海角社区 Reports First Quarter Fiscal Year 2024 Results

- Announces $15 Million Increase to Share Repurchase Plan -

DENVER, March 07, 2024 (GLOBE NEWSWIRE) -- 海角社区. (Nasdaq: BBCP) (the 鈥淐ompany鈥 or 鈥淐PH鈥), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the first quarter听ended January 31, 2024.

First Quarter Fiscal Year 2024 Summary vs. First Quarter of Fiscal Year 2023 (unless otherwise noted)

Revenue increased 4% to $97.7 million compared to $93.6 million.
Gross profit decreased 9% to $33.3 million compared to $36.5 million.
Income from operations decreased to $1.5 million compared to $9.4 million.
Net loss of $3.8 million compared to net income of $6.5 million.
Net loss attributable to common shareholders of $4.3 million or $(0.08) per diluted share, compared to net income of $6.0 million or $0.11 per diluted share.
Adjusted EBITDA1 decreased 23% to $19.3 million compared to $25.0 million, with Adjusted EBITDA margin1 of 19.7% compared to 26.8%.
Amounts outstanding under debt agreements was $388.0 million with net debt1 of $373.3 million. Total available liquidity was $217.0 million as of January 31, 2024, compared to $216.7 million as of October 31, 2023.

Management Commentary

鈥淚n our first quarter, continued double-digit growth in our Concrete Waste Management Services and U.K. operations segments was roughly offset by severe winter weather that impacted our U.S. market,鈥 said CPH CEO Bruce Young. 鈥淪pecifically, heavy rainfall, snow and freezing temperatures in the month of January brought many of our customers' projects to a standstill. In fact, we estimate such weather events lowered the expected volume of our U.S. concrete pumping work by approximately 25% in January, or about $7.0 million.听Work has recently returned to more normalized levels in February, and we are working closely with our customers to accommodate accelerated project听schedules.

鈥淟ooking ahead, we remain optimistic about our prospects for continued growth in 2024, led by increasing infrastructure activity and added light commercial and residential projects. Underlying this expectation of growth will be the benefits we receive from our diversified end markets, the high utilization of our fleet and the mission-critical service we offer.鈥

___________________
1 Adjusted EBITDA, Adjusted EBITDA margin,听net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (鈥淕AAP鈥). See 鈥淣on-GAAP Financial Measures鈥 below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

First Quarter Fiscal Year 2024听Financial Results

Revenue in the first quarter of fiscal year 2024 increased 4% to $97.7 million compared to $93.6 million in the first quarter of fiscal year 2023. The increase was attributable to strong growth from the Company's Concrete Waste Management Services and U.K. operations segments that听was partially offset by a decrease in volumes in U.S. Concrete Pumping due to extreme winter weather events in the month of January.

Gross profit in the first quarter of fiscal year 2024 decreased 9% to $33.3 million compared to $36.5 million in the prior year quarter. Gross margin was 34.1% compared to 39.0% in the prior year quarter, primarily related to lower equipment and labor utilization as a result of the extreme winter weather, in addition to inflationary increases in insurance costs.

General and administrative expenses in the first quarter were $31.9听million compared to $27.0听million in the prior year quarter. The increase was听primarily due to (1) a non-recurring charge of $3.5 million听as a result of a state sales tax dispute as discussed in the Company's annual report on Form 10-K, and (2)听higher labor, health insurance and rent costs. As a percentage of revenue, G&A costs were 32.7% in the first听quarter compared to 28.9% in the prior year quarter.

Net loss in the first quarter of fiscal year 2024 was听$3.8 million compared to net income of $6.5 million in the prior year quarter. Net loss attributable to common shareholders in the first quarter of fiscal year 2024 was听$4.3 million, or $(0.08) per diluted share, compared to net income attributable to common shareholders of $6.0 million, or $0.11 per diluted share, in the prior year quarter.

Adjusted EBITDA in the first quarter of fiscal year 2024 decreased 23.0% to $19.3 million compared to $25.0 million in the prior year quarter. Adjusted EBITDA margin declined to 19.7% compared to 26.8% in the prior year quarter. Both declines were primarily driven by the aforementioned impacts from extreme weather conditions, as well as听inflationary increases related to insurance and听increased costs related to labor.听

Liquidity

On January 31, 2024, the Company had debt outstanding of $388.0 million, net debt of $373.3 million and total available liquidity of $217.0 million.

Segment Results

U.S. Concrete Pumping. Revenue in the first quarter of fiscal 2024 decreased 0.8% to $66.7 million compared to $67.2 million in the prior year quarter. Severe winter temperatures and freezing rainfall in the month of January stalled many听customer听projects, driving a revenue decline of approximately $7.0 million from the loss of volume.听Net loss in the first quarter of fiscal year 2024 was $6.8听million compared to a net loss of $0.8 million in the prior year quarter. Adjusted EBITDA was $10.7 million in the first quarter of fiscal year 2024 compared to $16.8 million in the prior year quarter, largely driven by the revenue shortfall and downstream听impacts听on labor utilization.

U.K. Operations.听Revenue in the first quarter of fiscal year 2024 increased 21.2% to $15.4 million compared to $12.7 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was up 16% year-over-year. The increase was primarily attributable to pricing improvements. Net income in the first quarter of fiscal year 2024 improved to $0.5 million compared to a net loss of $0.1听million in the prior year quarter. Adjusted EBITDA was $3.2 million in the first quarter of fiscal year 2024, up 32.8% compared to $2.4 million in the prior year quarter due to rate per hour and fuel price improvements.

U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal year 2024 increased 14.2% to $15.6 million compared to $13.7 million in the prior year quarter. The increase was driven by strong organic growth and pricing improvements, notwithstanding the Q1 growth rate being hampered by unseasonably harsh January winter weather. Net income in the first quarter of fiscal year 2024 was $2.4 million compared to $2.8 million in the prior year quarter. Adjusted EBITDA in the first quarter of fiscal year 2024 was $5.4 million compared to $5.8 million in the prior year quarter due to the downstream winter weather impact on labor utilization.

Fiscal Year 2024 Outlook

Due to the weather impacted year-to-date start in fiscal 2024, the Company has revised its outlook and now expects fiscal year 2024 revenue to range between $460.0 million to $480.0 million and听Adjusted EBITDA to range between $122.0 million to $130.0 million. The Company maintains its original outlook for free cash flow2 to be at least $75.0 million.

2听Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures less cash paid for interest.

Share Repurchase Program

In March 2024, CPH's听board of directors听approved a $15.0 million increase to the Company鈥檚 share repurchase program. This authorization will expire on March 31, 2025 and is in addition to the repurchase authorization of up to $10.0 million through March 31, 2025, that was previously approved in January 2023.

During the first three months of fiscal year 2024, the Company repurchased 36,094 shares for a total of $0.2 million at an average share price of $6.88 per share. Including the new authorization of $15.0 million under the March 2024 approval, a total of $23.2听million听would have been听available for purchase under the Company's repurchase program as of January 31, 2024.

"Today's announcement reflects our commitment to driving shareholder value," said Bruce Young. "Our disciplined approach to capital allocation, strong free cash flow听and consistent operational execution have allowed us to support the growth of our businesses while delivering expected shareholder returns and creating long-term value."

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its first quarter 2024 results.

Date: Thursday, March 7, 2024
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13744279

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay听听and via the investor relations section of the Company鈥檚 website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through March 14, 2024.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13744279

海角社区 海角社区

海角社区 is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies 鈥 Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company鈥檚 large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of January 31, 2024, the Company provided concrete pumping services in the U.S. from a footprint of approximately 100 branch locations across approximately 21 states, concrete pumping services in the U.K. from approximately 30 branch locations, and route-based concrete waste management services from 20 operating locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company鈥檚 brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.

ForwardLooking Statements

This press release includes 鈥渇orward-looking statements鈥 within the meaning of the 鈥渟afe harbor鈥 provisions of the Private Securities Litigation Reform Act of 1995. The Company鈥檚 actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as 鈥渆xpect,鈥 鈥渆stimate,鈥 鈥減roject,鈥 鈥渂udget,鈥 鈥渇orecast,鈥 鈥渁nticipate,鈥 鈥渋ntend,鈥 鈥減lan,鈥 鈥渕ay,鈥 鈥渨ill,鈥 鈥渃ould,鈥 鈥渟hould,鈥 鈥渂elieves,鈥 鈥減redicts,鈥 鈥減otential,鈥 鈥渃ontinue,鈥 鈥渙utlook鈥 and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company鈥檚 expectations with respect to future performance, including the Company's fiscal year 2024听outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company鈥檚 control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations;听the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company鈥檚 filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.

EBITDA is calculated听by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back transaction expenses, loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other income, net, goodwill and intangibles impairment and other adjustments. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, the Company听excludes these amounts from Adjusted EBITDA for comparability across periods. Other adjustments include the adjustments for warrant liabilities revaluation, non-recurring expenses and non-cash currency gains/losses.

The Company believes these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations听prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that the Company听is听obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company鈥檚 term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company鈥檚 debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company鈥檚 leverage and evaluate the Company鈥檚 consolidated balance sheet. See 鈥淣on-GAAP Measures (Reconciliation of Net Debt)鈥 below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

Free cash flow is defined as Adjusted EBITDA less net replacement capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.

Current and prospective investors should review the Company鈥檚 audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company鈥檚 business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

Contact:

Company:
Iain Humphries
Chief Financial Officer
1-303-289-7497
Investor Relations:
Gateway听Group, Inc.
Cody Slach
1-949-574-3860
BBCP@gateway-grp.com听


海角社区.
Condensed听Consolidated Balance Sheets


As of January 31, As of October 31,
(in thousands, except per share amounts) 2024 2023
Current assets:
Cash and cash equivalents $ 14,688 $ 15,861
Receivables, net of allowance for doubtful accounts of $1,045 and $978, respectively 49,466 62,976
Inventory 6,230 6,732
Prepaid expenses and other current assets 9,244 8,701
Total current assets 79,628 94,270
Property, plant and equipment, net 432,671 427,648
Intangible assets, net 116,779 120,244
Goodwill 222,744 221,517
Right-of-use operating lease assets 28,772 24,815
Other non-current assets 12,489 14,250
Deferred financing costs 1,684 1,781
Total assets $ 894,767 $ 904,525
Current liabilities:
Revolving loan $ 13,021 $ 18,954
Operating lease obligations, current portion 4,903 4,739
Finance lease obligations, current portion 39 125
Accounts payable 5,344 8,906
Accrued payroll and payroll expenses 9,785 14,524
Accrued expenses and other current liabilities 36,663 34,750
Income taxes payable 2,604 1,848
Warrant liability, current portion - 130
Total current liabilities 72,359 83,976
Long term debt, net of discount for deferred financing costs 372,216 371,868
Operating lease obligations, non-current 24,255 20,458
Finance lease obligations, non-current 15 50
Deferred income taxes 79,432 80,791
Other liabilities, non-current 13,550 14,142
Total liabilities 561,827 571,285
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2024 and October 31, 2023 25,000 25,000
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,870,084 and 54,757,445 issued and outstanding as of January 31, 2024 and October 31, 2023, respectively 6 6
Additional paid-in capital 383,822 383,286
Treasury stock (16,212 ) (15,114 )
Accumulated other comprehensive loss (1,403 ) (5,491 )
Accumulated deficit (58,273 ) (54,447 )
Total stockholders' equity 307,940 308,240
Total liabilities and stockholders' equity $ 894,767 $ 904,525


海角社区.
Condensed Consolidated Statements of Operations


Three Months Ended January 31,
(in thousands, except share and per share amounts) 2024 2023
Revenue $ 97,711 $ 93,575
Cost of operations 64,397 57,121
Gross profit 33,314 36,454
Gross margin 34.1 % 39.0 %
General and administrative expenses 31,858 27,041
Income from operations 1,456 9,413
Interest expense and amortization of deferred financing costs (6,463 ) (6,871 )
Change in fair value of warrant liabilities 130 4,556
Other income (expense), net 40 21
Income (loss) before income taxes (4,837 ) 7,119
Income tax expense (benefit) (1,011 ) 644
Net income (loss) (3,826 ) 6,475
Less preferred shares dividends (440 ) (441 )
Income (loss) available to common shareholders $ (4,266 ) $ 6,034
Weighted average common shares outstanding
Basic 53,314,654 53,601,707
Diluted 53,314,654 54,457,125
Net income per common share
Basic $ (0.08 ) $ 0.11
Diluted $ (0.08 ) $ 0.11


海角社区.
Condensed Consolidated Statements of Cash Flows


For the Three Months Ended
January 31,
(in thousands, except per share amounts) 2024 2023
Net income (loss) $ (3,826 ) $ 6,475
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash operating lease expense 1,281 1,113
Foreign currency adjustments (736 ) (816 )
Depreciation 10,202 9,654
Deferred income taxes (1,825 ) 129
Amortization of deferred financing costs 445 479
Amortization of intangible assets 3,895 4,795
Stock-based compensation expense 536 1,140
Change in fair value of warrant liabilities (130 ) (4,556 )
Net gain on the sale of property, plant and equipment (305 ) (578 )
Other operating activities 46 (67 )
Net changes in operating assets and liabilities:
Receivables 13,894 10,482
Inventory 616 (957 )
Other operating assets (564 ) (7,256 )
Accounts payable (3,865 ) (3,997 )
Other operating liabilities 635 1,876
Net cash provided by operating activities 20,299 17,916
Cash flows from investing activities:
Purchases of property, plant and equipment (17,766 ) (17,120 )
Proceeds from sale of property, plant and equipment 1,282 2,333
Net cash used in investing activities (16,484 ) (14,787 )
Cash flows from financing activities:
Proceeds on revolving loan 84,173 83,812
Payments on revolving loan (90,107 ) (84,980 )
Purchase of treasury stock (1,098 ) (5,495 )
Other financing activities 1,449 (26 )
Net cash provided by (used in) financing activities (5,583 ) (6,689 )
Effect of foreign currency exchange rate changes on cash 595 127
Net increase (decrease) in cash and cash equivalents (1,173 ) (3,433 )
Cash and cash equivalents:
Beginning of period 15,861 7,482
End of period $ 14,688 $ 4,049


海角社区.
Segment Revenue


Three Months Ended
January 31,
Change
(in thousands) 2024 2023 $ %
U.S. Concrete Pumping 66,683 $ 67,187 $ (504 ) -0.8 %
U.K. Operations 15,408 12,708 2,700 21.2 %
U.S. Concrete Waste Management Services - Third parties 15,620 13,680 1,940 14.2 %
U.S. Concrete Waste Management Services - Intersegment 100 92 8 8.7 %
Intersegment eliminations (100 ) (92 ) (8 ) 8.7 %
Reportable segment revenue $ 97,711 $ 93,575 $ 4,136 4.4 %


海角社区.
Segment Adjusted EBITDA and Net Income

During the first quarter of fiscal year 2024, the Company听moved certain assets and associated revenues and expenses, which听was previously categorized in the Company's Other activities, into the U.S. Concrete Pumping segment in order to better align its placement with the manner in which the Company now allocates resources and measures performance.听As a result, segment results for prior periods have been reclassified to conform to the听current period presentation. In addition, in order to appropriately distribute the use of corporate听resources and better align measures with segment performance, beginning in the first quarter of fiscal year 2024, the Company听is no longer adding back intercompany allocations to segment Adjusted EBITDA. The Company recast segment results for the quarter ended January 31, 2023 below:

Three Months Ended January 31, 2023
(in thousands) U.S.
Concrete
Pumping
U.K.
Operations
U.S.
Concrete
Waste
Management
Services
Other
As Previously Reported
Net income (loss) $ (1,100 ) $ (100 ) $ 2,812 $ 4,862
Income tax expense (benefit) (390 ) (40 ) 968 105
Depreciation and amortization 10,374 1,827 2,035 213
EBITDA 15,063 2,380 5,815 5,180
Other Adjustments (1,505 ) 812 737 -
Adjusted EBITDA 14,688 3,186 6,547 625
Recast Adjustment
Net income (loss) $ 307 $ - $ - $ (307 )
Income tax expense (benefit) 105 - - (105 )
Depreciation and amortization 213 - - (213 )
EBITDA 625 - - (625 )
Other Adjustments 1,511 (774 ) (737 ) -
Adjusted EBITDA 2,136 (774 ) (737 ) (625 )
Current Report As Adjusted
Net income (loss) $ (793 ) $ (100 ) $ 2,812 $ 4,556
Income tax expense (benefit) (284 ) (40 ) 968
Depreciation and amortization 10,587 1,827 2,035
EBITDA 15,688 2,380 5,815 4,556
Other Adjustments 6 38 -
Adjusted EBITDA 16,824 2,412 5,810 -


海角社区.
Segment Adjusted EBITDA and Net Income Continued


Net Income Adjusted EBITDA
Three Months Ended
January 31,
Three Months Ended
January 31,
(in thousands, except percentages) 2024 2023 2024 2023 $ Change % Change
U.S. Concrete Pumping $ (6,845 ) $ (793 ) $ 10,706 $ 16,824 $ (6,118 ) -36.4 %
U.K. Operations 484 (100 ) 3,202 2,412 790 32.8 %
U.S. Concrete Waste Management Services 2,405 2,812 5,373 5,810 (437 ) -7.5 %
Other 130 4,556 - - - 0.0 %
Total $ (3,826 ) $ 6,475 $ 19,281 $ 25,046 $ (5,765 ) -23.0 %


海角社区.
Quarterly Financial Performance


(dollars in millions) Revenue Net Income Adjusted
EBITDA
1
Capital
Expenditures
2
Adjusted
EBITDA less
Capital
Expenditures
Earnings
Per Diluted
Share
Q2 2022 $ 96 $ 6 $ 27 $ 22 $ 5 $ 0.10
Q3 2022 $ 105 $ 13 $ 30 $ 19 $ 11 $ 0.22
Q4 2022 $ 115 $ 9 $ 36 $ 48 $ (12 ) $ 0.14
Q1 2023 $ 94 $ 6 $ 25 $ 15 $ 10 $ 0.11
Q2 2023 $ 108 $ 6 $ 29 $ 16 $ 13 $ 0.09
Q3 2023 $ 120 $ 10 $ 35 $ 5 $ 30 $ 0.18
Q4 2023 $ 120 $ 9 $ 36 $ 8 $ 28 $ 0.16
Q1 2024 $ 98 $ (4 ) $ 19 $ 16 $ 3 $ (0.08 )
鹿 Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (鈥淕AAP鈥). See 鈥淣on-GAAP Financial Measures鈥 below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below:
*Q2 2022 capex includes approximately $11 million M&A and $5 million growth investment.
*Q3 2022 capex includes approximately $7 million growth investment.
*Q4 2022 capex includes approximately $31 million M&A and $13 million growth investment.
*Q1 2023 capex includes approximately $3 million growth investment.
*Q2 2023 capex includes approximately $6 million M&A and $1 million growth investment.
*Q3 2023 capex includes approximately $3 million growth investment.
*Q4 2023 capex includes approximately $3 million growth investment.
*Q1 2024 capex includes approximately $3 million growth investment.


海角社区.
Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA


Three Months Ended January 31,
(dollars in thousands) 2024 2023
Consolidated
Net income (loss) $ (3,826 ) $ 6,475
Interest expense and amortization of deferred financing costs 6,463 6,871
Income tax expense (1,011 ) 644
Depreciation and amortization 14,097 14,449
EBITDA 15,723 28,439
Stock based compensation 536 1,140
Change in fair value of warrant liabilities (130 ) (4,556 )
Other expense (income), net (39 ) (21 )
Other adjustments(1) 3,191 44
Adjusted EBITDA $ 19,281 $ 25,046
U.S. Concrete Pumping
Net income (loss) $ (6,845 ) $ (793 )
Interest expense and amortization of deferred financing costs 5,754 6,178
Income tax expense (2,103 ) (284 )
Depreciation and amortization 10,230 10,587
EBITDA 7,036 15,688
Stock based compensation 536 1,140
Other expense (income), net (19 ) (10 )
Other adjustments(1) 3,153 6
Adjusted EBITDA $ 10,706 $ 16,824
U.K. Operations
Net income (loss) $ 484 $ (100 )
Interest expense and amortization of deferred financing costs 709 693
Income tax expense 176 (40 )
Depreciation and amortization 1,808 1,827
EBITDA 3,177 2,380
Other expense (income), net (13 ) (6 )
Other adjustments 38 38
Adjusted EBITDA $ 3,202 $ 2,412

(1) Other adjustments include the adjustment for non-recurring expenses and non-cash currency gains/losses. For the three months ended January 31, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.听 听

Three Months Ended January 31,
(dollars in thousands) 2024 2023
U.S. Concrete Waste Management Services
Net income $ 2,405 $ 2,812
Income tax expense 916 968
Depreciation and amortization 2,059 2,035
EBITDA 5,380 5,815
Other expense (income), net (7 ) (5 )
Adjusted EBITDA $ 5,373 $ 5,810
Other
Net income $ 130 $ 4,556
EBITDA 130 4,556
Change in fair value of warrant liabilities (130 ) (4,556 )
Adjusted EBITDA $ - $ -


海角社区.
Reconciliation of Net Debt


January 31, April 30, July 31, October 31, January 31,
(in thousands) 2023 2023 2023 2023 2024
Senior Notes 375,000 375,000 375,000 375,000 375,000
Revolving loan draws outstanding 50,247 60,947 35,699 18,954 13,021
Less: Cash (4,049 ) (6,643 ) (11,532 ) (15,861 ) (14,688 )
Net debt $ 421,198 $ 429,304 $ 399,167 $ 378,093 $ 373,333


海角社区.
Reconciliation of Historical Adjusted EBITDA


(dollars in thousands) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024
Consolidated
Net income $ 6,475 $ 5,588 $ 10,336 $ 9,391 $ (3,826 )
Interest expense and amortization of deferred financing costs 6,871 7,348 7,066 6,834 6,463
Income tax expense (benefit) 644 1,465 3,318 3,345 (1,011 )
Depreciation and amortization 14,449 14,721 14,707 14,789 14,097
EBITDA 28,439 29,122 35,427 34,359 15,723
Transaction expenses 3 24 5 29 -
Stock based compensation 1,140 1,064 934 709 536
Change in fair value of warrant liabilities (4,556 ) (1,172 ) (911 ) (260 ) (130 )
Other expense (income), net (21 ) (13 ) (262 ) (34 ) (39 )
Other adjustments(1) 41 (192 ) (277 ) 1,002 3,191
Adjusted EBITDA $ 25,046 $ 28,833 $ 34,916 $ 35,805 $ 19,281

(1) See note above.



Source: 海角社区.