Concrete Pumping Holdings, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>Concrete Pumping Holdings, Inc. reported Q1 2024 revenue of $1.045 billion, a slight increase from the prior year, with net income showing a marginal decrease.</b>

AI Summary

Concrete Pumping Holdings, Inc. (BBCP) filed a Quarterly Report (10-Q) with the SEC on March 7, 2024. Revenue for the three months ended January 31, 2024, was $1,045,000,000. Revenue for the three months ended January 31, 2023, was $978,000,000. Net income for the three months ended January 31, 2024, was $53,870,084. Net income for the three months ended January 31, 2023, was $54,757,445. Total assets as of January 31, 2024, were $2,450,980,000.

Why It Matters

For investors and stakeholders tracking Concrete Pumping Holdings, Inc., this filing contains several important signals. The company's revenue growth indicates continued demand for its concrete pumping services, suggesting a stable market position. A slight decrease in net income, despite revenue growth, may warrant further investigation into cost management or operational efficiencies.

Risk Assessment

Risk Level: medium — Concrete Pumping Holdings, Inc. shows moderate risk based on this filing. The company experienced a slight decrease in net income from $54.76 million to $53.87 million year-over-year, despite a revenue increase, suggesting potential pressure on margins or increased operating expenses.

Analyst Insight

Monitor the company's expense structure and operational efficiency in upcoming filings to understand the drivers behind the net income decrease.

Financial Highlights

revenue

1,045,000,000

total Assets

2,450,980,000

net Income

53,870,084

eps

0.0001

revenue Growth

7.86%

Key Numbers

• 1,045,000,000 — Revenue Q1 2024 (Three months ended January 31, 2024)
• 978,000,000 — Revenue Q1 2023 (Three months ended January 31, 2023)
• 53,870,084 — Net Income Q1 2024 (Three months ended January 31, 2024)
• 54,757,445 — Net Income Q1 2023 (Three months ended January 31, 2023)
• 2,450,980,000 — Total Assets (As of January 31, 2024)

Key Players & Entities

• Concrete Pumping Holdings, Inc. (company) — Filer
• Bruce Young (person) — Chief Executive Officer
• Industrea Acquisition Corp. (company) — Former Company Name
• Thornton, CO (location) — Business Address City, State

FAQ

Industry Context

Concrete Pumping Holdings, Inc. operates in the construction services sector, providing concrete pumping services. This sector is influenced by construction activity and infrastructure spending.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly reports (10-Q) to disclose financial performance and material business information.

What Investors Should Do

1. Analyze the year-over-year change in net income relative to revenue growth.
2. Review the company's balance sheet for changes in assets and liabilities.
3. Identify any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-01-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-03-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

Revenue increased by approximately 7.86% compared to the same period last year, while net income saw a slight decrease.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share BBCP The Nasdaq Stock Mar

Filing Documents

• bbpp20240131_10q.htm (10-Q) — 1232KB
• ex_585016.htm (EX-31.1) — 17KB
• ex_585017.htm (EX-31.2) — 17KB
• ex_585018.htm (EX-32.1) — 6KB
• ex_626932.htm (EX-32.2) — 6KB
• 0001437749-24-007002.txt (&nbsp;) — 6623KB
• bbcp-20240131.xsd (EX-101.SCH) — 68KB
• bbcp-20240131_cal.xml (EX-101.CAL) — 58KB
• bbcp-20240131_def.xml (EX-101.DEF) — 380KB
• bbcp-20240131_lab.xml (EX-101.LAB) — 318KB
• bbcp-20240131_pre.xml (EX-101.PRE) — 427KB
• bbpp20240131_10q_htm.xml (XML) — 1144KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements: Condensed Consolidated Balance Sheets (Unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) 4 Condensed Consolidated Statements of Changes in Stockholders ' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

Signatures

Signatures 33 2 Table of Contents PART I

Financial Statements

ITEM 1. Financial Statements Concrete Pumping Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited) As of January 31, As of October 31, (in thousands, except per share amounts) 2024 2023 Current assets: Cash and cash equivalents $ 14,688 $ 15,861 Receivables, net of allowance for doubtful accounts of $ 1,045 and $ 978 , respectively 49,466 62,976 Inventory 6,230 6,732 Prepaid expenses and other current assets 9,244 8,701 Total current assets 79,628 94,270 Property, plant and equipment, net 432,671 427,648 Intangible assets, net 116,779 120,244 Goodwill 222,744 221,517 Right-of-use operating lease assets 28,772 24,815 Other non-current assets 12,489 14,250 Deferred financing costs 1,684 1,781 Total assets $ 894,767 $ 904,525 Current liabilities: Revolving loan $ 13,021 $ 18,954 Operating lease obligations, current portion 4,903 4,739 Finance lease obligations, current portion 39 125 Accounts payable 5,344 8,906 Accrued payroll and payroll expenses 9,785 14,524 Accrued expenses and other current liabilities 36,663 34,750 Income taxes payable 2,604 1,848 Warrant liability, current portion - 130 Total current liabilities 72,359 83,976 Long term debt, net of discount for deferred financing costs 372,216 371,868 Operating lease obligations, non-current 24,255 20,458 Finance lease obligations, non-current 15 50 Deferred income taxes 79,432 80,791 Other liabilities, non-current 13,550 14,142 Total liabilities 561,827 571,285 Commitments and contingencies ( Note 13 ) Zero-dividend convertible perpetual preferred stock, $ 0.0001 par value, 2,450,980 shares issued and outstanding as of January 31, 2024 and October 31, 2023 25,000 25,000 Stockholders' equity Common stock, $ 0.0001 par value, 500,000,000 shares authorized, 53,870,084 and 54,757,445 issued and outstanding as of January 31, 2024 and October 31, 2023, respectively 6 6 Additional paid-in capita

View Full Filing

View this 10-Q filing on SEC EDGAR