crete Pumping (BBCP) - 2024 Q4 - Annual Results

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].