Consolidated total revenues of$4.68 billion compared with$3.92 billion ?Building Materials business products and services revenues of$4.14 billion compared with$3.47 billion ? Magnesia Specialties products revenues of$214.4 million compared with$207.1 million ? Consolidated gross profit of$1.07 billion compared with$1.00 billion ? Consolidated earnings from operations of$944.4 million compared with$763.7 million ? Adjusted consolidated earnings from operations of$798.6 million compared with$797.4 million ? Net earnings from continuing operations attributable to Martin Marietta of$668.7 million compared with$545.9 million ? Adjusted EBITDA of$1.21 billion compared with$1.13 billion ? Earnings per diluted share from continuing operations of$10.69 compared with$8.72 ? Adjusted earnings per diluted share of$9.03 compared with$9.12 Page 38 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following tables present total revenues, gross profit (loss), selling, general and administrative (SG&A) expenses and earnings (loss) from operations data for the Company and its reportable segments by product line for continuing operations for the nine months endedSeptember 30, 2022 and 2021. In each case, the data is stated as a percentage of revenues of the Company or the relevant segment or product line, as the case may be. For the nine months endedSeptember 30, 2022 , earnings from operations for theWest Group included a$151.9 million nonrecurring gain on divested assets. Nine Months Ended September 30, 2022 2021 Amount Amount (Dollars in Millions) Total revenues: Building Materials business: Products and services East Group Aggregates$ 1,627.4 $ 1,496.5 Asphalt 143.4 127.3 Less: Interproduct revenues (15.3 ) (12.9 ) East Group Total 1,755.5 1,610.9 West Group Aggregates 1,029.4 735.0 Cement 455.4 358.4 Ready mixed concrete 743.6 824.5 Asphalt and paving 433.5 216.2 Less: Interproduct revenues (279.7 ) (272.2 ) West Group Total 2,382.2 1,861.9 Products and services 4,137.7 3,472.8 Freight 312.1 219.8 Total Building Materials business 4,449.8 3,692.6 Magnesia Specialties: Products 214.4 207.1 Freight 20.0 17.9 Total Magnesia Specialties 234.4 225.0 Total$ 4,684.2 $ 3,917.6 Page 39 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Nine Months Ended September 30, 2022 2021 Amount % of Revenues Amount % of Revenues (Dollars in Millions) Gross profit (loss): Building Materials business: Aggregates$ 741.2 27.9$ 687.7 30.8 Cement 146.1 32.1 101.3 28.3 Ready mixed concrete 54.1 7.3 69.9 8.5 Asphalt and paving 63.6 11.0 59.4 17.3 Products and services 1,005.0 24.3 918.3 26.4 Freight 1.7 1.7 Total Building Materials business 1,006.7 22.6 920.0 24.9 Magnesia Specialties: Products 74.3 34.6 84.4 40.7 Freight (3.4 ) (3.0 ) Total Magnesia Specialties 70.9 30.2 81.4 36.2 Corporate (8.5 ) 0.3 Total$ 1,069.1 22.8$ 1,001.7 25.6 Nine Months Ended September 30, 2022 2021 % of Total % of Total Amount Revenues Amount Revenues (Dollars in Millions) Selling, general & administrative expenses: Building Materials business: East Group$ 86.5 $ 77.0 West Group 124.0 101.1 TotalBuilding Materials business 210.5 178.1 Magnesia Specialties 12.0 11.1 Corporate 73.5 59.0 Total$ 296.0 6.3$ 248.2 6.3 Earnings (Loss) from operations: Building Materials business: East Group$ 478.0 $ 465.3 West Group 477.2 284.2 TotalBuilding Materials business 955.2 749.5 Magnesia Specialties 58.4 69.8 Corporate (69.2 ) (55.6 ) Total$ 944.4 20.2$ 763.7 19.5 Page 40 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)Building Materials Business The following tables present aggregates volume and pricing variance data and shipments data by segment: Nine Months Ended September 30, 2022 Volume Pricing Volume/Pricing Variance(1) East Group - % 8.5 % West Group 25.2 % 11.0 % Total aggregates operations(2) 8.9 % 8.9 % Organic aggregates operations(3) 2.0 % 9.4 % Nine Months Ended September 30, 2022 2021 (Tons in Millions) Shipments East Group 95.2 95.2 West Group 64.9 51.8
Total aggregates operations(2) 160.1 147.0
(1) Volume/pricing variances reflect the percentage increase from the comparable
period in the prior year.
(2) Total aggregates operations include acquisitions from the date of
acquisition and divestitures through the date of disposal.
(3) Organic aggregates operations exclude volume and pricing data for
acquisitions that have not been included in prior-year operations for the
comparable period and divestitures.
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter Ended September 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) The following table presents shipments data for theBuilding Materials business by product line: Nine Months Ended September 30, 2022 2021 % Change Shipments Aggregates (in millions): Tons to external customers 148.0 135.2 Internal tons used in other product lines 12.1 11.8 Total aggregates tons 160.1 147.0 8.9 % Cement (in millions): Tons to external customers 2.2 1.8 Internal tons used in ready mixed concrete 1.0
1.1
Total cement tons 3.2 2.9 10.3 % Ready Mixed Concrete (in millions of cubic yards) 5.9 7.2 (17.4 )% Asphalt (in millions): Tons to external customers 5.3 3.3 Internal tons used in paving business 1.6 1.5 Total asphalt tons 6.9 4.8 46.1 % The average selling price by product line for theBuilding Materials business is as follows: Nine Months Ended September 30, 2022 2021 % Change Aggregates (per ton)$ 16.41 $ 15.08 8.9 % Cement (per ton)$ 139.64 $ 120.29 16.1 % Ready Mixed Concrete (per cubic yard)$ 125.32 $ 114.59 9.4 % Asphalt (per ton)$ 61.21 $ 48.77 25.5 % Aggregates End-Use Markets
Organic aggregates shipments to the infrastructure market increased 4%, primarily driven by increased highway construction activity across many of the Company's key markets. The infrastructure market accounted for 35% of year-to-date organic aggregates shipments.
Organic aggregates shipments to the nonresidential market increased 1%, driven by several large warehouse projects in theCentral and Southwest Divisions, partially offset by several large projects in the West Division that were not replaced in the current period. The nonresidential market represented 35% of year-to-date organic aggregates shipments.
Organic aggregates shipments to the residential market remained flat compared with strong prior-year activity, but slowed in the third quarter. The residential market accounted for 25% of year-to-date organic aggregates shipments.
TheChemRock /Rail market accounted for the remaining 5% of year-to-date organic aggregates shipments. Volumes to this end use increased 4%, driven by increased ballast shipments for a large project and increased agricultural lime shipments. Page 42 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)Building Materials Business Year-to-date organic aggregates shipments increased 2.0%, reflecting healthy underlying public product demand partially constrained by logistics-related bottlenecks and inclement weather in certain key markets. Organic aggregates pricing increased 9.4%, or 8.6% on a mix-adjusted basis. Inclusive of acquired operations, aggregates shipments grew 8.9% and pricing also increased 8.9%, both compared with the comparable prior-year period. East Group total shipments remained flat, reflecting healthy construction activity that was offset by logistical bottlenecks and weather-related disruptions, while pricing increased 8.5%.West Group total shipments increased 25.2%, driven by robust underlying demand inTexas and shipments from acquired operations.West Group pricing, inclusive of acquisitions, increased 11.0%, while organicWest Group pricing increased 11.5%, or 9.7% on a mix-adjusted basis, reflecting price increases and a larger percentage of shipments from higher-priced distribution yards. Aggregates product gross margin decreased 290 basis points to 27.9%, as the impact from year-over-year price increases were more than offset by higher costs for energy, fuel, supplies, repairs and contract services.Texas cement shipments increased 10.3% year-to-date, supported by robust product demand. Cement pricing improved 16.1%, or 15.5% on a mix-adjusted basis, benefitting from multiple price increases. Product gross margin expanded 380 basis points to 32.1% compared with the prior-year period, as shipment and pricing growth more than offset energy and other cost headwinds. Organic ready mixed concrete shipments decreased 5.4%. Organic pricing grew 15.2% in the first nine months of 2022 compared with 2021. Consolidated ready mixed concrete shipments decreased 17.4%, primarily reflecting the impact of divested operations, partially offset by contributions from acquired ready mix operations inArizona , and pricing increased 9.4%. Product gross margin declined 120 basis points to 7.3%, driven primarily by higher raw material costs which more than offset price increases. Organic asphalt shipments increased 2.6%. Organic asphalt pricing increased 19.7%. Including contributions from the acquiredWest Coast operations, total asphalt shipments and pricing increased 46.1% and 25.5%, respectively. Product and services gross margin decreased 630 basis points to 11.0%, driven by higher liquid asphalt and energy costs.
Magnesia Specialties Business
Magnesia Specialties product revenues increased 3.5% to$214.4 million for the nine months endedSeptember 30, 2022 , driven by robust global demand for magnesia-based chemical products. Product gross profit was$74.3 million compared with$84.4 million . Product gross margin decreased 610 basis points to 34.6%, as higher costs for energy, supplies and raw materials more than offset pricing growth.
Consolidated Operating Results
Consolidated SG&A for nine months ended
Among other items, other operating income, net, includes gains and losses on the sale of assets; recoveries and write-offs related to customer accounts receivable; rental, royalty and services income; accretion expense, depreciation expense and gains and losses related to asset retirement obligations. For the nine months endedSeptember 30 , consolidated other operating income, net, was income of$177.4 million in 2022 and$28.2 million in 2021. The increase in other operating income, net, was primarily attributable to the$151.9 million gain on the divestiture of theColorado andCentral Texas ready mixed concrete operations. Other operating income, net, for the nine months endedSeptember 30, 2021 included a$12.3 million gain on the sale of the Company's former corporate headquarters.
Earnings from operations for the nine months ended
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
ready mixed concrete operations and year-over-year price increases, partially offset by higher costs for energy, fuel, supplies, freight and personnel.
Other nonoperating income, net, includes interest income; pension and postretirement benefit cost excluding service cost; foreign currency transaction gains and losses; equity earnings or losses from nonconsolidated affiliates; and other miscellaneous income and expenses. For the nine months endedSeptember 30 , other nonoperating income, net, was$40.1 million and$23.8 million in 2022 and 2021, respectively. The 2022 amount included a$12.0 million pretax gain related to repurchases of the Company's debt.
Income Tax Expense
For the nine months endedSeptember 30, 2022 and 2021, the effective income tax rates for continuing operations were 22.1% and 20.6%, respectively. The higher 2022 effective income tax rate versus 2021 was driven by the impact of the divestiture of theColorado andCentral Texas ready mixed concrete businesses.
LIQUIDITY AND CAPITAL RESOURCES
Cash provided by operating activities for the nine months endedSeptember 30, 2022 and 2021 was$560.7 million and$780.3 million , respectively, driven by increased cash taxes and changes in working capital. Operating cash flow is primarily derived from consolidated net earnings before deducting depreciation, depletion and amortization, and the impact of changes in working capital. Depreciation, depletion and amortization were as follows: Nine Months Ended September 30, 2022 2021 (Dollars in Millions) Depreciation$ 296.9 $ 262.1 Depletion 45.9 29.5 Amortization 37.5 28.4 Total$ 380.3 $ 320.0
The seasonal nature of construction activity impacts the Company's interim
operating cash flow when compared with the full year. Full-year 2021 net cash
provided by operating activities was
During the nine months ended
The Company can repurchase its common stock through open-market purchases pursuant to authority granted by its Board of Directors or through private transactions at such prices and upon such terms as the Chief Executive Officer deems appropriate. The Company repurchased 418,336 shares of common stock during the first nine months of 2022 at an aggregate cost of$150.0 million . AtSeptember 30, 2022 , 13,102,616 shares of common stock can be purchased under the Company's repurchase authorization. During the nine months endedSeptember 30, 2022 , the Company repurchased$67.7 million (par value) of its Senior Notes, resulting in a pretax gain of$12.0 million . Page 44 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) OnSeptember 29, 2022 , the Company satisfied and discharged its 0.650% Senior Notes due 2023 (the 2023 Notes). In connection with the satisfaction and discharge, the Company irrevocably deposited withRegions Bank (the Trustee) funds in an amount sufficient to satisfy all remaining principal and interest payments on the 2023 Notes. The funds are invested in a fund that invests exclusively inU.S. Treasury securities and are classified as Restricted investments (to satisfy discharged debt and related interest) on the consolidated balance sheet atSeptember 30, 2022 . Holders of the 2023 Notes will receive payment of principal on the scheduled maturity date and payment of interest at the per annum rate (and on the dates) set forth in the 2023 Notes indenture. The Company utilized existing cash resources to fund the satisfaction and discharge. As a result of the satisfaction and discharge of the 2023 Notes, the obligations of the Company under the indenture in respect of the 2023 Notes have been terminated, except those provisions of the indenture that, by their terms, survive the satisfaction and discharge. The 2023 Notes remain on the Company's consolidated balance sheet atSeptember 30, 2022 and will continue to accrete to their par value over the period until maturity inJuly 2023 .
The Company, through a wholly-owned special-purpose subsidiary, has a
The Company has an$800 million five-year senior unsecured revolving facility (the Revolving Facility), which expires inDecember 2026 . The Revolving Facility requires the Company's ratio of consolidated debt-to-consolidated EBITDA, as defined, for the trailing-twelve-month period (the Ratio) to not exceed 3.50 times as of the end of any fiscal quarter, provided that the Company may exclude from the Ratio debt incurred in connection with certain acquisitions during the quarter or the three preceding quarters so long as the Ratio calculated without such exclusion does not exceed 4.00 times. Additionally, if there are no amounts outstanding under the Revolving Facility and the Trade Receivable Facility, consolidated debt, including debt for which the Company is a guarantor, may be reduced in an amount equal to the lesser of$500.0 million or the sum of the Company's unrestricted cash and temporary investments, for purposes of the covenant calculation. The Company was in compliance with the Ratio atSeptember 30, 2022 . In the event of a default on the Ratio, the lenders can terminate the Revolving Facility and Trade Receivable Facility and declare any outstanding balances as immediately due. There were no amounts outstanding under the Trade Receivable Facility or the Revolving Facility atSeptember 30, 2022 . Cash on hand and restricted investments, along with the Company's projected internal cash flows and availability of financing resources, including its access to debt and equity capital markets, is expected to continue to be sufficient to provide the capital resources necessary to support anticipated operating needs, cover debt service requirements, address near-term debt maturities, meet capital expenditures and discretionary investment needs, fund certain acquisition opportunities that may arise, allow the repurchase of shares of the Company's common stock and allow for payment of dividends for the foreseeable future. AtSeptember 30, 2022 , the Company had$1,197.4 million of unused borrowing capacity under its Revolving Facility and Trade Receivable Facility, subject to complying with the related leverage covenant. Historically, the Company has successfully extended the maturity dates of these credit facilities. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law inMarch 2020 and provided liquidity support for businesses. Through the CARES Act, the Company deferred payment of$27.6 million , representing the 6.2% employer share ofSocial Security taxes for the period fromMarch 27, 2020 throughDecember 31, 2020 . Half of the deferred obligation was repaid in 2021 and the remaining half is dueDecember 31, 2022 . There will be no interest assessed on amounts deferred. Page 45 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) TRENDS AND RISKS
The Company outlined the risks associated with its business in its Annual Report
on Form 10-K for the year ended
OnAugust 16, 2022 , theU.S. enacted the Inflation Reduction Act of 2022, which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on the Company's current analysis of the provisions, management does not believe this legislation will have a material impact on the Company's consolidated financial statements.
OTHER MATTERS
If you are interested in Martin Marietta stock, management recommends that, at a minimum, you read the Company's current annual report and Forms 10-K, 10-Q and 8-K reports to theSecurities and Exchange Commission (SEC) over the past year. The Company's recent proxy statement for the annual meeting of shareholders also contains important information. These and other materials that have been filed with theSEC are accessible through the Company's website at www.martinmarietta.com and are also available at theSEC's website at www.sec.gov. You may also write or call the Company's Corporate Secretary, who will provide copies of such reports. Investors are cautioned that all statements in this Form 10-Q that relate to the future involve risks and uncertainties, and are based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. These statements, which are forward-looking statements under the Private Securities Litigation Reform Act of 1995, provide the investor with the Company's expectations or forecasts of future events. You can identify these statements by the fact that they do not relate only to historical or current facts. They may use words such as "anticipate," "may," "expect," "should," "believe," "project," "intend," "will," and other words of similar meaning in connection with future events or future operating or financial performance. Any or all of management's forward-looking statements here and in other publications may turn out to be wrong. The Company's outlook is subject to various risks and uncertainties and is based on assumptions that the Company believes in good faith are reasonable but which may be materially different from actual results. Factors that the Company currently believes could cause actual results to differ materially from the forward-looking statements in this Form 10-Q include, but are not limited to: the ability of the Company to face challenges, including shipment declines resulting from economic events beyond the Company's control; a widespread decline in aggregates pricing, including a decline in aggregates shipment volume negatively affecting aggregates price; the history of both cement and ready mixed concrete being subject to significant changes in supply, demand and price fluctuations; the termination, capping and/or reduction or suspension of the federal and/or state gasoline tax(es) or other revenue related to public construction; the level and timing of federal, state or local transportation or infrastructure or public projects funding, most particularly inTexas ,Colorado ,California ,North Carolina ,Georgia ,Minnesota ,Iowa ,Florida ,Indiana andMaryland ; theUnited States Congress' inability to reach agreement among themselves or with the Administration on policy issues that impact the federal budget; the ability of states and/or other entities to finance approved projects either with tax revenues or alternative financing structures; levels of construction spending in the markets the Company serves; a reduction in defense spending and the subsequent impact on construction activity on or near military bases; a decline in energy-related construction activity resulting from suspension of the gas tax or a sustained period of low global oil prices or changes in oil production patterns or capital spending, particularly inTexas andWest Virginia ; increasing residential mortgage interest rates and other factors that could result in a slowdown in residential construction; unfavorable weather conditions, particularlyAtlantic Ocean andGulf of Mexico hurricane activity, wildfires, the late start to spring or the early onset of winter and the impact of a drought or excessive rainfall in the markets served by the Company, any of which can significantly affect production schedules, volumes, product and/or geographic mix and profitability; the volatility of fuel costs, particularly diesel fuel, Page 46 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) notably related to the current conflict betweenRussia andUkraine , and the impact on the cost, or the availability generally, of other consumables, namely steel, explosives, tires and conveyor belts, and with respect to the Company's Magnesia Specialties business, natural gas; continued increases in the cost of other repair and supply parts; construction labor shortages and/or supplychain challenges; unexpected equipment failures, unscheduled maintenance, industrial accident or other prolonged and/or significant disruption to production facilities; the resiliency and potential declines of the Company's various construction end-use markets; the potential negative duration, severity and impact of a resurgence of the COVID-19 pandemic on the Company's ability to continue supplying heavy-side building materials and related services at normal levels or at all in the Company's key regions, including the markets in which it does business, its suppliers, customers or other business partners as well as on its employees; the economic impact of government responses to a resurgence of COVID-19; the performance ofthe United States economy; the impact of governmental orders restricting activities imposed to prevent further outbreak of COVID-19 on travel, potentially reducing state fuel tax revenues used to fund highway projects; a decline in the commercial component of the nonresidential construction market, notably office and retail space, including a decline resulting from economic distress related to the COVID-19 pandemic; increasing governmental regulation, including environmental laws; the failure of relevant government agencies to implement expected regulatory reductions; transportation availability or a sustained reduction in capital investment by the railroads, notably the availability of railcars, locomotive power and the condition of rail infrastructure to move trains to supply the Company'sTexas ,Colorado ,Florida , Carolinas andGulf Coast markets, including the movement of essential dolomitic lime for magnesia chemicals to the Company's plant inManistee, Michigan and its customers; increased transportation costs, including increases from higher or fluctuating passed-through energy costs or fuel surcharges, and other costs to comply with tightening regulations, as well as higher volumes of rail and water shipments; availability of trucks and licensed drivers for transport of the Company's materials; availability and cost of construction equipment inthe United States ; weakening in the steel industry markets served by the Company's dolomitic lime products; trade disputes with one or more nations impacting theU.S. economy, including the impact of tariffs on the steel industry; unplanned changes in costs or realignment of customers that introduce volatility to earnings, including that of the Magnesia Specialties business that is running at capacity; proper functioning of information technology and automated operating systems to manage or support operations; inflation and its effect on both production and interest costs; the concentration of customers in construction markets and the increased risk of potential losses on customer receivables; the impact of the level of demand in the Company's end-use markets, production levels and management of production costs on the operating leverage and therefore profitability of the Company; the possibility that the expected synergies from acquisitions will not be realized or will not be realized within the expected time period, including achieving anticipated profitability to maintain compliance with the Company's leverage ratio debt covenant; changes in tax laws, the interpretation of such laws and/or administrative practices, including acquisitions or divestitures, that would increase the Company's tax rate; violation of the Company's debt covenant if price and/or volumes return to previous levels of instability; downward pressure on the Company's common stock price and its impact on goodwill impairment evaluations; the possibility of a reduction of the Company's credit rating to non-investment grade; and other risk factors listed from time to time found in the Company's filings with theSEC . You should consider these forward-looking statements in light of risk factors discussed in the Company's Annual Report on Form 10-K for the year endedDecember 31, 2021 and other periodic filings made with theSEC . All of the Company's forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to the Company or that the Company considers immaterial could affect the accuracy of its forward-looking statements, or adversely affect or be material to the Company. The Company assumes no obligation to update any such forward-looking statements. Page 47 of 53
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MARTIN MARIETTA MATERIALS, INC. AND CONSOLIDATED SUBSIDIARIES FORM 10-Q For the Quarter EndedSeptember 30, 2022 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)
INVESTOR ACCESS TO COMPANY FILINGS
Shareholders may obtain, without charge, a copy of Martin Marietta's Annual
Report on Form 10-K, as filed with the
Martin Marietta Attn: Corporate Secretary4123 Parklake Avenue Raleigh, North Carolina 27612
Additionally, Martin Marietta's Annual Report, press releases and filings with
the
Telephone: (919) 510-4736 Website address: www.martinmarietta.com
Information included on the Company's website is not incorporated into, or otherwise creates a part of, this report.
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FORM 10-Q
For the Quarter Ended September 30, 2022 © Edgar Online, source
