爆走黑料

爆走黑料 Reports First听Quarter听Fiscal Year 2025听Results

Announces Extension of听Existing Share Repurchase Plan

DENVER, March 11, 2025 (GLOBE NEWSWIRE) -- 爆走黑料. (Nasdaq: BBCP) (the "Company" or "CPH"), a leading provider of 爆走黑料 and waste management services in the U.S. and U.K., reported financial results for the first听quarter听ended January听31, 2025.

First Quarter Fiscal Year 2025听Summary vs. First听Quarter of Fiscal Year 2024听(where applicable)

Management Commentary

"Despite the challenges presented by a persistent elevated interest rate environment, which continued to affect our commercial construction volume in the first quarter and delayed project starts in both the U.S. and U.K., coupled with severe weather events in our central, mountain and southeastern regions, we remained resilient.听Our flexible cost structure and disciplined fleet management strategy allowed us to maintain strong Adjusted EBITDA margins despite the reduced volume鈥� said Bruce Young, CEO of CPH.

鈥淲ith the successful refinancing of our senior notes during the current quarter, in addition to听the upsize of our asset-based lending facility in September of 2024, our balance sheet and liquidity are stronger than ever and we are well-positioned for shareholder value creation initiatives, including the special dividend paid in February and potential future M&A opportunities. Looking ahead to the remainder of the fiscal year, we remain optimistic for a commercial market recovery, although the current timing has been prolonged.鈥�

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¹ Adjusted EBITDA, Adjusted EBITDA margin,听net debt and leverage ratio are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America ("GAAP"). See "Non-GAAP Financial Measures" below for a discussion of the non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

First Quarter Fiscal Year 2025 Financial Results

Revenue in the first quarter of fiscal year 2025 was $86.4 million compared to $97.7 million in the first quarter of fiscal year 2024. The decrease was mostly attributable to a volume decline in the Company鈥檚 U.S. Concrete Pumping segment due to a slowdown in commercial construction volume, mostly due to restrictive monetary policy in the U.S.听and severe weather conditions听in the Company鈥檚 central, mountain and southeastern market regions. This was partially offset by continued strong growth in the Concrete Waste Management Services segment.

Gross profit in the first quarter of fiscal year 2025 was $31.2 million compared to $33.3 million in the prior year quarter. Gross margin improved 200 basis points to 36.1% compared to 34.1% in the prior year quarter. The improvement听in gross margin was primarily related to better fuel and commercial insurance costs.

General and administrative expenses in the first quarter declined听13% to $27.8 million compared to $31.9 million in the prior year quarter primarily due to: (1) the non-recurring $3.5 million sales tax litigation-related charge in the first quarter of 2024, (2) non-cash decreases in amortization expense of $0.9 million, and (3) lower labor costs of approximately $0.8 million, which听were partially offset by a decrease in currency gain of $0.7 million and higher professional fees of $0.6 million. As a percentage of revenue, G&A costs improved to 32.2% in the first quarter compared to 32.7% in the prior year quarter.

Net loss in the first quarter of fiscal year 2025 was $2.6 million compared to a net loss of $3.8 million in the prior year quarter. Net loss attributable to common shareholders in the first quarter of fiscal year 2025 was $3.1 million, or $(0.06) per diluted share, compared to a net loss of $4.3 million, or $(0.08) per diluted share, in the prior year quarter.

Adjusted EBITDA in the first quarter of fiscal year 2025 was $17.0 million compared to $19.3 million in the prior year quarter. Adjusted EBITDA margin was unchanged at 19.7%.

Liquidity

On January 31, 2025, the Company had debt outstanding of $425.0 million, net debt听of $339.9 million and total available liquidity of $409.6 million. Compared to the prior year, this equates to a $33.4 million reduction in net debt and an increase of $192.6 million in total liquidity.

Net debt and total liquidity as of January 31, 2025 includes the $53 million in cash used to pay the special dividend on February 3, 2025.

Segment Results

U.S. Concrete Pumping.听Revenue in the first quarter of fiscal year 2025 was $56.9 million compared to $66.7 million in the prior year quarter.听The decline was driven by the aforementioned slowdown in commercial construction volume and severe weather.听Net loss in the first quarter of fiscal year 2025 was $3.1 million compared to a net loss of $3.2 million in the prior year quarter. Adjusted EBITDA was $9.2 million in the first quarter of fiscal year 2025 compared to $11.6 million in the prior year quarter. These decreases were largely driven by the revenue decline, while the impact on net loss was also impacted by the听non-recurring $3.5 million sales tax litigation-related charge incurred in fiscal 2024.

U.S. Concrete Waste Management Services. Revenue in the first quarter of fiscal year 2025 increased 7% to $16.7 million compared to $15.6 million in the prior year quarter. The increase was driven by organic volume growth and pricing improvements. Net income in the first quarter of fiscal year 2025 was $0.2 million compared to a net loss of $1.2 million in the prior year quarter. Adjusted EBITDA in the first quarter of fiscal year 2025 increased to $5.0 million compared to $4.5 million in the prior year quarter. Increases in both net income and adjusted EBITDA are mostly due to increases in revenue as discussed above.

U.K. Operations. Revenue in the first quarter of fiscal year 2025 was $12.8 million compared to $15.4 million in the prior year quarter. Excluding the impact from foreign currency translation, revenue was down 16% year-over-year, due to the aforementioned slowdown in commercial construction volume. Net income in the first quarter of fiscal year 2025 was $0.2 million compared to $0.5 million in the prior year quarter. Adjusted EBITDA was $2.8 million in the first quarter of fiscal year 2025 compared to $3.2 million in the prior year quarter. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were minimal.

Fiscal Year 2025 Outlook

The Company now expects fiscal year 2025 revenue to range between $400.0听million to $420.0听million, Adjusted EBITDA to range between $105.0听million to $115.0听million, and free cash flow² to be approximately听$60.0听million.

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听²听Free cash flow is defined as Adjusted EBITDA less net maintenance听capital expenditures and cash paid for interest.

Share Repurchase Program

In March听2025, the Company's board of directors extended the expiration date of its existing share repurchase program, from March 31, 2025 to December 31, 2026. As of January 31, 2025, the Company has $15.1听million available for repurchase under its repurchase program.

During the first three months of fiscal year 2025, the Company repurchased 296,267听shares for a total of $1.9 million at an average share price of $6.53 per share.

Conference Call

The Company will hold a conference call on Tuesday, March 11, 2025,听at 5:00 p.m. Eastern time to discuss its first听quarter 2025听results.

Date: Tuesday, March 11, 2025
Time: 5:00 p.m. Eastern Time (3:00 p.m. Mountain Time)
Toll-free dial-in number: 1-877-407-9039
International dial-in number: 1-201-689-8470
Conference ID: 13751337

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group, Inc.听at 1-949-574-3860.

The conference call will be broadcast live and is available for replay here听 as well as the investor relations section of the Company鈥檚 website at .

A replay of the conference call will be available after 8:00 p.m. Eastern Time on the same day through March 18, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13751337

爆走黑料 爆走黑料

爆走黑料 is the leading provider of concrete pumping services and concrete waste management services in the fragmented U.S. and U.K. markets, primarily operating under what we believe are the only established, national brands in both geographies 鈥� Brundage-Bone for 爆走黑料 in the U.S., Camfaud in the U.K., and Eco-Pan for waste management services in both the U.S. and U.K. The Company鈥檚 large fleet of specialized pumping equipment and trained operators position it to deliver concrete placement solutions that facilitate labor cost savings to customers, shorten concrete placement times, enhance worksite safety and improve construction quality. Highly complementary to its core concrete pumping service, Eco-Pan seeks to provide a full-service, cost-effective, regulatory-compliant solution to manage environmental issues caused by concrete washout. As of January听31, 2025, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 branch locations across听22听states, concrete pumping services in the U.K. from approximately 35听branch locations, and route-based concrete waste management services from 20 operating locations in the U.S. and 1 shared location in the U.K. For more information, please visit or the Company鈥檚 brand websites at , , or .

Forward鈥�Looking Statements

This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company鈥檚 actual results may differ from expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," "outlook" and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company鈥檚 expectations with respect to future performance, including the Company's fiscal year 2025听outlook. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the Company鈥檚 control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the adverse impact of recent inflationary pressures, restrictive monetary policies, global economic conditions and developments related to these conditions, such as fluctuations in fuel costs on our business; adverse and severe weather conditions; the outcome of any legal proceedings, rulings or demand letters that may be instituted against or sent to the Company or its subsidiaries; the ability of the Company to grow and manage growth profitably and retain its key employees; the ability to identify and complete targeted acquisitions and to realize the expected benefits from completed acquisitions; changes in applicable laws or regulations;听the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties indicated from time to time in the Company鈥檚 filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Non-GAAP Financial Measures

This press release presents Adjusted EBITDA, Adjusted EBITDA margin, net debt, free cash flow and leverage ratio, all of which are important financial measures for the Company听but are not financial measures defined by GAAP.

EBITDA is calculated by taking GAAP net income and adding back interest expense and amortization of deferred financing costs net of interest income, income tax expense, and depreciation and amortization. Adjusted EBITDA is calculated by taking EBITDA and adding back听loss on debt extinguishment, stock-based compensation, changes in the fair value of warrant liabilities, other expense (income), net, goodwill and intangibles impairment and other adjustments. Other adjustments include听non-recurring expenses,听non-cash currency gains/losses and听transaction expenses.听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, the Company excludes these amounts from Adjusted EBITDA for comparability across periods.

The Company believes 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听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 the Company听is听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. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenue for the period presented. See below for a reconciliation of Adjusted EBITDA to net income (loss) calculated in accordance with GAAP.

Net debt as a specified date is calculated as all amounts outstanding under debt agreements (currently this includes the Company鈥檚 term loan and revolving line of credit balances, excluding any offsets for capitalized deferred financing costs) measured in accordance with GAAP less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the Company鈥檚 debt obligations. A limitation associated with using net debt is that it subtracts cash and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor the Company鈥檚 leverage and evaluate the Company鈥檚 consolidated balance sheet. See "Reconciliation of Net Debt" below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

The leverage ratio is defined as the ratio of net debt to Adjusted EBITDA for the trailing four quarters. The Company believes its leverage ratio measures its ability to service its debt and its ability to make capital expenditures. Additionally, the leverage ratio is a standard measurement used by investors to gauge the creditworthiness of an institution.

Free cash flow is defined as Adjusted EBITDA less net maintenance听capital expenditures and cash paid for interest. This measure is not a substitute for cash flow from operations and does not represent the residual cash flow available for discretionary expenditures, since certain non-discretionary expenditures, such as debt servicing payments, are not deducted from the measure. CPH believes this non-GAAP measure provides useful information to management and investors in order to monitor and evaluate the cash flow yield of the business.

The financial statement tables that accompany this press release include a reconciliation of Adjusted EBITDA and net debt to the applicable most comparable U.S. GAAP financial measure. However, the Company has not reconciled the forward-looking Adjusted EBITDA guidance range and free cash flow range included in this press release to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income tax expense听and depreciation and amortization.

Current and prospective investors should review the Company鈥檚 audited annual and unaudited interim financial statements, which are filed with the U.S. Securities and Exchange Commission, and not rely on any single financial measure to evaluate the Company鈥檚 business. Other companies may calculate Adjusted EBITDA, net debt and free cash flow differently and therefore these measures may not be directly comparable to similarly titled measures of other companies.

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During the first quarter of fiscal year 2025, the Company updated its听methodology in which the Company allocates its corporate costs to better align with the manner in which the Company now allocates resources and measures performance. As a result, segment results for prior periods have been reclassified to conform to the current period presentation.

Released March 11, 2025