Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 001-38166

CONCRETE PUMPING HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

Delaware	83-1779605
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

500 E. 84th Avenue, Suite A-5	80229
Thornton, Colorado
(Address of principal executive offices)	(Zip Code)

(303) 289-7497

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	BBCP	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 30, 2024, the registrant had 53,533,261 shares of common stock, par value $0.0001 per share, issued and outstanding.

Table of Contents

CONCRETE PUMPING HOLDINGS, INC.

QUARTERLY REPORT ON FORM 10-Q

fOR THE PERIOD ENDED July 31, 2024

			Page
Part I. Financial Information

	Item 1.	Financial Statements:
		Condensed Consolidated Balance Sheets (Unaudited)	3
		Condensed Consolidated Statements of Operations (Unaudited)	4
		Condensed Consolidated Statements of Comprehensive Income (Unaudited).	5
		Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)	6
		Condensed Consolidated Statements of Cash Flows (Unaudited)	8
		Notes to Unaudited Condensed Consolidated Financial Statements	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
	Item 4.	Controls and Procedures	37

Part II. Other Information

	Item 1.	Legal Proceedings	38
	Item 1A.	Risk Factors	38
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
	Item 3.	Defaults Upon Senior Securities	39
	Item 4.	Mine Safety Disclosures	39
	Item 5.	Other Information	39
	Item 6.	Exhibits	39

	Signatures		40

Table of Contents

PART I

ITEM 1. Financial Statements

Concrete Pumping Holdings, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)


	*As of July 31,*			*As of October 31,*
(in thousands, except per share amounts)	*2024*			*2023*

Current assets:
Cash and cash equivalents	$	26,333		$	15,861
Receivables, net of allowance for doubtful accounts of $1,076 and $978, respectively		56,214			62,976
Inventory		6,568			6,732
Prepaid expenses and other current assets		13,357			8,701
Total current assets		102,472			94,270

Property, plant and equipment, net		423,486			427,648
Intangible assets, net		109,253			120,244
Goodwill		222,964			221,517
Right-of-use operating lease assets		26,734			24,815
Other non-current assets		4,392			14,250
Deferred financing costs		1,489			1,781
Total assets	$	890,790		$	904,525


Current liabilities:
Revolving loan	$	-		$	18,954
Operating lease obligations, current portion		4,800			4,739
Finance lease obligations, current portion		-			125
Accounts payable		7,914			8,906
Accrued payroll and payroll expenses		14,795			14,524
Accrued expenses and other current liabilities		38,745			34,750
Income taxes payable		356			1,848
Warrant liability, current portion		-			130
Total current liabilities		66,610			83,976

Long term debt, net of discount for deferred financing costs		372,912			371,868
Operating lease obligations, non-current		22,243			20,458
Finance lease obligations, non-current		-			50
Deferred income taxes		84,050			80,791
Other liabilities, non-current		5,299			14,142
Total liabilities		551,114			571,285

Commitments and contingencies (Note 13)

Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2024 and October 31, 2023		25,000			25,000

Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,748,023 and 54,757,445 issued and outstanding as of July 31, 2024 and October 31, 2023, respectively		6			6
Additional paid-in capital		385,229			383,286
Treasury stock		(22,275	)		(15,114	)
Accumulated other comprehensive loss		(617	)		(5,491	)
Accumulated deficit		(47,667	)		(54,447	)
Total stockholders' equity		314,676			308,240

Total liabilities and stockholders' equity	$	890,790		$	904,525

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands, except per share amounts)	*2024*			*2023*			*2024*			*2023*

Revenue	$	109,617		$	120,671		$	314,390		$	322,037

Cost of operations		65,112			71,187			194,804			192,625
Gross profit		44,505			49,484			119,586			129,412

General and administrative expenses		27,880			29,937			89,450			87,236
Income from operations		16,625			19,547			30,136			42,176

Other income (expense):
Interest expense and amortization of deferred financing costs		(6,318	)		(7,066	)		(19,744	)		(21,285	)
Change in fair value of warrant liabilities		-			911			130			6,639
Interest income		58			-			148			-
Other income (expense), net		276			262			360			296
Total other expense		(5,984	)		(5,893	)		(19,106	)		(14,350	)

Income before income taxes		10,641			13,654			11,030			27,826

Income tax expense		3,081			3,318			4,250			5,427

Net income		7,560			10,336			6,780			22,399

Less accretion of liquidation preference on preferred stock		(440	)		(441	)		(1,310	)		(1,309	)

Income available to common shareholders	$	7,120		$	9,895		$	5,470		$	21,090

Weighted average common shares outstanding
Basic		53,699			53,199			53,556			53,377
Diluted		53,775			54,105			54,191			54,263

Net income per common share
Basic	$	0.13		$	0.18		$	0.10		$	0.38
Diluted	$	0.13		$	0.18		$	0.10		$	0.38

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*

Net income	$	7,560	$	10,336	$	6,780	$	22,399

Other comprehensive income:
Foreign currency translation adjustment		2,315		1,835		4,874		8,565

Total comprehensive income	$	9,875	$	12,171	$	11,654	$	30,964

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, April 30, 2024		53,741,044		$	6	$	384,585	$	(18,131	)	$	(2,932	)	$	(55,227	)	$	308,301
Stock-based compensation expense		-			-		644		-			-			-			644
Forfeiture/cancellation of restricted stock		(812	)		-		-		-			-			-			-
Shares issued under stock-based program		709,192			-		-		-			-			-			-
Treasury shares purchased for tax withholding		(330,982	)		-		-		(1,683	)		-			-			(1,683	)
Treasury shares purchased under share repurchase program		(370,419	)		-		-		(2,460	)		-			-			(2,460	)
Net income		-			-		-		-			-			7,560			7,560
Foreign currency translation adjustment		-			-		-		-			2,315			-			2,315
Balance, July 31, 2024		53,748,023		$	6	$	385,229	$	(22,275	)	$	(617	)	$	(47,667	)	$	314,676

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, April 30, 2023		55,015,572		$	6	$	381,599	$	(12,894	)	$	(2,498	)	$	(74,174	)	$	292,039
Stock-based compensation expense		-			-		934		-			-			-			934
Forfeiture/cancellation of restricted stock		(18,459	)		-		-		-			-			-			-
Shares issued under stock-based program		8,773			-		-		-			-			-			-
Treasury shares purchased for tax withholding		-			-		-		-			-			-			-
Treasury shares purchased under share repurchase program		(198,973	)		-		-		(1,394	)		-			-			(1,394	)
Net income		-			-		-		-			-			10,336			10,336
Foreign currency translation adjustment		-			-		-		-			1,835			-			1,835
Balance, July 31, 2023		54,806,913		$	6	$	382,533	$	(14,288	)	$	(663	)	$	(63,838	)	$	303,750

Table of Contents

Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, October 31, 2023		54,757,445		$	6	$	383,286	$	(15,114	)	$	(5,491	)	$	(54,447	)	$	308,240
Stock-based compensation expense		-			-		1,917		-			-			-			1,917
Forfeiture/cancellation of restricted stock		(751,397	)		-		-		-			-			-			-
Shares issued under stock-based program		842,041			-		26		-			-			-			26
Treasury shares purchased for tax withholding		(522,524	)		-		-		(3,184	)		-			-			(3,184	)
Treasury shares purchased under share repurchase program		(577,542	)		-		-		(3,977	)		-			-			(3,977	)
Net income		-			-		-		-			-			6,780			6,780
Foreign currency translation adjustment		-			-		-		-			4,874			-			4,874
Balance, July 31, 2024		53,748,023		$	6	$	385,229	$	(22,275	)	$	(617	)	$	(47,667	)	$	314,676

	*Common Stock*					*Additional Paid-In Capital*		*Treasury Stock*			*Accumulated Other Comprehensive Income (Loss)*			*Accumulated Deficit*			*Total*
(in thousands, except share amounts)	*Shares*			*Amount*
Balance, October 31, 2022		56,226,191		$	6	$	379,395	$	(4,609	)	$	(9,228	)	$	(86,237	)	$	279,327
Stock-based compensation expense		-			-		3,138		-			-			-			3,138
Forfeiture/cancellation of restricted stock		(19,771	)		-		-		-			-			-			-
Shares issued under stock-based program		49,820			-		-		-			-			-			-
Treasury shares purchased for tax withholding		(150,365	)		-		-		(1,040	)		-			-			(1,040	)
Treasury shares purchased under share repurchase program		(1,298,962	)		-		-		(8,639	)		-			-			(8,639	)
Net income		-			-		-		-			-			22,399			22,399
Foreign currency translation adjustment		-			-		-		-			8,565			-			8,565
Balance, July 31, 2023		54,806,913		$	6	$	382,533	$	(14,288	)	$	(663	)	$	(63,838	)	$	303,750

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Concrete Pumping Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	*For the Nine Months Ended July 31,*
(in thousands)	*2024*			*2023*
Net income	$	6,780		$	22,399
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash operating lease expense		3,841			3,526
Foreign currency adjustments		(890	)		(1,421	)
Depreciation		31,345			29,541
Deferred income taxes		2,693			4,140
Amortization of deferred financing costs		1,336			1,414
Amortization of intangible assets		11,482			14,336
Stock-based compensation expense		1,917			3,138
Change in fair value of warrant liabilities		(130	)		(6,639	)
Net gain on the sale of property, plant and equipment		(1,412	)		(1,472	)
Other operating activities		72			(93	)
Net changes in operating assets and liabilities:
Receivables		7,227			(3,199	)
Inventory		301			(970	)
Other operating assets		(551	)		(875	)
Accounts payable		(1,668	)		(2,050	)
Other operating liabilities		2,131			4,457
Net cash provided by operating activities		64,474			66,232

Cash flows from investing activities:
Purchases of property, plant and equipment		(37,484	)		(43,166	)
Proceeds from sale of property, plant and equipment		7,472			8,043
Purchases of intangible assets		-			(800	)
Net cash used in investing activities		(30,012	)		(35,923	)

Cash flows from financing activities:
Proceeds on revolving loan		230,398			239,911
Payments on revolving loan		(249,352	)		(256,345	)
Payment of debt issuance costs		-			(550	)
Purchase of treasury stock		(7,161	)		(9,679	)
Other financing activities		1,343			(81	)
Net cash used in financing activities		(24,772	)		(26,744	)
Effect of foreign currency exchange rate changes on cash		782			485
Net increase in cash and cash equivalents		10,472			4,050
Cash and cash equivalents:
Beginning of period		15,861			7,482
End of period	$	26,333		$	11,532

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

Concrete Pumping Holdings, Inc.

Notes to the Condensed Consolidated Financial Statements (Unaudited)

Note 1. Organization and Description of Business

Organization

Concrete Pumping Holdings, Inc. (the "Company") is a Delaware corporation headquartered in Thornton, Colorado. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").

Nature of business

Brundage-Bone is a concrete pumping service provider in the United States ("U.S.") and Camfaud is a concrete pumping service provider in the United Kingdom ("U.K."). Their core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a "home base" nightly and these service providers do not contract to purchase, mix, or deliver concrete. Brundage-Bone has approximately 100 branch locations across 21 states, with its corporate headquarters in Thornton, Colorado. Camfaud has approximately 30 branch locations throughout the U.K., with its corporate headquarters in Epping (near London), England.

Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 20 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.

Seasonality

The Company’s sales are historically seasonal, with lower revenue in the first quarter and higher revenue in the fourth quarter of each year. Such seasonality also causes the Company’s working capital cash flow requirements to vary from quarter to quarter and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months.

Note 2. Summary of Significant Accounting Policies

We describe our significant accounting policies in Note 2 of the notes to condensed consolidated financial statements in our annual report on Form 10-K for the year ended October 31, 2023 ("Annual Report"). During the nine months ended July 31, 2024, there were no changes to those accounting policies.

Basis of presentation

Our condensed consolidated balance sheet as of October 31, 2023, which was derived from our audited condensed consolidated financial statements and our unaudited interim condensed consolidated financial statements provided herein have been prepared in accordance with the instructions for Form 10-Q. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The enclosed statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the interim periods. The consolidated results of operations and cash flows for the first nine months of the year are not necessarily indicative of the consolidated results of operations and cash flows that might be expected for the entire year. These condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended October 31, 2023.

Certain prior period amounts have been reclassified in order to conform to the current year presentation.

During the first quarter of fiscal year 2024, certain assets and associated revenues and expenses previously part of the Company's Other activities were aggregated into its U.S. Concrete Pumping segment in order to better align its placement 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 current period presentation. For further discussion, see Note 18.

Table of Contents

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition

The Company generates revenues primarily from (1) concrete pumping services in both the U.S. and U.K and (2) the Company’s concrete waste services business, both of which are discussed below. In addition, the Company generates an immaterial amount of revenue from the sales of replacement parts to customers. The Company’s delivery terms for replacement part sales are FOB shipping point. Revenue is disaggregated between two accounting standards: (1) ASC 606, Revenue Recognition ("ASC 606") and (2) ASC 842, Leases ("ASC 842").

Leases as Lessor

Our Eco-Pan business involves contracts with customers whereby we are a lessor for the rental component of the contract and therefore, such rental components of the contract are recorded as lease revenue. We account for such rental contracts as operating leases. We recognize revenue from pan rentals in the period earned, regardless of the timing of billing to customers. The lease component of the revenue is disaggregated by a base price that is based on the number of contractual days and a variable component that is based on days in excess of the number of contractual days.

The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended July 31, 2024 and 2023 by revenue type:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Service revenue	$	100,575	$	112,340	$	289,262	$	299,521
Lease fixed revenue		5,744		5,237		15,516		13,453
Lease variable revenue		3,298		3,094		9,612		9,063
Total revenue	$	109,617	$	120,671	$	314,390	$	322,037

Receivables and contract assets and liabilities

Receivables are carried at the original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts. Generally, the Company does not require collateral for their accounts receivable; however, the Company may file statutory liens or take other appropriate legal action when necessary on construction projects in which collection problems arise. A receivable is typically considered to be past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not typically charge interest on past-due receivables.

Pursuant to CECL (defined below), Management determines the allowance for doubtful accounts by identifying troubled accounts and by using historical experience applied to an aging of accounts, Management’s understanding of the current economic circumstances within the Company’s industry, reasonable and supportable forecasts and Management’s judgment as to the likelihood of ultimate payment based upon available data. Receivables are written off when deemed uncollectible. Recoveries of receivables previously written off are recorded when received. Our estimate of doubtful accounts could change based on changing circumstances, including changes in the economy or in particular circumstances of individual customers. Accordingly, the Company may be required to increase or decrease the allowance for doubtful accounts.

The Company does not have contract liabilities associated with contracts with customers. The Company’s contract assets and impairment losses associated therewith are not significant. Contracts with customers do not result in amounts billed to customers in excess of recognizable revenue.

Table of Contents

Newly adopted accounting pronouncements

ASU 2016-13, Financial Instruments Credit Losses (Topic 326) ("ASU 2016-13") - In June 2016, the FASB issued ASU No. 2016-13, which, along with subsequently issued related ASUs, requires financial assets (or groups of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected, among other provisions (known as the current expected credit loss ("CECL") model). Under the new guidance, the Company recognizes an allowance for its estimate of expected credit losses over the entire contractual term of its receivables from the date of initial recognition of the financial instrument. Measurement of expected credit losses are based on relevant forecasts that affect collectability. The Company’s receivables are in scope for CECL. At the point that these receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life are recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. This ASU is effective for smaller reporting companies with fiscal years beginning after December 15, 2022, with early adoption permitted. The Company adopted CECL as of November 1, 2023 for fiscal year ending October 31, 2024. The adoption of CECL did not have a material impact on the condensed consolidated financial statements and related disclosures or the existing internal controls because the Company’s accounts receivable are of short duration and there is not a material difference between incurred losses and expected losses.

Recently issued accounting pronouncements not yet effective

ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07") - In November 2023, the FASB issued ASU No. 2023-07, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements.

ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09") - In December 2023, the FASB issued ASU No. 2023-09, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effects adoption of this guidance will have on its consolidated financial statements.

Table of Contents

Note 3. Fair Value Measurement

The carrying amounts of the Company's cash and cash equivalents, accounts receivable, accounts payable and current accrued liabilities approximate their fair value as recorded due to the short-term maturity of these instruments, which approximates fair value. The Company’s outstanding obligations on its asset-backed loan ("ABL") credit facility are deemed to be at fair value as the interest rates on these debt obligations are variable and consistent with prevailing rates. There were no changes since October 31, 2023 in the Company's valuation techniques used to measure fair value.

Long-term debt instruments

The Company's long-term debt instruments are recorded at their carrying values in the condensed consolidated balance sheet, which may differ from their respective fair values. The fair values of the long-term debt instruments are derived from Level 2 inputs. The fair value amount of the long-term debt instruments as of July 31, 2024 and October 31, 2023 is presented in the table below based on the prevailing interest rates and trading activity of the Senior Notes.

	*As of July 31,*				*As of October 31,*
	*2024*				*2023*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
Senior Notes	$	375,000	$	372,188	$	375,000	$	353,438

Warrants

At October 31, 2023, there were 13,017,677 public warrants and no private warrants outstanding. The warrants expired on December 6, 2023 and there were no amounts outstanding as of July 31, 2024.

All other non-financial assets

The Company's non-financial assets, which primarily consist of property and equipment, goodwill and other intangible assets, are not required to be carried at fair value on a recurring basis and are reported at carrying value. However, on a periodic basis or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable (and at least annually for goodwill and indefinite lived intangibles), non-financial instruments are assessed for impairment and, if applicable, written down to and recorded at fair value.

Table of Contents

Note 4. Prepaid Expenses and Other Current Assets

The significant components of prepaid expenses and other current assets as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	8,463	$	3,802
Prepaid insurance		2,482		1,611
Prepaid licenses and deposits		837		810
Prepaid rent		82		629
Other current assets and prepaids		1,493		1,849
Total prepaid expenses and other current assets	$	13,357	$	8,701

Note 5. Property, Plant and Equipment

The significant components of property, plant and equipment as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*			*As of October 31,*
(in thousands)	*2024*			*2023*
Land, building and improvements	$	32,583		$	29,338
Finance leases—land and buildings		-			828
Machinery and equipment		535,934			517,514
Transportation equipment		10,523			9,306
Furniture and office equipment		4,149			3,817
Property, plant and equipment, gross		583,189			560,803
Less accumulated depreciation		(159,703	)		(133,155	)
Property, plant and equipment, net	$	423,486		$	427,648

For the three and nine months ended July 31, 2024 and 2023, depreciation expense is as follows:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Cost of operations	$	10,221	$	9,396	$	29,617	$	27,718
General and administrative expenses		560		622		1,728		1,823
Total depreciation expense	$	10,781	$	10,018	$	31,345	$	29,541

Table of Contents

Note 6. Goodwill and Intangible Assets

The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.

There were no triggering events during the nine months ended July 31, 2024. The Company will continue to evaluate its goodwill and intangible assets in future quarters.

The following table summarizes the composition of intangible assets as of July 31, 2024 and October 31, 2023:

	*As of July 31,*
	*2024*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		9.4	$	195,126	$	-		$	(140,798	)	$	1,179	$	55,507
Trade name		4.4		5,097		-			(3,044	)		291		2,344
Assembled workforce		0.9		1,650		-			(1,385	)		-		265
Noncompete agreements		3.2		1,200		-			(563	)		-		637
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(145,790	)	$	1,470	$	109,253

	*As of October 31,*
	*2023*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		10.1	$	195,126	$	-		$	(130,295	)	$	832	$	65,663
Trade name		5.1		5,097		-			(2,645	)		146		2,598
Assembled workforce		1.4		1,650		-			(972	)		-		678
Noncompete agreements		3.9		1,200		-			(395	)		-		805
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(134,307	)	$	978	$	120,244

Amortization expense for the three months ended July 31, 2024 and 2023 was $3.7 million and $4.7 million, respectively. Amortization expense for the nine months ended July 31, 2024 and 2023 was $11.5 million and $14.3 million, respectively.

The changes in the carrying value of goodwill by reportable segment for the nine months ended July 31, 2024 are as follows:

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*		*U.S. Concrete Waste Management Services*		*Total*
Balance at October 31, 2023	$	147,482	$	24,902	$	49,133	$	221,517
Foreign currency translation		-		1,447		-		1,447
Balance at July 31, 2024	$	147,482	$	26,349	$	49,133	$	222,964

Table of Contents

Note 7. Other Non-Current Assets

The significant components of other non-current assets as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	4,040	$	13,822
Other non-current assets		352		428
Total other non-current assets	$	4,392	$	14,250

Note 8. Long Term Debt and Revolving Lines of Credit

The table below is a summary of the composition of the Company’s debt balances as of July 31, 2024 and October 31, 2023:

				*July 31,*			*October 31,*
(in thousands)	*Interest Rates*		*Maturities*	*2024*			*2023*
ABL Facility - short term	Varies		June 2028	$	-		$	18,954
Senior notes - all long term		6.00%	February 2026		375,000			375,000
Total debt, gross					375,000			393,954
Less: Unamortized deferred financing costs offsetting long term debt					(2,088	)		(3,132	)
Less: Current portion					-			(18,954	)
Long term debt, net of unamortized deferred financing costs				$	372,912		$	371,868

On January 28, 2021, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company (i) completed a private offering of $375.0 million in aggregate principal amount of its 6.000% senior secured second lien notes due 2026 (the "Senior Notes") issued pursuant to an indenture, among the Issuer, the Company, the other Guarantors (as defined below), Deutsche Bank Trust Company Americas, as trustee and as collateral agent (the "Indenture") and (ii) entered into an amended and restated ABL Facility (as subsequently amended, the "ABL Facility") by and among the Company, certain subsidiaries of the Company, Wells Fargo Bank, National Association, as agent, sole lead arranger and sole bookrunner, the other lenders party thereto, which originally provided up to $125.0 million of asset-based revolving loan commitments to the Company and the other borrowers under the ABL Facility. The Senior Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors").

On June 1, 2023, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder to $225.0 million, (2) increase the letter of credit sublimit to $22.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) June 1, 2028 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $75.0 million. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $0.5 million of debt issuance costs related to the June 1, 2023, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $0.5 million will be amortized from June 1, 2023 through June 1, 2028.

The outstanding principal amount of the Senior Notes as of July 31, 2024 was $375.0 million and as of that date, the Company was in compliance with all covenants under the Indenture.

Table of Contents

There was no outstanding balance under the ABL Facility as of July 31, 2024 and as of that date, the Company was in compliance with all debt covenants. Borrowings are generally in the form of short-term fixed rate loans that can be extended to mature on the earlier of (a) June 1, 2028 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. Amounts borrowed may be repaid at any time, subject to the terms and conditions of the agreement.

The Company utilizes the ABL Facility to support its working capital arrangement.

In addition, as of July 31, 2024 the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million.

As of July 31, 2024 we had $210.0 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed consolidated balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $1.5 million as of July 31, 2024.

There was no outstanding balance under the ABL Facility as of July 31, 2024 and as of October 31, 2023 the weighted average interest rate for borrowings under the ABL Facility was 7.9%.

Note 9. Accrued Payroll and Payroll Expenses

The following table summarizes accrued payroll and expenses as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued vacation	$	3,153	$	2,982
Accrued payroll		5,105		3,960
Accrued bonus		4,912		5,368
Accrued employee-related taxes		1,481		1,892
Other accrued		144		322
Total accrued payroll and payroll expenses	$	14,795	$	14,524

Note 10. Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued self-insured commercial liabilities	$	16,319	$	11,087
Accrued self-insured health liabilities		1,393		2,269
Accrued interest		11,268		5,775
Accrued equipment purchases		998		8,545
Accrued property, sales and use tax		3,330		1,791
Accrued professional fees		818		1,429
Other		4,619		3,854
Total accrued expenses and other liabilities	$	38,745	$	34,750

Table of Contents

Note 11. Other Liabilities, Non-Current

The following table summarizes other non-current liabilities as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Self-insured commercial liability	$	4,241	$	14,140
Other		1,058		2
Total other non-current liabilities	$	5,299	$	14,142

Note 12. Income Taxes

The following table summarizes income before income taxes and income tax expense for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*

Income before income taxes	$	10,641	$	13,654	$	11,030	$	27,826

Income tax expense	$	3,081	$	3,318	$	4,250	$	5,427

For the three months ended July 31, 2024 and 2023, the Company’s effective tax rate was 29.0% and 24.3%, respectively. The comparability of effective tax rates between both periods was primarily impacted by (1) increases in the UK corporate income tax rate to 25% and (2) the warrants fair value activity in the three months ended July 31, 2023, as it is not recognized for tax purposes. For the nine months ended July 31, 2024 and 2023, the Company’s effective tax rate was 38.5% and 19.5%, respectively. The comparability of effective tax rates between both periods was primarily impacted by (1) higher excess tax deficiencies from share-based compensation exercise and vesting activity in the nine months ended July 31, 2024, (2) the warrants fair value activity in the nine months ended July 31, 2023, as it is not recognized for tax purposes, (3) increases in the UK corporate income tax rate to 25% and (4) the expiration of the capital allowances super deduction in the UK in fiscal 2024.

Table of Contents

Note 13. Commitments and Contingencies

Insurance

Commercial Self-Insured Losses

The Company retains a significant portion of the risk for workers' compensation, automobile, and general liability losses ("self-insured commercial liability"). Reserves have been recorded that reflect the undiscounted estimated liabilities including claims incurred but not reported. When a recognized liability is covered by third-party insurance, the Company records an insurance claim receivable to reflect the covered liability. Amounts estimated to be paid within one year have been included in accrued expenses and other current liabilities, with the remainder included in other liabilities, non-current on the condensed consolidated balance sheets. Insurance claims receivables that are expected to be received from third-party insurance within one year have been included in prepaid expenses and other current assets, with the remainder included in other non-current assets on the condensed consolidated balance sheets.

The following table summarizes as of July 31, 2024 and October 31, 2023 for (1) recorded liabilities, related to both asserted as well as unasserted insurance claims and (2) any related insurance claims receivables:

		*As of July 31, 2024*		*As of October 31, 2023*
(in thousands)	*Classification on the Condensed Consolidated Balance Sheets*
Self-insured commercial liability, current	Accrued expenses and other current liabilities	$	16,319	$	11,087
Self-insured commercial liability, non-current	Other liabilities, non-current		4,241		14,140
*Total self-insured commercial liabilities*		$	20,560	$	25,227

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	8,463	$	3,802
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		4,040		13,822
*Total expected recoveries related to self-insured commercial liabilities*		$	12,503	$	17,625

*Total self-insured commercial liability, net of expected recoveries*		$	8,057	$	7,602

Medical Self-Insured Losses

The Company offers employee health benefits via a partially self-insured medical benefit plan. Participant claims exceeding certain limits are covered by a stop-loss insurance policy. The Company contracts with a third-party administrator for tasks including, but not limited to, processing claims and remitting benefits. As of July 31, 2024 and October 31, 2023, the Company had accrued $1.4 million and $1.2 million, respectively, for estimated health claims incurred but not reported based on historical claims amounts and average lag time. These accruals are included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. The Company contracts with a third-party administrator to process claims and remit benefits. The third-party administrator requires the Company to maintain a bank account to facilitate the administration of claims.

Litigation

The Company is currently involved in certain legal proceedings and other disputes with third parties that have arisen in the ordinary course of business. Management believes that the outcomes of these matters will not have a material impact on the Company’s financial statements and does not believe that any amounts need to be recorded for contingent liabilities in the Company’s condensed consolidated balance sheet.

Table of Contents

Washington Department of Revenue Sales Tax Issue

Historically, the Company has not charged sales tax to its Washington State customers that provide a reseller certificate, treating this as a wholesale transaction rather than as a retail sale. Effective April 1, 2020, the state of Washington Department of Revenue ("DOR") published a rule which amended Washington Administrative Code 458-20-211, otherwise known as Rule 211, by designating sales of stand-alone concrete pumping services as solely retail transactions. The Company sought to strongly defend its position that no sales tax should be charged for customers that provide a reseller certificate. As such, for the period from April 1, 2020 through January 31, 2024, the Company did not charge sales tax where its customers provide a reseller certificate and petitioned for declaratory relief from the amended rule.

In February 2023, the Company received an adverse ruling from the Thurston County superior court in Washington State regarding its position, which it appealed. In February 2024, oral arguments were heard in the Court of Appeals in Tacoma, Washington and the Company received an unfavorable judgement during the same month. As of October 31, 2023, no liability had been recorded in connection with this contingency as a loss was not deemed probable at that time. However, as a result of the unfavorable judgment in February 2024, the Company concluded loss is probable and therefore recorded a loss of $3.5 million in the quarter ended January 31, 2024. The loss is included in general and administrative expenses in the Company’s condensed consolidated financial statements for the nine months ended July 31, 2024. During the quarter ended January 31, 2024, the Company made a payment of $1.8 million to the DOR. Beginning with the second quarter of fiscal year 2024, the Company started assessing sales tax related to its customers in the state of Washington.

Letters of credit

The ABL Facility provides for up to $22.5 million of standby letters of credit. As of July 31, 2024, total outstanding letters of credit totaled $13.9 million, the vast majority of which had been committed to the Company’s general liability insurance provider.

Note 14. Stockholders’ Equity

Share Repurchase Program

In March 2024, the board of directors of the Company approved a $15.0 million increase to the Company’s share repurchase program. This authorization will expire on March 31, 2025 and is in addition to the repurchase authorization of up to $10.0 million to expire March 31, 2025 that was previously approved in January 2023. In January 2023, the board of directors of the Company approved a $10.0 million increase to the Company’s share repurchase program that was set to expire on March 31, 2024. On January 4, 2024, the board of directors approved an extension of this authorization through March 31, 2025.

The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal and regulatory requirements. The repurchase program may be suspended, terminated, extended or otherwise modified by the Board without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by the Company's management.

The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands, except price per share)	*2024*		*2023*		*2024*		*2023*
Shares repurchased		371		199		578		1,299
Total cost of shares repurchased	$	2,460	$	1,394	$	3,977	$	8,642
Average price per share	$	6.64	$	7.01	$	6.89	$	6.65

Table of Contents

Note 15. Stock-Based Compensation

Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company has granted stock-based awards to certain employees in the U.S. and U.K.

The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Compensation expense – stock options	$	64	$	116	$	207	$	371
Compensation expense – restricted stock		580		818		1,710		2,767
Total	$	644	$	934	$	1,917	$	3,138

Note 16. Earnings Per Share

The table below shows our basic and diluted EPS calculations for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands, except per share amounts)	*2024*			*2023*			*2024*			*2023*
Net income (numerator):
Net income attributable to Concrete Pumping Holdings, Inc.	$	7,560		$	10,336		$	6,780		$	22,399
Less: Accretion of liquidation preference on preferred stock		(440	)		(441	)		(1,310	)		(1,309	)
Less: Undistributed earnings allocated to participating securities		(31	)		(323	)		(41	)		(751	)
Net income attributable to common stockholders (numerator for basic earnings per share)	$	7,089		$	9,572		$	5,429		$	20,339
Add back: Undistributed earning allocated to participating securities		31			323			41			751
Less: Undistributed earnings reallocated to participating securities		(31	)		(318	)		(41	)		(739	)
Numerator for diluted earnings per share	$	7,089		$	9,577		$	5,429		$	20,351

Weighted average shares (denominator):
Weighted average shares - basic		53,699			53,199			53,556			53,377
Weighted average shares - diluted		53,775			54,105			54,191			54,263

Basic earnings per share	$	0.13		$	0.18		$	0.10		$	0.38
Diluted earnings per share	$	0.13		$	0.18		$	0.10		$	0.38

Certain outstanding stock awards and options, preferred stock and warrants were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive.

For the three months ended July 31, 2024, 0.6 million of outstanding stock awards and options, and 2.5 million shares of Series A Preferred Stock were excluded. For the nine months ended July 31, 2024, 0.4 million of outstanding stock awards and options, and 2.5 million shares of Series A Preferred Stock were excluded. For the three and nine months ended July 31, 2023, 13.0 million warrants to purchase shares of common stock at an exercise price of $11.50, 1.1 million in outstanding stock awards and 2.5 million shares of Series A Preferred Stock were excluded.

Table of Contents

Note 17. Supplemental Cash Flow Information

The table below shows supplemental cash flow information for the nine months ended July 31, 2024 and 2023:

	*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	3,811	$	3,340
Cash paid for interest	$	12,614	$	14,155
Cash paid for income taxes	$	2,571	$	258

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	6,109	$	3,873

The table below shows property, plant and equipment acquired but not yet paid for as of July 31, 2024 and 2023:

	*As of July 31,*
(in thousands)	*2024*		*2023*
Beginning of period:
PP&E acquired but not yet paid	$	9,484	$	8,882

End of period:
PP&E acquired but not yet paid	$	1,453	$	3,737

Note 18. Segment Reporting

The Company’s revenues are derived from three reportable segments: U.S. Concrete Pumping, U.K. Operations and U.S. Concrete Waste Management Services. 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).

During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses previously part of the Company's Other activities into the U.S. Concrete Pumping segment based on the way our chief operating decision maker ("CODM") 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, 2023:

	*Three Months Ended July 31, 2023*					*Nine Months Ended July 31, 2023*
(in thousands)	*U.S. Concrete Pumping*		*Other*			*U.S. Concrete Pumping*		*Other*
As Previously Reported
Depreciation and amortization	$	10,498	$	216		$	31,464	$	644
Segment EBITDA	$	21,670	$	1,536		$	54,520	$	8,514

Recast Adjustment
Depreciation and amortization	$	216	$	(216	)	$	644	$	(644	)
Segment EBITDA	$	625	$	(625	)	$	1,875	$	(1,875	)

Current Report As Adjusted
Depreciation and amortization	$	10,714	$	-		$	32,108	$	-
Segment EBITDA	$	22,295	$	911		$	56,395	$	6,639

Table of Contents

The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.

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

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands)	*2024*			*2023*			*2024*			*2023*
Revenue
U.S. Concrete Pumping	$	75,213		$	87,323		$	216,514		$	232,896
U.K. Operations		15,859			17,260			46,813			45,207
U.S. Concrete Waste Management Services - Third parties		18,545			16,088			51,063			43,934
U.S. Concrete Waste Management Services - Intersegment		87			417			331			511
Intersegment eliminations		(87	)		(417	)		(331	)		(511	)
Reportable segment revenue	$	109,617		$	120,671			314,390			322,037

EBITDA
U.S. Concrete Pumping	$	20,156		$	22,295		$	43,216		$	56,395
U.K. Operations		3,981			4,769			11,374			10,957
U.S. Concrete Waste Management Services		7,313			7,452			18,881			18,997
Reportable segment EBITDA		31,450			34,516			73,471			86,349
Interest expense and amortization of deferred financing costs		(6,318	)		(7,066	)		(19,744	)		(21,285	)
Reportable depreciation and amortization		(14,491	)		(14,707	)		(42,827	)		(43,877	)
Other		-			911			130			6,639
Total income before income taxes	$	10,641		$	13,654		$	11,030		$	27,826


Depreciation and amortization
U.S. Concrete Pumping	$	9,874		$	10,714		$	30,374		$	32,108
U.K. Operations		1,907			1,879			5,564			5,555
U.S. Concrete Waste Management Services		2,710			2,114			6,889			6,214
Total depreciation and amortization	$	14,491		$	14,707		$	42,827		$	43,877

Interest expense and amortization of deferred financing costs
U.S. Concrete Pumping	$	5,585		$	6,337		$	17,577		$	19,163
U.K. Operations		733			729			2,167			2,122
Total interest expense and amortization of deferred financing costs	$	6,318		$	7,066		$	19,744		$	21,285

Revenue by geography
U.S.	$	93,758		$	103,411		$	267,577		$	276,830
U.K.		15,859			17,260			46,813			45,207
Total revenue	$	109,617		$	120,671		$	314,390		$	322,037

Total capital expenditures
U.S. Concrete Pumping	$	818		$	3,359		$	14,509		$	24,034
U.K. Operations		4,004		$	1,434			10,388			10,335
U.S. Concrete Waste Management Services		3,845		$	3,559			9,944			8,688
Reportable segment capital expenditures		8,667			8,352			34,841			43,057
Other		-			69			2,643			109
Total capital expenditures	$	8,667		$	8,421		$	37,484		$	43,166

Table of Contents

The Company does not disclose total assets by segment as such information is not provided to the CODM. The total assets by geographic location is provided to the CODM and is presented below. 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)	*2024*		*2023*
Total Assets
U.S.	$	754,933	$	785,402
U.K.		135,857		119,123
Total Assets	$	890,790	$	904,525

Property, plant and equipment, net
U.S.	$	359,998	$	371,689
U.K.		63,488		55,959
Property, plant and equipment, net	$	423,486	$	427,648

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following management’s discussion and analysis together with Concrete Pumping Holdings, Inc.’s (the "Company", "we", "us" or "our") condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report. All references to "Notes" in this Item 2 of Part I refer to the notes to condensed consolidated financial statements included in Item 1 of Part I of this report. All references to "Annual Report" refers to our Form 10-K for the year ended October 31, 2023 filed with the SEC on January 16, 2024.

Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary

Certain statements in this Quarterly Report on Form 10-Q ("Report") constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding our business, financial condition, results of operations, cash flows, strategies and prospects. These forward-looking statements may be identified by terminology such as "likely," "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or "views" or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this Report are reasonable, we cannot guarantee future results.

The forward-looking statements contained in this Report are based on our current expectations and beliefs concerning future developments and their potential effects. These statements involve known and unknown risks, uncertainties (some of which are beyond our control) and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the items in the following:

	●	the adverse impact of recent inflationary pressures, including significant increases in fuel costs, global economic conditions and events related to these conditions
	●	general economic and business conditions, which may affect demand for commercial, infrastructure, and residential construction and adverse effects of major endemics or pandemics on our business;
	●	our ability to successfully implement our operating strategy;
	●	our ability to successfully identify, manage and integrate acquisitions;
	●	our ability to maintain effective internal controls necessary to provide reliable financial reports;
	●	governmental requirements and initiatives, including those related to mortgage lending, financing or deductions, funding for public or infrastructure construction, land usage, and environmental, health, and safety matters;
	●	seasonal and inclement weather conditions, which impede the installation of ready-mixed concrete;
	●	the cyclical nature of, and changes in, the real estate and construction markets, including pricing changes by our competitors;
	●	our ability to maintain favorable relationships with third parties who supply us with equipment and essential supplies;
	●	our ability to retain key personnel and maintain satisfactory labor relations;
	●	disruptions, uncertainties or volatility in the credit markets that may limit our, our suppliers’ and our customers’ access to capital;
	●	personal injury, property damage, results of litigation, proceedings, adverse rulings, other claims and insurance coverage issues;
	●	our substantial indebtedness and the restrictions imposed on us by the terms of our indebtedness;
	●	the effects of currency fluctuations on our results of operations and financial condition; and
	●	other factors as described in the section entitled "Risk Factors" in our Annual Report.

Our forward-looking statements speak only as of the date of this report or as of the date they are made, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports on Forms 10-K, 10-Q and 8-K should be considered.

Table of Contents

Business Overview

The Company is a Delaware corporation headquartered in Thornton, Colorado. The unaudited condensed consolidated financial statements included herein include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. ("Brundage-Bone"), Camfaud Group Limited ("Camfaud") and Eco-Pan, Inc. ("Eco-Pan").

As part of the Company’s business growth and capital allocation strategy, the Company views strategic acquisitions as opportunities to enhance our value proposition through differentiation and competitiveness. Depending on the deal size and characteristics of the M&A opportunities available, we expect to allocate capital for opportunistic M&A utilizing cash on the balance sheet and the Company's revolving line of credit. In recent years, we have successfully executed on this strategy.

U.S. Concrete Pumping

All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the United States ("U.S."). Our U.S. Concrete Pumping core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment collectively has approximately 100 branch locations across 21 states with their corporate headquarters in Thornton, Colorado.

U.S. Concrete Waste Management Services

Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 20 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado.

U.K. Operations

Our U.K. Operations segment consists of our Camfaud, Premier and U.K. based Eco-Pan businesses. Camfaud is a concrete pumping service provider in the U.K. Our U.K. core business is primarily the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and does not contract to purchase, mix, or deliver concrete. Camfaud has approximately 30 branch locations throughout the U.K., with its corporate headquarters in Epping (near London), England. In addition, we have concrete waste management operations under our Eco-Pan brand name in the U.K. and currently operate from a shared Camfaud location.

Table of Contents

Results of Operations

The tables included in the period-to-period comparisons below provide summaries of our revenues and gross profits for our business segments for the three and nine months ended July 31, 2024 and 2023.

Three Months Ended July 31, 2024 Compared to the Three Months Ended July 31, 2023

The tables included in the period-to-period comparisons below provide summaries of our revenue, gross profit and net income for our business segments for the three months ended July 31, 2024 and 2023.

Revenue

	Three Months Ended July 31,						Change
(in thousands, unless otherwise stated)	2024			2023			$			%
Revenue
U.S. Concrete Pumping	$	75,213		$	87,323		$	(12,110	)		(13.9	)%
U.K. Operations		15,859			17,260			(1,401	)		(8.1	)%
U.S. Concrete Waste Management Services - Third parties		18,545			16,088			2,457			15.3	%
U.S. Concrete Waste Management Services - Intersegment		87			417			(330	)		*
Intersegment eliminations		(87	)		(417	)		330			*
Reportable segment revenue	$	109,617		$	120,671		$	(11,054	)		(9.2	)%

*Change is not meaningful

Total revenue. Total revenues were $109.6 million for the three months ended July 31, 2024 compared to $120.7 million for the three months ended July 31, 2023. Revenue by segment is further discussed below.

U.S. Concrete Pumping. Revenue for our U.S. Concrete Pumping segment decreased by 13.9%, or $12.1 million, from $87.3 million in the third quarter of fiscal 2023 to $75.2 million for the third quarter of fiscal 2024 primarily attributable to a decrease in volumes driven by (1) a general slowdown in commercial construction work, mostly due to the price sensitive impact on project starts from high interest rates, (2) oversaturation of concrete pumps in certain markets and (3) higher than normal rainfall in the Company's southeast regions and historically high rainfall in the Company's Texas markets.

U.K. Operations. Revenue for our U.K. Operations segment decreased by 8.1%, or $1.4 million, from $17.3 million in the third quarter of fiscal 2023 to $15.9 million for the third quarter of fiscal 2024. Excluding the impact from foreign currency translation, revenue was down 9% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work, mostly due to the impact from high interest rates.

U.S. Concrete Waste Management Services. Third-party revenue for the U.S. Concrete Waste Management Services segment improved by 15.3%, or $2.4 million, from $16.1 million in the third quarter of fiscal 2023 to $18.5 million for the third quarter of fiscal 2024. The increase in revenue was driven by robust organic growth and pricing improvements.

Gross Profit and Gross Margin

	Three Months Ended July 31,						Change
(in thousands, unless otherwise stated)	2024			2023			$			%
Gross Profit and Gross Margin
Gross Profit	$	44,505		$	49,484		$	(4,979	)		(10.1	)%
Gross Margin		40.6	%		41.0	%

Gross margin. Our gross margin for the third quarter of fiscal 2024 was 40.6% compared to 41.0% in the third quarter of fiscal 2023. The slight decrease in gross margin was primarily related to lower revenue in our U.S. Concrete Pumping segment and an increase in depreciation expense offset by improved labor, fuel and repair and maintenance costs.

Table of Contents

General and administrative expenses

General and administrative expenses ("G&A"). G&A expenses for the third quarter of fiscal 2024 were $27.9 million, a decrease of $2.0 million from $29.9 million in the third quarter of fiscal 2023. G&A expenses as a percent of revenue were 25.5% for the third quarter of fiscal 2024 compared to 24.8% for the same period a year ago. The decrease in G&A expenses was largely due to (1) non-cash decreases in amortization expense of $1.0 million and stock-based compensation of $0.3 million, and (2) lower labor costs of approximately $0.8 million.

For the third quarter of fiscal 2024, excluding amortization of intangible assets of $3.7 million, depreciation expense of $0.6 million, and stock-based compensation expense of $0.6 million, G&A expenses were $23.0 million (20.9% of revenue). For the third quarter of fiscal 2023, excluding amortization of intangible assets of $4.7 million, depreciation expense of $0.6 million and stock-based compensation expense of $0.9 million G&A expenses were $23.7 million (19.6% of revenue). This decrease of $0.7 million is primarily due to the decreases in labor costs, as discussed above.

Total other income (expense)

Interest expense and amortization of deferred financing costs. Interest expense and amortization of deferred financing costs for the third quarter of fiscal 2024 was $6.3 million, down $0.8 million from $7.1 million in the third quarter of fiscal 2023. The decrease was primarily attributable to a lower average ABL revolver draw during the fiscal 2024 third quarter as compared to the same quarter a year ago.

Change in fair value of warrant liabilities. During the three months ended July 31, 2024 the Company did not recognize any warrant fair value remeasurement as no warrants were outstanding during the period. During the three months ended July 31, 2023 the Company recognized a $0.9 million gain on the fair value measurement of our liability-classified warrants. On December 6, 2023, we announced the expiration of the Company's 13,017,677 warrants, as such they are no longer recognized as a liability on the condensed consolidated balance sheet as of July 31, 2024.

Income tax expense

Income tax expense. For the three months ended July 31, 2024 and 2023, the Company’s effective tax rate was 29.0% and 24.3%, respectively. The comparability of effective tax rates between both periods was primarily impacted by (1) increases in the UK corporate income tax rate to 25% and (2) the warrants fair value activity in the three months ended July 31, 2023, as it is not recognized for tax purposes.

Table of Contents

Nine Months Ended July 31, 2024 Compared to the Nine Months Ended July 31, 2023

The tables included in the period-to-period comparisons below provide summaries of our revenue and gross profit for our business segments for the nine months ended July 31, 2024 and 2023.

Revenue

	Nine Months Ended July 31,						Change
(in thousands, unless otherwise stated)	2024			2023			$			%
Revenue
U.S. Concrete Pumping	$	216,514		$	232,896		$	(16,382	)		(7.0	)%
U.K. Operations		46,813			45,207			1,606			3.6	%
U.S. Concrete Waste Management Services - Third parties		51,063			43,934			7,129			16.2	%
U.S. Concrete Waste Management Services - Intersegment		331			511			(180	)		*
Intersegment eliminations		(331	)		(511	)		180			*
Reportable segment revenue	$	314,390		$	322,037		$	(7,647	)		(2.4	)%

*Change is not meaningful

Total revenue. Total revenues were $314.4 million for the nine months ended July 31, 2024 compared to $322.0 million for the nine months ended July 31, 2023. Revenue by segment is further discussed below.

U.S. Concrete Pumping. Revenue for our U.S. Concrete Pumping segment decreased by 7.0%, or $16.4 million, from $232.9 million for the nine months ended July 31, 2023 to $216.5 million for the nine months ended July 31, 2024 primarily attributable to (1) a general slowdown in commercial construction work, mostly due to the impact from high interest rates, (2) oversaturation of concrete pumps in certain markets, and (3) much higher than normal rainfall in the Company's Texas markets for the nine months ended July 31, 2024.

U.K. Operations. Revenue for our U.K. Operations segment increased by 3.6%, or $1.6 million, from $45.2 million for the nine months ended July 31, 2023 to $46.8 million for the nine months ended July 31, 2024. Excluding the impact from foreign currency translation, revenue was up 1% year-over-year. The increase in revenue was primarily attributable to pricing improvements that more than offset the volume declines as a result of continued delays on project start dates and awards.

U.S. Concrete Waste Management Services. Third-party revenue for the U.S. Concrete Waste Management Services segment increased by 16.2%, or $7.2 million, from $43.9 million for the nine months ended July 31, 2023 to $51.1 million for the nine months ended July 31, 2024. The increase in revenue was driven by robust organic growth and pricing improvements despite higher than normal rainfall.

Gross Profit and Gross Margin

	Nine Months Ended July 31,						Change
(in thousands, unless otherwise stated)	2024			2023			$			%
Gross Profit and Gross Margin
Gross Profit	$	119,586		$	129,412		$	(9,826	)		(7.6	)%
Gross Margin		38.0	%		40.2	%

Gross margin. Our gross margin for the nine months ended July 31, 2024 was 38.0% compared to 40.2% in the nine months ended July 31, 2023. The decrease in our gross margin was primarily related to lower revenue in our U.S. Concrete Pumping segment, decreased labor efficiencies driven by the reduced revenue in our U.S. Concrete Pumping segment and inflationary increases in commercial insurance premium costs. These amounts were partially offset by improved fuel expense and lower repair and maintenance costs.

Table of Contents

General and administrative expenses

General and administrative expenses ("G&A"). G&A expenses for the nine months ended July 31, 2024 were $89.5 million, an increase of $2.3 million from $87.2 million for the nine months ended July 31, 2023. G&A expenses as a percent of revenue were 28.5% for the nine months ended July 31, 2024 compared to 27.1% for the same period a year ago. The increase in G&A expenses was largely due to (1) a non-recurring charge of $3.5 million in the first quarter of 2024 as a result of a recent adverse court ruling related to sales tax in Washington State, as further described in Note 13 in Part I, Item 1 of this report, and (2) higher labor and health insurance costs of approximately $2.7 million as a result of wage inflation. These increases were partially offset by non-cash decreases in amortization expense of $2.8 million and stock-based compensation expense of $1.2 million.

For the nine months ended July 31, 2024, excluding amortization of intangible assets of $11.5 million, depreciation expense of $1.7 million, stock-based compensation expense of $1.9 million and non-recurring charges of $4.1 million which include $3.5 million related to the sales tax court ruling, G&A expenses were $70.3 million (22.4% of revenue). For the nine months ended July 31, 2023, excluding amortization of intangible assets of $14.3 million, depreciation expense of $1.8 million and stock-based compensation expense of $3.1 million, G&A expenses were $68.0 million (21.1% of revenue). The increase of $2.3 million was primarily due to the higher labor and increased health insurance costs as discussed above.

Total other income (expense)

Interest expense and amortization of deferred financing costs. Interest expense and amortization of deferred financing costs for the nine months ended July 31, 2024 was $19.7 million, down $1.6 million from $21.3 million for the nine months ended July 31, 2023. The decrease was primarily attributable to a lower average ABL revolver draw during the first, second and third quarters of fiscal 2024 as compared to the same quarters a year ago.

Change in fair value of warrant liabilities. During the nine months ended July 31, 2024, the Company recognized a $0.1 million gain on the fair value remeasurement of our liability-classified warrants. During the nine months ended July 31, 2023 the Company recognized a $6.6 million gain on the fair value measurement of our liability-classified warrants. The decline in the fair value remeasurement of the public warrants is due to the Company's share price trading below the exercise price as the warrants were closer to expiring in December 2023. On December 6, 2023, we announced the expiration of the Company's 13,017,677 warrants. As such they were no longer recognized as a liability on the condensed consolidated balance sheet as of July 31, 2024.

Income tax expense

Income tax expense. For the nine months ended July 31, 2024 and 2023, the Company’s effective tax rate was 38.5% and 19.5%, respectively. The comparability of effective tax rates between both periods was primarily impacted by (1) higher excess tax deficiencies from share-based compensation exercise and vesting activity in the nine months ended July 31, 2024, (2) the warrants fair value activity in the nine months ended July 31, 2023, as it is not recognized for tax purposes, (3) increases in the UK corporate income tax rate to 25% and (4) the expiration of the capital allowances super deduction in the UK in fiscal 2024.

Table of Contents

Adjusted EBITDA and Net Income/(Loss)

During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses, which were previously categorized in the Company's Other activities, into the U.S. Concrete Pumping segment in order to better align its placement with the manner in which the Company allocates its resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. For further discussion, see Note 18 in Part I, Item 1 of this report for more information. In addition, in order to appropriately distribute the use of corporate resources and better align measures with segment performance, beginning in the first quarter of fiscal year 2024, the Company is no longer adding back intercompany allocations to segment Adjusted EBITDA. Refer to Non-GAAP Measures below for details on adjustments. The Company recast segment results for the three and nine months ended July 31, 2023 are below:

	Three Months Ended July 31, 2023												Nine Months Ended July 31, 2023
(in thousands)	U.S. Concrete Pumping			U.K. Operations			U.S. Concrete Waste Management Services			Other			U.S. Concrete Pumping			U.K. Operations			U.S. Concrete Waste Management Services			Other
As Previously Reported
Net income	$	3,517		$	1,616		$	3,986		$	1,217		$	2,867		$	2,449		$	9,526		$	7,557
Income tax expense		1,318			545			1,352			103			1,026			831			3,257			313
Depreciation and amortization		10,498			1,879			2,114			216			31,464			5,555			6,214			644
EBITDA		21,670			4,769			7,452			1,536			54,520			10,957			18,997			8,514
Other Adjustments		(1,817	)		803			737			-			(5,054	)		2,415			2,211			-
Adjusted EBITDA		20,535			5,566			8,190			625			52,363			13,349			21,208			1,875

Recast Adjustment
Net income (loss)	$	306		$	-		$	-		$	(306	)	$	918		$	-		$	-		$	(918	)
Income tax expense (benefit)		103			-			-			(103	)		313			-			-			(313	)
Depreciation and amortization		216			-			-			(216	)		644			-			-			(644	)
EBITDA		625			-			-			(625	)		1,875			-			-			(1,875	)
Other Adjustments		1,511			(774	)		(737	)		-			4,533			(2,322	)		(2,211	)		-
Adjusted EBITDA		2,136			(774	)		(737	)		(625	)		6,408			(2,322	)		(2,211	)		(1,875	)

Current Report As Adjusted
Net income	$	3,823		$	1,616		$	3,986		$	911		$	3,785		$	2,449		$	9,526		$	6,639
Income tax expense		1,421			545			1,352			-			1,339			831			3,257			-
Depreciation and amortization		10,714			1,879			2,114			-			32,108			5,555			6,214			-
EBITDA		22,295			4,769			7,452			911			56,395			10,957			18,997			6,639
Other Adjustments		(306	)		29			-			-			(521	)		93			-			-
Adjusted EBITDA		22,671			4,792			7,453			-			58,771			11,027			18,997			-

Table of Contents

	Net Income				Adjusted EBITDA
	Three Months Ended July 31,				Three Months Ended July 31,				Change
(in thousands, unless otherwise stated)	2024		2023		2024		2023		$			%
U.S. Concrete Pumping	$	3,535	$	3,823	$	20,100	$	22,671	$	(2,571	)		(11.3	)%
U.K. Operations		905		1,616		4,228		4,792		(564	)		(11.8	)%
U.S. Concrete Waste Management Services		3,120		3,986		7,310		7,453		(143	)		(1.9	)%
Other		-		911		-		-		-			0.0	%
Total	$	7,560	$	10,336	$	31,638	$	34,916	$	(3,278	)		(9.4	)%

	Net Income/(Loss)					Adjusted EBITDA
	Nine Months Ended July 31,					Nine Months Ended July 31,				Change
(in thousands, unless otherwise stated)	2024			2023		2024		2023		$			%
U.S. Concrete Pumping	$	(4,309	)	$	3,785	$	48,029	$	58,771	$	(10,742	)		(18.3	)%
U.K. Operations		2,433			2,449		11,567		11,027		540			4.9	%
U.S. Concrete Waste Management Services		8,526			9,526		18,871		18,997		(126	)		(0.7	)%
Other		130			6,639		-		-		-			0.0	%
Total	$	6,780		$	22,399	$	78,467	$	88,795	$	(10,328	)		(11.6	)%

U.S. Concrete Pumping. Net income for our U.S. Concrete Pumping segment was $3.5 million for the third quarter of fiscal 2024, versus net income of $3.8 million for the third quarter of fiscal 2023. Adjusted EBITDA for our U.S. Concrete Pumping segment was $20.1 million for the third quarter of fiscal 2024, down $2.6 million from $22.7 million for the same period in fiscal 2023. The decrease in net income and Adjusted EBITDA were primarily attributable to lower revenue volumes due to factors described above in Results of Operations three months ended July 31, 2024.

Net loss for our U.S. Concrete Pumping segment was $4.3 million for the nine months ended July 31, 2024, versus net income of $3.8 million for the nine months ended July 31, 2023. Adjusted EBITDA for our U.S. Concrete Pumping segment was $48.0 million for the nine months ended July 31, 2024, down $10.8 million from $58.8 million for the same period in fiscal 2023. The decrease in net income and Adjusted EBITDA were primarily attributable to lower revenue volumes, decreased labor efficiencies driven by the reduced revenue, and inflationary increases in commercial insurance.

U.K. Operations. Net income for our U.K. Operations segment was $0.9 million for the third quarter of fiscal 2024, versus net income of $1.6 million for the third quarter of fiscal 2023. Adjusted EBITDA for our U.K. Operations segment was $4.2 million for the third quarter of fiscal 2024, down $0.6 million from $4.8 million from the same period in fiscal 2023. The decrease in net income was primarily attributable to lower volumes caused by a general slowdown in commercial construction work, mostly due to the impact from high interest rates and non-recurring charges of $0.3 million that were partially offset by reductions in repair costs. Apart from the non-recuring charges, the change in adjusted EBITDA was impacted by the same items.

Net income for our U.K. Operations segment was $2.4 million for the nine months ended July 31, 2024, versus net income of $2.4 million for the nine months ended July 31, 2023. Adjusted EBITDA for our U.K. Operations segment was $11.6 million for the nine months ended July 31, 2024, up $0.6 million from $11.0 million for the nine months ended July 31, 2023. The increases were primarily attributable to the year-over-year improvement in revenue and reductions in fuel and repair costs.

U.S. Concrete Waste Management Services. Net income for our U.S. Concrete Waste Management Services segment was $3.1 million for the third quarter of fiscal 2024, versus net income of $4.0 million for the third quarter of fiscal 2023. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $7.3 million for the third quarter of fiscal 2024, down $0.2 million from $7.5 million for the same period in fiscal 2023. The decrease in net income was attributable to the inflationary increases in labor, higher corporate allocations and slightly higher depreciation, partially offset by the increase in revenue as described above. Apart from the slight increase in depreciation, the change in adjusted EBITDA was impacted by the same items.

Net income for our U.S. Concrete Waste Management Services segment was $8.5 million for the nine months ended July 31, 2024, versus net income of $9.5 million for the nine months ended July 31, 2023. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $18.9 million for the nine months ended July 31, 2024, down $0.1 from $19.0 million for the nine months ended July 31, 2023. The decrease in net income was primarily driven by adverse weather impacts in the first quarter on labor efficiencies, coupled with inflationary increases in commercial insurance and labor costs, higher corporate allocations and slightly higher depreciation, partially offset by an increase in revenue as described above. Apart from the slight increase in depreciation, the change in adjusted EBITDA was impacted by the same items.

Other. There was no net income for Other activities for the third quarter of fiscal 2024, compared to a net income of $0.9 million for the third quarter of fiscal 2023. The change in net income is related to the change in warrant liability, as discussed above.

Net income for Other activities was $0.1 million for the nine months ended July 31, 2024, compared to a net income of $6.6 million for the nine months ended July 31, 2023. The change in net income is related to the change in warrant liability, as discussed above.

Table of Contents

Liquidity and Capital Resources

Overview

Our capital structure is primarily a combination of (1) permanent financing, represented by stockholders’ equity; (2) zero-dividend convertible perpetual preferred stock; (3) long-term financing represented by our Senior Notes (as defined below) and (4) short-term financing under our ABL Facility (as defined below). Our primary sources of liquidity are cash generated from operations, available cash and cash equivalents and access to our revolving credit facility under our ABL Facility (as defined below), which provides for aggregate borrowings of up to $225.0 million, subject to a borrowing base limitation. We use our liquidity and capital resources to: (1) finance working capital requirements; (2) service our indebtedness; (3) purchase property, plant and equipment; and (4) finance strategic acquisitions. As of July 31, 2024, we had $26.3 million of cash and cash equivalents and $210.0 million of available borrowing capacity under the ABL Facility (as defined below), providing total available liquidity of $236.3 million.

We may from time to time seek to retire or pay down borrowings on the outstanding balance of our ABL Facility or Senior Notes using cash on hand. Such repayments, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

We believe our existing cash and cash equivalent balances, cash flow from operations and borrowing capacity under our ABL Facility will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, potential acquisitions and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity could result in dilution to our stockholders and the incurrence of additional debt could restrict our operations.

Material Cash Requirements

Our principal uses of cash historically have been to fund operating activities and working capital, purchases of property and equipment, strategic acquisitions, fund payments due under facility operating and finance leases, share repurchases and to meet debt service requirements.

Our working capital surplus as of July 31, 2024 was $35.9 million. We are in compliance with our debt covenants and believe that we have sufficient working capital to meet our material cash requirements.

The amount of our future capital expenditures will depend on a number of factors including general economic conditions and growth prospects. In response to changing economic conditions, we believe we have the flexibility to modify our capital expenditures by adjusting them (either up or down) to match our actual performance. Our capital expenditures for the nine months ended July 31, 2024 and 2023 were approximately $37.5 million and $43.2 million, respectively. See "Cash Flow" discussion below for more information.

To service our debt, we require a significant amount of cash. Our ability to pay interest and principal on our indebtedness will depend upon our future operating performance and the availability of borrowings under the ABL Facility and/or other debt and equity financing alternatives available to us, which will be affected by prevailing economic conditions and conditions in the global credit and capital markets, as well as financial, business and other factors, some of which are beyond our control. Based on our current level of operations and given the current state of the capital markets, we believe our cash flow from operations, available cash and available borrowings under the ABL Facility will be adequate to service our debt and meet our future liquidity needs for the foreseeable future. See "Senior Notes and ABL Facility" discussion below for more information.

Table of Contents

Future Contractual Obligations

For information regarding our future contractual obligations, see the MD&A discussion included in Item 7 of Part II of our Annual Report.

Senior Notes and ABL Facility

The table below is a summary of the composition of the Company’s debt balances as of July 31, 2024 and October 31, 2023:

				July 31,			October 31,
(in thousands)	Interest Rates		Maturities	2024			2023
ABL Facility - short term	Varies		June 2028	$	-		$	18,954
Senior notes - all long term		6.00%	February 2026		375,000			375,000
Total debt, gross					375,000			393,954
Less: Unamortized deferred financing costs offsetting long term debt					(2,088	)		(3,132	)
Less: Current portion					-			(18,954	)
Long term debt, net of unamortized deferred financing costs				$	372,912		$	371,868

On January 28, 2021, Brundage-Bone Concrete Pumping Holdings Inc., a Delaware corporation (the "Issuer") and a wholly-owned subsidiary of the Company (i) completed a private offering of $375.0 million in aggregate principal amount of its 6.000% senior secured second lien notes due 2026 (the "Senior Notes") issued pursuant to an indenture, among the Issuer, the Company, the other Guarantors (as defined below), Deutsche Bank Trust Company Americas, as trustee and as collateral agent (the "Indenture") and (ii) entered into an amended and restated ABL Facility (as subsequently amended, the "ABL Facility") by and among the Company, certain subsidiaries of the Company, Wells Fargo Bank, National Association, as agent, sole lead arranger and sole bookrunner, the other lenders party thereto, which originally provided up to $125.0 million of asset-based revolving loan commitments to the Company and the other borrowers under the ABL Facility. The Senior Notes are jointly and severally guaranteed on a senior secured basis by the Company, Concrete Pumping Intermediate Acquisition Corp. and each of the Issuer’s domestic, wholly-owned subsidiaries that is a borrower or a guarantor under the ABL Facility (collectively, the "Guarantors").

On June 1, 2023, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder to $225.0 million, (2) increase the letter of credit sublimit to $22.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) June 1, 2028 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $75.0 million. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $0.5 million of debt issuance costs related to the June 1, 2023, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $0.5 million will be amortized from June 1, 2023 through June 1, 2028.

There was no outstanding balance under the ABL Facility as of July 31, 2024 and as of that date, the Company was in compliance with all debt covenants. In addition, as of July 31, 2024, the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million. As of July 31, 2024, we had $210.0 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $1.5 million as of July 31, 2024. See Note 8 of Part I, Item I in this document for more information on the Senior Notes and ABL Facility.

Table of Contents

Cash Flows

Cash generated from operating activities typically reflects net income, as adjusted for non-cash expense items such as depreciation, amortization and stock-based compensation, and changes in our operating assets and liabilities. Generally, we believe our business requires a relatively low level of working capital investment due to low inventory requirements and timely customer payments due to daily billings for most of our services.

Cash flow provided by operating activities. Net cash provided by operating activities generally reflects the cash effects of transactions and other events used in the determination of net income or loss.

Net cash provided by operating activities during the nine months ended July 31, 2024 was $64.5 million. The Company had net income of $6.8 million, which included net non-cash expense items of $50.3 million. In addition, we had cash inflows related to a decrease in our working capital of $7.4 million. Cash inflows related to working capital activity include a decrease in receivables of $7.2 million, an increase in other operating liabilities of $2.1 million and a decrease in inventory of $0.3 million. These were offset by a decrease of $1.7 million in accounts payable and an increase in other operating assets of $0.6 million. The decrease in receivables is due to decreases in sales volumes during the nine months ended July 31, 2024. The decrease in accounts payable is driven by a change in timing.

Net cash provided by operating activities during the nine months ended July 31, 2023 was $66.2 million. The Company had net income of $22.4 million, which included non-cash expense items of $46.5 million. In addition, we had cash outflows related to an increase in our working capital of $2.6 million. Cash outflows related to working capital activity include an increase in other operating liabilities of $4.5 million, an increase in trade receivables of $3.2 million, a decrease of $2.1 million to accounts payable, an increase in inventory of $1.0 million and an increase in other operating assets of $0.9 million. The increase in other operating liabilities is primarily related to timing of the payment of accrued interest. The Company makes semi-annual interest payments in February and August each year. The increase in trade receivables is due to stronger revenue growth. The decrease in accounts payable is driven by a change in timing.

Cash flow used in investing activities. Net cash used in operating activities generally reflects the cash outflows for property, plant and equipment.

We used $30.0 million to fund investing activities during the nine months ended July 31, 2024. The Company used $37.5 million for the purchase of property, plant and equipment, which was partially offset by $7.5 million in proceeds from the sale of property, plant and equipment.

We used $35.9 million to fund investing activities during the nine months ended July 31, 2023. The Company used $43.2 million for the purchase of property, plant and equipment and $0.8 million for the purchase of intangible assets, which was partially offset by $8.0 million in proceeds from the sale of property, plant and equipment.

The decrease in capital expenditures of $5.7 million for the nine months ended July 31, 2024 compared to the same period in the prior year is primarily due to the fact that we have sufficient capacity from our current fleet to meet the demand of the business going forward.

Cash flow used in financing activities.

Net cash used in financing activities was $24.8 million for the nine months ended July 31, 2024. Cash used in financing activities included $19.0 million in net payments under the Company's ABL Facility and $7.2 million in purchase of treasury stock, which included $4.0 million purchased under the share repurchase program and $3.2 million in outflows from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities.

Net cash used in financing activities was $26.7 million for the nine months ended July 31, 2023. Cash used in financing activities included $16.4 million in net proceeds under the Company's ABL Facility and $9.7 million in purchase of treasury stock, which included $8.6 million purchased under the share repurchase program and $1.1 million in outflows from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain vested stock awards.

Table of Contents

Accounting and Other Reporting Matters

Non-GAAP Measures (EBITDA and Adjusted EBITDA)

We calculate EBITDA by taking GAAP net income and adding back interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other income, net, goodwill and intangibles impairment and other adjustments. Other adjustments include non-recurring expenses, non-cash currency gains/losses, transaction expenses and interest income. Transaction expenses represent expenses for legal, accounting, and other professionals that were engaged in the completion of various acquisitions. Transaction expenses can be volatile as they are primarily driven by the size of a specific acquisition. As such, we exclude these amounts from Adjusted EBITDA for comparability across periods.

During the first quarter of fiscal year 2024, the Company moved certain assets and associated revenues and expenses that were previously categorized in the Company's Other activities, into the U.S. Concrete Pumping segment in order to better align its placement with the manner in which the Company allocates its resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation. For further discussion, see Note 18 in Part I, Item 1 of this report for more information. In addition, in order to appropriately distribute the use of corporate resources and better align measures with segment performance, beginning in the first quarter of fiscal year 2024, the Company is no longer adding back intercompany allocations to segment Adjusted EBITDA. As a result, segment results for prior periods have been reclassified to conform to our current period presentation. See the section "Adjusted EBITDA and Net Income/(Loss)" above for more information.

We believe these non-GAAP measures of financial results provide useful supplemental information to management and investors regarding certain financial and business trends related to our financial condition and results of operations, and as a supplemental tool for investors to use in evaluating our ongoing operating results and trends and in comparing our financial measures with competitors who also present similar non-GAAP financial measures. In addition, these measures (1) are used in quarterly and annual financial reports and presentations prepared for management, our board of directors and investors, and (2) help management to determine incentive compensation. EBITDA and Adjusted EBITDA have limitations and should not be considered in isolation or as a substitute for performance measures calculated under GAAP. These non-GAAP measures exclude certain cash expenses that we are obligated to make. In addition, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently or may not calculate it at all, which limits the usefulness of EBITDA and Adjusted EBITDA as comparative measures.

Table of Contents

	Three Months Ended July 31,						Nine Months Ended July 31,
(in thousands)	2024			2023			2024			2023
Consolidated
Net income	$	7,560		$	10,336		$	6,780		$	22,399
Interest expense and amortization of deferred financing costs		6,318			7,066			19,744			21,285
Income tax expense		3,081			3,318			4,250			5,427
Depreciation and amortization		14,491			14,707			42,827			43,877
EBITDA		31,450			35,427			73,601			92,988
Stock-based compensation		644			934			1,917			3,138
Change in fair value of warrant liabilities		-			(911	)		(130	)		(6,639	)
Other expense (income), net		(276	)		(262	)		(360	)		(296	)
Other adjustments(1)		(180	)		(272	)		3,439			(396	)
Adjusted EBITDA	$	31,638		$	34,916		$	78,467		$	88,795

U.S. Concrete Pumping
Net income (loss)	$	3,535		$	3,823		$	(4,309	)	$	3,785
Interest expense and amortization of deferred financing costs		5,585			6,337			17,577			19,163
Income tax expense (benefit)		1,162			1,421			(426	)		1,339
Depreciation and amortization		9,874			10,714			30,374			32,108
EBITDA		20,156			22,295			43,216			56,395
Stock-based compensation		644			934			1,917			3,138
Other expense (income), net		(252	)		(257	)		(279	)		(273	)
Other adjustments(1)		(448	)		(301	)		3,175			(489	)
Adjusted EBITDA	$	20,100		$	22,671		$	48,029		$	58,771

U.K. Operations
Net income	$	905		$	1,616		$	2,433		$	2,449
Interest expense and amortization of deferred financing costs		733			729			2,167			2,122
Income tax expense		436			545			1,210			831
Depreciation and amortization		1,907			1,879			5,564			5,555
EBITDA		3,981			4,769			11,374			10,957
Other expense (income), net		(21	)		(6	)		(71	)		(23	)
Other adjustments		268			29			264			93
Adjusted EBITDA	$	4,228		$	4,792		$	11,567		$	11,027

U.S. Concrete Waste Management Services
Net income	$	3,120		$	3,986		$	8,526		$	9,526
Income tax expense		1,483			1,352			3,466			3,257
Depreciation and amortization		2,710			2,114			6,889			6,214
EBITDA		7,313			7,452			18,881			18,997
Other expense (income), net		(3	)		1			(10	)		-
Adjusted EBITDA	$	7,310		$	7,453		$	18,871		$	18,997

Other
Net income	$	-		$	911		$	130		$	6,639
EBITDA		-			911			130			6,639
Change in fair value of warrant liabilities		-			(911	)		(130	)		(6,639	)
Adjusted EBITDA	$	-		$	-		$	-		$	-

¹ Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses, transaction expenses and interest income. For the nine months ended July 31, 2024, other adjustments include a $3.5 million non-recurring charge related to sales tax litigation. See Note 13 in Part I, Item 1 of this report for more information.

Table of Contents

Critical Accounting Policies and Estimates

Our critical accounting policies and estimates are disclosed in the "Critical Accounting Policies and Estimates" section of our Annual Report. No modifications have been made during the nine months ended July 31, 2024 to these policies or estimates except for those noted in Note 2 to the condensed consolidated financial statements included within Item 1 of this report.

New Accounting Pronouncements

For information regarding recent accounting pronouncements, see Note 2 to the condensed consolidated financial statements included within Item 1 of this report for more information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of July 31, 2024 (as such term is defined in Rule 13a-15(e) under the Exchange Act). Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Based upon this evaluation, our Chief Executive Office and Chief Financial Officer concluded that, as of July 31, 2024, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended July 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

Part II

Item 1. Legal Proceedings.

The information required with respect to this item can be found under "Commitments and Contingencies—Litigation" in Note 13 of the notes to the condensed consolidated financial statements in this quarterly report and is incorporated by reference into this Item 1.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors previously disclosed in our Annual Report. For a detailed discussion of the risks that affect our business, please refer to the section entitled "Risk Factors" in the Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Issuer Purchases of Equity Securities

During the third quarter of 2024, under our share repurchase program, we repurchased an aggregate of 370,419 shares of our common stock for a total of $2.5 million at an average price of $6.64 per share. The following table reflects issuer purchases of equity securities for the three months ended July 31, 2024:

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (2,3)
May 1, 2024 - May 31, 2024		124,425	$	6.91		124,425	$	21,050,680
June 1, 2024 - June 30, 2024		111,971		6.64		111,971		20,307,317
July 1, 2024 - July 31, 2024		134,023		6.40		134,023		19,450,057
Total		370,419	$	6.64		370,419	$	19,450,057

	(1)	In January 2023, the board of directors of the Company approved an authorization of $10.0 million for the Company’s share repurchase program, which was announced January 23, 2023. This authorization expires on March 31, 2025. In March 2024, the board of directors of the Company approved a $15.0 million increase to the Company's share repurchase program, which was announced March 7, 2024. This authorization also expires on March 31, 2025.
	(2)	Includes commission cost.
	(3)	Dollar value of shares that may yet be purchased under the repurchase program is as of the end of the period.

Table of Contents

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

(a) None

(b) None

(c) The Company’s Chief Executive Officer, Bruce Young, had adopted a trading arrangement for the sale of securities of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that was intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Young’s Rule 10b5-1 Trading Plan was adopted on January 15, 2024, provides for the exercise and sale of 736,810 shares of common stock pursuant to the terms of the plan, and was set to expire on February 5, 2025 or upon the earlier exercise of all 736,810 stock options. Mr. Young terminated the Rule 10b5-1 Trading Plan at the close of trading on May 14, 2024 and exercised all outstanding options as of that date.

Item 6. Exhibits.

The documents set forth below are filed herewith or incorporated herein by reference to the location indicated.

Exhibit No.			Description
31.1			Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).
31.2			Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).
32.1			Certification of the Chief Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350.
32.2			Certification of the Chief Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. Section 1350.
101.INS			Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	CONCRETE PUMPING HOLDINGS, INC.


	By: /s/ Iain Humphries
	Name: Iain Humphries
	Title: Chief Financial Officer and Secretary
	(Authorized Signatory)

Dated: September 4, 2024

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bruce Young, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 of Concrete Pumping Holdings, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: September 4, 2024		/s/ Bruce Young
		Bruce Young, Chief Executive Officer and Director
		(principal executive officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Iain Humphries, certify that:

I have reviewed this Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 of Concrete Pumping Holdings, Inc.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: September 4, 2024		/s/ Iain Humphries
		Iain Humphries, Chief Financial Officer and Director
		(principal financial officer)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Executive Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended July 31, 2024 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: September 4, 2024		/s/ Bruce Young
		Bruce Young, Chief Executive Officer and Director
		(principal executive officer)

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I the undersigned Chief Financial Officer of Concrete Pumping Holdings, Inc. (the "Company") hereby certify that to my knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended July 31, 2024 (the “Report”) accompanying this certification, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: September 4, 2024		/s/ Iain Humphries
		Iain Humphries, Chief Financial Officer and Director
		(principal financial officer)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Jul. 31, 2024	Aug. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001703956
Entity Registrant Name	CONCRETE PUMPING HOLDINGS, INC.
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2024
Document Transition Report	false
Entity File Number	001-38166
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1779605
Entity Address, Address Line One	500 E. 84th Avenue, Suite A-5
Entity Address, Postal Zip Code	80229
Entity Address, City or Town	Thornton
Entity Address, State or Province	CO
City Area Code	303
Local Phone Number	289-7497
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	BBCP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,533,261

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,333	$ 15,861
Receivables, net of allowance for doubtful accounts of $1,076 and $978, respectively	56,214	62,976
Inventory, net	6,568	6,732
Prepaid expenses and other current assets	13,357	8,701
Total current assets	102,472	94,270
Property, plant and equipment, net	423,486	427,648
Intangible assets, net	109,253	120,244
Goodwill	222,964	221,517
Right-of-use operating lease assets	26,734	24,815
Other non-current assets	4,392	14,250
Deferred financing costs	1,489	1,781
Total assets	890,790	904,525
Current liabilities:
Revolving loan	0	18,954
Operating lease obligations, current portion	4,800	4,739
Finance lease obligations, current portion	0	125
Accounts payable	7,914	8,906
Accrued payroll and payroll expenses	14,795	14,524
Accrued expenses and other current liabilities	38,745	34,750
Income taxes payable	356	1,848
Warrant liability, current portion	0	130
Total current liabilities	66,610	83,976
Long term debt, net of discount for deferred financing costs	372,912	371,868
Operating lease obligations, non-current	22,243	20,458
Finance lease obligations, non-current	0	50
Deferred income taxes	84,050	80,791
Other liabilities, non-current	5,299	14,142
Total liabilities	551,114	571,285
Commitments and contingencies (Note 13)
Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2024 and October 31, 2023	25,000	25,000
Stockholders' equity
Common stock, $0.0001 par value, 500,000,000 shares authorized, 53,748,023 and 54,757,445 issued and outstanding as of July 31, 2024 and October 31, 2023, respectively	6	6
Additional paid-in capital	385,229	383,286
Treasury stock	(22,275)	(15,114)
Accumulated other comprehensive loss	(617)	(5,491)
Accumulated deficit	(47,667)	(54,447)
Total stockholders' equity	314,676	308,240
Total liabilities and stockholders' equity	$ 890,790	$ 904,525

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Allowance for doubtul accounts	$ 1,076	$ 978
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, issued (in shares)	2,450,980	2,450,980
Preferred stock, outstanding (in shares)	2,450,980	2,450,980
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	53,748,023	54,757,445
Common stock, outstanding (in shares)	53,748,023	54,757,445

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Revenue	$ 109,617	$ 120,671	$ 314,390	$ 322,037
Cost of operations	65,112	71,187	194,804	192,625
Gross profit	44,505	49,484	119,586	129,412
General and administrative expenses	27,880	29,937	89,450	87,236
Income from operations	16,625	19,547	30,136	42,176
Other income (expense):
Interest expense and amortization of deferred financing costs	(6,318)	(7,066)	(19,744)	(21,285)
Change in fair value of warrant liabilities	0	911	130	6,639
Interest income	58	0	148	0
Other income (expense), net	276	262	360	296
Total other expense	(5,984)	(5,893)	(19,106)	(14,350)
Income before income taxes	10,641	13,654	11,030	27,826
Income tax expense	3,081	3,318	4,250	5,427
Net income	7,560	10,336	6,780	22,399
Less accretion of liquidation preference on preferred stock	(440)	(441)	(1,310)	(1,309)
Income available to common shareholders	$ 7,120	$ 9,895	$ 5,470	$ 21,090
Weighted average common shares outstanding
Basic (in shares)	53,699	53,199	53,556	53,377
Diluted (in shares)	53,775	54,105	54,191	54,263
Net income per common share
Basic (in dollars per share)	$ 0.13	$ 0.18	$ 0.1	$ 0.38
Diluted (in dollars per share)	$ 0.13	$ 0.18	$ 0.1	$ 0.38

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Net income	$ 7,560	$ 10,336	$ 6,780	$ 22,399
Other comprehensive income:
Foreign currency translation adjustment	2,315	1,835	4,874	8,565
Total comprehensive income	$ 9,875	$ 12,171	$ 11,654	$ 30,964

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock Outstanding [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common and Preferred [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Oct. 31, 2022	56,226,191
Balance at Oct. 31, 2022		$ 6,000	$ 379,395,000	$ (4,609,000)	$ (9,228,000)	$ (86,237,000)	$ 279,327,000
Stock-based compensation expense		0	3,138,000	0	0	0	3,138,000
Forfeiture/cancellation of restricted stock (in shares)	(19,771)
Forfeiture/cancellation of restricted stock		0	0	0	0	0	0
Shares issued under stock-based program (in shares)	49,820
Treasury shares purchased for tax withholding (in shares)	(150,365)
Treasury shares purchased for tax withholding		0	0	(1,040,000)	0	0	$ (1,040,000)
Treasury shares purchased under share repurchase program (in shares)	(1,298,962)						(1,299,000)
Treasury shares purchased under share repurchase program		0	0	(8,639,000)	0	0	$ (8,639,000)
Net income		0	0	0	0	22,399,000	22,399,000
Foreign currency translation adjustment		0	0	0	8,565,000	0	8,565,000
Treasury shares purchased under share repurchase program							(8,642,000)
Balance (in shares) at Jul. 31, 2023	54,806,913
Balance at Jul. 31, 2023		6,000	382,533,000	(14,288,000)	(663,000)	(63,838,000)	303,750,000
Balance (in shares) at Apr. 30, 2023	55,015,572
Balance at Apr. 30, 2023		6,000	381,599,000	(12,894,000)	(2,498,000)	(74,174,000)	292,039,000
Stock-based compensation expense		0	934,000	0	0	0	934,000
Forfeiture/cancellation of restricted stock (in shares)	(18,459)
Forfeiture/cancellation of restricted stock		0	0	0	0	0	0
Shares issued under stock-based program (in shares)	8,773
Treasury shares purchased for tax withholding (in shares)	0
Treasury shares purchased for tax withholding		0	0	0	0	0	$ 0
Treasury shares purchased under share repurchase program (in shares)	(198,973)						(199,000)
Treasury shares purchased under share repurchase program		0	0	(1,394,000)	0	0	$ (1,394,000)
Net income		0	0	0	0	10,336,000	10,336,000
Foreign currency translation adjustment		0	0	0	1,835,000	0	1,835,000
Treasury shares purchased under share repurchase program							(1,394,000)
Balance (in shares) at Jul. 31, 2023	54,806,913
Balance at Jul. 31, 2023		6,000	382,533,000	(14,288,000)	(663,000)	(63,838,000)	303,750,000
Balance (in shares) at Oct. 31, 2023	54,757,445
Balance at Oct. 31, 2023		6,000	383,286,000	(15,114,000)	(5,491,000)	(54,447,000)	308,240,000
Stock-based compensation expense		0	1,917,000	0	0	0	1,917,000
Forfeiture/cancellation of restricted stock (in shares)	(751,397)
Forfeiture/cancellation of restricted stock		0	0	0	0	0	0
Shares issued under stock-based program (in shares)	842,041
Shares issued under stock-based program		0	26,000	0	0		26,000
Treasury shares purchased for tax withholding (in shares)	(522,524)
Treasury shares purchased for tax withholding		0	0	(3,184,000)	0	0	$ (3,184,000)
Treasury shares purchased under share repurchase program (in shares)							(578,000)
Treasury shares purchased under share repurchase program	$ (577,542)
Net income		0	0	0	0	6,780,000	$ 6,780,000
Foreign currency translation adjustment		0	0	0	4,874,000	0	4,874,000
Treasury shares purchased under share repurchase program		0	0	(3,977,000)	0	0	(3,977,000)
Balance (in shares) at Jul. 31, 2024	53,748,023
Balance at Jul. 31, 2024		6,000	385,229,000	(22,275,000)	(617,000)	(47,667,000)	314,676,000
Balance (in shares) at Apr. 30, 2024	53,741,044
Balance at Apr. 30, 2024		6,000	384,585,000	(18,131,000)	(2,932,000)	(55,227,000)	308,301,000
Stock-based compensation expense		0	644,000	0	0	0	644,000
Forfeiture/cancellation of restricted stock (in shares)	(812)
Forfeiture/cancellation of restricted stock		0	0	0	0	0	0
Shares issued under stock-based program (in shares)	709,192
Shares issued under stock-based program		0	0	0	0		0
Treasury shares purchased for tax withholding (in shares)	(330,982)
Treasury shares purchased for tax withholding		0	0	(1,683,000)	0	0	$ (1,683,000)
Treasury shares purchased under share repurchase program (in shares)	(370,419)						(371,000)
Treasury shares purchased under share repurchase program		0	0	(2,460,000)	0	0	$ (2,460,000)
Net income		0	0	0	0	7,560,000	7,560,000
Foreign currency translation adjustment		0	0	0	2,315,000	0	2,315,000
Treasury shares purchased under share repurchase program							(2,460,000)
Balance (in shares) at Jul. 31, 2024	53,748,023
Balance at Jul. 31, 2024		$ 6,000	$ 385,229,000	$ (22,275,000)	$ (617,000)	$ (47,667,000)	$ 314,676,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Net income	$ 6,780	$ 22,399
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash operating lease expense	3,841	3,526
Foreign currency adjustments	(890)	(1,421)
Depreciation	31,345	29,541
Deferred income taxes	2,693	4,140
Amortization of deferred financing costs	1,336	1,414
Amortization of intangible assets	11,482	14,336
Stock-based compensation expense	1,917	3,138
Change in fair value of warrant liabilities	(130)	(6,639)
Net gain on the sale of property, plant and equipment	(1,412)	(1,472)
Other operating activities	72	(93)
Net changes in operating assets and liabilities:
Receivables	7,227	(3,199)
Inventory	301	(970)
Other operating assets	(551)	(875)
Accounts payable	(1,668)	(2,050)
Other operating liabilities	2,131	4,457
Net cash provided by operating activities	64,474	66,232
Cash flows from investing activities:
Purchases of property, plant and equipment	(37,484)	(43,166)
Proceeds from sale of property, plant and equipment	7,472	8,043
Purchases of intangible assets	0	(800)
Net cash used in investing activities	(30,012)	(35,923)
Cash flows from financing activities:
Proceeds on revolving loan	230,398	239,911
Payments on revolving loan	(249,352)	(256,345)
Payment of debt issuance costs	0	(550)
Purchase of treasury stock	(7,161)	(9,679)
Other financing activities	1,343	(81)
Net cash used in financing activities	(24,772)	(26,744)
Effect of foreign currency exchange rate changes on cash	782	485
Net increase in cash and cash equivalents	10,472	4,050
Cash and cash equivalents:
Beginning of period	15,861	7,482
End of period	$ 26,333	$ 11,532

Note 1 - Organization and Description of Business

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Organization and Description of Business

Organization

Nature of business

Seasonality

Note 2 - Summary of Significant Accounting Policies

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

Note 2. Summary of Significant Accounting Policies

Basis of presentation

Certain prior period amounts have been reclassified in order to conform to the current year presentation.

Use of estimates

Revenue recognition

Leases as Lessor

The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended July 31, 2024 and 2023 by revenue type:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Service revenue	$	100,575	$	112,340	$	289,262	$	299,521
Lease fixed revenue		5,744		5,237		15,516		13,453
Lease variable revenue		3,298		3,094		9,612		9,063
Total revenue	$	109,617	$	120,671	$	314,390	$	322,037

Receivables and contract assets and liabilities

Newly adopted accounting pronouncements

Recently issued accounting pronouncements not yet effective

Note 3 - Fair Value Measurement

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

Note 3. Fair Value Measurement

Long-term debt instruments

	*As of July 31,*				*As of October 31,*
	*2024*				*2023*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
Senior Notes	$	375,000	$	372,188	$	375,000	$	353,438

Warrants

All other non-financial assets

Note 4 - Prepaid Expenses and Other Current Assets

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Other Current Assets [Text Block]

Note 4. Prepaid Expenses and Other Current Assets

The significant components of prepaid expenses and other current assets as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	8,463	$	3,802
Prepaid insurance		2,482		1,611
Prepaid licenses and deposits		837		810
Prepaid rent		82		629
Other current assets and prepaids		1,493		1,849
Total prepaid expenses and other current assets	$	13,357	$	8,701

Note 5 - Property, Plant and Equipment

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 5. Property, Plant and Equipment

The significant components of property, plant and equipment as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*			*As of October 31,*
(in thousands)	*2024*			*2023*
Land, building and improvements	$	32,583		$	29,338
Finance leases—land and buildings		-			828
Machinery and equipment		535,934			517,514
Transportation equipment		10,523			9,306
Furniture and office equipment		4,149			3,817
Property, plant and equipment, gross		583,189			560,803
Less accumulated depreciation		(159,703	)		(133,155	)
Property, plant and equipment, net	$	423,486		$	427,648

For the three and nine months ended July 31, 2024 and 2023, depreciation expense is as follows:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Cost of operations	$	10,221	$	9,396	$	29,617	$	27,718
General and administrative expenses		560		622		1,728		1,823
Total depreciation expense	$	10,781	$	10,018	$	31,345	$	29,541

Note 6 - Goodwill and Intangible Assets

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 6. Goodwill and Intangible Assets

The Company has recognized goodwill and certain intangible assets in connection with prior business combinations.

There were no triggering events during the nine months ended July 31, 2024. The Company will continue to evaluate its goodwill and intangible assets in future quarters.

The following table summarizes the composition of intangible assets as of July 31, 2024 and October 31, 2023:

	*As of July 31,*
	*2024*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		9.4	$	195,126	$	-		$	(140,798	)	$	1,179	$	55,507
Trade name		4.4		5,097		-			(3,044	)		291		2,344
Assembled workforce		0.9		1,650		-			(1,385	)		-		265
Noncompete agreements		3.2		1,200		-			(563	)		-		637
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(145,790	)	$	1,470	$	109,253

	*As of October 31,*
	*2023*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		10.1	$	195,126	$	-		$	(130,295	)	$	832	$	65,663
Trade name		5.1		5,097		-			(2,645	)		146		2,598
Assembled workforce		1.4		1,650		-			(972	)		-		678
Noncompete agreements		3.9		1,200		-			(395	)		-		805
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(134,307	)	$	978	$	120,244

The changes in the carrying value of goodwill by reportable segment for the nine months ended July 31, 2024 are as follows:

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*		*U.S. Concrete Waste Management Services*		*Total*
Balance at October 31, 2023	$	147,482	$	24,902	$	49,133	$	221,517
Foreign currency translation		-		1,447		-		1,447
Balance at July 31, 2024	$	147,482	$	26,349	$	49,133	$	222,964

Note 7 - Other Non-current Assets

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Other Assets Disclosure [Text Block]

Note 7. Other Non-Current Assets

The significant components of other non-current assets as of July 31, 2024 and October 31, 2023 are comprised of the following:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	4,040	$	13,822
Other non-current assets		352		428
Total other non-current assets	$	4,392	$	14,250

Note 8 - Long Term Debt and Revolving Lines of Credit

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 8. Long Term Debt and Revolving Lines of Credit

The table below is a summary of the composition of the Company’s debt balances as of July 31, 2024 and October 31, 2023:

				*July 31,*			*October 31,*
(in thousands)	*Interest Rates*		*Maturities*	*2024*			*2023*
ABL Facility - short term	Varies		June 2028	$	-		$	18,954
Senior notes - all long term		6.00%	February 2026		375,000			375,000
Total debt, gross					375,000			393,954
Less: Unamortized deferred financing costs offsetting long term debt					(2,088	)		(3,132	)
Less: Current portion					-			(18,954	)
Long term debt, net of unamortized deferred financing costs				$	372,912		$	371,868

The outstanding principal amount of the Senior Notes as of July 31, 2024 was $375.0 million and as of that date, the Company was in compliance with all covenants under the Indenture.

The Company utilizes the ABL Facility to support its working capital arrangement.

In addition, as of July 31, 2024 the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million.

There was no outstanding balance under the ABL Facility as of July 31, 2024 and as of October 31, 2023 the weighted average interest rate for borrowings under the ABL Facility was 7.9%.

Note 9 - Accrued Payroll and Payroll Expenses

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Accrued Payroll and Payroll Expenses [Text Block]

Note 9. Accrued Payroll and Payroll Expenses

The following table summarizes accrued payroll and expenses as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued vacation	$	3,153	$	2,982
Accrued payroll		5,105		3,960
Accrued bonus		4,912		5,368
Accrued employee-related taxes		1,481		1,892
Other accrued		144		322
Total accrued payroll and payroll expenses	$	14,795	$	14,524

Note 10 - Accrued Expenses and Other Current Liabilities

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]

Note 10. Accrued Expenses and Other Current Liabilities

The following table summarizes accrued expenses and other current liabilities as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued self-insured commercial liabilities	$	16,319	$	11,087
Accrued self-insured health liabilities		1,393		2,269
Accrued interest		11,268		5,775
Accrued equipment purchases		998		8,545
Accrued property, sales and use tax		3,330		1,791
Accrued professional fees		818		1,429
Other		4,619		3,854
Total accrued expenses and other liabilities	$	38,745	$	34,750

Note 11 - Other Liabilities, Non-current

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block]

Note 11. Other Liabilities, Non-Current

The following table summarizes other non-current liabilities as of July 31, 2024 and October 31, 2023:

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Self-insured commercial liability	$	4,241	$	14,140
Other		1,058		2
Total other non-current liabilities	$	5,299	$	14,142

Note 12 - Income Taxes

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note 12. Income Taxes

The following table summarizes income before income taxes and income tax expense for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*

Income before income taxes	$	10,641	$	13,654	$	11,030	$	27,826

Income tax expense	$	3,081	$	3,318	$	4,250	$	5,427

Note 13 - Commitments and Contingencies

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note 13. Commitments and Contingencies

Insurance

Commercial Self-Insured Losses

		*As of July 31, 2024*		*As of October 31, 2023*
(in thousands)	*Classification on the Condensed Consolidated Balance Sheets*
Self-insured commercial liability, current	Accrued expenses and other current liabilities	$	16,319	$	11,087
Self-insured commercial liability, non-current	Other liabilities, non-current		4,241		14,140
*Total self-insured commercial liabilities*		$	20,560	$	25,227

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	8,463	$	3,802
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		4,040		13,822
*Total expected recoveries related to self-insured commercial liabilities*		$	12,503	$	17,625

*Total self-insured commercial liability, net of expected recoveries*		$	8,057	$	7,602

Medical Self-Insured Losses

Litigation

Washington Department of Revenue Sales Tax Issue

Letters of credit

Note 14 - Stockholders' Equity

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Equity [Text Block]

Note 14. Stockholders’ Equity

Share Repurchase Program

The following table summarizes the shares repurchased, total cost of shares repurchased and average price per share for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands, except price per share)	*2024*		*2023*		*2024*		*2023*
Shares repurchased		371		199		578		1,299
Total cost of shares repurchased	$	2,460	$	1,394	$	3,977	$	8,642
Average price per share	$	6.64	$	7.01	$	6.89	$	6.65

Note 15 - Stock-based Compensation

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

Note 15. Stock-Based Compensation

Pursuant to the Concrete Pumping Holdings, Inc. 2018 Omnibus Incentive Plan, the Company has granted stock-based awards to certain employees in the U.S. and U.K.

The following table summarizes realized compensation expense related to stock options and restricted stock awards in the accompanying condensed consolidated statements of operations:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Compensation expense – stock options	$	64	$	116	$	207	$	371
Compensation expense – restricted stock		580		818		1,710		2,767
Total	$	644	$	934	$	1,917	$	3,138

Note 16 - Earnings Per Share

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 16. Earnings Per Share

The table below shows our basic and diluted EPS calculations for the three and nine months ended July 31, 2024 and 2023:

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands, except per share amounts)	*2024*			*2023*			*2024*			*2023*
Net income (numerator):
Net income attributable to Concrete Pumping Holdings, Inc.	$	7,560		$	10,336		$	6,780		$	22,399
Less: Accretion of liquidation preference on preferred stock		(440	)		(441	)		(1,310	)		(1,309	)
Less: Undistributed earnings allocated to participating securities		(31	)		(323	)		(41	)		(751	)
Net income attributable to common stockholders (numerator for basic earnings per share)	$	7,089		$	9,572		$	5,429		$	20,339
Add back: Undistributed earning allocated to participating securities		31			323			41			751
Less: Undistributed earnings reallocated to participating securities		(31	)		(318	)		(41	)		(739	)
Numerator for diluted earnings per share	$	7,089		$	9,577		$	5,429		$	20,351

Weighted average shares (denominator):
Weighted average shares - basic		53,699			53,199			53,556			53,377
Weighted average shares - diluted		53,775			54,105			54,191			54,263

Basic earnings per share	$	0.13		$	0.18		$	0.10		$	0.38
Diluted earnings per share	$	0.13		$	0.18		$	0.10		$	0.38

Certain outstanding stock awards and options, preferred stock and warrants were excluded from the diluted earnings per share calculation for the periods presented because they were anti-dilutive.

Note 17 - Supplemental Cash Flow Information

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

Note 17. Supplemental Cash Flow Information

The table below shows supplemental cash flow information for the nine months ended July 31, 2024 and 2023:

	*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	3,811	$	3,340
Cash paid for interest	$	12,614	$	14,155
Cash paid for income taxes	$	2,571	$	258

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	6,109	$	3,873

The table below shows property, plant and equipment acquired but not yet paid for as of July 31, 2024 and 2023:

	*As of July 31,*
(in thousands)	*2024*		*2023*
Beginning of period:
PP&E acquired but not yet paid	$	9,484	$	8,882

End of period:
PP&E acquired but not yet paid	$	1,453	$	3,737

Note 18 - Segment Reporting

9 Months Ended

Jul. 31, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 18. Segment Reporting

The table below shows changes from the recast of segment results for the three and nine months ended July 31, 2023:

	*Three Months Ended July 31, 2023*					*Nine Months Ended July 31, 2023*
(in thousands)	*U.S. Concrete Pumping*		*Other*			*U.S. Concrete Pumping*		*Other*
As Previously Reported
Depreciation and amortization	$	10,498	$	216		$	31,464	$	644
Segment EBITDA	$	21,670	$	1,536		$	54,520	$	8,514

Recast Adjustment
Depreciation and amortization	$	216	$	(216	)	$	644	$	(644	)
Segment EBITDA	$	625	$	(625	)	$	1,875	$	(1,875	)

Current Report As Adjusted
Depreciation and amortization	$	10,714	$	-		$	32,108	$	-
Segment EBITDA	$	22,295	$	911		$	56,395	$	6,639

The U.S. and U.K. regions each individually accounted for more than 10% of the Company's revenue for the periods presented.

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

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands)	*2024*			*2023*			*2024*			*2023*
Revenue
U.S. Concrete Pumping	$	75,213		$	87,323		$	216,514		$	232,896
U.K. Operations		15,859			17,260			46,813			45,207
U.S. Concrete Waste Management Services - Third parties		18,545			16,088			51,063			43,934
U.S. Concrete Waste Management Services - Intersegment		87			417			331			511
Intersegment eliminations		(87	)		(417	)		(331	)		(511	)
Reportable segment revenue	$	109,617		$	120,671			314,390			322,037

EBITDA
U.S. Concrete Pumping	$	20,156		$	22,295		$	43,216		$	56,395
U.K. Operations		3,981			4,769			11,374			10,957
U.S. Concrete Waste Management Services		7,313			7,452			18,881			18,997
Reportable segment EBITDA		31,450			34,516			73,471			86,349
Interest expense and amortization of deferred financing costs		(6,318	)		(7,066	)		(19,744	)		(21,285	)
Reportable depreciation and amortization		(14,491	)		(14,707	)		(42,827	)		(43,877	)
Other		-			911			130			6,639
Total income before income taxes	$	10,641		$	13,654		$	11,030		$	27,826


Depreciation and amortization
U.S. Concrete Pumping	$	9,874		$	10,714		$	30,374		$	32,108
U.K. Operations		1,907			1,879			5,564			5,555
U.S. Concrete Waste Management Services		2,710			2,114			6,889			6,214
Total depreciation and amortization	$	14,491		$	14,707		$	42,827		$	43,877

Interest expense and amortization of deferred financing costs
U.S. Concrete Pumping	$	5,585		$	6,337		$	17,577		$	19,163
U.K. Operations		733			729			2,167			2,122
Total interest expense and amortization of deferred financing costs	$	6,318		$	7,066		$	19,744		$	21,285

Revenue by geography
U.S.	$	93,758		$	103,411		$	267,577		$	276,830
U.K.		15,859			17,260			46,813			45,207
Total revenue	$	109,617		$	120,671		$	314,390		$	322,037

Total capital expenditures
U.S. Concrete Pumping	$	818		$	3,359		$	14,509		$	24,034
U.K. Operations		4,004		$	1,434			10,388			10,335
U.S. Concrete Waste Management Services		3,845		$	3,559			9,944			8,688
Reportable segment capital expenditures		8,667			8,352			34,841			43,057
Other		-			69			2,643			109
Total capital expenditures	$	8,667		$	8,421		$	37,484		$	43,166


	*As of*		*As of*
	*July 31,*		*October 31,*
(in thousands)	*2024*		*2023*
Total Assets
U.S.	$	754,933	$	785,402
U.K.		135,857		119,123
Total Assets	$	890,790	$	904,525

Property, plant and equipment, net
U.S.	$	359,998	$	371,689
U.K.		63,488		55,959
Property, plant and equipment, net	$	423,486	$	427,648

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Jul. 31, 2024 shares	Jul. 31, 2024 shares
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		Item 5. Other Information. (a) None (b) None (c) The Company’s Chief Executive Officer, Bruce Young, had adopted a trading arrangement for the sale of securities of the Company’s common stock (a “Rule 10b5-1 Trading Plan”) that was intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Young’s Rule 10b5-1 Trading Plan was adopted on January 15, 2024, provides for the exercise and sale of 736,810 shares of common stock pursuant to the terms of the plan, and was set to expire on February 5, 2025 or upon the earlier exercise of all 736,810 stock options. Mr. Young terminated the Rule 10b5-1 Trading Plan at the close of trading on May 14, 2024 and exercised all outstanding options as of that date.
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Trading Arrangement, Securities Aggregate Available Amount	736,810	736,810
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Trading Arrangement, Individual Title	Chief Executive Officer
Trading Arrangement, Individual Name	Bruce Young
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement Termination Date	May 14, 2024

Significant Accounting Policies (Policies)

9 Months Ended

Jul. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of presentation

Certain prior period amounts have been reclassified in order to conform to the current year presentation.

Use of Estimates, Policy [Policy Text Block]

Use of estimates

Revenue [Policy Text Block]

Revenue recognition

Leases as Lessor

The table below summarizes our revenues as presented in our unaudited condensed consolidated statements of operations for the periods ended July 31, 2024 and 2023 by revenue type:

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Service revenue	$	100,575	$	112,340	$	289,262	$	299,521
Lease fixed revenue		5,744		5,237		15,516		13,453
Lease variable revenue		3,298		3,094		9,612		9,063
Total revenue	$	109,617	$	120,671	$	314,390	$	322,037

Accounts Receivable [Policy Text Block]

Receivables and contract assets and liabilities

New Accounting Pronouncements, Policy [Policy Text Block]

Newly adopted accounting pronouncements

Recently issued accounting pronouncements not yet effective

Note 2 - Summary of Significant Accounting Policies (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Service revenue	$	100,575	$	112,340	$	289,262	$	299,521
Lease fixed revenue		5,744		5,237		15,516		13,453
Lease variable revenue		3,298		3,094		9,612		9,063
Total revenue	$	109,617	$	120,671	$	314,390	$	322,037

Note 3 - Fair Value Measurement (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

	*As of July 31,*				*As of October 31,*
	*2024*				*2023*
(in thousands)	*Carrying Value*		*Fair Value*		*Carrying Value*		*Fair Value*
Senior Notes	$	375,000	$	372,188	$	375,000	$	353,438

Note 4 - Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	8,463	$	3,802
Prepaid insurance		2,482		1,611
Prepaid licenses and deposits		837		810
Prepaid rent		82		629
Other current assets and prepaids		1,493		1,849
Total prepaid expenses and other current assets	$	13,357	$	8,701

Note 5 - Property, Plant and Equipment (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	*As of July 31,*			*As of October 31,*
(in thousands)	*2024*			*2023*
Land, building and improvements	$	32,583		$	29,338
Finance leases—land and buildings		-			828
Machinery and equipment		535,934			517,514
Transportation equipment		10,523			9,306
Furniture and office equipment		4,149			3,817
Property, plant and equipment, gross		583,189			560,803
Less accumulated depreciation		(159,703	)		(133,155	)
Property, plant and equipment, net	$	423,486		$	427,648

Long-Lived Tangible Asset, Depreciation [Table Text Block]

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Cost of operations	$	10,221	$	9,396	$	29,617	$	27,718
General and administrative expenses		560		622		1,728		1,823
Total depreciation expense	$	10,781	$	10,018	$	31,345	$	29,541

Note 6 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	*As of July 31,*
	*2024*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		9.4	$	195,126	$	-		$	(140,798	)	$	1,179	$	55,507
Trade name		4.4		5,097		-			(3,044	)		291		2,344
Assembled workforce		0.9		1,650		-			(1,385	)		-		265
Noncompete agreements		3.2		1,200		-			(563	)		-		637
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(145,790	)	$	1,470	$	109,253

	*As of October 31,*
	*2023*
	*Weighted Average*		*Gross*								*Foreign Currency*		*Net*
	*Remaining Life*		*Carrying*		*Accumulated*			*Accumulated*			*Translation*		*Carrying*
(in thousands)	*(in Years)*		*Value*		*Impairment*			*Amortization*			*Adjustment*		*Amount*
*Intangibles subject to amortization:*
Customer relationship		10.1	$	195,126	$	-		$	(130,295	)	$	832	$	65,663
Trade name		5.1		5,097		-			(2,645	)		146		2,598
Assembled workforce		1.4		1,650		-			(972	)		-		678
Noncompete agreements		3.9		1,200		-			(395	)		-		805
*Indefinite-lived intangible assets:*
Trade names (indefinite life)		-		55,500		(5,000	)		-			-		50,500
Total intangibles			$	258,573	$	(5,000	)	$	(134,307	)	$	978	$	120,244

Schedule of Goodwill [Table Text Block]

*(in thousands)*	*U.S. Concrete Pumping*		*U.K. Operations*		*U.S. Concrete Waste Management Services*		*Total*
Balance at October 31, 2023	$	147,482	$	24,902	$	49,133	$	221,517
Foreign currency translation		-		1,447		-		1,447
Balance at July 31, 2024	$	147,482	$	26,349	$	49,133	$	222,964

Note 7 - Other Non-current Assets (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Other Assets [Table Text Block]

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Expected recoveries related to self-insured commercial liabilities	$	4,040	$	13,822
Other non-current assets		352		428
Total other non-current assets	$	4,392	$	14,250

Note 8 - Long Term Debt and Revolving Lines of Credit (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Debt [Table Text Block]

				*July 31,*			*October 31,*
(in thousands)	*Interest Rates*		*Maturities*	*2024*			*2023*
ABL Facility - short term	Varies		June 2028	$	-		$	18,954
Senior notes - all long term		6.00%	February 2026		375,000			375,000
Total debt, gross					375,000			393,954
Less: Unamortized deferred financing costs offsetting long term debt					(2,088	)		(3,132	)
Less: Current portion					-			(18,954	)
Long term debt, net of unamortized deferred financing costs				$	372,912		$	371,868

Note 9 - Accrued Payroll and Payroll Expenses (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Accrued Payroll and Expenses [Table Text Block]

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued vacation	$	3,153	$	2,982
Accrued payroll		5,105		3,960
Accrued bonus		4,912		5,368
Accrued employee-related taxes		1,481		1,892
Other accrued		144		322
Total accrued payroll and payroll expenses	$	14,795	$	14,524

Note 10 - Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Accrued self-insured commercial liabilities	$	16,319	$	11,087
Accrued self-insured health liabilities		1,393		2,269
Accrued interest		11,268		5,775
Accrued equipment purchases		998		8,545
Accrued property, sales and use tax		3,330		1,791
Accrued professional fees		818		1,429
Other		4,619		3,854
Total accrued expenses and other liabilities	$	38,745	$	34,750

Note 11 - Other Liabilities, Non-current (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Other Noncurrent Liabilities [Table Text Block]

	*As of July 31,*		*As of October 31,*
(in thousands)	*2024*		*2023*
Self-insured commercial liability	$	4,241	$	14,140
Other		1,058		2
Total other non-current liabilities	$	5,299	$	14,142

Note 12 - Income Taxes (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Summary of Income Before Income Taxes and Income Tax Expense [Table Text Block]

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*

Income before income taxes	$	10,641	$	13,654	$	11,030	$	27,826

Income tax expense	$	3,081	$	3,318	$	4,250	$	5,427

Note 13 - Commitments and Contingencies (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Self Insurance [Table Text Block]

		*As of July 31, 2024*		*As of October 31, 2023*
(in thousands)	*Classification on the Condensed Consolidated Balance Sheets*
Self-insured commercial liability, current	Accrued expenses and other current liabilities	$	16,319	$	11,087
Self-insured commercial liability, non-current	Other liabilities, non-current		4,241		14,140
*Total self-insured commercial liabilities*		$	20,560	$	25,227

Expected recoveries related to self-insured commercial liabilities, current	Prepaid expenses and other current assets	$	8,463	$	3,802
Expected recoveries related to self-insured commercial liabilities, non-current	Other non-current assets		4,040		13,822
*Total expected recoveries related to self-insured commercial liabilities*		$	12,503	$	17,625

*Total self-insured commercial liability, net of expected recoveries*		$	8,057	$	7,602

Note 14 - Stockholders' Equity (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Class of Treasury Stock [Table Text Block]

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands, except price per share)	*2024*		*2023*		*2024*		*2023*
Shares repurchased		371		199		578		1,299
Total cost of shares repurchased	$	2,460	$	1,394	$	3,977	$	8,642
Average price per share	$	6.64	$	7.01	$	6.89	$	6.65

Note 15 - Stock-based Compensation (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block]

	*Three Months Ended July 31,*				*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*		*2024*		*2023*
Compensation expense – stock options	$	64	$	116	$	207	$	371
Compensation expense – restricted stock		580		818		1,710		2,767
Total	$	644	$	934	$	1,917	$	3,138

Note 16 - Earnings Per Share (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands, except per share amounts)	*2024*			*2023*			*2024*			*2023*
Net income (numerator):
Net income attributable to Concrete Pumping Holdings, Inc.	$	7,560		$	10,336		$	6,780		$	22,399
Less: Accretion of liquidation preference on preferred stock		(440	)		(441	)		(1,310	)		(1,309	)
Less: Undistributed earnings allocated to participating securities		(31	)		(323	)		(41	)		(751	)
Net income attributable to common stockholders (numerator for basic earnings per share)	$	7,089		$	9,572		$	5,429		$	20,339
Add back: Undistributed earning allocated to participating securities		31			323			41			751
Less: Undistributed earnings reallocated to participating securities		(31	)		(318	)		(41	)		(739	)
Numerator for diluted earnings per share	$	7,089		$	9,577		$	5,429		$	20,351

Weighted average shares (denominator):
Weighted average shares - basic		53,699			53,199			53,556			53,377
Weighted average shares - diluted		53,775			54,105			54,191			54,263

Basic earnings per share	$	0.13		$	0.18		$	0.10		$	0.38
Diluted earnings per share	$	0.13		$	0.18		$	0.10		$	0.38

Note 17 - Supplemental Cash Flow Information (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	*Nine Months Ended July 31,*
(in thousands)	*2024*		*2023*
Supplemental cash flow information:
Cash payments related to operating lease liabilities	$	3,811	$	3,340
Cash paid for interest	$	12,614	$	14,155
Cash paid for income taxes	$	2,571	$	258

Non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	6,109	$	3,873

	*As of July 31,*
(in thousands)	*2024*		*2023*
Beginning of period:
PP&E acquired but not yet paid	$	9,484	$	8,882

End of period:
PP&E acquired but not yet paid	$	1,453	$	3,737

Note 18 - Segment Reporting (Tables)

9 Months Ended

Jul. 31, 2024

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	*Three Months Ended July 31, 2023*					*Nine Months Ended July 31, 2023*
(in thousands)	*U.S. Concrete Pumping*		*Other*			*U.S. Concrete Pumping*		*Other*
As Previously Reported
Depreciation and amortization	$	10,498	$	216		$	31,464	$	644
Segment EBITDA	$	21,670	$	1,536		$	54,520	$	8,514

Recast Adjustment
Depreciation and amortization	$	216	$	(216	)	$	644	$	(644	)
Segment EBITDA	$	625	$	(625	)	$	1,875	$	(1,875	)

Current Report As Adjusted
Depreciation and amortization	$	10,714	$	-		$	32,108	$	-
Segment EBITDA	$	22,295	$	911		$	56,395	$	6,639

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	*Three Months Ended July 31,*						*Nine Months Ended July 31,*
(in thousands)	*2024*			*2023*			*2024*			*2023*
Revenue
U.S. Concrete Pumping	$	75,213		$	87,323		$	216,514		$	232,896
U.K. Operations		15,859			17,260			46,813			45,207
U.S. Concrete Waste Management Services - Third parties		18,545			16,088			51,063			43,934
U.S. Concrete Waste Management Services - Intersegment		87			417			331			511
Intersegment eliminations		(87	)		(417	)		(331	)		(511	)
Reportable segment revenue	$	109,617		$	120,671			314,390			322,037

EBITDA
U.S. Concrete Pumping	$	20,156		$	22,295		$	43,216		$	56,395
U.K. Operations		3,981			4,769			11,374			10,957
U.S. Concrete Waste Management Services		7,313			7,452			18,881			18,997
Reportable segment EBITDA		31,450			34,516			73,471			86,349
Interest expense and amortization of deferred financing costs		(6,318	)		(7,066	)		(19,744	)		(21,285	)
Reportable depreciation and amortization		(14,491	)		(14,707	)		(42,827	)		(43,877	)
Other		-			911			130			6,639
Total income before income taxes	$	10,641		$	13,654		$	11,030		$	27,826


Depreciation and amortization
U.S. Concrete Pumping	$	9,874		$	10,714		$	30,374		$	32,108
U.K. Operations		1,907			1,879			5,564			5,555
U.S. Concrete Waste Management Services		2,710			2,114			6,889			6,214
Total depreciation and amortization	$	14,491		$	14,707		$	42,827		$	43,877

Interest expense and amortization of deferred financing costs
U.S. Concrete Pumping	$	5,585		$	6,337		$	17,577		$	19,163
U.K. Operations		733			729			2,167			2,122
Total interest expense and amortization of deferred financing costs	$	6,318		$	7,066		$	19,744		$	21,285

Revenue by geography
U.S.	$	93,758		$	103,411		$	267,577		$	276,830
U.K.		15,859			17,260			46,813			45,207
Total revenue	$	109,617		$	120,671		$	314,390		$	322,037

Total capital expenditures
U.S. Concrete Pumping	$	818		$	3,359		$	14,509		$	24,034
U.K. Operations		4,004		$	1,434			10,388			10,335
U.S. Concrete Waste Management Services		3,845		$	3,559			9,944			8,688
Reportable segment capital expenditures		8,667			8,352			34,841			43,057
Other		-			69			2,643			109
Total capital expenditures	$	8,667		$	8,421		$	37,484		$	43,166


	*As of*		*As of*
	*July 31,*		*October 31,*
(in thousands)	*2024*		*2023*
Total Assets
U.S.	$	754,933	$	785,402
U.K.		135,857		119,123
Total Assets	$	890,790	$	904,525

Property, plant and equipment, net
U.S.	$	359,998	$	371,689
U.K.		63,488		55,959
Property, plant and equipment, net	$	423,486	$	427,648

Note 1 - Organization and Description of Business (Details Textual)	Jul. 31, 2024
Brundage-Bone [Member]
Number of States in which Entity Operates	21
Camfaud [Member]
Number of Stores	30
Eco-Pan, Inc. [Member]
Number of Stores	20

Note 2 - Summary of Significant Accounting Polices - Summary of Revenues by Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Service revenue	$ 100,575	$ 112,340	$ 289,262	$ 299,521
Lease fixed revenue	5,744	5,237	15,516	13,453
Lease variable revenue	3,298	3,094	9,612	9,063
Total revenue	$ 109,617	$ 120,671	$ 314,390	$ 322,037

Note 3 - Fair Value Measurement (Details Textual) - shares	Jul. 31, 2024	Oct. 31, 2023
Class of Warrant or Right, Outstanding (in shares)	0
Public Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		13,017,677
Private Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)		0

Note 3 - Fair Value Measurement - Fair Value of Long-term Debt (Details) - Senior Secured Notes [Member] - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Reported Value Measurement [Member]
Debt, fair value	$ 375,000	$ 375,000
Estimate of Fair Value Measurement [Member]
Debt, fair value	$ 372,188	$ 353,438

Note 4 - Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Expected recoveries related to self-insured commercial liabilities	$ 8,463	$ 3,802
Prepaid insurance	2,482	1,611
Prepaid licenses and deposits	837	810
Prepaid rent	82	629
Other current assets and prepaids	1,493	1,849
Total prepaid expenses and other current assets	$ 13,357	$ 8,701

Note 5 - Property, Plant and Equipment - Components of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Property, plant and equipment, gross	$ 583,189	$ 560,803
Less accumulated depreciation	(159,703)	(133,155)
Property, plant and equipment, net	423,486	427,648
Land, Buildings and Improvements [Member]
Property, plant and equipment, gross	32,583	29,338
Finance Leases for Land and Buildings [Member]
Property, plant and equipment, gross	0	828
Machinery and Equipment [Member]
Property, plant and equipment, gross	535,934	517,514
Transportation Equipment [Member]
Property, plant and equipment, gross	10,523	9,306
Furniture and Fixtures [Member]
Property, plant and equipment, gross	$ 4,149	$ 3,817

Note 5 - Property, Plant and Equipment - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Depreciation Expense	$ 10,781	$ 10,018	$ 31,345	$ 29,541
Cost of Sales [Member] \| Property and Equipment [Member]
Depreciation Expense	10,221	9,396	29,617	27,718
General and Administrative Expense [Member] \| Property and Equipment [Member]
Depreciation Expense	$ 560	$ 622	$ 1,728	$ 1,823

Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Amortization of Intangible Assets	$ 3,700	$ 4,700	$ 11,482	$ 14,336
US Concrete Pumping [Member]
Goodwill, Impairment Loss			$ 0

Note 6 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jul. 31, 2024	Oct. 31, 2023
Accumulated amortization	$ (145,790)	$ (134,307)
Foreign currency translation adjustment	1,470	978
Impairments	(5,000)	(5,000)
Total intangibles	258,573	258,573
Foreign currency translation adjustment	1,470	978
Net carrying amount	$ 109,253	$ 120,244
Customer Relationships [Member]
Weighted average remaining life (Year)	9 years 4 months 24 days	10 years 1 month 6 days
Gross carrying value	$ 195,126	$ 195,126
Accumulated amortization	(140,798)	(130,295)
Foreign currency translation adjustment	1,179	832
Net carrying amount	55,507	65,663
Foreign currency translation adjustment	$ 1,179	$ 832
Trade Names [Member]
Weighted average remaining life (Year)	4 years 4 months 24 days	5 years 1 month 6 days
Gross carrying value	$ 5,097	$ 5,097
Accumulated amortization	(3,044)	(2,645)
Foreign currency translation adjustment	291	146
Net carrying amount	2,344	2,598
Foreign currency translation adjustment	$ 291	$ 146
Assembled Workforce [Member]
Weighted average remaining life (Year)	10 months 24 days	1 year 4 months 24 days
Gross carrying value	$ 1,650	$ 1,650
Accumulated amortization	(1,385)	(972)
Net carrying amount	$ 265	$ 678
Noncompete Agreements [Member]
Weighted average remaining life (Year)	3 years 2 months 12 days	3 years 10 months 24 days
Gross carrying value	$ 1,200	$ 1,200
Accumulated amortization	(563)	(395)
Net carrying amount	637	805
Trade Names, Indefinite-lived [Member]
Gross carrying value, indefinite	55,500	55,500
Impairments	(5,000)	(5,000)
Net carrying amount, indefinite	$ 50,500	$ 50,500

Note 6 - Goodwill and Intangible Assets - Goodwill by Reportable Segment (Details) $ in Thousands	9 Months Ended
	Jul. 31, 2024 USD ($)
Balance	$ 221,517
Balance	222,964
Operating Segments [Member]
Balance	221,517
Foreign currency translation	1,447
Balance	222,964
Operating Segments [Member] \| US Concrete Pumping [Member]
Balance	147,482
Balance	147,482
Operating Segments [Member] \| UK Operations [Member]
Balance	24,902
Foreign currency translation	1,447
Balance	26,349
Operating Segments [Member] \| US Concrete Waste Management Services [Member]
Balance	49,133
Balance	$ 49,133

Note 7 - Other Non-current Assets - Schedule of Other Non-current Assets (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Expected recoveries related to self-insured commercial liabilities	$ 4,040	$ 13,822
Other non-current assets	352	428
Total other non-current assets	$ 4,392	$ 14,250

Note 8 - Long Term Debt and Revolving Lines of Credit (Details Textual) - USD ($) $ in Thousands	Jun. 01, 2023	Jul. 31, 2024	Oct. 31, 2023	Jan. 28, 2021
Payments of Debt Restructuring Costs	$ 500
Debt Issuance Costs, Line of Credit Arrangements, Net	1,400
Long-Term Debt, Gross		$ 375,000	$ 393,954
Letters of Credit Outstanding, Amount		13,900
Asset Backed Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	225,000			$ 125,000
Line of Credit Facility, Additional Borrowing Capacity	75,000
Debt Issuance Costs, Line of Credit Arrangements, Net		1,500
Long-Term Line of Credit		0
Line of Credit, Reserves		1,100
Letters of Credit Outstanding, Amount		13,900
Line of Credit Facility, Remaining Borrowing Capacity		$ 210,000
Debt, Weighted Average Interest Rate			7.90%
Senior Secured Notes [Member]
Debt Instrument, Face Amount				$ 375,000
Debt Instrument, Interest Rate, Stated Percentage		6.00%		6.00%
Long-Term Debt, Gross		$ 375,000	$ 375,000
Standby Letters of Credit [Member] \| Asset Backed Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 22,500

Note 8 - Long Term Debt and Revolving Lines of Credit - Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023	Jan. 28, 2021
ABL Facility - short term	$ 0	$ 18,954
Long-Term Debt, Gross	375,000	393,954
Less: Unamortized deferred financing costs offsetting long term debt	(2,088)	(3,132)
Less: Current portion	0	(18,954)
Long term debt, net of unamortized deferred financing costs	372,912	371,868
Revolving Loan [Member] \| Asset Backed Revolving Credit Facility [Member]
ABL Facility - short term	0	18,954
Less: Current portion	$ 0	(18,954)
Senior Secured Notes [Member]
Debt Instrument, Interest Rate, Stated Percentage	6.00%		6.00%
Long-Term Debt, Gross	$ 375,000	$ 375,000

Note 9 - Accrued Payroll and Payroll Expenses - Accrued Payroll and Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Accrued vacation	$ 3,153	$ 2,982
Accrued payroll	5,105	3,960
Accrued bonus	4,912	5,368
Accrued employee-related taxes	1,481	1,892
Other accrued	144	322
Total accrued payroll and payroll expenses	$ 14,795	$ 14,524

Note 10 - Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Accrued self-insured commercial liabilities	$ 16,319	$ 11,087
Accrued self-insured health liabilities	1,393	2,269
Accrued interest	11,268	5,775
Accrued equipment purchases	998	8,545
Accrued property, sales and use tax	3,330	1,791
Accrued professional fees	818	1,429
Other	4,619	3,854
Total accrued expenses and other liabilities	$ 38,745	$ 34,750

Note 11 - Other Liabilities, Non-current - Other Liabilities, Non-current (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Self-insured commercial liability	$ 4,241	$ 14,140
Other	1,058	2
Total other non-current liabilities	$ 5,299	$ 14,142

Note 12 - Income Taxes (Details Textual)	3 Months Ended		9 Months Ended		16 Months Ended
Note 12 - Income Taxes (Details Textual)	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024
Effective Income Tax Rate Reconciliation, Percent	29.00%	24.30%	38.50%	19.50%
Foreign Tax Jurisdiction [Member] \| His Majesty's Revenue and Customs (HMRC) [Member]
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent					25.00%

Note 12 - Income Taxes - Summary of Income Before Income Taxes and Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Income before income taxes	$ 10,641	$ 13,654	$ 11,030	$ 27,826
Income tax expense	$ 3,081	$ 3,318	$ 4,250	$ 5,427

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Jan. 31, 2024	Jul. 31, 2024	Oct. 31, 2023
Letters of Credit Outstanding, Amount		$ 13.9
Standby Letters of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity		22.5
Washington Department of Revenue Ruling [Member]
Payments for Sales Taxes	$ 1.8
Washington Department of Revenue Ruling [Member] \| General and Administrative Expense [Member]
Loss Contingency, Loss in Period	$ 3.5
Accrued Liabilities and Other Liabilities [Member]
Self-insurance, Accrued Expenses for Health Claims Incurred But Not Reoprted		$ 1.4	$ 1.2

Note 13 - Commitments and Contingencies - Schedule of Self Insurance Information (Details) - USD ($) $ in Thousands	Jul. 31, 2024	Oct. 31, 2023
Total self-insured commercial liabilities	$ 20,560	$ 25,227
Expected recoveries related to self-insured commercial liabilities, current	8,463	3,802
Expected recoveries related to self-insured commercial liabilities, non-current	4,040	13,822
Total expected recoveries related to self-insured commercial liabilities	12,503	17,625
Total self-insured commercial liability, net of expected recoveries	8,057	7,602
Accrued Liabilities and Other Liabilities [Member]
Total self-insured commercial liabilities	16,319	11,087
Other Noncurrent Liabilities [Member]
Total self-insured commercial liabilities	4,241	14,140
Prepaid Expenses and Other Current Assets [Member]
Expected recoveries related to self-insured commercial liabilities, current	8,463	3,802
Other Noncurrent Assets [Member]
Expected recoveries related to self-insured commercial liabilities, non-current	$ 4,040	$ 13,822

Note 14 - Stockholders' Equity (Details Textual) - USD ($) $ in Millions	Mar. 07, 2024	Jan. 31, 2023
Stock Repurchase Program, Authorized Amount	$ 15	$ 10

Note 14 - Stockholders' Equity - Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Shares repurchased (in shares)	371	199	578	1,299
Total cost of shares repurchased	$ 2,460	$ 1,394	$ 3,977	$ 8,642
Average price per share (in dollars per share)	$ 6.64	$ 7.01	$ 6.89	$ 6.65

Note 15 - Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Compensation expense	$ 644	$ 934	$ 1,917	$ 3,138
Share-Based Payment Arrangement, Option [Member]
Compensation expense	64	116	207	371
Restricted Stock [Member]
Compensation expense	$ 580	$ 818	$ 1,710	$ 2,767

Note 16 - Earnings Per Share (Details Textual) - $ / shares shares in Millions	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 11.5		$ 11.5
Restricted Stock and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.6		0.4
Series A Preferred Stocks [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	2.5	2.5	2.5	2.5
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		13.0		13.0
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		1.1		1.1

Note 16 - Earnings Per Share - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Net income	$ 7,560	$ 10,336	$ 6,780	$ 22,399
Less accretion of liquidation preference on preferred stock	(440)	(441)	(1,310)	(1,309)
Less: Undistributed earnings allocated to participating securities	(31)	(323)	(41)	(751)
Net income attributable to common stockholders (numerator for basic earnings per share)	7,089	9,572	5,429	20,339
Add back: Undistributed earning allocated to participating securities	31	323	41	751
Less: Undistributed earnings reallocated to participating securities	(31)	(318)	(41)	(739)
Numerator for diluted earnings per share	$ 7,089	$ 9,577	$ 5,429	$ 20,351
Weighted average shares - basic (in shares)	53,699	53,199	53,556	53,377
Weighted average shares - diluted (in shares)	53,775	54,105	54,191	54,263
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.18	$ 0.1	$ 0.38
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.18	$ 0.1	$ 0.38

Note 17 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023	Oct. 31, 2022
Cash payments related to operating lease liabilities	$ 3,811	$ 3,340
Cash paid for interest	12,614	14,155
Cash paid for income taxes	2,571	258
Operating lease assets obtained in exchange for new operating lease liabilities	6,109	3,873
PP&E acquired but not yet paid	$ 1,453	$ 3,737	$ 9,484	$ 8,882

Note 18 - Segment Reporting (Details Textual)	9 Months Ended
Note 18 - Segment Reporting (Details Textual)	Jul. 31, 2024
Number of Reportable Segments	3

Note 18 - Segment Reporting - EBITDA Recast (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023
Depreciation and amortization	$ 14,491	$ 14,707	$ 42,827	$ 43,877
Operating Segments [Member]
Depreciation and amortization	14,491	14,707	42,827	43,877
Segment EBITDA	31,450	34,516	73,471	86,349
Operating Segments [Member] \| US Concrete Pumping [Member]
Depreciation and amortization	9,874	10,714	30,374	32,108
Segment EBITDA	$ 20,156	22,295	$ 43,216	56,395
Other Operating Segments and Intersegment Eliminations [Member]
Depreciation and amortization		0		0
Segment EBITDA		911		6,639
Previously Reported [Member] \| Operating Segments [Member] \| US Concrete Pumping [Member]
Depreciation and amortization		10,498		31,464
Segment EBITDA		21,670		54,520
Previously Reported [Member] \| Other Operating Segments and Intersegment Eliminations [Member]
Depreciation and amortization		216		644
Segment EBITDA		1,536		8,514
Revision of Prior Period, Adjustment [Member] \| Operating Segments [Member] \| US Concrete Pumping [Member]
Depreciation and amortization		216		644
Segment EBITDA		625		1,875
Revision of Prior Period, Adjustment [Member] \| Other Operating Segments and Intersegment Eliminations [Member]
Depreciation and amortization		(216)		(644)
Segment EBITDA		$ (625)		$ (1,875)

Note 18 - Segment Reporting - Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 31, 2024	Jul. 31, 2023	Jul. 31, 2024	Jul. 31, 2023	Oct. 31, 2023
Revenue	$ 109,617	$ 120,671	$ 314,390	$ 322,037
Interest expense and amortization of deferred financing costs	(6,318)	(7,066)	(19,744)	(21,285)
Reportable depreciation and amortization	(14,491)	(14,707)	(42,827)	(43,877)
Income before income taxes	10,641	13,654	11,030	27,826
Depreciation and amortization	14,491	14,707	42,827	43,877
Total capital expenditures	8,667	8,421	37,484	43,166
Total Assets	890,790		890,790		$ 904,525
Long lived assets	423,486		423,486		427,648
UNITED STATES
Revenue	93,758	103,411	267,577	276,830
Total Assets	754,933		754,933		785,402
Long lived assets	359,998		359,998		371,689
UNITED KINGDOM
Revenue	15,859	17,260	46,813	45,207
Total Assets	135,857		135,857		119,123
Long lived assets	63,488		63,488		$ 55,959
Operating Segments [Member]
Revenue	109,617	120,671	314,390	322,037
Segment EBITDA	31,450	34,516	73,471	86,349
Reportable depreciation and amortization	(14,491)	(14,707)	(42,827)	(43,877)
Depreciation and amortization	14,491	14,707	42,827	43,877
Total capital expenditures	8,667	8,352	34,841	43,057
Operating Segments [Member] \| US Concrete Pumping [Member]
Revenue	75,213	87,323	216,514	232,896
Segment EBITDA	20,156	22,295	43,216	56,395
Interest expense and amortization of deferred financing costs	(5,585)	(6,337)	(17,577)	(19,163)
Reportable depreciation and amortization	(9,874)	(10,714)	(30,374)	(32,108)
Depreciation and amortization	9,874	10,714	30,374	32,108
Total capital expenditures	818	3,359	14,509	24,034
Operating Segments [Member] \| UK Concrete Pumping [Member]
Revenue	15,859	17,260	46,813	45,207
Segment EBITDA	3,981	4,769	11,374	10,957
Total capital expenditures	4,004	1,434	10,388	10,335
Operating Segments [Member] \| US Concrete Waste Management Services [Member]
Revenue	18,545	16,088	51,063	43,934
Segment EBITDA	7,313	7,452	18,881	18,997
Reportable depreciation and amortization	(2,710)	(2,114)	(6,889)	(6,214)
Depreciation and amortization	2,710	2,114	6,889	6,214
Total capital expenditures	3,845	3,559	9,944	8,688
Operating Segments [Member] \| UK Operations [Member]
Interest expense and amortization of deferred financing costs	(733)	(729)	(2,167)	(2,122)
Reportable depreciation and amortization	(1,907)	(1,879)	(5,564)	(5,555)
Depreciation and amortization	1,907	1,879	5,564	5,555
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| US Concrete Waste Management Services [Member]
Revenue	87	417	331	511
Intersegment Eliminations [Member]
Revenue	(87)	(417)	(331)	(511)
Other	0	911	130	6,639
Other Operating Segments and Intersegment Eliminations [Member]
Segment EBITDA		911		6,639
Reportable depreciation and amortization		0		0
Depreciation and amortization		0		0
Total capital expenditures	$ 0	$ 69	$ 2,643	$ 109

Concrete Pumping (NASDAQ:BBCP)
Historical Stock Chart
From Sep 2024 to Oct 2024

Click Here for more Concrete Pumping Charts.

Concrete Pumping (NASDAQ:BBCP)
Historical Stock Chart
From Oct 2023 to Oct 2024

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BBCP Concrete Pumping Holdings Inc

Latest BBCP Messages

Loading Messages....

Concrete Pumping Holdings Inc News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App

Trending Now

Toplists

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BBCP Concrete Pumping Holdings Inc

Latest BBCP Messages

Loading Messages....

Concrete Pumping Holdings Inc News

Loading Messages....

Your Recent History

Company

Business

Popular

Get The App