crete Pumping (BBCP) - 2025 Q3 - Quarterly Report

Part I. Financial Information Item 1. Financial Statements This section provides the company's unaudited condensed consolidated financial statements and accompanying notes for the specified periods Condensed Consolidated Balance Sheets (Unaudited) Key Balance Sheet Metrics (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Total Assets | $886,031 | $897,990 | | Total Liabilities | $599,710 | $551,275 | | Total Stockholders' Equity | $261,321 | $321,715 | - Total assets decreased by $11.96 million (1.33%), while total liabilities increased by $48.43 million (8.78%) and total stockholders' equity decreased by $60.39 million (18.77%)[11] Condensed Consolidated Statements of Operations (Unaudited) Key Operating Metrics (in thousands, except per share) | Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Revenue | $103,676 | $109,617 | $284,080 | $314,390 | | Gross profit | $40,389 | $44,505 | $107,806 | $119,586 | | Income from operations | $12,930 | $16,625 | $24,675 | $30,136 | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Basic EPS | $0.07 | $0.13 | $- | $0.10 | | Diluted EPS | $0.07 | $0.13 | $- | $0.10 | - For the three months ended July 31, 2025, revenue decreased by 5.4% YoY and net income decreased by 51.1% YoY; for the nine months, revenue decreased by 9.6% YoY and net income decreased by 84.4% YoY[13] Condensed Consolidated Statements of Comprehensive Income (Unaudited) Key Comprehensive Income Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | Foreign currency translation adjustment | $(904) | $2,315 | $2,668 | $4,874 | | Total comprehensive income | $2,795 | $9,875 | $3,724 | $11,654 | - Total comprehensive income decreased significantly by 71.7% for the three months and 68.1% for the nine months ended July 31, 2025, due to foreign currency translation adjustments[16] Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) Stockholders' Equity Components (in thousands) | Metric (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :-------------------- | :------------------ | :--------------------- | | Common Stock | $6 | $6 | | Additional Paid-In Capital | $389,263 | $386,313 | | Treasury Stock | $(39,817) | $(25,881) | | Accumulated Other Comprehensive Income (Loss) | $2,185 | $(483) | | Accumulated Deficit | $(90,316) | $(38,240) | | Total Stockholders' Equity | $261,321 | $321,715 | - Key changes in stockholders' equity included a $53.1 million dividend payment, $11.77 million in treasury stock purchases, and a $2.67 million positive foreign currency translation adjustment[21] Condensed Consolidated Statements of Cash Flows (Unaudited) Key Cash Flow Metrics (in thousands) | Metric (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | | Net cash provided by operating activities | $49,850 | $64,474 | | Net cash used in investing activities | $(28,202) | $(30,012) | | Net cash used in financing activities | $(23,834) | $(24,772) | | Net increase (decrease) in cash and cash equivalents | $(2,040) | $10,472 | | Cash and cash equivalents, end of period | $41,001 | $26,333 | - Net cash from operating activities decreased by $14.62 million (22.7%), while 2025 financing activities included $425.0 million in new debt proceeds and a $53.1 million dividend payment[23] Notes to Unaudited Condensed Consolidated Financial Statements Note 1. Organization and Description of Business - Concrete Pumping Holdings, Inc, operates through subsidiaries in the U.S. and U.K, providing concrete pumping and industrial cleanup services[26][27][28] - The Company's sales are historically seasonal, with revenue influenced by weather patterns[29] Note 2. Summary of Significant Accounting Policies - No significant accounting policies were changed during the nine months ended July 31, 2025[30] - The corporate cost allocation methodology was updated in Q1 FY2025, leading to reclassification of prior period segment results[33] - The Company is evaluating new accounting standards for segment, income tax, and expense disclosures[36][37][38] Note 3. Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets Breakdown (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Expected recoveries related to self-insured commercial liabilities | $902 | $3,155 | | Prepaid insurance | $7,403 | $1,462 | | Prepaid licenses and deposits | $1,518 | $884 | | Other current assets and prepaids | $2,095 | $1,455 | | Total prepaid expenses and other current assets | $11,918 | $6,956 | - Total prepaid expenses and other current assets increased by $4.96 million (71.3%), primarily due to a significant increase in prepaid insurance[40] Note 4. Property, Plant and Equipment Property, Plant and Equipment, Net (in thousands) | Component (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :----------------------- | :------------------ | :--------------------- | | Property, plant and equipment, gross | $607,418 | $582,058 | | Less accumulated depreciation | $(192,510) | $(166,332) | | Property, plant and equipment, net | $414,908 | $415,726 | Depreciation Expense (in thousands) | Depreciation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Total depreciation expense | $10,728 | $10,781 | $31,454 | $31,345 | Note 5. Goodwill and Intangible Assets Intangible Assets, Net (in thousands) | Intangible Asset (in thousands) | As of July 31, 2025 (Net Carrying Amount) | As of October 31, 2024 (Net Carrying Amount) | | :------------------------------ | :---------------------------------------- | :------------------------------------------- | | Customer relationship | $43,995 | $52,185 | | Trade name (amortizing) | $1,858 | $2,212 | | Assembled workforce | $39 | $128 | | Noncompete agreements | $437 | $587 | | Trade names (indefinite life) | $50,500 | $50,500 | | Total intangibles | $96,829 | $105,612 | Goodwill by Segment (in thousands) | Goodwill (in thousands) | As of October 31, 2024 | Foreign Currency Translation | As of July 31, 2025 | | :---------------------- | :--------------------- | :--------------------------- | :------------------ | | U.S. Concrete Pumping | $147,482 | $- | $147,482 | | U.K. Operations | $26,381 | $747 | $27,128 | | U.S. Concrete Waste Management Services | $49,133 | $- | $49,133 | | Total | $222,996 | $747 | $223,743 | - Amortization expense for intangible assets decreased to $2.9 million for the three months and $9.0 million for the nine months ended July 31, 2025[43] Note 6. Long Term Debt and Revolving Lines of Credit Debt Summary (in thousands) | Debt (in thousands) | Interest Rate | Maturity | July 31, 2025 | October 31, 2024 | | :------------------ | :------------ | :--------- | :------------ | :--------------- | | ABL Facility | Varies | Sept 2029 | $- | $20 | | Senior notes due 2026 | 6.000% | Feb 2026 | $- | $375,000 | | Senior notes due 2032 | 7.500% | Feb 2032 | $425,000 | $- | | Total debt, gross | | | $425,000 | $375,020 | | Long term debt, net of unamortized deferred financing costs | | | $417,629 | $373,260 | - On January 31, 2025, the Company issued $425.0 million in 7.500% senior notes due 2032 to redeem its 2026 notes and pay a $1.00 per share special dividend[45] - The ABL Facility was amended, increasing borrowings to $350.0 million and extending maturity to 2029, with $317.0 million available as of July 31, 2025[48][51] Note 7. Stockholders' Equity - In June 2025, the share repurchase program was increased by $15.0 million to a total of $50.0 million and extended to December 31, 2026[53] Share Repurchase Activity (in thousands, except price per share) | Share Repurchase Activity (in thousands, except price per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Shares repurchased | 593 | 371 | 1,904 | 578 | | Total cost of shares repurchased | $3,845 | $2,460 | $11,770 | $3,977 | | Average price per share | $6.48 | $6.64 | $6.18 | $6.89 | Note 8. Revenue Recognition Revenue by Type (in thousands) | Revenue Type (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Service revenue | $94,159 | $100,575 | $257,379 | $289,262 | | Lease fixed revenue | $6,077 | $5,744 | $16,683 | $15,516 | | Lease variable revenue | $3,440 | $3,298 | $10,018 | $9,612 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | - Service revenue, the largest component, decreased by 6.4% for the three months and 11.0% for the nine months ended July 31, 2025, compared to the prior year[57] Note 9. Income Taxes Income Tax Metrics (in thousands) | Metric (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Income before income taxes | $5,032 | $10,641 | $1,351 | $11,030 | | Income tax expense | $1,333 | $3,081 | $295 | $4,250 | | Effective tax rate | 26.5% | 29.0% | 21.8% | 38.5% | - The effective tax rate for the nine months ended July 31, 2025, was 21.8%, down from 38.5% in the prior year, primarily due to excess tax deficiencies from share-based compensation in fiscal 2024[58][59] - New U.S. legislation is not expected to have a material impact on the effective tax rate or cash flows in the current fiscal year[60] Note 10. Stock-Based Compensation Stock-Based Compensation Expense (in thousands) | Compensation Expense (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Restricted stock | $475 | $580 | $1,298 | $1,710 | | Stock options | $51 | $64 | $133 | $207 | | Total | $526 | $644 | $1,431 | $1,917 | - Total stock-based compensation expense decreased by 18.3% for the three months and 25.3% for the nine months ended July 31, 2025, compared to the prior year[61] Note 11. Earnings Per Share Earnings Per Share Calculation (in thousands, except per share) | EPS Metric (in thousands, except per share) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income (loss) attributable to common stockholders | $3,258 | $7,089 | $(253) | $5,429 | | Basic earnings per share | $0.07 | $0.13 | $- | $0.10 | | Diluted earnings per share | $0.07 | $0.13 | $- | $0.10 | - The Company paid a special cash dividend of $1.00 per share, totaling approximately $53.1 million, during the nine months ended July 31, 2025[63] - Certain securities, including 2.5 million Series A Preferred Stock shares, were excluded from diluted EPS calculations as they were anti-dilutive[64] Note 12. Supplemental Cash Flow Information Supplemental Cash Flow Data (in thousands) | Supplemental Cash Flow (in thousands) | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Cash payments related to operating lease liabilities | $3,897 | $3,811 | | Cash paid for interest | $11,436 | $12,614 | | Cash paid for income taxes | $955 | $2,571 | | Operating lease assets obtained in exchange for new operating lease liabilities | $1,784 | $6,109 | | PP&E acquired but not yet paid, end of period | $1,629 | $1,453 | Note 13. Fair Value Measurement - The carrying amounts of short-term financial instruments approximate their fair value[66] Long-Term Debt Fair Value (in thousands) | Long-Term Debt (in thousands) | As of July 31, 2025 (Carrying Value) | As of July 31, 2025 (Fair Value) | As of October 31, 2024 (Carrying Value) | As of October 31, 2024 (Fair Value) | | :---------------------------- | :----------------------------------- | :------------------------------- | :-------------------------------------- | :---------------------------------- | | 2026 Notes | $- | $- | $375,000 | $372,656 | | 2032 Notes | $425,000 | $420,750 | $- | $- | - Non-financial assets are reported at carrying value and assessed for impairment[69] Note 14. Commitments and Contingencies Self-Insured Commercial Liabilities (in thousands) | Self-Insured Commercial Liabilities (in thousands) | As of July 31, 2025 | As of October 31, 2024 | | :------------------------------------------------- | :------------------ | :--------------------- | | Total self-insured commercial liabilities | $20,996 | $24,542 | | Total expected recoveries | $11,870 | $15,325 | | Total self-insured commercial liability, net | $9,126 | $9,217 | - The Company accrued $1.1 million for estimated health claims incurred but not reported as of July 31, 2025[73] - An unfavorable judgment on a Washington State sales tax issue resulted in a $3.5 million loss recorded in Q1 FY2024[78] Note 15. Segment Reporting - The Company operates in three reportable segments: U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[81] Segment Revenue (in thousands) | Segment Revenue (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :----------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $69,271 | $75,213 | $188,293 | $216,514 | | U.S. Concrete Waste Management Services | $19,337 | $18,545 | $54,087 | $51,063 | | U.K. Operations | $15,068 | $15,859 | $41,700 | $46,813 | | Total revenue | $103,676 | $109,617 | $284,080 | $314,390 | Segment EBITDA (in thousands) | Segment EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,642 | $20,078 | $35,902 | $45,348 | | U.S. Concrete Waste Management Services | $7,275 | $7,382 | $18,184 | $16,695 | | U.K. Operations | $3,879 | $3,933 | $9,909 | $11,281 | | Reportable segment EBITDA | $26,796 | $31,393 | $63,995 | $73,324 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial performance, condition, liquidity, and capital resources Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary - The report contains forward-looking statements subject to risks including inflation, economic conditions, and substantial indebtedness[87][88][90] Business Overview - The Company's core business segments are U.S. Concrete Pumping, U.S. Concrete Waste Management Services, and U.K. Operations[91][93][94][95] - Strategic acquisitions are a key component of the Company's growth and capital allocation strategy[92] Results of Operations Three Months Ended July 31, 2025 Compared to the Three Months Ended July 31, 2024 Q3 2025 vs Q3 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $103,676 | $109,617 | $(5,941) | (5.4)% | | U.S. Concrete Pumping Revenue | $69,271 | $75,213 | $(5,942) | (7.9)% | | U.S. Concrete Waste Management Services Revenue| $19,337 | $18,545 | $792 | 4.3% | | U.K. Operations Revenue | $15,068 | $15,859 | $(791) | (5.0)% | | Gross Profit | $40,389 | $44,505 | $(4,116) | (9.2)% | | Gross Margin | 39.0% | 40.6% | | | | General and administrative expenses | $27,459 | $27,880 | $(421) | (1.5)% | | Interest expense and amortization of deferred financing costs | $8,399 | $6,318 | $2,081 | 33.0% | | Income tax expense | $1,333 | $3,081 | $(1,748) | (56.7)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to slowdowns in commercial and residential construction[101][103] - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and better pricing[102] Nine Months Ended July 31, 2025 Compared to the Nine Months Ended July 31, 2024 YTD 2025 vs YTD 2024 Performance Summary (in thousands) | Metric (in thousands, unless otherwise stated) | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------------------- | :-------- | :-------- | :--------- | :--------- | | Total Revenue | $284,080 | $314,390 | $(30,310) | (9.6)% | | U.S. Concrete Pumping Revenue | $188,293 | $216,514 | $(28,221) | (13.0)% | | U.S. Concrete Waste Management Services Revenue| $54,087 | $51,063 | $3,024 | 5.9% | | U.K. Operations Revenue | $41,700 | $46,813 | $(5,113) | (10.9)% | | Gross Profit | $107,806 | $119,586 | $(11,780) | (9.9)% | | Gross Margin | 37.9% | 38.0% | | | | General and administrative expenses | $83,131 | $89,450 | $(6,319) | (7.1)% | | Interest expense and amortization of deferred financing costs | $23,168 | $19,744 | $3,424 | 17.3% | | Loss on extinguishment of debt | $1,392 | $- | $1,392 | * | | Income tax expense | $295 | $4,250 | $(3,955) | (93.1)% | - U.S. Concrete Pumping and U.K. Operations revenue decreased due to construction slowdowns, high interest rates, and disruptive weather[112][114] - U.S. Concrete Waste Management Services revenue improved due to organic volume growth and pricing[113] - G&A expenses decreased primarily due to a non-recurring $3.5 million sales tax litigation charge in fiscal 2024[117] Net Income (Loss) and Adjusted EBITDA Results Segment Net Income (Loss) (in thousands) | Segment Net Income (Loss) (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $1,625 | $4,954 | $(3,056) | $2,688 | | U.S. Concrete Waste Management Services | $1,391 | $1,701 | $2,817 | $1,529 | | U.K. Operations | $683 | $905 | $1,295 | $2,433 | | Total | $3,699 | $7,560 | $1,056 | $6,780 | Segment Adjusted EBITDA (in thousands) | Segment Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | U.S. Concrete Pumping | $15,604 | $20,255 | $37,395 | $49,318 | | U.S. Concrete Waste Management Services| $7,371 | $7,155 | $19,081 | $17,582 | | U.K. Operations | $3,868 | $4,228 | $9,875 | $11,567 | | Total | $26,843 | $31,638 | $66,351 | $78,467 | - U.S. Concrete Pumping segment performance declined due to lower revenue, while U.S. Concrete Waste Management Services saw growth from improved revenue and cost control[125][126][127][129][130][131] Liquidity and Capital Resources Overview - The Company's capital structure includes equity, preferred stock, Senior Notes, and the ABL Facility[133] - As of July 31, 2025, total available liquidity was $358.0 million, including $41.0 million in cash and $317.0 million in ABL borrowing capacity[133] - Management believes current liquidity is sufficient for needs over the next 12 months[134] Material Cash Requirements - Principal uses of cash include operations, capital expenditures, acquisitions, and debt service[135] - Working capital surplus was $48.4 million as of July 31, 2025, and gross capital expenditures for the nine months were $34.2 million[136][137] Dividends - A special cash dividend of $1.00 per share, totaling $53.1 million, was paid during the nine months ended July 31, 2025[139] Senior Notes and ABL Facility - The Company refinanced its debt by issuing $425.0 million in 7.500% Senior Notes due 2032[141] - The ABL Facility was amended to increase maximum borrowings to $350.0 million and extend maturity to September 2029[142][143] Cash Flows - Net cash from operating activities decreased to $49.9 million from $64.5 million in the prior year, primarily due to lower net income[147][148] - Net cash used in investing activities was $28.2 million, mainly for property, plant, and equipment purchases[149] - Net cash used in financing activities was $23.8 million, reflecting debt refinancing, dividend payments, and treasury stock purchases[151] Accounting and Other Reporting Matters Non-GAAP Measures (EBITDA and Adjusted EBITDA) - EBITDA and Adjusted EBITDA are used as supplemental measures to evaluate operating performance[153] - These non-GAAP measures have limitations and should not be considered substitutes for GAAP measures[154] Consolidated Adjusted EBITDA Reconciliation (in thousands) | Consolidated Adjusted EBITDA (in thousands) | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Nine Months Ended July 31, 2025 | Nine Months Ended July 31, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Net income | $3,699 | $7,560 | $1,056 | $6,780 | | EBITDA | $26,796 | $31,393 | $63,995 | $73,454 | | Adjusted EBITDA | $26,843 | $31,638 | $66,351 | $78,467 | Critical Accounting Policies and Estimates - No modifications were made to critical accounting policies and estimates during the period[158] New Accounting Pronouncements - Information regarding recent accounting pronouncements is provided in Note 2 to the financial statements[159] Item 3. Quantitative and Qualitative Disclosures About Market Risk The company is exempt from providing market risk disclosures as a smaller reporting company - The Company is a smaller reporting company and is not required to provide these disclosures[160] Item 4. Controls and Procedures Management confirms the effectiveness of disclosure controls with no material internal control changes - Management concluded that disclosure controls and procedures were effective as of July 31, 2025[161][162] - There were no material changes in internal control over financial reporting during the quarter[163] Part II. Other Information Item 1. Legal Proceedings Information on legal proceedings is referenced from Note 14 of the financial statements - Legal proceedings information is referenced from Note 14, "Commitments and Contingencies—Litigation"[166] Item 1A. Risk Factors A new risk factor concerning foreign trade policies and tariffs has been added - No material changes to risk factors were reported, other than a new risk related to foreign trade policies and tariffs[167][168] - Changes in foreign trade policies could adversely impact the business by reducing demand or increasing operational costs[168] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company repurchased 592,655 shares for $3.8 million and increased its repurchase authorization Share Repurchase Details | Period | Total Number of Shares Purchased | Average Price Paid Per Share (1) | | :------------------------- | :------------------------------- | :------------------------------- | | May 1, 2025 - May 31, 2025 | 104,565 | $6.40 | | June 1, 2025 - June 30, 2025 | 276,283 | $6.14 | | July 1, 2025 - July 31, 2025 | 211,807 | $6.75 | | Total | 592,655 | $6.40 | - In June 2025, the board approved a $15.0 million increase to the share repurchase program, bringing total authorizations to $50.0 million[171] - As of July 31, 2025, $20.4 million remained available for repurchase under the program[172] Item 3. Defaults Upon Senior Securities The Company reported no defaults upon senior securities - No defaults upon senior securities were reported[173] Item 4. Mine Safety Disclosures This item is not applicable to the Company - Mine Safety Disclosures are not applicable to the Company[173] Item 5. Other Information No other information was reported under this item - No other information was reported[174] Item 6. Exhibits This section lists exhibits filed with the report, including CEO/CFO certifications and XBRL documents - The exhibits include certifications from the CEO and CFO, and various Inline XBRL documents[175] Signatures The report is duly signed by the Chief Financial Officer and Secretary on September 4, 2025 - The report was signed by Iain Humphries, Chief Financial Officer and Secretary, on September 4, 2025[178]