Financial Data and Key Metrics - The company will reference non-GAAP financial measures including adjusted EBITDA, net debt, and free cash flow, which are considered useful for investors [4] Business Line Data and Key Metrics - No specific data or metrics related to individual business lines were provided in the content Market Data and Key Metrics - No specific data or metrics related to individual markets were provided in the content Company Strategy and Industry Competition - No specific information on company strategy or industry competition was provided in the content Management Commentary on Operating Environment and Future Outlook - The company will make forward-looking statements regarding its business and outlook, which are subject to risks and uncertainties that could cause actual results to differ materially [3] Other Important Information - The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise [3] Summary of Q&A Session - No Q&A session content was provided in the content

Business Overview - Concrete Pumping Holdings (CPH) reported revenue of $426 million and Adjusted EBITDA of $112 million for FY'24, with a 26% margin[8] - The company generated $72 million in Free Cash Flow in FY'24 and is a market leader in every region it serves[8] - CPH estimates the total US market opportunity for Eco-Pan is over $850 million, with current penetration at approximately 8% representing $71 million of FY'24 revenue[31] Market Position and Growth Strategy - CPH is the largest concrete pumping service provider in the US and UK [13, 26] - The company's US concrete pumping market share is 17%, approximately 6x larger than the next nearest competitor [25] - CPH is pursuing a growth strategy that includes capturing greater market share, optimizing pricing and utilization, expanding Eco-Pan services, pursuing acquisitions, and exploring greenfield opportunities [28] Financial Outlook and Valuation - CPH projects FY 2025 revenue between $425 million and $445 million and Adjusted EBITDA between $115 million and $125 million [74] - The company anticipates at least $65 million in Free Cash Flow for FY 2025, implying an 18% yield to its current equity value of $371 million [74, 75] - CPH's enterprise value is $703 million, with net debt of $332 million [93] - CPH's EV/TTM Adjusted EBITDA is 63x, representing a 49% and 62% discount to specialty rental and waste peers, respectively [90]

Earnings Performance - Concrete Pumping reported quarterly earnings of $0 16 per share, beating the Zacks Consensus Estimate of $0 14 per share, representing a 14 29% earnings surprise [1] - The company posted revenues of $111 48 million for the quarter ended October 2024, surpassing the Zacks Consensus Estimate by 1 26%, compared to year-ago revenues of $120 2 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates once and revenue estimates once [2] Stock Performance and Market Comparison - Concrete Pumping shares have lost about 0 3% since the beginning of the year, underperforming the S&P 500's gain of 0 5% [3] - The stock is currently rated Zacks Rank 3 (Hold), indicating it is expected to perform in line with the market in the near future [6] Earnings Outlook and Estimate Revisions - The current consensus EPS estimate is -$0 06 on $89 7 million in revenues for the coming quarter and $0 31 on $428 2 million in revenues for the current fiscal year [7] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5] - The estimate revisions trend for Concrete Pumping is mixed ahead of the earnings release [6] Industry Context - Concrete Pumping belongs to the Zacks Waste Removal Services industry, which is currently in the bottom 31% of the 250 plus Zacks industries [8] - The top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8] Peer Comparison - Xylem, another company in the same industry, is expected to post quarterly earnings of $1 13 per share, representing a year-over-year change of +14 1%, with revenues expected to be $2 19 billion, up 3 3% from the year-ago quarter [9]

Revenue Performance - Revenue for Q4 FY 2024 was $111.5 million, down from $120.2 million in Q4 FY 2023, primarily due to a decline in the U.S. Concrete Pumping segment[6]. - For FY 2024, total revenue was $425.9 million, a decrease from $442.2 million in FY 2023, attributed to a slowdown in commercial construction and adverse weather events[11]. - The U.S. Concrete Pumping segment reported a revenue decline to $74.5 million in Q4 FY 2024 from $85.0 million in the prior year quarter, reflecting market challenges[16]. - U.K. operations revenue for FY 2024 increased 2% to $64.0 million, although it declined 1% when excluding foreign currency translation effects[20]. - Total revenue for the year ended October 31, 2024, was $425,872,000, down 3.7% from $442,241,000 in 2023[40]. - U.S. Concrete Pumping segment revenue decreased by 8.4% to $291,017,000 in 2024 from $317,877,000 in 2023[40]. - U.S. Concrete Waste Management Services revenue increased by 14.8% to $70,900,000 in 2024 from $61,776,000 in 2023[40]. Profitability Metrics - Adjusted EBITDA for Q4 FY 2024 was $33.7 million, compared to $35.8 million in the prior year, with an Adjusted EBITDA margin of 30.2%, up from 29.8%[10]. - Net income for FY 2024 was $14.5 million, significantly down from $30.0 million in FY 2023, with diluted earnings per share dropping from $0.54 to $0.26[14]. - Adjusted EBITDA for the year ended October 31, 2024, was $73,583,000, compared to $80,085,000 in 2023, reflecting a decrease of 8.1%[41]. - The U.S. Concrete Pumping segment's adjusted EBITDA for the year ended October 31, 2024, was $67,364,000, a decrease of 18.0% from $82,128,000 in 2023[47]. - Net income for the year ended October 31, 2024, was $16,207,000, a decrease of 49.1% from $31,790,000 in 2023[39]. - For the three months ended October 31, 2024, the total net income was $9,427,000, a decrease of 5.9% compared to $9,391,000 in the same period of 2023[43]. Cash Flow and Liquidity - The company achieved a 5% increase in free cash flow for FY 2024, totaling $65.0 million, supported by a $10.7 million reduction in equipment expenditures[4]. - Total available liquidity increased to $378.0 million at the end of Q4 FY 2024, up from $216.7 million a year ago, reflecting a strong liquidity position[15]. - Cash and cash equivalents at the end of the period increased to $43,041,000 from $15,861,000 at the beginning of the period[39]. - Net cash provided by operating activities for the year was $86,900,000, down 10.3% from $96,875,000 in 2023[39]. - Cash flows used in investing activities totaled $32,131,000, a decrease from $44,158,000 in 2023[39]. - The company reported a net cash decrease in financing activities of $28,768,000, compared to a decrease of $44,296,000 in 2023[39]. Operational Efficiency and Future Outlook - The company expects FY 2025 revenue to range between $425.0 million and $445.0 million, with Adjusted EBITDA projected between $115.0 million and $125.0 million[23]. - The company anticipates significant risks and uncertainties that could affect future performance, including inflationary pressures and global economic conditions[27]. - The company is focusing on managing non-recurring expenses and improving operational efficiency to enhance future performance[50]. - The company’s accumulated deficit improved to $(38.240) million as of October 31, 2024, from $(54.447) million as of October 31, 2023[37]. Segment Performance - U.S. Concrete Waste Management Services revenue grew 11% in Q4 FY 2024 to $19.8 million, driven by organic volume growth and pricing improvements[21]. - The U.K. Operations segment revenue increased slightly by 2.2% to $63,955,000 in 2024 from $62,588,000 in 2023[40]. - U.S. Concrete Waste Management Services reported an adjusted EBITDA of $28,020,000 for the year ended October 31, 2024, up 3.5% from $27,082,000 in 2023[48]. Debt and Liabilities - Total liabilities decreased to $551.275 million as of October 31, 2024, from $571.285 million as of October 31, 2023[37]. - The company’s net debt decreased to $331,979,000 as of October 31, 2024, down from $378,093,000 in October 2023[49]. - The leverage ratio, defined as net debt to Adjusted EBITDA, is used to measure the company's ability to service its debt[32].

Core Insights - Concrete Pumping Holdings, Inc. reported financial results for Q4 and fiscal year 2024, highlighting challenges in the U.S. Concrete Pumping segment due to high interest rates and increased commercial building vacancy rates, while the Concrete Waste Management business showed strong growth [4][5][12]. Financial Performance Summary - Q4 2024 revenue was $111.5 million, down from $120.2 million in Q4 2023, primarily due to a decline in the U.S. Concrete Pumping segment [5][6]. - Fiscal year 2024 revenue totaled $425.9 million, a decrease from $442.2 million in fiscal year 2023, attributed to a slowdown in commercial construction and adverse weather events [12][15]. - Gross profit for Q4 2024 was $46.2 million, compared to $48.9 million in Q4 2023, with a gross margin improvement to 41.5% from 40.7% [6][8]. - For fiscal year 2024, gross profit was $165.8 million, down from $178.3 million in fiscal year 2023, with a gross margin of 38.9% compared to 40.3% [13][15]. Segment Performance - U.S. Concrete Pumping revenue in Q4 2024 was $74.5 million, down 12.3% from $85.0 million in Q4 2023, with net income decreasing to $2.0 million from $2.6 million [17][18]. - U.K. Operations revenue in Q4 2024 was $17.1 million, slightly down from $17.4 million in the prior year, with adjusted EBITDA increasing by 18% to $5.2 million [20]. - U.S. Concrete Waste Management Services revenue increased by 11% in Q4 2024 to $19.8 million, driven by organic growth and pricing improvements [22][23]. Management Commentary - The CEO noted that despite challenges in the U.S. pumping market, disciplined fleet management improved adjusted EBITDA margins and free cash flow, which increased by 5% year-over-year [4][6]. - The company anticipates continued positive momentum in the Concrete Waste Management segment and is positioned for market recovery in fiscal 2025 [4][24]. Liquidity and Debt Management - As of October 31, 2024, the company had total available liquidity of $378.0 million, up from $216.7 million a year ago, and net debt reduced to $332.0 million [16][54]. - The leverage ratio at the end of Q4 2024 was 3.0x, indicating a stable financial position despite revenue declines [6][16]. Fiscal Year 2025 Outlook - The company expects fiscal year 2025 revenue to range between $425.0 million and $445.0 million, with adjusted EBITDA projected between $115.0 million and $125.0 million [24].

Core Insights - Concrete Pumping Holdings, Inc. reported a decline in revenue and adjusted EBITDA for the fourth quarter and fiscal year 2024, primarily due to a slowdown in the U.S. Concrete Pumping segment driven by high interest rates and increased commercial building vacancy rates [3][4][11]. Financial Performance Summary - Fourth quarter revenue was $111.5 million, down from $120.2 million in the same quarter of fiscal year 2023, reflecting a decrease of 7.3% [4][10]. - Fiscal year 2024 revenue totaled $425.9 million, compared to $442.2 million in fiscal year 2023, marking a decline of 3.7% [11][10]. - Adjusted EBITDA for the fourth quarter was $33.7 million, down from $35.8 million year-over-year, with an adjusted EBITDA margin of 30.2% compared to 29.8% [8][10]. - For fiscal year 2024, adjusted EBITDA was $112.1 million, down from $124.6 million in the previous year, with a margin of 26.3% compared to 28.2% [14][10]. Segment Performance - U.S. Concrete Pumping segment revenue in Q4 2024 was $74.5 million, a decrease of 12.3% from $85.0 million in Q4 2023 [16][41]. - U.K. Operations reported Q4 revenue of $17.1 million, slightly down from $17.4 million year-over-year [18][41]. - U.S. Concrete Waste Management Services saw a revenue increase of 11.2% in Q4 2024, reaching $19.8 million compared to $17.8 million in the prior year [20][41]. Cost Management and Profitability - Gross profit for Q4 2024 was $46.2 million, down from $48.9 million in Q4 2023, but gross margin improved to 41.5% from 40.7% due to effective cost control measures [5][10]. - General and administrative expenses decreased by 9% to $27.0 million in Q4 2024 compared to $29.6 million in the prior year [6][10]. - Net income for Q4 2024 was $9.4 million, unchanged from the same quarter in fiscal year 2023, with diluted earnings per share remaining at $0.16 [7][10]. Liquidity and Debt Management - As of October 31, 2024, the company had total available liquidity of $378.0 million, up from $216.7 million a year ago, and net debt reduced to $332.0 million [15][10]. - The leverage ratio at the end of Q4 2024 was 3.0x [10]. Outlook for Fiscal Year 2025 - The company anticipates fiscal year 2025 revenue to range between $425.0 million to $445.0 million, with adjusted EBITDA expected to be between $115.0 million to $125.0 million [23][10].

Core Viewpoint - Concrete Pumping Holdings, Inc. (CPH) will hold a conference call on January 9, 2025, to discuss its financial results for the fourth quarter and fiscal year ended October 31, 2024 [3][4]. Company Overview - CPH is a leading provider of concrete pumping and waste management services in the U.S. and U.K., operating under established national brands such as Brundage-Bone in the U.S., Camfaud in the U.K., and Eco-Pan for waste management [5]. - The company operates approximately 100 branch locations across 21 states in the U.S. and around 30 branch locations in the U.K. for concrete pumping services, along with 20 operating locations for route-based concrete waste management in the U.S. and 1 shared location in the U.K. [5]. Conference Call Details - The conference call will be hosted by CEO Bruce Young and CFO Iain Humphries, followed by a Q&A session [4]. - The call is scheduled for 5:00 p.m. Eastern Time, with dial-in numbers provided for both toll-free and international participants [4]. - A live broadcast of the conference call will be available, along with a replay option from January 9, 2025, after 8:00 p.m. Eastern Time until January 16, 2025 [5].

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2024 was $109.6 million, down from $120.7 million in Q3 2023, primarily due to a decline in the U.S. Concrete Pumping segment [14][16] - U.S. Concrete Pumping segment revenue decreased 14% to $75.2 million compared to $87.3 million in the prior year quarter, attributed to lower volumes from a slowdown in commercial construction [14][15] - Adjusted EBITDA decreased to $31.6 million from $34.9 million year-over-year, but the adjusted EBITDA margin remained consistent at approximately 29% [17][21] Business Line Data and Key Metrics Changes - U.S. Concrete Waste Management Services revenue increased 15% to $18.5 million compared to $16.1 million in the prior year quarter, driven by organic growth and pricing improvements [15][17] - U.K. operations revenue decreased 8% to $15.9 million, with infrastructure work showing resilience despite a slowdown in other commercial projects [15][11] Market Data and Key Metrics Changes - The commercial market experienced softness, particularly in light commercial and manufacturing projects, due to prolonged high interest rates [8][12] - Residential market held steady, with approximately 31% of total revenue coming from residential concrete pumping work [9][10] - Infrastructure markets grew year-over-year by 5%, driven by resilience in U.K. projects and expanding U.S. national footprint [11][12] Company Strategy and Development Direction - The company aims to navigate through macroeconomic cycles and believes its strategic growth plan will drive superior shareholder value [12] - Focus on maintaining market share while managing costs effectively, with an emphasis on operational flexibility and equipment utilization [23][41] - Plans to complement organic growth with opportunistic M&A while strategically reducing leverage [23][21] Management's Comments on Operating Environment and Future Outlook - Management noted that historic rainfall and restrictive monetary policy negatively impacted construction volumes, but these conditions are expected to be temporary [6][7] - The company anticipates continued growth in the Concrete Waste Management business and infrastructure projects, despite current market challenges [7][12] - Future demand is expected to improve as interest rates potentially decrease, with a cautious outlook for the first half of 2025 [22][29] Other Important Information - The company repurchased approximately 370,000 shares for $2.5 million during Q3 2024, demonstrating commitment to long-term shareholder value [20][19] - Full-year guidance was adjusted to revenue between $420 million and $430 million, with adjusted EBITDA expected between $108 million and $113 million [21] Q&A Session Summary Question: Current market conditions and actions taken - Management confirmed they are not deferring maintenance on assets and are managing costs effectively through better purchasing and labor management [26] Question: Outlook for 2025 - Management expects the first half of 2025 to be similar to current conditions, with potential improvement in the second half [29] Question: Impact of potential rate cuts - Management noted that while there are early signs of improvement in the non-residential construction market, concrete stage activity is expected to pick up in the second half of next year [32][33] Question: Utilization rates - Current utilization rates are around 70%, with a goal of reaching 80% as market conditions improve [36] Question: Equipment oversaturation and pricing pressure - Management acknowledged oversaturation in the market due to increased equipment availability, but they have managed to maintain pricing [41] Question: Growth sustainability in Eco-Pan - The Eco-Pan segment has shown strong growth even in a softer environment, demonstrating its efficiency compared to traditional methods [46]

Core Viewpoint - Concrete Pumping (BBCP) reported quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.18 per share, and showing a decline from $0.17 per share a year ago, indicating a negative earnings surprise of -27.78% [1] Financial Performance - The company posted revenues of $109.62 million for the quarter ended July 2024, missing the Zacks Consensus Estimate by 13.07%, and down from $120.67 million year-over-year [1] - Over the last four quarters, Concrete Pumping has not surpassed consensus EPS estimates and has topped revenue estimates only once [1] Stock Performance - Concrete Pumping shares have declined approximately 25% since the beginning of the year, contrasting with the S&P 500's gain of 15.9% [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.20 on revenues of $128.2 million, and for the current fiscal year, it is $0.35 on revenues of $459.1 million [4] - The estimate revisions trend for Concrete Pumping is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [4] Industry Context - The Waste Removal Services industry, to which Concrete Pumping belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges for stock performance [5]

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited statements show decreased revenue and net income, with a notable $3.5 million loss from a sales tax ruling [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | As of July 31, 2024 | As of October 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$890,790** | **$904,525** | | Total current assets | $102,472 | $94,270 | | Property, plant and equipment, net | $423,486 | $427,648 | | Goodwill | $222,964 | $221,517 | | **Total Liabilities** | **$551,114** | **$571,285** | | Total current liabilities | $66,610 | $83,976 | | Long term debt, net | $372,912 | $371,868 | | **Total Stockholders' Equity** | **$314,676** | **$308,240** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share amounts) | Metric | Three Months Ended July 31, 2024 | Three Months Ended July 31, 2023 | Nine Months Ended July 31, 2024 | Nine Months Ended July 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **$109,617** | **$120,671** | **$314,390** | **$322,037** | | Gross Profit | $44,505 | $49,484 | $119,586 | $129,412 | | Income from Operations | $16,625 | $19,547 | $30,136 | $42,176 | | **Net Income** | **$7,560** | **$10,336** | **$6,780** | **$22,399** | | **Diluted EPS** | **$0.13** | **$0.18** | **$0.10** | **$0.38** | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive Income Summary (in thousands) | Metric | Three Months Ended July 31, 2024 | Three Months Ended July 31, 2023 | Nine Months Ended July 31, 2024 | Nine Months Ended July 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $7,560 | $10,336 | $6,780 | $22,399 | | Foreign currency translation adjustment | $2,315 | $1,835 | $4,874 | $8,565 | | **Total Comprehensive Income** | **$9,875** | **$12,171** | **$11,654** | **$30,964** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - For the nine months ended July 31, 2024, **total stockholders' equity increased to $314.7 million**, driven by net income and foreign currency adjustments[23](index=23&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Nine Months Ended July 31, in thousands) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $64,474 | $66,232 | | Net cash used in investing activities | ($30,012) | ($35,923) | | Net cash used in financing activities | ($24,772) | ($26,744) | | **Net increase in cash and cash equivalents** | **$10,472** | **$4,050** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company operates through three main subsidiaries: Brundage-Bone (U.S.), Camfaud (U.K.), and Eco-Pan (U.S. and U.K.)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The adoption of the CECL accounting standard on November 1, 2023, **did not have a material impact** on the financial statements[43](index=43&type=chunk) - As of July 31, 2024, the company had **$375.0 million in Senior Notes** and no outstanding balance on its $225.0 million ABL Facility[65](index=65&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - A **loss of $3.5 million** was recorded in Q1 2024 due to an unfavorable court judgment on a Washington State sales tax issue[87](index=87&type=chunk) - In March 2024, the board approved a **$15.0 million increase** to the company's share repurchase program[89](index=89&type=chunk) Segment Revenue (Nine Months Ended July 31, in thousands) | Segment | 2024 | 2023 | | :--- | :--- | :--- | | U.S. Concrete Pumping | $216,514 | $232,896 | | U.K. Operations | $46,813 | $45,207 | | U.S. Concrete Waste Management Services | $51,063 | $43,934 | | **Total Revenue** | **$314,390** | **$322,037** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Revenue declined due to a commercial construction slowdown, partially offset by growth in waste management services [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Q3 2024 vs Q3 2023 Revenue by Segment (in thousands) | Segment | Q3 2024 Revenue | Q3 2023 Revenue | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | U.S. Concrete Pumping | $75,213 | $87,323 | ($12,110) | (13.9)% | | U.K. Operations | $15,859 | $17,260 | ($1,401) | (8.1)% | | U.S. Concrete Waste Management | $18,545 | $16,088 | $2,457 | 15.3% | | **Total Revenue** | **$109,617** | **$120,671** | **($11,054)** | **(9.2)%** | - The **13.9% revenue decrease** in U.S. Concrete Pumping for Q3 2024 was driven by a slowdown in commercial construction and adverse weather[120](index=120&type=chunk) - Gross margin for Q3 2024 was **40.6%**, a slight decrease from 41.0% in Q3 2023, due to lower revenue offset by cost improvements[122](index=122&type=chunk) - For the nine months ended July 31, 2024, G&A expenses increased by $2.3 million, largely due to a **non-recurring charge of $3.5 million**[136](index=136&type=chunk) [Adjusted EBITDA and Net Income/(Loss)](index=32&type=section&id=Adjusted%20EBITDA%20and%20Net%20Income/(Loss)) Adjusted EBITDA by Segment (in thousands) | Segment | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | U.S. Concrete Pumping | $20,100 | $22,671 | $48,029 | $58,771 | | U.K. Operations | $4,228 | $4,792 | $11,567 | $11,027 | | U.S. Concrete Waste Management | $7,310 | $7,453 | $18,871 | $18,997 | | **Total Adjusted EBITDA** | **$31,638** | **$34,916** | **$78,467** | **$88,795** | - Adjusted EBITDA for the U.S. Concrete Pumping segment **decreased by 18.3%** year-to-date due to lower revenue and cost pressures[145](index=145&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) - As of July 31, 2024, the company had **total available liquidity of $236.3 million**, including cash and ABL Facility capacity[152](index=152&type=chunk) - Capital expenditures for the nine months ended July 31, 2024, were **$37.5 million**, a decrease from $43.2 million in the prior year[156](index=156&type=chunk)[169](index=169&type=chunk) - Net cash from operating activities was **$64.5 million** for the nine months ended July 31, 2024, a slight decrease from the prior-year period[166](index=166&type=chunk)[167](index=167&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as per the report - Not applicable[177](index=177&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of July 31, 2024[179](index=179&type=chunk) - There were **no material changes** in internal control over financial reporting during the quarter ended July 31, 2024[180](index=180&type=chunk) [Part II. Other Information](index=41&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company recorded a $3.5 million loss for a sales tax issue, with other litigation not expected to be material - Information on legal proceedings is detailed in Note 13, covering the **Washington State sales tax issue** and other ordinary litigation[182](index=182&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report - There have been **no material changes** to the Risk Factors previously disclosed in the company's Annual Report[183](index=183&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 370,419 shares for $2.5 million in Q3 2024, with $19.5 million remaining under the program Issuer Purchases of Equity Securities (Q3 2024) | Period | Total Shares Purchased | Average Price Paid | Dollar Value Remaining Under Program | | :--- | :--- | :--- | :--- | | May 2024 | 124,425 | $6.91 | $21,050,680 | | June 2024 | 111,971 | $6.64 | $20,307,317 | | July 2024 | 134,023 | $6.40 | $19,450,057 | | **Total** | **370,419** | **$6.64** | **$19,450,057** | [Defaults Upon Senior Securities](index=42&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[188](index=188&type=chunk) [Mine Safety Disclosures](index=42&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not Applicable[188](index=188&type=chunk) [Other Information](index=42&type=section&id=Item%205.%20Other%20Information) The CEO adopted and subsequently terminated a Rule 10b5-1 Trading Plan during the first half of 2024 - The Company's CEO, Bruce Young, **terminated his Rule 10b5-1 Trading Plan** on May 14, 2024, and exercised all outstanding options[189](index=189&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists required CEO/CFO certifications and Inline XBRL documents filed as exhibits with the Form 10-Q - The report lists required certifications (31.1, 31.2, 32.1, 32.2) and **Inline XBRL data files** as exhibits[191](index=191&type=chunk)