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, 2022.
Fourth Quarter Fiscal Year 2022
Highlights vs. Fourth Quarter of Fiscal Year 2021 (where
applicable)
- Revenue increased 31% to $114.9 million compared to $87.8
million.
- Gross profit increased 30% to $48.6 million compared to $37.3
million.
- Income from operations increased 56% to $18.3 million compared
to $11.7 million.
- Net income attributable to common shareholders increased 170%
to $8.1 million or $0.14 per diluted share, compared to $3.0
million or $0.05 per diluted share.
- Adjusted EBITDA1 increased 28% to $36.3 million compared to
$28.3 million, with Adjusted EBITDA margin1 at 31.6% compared to
32.2%.
- Amounts outstanding under debt agreements were $427.1 million
with net debt1 of $419.7 million. Total available liquidity was
$111.2 million as of October 31, 2022, compared to $134.1 million
as of July 31, 2022. The decrease in liquidity was driven by the
purchase of Coastal Concrete Pumping in August 2022.
Fiscal Year 2022 Highlights vs. Fiscal
Year 2021
- Revenue increased 27% to $401.3 million compared to $315.8
million.
- Gross profit increased 19% to $163.6 million compared to $137.7
million.
- Income from operations increased 32% to $50.1 million compared
to $38.0 million.
- Net income attributable to common shareholders improved by
$43.7 million to $26.9 million or $0.47 per diluted share, compared
to a net loss attributable to common shareholders of $16.8 million
or $(0.31) per diluted share.
- Adjusted EBITDA1 increased 14% to $118.6 million compared to
$104.3 million, with Adjusted EBITDA margin1 at 29.5% compared to
33.0%.
Management Commentary
“In the fourth quarter we grew revenue across
all segments and reported our fifth consecutive quarter of
double-digit consolidated revenue growth, a testament to our team
and the continued strength and resilience of our business,” said
Bruce Young, CEO of Concrete Pumping Holdings. “As a result, we
were able to drive record annual revenue, net income and Adjusted
EBITDA performance for the company.
“In our U.S. concrete pumping business, we
continued to grow market share in the commercial and infrastructure
end markets. Our U.S. concrete waste management business, Eco-Pan,
continues to generate double-digit growth, as we have been
successful in growing our operations network while our expanded
salesforce has done an outstanding job selling its attractive value
proposition. In the U.K., we delivered an increase in the volume of
projects as the region continues to benefit from commercial and
infrastructure development.
“Entering fiscal year 2023, we expect continued
strong demand across our commercial and infrastructure segments,
and we are prepared for a continued dynamic environment in our
residential end market given uncertain macroeconomic conditions. We
expect to continue leveraging our scale to mitigate cost inflation,
particularly in diesel fuel, while also remaining opportunistic to
invest in our equipment to attract top talent in order to drive
profitable growth and superior shareholder value.”
_______________1 Adjusted EBITDA, Adjusted
EBITDA margin and net debt are financial measures that are 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 non-GAAP financial measures
used in this release and a reconciliation to their most comparable
GAAP measures.
Fourth Quarter Fiscal Year 2022 Financial
Results
Revenue in the fourth quarter of fiscal year
2022 increased 31% to $114.9 million compared to $87.8 million in
the fourth quarter of fiscal year 2021. The increase was primarily
attributable to strong growth across each of the Company’s segments
as a result of organic growth from higher volumes and rate per hour
increases, as well as the acquisitions of Hi-Tech Concrete Pumping
Services in September 2021, Pioneer Concrete Pumping in November
2021 and Coastal Carolina Pumping in August 2022. These three
acquisitions collectively contributed revenue of $11.9 million and
$1.8 million during the fourth quarter of fiscal years 2022 and
2021, respectively. Excluding these acquisitions, revenue
organically increased 20% to $103.0 million.
Gross profit in the fourth quarter of fiscal
year 2022 increased 30% to $48.6 million compared to $37.3 million
in the prior year quarter. Gross margin was 42.3%, relatively flat
with 42.6% in the prior year quarter.
G&A expenses in the fourth quarter of fiscal
year 2022 were $30.1 million compared to $25.6 million in the prior
year quarter. As a percent of revenue, G&A expenses in the
fourth quarter of fiscal year 2022 improved to 26.2% compared
to 29.1% in the fourth quarter of fiscal year 2021. The
increase in G&A expenses was primarily attributable to higher
labor costs as a result of recent acquisitions. Excluding non-cash
expenses for depreciation expense of $0.6 million in the fourth
quarter of fiscal years 2022 and 2021, respectively, amortization
of intangibles of $5.6 million and $6.6 million in the fourth
quarter of fiscal years 2022 and 2021, respectively, and
stock-based compensation expense of $0.9 million and $1.3 million
in the fourth quarter of fiscal years 2022 and 2021, respectively,
G&A expenses were $23.0 million (20.0% of revenue) in the
fourth quarter of 2022 compared to $17.1 million (19.5% of revenue)
in the fourth quarter of 2021.
Net income attributable to common shareholders
in the fourth quarter of fiscal year 2022 increased 170% to $8.1
million, or $0.14 per diluted share, compared to net income
attributable to common shareholders of $3.0 million, or $0.05 per
diluted share, in the prior year quarter.
Adjusted EBITDA in the fourth quarter of fiscal
year 2022 increased 28% to $36.3 million compared to $28.3 million
in the prior year quarter. Adjusted EBITDA margin was 31.6%
compared to 32.2% in the prior year quarter.
Fiscal Year 2022 Financial
Results
Revenue in fiscal year 2022 increased 27% to
$401.3 million compared to $315.8 million in fiscal year 2021. The
increase was primarily attributable to double-digit 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: (1) robust organic growth in most markets as a
result of higher volumes and rate per hour increases and (2) the
acquisitions of Hi-Tech, Pioneer and Coastal Carolina. These three
acquisitions collectively contributed revenue of $32.7 million and
$1.8 million during fiscal years 2022 and 2021, respectively. The
U.S. Concrete Waste Management Services increase was primarily due
to strong organic growth and pricing improvements.
Gross profit in fiscal year 2022 increased 19%
to $163.6 million compared to $137.7 million in fiscal year 2021.
Gross margin was 40.8% down from 43.6% in the prior year due to
rapid inflationary cost pressures, most notably higher labor and
fuel costs.
G&A expenses in fiscal year 2022 increased
to $113.2 million compared to $99.4 million in fiscal year 2021.
The overall increase was due to: higher (1) labor costs of $11.1
million and (2) other G&A-related expenses of $8.6 million,
which includes automotive, travel, office and rent expenses. These
increased costs were predominantly driven by the recent
acquisitions discussed above. In addition, G&A expenses were
negatively impacted by $2.5 million in non-cash expenses related to
fluctuations in the Great British Pound. As a percent of revenue,
G&A expenses were 28.2% in fiscal year 2022 compared
to 31.5% in fiscal year 2021. Excluding non-cash expenses for
depreciation of $2.3 million and $2.1 million in fiscal years 2022
and 2021, respectively, amortization of intangibles of $22.6
million and $27.1 million in fiscal years 2022 and 2021,
respectively, and stock-based compensation expense of $5.0 million
and $6.6 million in fiscal years 2022 and 2021, respectively,
G&A expenses were $83.3 million for fiscal year 2022 (20.8% of
revenue) compared to $63.6 million for fiscal year 2021 (20.1% of
revenue).
Net income attributable to common shareholders
in fiscal year 2022 improved $43.7 million to $26.9 million or
$0.47 per diluted share, compared to a net loss attributable to
common shareholders of $16.8 million or $(0.31) per diluted share
in fiscal year 2021.
Adjusted EBITDA in fiscal year 2022 increased
14% to $118.6 million compared to $104.3 million in the prior year.
Adjusted EBITDA margin was 29.5% compared to 33.0% in the prior
year.
Liquidity
On October 31, 2022, the Company had debt
outstanding of $427.1 million, net debt of $419.7 million and total
available liquidity of $111.2 million.
Segment Results
U.S. Concrete Pumping. Revenue
in the fourth quarter of fiscal year 2022 increased 34% to $84.3
million compared to $63.0 million in the prior year quarter. The
increase was primarily due to (1) organic growth and pricing
improvements and (2) recent acquisitions that collectively
contributed revenue of $11.9 million and $1.8 million during the
fourth quarter of fiscal years 2022 and 2021, respectively. Net
income in the fourth quarter of fiscal year 2022 improved to $2.8
million compared to $0.8 million in the prior year quarter.
Adjusted EBITDA increased 29% to $23.4 million in the fourth
quarter of fiscal year 2022 compared to $18.1 million in the prior
year quarter.
Revenue in fiscal year 2022 increased 29% to
$296.5 million compared to $229.5 million in fiscal year 2021. The
U.S. Pumping business successfully delivered record revenue and
strong operational efficiency due to execution by the regional
teams across all end-markets. In addition, acquisitions contributed
$31.0 million more to revenue for fiscal year 2022 when compared to
2021. Net income improved to $6.5 million in fiscal year 2022
compared to a net loss of $11.0 million in fiscal year 2021.
Adjusted EBITDA in fiscal year 2022 increased 14% to $77.5 million
compared to $68.1 million in fiscal year 2021. The increase in net
income and Adjusted EBITDA is primarily attributable to the strong
growth in revenue and pricing improvements.
U.K. Operations. Revenue in the
fourth quarter of fiscal year 2022 increased 8% to $14.9 million
compared to $13.8 million in the prior year quarter. Net income in
the fourth quarter of fiscal year 2022 was $1.7 million compared to
a net loss of $1.3 million in the prior year quarter. Adjusted
EBITDA improved 12% to $4.7 million in the fourth quarter of fiscal
year 2022 compared to $4.2 million in the prior year quarter.
Revenue in fiscal year 2022 increased 14% to
$54.9 million compared to $48.1 million in fiscal year 2021.
Excluding the impact from foreign currency translation of $5.1
million, revenue improved 25% year-over-year. The increase in
revenue was primarily attributable to rate per job increases and
the recovery from COVID-19 in the commercial and infrastructure end
markets. Net income for fiscal year 2022 improved to $2.1 million
compared to a net loss of $1.0 million in fiscal year 2021.
Adjusted EBITDA in fiscal year 2022 increased to $15.7 million
compared to $15.3 million in fiscal year 2021, primarily due to the
increase in revenue and disciplined operational execution.
U.S. Concrete Waste Management
Services. Revenue in the fourth quarter of fiscal year
2022 increased 42% to $15.6 million compared to $11.0 million in
the prior year quarter. The increase was primarily due to the
organic growth and market share expansion and strong sales
conversion. Net income in the fourth quarter of fiscal year 2022
increased to $3.7 million compared to $2.2 million in the prior
year quarter. Adjusted EBITDA in the fourth quarter of fiscal year
2022 increased 41% to $7.6 million compared to $5.4 million in the
prior year quarter.
Revenue in fiscal year 2022 increased 30% to
$50.2 million compared to $38.6 million in fiscal year 2021, driven
by organic growth, pricing improvements, and the market share
expansion of concrete waste management service offerings. Net
income increased 62% to $8.9 million in fiscal year 2022 compared
to $5.5 million in fiscal year 2021. Adjusted EBITDA in fiscal year
2022 increased 24% to $22.8 million compared to $18.4 million in
fiscal year 2021, with the increase primarily attributable to
robust operational efficiency and organic revenue growth.
Fiscal Year 2023 Outlook
The Company expects fiscal year 2023 revenue to
range between $420.0 million to $445.0 million, Adjusted
EBITDA to range between $125.0 million to $135.0 million, and
free cash flow2 to range between $65.0 million and $75.0
million.
Share Repurchase Program
In January 2023, the board of directors of the
Company approved a $10.0 million increase to the Company’s share
repurchase program. This authorization will expire on March 31,
2024 and is in addition to the repurchase authorization of up to
$10.0 million through June 15, 2023 that was previously approved in
June 2022.
During the fiscal year 2022, the Company
repurchased 415,066 shares for a total of $2.7 million at an
average share price of $6.48 per share. With the new
authorization of $10.0 million under the January 2023 approval, a
total of $17.3 million would have remained available for purchase
under the Company’s repurchase program as of October 31, 2022.
"Today's announcement reflects our commitment to
creating superior shareholder value," said Bruce Young. "Our
disciplined approach to capital allocation and consistent
operational execution have allowed us to support the growth of our
businesses while delivering expected shareholder returns and
creating long-term value."
_______________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 2022
results.
Date: Monday, January 23, 2023Time: 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: 13734971
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 February 13, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 13734971
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, 2022, the Company provided concrete pumping
services in the U.S. from a footprint of approximately 100
locations across 20 states, concrete pumping services in the U.K.
from approximately 30 locations, and route-based concrete waste
management services from 18 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 the actual results to differ
materially from the 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 and the ongoing war in Ukraine
and the COVID-19 pandemic, 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 and Form 10-Q/A. 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
Adjusted EBITDA is a financial measure that is
not calculated in accordance with Generally Accepted Accounting
Principles in the United States (“GAAP”). The Company believes that
this non-GAAP financial measure provides useful information to
management and investors regarding certain financial and business
trends relating to the Company’s financial condition and results of
operations. The Company’s management also uses this non-GAAP
financial measure to compare the Company’s performance to that of
prior periods for trend analyses, determining incentive
compensation and for budgeting and planning purposes. Adjusted
EBITDA is also used in quarterly and annual financial reports
prepared for the Company’s board of directors. The Company believes
that this non-GAAP measure provides an additional tool for
investors to use in evaluating the Company’s ongoing operating
results and in comparing the Company’s financial results with
competitors who also present similar non-GAAP financial
measures.
Adjusted EBITDA is defined as net income
calculated in accordance with GAAP plus interest expense, income
taxes, depreciation, amortization, transaction expenses, loss on
debt extinguishment, stock-based compensation, other income, net,
and other adjustments. Other adjustments includes the adjustment
for warrant liabilities revaluation, restructuring costs, director
costs, public company expense, extraordinary expenses and gain/loss
on currency transactions. Starting in the first quarter of fiscal
2023, we will modify the method in which Adjusted EBITDA is
calculated by no longer including in "Other adjustments" an
add-back for director costs or public company expense as described
above. 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.
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 Investor RelationsCody
Slach1-949-574-3860BBCP@gatewayir.com |
Concrete Pumping Holdings,
Inc.Consolidated Balance Sheets
|
October 31, |
|
|
October 31, |
|
(in thousands, except per
share amounts) |
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,482 |
|
|
$ |
9,298 |
|
Trade receivables, net |
|
62,882 |
|
|
|
49,034 |
|
Inventory, net |
|
5,532 |
|
|
|
4,902 |
|
Income taxes receivable |
|
485 |
|
|
|
275 |
|
Prepaid expenses and other current assets |
|
5,175 |
|
|
|
4,110 |
|
Total current assets |
|
81,556 |
|
|
|
67,619 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
419,377 |
|
|
|
337,771 |
|
Intangible assets, net |
|
137,754 |
|
|
|
158,539 |
|
Goodwill |
|
220,245 |
|
|
|
224,700 |
|
Right-of-use operating lease
assets |
|
24,833 |
|
|
|
- |
|
Other non-current assets |
|
2,026 |
|
|
|
2,168 |
|
Deferred financing costs |
|
1,698 |
|
|
|
1,868 |
|
Total assets |
$ |
887,489 |
|
|
$ |
792,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Revolving loan |
$ |
52,133 |
|
|
$ |
990 |
|
Operating lease obligations, current portion |
|
4,001 |
|
|
|
- |
|
Finance lease obligations,
current portion |
|
109 |
|
|
|
103 |
|
Accounts payable |
|
8,362 |
|
|
|
10,706 |
|
Accrued payroll and payroll expenses |
|
13,341 |
|
|
|
12,226 |
|
Accrued expenses and other current liabilities |
|
32,156 |
|
|
|
23,940 |
|
Income taxes payable |
|
178 |
|
|
|
274 |
|
Total current liabilities |
|
110,280 |
|
|
|
48,239 |
|
|
|
|
|
|
|
|
|
Long term debt, net of
discount for deferred financing costs |
|
370,476 |
|
|
|
369,084 |
|
Operating lease obligations,
non-current |
|
20,984 |
|
|
|
- |
|
Finance lease obligations,
non-current |
|
169 |
|
|
|
278 |
|
Deferred income taxes |
|
74,223 |
|
|
|
70,566 |
|
Warrant liability |
|
7,030 |
|
|
|
16,923 |
|
Total liabilities |
|
583,162 |
|
|
|
505,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zero-dividend convertible
perpetual preferred stock, $0.0001 par value, 2,450,980 shares
issued and outstanding as of October 31, 2022 and October 31,
2021 |
|
25,000 |
|
|
|
25,000 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 500,000,000 shares authorized,
56,226,191 and 56,564,642 issued and outstanding as of October 31,
2022 and October 31, 2021, respectively |
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
379,395 |
|
|
|
374,272 |
|
Treasury stock |
|
(4,609 |
) |
|
|
(461 |
) |
Accumulated other comprehensive income (loss) |
|
(9,228 |
) |
|
|
3,671 |
|
Accumulated deficit |
|
(86,237 |
) |
|
|
(114,913 |
) |
Total stockholders' equity |
|
279,327 |
|
|
|
262,575 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
$ |
887,489 |
|
|
$ |
792,665 |
|
|
|
|
|
|
|
|
|
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) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
114,894 |
|
|
$ |
87,753 |
|
|
$ |
401,292 |
|
|
$ |
315,808 |
|
Cost of operations |
|
|
66,282 |
|
|
|
50,405 |
|
|
|
237,682 |
|
|
|
178,081 |
|
Gross profit |
|
|
48,612 |
|
|
|
37,348 |
|
|
|
163,610 |
|
|
|
137,727 |
|
Gross margin |
|
|
42.3 |
% |
|
|
42.6 |
% |
|
|
40.8 |
% |
|
|
43.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
|
|
30,084 |
|
|
|
25,557 |
|
|
|
113,181 |
|
|
|
99,369 |
|
Transaction costs |
|
|
259 |
|
|
|
117 |
|
|
|
318 |
|
|
|
312 |
|
Income from operations |
|
|
18,269 |
|
|
|
11,674 |
|
|
|
50,111 |
|
|
|
38,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(6,765 |
) |
|
|
(6,107 |
) |
|
|
(25,891 |
) |
|
|
(25,190 |
) |
Loss on extinguishment of
debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,510 |
) |
Change in fair value of
warrant liabilities |
|
|
- |
|
|
|
1,301 |
|
|
|
9,894 |
|
|
|
(9,894 |
) |
Other income, net |
|
|
19 |
|
|
|
32 |
|
|
|
88 |
|
|
|
117 |
|
Income (loss) before income taxes |
|
|
11,523 |
|
|
|
6,900 |
|
|
|
34,202 |
|
|
|
(12,431 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
2,991 |
|
|
|
3,468 |
|
|
|
5,526 |
|
|
|
2,642 |
|
Net income (loss) |
|
|
8,532 |
|
|
|
3,432 |
|
|
|
28,676 |
|
|
|
(15,073 |
) |
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
Less accretion of liquidation
preference on preferred stock |
|
|
(441 |
) |
|
|
(441 |
) |
|
|
(1,750 |
) |
|
|
(1,750 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) available to common
shareholders |
|
$ |
8,091 |
|
|
$ |
2,991 |
|
|
$ |
26,926 |
|
|
$ |
(16,823 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
54,075,846 |
|
|
|
53,522,451 |
|
|
|
53,914,311 |
|
|
|
53,413,594 |
|
Diluted |
|
|
54,950,155 |
|
|
|
57,023,676 |
|
|
|
54,851,308 |
|
|
|
53,413,594 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.14 |
|
|
$ |
0.05 |
|
|
$ |
0.48 |
|
|
$ |
(0.31 |
) |
Diluted |
|
$ |
0.14 |
|
|
$ |
0.05 |
|
|
$ |
0.47 |
|
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete Pumping Holdings,
Inc.Consolidated Statements of Cash
Flows
|
|
For the Year Ended October 31, |
|
(in thousands, except per
share amounts) |
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
28,676 |
|
|
$ |
(15,073 |
) |
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Non-cash operating lease expense |
|
|
3,913 |
|
|
|
- |
|
Right-of-use asset amortization for finance lease |
|
|
22 |
|
|
|
- |
|
Foreign currency adjustments |
|
|
2,091 |
|
|
|
- |
|
Depreciation |
|
|
34,912 |
|
|
|
28,795 |
|
Deferred income taxes |
|
|
5,205 |
|
|
|
2,547 |
|
Amortization of deferred financing costs |
|
|
1,852 |
|
|
|
2,335 |
|
Amortization of intangible assets |
|
|
22,528 |
|
|
|
27,111 |
|
Stock-based compensation expense |
|
|
5,034 |
|
|
|
6,591 |
|
Change in fair value of warrant liabilities |
|
|
(9,894 |
) |
|
|
9,894 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
15,510 |
|
Net gain on the sale of property, plant and equipment |
|
|
(2,759 |
) |
|
|
(1,178 |
) |
Net changes in operating
assets and liabilities: |
|
|
- |
|
|
|
- |
|
Trade receivables, net |
|
|
(15,310 |
) |
|
|
(4,172 |
) |
Inventory |
|
|
(870 |
) |
|
|
(200 |
) |
Prepaid expenses and other current assets |
|
|
(550 |
) |
|
|
(1,771 |
) |
Operating lease liability |
|
|
(3,728 |
) |
|
|
- |
|
Income taxes payable, net |
|
|
(324 |
) |
|
|
497 |
|
Accounts payable |
|
|
(3,039 |
) |
|
|
3,972 |
|
Accrued payroll, accrued expenses and other liabilities |
|
|
8,936 |
|
|
|
977 |
|
Net cash provided by operating activities |
|
|
76,695 |
|
|
|
75,835 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(101,932 |
) |
|
|
(62,792 |
) |
Proceeds from sale of property, plant and equipment |
|
|
10,023 |
|
|
|
6,977 |
|
Purchases of intangible assets |
|
|
(1,450 |
) |
|
|
(750 |
) |
Acquisition of net assets - Coastal acquisition |
|
|
(30,762 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(124,121 |
) |
|
|
(56,565 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds on long term debt |
|
|
- |
|
|
|
375,000 |
|
Payments on long term debt |
|
|
- |
|
|
|
(381,206 |
) |
Proceeds on revolving loan |
|
|
377,375 |
|
|
|
280,034 |
|
Payments on revolving loan |
|
|
(326,945 |
) |
|
|
(280,891 |
) |
Payment of debt issuance costs |
|
|
(290 |
) |
|
|
(8,464 |
) |
Payments on finance lease obligations |
|
|
(103 |
) |
|
|
(97 |
) |
Purchase of treasury stock |
|
|
(4,148 |
) |
|
|
(330 |
) |
Proceeds on exercise of options |
|
|
89 |
|
|
|
- |
|
Net cash provided by (used in) financing
activities |
|
|
45,978 |
|
|
|
(15,954 |
) |
Effect of foreign currency
exchange rate on cash |
|
|
(368 |
) |
|
|
(754 |
) |
Net increase (decrease) in cash and cash
equivalents |
|
|
(1,816 |
) |
|
|
2,562 |
|
Cash and cash
equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
9,298 |
|
|
|
6,736 |
|
End of period |
|
$ |
7,482 |
|
|
$ |
9,298 |
|
|
|
|
|
|
|
|
|
|
Concrete Pumping Holdings, Inc.Segment
Revenue
|
|
Three Months Ended October 31, |
|
|
Change |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
|
$ |
|
|
% |
|
U.S. Concrete Pumping |
|
|
84,317 |
|
|
$ |
62,965 |
|
|
$ |
21,352 |
|
|
|
33.9 |
% |
U.K. Operations |
|
|
14,946 |
|
|
|
13,812 |
|
|
|
1,134 |
|
|
|
8.2 |
% |
U.S. Concrete Waste Management
Services |
|
|
15,640 |
|
|
|
11,040 |
|
|
|
4,600 |
|
|
|
41.7 |
% |
Corporate |
|
|
625 |
|
|
|
625 |
|
|
|
- |
|
|
|
0.0 |
% |
Intersegment |
|
|
(634 |
) |
|
|
(689 |
) |
|
|
55 |
|
|
|
-8.0 |
% |
|
|
$ |
114,894 |
|
|
$ |
87,753 |
|
|
$ |
27,141 |
|
|
|
30.9 |
% |
|
|
Year Ended October 31, |
|
|
Change |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
|
$ |
|
|
% |
|
U.S. Concrete Pumping |
|
$ |
296,506 |
|
|
$ |
229,475 |
|
|
$ |
67,031 |
|
|
|
29.2 |
% |
U.K. Operations |
|
|
54,926 |
|
|
|
48,098 |
|
|
|
6,828 |
|
|
|
14.2 |
% |
U.S. Concrete Waste Management
Services |
|
|
50,191 |
|
|
|
38,591 |
|
|
|
11,600 |
|
|
|
30.1 |
% |
Corporate |
|
|
2,500 |
|
|
|
2,500 |
|
|
|
- |
|
|
|
0.0 |
% |
Intersegment |
|
|
(2,831 |
) |
|
|
(2,856 |
) |
|
|
25 |
|
|
|
-0.9 |
% |
|
|
$ |
401,292 |
|
|
$ |
315,808 |
|
|
$ |
85,484 |
|
|
|
27.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete Pumping Holdings, Inc.Segment
Adjusted EBITDA and Net Income (Loss)
|
|
Net Income (Loss) |
|
|
Adjusted EBITDA |
|
|
|
Three Months Ended October 31, |
|
|
Three Months Ended October 31, |
|
|
|
|
|
|
|
|
|
(in thousands, except
percentages) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
$ Change |
|
|
% Change |
|
U.S. Concrete Pumping |
|
$ |
2,769 |
|
|
$ |
798 |
|
|
$ |
23,360 |
|
|
$ |
18,095 |
|
|
$ |
5,265 |
|
|
|
29.1 |
% |
U.K. Operations |
|
|
1,722 |
|
|
|
(1,281 |
) |
|
|
4,700 |
|
|
|
4,191 |
|
|
|
509 |
|
|
|
12.1 |
% |
U.S. Concrete Waste Management
Services |
|
|
3,693 |
|
|
|
2,218 |
|
|
|
7,605 |
|
|
|
5,374 |
|
|
|
2,231 |
|
|
|
41.5 |
% |
Corporate |
|
|
348 |
|
|
|
1,697 |
|
|
|
624 |
|
|
|
625 |
|
|
|
(1 |
) |
|
|
-0.2 |
% |
|
|
$ |
8,532 |
|
|
$ |
3,432 |
|
|
$ |
36,289 |
|
|
$ |
28,285 |
|
|
$ |
8,004 |
|
|
|
28.3 |
% |
|
|
Net Income (Loss) |
|
|
Adjusted EBITDA |
|
|
|
Year Ended October 31, |
|
|
Year Ended October 31, |
|
|
|
|
|
|
|
|
|
(in thousands, except
percentages) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
$ Change |
|
|
% Change |
|
U.S. Concrete Pumping |
|
$ |
6,541 |
|
|
$ |
(10,959 |
) |
|
$ |
77,523 |
|
|
$ |
68,091 |
|
|
$ |
9,432 |
|
|
|
13.9 |
% |
U.K. Operations |
|
|
2,080 |
|
|
|
(1,028 |
) |
|
|
15,717 |
|
|
|
15,339 |
|
|
|
378 |
|
|
|
2.5 |
% |
U.S. Concrete Waste Management
Services |
|
|
8,898 |
|
|
|
5,500 |
|
|
|
22,838 |
|
|
|
18,411 |
|
|
|
4,427 |
|
|
|
24.0 |
% |
Corporate |
|
|
11,157 |
|
|
|
(8,586 |
) |
|
|
2,499 |
|
|
|
2,501 |
|
|
|
(2 |
) |
|
|
-0.1 |
% |
|
|
$ |
28,676 |
|
|
$ |
(15,073 |
) |
|
$ |
118,577 |
|
|
$ |
104,342 |
|
|
$ |
14,235 |
|
|
|
13.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concrete Pumping Holdings,
Inc.Quarterly Financial Performance
(dollars in millions) |
|
Revenue |
|
|
Net Income (Loss) |
|
|
Adjusted EBITDA1 |
|
|
Capital Expenditures2 |
|
|
Adjusted EBITDA less Capital Expenditures |
|
|
Diluted Earnings Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2020 |
|
$ |
74 |
|
|
$ |
(3 |
) |
|
$ |
24 |
|
|
$ |
20 |
|
|
$ |
4 |
|
|
$ |
(0.06 |
) |
Q2 2020 |
|
$ |
74 |
|
|
$ |
(59 |
) |
|
$ |
24 |
|
|
$ |
4 |
|
|
$ |
20 |
|
|
$ |
(1.06 |
) |
Q3 2020 |
|
$ |
77 |
|
|
$ |
3 |
|
|
$ |
30 |
|
|
$ |
6 |
|
|
$ |
24 |
|
|
$ |
0.00 |
|
Q4 2020 |
|
$ |
79 |
|
|
$ |
(2 |
) |
|
$ |
30 |
|
|
$ |
6 |
|
|
$ |
24 |
|
|
$ |
(0.06 |
) |
Q1 2021 |
|
$ |
70 |
|
|
$ |
(12 |
) |
|
$ |
22 |
|
|
$ |
8 |
|
|
$ |
15 |
|
|
$ |
(0.24 |
) |
Q2 2021 |
|
$ |
77 |
|
|
$ |
(11 |
) |
|
$ |
25 |
|
|
$ |
5 |
|
|
$ |
20 |
|
|
$ |
(0.21 |
) |
Q3 2021 |
|
$ |
81 |
|
|
$ |
5 |
|
|
$ |
28 |
|
|
$ |
17 |
|
|
$ |
11 |
|
|
$ |
0.07 |
|
Q4 2021 |
|
$ |
88 |
|
|
$ |
3 |
|
|
$ |
28 |
|
|
$ |
27 |
|
|
$ |
1 |
|
|
$ |
0.05 |
|
Q1 2022 |
|
$ |
85 |
|
|
$ |
1 |
|
|
$ |
24 |
|
|
$ |
35 |
|
|
$ |
(11 |
) |
|
$ |
0.01 |
|
Q2 2022 |
|
$ |
96 |
|
|
$ |
6 |
|
|
$ |
28 |
|
|
$ |
22 |
|
|
$ |
5 |
|
|
$ |
0.10 |
|
Q3 2022 |
|
$ |
105 |
|
|
$ |
13 |
|
|
$ |
30 |
|
|
$ |
19 |
|
|
$ |
11 |
|
|
$ |
0.22 |
|
Q4
2022 |
|
$ |
115 |
|
|
$ |
9 |
|
|
$ |
37 |
|
|
$ |
48 |
|
|
$ |
(11 |
) |
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 reconciliation of such measure to its most comparable GAAP
measure.2 Total capital expenditures for the 2022 fiscal year was
approximately $124 million which includes approximately $36 million
of replacement capex.*Q4 2022 capex includes approximately $31
million M&A and $13 million growth investment.*Q3 2022 capex
includes approximately $7 million growth investment.*Q2 2022 capex
includes approximately $11 million M&A and $5 million growth
investment.*Q1 2022 capex includes approximately $19 million
M&A and $2 million growth investment.
Concrete Pumping Holdings,
Inc.Reconciliation of Net Income (Loss) to
Reported EBITDA to Adjusted EBITDA
|
|
Three Months Ended October 31, |
|
|
Year Ended October 31, |
|
(dollars in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
8,532 |
|
|
$ |
3,432 |
|
|
$ |
28,676 |
|
|
$ |
(15,073 |
) |
Interest expense, net |
|
|
6,765 |
|
|
|
6,107 |
|
|
|
25,891 |
|
|
|
25,190 |
|
Income tax expense |
|
|
2,991 |
|
|
|
3,468 |
|
|
|
5,526 |
|
|
|
2,642 |
|
Depreciation and
amortization |
|
|
14,957 |
|
|
|
14,220 |
|
|
|
57,462 |
|
|
|
55,906 |
|
EBITDA |
|
|
33,245 |
|
|
|
27,227 |
|
|
|
117,555 |
|
|
|
68,665 |
|
Transaction expenses |
|
|
259 |
|
|
|
117 |
|
|
|
318 |
|
|
|
312 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,510 |
|
Stock based compensation |
|
|
870 |
|
|
|
1,311 |
|
|
|
5,034 |
|
|
|
6,591 |
|
Change in fair value of
warrant liabilities |
|
|
- |
|
|
|
(1,301 |
) |
|
|
(9,894 |
) |
|
|
9,894 |
|
Other income, net |
|
|
(19 |
) |
|
|
(32 |
) |
|
|
(88 |
) |
|
|
(117 |
) |
Other adjustments1 |
|
|
1,934 |
|
|
|
963 |
|
|
|
5,652 |
|
|
|
3,487 |
|
Adjusted EBITDA |
|
$ |
36,289 |
|
|
$ |
28,285 |
|
|
$ |
118,577 |
|
|
$ |
104,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Concrete
Pumping |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
2,769 |
|
|
$ |
798 |
|
|
$ |
6,541 |
|
|
$ |
(10,959 |
) |
Interest expense, net |
|
|
6,089 |
|
|
|
5,313 |
|
|
|
22,968 |
|
|
|
22,031 |
|
Income tax expense
(benefit) |
|
|
2,207 |
|
|
|
1,469 |
|
|
|
2,465 |
|
|
|
(956 |
) |
Depreciation and
amortization |
|
|
10,689 |
|
|
|
9,496 |
|
|
|
40,304 |
|
|
|
37,381 |
|
EBITDA |
|
|
21,754 |
|
|
|
17,076 |
|
|
|
72,278 |
|
|
|
47,497 |
|
Transaction expenses |
|
|
259 |
|
|
|
117 |
|
|
|
318 |
|
|
|
312 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,510 |
|
Stock based compensation |
|
|
870 |
|
|
|
1,311 |
|
|
|
5,034 |
|
|
|
6,591 |
|
Other income, net |
|
|
(6 |
) |
|
|
- |
|
|
|
(49 |
) |
|
|
(42 |
) |
Other adjustments1 |
|
|
483 |
|
|
|
(409 |
) |
|
|
(58 |
) |
|
|
(1,777 |
) |
Adjusted EBITDA |
|
$ |
23,360 |
|
|
$ |
18,095 |
|
|
$ |
77,523 |
|
|
$ |
68,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.K.
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,722 |
|
|
$ |
(1,281 |
) |
|
$ |
2,080 |
|
|
$ |
(1,028 |
) |
Interest expense, net |
|
|
676 |
|
|
|
794 |
|
|
|
2,923 |
|
|
|
3,159 |
|
Income tax expense
(benefit) |
|
|
(252 |
) |
|
|
1,707 |
|
|
|
(130 |
) |
|
|
1,759 |
|
Depreciation and
amortization |
|
|
1,817 |
|
|
|
2,114 |
|
|
|
7,709 |
|
|
|
8,238 |
|
EBITDA |
|
|
3,963 |
|
|
|
3,334 |
|
|
|
12,582 |
|
|
|
12,128 |
|
Transaction expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other income, net |
|
|
(4 |
) |
|
|
(15 |
) |
|
|
(15 |
) |
|
|
(53 |
) |
Other adjustments |
|
|
741 |
|
|
|
872 |
|
|
|
3,150 |
|
|
|
3,264 |
|
Adjusted EBITDA |
|
$ |
4,700 |
|
|
$ |
4,191 |
|
|
$ |
15,717 |
|
|
$ |
15,339 |
|
U.S. Concrete Waste Management Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,693 |
|
|
$ |
2,218 |
|
|
$ |
8,898 |
|
|
$ |
5,500 |
|
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Income tax expense |
|
|
971 |
|
|
|
276 |
|
|
|
2,803 |
|
|
|
1,486 |
|
Depreciation and
amortization |
|
|
2,240 |
|
|
|
2,397 |
|
|
|
8,601 |
|
|
|
9,447 |
|
EBITDA |
|
|
6,904 |
|
|
|
4,891 |
|
|
|
20,302 |
|
|
|
16,433 |
|
Transaction expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other income, net |
|
|
(9 |
) |
|
|
(17 |
) |
|
|
(24 |
) |
|
|
(22 |
) |
Other adjustments |
|
|
710 |
|
|
|
500 |
|
|
|
2,560 |
|
|
|
2,000 |
|
Adjusted EBITDA |
|
$ |
7,605 |
|
|
$ |
5,374 |
|
|
$ |
22,838 |
|
|
$ |
18,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
348 |
|
|
$ |
1,697 |
|
|
$ |
11,157 |
|
|
$ |
(8,586 |
) |
Interest expense, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Income tax expense |
|
|
65 |
|
|
|
16 |
|
|
|
388 |
|
|
|
353 |
|
Depreciation and
amortization |
|
|
211 |
|
|
|
213 |
|
|
|
848 |
|
|
|
840 |
|
EBITDA |
|
|
624 |
|
|
|
1,926 |
|
|
|
12,393 |
|
|
|
(7,393 |
) |
Transaction expenses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in fair value of
warrant liabilities |
|
|
- |
|
|
|
(1,301 |
) |
|
|
(9,894 |
) |
|
|
9,894 |
|
Other income, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other adjustments1 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
624 |
|
|
$ |
625 |
|
|
$ |
2,499 |
|
|
$ |
2,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Other adjustments includes the adjustment for
warrant liabilities revaluation, restructuring costs, director
costs, public company expense, extraordinary expenses and gain/loss
on currency transactions. Starting in the first quarter of fiscal
2023, we will modify the method in which Adjusted EBITDA is
calculated by no longer including in "Other adjustments" an
add-back for director costs (which were $2.0 million in 2022 and
$2.4 million in 2021) or expenses related to being a
publicly-traded company (which were $0.5 million in both 2022 and
2021).
Concrete Pumping Holdings,
Inc.Reconciliation of Net Debt
|
|
October 31, |
|
|
January 31, |
|
|
April 30, |
|
|
July 31, |
|
|
October 31, |
|
|
Change in Net Debt |
|
(in thousands) |
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
Q4'21 to Q4 '22 |
|
|
YoY |
|
Senior Notes |
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
- |
|
|
|
- |
|
Revolving loan draws
outstanding |
|
|
990 |
|
|
|
16,208 |
|
|
|
29,867 |
|
|
|
16,884 |
|
|
|
52,133 |
|
|
|
35,249 |
|
|
|
51,143 |
|
Less: Cash |
|
|
(9,298 |
) |
|
|
(2,787 |
) |
|
|
(2,670 |
) |
|
|
(2,445 |
) |
|
|
(7,482 |
) |
|
|
(5,037 |
) |
|
|
1,816 |
|
Net debt |
|
|
366,692 |
|
|
|
388,421 |
|
|
|
402,197 |
|
|
|
389,439 |
|
|
|
419,652 |
|
|
|
30,213 |
|
|
|
52,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Concrete Pumping (NASDAQ:BBCP)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Concrete Pumping (NASDAQ:BBCP)
Storico
Da Giu 2023 a Giu 2024