• Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2023 Results, Provides Financial Outlook for Fiscal Year 2024

    ソース: Nasdaq GlobeNewswire / 11 1 2024 16:05:00   America/New_York

    DENVER, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the fourth quarter and fiscal year ended October 31, 2023.

    Fourth Quarter Fiscal Year 2023 Highlights vs. Fourth Quarter of Fiscal Year 2022 (where applicable)

    • Revenue increased 5% to $120.2 million compared to $114.9 million.
    • Gross profit increased 1% to $48.9 million compared to $48.6 million.
    • Income from operations increased 5% to $19.3 million compared to $18.3 million.
    • Net income increased 10% to $9.4 million compared to $8.5 million.
    • Net income attributable to common shareholders increased 11% to $9.0 million, compared to $8.1 million. Diluted earnings per share increased 14% to $0.16 per diluted share, compared to $0.14 per diluted share.
    • Adjusted EBITDA1 increased slightly to $35.8 million compared to $35.6 million, with Adjusted EBITDA margin1 of 29.8% compared to 31.0%.
    • Amounts outstanding under debt agreements were $394.0 million with net debt1 of $378.1 million. Total available liquidity at quarter end was $216.7 million.
    • Leverage ratio1 at quarter end was 3.0x.
    • On December 6, 2023, CPH announced the expiration of its 13,017,677 warrants.

    Fiscal Year 2023 Highlights vs. Fiscal Year 2022

    • Revenue increased 10% to $442.2 million compared to $401.3 million.
    • Gross profit increased 9% to $178.3 million compared to $163.6 million.
    • Income from operations increased 23% to $61.5 million compared to $50.1 million.
    • Net income attributable to common shareholders increased 12% to $30.0 million, compared to $26.9 million. Diluted earnings per share increased 15% to $0.54 per diluted share, compared to $0.47 per diluted share.
    • Adjusted EBITDA1 increased 7% to $124.6 million compared to $116.1 million, with Adjusted EBITDA margin1 of 28.2% compared to 28.9%.

    Management Commentary

    “We had a record-setting revenue and Adjusted EBITDA year in fiscal 2023 driven by the strength and diversification of our business,” said CPH CEO Bruce Young. “Each of our end markets contributed to this performance, particularly as residential construction remained strong, and our expanded footprint enabled us to continue to win infrastructure projects. Our free cash flow generation also allowed us to continue to execute upon efforts to reduce leverage, hitting our 3.0x leverage ratio target by the end of the year.

    “Our outstanding 2023 results, despite persistent cost inflation, underscore the resilience of our business and the diversity of our chosen geographies.  We are encouraged by our ability to adapt to the challenges inherent in the current volatile macroeconomic environment and looking ahead, we believe our end market diversity and mission-critical service in the construction industry positions us well for continued growth. We expect to complement organic growth by continuing to evaluate opportunistic, accretive M&A while strategically reducing our leverage.”

    _____________________
    1 Adjusted EBITDA, Adjusted EBITDA margin, net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

    Fourth Quarter Fiscal Year 2023 Financial Results

    Revenue in the fourth quarter of fiscal year 2023 increased 5% to $120.2 million compared to $114.9 million in the fourth quarter of fiscal year 2022. The increase was attributable to growth across each of the Company’s segments as a result of organic growth from higher volumes in certain regions coupled with improved pricing.

    Gross profit in the fourth quarter of fiscal year 2023 increased 1% to $48.9 million compared to $48.6 million in the prior year quarter. Gross margin decreased 160 basis points to 40.7% compared to 42.3% in the prior year quarter. The decrease in gross margin was primarily related to labor inflation and higher insurance costs.

    General and administrative expenses in the fourth quarter were $29.6 million compared to $30.3 million in the prior year quarter primarily due to a non-cash decrease in amortization expense. As a percentage of revenue, G&A costs were 24.6% in the fourth quarter compared to 26.4% in the prior year quarter.

    As of December 6, 2023, the Company's 13,017,677 warrants to acquire shares of its common stock expired in accordance with their terms. As a result of the expiration, the warrants will no longer be recognized as a liability on the Company's consolidated balance sheet and there are no other warrants outstanding.

    Net income in the fourth quarter of fiscal year 2023 increased 10% to $9.4 million compared to $8.5 million in the fourth quarter of fiscal year 2022. Net income attributable to common shareholders in the fourth quarter of fiscal year 2023 increased 11% to $9.0 million, compared to $8.1 million in the prior year quarter. Diluted earnings per share increased 14% to $0.16 per diluted share, compared to $0.14 per diluted share in the prior year quarter.

    Adjusted EBITDA in the fourth quarter of fiscal year 2023 increased slightly to $35.8 million compared to $35.6 million in the prior year quarter. Adjusted EBITDA margin decreased to 29.8% compared to 31.1% in the prior year quarter.

    Fiscal Year 2023 Financial Results

    Revenue in fiscal year 2023 increased 10% to $442.2 million compared to $401.3 million in fiscal year 2022. The increase was primarily attributable to growth across all business segments, with particularly strong growth from the U.S. Concrete Pumping and U.S. Concrete Waste Management Services segments. The U.S. Concrete Pumping growth was primarily attributable to the acquisition of Coastal Carolina in the fourth quarter of fiscal 2022, which contributed an incremental $14.6 million in revenue year-over-year. The U.S. Concrete Waste Management Services increase was primarily due to organic volume growth due to an increase in demand and pricing improvements.

    Gross profit in fiscal year 2023 increased 9% to $178.3 million compared to $163.6 million in fiscal year 2022. Gross margin was 40.3% versus 40.8% in the prior year.

    G&A expenses in fiscal year 2023 increased to $116.9 million compared to $113.5 million in fiscal year 2022 due to: (1) higher labor costs of approximately $6.5 million primarily due to additional personnel that joined the Company as a result of recent acquisitions and labor inflation; (2) higher rent, utilities and office expenses aggregating $1.3 million primarily due to recent acquisitions; and (3) higher legal and accounting expenses, partially offset by non-cash decreases in amortization expense of $3.6 million, $2.7 million related to fluctuations in the GBP and lower stock-based compensation expense of $1.2 million. G&A expenses as a percent of revenue were 26.4% for fiscal 2023 compared to 28.2% for the same period a year ago.

    Net income attributable to common shareholders in fiscal year 2023 increased 12% to $30.0 million, compared to a net income attributable to common shareholders of $26.9 million in fiscal year 2022. Diluted earnings per share increased 15% to $0.54 per diluted share, compared to $0.47 per diluted share in fiscal year 2022.

    Adjusted EBITDA in fiscal year 2023 increased 7% to $124.6 million compared to $116.1 million in the prior year. Adjusted EBITDA margin was 28.2% compared to 28.9% in the prior year.

    Liquidity

    On October 31, 2023, the Company had debt outstanding of $394.0 million, net debt of $378.1 million and total available liquidity of $216.7 million.

    Segment Results

    U.S. Concrete Pumping. Revenue in the fourth quarter of fiscal year 2023 increased 1% to $85.0 million compared to $84.3 million in the prior year quarter. Net income in the fourth quarter of fiscal year 2023 decreased 21% to $2.2 million compared to $2.8 million in the prior year quarter. Adjusted EBITDA was $21.2 million in the fourth quarter of fiscal year 2023 compared to $22.7 million in the prior year quarter.

    Revenue in fiscal year 2023 increased 7% to $317.9 million compared to $296.5 million in fiscal year 2022. The Company's acquisition of Coastal in fiscal 2022 drove an incremental year-over-year increase in revenue of $14.6 million. The remaining increase was driven by organic growth in certain markets. Net income decreased to $4.7 million in fiscal year 2023 compared to net income of $6.5 million in fiscal year 2022, primarily due to higher labor costs as a result of labor inflation. Adjusted EBITDA in fiscal year 2023 decreased 2% to $73.6 million compared to $75.0 million in fiscal year 2022, primarily attributable to labor inflation.

    U.K. Operations. Revenue in the fourth quarter of fiscal year 2023 increased 17% to $17.4 million compared to $14.9 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was up 10% year-over-year, due primarily to pricing improvements. Net income in the fourth quarter of fiscal year 2023 and the fourth quarter of fiscal year 2022 was flat at $1.7 million. Adjusted EBITDA increased 9% to $5.1 million in the fourth quarter of fiscal year 2023 compared to $4.7 million in the prior year quarter.

    Revenue in fiscal year 2023 increased 14% to $62.6 million compared to $54.9 million in fiscal year 2022. Excluding the impact from foreign currency translation, revenue improved 16% year-over-year. The increase in revenue was primarily attributable to improved pricing across the U.K. region. Net income for fiscal year 2023 improved to $4.2 million compared to net income of $2.1 million in fiscal year 2022. Adjusted EBITDA in fiscal year 2023 increased 18% to $18.5 million compared to $15.7 million in fiscal year 2022, primarily due to the increase in revenue.

    U.S. Concrete Waste Management Services. Revenue in the fourth quarter of fiscal year 2023 increased 15% to $18.0 million compared to $15.6 million in the prior year quarter. The increase was due to organic growth and pricing improvements. Net income in the fourth quarter of fiscal year 2023 increased 30% to $4.8 million compared to $3.7 million in the prior year quarter. Adjusted EBITDA in the fourth quarter of fiscal year 2023 increased 16% to $8.8 million compared to $7.6 million in the prior year quarter.

    Revenue in fiscal year 2023 increased 24% to $62.4 million compared to $50.2 million in fiscal year 2022, driven by organic growth, pricing improvements, and the market share expansion of concrete waste management service offerings. Net income increased 61% to $14.3 million in fiscal year 2023 compared to $8.9 million in fiscal year 2022. Adjusted EBITDA in fiscal year 2023 increased 32% to $30.0 million compared to $22.8 million in fiscal year 2022, with the increase primarily attributable to robust organic revenue growth.

    Fiscal Year 2024 Outlook

    The Company expects fiscal year 2024 revenue to range between $465.0 million to $490.0 million, Adjusted EBITDA to range between $127.0 million to $137.0 million, and free cash flow2 to be at least $75.0 million.

    _____________________
    2 Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.

    Conference Call

    The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its fourth quarter and fiscal year 2023 results.

    Date: Thursday, January 11, 2024

    Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)

    Toll-free dial-in number: 1-877-407-9039
    International dial-in number: 1-201-689-8470
    Conference ID: 13742421

    Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860. 

    The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.concretepumpingholdings.com.

    A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through January 18, 2024.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 13742421

    About Concrete Pumping Holdings

    Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of October 31, 2023, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across approximately 21 states, concrete pumping services in the U.K. from approximately 30 branch locations, and route-based concrete waste management services from 19 operating locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

    Forward‐Looking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2023 outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

    Non-GAAP Financial Measures

    This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.

    EBITDA is calculated by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, goodwill and intangibles impairment and other adjustments. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company excludes these amounts from Adjusted EBITDA for comparability across periods. Other adjustments include the adjustments for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, the Company modified the method in which adjusted EBITDA is calculated by no longer including an add-back for director costs and public company expenses. Adjusted EBITDA for the fiscal year ended October 31, 2022 is recast by $2.5 million for these expenses to reflect this change.

    The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company is obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

    Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

    The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

    Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

    The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.

    Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

    Contact:

    Company:
    Iain Humphries
    Chief Financial Officer
    1-303-289-7497    		Investor Relations:
    Gateway Group, Inc.
    Cody Slach
    1-949-574-3860
    BBCP@gateway-grp.com



    Concrete Pumping Holdings, Inc.
    Consolidated Balance Sheets
     
     As of October 31,  As of October 31, 
    (in thousands, except per share amounts)2023  2022 
            
            
    Current assets:       
    Cash and cash equivalents$15,861  $7,482 
    Trade receivables, net of allowance for doubtful accounts of $978 and $941, respectively 62,976   62,882 
    Inventory 6,732   5,532 
    Income taxes receivable -   485 
    Prepaid expenses and other current assets 8,701   5,175 
    Total current assets 94,270   81,556 
            
    Property, plant and equipment, net 427,648   419,377 
    Intangible assets, net 120,244   137,754 
    Goodwill 221,517   220,245 
    Right-of-use operating lease assets 24,815   24,833 
    Other non-current assets 14,250   2,026 
    Deferred financing costs 1,781   1,698 
    Total assets$904,525  $887,489 
            
            
    Current liabilities:       
    Revolving loan$18,954  $52,133 
    Operating lease obligations, current portion 4,739   4,001 
    Finance lease obligations, current portion 125   109 
    Accounts payable 8,906   8,362 
    Accrued payroll and payroll expenses 14,524   13,341 
    Accrued expenses and other current liabilities 34,750   32,156 
    Income taxes payable 1,848   178 
    Warrant liability, current portion 130   - 
    Total current liabilities 83,976   110,280 
            
    Long term debt, net of discount for deferred financing costs 371,868   370,476 
    Operating lease obligations, non-current 20,458   20,984 
    Finance lease obligations, non-current 50   169 
    Deferred income taxes 80,791   74,223 
    Other liabilities, non-current 14,142   - 
    Warrant liability, non-current -   7,030 
    Total liabilities 571,285   583,162 
            
            
    Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of October 31, 2023 and 2022 25,000   25,000 
            
    Stockholders' equity       
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,757,445 and 56,226,191 issued and outstanding as of October 31, 2023 and 2022, respectively 6   6 
    Additional paid-in capital 383,286   379,395 
    Treasury stock (15,114)  (4,609)
    Accumulated other comprehensive loss (5,491)  (9,228)
    Accumulated deficit (54,447)  (86,237)
    Total stockholders' equity 308,240   279,327 
            
    Total liabilities and stockholders' equity$904,525  $887,489 


     
    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Operations
     
     Three Months Ended
    October 31,    		  Year Ended October 31, 
    (in thousands, except share and per share amounts)2023  2022  2023  2022 
                    
    Revenue$120,204  $114,894  $442,241  $401,292 
    Cost of operations 71,312   66,282   263,937   237,682 
    Gross profit 48,892   48,612   178,304   163,610 
    Gross margin 40.7%  42.3%  40.3%  40.8%
                    
    General and administrative expenses 29,616   30,343   116,852   113,499 
    Income from operations 19,276   18,269   61,452   50,111 
                    
    Interest expense, net (6,834)  (6,765)  (28,119)  (25,891)
    Change in fair value of warrant liabilities 260   -   6,899   9,894 
    Other income, net 34   19   330   88 
    Income before income taxes 12,736   11,523   40,562   34,202 
                    
    Income tax expense 3,345   2,991   8,772   5,526 
    Net income 9,391   8,532   31,790   28,676 
                    
    Less preferred shares dividends (441)  (441)  (1,750)  (1,750)
                    
    Income available to common shareholders$8,950  $8,091  $30,040  $26,926 
                    
    Weighted average common shares outstanding               
    Basic 53,128,408   54,075,846   53,276,450   53,914,311 
    Diluted 54,050,969   54,950,155   54,173,731   54,851,308 
                    
    Net income per common share               
    Basic$0.16  $0.14  $0.54  $0.48 
    Diluted$0.16  $0.14  $0.54  $0.47 


     
    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Cash Flows
     
     For the Year Ended October 31, 
    (in thousands, except per share amounts)2023  2022 
            
    Net income$31,790  $28,676 
    Adjustments to reconcile net income to net cash provided by operating activities:       
    Non-cash operating lease expense 5,506   3,913 
    Foreign currency adjustments (566)  2,091 
    Depreciation 39,756   34,934 
    Deferred income taxes 6,137   5,205 
    Amortization of deferred financing costs 1,859   1,852 
    Amortization of intangible assets 18,910   22,528 
    Stock-based compensation expense 3,847   5,034 
    Change in fair value of warrant liabilities (6,899)  (9,894)
    Net gain on the sale of property, plant and equipment (2,247)  (2,759)
    Provision for bad debt 18   - 
    Net changes in operating assets and liabilities:       
    Trade receivables, net 328   (15,310)
    Inventory (1,142)  (870)
    Prepaid expenses and other assets 1,338   (550)
    Income taxes payable, net 2,168   (324)
    Accounts payable (464)  (3,039)
    Accrued payroll, accrued expenses and other liabilities (3,464)  5,208 
    Net cash provided by operating activities 96,875   76,695 
            
    Cash flows from investing activities:       
    Purchases of property, plant and equipment (54,505)  (101,932)
    Proceeds from sale of property, plant and equipment 11,147   10,023 
    Purchases of intangible assets (800)  (1,450)
    Acquisition of net assets - Coastal acquisition -   (30,762)
    Net cash used in investing activities (44,158)  (124,121)
            
    Cash flows from financing activities:       
    Proceeds on revolving loan 317,989   377,375 
    Payments on revolving loan (351,167)  (326,945)
    Payment of debt issuance costs (550)  (290)
    Purchase of treasury stock (10,505)  (4,148)
    Other financing activities (63)  (14)
    Net cash provided by (used in) financing activities (44,296)  45,978 
    Effect of foreign currency exchange rate changes on cash (42)  (368)
    Net increase (decrease) in cash and cash equivalents 8,379   (1,816)
    Cash and cash equivalents:       
    Beginning of period 7,482   9,298 
    End of period$15,861  $7,482 


     
    Concrete Pumping Holdings, Inc.
    Segment Revenue
     
     Three Months Ended October 31,  Change 
    (in thousands)2023  2022  $  % 
    U.S. Concrete Pumping 84,981  $84,317  $664   0.8%
    U.K. Operations 17,381   14,946   2,435   16.3%
    U.S. Concrete Waste Management Services 17,960   15,640   2,320   14.8%
    Reportable segment revenue 120,322   114,903   5,419   4.7%
    Other 625   625   -   0.0%
    Intersegment (743)  (634)  (109)  17.2%
    Total Revenue$120,204  $114,894  $5,310   4.6%


     Year Ended October 31,  Change 
    (in thousands)2023  2022  $  % 
    U.S. Concrete Pumping$317,877  $296,506  $21,371   7.2%
    U.K. Operations 62,588   54,926   7,662   13.9%
    U.S. Concrete Waste Management Services 62,405   50,191   12,214   24.3%
    Reportable segment revenue 442,870   401,623   41,247   10.3%
    Other 2,500   2,500   -   0.0%
    Intersegment (3,129)  (2,831)  (298)  10.5%
    Total Revenue$442,241  $401,292  $40,949   10.2%


     
    Concrete Pumping Holdings, Inc.
    Segment Adjusted EBITDA and Net Income
     
     Net Income  Adjusted EBITDA 
     Three Months Ended
    October 31,    		  Three Months Ended
    October 31,    		         
    (in thousands, except percentages)2023  2022  2023  2022  $ Change  % Change 
    U.S. Concrete Pumping$2,239  $2,769  $21,220  $22,716  $(1,496)  -6.6%
    U.K. Operations 1,711   1,722   5,137   4,700   437   9.3%
    U.S. Concrete Waste Management Services 4,822   3,693   8,822   7,605   1,217   16.0%
    Other 619   348   626   624   2   0.3%
    Total$9,391  $8,532  $35,805  $35,645  $160   0.4%


     Net Income  Adjusted EBITDA 
     Year Ended October 31,  Year Ended October 31,         
    (in thousands, except percentages)2023  2022  2023  2022  $ Change  % Change 
    U.S. Concrete Pumping$5,106  $6,541  $73,583  $75,002  $(1,419)  -1.9%
    U.K. Operations 4,160   2,080   18,486   15,717   2,769   17.6%
    U.S. Concrete Waste Management Services 14,348   8,898   30,030   22,838   7,192   31.5%
    Other 8,176   11,157   2,501   2,499   2   0.1%
    Total$31,790  $28,676  $124,600  $116,056  $8,544   7.4%


     
    Concrete Pumping Holdings, Inc.
    Quarterly Financial Performance
     
    (dollars in millions)Revenue  Net Income  Adjusted
    EBITDA    1    		  Capital
    Expenditures    2    		  Adjusted
    EBITDA less
    Capital
    Expenditures    		  Earnings
    Per Diluted
    Share
                           
    Q1 2022$85  $1  $23  $35  $(12) $0.01
    Q2 2022$96  $6  $27  $22  $5  $0.10
    Q3 2022$105  $13  $30  $19  $11  $0.22
    Q4 2022$115  $9  $36  $48  $(12) $0.14
    Q1 2023$94  $6  $25  $15  $10  $0.11
    Q2 2023$108  $6  $29  $16  $13  $0.09
    Q3 2023$120  $10  $35  $5  $30  $0.18
    Q4 2023$120  $9  $36  $8  $28  $0.16
                           
    ¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
                           
                           
    2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:
                           
    *Q1 2022 capex includes approximately $19 million M&A and $2 million growth investment.
    *Q2 2022 capex includes approximately $11 million M&A and $5 million growth investment.
    *Q3 2022 capex includes approximately $7 million growth investment.
    *Q4 2022 capex includes approximately $31 million M&A and $13 million growth investment.
    *Q1 2023 capex includes approximately $3 million growth investment.
    *Q2 2023 capex includes approximately $6 million M&A and $1 million growth investment.
    *Q3 2023 capex includes approximately $3 million growth investment.
    *Q4 2023 capex includes approximately $3 million growth investment.


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA
     
     Three Months Ended
    October 31,    		 Year Ended October 31, 
    (dollars in thousands)2023  2022 2023  2022 
    Consolidated              
    Net income (loss)$9,391  $8,532  $31,790  $28,676 
    Interest expense, net 6,834   6,765   28,119   25,891 
    Income tax expense 3,345   2,991   8,772   5,526 
    Depreciation and amortization 14,789   14,957   58,666   57,462 
    EBITDA 34,359   33,245   127,347   117,555 
    Transaction expenses 29   259   61   318 
    Stock based compensation 709   870   3,847   5,034 
    Change in fair value of warrant liabilities (260)  -   (6,899)  (9,894)
    Other income, net (34)  (19)  (330)  (88)
    Other adjustments(1) 1,002   1,290   574   3,131 
    Adjusted EBITDA$35,805  $35,645  $124,600  $116,056 
                   
    U.S. Concrete Pumping              
    Net income$2,239  $2,769  $5,106  $6,541 
    Interest expense, net 6,131   6,089   25,294   22,968 
    Income tax expense 2,291   2,207   3,317   2,465 
    Depreciation and amortization 10,406   10,689   41,870   40,304 
    EBITDA 21,067   21,754   75,587   72,278 
    Transaction expenses 29   259   61   318 
    Stock based compensation 709   870   3,847   5,034 
    Other income, net (11)  (6)  (284)  (49)
    Other adjustments(1) (574)  (161)  (5,628)  (2,579)
    Adjusted EBITDA$21,220  $22,716  $73,583  $75,002 
                   
    U.K. Operations              
    Net income$1,711  $1,722  $4,160  $2,080 
    Interest expense, net 703   676   2,825   2,923 
    Income tax expense (79)  (252)  752   (130)
    Depreciation and amortization 1,980   1,817   7,535   7,709 
    EBITDA 4,315   3,963   15,272   12,582 
    Other income, net (17)  (4)  (40)  (15)
    Other adjustments 839   741   3,254   3,150 
    Adjusted EBITDA$5,137  $4,700  $18,486  $15,717 
                    

    (1) Other adjustments include the adjustment for warrant liabilities revaluation, restructuring costs, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, we modified the method in which adjusted EBITDA is calculated by no longer including an add-back for director costs and public company expenses. Adjusted EBITDA in the three and twelve months ended October 31, 2022 is recast by $0.6 million and $2.5 million, respectively, for these expenses to reflect this change.

     Three Months Ended
    October 31,    		  Year Ended October 31, 
    (dollars in thousands)2023  2022  2023  2022 
    U.S. Concrete Waste Management Services               
    Net income$4,822  $3,693  $14,348  $8,898 
    Income tax expense 1,082   971   4,339   2,803 
    Depreciation and amortization 2,187   2,240   8,401   8,601 
    EBITDA 8,091   6,904   27,088   20,302 
    Other income, net (6)  (9)  (6)  (24)
    Other adjustments 737   710   2,948   2,560 
    Adjusted EBITDA$8,822  $7,605  $30,030  $22,838 
                    
    Other               
    Net income$619  $348  $8,176  $11,157 
    Income tax expense 51   65   364   388 
    Depreciation and amortization 216   211   860   848 
    EBITDA 886   624   9,400   12,393 
    Change in fair value of warrant liabilities (260)  -   (6,899)  (9,894)
    Adjusted EBITDA$626  $624  $2,501  $2,499 


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Debt
     
     October 31,  January 31,  April 30,  July 31,  October 31, 
    (in thousands)2022  2023  2023  2023  2023 
    Senior Notes 375,000   375,000   375,000   375,000   375,000 
    Revolving loan draws outstanding 52,133   50,247   60,947   35,699   18,954 
    Less: Cash (7,482)  (4,049)  (6,643)  (11,532)  (15,861)
    Net debt$419,650  $421,198  $429,304  $399,167  $378,093 


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Historical Adjusted EBITDA
     
    (dollars in thousands)Q1 2022  Q2 2022  Q3 2022  Q4 2022  Q1 2023  Q2 2023  Q3 2023  Q4 2023 
    Consolidated                               
    Net income$1,183  $5,985  $12,976  $8,532  $6,475  $5,588  $10,336  $9,391 
    Interest expense, net 6,261   6,346   6,517   6,765   6,871   7,348   7,066   6,834 
    Income tax expense (benefit) (22)  527   2,030   2,991   644   1,465   3,318   3,345 
    Depreciation and amortization 14,080   14,236   14,190   14,957   14,449   14,721   14,707   14,789 
    EBITDA 21,502   27,094   35,713   33,245   28,439   29,122   35,427   34,359 
    Transaction expenses 21   20   20   259   3   24   5   29 
    Loss on debt extinguishment -   -   -   -   -   -   -   - 
    Stock based compensation 1,480   1,351   1,333   870   1,140   1,064   934   709 
    Change in fair value of warrant liabilities -   (2,474)  (7,420)  -   (4,556)  (1,172)  (911)  (260)
    Other income, net (37)  (13)  (16)  (19)  (21)  (13)  (262)  (34)
    Goodwill and intangibles impairment -   -   -   -   -   -   -   - 
    Other adjustments(1) 353   1,080   407   1,292   41   (192)  (277)  1,002 
    Adjusted EBITDA$23,319  $27,058  $30,037  $35,647  $25,046  $28,833  $34,916  $35,805 

    (1) See note above.


    Primary Logo

シェアする