Revenue Growth - For the twelve months ended October 31, 2022, the company's revenue increased by 27.1%, reaching 315.8 million in the previous year[144]. - The U.S. Concrete Pumping segment revenue grew by 29.2%, or 229.5 million in the prior year to 6.8 million, from 54.9 million, with a 24.7% increase when excluding foreign currency translation[149]. - The U.S. Concrete Waste Management Services segment saw a revenue improvement of 30.1%, or 38.6 million to 163.6 million, an increase of 137.7 million in fiscal 2021, although gross margin declined by 280 basis points to 40.8%[144]. - The company reported a net income of 15.1 million in the previous year[145]. - The gross margin for the twelve months ended October 31, 2022, was 40.8%, down from 43.6% for the previous twelve months, primarily due to significant inflation in input costs[152]. - Adjusted EBITDA for the year ended October 31, 2022 was 104.3 million for the previous year[187]. - EBITDA for the year ended October 31, 2022 was 68.7 million in the previous year[187]. Expenses and Costs - General and Administrative (G&A) expenses for the twelve months ended October 31, 2022, were 13.8 million from 99.4 million in the previous year, with G&A expenses as a percentage of revenue decreasing to 28.2% from 31.5%[153]. - Rising fuel prices reduced gross profit by approximately 10.1 million and gross margin by about 2.5% since October 31, 2021[138]. - Interest expense, net for the year ended October 31, 2022, was 0.7 million from the same period a year ago[158]. Assets and Liquidity - Total assets increased from 887.5 million as of October 31, 2022, primarily due to growth in the U.S. Concrete Pumping segment[146]. - As of October 31, 2022, the company had 103.7 million of available borrowing capacity under the ABL Facility, totaling 52.1 million, with the Company in compliance with all debt covenants[179]. Strategic Acquisitions - The company executed strategic acquisitions, including Hi-Tech for 20.2 million, and Coastal for 124.1 million for investing activities during the twelve months ended October 31, 2022, including 30.8 million for the acquisition of Coastal[183]. Market Outlook - The company anticipates fluctuations in residential end market volumes due to macroeconomic factors, while commercial and infrastructure markets may continue to show strong demand[139]. Tax and Fair Value - The company recorded an income tax expense of 34.2 million for the twelve months ended October 31, 2022[159]. - The company recognized a 9.9 million expense in the previous year[156]. - The fair value of U.S. Concrete Waste Management Services exceeded its carrying value by 82% as of August 31, 2022[200]. - The fair value of U.K. Operations exceeded its carrying value by 32% as of the same date[200]. - The U.S. Concrete Pumping reporting unit had goodwill of $147.5 million, with its fair value approximately 7% greater than its carrying value[201]. - Management's projections included terminal growth rates of 3.0% and discount rates ranging from 10.0% to 11.3%[200]. - The company applies ASC 805 principles for business combinations, recording assets at fair value and recognizing goodwill when applicable[202]. - Fair value determinations require significant estimates and assumptions, impacting reported depreciation, amortization, and income tax expenses[203].
crete Pumping (BBCP) - 2022 Q4 - Annual Report