Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2023 | Sep. 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001703956 | |
Entity Registrant Name | CONCRETE PUMPING HOLDINGS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2023 | |
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, Postal Zip Code | 80229 | |
Entity Address, City or Town | Thornton | |
Entity Address, State or Province | CO | |
City Area Code | 303 | |
Local Phone Number | 289-7497 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | BBCP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,709,742 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 11,532 | $ 7,482 |
Trade receivables, net of allowance for doubtful accounts of $887 and $941, respectively | 67,201 | 62,882 |
Inventory, net | 6,672 | 5,532 |
Income taxes receivable | 0 | 485 |
Prepaid expenses and other current assets | 12,496 | 5,175 |
Total current assets | 97,901 | 81,556 |
Property, plant and equipment, net | 427,084 | 419,377 |
Intangible assets, net | 125,363 | 137,754 |
Goodwill | 222,998 | 220,245 |
Right-of-use operating lease assets | 25,487 | 24,833 |
Other non-current assets | 13,295 | 2,026 |
Deferred financing costs | 1,878 | 1,698 |
Total assets | 914,006 | 887,489 |
Current liabilities: | ||
Revolving loan | 35,699 | 52,133 |
Operating lease obligations, current portion | 4,649 | 4,001 |
Finance lease obligations, current portion | 114 | 109 |
Accounts payable | 7,247 | 8,362 |
Accrued payroll and payroll expenses | 15,190 | 13,341 |
Accrued expenses and other current liabilities | 36,254 | 32,156 |
Income taxes payable | 737 | 178 |
Warrant liability, current portion | 391 | 0 |
Total current liabilities | 100,281 | 110,280 |
Long term debt, net of discount for deferred financing costs | 371,520 | 370,476 |
Operating lease obligations, non-current | 21,177 | 20,984 |
Finance lease obligations, non-current | 82 | 169 |
Deferred income taxes | 79,360 | 74,223 |
Other liabilities, non-current | 12,836 | 0 |
Warrant liability, non-current | 0 | 7,030 |
Total liabilities | 585,256 | 583,162 |
Commitments and contingencies (Note 13) | ||
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2023 and October 31, 2022 | 25,000 | 25,000 |
Stockholders' equity | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 54,806,913 and 56,226,191 issued and outstanding as of July 31, 2023 and October 31, 2022, respectively | 6 | 6 |
Additional paid-in capital | 382,533 | 379,395 |
Treasury stock | (14,288) | (4,609) |
Accumulated other comprehensive loss | (663) | (9,228) |
Accumulated deficit | (63,838) | (86,237) |
Total stockholders' equity | 303,750 | 279,327 |
Total liabilities and stockholders' equity | $ 914,006 | $ 887,489 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Allowance for doubtful accounts | $ 887 | $ 941 |
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) | 54,806,913 | 56,226,191 |
Common stock, outstanding (in shares) | 54,806,913 | 56,226,191 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue | $ 120,671 | $ 104,469 | $ 322,037 | $ 286,398 |
Cost of operations | 71,187 | 62,535 | 192,625 | 171,400 |
Gross profit | 49,484 | 41,934 | 129,412 | 114,998 |
General and administrative expenses | 29,937 | 27,847 | 87,236 | 83,156 |
Income from operations | 19,547 | 14,087 | 42,176 | 31,842 |
Other income (expense): | ||||
Interest expense, net | (7,066) | (6,517) | (21,285) | (19,126) |
Change in fair value of warrant liabilities | 911 | 7,420 | 6,639 | 9,894 |
Other income, net | 262 | 16 | 296 | 69 |
Total other income (expense) | (5,893) | 919 | (14,350) | (9,163) |
Income before income taxes | 13,654 | 15,006 | 27,826 | 22,679 |
Income tax expense | 3,318 | 2,030 | 5,427 | 2,535 |
Net income | 10,336 | 12,976 | 22,399 | 20,144 |
Less accretion of liquidation preference on preferred stock | (441) | (441) | (1,309) | (1,309) |
Income available to common shareholders | $ 9,895 | $ 12,535 | $ 21,090 | $ 18,835 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 53,198,637 | 54,012,404 | 53,377,157 | 53,859,874 |
Diluted (in shares) | 54,104,738 | 57,286,563 | 54,262,940 | 54,772,441 |
Net income per common share | ||||
Basic (in dollars per share) | $ 0.18 | $ 0.22 | $ 0.38 | $ 0.33 |
Diluted (in dollars per share) | $ 0.18 | $ 0.22 | $ 0.38 | $ 0.33 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net income | $ 10,336 | $ 12,976 | $ 22,399 | $ 20,144 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 1,835 | (2,303) | 8,565 | (8,727) |
Total comprehensive income | $ 12,171 | $ 10,673 | $ 30,964 | $ 11,417 |
Condensed Consolidated Statem_3
Condensed 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, Common and Preferred [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
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 | 4,164 | 0 | 0 | 0 | 4,164 | |
Forfeiture of restricted stock (in shares) | (47,548) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 145,589 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 45 | (1,012) | 0 | 0 | (967) | |
Treasury shares purchased under share repurchase program (in shares) | 62,850 | ||||||
Treasury shares purchased under share repurchase program | 0 | 0 | (383) | 0 | 0 | (383) | |
Net Income (loss) | 0 | 0 | 0 | 0 | 20,144 | 20,144 | |
Foreign currency translation adjustment | 0 | 0 | 0 | (8,727) | 0 | (8,727) | |
Forfeiture of restricted stock (in shares) | (47,548) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | (145,589) | ||||||
Treasury shares purchased under share repurchase program (in shares) | (62,850) | ||||||
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 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 | |
Forfeiture of restricted stock (in shares) | (5,907) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
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 | |
Treasury shares purchased under share repurchase program (in shares) | (62,850) | ||||||
Treasury shares purchased under share repurchase program | 0 | 0 | (383) | 0 | 0 | (383) | |
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) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 625 | ||||||
Treasury shares purchased under share repurchase program (in shares) | 62,850 | ||||||
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 Oct. 31, 2022 | 56,226,191 | ||||||
Balance at Oct. 31, 2022 | 6 | 379,395 | (4,609) | (9,228) | (86,237) | 279,327 | |
Stock-based compensation expense | 0 | 3,138 | 0 | 0 | 0 | 3,138 | |
Forfeiture of restricted stock (in shares) | (19,771) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | (100,545) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | (1,040) | 0 | 0 | $ (1,040) | |
Treasury shares purchased under share repurchase program (in shares) | (1,298,962) | (1,299,000) | |||||
Treasury shares purchased under share repurchase program | 0 | 0 | (8,639) | 0 | 0 | $ (8,639) | |
Net Income (loss) | 0 | 0 | 0 | 0 | 22,399 | 22,399 | |
Foreign currency translation adjustment | 0 | 0 | 0 | 8,565 | 0 | $ 8,565 | |
Forfeiture of restricted stock (in shares) | (19,771) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 100,545 | ||||||
Treasury shares purchased under share repurchase program (in shares) | 1,298,962 | 1,299,000 | |||||
Balance (in shares) at Jul. 31, 2023 | 54,806,913 | ||||||
Balance at Jul. 31, 2023 | 6 | 382,533 | (14,288) | (663) | (63,838) | $ 303,750 | |
Balance (in shares) at Apr. 30, 2023 | 55,015,572 | ||||||
Balance at Apr. 30, 2023 | 6 | 381,599 | (12,894) | (2,498) | (74,174) | 292,039 | |
Stock-based compensation expense | 0 | 934 | 0 | 0 | 0 | 934 | |
Forfeiture of restricted stock (in shares) | (18,459) | ||||||
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | |
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | 8,773 | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding | 0 | 0 | 0 | 0 | 0 | $ 0 | |
Treasury shares purchased under share repurchase program (in shares) | (198,973) | (199,000) | |||||
Treasury shares purchased under share repurchase program | 0 | 0 | (1,394) | 0 | 0 | $ (1,394) | |
Net Income (loss) | 0 | 0 | 0 | 0 | 10,336 | 10,336 | |
Foreign currency translation adjustment | 0 | 0 | 0 | 1,835 | 0 | $ 1,835 | |
Forfeiture of restricted stock (in shares) | (18,459) | ||||||
Shares issued under stock-based program, net of treasury shares purchased for tax withholding (in shares) | (8,773) | ||||||
Treasury shares purchased under share repurchase program (in shares) | 198,973 | 199,000 | |||||
Balance (in shares) at Jul. 31, 2023 | 54,806,913 | ||||||
Balance at Jul. 31, 2023 | $ 6 | $ 382,533 | $ (14,288) | $ (663) | $ (63,838) | $ 303,750 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2023 | Jul. 31, 2022 | |
Net income | $ 22,399 | $ 20,144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Non-cash operating lease expense | 3,526 | 1,786 |
Foreign currency adjustments | (1,421) | 0 |
Depreciation | 29,541 | 25,547 |
Deferred income taxes | 4,140 | 2,210 |
Amortization of deferred financing costs | 1,414 | 1,374 |
Amortization of intangible assets | 14,336 | 16,958 |
Stock-based compensation expense | 3,138 | 4,164 |
Change in fair value of warrant liabilities | (6,639) | (9,894) |
Net gain on the sale of property, plant and equipment | (1,472) | (1,460) |
Provision for bad debt | (93) | 239 |
Net changes in operating assets and liabilities: | ||
Trade receivables | (3,199) | (11,024) |
Inventory | (970) | (265) |
Prepaid expenses and other assets | (875) | (1,239) |
Accounts payable | (2,050) | (2,311) |
Accrued payroll, accrued expenses and other liabilities | 4,457 | 7,498 |
Net cash provided by operating activities | 66,232 | 53,727 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (43,166) | (80,967) |
Proceeds from sale of property, plant and equipment | 8,043 | 6,197 |
Purchases of intangible assets | (800) | (1,450) |
Net cash used in investing activities | (35,923) | (76,220) |
Cash flows from financing activities: | ||
Proceeds on revolving loan | 239,911 | 252,925 |
Payments on revolving loan | (256,345) | (236,856) |
Payment of debt issuance costs | (550) | (290) |
Purchase of treasury stock | (9,679) | (1,394) |
Other financing activities | (81) | (31) |
Net cash provided by (used in) financing activities | (26,744) | 14,354 |
Effect of foreign currency exchange rate changes on cash | 485 | 1,286 |
Net increase (decrease) in cash and cash equivalents | 4,050 | (6,853) |
Cash and cash equivalents: | ||
Beginning of period | 7,482 | 9,298 |
End of period | 11,532 | 2,445 |
Supplemental cash flow information: | ||
Cash paid for interest | 14,155 | 12,103 |
Cash paid for income taxes | 258 | 409 |
Non-cash investing and financing activities: | ||
Equipment purchases included in accrued expenses and accounts payable | 3,737 | 10,129 |
Operating lease right-of-use assets recorded upon adoption of ASC 842 | 0 | 18,625 |
Operating lease liabilities recorded upon adoption of ASC 842 | 0 | 18,593 |
Operating lease assets obtained in exchange for new operating lease liabilities | $ 3,873 | $ 3,296 |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 9 Months Ended |
Jul. 31, 2023 | |
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 the Company 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 service providers do not 100 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 19 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 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2. We describe our significant accounting policies in Note 2 10 October 31, 2022 ( nine July 31, 2023 no Basis of presentation Our condensed consolidated balance sheet as of October 31, 2022, 10 not first nine not 10 October 31, 2022. Certain prior period amounts have been reclassified in order to conform to the current year presentation. 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. Revenue recognition The Company generates revenues primarily from ( 1 2 two 1 606, Revenue Recognition 606" 2 842, Leases 842" Leases as Lessor Our Eco-Pan business involves contracts with customers whereby we are a lessor for the rental component of the contract and therefore, such rental components of the contract are recorded as lease revenue. We account for such rental contracts as operating leases. We recognize revenue from pan rentals in the period earned, regardless of the timing of billing to customers. The lease component of the revenue is disaggregated by a base price that is based on the number of contractual days and a variable component that is based on days in excess of the number of contractual days. The table below summarizes our revenues as presented in our unaudited consolidated statements of operations for the periods ended July 31, 2023 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Service revenue - ASC 606 112,340 98,288 299,521 269,425 Lease fixed revenue – ASC 842 5,237 3,748 13,453 10,119 Lease variable revenue - ASC 842 3,094 2,433 9,063 6,854 Total revenue 120,671 104,469 322,037 286,398 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, 9 ASU 2016 02, 2016 02" February 2016, 2016 02, 842, 842” 840, 842 842 July 2018, 2018 11, 842: December 15, 2021, December 15, 2022. October 31, 2022, November 1, 2021. Recently issued accounting pronouncements not ASU 2016 13, 326 2016 13” June 2016, No. 2016 13, December 15, 2022, first October 31, 2024. |
Note 3 - Business Combinations
Note 3 - Business Combinations and Asset Acquisitions | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | Note 3. The Company completed one asset acquisition during the second 2023 five 2022. fourth 2022, first 2022 fourth 2022, not 2022 August 2022 ( 2022 In August 2022, 805. The following table represents the final allocation of consideration to the assets acquired and liabilities assumed at their estimated acquisition-date fair values with any measurement-period adjustments included: (in thousands) Consideration paid: $ 30,762 Net assets acquired: Intangible assets $ 2,500 Property and equipment 28,500 Liabilities assumed (238 ) Total net assets acquired $ 30,762 All assets were valued using level 3 Identifiable intangible assets acquired consist of customer relationships of $1.7 million and non-compete agreements valued at $0.8 million. The customer relationships were valued using the multi-period excess earnings method. The non-compete agreements were valued using a direct valuation of economic damages approach. The Company determined the useful life of both the customer relationships and non-compete agreements to be 5 years. Concurrent with closing of the asset purchase agreement, the Company signed five November 2021 ( 2022 In November 2021, no not July 31, 2023 3 Transaction Costs Transaction costs include expenses for legal, accounting, and other professionals that were incurred in connection with an asset acquisition or business combination and could not 805. no three nine July 31, 2023 2022 Unaudited Pro Forma Financial Information The following unaudited pro forma financial information presents the combined results of operations for the Company and gives effect to the Coastal business combination discussed above as if it had occurred on November 1, 2020. not November 1, 2020, not The unaudited pro forma financial information is as follows: Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2022 Revenue $ 104,469 $ 286,398 Pro forma revenue adjustments by Business Combination Coastal 5,439 15,320 Total pro forma revenue $ 109,908 $ 301,718 Net income $ 12,976 $ 20,144 Pro forma net income adjustments by Business Combination Coastal 423 933 Total pro forma net income $ 13,399 $ 21,077 Significant pro forma adjustments include: ● Tangible and intangible assets are assumed to be recorded at their estimated fair values as of November 1, 2021 ● The Company incurred approximately $30.0 million on the ABL Facility (defined below) in connection with the acquisition of Coastal. Interest expense has been adjusted as of November 1, 2020. Coastal’s contribution to the Company's revenue for the three nine July 31, 2023 three nine July 31, 2023 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurement | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 4. 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 asset-backed loan ("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. There were no October 31, 2022 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, 2023 October 31, 2022 As of July 31, As of October 31, 2023 2022 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Senior Notes $ 375,000 $ 359,063 $ 375,000 $ 339,375 Warrants At July 31, 2023 October 31, 2022 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 2 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 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other Current Assets | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | Note 5. The significant components of prepaid expenses and other current assets as of July 31, 2023 October 31, 2022 As of July 31, As of October 31, (in thousands) 2023 2022 Expected recoveries related to self-insured commercial liabilities $ 6,032 $ - Prepaid insurance 3,661 1,550 Prepaid licenses and deposits 933 751 Prepaid rent 628 402 Other current assets and prepaids 1,242 2,472 Total prepaid expenses and other current assets $ 12,496 $ 5,175 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 6. The significant components of property, plant and equipment as of July 31, 2023 October 31, 2022 As of July 31, As of October 31, (in thousands) 2023 2022 Land, building and improvements $ 29,357 $ 28,528 Finance leases—land and buildings 828 828 Machinery and equipment 510,321 478,162 Transportation equipment 8,742 7,133 Furniture and office equipment 3,811 3,870 Property, plant and equipment, gross 553,059 518,521 Less accumulated depreciation (125,975 ) (99,144 ) Property, plant and equipment, net $ 427,084 $ 419,377 Depreciation expense for the three nine July 31, 2023 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Cost of operations $ 9,396 $ 8,164 $ 27,718 $ 23,839 General and administrative expenses 622 540 1,823 1,708 Total depreciation expense $ 10,018 $ 8,704 $ 29,541 $ 25,547 |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7. 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, 2023 The following table summarizes the composition of intangible assets as of July 31, 2023 October 31, 2022 As of July 31, 2023 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 10.3 $ 196,310 $ - $ (126,048 ) $ 34 $ 70,296 Trade name 5.4 5,400 - (2,515 ) 2 2,887 Assembled workforce 1.6 1,650 - (835 ) - 815 Noncompete agreements 4.1 1,200 - (335 ) - 865 Indefinite-lived intangible assets: Trade names (indefinite life) - 55,500 (5,000 ) - - 50,500 Total intangibles $ 260,060 $ (5,000 ) $ (129,733 ) $ 36 $ 125,363 As of October 31, 2022 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 11.0 $ 193,710 $ - $ (112,658 ) $ 1,416 $ 82,468 Trade name 6.1 4,836 - (2,127 ) 239 $ 2,948 Assembled workforce 2.1 1,450 - (444 ) - $ 1,006 Noncompete agreements 4.6 1,000 - (168 ) - $ 832 Indefinite-lived intangible assets: Trade names (indefinite life) - 55,500 (5,000 ) - - $ 50,500 Total intangibles $ 256,496 $ (5,000 ) $ (115,397 ) $ 1,655 $ 137,754 The changes in the carrying value of goodwill by reportable segment for the nine July 31, 2023 Reportable Segment As of October 31, 2022 Foreign Currency Translation As of July 31, 2023 (in thousands) U.S. Concrete Pumping $ 147,482 $ - $ 147,482 U.K. Operations 23,630 2,753 26,383 U.S. Concrete Waste Management Services 49,133 - 49,133 Total $ 220,245 $ 2,753 $ 222,998 |
Note 8 - Other Non-current Asse
Note 8 - Other Non-current Assets | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | Note 8. The significant components of other non-current assets as of July 31, 2023 October 31, 2022 As of July 31, As of October 31, (in thousands) 2023 2022 Expected recoveries related to self-insured commercial liabilities $ 12,835 $ 1,400 Other non-current assets 460 626 Total other non-current assets $ 13,295 $ 2,026 |
Note 9 - Long Term Debt and Rev
Note 9 - Long Term Debt and Revolving Lines of Credit | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. The table below is a summary of the composition of the Company’s debt balances as of July 31, 2023 October 31, 2022: As of July 31, As of October 31, (in thousands) Interest Rates Maturities 2023 2022 Revolving loan - short term Varies January 2026 $ 35,699 $ 52,133 Senior Notes - all long term 6.0000% February 2026 375,000 375,000 Total debt, gross 410,699 427,133 Less: Unamortized deferred financing costs offsetting long term debt (3,480 ) (4,524 ) Less: Revolving loan - short term (35,699 ) (52,133 ) Long term debt, net of unamortized deferred financing costs $ 371,520 $ 370,476 On January 28, 2021, second 2026 December 6, 2018, On July 29, 2022, On June 1, 2023, 1 2 3 June 1, 2028 180 June 1, 2023, June 1, 2023 June 1, 2028. 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 1st August 1st ● 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, 2023 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 $225.0 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 $22.5 million and for swing loan borrowings of up to $22.5 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 the earlier of (a) June 1, 2028 180 ● Amounts borrowed may ● Through May 31, 2023, May 31, 2023, ● Through June 29, 2022, 1 2 June 29, 2022 May 31, 2023, 1 2 May 31, 2023, 1 2 ● U.S. ABL Facility obligations are secured by a first ● U.K. 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, 2023 In addition, as of July 31, 2023 As of July 31, 2023 July 31, 2023 As of July 31, 2023 October 31, 2022 |
Note 10 - Accrued Payroll and P
Note 10 - Accrued Payroll and Payroll Expenses | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Accrued Payroll and Payroll Expenses [Text Block] | Note 10. The following table summarizes accrued payroll and expenses as of July 31, 2023 October 31, 2022 As of July 31, As of October 31, (in thousands) 2023 2022 Accrued vacation $ 3,242 $ 2,705 Accrued payroll 4,068 2,763 Accrued bonus 5,441 4,835 Accrued employee-related taxes 2,125 2,760 Other accrued 314 278 Total accrued payroll and payroll expenses $ 15,190 $ 13,341 |
Note 11 - Accrued Expenses and
Note 11 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Jul. 31, 2023 | |
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 as of July 31, 2023 October 31, 2022 As of July 31, As of October 31, (in thousands) 2023 2022 Accrued self-insured commercial liabilities $ 11,876 $ 8,396 Accrued self-insured health liabilities 2,098 3,337 Accrued interest 11,677 5,996 Accrued equipment purchases 3,172 7,644 Accrued property, sales and use tax 1,820 1,671 Accrued professional fees 1,243 831 Other 4,368 4,281 Total accrued expenses and other liabilities $ 36,254 $ 32,156 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 12. The following table summarizes income before income taxes and income tax expense for the three nine July 31, 2023 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Income before income taxes $ 13,654 $ 15,006 $ 27,826 $ 22,679 Income tax expense $ 3,318 $ 2,030 $ 5,427 $ 2,535 The effective tax rate for the three nine July 31, 2023 2022 not As of July 31, 2023 October 31, 2022 July 31, 2023 October 31, 2022 July 31, 2023 October 31, 2022 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. Insurance Commercial Self-Insured Losses The Company retains a significant portion of the risk for workers' compensation, automobile, and general liability losses (“self-insured commercial liability”). Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not third one third one The following table summarizes as of July 31, 2023 1 2 Classification on the Condensed As of July 31, (in thousands) Consolidated Balance Sheets 2023 Self-insured commercial liability, current Accrued expenses and other current liabilities $ 11,876 Self-insured commercial liability, non-current Other liabilities, non-current 12,835 Total self-insured commercial liabilities 24,711 Expected recoveries related to self-insured commercial liabilities, current Prepaid expenses and other current assets 6,032 Expected recoveries related to self-insured commercial liabilities, non-current Other non-current assets 12,835 Total expected recoveries related to self-insured commercial liabilities 18,867 Total self-insured commercial liability, net of expected recoveries $ 5,844 Medical Self-Insured Losses 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. The Company contracts with a third not July 31, 2023, not 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 $22.5 million of standby letters of credit. As of July 31, 2023 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 14. Equity Share Repurchase Program In January 2023, March 31, 2024 June 15, 2023 June 2022. one 10b5 1 1934, 10b 18 may The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three nine July 31, 2023 Three Months Ended July 31, Nine Months Ended July 31, (in thousands, except price per share) 2023 2023 Shares repurchased 199 1,299 Total cost of shares repurchased $ 1,394 $ 8,642 Average price per share $ 7.01 $ 6.65 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 15. Pursuant to the Concrete Pumping Holdings, Inc. 2018 The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations: Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Compensation expense – stock options $ 116 $ 152 $ 371 $ 488 Compensation expense – restricted stock awards 818 1,181 2,767 3,676 Total $ 934 $ 1,333 $ 3,138 $ 4,164 |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 9 Months Ended |
Jul. 31, 2023 | |
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 zero The table below shows our basic and diluted EPS calculations for the three nine July 31, 2023 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands, except share and per share amounts) 2023 2022 2023 2022 Net income (numerator): Net income attributable to Concrete Pumping Holdings, Inc. $ 10,336 $ 12,976 $ 22,399 $ 20,144 Less: Accretion of liquidation preference on preferred stock (441 ) (441 ) (1,309 ) (1,309 ) Less: Undistributed earnings allocated to participating securities (323 ) (582 ) (751 ) (932 ) Net income attributable to common stockholders (numerator for basic earnings per share) $ 9,572 $ 11,953 $ 20,339 $ 17,903 Add back: Undistributed earnings allocated to participating securities 323 582 751 932 Add back: Accretion of liquidation preference on preferred stock - 441 - - Less: Undistributed earnings reallocated to participating securities (318 ) (573 ) (739 ) (917 ) Numerator for diluted earnings per share $ 9,577 $ 12,403 $ 20,351 $ 17,918 Weighted average shares (denominator): Weighted average shares - basic 53,198,637 54,012,404 53,377,157 53,859,874 Weighted average shares - diluted 54,104,738 57,286,563 54,262,940 54,772,441 Basic earnings per share $ 0.18 $ 0.22 $ 0.38 $ 0.33 Diluted earnings per share $ 0.18 $ 0.22 $ 0.38 $ 0.33 For the three nine July 31, 2023 2022 three July 31, 2023 nine July 31, 2023 2022 |
Note 17 - Segment Reporting
Note 17 - Segment Reporting | 9 Months Ended |
Jul. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 17. The Company’s revenues are derived from four reportable segments: U.S. Concrete Pumping, U.K. Operations, U.S. Concrete Waste Management Services and Corporate. Any differences between segment reporting and consolidated results are reflected in Intersegment below. The Company evaluates the performance of each segment based on revenue, and measures segment performance based upon EBITDA (earnings before interest, taxes, depreciation and amortization). Non-allocated interest expense and various other administrative costs are reflected in Corporate. Corporate assets primarily include cash and cash equivalents, prepaid expenses and other current assets, and real property. The following provides operating information about the Company’s reportable segments for the periods presented. Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Revenue U.S. Concrete Pumping $ 87,323 $ 77,352 $ 232,896 $ 212,189 U.K. Operations 17,260 14,417 45,207 39,980 U.S. Concrete Waste Management Services 16,505 12,813 44,445 34,551 Corporate 625 625 1,875 1,875 Intersegment (1,042 ) (738 ) (2,386 ) (2,197 ) Total revenue $ 120,671 $ 104,469 $ 322,037 $ 286,398 Income before income taxes U.S. Concrete Pumping $ 4,835 $ 3,773 $ 3,893 $ 4,030 U.K. Operations 2,161 594 3,280 480 U.S. Concrete Waste Management Services 5,338 2,806 12,783 7,037 Corporate 1,320 7,833 7,870 11,132 Total income before income taxes $ 13,654 $ 15,006 $ 27,826 $ 22,679 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 EBITDA U.S. Concrete Pumping $ 21,670 $ 19,495 $ 54,520 $ 50,524 U.K. Operations 4,769 3,197 10,957 8,619 U.S. Concrete Waste Management Services 7,452 4,976 18,997 13,398 Corporate 1,536 8,045 8,514 11,769 Total EBITDA $ 35,427 $ 35,713 $ 92,988 $ 84,310 Consolidated EBITDA reconciliation Net income $ 10,336 $ 12,976 $ 22,399 $ 20,144 Interest expense, net 7,066 6,517 21,285 19,126 Income tax expense 3,318 2,030 5,427 2,535 Depreciation and amortization 14,707 14,190 43,877 42,505 Total EBITDA $ 35,427 $ 35,713 $ 92,988 $ 84,310 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Depreciation and amortization U.S. Concrete Pumping $ 10,498 $ 9,927 $ 31,464 $ 29,615 U.K. Operations 1,879 1,881 5,555 5,892 U.S. Concrete Waste Management Services 2,114 2,170 6,214 6,361 Corporate 216 212 644 637 Total depreciation and amortization $ 14,707 $ 14,190 $ 43,877 $ 42,505 Interest expense, net U.S. Concrete Pumping $ (6,337 ) $ (5,795 ) $ (19,163 ) $ (16,879 ) U.K. Operations (729 ) (722 ) (2,122 ) (2,247 ) Total interest expense, net $ (7,066 ) $ (6,517 ) $ (21,285 ) $ (19,126 ) Total assets by segment for the periods presented are as follows: As of July 31, As of October 31, (in thousands) 2023 2022 Total assets U.S. Concrete Pumping $ 718,635 $ 693,048 U.K. Operations 120,451 103,255 U.S. Concrete Waste Management Services 169,096 157,370 Corporate 29,437 27,834 Intersegment (123,613 ) (94,018 ) Total assets $ 914,006 $ 887,489 The U.S. and U.K. were the only regions that accounted for more than 10% July 31, 2023 October 31, 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Revenue by geography U.S. $ 103,411 $ 90,052 $ 276,830 $ 246,418 U.K. 17,260 14,417 45,207 39,980 Total revenue $ 120,671 $ 104,469 $ 322,037 $ 286,398 As of July 31, As of October 31, (in thousands) 2023 2022 Property, plant and equipment, net U.S. $ 368,935 $ 366,814 U.K. 58,149 52,563 Total property, plant and equipment, net $ 427,084 $ 419,377 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation Our condensed consolidated balance sheet as of October 31, 2022, 10 not first nine not 10 October 31, 2022. Certain prior period amounts have been reclassified in order to conform to the current year presentation. |
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. |
Revenue [Policy Text Block] | Revenue recognition The Company generates revenues primarily from ( 1 2 two 1 606, Revenue Recognition 606" 2 842, Leases 842" Leases as Lessor Our Eco-Pan business involves contracts with customers whereby we are a lessor for the rental component of the contract and therefore, such rental components of the contract are recorded as lease revenue. We account for such rental contracts as operating leases. We recognize revenue from pan rentals in the period earned, regardless of the timing of billing to customers. The lease component of the revenue is disaggregated by a base price that is based on the number of contractual days and a variable component that is based on days in excess of the number of contractual days. The table below summarizes our revenues as presented in our unaudited consolidated statements of operations for the periods ended July 31, 2023 2022 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Service revenue - ASC 606 112,340 98,288 299,521 269,425 Lease fixed revenue – ASC 842 5,237 3,748 13,453 10,119 Lease variable revenue - ASC 842 3,094 2,433 9,063 6,854 Total revenue 120,671 104,469 322,037 286,398 |
New Accounting Pronouncements, Policy [Policy Text Block] | 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, 9 ASU 2016 02, 2016 02" February 2016, 2016 02, 842, 842” 840, 842 842 July 2018, 2018 11, 842: December 15, 2021, December 15, 2022. October 31, 2022, November 1, 2021. Recently issued accounting pronouncements not ASU 2016 13, 326 2016 13” June 2016, No. 2016 13, December 15, 2022, first October 31, 2024. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Service revenue - ASC 606 112,340 98,288 299,521 269,425 Lease fixed revenue – ASC 842 5,237 3,748 13,453 10,119 Lease variable revenue - ASC 842 3,094 2,433 9,063 6,854 Total revenue 120,671 104,469 322,037 286,398 |
Note 3 - Business Combination_2
Note 3 - Business Combinations and Asset Acquisitions (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Consideration paid: $ 30,762 Net assets acquired: Intangible assets $ 2,500 Property and equipment 28,500 Liabilities assumed (238 ) Total net assets acquired $ 30,762 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2022 2022 Revenue $ 104,469 $ 286,398 Pro forma revenue adjustments by Business Combination Coastal 5,439 15,320 Total pro forma revenue $ 109,908 $ 301,718 Net income $ 12,976 $ 20,144 Pro forma net income adjustments by Business Combination Coastal 423 933 Total pro forma net income $ 13,399 $ 21,077 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurement (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | As of July 31, As of October 31, 2023 2022 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Senior Notes $ 375,000 $ 359,063 $ 375,000 $ 339,375 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Expected recoveries related to self-insured commercial liabilities $ 6,032 $ - Prepaid insurance 3,661 1,550 Prepaid licenses and deposits 933 751 Prepaid rent 628 402 Other current assets and prepaids 1,242 2,472 Total prepaid expenses and other current assets $ 12,496 $ 5,175 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Land, building and improvements $ 29,357 $ 28,528 Finance leases—land and buildings 828 828 Machinery and equipment 510,321 478,162 Transportation equipment 8,742 7,133 Furniture and office equipment 3,811 3,870 Property, plant and equipment, gross 553,059 518,521 Less accumulated depreciation (125,975 ) (99,144 ) Property, plant and equipment, net $ 427,084 $ 419,377 |
Long-Lived Tangible Asset, Depreciation [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Cost of operations $ 9,396 $ 8,164 $ 27,718 $ 23,839 General and administrative expenses 622 540 1,823 1,708 Total depreciation expense $ 10,018 $ 8,704 $ 29,541 $ 25,547 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of July 31, 2023 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 10.3 $ 196,310 $ - $ (126,048 ) $ 34 $ 70,296 Trade name 5.4 5,400 - (2,515 ) 2 2,887 Assembled workforce 1.6 1,650 - (835 ) - 815 Noncompete agreements 4.1 1,200 - (335 ) - 865 Indefinite-lived intangible assets: Trade names (indefinite life) - 55,500 (5,000 ) - - 50,500 Total intangibles $ 260,060 $ (5,000 ) $ (129,733 ) $ 36 $ 125,363 As of October 31, 2022 Weighted Average Gross Foreign Currency Net Remaining Life Carrying Accumulated Translation Carrying (in thousands) (in Years) Value Impairment Amortization Adjustment Amount Intangibles subject to amortization: Customer relationship 11.0 $ 193,710 $ - $ (112,658 ) $ 1,416 $ 82,468 Trade name 6.1 4,836 - (2,127 ) 239 $ 2,948 Assembled workforce 2.1 1,450 - (444 ) - $ 1,006 Noncompete agreements 4.6 1,000 - (168 ) - $ 832 Indefinite-lived intangible assets: Trade names (indefinite life) - 55,500 (5,000 ) - - $ 50,500 Total intangibles $ 256,496 $ (5,000 ) $ (115,397 ) $ 1,655 $ 137,754 |
Schedule of Goodwill [Table Text Block] | Reportable Segment As of October 31, 2022 Foreign Currency Translation As of July 31, 2023 (in thousands) U.S. Concrete Pumping $ 147,482 $ - $ 147,482 U.K. Operations 23,630 2,753 26,383 U.S. Concrete Waste Management Services 49,133 - 49,133 Total $ 220,245 $ 2,753 $ 222,998 |
Note 8 - Other Non-current As_2
Note 8 - Other Non-current Assets (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Expected recoveries related to self-insured commercial liabilities $ 12,835 $ 1,400 Other non-current assets 460 626 Total other non-current assets $ 13,295 $ 2,026 |
Note 9 - Long Term Debt and R_2
Note 9 - Long Term Debt and Revolving Lines of Credit (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | As of July 31, As of October 31, (in thousands) Interest Rates Maturities 2023 2022 Revolving loan - short term Varies January 2026 $ 35,699 $ 52,133 Senior Notes - all long term 6.0000% February 2026 375,000 375,000 Total debt, gross 410,699 427,133 Less: Unamortized deferred financing costs offsetting long term debt (3,480 ) (4,524 ) Less: Revolving loan - short term (35,699 ) (52,133 ) Long term debt, net of unamortized deferred financing costs $ 371,520 $ 370,476 |
Note 10 - Accrued Payroll and_2
Note 10 - Accrued Payroll and Payroll Expenses (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Payroll and Expenses [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Accrued vacation $ 3,242 $ 2,705 Accrued payroll 4,068 2,763 Accrued bonus 5,441 4,835 Accrued employee-related taxes 2,125 2,760 Other accrued 314 278 Total accrued payroll and payroll expenses $ 15,190 $ 13,341 |
Note 11 - Accrued Expenses an_2
Note 11 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Accrued self-insured commercial liabilities $ 11,876 $ 8,396 Accrued self-insured health liabilities 2,098 3,337 Accrued interest 11,677 5,996 Accrued equipment purchases 3,172 7,644 Accrued property, sales and use tax 1,820 1,671 Accrued professional fees 1,243 831 Other 4,368 4,281 Total accrued expenses and other liabilities $ 36,254 $ 32,156 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Summary of Income Before Income Taxes and Income Tax Expense [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Income before income taxes $ 13,654 $ 15,006 $ 27,826 $ 22,679 Income tax expense $ 3,318 $ 2,030 $ 5,427 $ 2,535 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Self Insurance [Table Text Block] | Classification on the Condensed As of July 31, (in thousands) Consolidated Balance Sheets 2023 Self-insured commercial liability, current Accrued expenses and other current liabilities $ 11,876 Self-insured commercial liability, non-current Other liabilities, non-current 12,835 Total self-insured commercial liabilities 24,711 Expected recoveries related to self-insured commercial liabilities, current Prepaid expenses and other current assets 6,032 Expected recoveries related to self-insured commercial liabilities, non-current Other non-current assets 12,835 Total expected recoveries related to self-insured commercial liabilities 18,867 Total self-insured commercial liability, net of expected recoveries $ 5,844 Medical Self-Insured Losses |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands, except price per share) 2023 2023 Shares repurchased 199 1,299 Total cost of shares repurchased $ 1,394 $ 8,642 Average price per share $ 7.01 $ 6.65 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Compensation expense – stock options $ 116 $ 152 $ 371 $ 488 Compensation expense – restricted stock awards 818 1,181 2,767 3,676 Total $ 934 $ 1,333 $ 3,138 $ 4,164 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands, except share and per share amounts) 2023 2022 2023 2022 Net income (numerator): Net income attributable to Concrete Pumping Holdings, Inc. $ 10,336 $ 12,976 $ 22,399 $ 20,144 Less: Accretion of liquidation preference on preferred stock (441 ) (441 ) (1,309 ) (1,309 ) Less: Undistributed earnings allocated to participating securities (323 ) (582 ) (751 ) (932 ) Net income attributable to common stockholders (numerator for basic earnings per share) $ 9,572 $ 11,953 $ 20,339 $ 17,903 Add back: Undistributed earnings allocated to participating securities 323 582 751 932 Add back: Accretion of liquidation preference on preferred stock - 441 - - Less: Undistributed earnings reallocated to participating securities (318 ) (573 ) (739 ) (917 ) Numerator for diluted earnings per share $ 9,577 $ 12,403 $ 20,351 $ 17,918 Weighted average shares (denominator): Weighted average shares - basic 53,198,637 54,012,404 53,377,157 53,859,874 Weighted average shares - diluted 54,104,738 57,286,563 54,262,940 54,772,441 Basic earnings per share $ 0.18 $ 0.22 $ 0.38 $ 0.33 Diluted earnings per share $ 0.18 $ 0.22 $ 0.38 $ 0.33 |
Note 17 - Segment Reporting (Ta
Note 17 - Segment Reporting (Tables) | 9 Months Ended |
Jul. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Revenue U.S. Concrete Pumping $ 87,323 $ 77,352 $ 232,896 $ 212,189 U.K. Operations 17,260 14,417 45,207 39,980 U.S. Concrete Waste Management Services 16,505 12,813 44,445 34,551 Corporate 625 625 1,875 1,875 Intersegment (1,042 ) (738 ) (2,386 ) (2,197 ) Total revenue $ 120,671 $ 104,469 $ 322,037 $ 286,398 Income before income taxes U.S. Concrete Pumping $ 4,835 $ 3,773 $ 3,893 $ 4,030 U.K. Operations 2,161 594 3,280 480 U.S. Concrete Waste Management Services 5,338 2,806 12,783 7,037 Corporate 1,320 7,833 7,870 11,132 Total income before income taxes $ 13,654 $ 15,006 $ 27,826 $ 22,679 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 EBITDA U.S. Concrete Pumping $ 21,670 $ 19,495 $ 54,520 $ 50,524 U.K. Operations 4,769 3,197 10,957 8,619 U.S. Concrete Waste Management Services 7,452 4,976 18,997 13,398 Corporate 1,536 8,045 8,514 11,769 Total EBITDA $ 35,427 $ 35,713 $ 92,988 $ 84,310 Consolidated EBITDA reconciliation Net income $ 10,336 $ 12,976 $ 22,399 $ 20,144 Interest expense, net 7,066 6,517 21,285 19,126 Income tax expense 3,318 2,030 5,427 2,535 Depreciation and amortization 14,707 14,190 43,877 42,505 Total EBITDA $ 35,427 $ 35,713 $ 92,988 $ 84,310 Three Months Ended July 31, Nine Months Ended July 31, (in thousands) 2023 2022 2023 2022 Depreciation and amortization U.S. Concrete Pumping $ 10,498 $ 9,927 $ 31,464 $ 29,615 U.K. Operations 1,879 1,881 5,555 5,892 U.S. Concrete Waste Management Services 2,114 2,170 6,214 6,361 Corporate 216 212 644 637 Total depreciation and amortization $ 14,707 $ 14,190 $ 43,877 $ 42,505 Interest expense, net U.S. Concrete Pumping $ (6,337 ) $ (5,795 ) $ (19,163 ) $ (16,879 ) U.K. Operations (729 ) (722 ) (2,122 ) (2,247 ) Total interest expense, net $ (7,066 ) $ (6,517 ) $ (21,285 ) $ (19,126 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | As of July 31, As of October 31, (in thousands) 2023 2022 Total assets U.S. Concrete Pumping $ 718,635 $ 693,048 U.K. Operations 120,451 103,255 U.S. Concrete Waste Management Services 169,096 157,370 Corporate 29,437 27,834 Intersegment (123,613 ) (94,018 ) Total assets $ 914,006 $ 887,489 |
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) 2023 2022 2023 2022 Revenue by geography U.S. $ 103,411 $ 90,052 $ 276,830 $ 246,418 U.K. 17,260 14,417 45,207 39,980 Total revenue $ 120,671 $ 104,469 $ 322,037 $ 286,398 As of July 31, As of October 31, (in thousands) 2023 2022 Property, plant and equipment, net U.S. $ 368,935 $ 366,814 U.K. 58,149 52,563 Total property, plant and equipment, net $ 427,084 $ 419,377 |
Note 1 - Organization and Des_2
Note 1 - Organization and Description of Business (Details Textual) | Jul. 31, 2023 |
Brundage-Bone [Member] | |
Number of States in which Entity Operates | 20 |
Camfaud [Member] | |
Number of Stores | 30 |
Eco-Pan, Inc. [Member] | |
Number of Stores | 19 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Polices - Summary of Revenues by Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Service revenue - ASC 606 | $ 112,340 | $ 98,288 | $ 299,521 | $ 269,425 |
Lease fixed revenue – ASC 842 | 5,237 | 3,748 | 13,453 | 10,119 |
Lease variable revenue - ASC 842 | 3,094 | 2,433 | 9,063 | 6,854 |
Total revenue | $ 120,671 | $ 104,469 | $ 322,037 | $ 286,398 |
Note 3 - Business Combination_3
Note 3 - Business Combinations and Asset Acquisitions (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 USD ($) | Nov. 30, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2022 USD ($) | Oct. 31, 2022 USD ($) | |
Number of Businesses Acquired | 1 | 5 | |||||
Operating Lease, Right-of-Use Asset | $ 25,487 | $ 25,487 | $ 25,487 | $ 24,833 | |||
Payments to Acquire Property, Plant, and Equipment, Total | 43,166 | $ 80,967 | |||||
Payments to Acquire Intangible Assets | $ 800 | $ 1,450 | |||||
Pioneer Concrete Pumping Services [Member] | |||||||
Payments to Acquire Productive Assets, Total | $ 20,200 | ||||||
Payments to Acquire Productive Assets, Amount Withheld for Post Closing Inspection | 1,000 | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | 19,100 | ||||||
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 | ||||||
Coastal Carolina Pumping, Inc Leases [Member] | |||||||
Operating Lease, Right-of-Use Asset | $ 6,500 | ||||||
Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years 3 months 18 days | 10 years 3 months 18 days | 10 years 3 months 18 days | 11 years | |||
Noncompete Agreements [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 4 years 1 month 6 days | 4 years 1 month 6 days | 4 years 1 month 6 days | 4 years 7 months 6 days | |||
Coastal Carolina Pumping, Inc [Member] | |||||||
Business Combination, Consideration Transferred, Total | 30,762 | ||||||
Goodwill, Acquired During Period | $ 0 | ||||||
Number of Leases | 5 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 5,600 | $ 15,000 | |||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 1,000 | $ 2,100 | |||||
Coastal Carolina Pumping, Inc [Member] | Asset Backed Revolving Credit Facility [Member] | |||||||
Proceeds from Lines of Credit, Total | $ 30,000 | ||||||
Coastal Carolina Pumping, Inc [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Assets Acquired | $ 1,700 | ||||||
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 5 years | ||||||
Coastal Carolina Pumping, Inc [Member] | Noncompete Agreements [Member] | |||||||
Finite-Lived Intangible Assets Acquired | $ 800 |
Note 3 - Business Combination_4
Note 3 - Business Combinations and Asset Acquisitions - Allocation of Consideration to the Assets Acquired and Liabilities Assumed (Details) - Coastal Carolina Pumping, Inc [Member] $ in Thousands | 1 Months Ended |
Aug. 31, 2022 USD ($) | |
Consideration paid: | $ 30,762 |
Intangible assets | 2,500 |
Property and equipment | 28,500 |
Liabilities assumed | (238) |
Total net assets acquired | $ 30,762 |
Note 3 - Business Combination_5
Note 3 - Business Combinations and Asset Acquisitions - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue | $ 120,671 | $ 104,469 | $ 322,037 | $ 286,398 |
Net Income (loss) | $ 10,336 | 12,976 | $ 22,399 | 20,144 |
Pro Forma [Member] | ||||
Revenue | 109,908 | 301,718 | ||
Net Income (loss) | 13,399 | 21,077 | ||
Coastal Carolina Pumping, Inc [Member] | ||||
Revenue | 5,439 | 15,320 | ||
Net (loss) income | $ 423 | $ 933 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurement (Details Textual) - $ / shares | 9 Months Ended | ||
Jul. 31, 2023 | Oct. 31, 2022 | Jul. 31, 2022 | |
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 | 13,017,677 | |
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, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||
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 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurement - Fair Value of Long-term Debt (Details) - Senior Secured Notes [Member] - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Reported Value Measurement [Member] | ||
Debt, fair value | $ 375,000 | $ 375,000 |
Estimate of Fair Value Measurement [Member] | ||
Debt, fair value | $ 359,063 | $ 339,375 |
Note 5 - Prepaid Expenses and_3
Note 5 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Expected recoveries related to self-insured commercial liabilities | $ 6,032 | $ 0 |
Prepaid insurance | 3,661 | 1,550 |
Prepaid licenses and deposits | 933 | 751 |
Prepaid rent | 628 | 402 |
Other current assets and prepaids | 1,242 | 2,472 |
Total prepaid expenses and other current assets | $ 12,496 | $ 5,175 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Property, plant and equipment, gross | $ 553,059 | $ 518,521 |
Less accumulated depreciation | (125,975) | (99,144) |
Property, plant and equipment, net | 427,084 | 419,377 |
Land, Buildings and Improvements [Member] | ||
Property, plant and equipment, gross | 29,357 | 28,528 |
Finance Leases for Land and Buildings [Member] | ||
Property, plant and equipment, gross | 828 | 828 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 510,321 | 478,162 |
Transportation Equipment [Member] | ||
Property, plant and equipment, gross | 8,742 | 7,133 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 3,811 | $ 3,870 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Depreciation Expense | $ 10,018 | $ 8,704 | $ 29,541 | $ 25,547 |
Cost of Sales [Member] | Property and Equipment [Member] | ||||
Depreciation Expense | 9,396 | 8,164 | 27,718 | 23,839 |
General and Administrative Expense [Member] | Property and Equipment [Member] | ||||
Depreciation Expense | $ 622 | $ 540 | $ 1,823 | $ 1,708 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) $ in Thousands | 9 Months Ended |
Jul. 31, 2023 USD ($) | |
US Concrete Pumping [Member] | |
Goodwill, Impairment Loss | $ 0 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Oct. 31, 2022 | |
Accumulated amortization | $ (129,733) | $ (115,397) |
Foreign currency translation adjustment | 36 | 1,655 |
Impairments | (5,000) | (5,000) |
Total intangibles | 260,060 | 256,496 |
Foreign currency translation adjustment | 36 | 1,655 |
Net carrying amount | $ 125,363 | $ 137,754 |
Customer Relationships [Member] | ||
Weighted average remaining life (Year) | 10 years 3 months 18 days | 11 years |
Gross carrying value | $ 196,310 | $ 193,710 |
Accumulated amortization | (126,048) | (112,658) |
Foreign currency translation adjustment | 34 | 1,416 |
Net carrying amount | 70,296 | 82,468 |
Foreign currency translation adjustment | $ 34 | $ 1,416 |
Trade Names [Member] | ||
Weighted average remaining life (Year) | 5 years 4 months 24 days | 6 years 1 month 6 days |
Gross carrying value | $ 5,400 | $ 4,836 |
Accumulated amortization | (2,515) | (2,127) |
Foreign currency translation adjustment | 2 | 239 |
Net carrying amount | 2,887 | 2,948 |
Foreign currency translation adjustment | $ 2 | $ 239 |
Assembled Workforce [Member] | ||
Weighted average remaining life (Year) | 1 year 7 months 6 days | 2 years 1 month 6 days |
Gross carrying value | $ 1,650 | $ 1,450 |
Accumulated amortization | (835) | (444) |
Net carrying amount | $ 815 | $ 1,006 |
Noncompete Agreements [Member] | ||
Weighted average remaining life (Year) | 4 years 1 month 6 days | 4 years 7 months 6 days |
Gross carrying value | $ 1,200 | $ 1,000 |
Accumulated amortization | (335) | (168) |
Net carrying amount | 865 | 832 |
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 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) $ in Thousands | 9 Months Ended |
Jul. 31, 2023 USD ($) | |
Goodwill | $ 220,245 |
Goodwill | 222,998 |
Operating Segments [Member] | |
Goodwill | 220,245 |
Foreign currency translation | 2,753 |
Goodwill | 222,998 |
US Concrete Pumping [Member] | Operating Segments [Member] | |
Goodwill | 147,482 |
Foreign currency translation | 0 |
Goodwill | 147,482 |
UK Operations [Member] | Operating Segments [Member] | |
Goodwill | 23,630 |
Foreign currency translation | 2,753 |
Goodwill | 26,383 |
US Concrete Waste Management Services [Member] | Operating Segments [Member] | |
Goodwill | 49,133 |
Foreign currency translation | 0 |
Goodwill | $ 49,133 |
Note 8 - Other Non-current As_3
Note 8 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Expected recoveries related to self-insured commercial liabilities | $ 12,835 | $ 1,400 |
Other non-current assets | 460 | 626 |
Total other non-current assets | $ 13,295 | $ 2,026 |
Note 9 - Long Term Debt and R_3
Note 9 - Long Term Debt and Revolving Lines of Credit (Details Textual) - USD ($) | 2 Months Ended | 8 Months Ended | 11 Months Ended | |||||||||
Jun. 01, 2023 | Jan. 31, 2023 | Jun. 29, 2022 | Jul. 31, 2023 | May 31, 2023 | May 31, 2023 | May 30, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Jul. 29, 2022 | Jan. 28, 2021 | Dec. 06, 2018 | |
Payments of Debt Restructuring Costs | $ 500,000 | |||||||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | 1,400,000 | |||||||||||
Long-Term Debt, Total | $ 371,520,000 | $ 370,476,000 | ||||||||||
Letters of Credit Outstanding, Amount | 4,200,000 | |||||||||||
Asset Backed Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000,000 | 225,000,000 | $ 160,000,000 | $ 160,000,000 | $ 125,000,000 | |||||||
Line of Credit Facility, Additional Borrowing Capacity | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||
Debt Issuance Costs, Line of Credit Arrangements, Net | 1,900,000 | |||||||||||
Long-Term Line of Credit | 35,700,000 | |||||||||||
Line of Credit, Reserves | 1,100,000 | |||||||||||
Letters of Credit Outstanding, Amount | 4,200,000 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 184,000,000 | |||||||||||
Debt, Weighted Average Interest Rate | 7.80% | 4.40% | ||||||||||
Asset Backed Revolving Credit Facility [Member] | JPMorgan Chase Bank, N.A. [Member] | ||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 65,000,000 | 35,000,000 | ||||||||||
Senior Secured Notes [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 375,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | 6% | ||||||||||
Long-Term Debt, Total | $ 375,000,000 | |||||||||||
Standby Letters of Credit [Member] | Asset Backed Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,500,000 | $ 10,500,000 | $ 22,500 | $ 10,500,000 | $ 7,500,000 | |||||||
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] | Sterling Overnight Index Average [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.2826% | 2.0326% | ||||||||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
Other Loan Borrowings [Member] | Asset Backed Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | 1.25% | 1% | |||||||||
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% | 2% |
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, 2023 | Apr. 30, 2023 | Oct. 31, 2022 | Jan. 28, 2021 |
Revolving loan - short term | $ 35,699 | $ 52,133 | ||
Total debt, gross | 410,699 | 427,133 | ||
Less: Unamortized deferred financing costs offsetting long term debt | (3,480) | (4,524) | ||
Less: Revolving loan - short term | (35,699) | (52,133) | ||
Long term debt, net of unamortized deferred financing costs | 371,520 | 370,476 | ||
Revolving Loan [Member] | Asset Backed Revolving Credit Facility [Member] | ||||
Revolving loan - short term | 35,699 | 52,133 | ||
Less: Revolving loan - short term | $ (35,699) | (52,133) | ||
Senior Secured Notes [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | 6% | ||
Total debt, gross | $ 375,000 | $ 375,000 | ||
Long term 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, 2023 | Oct. 31, 2022 |
Accrued vacation | $ 3,242 | $ 2,705 |
Accrued payroll | 4,068 | 2,763 |
Accrued bonus | 5,441 | 4,835 |
Accrued employee-related taxes | 2,125 | 2,760 |
Other accrued | 314 | 278 |
Total accrued payroll and payroll expenses | $ 15,190 | $ 13,341 |
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, 2023 | Oct. 31, 2022 |
Accrued self-insured commercial liabilities | $ 11,876 | $ 8,396 |
Accrued self-insured health liabilities | 2,098 | 3,337 |
Accrued interest | 11,677 | 5,996 |
Accrued equipment purchases | 3,172 | 7,644 |
Accrued property, sales and use tax | 1,820 | 1,671 |
Accrued professional fees | 1,243 | 831 |
Other | 4,368 | 4,281 |
Total accrued expenses and other liabilities | $ 36,254 | $ 32,156 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | Jul. 31, 2023 | Oct. 31, 2022 |
Deferred Tax Assets, Net | $ 79.4 | $ 74.2 |
Deferred Tax Assets, Operating Loss Carryforwards | 21.9 | 25.9 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward, Valuation Allowance | $ 0.1 | $ 0.1 |
Note 12 - Income Taxes - Summar
Note 12 - Income Taxes - Summary of Income Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Income before income taxes | $ 13,654 | $ 15,006 | $ 27,826 | $ 22,679 |
Income tax expense | $ 3,318 | $ 2,030 | $ 5,427 | $ 2,535 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Accrued Health Insurance Liabilities | $ 2,098 | $ 3,337 |
Letters of Credit Outstanding, Amount | 4,200 | |
Standby Letters of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,500 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingencies - Schedule of Self Insurance Information (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Total self-insured commercial liabilities | $ 24,711 | |
Expected recoveries related to self-insured commercial liabilities | 6,032 | $ 0 |
Expected recoveries related to self-insured commercial liabilities, non-current | 12,835 | $ 1,400 |
Total expected recoveries related to self-insured commercial liabilities | 18,867 | |
Total self-insured commercial liability, net of expected recoveries | 5,844 | |
Accrued Liabilities and Other Liabilities [Member] | ||
Total self-insured commercial liabilities | 11,876 | |
Other Noncurrent Liabilities [Member] | ||
Total self-insured commercial liabilities | 12,835 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Expected recoveries related to self-insured commercial liabilities | 6,032 | |
Other Noncurrent Assets [Member] | ||
Expected recoveries related to self-insured commercial liabilities, non-current | $ 12,835 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions | Jan. 31, 2023 | Jun. 30, 2022 |
Stock Repurchase Program, Authorized Amount | $ 10 | $ 10 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended |
Jul. 31, 2023 | Jul. 31, 2023 | |
Treasury shares purchased under share repurchase program (in shares) | 199 | 1,299 |
Total cost of shares repurchased | $ 1,394 | $ 8,642 |
Average price per share (in dollars per share) | $ 7.01 | $ 6.65 |
Note 15 - Stock-Based Compens_3
Note 15 - Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Compensation expense | $ 934 | $ 1,333 | $ 3,138 | $ 4,164 |
Share-Based Payment Arrangement, Option [Member] | ||||
Compensation expense | 116 | 152 | 371 | 488 |
Restricted Stock [Member] | ||||
Compensation expense | $ 818 | $ 1,181 | $ 2,767 | $ 3,676 |
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, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | $ 11.50 | $ 11.50 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 13 | 13 | 13 | 13 |
Series A Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.5 | 2.5 | 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, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Net Income (loss) | $ 10,336 | $ 12,976 | $ 22,399 | $ 20,144 |
Less accretion of liquidation preference on preferred stock | (441) | (441) | (1,309) | (1,309) |
Less: Undistributed earnings allocated to participating securities | (323) | (582) | (751) | (932) |
Net income attributable to common stockholders (numerator for basic earnings per share) | 9,572 | 11,953 | 20,339 | 17,903 |
Add back: Undistributed earnings allocated to participating securities | 323 | 582 | 751 | 932 |
Add back: Accretion of liquidation preference on preferred stock | 0 | 441 | 0 | 0 |
Less: Undistributed earnings reallocated to participating securities | (318) | (573) | (739) | (917) |
Numerator for diluted earnings per share | $ 9,577 | $ 12,403 | $ 20,351 | $ 17,918 |
Weighted average shares - basic (in shares) | 53,198,637 | 54,012,404 | 53,377,157 | 53,859,874 |
Weighted average shares - diluted (in shares) | 54,104,738 | 57,286,563 | 54,262,940 | 54,772,441 |
Basic earnings per share (in dollars per share) | $ 0.18 | $ 0.22 | $ 0.38 | $ 0.33 |
Diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.22 | $ 0.38 | $ 0.33 |
Note 17 - Segment Reporting (De
Note 17 - Segment Reporting (Details Textual) | 9 Months Ended |
Jul. 31, 2023 | |
Number of Reportable Segments | 4 |
Note 17 - Segment Reporting - O
Note 17 - Segment Reporting - Operating Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | |
Revenue | $ 120,671 | $ 104,469 | $ 322,037 | $ 286,398 |
Income (loss) before income taxes | 13,654 | 15,006 | 27,826 | 22,679 |
EBITDA | 35,427 | 35,713 | 92,988 | 84,310 |
Net income | 10,336 | 12,976 | 22,399 | 20,144 |
Interest expense, net | 7,066 | 6,517 | 21,285 | 19,126 |
Income tax expense | 3,318 | 2,030 | 5,427 | 2,535 |
Depreciation and amortization | 14,707 | 14,190 | 43,877 | 42,505 |
Interest expense, net | (7,066) | (6,517) | (21,285) | (19,126) |
Operating Segments [Member] | US Concrete Pumping [Member] | ||||
Revenue | 87,323 | 77,352 | 232,896 | 212,189 |
Income (loss) before income taxes | 4,835 | 3,773 | 3,893 | 4,030 |
EBITDA | 21,670 | 19,495 | 54,520 | 50,524 |
Interest expense, net | 6,337 | 5,795 | 19,163 | 16,879 |
Depreciation and amortization | 10,498 | 9,927 | 31,464 | 29,615 |
Interest expense, net | (6,337) | (5,795) | (19,163) | (16,879) |
Operating Segments [Member] | UK Concrete Pumping [Member] | ||||
Revenue | 17,260 | 14,417 | 45,207 | 39,980 |
Income (loss) before income taxes | 2,161 | 594 | 3,280 | 480 |
Operating Segments [Member] | UK Operations [Member] | ||||
EBITDA | 4,769 | 3,197 | 10,957 | 8,619 |
Interest expense, net | 729 | 722 | 2,122 | 2,247 |
Depreciation and amortization | 1,879 | 1,881 | 5,555 | 5,892 |
Interest expense, net | (729) | (722) | (2,122) | (2,247) |
Operating Segments [Member] | US Concrete Waste Management Services [Member] | ||||
Revenue | 16,505 | 12,813 | 44,445 | 34,551 |
Income (loss) before income taxes | 5,338 | 2,806 | 12,783 | 7,037 |
EBITDA | 7,452 | 4,976 | 18,997 | 13,398 |
Depreciation and amortization | 2,114 | 2,170 | 6,214 | 6,361 |
Corporate, Non-Segment [Member] | ||||
Revenue | 625 | 625 | 1,875 | 1,875 |
Income (loss) before income taxes | 1,320 | 7,833 | 7,870 | 11,132 |
EBITDA | 1,536 | 8,045 | 8,514 | 11,769 |
Depreciation and amortization | 216 | 212 | 644 | 637 |
Intersegment Eliminations [Member] | ||||
Revenue | $ (1,042) | $ (738) | $ (2,386) | $ (2,197) |
Note 17 - Segment Reporting - T
Note 17 - Segment Reporting - Total Assets by Segment (Details) - USD ($) $ in Thousands | Jul. 31, 2023 | Oct. 31, 2022 |
Total assets | $ 914,006 | $ 887,489 |
Operating Segments [Member] | US Concrete Pumping [Member] | ||
Total assets | 718,635 | 693,048 |
Operating Segments [Member] | UK Concrete Pumping [Member] | ||
Total assets | 120,451 | 103,255 |
Operating Segments [Member] | US Concrete Waste Management Services [Member] | ||
Total assets | 169,096 | 157,370 |
Corporate, Non-Segment [Member] | ||
Total assets | 29,437 | 27,834 |
Intersegment Eliminations [Member] | ||
Total assets | $ (123,613) | $ (94,018) |
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, 2023 | Jul. 31, 2022 | Jul. 31, 2023 | Jul. 31, 2022 | Oct. 31, 2022 | |
Revenue | $ 120,671 | $ 104,469 | $ 322,037 | $ 286,398 | |
Long Lived Assets | 427,084 | 427,084 | $ 419,377 | ||
UNITED STATES | |||||
Revenue | 103,411 | 90,052 | 276,830 | 246,418 | |
Long Lived Assets | 368,935 | 368,935 | 366,814 | ||
UNITED KINGDOM | |||||
Revenue | 17,260 | $ 14,417 | 45,207 | $ 39,980 | |
Long Lived Assets | $ 58,149 | $ 58,149 | $ 52,563 |