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
first quarter ended January 31, 2024.
First Quarter Fiscal Year 2024 Summary vs. First Quarter
of Fiscal Year 2023 (unless otherwise noted)
| |
● |
Revenue increased 4% to $97.7
million compared to $93.6 million. |
| |
● |
Gross profit decreased 9% to
$33.3 million compared to $36.5 million. |
| |
● |
Income from operations
decreased to $1.5 million compared to $9.4 million. |
| |
● |
Net loss of $3.8 million
compared to net income of $6.5 million. |
| |
● |
Net loss attributable to
common shareholders of $4.3 million or $(0.08) per diluted share,
compared to net income of $6.0 million or $0.11 per diluted
share. |
| |
● |
Adjusted EBITDA1 decreased 23%
to $19.3 million compared to $25.0 million, with Adjusted EBITDA
margin1 of 19.7% compared to 26.8%. |
| |
● |
Amounts outstanding under debt
agreements was $388.0 million with net debt1 of $373.3 million.
Total available liquidity was $217.0 million as of January 31,
2024, compared to $216.7 million as of October 31, 2023. |
Management Commentary
“In our first quarter, continued double-digit
growth in our Concrete Waste Management Services and U.K.
operations segments was roughly offset by severe winter weather
that impacted our U.S. market,” said CPH CEO Bruce Young.
“Specifically, heavy rainfall, snow and freezing temperatures in
the month of January brought many of our customers' projects to a
standstill. In fact, we estimate such weather events lowered the
expected volume of our U.S. concrete pumping work by approximately
25% in January, or about $7.0 million. Work has recently
returned to more normalized levels in February, and we are working
closely with our customers to accommodate accelerated
project schedules.
“Looking ahead, we remain optimistic about our
prospects for continued growth in 2024, led by increasing
infrastructure activity and added light commercial and residential
projects. Underlying this expectation of growth will be the
benefits we receive from our diversified end markets, the high
utilization of our fleet and the mission-critical service we
offer.”
___________________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.
First Quarter Fiscal Year
2024 Financial Results
Revenue in the first quarter of fiscal year 2024
increased 4% to $97.7 million compared to $93.6 million in the
first quarter of fiscal year 2023. The increase was attributable to
strong growth from the Company's Concrete Waste Management Services
and U.K. operations segments that was partially offset by a
decrease in volumes in U.S. Concrete Pumping due to extreme winter
weather events in the month of January.
Gross profit in the first quarter of fiscal year
2024 decreased 9% to $33.3 million compared to $36.5 million in the
prior year quarter. Gross margin was 34.1% compared to 39.0% in the
prior year quarter, primarily related to lower equipment and labor
utilization as a result of the extreme winter weather, in addition
to inflationary increases in insurance costs.
General and administrative expenses in the first
quarter were $31.9 million compared to $27.0 million in
the prior year quarter. The increase was primarily due to (1)
a non-recurring charge of $3.5 million as a result of a state
sales tax dispute as discussed in the Company's annual report on
Form 10-K, and (2) higher labor, health insurance and rent
costs. As a percentage of revenue, G&A costs were 32.7% in the
first quarter compared to 28.9% in the prior year quarter.
Net loss in the first quarter of fiscal year
2024 was $3.8 million compared to net income of $6.5 million
in the prior year quarter. Net loss attributable to common
shareholders in the first quarter of fiscal year 2024 was $4.3
million, or $(0.08) per diluted share, compared to net income
attributable to common shareholders of $6.0 million, or $0.11 per
diluted share, in the prior year quarter.
Adjusted EBITDA in the first quarter of fiscal
year 2024 decreased 23.0% to $19.3 million compared to $25.0
million in the prior year quarter. Adjusted EBITDA margin declined
to 19.7% compared to 26.8% in the prior year quarter. Both declines
were primarily driven by the aforementioned impacts from extreme
weather conditions, as well as inflationary increases related
to insurance and increased costs related to labor.
Liquidity
On January 31, 2024, the Company had debt
outstanding of $388.0 million, net debt of $373.3 million and total
available liquidity of $217.0 million.
Segment Results
U.S. Concrete Pumping. Revenue
in the first quarter of fiscal 2024 decreased 0.8% to $66.7 million
compared to $67.2 million in the prior year quarter. Severe winter
temperatures and freezing rainfall in the month of January stalled
many customer projects, driving a revenue decline of
approximately $7.0 million from the loss of volume. Net loss
in the first quarter of fiscal year 2024 was $6.8 million
compared to a net loss of $0.8 million in the prior year quarter.
Adjusted EBITDA was $10.7 million in the first quarter of fiscal
year 2024 compared to $16.8 million in the prior year quarter,
largely driven by the revenue shortfall and
downstream impacts on labor utilization.
U.K. Operations. Revenue in the first
quarter of fiscal year 2024 increased 21.2% to $15.4 million
compared to $12.7 million in the prior year quarter. Excluding the
impact from foreign currency translation, revenue was up 16%
year-over-year. The increase was primarily attributable to pricing
improvements. Net income in the first quarter of fiscal year 2024
improved to $0.5 million compared to a net loss of
$0.1 million in the prior year quarter. Adjusted EBITDA was
$3.2 million in the first quarter of fiscal year 2024, up 32.8%
compared to $2.4 million in the prior year quarter due to rate per
hour and fuel price improvements.
U.S. Concrete Waste Management
Services. Revenue in the first quarter of fiscal year 2024
increased 14.2% to $15.6 million compared to $13.7 million in the
prior year quarter. The increase was driven by strong organic
growth and pricing improvements, notwithstanding the Q1 growth rate
being hampered by unseasonably harsh January winter weather. Net
income in the first quarter of fiscal year 2024 was $2.4 million
compared to $2.8 million in the prior year quarter. Adjusted EBITDA
in the first quarter of fiscal year 2024 was $5.4 million compared
to $5.8 million in the prior year quarter due to the downstream
winter weather impact on labor utilization.
Fiscal Year 2024 Outlook
Due to the weather impacted year-to-date start in fiscal 2024,
the Company has revised its outlook and now expects fiscal year
2024 revenue to range between $460.0 million to $480.0 million
and Adjusted EBITDA to range between $122.0 million to $130.0
million. The Company maintains its original outlook for 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.
Share Repurchase Program
In March 2024, CPH's board of
directors approved a $15.0 million increase to the Company’s
share repurchase program. This authorization will expire on March
31, 2025 and is in addition to the repurchase authorization of up
to $10.0 million through March 31, 2025, that was previously
approved in January 2023.
During the first three months of fiscal year
2024, the Company repurchased 36,094 shares for a total of $0.2
million at an average share price of $6.88 per share. Including the
new authorization of $15.0 million under the March 2024 approval, a
total of $23.2 million would have been available for
purchase under the Company's repurchase program as of January 31,
2024.
"Today's announcement reflects our commitment to
driving shareholder value," said Bruce Young. "Our disciplined
approach to capital allocation, strong free cash flow and
consistent operational execution have allowed us to support the
growth of our businesses while delivering expected shareholder
returns and creating long-term value."
Conference Call
The Company will hold a conference call today at 5:00 p.m.
Eastern time to discuss its first quarter 2024 results.
Date: Thursday, March 7, 2024Time: 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: 13744279
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 March 14, 2024.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 13744279
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
January 31, 2024, 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 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.
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 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; 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, changes in the fair value of warrant liabilities,
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.
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. |
|
Condensed Consolidated Balance Sheets |
| |
|
As of January 31, |
|
|
As of October 31, |
|
| (in thousands, except per
share amounts) |
|
2024 |
|
|
2023 |
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
14,688 |
|
|
$ |
15,861 |
|
|
Receivables, net of allowance for doubtful accounts of $1,045 and
$978, respectively |
|
|
49,466 |
|
|
|
62,976 |
|
|
Inventory |
|
|
6,230 |
|
|
|
6,732 |
|
|
Prepaid expenses and other current assets |
|
|
9,244 |
|
|
|
8,701 |
|
|
Total current assets |
|
|
79,628 |
|
|
|
94,270 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant and equipment,
net |
|
|
432,671 |
|
|
|
427,648 |
|
| Intangible assets, net |
|
|
116,779 |
|
|
|
120,244 |
|
| Goodwill |
|
|
222,744 |
|
|
|
221,517 |
|
| Right-of-use operating lease
assets |
|
|
28,772 |
|
|
|
24,815 |
|
| Other non-current assets |
|
|
12,489 |
|
|
|
14,250 |
|
| Deferred financing costs |
|
|
1,684 |
|
|
|
1,781 |
|
|
Total assets |
|
$ |
894,767 |
|
|
$ |
904,525 |
|
| |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
|
Revolving loan |
|
$ |
13,021 |
|
|
$ |
18,954 |
|
|
Operating lease obligations, current portion |
|
|
4,903 |
|
|
|
4,739 |
|
|
Finance lease obligations, current portion |
|
|
39 |
|
|
|
125 |
|
|
Accounts payable |
|
|
5,344 |
|
|
|
8,906 |
|
|
Accrued payroll and payroll expenses |
|
|
9,785 |
|
|
|
14,524 |
|
|
Accrued expenses and other current liabilities |
|
|
36,663 |
|
|
|
34,750 |
|
|
Income taxes payable |
|
|
2,604 |
|
|
|
1,848 |
|
|
Warrant liability, current portion |
|
|
- |
|
|
|
130 |
|
|
Total current liabilities |
|
|
72,359 |
|
|
|
83,976 |
|
| |
|
|
|
|
|
|
|
|
| Long term debt, net of
discount for deferred financing costs |
|
|
372,216 |
|
|
|
371,868 |
|
| Operating lease obligations,
non-current |
|
|
24,255 |
|
|
|
20,458 |
|
| Finance lease obligations,
non-current |
|
|
15 |
|
|
|
50 |
|
| Deferred income taxes |
|
|
79,432 |
|
|
|
80,791 |
|
| Other liabilities,
non-current |
|
|
13,550 |
|
|
|
14,142 |
|
|
Total liabilities |
|
|
561,827 |
|
|
|
571,285 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Zero-dividend convertible
perpetual preferred stock, $0.0001 par value, 2,450,980 shares
issued and outstanding as of January 31, 2024 and October 31,
2023 |
|
|
25,000 |
|
|
|
25,000 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 500,000,000 shares authorized,
53,870,084 and 54,757,445 issued and outstanding as of January 31,
2024 and October 31, 2023, respectively |
|
|
6 |
|
|
|
6 |
|
|
Additional paid-in capital |
|
|
383,822 |
|
|
|
383,286 |
|
|
Treasury stock |
|
|
(16,212 |
) |
|
|
(15,114 |
) |
|
Accumulated other comprehensive loss |
|
|
(1,403 |
) |
|
|
(5,491 |
) |
|
Accumulated deficit |
|
|
(58,273 |
) |
|
|
(54,447 |
) |
|
Total stockholders' equity |
|
|
307,940 |
|
|
|
308,240 |
|
| |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
894,767 |
|
|
$ |
904,525 |
|
| Concrete Pumping
Holdings, Inc. |
| Condensed Consolidated
Statements of Operations |
| |
|
Three Months Ended January 31, |
|
| (in thousands, except share
and per share amounts) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
97,711 |
|
|
$ |
93,575 |
|
| Cost of operations |
|
|
64,397 |
|
|
|
57,121 |
|
|
Gross profit |
|
|
33,314 |
|
|
|
36,454 |
|
|
Gross margin |
|
|
34.1 |
% |
|
|
39.0 |
% |
| |
|
|
|
|
|
|
|
|
| General and administrative
expenses |
|
|
31,858 |
|
|
|
27,041 |
|
|
Income from operations |
|
|
1,456 |
|
|
|
9,413 |
|
| |
|
|
|
|
|
|
|
|
| Interest expense and
amortization of deferred financing costs |
|
|
(6,463 |
) |
|
|
(6,871 |
) |
| Change in fair value of
warrant liabilities |
|
|
130 |
|
|
|
4,556 |
|
| Other income (expense),
net |
|
|
40 |
|
|
|
21 |
|
|
Income (loss) before income taxes |
|
|
(4,837 |
) |
|
|
7,119 |
|
| |
|
|
|
|
|
|
|
|
| Income tax expense
(benefit) |
|
|
(1,011 |
) |
|
|
644 |
|
|
Net income (loss) |
|
|
(3,826 |
) |
|
|
6,475 |
|
| |
|
|
|
|
|
|
|
|
| Less preferred shares
dividends |
|
|
(440 |
) |
|
|
(441 |
) |
| |
|
|
|
|
|
|
|
|
|
Income (loss) available to common
shareholders |
|
$ |
(4,266 |
) |
|
$ |
6,034 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
|
Basic |
|
|
53,314,654 |
|
|
|
53,601,707 |
|
|
Diluted |
|
|
53,314,654 |
|
|
|
54,457,125 |
|
| |
|
|
|
|
|
|
|
|
| Net income per common
share |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.08 |
) |
|
$ |
0.11 |
|
|
Diluted |
|
$ |
(0.08 |
) |
|
$ |
0.11 |
|
| Concrete Pumping
Holdings, Inc. |
| Condensed Consolidated
Statements of Cash Flows |
| |
|
For the Three Months Ended January 31, |
|
| (in thousands, except per
share amounts) |
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(3,826 |
) |
|
$ |
6,475 |
|
| Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Non-cash operating lease expense |
|
|
1,281 |
|
|
|
1,113 |
|
|
Foreign currency adjustments |
|
|
(736 |
) |
|
|
(816 |
) |
|
Depreciation |
|
|
10,202 |
|
|
|
9,654 |
|
|
Deferred income taxes |
|
|
(1,825 |
) |
|
|
129 |
|
|
Amortization of deferred financing costs |
|
|
445 |
|
|
|
479 |
|
|
Amortization of intangible assets |
|
|
3,895 |
|
|
|
4,795 |
|
|
Stock-based compensation expense |
|
|
536 |
|
|
|
1,140 |
|
|
Change in fair value of warrant liabilities |
|
|
(130 |
) |
|
|
(4,556 |
) |
|
Net gain on the sale of property, plant and equipment |
|
|
(305 |
) |
|
|
(578 |
) |
|
Other operating activities |
|
|
46 |
|
|
|
(67 |
) |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Receivables |
|
|
13,894 |
|
|
|
10,482 |
|
|
Inventory |
|
|
616 |
|
|
|
(957 |
) |
|
Other operating assets |
|
|
(564 |
) |
|
|
(7,256 |
) |
|
Accounts payable |
|
|
(3,865 |
) |
|
|
(3,997 |
) |
|
Other operating liabilities |
|
|
635 |
|
|
|
1,876 |
|
|
Net cash provided by operating activities |
|
|
20,299 |
|
|
|
17,916 |
|
| |
|
|
|
|
|
|
|
|
| Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(17,766 |
) |
|
|
(17,120 |
) |
|
Proceeds from sale of property, plant and equipment |
|
|
1,282 |
|
|
|
2,333 |
|
|
Net cash used in investing activities |
|
|
(16,484 |
) |
|
|
(14,787 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
Proceeds on revolving loan |
|
|
84,173 |
|
|
|
83,812 |
|
|
Payments on revolving loan |
|
|
(90,107 |
) |
|
|
(84,980 |
) |
|
Purchase of treasury stock |
|
|
(1,098 |
) |
|
|
(5,495 |
) |
|
Other financing activities |
|
|
1,449 |
|
|
|
(26 |
) |
|
Net cash provided by (used in) financing
activities |
|
|
(5,583 |
) |
|
|
(6,689 |
) |
|
Effect of foreign currency exchange rate changes on cash |
|
|
595 |
|
|
|
127 |
|
|
Net increase (decrease) in cash and cash
equivalents |
|
|
(1,173 |
) |
|
|
(3,433 |
) |
| Cash and cash
equivalents: |
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
15,861 |
|
|
|
7,482 |
|
|
End of period |
|
$ |
14,688 |
|
|
$ |
4,049 |
|
| Concrete Pumping
Holdings, Inc. |
| Segment
Revenue |
| |
|
Three Months Ended January 31, |
|
|
Change |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
|
U.S. Concrete Pumping |
|
|
66,683 |
|
|
$ |
67,187 |
|
|
$ |
(504 |
) |
|
|
-0.8 |
% |
| U.K. Operations |
|
|
15,408 |
|
|
|
12,708 |
|
|
|
2,700 |
|
|
|
21.2 |
% |
| U.S. Concrete Waste Management
Services - Third parties |
|
|
15,620 |
|
|
|
13,680 |
|
|
|
1,940 |
|
|
|
14.2 |
% |
| U.S. Concrete Waste Management
Services - Intersegment |
|
|
100 |
|
|
|
92 |
|
|
|
8 |
|
|
|
8.7 |
% |
| Intersegment eliminations |
|
|
(100 |
) |
|
|
(92 |
) |
|
|
(8 |
) |
|
|
8.7 |
% |
|
Reportable segment revenue |
|
$ |
97,711 |
|
|
$ |
93,575 |
|
|
$ |
4,136 |
|
|
|
4.4 |
% |
| Concrete Pumping
Holdings, Inc. |
| Segment Adjusted
EBITDA and Net Income |
During the first quarter of fiscal year 2024, the
Company moved certain assets and associated revenues and
expenses, which was previously categorized in the Company's
Other activities, into the U.S. Concrete Pumping segment in order
to better align its 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 segment results for the quarter ended January
31, 2023 below:
| |
|
Three Months Ended January 31, 2023 |
|
| (in thousands) |
|
U.S. Concrete Pumping |
|
|
U.K. Operations |
|
|
U.S. Concrete Waste Management Services |
|
|
Other |
|
|
As Previously Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(1,100 |
) |
|
$ |
(100 |
) |
|
$ |
2,812 |
|
|
$ |
4,862 |
|
| Income tax expense
(benefit) |
|
|
(390 |
) |
|
|
(40 |
) |
|
|
968 |
|
|
|
105 |
|
| Depreciation and
amortization |
|
|
10,374 |
|
|
|
1,827 |
|
|
|
2,035 |
|
|
|
213 |
|
| EBITDA |
|
|
15,063 |
|
|
|
2,380 |
|
|
|
5,815 |
|
|
|
5,180 |
|
| Other Adjustments |
|
|
(1,505 |
) |
|
|
812 |
|
|
|
737 |
|
|
|
- |
|
| Adjusted EBITDA |
|
|
14,688 |
|
|
|
3,186 |
|
|
|
6,547 |
|
|
|
625 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Recast
Adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
307 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(307 |
) |
| Income tax expense
(benefit) |
|
|
105 |
|
|
|
- |
|
|
|
- |
|
|
|
(105 |
) |
| Depreciation and
amortization |
|
|
213 |
|
|
|
- |
|
|
|
- |
|
|
|
(213 |
) |
| EBITDA |
|
|
625 |
|
|
|
- |
|
|
|
- |
|
|
|
(625 |
) |
| Other Adjustments |
|
|
1,511 |
|
|
|
(774 |
) |
|
|
(737 |
) |
|
|
- |
|
| Adjusted EBITDA |
|
|
2,136 |
|
|
|
(774 |
) |
|
|
(737 |
) |
|
|
(625 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Report As
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(793 |
) |
|
$ |
(100 |
) |
|
$ |
2,812 |
|
|
$ |
4,556 |
|
| Income tax expense
(benefit) |
|
|
(284 |
) |
|
|
(40 |
) |
|
|
968 |
|
|
|
|
|
| Depreciation and
amortization |
|
|
10,587 |
|
|
|
1,827 |
|
|
|
2,035 |
|
|
|
|
|
| EBITDA |
|
|
15,688 |
|
|
|
2,380 |
|
|
|
5,815 |
|
|
|
4,556 |
|
| Other Adjustments |
|
|
6 |
|
|
|
38 |
|
|
|
- |
|
|
|
|
|
| Adjusted EBITDA |
|
|
16,824 |
|
|
|
2,412 |
|
|
|
5,810 |
|
|
|
- |
|
| Concrete Pumping
Holdings, Inc. |
| Segment Adjusted
EBITDA and Net Income Continued |
| |
|
Net Income |
|
|
Adjusted EBITDA |
|
| |
|
Three Months Ended January 31, |
|
|
Three Months Ended January 31, |
|
|
|
|
|
|
|
|
|
| (in thousands, except
percentages) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
$ Change |
|
|
% Change |
|
|
U.S. Concrete Pumping |
|
$ |
(6,845 |
) |
|
$ |
(793 |
) |
|
$ |
10,706 |
|
|
$ |
16,824 |
|
|
$ |
(6,118 |
) |
|
|
-36.4 |
% |
| U.K. Operations |
|
|
484 |
|
|
|
(100 |
) |
|
|
3,202 |
|
|
|
2,412 |
|
|
|
790 |
|
|
|
32.8 |
% |
| U.S. Concrete Waste Management
Services |
|
|
2,405 |
|
|
|
2,812 |
|
|
|
5,373 |
|
|
|
5,810 |
|
|
|
(437 |
) |
|
|
-7.5 |
% |
| Other |
|
|
130 |
|
|
|
4,556 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.0 |
% |
|
Total |
|
$ |
(3,826 |
) |
|
$ |
6,475 |
|
|
$ |
19,281 |
|
|
$ |
25,046 |
|
|
$ |
(5,765 |
) |
|
|
-23.0 |
% |
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| Q1 2024 |
|
$ |
98 |
|
|
$ |
(4 |
) |
|
$ |
19 |
|
|
$ |
16 |
|
|
$ |
3 |
|
|
$ |
(0.08 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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: |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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. |
|
|
*Q1 2024 capex includes approximately $3 million growth
investment. |
|
| Concrete Pumping
Holdings, Inc. |
| Reconciliation of Net
Income to Reported EBITDA to Adjusted EBITDA |
| |
|
Three Months Ended January 31, |
|
| (dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(3,826 |
) |
|
$ |
6,475 |
|
| Interest expense and
amortization of deferred financing costs |
|
|
6,463 |
|
|
|
6,871 |
|
| Income tax expense |
|
|
(1,011 |
) |
|
|
644 |
|
| Depreciation and
amortization |
|
|
14,097 |
|
|
|
14,449 |
|
|
EBITDA |
|
|
15,723 |
|
|
|
28,439 |
|
| Stock based compensation |
|
|
536 |
|
|
|
1,140 |
|
| Change in fair value of
warrant liabilities |
|
|
(130 |
) |
|
|
(4,556 |
) |
| Other expense (income),
net |
|
|
(39 |
) |
|
|
(21 |
) |
| Other adjustments(1) |
|
|
3,191 |
|
|
|
44 |
|
|
Adjusted EBITDA |
|
$ |
19,281 |
|
|
$ |
25,046 |
|
| |
|
|
|
|
|
|
|
|
| U.S. Concrete
Pumping |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(6,845 |
) |
|
$ |
(793 |
) |
| Interest expense and
amortization of deferred financing costs |
|
|
5,754 |
|
|
|
6,178 |
|
| Income tax expense |
|
|
(2,103 |
) |
|
|
(284 |
) |
| Depreciation and
amortization |
|
|
10,230 |
|
|
|
10,587 |
|
|
EBITDA |
|
|
7,036 |
|
|
|
15,688 |
|
| Stock based compensation |
|
|
536 |
|
|
|
1,140 |
|
| Other expense (income),
net |
|
|
(19 |
) |
|
|
(10 |
) |
| Other adjustments(1) |
|
|
3,153 |
|
|
|
6 |
|
|
Adjusted EBITDA |
|
$ |
10,706 |
|
|
$ |
16,824 |
|
| |
|
|
|
|
|
|
|
|
| U.K.
Operations |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
484 |
|
|
$ |
(100 |
) |
| Interest expense and
amortization of deferred financing costs |
|
|
709 |
|
|
|
693 |
|
| Income tax expense |
|
|
176 |
|
|
|
(40 |
) |
| Depreciation and
amortization |
|
|
1,808 |
|
|
|
1,827 |
|
|
EBITDA |
|
|
3,177 |
|
|
|
2,380 |
|
| Other expense (income),
net |
|
|
(13 |
) |
|
|
(6 |
) |
| Other adjustments |
|
|
38 |
|
|
|
38 |
|
|
Adjusted EBITDA |
|
$ |
3,202 |
|
|
$ |
2,412 |
|
(1) Other adjustments include the adjustment for non-recurring
expenses and non-cash currency gains/losses. For the three months
ended January 31, 2024, other adjustments includes a $3.5 million
non-recurring charge related to sales tax litigation.
| |
|
Three Months Ended January 31, |
|
| (dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
U.S. Concrete Waste Management Services |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
2,405 |
|
|
$ |
2,812 |
|
| Income tax expense |
|
|
916 |
|
|
|
968 |
|
| Depreciation and
amortization |
|
|
2,059 |
|
|
|
2,035 |
|
|
EBITDA |
|
|
5,380 |
|
|
|
5,815 |
|
| Other expense (income),
net |
|
|
(7 |
) |
|
|
(5 |
) |
|
Adjusted EBITDA |
|
$ |
5,373 |
|
|
$ |
5,810 |
|
| |
|
|
|
|
|
|
|
|
| Other |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
130 |
|
|
$ |
4,556 |
|
|
EBITDA |
|
|
130 |
|
|
|
4,556 |
|
| Change in fair value of
warrant liabilities |
|
|
(130 |
) |
|
|
(4,556 |
) |
|
Adjusted EBITDA |
|
$ |
- |
|
|
$ |
- |
|
| Concrete Pumping
Holdings, Inc. |
| Reconciliation of Net
Debt |
| |
|
January 31, |
|
|
April 30, |
|
|
July 31, |
|
|
October 31, |
|
|
January 31, |
|
| (in thousands) |
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2024 |
|
|
Senior Notes |
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
| Revolving loan draws
outstanding |
|
|
50,247 |
|
|
|
60,947 |
|
|
|
35,699 |
|
|
|
18,954 |
|
|
|
13,021 |
|
| Less: Cash |
|
|
(4,049 |
) |
|
|
(6,643 |
) |
|
|
(11,532 |
) |
|
|
(15,861 |
) |
|
|
(14,688 |
) |
|
Net debt |
|
$ |
421,198 |
|
|
$ |
429,304 |
|
|
$ |
399,167 |
|
|
$ |
378,093 |
|
|
$ |
373,333 |
|
| Concrete Pumping
Holdings, Inc. |
| Reconciliation of
Historical Adjusted EBITDA |
| (dollars in thousands) |
|
Q1 2023 |
|
|
Q2 2023 |
|
|
Q3 2023 |
|
|
Q4 2023 |
|
|
Q1 2024 |
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
6,475 |
|
|
$ |
5,588 |
|
|
$ |
10,336 |
|
|
$ |
9,391 |
|
|
$ |
(3,826 |
) |
| Interest expense and
amortization of deferred financing costs |
|
|
6,871 |
|
|
|
7,348 |
|
|
|
7,066 |
|
|
|
6,834 |
|
|
|
6,463 |
|
| Income tax expense
(benefit) |
|
|
644 |
|
|
|
1,465 |
|
|
|
3,318 |
|
|
|
3,345 |
|
|
|
(1,011 |
) |
| Depreciation and
amortization |
|
|
14,449 |
|
|
|
14,721 |
|
|
|
14,707 |
|
|
|
14,789 |
|
|
|
14,097 |
|
|
EBITDA |
|
|
28,439 |
|
|
|
29,122 |
|
|
|
35,427 |
|
|
|
34,359 |
|
|
|
15,723 |
|
| Transaction expenses |
|
|
3 |
|
|
|
24 |
|
|
|
5 |
|
|
|
29 |
|
|
|
- |
|
| Stock based compensation |
|
|
1,140 |
|
|
|
1,064 |
|
|
|
934 |
|
|
|
709 |
|
|
|
536 |
|
| Change in fair value of
warrant liabilities |
|
|
(4,556 |
) |
|
|
(1,172 |
) |
|
|
(911 |
) |
|
|
(260 |
) |
|
|
(130 |
) |
| Other expense (income),
net |
|
|
(21 |
) |
|
|
(13 |
) |
|
|
(262 |
) |
|
|
(34 |
) |
|
|
(39 |
) |
| Other adjustments(1) |
|
|
41 |
|
|
|
(192 |
) |
|
|
(277 |
) |
|
|
1,002 |
|
|
|
3,191 |
|
|
Adjusted EBITDA |
|
$ |
25,046 |
|
|
$ |
28,833 |
|
|
$ |
34,916 |
|
|
$ |
35,805 |
|
|
$ |
19,281 |
|
(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
