• Concrete Pumping Holdings Reports First Quarter Fiscal Year 2022 Results

    Источник: Nasdaq GlobeNewswire / 10 мар 2022 15:05:02   America/Chicago

    DENVER, March 10, 2022 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the quarter ended January 31, 2022.

    First Quarter Fiscal Year 2022 Summary vs. First Quarter Fiscal Year 2021 (unless otherwise noted)

    • Revenue increased 21.3% to $85.4 million compared to $70.4 million.
    • Gross margin was 39.9% compared to 42.4%.
    • Net income available to common shareholders increased to $0.7 million or $0.01 per diluted share, compared to a net loss attributable to common shareholders of $(12.8) million or $(0.24) per diluted share.
    • Adjusted EBITDA1 increased 7.3% to $24.0 million compared to $22.4 million, with Adjusted EBITDA margin of 28.1% compared to 31.7%.
    • Amounts outstanding under debt agreements was $391.2 million with net debt1 of $388.4 million. Total available liquidity was $108.0 million as of January 31, 2022, compared to $129.9 million as of October 31, 2021.
      • 2022 first quarter included growth investments of $19.2 million related to recent acquisition of the assets of Pioneer Concrete Pumping.

    Management Commentary

    “During the first quarter, we improved revenue across all segments more than 20%, further highlighting the strength and momentum of our business,” said Bruce Young, CEO of the Company. “Our residential and infrastructure work continued to drive the bulk of the outperformance and it is encouraging to see the recovery of commercial projects as the pandemic wanes and people return to work. Similar to last quarter, rapid year-over-year inflation, particularly in diesel fuel, impacted our gross margin. However, our team has done a good job recalibrating our rates and we believe we are well positioned to offset such inflationary headwinds in 2022.

    “As we look further into fiscal year 2022, we expect to take full advantage of strong residential and infrastructure end markets, while remaining proactive on opportunities in the rebounding commercial space. We remain committed to maximizing shareholder value by leveraging our unique operational capabilities, market momentum and accretive M&A strategy.”

    _______________
    1 Adjusted EBITDA 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 definition of the non-GAAP financial measures used in this release and a reconciliation to the most comparable GAAP measure.

    First Quarter Fiscal Year 2022 Financial Results

    Revenue in the first quarter of fiscal year 2022 increased 21.3% to $85.4 million compared to $70.4 million in the first quarter of fiscal year 2021. The increase was primarily attributable to double-digit growth across each of the Company’s segments. Excluding the revenue contribution from the acquisitions of Hi-Tech Concrete Pumping Services ("Hi-Tech") of $2.6 million and Pioneer Concrete Pumping Service, Inc. ("Pioneer") of $4.1 million in September and November 2021, respectively, organic revenue for the quarter increased 11.8% to $78.7 million.

    Gross profit in the first quarter of fiscal year 2022 increased 14.3% to $34.1 million compared to $29.9 million in the first quarter of fiscal year 2021. Gross margin was 39.9% compared to 42.4% in the prior year quarter due to inflationary pressures, primarily in diesel fuel.

    G&A expenses for the fiscal 2022 first quarter were $26.7 million compared to $22.4 million in the first quarter of 2021. As a percentage of revenue, G&A expenses improved to 31.3% in the first quarter of 2022 compared to 31.8% in the first quarter of 2021.

    Net income available to common shareholders in the first quarter of 2022 improved to $0.7 million or $0.01 per diluted share, compared to a net loss of $(12.8) million or $(0.24) per diluted share in the prior year quarter. In the first quarter of 2021, net loss included a $15.5 million loss on extinguishment of debt relating to the January 2021 refinancing.

    Adjusted EBITDA in the first quarter of fiscal year 2022 was $24.0 million compared to $22.4 million in the first quarter of fiscal year 2021. Adjusted EBITDA margin was 28.1% compared to 31.7% in the prior year quarter, with the slight decline primarily attributable to inflationary pressures.

    Liquidity

    On January 31, 2022, the Company had debt outstanding of $391.2 million, net debt of $388.4 million and total available liquidity of $108.0 million.

    Segment Results

    U.S. Concrete Pumping. Revenue in the first quarter of fiscal 2022 increased 20.6% to $63.1 million compared to $52.3 million in the year-ago quarter. The improvement was primarily driven by recent acquisitions and increases in the rate per billed hour charge in a number of our markets. Excluding the acquisitions of Hi-Tech of $2.6 million and Pioneer of $4.1 million, revenue for the first quarter of fiscal 2022 increased 8% to $56.4 million. Net loss in the first quarter of fiscal 2022 improved to $(0.7) million compared to a net loss of $(12.7) million in the prior year quarter. Adjusted EBITDA in the first quarter of fiscal 2022 was $15.2 million compared to $15.3 million in the year-ago quarter.

    U.K. Operations. Revenue in the first quarter of fiscal 2022 grew 22.9% to $12.0 million compared to $9.8 million in the year-ago quarter. The increase was largely attributable to organic volume growth from COVID-19 recovery tailwinds and an improvement in the rate per job charged across the U.K. region. Net loss in the first quarter of fiscal 2022 improved to $(0.2) million compared to a net loss of $(0.5) million in the prior year first quarter. Adjusted EBITDA in the first quarter of fiscal 2022 improved 20% to $3.3 million compared to $2.7 million in the year-ago quarter.

    U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal 2022 increased 24.2% to $10.5 million compared to $8.4 million in the year-ago quarter. The double-digit improvement was a result of organic growth, rate improvements, and pandemic recovery trends. Net income in the first quarter of fiscal 2022 improved to $1.7 million from net income of $0.6 million in the prior year first quarter. Adjusted EBITDA in the first quarter of fiscal 2022 increased 32.7% to $4.9 million compared to $3.7 million in the year-ago quarter.

    Fiscal Year 2022 Outlook

    The Company continues to expect fiscal year 2022 revenue to range between $360.0 million to $370.0 million, Adjusted EBITDA to range between $115.0 million to $120.0 million, and free cash flow2 to range between $55.0 million and $60.0 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 2022 results.

    Date: Thursday, March 10, 2022
    Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
    Toll-free dial-in number: 1-877-407-9039
    International dial-in number: 1-201-689-8470
    Conference ID: 13727191

    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 31, 2022.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 13727191

    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, 2022, the Company provided concrete pumping services in the U.S. from a footprint of approximately 95 locations across 19 states, concrete pumping services in the U.K. from approximately 30 locations, and route-based concrete waste management services from 17 locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

    ForwardLooking Statements

    This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2022 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 impacts of recent inflationary pressures, global economic conditions and events elated to these conditions, such as military hostilities commenced by Russia in Ukraine and the COVID-19 pandemic; 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 realize the expected benefits from the acquisitions of the assets of Hi-Tech Concrete Pumping Services and Pioneer Concrete Pumping Service; 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

    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 provided to 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. Adjusted EBITDA is not pro forma for acquisitions. 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 senior notes 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. Replacement capital expenditures are investments in replacing existing equipment. 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 Humphries
    Chief Financial Officer
    1-303-289-7497
    Investor Relations:
    Gateway Investor Relations
    Cody Slach
    1-949-574-3860
    BBCP@gatewayir.com  
      

    Concrete Pumping Holdings, Inc.
    Consolidated Balance Sheets

      January 31,  October 31, 
    (in thousands, except per share amounts) 2022  2021 
             
    Current assets:        
    Cash and cash equivalents $2,787  $9,298 
    Trade receivables, net  48,203   49,034 
    Inventory  5,142   4,902 
    Income taxes receivable  314   275 
    Prepaid expenses and other current assets  10,420   4,110 
    Total current assets  66,866   67,619 
             
    Property, plant and equipment, net  357,671   337,771 
    Intangible assets, net  153,572   158,539 
    Goodwill  224,193   224,700 
    Other non-current assets  2,056   2,168 
    Deferred financing costs  1,758   1,868 
    Total assets $806,116  $792,665 
             
             
    Current liabilities:        
    Revolving loan $16,208  $990 
    Current portion of capital lease obligations  104   103 
    Accounts payable  7,462   10,706 
    Accrued payroll and payroll expenses  8,768   12,226 
    Accrued expenses and other current liabilities  28,094   23,940 
    Income taxes payable  393   274 
    Total current liabilities  61,029   48,239 
             
    Long term debt, net of discount for deferred financing costs  369,432   369,084 
    Capital lease obligations, less current portion  251   278 
    Deferred income taxes  70,215   70,566 
    Warrant liability  16,923   16,923 
    Total liabilities  517,850   505,090 
             
             
    Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2022 and October 31, 2021  25,000   25,000 
             
    Stockholders' equity        
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,700,048 and 56,564,642 issued and outstanding as of January 31, 2022 and October 31, 2021, respectively  6   6 
    Additional paid-in capital  375,754   374,272 
    Treasury stock  (995)  (461)
    Accumulated other comprehensive income  2,231   3,671 
    Accumulated deficit  (113,730)  (114,913)
    Total stockholders' equity  263,266   262,575 
             
    Total liabilities and stockholders' equity $806,116  $792,665 
             

    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Operations

      Three Months Ended January 31, 
    (in thousands, except share and per share amounts) 2022  2021 
             
    Revenue $85,448  $70,421 
    Cost of operations  51,321   40,558 
    Gross profit  34,127   29,863 
    Gross margin  39.9%  42.4%
             
    General and administrative expenses  26,721   22,388 
    Transaction costs  21   29 
    Income from operations  7,385   7,446 
             
    Interest expense, net  (6,261)  (6,900)
    Loss on extinguishment of debt  -   (15,510)
    Change in fair value of warrant liabilities  -   - 
    Other income, net  37   26 
    Income (loss) before income taxes  1,161   (14,938)
             
    Income tax benefit  (22)  (2,648)
    Net income (loss)  1,183   (12,290)
             
    Less accretion of liquidation preference on preferred stock  (441)  (507)
             
    Income (loss) available to common shareholders $742  $(12,797)
             
    Weighted average common shares outstanding        
    Basic  53,667,290   53,146,103 
    Diluted  54,712,478   53,146,103 
             
    Net income (loss) per common share        
    Basic $0.01  $(0.24)
    Diluted $0.01  $(0.24)
             

    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Cash Flows

      For the Three Months Ended January 31, 
    (in thousands, except per share amounts) 2022  2021 
             
    Net income (loss) $1,183  $(12,290)
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation  8,341   6,925 
    Deferred income taxes  (175)  (2,855)
    Amortization of deferred financing costs  458   961 
    Amortization of intangible assets  5,739   6,913 
    Stock-based compensation expense  1,480   672 
    Change in fair value of warrant liabilities  -   - 
    Loss on extinguishment of debt  -   15,510 
    Net gain on the sale of property, plant and equipment  (444)  (593)
    Net changes in operating assets and liabilities:        
    Trade receivables, net  676   5,656 
    Inventory  (265)  (10)
    Prepaid expenses and other current assets  (6,232)  (4,287)
    Income taxes payable, net  80   (512)
    Accounts payable  (3,460)  (1,157)
    Accrued payroll, accrued expenses and other current liabilities  5,807   (2,353)
    Net cash provided by operating activities  13,188   12,580 
             
    Cash flows from investing activities:        
    Purchases of property, plant and equipment  (35,431)  (9,434)
    Proceeds from sale of property, plant and equipment  1,950   1,894 
    Purchases of intangible assets  (1,050)  - 
    Net cash used in investing activities  (34,531)  (7,540)
             
    Cash flows from financing activities:        
    Proceeds on long term debt  -   375,000 
    Payments on long term debt  -   (381,206)
    Proceeds on revolving loan  92,164   80,945 
    Payments on revolving loan  (76,928)  (75,122)
    Payment of debt issuance costs  -   (8,464)
    Payments on capital lease obligations  (25)  (23)
    Purchase of treasury stock  (534)  (330)
    Net cash provided by (used in) financing activities  14,677   (9,200)
    Effect of foreign currency exchange rate on cash  155   (304)
    Net decrease in cash and cash equivalents  (6,511)  (4,463)
    Cash and cash equivalents:        
    Beginning of period  9,298   6,736 
    End of period $2,787  $2,273 
             

    Concrete Pumping Holdings, Inc.
    Segment Revenue

      Three Months Ended January 31,  Change 
    (in thousands) 2022  2021  $  % 
    U.S. Concrete Pumping  63,069  $52,316  $10,753   20.6%
    U.K. Operations  12,022   9,780   2,242   22.9%
    U.S. Concrete Waste Management Services  10,457   8,422   2,035   24.2%
    Corporate  625   625   -   0.0%
    Intersegment  (725)  (722)  (3)  0.4%
      $85,448  $70,421  $15,027   21.3%
                     

    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) 2022  2021  2022  2021  $ Change  % Change 
    U.S. Concrete Pumping $(701) $(12,676) $15,156  $15,287  $(131)  -0.9%
    U.K. Operations  (172)  (532)  3,287   2,746   541   19.7%
    U.S. Concrete Waste Management Services  1,749   616   4,911   3,700   1,211   32.7%
    Corporate  307   302   625   625   -   0.0%
      $1,183  $(12,290) $23,979  $22,358  $1,621   7.3%
                             

    Concrete Pumping Holdings, Inc.
    Quarterly Financial Performance

    (dollars in millions) Revenue  Net Income (Loss)  Adjusted EBITDA1  Capital Expenditures2  Adjusted EBITDA less Capital Expenditures 
                         
    Q1 2020 $74  $(3) $24  $20  $4 
    Q2 2020 $74  $(59) $24  $4  $20 
    Q3 2020 $77  $3  $30  $6  $24 
    Q4 2020 $79  $(2) $30  $6  $24 
    Q1 2021 $70  $(12) $22  $8  $15 
    Q2 2021 $77  $(11) $25  $5  $20 
    Q3 2021 $81  $5  $28  $17  $11 
    Q4 2021 $88  $3  $28  $27  $1 
    Q1 2022 $85  $1  $24  $35  $(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” below for a reconciliation of such measure to its most comparable GAAP measure.
    2 Capital expenditures included $19.2 million related to growth investments for fiscal 2022 first quarter and $5.9 million and $14.1 million related to growth investments for fiscal 2021 third and fourth quarters, respectively.

    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

    (dollars in thousands) Q1 2020  Q2 2020  Q3 2020  Q4 2020 
    Consolidated                
    Net income (loss) $(3,137) $(55,714) $247  $(2,648)
    Interest expense, net  9,503   8,765   8,364   7,777 
    Income tax expense (benefit)  (1,147)  (2,221)  (462)  (1,147)
    Depreciation and amortization  15,085   15,076   14,665   16,827 
    EBITDA  20,304   (34,094)  22,814   20,809 
    Transaction expenses  -   -   -   - 
    Loss on debt extinguishment  -   -   -   - 
    Stock based compensation  1,467   1,383   1,357   7,247 
    Change in fair value of warrant liabilities  391   (3,254)  2,734   391 
    Other expense (income)  (69)  (33)  (36)  (31)
    Goodwill and intangibles impairment  -   57,944   -   - 
    Other adjustments  1,741   1,569   3,169   1,498 
    Adjusted EBITDA $23,834  $23,515  $30,038  $29,914 


      Q1 2021  Q2 2021  Q3 2021  Q4 2021  Q1 2022 
    Consolidated                    
    Net income (loss) $(12,290) $(10,853) $4,638  $3,432  $1,183 
    Interest expense, net  6,900   6,029   6,153   6,107   6,261 
    Income tax expense (benefit)  (2,648)  170   1,652   3,468   (22)
    Depreciation and amortization  13,838   14,007   13,838   14,220   14,080 
    EBITDA  5,800   9,353   26,281   27,227   21,502 
    Transaction expenses  29   55   111   117   21 
    Loss on debt extinguishment  15,510   -   -   -   - 
    Stock based compensation  672   3,350   1,258   1,311   1,480 
    Change in fair value of warrant liabilities  -   11,456   (260)  (1,301)  - 
    Other expense (income)  (26)  (26)  (32)  (32)  (37)
    Goodwill and intangibles impairment  -   -   -   -   - 
    Other adjustments  373   859   1,091   963   1,013 
    Adjusted EBITDA $22,358  $25,047  $28,449  $28,285  $23,979 
                         

    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

      Three Months Ended January 31, 
    (dollars in thousands) 2022  2021 
    Consolidated        
    Net income (loss) $1,183  $(12,290)
    Interest expense, net  6,261   6,900 
    Income tax expense (benefit)  (22)  (2,648)
    Depreciation and amortization  14,080   13,838 
    EBITDA  21,502   5,800 
    Transaction expenses  21   29 
    Loss on debt extinguishment  -   15,510 
    Stock based compensation  1,480   672 
    Change in fair value of warrant liabilities  -   - 
    Other expense (income)  (37)  (26)
    Other adjustments  1,013   373 
    Adjusted EBITDA $23,979  $22,358 
             
    U.S. Concrete Pumping        
    Net income (loss) $(701) $(12,676)
    Interest expense, net  5,483   6,123 
    Income tax expense (benefit)  (639)  (2,822)
    Depreciation and amortization  9,808   9,271 
    EBITDA  13,951   (104)
    Transaction expenses  21   29 
    Loss on debt extinguishment  -   15,510 
    Stock based compensation  1,480   672 
    Other expense (income)  (29)  (12)
    Other adjustments  (267)  (808)
    Adjusted EBITDA $15,156  $15,287 
             
    U.K. Operations        
    Net income (loss) $(172) $(532)
    Interest expense, net  778   777 
    Income tax expense (benefit)  (82)  (177)
    Depreciation and amortization  1,985   2,011 
    EBITDA  2,509   2,079 
    Transaction expenses  -   - 
    Loss on debt extinguishment  -   - 
    Stock based compensation  -   - 
    Other expense (income)  (2)  (14)
    Other adjustments  780   681 
    Adjusted EBITDA $3,287  $2,746 
             
    U.S. Concrete Waste Management Services        
    Net income (loss) $1,749  $616 
    Interest expense, net  -   - 
    Income tax expense (benefit)  594   236 
    Depreciation and amortization  2,074   2,348 
    EBITDA  4,417   3,200 
    Transaction expenses  -   - 
    Loss on debt extinguishment  -   - 
    Stock based compensation  -   - 
    Other expense (income)  (6)  - 
    Other adjustments  500   500 
    Adjusted EBITDA $4,911  $3,700 
             
    Corporate        
    Net income (loss) $307  $302 
    Interest expense, net  -   - 
    Income tax expense (benefit)  105   115 
    Depreciation and amortization  213   208 
    EBITDA  625   625 
    Transaction expenses  -   - 
    Loss on debt extinguishment  -   - 
    Stock based compensation  -   - 
    Change in fair value of warrant liabilities  -   - 
    Other expense (income)  -   - 
    Other adjustments  -   - 
    Adjusted EBITDA $625  $625 
             

    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Debt

      January 31,  April 30,  July 31,  October 31,  January 31,  Change in Net Debt 
    (in thousands) 2021  2021  2021  2021  2022  Q4'21 to Q1'22 YoY 
    Senior Notes  375,000   375,000   375,000   375,000   375,000   -  - 
    Revolving loan draws outstanding  7,687   1,087   -   990   16,208   15,218  8,521 
    Less: Cash  (2,273)  (13,714)  (20,204)  (9,298)  (2,787)  6,511  (514)
    Net debt  380,414   362,373   354,796   366,692   388,421   21,729  8,007 
                                

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