Concrete Pumping Holdings, Inc. Files 2023 10-K Report
Ticker: BBCP · Form: 10-K · Filed: Jan 16, 2024 · CIK: 1703956
| Field | Detail |
|---|---|
| Company | Concrete Pumping Holdings, INC. (BBCP) |
| Form Type | 10-K |
| Filed Date | Jan 16, 2024 |
| Risk Level | medium |
| Pages | 14 |
| Reading Time | 17 min |
| Key Dollar Amounts | $0.0001, $6.95 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: 10-K, Concrete Pumping Holdings, Financial Report, Fiscal Year 2023, SEC Filing
TL;DR
<b>Concrete Pumping Holdings, Inc. filed its 2023 10-K, detailing its financial performance and operational aspects for the fiscal year ending October 31, 2023.</b>
AI Summary
Concrete Pumping Holdings, Inc. (BBCP) filed a Annual Report (10-K) with the SEC on January 16, 2024. Filed 10-K for the fiscal year ended October 31, 2023. Report covers the period from November 1, 2022, to October 31, 2023. Company was formerly known as Industrea Acquisition Corp. until April 14, 2017. Subject to a $250,000 deductible plus 50% of claims between $0.5M and $1.0M in 2023. Reported $0.6 million in U.S. Concrete Waste Management Services segment revenue eliminated in intersegment eliminations for 2023.
Why It Matters
For investors and stakeholders tracking Concrete Pumping Holdings, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, operational risks, and strategic direction for investors and stakeholders. Understanding the company's revenue segments, debt-to-equity ratio, and net income is crucial for assessing its profitability and financial stability.
Risk Assessment
Risk Level: medium — Concrete Pumping Holdings, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market conditions and operational execution, as detailed in the 10-K filing.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to assess the company's performance and potential for future growth.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. Concrete Waste Management Services | $0.6 million | |
| Other | $2.5 million |
Key Numbers
- 2023-10-31 — Fiscal Year End (Conformed period of report)
- 2024-01-16 — Filing Date (Filed as of date)
- 0001703956 — Central Index Key (Filer's identifier)
- 001-38166 — SEC File Number (Company's SEC file number)
- 118 — Public Document Count (Number of documents in the filing)
- 2023 — Fiscal Year (Year covered by the report)
- 2022 — Previous Fiscal Year (Year prior to the report)
- $0.6 million — Segment Revenue (U.S. Concrete Waste Management Services segment revenue for 2023)
Key Players & Entities
- Concrete Pumping Holdings, Inc. (company) — Filer name
- Industrea Acquisition Corp. (company) — Former company name
- 2023-10-31 (date) — Conformed period of report
- 2024-01-16 (date) — Filed as of date
- $250,000 (dollar_amount) — Deductible for claims
- $0.5 million (dollar_amount) — Claim amount threshold
- $1.0 million (dollar_amount) — Claim amount threshold
- $0.6 million (dollar_amount) — Revenue in U.S. Concrete Waste Management Services segment
Forward-Looking Statements
- Concrete Pumping Holdings, Inc. will face increased scrutiny on its U.S. Concrete Waste Management Services segment's organic growth due to rising intersegment eliminations. (Concrete Pumping Holdings, Inc.) — medium confidence, target: 2024-10-31
- The company's profitability could be negatively impacted by a single large claim due to its significant insurance deductible structure for 2023. (Concrete Pumping Holdings, Inc.) — high confidence, target: 2024-10-31
FAQ
When did Concrete Pumping Holdings, Inc. file this 10-K?
Concrete Pumping Holdings, Inc. filed this Annual Report (10-K) with the SEC on January 16, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Concrete Pumping Holdings, Inc. (BBCP).
Where can I read the original 10-K filing from Concrete Pumping Holdings, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Concrete Pumping Holdings, Inc..
What are the key takeaways from Concrete Pumping Holdings, Inc.'s 10-K?
Concrete Pumping Holdings, Inc. filed this 10-K on January 16, 2024. Key takeaways: Filed 10-K for the fiscal year ended October 31, 2023.. Report covers the period from November 1, 2022, to October 31, 2023.. Company was formerly known as Industrea Acquisition Corp. until April 14, 2017..
Is Concrete Pumping Holdings, Inc. a risky investment based on this filing?
Based on this 10-K, Concrete Pumping Holdings, Inc. presents a moderate-risk profile. The company's financial performance and future outlook are subject to market conditions and operational execution, as detailed in the 10-K filing.
What should investors do after reading Concrete Pumping Holdings, Inc.'s 10-K?
Review the detailed financial statements and risk factors in the 10-K to assess the company's performance and potential for future growth. The overall sentiment from this filing is neutral.
Risk Factors
- Insurance Deductibles and Coverage [medium — financial]: In 2023, the Company is subject to the first $250,000 deductible plus 50% of any claim incurred in the amounts between $0.5 million and $1.0 million.
Filing Stats: 4,271 words · 17 min read · ~14 pages · Grade level 12.2 · Accepted 2024-01-16 17:07:20
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share BBCP Nasdaq Stock Market
- $6.95 — ,498,006 based upon the market price of $6.95 per share on April 28, 2023. As of Janu
Filing Documents
- bbpp20231031_10k.htm (10-K) — 1897KB
- ex_533883.htm (EX-21.1) — 19KB
- ex_533884.htm (EX-23.1) — 2KB
- ex_592263.htm (EX-23.2) — 2KB
- ex_533885.htm (EX-31.1) — 13KB
- ex_533886.htm (EX-31.2) — 14KB
- ex_533887.htm (EX-32.1) — 5KB
- ex_533888.htm (EX-32.2) — 5KB
- ex_613599.htm (EX-97.1) — 31KB
- 0001437749-24-001415.txt ( ) — 10816KB
- bbcp-20231031.xsd (EX-101.SCH) — 107KB
- bbcp-20231031_cal.xml (EX-101.CAL) — 96KB
- bbcp-20231031_def.xml (EX-101.DEF) — 681KB
- bbcp-20231031_lab.xml (EX-101.LAB) — 597KB
- bbcp-20231031_pre.xml (EX-101.PRE) — 739KB
- bbpp20231031_10k_htm.xml (XML) — 1749KB
Business
Business 2 Item 1A.
Risk Factors
Risk Factors 6 Item 1B. Unresolved Staff Comments 21 Item 2.
Properties
Properties 21 Item 3.
Legal Proceedings
Legal Proceedings 21 Item 4. Mine Safety Disclosures 21       PART II     Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 22 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 79 Item 9A.
Controls and Procedures
Controls and Procedures 79 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81       PART III     Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.
Executive Compensation
Executive Compensation 82 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82       PART IV     Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10-K Summary 84      
SIGNATURES
SIGNATURES   85   (i) Table of Contents       Cautionary Statement Concerning Forward-Looking Statements and Risk Factors Summary   Certain statements in this Annual Report on Form 10-K (this “Annual 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 operation, cash flows, strategies and prospects, and the potential impact of the COVID-19 pandemic on our business. These forward-looking statements may be identified by terminology such as “likely,” “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” 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 Annual Report are reasonable, we cannot guarantee future results. 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.   The forward-looking statements contained in this Annual 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 u
Business
Item 1. Business   Concrete Pumping Holdings, Inc. is a Delaware corporation headquartered in Thornton (near Denver), Colorado. We refer to Concrete Pumping Holdings, Inc. as the “Company,” “CPH,”, “us”, “we” or “our” in this Annual Report, and these designations include our subsidiaries unless we state otherwise.   Our principal executive offices are located at 500 E. 84 th Ave., Suite A-5, Thornton, Colorado, 80229. We maintain a website at https://www.concretepumpingholdings.com/ . The information contained on, or that may be accessed through, our website is not part of, and is not incorporated into, this Annual Report.   Overview   CPH is a leading provider of concrete pumping services and concrete waste management services in the United States (“U.S.”) and the United Kingdom (“U.K.”) based on fleet size, primarily operating under what we believe are the only established, national concrete pumping brands in both geographies – Brundage-Bone Concrete Pumping, Inc. (“Brundage-Bone”) for concrete pumping in the U.S., Camfaud Group Limited (“Camfaud”) in the U.K., and Eco-Pan, Inc. (“Eco-Pan”) for waste management services in both the U.S. and U.K. The Brundage-Bone business was founded in 1983 in Denver, Colorado. Since then, the Company has expanded across the U.S. and U.K. through more than 70 strategic acquisitions. Eco-Pan was founded in 1999 and was acquired by CPH in 2014. In November 2016, we entered the U.K. market through the acquisition of Camfaud. In recent years, we have successfully executed on our acquisition strategy, including (1) our fiscal 2022 acquisition of Pioneer Concrete Pumping Service, Inc. (“Pioneer”), which provided us with complementary assets and operations in both Georgia and Texas, and (2) our acquisition of Coastal Carolina Concrete Pumping
Risk Factors
Item 1A. Risk Factors   Risks Related to the Company’s Business and Operations   Our business is cyclical in nature and a slowdown in economic activity, especially as it pertains to construction spending, has in the past and could in the future negatively impact our financial results.   Substantially all of our customer base comes from the commercial, infrastructure and residential construction markets. Global economic challenges including inflation, increased fuel costs, supply-chain disruptions, and adverse labor market conditions have caused macroeconomic uncertainty and volatility in markets where we operate, and as a result of these challenges, (1) we have experienced negative impacts to our gross margins where we have not been able to fully pass these cost increase factors on to our customers and (2) some of our customers’ projects have been delayed or potentially cancelled. Although economic conditions have shown signs of improvement in recent months, any further worsening of economic conditions or a decrease in construction expenditures and/or investments could cause weakness in our end markets, cause declines in construction and industrial activity, and materially adversely affect our revenue and operating results.   The following factors, among others, may cause weakness in our end markets, either temporarily or long-term:     ● the depth and duration of an economic slowdown and lack of availability of credit;   ● lingering effects of the COVID-19 pandemic and macroeconomic factors, which have resulted in a tight labor market and impacted supply chains, our operations and our customers’ operations;   ● uncertainty regarding general or regional economic conditions;   ● reductions in corporate spending for plants and facilities or government spending for infrastructure projects;   ● reductions in commerci