• Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2024 Results

    来源: Nasdaq GlobeNewswire / 04 9月 2024 16:05:00   America/New_York

    DENVER, Sept. 04, 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 third quarter ended July 31, 2024.

    Third Quarter Fiscal Year 2024 Summary vs. Third Quarter of Fiscal Year 2023 (unless otherwise noted)

     Revenue of $109.6 million compared to $120.7 million.
     Gross profit of $44.5 million compared to $49.5 million.
     Income from operations of $16.6 million compared to $19.5 million.
     Net income of $7.6 million compared to $10.3 million.
     Net income attributable to common shareholders of $7.1 million or $0.13 per diluted share and net income margin of 6.9%, compared to $9.9 million or $0.18 per diluted share and net income margin of 8.6%.
     Adjusted EBITDA1 of $31.6 million compared to $34.9 million, with Adjusted EBITDA margin1 of 28.8% compared to 28.9%.
     Amounts outstanding under debt agreements were $375.0 million with net debt1 of $348.7 million. Total available liquidity was $236.3 million as of July 31, 2024, compared to $195.5 million as of July 31, 2023.

    Management Commentary

    “In the third quarter, continued organic growth in our U.S. Concrete Waste Management business was offset by a series of factors that impacted volume-driven declines in our U.S. Concrete Pumping segment,” said CPH CEO Bruce Young. “Historic rainfall in Texas and across the southeast region, together with ongoing restrictive monetary policy, curtailed construction volumes for the quarter. Higher interest rates have impacted the timing of more rate-sensitive commercial projects, and higher commercial building vacancy rates have delayed project starts on new build projects. Meanwhile, our Concrete Waste Management business continued to grow at an impressive double-digit rate, driven by healthy market share growth and our ability to improve pricing. We expect the tailwinds in this business to continue."

    “Despite the weaker overall demand environment, we continue to strengthen our balance sheet by paying down debt and preserving our free cash flow and Adjusted EBITDA margin. This speaks to our strong financial profile and unit economics, as well as our disciplined approach to managing our fleet. While we expect the demand environment to remain variable in the final quarter of our fiscal year, we believe our scale, the strength of our balance sheet and our robust liquidity has us positioned to drive strong shareholder returns as the commercial end market recovers.”

    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.

    Third Quarter Fiscal Year 2024 Financial Results

    Revenue in the third quarter of fiscal year 2024 was $109.6 million compared to $120.7 million in the third quarter of fiscal year 2023. The decrease was mostly attributable to a decline in the Company’s U.S. Concrete Pumping segment due to a slowdown in commercial construction work, an oversaturation of concrete pumps in certain markets and higher than normal rainfall throughout the quarter in certain markets. This was partially offset by continued strong growth in the Concrete Waste Management Services segment.

    Gross profit in the third quarter of fiscal year 2024 was $44.5 million compared to $49.5 million in the prior year quarter. Gross margin was 40.6% compared to 41.0% in the prior year quarter, primarily related to lower revenue in the Company's U.S. Concrete Pumping segment and higher depreciation expense, offset by improved labor, fuel and repair and maintenance costs.

    General and administrative expenses in the third quarter decreased to $27.9 million compared to $29.9 million in the prior year quarter. The decrease was largely due to non-cash decreases in amortization expense of $1.0 million, stock-based compensation of $0.3 million and lower labor costs of approximately $0.8 million. As a percentage of revenue, G&A costs were 25.5% in the third quarter compared to 24.8% in the prior year quarter.

    Net income in the third quarter of fiscal year 2024 was $7.6 million compared to $10.3 million in the prior year quarter. Net income attributable to common shareholders in the third quarter of fiscal year 2024 was $7.1 million, or $0.13 per diluted share, compared to $9.9 million, or $0.18 per diluted share, in the prior year quarter.

    Adjusted EBITDA in the third quarter of fiscal year 2024 decreased to $31.6 million compared to $34.9 million in the prior year quarter due to the lower revenue and gross profit, as discussed above. Adjusted EBITDA margin was 28.8% compared to the prior year quarter at 28.9%.

    Liquidity

    On July 31, 2024, the Company had debt outstanding of $375.0 million, net debt of $348.7 million and total available liquidity of $236.3 million.

    Segment Results

    U.S. Concrete Pumping. Revenue in the third quarter of fiscal 2024 decreased to $75.2 million compared to $87.3 million in the prior year quarter. The decrease was primarily attributable to lower volumes caused by a general slowdown in commercial construction work, mostly due to the price sensitive impact on project starts from high interest rates, oversaturation of concrete pumps in certain markets and higher than normal rainfall in the Company's southeast regions and historically high rainfall in the Company's Texas markets. Net income in the third quarter of fiscal year 2024 decreased to $3.5 million compared to $3.8 million in the prior year quarter. Adjusted EBITDA was $20.1 million in the third quarter of fiscal year 2024 compared to $22.7 million in the prior year quarter, largely driven by the revenue decline.

    U.K. Operations. Revenue in the third quarter of fiscal year 2024 decreased to $15.9 million compared to $17.3 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 9% year-over-year due to lower volumes caused by a general slowdown in commercial construction work, mostly due to the impact from high interest rates. Net income in the third quarter of fiscal year 2024 decreased to $0.9 million compared to $1.6 million in the prior year quarter. Adjusted EBITDA was $4.2 million in the third quarter of fiscal year 2024 compared to $4.8 million in the prior year quarter due to lower volumes caused by a general slowdown in commercial construction work, mostly due to the impact from high interest rates, partially offset by a reduction in repair costs.

    U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal year 2024 increased 15% to $18.5 million compared to $16.1 million in the prior year quarter, driven by robust organic growth and pricing improvements. Net income in the third quarter of fiscal year 2024 decreased to $3.1 million compared to $4.0 million in the prior year quarter. Adjusted EBITDA in the third quarter of fiscal year 2024 decreased 2% to $7.3 million compared to $7.5 million in the prior year quarter as inflationary increases in labor and higher corporate allocations more than offset the impact to net income and Adjusted EBITDA from the increase in revenue.

    Fiscal Year 2024 Outlook

    The Company now expects fiscal year 2024 revenue to range between $420.0 million and $430.0 million, Adjusted EBITDA to range between $108.0 million and $113.0 million and free cash flow2 of at least $67.0 million. The Company expects to end fiscal year 2024 with a leverage ratio3 of approximately 3.0x.

    Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest.
    3 Leverage ratio defined as net debt divided by Adjusted EBITDA over the trailing four quarters.

    Conference Call

    The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2024 results.

    Date: Wednesday, September 4, 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: 13748082

    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 at https://viavid.webcasts.com/starthere.jsp?ei=1681388&tp_key=226d5223a0 and via the investor relations section of the Company’s website at www.concretepumpingholdings.com. Prior to the conference call, an updated investor presentation will be available on the investor relations section of the Company's website.

    A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through September 11, 2024.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 13748082

    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 July 31, 2024, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across 21 states, concrete pumping services in the U.K. from approximately 30 branch locations, and route-based concrete waste management services from 20 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.

    ForwardLooking 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 2024 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; adverse weather conditions; the outcome of any legal proceedings, rulings 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 and amortization of deferred financing costs, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses, transaction expenses and interest income. 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.

    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 tax expense 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.
    Condensed Consolidated Balance Sheets
          
      As of July 31,  As of October 31, 
    (in thousands, except per share amounts) 2024  2023 
    Current assets:        
    Cash and cash equivalents $26,333  $15,861 
    Receivables, net of allowance for doubtful accounts of $1,076 and $978, respectively  56,214   62,976 
    Inventory  6,568   6,732 
    Prepaid expenses and other current assets  13,357   8,701 
    Total current assets  102,472   94,270 
             
    Property, plant and equipment, net  423,486   427,648 
    Intangible assets, net  109,253   120,244 
    Goodwill  222,964   221,517 
    Right-of-use operating lease assets  26,734   24,815 
    Other non-current assets  4,392   14,250 
    Deferred financing costs  1,489   1,781 
    Total assets $890,790  $904,525 
             
    Current liabilities:        
    Revolving loan $-  $18,954 
    Operating lease obligations, current portion  4,800   4,739 
    Finance lease obligations, current portion  -   125 
    Accounts payable  7,914   8,906 
    Accrued payroll and payroll expenses  14,795   14,524 
    Accrued expenses and other current liabilities  38,745   34,750 
    Income taxes payable  356   1,848 
    Warrant liability, current portion  -   130 
    Total current liabilities  66,610   83,976 
             
    Long term debt, net of discount for deferred financing costs  372,912   371,868 
    Operating lease obligations, non-current  22,243   20,458 
    Finance lease obligations, non-current  -   50 
    Deferred income taxes  84,050   80,791 
    Other liabilities, non-current  5,299   14,142 
    Total liabilities  551,114   571,285 
             
    Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2024 and October 31, 2023  25,000   25,000 
             
    Stockholders' equity        
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,748,023 and 54,757,445 issued and outstanding as of July 31, 2024 and October 31, 2023, respectively  6   6 
    Additional paid-in capital  385,229   383,286 
    Treasury stock  (22,275)  (15,114)
    Accumulated other comprehensive loss  (617)  (5,491)
    Accumulated deficit  (47,667)  (54,447)
    Total stockholders' equity  314,676   308,240 
             
    Total liabilities and stockholders' equity $890,790  $904,525 



    Concrete Pumping Holdings, Inc.
    Condensed Consolidated Statements of Operations
     
      Three Months Ended July 31,  Nine Months Ended July 31, 
    (in thousands, except per share amounts) 2024  2023  2024  2023 
                     
    Revenue $109,617  $120,671  $314,390  $322,037 
    Cost of operations  65,112   71,187   194,804   192,625 
    Gross profit  44,505   49,484   119,586   129,412 
    Gross margin  40.6%  41.0%  38.0%  40.2%
                     
    General and administrative expenses  27,880   29,937   89,450   87,236 
    Income from operations  16,625   19,547   30,136   42,176 
                     
    Interest expense and amortization of deferred financing costs  (6,318)  (7,066)  (19,744)  (21,285)
    Change in fair value of warrant liabilities  -   911   130   6,639 
    Interest income 58  -  148  - 
    Other income (expense), net  276   262   360   296 
    Income (loss) before income taxes  10,641   13,654   11,030   27,826 
                     
    Income tax expense  3,081   3,318   4,250   5,427 
                     
    Net income (loss)  7,560   10,336   6,780   22,399 
                     
    Less preferred shares dividends  (440)  (441)  (1,310)  (1,309)
                     
    Income (loss) available to common shareholders $7,120  $9,895  $5,470  $21,090 
                     
    Weighted average common shares outstanding                
    Basic  53,699   53,199   53,556   53,377 
    Diluted  53,775   54,105   54,191   54,263 
                     
    Net income per common share                
    Basic $0.13  $0.18  $0.10  $0.38 
    Diluted $0.13  $0.18  $0.10  $0.38 



    Concrete Pumping Holdings, Inc.
    Condensed Consolidated Statements of Cash Flows
     
      For the Nine Months Ended July 31, 
    (in thousands, except per share amounts) 2024  2023 
             
    Net income $6,780  $22,399 
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Non-cash operating lease expense  3,841   3,526 
    Foreign currency adjustments  (890)  (1,421)
    Depreciation  31,345   29,541 
    Deferred income taxes  2,693   4,140 
    Amortization of deferred financing costs  1,336   1,414 
    Amortization of intangible assets  11,482   14,336 
    Stock-based compensation expense  1,917   3,138 
    Change in fair value of warrant liabilities  (130)  (6,639)
    Net gain on the sale of property, plant and equipment  (1,412)  (1,472)
    Other operating activities  72   (93)
    Net changes in operating assets and liabilities:        
    Receivables  7,227   (3,199)
    Inventory  301   (970)
    Other operating assets  (551)  (875)
    Accounts payable  (1,668)  (2,050)
    Other operating liabilities  2,131   4,457 
    Net cash provided by operating activities  64,474   66,232 
             
    Cash flows from investing activities:        
    Purchases of property, plant and equipment  (37,484)  (43,166)
    Proceeds from sale of property, plant and equipment  7,472   8,043 
    Purchases of intangible assets  -   (800)
    Net cash used in investing activities  (30,012)  (35,923)
             
    Cash flows from financing activities:        
    Proceeds on revolving loan  230,398   239,911 
    Payments on revolving loan  (249,352)  (256,345)
    Purchase of treasury stock  (7,161)  (9,679)
    Other financing activities  1,343   (81)
    Net cash provided by (used in) financing activities  (24,772)  (26,194)
    Effect of foreign currency exchange rate changes on cash  782   485 
    Net increase (decrease) in cash and cash equivalents  10,472   4,600 
    Cash and cash equivalents:        
    Beginning of period  15,861   7,482 
    End of period $26,333  $12,082 



    Concrete Pumping Holdings, Inc.
    Segment Revenue
      Three Months Ended July 31,  Change 
    (in thousands, unless otherwise stated) 2024  2023  $  % 
    U.S. Concrete Pumping  75,213  $87,323  $(12,110)  (13.9)%
    U.K. Operations  15,859   17,260   (1,401)  (8.1)%
    U.S. Concrete Waste Management Services - Third parties  18,545   16,088   2,457   15.3%
    U.S. Concrete Waste Management Services - Intersegment  87   417   (330)  * 
    Intersegment eliminations  (87)  (417)  330   * 
    Reportable segment revenue $109,617  $120,671  $(11,054)  (9.2)%

    *Change is not meaningful

      Nine Months Ended July 31,  Change 
    (in thousands, unless otherwise stated) 2024  2023  $  % 
    U.S. Concrete Pumping $216,514  $232,896  $(16,382)  (7.0)%
    U.K. Operations  46,813   45,207   1,606   3.6%
    U.S. Concrete Waste Management Services - Third parties  51,063   43,934   7,129   16.2%
    U.S. Concrete Waste Management Services - Intersegment  331   511   (180)  * 
    Intersegment eliminations  (331)  (511)  180   * 
    Reportable segment revenue $314,390  $322,037  $(7,647)  (2.4)%

    * Change is not meaningful



    Concrete Pumping Holdings, Inc.
    Segment Adjusted EBITDA and Net Income (Loss)

    During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses, which were previously categorized in the Company's Other activities, into the U.S. Concrete Pumping segment in order to better align their placement with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. In addition, in order to appropriately distribute the use of corporate resources and better align measures with segment performance, beginning in the first quarter of fiscal year 2024, the Company is no longer adding back intercompany allocations to segment Adjusted EBITDA. The Company recast of segment results for the three and nine months ended July 31, 2023 is included below:

      Three Months Ended July 31, 2023  Nine Months Ended July 31, 2023 
    (in thousands) U.S. Concrete Pumping  U.K. Operations  U.S. Concrete Waste Management Services  Other  U.S. Concrete Pumping  U.K. Operations  U.S. Concrete Waste Management Services  Other 
    As Previously Reported                                
    Net income (loss) $3,517  $1,616  $3,986  $1,217  $2,867  $2,449  $9,526  $7,557 
    Income tax expense  1,318   545   1,352   103   1,026   831   3,257   313 
    Depreciation and amortization  10,498   1,879   2,114   216   31,464   5,555   6,214   644 
    EBITDA  21,670   4,769   7,452   1,536   54,520   10,957   18,997   8,514 
    Other Adjustments  (1,817)  803   737   -   (5,054)  2,415   2,211   - 
    Adjusted EBITDA  20,535   5,566   8,190   625   52,363   13,349   21,208   1,875 
                                     
    Recast Adjustment                                
    Net income (loss) $306  $-  $-  $(306) $918  $-  $-  $(918)
    Income tax expense (benefit)  103   -   -   (103)  313   -   -   (313)
    Depreciation and amortization  216   -   -   (216)  644   -   -   (644)
    EBITDA  625   -   -   (625)  1,875   -   -   (1,875)
    Other Adjustments  1,511   (774)  (737)  -   4,533   (2,322)  (2,211)  - 
    Adjusted EBITDA  2,136   (774)  (737)  (625)  6,408   (2,322)  (2,211)  (1,875)
                                     
    Current Report As Adjusted                                
    Net income $3,823  $1,616  $3,986  $911  $3,785  $2,449  $9,526  $6,639 
    Income tax expense  1,421   545   1,352   -   1,339   831   3,257   - 
    Depreciation and amortization  10,714   1,879   2,114   -   32,108   5,555   6,214   - 
    EBITDA  22,295   4,769   7,452   911   56,395   10,957   18,997   6,639 
    Other Adjustments  (306)  29   -   -   (521)  93   -   - 
    Adjusted EBITDA  22,671   4,792   7,453   -   58,771   11,027   18,997   - 



    Concrete Pumping Holdings, Inc.
    Segment Adjusted EBITDA and Net Income (Loss) Continued
     
      Net Income (Loss)  Adjusted EBITDA 
      Three Months Ended July 31,  Three Months Ended July 31,         
    (in thousands, unless otherwise stated) 2024  2023  2024  2023  $ Change  % Change 
    U.S. Concrete Pumping $3,535  $3,823  $20,100  $22,671  $(2,571)  (11.3)%
    U.K. Operations  905   1,616   4,228   4,792   (564)  (11.8)%
    U.S. Concrete Waste Management Services  3,120   3,986   7,310   7,453   (143)  (1.9)%
    Other  -   911   -   -   -   0.0%
    Total $7,560  $10,336  $31,638  $34,916  $(3,278)  (9.4)%


      Net Income (Loss)  Adjusted EBITDA 
      Nine Months Ended July 31,  Nine Months Ended July 31,         
    (in thousands, unless otherwise stated) 2024  2023  2024  2023  $ Change  % Change 
    U.S. Concrete Pumping $(4,309) $3,785  $48,029  $58,771  $(10,742)  (18.3)%
    U.K. Operations  2,433   2,449   11,567   11,027   540   4.9%
    U.S. Concrete Waste Management Services  8,526   9,526   18,871   18,997   (126)  (0.7)%
    Other  130   6,639   -   -   -   0.0%
    Total $6,780  $22,399  $78,467  $88,795  $(10,328)  (11.6)%



    Concrete Pumping Holdings, Inc.
    Quarterly Financial Performance
     
    (dollars in millions) Revenue  Net Income  Adjusted EBITDA1  Capital Expenditures2  Adjusted EBITDA less Capital Expenditures  Earnings Per Diluted Share 
                             
    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 
    Q1 2024 $98  $(4) $19  $17  $3  $(0.08)
    Q2 2024 $107  $3  $28  $7  $21  $0.05 
    Q3 2024 $110  $8  $32  $6  $26  $0.13 
                             
    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” above 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: 
    *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. 
    *Q1 2024 capex includes approximately $5 million growth investment. 
    *Q2 2024 capex includes approximately $1 million M&A and $3 million growth investment. 
    *Q3 2024 capex includes approximately $4 million growth investment. 



    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA
     
      Three Months Ended July 31,  Nine Months Ended July 31, 
    (dollars in thousands) 2024  2023  2024  2023 
    Consolidated                
    Net income $7,560  $10,336  $6,780  $22,399 
    Interest expense and amortization of deferred financing costs  6,318   7,066   19,744   21,285 
    Income tax expense  3,081   3,318   4,250   5,427 
    Depreciation and amortization  14,491   14,707   42,827   43,877 
    EBITDA  31,450   35,427   73,601   92,988 
    Stock based compensation  644   934   1,917   3,138 
    Change in fair value of warrant liabilities  -   (911)  (130)  (6,639)
    Other expense (income), net  (276)  (262)  (360)  (296)
    Other adjustments(1)  (180)  (272)  3,439   (396)
    Adjusted EBITDA $31,638  $34,916  $78,467  $88,795 
                     
    U.S. Concrete Pumping                
    Net income (loss) $3,535  $3,823  $(4,309) $3,785 
    Interest expense and amortization of deferred financing costs  5,585   6,337   17,577   19,163 
    Income tax expense (benefit)  1,162   1,421   (426)  1,339 
    Depreciation and amortization  9,874   10,714   30,374   32,108 
    EBITDA  20,156   22,295   43,216   56,395 
    Stock based compensation  644   934   1,917   3,138 
    Other expense (income), net  (252)  (257)  (279)  (273)
    Other adjustments(1)  (448)  (301)  3,175   (489)
    Adjusted EBITDA $20,100  $22,671  $48,029  $58,771 
                     
    U.K. Operations                
    Net income $905  $1,616  $2,433  $2,449 
    Interest expense and amortization of deferred financing costs  733   729   2,167   2,122 
    Income tax expense  436   545   1,210   831 
    Depreciation and amortization  1,907   1,879   5,564   5,555 
    EBITDA  3,981   4,769   11,374   10,957 
    Other expense (income), net  (21)  (6)  (71)  (23)
    Other adjustments  268   29   264   93 
    Adjusted EBITDA $4,228  $4,792  $11,567  $11,027 

    (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the nine months ended July 31, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.   



      Three Months Ended July 31,  Nine Months Ended July 31, 
    (dollars in thousands) 2024  2023  2024  2023 
    U.S. Concrete Waste Management Services                
    Net income $3,120  $3,986  $8,526  $9,526 
    Income tax expense  1,483   1,352  $3,466  $3,257 
    Depreciation and amortization  2,710   2,114  $6,889  $6,214 
    EBITDA  7,313   7,452   18,881   18,997 
    Other expense (income), net  (3)  1   (10)  - 
    Adjusted EBITDA $7,310  $7,453  $18,871  $18,997 
                     
    Other                
    Net income $-  $911  $130  $6,639 
    EBITDA  -   911   130   6,639 
    Change in fair value of warrant liabilities  -   (911)  (130)  (6,639)
    Adjusted EBITDA $-  $-  $-  $- 



    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Debt
     
      July 31,  October 31,  January 31,  April 30,  July 31, 
    (in thousands) 2023  2023  2024  2024  2024 
    Senior Notes  375,000   375,000   375,000   375,000   375,000 
    Revolving loan draws outstanding  35,699   18,954   13,021   16,428   - 
    Less: Cash  (11,532)  (15,861)  (14,688)  (17,956)  (26,333)
    Net debt $399,167  $378,093  $373,333  $373,472  $348,667 



    Concrete Pumping Holdings, Inc.
    Reconciliation of Historical Adjusted EBITDA
        
    (dollars in thousands) Q2 2023  Q3 2023  Q4 2023  Q1 2024  Q2 2024  Q3 2024 
    Consolidated                        
    Net income (loss) $5,588  $10,336  $9,391  $(3,826) $3,046  $7,560 
    Interest expense and amortization of deferred financing costs  7,348   7,066   6,834   6,463   6,873   6,318 
    Income tax expense (benefit)  1,465   3,318   3,345   (1,011)  2,180   3,081 
    Depreciation and amortization  14,721   14,707   14,789   14,097   14,239   14,491 
    EBITDA  29,122   35,427   34,359   15,723   26,338   31,450 
    Transaction expenses  24   5   29   -   -   - 
    Stock based compensation  1,064   934   709   536   737   644 
    Change in fair value of warrant liabilities  (1,172)  (911)  (260)  (130)  -   - 
    Other expense (income), net  (13)  (262)  (34)  (39)  (44)  (276)
    Other adjustments(1)  (192)  (277)  1,002   3,191   517   (180)
    Adjusted EBITDA $28,833  $34,916  $35,805  $19,281  $27,548  $31,638 

    (1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation. 


    Primary Logo

分享