Quarterly report [Sections 13 or 15(d)]

Note 19 - Segment Reporting

v3.25.0.1
Note 19 - Segment Reporting
3 Months Ended
Jan. 31, 2025
Notes to Financial Statements  
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