(1) Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses and transaction expenses. For the twelve months ended October 31, 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

 
                            Three Months 
                            Ended October     Year Ended October 
                                 31,                 31, 
                          -----------------   ------------------ 
(dollars in thousands)     2024      2023      2024       2023 
                          ------   --------   -------   -------- 
U.S. Concrete Waste 
Management Services 
Net income                $5,716   $  4,822   $14,241   $ 14,348 
Income tax expense           983      1,082   $ 4,450   $  4,339 
Depreciation and 
 amortization              2,460      2,187   $ 9,349   $  8,401 
  EBITDA                   9,159      8,091    28,040     27,088 
Other expense (income), 
 net                         (10)        (6)      (20)        (6) 
                           -----    -------    ------    ------- 
  Adjusted EBITDA         $9,149   $  8,085   $28,020   $ 27,082 
                           =====    =======    ======    ======= 
 
Other 
Net income                $   (3)  $    259   $   127   $  6,898 
Income tax expense             3          1         3          1 
  EBITDA                       -        260       130      6,899 
Change in fair value of 
 warrant liabilities           -       (260)     (130)    (6,899) 
                           -----    -------    ------    ------- 
  Adjusted EBITDA         $    -   $      -   $     -   $      - 
                           =====    =======    ======    ======= 
 
 
 
 
Concrete Pumping Holdings, Inc. 
Reconciliation of Net Debt 
 
                  October    January     April                October 
                    31,        31,        30,      July 31,     31, 
(in thousands)      2023       2024       2024       2024       2024 
                  --------   --------   --------   --------   -------- 
Senior Notes       375,000    375,000    375,000    375,000    375,000 
Revolving loan 
 draws 
 outstanding        18,954     13,021     16,428          -         20 
Less: Cash         (15,861)   (14,688)   (17,956)   (26,333)   (43,041) 
                   -------    -------    -------    -------    ------- 
  Net debt        $378,093   $373,333   $373,472   $348,667   $331,979 
                   =======    =======    =======    =======    ======= 
 
 
 
 
Concrete Pumping Holdings, Inc. 
Reconciliation of Historical Adjusted EBITDA 
 
(dollars in thousands)    Q3 2023   Q4 2023   Q1 2024   Q2 2024   Q3 2024   Q4 2024 
                          -------   -------   -------   -------   -------   ------- 
Consolidated 
Net income (loss)         $10,336   $ 9,391   $(3,826)  $ 3,046   $ 7,560   $ 9,427 
Interest expense and 
 amortization of 
 deferred financing 
 costs, net of interest 
 income                     7,066     6,834     6,463     6,873     6,261     5,976 
Income tax expense 
 (benefit)                  3,318     3,345    (1,011)    2,180     3,081     3,854 
Depreciation and 
 amortization              14,707    14,789    14,097    14,239    14,491    14,283 
                           ------    ------    ------    ------    ------    ------ 
  EBITDA                   35,427    34,359    15,723    26,338    31,393    33,540 
Transaction expenses            5        29         -         -         -         - 
Stock based compensation      934       709       536       737       644       477 
Change in fair value of 
 warrant liabilities         (911)     (260)     (130)        -         -         - 
Other expense (income), 
 net                         (262)      (34)      (39)      (44)     (276)      (47) 
Other adjustments(1)         (277)    1,002     3,191       517      (123)     (290) 
                           ------    ------    ------    ------    ------    ------ 
  Adjusted EBITDA         $34,916   $35,805   $19,281   $27,548   $31,638   $33,680 
                           ======    ======    ======    ======    ======    ====== 
 

(1) Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses and transaction expenses. For the first quarter of fiscal year 2024, other adjustments includes a $3.5 million non-recurring charge related to sales tax litigation.

(END) Dow Jones Newswires

January 08, 2025 17:05 ET (22:05 GMT)