| Segment Reporting Disclosure [Text Block] |
Note 19. 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 months ended January 31, 2024:
| |
|
Three Months Ended January 31, 2024 |
|
| (in thousands) |
|
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 |
|
$ |
5,754 |
|
|
$ |
- |
|
| Reportable segment EBITDA |
|
$ |
7,036 |
|
|
$ |
5,380 |
|
| |
|
|
|
|
|
|
|
|
| Recast Adjustment |
|
|
|
|
|
|
|
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
$ |
(1,757 |
) |
|
$ |
1,757 |
|
| Reportable segment EBITDA |
|
$ |
1,885 |
|
|
$ |
(1,885 |
) |
| |
|
|
|
|
|
|
|
|
| Current Report As Recast |
|
|
|
|
|
|
|
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
$ |
3,997 |
|
|
$ |
1,757 |
|
| Reportable segment EBITDA |
|
$ |
8,921 |
|
|
$ |
3,495 |
|
The following provides operating information about the Company's reportable segments for the periods presented:
| |
|
January 31, |
|
|
October 31, |
|
| (in thousands) |
|
2025 |
|
|
2024 |
|
| Total Assets |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
741,151 |
|
|
$ |
718,218 |
|
| U.S. Concrete Waste Management Services |
|
|
202,329 |
|
|
|
201,528 |
|
| U.K. Operations |
|
|
113,544 |
|
|
|
117,418 |
|
| Reportable segment assets |
|
|
1,057,024 |
|
|
|
1,037,164 |
|
| Other |
|
|
(144,139 |
) |
|
|
(139,174 |
) |
| Total Assets |
|
$ |
912,885 |
|
|
$ |
897,990 |
|
| |
|
Three Months Ended January 31, |
|
| (in thousands) |
|
2025 |
|
|
2024 |
|
| Revenue |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
56,914 |
|
|
$ |
66,683 |
|
| U.S. Concrete Waste Management Services(1) |
|
|
16,693 |
|
|
|
15,620 |
|
| U.K. Operations |
|
|
12,840 |
|
|
|
15,408 |
|
| Total revenue |
|
$ |
86,447 |
|
|
$ |
97,711 |
|
| (1) For both periods presented, intersegment revenue of $0.1 million has been excluded. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| EBITDA |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
8,126 |
|
|
$ |
8,921 |
|
| U.S. Concrete Waste Management Services |
|
|
4,355 |
|
|
|
3,495 |
|
| U.K. Operations |
|
|
2,846 |
|
|
|
3,176 |
|
| Reportable segment EBITDA |
|
|
15,327 |
|
|
|
15,592 |
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
|
(5,802 |
) |
|
|
(6,463 |
) |
| Reportable depreciation and amortization |
|
|
(13,200 |
) |
|
|
(14,097 |
) |
| Other |
|
|
- |
|
|
|
131 |
|
| Total loss before income taxes |
|
$ |
(3,675 |
) |
|
$ |
(4,837 |
) |
| |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
9,075 |
|
|
$ |
10,230 |
|
| U.S. Concrete Waste Management Services |
|
|
2,276 |
|
|
|
2,059 |
|
| U.K. Operations |
|
|
1,849 |
|
|
|
1,808 |
|
| Total depreciation and amortization |
|
$ |
13,200 |
|
|
$ |
14,097 |
|
| |
|
|
|
|
|
|
|
|
| Interest expense and amortization of deferred financing costs, net of interest income |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
3,311 |
|
|
$ |
3,997 |
|
| U.S. Concrete Waste Management Services |
|
|
1,772 |
|
|
|
1,757 |
|
| U.K. Operations |
|
|
719 |
|
|
|
709 |
|
| Total interest expense and amortization of deferred financing costs, net of interest income |
|
$ |
5,802 |
|
|
$ |
6,463 |
|
| |
|
|
|
|
|
|
|
|
| Total capital expenditures |
|
|
|
|
|
|
|
|
| U.S. Concrete Pumping |
|
$ |
2,185 |
|
|
$ |
7,932 |
|
| U.S. Concrete Waste Management Services |
|
|
1,967 |
|
|
|
3,047 |
|
| U.K. Operations |
|
|
1,678 |
|
|
|
4,227 |
|
| Reportable segment capital expenditures |
|
|
5,830 |
|
|
|
15,206 |
|
| Other |
|
|
11 |
|
|
|
2,560 |
|
| Total capital expenditures |
|
$ |
5,841 |
|
|
$ |
17,766 |
|
| |
|
|
|
|
|
|
|
|
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 |
|
| |
|
January 31, |
|
|
October 31, |
|
| (in thousands) |
|
2025 |
|
|
2024 |
|
| Total Assets |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
799,341 |
|
|
$ |
780,572 |
|
| U.K. |
|
|
113,544 |
|
|
|
117,418 |
|
| Total Assets |
|
$ |
912,885 |
|
|
$ |
897,990 |
|
| |
|
|
|
|
|
|
|
|
| Property, plant and equipment, net |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
348,846 |
|
|
$ |
353,895 |
|
| U.K. |
|
|
59,766 |
|
|
|
61,831 |
|
| Property, plant and equipment, net |
|
$ |
408,612 |
|
|
$ |
415,726 |
|
| |
|
Three Months Ended January 31, |
|
| (in thousands) |
|
2025 |
|
|
2024 |
|
| Revenue by geography |
|
|
|
|
|
|
|
|
| U.S. |
|
$ |
73,607 |
|
|
$ |
82,303 |
|
| U.K. |
|
|
12,840 |
|
|
|
15,408 |
|
| Total revenue |
|
$ |
86,447 |
|
|
$ |
97,711 |
|
|