| Segment Reporting Disclosure [Text Block] |
Note 18. Segment Reporting
The Company’s revenues are derived from three reportable segments: U.S. Concrete Pumping, U.K. Operations and U.S. Concrete Waste Management Services. Any differences between segment reporting and consolidated results are reflected in Intersegment or Other below. All Other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. 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).
During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses previously part of the Company's Other activities into the U.S. Concrete Pumping segment based on the way our chief operating decision maker ("CODM") allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.
The table below shows changes from the recast of segment results for the three and nine months ended July 31, 2023:
| |
|
Three Months Ended July 31, 2023 |
|
|
Nine Months Ended July 31, 2023 |
|
| (in thousands) |
|
U.S. Concrete Pumping |
|
|
Other |
|
|
U.S. Concrete Pumping |
|
|
Other |
|
| As Previously Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
10,498 |
|
|
$ |
216 |
|
|
$ |
31,464 |
|
|
$ |
644 |
|
| Segment EBITDA |
|
$ |
21,670 |
|
|
$ |
1,536 |
|
|
$ |
54,520 |
|
|
$ |
8,514 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Recast Adjustment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
216 |
|
|
$ |
(216 |
) |
|
$ |
644 |
|
|
$ |
(644 |
) |
| Segment EBITDA |
|
$ |
625 |
|
|
$ |
(625 |
) |
|
$ |
1,875 |
|
|
$ |
(1,875 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current Report As Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
10,714 |
|
|
$ |
- |
|
|
$ |
32,108 |
|
|
$ |
- |
|
| Segment EBITDA |
|
$ |
22,295 |
|
|
$ |
911 |
|
|
$ |
56,395 |
|
|
$ |
6,639 |
|
The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.
The following provides operating information about the Company's reportable segments and geographic locations for the periods presented:
| |
|
Three Months Ended July 31, |
|
|
Nine Months Ended July 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
75,213 |
|
|
$ |
87,323 |
|
|
$ |
216,514 |
|
|
$ |
232,896 |
|
| U.K. Operations |
|
|
15,859 |
|
|
|
17,260 |
|
|
|
46,813 |
|
|
|
45,207 |
|
| U.S. Concrete Waste Management Services - Third parties |
|
|
18,545 |
|
|
|
16,088 |
|
|
|
51,063 |
|
|
|
43,934 |
|
| U.S. Concrete Waste Management Services - Intersegment |
|
|
87 |
|
|
|
417 |
|
|
|
331 |
|
|
|
511 |
|
| Intersegment eliminations |
|
|
(87 |
) |
|
|
(417 |
) |
|
|
(331 |
) |
|
|
(511 |
) |
| Reportable segment revenue |
|
$ |
109,617 |
|
|
$ |
120,671 |
|
|
|
314,390 |
|
|
|
322,037 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
20,156 |
|
|
$ |
22,295 |
|
|
$ |
43,216 |
|
|
$ |
56,395 |
|
| U.K. Operations |
|
|
3,981 |
|
|
|
4,769 |
|
|
|
11,374 |
|
|
|
10,957 |
|
| U.S. Concrete Waste Management Services |
|
|
7,313 |
|
|
|
7,452 |
|
|
|
18,881 |
|
|
|
18,997 |
|
| Reportable segment EBITDA |
|
|
31,450 |
|
|
|
34,516 |
|
|
|
73,471 |
|
|
|
86,349 |
|
| Interest expense and amortization of deferred financing costs |
|
|
(6,318 |
) |
|
|
(7,066 |
) |
|
|
(19,744 |
) |
|
|
(21,285 |
) |
| Reportable depreciation and amortization |
|
|
(14,491 |
) |
|
|
(14,707 |
) |
|
|
(42,827 |
) |
|
|
(43,877 |
) |
| Other |
|
|
- |
|
|
|
911 |
|
|
|
130 |
|
|
|
6,639 |
|
| Total income before income taxes |
|
$ |
10,641 |
|
|
$ |
13,654 |
|
|
$ |
11,030 |
|
|
$ |
27,826 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
9,874 |
|
|
$ |
10,714 |
|
|
$ |
30,374 |
|
|
$ |
32,108 |
|
| U.K. Operations |
|
|
1,907 |
|
|
|
1,879 |
|
|
|
5,564 |
|
|
|
5,555 |
|
| U.S. Concrete Waste Management Services |
|
|
2,710 |
|
|
|
2,114 |
|
|
|
6,889 |
|
|
|
6,214 |
|
| Total depreciation and amortization |
|
$ |
14,491 |
|
|
$ |
14,707 |
|
|
$ |
42,827 |
|
|
$ |
43,877 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense and amortization of deferred financing costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
5,585 |
|
|
$ |
6,337 |
|
|
$ |
17,577 |
|
|
$ |
19,163 |
|
| U.K. Operations |
|
|
733 |
|
|
|
729 |
|
|
|
2,167 |
|
|
|
2,122 |
|
| Total interest expense and amortization of deferred financing costs |
|
$ |
6,318 |
|
|
$ |
7,066 |
|
|
$ |
19,744 |
|
|
$ |
21,285 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue by geography |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
93,758 |
|
|
$ |
103,411 |
|
|
$ |
267,577 |
|
|
$ |
276,830 |
|
| U.K. |
|
|
15,859 |
|
|
|
17,260 |
|
|
|
46,813 |
|
|
|
45,207 |
|
| Total revenue |
|
$ |
109,617 |
|
|
$ |
120,671 |
|
|
$ |
314,390 |
|
|
$ |
322,037 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
818 |
|
|
$ |
3,359 |
|
|
$ |
14,509 |
|
|
$ |
24,034 |
|
| U.K. Operations |
|
|
4,004 |
|
|
$ |
1,434 |
|
|
|
10,388 |
|
|
|
10,335 |
|
| U.S. Concrete Waste Management Services |
|
|
3,845 |
|
|
$ |
3,559 |
|
|
|
9,944 |
|
|
|
8,688 |
|
| Reportable segment capital expenditures |
|
|
8,667 |
|
|
|
8,352 |
|
|
|
34,841 |
|
|
|
43,057 |
|
| Other |
|
|
- |
|
|
|
69 |
|
|
|
2,643 |
|
|
|
109 |
|
| Total capital expenditures |
|
$ |
8,667 |
|
|
$ |
8,421 |
|
|
$ |
37,484 |
|
|
$ |
43,166 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company does not disclose total assets by segment as such information is not provided to the CODM. The total assets by geographic location is provided to the CODM and is presented below. Total assets and property, plant and equipment, net by geographic location for the periods presented are as follows:
| |
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
As of |
|
| |
|
July 31, |
|
|
October 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
| Total Assets |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
754,933 |
|
|
$ |
785,402 |
|
| U.K. |
|
|
135,857 |
|
|
|
119,123 |
|
| Total Assets |
|
$ |
890,790 |
|
|
$ |
904,525 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
359,998 |
|
|
$ |
371,689 |
|
| U.K. |
|
|
63,488 |
|
|
|
55,959 |
|
| Property, plant and equipment, net |
|
$ |
423,486 |
|
|
$ |
427,648 |
|
|