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Concrete Pumping Holdings Reports Strong First Quarter Fiscal Year 2021 Results
المصدر: Nasdaq GlobeNewswire / 11 مارس 2021 15:05:01 America/Chicago
DENVER, March 11, 2021 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the “Company” or “CPH”), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for its first quarter of fiscal year 2021 ended January 31, 2021.
First Quarter Fiscal Year 2021 Summary vs. First Quarter of Fiscal Year 2020 (where applicable)
- Revenue was $70.4 million compared to $73.9 million.
- Gross margin was 42.4% compared to 43.5%.
- Net loss available to common shareholders was $12.8 million or $(0.24) per diluted share, compared to a net loss attributable to common shareholders of $3.2 million or $(0.06) per diluted share. Net loss in 2021 included a $15.5 million loss on extinguishment of debt related to the January 2021 refinancing.
- Adjusted EBITDA1 was $22.4 million compared to $23.8 million, with adjusted EBITDA margin of 31.7% compared to 32.2%.
- Amounts outstanding under debt agreements was $382.7 million with net debt2 of $380.4 million. Total available liquidity was $118.4 million as of January 31, 2021 compared to $59.3 million as of October 31, 2020.
Management Commentary
“Our first quarter performance continues to highlight our business’ resilience and operational strength,” said Bruce Young, CEO of Concrete Pumping Holdings. “We executed our plan of taking market share in a large and growing, yet highly fragmented, market. This is due to our scale, diversified regional exposure and highly variable cost structure. Our strong relative financial performance in the quarter was driven by the continuation of a healthy residential construction market, as well as an acceleration in infrastructure projects. We look forward to our commercial business recovering in the second half of this year as measures taken to move past the pandemic are more fully implemented.”
“During the quarter, we also leveraged our financial strength and healthy capital markets to refinance our debt. The transaction allowed us to improve our liquidity and lock in more favorable interest rates for the next five years. By further strengthening our balance sheet and reducing our cost of debt, we have enhanced our ability to pursue strategic M&A and other accretive investment opportunities and support our overall long-term growth strategy, and we are making great progress on this front. We are pleased with the continued support of our investors and remain committed to executing our strategic priorities and maximizing shareholder value throughout fiscal 2021 and beyond.”
First Quarter Fiscal Year 2021 Financial Results
Revenue in the first quarter of fiscal year 2021 was $70.4 million compared to $73.9 million in the first quarter of fiscal year 2020. The slight decrease was driven by lingering COVID-19-related impacts across the Company’s U.K. and certain U.S. markets.
Gross profit in the first quarter of fiscal year 2021 was $29.9 million compared to $32.1 million in the year-ago quarter. Gross margin was 42.4% compared to 43.5% in the prior year quarter. The decrease in gross margin was due to the lower revenue and the timing of insurance expenses.
G&A expenses for the fiscal 2021 first quarter were $22.4 million, an improvement of $4.2 million from $26.6 million in the fiscal 2020 first quarter. As a percent of revenue, G&A expenses were 31.8% for the fiscal 2021 first quarter compared to 36.0% in the fiscal 2020 first quarter. The decrease was largely due to lower amortization of intangible assets expense of $1.7 million and lower stock-based compensation expense of $0.8 million. The remaining decline was mostly driven by year-over-year benefit from various cost-containment measures put in place as a result of COVID-19. Excluding amortization of intangible assets and stock-based compensation expense, G&A expenses were down $1.7 million year-over-year.
Net loss attributable to common shareholders in the first quarter of fiscal year 2021 was $12.8 million or $(0.24) per diluted share, compared to a net loss of $3.2 million or $(0.06) per diluted share in the prior year quarter. The primary driver of the higher net loss was a $15.5 million loss on extinguishment of debt recorded in the fiscal 2021 first quarter due to the January 2021 refinancing.
Adjusted EBITDA in the first quarter of fiscal year 2021 was $22.4 million compared with $23.8 million in the year-ago quarter. Adjusted EBITDA margin was 31.7% compared to 32.2% in the year-ago quarter, with the slight decline mainly due to the decline in revenues given the impact of COVID-19.
Closing of Senior Secured Second Lien Notes Offering and Upsizing of Asset Based Lending Facility
On January 28, 2021, the Company (1) closed on a private offering of $375.0 million in aggregate principal amount of senior secured second lien notes due 2026, (2) amended and restated its existing ABL Facility to provide up to $125.0 million (previously $60.0 million) of commitments and (3) repaid all outstanding indebtedness under the Company's then-existing term loan agreement, dated December 6, 2018. The $15.5 million in debt extinguishment costs incurred relate to the write-off of all unamortized deferred debt issuance costs that were related to the term loan. The Senior Notes and amended ABL Facility extended debt maturities to February 1, 2026 and January 28, 2026, respectively.
Liquidity
On January 31, 2021, the Company had debt outstanding of $382.7 million, net debt of $380.4 million and total available liquidity of $118.4 million.
Segment Results
U.S. Concrete Pumping. Revenue in the first quarter of fiscal 2021 was $52.3 million compared to $55.1 million in the year-ago quarter. The decrease was driven by COVID-19-related declines in certain markets, which offset modest organic growth across other markets. Net loss in the first quarter was $12.7 million compared to a net loss of $2.5 million in the prior year quarter primarily due to debt extinguishment costs discussed above. Adjusted EBITDA was $15.3 million compared to $16.8 million in the year-ago quarter. The decline was primarily due to the decline in revenue.
U.K. Operations. Revenue in the first quarter of fiscal 2021 was $9.8 million compared to $10.7 million in the year-ago quarter. The decline was attributable to the continued impacts of COVID-19 throughout the region. Net loss in the first quarter improved to $0.5 million compared to a net loss of $0.9 million in the prior year fourth quarter. Adjusted EBITDA improved 5% to $2.7 million compared to $2.6 million in the year-ago quarter. Cost-containment measures put in place due to the pandemic drove the increase despite the revenue decline.
U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal 2021 increased 2% to $8.4 million compared to $8.3 million in the year-ago quarter. The increase was due to organic growth, pricing improvements and new product offerings. Net income in the first quarter improved to $0.6 million from net income of $0.4 million in the prior year first quarter. Adjusted EBITDA in the first fiscal quarter was relatively flat at $3.7 million compared to $3.8 million over the year-ago quarter.
Fiscal Year 2021 Outlook
The Company continues to expect fiscal year 2021 revenue to range between $300.0 million to $310.0 million, Adjusted EBITDA to range between $105.0 million to $110.0 million, and free cash flow3 to range between $47.5 million and $52.5 million. The midpoint of the Company's free cash flow outlook implies a 14% yield to its current market capitalization of approximately $350 million.
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1 Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure.
2 Net debt is a non-GAAP financial measure. See Non-GAAP Financial Measures below for a discussion of the definition of net debt and a reconciliation to its most comparable GAAP measure.
3 Free cash flow is defined as Adjusted EBITDA less net capital expenditures less cash paid for interest.Conference Call
The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its first quarter 2021 results.
Date: Thursday, March 11, 2021
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13716974Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.concretepumpingholdings.com.
A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through April 1, 2021.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13716974About Concrete Pumping Holdings
Concrete Pumping Holdings is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies – Brundage-Bone for concrete pumping in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company’s large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of October 31, 2020, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 22 states, concrete pumping services in the U.K. from 30 locations, and route-based concrete waste management services from 16 locations in the U.S. and 1 shared location in the U.K. For more information, please visit www.concretepumpingholdings.com or the Company’s brand websites at www.brundagebone.com, www.camfaud.co.uk, or www.eco-pan.com.
Forward‐Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “outlook” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, including the Company's fiscal year 2021 outlook. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impacts of the COVID-19 pandemic and related economic conditions on the Company; the outcome of any legal proceedings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to realize the expected benefits from the acquisition of Capital Pumping; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Non-GAAP Financial Measures
Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). The Company believes that this non-GAAP financial measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management also uses this non-GAAP financial measure to compare the Company’s performance to that of prior periods for trend analyses, determining incentive compensation and for budgeting and planning purposes. Adjusted EBITDA is also used in quarterly and annual financial reports prepared for the Company’s board of directors. The Company believes that this non-GAAP measure provides an additional tool for investors to use in evaluating the Company’s ongoing operating results and in comparing the Company’s financial results with competitors who also present similar non-GAAP financial measures.
Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense, income taxes, depreciation, amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, and other adjustments. Adjusted EBITDA is not pro forma for acquisitions. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.
Net debt is calculated as all amounts outstanding under debt agreements (currently this includes the Company’s term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company’s debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company’s leverage and evaluate the Company’s consolidated balance sheet. See “Non-GAAP Measures (Reconciliation of Net Debt)” below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.
Free cash flow is defined as Adjusted EBITDA less net capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.
The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and Net Debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.
Current and prospective investors should review the Company’s audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company’s business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.
As a result of the business combination between our predecessor, Industrea Acquisition Corp., and the private operating company formerly called Concrete Pumping Holdings, Inc. (the “Business Combination”), the Company is the acquirer for accounting purposes and CPH is the acquiree and accounting predecessor. The Company’s financial statement presentation distinguishes the Company’s presentations into two distinct periods, the period up to the Business Combination closing date (labeled “Predecessor”) and the period including and after that date (labeled “Successor”). The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As the underlying business and financial results of the Successor and Predecessor entities are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination, management has combined the fiscal year 2019 results of the Predecessor and Successor periods for comparability in certain tables below. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, the tables below present the non-GAAP combined results for the fiscal year 2019.
Contact:
Company:
Iain Humphries
Chief Financial Officer
1-303-289-7497Investor Relations:
Gateway Investor Relations
Cody Slach
1-949-574-3860
BBCP@gatewayir.comConcrete Pumping Holdings, Inc. Consolidated Balance Sheets January 31, October 31, (in thousands, except per share amounts) 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 2,273 $ 6,736 Trade receivables, net 39,179 44,343 Inventory 4,715 4,630 Income taxes receivable 1,427 1,602 Prepaid expenses and other current assets 8,082 2,694 Total current assets 55,676 60,005 Property, plant and equipment, net 304,633 304,254 Intangible assets, net 178,000 183,839 Goodwill 224,776 223,154 Other non-current assets 741 1,753 Deferred financing costs 2,197 753 Total assets $ 766,023 $ 773,758 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Revolving loan $ 7,687 $ 1,741 Term loans, current portion - 20,888 Current portion of capital lease obligations 98 97 Accounts payable 5,586 6,587 Accrued payroll and payroll expenses 10,950 13,065 Accrued expenses and other current liabilities 15,526 18,879 Income taxes payable 465 1,055 Total current liabilities 40,312 62,312 Long term debt, net of discount for deferred financing costs 368,040 343,906 Capital lease obligations, less current portion 356 380 Deferred income taxes 65,621 68,019 Total liabilities 474,329 474,617 Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2021 and October 31, 2020 25,000 25,000 Stockholders' equity Common stock, $0.0001 par value, 500,000,000 shares authorized, 56,470,594 and 56,463,992 issued and outstanding as of January 31, 2021 and October 31, 2020, respectively 6 6 Additional paid-in capital 362,615 361,943 Treasury stock (461 ) (131 ) Accumulated other comprehensive income 3,895 (606 ) (Accumulated deficit) retained earnings (99,361 ) (87,071 ) Total stockholders' equity 266,694 274,141 Total liabilities and stockholders' equity $ 766,023 $ 773,758 Concrete Pumping Holdings, Inc. Consolidated Statements of Operations Three Months Ended (in thousands, except share and per share amounts) January 31,
2021January 31,
2020Revenue $ 70,421 $ 73,939 Cost of operations 40,558 41,791 Gross profit 29,863 32,148 Gross margin 42.4 % 43.5 % General and administrative expenses 22,388 26,607 Transaction costs 29 - Income from operations 7,446 5,541 Interest expense, net (6,900 ) (9,503 ) Loss on extinguishment of debt (15,510 ) - Other income, net 26 69 Loss before income taxes (14,938 ) (3,893 ) Income tax benefit (2,648 ) (1,147 ) Net loss (12,290 ) (2,746 ) Less preferred shares dividends (507 ) (473 ) Less undistributed earnings allocated to preferred shares - - Net loss available to common shareholders $ (12,797 ) $ (3,219 ) Weighted average common shares outstanding Basic 53,146,103 52,629,214 Diluted 53,146,103 52,629,214 Net (loss) income per common share Basic $ (0.24 ) $ (0.06 ) Diluted $ (0.24 ) $ (0.06 ) Concrete Pumping Holdings, Inc. Consolidated Statements of Cash Flows Three Months Ended (in thousands, except per share amounts) January 31,
2021January 31,
2020Net income (loss) $ (12,290 ) $ (2,746 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6,925 6,492 Deferred income taxes (2,855 ) (645 ) Amortization of deferred financing costs 961 1,044 Amortization of debt premium - - Amortization of intangible assets 6,913 8,593 Stock-based compensation expense 672 1,467 Loss on extinguishment of debt 15,510 - Net (loss) gain on the sale of property, plant and equipment (593 ) (281 ) Payment of contingent consideration in excess of amounts established in purchase accounting - (537 ) Net changes in operating assets and liabilities (net of acquisitions): - - Trade receivables, net 5,656 5,207 Inventory (10 ) (549 ) Prepaid expenses and other current assets (4,287 ) (5,771 ) Income taxes payable, net (512 ) (558 ) Accounts payable (1,157 ) 393 Accrued payroll, accrued expenses and other current liabilities (2,353 ) (10,295 ) Net cash provided by operating activities 12,580 1,814 Cash flows from investing activities: Purchases of property, plant and equipment (9,434 ) (17,410 ) Proceeds from sale of property, plant and equipment 1,894 1,718 Net cash used in investing activities (7,540 ) (15,692 ) Cash flows from financing activities: Proceeds on long term debt 375,000 - Payments on long term debt (381,206 ) (5,222 ) Proceeds on revolving loan 80,945 84,460 Payments on revolving loan (75,122 ) (69,748 ) Payment of debt issuance costs (8,464 ) - Payments on capital lease obligations (23 ) (22 ) Purchase of treasury stock (330 ) (131 ) Payment of contingent consideration established in purchase accounting - (1,183 ) Net cash provided by (used in) financing activities (9,200 ) 8,154 Effect of foreign currency exchange rate on cash (304 ) 887 Net decrease in cash and cash equivalents (4,464 ) (4,837 ) Cash and cash equivalents: Beginning of period 6,736 7,473 End of period $ 2,272 $ 2,636 Concrete Pumping Holdings, Inc. Segment Revenue Three Months Ended Change (in thousands) January 31,
2021January 31,
2020$ % U.S. Concrete Pumping $ 52,316 $ 55,105 $ (2,789 ) -5.1 % U.K. Operations 9,780 10,685 (905 ) -8.5 % U.S. Concrete Waste Management Services 8,422 8,283 139 1.7 % Corporate 625 625 - 0.0 % Intersegment (722 ) (759 ) 37 -4.9 % $ 70,421 $ 73,939 $ (3,518 ) -4.8 % Concrete Pumping Holdings, Inc. Segment Adjusted EBITDA and Net Income (Loss) Net Income (Loss) Adjusted EBITDA Three Months Ended Three Months Ended (in thousands, except percentages) January 31,
2021January 31,
2020January 31,
2021January 31,
2020$ Change % Change U.S. Concrete Pumping $ (12,676 ) $ (2,487 ) $ 15,287 $ 16,847 $ (1,560 ) -9.3 % U.K. Operations (532 ) (893 ) 2,746 2,612 134 5.1 % U.S. Concrete Waste Management Services 616 366 3,700 3,750 (50 ) -1.3 % Corporate 302 268 625 625 - 0.0 % $ (12,290 ) $ (2,746 ) $ 22,358 $ 23,834 $ (1,476 ) -6.2 % Concrete Pumping Holdings, Inc. Quarterly Financial Performance (dollars in millions) Revenue Net Income
(loss)Adjusted
EBITDA1Capital
ExpendituresAdjusted
EBITDA less
Capital
ExpendituresQ1 2017 $ 46 $ (6 ) $ 14 $ 4 $ 9 Q2 2017 $ 51 $ 3 $ 16 $ 3 $ 13 Q3 2017 $ 55 $ 4 $ 18 $ 1 $ 18 Q4 2017 $ 60 $ 1 $ 20 $ 14 $ 6 Q1 2018 $ 53 $ 18 $ 16 $ 7 $ 9 Q2 2018 $ 56 $ 5 $ 18 $ 1 $ 17 Q3 2018 $ 66 $ 5 $ 22 $ 11 $ 11 Q4 2018 $ 68 $ 1 $ 22 $ 9 $ 13 Q1 2019 $ 58 $ (26 ) $ 17 $ 11 $ 6 Q2 2019 $ 62 $ (10 ) $ 18 $ 13 $ 5 Q3 2019 $ 79 $ 3 $ 31 $ 4 $ 27 Q4 2019 $ 84 $ 1 $ 30 $ 5 $ 25 Q1 2020 $ 74 $ (3 ) $ 24 $ 20 $ 4 Q2 2020 $ 74 $ (59 ) $ 24 $ 4 $ 20 Q3 2020 $ 77 $ 3 $ 30 $ 6 $ 24 Q4 2020 $ 79 $ (2 ) $ 30 $ 6 $ 24 Q1 2021 $ 70 $ (12 ) $ 22 $ 8 $ 15 ¹ Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). See “Non-GAAP Financial Measures” below for a discussion of the definition of this measure and reconciliation of such measure to its most comparable GAAP measure.
Concrete Pumping Holdings, Inc. Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA Predecessor (dollars in thousands) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 November 1,
2018
through
December 5,
2018Consolidated Net income (loss) $ (6,296 ) $ 2,556 $ 3,923 $ 730 $ 17,558 $ 4,610 $ 4,825 $ 1,389 $ (22,575 ) Interest expense, net 6,386 6,095 5,456 4,811 5,087 5,126 5,477 5,735 1,644 Income tax expense (benefit) 646 592 1,822 697 (13,544 ) 1,211 1,701 848 (4,192 ) Depreciation and amortization 6,229 5,919 6,390 8,616 6,110 6,293 6,150 7,070 2,713 EBITDA 6,965 15,162 17,591 14,854 15,211 17,240 18,153 15,042 (22,410 ) Transaction expenses 5,304 - (465 ) (349 ) 8 1,117 1,395 5,070 14,167 Loss on debt extinguishment - 213 279 4,669 - - - - 16,395 Stock based compensation - - - - 93 94 94 - - Other expense (income) (39 ) (32 ) (19 ) (84 ) (12 ) (8 ) (14 ) (21 ) (6 ) Goodwill and intangibles impairment - - - - - - - - - Other adjustments 1,172 1,108 1,051 985 1,324 (471 ) 2,674 2,161 1,442 Adjusted EBITDA $ 13,402 $ 16,451 $ 18,437 $ 20,075 $ 16,624 $ 17,972 $ 22,302 $ 22,252 $ 9,588 Successor S&P
Combined
(non-GAAP)Successor (dollars in thousands) December 6,
2018
through
October 31,
2019Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Consolidated Net income (loss) $ (9,912 ) $ (26,205 ) $ (9,645 ) $ 2,762 $ 601 $ (2,746 ) $ (58,968 ) $ 2,981 $ (2,257 ) $ (12,290 ) Interest expense, net 34,880 7,236 9,318 9,843 10,127 9,503 8,765 8,364 7,777 6,900 Income tax expense (benefit) (3,303 ) (6,957 ) 1,572 (1,922 ) (188 ) (1,147 ) (2,221 ) (462 ) (1,147 ) (2,648 ) Depreciation and amortization 52,652 11,087 12,132 16,477 15,669 15,085 15,076 14,665 16,827 13,838 EBITDA 74,317 (14,839 ) 13,377 27,160 26,209 20,695 (37,348 ) 25,548 21,200 5,800 Transaction expenses 1,521 14,167 1,282 176 63 - - - - 29 Loss on debt extinguishment - 16,395 - - - - - - - 15,510 Stock based compensation 3,619 - 361 1,625 1,633 1,467 1,383 1,357 7,247 672 Other expense (income) (47 ) (17 ) (20 ) (28 ) 12 (69 ) (33 ) (36 ) (31 ) (26 ) Goodwill and intangibles impairment - - - - - - 57,944 - - - Other adjustments 6,496 1,442 3,234 1,627 1,635 1,741 1,569 3,169 1,498 373 Adjusted EBITDA $ 85,906 $ 17,148 $ 18,234 $ 30,560 $ 29,552 $ 23,834 $ 23,515 $ 30,038 $ 29,914 $ 22,358 Concrete Pumping Holdings, Inc. Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA Three Months Ended (dollars in thousands) January 31,
2021January 31,
2020Consolidated Net income (loss) $ (12,290 ) $ (2,746 ) Interest expense, net 6,900 9,503 Income tax expense (benefit) (2,648 ) (1,147 ) Depreciation and amortization 13,838 15,085 EBITDA 5,800 20,695 Transaction expenses 29 - Loss on debt extinguishment 15,510 - Stock based compensation 672 1,467 Other expense (income) (26 ) (69 ) Other adjustments 373 1,741 Adjusted EBITDA $ 22,358 $ 23,834 U.S. Concrete Pumping Net income (loss) $ (12,676 ) $ (2,487 ) Interest expense, net 6,123 8,732 Income tax expense (benefit) (2,822 ) (1,387 ) Depreciation and amortization 9,271 10,004 EBITDA (104 ) 14,862 Transaction expenses 29 - Loss on debt extinguishment 15,510 - Stock based compensation 672 1,467 Other expense (income) (12 ) (10 ) Other adjustments (808 ) 528 Adjusted EBITDA $ 15,287 $ 16,847 U.K. Operations Net income (loss) $ (532 ) $ (893 ) Interest expense, net 777 771 Income tax expense (benefit) (177 ) (115 ) Depreciation and amortization 2,011 2,195 EBITDA 2,079 1,958 Transaction expenses - - Loss on debt extinguishment - - Stock based compensation - - Other expense (income) (14 ) (59 ) Other adjustments 681 713 Adjusted EBITDA $ 2,746 $ 2,612 U.S. Concrete Waste Management Services Net income (loss) $ 616 $ 366 Interest expense, net - - Income tax expense (benefit) 236 205 Depreciation and amortization 2,348 2,679 EBITDA 3,200 3,250 Transaction expenses - - Loss on debt extinguishment - - Stock based compensation - - Other expense (income) - - Other adjustments 500 500 Adjusted EBITDA $ 3,700 $ 3,750 Corporate Net income (loss) $ 302 $ 268 Interest expense, net - - Income tax expense (benefit) 115 150 Depreciation and amortization 208 207 EBITDA 625 625 Transaction expenses - - Loss on debt extinguishment - - Stock based compensation - - Other expense (income) - - Other adjustments - - Adjusted EBITDA $ 625 $ 625 Concrete Pumping Holdings, Inc. Reconciliation of Net Debt January 31, April 30, July 31, October 31, January 31, Change in
Net(in thousands) 2020 2020 2020 2020 2021 Debt Q4'20
to Q1'21Term loan outstanding 396,871 391,650 386,427 381,205 - (381,205 ) Senior Notes 375,000 375,000 Revolving loan draws outstanding 38,661 39,211 12,990 1,741 7,687 5,946 Less: Cash (2,636 ) (18,048 ) (4,131 ) (6,736 ) (2,273 ) 4,463 Net debt 432,896 412,813 395,286 376,210 380,414 4,204 