• Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2021 Results, Provides Financial Outlook for Fiscal Year 2022

    Источник: Nasdaq GlobeNewswire / 12 янв 2022 16:05:00   America/New_York

    DENVER, Jan. 12, 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 fourth quarter and fiscal year ended October 31, 2021.

    Fourth Quarter Fiscal Year 2021 Summary vs. Fourth Quarter of Fiscal Year 2020 (where applicable)

    • Revenue increased 11% to $87.8 million compared to $79.2 million.
    • Gross profit increased 5% to $37.3 million compared to $35.5 million. 
    • Income from operations increased 169% to $11.7 million compared to $4.3 million.
    • Net income attributable to common shareholders improved to $2.8 million or $0.05 per diluted share, compared to a net loss attributable to common shareholders of $3.1 million or $(0.06) per diluted share.
    • Adjusted EBITDA1 was $28.3 million compared to $29.9 million, with Adjusted EBITDA margin at 32.2% compared to 37.8%.
    • Amounts outstanding under debt agreements was $376.0 million with net debt1 of $366.7 million. Total available liquidity was $129.9 million as of October 31, 2021, compared to $142.2 million as of July 31, 2021.
      • 2021 fourth quarter included growth investments of $14.1 million related to recent asset acquisitions.

    Fiscal Year 2021 Summary vs. Fiscal Year 2020

    • Revenue increased 4% to $315.8 million compared to $304.3 million.
    • Gross profit increased to $137.7 million compared to $137.3 million. 
    • Income from operations increased to $38.0 million compared to a loss from operations of $31.7 million.
    • Net loss attributable to common shareholders improved to $16.8 million or $(0.31) per diluted share, compared to a net loss attributable to common shareholders of $63.2 million or $(1.20) per diluted share.
    • Adjusted EBITDA was $104.3 million compared to $107.3 million, with Adjusted EBITDA margin at 33.0% compared to 35.3%.

    ________________
    1Adjusted 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.

    Management Commentary

    “In the fourth quarter we grew revenue across all segments and reported double-digit consolidated revenue growth, which we believe is a testament to the continued strength and resilience of our business,” said Bruce Young, CEO of CPH. “While the quarter had some headwinds, particularly inflationary pressures and supply chain constraints, I am proud of our team’s work to produce organic revenue growth and gross profit improvement for the quarter and full year.

    “In our U.S. concrete pumping business, we continued to grow market share in the residential and infrastructure end markets. Our U.S. concrete waste management business, operated under our Eco-Pan brand name, returned to double-digit growth as our recently expanded salesforce was able to execute more in-person selling. In the U.K., we saw an increase in the volume of projects as the region continues to recover from the impacts of COVID-19.

    “Assessing our recent acquisitions in the U.S., our team has done a great job with integration efforts, especially as it relates to retaining skilled operators. Our September 2021 acquisition of Hi-Tech Concrete Pumping Services has expanded our presence in the growing Houston and southern Texas market and Pioneer Concrete Pumping Service, which we acquired in November 2021, has greatly improved our market positioning in Atlanta, Dallas, and San Antonio. We continue to integrate these companies and are committed to improving the operational efficiencies of each business to drive margin expansion.

    “Entering fiscal year 2022, we expect continued strong demand across our residential and infrastructure segments, and we are prepared for a continued dynamic environment in our commercial business given lingering effects of COVID-19 and new variants. We expect to leverage our scale and efficiencies to mitigate cost inflation while also being opportunistic to invest in our equipment to attract top talent and continue to drive profitable growth.”

    Fourth Quarter Fiscal Year 2021 Financial Results

    Revenue in the fourth quarter of fiscal year 2021 increased 11% to $87.8 million compared to $79.2 million in the fourth quarter of fiscal year 2020. Each of the Company’s segments increased revenue as compared with the prior year fourth quarter.

    Gross profit in the fourth quarter of fiscal year 2021 increased 5% to $37.3 million compared to $35.5 million in the prior year quarter. Gross margin was 42.6% compared to 44.8% in the prior year quarter due to inflationary cost pressures, including higher labor and fuel costs.

    G&A expenses were $25.6 million compared to $31.1 million in the prior year quarter. As a percent of revenue, G&A expenses in the fourth quarter improved to 29.1% compared to 39.3% in the prior year quarter. The overall decrease was largely due to a $5.9 million decrease in stock-based compensation expense and a $1.5 million decrease in the amortization of intangible assets. Excluding non-cash expenses, G&A expenses were $17.1 million (19.5% of revenue) compared to $15.4 million (19.4% of revenue) in the fourth quarter of 2020.

    Income from operations in the fourth quarter of fiscal year 2021 increased 169% to $11.7 million compared to $4.3 million in the prior year quarter. This increase was primarily due to the improvement in G&A expenses and gross profit discussed above.

    Net income attributable to common shareholders increased to $2.8 million or $0.05 per diluted share, compared to a net loss attributable to common shareholders of $3.1 million or $(0.06) per diluted share in the prior year quarter.

    Adjusted EBITDA in the fourth quarter of fiscal year 2021 was $28.3 million compared to $29.9 million in the prior year quarter. Adjusted EBITDA margin was 32.2% compared to 37.8% in the prior year quarter.

    Fiscal Year 2021 Financial Results

    Revenue in fiscal year 2021 increased 4% to $315.8 million compared to $304.3 million in fiscal year 2020. The increase was primarily attributable to increased revenue from the Company’s U.K. Operations and U.S. Concrete Waste Management Services segments.

    Gross profit in fiscal year 2021 increased to $137.7 million compared to $137.3 million in fiscal year 2020. Gross margin was 43.6% compared to 45.1% in the prior year due to inflationary cost pressures, most notably around higher labor and fuel costs.

    G&A expenses were $99.4 million compared to $111.1 million in fiscal year 2020. The overall decrease was largely due to a $4.9 million decrease in stock-based compensation expense and a $6.3 million decrease in the amortization of intangible assets. As a percent of revenue, G&A expenses were 31.5% compared to 36.5% in fiscal year 2020. Excluding non-cash costs for depreciation expense of $2.1 million, amortization of intangibles of $27.1 million, and stock-based compensation expense of $6.6 million, G&A expenses were $63.6 million for the fiscal year 2021 (20.1% of revenue), improving $0.8 million (or 1.2%) from $64.4 million for fiscal 2020 (21.2% of revenue).

    Income from operations in the fiscal year 2021 increased to $38.0 million compared to a loss from operations of $31.7 million in fiscal year 2020. This improvement was primarily due to the improvements in G&A expenses discussed above, coupled with the impairment charge of $57.9 million recorded in fiscal year 2020 as compared to no impairment in fiscal year 2021.

    Net loss attributable to common shareholders improved to $16.8 million or $(0.31) per diluted share, compared to a net loss attributable to common shareholders of $63.2 million or $(1.20) per diluted share.

    Adjusted EBITDA in fiscal year 2021 was $104.3 million compared to $107.3 million in the year-ago. Adjusted EBITDA margin was 33.0% compared to 35.3% in the prior year.

    Liquidity

    On October 31, 2021, the Company had debt outstanding of $376.0 million, net debt of $366.7 million and total available liquidity of $129.9 million.

    Segment Results

    U.S. Concrete Pumping. Revenue in the fourth quarter of fiscal 2021 increased 8% to $63.0 million compared to $58.5 million in the prior year quarter. Excluding $1.7 million in revenue contributions from recent growth investments, revenue increased 5% to $61.3 million. Net income in the fourth quarter improved to $0.8 million compared to a net loss of $4.2 million in the prior year quarter. Adjusted EBITDA was $18.1 million compared to $20.6 million in the prior year quarter.

    Revenue in fiscal year 2021 was $229.5 million compared to $229.7 million in fiscal year 2020. Revenue contributions from recent growth investments added $1.7 million to revenue for fiscal year 2021 when compared to 2020. The slight decline in revenue is partly attributable to the impact of COVID-19 in certain markets, especially on commercial work. Additionally, certain markets like Texas, Southeast and the central United States experienced severe weather during fiscal year 2021. Net loss improved to $11.0 million in fiscal year 2021 from a net loss of $50.1 million in fiscal year 2020 largely due to a decrease in G&A expenses of $14.1 million, impairment of $43.5 million recorded in fiscal year 2020 (with no such impairment recorded during fiscal 2021) and a decrease in interest expense of $9.5 million in fiscal year 2021 as compared to fiscal year 2020. This activity was offset by $15.5 million recorded for loss on extinguishment of debt in fiscal 2021. Adjusted EBITDA in fiscal year 2021 was $68.1 million compared to $74.9 million in fiscal year 2020. The decrease in Adjusted EBITDA is primarily attributable to higher inflationary costs that drove a decline in gross margin.

    U.K. Operations. Revenue in the fourth quarter of fiscal 2021 increased 27% to $13.8 million compared to $10.9 million in the prior year quarter. Net loss in the fourth quarter was $1.3 million compared to net income of $0.2 million in the prior year quarter. Adjusted EBITDA improved 13% to $4.2 million compared to $3.7 million in the prior year quarter.

    Revenue in fiscal year 2021 increased 23% to $48.1 million compared to $39.1 million in fiscal year 2020. The increase in revenue was attributable to the recovery from the impact of COVID-19. Net loss for fiscal year 2021 improved to $1.0 million compared to a net loss of $16.6 million in fiscal year 2020. Adjusted EBITDA in fiscal year 2021 increased 25% to $15.3 million compared to $12.2 million in fiscal year 2020, primarily due to the increase in revenue.

    U.S. Concrete Waste Management Services. Revenue in the fourth quarter of fiscal 2021 increased 11% to $11.0 million compared to $9.9 million in the prior year quarter. The increase was primarily due to organic growth and pricing improvements. Net income in the fourth quarter increased to $2.2 million compared to $1.5 million in the prior year fourth quarter. Adjusted EBITDA increased to $5.4 million compared to $5.0 million in the prior year quarter.

    Revenue in fiscal year 2021 increased 8% to $38.6 million compared to $35.9 million in fiscal year 2020, with the increase primarily driven by organic growth, pricing improvements, and expansion of other service offerings. Net income increased 25% to $5.5 million in fiscal year 2021 compared to net income of $4.4 million in fiscal year 2020. Adjusted EBITDA in fiscal year 2021 increased to $18.4 million compared to $17.7 million in fiscal year 2020, with the increase primarily attributable to the revenue growth of the business.

    Fiscal Year 2022 Outlook

    The Company expects 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.
      
    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 2021 results.

    Date: Wednesday, January 12, 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: 13725805

    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 2, 2022.

    Toll-free replay number: 1-844-512-2921
    International replay number: 1-412-317-6671
    Replay ID: 13725805

    ________________
    2 Free cash flow is a non-GAAP measure and is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.

    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, 2021, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 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.comwww.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. 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 the COVID-19 pandemic and related economic conditions on the Company; 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 recent acquisitions, including the Company’s acquisitions of the assets of Hi-Tech Concrete Pumping Services and Pioneer Concrete Pumping Service described above; 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
          
     October 31,  October 31, 
    (in thousands, except per share amounts)2021  2020 
            
    Current assets:       
    Cash and cash equivalents$9,298  $6,736 
    Trade receivables, net 49,034   44,343 
    Inventory 4,902   4,630 
    Income taxes receivable 275   1,602 
    Prepaid expenses and other current assets 4,110   2,694 
    Total current assets 67,619   60,005 
            
    Property, plant and equipment, net 337,771   304,254 
    Intangible assets, net 158,539   183,839 
    Goodwill 224,700   223,154 
    Other non-current assets 2,168   1,753 
    Deferred financing costs 1,868   753 
    Total assets$792,665  $773,758 
            
            
    Current liabilities:       
    Revolving loan$990  $1,741 
    Term loans, current portion -   20,888 
    Current portion of capital lease obligations 103   97 
    Accounts payable 10,706   6,587 
    Accrued payroll and payroll expenses 12,226   13,065 
    Accrued expenses and other current liabilities 23,940   18,879 
    Income taxes payable 274   1,055 
    Total current liabilities 48,239   62,312 
            
    Long term debt, net of discount for deferred financing costs 369,084   343,906 
    Capital lease obligations, less current portion 278   380 
    Deferred income taxes 70,566   68,019 
    Warrant liability 16,923   7,031 
    Total liabilities 505,090   481,648 
            
            
    Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares
    issued and outstanding as of October 31, 2021 and October 31, 2020
     25,000   25,000 
            
    Stockholders' equity       
    Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,564,642 and
    56,463,992 issued and outstanding as of October 31, 2021 and October 31, 2020, respectively
     6   6 
    Additional paid-in capital 374,272   367,681 
    Treasury stock (461)  (131)
    Accumulated other comprehensive income (loss) 3,671   (606)
    Accumulated deficit (114,913)  (99,840)
    Total stockholders' equity 262,575   267,110 
            
    Total liabilities and stockholders' equity$792,665  $773,758 


     
    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Operations
     
     Three Months Ended  Year Ended 
    (in thousands, except share and per share amounts)October 31,
    2021
      October 31,
    2020
      October 31,
    2021
      October 31,
    2020
     
                    
    Revenue$87,753  $79,190  $315,808  $304,301 
    Cost of operations 50,405   43,703   178,081   166,998 
    Gross profit 37,348   35,487   137,727   137,303 
    Gross margin 42.6%  44.8%  43.6%  45.1%
                    
    General and administrative expenses 25,557   31,145   99,369   111,087 
    Goodwill and intangibles impairment -   -   -   57,944 
    Transaction costs 117   -   312   - 
    Income (loss) from operations 11,674   4,342   38,046   (31,728)
                    
    Interest expense, net (6,107)  (7,777)  (25,190)  (34,408)
    Loss on extinguishment of debt -   -   (15,510)  - 
    Change in fair value of warrant liabilities 1,301   (391)  (9,894)  (261)
    Other income, net 32   31   117   169 
    Income (loss) before income taxes 6,900   (3,795)  (12,431)  (66,228)
                    
    Income tax expense (benefit) 3,468   (1,147)  2,642   (4,977)
    Net income (loss) 3,432   (2,648)  (15,073)  (61,251)
                    
    Less preferred shares dividends (441)  (498)  (1,750)  (1,930)
    Less undistributed earnings allocated to participating securities (162)  -   -   - 
                    
    Income (loss) available to common shareholders$2,829  $(3,146) $(16,823) $(63,181)
                    
    Weighted average common shares outstanding               
    Basic 53,522,451   52,782,663   53,413,594   52,752,884 
    Diluted 54,622,230   52,782,663   53,413,594   52,752,884 
                    
    Net (loss) income per common share               
    Basic$0.05  $(0.06) $(0.31) $(1.20)
    Diluted$0.05  $(0.06) $(0.31) $(1.20)


     
    Concrete Pumping Holdings, Inc.
    Consolidated Statements of Cash Flows
     
     Year Ended 
    (in thousands, except per share amounts)October 31,
    2021
      October 31,
    2020
     
            
    Net loss$(15,073) $(61,251)
    Adjustments to reconcile net income to net cash provided by operating activities:       
    Goodwill and intangibles impairment -   57,944 
    Depreciation 28,795   28,264 
    Deferred income taxes 2,547   (1,029)
    Amortization of deferred financing costs 2,335   4,100 
    Amortization of intangible assets 27,111   33,392 
    Stock-based compensation expense 6,591   11,454 
    Change in fair value of warrant liabilities 9,894   261 
    Loss on extinguishment of debt 15,510   - 
    Net gain on the sale of property, plant and equipment (1,178)  (1,508)
    Payment of contingent consideration in excess of amounts established in purchase accounting -   (526)
    Net changes in operating assets and liabilities:       
    Trade receivables, net (4,172)  1,597 
    Inventory (200)  624 
    Prepaid expenses and other current assets (1,771)  1,651 
    Income taxes payable, net 497   (998)
    Accounts payable 3,972   (796)
    Accrued payroll, accrued expenses and other current liabilities 977   5,791 
    Net cash provided by operating activities 75,835   78,970 
            
    Cash flows from investing activities:       
    Purchases of property, plant and equipment (62,792)  (39,339)
    Proceeds from sale of property, plant and equipment 6,977   3,486 
    Purchases of intangible assets (750)  - 
    Net cash used in investing activities (56,565)  (35,853)
            
    Cash flows from financing activities:       
    Proceeds on long term debt 375,000   - 
    Payments on long term debt (381,206)  (20,888)
    Proceeds on revolving loan 280,034   285,861 
    Payments on revolving loan (280,891)  (307,518)
    Payment of debt issuance costs (8,464)  - 
    Payments on capital lease obligations (97)  (91)
    Purchase of treasury stock (330)  (131)
    Payment of contingent consideration established in purchase accounting -   (1,161)
    Net cash used in financing activities (15,954)  (43,928)
    Effect of foreign currency exchange rate on cash (754)  74 
    Net increase (decrease) in cash and cash equivalents 2,562   (737)
    Cash:       
    Beginning of period 6,736   7,473 
    End of period$9,298  $6,736 


     
    Concrete Pumping Holdings, Inc.
    Segment Revenue
     
     Three Months Ended  Change 
    (in thousands)October 31,
    2021
      October 31,
    2020
      $  % 
    U.S. Concrete Pumping$62,965  $58,529  $4,436   7.6%
    U.K. Operations 13,812   10,852   2,960   27.3%
    U.S. Concrete Waste Management Services 11,040   9,912   1,128   11.4%
    Corporate 625   625   -   0.0%
    Intersegment (689)  (728)  39   -5.4%
     $87,753  $79,190  $8,563   10.8%


     Year Ended  Change 
    (in thousands)October 31,
    2021
      October 31,
    2020
      $  % 
    U.S. Concrete Pumping$229,475  $229,740  $(265)  -0.1%
    U.K. Operations 48,098   39,145   8,953   22.9%
    U.S. Concrete Waste Management Services 38,591   35,890   2,701   7.5%
    Corporate 2,500   2,500   -   0.0%
    Intersegment (2,856)  (2,974)  118   -4.0%
     $315,808  $304,301  $11,507   3.8%


     
    Concrete Pumping Holdings, Inc.
    Segment Adjusted EBITDA and Net Income (Loss)
     
     Net Income (Loss)  Adjusted EBITDA 
     Three Months Ended  Three Months Ended 
    (in thousands)October 31,
    2021
      October 31,
    2020
      October 31,
    2021
      October 31,
    2020
      $ Change  % Change 
    U.S. Concrete Pumping$798  $(4,214) $18,095  $20,550  $(2,455)  -11.9%
    U.K. Operations (1,281)  247   4,191   3,704   487   13.1%
    U.S. Concrete Waste Management Services 2,218   1,500   5,374   5,035   339   6.7%
    Corporate 1,697   (181)  625   625   -   0.0%
     $3,432  $(2,648) $28,285  $29,914   (1,629)  -5.4%


     Net Income (Loss)  Adjusted EBITDA 
     Year Ended  Year Ended 
    (in thousands)October 31,
    2021
      October 31,
    2020
      October 31,
    2021
      October 31,
    2020
      $ Change  % Change 
    U.S. Concrete Pumping$(10,959) $(50,140) $68,091  $74,886  $(6,795)  -9.1%
    U.K. Operations (1,028)  (16,620)  15,339   12,228   3,111   25.4%
    U.S. Concrete Waste Management Services 5,500   4,404   18,411   17,686   725   4.1%
    Corporate (8,586)  1,105   2,501   2,501   -   0.0%
     $(15,073) $(61,251) $104,342  $107,301   (2,959)  -2.8%


     
    Concrete Pumping Holdings, Inc.
    Quarterly Financial Performance
     
    (dollars in millions)Revenue  Net Income
    (Loss)
      Adjusted
    EBITDA
    1
      Capital
    Expenditures
    2
      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 

    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 $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 


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


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA
     
     Three Months Ended  Year Ended 
    (dollars in thousands)October 31,
    2021
      October 31,
    2020
      October 31,
    2021
      October 31,
    2020
     
    Consolidated               
    Net income (loss)$3,432  $(2,648) $(15,073) $(61,251)
    Interest expense, net 6,107   7,777   25,190   34,408 
    Income tax expense (benefit) 3,468   (1,147)  2,642   (4,977)
    Depreciation and amortization 14,220   16,827   55,906   61,655 
    EBITDA 27,227   20,809   68,665   29,835 
    Transaction expenses 117   -   312   - 
    Loss on debt extinguishment -   -   15,510   - 
    Stock based compensation 1,311   7,247   6,591   11,455 
    Change in fair value of warrant liabilities (1,301)  391   9,894   261 
    Other expense (income) (32)  (31)  (117)  (169)
    Goodwill and intangibles impairment -   -   -   57,944 
    Other adjustments 963   1,498   3,487   7,975 
    Adjusted EBITDA$28,285  $29,914  $104,342  $107,301 
                    
    U.S. Concrete Pumping               
    Net income (loss)$798  $(4,214) $(10,959) $(50,140)
    Interest expense, net 5,313   7,005   22,031   31,452 
    Income tax expense (benefit) 1,469   (1,450)  (956)  (5,955)
    Depreciation and amortization 9,496   11,824   37,381   41,717 
    EBITDA 17,076   13,165   47,497   17,074 
    Transaction expenses 117   -   312   - 
    Loss on debt extinguishment -   -   15,510   - 
    Stock based compensation 1,311   7,247   6,591   11,455 
    Other expense (income) -   (22)  (42)  (37)
    Goodwill and intangibles impairment -   -   -   43,500 
    Other adjustments (409)  160   (1,777)  2,894 
    Adjusted EBITDA$18,095  $20,550  $68,091  $74,886 
                    
    U.K. Operations               
    Net income (loss)$(1,281) $247  $(1,028) $(16,620)
    Interest expense, net 794   771   3,159   2,955 
    Income tax expense (benefit) 1,707   (252)  1,759   80 
    Depreciation and amortization 2,114   2,109   8,238   8,422 
    EBITDA 3,334   2,875   12,128   (5,163)
    Transaction expenses -   -   -   - 
    Loss on debt extinguishment -   -   -   - 
    Stock based compensation -   -   -   - 
    Other expense (income) (15)  (9)  (53)  (132)
    Goodwill and intangibles impairment -   -   -   14,444 
    Other adjustments 872   838   3,264   3,079 
    Adjusted EBITDA$4,191  $3,704  $15,339  $12,228 


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA (continued)
     
     Three Months Ended  Year Ended 
    (dollars in thousands)October 31,
    2021
      October 31,
    2020
      October 31,
    2021
      October 31,
    2020
     
    U.S. Concrete Waste Management Services               
    Net income (loss)$2,218  $1,500  $5,500  $4,404 
    Interest expense, net -   -   -   - 
    Income tax expense (benefit) 276   348   1,486   593 
    Depreciation and amortization 2,397   2,687   9,447   10,687 
    EBITDA 4,891   4,535   16,433   15,684 
    Transaction expenses -   -   -   - 
    Loss on debt extinguishment -   -   -   - 
    Stock based compensation -   -   -   - 
    Other expense (income) (17)  -   (22)  - 
    Goodwill and intangibles impairment -   -   -   - 
    Other adjustments 500   500   2,000   2,002 
    Adjusted EBITDA$5,374  $5,035  $18,411  $17,686 
                    
    Corporate               
    Net income (loss)$1,697  $(181) $(8,586) $1,105 
    Interest expense, net -   1   -   1 
    Income tax expense (benefit) 16   207   353   305 
    Depreciation and amortization 213   207   840   829 
    EBITDA 1,926   234   (7,393)  2,240 
    Transaction expenses -   -   -   - 
    Loss on debt extinguishment -   -   -   - 
    Stock based compensation -   -   -   - 
    Change in fair value of warrant liabilities (1,301)  391   9,894   261 
    Other expense (income) -   -   -   - 
    Goodwill and intangibles impairment -   -   -   - 
    Other adjustments -   -   -   - 
    Adjusted EBITDA$625  $625  $2,501  $2,501 


     
    Concrete Pumping Holdings, Inc.
    Reconciliation of Net Debt
     
     October 31,  January 31,  April 30,  July 31,  October 31,  Change in Net Debt 
    (in thousands)2020  2021  2021  2021  2021  Q3 to Q4 YoY 
    Term loan outstanding 381,205   -   -   -   -   -  (381,205)
    Senior notes -   375,000   375,000   375,000   375,000   -  375,000 
    Revolving loan draws outstanding 1,741   7,687   1,087   -   990   990  (751)
    Less: Cash (6,736)  (2,273)  (13,714)  (20,204)  (9,298)  10,906  (2,562)
    Net debt 376,210   380,414   362,373   354,796   366,692   11,896   (9,518)

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