Concrete Pumping Holdings Reports First Quarter Fiscal Year 2025 Results
Concrete Pumping Holdings (NASDAQ: BBCP) reported Q1 FY2025 results with revenue of $86.4 million, down from $97.7 million in Q1 FY2024. The company posted a net loss of $2.6 million, improving from a $3.8 million loss year-over-year.
Key financial metrics include:
- Gross profit of $31.2 million with improved margin of 36.1%
- Adjusted EBITDA of $17.0 million with stable margin at 19.7%
- Available liquidity of $409.6 million with net debt reduced by $33.4 million
The company updated its FY2025 guidance, projecting revenue between $400.0-420.0 million and Adjusted EBITDA of $105.0-115.0 million. The board extended the share repurchase program to December 31, 2026, with $15.1 million available for repurchases. During Q1, BBCP repurchased 296,267 shares at an average price of $6.53.
Concrete Pumping Holdings (NASDAQ: BBCP) ha riportato i risultati del primo trimestre dell'anno fiscale 2025 con un fatturato di 86,4 milioni di dollari, in calo rispetto ai 97,7 milioni di dollari nel primo trimestre dell'anno fiscale 2024. L'azienda ha registrato una perdita netta di 2,6 milioni di dollari, migliorando rispetto a una perdita di 3,8 milioni di dollari anno su anno.
I principali indicatori finanziari includono:
- Utile lordo di 31,2 milioni di dollari con un margine migliorato del 36,1%
- EBITDA rettificato di 17,0 milioni di dollari con margine stabile al 19,7%
- Liquidità disponibile di 409,6 milioni di dollari con debito netto ridotto di 33,4 milioni di dollari
L'azienda ha aggiornato le previsioni per l'anno fiscale 2025, prevedendo un fatturato compreso tra 400,0-420,0 milioni di dollari e un EBITDA rettificato di 105,0-115,0 milioni di dollari. Il consiglio ha esteso il programma di riacquisto di azioni al 31 dicembre 2026, con 15,1 milioni di dollari disponibili per i riacquisti. Durante il primo trimestre, BBCP ha riacquistato 296.267 azioni a un prezzo medio di 6,53 dollari.
Concrete Pumping Holdings (NASDAQ: BBCP) reportó los resultados del primer trimestre del año fiscal 2025 con ingresos de 86,4 millones de dólares, una disminución respecto a los 97,7 millones de dólares en el primer trimestre del año fiscal 2024. La compañía registró una pérdida neta de 2,6 millones de dólares, mejorando desde una pérdida de 3,8 millones de dólares año tras año.
Los principales indicadores financieros incluyen:
- Beneficio bruto de 31,2 millones de dólares con un margen mejorado del 36,1%
- EBITDA ajustado de 17,0 millones de dólares con un margen estable del 19,7%
- Liquidez disponible de 409,6 millones de dólares con deuda neta reducida en 33,4 millones de dólares
La compañía actualizó su guía para el año fiscal 2025, proyectando ingresos entre 400,0-420,0 millones de dólares y EBITDA ajustado de 105,0-115,0 millones de dólares. La junta extendió el programa de recompra de acciones hasta el 31 de diciembre de 2026, con 15,1 millones de dólares disponibles para recompra. Durante el primer trimestre, BBCP recompró 296,267 acciones a un precio promedio de 6,53 dólares.
콘크리트 펌핑 홀딩스 (NASDAQ: BBCP)는 2025 회계연도 1분기 실적을 발표했으며, 수익은 8,640만 달러로 2024 회계연도 1분기 9,770만 달러에서 감소했습니다. 회사는 260만 달러의 순손실을 기록했으며, 전년 대비 380만 달러의 손실에서 개선되었습니다.
주요 재무 지표는 다음과 같습니다:
- 총 이익 3,120만 달러, 개선된 마진 36.1%
- 조정된 EBITDA 1,700만 달러, 안정적인 마진 19.7%
- 사용 가능한 유동성 4억 960만 달러, 순부채 3,340만 달러 감소
회사는 2025 회계연도에 대한 가이던스를 업데이트하여 수익을 4억~4억 2천만 달러로 예상하고, 조정된 EBITDA는 1억 5천만~1억 1천 5백만 달러로 예상했습니다. 이사회는 2026년 12월 31일까지 주식 매입 프로그램을 연장했으며, 매입을 위해 1,510만 달러가 사용 가능합니다. 1분기 동안 BBCP는 평균 가격 6.53달러에 296,267주를 재매입했습니다.
Concrete Pumping Holdings (NASDAQ: BBCP) a publié les résultats du premier trimestre de l'exercice 2025 avec des revenus de 86,4 millions de dollars, en baisse par rapport à 97,7 millions de dollars au premier trimestre de l'exercice 2024. L'entreprise a affiché une perte nette de 2,6 millions de dollars, s'améliorant par rapport à une perte de 3,8 millions de dollars d'une année sur l'autre.
Les principaux indicateurs financiers comprennent :
- Bénéfice brut de 31,2 millions de dollars avec une marge améliorée de 36,1%
- EBITDA ajusté de 17,0 millions de dollars avec une marge stable de 19,7%
- Liquidité disponible de 409,6 millions de dollars avec une dette nette réduite de 33,4 millions de dollars
L'entreprise a mis à jour ses prévisions pour l'exercice 2025, projetant des revenus entre 400,0-420,0 millions de dollars et un EBITDA ajusté de 105,0-115,0 millions de dollars. Le conseil d'administration a prolongé le programme de rachat d'actions jusqu'au 31 décembre 2026, avec 15,1 millions de dollars disponibles pour les rachats. Au cours du premier trimestre, BBCP a racheté 296 267 actions à un prix moyen de 6,53 dollars.
Concrete Pumping Holdings (NASDAQ: BBCP) hat die Ergebnisse des ersten Quartals des Geschäftsjahres 2025 veröffentlicht, mit einem Umsatz von 86,4 Millionen Dollar, ein Rückgang von 97,7 Millionen Dollar im ersten Quartal des Geschäftsjahres 2024. Das Unternehmen verzeichnete einen Nettoverlust von 2,6 Millionen Dollar, eine Verbesserung gegenüber einem Verlust von 3,8 Millionen Dollar im Vorjahr.
Wichtige Finanzkennzahlen umfassen:
- Bruttogewinn von 31,2 Millionen Dollar mit einer verbesserten Marge von 36,1%
- Bereinigtes EBITDA von 17,0 Millionen Dollar mit stabiler Marge von 19,7%
- Verfügbare Liquidität von 409,6 Millionen Dollar mit einem Rückgang der Nettoverschuldung um 33,4 Millionen Dollar
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2025 aktualisiert und erwartet einen Umsatz zwischen 400,0-420,0 Millionen Dollar und ein bereinigtes EBITDA von 105,0-115,0 Millionen Dollar. Der Vorstand hat das Aktienrückkaufprogramm bis zum 31. Dezember 2026 verlängert, mit 15,1 Millionen Dollar für Rückkäufe verfügbar. Im ersten Quartal hat BBCP 296.267 Aktien zu einem Durchschnittspreis von 6,53 Dollar zurückgekauft.
- Gross margin improved 200 basis points to 36.1%
- Net debt reduced by $33.4 million year-over-year
- Liquidity increased by $192.6 million to $409.6 million
- U.S. Concrete Waste Management Services revenue grew 7% to $16.7 million
- Share repurchase program extended to December 2026
- Revenue declined 11.6% to $86.4 million
- Net loss of $2.6 million in Q1 2025
- U.S. Concrete Pumping revenue dropped to $56.9 million from $66.7 million
- UK Operations revenue decreased due to commercial construction slowdown
- Adjusted EBITDA decreased to $17.0 million from $19.3 million
Insights
Concrete Pumping Holdings delivered Q1 FY2025 results that reflect ongoing macroeconomic pressures, with revenue declining 11.6% to
Despite top-line challenges, BBCP demonstrated notable cost discipline and operational flexibility. Gross margin expanded 200 basis points to
The Concrete Waste Management Services segment was a bright spot, growing
BBCP's balance sheet has strengthened significantly, with net debt reduced by
Management has revised fiscal 2025 guidance, now projecting revenue of
The extension of the share repurchase program through December 2026 (with
Announces Extension of Existing Share Repurchase Plan
DENVER, March 11, 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 first quarter ended January 31, 2025.
First Quarter Fiscal Year 2025 Summary vs. First Quarter of Fiscal Year 2024 (where applicable)
| ● | Revenue of | |
| ● | Gross profit of | |
| ● | Income from operations of | |
| ● | Net loss of | |
| ● | Net loss attributable to common shareholders was | |
| ● | Adjusted EBITDA1 of | |
| ● | Amounts outstanding under debt agreements were | |
| ● | Leverage ratio1 at quarter end of 3.1x. |
Management Commentary
"Despite the challenges presented by a persistent elevated interest rate environment, which continued to affect our commercial construction volume in the first quarter and delayed project starts in both the U.S. and U.K., coupled with severe weather events in our central, mountain and southeastern regions, we remained resilient. Our flexible cost structure and disciplined fleet management strategy allowed us to maintain strong Adjusted EBITDA margins despite the reduced volume” said Bruce Young, CEO of CPH.
“With the successful refinancing of our senior notes during the current quarter, in addition to the upsize of our asset-based lending facility in September of 2024, our balance sheet and liquidity are stronger than ever and we are well-positioned for shareholder value creation initiatives, including the special dividend paid in February and potential future M&A opportunities. Looking ahead to the remainder of the fiscal year, we remain optimistic for a commercial market recovery, although the current timing has been prolonged.”
_____________
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.
First Quarter Fiscal Year 2025 Financial Results
Revenue in the first quarter of fiscal year 2025 was
Gross profit in the first quarter of fiscal year 2025 was
General and administrative expenses in the first quarter declined
Net loss in the first quarter of fiscal year 2025 was
Adjusted EBITDA in the first quarter of fiscal year 2025 was
Liquidity
On January 31, 2025, the Company had debt outstanding of
Net debt and total liquidity as of January 31, 2025 includes the
Segment Results
U.S. Concrete Pumping. Revenue in the first quarter of fiscal year 2025 was
U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal year 2025 increased
U.K. Operations. Revenue in the first quarter of fiscal year 2025 was
Fiscal Year 2025 Outlook
The Company now expects fiscal year 2025 revenue to range between
_____________
2 Free cash flow is defined as Adjusted EBITDA less net maintenance capital expenditures and cash paid for interest.
Share Repurchase Program
In March 2025, the Company's board of directors extended the expiration date of its existing share repurchase program, from March 31, 2025 to December 31, 2026. As of January 31, 2025, the Company has
During the first three months of fiscal year 2025, the Company repurchased 296,267 shares for a total of
Conference Call
The Company will hold a conference call on Tuesday, March 11, 2025, at 5:00 p.m. Eastern time to discuss its first quarter 2025 results.
Date: Tuesday, March 11, 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: 13751337
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 https://viavid.webcasts.com/starthere.jsp?ei=1705536&tp_key=95b8582acb 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 March 18, 2025.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13751337
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 January 31, 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 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’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, 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: Iain Humphries Chief Financial Officer 1-303-289-7497 | Investor Relations: Gateway Group, Inc. Cody Slach 1-949-574-3860 BBCP@gateway-grp.com |
| Concrete Pumping Holdings, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| As of January 31, | As of October 31, | |||||
| (in thousands, except per share amounts) | 2025 | 2024 | ||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 85,132 | $ | 43,041 | ||
| Receivables, net of allowance for doubtful accounts of | 42,990 | 56,441 | ||||
| Inventory | 6,197 | 5,922 | ||||
| Prepaid expenses and other current assets | 6,594 | 6,956 | ||||
| Total current assets | 140,913 | 112,360 | ||||
| Property, plant and equipment, net | 408,612 | 415,726 | ||||
| Intangible assets, net | 102,354 | 105,612 | ||||
| Goodwill | 222,157 | 222,996 | ||||
| Right-of-use operating lease assets | 25,612 | 26,179 | ||||
| Other non-current assets | 10,820 | 12,578 | ||||
| Deferred financing costs | 2,417 | 2,539 | ||||
| Total assets | $ | 912,885 | $ | 897,990 | ||
| Current liabilities: | ||||||
| Revolving loan | $ | - | $ | 20 | ||
| Operating lease obligations, current portion | 4,942 | 4,817 | ||||
| Accounts payable | 4,122 | 7,668 | ||||
| Accrued payroll and payroll expenses | 8,217 | 14,303 | ||||
| Accrued expenses and other current liabilities | 74,379 | 28,673 | ||||
| Income taxes payable | 1,566 | 850 | ||||
| Total current liabilities | 93,226 | 56,331 | ||||
| Long term debt, net of discount for deferred financing costs | 417,055 | 373,260 | ||||
| Operating lease obligations, non-current | 21,093 | 21,716 | ||||
| Deferred income taxes | 84,480 | 86,647 | ||||
| Other liabilities, non-current | 11,296 | 13,321 | ||||
| Total liabilities | 627,150 | 551,275 | ||||
| Zero-dividend convertible perpetual preferred stock, | 25,000 | 25,000 | ||||
| Stockholders' equity | ||||||
| Common stock, | 6 | 6 | ||||
| Additional paid-in capital | 388,199 | 386,313 | ||||
| Treasury stock | (29,981 | ) | (25,881 | ) | ||
| Accumulated other comprehensive loss | (3,478 | ) | (483 | ) | ||
| Accumulated deficit | (94,011 | ) | (38,240 | ) | ||
| Total stockholders' equity | 260,735 | 321,715 | ||||
| Total liabilities and stockholders' equity | $ | 912,885 | $ | 897,990 | ||
| Concrete Pumping Holdings, Inc. | |||||||
| Condensed Consolidated Statements of Operations | |||||||
| Three Months Ended January 31, | |||||||
| (in thousands, except per share amounts) | 2025 | 2024 | |||||
| Revenue | $ | 86,447 | $ | 97,711 | |||
| Cost of operations | 55,212 | 64,397 | |||||
| Gross profit | 31,235 | 33,314 | |||||
| Gross margin | 36.1 | % | 34.1 | % | |||
| General and administrative expenses | 27,750 | 31,858 | |||||
| Income from operations | 3,485 | 1,456 | |||||
| Interest expense and amortization of deferred financing costs | (6,215 | ) | (6,523 | ) | |||
| Loss on extinguishment of debt | (1,392 | ) | - | ||||
| Interest income | 413 | 60 | |||||
| Change in fair value of warrant liabilities | - | 130 | |||||
| Other income (expense), net | 34 | 40 | |||||
| Loss before income taxes | (3,675 | ) | (4,837 | ) | |||
| Income tax benefit | (1,036 | ) | (1,011 | ) | |||
| Net loss | (2,639 | ) | (3,826 | ) | |||
| Less preferred shares dividends | (440 | ) | (440 | ) | |||
| Loss available to common shareholders | $ | (3,079 | ) | $ | (4,266 | ) | |
| Weighted average common shares outstanding | |||||||
| Basic | 53,045 | 53,315 | |||||
| Diluted | 53,045 | 53,315 | |||||
| Net income per common share | |||||||
| Basic | $ | (0.06 | ) | $ | (0.08 | ) | |
| Diluted | $ | (0.06 | ) | $ | (0.08 | ) | |
| Concrete Pumping Holdings, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| For the Three Months Ended January 31, | ||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | ||||||
| Net loss | $ | (2,639 | ) | $ | (3,826 | ) | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Non-cash operating lease expense | 1,284 | 1,281 | ||||||
| Foreign currency adjustments | (41 | ) | (736 | ) | ||||
| Depreciation | 10,172 | 10,202 | ||||||
| Deferred income taxes | (1,787 | ) | (1,825 | ) | ||||
| Amortization of deferred financing costs | 480 | 445 | ||||||
| Amortization of intangible assets | 3,028 | 3,895 | ||||||
| Stock-based compensation expense | 367 | 536 | ||||||
| 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 | (192 | ) | (305 | ) | ||||
| Other operating activities | (37 | ) | 46 | |||||
| Net changes in operating assets and liabilities: | ||||||||
| Receivables | 13,206 | 13,894 | ||||||
| Inventory | (332 | ) | 616 | |||||
| Other operating assets | (1,415 | ) | (564 | ) | ||||
| Accounts payable | (3,343 | ) | (3,865 | ) | ||||
| Other operating liabilities | (14,111 | ) | 635 | |||||
| Net cash provided by operating activities | 6,032 | 20,299 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment | (5,841 | ) | (17,766 | ) | ||||
| Proceeds from sale of property, plant and equipment | 1,989 | 1,282 | ||||||
| Net cash used in investing activities | (3,852 | ) | (16,484 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds on long term debt | 425,000 | - | ||||||
| Payments on long term debt | (375,000 | ) | - | |||||
| Proceeds on revolving loan | 65,466 | 84,173 | ||||||
| Payments on revolving loan | (65,486 | ) | (90,107 | ) | ||||
| Payment of debt issuance costs | (7,312 | ) | - | |||||
| Purchase of treasury stock | (2,582 | ) | (1,098 | ) | ||||
| Other financing activities | (67 | ) | 1,449 | |||||
| Net cash provided by (used in) financing activities | 40,019 | (5,583 | ) | |||||
| Effect of foreign currency exchange rate changes on cash | (108 | ) | 595 | |||||
| Net increase (decrease) in cash and cash equivalents | 42,091 | (1,173 | ) | |||||
| Cash and cash equivalents: | ||||||||
| Beginning of period | 43,041 | 15,861 | ||||||
| End of period | $ | 85,132 | $ | 14,688 | ||||
| Concrete Pumping Holdings, Inc. | ||||||||||||||||
| Segment Revenue | ||||||||||||||||
| Three Months Ended January 31, | Change | |||||||||||||||
| (in thousands, unless otherwise stated) | 2025 | 2024 | $ | % | ||||||||||||
| U.S. Concrete Pumping | $ | 56,914 | $ | 66,683 | $ | (9,769 | ) | (14.6 | )% | |||||||
| U.S. Concrete Waste Management Services(1) | 16,693 | 15,620 | 1,073 | 6.9 | % | |||||||||||
| U.K. Operations | 12,840 | 15,408 | (2,568 | ) | (16.7 | )% | ||||||||||
| Total revenue | $ | 86,447 | $ | 97,711 | $ | (11,264 | ) | (11.5 | )% | |||||||
| (1) For both periods presented, intersegment revenue of | ||||||||||||||||
| 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 January 31, 2024 | |||||||
| (in thousands) | U.S. Concrete Pumping | U.S. Concrete Waste Management Services | |||||
| As Previously Reported | |||||||
| Net income (loss) | $ | (6,845 | ) | $ | 2,405 | ||
| Interest expense and amortization of deferred financing costs, net of interest income | 5,754 | - | |||||
| EBITDA | 7,036 | 5,380 | |||||
| Stock-based compensation | 536 | - | |||||
| Other income, net | (20 | ) | (7 | ) | |||
| Other Adjustments | 3,154 | - | |||||
| Adjusted EBITDA | 10,706 | 5,373 | |||||
| Recast Adjustment | |||||||
| Net income (loss) | $ | 3,642 | $ | (3,642 | ) | ||
| Interest expense and amortization of deferred financing costs, net of interest income | (1,757 | ) | 1,757 | ||||
| EBITDA | 1,885 | (1,885 | ) | ||||
| Stock-based compensation | (161 | ) | 161 | ||||
| Other expense (income), net | 3 | (3 | ) | ||||
| Other Adjustments | (841 | ) | 841 | ||||
| Adjusted EBITDA | 886 | (886 | ) | ||||
| Current Report As Recast | |||||||
| Net loss | $ | (3,203 | ) | $ | (1,237 | ) | |
| Interest expense and amortization of deferred financing costs, net of interest income | 3,997 | 1,757 | |||||
| EBITDA | 8,921 | 3,495 | |||||
| Stock-based compensation | 375 | 161 | |||||
| Other income, net | (17 | ) | (10 | ) | |||
| Other Adjustments | 2,313 | 841 | |||||
| Adjusted EBITDA | 11,592 | 4,487 | |||||
| Concrete Pumping Holdings, Inc. | |||||||||||||||
| Segment Adjusted EBITDA and Net Income (Loss) Continued | |||||||||||||||
| Net Income (loss) | |||||||||||||||
| Three Months Ended January 31, | Change | ||||||||||||||
| (in thousands, unless otherwise stated) | 2025 | 2024 | $ | % | |||||||||||
| U.S. Concrete Pumping | $ | (3,080 | ) | $ | (3,203 | ) | $ | 123 | 3.8 | % | |||||
| U.S. Concrete Waste Management Services | 224 | (1,237 | ) | 1,461 | 118.1 | % | |||||||||
| U.K. Operations | 217 | 484 | (267 | ) | (55.2 | )% | |||||||||
| Other | - | 130 | (130 | ) | * | ||||||||||
| Total | $ | (2,639 | ) | $ | (3,826 | ) | $ | 1,187 | (31.0 | )% | |||||
| *Change is not meaningful | |||||||||||||||
| Adjusted EBITDA | |||||||||||||||
| Three Months Ended January 31, | Change | ||||||||||||||
| (in thousands, unless otherwise stated) | 2025 | 2024 | $ | % | |||||||||||
| U.S. Concrete Pumping | $ | 9,159 | $ | 11,592 | $ | (2,433 | ) | (21.0 | )% | ||||||
| U.S. Concrete Waste Management Services | 5,024 | 4,487 | 537 | 12.0 | % | ||||||||||
| U.K. Operations | 2,828 | 3,202 | (374 | ) | (11.7 | )% | |||||||||
| Total | $ | 17,011 | $ | 19,281 | $ | (2,270 | ) | (11.8 | )% | ||||||
| Concrete Pumping Holdings, Inc. | ||||||||||||||||||||||||
| Quarterly Financial Performance | ||||||||||||||||||||||||
| (dollars in millions) | Revenue | Net Income | Adjusted EBITDA1 | Capital Expenditures2 | Adjusted EBITDA less Capital Expenditures | Earnings (Loss) Per Diluted Share | ||||||||||||||||||
| 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 | $ | 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 | ) | ||||||||||
| 1Adjusted 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. | ||||||||||||||||||||||||
| 2Information on M&A or growth investments included in net capital expenditures have been included for relevant quarters below: | ||||||||||||||||||||||||
| *Q2 2023 capex includes approximately | ||||||||||||||||||||||||
| *Q3 2023 capex includes approximately | ||||||||||||||||||||||||
| *Q4 2023 capex includes approximately | ||||||||||||||||||||||||
| *Q1 2024 capex includes approximately | ||||||||||||||||||||||||
| *Q2 2024 capex includes approximately | ||||||||||||||||||||||||
| *Q3 2024 capex includes approximately | ||||||||||||||||||||||||
| *Q4 2024 capex includes approximately | ||||||||||||||||||||||||
| *Q1 2025 capex includes approximately | ||||||||||||||||||||||||
| Concrete Pumping Holdings, Inc. | |||||||
| Reconciliation of Net Income to Reported EBITDA to Adjusted EBITDA | |||||||
| Three Months Ended January 31, | |||||||
| (dollars in thousands) | 2025 | 2024 | |||||
| Consolidated | |||||||
| Net loss | $ | (2,639 | ) | $ | (3,826 | ) | |
| Interest expense and amortization of deferred financing costs, net of interest income | 5,802 | 6,463 | |||||
| Income tax benefit | (1,036 | ) | (1,011 | ) | |||
| Depreciation and amortization | 13,200 | 14,097 | |||||
| EBITDA | 15,327 | 15,723 | |||||
| Loss on debt extinguishment | 1,392 | - | |||||
| Stock based compensation | 367 | 536 | |||||
| Change in fair value of warrant liabilities | - | (130 | ) | ||||
| Other expense (income), net | (34 | ) | (39 | ) | |||
| Other adjustments(1) | (41 | ) | 3,191 | ||||
| Adjusted EBITDA | $ | 17,011 | $ | 19,281 | |||
| U.S. Concrete Pumping | |||||||
| Net loss | $ | (3,080 | ) | $ | (3,203 | ) | |
| Interest expense and amortization of deferred financing costs, net of interest income | 3,311 | 3,997 | |||||
| Income tax benefit | (1,180 | ) | (2,103 | ) | |||
| Depreciation and amortization | 9,075 | 10,230 | |||||
| EBITDA | 8,126 | 8,921 | |||||
| Loss on debt extinguishment | 862 | - | |||||
| Stock based compensation | 238 | 375 | |||||
| Other expense (income), net | (13 | ) | (17 | ) | |||
| Other adjustments(1) | (54 | ) | 2,313 | ||||
| Adjusted EBITDA | $ | 9,159 | $ | 11,592 | |||
| U.S. Concrete Waste Management Services | |||||||
| Net income (loss) | $ | 224 | $ | (1,237 | ) | ||
| Interest expense and amortization of deferred financing costs, net of interest income | 1,772 | 1,757 | |||||
| Income tax expense | 83 | 916 | |||||
| Depreciation and amortization | 2,276 | 2,059 | |||||
| EBITDA | 4,355 | 3,495 | |||||
| Loss on debt extinguishment | 530 | - | |||||
| Stock based compensation | 129 | 161 | |||||
| Other expense (income), net | (3 | ) | (10 | ) | |||
| Other adjustments | 13 | 841 | |||||
| Adjusted EBITDA | $ | 5,024 | $ | 4,487 | |||
| (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 | |||||||
| Three Months Ended January 31, | |||||||
| (dollars in thousands) | 2025 | 2024 | |||||
| U.K. Operations | |||||||
| Net income | $ | 217 | $ | 484 | |||
| Interest expense, net | 719 | 709 | |||||
| Income tax expense | 61 | 176 | |||||
| Depreciation and amortization | 1,849 | 1,808 | |||||
| EBITDA | 2,846 | 3,177 | |||||
| Other expense (income), net | (18 | ) | (13 | ) | |||
| Other adjustments | - | 38 | |||||
| Adjusted EBITDA | $ | 2,828 | $ | 3,202 | |||
| Other | |||||||
| Net income | $ | - | $ | 130 | |||
| EBITDA | - | 130 | |||||
| Change in fair value of warrant liabilities | - | (130 | ) | ||||
| Adjusted EBITDA | $ | - | $ | - | |||
| Concrete Pumping Holdings, Inc. | |||||||||||||||||||
| Reconciliation of Net Debt | |||||||||||||||||||
| January 31, | April 30, | July 31, | October 31, | January 31, | |||||||||||||||
| (in thousands) | 2024 | 2024 | 2024 | 2024 | 2025 | ||||||||||||||
| Senior Notes | 375,000 | 375,000 | 375,000 | 375,000 | 425,000 | ||||||||||||||
| Revolving loan draws outstanding | 13,021 | 16,428 | - | 20 | - | ||||||||||||||
| Less: Cash | (14,688 | ) | (17,956 | ) | (26,333 | ) | (43,041 | ) | (85,132 | ) | |||||||||
| Net debt | $ | 373,333 | $ | 373,472 | $ | 348,667 | $ | 331,979 | $ | 339,868 | |||||||||
| Concrete Pumping Holdings, Inc. | |||||||||||||||||||||||
| Reconciliation of Historical Adjusted EBITDA | |||||||||||||||||||||||
| (dollars in thousands) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | |||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Net income (loss) | $ | 9,391 | $ | (3,826 | ) | $ | 3,046 | $ | 7,560 | $ | 9,427 | $ | (2,639 | ) | |||||||||
| Interest expense and amortization of deferred financing costs | 6,834 | 6,463 | 6,873 | 6,261 | 5,976 | 5,802 | |||||||||||||||||
| Income tax expense (benefit) | 3,345 | (1,011 | ) | 2,180 | 3,081 | 3,854 | (1,036 | ) | |||||||||||||||
| Depreciation and amortization | 14,789 | 14,097 | 14,239 | 14,491 | 14,283 | 13,200 | |||||||||||||||||
| EBITDA | 34,359 | 15,723 | 26,338 | 31,393 | 33,540 | 15,327 | |||||||||||||||||
| Transaction expenses | 29 | - | - | - | - | - | |||||||||||||||||
| Loss on debt extinguishment | - | - | - | - | - | 1,392 | |||||||||||||||||
| Stock based compensation | 709 | 536 | 737 | 644 | 477 | 367 | |||||||||||||||||
| Change in fair value of warrant liabilities | (260 | ) | (130 | ) | - | - | - | - | |||||||||||||||
| Other expense (income), net | (34 | ) | (39 | ) | (44 | ) | (276 | ) | (47 | ) | (34 | ) | |||||||||||
| Other adjustments(1) | 1,002 | 3,191 | 517 | (123 | ) | (290 | ) | (41 | ) | ||||||||||||||
| Adjusted EBITDA | $ | 35,805 | $ | 19,281 | $ | 27,548 | $ | 31,638 | $ | 33,680 | $ | 17,011 | |||||||||||
| (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 | |||||||||||||||||||||||
FAQ
What caused Concrete Pumping Holdings (BBCP) revenue decline in Q1 2025?
How much did BBCP's share repurchase program buy back in Q1 2025?
What is Concrete Pumping Holdings' (BBCP) revenue guidance for fiscal year 2025?
How did BBCP's gross margin perform in Q1 2025 compared to Q1 2024?
