| Segment Reporting Disclosure [Text Block] |
Note 17. Segment Reporting
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% of the Company’s revenue for the periods presented. Revenue for the periods presented and long-lived assets as of July 31, 2023 and October 31, 2022 are as follows:
| |
|
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 |
|
|