crete Pumping (BBCP) - 2024 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 FY 2024 was $109.6 million, down 9.2% from $120.7 million in Q3 FY 2023[1] - U.S. Concrete Pumping revenue fell to $75.2 million, down 13.8% from $87.3 million in the prior year quarter[7] - U.K. Operations revenue decreased to $15.9 million, a 8.1% decline from $17.3 million in the prior year quarter[8] - U.S. Concrete Waste Management Services revenue increased by 15% to $18.5 million compared to $16.1 million in the prior year[9] - Total reportable segment revenue decreased by 9.2% to $109,617,000 from $120,671,000[27] - For the nine months ended July 2024, U.S. Concrete Pumping revenue decreased by 7.0% to $216,514,000 from $232,896,000[28] - U.S. Concrete Waste Management Services - Third parties revenue increased by 16.2% to $51,063,000 from $43,934,000 for the same period[28] - Total revenue for Q1 2024 was $98 million, a decrease of 18.3% compared to Q1 2023 revenue of $120 million[34] - The company experienced a total revenue decline of 11.6% year-over-year, from $88.8 million in 2023 to $78.5 million in 2024[34] Profitability Metrics - Gross profit decreased to $44.5 million, resulting in a gross margin of 40.6%, compared to 41.0% in the prior year[3] - Net income attributable to common shareholders was $7.1 million, or $0.13 per diluted share, down from $9.9 million, or $0.18 per diluted share[4] - Adjusted EBITDA for Q3 FY 2024 was $31.6 million, a decrease of 9.5% from $34.9 million in the prior year, with an Adjusted EBITDA margin of 28.8%[5] - Net income for the three months ended July 31, 2024, was $7,560, down from $10,336 in the same period of 2023, representing a decline of 26.8%[24] - Total Adjusted EBITDA for the nine months ended July 2024 was $31,638,000, down from $34,916,000[33] - U.S. Concrete Waste Management Services reported adjusted EBITDA of $18.9 million for the nine months ended July 31, 2024, compared to $19 million for the same period in 2023, a decrease of 0.6%[38] - Overall, the company is experiencing fluctuations in net income and adjusted EBITDA, indicating a need for strategic adjustments moving forward[40] Liquidity and Financial Position - Total available liquidity as of July 31, 2024, was $236.3 million, up from $195.5 million a year earlier[1] - Total current assets increased to $102,472 as of July 31, 2024, compared to $94,270 as of July 31, 2023, reflecting a growth of 8.5%[23] - Total liabilities decreased to $551,114 as of July 31, 2024, from $571,285 as of July 31, 2023, indicating a reduction of 3.5%[23] - Cash and cash equivalents increased to $26,333 as of July 31, 2024, compared to $15,861 as of July 31, 2023, marking a significant increase of 66.5%[23] - Net debt as of July 31, 2024, was $348.7 million, a decrease from $399.2 million on July 31, 2023[39] Future Outlook and Guidance - The company expects FY 2024 revenue to be between $420.0 million and $430.0 million, with Adjusted EBITDA projected between $108.0 million and $113.0 million[10] - The leverage ratio is expected to be approximately 3.0x by the end of FY 2024[10] - The company has not provided specific forward-looking Adjusted EBITDA guidance due to unpredictability regarding various reconciling items[20] - The company plans to continue focusing on operational efficiency and cost management to improve profitability in the upcoming quarters[24] - The company plans to continue focusing on growth investments and market expansion strategies in the upcoming quarters[35] Operational Adjustments - The company has reclassified certain assets and revenues to better align with current performance measures[29] - Capital expenditures for Q1 2024 included approximately $5 million for growth investments[35] - Interest expense decreased from $7.348 million in Q2 2023 to $6.463 million in Q1 2024[40] - Depreciation and amortization remained relatively stable, around $14.7 million across the quarters[40] - Other adjustments included a $3.5 million non-recurring charge related to sales tax litigation in Q1 2024[40] - Transaction expenses were minimal, with only $5,000 recorded in Q3 2023[40] - Stock-based compensation decreased from $1.064 million in Q2 2023 to $536,000 in Q1 2024[40] - The change in fair value of warrant liabilities showed a loss of $1.172 million in Q2 2023[40]