| Segment Reporting Disclosure [Text Block] |
Note 21. Segment Reporting
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 accounting policies of the segment reporting are the same as those described in Note 2. The Company’s Chief Operating Decision Maker ("CODM") 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 twelve months ended October 31, 2023:
| |
|
Year Ended October 31, 2023 |
|
| (in thousands) |
|
U.S. Concrete Pumping |
|
|
Other |
|
| As Previously Reported |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
41,870 |
|
|
$ |
860 |
|
| Segment EBITDA |
|
$ |
75,587 |
|
|
$ |
9,400 |
|
| |
|
|
|
|
|
|
|
|
| Recast Adjustment |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
860 |
|
|
$ |
(860 |
) |
| Segment EBITDA |
|
$ |
2,501 |
|
|
$ |
(2,501 |
) |
| |
|
|
|
|
|
|
|
|
| Current Report As Recast |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
$ |
42,730 |
|
|
$ |
- |
|
| Segment EBITDA |
|
$ |
78,088 |
|
|
$ |
6,899 |
|
The following provides operating information about the Company’s reportable segments for the periods presented:
| |
|
Year Ended October 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
| Revenue |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
291,017 |
|
|
$ |
317,877 |
|
| U.K. Operations |
|
|
63,955 |
|
|
|
62,588 |
|
| U.S. Concrete Waste Management Services - Third parties |
|
|
70,900 |
|
|
|
61,776 |
|
| U.S. Concrete Waste Management Services - Intersegment |
|
|
418 |
|
|
|
629 |
|
| Intersegment eliminations |
|
|
(418 |
) |
|
|
(629 |
) |
| Total revenue |
|
$ |
425,872 |
|
|
$ |
442,241 |
|
| |
|
|
|
|
|
|
|
|
| EBITDA |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
62,358 |
|
|
$ |
78,088 |
|
| U.K. Operations |
|
|
16,465 |
|
|
|
15,272 |
|
| U.S. Concrete Waste Management Services |
|
|
28,040 |
|
|
|
27,088 |
|
| Reportable segment EBITDA |
|
|
106,863 |
|
|
|
120,448 |
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
|
(25,572 |
) |
|
|
(28,119 |
) |
| Reportable depreciation and amortization |
|
|
(57,110 |
) |
|
|
(58,666 |
) |
| Other |
|
|
130 |
|
|
|
6,899 |
|
| Total income before income taxes |
|
$ |
24,311 |
|
|
$ |
40,562 |
|
| |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
40,092 |
|
|
$ |
42,730 |
|
| U.K. Operations |
|
|
7,669 |
|
|
|
7,535 |
|
| U.S. Concrete Waste Management Services |
|
|
9,349 |
|
|
|
8,401 |
|
| Total depreciation and amortization |
|
$ |
57,110 |
|
|
$ |
58,666 |
|
| |
|
|
|
|
|
|
|
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
22,823 |
|
|
$ |
25,294 |
|
| U.K. Operations |
|
|
2,749 |
|
|
|
2,825 |
|
| Total interest expense and amortization of deferred financing costs, net of interest income |
|
$ |
25,572 |
|
|
$ |
28,119 |
|
| |
|
|
|
|
|
|
|
|
| Total capital expenditures |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
15,274 |
|
|
$ |
30,263 |
|
| U.K. Operations |
|
|
12,181 |
|
|
|
12,405 |
|
| U.S. Concrete Waste Management Services |
|
|
13,665 |
|
|
|
11,837 |
|
| Reportable segment capital expenditures |
|
|
41,120 |
|
|
|
54,505 |
|
| Other |
|
|
2,690 |
|
|
|
- |
|
| Total capital expenditures |
|
$ |
43,810 |
|
|
$ |
54,505 |
|
| |
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
As of |
|
| |
|
October 31, |
|
|
October 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
| Total Assets |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
718,218 |
|
|
$ |
698,905 |
|
| U.K. Operations |
|
|
117,418 |
|
|
|
119,123 |
|
| U.S. Concrete Waste Management Services |
|
|
201,528 |
|
|
|
181,382 |
|
| Reportable segment assets |
|
|
1,037,164 |
|
|
|
999,410 |
|
| Other |
|
|
(139,174 |
) |
|
|
(94,885 |
) |
| Total Assets |
|
$ |
897,990 |
|
|
$ |
904,525 |
|
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. There was no single customer that accounted for more than 10% of revenue for the periods presented. Revenues are attributable to countries based on the location of the customer.
The total assets by geographic location is provided to the CODM and is presented below. Total revenue, total assets and property, plant and equipment, net by geographic location for the periods presented are as follows:
| |
|
Year Ended October 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
| Revenue by geography |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
361,917 |
|
|
$ |
379,653 |
|
| U.K. |
|
|
63,955 |
|
|
|
62,588 |
|
| Total revenue |
|
$ |
425,872 |
|
|
$ |
442,241 |
|
| |
|
As of |
|
|
As of |
|
| |
|
October 31, |
|
|
October 31, |
|
| (in thousands) |
|
2024 |
|
|
2023 |
|
| Total Assets |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
780,572 |
|
|
$ |
785,402 |
|
| U.K. |
|
|
117,418 |
|
|
|
119,123 |
|
| Total Assets |
|
$ |
897,990 |
|
|
$ |
904,525 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
353,895 |
|
|
$ |
371,689 |
|
| U.K. |
|
|
61,831 |
|
|
|
55,959 |
|
| Property, plant and equipment, net |
|
$ |
415,726 |
|
|
$ |
427,648 |
|
|