小黄书 Reports Strong Fourth Quarter and Fiscal Year 2023 Results, Provides Financial Outlook for Fiscal Year 2024

DENVER, Jan. 11, 2024 (GLOBE NEWSWIRE) -- 小黄书. (Nasdaq: BBCP) (the 鈥淐ompany鈥 or 鈥淐PH鈥), 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, 2023.

Fourth Quarter Fiscal Year 2023 Highlights vs. Fourth Quarter of Fiscal Year 2022 (where applicable)

  • Revenue increased 5% to $120.2 million compared to $114.9 million.
  • Gross profit increased 1% to $48.9 million compared to $48.6 million.
  • Income from operations increased 5% to $19.3 million compared to $18.3 million.
  • Net income increased 10% to $9.4听million compared to $8.5听million.
  • Net income attributable to common shareholders increased 11% to $9.0 million, compared to $8.1 million. Diluted earnings per share increased 14% to听$0.16 per diluted share, compared to听$0.14 per diluted share.
  • Adjusted EBITDA1 increased slightly to $35.8 million compared to $35.6 million, with Adjusted EBITDA margin1 of 29.8% compared to 31.0%.
  • Amounts outstanding under debt agreements were $394.0 million with net debt1 of $378.1 million. Total available liquidity at quarter end was $216.7 million.
  • Leverage ratio1听at quarter end was 3.0x.
  • On December 6, 2023, CPH announced the expiration of its 13,017,677 warrants.

Fiscal Year 2023 Highlights vs. Fiscal Year 2022

  • Revenue increased 10% to $442.2 million compared to $401.3 million.
  • Gross profit increased 9% to $178.3 million compared to $163.6 million.
  • Income from operations increased 23% to $61.5 million compared to $50.1 million.
  • Net income attributable to common shareholders increased 12% to $30.0 million, compared to $26.9 million. Diluted earnings per share increased 15% to听$0.54 per diluted share, compared to听$0.47 per diluted share.
  • Adjusted EBITDA1 increased 7% to $124.6 million compared to $116.1 million, with Adjusted EBITDA margin1 of 28.2% compared to 28.9%.

Management Commentary

鈥淲e had a record-setting revenue and Adjusted EBITDA year in fiscal 2023 driven by the strength and diversification of our business,鈥 said CPH CEO Bruce Young. 鈥淓ach of our end markets contributed to this performance, particularly as residential construction remained strong, and our expanded footprint enabled us to continue to win infrastructure projects. Our free cash flow generation also allowed us to continue to execute upon efforts to reduce leverage, hitting our 3.0x leverage ratio target by听the end of the year.

鈥淥ur outstanding 2023 results, despite persistent cost inflation, underscore the resilience of our business and the diversity of our chosen geographies.听 We are encouraged by our ability to adapt to the challenges inherent in the current volatile macroeconomic environment and looking ahead, we believe our end market diversity and mission-critical service in the construction industry positions us well for continued growth. We expect to complement organic growth by continuing to evaluate opportunistic, accretive M&A while strategically reducing our leverage.鈥

_____________________
1 Adjusted EBITDA, Adjusted EBITDA margin,听net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (鈥淕AAP鈥). See 鈥淣on-GAAP Financial Measures鈥 below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Fourth Quarter Fiscal Year 2023 Financial Results

Revenue in the fourth quarter of fiscal year 2023 increased 5% to $120.2 million compared to $114.9 million in the fourth quarter of fiscal year 2022. The increase was attributable to听growth across each of the Company鈥檚 segments as a result of organic growth from higher volumes in certain regions coupled with improved pricing.

Gross profit in the fourth quarter of fiscal year 2023 increased 1% to $48.9 million compared to $48.6 million in the prior year quarter. Gross margin decreased 160 basis points to 40.7% compared to 42.3% in the prior year quarter. The decrease in gross margin was primarily related to听labor inflation and higher insurance costs.

General and administrative expenses in the fourth quarter were $29.6 million compared to $30.3 million in the prior year quarter primarily due to a non-cash decrease in amortization expense.听As a percentage of revenue, G&A costs were 24.6% in the fourth quarter compared to 26.4% in the prior year quarter.

As of December 6, 2023, the Company's 13,017,677 warrants to acquire shares of its common stock听expired in accordance with their terms. As a result of the expiration, the warrants will no longer be recognized as a liability on the Company's consolidated balance sheet and there are no other warrants outstanding.

Net income in the fourth quarter of fiscal year 2023 increased 10% to $9.4听million compared to $8.5 million in the fourth quarter of fiscal year 2022. Net income attributable to common shareholders in the fourth quarter of fiscal year 2023 increased 11% to $9.0听million,听compared to $8.1 million in the prior year quarter. Diluted earnings per share increased 14% to听$0.16听per diluted share, compared to听$0.14 per diluted share听in the听prior year quarter.

Adjusted EBITDA in the fourth quarter of fiscal year 2023 increased slightly to $35.8 million compared to $35.6 million in the prior year quarter. Adjusted EBITDA margin decreased to 29.8% compared to 31.1% in the prior year quarter.

Fiscal Year 2023 Financial Results

Revenue in fiscal year 2023 increased 10% to $442.2 million compared to $401.3 million in fiscal year 2022. The increase was primarily attributable to听growth across all business segments, with particularly strong growth from the U.S. Concrete Pumping and U.S. Concrete Waste Management Services segments. The U.S. Concrete Pumping growth was primarily attributable to the acquisition of Coastal Carolina in the fourth quarter of fiscal 2022, which contributed an incremental $14.6听million in revenue year-over-year.听The U.S. Concrete Waste Management Services increase was primarily due to听organic volume growth due to an increase in demand and pricing improvements.

Gross profit in fiscal year 2023 increased 9% to $178.3 million compared to $163.6 million in fiscal year 2022. Gross margin was 40.3% versus 40.8% in the prior year.

G&A expenses in fiscal year 2023 increased to $116.9 million compared to $113.5 million in fiscal year 2022 due to: (1) higher labor costs of approximately $6.5 million primarily due to additional personnel that joined the Company as a result of recent acquisitions and labor inflation; (2) higher rent, utilities and office expenses aggregating $1.3 million primarily due to recent acquisitions; and (3) higher legal and accounting expenses, partially offset by non-cash decreases in amortization expense of $3.6 million, $2.7 million related to fluctuations in the GBP and lower stock-based compensation expense of $1.2 million. G&A expenses as a percent of revenue were 26.4% for fiscal 2023 compared to 28.2% for the same period a year ago.

Net income attributable to common shareholders in fiscal year 2023 increased 12% to $30.0听million, compared to a net income attributable to common shareholders of $26.9 million in fiscal year 2022. Diluted earnings per share increased 15% to $0.54听per diluted share, compared to $0.47 per diluted share in fiscal year 2022.

Adjusted EBITDA in fiscal year 2023 increased 7% to $124.6 million compared to $116.1 million in the prior year. Adjusted EBITDA margin was 28.2% compared to 28.9% in the prior year.

Liquidity

On October 31, 2023, the Company had debt outstanding of $394.0 million, net debt听of $378.1听million and total available liquidity of $216.7听million.

Segment Results

U.S. Concrete Pumping.听Revenue in the fourth quarter of fiscal year 2023 increased 1% to $85.0 million compared to $84.3 million in the prior year quarter.听Net income in the fourth听quarter of fiscal year 2023 decreased 21% to $2.2听million compared to $2.8 million in the prior year quarter. Adjusted EBITDA was $21.2 million in the fourth quarter of fiscal year 2023 compared to $22.7 million in the prior year quarter.

Revenue in fiscal year 2023 increased 7% to $317.9 million compared to $296.5 million in fiscal year 2022. The Company's acquisition of Coastal听in fiscal 2022 drove an incremental year-over-year increase in revenue of $14.6听million. The remaining increase was driven by organic growth in certain markets.听Net income decreased to $4.7 million in fiscal year 2023 compared to听net income of $6.5 million in fiscal year 2022, primarily due to higher labor costs as a result of labor inflation.听Adjusted EBITDA in fiscal year 2023 decreased 2% to $73.6 million compared to $75.0 million in fiscal year 2022, primarily attributable to labor inflation.

U.K. Operations. Revenue in the fourth quarter of fiscal year 2023 increased 17% to $17.4 million compared to $14.9 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was up 10% year-over-year, due primarily to pricing improvements. Net income in the fourth quarter of fiscal year 2023 and the fourth quarter of fiscal year 2022 was flat at $1.7 million. Adjusted EBITDA increased 9% to $5.1 million in the fourth quarter of fiscal year 2023 compared to $4.7 million in the prior year quarter.

Revenue in fiscal year 2023 increased 14% to $62.6 million compared to $54.9 million in fiscal year 2022. Excluding the impact from foreign currency translation, revenue improved 16% year-over-year. The increase in revenue was primarily attributable to improved pricing across the U.K. region. Net income for fiscal year 2023 improved to $4.2 million compared to听net income of $2.1 million in fiscal year 2022. Adjusted EBITDA in fiscal year 2023 increased 18% to $18.5 million compared to $15.7 million in fiscal year 2022, primarily due to the increase in revenue.

U.S. Concrete Waste Management Services. Revenue in the fourth quarter of fiscal year 2023 increased 15% to $18.0 million compared to $15.6 million in the prior year quarter. The increase was due to organic growth and pricing improvements. Net income in the fourth quarter of fiscal year 2023 increased 30% to $4.8 million compared to $3.7 million in the prior year quarter. Adjusted EBITDA in the fourth quarter of fiscal year 2023 increased 16% to $8.8 million compared to $7.6 million in the prior year quarter.

Revenue in fiscal year 2023 increased 24% to $62.4 million compared to $50.2 million in fiscal year 2022, driven by organic growth, pricing improvements, and the market share expansion of concrete waste management service offerings. Net income increased 61% to $14.3 million in fiscal year 2023 compared to $8.9 million in fiscal year 2022. Adjusted EBITDA in fiscal year 2023 increased 32% to $30.0 million compared to $22.8 million in fiscal year 2022, with the increase primarily attributable to robust organic revenue growth.

Fiscal Year 2024 Outlook

The Company expects fiscal year 2024 revenue to range between $465.0 million to $490.0 million, Adjusted EBITDA to range between $127.0 million to $137.0 million, and free cash flow2 to be at least $75.0 million.

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2听Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its fourth quarter and fiscal year 2023 results.

Date: Thursday, January 11, 2024

Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)

Toll-free dial-in number:听1-877-407-9039
International dial-in number:听1-201-689-8470
Conference ID: 13742421

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.听

The conference call will be broadcast live and available for replay 听and via the investor relations section of the Company鈥檚 website at .

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through January 18, 2024.

Toll-free replay number:听1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13742421

小黄书 小黄书

小黄书 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 鈥 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鈥檚 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, 2023, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across approximately 21听states, concrete pumping services in the U.K. from approximately 30 branch locations, and route-based concrete waste management services from 19 operating locations in the U.S. and 1 shared location in the U.K. For more information, please visit听听or the Company鈥檚 brand websites at听,听, or听.

ForwardLooking Statements

This press release includes 鈥渇orward-looking statements鈥 within the meaning of the 鈥渟afe harbor鈥 provisions of the Private Securities Litigation Reform Act of 1995. The Company鈥檚 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 鈥渆xpect,鈥 鈥渆stimate,鈥 鈥減roject,鈥 鈥渂udget,鈥 鈥渇orecast,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥減lan,鈥 鈥渕ay,鈥 鈥渨ill,鈥 鈥渃ould,鈥 鈥渟hould,鈥 鈥渂elieves,鈥 鈥減redicts,鈥 鈥減otential,鈥 鈥渃ontinue,鈥 鈥渙utlook鈥 and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company鈥檚 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鈥檚 control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations;听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鈥檚 filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.

EBITDA is calculated听by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, goodwill and intangibles impairment and other adjustments. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company听excludes these amounts from Adjusted EBITDA for comparability across periods. Other adjustments include the adjustments for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, the Company听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 for the fiscal year ended October 31, 2022 is recast by $2.5 million for these expenses to reflect this change.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations听prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company听is听obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company鈥檚 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鈥檚 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鈥檚 leverage and evaluate the Company鈥檚 consolidated balance sheet. See 鈥淣on-GAAP Measures (Reconciliation of Net Debt)鈥 below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.

Current and prospective investors should review the Company鈥檚 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鈥檚 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 Group, Inc.
Cody Slach
1-949-574-3860
BBCP@gateway-grp.com



小黄书.
Consolidated Balance Sheets
As of October 31, As of October 31,
(in thousands, except per share amounts) 2023 2022
Current assets:
Cash and cash equivalents $ 15,861 $ 7,482
Trade receivables, net of allowance for doubtful accounts of $978 and $941, respectively 62,976 62,882
Inventory 6,732 5,532
Income taxes receivable - 485
Prepaid expenses and other current assets 8,701 5,175
Total current assets 94,270 81,556
Property, plant and equipment, net 427,648 419,377
Intangible assets, net 120,244 137,754
Goodwill 221,517 220,245
Right-of-use operating lease assets 24,815 24,833
Other non-current assets 14,250 2,026
Deferred financing costs 1,781 1,698
Total assets $ 904,525 $ 887,489
Current liabilities:
Revolving loan $ 18,954 $ 52,133
Operating lease obligations, current portion 4,739 4,001
Finance lease obligations, current portion 125 109
Accounts payable 8,906 8,362
Accrued payroll and payroll expenses 14,524 13,341
Accrued expenses and other current liabilities 34,750 32,156
Income taxes payable 1,848 178
Warrant liability, current portion 130 -
Total current liabilities 83,976 110,280
Long term debt, net of discount for deferred financing costs 371,868 370,476
Operating lease obligations, non-current 20,458 20,984
Finance lease obligations, non-current 50 169
Deferred income taxes 80,791 74,223
Other liabilities, non-current 14,142 -
Warrant liability, non-current - 7,030
Total liabilities 571,285 583,162
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of October 31, 2023 and 2022 25,000 25,000
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,757,445 and 56,226,191 issued and outstanding as of October 31, 2023 and 2022, respectively 6 6
Additional paid-in capital 383,286 379,395
Treasury stock (15,114 ) (4,609 )
Accumulated other comprehensive loss (5,491 ) (9,228 )
Accumulated deficit (54,447 ) (86,237 )
Total stockholders' equity 308,240 279,327
Total liabilities and stockholders' equity $ 904,525 $ 887,489


小黄书.
Consolidated Statements of Operations
Three Months Ended
October 31,
Year Ended October 31,
(in thousands, except share and per share amounts) 2023 2022 2023 2022
Revenue $ 120,204 $ 114,894 $ 442,241 $ 401,292
Cost of operations 71,312 66,282 263,937 237,682
Gross profit 48,892 48,612 178,304 163,610
Gross margin 40.7 % 42.3 % 40.3 % 40.8 %
General and administrative expenses 29,616 30,343 116,852 113,499
Income from operations 19,276 18,269 61,452 50,111
Interest expense, net (6,834 ) (6,765 ) (28,119 ) (25,891 )
Change in fair value of warrant liabilities 260 - 6,899 9,894
Other income, net 34 19 330 88
Income before income taxes 12,736 11,523 40,562 34,202
Income tax expense 3,345 2,991 8,772 5,526
Net income 9,391 8,532 31,790 28,676
Less preferred shares dividends (441 ) (441 ) (1,750 ) (1,750 )
Income available to common shareholders $ 8,950 $ 8,091 $ 30,040 $ 26,926
Weighted average common shares outstanding
Basic 53,128,408 54,075,846 53,276,450 53,914,311
Diluted 54,050,969 54,950,155 54,173,731 54,851,308
Net income per common share
Basic $ 0.16 $ 0.14 $ 0.54 $ 0.48
Diluted $ 0.16 $ 0.14 $ 0.54 $ 0.47


小黄书.
Consolidated Statements of Cash Flows
For the Year Ended October 31,
(in thousands, except per share amounts) 2023 2022
Net income $ 31,790 $ 28,676
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash operating lease expense 5,506 3,913
Foreign currency adjustments (566 ) 2,091
Depreciation 39,756 34,934
Deferred income taxes 6,137 5,205
Amortization of deferred financing costs 1,859 1,852
Amortization of intangible assets 18,910 22,528
Stock-based compensation expense 3,847 5,034
Change in fair value of warrant liabilities (6,899 ) (9,894 )
Net gain on the sale of property, plant and equipment (2,247 ) (2,759 )
Provision for bad debt 18 -
Net changes in operating assets and liabilities:
Trade receivables, net 328 (15,310 )
Inventory (1,142 ) (870 )
Prepaid expenses and other assets 1,338 (550 )
Income taxes payable, net 2,168 (324 )
Accounts payable (464 ) (3,039 )
Accrued payroll, accrued expenses and other liabilities (3,464 ) 5,208
Net cash provided by operating activities 96,875 76,695
Cash flows from investing activities:
Purchases of property, plant and equipment (54,505 ) (101,932 )
Proceeds from sale of property, plant and equipment 11,147 10,023
Purchases of intangible assets (800 ) (1,450 )
Acquisition of net assets - Coastal acquisition - (30,762 )
Net cash used in investing activities (44,158 ) (124,121 )
Cash flows from financing activities:
Proceeds on revolving loan 317,989 377,375
Payments on revolving loan (351,167 ) (326,945 )
Payment of debt issuance costs (550 ) (290 )
Purchase of treasury stock (10,505 ) (4,148 )
Other financing activities (63 ) (14 )
Net cash provided by (used in) financing activities (44,296 ) 45,978
Effect of foreign currency exchange rate changes on cash (42 ) (368 )
Net increase (decrease) in cash and cash equivalents 8,379 (1,816 )
Cash and cash equivalents:
Beginning of period 7,482 9,298
End of period $ 15,861 $ 7,482


小黄书.
Segment Revenue
Three Months Ended October 31, Change
(in thousands) 2023 2022 $ %
U.S. Concrete Pumping 84,981 $ 84,317 $ 664 0.8 %
U.K. Operations 17,381 14,946 2,435 16.3 %
U.S. Concrete Waste Management Services 17,960 15,640 2,320 14.8 %
Reportable segment revenue 120,322 114,903 5,419 4.7 %
Other 625 625 - 0.0 %
Intersegment (743 ) (634 ) (109 ) 17.2 %
Total Revenue $ 120,204 $ 114,894 $ 5,310 4.6 %


Year Ended October 31, Change
(in thousands) 2023 2022 $ %
U.S. Concrete Pumping $ 317,877 $ 296,506 $ 21,371 7.2 %
U.K. Operations 62,588 54,926 7,662 13.9 %
U.S. Concrete Waste Management Services 62,405 50,191 12,214 24.3 %
Reportable segment revenue 442,870 401,623 41,247 10.3 %
Other 2,500 2,500 - 0.0 %
Intersegment (3,129 ) (2,831 ) (298 ) 10.5 %
Total Revenue $ 442,241 $ 401,292 $ 40,949 10.2 %


小黄书.
Segment Adjusted EBITDA and Net Income
Net Income Adjusted EBITDA
Three Months Ended
October 31,
Three Months Ended
October 31,
(in thousands, except percentages) 2023 2022 2023 2022 $ Change % Change
U.S. Concrete Pumping $ 2,239 $ 2,769 $ 21,220 $ 22,716 $ (1,496 ) -6.6 %
U.K. Operations 1,711 1,722 5,137 4,700 437 9.3 %
U.S. Concrete Waste Management Services 4,822 3,693 8,822 7,605 1,217 16.0 %
Other 619 348 626 624 2 0.3 %
Total $ 9,391 $ 8,532 $ 35,805 $ 35,645 $ 160 0.4 %


Net Income Adjusted EBITDA
Year Ended October 31, Year Ended October 31,
(in thousands, except percentages) 2023 2022 2023 2022 $ Change % Change
U.S. Concrete Pumping $ 5,106 $ 6,541 $ 73,583 $ 75,002 $ (1,419 ) -1.9 %
U.K. Operations 4,160 2,080 18,486 15,717 2,769 17.6 %
U.S. Concrete Waste Management Services 14,348 8,898 30,030 22,838 7,192 31.5 %
Other 8,176 11,157 2,501 2,499 2 0.1 %
Total $ 31,790 $ 28,676 $ 124,600 $ 116,056 $ 8,544 7.4 %


小黄书.
Quarterly Financial Performance
(dollars in millions) Revenue Net Income Adjusted
EBITDA
1
Capital
Expenditures
2
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
Q2 2023 $ 108 $ 6 $ 29 $ 16 $ 13 $ 0.09
Q3 2023 $ 120 $ 10 $ 35 $ 5 $ 30 $ 0.18
Q4 2023 $ 120 $ 9 $ 36 $ 8 $ 28 $ 0.16
鹿 Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (鈥淕AAP鈥). See 鈥淣on-GAAP Financial Measures鈥 below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:
*Q1 2022 capex includes approximately $19 million M&A and $2 million growth investment.
*Q2 2022 capex includes approximately $11 million M&A and $5 million growth investment.
*Q3 2022 capex includes approximately $7 million growth investment.
*Q4 2022 capex includes approximately $31 million M&A and $13 million growth investment.
*Q1 2023 capex includes approximately $3 million growth investment.
*Q2 2023 capex includes approximately $6 million M&A and $1 million growth investment.
*Q3 2023 capex includes approximately $3 million growth investment.
*Q4 2023 capex includes approximately $3 million growth investment.


小黄书.
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA
Three Months Ended
October 31,
Year Ended October 31,
(dollars in thousands) 2023 2022 2023 2022
Consolidated
Net income (loss) $ 9,391 $ 8,532 $ 31,790 $ 28,676
Interest expense, net 6,834 6,765 28,119 25,891
Income tax expense 3,345 2,991 8,772 5,526
Depreciation and amortization 14,789 14,957 58,666 57,462
EBITDA 34,359 33,245 127,347 117,555
Transaction expenses 29 259 61 318
Stock based compensation 709 870 3,847 5,034
Change in fair value of warrant liabilities (260 ) - (6,899 ) (9,894 )
Other income, net (34 ) (19 ) (330 ) (88 )
Other adjustments(1) 1,002 1,290 574 3,131
Adjusted EBITDA $ 35,805 $ 35,645 $ 124,600 $ 116,056
U.S. Concrete Pumping
Net income $ 2,239 $ 2,769 $ 5,106 $ 6,541
Interest expense, net 6,131 6,089 25,294 22,968
Income tax expense 2,291 2,207 3,317 2,465
Depreciation and amortization 10,406 10,689 41,870 40,304
EBITDA 21,067 21,754 75,587 72,278
Transaction expenses 29 259 61 318
Stock based compensation 709 870 3,847 5,034
Other income, net (11 ) (6 ) (284 ) (49 )
Other adjustments(1) (574 ) (161 ) (5,628 ) (2,579 )
Adjusted EBITDA $ 21,220 $ 22,716 $ 73,583 $ 75,002
U.K. Operations
Net income $ 1,711 $ 1,722 $ 4,160 $ 2,080
Interest expense, net 703 676 2,825 2,923
Income tax expense (79 ) (252 ) 752 (130 )
Depreciation and amortization 1,980 1,817 7,535 7,709
EBITDA 4,315 3,963 15,272 12,582
Other income, net (17 ) (4 ) (40 ) (15 )
Other adjustments 839 741 3,254 3,150
Adjusted EBITDA $ 5,137 $ 4,700 $ 18,486 $ 15,717

(1) Other adjustments include the adjustment for warrant liabilities revaluation, restructuring costs, non-recurring expenses and non-cash currency gains/losses. As of the first quarter of fiscal 2023, we 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听three and twelve months ended October 31, 2022 is recast by $0.6 million and $2.5 million, respectively, for these expenses to reflect this change.

Three Months Ended
October 31,
Year Ended October 31,
(dollars in thousands) 2023 2022 2023 2022
U.S. Concrete Waste Management Services
Net income $ 4,822 $ 3,693 $ 14,348 $ 8,898
Income tax expense 1,082 971 4,339 2,803
Depreciation and amortization 2,187 2,240 8,401 8,601
EBITDA 8,091 6,904 27,088 20,302
Other income, net (6 ) (9 ) (6 ) (24 )
Other adjustments 737 710 2,948 2,560
Adjusted EBITDA $ 8,822 $ 7,605 $ 30,030 $ 22,838
Other
Net income $ 619 $ 348 $ 8,176 $ 11,157
Income tax expense 51 65 364 388
Depreciation and amortization 216 211 860 848
EBITDA 886 624 9,400 12,393
Change in fair value of warrant liabilities (260 ) - (6,899 ) (9,894 )
Adjusted EBITDA $ 626 $ 624 $ 2,501 $ 2,499


小黄书.
Reconciliation of Net Debt
October 31, January 31, April 30, July 31, October 31,
(in thousands) 2022 2023 2023 2023 2023
Senior Notes 375,000 375,000 375,000 375,000 375,000
Revolving loan draws outstanding 52,133 50,247 60,947 35,699 18,954
Less: Cash (7,482 ) (4,049 ) (6,643 ) (11,532 ) (15,861 )
Net debt $ 419,650 $ 421,198 $ 429,304 $ 399,167 $ 378,093


小黄书.
Reconciliation of Historical Adjusted EBITDA
(dollars in thousands) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023
Consolidated
Net income $ 1,183 $ 5,985 $ 12,976 $ 8,532 $ 6,475 $ 5,588 $ 10,336 $ 9,391
Interest expense, net 6,261 6,346 6,517 6,765 6,871 7,348 7,066 6,834
Income tax expense (benefit) (22 ) 527 2,030 2,991 644 1,465 3,318 3,345
Depreciation and amortization 14,080 14,236 14,190 14,957 14,449 14,721 14,707 14,789
EBITDA 21,502 27,094 35,713 33,245 28,439 29,122 35,427 34,359
Transaction expenses 21 20 20 259 3 24 5 29
Loss on debt extinguishment - - - - - - - -
Stock based compensation 1,480 1,351 1,333 870 1,140 1,064 934 709
Change in fair value of warrant liabilities - (2,474 ) (7,420 ) - (4,556 ) (1,172 ) (911 ) (260 )
Other income, net (37 ) (13 ) (16 ) (19 ) (21 ) (13 ) (262 ) (34 )
Goodwill and intangibles impairment - - - - - - - -
Other adjustments(1) 353 1,080 407 1,292 41 (192 ) (277 ) 1,002
Adjusted EBITDA $ 23,319 $ 27,058 $ 30,037 $ 35,647 $ 25,046 $ 28,833 $ 34,916 $ 35,805

(1) See note above.


Source: 小黄书.