crete Pumping (BBCP)

Search documents
Concrete Pumping Holdings Reports Strong Fourth Quarter and Fiscal Year 2023 Results, Provides Financial Outlook for Fiscal Year 2024
Newsfilter· 2024-01-11 21:05
DENVER, Jan. 11, 2024 (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, 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 compare ...
crete Pumping (BBCP) - 2023 Q3 - Earnings Call Transcript
2023-09-08 00:11
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q3 2023 Results Conference Call September 7, 2023 5:00 PM ET Company Participants Bruce Young - CEO Iain Humphries - CFO Cody Slach - External Director, IR Conference Call Participants Steven Fisher - UBS Sam Kusswurm - William Blair Andy Wittmann - Baird Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' financial results for the third quarter ended July 31, 2023. Joining us today ...
crete Pumping (BBCP) - 2023 Q3 - Quarterly Report
2023-09-06 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-38166 CONCRETE PUMPING HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delawar ...
crete Pumping (BBCP) - 2023 Q2 - Earnings Call Transcript
2023-06-09 01:02
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q2 2023 Earnings Conference Call June 8, 2023 5:00 PM ET Company Participants Cody Slach - Gateway Group, Inc., Investor Relations Bruce Young - Chief Executive Officer Iain Humphries - Chief Financial Officer Conference Call Participants Tim Mulrooney - William Blair Brent Thielman - D.A. Davidson Operator Good afternoon, everyone and thank you for participating in today's conference call to discuss Concrete Pumping Holdings’ Financial Results for the Second Qu ...
crete Pumping (BBCP) - 2023 Q2 - Quarterly Report
2023-06-07 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission File Number: 001-38166 CONCRETE PUMPING HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delawa ...
crete Pumping (BBCP) - 2023 Q1 - Earnings Call Transcript
2023-03-10 00:12
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q1 2023 Earnings Conference Call March 9, 2023 5:00 PM ET Company Participants Cody Slach - External Director, Investor Relations Bruce Young - Chief Executive Officer Iain Humphries - Chief Financial Officer Conference Call Participants Sam Kusswurm - William Blair Brent Thielman - D.A. Davidson Andrew Wittmann - Baird Stanley Elliott - Stifel Steven Fisher - UBS Operator Good afternoon, everyone, and thank you for participating in today's conference call to di ...
crete Pumping (BBCP) - 2023 Q1 - Quarterly Report
2023-03-09 16:00
Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a 9.5% revenue increase to $93.6 million and a significant net income rise to $6.5 million for the quarter [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) - Total assets decreased slightly from **$887.5 million** on October 31, 2022, to **$882.1 million** on January 31, 2023[10](index=10&type=chunk) - Total liabilities decreased from **$583.2 million to $570.6 million** over the same period, while total stockholders' equity increased from **$279.3 million to $286.5 million**[10](index=10&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2023 (Unaudited) | Oct 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $4,049 | $7,482 | | Trade receivables, net | $53,020 | $62,882 | | Total current assets | $76,287 | $81,556 | | Property, plant and equipment, net | $422,800 | $419,377 | | Goodwill | $221,905 | $220,245 | | **Total assets** | **$882,065** | **$887,489** | | **Liabilities & Equity** | | | | Revolving loan | $50,247 | $52,133 | | Total current liabilities | $102,916 | $110,280 | | Long term debt, net | $370,824 | $370,476 | | **Total liabilities** | **$570,567** | **$583,162** | | **Total stockholders' equity** | **$286,498** | **$279,327** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) - Revenue for the three months ended January 31, 2023, increased by **9.5%** year-over-year[13](index=13&type=chunk) - Net income saw a substantial increase to **$6.5 million** from $1.2 million, largely due to a **$4.6 million gain** from the change in fair value of warrant liabilities[13](index=13&type=chunk) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | Revenue | $93,575 | $85,448 | | Gross profit | $36,454 | $34,127 | | Income from operations | $9,413 | $7,385 | | Net income | $6,475 | $1,183 | | Basic EPS | $0.11 | $0.01 | | Diluted EPS | $0.11 | $0.01 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) - Total comprehensive income was **$11.5 million** for the three months ended January 31, 2023, a significant improvement from a comprehensive loss of $0.3 million in the prior-year period[16](index=16&type=chunk) Comprehensive Income (Loss) (in thousands) | Component | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | Net income | $6,475 | $1,183 | | Foreign currency translation adjustment | $5,052 | $(1,440) | | **Total comprehensive income (loss)** | **$11,527** | **$(257)** | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) - Total stockholders' equity increased to **$286.5 million**, driven by net income and positive foreign currency adjustments, partially offset by **$4.9 million** in share repurchases[20](index=20&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) - Net cash from operating activities increased to **$17.9 million**, while financing activities used **$6.7 million**, primarily for share repurchases[24](index=24&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $17,916 | $13,188 | | Net cash used in investing activities | $(14,787) | $(34,531) | | Net cash provided by (used in) financing activities | $(6,689) | $14,677 | | **Net decrease in cash and cash equivalents** | **$(3,433)** | **$(6,511)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - The company provides concrete pumping and industrial cleanup services in the U.S. and U.K., with business being seasonal[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - No acquisitions were completed in Q1 2023, but the company acquired Cherokee Pumping for **$6.3 million** subsequent to the quarter end[46](index=46&type=chunk)[47](index=47&type=chunk)[51](index=51&type=chunk)[111](index=111&type=chunk) - As of January 31, 2023, the company had **$375.0 million** in Senior Notes and an outstanding balance of **$50.2 million** on its ABL Facility[78](index=78&type=chunk)[80](index=80&type=chunk) - The board approved a **$10.0 million** increase to the share repurchase program and repurchased **760,457 shares for $4.9 million** during the quarter[99](index=99&type=chunk)[100](index=100&type=chunk) Revenue by Segment (in thousands) | Segment | Three Months Ended Jan 31, 2023 | Three Months Ended Jan 31, 2022 | | :--- | :--- | :--- | | U.S. Concrete Pumping | $67,187 | $63,069 | | U.K. Operations | $12,708 | $12,022 | | U.S. Concrete Waste Management Services | $13,773 | $10,457 | | **Total Revenue** | **$93,575** | **$85,448** | [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 grew 9.5% to $93.6 million, driven by acquisitions and organic growth, while net income rose significantly to $6.5 million - The U.S. Concrete Pumping segment's revenue growth was primarily driven by the **$4.4 million** contribution from the Coastal acquisition[129](index=129&type=chunk) - The U.K. Operations segment's revenue increased by **17.9%** on a constant currency basis due to improved pricing[130](index=130&type=chunk) - The U.S. Concrete Waste Management Services segment saw a **31.7%** revenue increase from organic volume growth and pricing improvements[131](index=131&type=chunk) - Adjusted EBITDA for Q1 2023 was **$25.0 million**, a **7.4%** increase from $23.3 million in Q1 2022, driven by the U.S. Concrete Waste Management segment[141](index=141&type=chunk)[144](index=144&type=chunk) - As of January 31, 2023, the company had total available liquidity of **$110.2 million**[147](index=147&type=chunk) Q1 2023 vs Q1 2022 Performance (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenue | $93,575 | $85,448 | | Gross Profit | $36,454 | $34,127 | | Gross Margin | 39.0% | 39.9% | | Net Income | $6,475 | $1,183 | Q1 Revenue Growth by Segment (in thousands) | Segment | Q1 2023 Revenue | Q1 2022 Revenue | Change $ | Change % | | :--- | :--- | :--- | :--- | :--- | | U.S. Concrete Pumping | $67,187 | $63,069 | $4,118 | 6.5% | | U.K. Operations | $12,708 | $12,022 | $686 | 5.7% | | U.S. Concrete Waste Management | $13,773 | $10,457 | $3,316 | 31.7% | | **Total Revenue** | **$93,575** | **$85,448** | **$8,127** | **9.5%** | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for this reporting period - The company states that this item is not applicable[172](index=172&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective as of January 31, 2023, due to two ongoing material weaknesses - The Chief Executive Officer and Chief Financial Officer concluded that as of January 31, 2023, the company's disclosure controls and procedures were **not effective** due to ongoing material weaknesses[173](index=173&type=chunk) - The company has implemented measures to remediate two previously disclosed material weaknesses related to manual journal entries and IT user access[174](index=174&type=chunk)[175](index=175&type=chunk) - Management notes that newly implemented controls have not operated for a sufficient period to conclude that the material weaknesses have been fully remediated[173](index=173&type=chunk)[175](index=175&type=chunk) Part II. Other Information [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not party to any litigation expected to have a material adverse effect on its business - The company reports that it is not presently a party to any material litigation[177](index=177&type=chunk) [Risk Factors](index=38&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 on Form 10-K - No material changes to the Risk Factors from the company's Annual Report have been reported[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 842,813 shares for $5.5 million in Q1 2023 and increased its share repurchase program by $10.0 million - In January 2023, the board of directors authorized a **$10.0 million increase** to the existing share repurchase program, expiring on March 31, 2024[180](index=180&type=chunk) Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Nov 2022 | 240,618 | $6.89 | | Dec 2022 | 397,478 | $6.47 | | Jan 2023 | 204,717 | $6.19 | | **Total** | **842,813** | **$6.60** | [Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - The company reports no defaults upon senior securities[181](index=181&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - This item is not applicable to the company[181](index=181&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) None - The company reports no other information for this item[181](index=181&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including CEO and CFO certifications and XBRL data files - The exhibits filed with this Form 10-Q include CEO and CFO certifications as required by Rule 13a-14(a) and 13a-14(b), as well as Inline XBRL documents[183](index=183&type=chunk) [Signatures](index=40&type=section&id=Signatures)
crete Pumping (BBCP) - 2022 Q4 - Annual Report
2023-01-30 16:00
Revenue Growth - For the twelve months ended October 31, 2022, the company's revenue increased by 27.1%, reaching $401.3 million compared to $315.8 million in the previous year[144]. - The U.S. Concrete Pumping segment revenue grew by 29.2%, or $67.0 million, from $229.5 million in the prior year to $296.5 million in fiscal 2022[148]. - The U.K. Operations segment revenue increased by 14.2%, or $6.8 million, from $48.1 million to $54.9 million, with a 24.7% increase when excluding foreign currency translation[149]. - The U.S. Concrete Waste Management Services segment saw a revenue improvement of 30.1%, or $11.6 million, from $38.6 million to $50.2 million[150]. Profitability - Gross profit for the fiscal year 2022 was $163.6 million, an increase of $25.9 million from $137.7 million in fiscal 2021, although gross margin declined by 280 basis points to 40.8%[144]. - The company reported a net income of $28.7 million for the fiscal year 2022, compared to a net loss of $15.1 million in the previous year[145]. - The gross margin for the twelve months ended October 31, 2022, was 40.8%, down from 43.6% for the previous twelve months, primarily due to significant inflation in input costs[152]. - Adjusted EBITDA for the year ended October 31, 2022 was $118.6 million, compared to $104.3 million for the previous year[187]. - EBITDA for the year ended October 31, 2022 was $117.6 million, up from $68.7 million in the previous year[187]. Expenses and Costs - General and Administrative (G&A) expenses for the twelve months ended October 31, 2022, were $113.2 million, an increase of $13.8 million from $99.4 million in the previous year, with G&A expenses as a percentage of revenue decreasing to 28.2% from 31.5%[153]. - Rising fuel prices reduced gross profit by approximately $10.1 million and gross margin by about 2.5% since October 31, 2021[138]. - Interest expense, net for the year ended October 31, 2022, was $25.9 million, an increase of $0.7 million from the same period a year ago[158]. Assets and Liquidity - Total assets increased from $792.7 million as of October 31, 2021, to $887.5 million as of October 31, 2022, primarily due to growth in the U.S. Concrete Pumping segment[146]. - As of October 31, 2022, the company had $7.5 million in cash and cash equivalents and $103.7 million of available borrowing capacity under the ABL Facility, totaling $111.2 million in available liquidity[167]. - The outstanding balance under the ABL Facility as of October 31, 2022 was $52.1 million, with the Company in compliance with all debt covenants[179]. Strategic Acquisitions - The company executed strategic acquisitions, including Hi-Tech for $12.3 million, Pioneer for $20.2 million, and Coastal for $30.8 million, enhancing its market presence[133]. - The Company used $124.1 million for investing activities during the twelve months ended October 31, 2022, including $101.9 million for property, plant, and equipment and $30.8 million for the acquisition of Coastal[183]. Market Outlook - The company anticipates fluctuations in residential end market volumes due to macroeconomic factors, while commercial and infrastructure markets may continue to show strong demand[139]. Tax and Fair Value - The company recorded an income tax expense of $5.5 million on a pretax income of $34.2 million for the twelve months ended October 31, 2022[159]. - The company recognized a $9.9 million gain on the fair value remeasurement of liability-classified warrants for the year ended October 31, 2022, compared to a $9.9 million expense in the previous year[156]. - The fair value of U.S. Concrete Waste Management Services exceeded its carrying value by 82% as of August 31, 2022[200]. - The fair value of U.K. Operations exceeded its carrying value by 32% as of the same date[200]. - The U.S. Concrete Pumping reporting unit had goodwill of $147.5 million, with its fair value approximately 7% greater than its carrying value[201]. - Management's projections included terminal growth rates of 3.0% and discount rates ranging from 10.0% to 11.3%[200]. - The company applies ASC 805 principles for business combinations, recording assets at fair value and recognizing goodwill when applicable[202]. - Fair value determinations require significant estimates and assumptions, impacting reported depreciation, amortization, and income tax expenses[203].
crete Pumping (BBCP) - 2022 Q4 - Earnings Call Transcript
2023-01-23 23:20
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q4 2022 Earnings Conference Call January 23, 2023 5:00 PM ET Company Participants Cody Slach - External Director, Investor Relations Bruce Young - Chief Executive Officer Iain Humphries - Chief Financial Officer Conference Call Participants Andy Wittmann - Robert W. Baird Brent Thielman - D.A. Davidson Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' Financial Results for the Four ...
crete Pumping (BBCP) - 2022 Q3 - Earnings Call Transcript
2022-09-09 06:13
Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q3 2022 Earnings Conference Call September 8, 2022 5:00 PM ET Company Participants Bruce Young - CEO Iain Humphries - CFO Cody Slach - External Director, IR Conference Call Participants Andy Wittmann - Baird Steven Fisher - UBS Brent Thielman - D.A. Davidson Tim Mulrooney - William Blair Stanley Elliott - Stifel Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' financial results fo ...