Concrete Pumping Holdings, Inc. Segments Disclosure

Note 19. Segment Reporting

 

The Company conducts business through the three reportable segments based on geography and the nature of services sold that include U.S. Concrete Pumping, U.S. Concrete Waste Management Services and U.K. Operations. Any differences between segment reporting and consolidated results are reflected in Other/Eliminations below or noted as intersegment amounts. All other non-segmented assets primarily include cash and cash equivalents and intercompany eliminations. The accounting policies of the segment reporting are the same as those described in Note 2.

 

The Company’s chief operating decision maker ("CODM"), who is the CEO of the Company, makes decisions and evaluates the performance of each segment based on segment adjusted EBITDA. This measure is reviewed in monthly performance reports and is used to assess operating results, compare profitability across segments, and support resource allocation decisions such as budgeting and long-term planning. Results are compared to both budgeted amounts and prior year amounts to provide context and evaluate performance trends. Segment adjusted EBITDA includes direct operating expenses that are attributable to each segment and are regularly reviewed by the CODM. These direct operating expenses include employee cost of operations expenses, repairs and maintenance, fuel, and employee general and administrative ("G&A") expenses. Prior to the fourth quarter of 2025, the CODM evaluated segment performance using segment EBITDA, which included results after allocated corporate expenses, loss on extinguishment of debt, stock-based compensation, other expense (income), net, and other adjustments. Beginning in the fourth quarter of 2025, the CODM transitioned to using segment adjusted EBITDA as the measure of profit and loss. Segment adjusted EBITDA excludes the above allocations and adjustments, consistent with how the CODM now evaluates performance and allocates resources.

 

The following items are excluded from our segment adjusted EBITDA results as they are managed centrally, not regularly provided to our CODM by segment and are not used in evaluating segment performance or resource allocation decisions:

 

●

Depreciation and amortization

●

Interest expense and amortization of deferred financing costs, net of interest income

●

Unallocated corporate expenses – These are central shared costs managed separately and included in "unallocated corporate expenses" in the tables below.

●

Loss on debt extinguishment

●

Stock-based compensation

●

Change in fair value of warrant liabilities

●

Other expense (income), net

●

Other adjustments

 

 

The following tables summarize the Company’s segment results, provide a reconciliation of total segment adjusted EBITDA to income before taxes and discloses other segmented balances or expenditures for the years ending 2025 and 2024:

 

 

		Twelve Months Ended October 31, 2025
(in thousands)		US Concrete Pumping				US Concrete Waste Management Services				UK Operations				Other / Eliminations				Total
Segment Revenue: (1)		$	260,454			$	75,416			$	56,997							$	392,867
Segment expenses:
Segment employee cost of operations expenses (2)(3)			88,073				13,193				18,142								119,408
Repairs & maintenance (2)			20,014				3,908				3,352								27,274
Fuel (2)			13,988				3,062				4,948								21,998
Segment employee G&A expenses (2)(4)			28,981				9,463				5,930								44,374
Other segment items (5)			33,307				9,030				7,366								49,703
Total segment adjusted EBITDA		$	76,091			$	36,760			$	17,259							$	130,110
Reconciliation of segment adjusted EBITDA to income before taxes:
Depreciation and amortization (6)																		$	53,543
Interest expense and amortization of deferred financing costs, net of interest income																			30,422
Unallocated corporate expenses																			33,093
Loss on debt extinguishment																			1,392
Stock-based compensation																			2,048
Other expense (income), net																			(335	)
Other adjustments																			(105	)
Income before taxes																		$	10,052
Other segment disclosures:
Total assets (at year end)		$	697,270			$	200,729			$	122,360			$	(140,817	)		$	879,542
Capital expenditures		$	23,526			$	13,196			$	9,975			$	90			$	46,787

 

	(1)	For the twelve months ended October 31, 2025, intersegment revenue of $0.6 million is excluded from US Concrete Waste Management Services.
	(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
	(3)	Employee cost of operations expenses include salaries, benefits and bonuses.
	(4)	Employee G&A expenses include salaries, benefits and bonuses.
	(5)	Other segment items primarily include expenses that are included in segment adjusted EBITDA but are not individually significant and regularly provided to the CODM, such as insurance, facilities costs, professional fees and subscriptions, and other minor operational costs.
	(6)	Depreciation expense is regularly provided to the CODM; however, only an immaterial portion of depreciation is directly expensed to the operating segments and included in the information regularly provided to the CODM. The remaining depreciation is excluded from the segment results and allocated along with other overhead costs, as it is not used by the CODM in assessing segment performance or allocating resources.

 

 

		Twelve Months Ended October 31, 2024
(in thousands)		US Concrete Pumping				US Concrete Waste Management Services				UK Operations				Other / Eliminations				Total
Segment Revenue: (1)		$	291,017			$	70,900			$	63,955							$	425,872
Segment expenses:
Segment employee cost of operations expenses (2)(3)			96,180				12,035				18,971								127,186
Repairs & maintenance (2)			20,875				3,309				4,173								28,357
Fuel (2)			16,991				2,838				5,793								25,622
Segment employee G&A expenses (2)(4)			32,530				9,579				6,060								48,169
Other segment items (5)			36,086				11,937				9,144								57,167
Total segment adjusted EBITDA		$	88,355			$	31,202			$	19,814							$	139,371
Reconciliation of segment adjusted EBITDA to income before taxes:
Depreciation and amortization (6)																		$	57,110
Interest expense and amortization of deferred financing costs, net of interest income																			25,572
Unallocated corporate expense																			27,225
Stock-based compensation																			2,394
Change in fair value of warrant liabilities																			(130	)
Other expense (income), net																			(406	)
Other adjustments																			3,295
Income before taxes																		$	24,311
Other segment disclosures:
Total assets (at year end)		$	718,218			$	192,747			$	117,418			$	(130,393	)		$	897,990
Capital expenditures		$	15,274			$	13,665			$	12,181			$	2,690			$	43,810

 

	(1)	For the twelve months ended October 31, 2024, intersegment revenue of $0.4 million is excluded from US Concrete Waste Management Services.
	(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
	(3)	Employee cost of operations expenses include salaries, benefits and bonuses.
	(4)	Employee G&A expenses include salaries, benefits and bonuses.
	(5)	Other segment items primarily include expenses that are included in segment adjusted EBITDA but are not individually significant and regularly provided to the CODM, such as insurance, facilities costs, professional fees and subscriptions, and other minor operational costs.
	(6)	Depreciation expense is regularly provided to the CODM; however, only an immaterial portion of depreciation is directly expensed to the operating segments and included in the information regularly provided to the CODM. The remaining depreciation is excluded from the segment results and allocated along with other overhead costs, as it is not used by the CODM in assessing segment performance or allocating resources.

 

 

The U.S. and U.K. were the only regions that accounted for more than 10% of the Company’s revenue for the periods presented. There was no single customer that accounted for more than 10% of revenue for the periods presented. Revenues are attributable to countries based on the location of the customer.

 

The total assets by geographic location is provided to the CODM and is presented below. Revenue, total assets, property, plant and equipment, net, intangible assets, net and goodwill by geographic location for the periods presented are as follows: 

 

(in thousands)			US				UK				Total
2025
	Revenue		$	335,870			$	56,997			$	392,867
	Total assets			757,182				122,360				879,542
	Property, plant and equipment, net			350,468				62,048				412,516
	Intangible assets, net			88,138				5,795				93,933
	Goodwill			196,615				26,966				223,581
2024
	Revenue		$	361,917			$	63,955			$	425,872
	Total assets			780,572				117,418				897,990
	Property, plant and equipment, net			353,895				61,831				415,726
	Intangible assets, net			98,251				7,361				105,612
	Goodwill			196,615				26,381				222,996