Exhibit 99.1

 

ex_232482img001.jpg

 

 

Concrete Pumping Holdings Reports Third Quarter Fiscal Year 2021 Results

 

DENVER, CO September 8, 2021

– 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 "https://viavid.webcasts.com/starthere.jsp?ei=1488532&tp_key=ddcf9364dd" 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 http://www.concretepumpingholdings.com or the Company’s brand websites at http://www.brundagebone.com, http://www.camfaud.co.uk, or http://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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