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: 1-877-407-9039International
dial-in number: 1-201-689-8470Conference 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: 1-844-512-2921International replay
number: 1-412-317-6671Replay 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 HumphriesChief Financial
Officer1-303-289-7497 |
Investor Relations:Gateway Group, Inc.Cody
Slach1-949-574-3860BBCP@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 EndedOctober 31, |
|
|
Three Months EndedOctober 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 |
|
|
AdjustedEBITDA1 |
|
|
CapitalExpenditures2 |
|
|
AdjustedEBITDA lessCapitalExpenditures |
|
|
EarningsPer DilutedShare |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 EndedOctober 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 EndedOctober 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.
Concrete Pumping (NASDAQ:BBCP)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Concrete Pumping (NASDAQ:BBCP)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
