Quarterly report [Sections 13 or 15(d)]

Note 15 - Segment Reporting

v3.25.2
Note 15 - Segment Reporting
 9 Months Ended
Jul. 31, 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 nine months ended July 31, 2024:

 

   

Three Months Ended July 31, 2024

  

Nine Months Ended July 31, 2024

  

(in thousands)

  

U.S. Concrete Pumping

    

U.S. Concrete Waste Management Services

    

U.K. Operations

    

U.S. Concrete Pumping

    

U.S. Concrete Waste Management Services

    

U.K Operations

  

As Previously Reported

                                                

Interest expense and amortization of deferred financing costs

   $ 5,585     $ -     $ 733     $ 17,577     $ -     $ 2,167  

Reportable segment EBITDA

   $ 20,156     $ 7,313     $ 3,981     $ 43,216     $ 18,881     $ 11,374  
                                                 

Recast Adjustment

                                                

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

   $ (1,497 )   $ 1,488     $ (48 )   $ (4,865 )   $ 4,811     $ (93 )

Reportable segment EBITDA

   $ (78 )   $ 69     $ (48 )   $ 2,132     $ (2,186 )   $ (93 )
                                                 

Current Report as Recast

                                                

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

   $ 4,088     $ 1,488     $ 685     $ 12,712     $ 4,811     $ 2,074  

Reportable segment EBITDA

   $ 20,078     $ 7,382     $ 3,933     $ 45,348     $ 16,695     $ 11,281  

 

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

 

   

July 31,

    

October 31,

  

(in thousands)

  

2025

    

2024

  

Total Assets

                

U.S. Concrete Pumping

   $ 712,359     $ 718,218  

U.S. Concrete Waste Management Services

     207,580       201,528  

U.K. Operations

     122,266       117,418  

Reportable segment assets

     1,042,205       1,037,164  

Other

     (156,174 )     (139,174 )

Total Assets

   $ 886,031     $ 897,990  

 

   

Three Months Ended July 31,

    

Nine Months Ended July 31,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Revenue

                                

U.S. Concrete Pumping

   $ 69,271     $ 75,213     $ 188,293     $ 216,514  

U.S. Concrete Waste Management Services(1)

     19,337       18,545       54,087       51,063  

U.K. Operations

     15,068       15,859       41,700       46,813  

Total revenue

   $ 103,676     $ 109,617     $ 284,080     $ 314,390  

(1) For the three months ended July 31, 2025 and 2024, intersegment revenue of $0.2 million and $0.1 million, respectively, is excluded. For the nine months ended July 31, 2025 and 2024, intersegment revenue of $0.4 million and $0.3 million, respectively, is excluded.

                                 

EBITDA

                                

U.S. Concrete Pumping

   $ 15,642     $ 20,078     $ 35,902     $ 45,348  

U.S. Concrete Waste Management Services

     7,275       7,382       18,184       16,695  

U.K. Operations

     3,879       3,933       9,909       11,281  

Reportable segment EBITDA

     26,796       31,393       63,995       73,324  

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

     (8,126 )     (6,261 )     (22,222 )     (19,597 )

Reportable depreciation and amortization

     (13,638 )     (14,491 )     (40,422 )     (42,827 )

Other

     -       -       -       130  

Total income before income taxes

   $ 5,032     $ 10,641     $ 1,351     $ 11,030  
                                 

Depreciation and amortization

                                

U.S. Concrete Pumping

   $ 9,145     $ 9,874     $ 27,226     $ 30,374  

U.S. Concrete Waste Management Services

     2,501       2,710       7,428       6,889  

U.K. Operations

     1,992       1,907       5,768       5,564  

Total depreciation and amortization

   $ 13,638     $ 14,491     $ 40,422     $ 42,827  
                                 

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

                                

U.S. Concrete Pumping

   $ 5,005     $ 4,088     $ 13,527     $ 12,712  

U.S. Concrete Waste Management Services

     2,354       1,488       6,495       4,811  

U.K. Operations

     767       685       2,200       2,074  

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

   $ 8,126     $ 6,261     $ 22,222     $ 19,597  
                                 

Total capital expenditures

                                

U.S. Concrete Pumping

   $ 8,246     $ 818     $ 14,958     $ 14,509  

U.S. Concrete Waste Management Services

     4,277       3,845       10,506       9,944  

U.K. Operations

     2,200       4,004       8,705       10,388  

Reportable segment capital expenditures

     14,723       8,667       34,169       34,841  

Other

     16       -       61       2,643  

Total capital expenditures

   $ 14,739     $ 8,667     $ 34,230     $ 37,484  
                                 

 

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

  
   

July 31,

    

October 31,

  

(in thousands)

  

2025

    

2024

  

Total Assets

                

U.S.

   $ 763,765     $ 780,572  

U.K.

     122,266       117,418  

Total Assets

   $ 886,031     $ 897,990  
                 

Property, plant and equipment, net

                

U.S.

   $ 350,209     $ 353,895  

U.K.

     64,699       61,831  

Property, plant and equipment, net

   $ 414,908     $ 415,726  

 

   

Three Months Ended July 31,

    

Nine Months Ended July 31,

  

(in thousands)

  

2025

    

2024

    

2025

    

2024

  

Revenue by geography

                                

U.S.

   $ 88,608     $ 93,758     $ 242,380     $ 267,577  

U.K.

     15,068       15,859       41,700       46,813  

Total revenue

   $ 103,676     $ 109,617     $ 284,080     $ 314,390