Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2021 Results

9/8, 10:05 PM (Source: GlobeNewswire)

DENVER, Sept. 08, 2021 (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 third quarter ended July 31, 2021.

Third Quarter Fiscal Year 2021 Summary vs. Third Quarter of Fiscal Year 2020 (where applicable)

  • Revenue increased 5% to $80.8 million compared to $77.1 million.
  • Gross profit was $37.2 million compared to $37.8 million.
  • Income from operations was $12.2 million compared to $10.8 million.
  • Net income attributable to common shareholders improved to $4.1 million or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $0.2 million or $0.00 per diluted share.
  • Adjusted EBITDA1 was $28.4 million compared to $30.0 million, with adjusted EBITDA margin1 at 35.2% compared to 38.9%.
  • Amounts outstanding under debt agreements was $375.0 million with net debt1 of $354.8 million. Total available liquidity increased to $142.2 million as of July 31, 2021 compared to $134.9 million as of April 30, 2021.

Management Commentary

“The third quarter was another testament to the strength and resilience of our proven business plan,” said Bruce Young, CEO of Concrete Pumping Holdings. “The Company delivered robust year over year revenue growth in the quarter notwithstanding the above average precipitation in some of our key markets like Texas and Colorado, and we were able to recapture some of the projects by quarter end.

“During the quarter, we also executed on our organic growth strategy by acquiring all the concrete pumping equipment of H.D. Construction Equipment in the Southern California market.  Most of these assets folded into our existing regional location, while the remaining were used to support our greenfield expansion into the Las Vegas market. In addition, we successfully acquired the assets of Hi-Tech Concrete Pumping Services at the beginning of September, enhancing our market share and service reach in the Houston metropolitan area which further strengthens our presence in Texas.

“As we enter the last quarter of our 2021 fiscal year, we continue to see strong demand for residential and infrastructure projects, and we are seeing the gradual return of commercial work as the economy recovers. While we are not immune to inflationary pressures or supply chain constraints that may delay other areas of the customers we serve, our team is doing a great job managing these challenges and meeting the needs of our customers. Overall, we remain committed to executing our strategic priorities and maximizing shareholder value for the rest of the year and beyond.”

_________________________

1 Adjusted EBITDA and net debt are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of any non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Third Quarter Fiscal Year 2021 Financial Results

Revenue in the third quarter of fiscal year 2021 increased 5% to $80.8 million compared to $77.1 million in the third quarter of fiscal year 2020. The increase was primarily attributable to increased revenue from the Company’s U.K. Operations.

Gross profit in the third quarter of fiscal year 2021 was $37.2 million compared to $37.8 million in the year-ago quarter. Gross margin was 46.1% down from 49.0% in the prior year quarter, due to inflationary cost pressures, most notably around higher fuel costs.

G&A expenses for the fiscal 2021 third quarter were $25.0 million compared to $27.0 million in the fiscal 2020 third quarter. As a percent of revenue, G&A expenses were 30.9% for the fiscal 2021 third quarter compared to 34.9% in the fiscal 2020 third quarter. Excluding non-cash expenses of $6.7 million in amortization of intangible assets and $1.3 million in stock-based compensation expense, G&A expenses were down $0.4 million year-over-year to $17.0 million (21.1% of revenue) from $17.5 million (22.6% of revenue).

Net income attributable to common shareholders increased to $4.1 million or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $0.2 million or $0.00 per diluted share.

Adjusted EBITDA in the third quarter of fiscal year 2021 was $28.4 million compared to $30.0 million in the year-ago quarter. Adjusted EBITDA margin was 35.2% compared to 38.9% in the prior year quarter.

Liquidity

On July 31, 2021, the Company had debt outstanding of $375.0 million, net debt of $354.8 million and total available liquidity of $142.2 million.

Segment Results

U.S. Concrete Pumping. Revenue in the third quarter of fiscal 2021 was $58.0 million compared to $58.6 million in the year-ago quarter. The slight decrease was attributable to above average rainfall affecting operations in Texas, Colorado, and Arizona. Net income in the third quarter improved to $1.8 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $18.4 million compared to $21.2 million in the year-ago quarter.

U.K. Operations. Revenue in the third quarter of fiscal 2021 increased 37% to $12.7 million compared to $9.2 million in the year-ago quarter. The increase was primarily driven by the segment’s recovery from the impacts of COVID-19. Net income in the third quarter improved to $0.4 million compared to a net loss of $0.0 million in the prior year quarter. Adjusted EBITDA improved 20% to $4.1 million compared to $3.4 million in the year-ago quarter.

U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal 2021 increased 8% to $10.1 million compared to $9.4 million in the year-ago quarter. The increase was due to organic growth and pricing improvements. Net income in the third quarter increased to $1.8 million compared to $1.7 million in the prior year third quarter. Adjusted EBITDA improved 10% to $5.3 million compared to $4.8 million in the year-ago quarter.

Fiscal Year 2021 Outlook

The Company continues to expect fiscal year 2021 revenue to range between $300.0 million to $310.0 million, Adjusted EBITDA to range between $105.0 million to $110.0 million, and free cash flow2 to range between $47.5 million and $52.5 million. The midpoint of the Company's free cash flow outlook implies a 10% yield to its current market capitalization of approximately $524 million.

_________________________

2 Free cash flow is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of any non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2021 results.

Date: Wednesday, September 8, 2021
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: 13722482

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 at here and via the investor relations section of the Company’s 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 September 29, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13722482

About Concrete Pumping Holdings

Concrete Pumping Holdings 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 – 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’s 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 July 31, 2021, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 19 states, concrete pumping services in the U.K. from approximately 30 locations, and route-based concrete waste management services from 16 locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.comwww.camfaud.co.uk, or www.eco-pan.com.

ForwardLooking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s 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 “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2021 outlook. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impacts on the Company related to its recent accounting restatement, material weakness in internal control over financial reporting and the assessment of complex accounting issues, as disclosed in the Company's From 10-K/A filed with the Securities and Exchange Commission (the "SEC") on June 11, 2021 (The "Amended 10-K"); the impacts of the COVID-19 pandemic and related economic conditions on the Company; 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 realize the expected benefits from recent acquisitions, including the Company’s acquisition of the assets of Hi-Tech Concrete Pumping Services described above; changes in applicable laws or regulations; 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’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K, the Amended 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

Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). The Company believes that this non-GAAP financial measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management also uses this non-GAAP financial measure to compare the Company’s performance to that of prior periods for trend analyses, determining incentive compensation and for budgeting and planning purposes. Adjusted EBITDA is also used in quarterly and annual financial reports prepared for the Company’s board of directors. The Company believes that this non-GAAP measure provides an additional tool for investors to use in evaluating the Company’s ongoing operating results and in comparing the Company’s financial results with competitors who also present similar non-GAAP financial measures.

Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense, income taxes, depreciation, amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, and other adjustments. Adjusted EBITDA is not pro forma for acquisitions. 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’s 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’s 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’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

Free cash flow is defined as Adjusted EBITDA less net 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, net debt and free cash flow 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’s 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’s 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.

As a result of the business combination between our predecessor, Industrea Acquisition Corp., and the private operating company formerly called Concrete Pumping Holdings, Inc. (the “Business Combination”), the Company is the acquirer for accounting purposes and CPH is the acquiree and accounting predecessor. The Company’s financial statement presentation distinguishes the Company’s presentations into two distinct periods, the period up to the Business Combination closing date (labeled “Predecessor”) and the period including and after that date (labeled “Successor”). The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As the underlying business and financial results of the Successor and Predecessor entities are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination, management has combined the fiscal year 2019 results of the Predecessor and Successor periods for comparability in certain tables below. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, the tables below present the non-GAAP combined results for the fiscal year 2019.

Contact:

Company:
Iain Humphries
Chief Financial Officer
1-303-289-7497
Investor Relations:
Gateway Investor Relations
Cody Slach
1-949-574-3860
BBCP@gatewayir.com  


 
 


Concrete Pumping Holdings, Inc. 
Consolidated Balance Sheets
 
       
  July 31,  October 31, 
(in thousands, except per share amounts) 2021  2020 
ASSETS        
         
Current assets:        
Cash and cash equivalents $20,204  $6,736 
Trade receivables, net  44,520   44,343 
Inventory  4,603   4,630 
Income taxes receivable  391   1,602 
Prepaid expenses and other current assets  5,177   2,694 
Total current assets  74,895   60,005 
         
Property, plant and equipment, net  314,590   304,254 
Intangible assets, net  164,647   183,839 
Goodwill  225,165   223,154 
Other non-current assets  691   1,753 
Deferred financing costs  1,978   753 
Total assets $781,966  $773,758 
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
Current liabilities:        
Revolving loan $-  $1,741 
Term loans, current portion  -   20,888 
Current portion of capital lease obligations  101   97 
Accounts payable  6,683   6,587 
Accrued payroll and payroll expenses  12,366   13,065 
Accrued expenses and other current liabilities  23,570   18,879 
Income taxes payable  646   1,055 
Total current liabilities  43,366   62,312 
         
Long term debt, net of discount for deferred financing costs  368,736   343,906 
Capital lease obligations, less current portion  304   380 
Deferred income taxes  67,173   68,019 
Warrant liabilities  18,225   7,031 
Total liabilities  497,804   481,648 
         
         
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2021 and October 31, 2020  25,000   25,000 
         
Stockholders' equity        
Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,567,186 and 56,463,992 issued and outstanding as of July 31, 2021 and October 31, 2020, respectively  6   6 
Additional paid-in capital  372,961   367,681 
Treasury stock  (461)  (131)
Accumulated other comprehensive income  5,001   (606)
(Accumulated deficit) retained earnings  (118,345)  (99,840)
Total stockholders' equity  259,162   267,110 
         
Total liabilities and stockholders' equity $781,966  $773,758 


 
Concrete Pumping Holdings, Inc.
Consolidated Statements of Operations
 
  Three Months Ended  Nine Months Ended 
(in thousands, except share and per share amounts) July 31, 2021  July 31, 2020  July 31, 2021  July 31, 2020 
                 
Revenue $80,761  $77,131  $228,054  $225,111 
Cost of operations  43,548   39,330   127,676   123,295 
Gross profit  37,213   37,801   100,378   101,816 
Gross margin  46.1%  49.0%  44.0%  45.2%
                 
General and administrative expenses  24,951   26,954   73,812   79,941 
Goodwill and intangibles impairment  -   -   -   57,944 
Transaction costs  111   -   195   - 
Income (loss) from operations  12,151   10,847   26,371   (36,069)
                 
Interest expense, net  (6,153)  (8,364)  (19,082)  (26,632)
Loss on extinguishment of debt  -   -   (15,510)  - 
Change in fair value of warrant liabilities  260   (2,734)  (11,195)  130 
Other income, net  32   36   85   139 
Income (loss) before income taxes  6,290   (215)  (19,331)  (62,432)
                 
Income tax expense (benefit)  1,652   (462)  (826)  (3,829)
Net income (loss)  4,638   247   (18,505)  (58,603)
                 
Less preferred shares dividends  (525)  (489)  (1,530)  (1,432)
                 
Income (loss) available to common shareholders $4,113  $(242) $(20,035) $(60,035)
                 
Weighted average common shares outstanding                
Basic  53,522,089   52,782,663   53,377,032   52,752,884 
Diluted  54,547,494   52,782,663   53,377,032   52,752,884 
                 
Net (loss) income per common share                
Basic $0.07  $0.00  $(0.38) $(1.14)
Diluted $0.07  $0.00  $(0.38) $(1.14)


 
Concrete Pumping Holdings, Inc.
Consolidated Statements of Cash Flows
 
  Nine Months Ended 
(in thousands, except per share amounts) July 31, 2021  July 31, 2020 
         
Net loss $(18,505) $(58,603)
Adjustments to reconcile net income to net cash provided by operating activities:        
Goodwill and intangibles impairment  -   57,944 
Depreciation  21,169   19,537 
Deferred income taxes  (1,417)  92 
Amortization of deferred financing costs  1,877   3,094 
Amortization of intangible assets  20,517   25,290 
Stock-based compensation expense  5,280   4,207 
Change in fair value of warrant liabilities  11,195   (130)
Loss on extinguishment of debt  15,510   - 
Net gain on the sale of property, plant and equipment  (1,125)  (944)
Payment of contingent consideration in excess of amounts established in purchase accounting  -   (526)
Net changes in operating assets and liabilities:        
Trade receivables, net  475   1,668 
Inventory  122   (63)
Prepaid expenses and other current assets  (1,331)  (3,520)
Income taxes payable, net  750   (3,899)
Accounts payable  (93)  (1,489)
Accrued payroll, accrued expenses and other current liabilities  5,920   10,826 
Net cash provided by operating activities  60,344   53,484 
         
Cash flows from investing activities:        
Purchases of property, plant and equipment  (34,558)  (36,658)
Proceeds from sale of property, plant and equipment  5,070   6,392 
Net cash used in investing activities  (29,488)  (30,266)
         
Cash flows from financing activities:        
Proceeds on long term debt  375,000   - 
Payments on long term debt  (381,206)  (15,666)
Proceeds on revolving loan  201,125   206,420 
Payments on revolving loan  (202,977)  (217,162)
Payment of debt issuance costs  (8,464)  - 
Payments on capital lease obligations  (72)  (67)
Purchase of treasury stock  (330)  (131)
Payment of contingent consideration established in purchase accounting  -   (1,161)
Net cash provided by (used in) financing activities  (16,924)  (27,767)
Effect of foreign currency exchange rate on cash  (464)  1,207 
Net increase in cash and cash equivalents  13,468   (3,342)
Cash and cash equivalents:        
Beginning of period  6,736   7,473 
End of period $20,204  $4,131 


 
Concrete Pumping Holdings, Inc.
Segment Revenue
 
  Three Months Ended  Change 
(in thousands) July 31, 2021  July 31, 2020  $  % 
U.S. Concrete Pumping $58,025  $58,644  $(619)  -1.1%
U.K. Operations  12,652   9,208   3,444   37.4%
U.S. Concrete Waste Management Services  10,122   9,390   732   7.8%
Corporate  625   625   -   0.0%
Intersegment  (663)  (736)  73   -9.9%
  $80,761  $77,131  $3,630   4.7%


  Nine Months Ended  Change 
(in thousands) July 31, 2021  July 31, 2020  $  % 
U.S. Concrete Pumping $166,509  $171,209  $(4,700)  -2.7%
U.K. Operations  34,285   28,294   5,991   21.2%
U.S. Concrete Waste Management Services  27,552   25,978   1,574   6.1%
Corporate  1,875   1,875   -   0.0%
Intersegment  (2,167)  (2,245)  78   -3.5%
  $228,054  $225,111  $2,943   1.3%



Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss)
 
  Net Income (Loss)  Adjusted EBITDA 
  Three Months Ended  Three Months Ended         
(in thousands, except percentages) July 31, 2021  July 31, 2020  July 31, 2021  July 31, 2020  $ Change  % Change 
U.S. Concrete Pumping $1,844  $865  $18,403  $21,170  $(2,767)  -13.1%
U.K. Operations  384   (20)  4,087   3,397   690   20.3%
U.S. Concrete Waste Management Services  1,832   1,679   5,334   4,846   488   10.1%
Corporate  578   (2,277)  625   625   -   0.0%
  $4,638  $247  $28,449  $30,038  $(1,589)  -5.3%


  Net Income (Loss)  Adjusted EBITDA 
  Nine Months Ended  Nine Months Ended         
(in thousands, except percentages) July 31, 2021  July 31, 2020  July 31, 2021  July 31, 2020  $ Change  % Change 
U.S. Concrete Pumping $(11,759) $(45,925) $49,995  $54,338  $(4,343)  -8.0%
U.K. Operations  254   (16,868)  10,948   8,524   2,424   28.4%
U.S. Concrete Waste Management Services  3,282   2,904   13,037   12,650   387   3.1%
Corporate  (10,282)  1,286   1,877   1,875   2   0.1%
  $(18,505) $(58,603) $75,857  $77,387  $(1,530)  -2.0%


 
Concrete Pumping Holdings, Inc.
Quarterly Financial Performance
 
(dollars in millions) Revenue  Net Income (Loss)  Adjusted EBITDA1  Capital Expenditures  Adjusted EBITDA less Capital Expenditures 
                     
Q1 2017 $46  $(6) $14  $4  $9 
Q2 2017 $51  $3  $16  $3  $13 
Q3 2017 $55  $4  $18  $1  $18 
Q4 2017 $60  $1  $20  $14  $6 
Q1 2018 $53  $18  $16  $7  $9 
Q2 2018 $56  $5  $18  $1  $17 
Q3 2018 $66  $5  $22  $11  $11 
Q4 2018 $68  $1  $22  $9  $13 
Q1 2019 $58  $(26) $17  $11  $6 
Q2 2019 $62  $(10) $18  $13  $5 
Q3 2019 $79  $3  $31  $4  $27 
Q4 2019 $84  $1  $30  $5  $25 
Q1 2020 $74  $(3) $24  $20  $4 
Q2 2020 $74  $(59) $24  $4  $20 
Q3 2020 $77  $3  $30  $6  $24 
Q4 2020 $79  $(2) $30  $6  $24 
Q1 2021 $70  $(12) $22  $8  $15 
Q2 2021 $77  $(11) $25  $5  $20 
Q3 2021 $81  $5  $28  $17  $11 

1 Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a reconciliation of such measure to its most comparable GAAP measure.

 
Concrete Pumping Holdings, Inc.
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA
 
 Predecessor 
(dollars in thousands)Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 November 1, 2018
through
December 5,
2018
 
Consolidated                           
Net income (loss)$(6,296)$2,556 $3,923 $730 $17,558 $4,610 $4,825 $1,389 $(22,575)
Interest expense, net 6,386  6,095  5,456  4,811  5,087  5,126  5,477  5,735  1,644 
Income tax expense (benefit) 646  592  1,822  697  (13,544) 1,211  1,701  848  (4,192)
Depreciation and amortization 6,229  5,919  6,390  8,616  6,110  6,293  6,150  7,070  2,713 
EBITDA 6,965  15,162  17,591  14,854  15,211  17,240  18,153  15,042  (22,410)
Transaction expenses 5,304  -  (465) (349) 8  1,117  1,395  5,070  14,167 
Loss on debt extinguishment -  213  279  4,669  -  -  -  -  16,395 
Stock based compensation -  -  -  -  93  94  94  -  - 
Other expense (income) (39) (32) (19) (84) (12) (8) (14) (21) (6)
Goodwill and intangibles impairment -  -  -  -  -  -  -  -  - 
Other adjustments 1,172  1,108  1,051  985  1,324  (471) 2,674  2,161  1,442 
Adjusted EBITDA$13,402 $16,451 $18,437 $20,075 $16,624 $17,972 $22,302 $22,252 $9,588 


 
  Successor  S&P Combined (non-GAAP)  Successor 
(dollars in thousands) December 6, 2018
through
January 31,
2019
  Q1 2019  Q2 2019  Q3 2019  Q4 2019  Q1 2020  Q2 2020  Q3 2020  Q4 2020  Q1 2021  Q2 2021  Q3 2021 
Consolidated                                                
Net income (loss) $(6,152) $(28,727) $(24,419) $7,318  $6,850  $(3,137) $(55,714) $247  $(2,648) $(12,290) $(10,853) $4,638 
Interest expense, net  5,592   7,236   9,318   9,843   10,127   9,503   8,765   8,364   7,777   6,900   6,029   6,153 
Income tax expense (benefit)  (2,765)  (6,957)  1,572   (1,922)  (188)  (1,147)  (2,221)  (462)  (1,147)  (2,648)  170   1,652 
Depreciation and amortization  8,374   11,087   12,132   16,477   15,669   15,085   15,076   14,665   16,827   13,838   14,007   13,838 
EBITDA  5,049   (17,361)  (1,397)  31,716   32,458   20,304   (34,094)  22,814   20,809   5,800   9,353   26,281 
Transaction expenses  -   14,167   1,282   176   63   -   -   -   -   29   55   111 
Loss on debt extinguishment  -   16,395   -   -   -   -   -   -   -   15,510   -   - 
Stock based compensation  -   -   361   1,625   1,633   1,467   1,383   1,357   7,247   672   3,350   1,258 
Change in fair value of warrant liabilities  2,522   2,522   14,774   (4,556)  (6,249)  391   (3,254)  2,734   391   -   11,456   (260)
Other expense (income)  (11)  (17)  (20)  (28)  12   (69)  (33)  (36)  (31)  (26)  (26)  (32)
Goodwill and intangibles impairment  -   -   -   -   -   -   57,944   -   -   -   -   - 
Other adjustments  -   1,442   3,234   1,627   1,635   1,741   1,569   3,169   1,498   373   859   1,091 
Adjusted EBITDA $7,560  $17,148  $18,234  $30,560  $29,552  $23,834  $23,515  $30,038  $29,914  $22,358  $25,047  $28,449 


 
Concrete Pumping Holdings, Inc.
Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA
 
  Three Months Ended  Nine Months Ended 
(dollars in thousands) July 31, 2021  July 31, 2020  July 31, 2021  July 31, 2020 
Consolidated                
Net income (loss) $4,638  $247  $(18,505) $(58,603)
Interest expense, net  6,153   8,364   19,082   26,632 
Income tax expense (benefit)  1,652   (462)  (826)  (3,829)
Depreciation and amortization  13,838   14,665   41,686   44,827 
EBITDA  26,281   22,814   41,437   9,027 
Transaction expenses  111   -   195   - 
Loss on debt extinguishment  -   -   15,510   - 
Stock based compensation  1,258   1,357   5,280   4,208 
Change in fair value of warrant liabilities  (260)  2,734   11,195   (130)
Other expense (income)  (32)  (36)  (85)  (139)
Goodwill and intangibles impairment  -   -   -   57,944 
Other adjustments  1,091   3,169   2,325   6,477 
Adjusted EBITDA $28,449  $30,038  $75,857  $77,387 
                 
U.S. Concrete Pumping                
Net income (loss) $1,844  $865  $(11,759) $(45,925)
Interest expense, net  5,347   7,620   16,717   24,448 
Income tax expense (benefit)  781   (368)  (2,424)  (4,505)
Depreciation and amortization  9,206   9,745   27,885   29,893 
EBITDA  17,178   17,862   30,419   3,911 
Transaction expenses  111   -   195   - 
Loss on debt extinguishment  -   -   15,510   - 
Stock based compensation  1,258   1,357   5,280   4,208 
Other expense (income)  (17)  1   (42)  (16)
Goodwill and intangibles impairment  -   -   -   43,500 
Other adjustments  (127)  1,950   (1,367)  2,735 
Adjusted EBITDA $18,403  $21,170  $49,995  $54,338 
                 
U.K. Operations                
Net income (loss) $384  $(20) $254  $(16,868)
Interest expense, net  806   744   2,365   2,184 
Income tax expense (benefit)  149   (61)  51   333 
Depreciation and amortization  2,042   2,052   6,124   6,313 
EBITDA  3,381   2,715   8,794   (8,038)
Transaction expenses  -   -   -   - 
Loss on debt extinguishment  -   -   -   - 
Stock based compensation  -   -   -   - 
Other expense (income)  (12)  (37)  (38)  (123)
Goodwill and intangibles impairment  -   -   -   14,444 
Other adjustments  718   719   2,192   2,241 
Adjusted EBITDA $4,087  $3,397  $10,948  $8,524 
                 
U.S. Concrete Waste Management Services                
Net income (loss) $1,832  $1,679  $3,282  $2,904 
Interest expense, net  -   -   -   - 
Income tax expense (benefit)  626   6   1,210   245 
Depreciation and amortization  2,379   2,661   7,050   8,000 
EBITDA  4,837   4,346   11,542   11,149 
Transaction expenses  -   -   -   - 
Loss on debt extinguishment  -   -   -   - 
Stock based compensation  -   -   -   - 
Other expense (income)  (3)  -   (5)  - 
Goodwill and intangibles impairment  -   -   -   - 
Other adjustments  500   500   1,500   1,501 
Adjusted EBITDA $5,334  $4,846  $13,037  $12,650 
                 
Corporate                
Net income (loss) $578  $(2,277) $(10,282) $1,286 
Interest expense, net  -   -   -   - 
Income tax expense (benefit)  96   (39)  337   98 
Depreciation and amortization  211   207   627   621 
EBITDA  885   (2,109)  (9,318)  2,005 
Transaction expenses  -   -   -   - 
Loss on debt extinguishment  -   -   -   - 
Stock based compensation  -   -   -   - 
Change in fair value of warrant liabilities  (260)  2,734   11,195   (130)
Other expense (income)  -   -   -   - 
Goodwill and intangibles impairment  -   -   -   - 
Other adjustments  -   -   -   - 
Adjusted EBITDA $625  $625  $1,877  $1,875 


 
Concrete Pumping Holdings, Inc.
Reconciliation of Free Cash Flow
 
  Nine Months Ended 
(dollars in millions) July 31, 2021 
Adjusted EBITDA $75.9 
Less net capital expenditures  (29.5)
Less cash paid for interest  (5.9)
Free cash flow $40.5 


 
Concrete Pumping Holdings, Inc.
Reconciliation of Net Debt
 
                         
  January 31,  April 30,  July 31,  October 31,  January 31,  April 30,   July 31,   Change in Net 
(in thousands) 2020  2020  2020  2020  2021  2021  2021  Debt Q2'21 to Q3'21 
Term loan outstanding  396,871   391,650   386,427   381,205   -   -   -   - 
Senior Notes  -   -   -   -   375,000   375,000   375,000   - 
Revolving loan draws outstanding  38,661   39,211   12,990   1,741   7,687   1,087   -   (1,087)
Less: Cash  (2,636)  (18,048)  (4,131)  (6,736)  (2,273)  (13,714)  (20,204)  (6,490)
Net debt  432,896   412,813   395,286   376,210   380,414   362,373   354,796   (18,041)

 


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