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