DENVER, June 05, 2025 (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 second quarter ended April 30, 2025.
Second Quarter Fiscal Year 2025 Summary vs. Second Quarter of Fiscal Year 2024 (where applicable)
-- Revenue of $94.0 million compared to $107.1 million.
-- Gross profit of $36.2 million compared to $41.8 million.
-- Income from operations of $8.3 million compared to $12.1 million.
-- Net loss of $0.0 million compared to net income of $3.0 million.
-- Net loss attributable to common shareholders was $0.4 million, or $(0.01)
per diluted share, compared to net income of $2.6 million, or $0.05 per
diluted share.
-- Adjusted EBITDA1 of $22.5 million compared to $27.5 million, with
Adjusted EBITDA margin1 of 23.9% compared to 25.7%
-- Amounts outstanding under debt agreements were $425.0 million with net
debt1 of $387.2 million. Total available liquidity at quarter end was
$352.5 million compared to $216.9 million one year ago.
-- Leverage ratio1 at quarter end of 3.7x.
Management Commentary
"In the second quarter, we continued to navigate a challenging construction environment, marked by persistent macroeconomic headwinds and regional weather disruptions," said CPH CEO Bruce Young. "Despite these pressures, we delivered solid results by remaining focused on cost discipline, fleet optimization, and strategic pricing across our businesses."
"Our U.S. Concrete Waste Management segment once again delivered strong growth, highlighting both the appeal of our unique offering and the rising demand for sustainable jobsite solutions. Although our U.S. Concrete Pumping segment remains affected by weakness in commercial construction and, more recently, by emerging challenges in residential construction, the infrastructure market has remained resilient, helping to partially offset broader market pressures and support the segment's performance."
"We remain committed to generating strong free cash flow, deleveraging the balance sheet, and pursuing disciplined, strategic M&A that complements our core capabilities and geographic footprint. These priorities position us well for long-term value creation. While the near-term demand backdrop remains challenged, we are confident that our leadership position, operational discipline, and breadth of service offerings will allow us to capitalize on the eventual recovery in commercial construction activities."
______________
(1) Adjusted EBITDA, Adjusted EBITDA margin, 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 ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.
Second Quarter Fiscal Year 2025 Financial Results
Revenue in the second quarter of fiscal year 2025 was $94.0 million compared to $107.1 million in the second quarter of fiscal year 2024. The decrease was primarily attributable to a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects.
Gross profit in the second quarter of fiscal year 2025 was $36.2 million compared to $41.8 million in the prior year quarter. Gross margin declined 50 basis points to 38.5% compared to 39.0% in the prior year quarter.
General and administrative expenses ("G&A") in the second quarter declined 6% to $27.9 million compared to $29.7 million in the prior year quarter primarily due to lower labor costs of approximately $1.3 million and non-cash decreases in amortization expense of $0.8 million. As a percentage of revenue, G&A costs were 29.7% in the second quarter compared to 27.7% in the prior year quarter.
Net loss in the second quarter of fiscal year 2025 was $0.0 million compared to net income of $3.0 million in the prior year quarter. Net loss attributable to common shareholders in the second quarter of fiscal year 2025 was $0.4 million, or $(0.01) per diluted share, compared to net income of $2.6 million, or $0.05 per diluted share, in the prior year quarter.
Adjusted EBITDA in the second quarter of fiscal year 2025 was $22.5 million compared to $27.5 million in the prior year quarter. Adjusted EBITDA margin was 23.9% compared to 25.7% in the prior year quarter.
Liquidity
On April 30, 2025, the Company had debt outstanding of $425.0 million, net debt of $387.2 million and total available liquidity of $352.5 million.
Segment Results
U.S. Concrete Pumping. Revenue in the second quarter of fiscal year 2025 was $62.1 million compared to $74.6 million in the prior year quarter. The decline was driven by a continued slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates, uncertainty around extensions of U.S. tax policy and adverse weather events in the months of February and April. Further, while the Company has not been directly impacted by tariffs, the added uncertainty surrounding tariffs has contributed to the deferral of certain commercial construction projects. Net loss in the second quarter of fiscal year 2025 was $1.6 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $12.7 million in the second quarter of fiscal year 2025 compared to $17.5 million in the prior year quarter. These decreases were largely driven by the decrease in revenue, as discussed above.
U.S. Concrete Waste Management Services. Revenue in the second quarter of fiscal year 2025 increased 7% to $18.1 million compared to $16.9 million in the prior year quarter. The increase was driven by organic growth and pricing improvements. Net income in the second quarter of fiscal year 2025 was $1.2 million compared to net income of $1.1 million in the prior year quarter. Adjusted EBITDA in the second quarter of fiscal year 2025 increased 12% to $6.7 million compared to $5.9 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to higher revenue and disciplined cost control.
U.K. Operations. Revenue in the second quarter of fiscal year 2025 was $13.8 million compared to $15.5 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 13% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work. Net income in the second quarter of fiscal year 2025 was $0.4 million compared to $1.0 million in the prior year quarter. Adjusted EBITDA was $3.2 million in the second quarter of fiscal year 2025 compared to $4.1 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue.
Fiscal Year 2025 Outlook
The Company now expects fiscal year 2025 revenue to range between $380.0 million to $390.0 million, Adjusted EBITDA to range between $95.0 million to $100.0 million, and free cash flow(2) to be approximately $45.0 million. These expectations assume the construction market will not start to meaningfully recover until fiscal year 2026 and that the Company continues to strengthen its organizational infrastructure and invest in its fleet to position the business for growth in fiscal 2026.
________________
(2) Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.
Share Repurchase Program
In June 2025, the board of directors of the Company approved a $15.0 million increase to the Company's share repurchase program. Including this increase, there have been a total of $50.0 million in authorizations since the inception of the share repurchase program in June 2022. All authorizations are set to expire on December 31, 2026.
During the six months ended April 30, 2025, the Company repurchased 1,311,386 shares for a total of $7.8 million at an average share price of $5.97 per share. Including the new $15.0 million share repurchase authorization approved in June 2025, a total of $24.2 million would have been available for purchase under the Company's repurchase program as of April 30, 2025.
"Today's additional $15.0 million share repurchase authorization reflects our commitment to driving shareholder value," said Bruce Young. "Our disciplined approach to capital allocation, strong free cash flow 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 on Thursday, June 5, 2025, at 5:00 p.m. Eastern time to discuss its second quarter 2025 results.
Date: Thursday, June 5, 2025
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: 13752905
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 Group, Inc. at 1-949-574-3860.
The conference call will be broadcast live and is available for replay here as well as 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 June 12, 2025.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13752905
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 April 30, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across 22 states, concrete pumping services in the U.K. from approximately 35 branch locations, and route-based concrete waste management services from 21 operating locations in the U.S. and one shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company's brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
Forward--Looking 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 2025 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's 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, changes in foreign trade policies, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings 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 identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; 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 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, free cash flow and leverage ratio, all of which are important financial measures for the Company but are not financial measures defined by GAAP.
EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses and transaction expenses. 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 excludes these amounts from Adjusted EBITDA for comparability across periods.
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 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 is 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 as a specified date 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 "Reconciliation of Net Debt" 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 maintenance 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 tax expense 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.
Contact:
Company: Investor Relations:
Iain Humphries Gateway Group, Inc.
Chief Financial Officer Cody Slach
1-303-289-7497 1-949-574-3860
BBCP@gateway-grp.com
-------------------------- -----------------------
Concrete Pumping Holdings, Inc.
Condensed Consolidated Balance Sheets
As of April 30, As of October 31,
(in thousands, except per
share amounts) 2025 2024
----------------- -------------------
Current assets:
Cash and cash equivalents $ 37,788 $ 43,041
Receivables, net of
allowance for doubtful
accounts of $881 and
$916, respectively 48,378 56,441
Inventory 6,157 5,922
Prepaid expenses and other
current assets 11,231 6,956
------------- --- --------------
Total current assets 103,554 112,360
Property, plant and
equipment, net 412,967 415,726
Intangible assets, net 99,793 105,612
Goodwill 223,998 222,996
Right-of-use operating lease
assets 24,757 26,179
Other non-current assets 11,437 12,578
Deferred financing costs 2,284 2,539
------------- --- --------------
Total assets $ 878,790 $ 897,990
============= === ==============
Current liabilities:
Revolving loan $ - $ 20
Operating lease
obligations, current
portion 4,860 4,817
Accounts payable 12,341 7,668
Accrued payroll and
payroll expenses 11,757 14,303
Accrued expenses and other
current liabilities 27,069 28,673
Income taxes payable 1,861 850
Total current
liabilities 57,888 56,331
Long term debt, net of
discount for deferred
financing costs 417,346 373,260
Operating lease obligations,
non-current 20,418 21,716
Deferred income taxes 84,402 86,647
Other liabilities,
non-current 11,891 13,321
Total liabilities 591,945 551,275
============= === ==============
Zero-dividend convertible
perpetual preferred stock,
$0.0001 par value,
2,450,980 shares issued and
outstanding as of April 30,
2025 and October 31, 2024 25,000 25,000
------------- --- --------------
Stockholders' equity
Common stock, $0.0001 par
value, 500,000,000 shares
authorized, 52,132,683
and 53,273,644 issued and
outstanding as of April
30, 2025 and October 31,
2024, respectively 6 6
Additional paid-in capital 388,737 386,313
Treasury stock (35,972) (25,881)
Accumulated other
comprehensive income
(loss) 3,089 (483)
Accumulated deficit (94,015) (38,240)
------------- --- --------------
Total stockholders'
equity 261,845 321,715
Total liabilities and
stockholders' equity $ 878,790 $ 897,990
============= === ==============
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Operations
Three Months Ended Six Months Ended April
April 30, 30,
--------------------- ----------------------
(in thousands,
except per
share amounts) 2025 2024 2025 2024
------- -------- -------- --------
Revenue $93,958 $107,062 $180,404 $204,773
Cost of
operations 57,776 65,295 112,987 129,692
------ ------- ------- -------
Gross profit 36,182 41,767 67,417 75,081
Gross margin 38.5% 39.0% 37.4% 36.7%
General and
administrative
expenses 27,922 29,712 55,672 61,570
------ ------- ------- -------
Income from
operations 8,260 12,055 11,745 13,511
Interest expense
and
amortization of
deferred
financing
costs (8,554) (6,903) (14,769) (13,426)
Loss on
extinguishment
of debt - - (1,392) -
Interest income 260 30 673 90
Change in fair
value of
warrant
liabilities - - - 130
Other income
(expense), net 28 44 62 84
------ ------- ------- -------
Income
(loss)
before
income
taxes (6) 5,226 (3,681) 389
------ ------- ------- -------
Income tax
expense
(benefit) (2) 2,180 (1,038) 1,169
Net income
(loss) (4) 3,046 (2,643) (780)
Less preferred
shares
dividends (426) (430) (865) (870)
Loss available
to common
shareholders $ (430) $ 2,616 $ (3,508) $ (1,650)
====== ======= ======= =======
Weighted
average common
shares
outstanding
Basic 52,699 53,430 52,875 53,501
Diluted 52,699 54,380 52,875 53,501
Net income per
common share
Basic $ (0.01) $ 0.05 $ (0.07) $ (0.03)
Diluted $ (0.01) $ 0.05 $ (0.07) $ (0.03)
Concrete Pumping Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
For the Six Months Ended April 30,
----------------------------------------
(in thousands, except per
share amounts) 2025 2024
------------------- ---------------
Net loss $ (2,643) $ (780)
Adjustments to reconcile
net loss to net cash
provided by operating
activities:
Non-cash operating lease
expense 2,575 2,567
Foreign currency
adjustments (54) (451)
Depreciation 20,726 20,565
Deferred income taxes (2,706) (590)
Amortization of deferred
financing costs 896 890
Amortization of
intangible assets 6,058 7,771
Stock-based compensation
expense 905 1,273
Change in fair value of
warrant liabilities - (130)
Loss on extinguishment of
debt 1,392 -
Net gain on the sale of
property, plant and
equipment (188) (1,147)
Other operating
activities (46) 65
Net changes in operating
assets and liabilities:
Receivables 8,407 6,279
Inventory (130) 612
Other operating assets (6,297) (2,420)
Accounts payable 4,296 (1,218)
Other operating
liabilities (2,424) (3,841)
--------------- --------------
Net cash provided by
operating
activities 30,767 29,445
--------------- --------------
Cash flows from investing
activities:
Purchases of property,
plant and equipment (19,491) (28,817)
Proceeds from sale of
property, plant and
equipment 3,232 5,236
Net cash used in
investing
activities (16,259) (23,581)
--------------- --------------
Cash flows from financing
activities:
Proceeds on long term
debt 425,000 -
Payments on long term
debt (375,000) -
Proceeds on revolving
loan 124,474 167,611
Payments on revolving
loan (124,494) (170,138)
Dividends paid (53,132)
Payment of debt issuance
costs (8,153) -
Purchase of treasury
stock (8,508) (3,017)
Other financing
activities (136) 1,409
--------------- --------------
Net cash used in
financing
activities (19,949) (4,135)
Effect of foreign currency
exchange rate changes on
cash 188 366
--------------- --------------
Net increase
(decrease) in cash
and cash
equivalents (5,253) 2,095
Cash and cash equivalents:
Beginning of period 43,041 15,861
--------------- --------------
End of period $ 37,788 $ 17,956
=============== ==============
Concrete Pumping Holdings, Inc.
Segment Revenue
Three Months
Ended April 30, Change
----------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- -------- -------- -----
U.S. Concrete
Pumping 62,109 $ 74,617 $(12,508) (16.8)%
U.S. Concrete
Waste
Management
Services(1) 18,057 16,898 1,159 6.9%
U.K. Operations 13,792 15,547 (1,755) (11.3)%
Total revenue $93,958 $107,062 $(13,104) (12.2)%
====== ======= ======= =====
(1) For the three months ended April 30, 2025 and
2024, intersegment revenue of $0.1 million is
excluded.
Six Months Ended
April 30, Change
------------------ ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
-------- -------- -------- -----
U.S. Concrete
Pumping $119,022 $141,300 $(22,278) (15.8)%
U.S. Concrete
Waste
Management
Services(1) 34,750 32,518 2,232 6.9%
U.K. Operations 26,632 30,955 (4,323) (14.0)%
Total revenue $180,404 $204,773 $(24,369) (11.9)%
======= ======= ======= =====
(1) For the six months ended April 30, 2025 and 2024,
intersegment revenue of $0.2 million isexcluded.
Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss)
During the first quarter of fiscal year 2025, the Company updated its methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.
Three Months Ended April Six Months Ended April
30, 2024 30, 2024
------------------------ ------------------------
U.S. U.S.
Concrete Concrete
U.S. Waste U.S. Waste
Concrete Management Concrete Management
(in thousands) Pumping Services Pumping Services
--------- ------------ --------- ------------
As Previously
Reported
---------------
Net income
(loss) $ (999) $ 3,001 $ (7,843) $ 5,406
Interest expense
and
amortization of
deferred
financing
costs, net of
interest
income 6,193 - 11,947 -
EBITDA 15,979 6,188 23,016 11,568
Stock-based
compensation 737 - 1,273 -
Other expense
(income), net (7) - (27) (7)
Other
Adjustments 514 - 3,668 -
Adjusted EBITDA 17,223 6,188 27,930 11,561
Recast
Adjustment
---------------
Net income
(loss) $ 1,936 $ (1,936) $ 5,578 $ (5,578)
Interest expense
and
amortization of
deferred
financing
costs, net of
interest
income (1,566) 1,566 (3,323) 3,323
EBITDA 370 (370) 2,255 (2,255)
Stock-based
compensation (189) 189 (350) 350
Other expense
(income), net - - 3 (3)
Other
Adjustments 67 (67) (774) 774
Adjusted EBITDA 248 (248) 1,134 (1,134)
Current Report
As Recast
---------------
Net income
(loss) $ 937 $ 1,065 $ (2,265) $ (172)
Interest expense
and
amortization of
deferred
financing
costs, net of
interest
income 4,627 1,566 8,624 3,323
EBITDA 16,349 5,818 25,271 9,313
Stock-based
compensation 548 189 923 350
Other expense
(income), net (7) - (24) (10)
Other
Adjustments 581 (67) 2,894 774
Adjusted EBITDA 17,471 5,940 29,064 10,427
Concrete Pumping Holdings, Inc.
Segment Adjusted EBITDA and Net Income (Loss) Continued
Net Income (Loss)
-----------------------------------
Three Months
Ended April 30 Change
----------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ------- ------- ------
U.S. Concrete
Pumping $(1,601) $ 937 $(2,538) *
U.S. Concrete
Waste
Management
Services 1,202 1,065 137 (12.9)%
U.K. Operations 395 1,044 (649) (62.2)%
------ ------ ------ ------
Total $ (4) $ 3,046 $(3,050) (100.1)%
====== ====== ====== ======
*Change is not
meaningful
Adjusted EBITDA
-----------------------------------
Three Months
Ended April 30 Change
----------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ------- ------- ------
U.S. Concrete
Pumping $12,663 $17,471 $(4,808) (27.5)%
U.S. Concrete
Waste
Management
Services 6,655 5,940 715 12.0%
U.K. Operations 3,179 4,137 (958) (23.2)%
------ ------ ------ ------
Total $22,497 $27,548 $(5,051) (18.3)%
====== ====== ====== ======
Net Income (Loss)
------------------------------------
Six Months Ended
April 30 Change
----------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ------- ------- ------
U.S. Concrete
Pumping $(4,681) $(2,265) $(2,416) (106.7)%
U.S. Concrete
Waste
Management
Services 1,426 (172) 1,598 *
U.K. Operations 612 1,527 (915) (59.9)%
Other - 130 (130) *
Total $(2,643) $ (780) $(1,863) (238.8)%
====== ====== ====== ======
*Change is not
meaningful
Adjusted EBITDA
------------------------------------
Six Months Ended
April 30 Change
----------------- ----------------
(in thousands,
unless
otherwise
stated) 2025 2024 $ %
------- ------- ------- ------
U.S. Concrete
Pumping $21,800 $29,064 $(7,264) (25.0)%
U.S. Concrete
Waste
Management
Services 11,701 10,427 1,274 12.2%
U.K. Operations 6,007 7,339 (1,332) (18.1)%
Total $39,508 $46,830 $(7,322) (15.6)%
====== ====== ====== ======
Concrete Pumping Holdings, Inc.
Quarterly Financial Performance
Adjusted Earnings
EBITDA less (Loss) Per
Net Adjusted Capital Capital Diluted
(dollars in millions) Revenue Income EBITDA(1) Expenditures(2) Expenditures Share
--------- -------- ----------- ----------------- -------------- ----------
Q1 2024 $ 98 $ (4) $ 19 $ 17 $ 3 $ (0.08)
Q2 2024 $ 107 $ 3 $ 28 $ 7 $ 21 $ 0.05
Q3 2024 $ 110 $ 8 $ 32 $ 6 $ 26 $ 0.13
Q4 2024 $ 111 $ 9 $ 34 $ 2 $ 32 $ 0.16
Q1 2025 $ 86 $ (3) $ 17 $ 4 $ 13 $ (0.06)
Q2 2025 $ 94 $ - $ 22 $ 12 $ 10 $ (0.01)
(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 discussion
of the definition of this measure and reconciliation
of such measure to its most comparable GAAP measure.
(2) Information on M&A or growth investments included
in net capital expenditures have been included for
relevant quarters below:
*Q1 2024 capex includes approximately $5 million growth
investment.
*Q2 2024 capex includes approximately $1 million M&A
and $3 million growth investment.
*Q3 2024 capex includes approximately $4 million growth
investment.
*Q4 2024 capex includes approximately $3 million growth
investment.
*Q1 2025 capex includes approximately $2 million growth
investment.
*Q2 2025 capex includes approximately $2 million growth
investment.
Concrete Pumping Holdings, Inc.
Reconciliation of Net Income to Reported EBITDA to
Adjusted EBITDA
Three Months Six Months Ended
Ended April 30, April 30,
----------------- -----------------
(dollars in thousands) 2025 2024 2025 2024
------- ------- ------- -------
Consolidated
Net income (loss) $ (4) $ 3,046 $(2,643) $ (780)
Interest expense and
amortization of
deferred financing
costs, net of interest
income 8,294 6,873 14,096 13,336
Income tax expense
(benefit) (2) 2,180 (1,038) 1,169
Depreciation and
amortization 13,584 14,239 26,784 28,337
------ ------ ------ ------
EBITDA 21,872 26,338 37,199 42,062
Loss on debt
extinguishment - - 1,392 -
Stock based compensation 538 737 905 1,273
Change in fair value of
warrant liabilities - - - (130)
Other expense (income),
net (28) (44) (62) (84)
Other adjustments(1) 115 517 74 3,709
------ ------ ------ ------
Adjusted EBITDA $22,497 $27,548 $39,508 $46,830
====== ====== ====== ======
U.S. Concrete Pumping
Net income (loss) $(1,601) $ 937 $(4,681) $(2,265)
Interest expense and
amortization of
deferred financing
costs, net of interest
income 5,211 4,627 8,522 8,624
Income tax expense
(benefit) (482) 515 (1,662) (1,588)
Depreciation and
amortization 9,006 10,270 18,081 20,500
------ ------ ------ ------
EBITDA 12,134 16,349 20,260 25,271
Loss on debt
extinguishment - - 862 -
Stock based compensation 371 548 609 923
Other expense (income),
net (4) (7) (18) (24)
Other adjustments(1) 162 581 87 2,894
------ ------ ------ ------
Adjusted EBITDA $12,663 $17,471 $21,800 $29,064
====== ====== ====== ======
U.S. Concrete Waste
Management Services
Net income (loss) $ 1,202 $ 1,065 $ 1,426 $ (172)
Interest expense and
amortization of
deferred financing
costs, net of interest
income 2,369 1,566 4,141 3,323
Income tax expense 332 1,067 415 1,982
Depreciation and
amortization 2,651 2,120 4,927 4,180
------ ------ ------ ------
EBITDA 6,554 5,818 10,909 9,313
Loss on debt
extinguishment - - 530 -
Stock based compensation 167 189 296 350
Other expense (income),
net (12) - (14) (10)
Other adjustments (54) (67) (20) 774
------ ------ ------ ------
Adjusted EBITDA $ 6,655 $ 5,940 $11,701 $10,427
====== ====== ====== ======
(1) Other adjustments include the adjustment for non-recurring
expenses and non-cash currency gains/losses. For the
six months ended April 30, 2024, other adjustments
includes a $3.5 million non-recurring charge related
to sales tax litigation.
Three Months Six Months Ended
Ended April 30, April 30,
---------------- ----------------
(dollars in thousands) 2025 2024 2025 2024
------ ------- ------ -------
U.K. Operations
Net income $ 395 $ 1,044 $ 612 $ 1,527
Interest expense, net 714 680 1,433 1,389
Income tax expense 148 598 209 775
Depreciation and
amortization 1,927 1,849 3,776 3,657
----- ------ ----- ------
EBITDA 3,184 4,171 6,030 7,348
Other expense (income),
net (12) (37) (30) (50)
Other adjustments 7 3 7 41
Adjusted EBITDA $3,179 $ 4,137 $6,007 $ 7,339
===== ====== ===== ======
Other
Net income $ - $ - $ - $ 130
EBITDA - - - 130
Change in fair value of
warrant liabilities - - - (130)
----- ------ ----- ------
Adjusted EBITDA $ - $ - $ - $ -
===== ====== ===== ======
Concrete Pumping Holdings, Inc.
Reconciliation of Net Debt
April October January April
30, July 31, 31, 31, 30,
(in thousands) 2024 2024 2024 2025 2025
-------- -------- -------- -------- --------
Senior Notes 375,000 375,000 375,000 425,000 425,000
Revolving loan
draws
outstanding 16,428 - 20 - -
Less: Cash (17,956) (26,333) (43,041) (85,132) (37,788)
------- ------- ------- ------- -------
Net debt $373,472 $348,667 $331,979 $339,868 $387,212
======= ======= ======= ======= =======
Concrete Pumping Holdings, Inc.
Reconciliation of Historical Adjusted EBITDA
Q2
(dollars in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2025
------- ------- ------- ------- ------- ------
Consolidated
Net income (loss) $(3,826) $ 3,046 $ 7,560 $ 9,427 $(2,639) $ (4)
Interest expense and
amortization of
deferred financing
costs 6,463 6,873 6,261 5,976 5,802 8,294
Income tax expense
(benefit) (1,011) 2,180 3,081 3,854 (1,036) (2)
Depreciation and
amortization 14,097 14,239 14,491 14,283 13,200 13,584
------ ------ ------ ------ ------
EBITDA 15,723 26,338 31,393 33,540 15,327 21,872
Transaction expenses - - - - - -
Loss on debt
extinguishment - - - - 1,392 -
Stock based compensation 536 737 644 477 367 538
Change in fair value of
warrant liabilities (130) - - - - -
Other expense (income),
net (39) (44) (276) (47) (34) (28)
Other adjustments(1) 3,191 517 (123) (290) (41) 115
------ ------ ------ ------ ------
Adjusted EBITDA $19,281 $27,548 $31,638 $33,680 $17,011 $22,497
====== ====== ====== ====== ====== ======
(1) Other adjustments include the adjustment for non-recurring
expenses and non-cash currency gains/losses. For the
first quarter of fiscal year 2024, other adjustments
includes a $3.5 million non-recurring charge related
to sales tax litigation.
(END) Dow Jones Newswires
June 05, 2025 16:05 ET (20:05 GMT)