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, 2023.
First Quarter Fiscal Year 2023
Highlights vs. First Quarter of Fiscal Year 2022 (where
applicable)
|
● |
Revenue increased 10% to $93.6 million compared to $85.4
million. |
|
● |
Gross profit increased 7% to $36.5 million compared to $34.1
million. |
|
● |
Income from operations increased 27% to $9.4 million compared to
$7.4 million. |
|
● |
Net income increased to $6.5 million compared to $1.2 million. |
|
● |
Net income attributable to common shareholders increased to $6.0
million or $0.11 per diluted share, compared to $0.7 million or
$0.01 per diluted share. |
|
● |
Adjusted EBITDA1 increased 7% to $25.0 million compared to $23.3
million, with Adjusted EBITDA margin1 at 26.8% compared to
27.3%. |
|
● |
Amounts outstanding under debt
agreements were $425.2 million with net debt1 of $421.2 million.
Total available liquidity was $110.2 million as of January 31,
2023, compared to $111.2 million as of October 31, 2022. |
Management Commentary
“The strength of our business was once again on
display in our first quarter,” said Bruce Young, CEO of Concrete
Pumping Holdings. “Double-digit top and bottom-line growth, and
expansion in every segment, drove another record quarter. Within
our U.S. concrete pumping business, we continued to expand market
share in the commercial and infrastructure end markets. Eco-Pan had
an especially strong quarter with a 32% increase in revenue as we
continued to leverage the organic growth in our operations network
supported by our expanded salesforce. In the U.K., we delivered
organic revenue improvement as the region continues to benefit from
commercial and infrastructure development.
"In February, we continued to execute upon our
M&A strategy to enhance our geographic footprint by
acquiring the assets of Cherokee Pumping, Inc. and Cherokee
Materials, LLC, both headquartered in Atlanta, Georgia for $6.3
million. We believe that these acquisitions fit our criteria of
high-returning capital investments that will position us well to
expand revenue and margins over time.
“As we look to the future, we anticipate
continued strength in the commercial and infrastructure end
markets, while also proactively seeking opportunities in the
residential end market given uncertain macroeconomic conditions.
The focus remains on maximizing shareholder value by leveraging our
unique operational capabilities, high-value service offering, and
opportunistic, accretive M&A.”
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. As of the
first quarter of fiscal 2023, adjusted EBITDA no longer includes an
add-back for director costs and public company expenses.
First Quarter Fiscal Year 2023 Financial
Results
Revenue in the first quarter of fiscal year 2023
increased 10% to $93.6 million compared to $85.4 million in the
first quarter of fiscal year 2022. The increase was attributable to
strong growth across each of the Company’s segments as a result of
organic growth from some regionally higher volumes and improved
pricing, as well as the acquisition of Coastal Carolina Pumping in
August 2022.
Gross profit in the first quarter of fiscal year
2023 increased 7% to $36.5 million compared to $34.1 million in the
prior year quarter. Gross margin was 39.0% compared to 39.9% in the
prior year quarter as higher input costs, particularly in diesel
fuel and the severe winter weather impacts on operating leverage,
more than offset price improvements.
Excluding amortization of intangible assets of
$4.8 million, depreciation expense of $0.6 million and stock-based
compensation expense of $1.1 million, G&A expenses were $20.5
million (21.9% of revenue) for the fiscal 2023 first quarter, up
$1.6 million from $18.9 million (22.2% of revenue) for fiscal 2022
first quarter. The increase was primarily due to higher (1) labor
costs from recent acquisitions and (2) legal and accounting costs
that were partially offset by fluctuations in the GBP.
During the three-month period ended January 31,
2023, the Company recognized a $4.6 million gain on the fair value
remeasurement of its liability-classified warrants. There was no
change in the fair value remeasurement of its liability-classified
warrants during the first quarter of fiscal 2022. The
changes in the fair value remeasurement of the public warrants
for all periods presented are primarily driven by changes in the
public trading price of the warrants during the respective
periods.
Net income increased to $6.5 million compared to
$1.2 million. Net income attributable to common shareholders in the
first quarter of fiscal year 2022 increased to $6.0 million, or
$0.11 per diluted share, compared to net income attributable
to common shareholders of $0.7 million, or $0.01 per diluted share,
in the prior year quarter.
Adjusted EBITDA in the first quarter of fiscal
year 2022 increased 7% to $25.0 million compared to $23.3 million
in the prior year quarter. Adjusted EBITDA margin declined slightly
to 26.8% compared to 27.3% in the prior year quarter.
Liquidity
On January 31, 2023, the Company had debt
outstanding of $425.2 million, net debt of $421.2 million and total
available liquidity of $110.2 million.
Segment Results
U.S. Concrete
Pumping. Revenue in the first quarter of fiscal year
2023 increased 7% to $67.2 million compared to $63.1 million in the
prior year quarter. The increase was primarily due to revenue
contribution in the first quarter of 2023 from the Coastal
acquisition. Net loss in the first quarter of fiscal year 2023
was $1.1 million compared to a net loss of $0.7 million in the
prior year quarter. Adjusted EBITDA increased 1% to $14.7 million
in the first quarter of fiscal year 2023 compared to $14.5 million
in the prior year quarter.
U.K. Operations. Revenue
in the first quarter of fiscal year 2023 increased 6% to $12.7
million compared to $12.0 million in the prior year quarter.
Excluding the impact from foreign currency translation, revenue was
up 18% year-over-year. The increase in revenue was primarily
attributable to rate per job increases across the region. Net loss
in the first quarter of fiscal year 2023 improved to $0.1 million
compared to a net loss of $0.2 million in the prior year quarter.
Adjusted EBITDA was $3.2 million in the first quarter of fiscal
year 2023 compared to $3.3 million in the prior year quarter.
U.S. Concrete Waste Management
Services. Revenue in the first quarter of fiscal year 2023
increased 32% to $13.8 million compared to $10.5 million in the
prior year quarter. The increase was primarily due to organic
growth and pricing improvements. Net income in the first quarter of
fiscal year 2023 increased 61% to $2.8 million compared to $1.7
million in the prior year quarter. Adjusted EBITDA in the first
quarter of fiscal year 2023 increased 33% to $6.5 million compared
to $4.9 million in the prior year quarter.
Fiscal Year 2023 Outlook
The Company continues to expect 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.
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 first quarter 2023 results.
Date: Thursday, March 9, 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: 13736571
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
1-949-574-3860.
The conference call will be broadcast live and available for
replay at
(https://viavid.webcasts.com/starthere.jsp?ei=1599863&tp_key=1493e5eef1)
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 15, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 13736571
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, 2023, the Company provided concrete pumping
services in the U.S. from a footprint of approximately 100 branch
locations across approximately 20 states, concrete pumping services
in the U.K. from approximately 30 branch locations, and route-based
concrete waste management services from 18 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 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,
extraordinary expenses and gain/loss on currency transactions. As
of the first quarter of fiscal 2023, we have 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 first quarter of fiscal 2022 is restated by $0.7
million for these expenses to reflect this change. 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 |
|
|
January 31, |
|
|
October 31, |
|
(in thousands, except per
share amounts) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,049 |
|
|
$ |
7,482 |
|
Trade receivables, net |
|
|
53,020 |
|
|
|
62,882 |
|
Inventory, net |
|
|
6,593 |
|
|
|
5,532 |
|
Income taxes receivable |
|
|
109 |
|
|
|
485 |
|
Prepaid expenses and other current assets |
|
|
12,516 |
|
|
|
5,175 |
|
Total current assets |
|
|
76,287 |
|
|
|
81,556 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
|
422,800 |
|
|
|
419,377 |
|
Intangible assets, net |
|
|
133,681 |
|
|
|
137,754 |
|
Goodwill |
|
|
221,905 |
|
|
|
220,245 |
|
Right-of-use operating lease
assets |
|
|
23,796 |
|
|
|
24,833 |
|
Other non-current assets |
|
|
2,029 |
|
|
|
2,026 |
|
Deferred financing costs |
|
|
1,567 |
|
|
|
1,698 |
|
Total assets |
|
$ |
882,065 |
|
|
$ |
887,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Revolving loan |
|
$ |
50,247 |
|
|
$ |
52,133 |
|
Operating lease obligations, current portion |
|
|
4,741 |
|
|
|
4,001 |
|
Finance lease obligations, current portion |
|
|
111 |
|
|
|
109 |
|
Accounts payable |
|
|
5,745 |
|
|
|
8,362 |
|
Accrued payroll and payroll expenses |
|
|
11,430 |
|
|
|
13,341 |
|
Accrued expenses and other current liabilities |
|
|
30,083 |
|
|
|
32,156 |
|
Income taxes payable |
|
|
559 |
|
|
|
178 |
|
Total current liabilities |
|
|
102,916 |
|
|
|
110,280 |
|
|
|
|
|
|
|
|
|
|
Long term debt, net of
discount for deferred financing costs |
|
|
370,824 |
|
|
|
370,476 |
|
Operating lease obligations,
non-current |
|
|
19,284 |
|
|
|
20,984 |
|
Finance lease obligations,
non-current |
|
|
140 |
|
|
|
169 |
|
Deferred income taxes |
|
|
74,930 |
|
|
|
74,223 |
|
Warrant liability |
|
|
2,473 |
|
|
|
7,030 |
|
Total liabilities |
|
|
570,567 |
|
|
|
583,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zero-dividend convertible
perpetual preferred stock, $0.0001 par value, 2,450,980 shares
issued and outstanding as of January 31, 2023 and October 31,
2022 |
|
|
25,000 |
|
|
|
25,000 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value, 500,000,000 shares authorized,
55,407,330 and 56,226,191 issued and outstanding as of January 31,
2023 and October 31, 2022, respectively |
|
|
6 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
380,535 |
|
|
|
379,395 |
|
Treasury stock |
|
|
(10,105 |
) |
|
|
(4,609 |
) |
Accumulated other comprehensive loss |
|
|
(4,176 |
) |
|
|
(9,228 |
) |
Accumulated deficit |
|
|
(79,762 |
) |
|
|
(86,237 |
) |
Total stockholders' equity |
|
|
286,498 |
|
|
|
279,327 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
882,065 |
|
|
$ |
887,489 |
|
Concrete Pumping
Holdings, Inc. |
Consolidated
Statements of Operations |
|
|
Three Months Ended January 31, |
|
(in thousands, except share
and per share amounts) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
93,575 |
|
|
$ |
85,448 |
|
Cost of operations |
|
|
57,121 |
|
|
|
51,321 |
|
Gross profit |
|
|
36,454 |
|
|
|
34,127 |
|
Gross margin |
|
|
39.0 |
% |
|
|
39.9 |
% |
|
|
|
|
|
|
|
|
|
General and administrative
expenses |
|
|
27,038 |
|
|
|
26,721 |
|
Transaction costs |
|
|
3 |
|
|
|
21 |
|
Income from operations |
|
|
9,413 |
|
|
|
7,385 |
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(6,871 |
) |
|
|
(6,261 |
) |
Change in fair value of
warrant liabilities |
|
|
4,556 |
|
|
|
- |
|
Other income, net |
|
|
21 |
|
|
|
37 |
|
Income (loss) before income taxes |
|
|
7,119 |
|
|
|
1,161 |
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit) |
|
|
644 |
|
|
|
(22 |
) |
Net income (loss) |
|
|
6,475 |
|
|
|
1,183 |
|
|
|
|
|
|
|
|
|
|
Less preferred shares
dividends |
|
|
(441 |
) |
|
|
(441 |
) |
|
|
|
|
|
|
|
|
|
Income (loss) available to common
shareholders |
|
$ |
6,034 |
|
|
$ |
742 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
53,601,707 |
|
|
|
53,667,290 |
|
Diluted |
|
|
54,457,125 |
|
|
|
54,712,478 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
Diluted |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
Concrete Pumping
Holdings, Inc. |
Consolidated
Statements of Cash Flows |
|
|
For the Three Months Ended January 31, |
|
(in thousands, except per
share amounts) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,475 |
|
|
$ |
1,183 |
|
Adjustments to reconcile net
income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Non-cash operating lease expense |
|
|
1,113 |
|
|
|
893 |
|
Foreign currency adjustments |
|
|
(816 |
) |
|
|
- |
|
Depreciation |
|
|
9,654 |
|
|
|
8,341 |
|
Deferred income taxes |
|
|
129 |
|
|
|
(175 |
) |
Amortization of deferred financing costs |
|
|
479 |
|
|
|
458 |
|
Amortization of intangible assets |
|
|
4,795 |
|
|
|
5,739 |
|
Stock-based compensation expense |
|
|
1,140 |
|
|
|
1,480 |
|
Change in fair value of warrant liabilities |
|
|
(4,556 |
) |
|
|
- |
|
Net gain on the sale of property, plant and equipment |
|
|
(578 |
) |
|
|
(444 |
) |
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables, net |
|
|
10,415 |
|
|
|
676 |
|
Inventory |
|
|
(957 |
) |
|
|
(265 |
) |
Prepaid expenses and other assets |
|
|
(7,256 |
) |
|
|
(6,265 |
) |
Accounts payable |
|
|
(3,997 |
) |
|
|
(3,460 |
) |
Accrued payroll, accrued expenses and other liabilities |
|
|
1,876 |
|
|
|
5,027 |
|
Net cash provided by operating activities |
|
|
17,916 |
|
|
|
13,188 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(17,120 |
) |
|
|
(35,431 |
) |
Proceeds from sale of property, plant and equipment |
|
|
2,333 |
|
|
|
1,950 |
|
Purchases of intangible assets |
|
|
- |
|
|
|
(1,050 |
) |
Net cash used in investing activities |
|
|
(14,787 |
) |
|
|
(34,531 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds on revolving loan |
|
|
83,812 |
|
|
|
92,164 |
|
Payments on revolving loan |
|
|
(84,980 |
) |
|
|
(76,928 |
) |
Payments on finance lease obligations |
|
|
(26 |
) |
|
|
(25 |
) |
Purchase of treasury stock |
|
|
(5,495 |
) |
|
|
(534 |
) |
Proceeds on exercise of options |
|
|
(6,689 |
) |
|
|
14,677 |
|
Effect of foreign currency exchange rate on cash |
|
|
127 |
|
|
|
155 |
|
Net decrease in cash and cash equivalents |
|
|
(3,433 |
) |
|
|
(6,511 |
) |
Cash and cash
equivalents: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
7,482 |
|
|
|
9,298 |
|
End of period |
|
$ |
4,049 |
|
|
$ |
2,787 |
|
Concrete Pumping
Holdings, Inc. |
Segment
Revenue |
|
|
Three Months Ended January 31, |
|
|
Change |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
|
|
|
|
$% |
|
U.S. Concrete Pumping |
|
|
67,187 |
|
|
$ |
63,069 |
|
|
$ |
4,118 |
|
|
|
6.5 |
% |
U.K. Operations |
|
|
12,708 |
|
|
|
12,022 |
|
|
|
686 |
|
|
|
5.7 |
% |
U.S. Concrete Waste Management
Services |
|
|
13,773 |
|
|
|
10,457 |
|
|
|
3,316 |
|
|
|
31.7 |
% |
Corporate |
|
|
625 |
|
|
|
625 |
|
|
|
- |
|
|
|
0.0 |
% |
Intersegment |
|
|
(718 |
) |
|
|
(725 |
) |
|
|
7 |
|
|
|
-1.0 |
% |
Total Revenue |
|
$ |
93,575 |
|
|
$ |
85,448 |
|
|
$ |
8,127 |
|
|
|
9.5 |
% |
Concrete Pumping
Holdings, Inc. |
Segment Adjusted
EBITDA and Net Income (Loss) |
|
|
Net Income (Loss) |
|
|
Adjusted EBITDA |
|
|
|
Three Months Ended January 31, |
|
|
Three Months Ended January 31, |
|
|
|
|
|
|
|
|
|
(in thousands, except
percentages) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
U.S. Concrete Pumping |
|
$ |
(1,100 |
) |
|
$ |
(701 |
) |
|
$ |
14,688 |
|
|
$ |
14,496 |
|
|
$ |
192 |
|
|
|
1.3 |
% |
U.K. Operations |
|
|
(100 |
) |
|
|
(172 |
) |
|
|
3,186 |
|
|
|
3,287 |
|
|
|
(101 |
) |
|
|
-3.1 |
% |
U.S. Concrete Waste Management
Services |
|
|
2,812 |
|
|
|
1,749 |
|
|
|
6,547 |
|
|
|
4,911 |
|
|
|
1,636 |
|
|
|
33.3 |
% |
Corporate |
|
|
4,863 |
|
|
|
307 |
|
|
|
625 |
|
|
|
625 |
|
|
|
- |
|
|
|
0.0 |
% |
Total |
|
$ |
6,475 |
|
|
$ |
1,183 |
|
|
$ |
25,046 |
|
|
$ |
23,319 |
|
|
$ |
1,727 |
|
|
|
7.4 |
% |
Concrete Pumping
Holdings, Inc. |
Quarterly Financial
Performance |
(dollars in millions) |
|
Revenue |
|
|
Net Income (Loss) |
|
|
Adjusted EBITDA1 |
|
|
Capital Expenditures2 |
|
|
Adjusted EBITDA less Capital Expenditures |
|
|
Earnings Per Diluted Share |
|
Q1 2022 |
|
$ |
85 |
|
|
$ |
1 |
|
|
$ |
23 |
|
|
$ |
35 |
|
|
$ |
(12 |
) |
|
$ |
0.01 |
|
Q2 2022 |
|
$ |
96 |
|
|
$ |
6 |
|
|
$ |
27 |
|
|
$ |
22 |
|
|
$ |
5 |
|
|
$ |
0.10 |
|
Q3 2022 |
|
$ |
105 |
|
|
$ |
13 |
|
|
$ |
30 |
|
|
$ |
19 |
|
|
$ |
11 |
|
|
$ |
0.22 |
|
Q4 2022 |
|
$ |
115 |
|
|
$ |
9 |
|
|
$ |
36 |
|
|
$ |
48 |
|
|
$ |
(12 |
) |
|
$ |
0.14 |
|
Q1 2023 |
|
$ |
94 |
|
|
$ |
6 |
|
|
$ |
25 |
|
|
$ |
15 |
|
|
$ |
10 |
|
|
$ |
0.11 |
|
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” for a
discussion of the definition of the measure and below for a
reconciliation of the current period such measure to its most
comparable GAAP measure.2 Information on M&A or growth
investments included in capital expenditures have been included for
relevant quarters below:
*Q1 2023 capex includes approximately $3 million growth
investment.*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 January 31, |
|
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
Consolidated |
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,475 |
|
|
$ |
1,183 |
|
Interest expense, net |
|
|
6,871 |
|
|
|
6,261 |
|
Income tax expense
(benefit) |
|
|
644 |
|
|
|
(22 |
) |
Depreciation and
amortization |
|
|
14,449 |
|
|
|
14,080 |
|
EBITDA |
|
|
28,439 |
|
|
|
21,502 |
|
Transaction expenses |
|
|
3 |
|
|
|
21 |
|
Stock based compensation |
|
|
1,140 |
|
|
|
1,480 |
|
Change in fair value of
warrant liabilities |
|
|
(4,556 |
) |
|
|
- |
|
Other income, net |
|
|
(21 |
) |
|
|
(37 |
) |
Other adjustments1 |
|
|
41 |
|
|
|
353 |
|
Adjusted EBITDA |
|
$ |
25,046 |
|
|
$ |
23,319 |
|
|
|
|
|
|
|
|
|
|
U.S. Concrete
Pumping |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,100 |
) |
|
$ |
(701 |
) |
Interest expense, net |
|
|
6,178 |
|
|
|
5,483 |
|
Income tax benefit |
|
|
(389 |
) |
|
|
(639 |
) |
Depreciation and
amortization |
|
|
10,374 |
|
|
|
9,808 |
|
EBITDA |
|
|
15,063 |
|
|
|
13,951 |
|
Transaction expenses |
|
|
3 |
|
|
|
21 |
|
Stock based compensation |
|
|
1,140 |
|
|
|
1,480 |
|
Other income, net |
|
|
(10 |
) |
|
|
(29 |
) |
Other adjustments1 |
|
|
(1,508 |
) |
|
|
(927 |
) |
Adjusted EBITDA |
|
$ |
14,688 |
|
|
$ |
14,496 |
|
|
|
|
|
|
|
|
|
|
U.K.
Operations |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(100 |
) |
|
$ |
(172 |
) |
Interest expense, net |
|
|
693 |
|
|
|
778 |
|
Income tax benefit |
|
|
(40 |
) |
|
|
(82 |
) |
Depreciation and
amortization |
|
|
1,827 |
|
|
|
1,985 |
|
EBITDA |
|
|
2,380 |
|
|
|
2,509 |
|
Other income, net |
|
|
(6 |
) |
|
|
(2 |
) |
Other adjustments |
|
|
812 |
|
|
|
780 |
|
Adjusted EBITDA |
|
$ |
3,186 |
|
|
$ |
3,287 |
|
1 Other adjustments include the adjustment for warrant
liabilities revaluation, restructuring costs, extraordinary
expenses and gain/loss on currency transactions. As of the first
quarter of fiscal 2023, we have 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 first quarter of 2022 has been recast by $0.7 million for these
expenses to reflect this change.
|
|
Three Months Ended January 31, |
|
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
U.S. Concrete Waste Management Services |
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,812 |
|
|
$ |
1,749 |
|
Income tax expense |
|
|
968 |
|
|
|
594 |
|
Depreciation and
amortization |
|
|
2,035 |
|
|
|
2,074 |
|
EBITDA |
|
|
5,815 |
|
|
|
4,417 |
|
Other income, net |
|
|
(5 |
) |
|
|
(6 |
) |
Other adjustments |
|
|
737 |
|
|
|
500 |
|
Adjusted EBITDA |
|
$ |
6,547 |
|
|
$ |
4,911 |
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
|
|
|
|
|
|
Net income |
|
$ |
4,863 |
|
|
$ |
307 |
|
Income tax expense |
|
|
105 |
|
|
|
105 |
|
Depreciation and
amortization |
|
|
213 |
|
|
|
213 |
|
EBITDA |
|
|
5,181 |
|
|
|
625 |
|
Change in fair value of
warrant liabilities |
|
|
(4,556 |
) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
625 |
|
|
$ |
625 |
|
Concrete Pumping
Holdings, Inc. |
Reconciliation of Net
Debt |
|
|
January 31, |
|
|
April 30, |
|
|
July 31, |
|
|
October 31, |
|
|
January 31, |
|
(in thousands) |
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2023 |
|
Senior Notes |
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
|
|
375,000 |
|
Revolving loan draws
outstanding |
|
|
16,208 |
|
|
|
29,867 |
|
|
|
16,884 |
|
|
|
52,133 |
|
|
|
50,247 |
|
Less: Cash |
|
|
(2,787 |
) |
|
|
(2,670 |
) |
|
|
(2,445 |
) |
|
|
(7,482 |
) |
|
|
(4,049 |
) |
Net debt |
|
|
388,421 |
|
|
|
402,197 |
|
|
|
389,439 |
|
|
|
419,650 |
|
|
|
421,198 |
|
Concrete Pumping
Holdings, Inc. |
Reconciliation of
Historical Adjusted EBITDA |
(dollars in thousands) |
|
Q1 2022 |
|
|
Q2 2022 |
|
|
Q3 2022 |
|
|
Q4 2022 |
|
|
Q1 2023 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,183 |
|
|
$ |
5,985 |
|
|
$ |
12,976 |
|
|
$ |
8,532 |
|
|
$ |
6,475 |
|
Interest expense, net |
|
|
6,261 |
|
|
|
6,346 |
|
|
|
6,517 |
|
|
|
6,765 |
|
|
|
6,871 |
|
Income tax expense
(benefit) |
|
|
(22 |
) |
|
|
527 |
|
|
|
2,030 |
|
|
|
2,991 |
|
|
|
644 |
|
Depreciation and
amortization |
|
|
14,080 |
|
|
|
14,236 |
|
|
|
14,190 |
|
|
|
14,957 |
|
|
|
14,449 |
|
EBITDA |
|
|
21,502 |
|
|
|
27,094 |
|
|
|
35,713 |
|
|
|
33,245 |
|
|
|
28,439 |
|
Transaction expenses |
|
|
21 |
|
|
|
20 |
|
|
|
20 |
|
|
|
259 |
|
|
|
3 |
|
Stock based compensation |
|
|
1,480 |
|
|
|
1,351 |
|
|
|
1,333 |
|
|
|
870 |
|
|
|
1,140 |
|
Change in fair value of
warrant liabilities |
|
|
- |
|
|
|
(2,474 |
) |
|
|
(7,420 |
) |
|
|
- |
|
|
|
(4,556 |
) |
Other expense (income) |
|
|
(37 |
) |
|
|
(13 |
) |
|
|
(16 |
) |
|
|
(19 |
) |
|
|
(21 |
) |
Other adjustments1 |
|
|
353 |
|
|
|
1,080 |
|
|
|
407 |
|
|
|
1,292 |
|
|
|
41 |
|
Adjusted EBITDA |
|
$ |
23,319 |
|
|
$ |
27,058 |
|
|
$ |
30,037 |
|
|
$ |
35,647 |
|
|
$ |
25,046 |
|
1 See note above.
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