Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2022 | Sep. 06, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001703956 | |
Entity Registrant Name | CONCRETE PUMPING HOLDINGS, INC. | |
Amendment Flag | true | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38166 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1779605 | |
Entity Address, Address Line One | 500 E. 84th Avenue, Suite A-5 | |
Entity Address, City or Town | Thornton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80229 | |
City Area Code | 303 | |
Local Phone Number | 289-7497 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BBCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 56,599,833 | |
Amendment Description | Concrete Pumping Holdings, Inc. (the “Company”) has prepared this Amendment No. 1 (this “Amendment”) to the Quarterly Report on Form 10-Q for the period ended July 31, 2022, which was originally filed with the Securities and Exchange Commission on September 8, 2022 (the “Original Report”) to reflect the restatement of the previously issued unaudited consolidated financial statements as of and for the three and nine months ended July 31, 2022. Background of the Restatement On December 8, 2022, the Audit Committee of the Board of Directors of the Company concluded that the previously issued unaudited consolidated financial statements of the Company as of and for the three and nine months ended July 31, 2022 (the “Restated Period”) should be restated and, therefore, should no longer be relied upon. The restatement relates to an understatement of accrued payroll and resulted in a decrease in income (loss) before income taxes of $2.0 million for the three and nine months ended July 31, 2022 (with $1.4 million related to cost of sales wages under “cost of operations” and the remaining $0.6 million related to general and administrative wages under “general and administrative expenses” in the Consolidated Statements of Operations). The restatement does not impact the Company’s current or historical reported revenue, liquidity, assets, cash and cash equivalents or cash flows from (used in) operating, investing or financing activities. Internal Control over Financial Reporting As a result of this restatement, the Company’s management has re-evaluated the effectiveness of the Company’s disclosure controls and procedures as of July 31, 2022 and concluded that the Company’s disclosure controls and procedures were not effective as of July 31, 2022 due to a material weakness in internal control over financial reporting relating to the review of manual journal entries within the financial statement close process. See additional discussion included in Part I, Item 4. “Controls and Procedures” of this Quarterly Report on Form 10-Q/A. Items Amended in this Form 10-Q/A This Form 10-Q/A presents the Original Report, amended and restated in its entirety, with modifications as necessary to reflect the foregoing restatement. The following items have been amended: •Part I, Item 1. Financial Statements •Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations •Part I, Item 4. Controls and Procedures In addition, in accordance with applicable SEC rules, this Form 10-Q/A includes new certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 from our Chief Executive Officer (as principal executive officer) and our Chief Financial Officer (as principal financial officer) dated as of the filing date of this Form 10-Q/A. Except as described above, this Form 10-Q/A does not amend, update or change any other items or disclosures in the Original Report and does not purport to reflect any information or events subsequent to the filing thereof. As such, this Form 10-Q/A speaks only as of the date the Original Report was filed, and we have not undertaken herein to amend, supplement or update any information contained in the Original Report to give effect to any subsequent events. Among other things, forward looking statements made in the Original Report have not been revised to reflect events, results or developments that occurred or facts that became known to us after the date of the Original Report, other than the restatement. Accordingly, this Form 10-Q/A should be read in conjunction with our filings made with the SEC subsequent to the filing of the Original Report, including the Current Report on Form 8-K filed by the Company on the date hereof. |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,445 | $ 9,298 |
Trade receivables, net | 58,815 | 49,034 |
Inventory | 5,006 | 4,902 |
Income taxes receivable | 391 | 275 |
Prepaid expenses and other current assets | 5,678 | 4,110 |
Total current assets | 72,335 | 67,619 |
Property, plant and equipment, net | 385,247 | 337,771 |
Intangible assets, net | 141,467 | 158,539 |
Goodwill | 221,615 | 224,700 |
Other non-current assets | 1,975 | 2,168 |
Deferred financing costs | 1,829 | 1,868 |
Total assets | 824,468 | 792,665 |
Current liabilities: | ||
Revolving loan | 16,884 | 990 |
Current portion of capital lease obligations | 108 | 103 |
Accounts payable | 9,063 | 10,706 |
Accrued payroll and payroll expenses | 11,334 | 12,226 |
Accrued expenses and other current liabilities | 35,998 | 23,940 |
Income taxes payable | 219 | 274 |
Total current liabilities | 73,606 | 48,239 |
Long term debt, net of discount for deferred financing costs | 370,128 | 369,084 |
Capital lease obligations, less current portion | 196 | 278 |
Deferred income taxes | 71,702 | 70,566 |
Warrant liability | 7,030 | 16,923 |
Total liabilities | 522,662 | 505,090 |
Commitments and Contingencies (see Note 13) | ||
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2022 and October 31, 2021 | 25,000 | 25,000 |
Stockholders' equity | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,599,833 and 56,564,642 issued and outstanding as of July 31, 2022 and October 31, 2021, respectively | 6 | 6 |
Additional paid-in capital | 378,481 | 374,272 |
Treasury stock | (1,856) | (461) |
Accumulated other comprehensive income (loss) | (5,056) | 3,671 |
Accumulated deficit | (94,769) | (114,913) |
Total stockholders' equity | 276,806 | 262,575 |
Total liabilities and stockholders' equity | $ 824,468 | $ 792,665 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jul. 31, 2022 | Oct. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, issued (in shares) | 2,450,980 | 2,450,980 |
Preferred stock, outstanding (in shares) | 2,450,980 | 2,450,980 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 56,599,833 | 56,564,642 |
Common stock, outstanding (in shares) | 56,599,833 | 56,564,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenue | $ 104,469 | $ 80,761 | $ 286,398 | $ 228,054 | ||||
Cost of operations | 62,535 | 43,548 | 171,400 | 127,676 | ||||
Gross profit | 41,934 | 37,213 | 114,998 | 100,378 | ||||
General and administrative expenses | 27,827 | 24,951 | 83,097 | 73,812 | ||||
Transaction costs | 20 | 111 | 59 | 195 | ||||
Income (loss) from operations | 14,087 | 12,151 | 31,842 | 26,371 | ||||
Other income (expense): | ||||||||
Interest expense, net | (6,517) | (6,153) | (19,126) | (19,082) | ||||
Loss on extinguishment of debt | 0 | 0 | 0 | (15,510) | ||||
Change in fair value of warrant liabilities | 7,420 | 260 | 9,894 | (11,195) | ||||
Other income, net | 16 | 32 | 69 | 85 | ||||
Total other income (expense) | 919 | (5,861) | (9,163) | (45,702) | ||||
Income (loss) before income taxes | 15,006 | 6,290 | 22,679 | (19,331) | ||||
Income tax expense (benefit) | 2,030 | 1,652 | 2,535 | (826) | ||||
Net income | 12,976 | $ 5,985 | $ 1,183 | 4,638 | $ (10,853) | $ (12,290) | 20,144 | (18,505) |
Less accretion of liquidation preference on preferred stock | (441) | (525) | (1,309) | (1,530) | ||||
Income (loss) available to common shareholders | $ 12,535 | $ 4,113 | $ 18,835 | $ (20,035) | ||||
Weighted average common shares outstanding | ||||||||
Basic (in shares) | 54,012,404 | 53,522,089 | 53,859,874 | 53,377,032 | ||||
Diluted (in shares) | 57,286,563 | 54,547,494 | 54,772,441 | 53,377,032 | ||||
Net income (loss) per common share | ||||||||
Basic (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) | ||||
Diluted (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Net income (loss) | $ 12,976 | $ 4,638 | $ 20,144 | $ (18,505) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | (2,303) | 438 | (8,727) | 5,607 |
Total comprehensive income (loss) | $ 10,673 | $ 5,076 | $ 11,417 | $ (12,898) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Oct. 31, 2020 | 56,463,992 | ||||||
Balance at Oct. 31, 2020 | $ 6 | $ 367,681 | $ (131) | $ (606) | $ (99,840) | $ 267,110 | |
Stock-based compensation expense | 0 | 672 | 0 | 0 | 0 | 672 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 6,707 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | (330) | 0 | 0 | (330) | |
Net Income (loss) | 0 | 0 | 0 | 0 | (12,290) | (12,290) | |
Foreign currency translation adjustment | 0 | 0 | 0 | 4,501 | 0 | 4,501 | |
Balance (in shares) at Jan. 31, 2021 | 56,470,699 | ||||||
Balance at Jan. 31, 2021 | 6 | 368,353 | (461) | 3,895 | (112,130) | 259,663 | |
Balance (in shares) at Oct. 31, 2020 | 56,463,992 | ||||||
Balance at Oct. 31, 2020 | 6 | 367,681 | (131) | (606) | (99,840) | 267,110 | |
Net Income (loss) | (18,505) | ||||||
Balance (in shares) at Jul. 31, 2021 | 56,567,186 | ||||||
Balance at Jul. 31, 2021 | 6 | 372,961 | (461) | 5,001 | (118,345) | 259,162 | |
Balance (in shares) at Jan. 31, 2021 | 56,470,699 | ||||||
Balance at Jan. 31, 2021 | 6 | 368,353 | (461) | 3,895 | (112,130) | 259,663 | |
Stock-based compensation expense | 0 | 3,350 | 0 | 0 | 0 | 3,350 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 116,507 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | 0 | 0 | 0 | 0 | |
Net Income (loss) | 0 | 0 | 0 | 0 | (10,853) | (10,853) | |
Foreign currency translation adjustment | 0 | 0 | 0 | 668 | 0 | 668 | |
Forfeiture of restricted stock (in shares) | (12,020) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 30, 2021 | 56,575,186 | ||||||
Balance at Apr. 30, 2021 | 6 | 371,703 | (461) | 4,563 | (122,983) | 252,828 | |
Stock-based compensation expense | 0 | 1,258 | 0 | 0 | 0 | 1,258 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 0 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | 0 | 0 | 0 | 0 | |
Net Income (loss) | 0 | 0 | 0 | 0 | 4,638 | 4,638 | |
Foreign currency translation adjustment | 0 | 0 | 0 | 438 | 0 | 438 | |
Forfeiture of restricted stock (in shares) | (8,000) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Jul. 31, 2021 | 56,567,186 | ||||||
Balance at Jul. 31, 2021 | 6 | 372,961 | (461) | 5,001 | (118,345) | 259,162 | |
Balance (in shares) at Oct. 31, 2021 | 56,564,642 | ||||||
Balance at Oct. 31, 2021 | 6 | 374,272 | (461) | 3,671 | (114,913) | 262,575 | |
Stock-based compensation expense | 0 | 1,480 | 0 | 0 | 0 | 1,480 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 135,506 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 2 | (534) | 0 | 0 | (532) | |
Net Income (loss) | 0 | 0 | 0 | 0 | 1,183 | 1,183 | |
Foreign currency translation adjustment | 0 | 0 | 0 | (1,440) | 0 | (1,440) | |
Balance (in shares) at Jan. 31, 2022 | 56,700,148 | ||||||
Balance at Jan. 31, 2022 | 6 | 375,754 | (995) | 2,231 | (113,730) | 263,266 | |
Balance (in shares) at Oct. 31, 2021 | 56,564,642 | ||||||
Balance at Oct. 31, 2021 | 6 | 374,272 | (461) | 3,671 | (114,913) | 262,575 | |
Net Income (loss) | $ 20,144 | ||||||
Treasury shares purchased under share repurchase program (in shares) | (62,850) | ||||||
Treasury shares purchased under share repurchase program | $ (400) | ||||||
Balance (in shares) at Jul. 31, 2022 | 56,599,833 | ||||||
Balance at Jul. 31, 2022 | 6 | 378,481 | (1,856) | (5,056) | (94,769) | 276,806 | |
Balance (in shares) at Jan. 31, 2022 | 56,700,148 | ||||||
Balance at Jan. 31, 2022 | 6 | 375,754 | (995) | 2,231 | (113,730) | 263,266 | |
Stock-based compensation expense | 0 | 1,351 | 0 | 0 | 0 | 1,351 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 9,458 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 43 | (478) | 0 | 0 | (435) | |
Net Income (loss) | 0 | 0 | 0 | 0 | 5,985 | 5,985 | |
Foreign currency translation adjustment | 0 | 0 | 0 | (4,984) | 0 | (4,984) | |
Forfeiture of restricted stock (in shares) | (41,641) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Apr. 30, 2022 | 56,667,965 | ||||||
Balance at Apr. 30, 2022 | 6 | 377,148 | (1,473) | (2,753) | (107,745) | 265,183 | |
Stock-based compensation expense | 0 | 1,333 | 0 | 0 | 0 | 1,333 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 625 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | 0 | 0 | 0 | 0 | |
Net Income (loss) | 0 | 0 | 0 | 0 | 12,976 | 12,976 | |
Foreign currency translation adjustment | 0 | 0 | 0 | (2,303) | 0 | (2,303) | |
Forfeiture of restricted stock (in shares) | (5,907) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Treasury shares purchased under share repurchase program (in shares) | (62,850) | (62,850) | |||||
Treasury shares purchased under share repurchase program | 0 | 0 | (383) | 0 | 0 | $ (383) | |
Balance (in shares) at Jul. 31, 2022 | 56,599,833 | ||||||
Balance at Jul. 31, 2022 | $ 6 | $ 378,481 | $ (1,856) | $ (5,056) | $ (94,769) | $ 276,806 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Net income (loss) | $ 20,144 | $ (18,505) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 25,547 | 21,169 |
Deferred income taxes | 2,210 | (1,417) |
Amortization of deferred financing costs | 1,374 | 1,877 |
Amortization of intangible assets | 16,958 | 20,517 |
Stock-based compensation expense | 4,164 | 5,280 |
Change in fair value of warrant liabilities | (9,894) | 11,195 |
Loss on extinguishment of debt | 0 | 15,510 |
Net gain on the sale of property, plant and equipment | (1,460) | (1,125) |
Net changes in operating assets and liabilities: | ||
Trade receivables, net | (10,784) | 475 |
Inventory | (265) | 122 |
Prepaid expenses and other current assets | (1,206) | (1,331) |
Income taxes payable, net | (171) | 750 |
Accounts payable | (2,311) | (93) |
Accrued payroll, accrued expenses and other current liabilities | 9,421 | 5,920 |
Net cash provided by operating activities | 53,727 | 60,344 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (80,967) | (34,558) |
Proceeds from sale of property, plant and equipment | 6,197 | 5,070 |
Purchases of intangible assets | (1,450) | 0 |
Net cash used in investing activities | (76,220) | (29,488) |
Cash flows from financing activities: | ||
Proceeds on long term debt | 0 | 375,000 |
Payments on long term debt | 0 | (381,206) |
Proceeds on revolving loan | 252,925 | 201,125 |
Payments on revolving loan | (236,856) | (202,977) |
Payment of debt issuance costs | (290) | (8,464) |
Payments on capital lease obligations | (76) | (72) |
Purchase of treasury stock | (1,394) | (330) |
Proceeds on exercise of options | 45 | 0 |
Net cash provided by (used in) financing activities | 14,354 | (16,924) |
Effect of foreign currency exchange rate on cash | 1,286 | (464) |
Net increase (decrease) in cash and cash equivalents | (6,853) | 13,468 |
Cash and cash equivalents: | ||
Beginning of period | 9,298 | 6,736 |
End of period | 2,445 | 20,204 |
Supplemental cash flow information: | ||
Cash paid for interest | 12,103 | 5,912 |
Cash paid for income taxes | 409 | 841 |
Non-cash investing and financing activities: | ||
Equipment purchases included in accrued expenses and accounts payable | $ 10,129 | $ 1,928 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Concrete Pumping Holdings, Inc. (the “Company”) is a Delaware corporation headquartered in Denver, Colorado. The Consolidated Financial Statements include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. (“Brundage-Bone”), Capital Pumping (“Capital”), Camfaud Group Limited (“Camfaud”), and Eco-Pan, Inc. (“Eco-Pan”). Nature of business Brundage-Bone and Capital are concrete pumping service providers in the United States ("U.S.") and Camfaud is a concrete pumping service provider in the United Kingdom (“U.K.”). Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a “home base” nightly and these companies do not Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 18 operating locations across the U.S. with its corporate headquarters in Denver, Colorado. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location. Seasonality The Company’s sales are historically seasonal, with lower revenue in the first fourth Impacts of Macroeconomic Factors and COVID- 19 Global economic challenges including the impact of the COVID- 19 19 March 2020 may 19 third 2022, 19 With respect to our financial condition, impairments may 19 2020, July 31, 2022 Furthermore, as referenced above, the war in Ukraine has had a global impact on the supply and price of fuel and has contributed to increased inflation around the world. While the Company has attempted to increase the rates per hour we charge for our services when possible to make up for our increased costs, rising fuel prices have had a material impact on our results of operations for the three nine July 31, 2022 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. Basis of presentation The accompanying Unaudited Consolidated Financial Statements have been prepared, without audit, in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not July 31, 2022 Principles of consolidation The Consolidated Financial Statements include all amounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the liability for incurred but unreported claims under various partially self-insured polices, allowance for doubtful accounts, goodwill impairment analysis, valuation of share-based compensation and accounting for business combinations. Actual results may may Trade receivables Trade receivables are carried at the original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Generally, the Company does not may 30 not Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. The allowance for doubtful accounts was $0.9 million and $0.7 million as of July 31, 2022 October 31, 2021 Inventory Inventory consists primarily of replacement parts for concrete pumping equipment. Inventories are stated at the lower of cost ( first first July 31, 2022 October 31, 2021 Fair Value Measurements The Financial Accounting Standard Board's (the “FASB”) standard on fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This standard establishes three may Level 1 Level 2 1 Level 3 Deferred financing costs Deferred financing costs representing third Debt issuance costs, including any original issue discounts, related to term loans or senior notes are reflected as a direct deduction from the carrying amount of the long-term debt liability that is included in long term debt, net of discount for deferred financing costs in the accompanying consolidated balance sheets. Debt issuance costs related to revolving credit facilities are capitalized and reflected in deferred financing in the accompanying consolidated balance sheets. Amortization of debt issuance costs are recorded in interest expense. Goodwill In accordance with Accounting Standards Codification ("ASC") Topic 350, 350” may not two first no not second not July 31, 2022 no Property, plant and equipment Property, plant and equipment are recorded at cost. Expenditures for additions and betterments are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred; however, maintenance and repairs that improve or extend the life of existing assets are capitalized. The carrying amount of assets disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains or losses from property and equipment disposals are recognized in the year of disposal. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: In Years Buildings and improvements 15 to 40 Capital lease assets—buildings 40 Furniture and office equipment 2 to 7 Machinery and equipment 3 to 25 Transportation equipment 3 to 7 Capital lease assets are amortized over the estimated useful life of the asset. Intangible assets Intangible assets are recorded at cost or their estimated fair value (when acquired through a business combination or asset acquisition) less accumulated amortization (if finite-lived). Intangible assets with finite lives, except for customer relationships, are amortized on a straight-line basis over their estimated useful lives. Customer relationships are amortized on an accelerated basis over their estimated useful lives. Intangible assets with indefinite lives are not Impairment of long-lived assets ASC 360, Property, Plant and Equipment 360 No July 31, 2022 Derivatives The Company has public warrants outstanding and due to certain provisions in the warrant agreement, coupled with the Company's capital structure, which includes preferred stock with voting rights, the public warrants do not 815, 815" Revenue recognition The Company adopted ASC 606, Revenue Recognition 606" October 31, 2021, November 1, 2020, . October 31, 2021 606, not 605: Revenue Recognition 605" not The Company generates revenues primarily from ( 1 2 Concrete Pumping Services The vast majority of the Company's revenue from concrete pumping services comes from the Company's daily service, where the Company sends a single operator with a conventional concrete pump truck (an articulating boom attached to a large truck) to deliver concrete (or other construction material such as aggregate) from one 1 2 no A much smaller component of the total concrete pumping services revenue comes from placing boom services. Placing booms have become an essential tool in the efficient construction of high-rise buildings. A placing boom is the articulating boom component of a conventional concrete pump truck, positioned on the uppermost floor of a building construction project. Concrete is then supplied through a pipeline from the pump that remains at ground level. Due to the long term nature of high-rise jobs, these contracts are generally longer term but typically not one 1 2 3 606. not 30 not Concrete Waste Services The Company’s concrete waste services business consists of service fees charged to customers for the delivery and usage over time of its pans or containers and the disposal of the concrete waste material. For these services, the Company has identified two 1 2 not 30 not Practical Expedients Applied The Company collects sales taxes when required from customers as part of the purchase price, which are then subsequently remitted to the appropriate authorities. The Company has elected to apply the practical expedient provided by ASC 606, At contract inception, the Company does not one 30 606 no In addition, the Company incurs limited costs in order to obtain contracts. However, as the amortization period for these assets would be one 606 not Disaggregation of Revenue Revenue disaggregated by reportable segment and geographic area where the work was performed for the periods ended July 31, 2022 October 31, 2021 17. Stock-based compensation The Company follows ASC 718, Compensation Stock Compensation 718" $.01 not Income taxes The Company complies with ASC 740, Income Taxes The Company computes deferred income tax assets and liabilities annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not not Camfaud files income tax returns in the U.K. Camfaud’s national statutes are generally open for one Foreign currency translation The functional currency of Camfaud is the Pound Sterling (GBP). The assets and liabilities of the Company's foreign subsidiaries are translated into U.S. Dollars using the period end exchange rates for the periods presented, and the consolidated statements of operations are translated at the average exchange rate for the periods presented. The resulting translation adjustments are recorded as a component of comprehensive income on the consolidated statements of comprehensive income and is the only component of accumulated other comprehensive income. The functional currency of our other subsidiaries is the United States Dollar. Earnings per share The Company calculates earnings per share in accordance with ASC 260, Earnings per Share two two 260, two 1 2 Basic earnings (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of Common Stock outstanding each period. Diluted earnings (loss) per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not An anti-dilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise, or contingent issuance of certain securities. Business combinations and asset acquisitions The Company applies the principles provided in ASC 805, Business Combinations 805" If it is determined an acquisition is a business combination, tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized to the extent the fair value of the consideration transferred exceeds the fair value of the net assets acquired. Transaction costs for business combinations are expensed as incurred in accordance with ASC 805. If it is determined an acquisition is an asset acquisition, the purchase consideration (which will include certain transaction costs) is allocated first Concentrations As of July 31, 2022 October 31, 2021 Cash balances held at financial institutions may, The Company’s customer base is dispersed across the U.S. and U.K. The Company performs ongoing evaluations of its customers’ financial condition and requires no no 10 Restatement of Previously Issued Consolidated Financial Statements Subsequent to the issuance of the consolidated financial statements as of and for the three nine July 31, 2022, three July 31, 2022. three nine July 31, 2022. no The following table sets forth the impacted lines in the consolidated balance sheets, including the balances as reported, adjustments and the as-restated balances as of July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED July 31, Restatement July 31, (in thousands) 2022 Adjustment 2022 Accrued payroll and payroll expenses $ 9,334 $ 2,000 $ 11,334 Total current liabilities 71,606 2,000 73,606 Deferred income taxes 72,182 (480 ) 71,702 Total liabilities $ 521,142 $ 1,520 $ 522,662 Accumulated deficit (93,249 ) (1,520 ) (94,769 ) Total stockholders' equity $ 278,326 $ (1,520 ) $ 276,806 The following table sets forth the consolidated statements of operations, including the balances as reported, adjustments and the as-restated balances for the three nine July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED AS PREVIOUSLY REPORTED AS RESTATED (in thousands, except for per share amounts) Three Months Ended July 31, 2022 Restatement Adjustment Three Months Ended July 31, 2022 Nine Months Ended July 31, 2022 Restatement Adjustment Nine Months Ended July 31, 2022 Revenue $ 104,469 $ - $ 104,469 $ 286,398 $ - $ 286,398 Cost of operations 61,135 1,400 62,535 170,000 1,400 171,400 Gross profit 43,334 (1,400 ) 41,934 116,398 (1,400 ) 114,998 General and administrative expenses 27,227 600 27,827 82,497 600 83,097 Transaction costs 20 - 20 59 - 59 Income (loss) from operations 16,087 (2,000 ) 14,087 33,842 (2,000 ) 31,842 Other income (expense): Interest expense, net (6,517 ) - (6,517 ) (19,126 ) - (19,126 ) Loss on extinguishment of debt - - - - - - Change in fair value of warrant liabilities 7,420 - 7,420 9,894 - 9,894 Other income, net 16 - 16 69 - 69 Total other income (expense) 919 - 919 (9,163 ) - (9,163 ) Income (loss) before income taxes 17,006 (2,000 ) 15,006 24,679 (2,000 ) 22,679 Income tax expense (benefit) 2,510 (480 ) 2,030 3,015 (480 ) 2,535 Net income 14,496 (1,520 ) 12,976 21,664 (1,520 ) 20,144 Less accretion of liquidation preference on preferred stock (441 ) - (441 ) (1,309 ) - (1,309 ) Income (loss) available to common shareholders $ 14,055 $ (1,520 ) $ 12,535 $ 20,355 $ (1,520 ) $ 18,835 Net income (loss) per common share Basic $ 0.25 $ (0.03 ) $ 0.22 $ 0.36 $ (0.03 ) $ 0.33 Diluted $ 0.24 $ (0.02 ) $ 0.22 $ 0.35 $ (0.02 ) $ 0.33 The following table sets forth the impacted lines in the Consolidated Statement of Cash Flows, including the balances as reported, adjustments and the as-restated balances for the nine July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED Nine Months Ended Restatement Nine Months Ended (in thousands) July 31, 2022 Adjustment July 31, 2022 Net income $ 21,664 $ (1,520 ) $ 20,144 Deferred income taxes 2,690 (480 ) 2,210 Accrued payroll, accrued expenses and other current liabilities 7,421 2,000 9,421 Net cash provided by operating activities $ 53,727 $ - $ 53,727 In addition, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Stockholders' Equity and the footnote disclosures impacted by the error have been restated. |
Note 3 - New Accounting Pronoun
Note 3 - New Accounting Pronouncements | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | Note 3. We have opted to take advantage of the extended transition period available to emerging growth companies pursuant to the Jumpstart Our Business Startups Act of 2012 Newly adopted accounting pronouncements Accounting Standards Update ("ASU") 2020 04, 848 2020 04” March 2020, 2020 04, 2020 04 may March 12, 2020 December 31, 2022. October 1, 2021, June 29, 2022, no 9 Recently issued accounting pronouncements not ASU 2016 02, 2016 02" February 2016, 2016 02, 842, 842” 840, 842 842 July 2018, 2018 11, 842: The new standard is effective for emerging growth companies that have elected to use private company adoption dates for fiscal years beginning after December 15, 2021, December 15, 2022. not not 10 October 31, 2022, November 1, 2021. ASU 2016 13, 326 2016 13” June 2016, No. 2016 13, December 15, 2022, first October 31, 2024. |
Note 4 - Business Combinations
Note 4 - Business Combinations and Asset Acquisitions | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | Note 4. The Company completed one first 2022 three second 2022 three 2021 first 2022 2021, not 2022 2021 November 2021 ( 2022 In November 2021, 3 September 2021 ( 2021 In September 2021, 3 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurement | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 5. The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its ABL credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. The carrying values of the Company's capital lease obligations represent fair value. Long-term debt instruments The Company's long-term debt instruments are recorded at their carrying values in the consolidated balance sheet, which may 2 July 31, 2022 October 31, 2021 July 31, October 31, 2022 2021 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 375,000 $ 337,500 $ 375,000 $ 390,938 Capital lease obligations $ 304 $ 304 $ 381 $ 381 Warrants At July 31, 2022 October 31, 2021 one December 6, 2023, may third The Company accounts for the public warrants issued in connection with its IPO in accordance with ASC 815, not 1 All other non-financial assets The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are not may not |
Note 6 - Prepaid Expenses and O
Note 6 - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | Note 6. The significant components of prepaid expenses and other current assets at July 31, 2022 October 31, 2021 July 31, October 31, (in thousands) 2022 2021 Prepaid insurance $ 2,518 $ 949 Prepaid licenses and deposits 715 360 Prepaid rent 358 331 Other current assets and prepaids 2,087 2,470 Total prepaid expenses and other current assets $ 5,678 $ 4,110 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. The significant components of property, plant and equipment at July 31, 2022 October 31, 2021 July 31, October 31, (in thousands) 2022 2021 Land, building and improvements $ 27,124 $ 27,062 Capital leases—land and buildings 828 828 Machinery and equipment 441,164 374,034 Transportation equipment 6,064 2,935 Furniture and office equipment 2,873 2,880 Property, plant and equipment, gross 478,053 407,739 Less accumulated depreciation (92,806 ) (69,968 ) Property, plant and equipment, net $ 385,247 $ 337,771 Depreciation expense for the three nine July 31, 2022 three nine July 31, 2021 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8. The Company has recognized goodwill and certain intangible assets in connection with prior business combinations. There were no triggering events during the nine July 31, 2022 may 19 1. The following table summarizes the composition of intangible assets at July 31, 2022 October 31, 2021 July 31, 2022 Gross Foreign Currency Net Carrying Accumulated Translation Carrying (in thousands) Value Impairment Amortization Adjustment Amount Customer relationship $ 193,105 $ - $ (107,365 ) $ 785 $ 86,525 Trade name 5,117 - (2,006 ) 137 3,248 Trade name (indefinite life) 55,500 (5,000 ) - - 50,500 Assembled workforce 1,450 - (324 ) - 1,126 Noncompete agreements 200 - (132 ) - 68 Total intangibles $ 255,372 $ (5,000 ) $ (109,827 ) $ 922 $ 141,467 October 31, 2021 Gross Foreign Currency Net Carrying Accumulated Translation Carrying (in thousands) Value Impairment Amortization Adjustment Amount Customer relationship $ 195,220 $ - $ (91,169 ) $ (539 ) $ 103,512 Trade name 5,748 - (1,598 ) (71 ) 4,079 Trade name (indefinite life) 55,500 (5,000 ) - - 50,500 Assembled workforce 350 - - - 350 Noncompete agreements 200 - (102 ) - 98 Total intangibles $ 257,018 $ (5,000 ) $ (92,869 ) $ (610 ) $ 158,539 Amortization expense for the three nine July 31, 2022 three nine July 31, 2021 five October 31 (in thousands) 2022 (excluding the period from November 1, 2021 to July 31, 2022) $ 5,476 2023 17,883 2024 14,382 2025 11,294 2026 9,204 Thereafter 32,728 Total $ 90,967 The changes in the carrying value of goodwill by reportable segment for the nine July 31, 2022 2021 (in thousands) U.S. Concrete Pumping U.K. Operations U.S. Concrete Waste Management Services Total Balance at October 31, 2020 $ 147,482 $ 26,539 $ 49,133 $ 223,154 Foreign currency translation - 2,011 - 2,011 Balance at July 31, 2021 $ 147,482 $ 28,550 $ 49,133 $ 225,165 Balance at October 31, 2021 $ 147,482 $ 28,085 $ 49,133 $ 224,700 Foreign currency translation - (3,085 ) - $ (3,085 ) Balance at July 31, 2022 $ 147,482 $ 25,000 $ 49,133 $ 221,615 |
Note 9 - Long Term Debt and Rev
Note 9 - Long Term Debt and Revolving Lines of Credit | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. On January 28, 2021, second 2026 December 6, 2018, On July 29, 2022, Summarized terms of these facilities are included below. Senior Notes Summarized terms of the Senior Notes are as follows: ● Provides for an original aggregate principal amount of $375.0 ● The Senior Notes will mature and be due and payable in full on February 1, 2026; ● The Senior Notes bear interest at a rate of 6.000% February 1 August 1 ● The Senior Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors"). The Senior Notes and the guarantees are secured on a second not ● The Indenture includes certain covenants that limit, among other things, the Issuer’s ability and the ability of its restricted subsidiaries to: incur additional indebtedness and issue certain preferred stock; make certain investments, distributions and other restricted payments; create or incur certain liens; merge, consolidate or transfer all or substantially all assets; enter into certain transactions with affiliates; and sell or otherwise dispose of certain assets. The outstanding principal amount of the Senior Notes as of July 31, 2022 ABL Facility Summarized terms of the ABL Facility, as amended, are as follows: ● Borrowing availability in U.S. Dollars and GBP up to a maximum aggregate principal amount of $160.0 million and an uncommitted accordion feature under which the Company can increase the ABL Facility by up to an additional $75.0 million; ● Borrowing capacity available for standby letters of credit of up to $10.5 million and for swing loan borrowings of up to $10.5 million. Any issuance of letters of credit or making of a swing loan will reduce the amount available under the ABL Facility; ● All loans advanced will mature and be due and payable in full on January 28, 2026; ● Amounts borrowed may ● Through September 30, 2021, 1 2 September 30, 2021, ● Through June 29, 2022, 1 2 June 29, 2022, ● The unused line fee percentage is 25 basis points if the quarterly average amount drawn is greater than 50% of the borrowing availability; 50 basis points if the quarterly average amount drawn is less than 50% ● US ABL Facility obligations are secured by a first ● UK ABL Facility obligations are secured by a first ● The ABL Facility also includes (i) a springing financial covenant (fixed charges coverage ratio) based on excess availability levels that the Company must comply with on a quarterly basis during required compliance periods and (ii) certain non-financial covenants. The outstanding balance under the ABL Facility as of July 31, 2022 As of July 31, 2022 , we had $ million of Term Loan Agreement Summarized terms of the Term Loan Agreement are as follows: ● Provides for an original aggregate principal amount of $357.0 million. This amount was increased in May 2019 ● The initial term loans advanced will mature and be due and payable in full seven December 6, 2018, ● Borrowings under the Term Loan Agreement, will bear interest at either ( 1 2 ● The Term Loan Agreement is secured by (i) a first not second ● The Term Loan Agreement includes certain non-financial covenants. As discussed above, all outstanding borrowings under the Term Loan Agreement were repaid on January 28, 2021. July 29, 2022 The table below is a summary of the composition of the Company’s debt balances at July 31, 2022 October 31, 2021 July 31, October 31, (in thousands) 2022 2021 Revolving loan (short term) $ 16,884 $ 990 Senior notes - all long term 375,000 375,000 Total debt, gross 391,884 375,990 Less unamortized deferred financing costs offsetting long term debt (4,872 ) (5,916 ) Total debt, net of unamortized deferred financing costs $ 387,012 $ 370,074 |
Note 10 - Accrued Payroll and P
Note 10 - Accrued Payroll and Payroll Expenses | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Accrued Payroll and Payroll Expenses [Text Block] | Note 10. The following table summarizes accrued payroll and expenses at July 31, 2022 October 31, 2021 July 31, October 31, 2022 2021 (in thousands) As Restated Accrued vacation $ 2,503 $ 1,967 Accrued payroll 2,513 1,727 Accrued bonus 3,163 3,593 Accrued employee-related taxes 2,818 4,606 Other accrued 337 333 Total accrued payroll and payroll expenses $ 11,334 $ 12,226 |
Note 11 - Accrued Expenses and
Note 11 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 11. The following table summarizes accrued expenses and other current liabilities at July 31, 2022 October 31, 2021 July 31, October 31, (in thousands) 2022 2021 Accrued insurance $ 8,920 $ 7,473 Accrued interest 11,275 5,627 Accrued equipment purchases 9,092 4,955 Accrued sales and use tax 1,562 690 Accrued property taxes 763 917 Accrued professional fees 1,285 1,134 Other 3,101 3,144 Total accrued expenses and other liabilities $ 35,998 $ 23,940 |
Note 12 - Income Taxes (As Rest
Note 12 - Income Taxes (As Restated) | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. For the third July 31, 2022, first nine 2022, three nine July 31, 2022 1 not 2 At July 31, 2022 October 31, 2021, July 31, 2022 October 31, 2021 July 31, 2022 October 31, 2021 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. Insurance As of July 31, 2022 October 31, 2021 July 31, 2022 October 31, 2021 1 2 not The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. As of July 31, 2022 October 31, 2021 not third Litigation The Company is currently involved in certain legal proceedings and other disputes with third not not Letters of credit The ABL Facility provides for up to $10.5 million of standby letters of credit. As of July 31, 2022 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | Note 14. Equity The Company’s amended and restated certificate of incorporation authorizes the issuance of 500,000,000 shares of common stock, par value $0.0001, and 10,000,000 shares of preferred stock, par value $0.0001. Immediately following December 6, 2018, ● 28,847,707 shares of common stock issued and outstanding; ● 34,100,000 warrants outstanding, each exercisable for one ● 2,450,980 shares of zero-dividend convertible perpetual preferred stock (“Series A Preferred Stock”) outstanding, as further discussed below Grants of new restricted stock awards and exercises of stock options are issued out of outstanding and available common stock. As discussed below, on April 29, 2019, July 31, 2022 On May 14, 2019, The Company’s Series A Preferred Stock does not June 6, 2019) 1:1 December 6, 2022 July 31, 2022 1:1 Conditionally redeemable preferred shares (including preferred shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not not Warrant Exchange On April 1, 2019, April 17, 2017 ( On April 26, 2019, April 29, 2019, Share Repurchase Program In June 2022, June 15, 2023. one 10b5 1 1934 10b 18 may For the three nine July 31, 2022 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 15. Pursuant to the Concrete Pumping Holdings, Inc. 2018 one four ( 1 Time-based only – Awards vest in equal installments over a specified period. ( 2 $6 first 30 first 1/3 three ( 3 $8 first 30 first 1/3 three ( 4 $10 first 30 first 1/3 three Included in the table below is a summary of the unvested awards outstanding at July 31, 2022 three July 31, 2022 2021 three July 31, 2022 2021 nine July 31, 2022 2021 nine July 31, 2022 2021 During the first 2022, December 6, 2023, second third 2022. Location Type of Award Shares Unvested at July 31, 2022 Weighted Average Fair Value Unrecognized Compensation Expense at July 31, 2022 Date Expense will be Recognized Through (Straight-Line Basis) U.S. Time Based Only 640,797 $ 5.98 $ 2,351,705 12/6/2023 U.S. $6 Market/Time- Based 100,462 $ 3.86 $ - 10/29/2020 U.S. $6 Market/Time- Based 190,208 $ 8.65 $ 290,379 3/29/2023 * U.S. $6 Market/Time- Based 190,219 $ 8.65 $ 564,972 3/29/2024 * U.S. $8 Market/Time- Based 150,697 $ 3.46 $ - 10/29/2020 U.S. $8 Market/Time- Based 190,209 $ 7.45 $ 32,300 8/23/2022 ** U.S. $8 Market/Time- Based 190,209 $ 7.45 $ 369,730 8/23/2023 ** U.S. $8 Market/Time- Based 190,218 $ 7.45 $ 562,619 8/23/2024 ** U.S. $10 Market/Time- Based 150,706 $ 3.15 $ - 10/29/2020 U.S. $10 Market/Time- Based 187,591 $ 6.46 $ 243,003 7/9/2023 U.S. $10 Market/Time- Based 187,587 $ 6.46 $ 425,064 7/9/2024 U.S. $10 Market/Time- Based 187,603 $ 6.46 $ 552,270 7/9/2025 U.S. $13 Market/Time- Based 433 $ 4.47 $ - 5/4/2022 U.S. $13 Market/Time- Based 433 $ 4.47 $ 361 5/4/2023 U.S. $13 Market/Time- Based 434 $ 4.47 $ 674 5/4/2024 U.S. $16 Market/Time- Based 433 $ 3.85 $ 36 8/27/2022 U.S. $16 Market/Time- Based 433 $ 3.85 $ 408 8/27/2023 U.S. $16 Market/Time- Based 434 $ 3.85 $ 644 8/27/2024 U.S. $19 Market/Time- Based 433 $ 3.34 $ 122 11/19/2022 U.S. $19 Market/Time- Based 433 $ 3.34 $ 408 11/19/2023 U.S. $19 Market/Time- Based 434 $ 3.34 $ 595 11/19/2024 U.S. $10 Market/Time- Based 4,635 $ 7.28 $ 11,879 1/31/2023 U.S. $10 Market/Time- Based 4,635 $ 7.28 $ 20,865 1/31/2024 U.S. $10 Market/Time- Based 4,634 $ 7.28 $ 24,615 1/31/2025 U.S. $10 Market/Time- Based 18,703 $ 6.83 $ 74,590 6/30/2023 U.S. $10 Market/Time- Based 18,711 $ 6.83 $ 95,370 6/30/2024 U.S. $10 Market/Time- Based 18,714 $ 6.83 $ 104,470 6/30/2025 U.K. Time Based Only 90,431 $ 5.75 $ 298,554 12/6/2023 U.K. $6 Market/Time- Based 19,257 $ 3.85 $ - 10/29/2020 U.K. $6 Market/Time- Based 27,892 $ 8.36 $ 42,173 3/29/2023 * U.K. $6 Market/Time- Based 27,901 $ 8.36 $ 81,781 3/29/2024 * U.K. $8 Market/Time- Based 28,885 $ 3.45 $ - 10/29/2020 U.K. $8 Market/Time- Based 27,892 $ 7.20 $ 4,711 8/23/2022 ** U.K. $8 Market/Time- Based 27,892 $ 7.20 $ 53,591 8/23/2023 ** U.K. $8 Market/Time- Based 27,901 $ 7.20 $ 81,338 8/23/2024 ** U.K. $10 Market/Time- Based 28,886 $ 3.14 $ - 10/29/2020 U.K. $10 Market/Time- Based 27,902 $ 6.24 $ 35,387 7/9/2023 U.K. $10 Market/Time- Based 27,892 $ 6.24 $ 61,544 7/9/2024 U.K. $10 Market/Time- Based 27,901 $ 6.24 $ 79,786 7/9/2025 U.K. $10 Market/Time- Based 750 $ 6.83 $ 2,991 6/30/2023 U.K. $10 Market/Time- Based 750 $ 6.83 $ 3,823 6/30/2024 U.K. $10 Market/Time- Based 750 $ 6.83 $ 4,187 6/30/2025 Total 3,023,320 $ 6,476,945 Note: The $13/$16/$19 not October 29, 2020 * The $6.00 March 29, 2021, ** The $8.00 August 23, 2021, |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 16. The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share two two two not not At July 31, 2022 1 2 3 4 5 three nine July 31, 2022 nine July 31, 2022 three July 31, 2021 nine July 31, 2021 The table below shows our basic and diluted EPS calculations for the three nine July 31, 2022 2021 Three Months Ended July 31, Nine Months Ended July 31, 2022 2021 2022 2021 (in thousands, except share and per share amounts) As Restated As Restated Net income (loss) (numerator): Net income (loss) attributable to Concrete Pumping Holdings, Inc. $ 12,976 $ 4,638 $ 20,144 $ (18,505 ) Less: Accretion of liquidation preference on preferred stock (441 ) (525 ) (1,309 ) (1,530 ) Less: Undistributed earnings allocated to participating securities (582 ) (221 ) (932 ) - Net income (loss) attributable to common stockholders (numerator for basic earnings per share) $ 11,953 $ 3,892 $ 17,903 $ (20,035 ) Add back: Undistributed earning allocated to participating securities 582 221 932 - Add back: Accretion of liquidation preference on preferred stock 441 - - - Less: Undistributed earnings reallocated to participating securities (573 ) (217 ) (917 ) - Numerator for diluted earnings (loss) per share $ 12,403 $ 3,896 $ 17,918 $ (20,035 ) Weighted average shares (denominator): Weighted average shares - basic 54,012,404 53,522,089 53,859,874 53,377,032 Weighted average shares - diluted 57,286,563 54,547,494 54,772,441 53,377,032 Basic earnings (loss) per share $ 0.22 $ 0.07 $ 0.33 $ (0.38 ) Diluted earnings (loss) per share $ 0.22 $ 0.07 $ 0.33 $ (0.38 ) |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 17. The Company conducts business through the following reportable segments based on geography and the nature of services sold: ● U.S. Concrete Pumping – Consists of concrete pumping services sold to customers in the U.S. Business in this segment is primarily performed under the Brundage-Bone and Capital tradenames. ● U.K. Operations – Consists of concrete pumping services and leasing of concrete pumping equipment to customers in the U.K. Business in this segment is primarily performed under the Camfaud Concrete Pumps and Premier Concrete Pumping tradenames. In addition to concrete pumping, we recently started operations of waste management services in the U.K. under the Eco-Pan tradename and the results of this business are included in this segment. This represents the Company’s foreign operations. ● U.S. Concrete Waste Management Services – Consists of pans and containers rented to customers in the U.S. and the disposal of the concrete waste material services sold to customers in the U.S. Business in this segment is performed under the Eco-Pan tradename. ● Corporate - Is primarily related to the intercompany leasing of real estate to certain of the U.S Concrete Pumping branches. Any differences between segment reporting and consolidated results are reflected in Intersegment below. The accounting policies of the reportable segments are the same as those described in Note 2. Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Revenue U.S. Concrete Pumping $ 77,352 $ 58,025 $ 212,189 $ 166,509 U.K. Operations 14,417 12,652 39,980 34,285 U.S. Concrete Waste Management Services 12,813 10,122 34,551 27,552 Corporate 625 625 1,875 1,875 Intersegment (738 ) (663 ) (2,197 ) (2,167 ) Total revenue $ 104,469 $ 80,761 $ 286,398 $ 228,054 Three Months Ended July 31, Nine Months Ended July 31, 2022 2021 2022 2021 (in thousands) As Restated As Restated EBITDA U.S. Concrete Pumping $ 19,495 $ 17,178 $ 50,524 $ 30,419 U.K. Operations 3,197 3,381 8,619 8,794 U.S. Concrete Waste Management Services 4,976 4,837 13,398 11,542 Corporate 8,045 885 11,769 (9,318 ) Total EBITDA $ 35,713 $ 26,281 $ 84,310 $ 41,437 Consolidated EBITDA reconciliation Net income (loss) $ 12,976 $ 4,638 $ 20,144 $ (18,505 ) Interest expense, net 6,517 6,153 19,126 19,082 Income tax expense (benefit) 2,030 1,652 2,535 (826 ) Depreciation and amortization 14,190 13,838 42,505 41,686 Total EBITDA $ 35,713 $ 26,281 $ 84,310 $ 41,437 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Depreciation and amortization U.S. Concrete Pumping $ 9,927 $ 9,206 $ 29,615 $ 27,885 U.K. Operations 1,881 2,042 5,892 6,124 U.S. Concrete Waste Management Services 2,170 2,379 6,361 7,050 Corporate 212 211 637 627 Total depreciation and amortization $ 14,190 $ 13,838 $ 42,505 $ 41,686 Interest expense, net U.S. Concrete Pumping $ (5,795 ) $ (5,347 ) $ (16,879 ) $ (16,717 ) U.K. Operations (722 ) (806 ) (2,247 ) (2,365 ) Total interest expense, net $ (6,517 ) $ (6,153 ) $ (19,126 ) $ (19,082 ) Transaction costs and debt extinguishment costs U.S. Concrete Pumping $ 20 $ 111 $ 59 $ 15,705 Total transaction costs including transaction-related debt extinguishment $ 20 $ 111 $ 59 $ 15,705 Total assets by segment for the periods presented are as follows: July 31, October 31, (in thousands) 2022 2021 Total assets U.S. Concrete Pumping $ 628,504 $ 591,820 U.K. Operations 103,481 109,631 U.S. Concrete Waste Management Services 153,092 145,199 Corporate 28,004 26,648 Intersegment (88,613 ) (80,633 ) Total assets $ 824,468 $ 792,665 The U.S. and U.K. were the only regions that accounted for more than 10% no 10% July 31, 2022 October 31, 2021 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Revenue by geography U.S. $ 90,052 $ 68,109 $ 246,418 $ 193,769 U.K. 14,417 12,652 39,980 34,285 Total revenue $ 104,469 $ 80,761 $ 286,398 $ 228,054 July 31, October 31, (in thousands) 2022 2021 Long-lived tangible assets U.S. $ 332,236 $ 285,307 U.K. 53,011 52,464 Total long lived assets $ 385,247 $ 337,771 |
Note 18 - Subsequent Events
Note 18 - Subsequent Events | 9 Months Ended |
Jul. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 18. On August 22, 2022, of $31.0 mil not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying Unaudited Consolidated Financial Statements have been prepared, without audit, in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not July 31, 2022 |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The Consolidated Financial Statements include all amounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the liability for incurred but unreported claims under various partially self-insured polices, allowance for doubtful accounts, goodwill impairment analysis, valuation of share-based compensation and accounting for business combinations. Actual results may may |
Accounts Receivable [Policy Text Block] | Trade receivables Trade receivables are carried at the original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Generally, the Company does not may 30 not Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts. The allowance for doubtful accounts was $0.9 million and $0.7 million as of July 31, 2022 October 31, 2021 |
Inventory, Policy [Policy Text Block] | Inventory Inventory consists primarily of replacement parts for concrete pumping equipment. Inventories are stated at the lower of cost ( first first July 31, 2022 October 31, 2021 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements The Financial Accounting Standard Board's (the “FASB”) standard on fair value measurements establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This standard establishes three may Level 1 Level 2 1 Level 3 |
Debt, Policy [Policy Text Block] | Deferred financing costs Deferred financing costs representing third Debt issuance costs, including any original issue discounts, related to term loans or senior notes are reflected as a direct deduction from the carrying amount of the long-term debt liability that is included in long term debt, net of discount for deferred financing costs in the accompanying consolidated balance sheets. Debt issuance costs related to revolving credit facilities are capitalized and reflected in deferred financing in the accompanying consolidated balance sheets. Amortization of debt issuance costs are recorded in interest expense. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill In accordance with Accounting Standards Codification ("ASC") Topic 350, 350” may not two first no not second not July 31, 2022 no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment Property, plant and equipment are recorded at cost. Expenditures for additions and betterments are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred; however, maintenance and repairs that improve or extend the life of existing assets are capitalized. The carrying amount of assets disposed of and the related accumulated depreciation are eliminated from the accounts in the year of disposal. Gains or losses from property and equipment disposals are recognized in the year of disposal. Property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: In Years Buildings and improvements 15 to 40 Capital lease assets—buildings 40 Furniture and office equipment 2 to 7 Machinery and equipment 3 to 25 Transportation equipment 3 to 7 Capital lease assets are amortized over the estimated useful life of the asset. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible assets Intangible assets are recorded at cost or their estimated fair value (when acquired through a business combination or asset acquisition) less accumulated amortization (if finite-lived). Intangible assets with finite lives, except for customer relationships, are amortized on a straight-line basis over their estimated useful lives. Customer relationships are amortized on an accelerated basis over their estimated useful lives. Intangible assets with indefinite lives are not |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets ASC 360, Property, Plant and Equipment 360 No July 31, 2022 |
Derivatives, Policy [Policy Text Block] | Derivatives The Company has public warrants outstanding and due to certain provisions in the warrant agreement, coupled with the Company's capital structure, which includes preferred stock with voting rights, the public warrants do not 815, 815" |
Revenue [Policy Text Block] | Revenue recognition The Company adopted ASC 606, Revenue Recognition 606" October 31, 2021, November 1, 2020, . October 31, 2021 606, not 605: Revenue Recognition 605" not The Company generates revenues primarily from ( 1 2 Concrete Pumping Services The vast majority of the Company's revenue from concrete pumping services comes from the Company's daily service, where the Company sends a single operator with a conventional concrete pump truck (an articulating boom attached to a large truck) to deliver concrete (or other construction material such as aggregate) from one 1 2 no A much smaller component of the total concrete pumping services revenue comes from placing boom services. Placing booms have become an essential tool in the efficient construction of high-rise buildings. A placing boom is the articulating boom component of a conventional concrete pump truck, positioned on the uppermost floor of a building construction project. Concrete is then supplied through a pipeline from the pump that remains at ground level. Due to the long term nature of high-rise jobs, these contracts are generally longer term but typically not one 1 2 3 606. not 30 not Concrete Waste Services The Company’s concrete waste services business consists of service fees charged to customers for the delivery and usage over time of its pans or containers and the disposal of the concrete waste material. For these services, the Company has identified two 1 2 not 30 not Practical Expedients Applied The Company collects sales taxes when required from customers as part of the purchase price, which are then subsequently remitted to the appropriate authorities. The Company has elected to apply the practical expedient provided by ASC 606, At contract inception, the Company does not one 30 606 no In addition, the Company incurs limited costs in order to obtain contracts. However, as the amortization period for these assets would be one 606 not Disaggregation of Revenue Revenue disaggregated by reportable segment and geographic area where the work was performed for the periods ended July 31, 2022 October 31, 2021 17. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company follows ASC 718, Compensation Stock Compensation 718" $.01 not |
Income Tax, Policy [Policy Text Block] | Income taxes The Company complies with ASC 740, Income Taxes The Company computes deferred income tax assets and liabilities annually for differences between the financial statements and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not not not Camfaud files income tax returns in the U.K. Camfaud’s national statutes are generally open for one |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The functional currency of Camfaud is the Pound Sterling (GBP). The assets and liabilities of the Company's foreign subsidiaries are translated into U.S. Dollars using the period end exchange rates for the periods presented, and the consolidated statements of operations are translated at the average exchange rate for the periods presented. The resulting translation adjustments are recorded as a component of comprehensive income on the consolidated statements of comprehensive income and is the only component of accumulated other comprehensive income. The functional currency of our other subsidiaries is the United States Dollar. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share The Company calculates earnings per share in accordance with ASC 260, Earnings per Share two two 260, two 1 2 Basic earnings (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of Common Stock outstanding each period. Diluted earnings (loss) per common share is based on the weighted average number of shares outstanding during the period plus the common stock equivalents which would arise from the exercise of stock options outstanding using the treasury stock method and the average market price per share during the period. Common stock equivalents are not An anti-dilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise, or contingent issuance of certain securities. |
Business Combinations Policy [Policy Text Block] | Business combinations and asset acquisitions The Company applies the principles provided in ASC 805, Business Combinations 805" If it is determined an acquisition is a business combination, tangible and intangible assets acquired and liabilities assumed are recorded at fair value and goodwill is recognized to the extent the fair value of the consideration transferred exceeds the fair value of the net assets acquired. Transaction costs for business combinations are expensed as incurred in accordance with ASC 805. If it is determined an acquisition is an asset acquisition, the purchase consideration (which will include certain transaction costs) is allocated first |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations As of July 31, 2022 October 31, 2021 Cash balances held at financial institutions may, The Company’s customer base is dispersed across the U.S. and U.K. The Company performs ongoing evaluations of its customers’ financial condition and requires no no 10 |
Reclassification, Comparability Adjustment [Policy Text Block] | Restatement of Previously Issued Consolidated Financial Statements Subsequent to the issuance of the consolidated financial statements as of and for the three nine July 31, 2022, three July 31, 2022. three nine July 31, 2022. no The following table sets forth the impacted lines in the consolidated balance sheets, including the balances as reported, adjustments and the as-restated balances as of July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED July 31, Restatement July 31, (in thousands) 2022 Adjustment 2022 Accrued payroll and payroll expenses $ 9,334 $ 2,000 $ 11,334 Total current liabilities 71,606 2,000 73,606 Deferred income taxes 72,182 (480 ) 71,702 Total liabilities $ 521,142 $ 1,520 $ 522,662 Accumulated deficit (93,249 ) (1,520 ) (94,769 ) Total stockholders' equity $ 278,326 $ (1,520 ) $ 276,806 The following table sets forth the consolidated statements of operations, including the balances as reported, adjustments and the as-restated balances for the three nine July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED AS PREVIOUSLY REPORTED AS RESTATED (in thousands, except for per share amounts) Three Months Ended July 31, 2022 Restatement Adjustment Three Months Ended July 31, 2022 Nine Months Ended July 31, 2022 Restatement Adjustment Nine Months Ended July 31, 2022 Revenue $ 104,469 $ - $ 104,469 $ 286,398 $ - $ 286,398 Cost of operations 61,135 1,400 62,535 170,000 1,400 171,400 Gross profit 43,334 (1,400 ) 41,934 116,398 (1,400 ) 114,998 General and administrative expenses 27,227 600 27,827 82,497 600 83,097 Transaction costs 20 - 20 59 - 59 Income (loss) from operations 16,087 (2,000 ) 14,087 33,842 (2,000 ) 31,842 Other income (expense): Interest expense, net (6,517 ) - (6,517 ) (19,126 ) - (19,126 ) Loss on extinguishment of debt - - - - - - Change in fair value of warrant liabilities 7,420 - 7,420 9,894 - 9,894 Other income, net 16 - 16 69 - 69 Total other income (expense) 919 - 919 (9,163 ) - (9,163 ) Income (loss) before income taxes 17,006 (2,000 ) 15,006 24,679 (2,000 ) 22,679 Income tax expense (benefit) 2,510 (480 ) 2,030 3,015 (480 ) 2,535 Net income 14,496 (1,520 ) 12,976 21,664 (1,520 ) 20,144 Less accretion of liquidation preference on preferred stock (441 ) - (441 ) (1,309 ) - (1,309 ) Income (loss) available to common shareholders $ 14,055 $ (1,520 ) $ 12,535 $ 20,355 $ (1,520 ) $ 18,835 Net income (loss) per common share Basic $ 0.25 $ (0.03 ) $ 0.22 $ 0.36 $ (0.03 ) $ 0.33 Diluted $ 0.24 $ (0.02 ) $ 0.22 $ 0.35 $ (0.02 ) $ 0.33 The following table sets forth the impacted lines in the Consolidated Statement of Cash Flows, including the balances as reported, adjustments and the as-restated balances for the nine July 31, 2022: AS PREVIOUSLY REPORTED AS RESTATED Nine Months Ended Restatement Nine Months Ended (in thousands) July 31, 2022 Adjustment July 31, 2022 Net income $ 21,664 $ (1,520 ) $ 20,144 Deferred income taxes 2,690 (480 ) 2,210 Accrued payroll, accrued expenses and other current liabilities 7,421 2,000 9,421 Net cash provided by operating activities $ 53,727 $ - $ 53,727 In addition, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Stockholders' Equity and the footnote disclosures impacted by the error have been restated. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment, Useful Life [Table Text Block] | In Years Buildings and improvements 15 to 40 Capital lease assets—buildings 40 Furniture and office equipment 2 to 7 Machinery and equipment 3 to 25 Transportation equipment 3 to 7 |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | AS PREVIOUSLY REPORTED AS RESTATED July 31, Restatement July 31, (in thousands) 2022 Adjustment 2022 Accrued payroll and payroll expenses $ 9,334 $ 2,000 $ 11,334 Total current liabilities 71,606 2,000 73,606 Deferred income taxes 72,182 (480 ) 71,702 Total liabilities $ 521,142 $ 1,520 $ 522,662 Accumulated deficit (93,249 ) (1,520 ) (94,769 ) Total stockholders' equity $ 278,326 $ (1,520 ) $ 276,806 AS PREVIOUSLY REPORTED AS RESTATED AS PREVIOUSLY REPORTED AS RESTATED (in thousands, except for per share amounts) Three Months Ended July 31, 2022 Restatement Adjustment Three Months Ended July 31, 2022 Nine Months Ended July 31, 2022 Restatement Adjustment Nine Months Ended July 31, 2022 Revenue $ 104,469 $ - $ 104,469 $ 286,398 $ - $ 286,398 Cost of operations 61,135 1,400 62,535 170,000 1,400 171,400 Gross profit 43,334 (1,400 ) 41,934 116,398 (1,400 ) 114,998 General and administrative expenses 27,227 600 27,827 82,497 600 83,097 Transaction costs 20 - 20 59 - 59 Income (loss) from operations 16,087 (2,000 ) 14,087 33,842 (2,000 ) 31,842 Other income (expense): Interest expense, net (6,517 ) - (6,517 ) (19,126 ) - (19,126 ) Loss on extinguishment of debt - - - - - - Change in fair value of warrant liabilities 7,420 - 7,420 9,894 - 9,894 Other income, net 16 - 16 69 - 69 Total other income (expense) 919 - 919 (9,163 ) - (9,163 ) Income (loss) before income taxes 17,006 (2,000 ) 15,006 24,679 (2,000 ) 22,679 Income tax expense (benefit) 2,510 (480 ) 2,030 3,015 (480 ) 2,535 Net income 14,496 (1,520 ) 12,976 21,664 (1,520 ) 20,144 Less accretion of liquidation preference on preferred stock (441 ) - (441 ) (1,309 ) - (1,309 ) Income (loss) available to common shareholders $ 14,055 $ (1,520 ) $ 12,535 $ 20,355 $ (1,520 ) $ 18,835 Net income (loss) per common share Basic $ 0.25 $ (0.03 ) $ 0.22 $ 0.36 $ (0.03 ) $ 0.33 Diluted $ 0.24 $ (0.02 ) $ 0.22 $ 0.35 $ (0.02 ) $ 0.33 AS PREVIOUSLY REPORTED AS RESTATED Nine Months Ended Restatement Nine Months Ended (in thousands) July 31, 2022 Adjustment July 31, 2022 Net income $ 21,664 $ (1,520 ) $ 20,144 Deferred income taxes 2,690 (480 ) 2,210 Accrued payroll, accrued expenses and other current liabilities 7,421 2,000 9,421 Net cash provided by operating activities $ 53,727 $ - $ 53,727 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurement (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | July 31, October 31, 2022 2021 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 375,000 $ 337,500 $ 375,000 $ 390,938 Capital lease obligations $ 304 $ 304 $ 381 $ 381 |
Note 6 - Prepaid Expenses and_2
Note 6 - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | July 31, October 31, (in thousands) 2022 2021 Prepaid insurance $ 2,518 $ 949 Prepaid licenses and deposits 715 360 Prepaid rent 358 331 Other current assets and prepaids 2,087 2,470 Total prepaid expenses and other current assets $ 5,678 $ 4,110 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 31, October 31, (in thousands) 2022 2021 Land, building and improvements $ 27,124 $ 27,062 Capital leases—land and buildings 828 828 Machinery and equipment 441,164 374,034 Transportation equipment 6,064 2,935 Furniture and office equipment 2,873 2,880 Property, plant and equipment, gross 478,053 407,739 Less accumulated depreciation (92,806 ) (69,968 ) Property, plant and equipment, net $ 385,247 $ 337,771 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | July 31, 2022 Gross Foreign Currency Net Carrying Accumulated Translation Carrying (in thousands) Value Impairment Amortization Adjustment Amount Customer relationship $ 193,105 $ - $ (107,365 ) $ 785 $ 86,525 Trade name 5,117 - (2,006 ) 137 3,248 Trade name (indefinite life) 55,500 (5,000 ) - - 50,500 Assembled workforce 1,450 - (324 ) - 1,126 Noncompete agreements 200 - (132 ) - 68 Total intangibles $ 255,372 $ (5,000 ) $ (109,827 ) $ 922 $ 141,467 October 31, 2021 Gross Foreign Currency Net Carrying Accumulated Translation Carrying (in thousands) Value Impairment Amortization Adjustment Amount Customer relationship $ 195,220 $ - $ (91,169 ) $ (539 ) $ 103,512 Trade name 5,748 - (1,598 ) (71 ) 4,079 Trade name (indefinite life) 55,500 (5,000 ) - - 50,500 Assembled workforce 350 - - - 350 Noncompete agreements 200 - (102 ) - 98 Total intangibles $ 257,018 $ (5,000 ) $ (92,869 ) $ (610 ) $ 158,539 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2022 (excluding the period from November 1, 2021 to July 31, 2022) $ 5,476 2023 17,883 2024 14,382 2025 11,294 2026 9,204 Thereafter 32,728 Total $ 90,967 |
Schedule of Goodwill [Table Text Block] | (in thousands) U.S. Concrete Pumping U.K. Operations U.S. Concrete Waste Management Services Total Balance at October 31, 2020 $ 147,482 $ 26,539 $ 49,133 $ 223,154 Foreign currency translation - 2,011 - 2,011 Balance at July 31, 2021 $ 147,482 $ 28,550 $ 49,133 $ 225,165 Balance at October 31, 2021 $ 147,482 $ 28,085 $ 49,133 $ 224,700 Foreign currency translation - (3,085 ) - $ (3,085 ) Balance at July 31, 2022 $ 147,482 $ 25,000 $ 49,133 $ 221,615 |
Note 9 - Long Term Debt and R_2
Note 9 - Long Term Debt and Revolving Lines of Credit (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | July 31, October 31, (in thousands) 2022 2021 Revolving loan (short term) $ 16,884 $ 990 Senior notes - all long term 375,000 375,000 Total debt, gross 391,884 375,990 Less unamortized deferred financing costs offsetting long term debt (4,872 ) (5,916 ) Total debt, net of unamortized deferred financing costs $ 387,012 $ 370,074 |
Note 10 - Accrued Payroll and_2
Note 10 - Accrued Payroll and Payroll Expenses (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Payroll and Expenses [Table Text Block] | July 31, October 31, 2022 2021 (in thousands) As Restated Accrued vacation $ 2,503 $ 1,967 Accrued payroll 2,513 1,727 Accrued bonus 3,163 3,593 Accrued employee-related taxes 2,818 4,606 Other accrued 337 333 Total accrued payroll and payroll expenses $ 11,334 $ 12,226 |
Note 11 - Accrued Expenses an_2
Note 11 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | July 31, October 31, (in thousands) 2022 2021 Accrued insurance $ 8,920 $ 7,473 Accrued interest 11,275 5,627 Accrued equipment purchases 9,092 4,955 Accrued sales and use tax 1,562 690 Accrued property taxes 763 917 Accrued professional fees 1,285 1,134 Other 3,101 3,144 Total accrued expenses and other liabilities $ 35,998 $ 23,940 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Location Type of Award Shares Unvested at July 31, 2022 Weighted Average Fair Value Unrecognized Compensation Expense at July 31, 2022 Date Expense will be Recognized Through (Straight-Line Basis) U.S. Time Based Only 640,797 $ 5.98 $ 2,351,705 12/6/2023 U.S. $6 Market/Time- Based 100,462 $ 3.86 $ - 10/29/2020 U.S. $6 Market/Time- Based 190,208 $ 8.65 $ 290,379 3/29/2023 * U.S. $6 Market/Time- Based 190,219 $ 8.65 $ 564,972 3/29/2024 * U.S. $8 Market/Time- Based 150,697 $ 3.46 $ - 10/29/2020 U.S. $8 Market/Time- Based 190,209 $ 7.45 $ 32,300 8/23/2022 ** U.S. $8 Market/Time- Based 190,209 $ 7.45 $ 369,730 8/23/2023 ** U.S. $8 Market/Time- Based 190,218 $ 7.45 $ 562,619 8/23/2024 ** U.S. $10 Market/Time- Based 150,706 $ 3.15 $ - 10/29/2020 U.S. $10 Market/Time- Based 187,591 $ 6.46 $ 243,003 7/9/2023 U.S. $10 Market/Time- Based 187,587 $ 6.46 $ 425,064 7/9/2024 U.S. $10 Market/Time- Based 187,603 $ 6.46 $ 552,270 7/9/2025 U.S. $13 Market/Time- Based 433 $ 4.47 $ - 5/4/2022 U.S. $13 Market/Time- Based 433 $ 4.47 $ 361 5/4/2023 U.S. $13 Market/Time- Based 434 $ 4.47 $ 674 5/4/2024 U.S. $16 Market/Time- Based 433 $ 3.85 $ 36 8/27/2022 U.S. $16 Market/Time- Based 433 $ 3.85 $ 408 8/27/2023 U.S. $16 Market/Time- Based 434 $ 3.85 $ 644 8/27/2024 U.S. $19 Market/Time- Based 433 $ 3.34 $ 122 11/19/2022 U.S. $19 Market/Time- Based 433 $ 3.34 $ 408 11/19/2023 U.S. $19 Market/Time- Based 434 $ 3.34 $ 595 11/19/2024 U.S. $10 Market/Time- Based 4,635 $ 7.28 $ 11,879 1/31/2023 U.S. $10 Market/Time- Based 4,635 $ 7.28 $ 20,865 1/31/2024 U.S. $10 Market/Time- Based 4,634 $ 7.28 $ 24,615 1/31/2025 U.S. $10 Market/Time- Based 18,703 $ 6.83 $ 74,590 6/30/2023 U.S. $10 Market/Time- Based 18,711 $ 6.83 $ 95,370 6/30/2024 U.S. $10 Market/Time- Based 18,714 $ 6.83 $ 104,470 6/30/2025 U.K. Time Based Only 90,431 $ 5.75 $ 298,554 12/6/2023 U.K. $6 Market/Time- Based 19,257 $ 3.85 $ - 10/29/2020 U.K. $6 Market/Time- Based 27,892 $ 8.36 $ 42,173 3/29/2023 * U.K. $6 Market/Time- Based 27,901 $ 8.36 $ 81,781 3/29/2024 * U.K. $8 Market/Time- Based 28,885 $ 3.45 $ - 10/29/2020 U.K. $8 Market/Time- Based 27,892 $ 7.20 $ 4,711 8/23/2022 ** U.K. $8 Market/Time- Based 27,892 $ 7.20 $ 53,591 8/23/2023 ** U.K. $8 Market/Time- Based 27,901 $ 7.20 $ 81,338 8/23/2024 ** U.K. $10 Market/Time- Based 28,886 $ 3.14 $ - 10/29/2020 U.K. $10 Market/Time- Based 27,902 $ 6.24 $ 35,387 7/9/2023 U.K. $10 Market/Time- Based 27,892 $ 6.24 $ 61,544 7/9/2024 U.K. $10 Market/Time- Based 27,901 $ 6.24 $ 79,786 7/9/2025 U.K. $10 Market/Time- Based 750 $ 6.83 $ 2,991 6/30/2023 U.K. $10 Market/Time- Based 750 $ 6.83 $ 3,823 6/30/2024 U.K. $10 Market/Time- Based 750 $ 6.83 $ 4,187 6/30/2025 Total 3,023,320 $ 6,476,945 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, 2022 2021 2022 2021 (in thousands, except share and per share amounts) As Restated As Restated Net income (loss) (numerator): Net income (loss) attributable to Concrete Pumping Holdings, Inc. $ 12,976 $ 4,638 $ 20,144 $ (18,505 ) Less: Accretion of liquidation preference on preferred stock (441 ) (525 ) (1,309 ) (1,530 ) Less: Undistributed earnings allocated to participating securities (582 ) (221 ) (932 ) - Net income (loss) attributable to common stockholders (numerator for basic earnings per share) $ 11,953 $ 3,892 $ 17,903 $ (20,035 ) Add back: Undistributed earning allocated to participating securities 582 221 932 - Add back: Accretion of liquidation preference on preferred stock 441 - - - Less: Undistributed earnings reallocated to participating securities (573 ) (217 ) (917 ) - Numerator for diluted earnings (loss) per share $ 12,403 $ 3,896 $ 17,918 $ (20,035 ) Weighted average shares (denominator): Weighted average shares - basic 54,012,404 53,522,089 53,859,874 53,377,032 Weighted average shares - diluted 57,286,563 54,547,494 54,772,441 53,377,032 Basic earnings (loss) per share $ 0.22 $ 0.07 $ 0.33 $ (0.38 ) Diluted earnings (loss) per share $ 0.22 $ 0.07 $ 0.33 $ (0.38 ) |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 9 Months Ended |
Jul. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Revenue U.S. Concrete Pumping $ 77,352 $ 58,025 $ 212,189 $ 166,509 U.K. Operations 14,417 12,652 39,980 34,285 U.S. Concrete Waste Management Services 12,813 10,122 34,551 27,552 Corporate 625 625 1,875 1,875 Intersegment (738 ) (663 ) (2,197 ) (2,167 ) Total revenue $ 104,469 $ 80,761 $ 286,398 $ 228,054 Three Months Ended July 31, Nine Months Ended July 31, 2022 2021 2022 2021 (in thousands) As Restated As Restated EBITDA U.S. Concrete Pumping $ 19,495 $ 17,178 $ 50,524 $ 30,419 U.K. Operations 3,197 3,381 8,619 8,794 U.S. Concrete Waste Management Services 4,976 4,837 13,398 11,542 Corporate 8,045 885 11,769 (9,318 ) Total EBITDA $ 35,713 $ 26,281 $ 84,310 $ 41,437 Consolidated EBITDA reconciliation Net income (loss) $ 12,976 $ 4,638 $ 20,144 $ (18,505 ) Interest expense, net 6,517 6,153 19,126 19,082 Income tax expense (benefit) 2,030 1,652 2,535 (826 ) Depreciation and amortization 14,190 13,838 42,505 41,686 Total EBITDA $ 35,713 $ 26,281 $ 84,310 $ 41,437 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Depreciation and amortization U.S. Concrete Pumping $ 9,927 $ 9,206 $ 29,615 $ 27,885 U.K. Operations 1,881 2,042 5,892 6,124 U.S. Concrete Waste Management Services 2,170 2,379 6,361 7,050 Corporate 212 211 637 627 Total depreciation and amortization $ 14,190 $ 13,838 $ 42,505 $ 41,686 Interest expense, net U.S. Concrete Pumping $ (5,795 ) $ (5,347 ) $ (16,879 ) $ (16,717 ) U.K. Operations (722 ) (806 ) (2,247 ) (2,365 ) Total interest expense, net $ (6,517 ) $ (6,153 ) $ (19,126 ) $ (19,082 ) Transaction costs and debt extinguishment costs U.S. Concrete Pumping $ 20 $ 111 $ 59 $ 15,705 Total transaction costs including transaction-related debt extinguishment $ 20 $ 111 $ 59 $ 15,705 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | July 31, October 31, (in thousands) 2022 2021 Total assets U.S. Concrete Pumping $ 628,504 $ 591,820 U.K. Operations 103,481 109,631 U.S. Concrete Waste Management Services 153,092 145,199 Corporate 28,004 26,648 Intersegment (88,613 ) (80,633 ) Total assets $ 824,468 $ 792,665 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2021 2022 2021 Revenue by geography U.S. $ 90,052 $ 68,109 $ 246,418 $ 193,769 U.K. 14,417 12,652 39,980 34,285 Total revenue $ 104,469 $ 80,761 $ 286,398 $ 228,054 July 31, October 31, (in thousands) 2022 2021 Long-lived tangible assets U.S. $ 332,236 $ 285,307 U.K. 53,011 52,464 Total long lived assets $ 385,247 $ 337,771 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) $ in Thousands | 9 Months Ended |
Jul. 31, 2022 USD ($) | |
US Concrete Pumping [Member] | |
Goodwill, Impairment Loss | $ 0 |
Brundage-Bone [Member] | |
Number of Stores | 95 |
Number of States in which Entity Operates | 20 |
Camfaud [Member] | |
Number of Stores | 30 |
Eco-Pan, Inc. [Member] | |
Number of Stores | 18 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Jul. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 900 | $ 700 | |
Inventory Valuation Reserves, Ending Balance | 0 | $ 0 | |
Employee-related Liabilities, Current, Total | 11,334 | $ 12,226 | |
Revision of Prior Period, Adjustment [Member] | |||
Employee-related Liabilities, Current, Total | $ 2,000 | ||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | |||
Number of Vendors | 3 | 3 | |
Time Based Only [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 0.01 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) | 9 Months Ended |
Jul. 31, 2022 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 15 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 40 years |
Leaseholds and Leasehold Improvements [Member] | |
Estimated useful lives (Year) | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 2 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 25 years |
Transportation Equipment [Member] | Minimum [Member] | |
Estimated useful lives (Year) | 3 years |
Transportation Equipment [Member] | Maximum [Member] | |
Estimated useful lives (Year) | 7 years |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Restatement of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Accrued payroll and payroll expenses | $ 11,334 | $ 11,334 | $ 12,226 | |||||||
Total current liabilities | 73,606 | 73,606 | 48,239 | |||||||
Deferred income taxes | 71,702 | 71,702 | 70,566 | |||||||
Total liabilities | 522,662 | 522,662 | 505,090 | |||||||
Accumulated deficit | (94,769) | (94,769) | (114,913) | |||||||
Total stockholders' equity | 276,806 | $ 265,183 | $ 263,266 | $ 259,162 | $ 252,828 | $ 259,663 | 276,806 | $ 259,162 | $ 262,575 | $ 267,110 |
Revenue | 104,469 | 80,761 | 286,398 | 228,054 | ||||||
Cost of operations | 62,535 | 43,548 | 171,400 | 127,676 | ||||||
Gross profit | 41,934 | 37,213 | 114,998 | 100,378 | ||||||
General and administrative expenses | 27,827 | 24,951 | 83,097 | 73,812 | ||||||
Transaction costs | 20 | 111 | 59 | 195 | ||||||
Income (loss) from operations | 14,087 | 12,151 | 31,842 | 26,371 | ||||||
Interest expense, net | (6,517) | (6,153) | (19,126) | (19,082) | ||||||
Loss on extinguishment of debt | 0 | 0 | 0 | (15,510) | ||||||
Change in fair value of warrant liabilities | 7,420 | 260 | 9,894 | (11,195) | ||||||
Other income, net | 16 | 32 | 69 | 85 | ||||||
Total other income (expense) | 919 | (5,861) | (9,163) | (45,702) | ||||||
Income (loss) before income taxes | 15,006 | 6,290 | 22,679 | (19,331) | ||||||
Income tax expense (benefit) | 2,030 | 1,652 | 2,535 | (826) | ||||||
Net income | 12,976 | 5,985 | 1,183 | 4,638 | (10,853) | (12,290) | 20,144 | (18,505) | ||
Less accretion of liquidation preference on preferred stock | (441) | (525) | (1,309) | (1,530) | ||||||
Income (loss) available to common shareholders | $ 12,535 | $ 4,113 | $ 18,835 | $ (20,035) | ||||||
Basic (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) | ||||||
Diluted (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) | ||||||
Net income (loss) | $ 12,976 | $ 5,985 | $ 1,183 | $ 4,638 | $ (10,853) | $ (12,290) | $ 20,144 | $ (18,505) | ||
Deferred income taxes | 2,210 | (1,417) | ||||||||
Accrued payroll, accrued expenses and other current liabilities | 9,421 | 5,920 | ||||||||
Net cash provided by operating activities | 53,727 | $ 60,344 | ||||||||
Previously Reported [Member] | ||||||||||
Accrued payroll and payroll expenses | 9,334 | 9,334 | ||||||||
Total current liabilities | 71,606 | 71,606 | ||||||||
Deferred income taxes | 72,182 | 72,182 | ||||||||
Total liabilities | 521,142 | 521,142 | ||||||||
Accumulated deficit | (93,249) | (93,249) | ||||||||
Total stockholders' equity | 278,326 | 278,326 | ||||||||
Revenue | 104,469 | 286,398 | ||||||||
Cost of operations | 61,135 | 170,000 | ||||||||
Gross profit | 43,334 | 116,398 | ||||||||
General and administrative expenses | 27,227 | 82,497 | ||||||||
Transaction costs | 20 | 59 | ||||||||
Income (loss) from operations | 16,087 | 33,842 | ||||||||
Interest expense, net | (6,517) | (19,126) | ||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||
Change in fair value of warrant liabilities | 7,420 | 9,894 | ||||||||
Other income, net | 16 | 69 | ||||||||
Total other income (expense) | 919 | (9,163) | ||||||||
Income (loss) before income taxes | 17,006 | 24,679 | ||||||||
Income tax expense (benefit) | 2,510 | 3,015 | ||||||||
Net income | 14,496 | 21,664 | ||||||||
Less accretion of liquidation preference on preferred stock | (441) | (1,309) | ||||||||
Income (loss) available to common shareholders | $ 14,055 | $ 20,355 | ||||||||
Basic (in dollars per share) | $ 0.25 | $ 0.36 | ||||||||
Diluted (in dollars per share) | $ 0.24 | $ 0.35 | ||||||||
Net income (loss) | $ 14,496 | $ 21,664 | ||||||||
Deferred income taxes | 2,690 | |||||||||
Accrued payroll, accrued expenses and other current liabilities | 7,421 | |||||||||
Net cash provided by operating activities | 53,727 | |||||||||
Revision of Prior Period, Adjustment [Member] | ||||||||||
Accrued payroll and payroll expenses | 2,000 | 2,000 | ||||||||
Total current liabilities | 2,000 | 2,000 | ||||||||
Deferred income taxes | (480) | (480) | ||||||||
Total liabilities | 1,520 | 1,520 | ||||||||
Accumulated deficit | (1,520) | (1,520) | ||||||||
Total stockholders' equity | (1,520) | (1,520) | ||||||||
Revenue | 0 | 0 | ||||||||
Cost of operations | 1,400 | 1,400 | ||||||||
Gross profit | (1,400) | (1,400) | ||||||||
General and administrative expenses | 600 | 600 | ||||||||
Transaction costs | 0 | 0 | ||||||||
Income (loss) from operations | (2,000) | (2,000) | ||||||||
Interest expense, net | 0 | 0 | ||||||||
Loss on extinguishment of debt | 0 | 0 | ||||||||
Change in fair value of warrant liabilities | 0 | 0 | ||||||||
Other income, net | 0 | 0 | ||||||||
Total other income (expense) | 0 | 0 | ||||||||
Income (loss) before income taxes | (2,000) | (2,000) | ||||||||
Income tax expense (benefit) | (480) | (480) | ||||||||
Net income | (1,520) | (1,520) | ||||||||
Less accretion of liquidation preference on preferred stock | 0 | 0 | ||||||||
Income (loss) available to common shareholders | $ (1,520) | $ (1,520) | ||||||||
Basic (in dollars per share) | $ (0.03) | $ (0.03) | ||||||||
Diluted (in dollars per share) | $ (0.02) | $ (0.02) | ||||||||
Net income (loss) | $ (1,520) | $ (1,520) | ||||||||
Deferred income taxes | (480) | |||||||||
Accrued payroll, accrued expenses and other current liabilities | 2,000 | |||||||||
Net cash provided by operating activities | $ 0 |
Note 4 - Business Combination_2
Note 4 - Business Combinations and Asset Acquisitions (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Sep. 30, 2021 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Payments to Acquire Productive Assets, Total | $ 20,600 | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 80,967 | $ 34,558 | |||||
Payments to Acquire Intangible Assets | $ 1,450 | $ 0 | |||||
Pioneer Concrete Pumping Services [Member] | |||||||
Payments to Acquire Productive Assets, Total | $ 20,200 | $ 11,400 | $ 20,200 | ||||
Payments to Acquire Property, Plant, and Equipment, Total | 19,100 | $ 11,500 | |||||
Payments to Acquire Intangible Assets | $ 1,100 | ||||||
Pioneer Concrete Pumping Services [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||||
Pioneer Concrete Pumping Services [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||
Hi-Tech Concrete Pumping Services [Member] | |||||||
Payments to Acquire Productive Assets, Total | 12,300 | ||||||
Payments to Acquire Intangible Assets | $ 800 | ||||||
Hi-Tech Concrete Pumping Services [Member] | Minimum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||||
Hi-Tech Concrete Pumping Services [Member] | Maximum [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurement (Details Textual) - $ / shares | 9 Months Ended | ||
Jul. 31, 2022 | Oct. 31, 2021 | Dec. 06, 2018 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | |
Public Warrants [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 13,017,677 | 13,017,777 | |
Private Warrants [Member] | |||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | |
Warrant To Purchase Class A Common Stock [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | ||
Class of Warrant or Right, Redemption Price (in dollars per share) | 0.01 | ||
Class of Warrant or Right, Redemption, Common Stock Price Trigger (in dollars per share) | $ 18 | ||
Class of Warrant or Right, Redemption, Trading Period (Day) | 20 days | ||
Class of Warrant or Right, Redemption, Trading Period Maximum (Day) | 30 days |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurement - Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Reported Value Measurement [Member] | Senior Secured Notes [Member] | ||
Debt, fair value | $ 375,000 | $ 375,000 |
Reported Value Measurement [Member] | Capital Lease Obligations [Member] | ||
Debt, fair value | 304 | 381 |
Estimate of Fair Value Measurement [Member] | Senior Secured Notes [Member] | ||
Debt, fair value | 337,500 | 390,938 |
Estimate of Fair Value Measurement [Member] | Capital Lease Obligations [Member] | ||
Debt, fair value | $ 304 | $ 381 |
Note 6 - Prepaid Expenses and_3
Note 6 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Prepaid insurance | $ 2,518 | $ 949 |
Prepaid licenses and deposits | 715 | 360 |
Prepaid rent | 358 | 331 |
Other current assets and prepaids | 2,087 | 2,470 |
Total prepaid expenses and other current assets | $ 5,678 | $ 4,110 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Depreciation, Total | $ 8.7 | $ 7.2 | $ 25.5 | $ 21.2 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Property, plant and equipment, gross | $ 478,053 | $ 407,739 |
Less accumulated depreciation | (92,806) | (69,968) |
Property, plant and equipment, net | 385,247 | 337,771 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 27,124 | 27,062 |
Assets Held under Capital Leases [Member] | ||
Property, plant and equipment, gross | 828 | 828 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 441,164 | 374,034 |
Transportation Equipment [Member] | ||
Property, plant and equipment, gross | 6,064 | 2,935 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 2,873 | $ 2,880 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Amortization of Intangible Assets | $ 5,500 | $ 6,700 | $ 16,958 | $ 20,517 |
US Concrete Waste Management Services [Member] | ||||
Goodwill, Impairment Loss | $ 0 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Oct. 31, 2021 | |
Accumulated amortization | $ (109,827) | $ (92,869) |
Foreign currency translation adjustment | 922 | (610) |
Net carrying amount | 90,967 | |
Impairments | (5,000) | (5,000) |
Gross carrying value | 255,372 | 257,018 |
Foreign currency translation adjustment | 922 | (610) |
Net carrying amount | 141,467 | 158,539 |
Trade Names, Indefinite-lived [Member] | ||
Gross carrying value, indefinite | 55,500 | 55,500 |
Impairments | (5,000) | (5,000) |
Net carrying amount, indefinite | 50,500 | 50,500 |
Customer Relationships [Member] | ||
Gross carrying value | 193,105 | 195,220 |
Accumulated amortization | (107,365) | (91,169) |
Foreign currency translation adjustment | 785 | (539) |
Net carrying amount | 86,525 | 103,512 |
Foreign currency translation adjustment | 785 | (539) |
Trade Names [Member] | ||
Gross carrying value | 5,117 | 5,748 |
Accumulated amortization | (2,006) | (1,598) |
Foreign currency translation adjustment | 137 | (71) |
Net carrying amount | 3,248 | 4,079 |
Foreign currency translation adjustment | 137 | (71) |
Assembled Workforce [Member] | ||
Gross carrying value | 1,450 | 350 |
Net carrying amount | 1,126 | 350 |
Noncompete Agreements [Member] | ||
Gross carrying value | 200 | 200 |
Accumulated amortization | (132) | (102) |
Net carrying amount | $ 68 | $ 98 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Intangible Assets Amortization Expense (Details) $ in Thousands | Jul. 31, 2022 USD ($) |
2022 (excluding the period from November 1, 2021 to July 31, 2022) | $ 5,476 |
2023 | 17,883 |
2024 | 14,382 |
2025 | 11,294 |
2026 | 9,204 |
Thereafter | 32,728 |
Total | $ 90,967 |
Note 8 - Goodwill and Intangi_6
Note 8 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
Balance | $ 224,700 | |
Balance | 221,615 | |
Operating Segments [Member] | ||
Balance | 224,700 | $ 223,154 |
Foreign currency translation | (3,085) | 2,011 |
Balance | 221,615 | 225,165 |
US Concrete Pumping [Member] | Operating Segments [Member] | ||
Balance | 147,482 | 147,482 |
Balance | 147,482 | 147,482 |
UK Operations [Member] | Operating Segments [Member] | ||
Balance | 28,085 | 26,539 |
Foreign currency translation | (3,085) | 2,011 |
Balance | 25,000 | 28,550 |
US Concrete Waste Management Services [Member] | Operating Segments [Member] | ||
Balance | 49,133 | 49,133 |
Balance | $ 49,133 | $ 49,133 |
Note 9 - Long Term Debt and R_3
Note 9 - Long Term Debt and Revolving Lines of Credit (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 8 Months Ended | |||||
Jun. 29, 2022 | Jan. 28, 2021 | Dec. 06, 2018 | Oct. 31, 2021 | May 31, 2019 | Apr. 30, 2022 | Sep. 30, 2021 | Jul. 31, 2022 | |
Long-term Debt, Total | $ 370,074 | $ 387,012 | ||||||
Debt Issuance Costs, Net, Total | $ 5,916 | 4,872 | ||||||
Term Loan Agreement [Member] | ||||||||
Debt Instrument, Face Amount | $ 357,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||||||
Proceeds from Issuance of Long-term Debt, Total | $ 60,000 | |||||||
Long-term Debt, Term (Year) | 7 years | |||||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ 15,500 | |||||||
Senior Secured Notes [Member] | ||||||||
Debt Issuance Costs, Net, Total | 7,000 | |||||||
Asset Backed Revolving Credit Facility [Member] | ||||||||
Debt Issuance Costs, Line of Credit Arrangements, Net, Total | $ 300 | 1,500 | ||||||
Base Rate [Member] | Term Loan Agreement [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||||||
Eurodollar [Member] | Term Loan Agreement [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||||
Asset Backed Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 160,000 | 125,000 | 160,000 | |||||
Line of Credit Facility, Additional Borrowing Capacity | 75,000 | 75,000 | ||||||
Long-Term Line of Credit, Total | 16,900 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 131,700 | |||||||
Asset Backed Revolving Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | ||||||||
Line of Credit Facility, Additional Borrowing Capacity | 35,000 | |||||||
Senior Secured Notes [Member] | ||||||||
Debt Instrument, Face Amount | $ 375,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | |||||||
Long-term Debt, Total | 375,000 | |||||||
Standby Letters of Credit [Member] | Asset Backed Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,500 | $ 7,500 | $ 10,500 | |||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.25% | ||||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | Sterling Overnight Index Average [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2.0326% | ||||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Average Excess Availability, Tranche One [Member] | Asset Backed Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Quarterly Average Excess Availability, Percent | 50% | |||||||
Average Excess Availability, Tranche One [Member] | Asset Backed Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||||
Average Excess Availability, Tranche Two [Member] | Asset Backed Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% |
Note 9 - Long Term Debt and R_4
Note 9 - Long Term Debt and Revolving Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Revolving loan (short term) | $ 16,884 | $ 990 |
Total debt, gross | 391,884 | 375,990 |
Less unamortized deferred financing costs offsetting long term debt | (4,872) | (5,916) |
Total debt, net of unamortized deferred financing costs | 387,012 | 370,074 |
Revolving Loan [Member] | Asset Backed Revolving Credit Facility [Member] | ||
Revolving loan (short term) | 16,884 | 990 |
Senior Secured Notes [Member] | ||
Total debt, gross | 375,000 | $ 375,000 |
Total debt, net of unamortized deferred financing costs | $ 375,000 |
Note 10 - Accrued Payroll and_3
Note 10 - Accrued Payroll and Payroll Expenses - Accrued Payroll and Expenses (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Accrued vacation | $ 2,503 | $ 1,967 |
Accrued payroll | 2,513 | 1,727 |
Accrued bonus | 3,163 | 3,593 |
Accrued employee-related taxes | 2,818 | 4,606 |
Other accrued | 337 | 333 |
Total accrued payroll and payroll expenses | $ 11,334 | $ 12,226 |
Note 11 - Accrued Expenses an_3
Note 11 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Accrued insurance | $ 8,920 | $ 7,473 |
Accrued interest | 11,275 | 5,627 |
Accrued equipment purchases | 9,092 | 4,955 |
Accrued sales and use tax | 1,562 | 690 |
Accrued property taxes | 763 | 917 |
Accrued professional fees | 1,285 | 1,134 |
Other | 3,101 | 3,144 |
Total accrued expenses and other liabilities | $ 35,998 | $ 23,940 |
Note 12 - Income Taxes (As Re_2
Note 12 - Income Taxes (As Restated) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Income Tax Expense (Benefit) Rounded | $ 2,000 | $ 2,500 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 15,006 | $ 6,290 | 22,679 | $ (19,331) | |
Income Tax Expense (Benefit), Total | 2,030 | $ 1,652 | 2,535 | $ (826) | |
Deferred Tax Assets, Net, Total | 71,700 | 71,700 | $ 70,600 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 17,800 | 17,800 | 17,800 | ||
Tax Credit Carryforward, Valuation Allowance | $ 100 | $ 100 | $ 100 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jul. 31, 2022 | Oct. 31, 2021 |
Letters of Credit Outstanding, Amount | $ 3 | |
Standby Letters of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 10.5 | |
Accrued Liabilities and Other Liabilities [Member] | ||
Self-insurance, Accrued Expenses for Claims Incurred But Not Reported and Estimated Losses Reported | 5.7 | $ 4.5 |
Self-insurance, Accrued Expenses for Health Claims Incurred But Not Reoprted | $ 3.2 | $ 1.6 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Jun. 06, 2019 USD ($) $ / shares | May 14, 2019 USD ($) $ / shares shares | Apr. 29, 2019 USD ($) shares | Apr. 01, 2019 | Dec. 06, 2018 $ / shares shares | Jul. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2021 USD ($) | Jul. 31, 2022 USD ($) $ / shares shares | Oct. 31, 2021 $ / shares shares | |
Common Stock, Shares Authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||
Common Stock, Shares, Issued, Total (in shares) | 28,847,707 | 56,599,833 | 56,599,833 | 56,564,642 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 34,100,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | ||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 2,450,980 | ||||||||
Convertible Preferred Stock, Redemption, Principal Investment | $ | $ 25,000,000 | ||||||||
Convertible Preferred Stock, Additional Cumulative Amount, Accrue Annual Rate | 7% | ||||||||
Convertible Preferred Stock, Additional Cumulative Amount | $ | $ 6,600,000 | ||||||||
Convertible Preferred Stock, Convertible, Stock Price Trigger (in dollars per share) | $ / shares | $ 13 | ||||||||
Debt Instrument, Consecutive Period (Day) | 30 days | ||||||||
Par Value of Warrant in APIC | $ | $ 26,300,000 | ||||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 10,000,000 | 10,000,000 | |||||||
Treasury Stock, Shares, Acquired (in shares) | 62,850 | 62,850 | |||||||
Treasury Stock, Value, Acquired, Cost Method | $ | $ 383,000 | $ 400,000 | |||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ / shares | $ 6.09 | $ 6.09 | |||||||
Public Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 18,098,166 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.50 | ||||||||
Proceeds from Issuance of Common Stock | $ | $ 77,400,000 | ||||||||
Public Offering [Member] | Directors, Officers, Stockholders [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,980,166 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 4.50 | ||||||||
Percentage of Shares Issued | 25% | ||||||||
Public Warrants [Member] | |||||||||
Number of Shares Issued in Exchange for Warrants (in shares) | 2,101,213 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 13,017,677 | 13,017,677 | 13,017,777 | ||||||
Warrant Exchange for Common Stock, Exchange Ratio | 0.2105 | ||||||||
Class of Warrant or Right, Exchanged During Period (in shares) | 9,982,123 | ||||||||
Private Warrants [Member] | |||||||||
Number of Shares Issued in Exchange for Warrants (in shares) | 1,707,175 | ||||||||
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 | 0 | ||||||
Warrant Exchange for Common Stock, Exchange Ratio | 0.1538 | ||||||||
Class of Warrant or Right, Exchanged During Period (in shares) | 11,100,000 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 0% | ||||||||
Dividends, Preferred Stock, Total | $ | $ 0 | ||||||||
Preferred Stock, Convertible, Conversion Ratio | 1 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2019 | |
Restricted Stock [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 1.2 | $ 1.1 | $ 3.7 | $ 4.6 | ||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 0.2 | $ 0.2 | $ 0.5 | $ 0.6 | ||
Market Based Award [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Granted (in shares) | 0 | 69,491 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 73% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.50% | |||||
Closing Price of $6.00 for 30 Consecutive Trading Days [Member] | The $6 Market/Time- Based [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Price Target (in dollars per share) | $ 6 | $ 6 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Closing Price of $8.00 for 30 Consecutive Trading Days [Member] | The $8 Market/Time- Based [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Price Target (in dollars per share) | 8 | $ 8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Closing Price of $10.00 for 30 Consecutive Trading Days [Member] | The $10 Market/Time- Based [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Price Target (in dollars per share) | $ 10 | $ 10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||
The 2018 Omnibus Incentive Plan [Member] | UNITED KINGDOM | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 0.01 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Summary of Awards Granted (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jul. 31, 2022 USD ($) $ / shares shares | ||
Shares Unvested (in shares) | 3,023,320 | |
Unrecognized Compensation Expense | $ | $ 6,476,945 | |
UNITED STATES | Award 1 [Member] | ||
Type of Award | Time Based Only | |
Shares Unvested (in shares) | 640,797 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 5.98 | |
Unrecognized Compensation Expense | $ | $ 2,351,705 | |
UNITED STATES | Award 2 [Member] | ||
Type of Award | 6 Market/Time- Based | |
Shares Unvested (in shares) | 100,462 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.86 | |
UNITED STATES | Award 4 [Member] | ||
Type of Award | 6 Market/Time- Based | [1] |
Shares Unvested (in shares) | 190,208 | [1] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 8.65 | [1] |
Unrecognized Compensation Expense | $ | $ 290,379 | [1] |
UNITED STATES | Award 5 [Member] | ||
Type of Award | 6 Market/Time- Based | [1] |
Shares Unvested (in shares) | 190,219 | [1] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 8.65 | [1] |
Unrecognized Compensation Expense | $ | $ 564,972 | [1] |
UNITED STATES | Award 6 [Member] | ||
Type of Award | 8 Market/Time- Based | |
Shares Unvested (in shares) | 150,697 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.46 | |
UNITED STATES | Award 7 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 190,209 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.45 | [2] |
Unrecognized Compensation Expense | $ | $ 32,300 | [2] |
UNITED STATES | Award 8 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 190,209 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.45 | [2] |
Unrecognized Compensation Expense | $ | $ 369,730 | [2] |
UNITED STATES | Award 9 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 190,218 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.45 | [2] |
Unrecognized Compensation Expense | $ | $ 562,619 | [2] |
UNITED STATES | Award 10 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 150,706 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.15 | |
Unrecognized Compensation Expense | $ | $ 0 | |
UNITED STATES | Award 11 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 187,591 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.46 | |
Unrecognized Compensation Expense | $ | $ 243,003 | |
UNITED STATES | Award 12 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 187,587 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.46 | |
Unrecognized Compensation Expense | $ | $ 425,064 | |
UNITED STATES | Award 13 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 187,603 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.46 | |
Unrecognized Compensation Expense | $ | $ 552,270 | |
UNITED STATES | Award 14 [Member] | ||
Type of Award | 13 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 4.47 | |
Unrecognized Compensation Expense | $ | $ 0 | |
UNITED STATES | Award 15 [Member] | ||
Type of Award | 13 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 4.47 | |
Unrecognized Compensation Expense | $ | $ 361 | |
UNITED STATES | Award 16 [Member] | ||
Type of Award | 13 Market/Time- Based | |
Shares Unvested (in shares) | 434 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 4.47 | |
Unrecognized Compensation Expense | $ | $ 674 | |
UNITED STATES | Award 17 [Member] | ||
Type of Award | 16 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.85 | |
Unrecognized Compensation Expense | $ | $ 36 | |
UNITED STATES | Award 18 [Member] | ||
Type of Award | 16 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.85 | |
Unrecognized Compensation Expense | $ | $ 408 | |
UNITED STATES | Award 19 [Member] | ||
Type of Award | 16 Market/Time- Based | |
Shares Unvested (in shares) | 434 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.85 | |
Unrecognized Compensation Expense | $ | $ 644 | |
UNITED STATES | Award 20 [Member] | ||
Type of Award | 19 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.34 | |
Unrecognized Compensation Expense | $ | $ 122 | |
UNITED STATES | Award 21 [Member] | ||
Type of Award | 19 Market/Time- Based | |
Shares Unvested (in shares) | 433 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.34 | |
Unrecognized Compensation Expense | $ | $ 408 | |
UNITED STATES | Award 22 [Member] | ||
Type of Award | 19 Market/Time- Based | |
Shares Unvested (in shares) | 434 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.34 | |
Unrecognized Compensation Expense | $ | $ 595 | |
UNITED STATES | Award 23 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 4,635 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.28 | |
Unrecognized Compensation Expense | $ | $ 11,879 | |
UNITED STATES | Award 24 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 4,635 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.28 | |
Unrecognized Compensation Expense | $ | $ 20,865 | |
UNITED STATES | Award 25 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 4,634 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.28 | |
Unrecognized Compensation Expense | $ | $ 24,615 | |
UNITED STATES | Award 26 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 18,703 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 74,590 | |
UNITED STATES | Award 27 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 18,711 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 95,370 | |
UNITED STATES | Award 28 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 18,714 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 104,470 | |
UNITED KINGDOM | Award 29 [Member] | ||
Type of Award | Time Based Only | |
Shares Unvested (in shares) | 90,431 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 5.75 | |
Unrecognized Compensation Expense | $ | $ 298,554 | |
UNITED KINGDOM | Award 30 [Member] | ||
Type of Award | 6 Market/Time- Based | |
Shares Unvested (in shares) | 19,257 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.85 | |
Unrecognized Compensation Expense | $ | $ 0 | |
UNITED KINGDOM | Award 32 [Member] | ||
Type of Award | 6 Market/Time- Based | |
Shares Unvested (in shares) | 27,892 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 8.36 | |
Unrecognized Compensation Expense | $ | $ 42,173 | |
UNITED KINGDOM | Award 33 [Member] | ||
Type of Award | 6 Market/Time- Based | |
Shares Unvested (in shares) | 27,901 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 8.36 | |
Unrecognized Compensation Expense | $ | $ 81,781 | |
UNITED KINGDOM | Award 34 [Member] | ||
Type of Award | 8 Market/Time- Based | |
Shares Unvested (in shares) | 28,885 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.45 | |
Unrecognized Compensation Expense | $ | $ 0 | |
UNITED KINGDOM | Award 35 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 27,892 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.20 | [2] |
Unrecognized Compensation Expense | $ | $ 4,711 | [2] |
UNITED KINGDOM | Award 36 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 27,892 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.20 | [2] |
Unrecognized Compensation Expense | $ | $ 53,591 | [2] |
UNITED KINGDOM | Award 37 [Member] | ||
Type of Award | 8 Market/Time- Based | [2] |
Shares Unvested (in shares) | 27,901 | [2] |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 7.20 | [2] |
Unrecognized Compensation Expense | $ | $ 81,338 | [2] |
UNITED KINGDOM | Award 38 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 28,886 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 3.14 | |
Unrecognized Compensation Expense | $ | $ 0 | |
UNITED KINGDOM | Award 39 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 27,902 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.24 | |
Unrecognized Compensation Expense | $ | $ 35,387 | |
UNITED KINGDOM | Award 40 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 27,892 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.24 | |
Unrecognized Compensation Expense | $ | $ 61,544 | |
UNITED KINGDOM | Award 41 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 27,901 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.24 | |
Unrecognized Compensation Expense | $ | $ 79,786 | |
UNITED KINGDOM | Award 42 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 750 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 2,991 | |
UNITED KINGDOM | Award 43 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 750 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 3,823 | |
UNITED KINGDOM | Award 44 [Member] | ||
Type of Award | 10 Market/Time- Based | |
Shares Unvested (in shares) | 750 | |
Weighted Average Fair Value (in dollars per share) | $ / shares | $ 6.83 | |
Unrecognized Compensation Expense | $ | $ 4,187 | |
[1]The $6.00 market condition price target was achieved on March 29, 2021, and on such date, the remaining unrecognized expense for these awards is being accelerated over the new requisite service period.[2]The $8.00 market condition price target was achieved on August 23, 2021, and on such date, the remaining unrecognized expense for these awards is being accelerated over the new requisite service period. |
Note 16 - Earnings Per Share (D
Note 16 - Earnings Per Share (Details Textual) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2022 | Dec. 06, 2018 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 13 | 13 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.6 | ||
Vested Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.2 | ||
Vested Non-qualified Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.4 | ||
Series A Preferred Stocks [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.5 | 2.5 |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Net Income (loss) | $ 12,976 | $ 5,985 | $ 1,183 | $ 4,638 | $ (10,853) | $ (12,290) | $ 20,144 | $ (18,505) |
Less accretion of liquidation preference on preferred stock | (441) | (525) | (1,309) | (1,530) | ||||
Less: Undistributed earnings allocated to participating securities | (582) | (221) | (932) | 0 | ||||
Net income (loss) attributable to common stockholders (numerator for basic earnings per share) | 11,953 | 3,892 | 17,903 | (20,035) | ||||
Add back: Undistributed earning allocated to participating securities | 582 | 221 | 932 | 0 | ||||
Add back: Accretion of liquidation preference on preferred stock | 441 | 0 | 0 | 0 | ||||
Less: Undistributed earnings reallocated to participating securities | (573) | (217) | (917) | 0 | ||||
Numerator for diluted earnings (loss) per share | $ 12,403 | $ 3,896 | $ 17,918 | $ (20,035) | ||||
Weighted average shares - basic (in shares) | 54,012,404 | 53,522,089 | 53,859,874 | 53,377,032 | ||||
Weighted average shares - diluted (in shares) | 57,286,563 | 54,547,494 | 54,772,441 | 53,377,032 | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) | ||||
Diluted earnings (loss) per share (in dollars per share) | $ 0.22 | $ 0.07 | $ 0.33 | $ (0.38) |
Note 17 - Segment Reporting - O
Note 17 - Segment Reporting - Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | |
Revenue | $ 104,469 | $ 80,761 | $ 286,398 | $ 228,054 | ||||
EBITDA | 35,713 | 26,281 | 84,310 | 41,437 | ||||
Net income (loss) | 12,976 | $ 5,985 | $ 1,183 | 4,638 | $ (10,853) | $ (12,290) | 20,144 | (18,505) |
Interest expense, net | 6,517 | 6,153 | 19,126 | 19,082 | ||||
Income tax expense (benefit) | 2,030 | 1,652 | 2,535 | (826) | ||||
Depreciation and amortization | 14,190 | 13,838 | 42,505 | 41,686 | ||||
Interest expense, net | (6,517) | (6,153) | (19,126) | (19,082) | ||||
Transaction costs | 20 | 111 | 59 | 15,705 | ||||
Operating Segments [Member] | US Concrete Pumping [Member] | ||||||||
Revenue | 77,352 | 58,025 | 212,189 | 166,509 | ||||
EBITDA | 19,495 | 17,178 | 50,524 | 30,419 | ||||
Interest expense, net | 5,795 | 5,347 | 16,879 | 16,717 | ||||
Depreciation and amortization | 9,927 | 9,206 | 29,615 | 27,885 | ||||
Interest expense, net | (5,795) | (5,347) | (16,879) | (16,717) | ||||
Operating Segments [Member] | UK Concrete Pumping [Member] | ||||||||
Revenue | 14,417 | 12,652 | 39,980 | 34,285 | ||||
Interest expense, net | 722 | 806 | 2,247 | 2,365 | ||||
Depreciation and amortization | 1,881 | 2,042 | 5,892 | 6,124 | ||||
Interest expense, net | (722) | (806) | (2,247) | (2,365) | ||||
Transaction costs | 20 | 111 | 59 | 15,705 | ||||
Operating Segments [Member] | US Concrete Waste Management Services [Member] | ||||||||
Revenue | 12,813 | 10,122 | 34,551 | 27,552 | ||||
EBITDA | 4,976 | 4,837 | 13,398 | 11,542 | ||||
Depreciation and amortization | 2,170 | 2,379 | 6,361 | 7,050 | ||||
Operating Segments [Member] | UK Operations [Member] | ||||||||
EBITDA | 3,197 | 3,381 | 8,619 | 8,794 | ||||
Corporate, Non-Segment [Member] | ||||||||
Revenue | 625 | 625 | 1,875 | 1,875 | ||||
EBITDA | 8,045 | 885 | 11,769 | (9,318) | ||||
Depreciation and amortization | 212 | 211 | 637 | 627 | ||||
Intersegment Eliminations [Member] | ||||||||
Revenue | $ (738) | $ (663) | $ (2,197) | $ (2,167) |
Note 17 - Segment Reporting - T
Note 17 - Segment Reporting - Total Assets by Segment (Details) - USD ($) $ in Thousands | Jul. 31, 2022 | Oct. 31, 2021 |
Total assets | $ 824,468 | $ 792,665 |
Operating Segments [Member] | US Concrete Pumping [Member] | ||
Total assets | 628,504 | 591,820 |
Operating Segments [Member] | UK Concrete Pumping [Member] | ||
Total assets | 103,481 | 109,631 |
Operating Segments [Member] | US Concrete Waste Management Services [Member] | ||
Total assets | 153,092 | 145,199 |
Corporate, Non-Segment [Member] | ||
Total assets | 28,004 | 26,648 |
Intersegment Eliminations [Member] | ||
Total assets | $ (88,613) | $ (80,633) |
Note 17 - Segment Reporting - R
Note 17 - Segment Reporting - Revenue and Long-Lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2022 | Jul. 31, 2021 | Jul. 31, 2022 | Jul. 31, 2021 | Oct. 31, 2021 | |
Revenue | $ 104,469 | $ 80,761 | $ 286,398 | $ 228,054 | |
Long Lived Assets | 385,247 | 385,247 | $ 337,771 | ||
UNITED STATES | |||||
Revenue | 90,052 | 68,109 | 246,418 | 193,769 | |
Long Lived Assets | 332,236 | 332,236 | 285,307 | ||
UNITED KINGDOM | |||||
Revenue | 14,417 | $ 12,652 | 39,980 | $ 34,285 | |
Long Lived Assets | $ 53,011 | $ 53,011 | $ 52,464 |
Note 18 - Subsequent Events (De
Note 18 - Subsequent Events (Details Textual) $ in Millions | Aug. 22, 2022 USD ($) |
Subsequent Event [Member] | |
Payments to Acquire Business or Asset Acquisition | $ 31 |