Quarterly report [Sections 13 or 15(d)]

Note 15 - Segment Reporting

v3.25.1
Note 15 - Segment Reporting
 6 Months Ended
Apr. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 15. Segment Reporting

 

The Company’s revenues are derived from three reportable segments: U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. 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).

 

The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.

 

During the first quarter of fiscal year 2025, the Company updated its allocation methodology of corporate costs to better align with the manner in which the Company now 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 six months ended April 30, 2024:

 

   

Three Months Ended April 30, 2024

    

Six Months Ended April 30, 2024

  

(in thousands)

  

U.S. Concrete Pumping

    

U.S. Concrete Waste Management Services

    

U.S. Concrete Pumping

    

U.S. Concrete Waste Management Services

  

As Previously Reported

                                

Interest expense and amortization of deferred financing costs, net of interest income

   $ 6,193     $ -     $ 11,947     $ -  

Reportable segment EBITDA

   $ 15,979     $ 6,188     $ 23,016     $ 11,568  
                                 

Recast Adjustment

                                

Interest expense and amortization of deferred financing costs, net of interest income

   $ (1,566 )   $ 1,566     $ (3,323 )   $ 3,323  

Reportable segment EBITDA

   $ 370     $ (370 )   $ 2,255     $ (2,255 )
                                 

Current Report As Recast

                                

Interest expense and amortization of deferred financing costs, net of interest income

   $ 4,627     $ 1,566     $ 8,624     $ 3,323  

Reportable segment EBITDA

   $ 16,349     $ 5,818     $ 25,271     $ 9,313  

 

The following provides operating information about the Company's reportable segments for the periods presented:

 

   

April 30,

    

October 31,

  

(in thousands)

  

2025

    

2024

  

Total Assets

                

U.S. Concrete Pumping

   $ 704,851     $ 718,218  

U.S. Concrete Waste Management Services

     203,914       201,528  

U.K. Operations

     122,063       117,418  

Reportable segment assets

     1,030,828       1,037,164  

Other

     (152,038 )     (139,174 )

Total Assets

   $ 878,790     $ 897,990  

 

   

Three Months Ended April 30,

    

Six Months Ended April 30,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Revenue

                                

U.S. Concrete Pumping

   $ 62,109     $ 74,617     $ 119,022     $ 141,300  

U.S. Concrete Waste Management Services(1)

     18,057       16,898       34,750       32,518  

U.K. Operations

     13,792       15,547       26,632       30,955  

Total revenue

   $ 93,958     $ 107,062     $ 180,404     $ 204,773  

(1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded. For the six months ended April 30, 2025 and 2024, intersegment revenue of $0.2 million is excluded.

                                
                                 

EBITDA

                                

U.S. Concrete Pumping

   $ 12,134     $ 16,349     $ 20,260     $ 25,271  

U.S. Concrete Waste Management Services

     6,554       5,818       10,909       9,313  

U.K. Operations

     3,184       4,171       6,030       7,348  

Reportable segment EBITDA

     21,872       26,338       37,199       41,932  

Interest expense and amortization of deferred financing costs, net of interest income

     (8,294 )     (6,873 )     (14,096 )     (13,336 )

Reportable depreciation and amortization

     (13,584 )     (14,239 )     (26,784 )     (28,337 )

Other

     -       -       -       130  

Total income (loss) before income taxes

   $ (6 )   $ 5,226     $ (3,681 )   $ 389  
                                 

Depreciation and amortization

                                

U.S. Concrete Pumping

   $ 9,006     $ 10,270     $ 18,081     $ 20,500  

U.S. Concrete Waste Management Services

     2,651       2,120       4,927       4,180  

U.K. Operations

     1,927       1,849       3,776       3,657  

Total depreciation and amortization

   $ 13,584     $ 14,239     $ 26,784     $ 28,337  
                                 

Interest expense and amortization of deferred financing costs, net of interest income

                                

U.S. Concrete Pumping

   $ 5,211     $ 4,627     $ 8,522     $ 8,624  

U.S. Concrete Waste Management Services

     2,369       1,566       4,141       3,323  

U.K. Operations

     714       680       1,433       1,389  

Total interest expense and amortization of deferred financing costs, net of interest income

   $ 8,294     $ 6,873     $ 14,096     $ 13,336  
                                 

Total capital expenditures

                                

U.S. Concrete Pumping

   $ 4,527     $ 5,759     $ 6,712     $ 13,691  

U.S. Concrete Waste Management Services

     4,262       3,052       6,229       6,099  

U.K. Operations

     4,827       2,157       6,505       6,384  

Reportable segment capital expenditures

     13,616       10,968       19,446       26,174  

Other

     34       83       45       2,643  

Total capital expenditures

   $ 13,650     $ 11,051     $ 19,491     $ 28,817  
                                 

 

The total assets by geographic location is provided to the CODM and is presented below. Revenues are attributable to countries based on the location of the customer. Total revenue, total assets and property, plant and equipment, net by geographic location for the periods presented are as follows:

 

   

As of

    

As of

  
   

April 30,

    

October 31,

  

(in thousands)

  

2025

    

2024

  

Total Assets

                

U.S.

   $ 756,727     $ 780,572  

U.K.

     122,063       117,418  

Total Assets

   $ 878,790     $ 897,990  
                 

Property, plant and equipment, net

                

U.S.

   $ 347,404     $ 353,895  

U.K.

     65,563       61,831  

Property, plant and equipment, net

   $ 412,967     $ 415,726  

 

   

Three Months Ended April 30,

    

Six Months Ended April 30,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Revenue by geography

                                

U.S.

   $ 80,166     $ 91,515     $ 153,772     $ 173,818  

U.K.

     13,792       15,547       26,632       30,955  

Total revenue

   $ 93,958     $ 107,062     $ 180,404     $ 204,773