Quarterly report pursuant to Section 13 or 15(d)

Note 17 - Segment Reporting

v3.19.2
Note 17 - Segment Reporting
6 Months Ended
Apr. 30, 2019
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
Note
17.
Segment Reporting
 
The Company conducts the business through the following reportable segments based on geography and the nature of services sold: U.S Concrete pumping – Brundage-Bone, U.K. Concrete Pumping – Camfaud, Concrete Waste Management Services – Eco-Pan. The classifications are defined as follows:
 
 
U.S. Concrete Pumping – Brundage-Bone – consists of concrete pumping services sold to customers in the U.S.
 
U.K. Concrete Pumping – Camfaud – consists of concrete pumping services sold to customers in the U.K, which represents the Company’s foreign operations.
 
Concrete Waste Management Services – Eco-Pan – consists of pans and containers rented to customers in the U.S and the disposal of the concrete waste material services sold to customers in the U.S.
 
The accounting policies of the reportable segments are the same as those described in Note
2.
The Chief Operating Decision Maker (CODM) evaluates the performance of its segments based on revenue, and measure 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 include cash and cash equivalents, prepaid expenses and other current assets, property and equipment. The following provides operating information about the Company’s reportable segments for the periods presented:
 
   
Successor
   
Predecessor
   
Successor
   
Predecessor
 
(in thousands)
 
Three Months
End April 30,
2019
   
Three Months
End April 30,
2018
   
December 6,
2018
through
April 30,
2019
   
November 1,
2018
through
December 5,
2018
   
November 1,
2017
through
April 30,
2018
 
Revenue
                                       
Brundage-Bone
  $
42,548
    $
37,717
    $
66,615
    $
16,624
    $
73,136
 
Camfaud
   
12,689
     
12,100
     
18,504
     
5,143
     
22,828
 
Eco-Pan
   
6,751
     
6,587
     
10,839
     
2,629
     
13,242
 
    $
61,988
    $
56,404
    $
95,958
    $
24,396
    $
109,206
 
                                         
EBITDA
                                       
Brundage-Bone
  $
5,812
    $
9,380
    $
11,348
    $
(24,565
)   $
18,003
 
Camfaud
   
4,298
     
4,184
     
4,431
     
1,587
     
7,033
 
Eco-Pan
   
2,580
     
2,895
     
4,161
     
388
     
5,849
 
Corporate
   
687
     
625
     
1,008
     
180
     
1,250
 
    $
13,377
    $
17,084
    $
20,948
    $
(22,410
)   $
32,135
 
                                         
Interest expense, net
                                       
Brundage-Bone
  $
8,578
    $
4,062
    $
13,712
    $
1,154
    $
8,079
 
Camfaud
   
740
     
1,064
     
1,198
     
490
     
2,134
 
Eco-Pan
   
-
     
-
     
-
     
-
     
-
 
Corporate
   
-
     
-
     
-
     
-
     
-
 
    $
9,318
    $
5,126
    $
14,910
    $
1,644
    $
10,213
 
 
   
Successor
   
Predecessor
   
Successor
   
Predecessor
 
(in thousands)
 
Three Months
End April 30,
2019
   
Three Months
End April 30,
2018
   
December 6,
2018
through
April 30,
2019
   
November 1,
2018
through
December 5,
2018
   
November 1,
2017
through
April 30,
2018
 
Depreciation and amortization
                                       
Brundage-Bone
  $
6,706
    $
3,523
    $
11,532
    $
1,635
    $
6,906
 
Camfaud
   
2,659
     
2,049
    $
4,297
     
890
     
4,050
 
Eco-Pan
   
2,703
     
505
    $
4,575
     
163
     
1,010
 
Corporate
   
64
     
61
     
102
     
25
     
122
 
    $
12,132
    $
6,138
    $
20,506
    $
2,713
    $
12,088
 
                                         
Transaction costs including debt extinguishment
     
 
     
 
     
 
     
 
 
Corporate
  $
1,282
    $
1,117
    $
1,282
    $
30,562
    $
1,125
 
    $
1,282
    $
1,117
    $
1,282
    $
30,562
    $
1,125
 
 
 
Total assets by segment for the periods presented are as follows:
 
   
Successor
   
Predecessor
 
   
April 30,
   
October 31,
 
(in thousands)
 
2019
   
2018
 
Total Assets
               
Brundage-Bone
  $
512,299
    $
277,937
 
Camfaud
   
65,898
     
39,167
 
Eco-Pan
   
149,360
     
32,781
 
Corporate
   
20,119
     
20,259
 
    $
747,676
    $
370,144
 
 
The U.S. and U.K. were the only regions that accounted for more than
10%
of the Company’s revenues for the periods presented. There was
no
single customer that accounted for more than
10%
of revenues for the periods presented. Revenues for the periods presented and long lived assets as of
April 30, 2019
and
October 31, 2018
are as follows:
 
   
Successor
   
Predecessor
   
Successor
   
Predecessor
 
(in thousands)
 
Three Months
End April 30,
2019
   
Three Months
End April 30,
2018
   
December 6,
2018
through
April 30,
2019
   
November 1,
2018
through
December 5,
2018
   
November 1,
2017
through
April 30,
2018
 
Revenues
                                       
U.S.
  $
49,299
    $
44,304
    $
77,454
    $
19,253
    $
86,378
 
U.K.
   
12,689
     
12,100
     
18,504
     
5,143
     
22,828
 
    $
61,988
    $
56,404
    $
95,958
    $
24,396
    $
109,206
 
 
   
Successor
   
Predecessor
 
   
April 30,
   
October 31,
 
(in thousands)
 
2019
   
2018
 
Long Lived Assets
               
U.S.
  $
204,394
    $
167,368
 
U.K.
   
40,470
     
34,547
 
    $
244,864
    $
201,915