Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-04197 United States Lime & Minerals, Inc. (Exact name of Registrant as specified in its charter) Texas (State or other jurisdiction of incorporation ...

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 30, 2023 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 number is 000-04197 UNITED STATES LIME & MINERALS, INC. (Exact name of registrant as specified in its charter) (State ...

Revenue Growth - Revenues increased by 22.3% in Q2 2023, reaching $74.0 million, compared to $60.5 million in Q2 2022[53] - Revenues for the first six months of 2023 rose by 26.4% to $140.8 million, up from $111.4 million in the same period of 2022[53] - Lime and limestone operations contributed $73.7 million in Q2 2023, a 23.6% increase from $59.6 million in Q2 2022[53] - For the first six months of 2023, lime and limestone revenues were $140.2 million, reflecting a 27.6% increase from $109.9 million in the same period of 2022[53] - Average selling prices for lime and limestone products increased by 21.3% in Q2 2023 and 22.5% in the first six months of 2023[43] Profitability - Gross profit surged by 64.6% in Q2 2023 and 65.2% in the first six months of 2023, driven by increased revenues despite rising production costs[44] - Gross profit for Q2 2023 was $27.1 million, a 64.6% increase from $16.5 million in Q2 2022[54] - Gross profit from lime and limestone operations in Q2 2023 was $27.1 million, up 69.8% from $16.0 million in Q2 2022[54] - Gross profit for the first six months of 2023 was $51.1 million, a 65.2% increase from $30.9 million in the first six months of 2022[55] - The increase in gross profit in 2023 was primarily due to increased revenues, partially offset by higher production costs[54] Net Income - Net income for Q2 2023 was $19.7 million ($3.45 per share diluted), a 92.5% increase from $10.2 million ($1.80 per share diluted) in Q2 2022[59] - Net income for the first six months of 2023 was $36.8 million ($6.46 per share diluted), a 94.7% increase from $18.9 million ($3.33 per share diluted) in the first six months of 2022[59] Cash Flow and Liquidity - Net cash provided by operating activities was $40.3 million in the first six months of 2023, an increase of 80.2% from $22.4 million in the same period of 2022[45] - Cash and cash equivalents increased by $22.8 million to $156.2 million as of June 30, 2023, compared to $133.4 million at the end of 2022[48] - The company has no debt outstanding and no draws on the revolving credit facility, indicating strong liquidity[52] Expenses - SG&A expenses in Q2 2023 were $4.3 million, a 12.2% increase from $3.8 million in Q2 2022[56] - Income tax expense for Q2 2023 was $4.9 million, up from $2.5 million in Q2 2022[58] - Interest expense for Q2 2023 was $64 thousand, slightly up from $63 thousand in Q2 2022[57] - Interest and other income, net for Q2 2023 was $1.9 million, compared to $177 thousand in Q2 2022[57] Capital Expenditures - Capital expenditures totaled $15.4 million in the first six months of 2023, down from $17.1 million in the same period of 2022[47]

Financial Performance - Revenues increased by 31.2% in Q1 2023, reaching $66.8 million compared to $50.9 million in Q1 2022[48] - Gross profit surged by 65.8% in Q1 2023, amounting to $24.0 million, compared to $14.5 million in Q1 2022[49] - Net income for Q1 2023 was $17.1 million ($3.00 per diluted share), up 97.3% from $8.7 million ($1.53 per diluted share) in Q1 2022[52] - Net cash provided by operating activities was $20.6 million in Q1 2023, a 156.2% increase from $8.1 million in Q1 2022[41] Revenue Sources - Revenues from Lime and Limestone Operations rose by 32.3% in Q1 2023, driven by a 23.5% increase in average selling prices and an 8.8% increase in sales volumes[39] - The company acquired Mill Creek for $5.6 million, contributing $1.2 million to revenues in Q1 2023[38] Expenses and Investments - Capital expenditures in Q1 2023 totaled $5.5 million, down from $11.4 million in Q1 2022, which included $5.9 million for the acquisition of Mill Creek[42] - Selling, general and administrative expenses increased by 14.2% to $4.2 million in Q1 2023, primarily due to higher personnel costs[50] Financial Position - The company had no outstanding debt as of March 31, 2023, and cash and cash equivalents increased to $147.6 million from $133.4 million at the end of 2022[43][47] Future Outlook - The company anticipates continued pressure on production costs and potential impacts on future demand due to recessionary concerns[40] Compliance and Safety - No changes in internal control over financial reporting that materially affect operations were reported during the most recent fiscal quarter[55] - The company is committed to providing a safe workplace by training employees, communicating openly, and improving safety practices[58] - MSHA has increased enforcement of mining safety standards, resulting in higher penalties for violations in recent years[60] Shareholder Actions - In Q1 2023, the company purchased 646 shares at a price of $151.70 for tax withholding liability related to restricted stock[56]

Revenue and Profit Growth - Lime and limestone revenues increased by 24.6% in 2022, reaching $233.4 million compared to $187.4 million in 2021[138]. - Total revenues for 2022 were $236.2 million, a 24.8% increase from $189.3 million in 2021[138]. - Gross profit rose by 18.7% in 2022, totaling $70.3 million, driven by increased revenues despite higher production costs[145]. - Net income increased by $8.4 million, or 22.6%, in 2022, resulting in a net income per diluted share of $8.00 compared to $6.54 in 2021[146]. - Revenues for 2022 increased to $236.2 million, up $46.9 million or 24.8% from 2021, driven by a 14.0% increase in sales volumes and a 10.6% average price increase for lime and limestone products[171]. - Gross profit for 2022 rose to $70.3 million, an increase of $11.1 million or 18.7% compared to 2021, primarily due to increased revenues, partially offset by higher production costs[172]. - Net income for 2022 was $45.4 million ($8.00 per share diluted), an increase of $8.4 million or 22.6% from 2021[176]. Capital Investments and Financial Position - The company made $32.4 million in capital investments in 2022, including the acquisition of Mill Creek for $5.6 million[147]. - Cash balances increased to $133.3 million as of December 31, 2022, up from $105.4 million in 2021, with no debt outstanding[147]. - The company expects to spend approximately $20.0 million annually over the next several years on capital and re-equipping projects to maintain efficiency and compliance with environmental laws[187]. - Net cash provided by operating activities increased to $64.4 million in 2022, up from $55.7 million in 2021, representing a 15.6% increase[188]. - Net cash used in investing activities was $31.2 million in 2022, including $5.6 million for the acquisition of Mill Creek and $3.5 million for capital investments in the Mill Creek facility[191]. - Cash and cash equivalents increased to $133.4 million as of December 31, 2022, compared to $105.4 million at the end of 2021[192]. - The company had no debt outstanding as of December 31, 2022, and had $0.3 million of letters of credit issued under the Revolving Facility[196]. - The credit agreement provides for a $75 million revolving credit facility, with an additional $50 million accordion feature, maturing on May 2, 2024[193]. - The company believes cash on hand and cash flows from operations will be sufficient to meet operating and capital needs in the near future[198]. Expenses and Taxation - Selling, general and administrative expenses (SG&A) increased to $15.6 million in 2022, up $2.7 million or 21.1% from 2021, with SG&A as a percentage of revenues decreasing to 6.6%[173]. - Interest and other income, net increased to $2.0 million in 2022, a rise of $1.7 million or 479.2% compared to 2021, attributed to higher interest rates on cash balances[174]. - The effective income tax rate for 2022 was 19.7%, down from 20.4% in 2021, primarily due to statutory depletion exceeding cost depletion[175]. - The company expects increased capital costs to result in higher DD&A expenses in future periods due to inflationary pressures[191]. Market Demand and Operational Challenges - Demand for lime and limestone products is expected to remain strong due to increased funding for highway construction and infrastructure projects in Texas[153]. - The company continues to face risks related to demand and pricing for lime and limestone products, as well as operational challenges from various external factors[160]. - The company had $1.5 million in open orders for equipment and construction contracts for its Lime and Limestone Operations as of December 31, 2022[187]. Stock Buybacks - The company spent $0.8 million on common stock buybacks in 2022, compared to $0.7 million in 2021[197].

Form 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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 number is 000-04197 UNITED STATES LIME & MINERALS, INC. (Exact name of registrant as specified in its charter) (State ...

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 June 30, 2022 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 number is 000-04197 UNITED STATES LIME & MINERALS, INC. (Exact name of registrant as specified in its charter) (State or o ...

Financial Performance - Revenues increased by 22.2% in Q1 2022, reaching $50.9 million compared to $41.7 million in Q1 2021, driven by a 19.4% increase in sales volumes and a 2.2% rise in average selling prices[39][51] - Gross profit rose by 22.5% in Q1 2022 to $14.5 million, up from $11.8 million in Q1 2021, primarily due to increased revenues, partially offset by higher production costs[40][52] - Net income for Q1 2022 was $8.7 million ($1.53 per diluted share), a 23.3% increase from $7.0 million ($1.24 per diluted share) in Q1 2021[56] Acquisitions and Investments - The company acquired Mill Creek for $5.9 million in cash, which contributed $0.8 million to revenues in Q1 2022[38] - Capital expenditures totaled $11.4 million in Q1 2022, including $5.9 million for the Mill Creek acquisition, compared to $4.5 million in Q1 2021[45] Expenses and Costs - SG&A expenses increased by 18.5% to $3.6 million in Q1 2022, primarily due to higher personnel costs[53] - The company continues to face rising costs, particularly in energy and transportation, and is increasing prices for its products to mitigate these effects[41] Cash Flow and Dividends - Net cash provided by operating activities decreased by 30.7% to $8.1 million in Q1 2022 from $11.6 million in Q1 2021[43] - The company declared a quarterly cash dividend of $0.20 per share, payable on June 17, 2022[42] - The company had no outstanding debt as of March 31, 2022, and cash and cash equivalents decreased to $100.9 million from $105.4 million at the end of 2021[50] Interest Rate Risk - The company is exposed to interest rate risk due to floating interest rates on the Revolving Facility[57] - As of March 31, 2022, there was no outstanding balance on the Revolving Facility subject to interest rate risk[57] - Future borrowings under the Revolving Facility will be subject to interest rate risk[57]

Revenue Growth - Lime and limestone revenues increased by 17.3% in 2021, totaling $187.365 million compared to $159.707 million in 2020[135]. - Total revenues rose to $189.255 million in 2021, a 17.8% increase from $160.704 million in 2020[135]. - Revenues for 2021 increased to $189.3 million, up $28.6 million or 17.8% from 2020, driven by a 17.3% increase in Lime and Limestone Operations revenues[168]. - Revenues for Lime and limestone operations in Q4 2021 were $45,518,000, a decrease of 12.5% from Q3 2021[1]. Profitability - Gross profit increased by 24.5% in 2021, reaching $59.260 million, driven by higher revenues and operating efficiencies[142]. - Gross profit for 2021 rose to $59.3 million, an increase of $11.7 million or 24.5% compared to 2020, primarily due to increased revenues and operating efficiencies[169]. - Net income for 2021 was $37.045 million, reflecting a 31.3% increase from $28.223 million in 2020[142]. - Net income for 2021 increased to $37.0 million ($6.54 per share diluted), a rise of $8.8 million or 31.3% from 2020[173]. - Net income for Q4 2021 was $7,613,000, representing a 32.5% decrease compared to Q3 2021[1]. - Basic income per common share for Q4 2021 was $1.35, down from $2.00 in Q3 2021, a decline of 32.5%[1]. Expenses and Costs - Selling, general and administrative expenses (SG&A) for 2021 were $12.8 million, a 5.5% increase from 2020, but as a percentage of revenues, SG&A decreased to 6.8%[170]. - Rising energy and supply costs are expected to impact profitability, prompting the company to increase product prices[149]. - The average price for lime and limestone products increased by 0.9% in 2021 compared to 2020, despite competitive pressures[168]. - The company continues to focus on increasing lime and limestone prices to offset rising costs amid competitive pressures[157]. Cash and Financial Position - Cash balances increased to $105.4 million as of December 31, 2021, up from $83.6 million in 2020, with no debt outstanding[143]. - Net cash provided by operating activities in 2021 was $55.7 million, a decrease of 4.9% from $58.6 million in 2020[5]. - The company has a $75 million revolving credit facility with no outstanding debt as of December 31, 2021[9]. - Cash and cash equivalents increased to $105.4 million as of December 31, 2021, up from $83.6 million at the end of 2020[8]. - Total contractual obligations as of December 31, 2021, amounted to $13,618,000, with $5,862,000 due within one year[10]. - The company plans to utilize cash on hand and cash flows from operations to meet ongoing capital needs and pay regular cash dividends[11]. - There was no outstanding balance on the Revolving Facility subject to interest rate risk at December 31, 2021[12]. Strategic Initiatives - The company acquired Mill Creek for $5.9 million in February 2022, complementing its existing operations[139]. - Demand for lime and limestone products increased due to growth in construction, steel, environmental, industrial, roofing, and agriculture sectors[141]. - The company anticipates funding its operating and capital needs from cash balances and cash flows from operations in 2022[144]. - Future operational strategies include exploring acquisitions to expand production capacity as opportunities arise[158]. - Capital expenditures are expected to be approximately $14.0 million annually for Lime and Limestone Operations to maintain efficiency and compliance[4]. Taxation - The effective income tax rate for 2021 was 20.4%, up from 17.2% in 2020, primarily due to increased income before taxes[172].

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 30, 2021 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 number is 000-04197 UNITED STATES LIME & MINERALS, INC. (Exact name of registrant as specified in its charter) (State ...