GlobeNewswire Inc | Sep 8, 2021 04:05PM EDT

September 08, 2021

DENVER, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Concrete Pumping Holdings, Inc. (Nasdaq: BBCP) (the Company or CPH), a leading provider of concrete pumping and waste management services in the U.S. and U.K., reported financial results for the third quarter ended July 31, 2021.

Third Quarter Fiscal Year 2021 Summary vs. Third Quarter of Fiscal Year 2020 (where applicable)

-- Revenue increased 5% to $80.8 million compared to $77.1 million. -- Gross profit was $37.2 million compared to $37.8 million. -- Income from operations was $12.2 million compared to $10.8 million. -- Net income attributable to common shareholders improved to $4.1 million or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $0.2 million or $0.00 per diluted share. -- Adjusted EBITDA1 was $28.4 million compared to $30.0 million, with adjusted EBITDA margin1 at 35.2% compared to 38.9%. -- Amounts outstanding under debt agreements was $375.0 million with net debt1of $354.8 million. Total available liquidity increased to $142.2 million as of July 31, 2021 compared to $134.9 million as of April 30, 2021.

Management Commentary

The third quarter was another testament to the strength and resilience of our proven business plan, said Bruce Young, CEO of Concrete Pumping Holdings. The Company delivered robust year over year revenue growth in the quarter notwithstanding the above average precipitation in some of our key markets like Texas and Colorado, and we were able to recapture some of the projects by quarter end.

During the quarter, we also executed on our organic growth strategy by acquiring all the concrete pumping equipment of H.D. Construction Equipment in the Southern California market. Most of these assets folded into our existing regional location, while the remaining were used to support our greenfield expansion into the Las Vegas market. In addition, we successfully acquired the assets of Hi-Tech Concrete Pumping Services at the beginning of September, enhancing our market share and service reach in the Houston metropolitan area which further strengthens our presence in Texas.

As we enter the last quarter of our 2021 fiscal year, we continue to see strong demand for residential and infrastructure projects, and we are seeing the gradual return of commercial work as the economy recovers. While we are not immune to inflationary pressures or supply chain constraints that may delay other areas of the customers we serve, our team is doing a great job managing these challenges and meeting the needs of our customers. Overall, we remain committed to executing our strategic priorities and maximizing shareholder value for the rest of the year and beyond.

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1 Adjusted EBITDAand net debt are financial measures that are not calculated in accordance with Generally Accepted Accounting Principles in the United States (GAAP). See Non-GAAP Financial Measures below for a discussion of the definition of any non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Third Quarter Fiscal Year 2021 Financial Results

Revenue in the third quarter of fiscal year 2021 increased 5% to $80.8 million compared to $77.1 million in the third quarter of fiscal year 2020. The increase was primarily attributable to increased revenue from the Companys U.K. Operations.

Gross profit in the third quarter of fiscal year 2021 was $37.2 million compared to $37.8 million in the year-ago quarter. Gross margin was 46.1% down from 49.0% in the prior year quarter, due to inflationary cost pressures, most notably around higher fuel costs.

G&A expenses for the fiscal 2021 third quarter were $25.0 million compared to $27.0 million in the fiscal 2020 third quarter. As a percent of revenue, G&A expenses were 30.9% for the fiscal 2021 third quarter compared to34.9% in the fiscal 2020 third quarter. Excluding non-cash expenses of $6.7 million in amortization of intangible assets and $1.3 million in stock-based compensation expense, G&A expenses were down $0.4 million year-over-year to $17.0 million (21.1% of revenue) from $17.5 million (22.6% of revenue).

Net income attributable to common shareholders increased to $4.1 million or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $0.2 million or $0.00 per diluted share.

Adjusted EBITDA in the third quarter of fiscal year 2021 was $28.4 million compared to $30.0 million in the year-ago quarter. Adjusted EBITDA margin was 35.2% compared to 38.9% in the prior year quarter.

Liquidity

On July 31, 2021, the Company had debt outstanding of $375.0 million, net debtof $354.8 million and total available liquidity of $142.2 million.

Segment Results

U.S. Concrete Pumping. Revenue in the third quarter of fiscal 2021 was $58.0 million compared to $58.6 million in the year-ago quarter. The slight decrease was attributable to above average rainfall affecting operations in Texas, Colorado, and Arizona. Net income in the third quarter improved to $1.8 million compared to net income of $0.9 million in the prior year quarter. Adjusted EBITDA was $18.4 million compared to $21.2 million in the year-ago quarter.

U.K. Operations. Revenue in the third quarter of fiscal 2021 increased 37% to $12.7 million compared to $9.2 million in the year-ago quarter. The increase was primarily driven by the segments recovery from the impacts of COVID-19. Net income in the third quarter improved to $0.4 million compared to a net loss of $0.0 million in the prior year quarter. Adjusted EBITDA improved 20% to $4.1 million compared to $3.4 million in the year-ago quarter.

U.S. Concrete Waste Management Services. Revenue in the third quarter of fiscal 2021 increased 8% to $10.1 million compared to $9.4 million in the year-ago quarter. The increase was due to organic growth and pricing improvements. Net income in the third quarter increased to $1.8 million compared to $1.7 million in the prior year third quarter. Adjusted EBITDA improved 10% to $5.3 million compared to $4.8 million in the year-ago quarter.

Fiscal Year 2021 Outlook

The Company continues to expect fiscal year 2021 revenue to range between $300.0 million to $310.0 million, Adjusted EBITDA to range between $105.0 million to $110.0 million, and free cash flow2 to range between $47.5 million and $52.5 million. The midpoint of the Company's free cash flow outlook implies a 10% yield to its current market capitalization of approximately $524 million.

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2Free cash flow is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (GAAP). See Non-GAAP Financial Measures below for a discussion of the definition of any non-GAAP financial measures used in this release and a reconciliation to their most comparable GAAP measures.

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter 2021 results.

Date: Wednesday, September 8, 2021Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)Toll-free dial-in number: 1-877-407-9039International dial-in number: 1-201-689-8470Conference ID: 13722482

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 Investor Relations at 1-949-574-3860.

The conference call will be broadcast live and available for replay at here and via the investor relations section of the Companys website at www.concretepumpingholdings.com.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through September 29, 2021.

Toll-free replay number: 1-844-512-2921International replay number: 1-412-317-6671Replay ID: 13722482

About Concrete Pumping Holdings

Concrete Pumping Holdings 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 Brundage-Bone for concrete pumping 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 Companys 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 July 31, 2021, the Company provided concrete pumping services in the U.S. from a footprint of approximately 90 locations across 19 states, concrete pumping services in the U.K. from approximately 30 locations, and route-based concrete waste management services from 16 locations in the U.S. and 1 shared location in the U.K. For more information, please visitwww.concretepumpingholdings.comor the Companys brand websites atwww.brundagebone.com,www.camfaud.co.uk, orwww.eco-pan.com.

ForwardLooking 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 Companys 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 Companys expectations with respect to future performance, including the Company's fiscal year 2021 outlook. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Companys control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impacts on the Company related to its recent accounting restatement, material weakness in internal control over financial reporting and the assessment of complex accounting issues, as disclosed in the Company's From 10-K/A filed with the Securities and Exchange Commission (the "SEC") on June 11, 2021 (The "Amended 10-K"); the impacts of the COVID-19 pandemic and related economic conditions on the Company; the outcome of any legal proceedings 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 complete targeted acquisitions and realize the expected benefits from recent acquisitions, including the Companys acquisition of the assets of Hi-Tech Concrete Pumping Services described above; changes in applicable laws or regulations; 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 Companys filings with the Securities and Exchange Commission, including the risk factors in the Company's latest Annual Report on Form 10-K, the Amended 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

Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (GAAP). The Company believes that this non-GAAP financial measure provides useful information to management and investors regarding certain financial and business trends relating to the Companys financial condition and results of operations. The Companys management also uses this non-GAAP financial measure to compare the Companys performance to that of prior periods for trend analyses, determining incentive compensation and for budgeting and planning purposes. Adjusted EBITDA is also used in quarterly and annual financial reports prepared for the Companys board of directors. The Company believes that this non-GAAP measure provides an additional tool for investors to use in evaluating the Companys ongoing operating results and in comparing the Companys financial results with competitors who also present similar non-GAAP financial measures.

Adjusted EBITDA is defined as net income calculated in accordance with GAAP plus interest expense, income taxes, depreciation, amortization, transaction expenses, loss on debt extinguishment, stock-based compensation, other income, net, and other adjustments. Adjusted EBITDA is not pro forma for acquisitions. 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 is calculated as all amounts outstanding under debt agreements (currently this includes the Companys 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 Companys 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 Companys leverage and evaluate the Companys consolidated balance sheet. See Non-GAAP Measures (Reconciliation of Net Debt) below for a reconciliation of Net Debt to amounts outstanding under debt agreements calculated in accordance with GAAP.

Free cash flow is defined as Adjusted EBITDA less net 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, net debt and free cash flow 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 taxes and depreciation and amortization.

Current and prospective investors should review the Companys 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 Companys 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.

As a result of the business combination between our predecessor, Industrea Acquisition Corp., and the private operating company formerly called Concrete Pumping Holdings, Inc. (the Business Combination), the Company is the acquirer for accounting purposes and CPH is the acquiree and accounting predecessor. The Companys financial statement presentation distinguishes the Companys presentations into two distinct periods, the period up to the Business Combination closing date (labeled Predecessor) and the period including and after that date (labeled Successor). The Business Combination was accounted for as a business combination using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of the net assets acquired. As the underlying business and financial results of the Successor and Predecessor entities are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination, management has combined the fiscal year 2019 results of the Predecessor and Successor periods for comparability in certain tables below. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, the tables below present the non-GAAP combined results for the fiscal year 2019.

Contact:

Company: Investor Relations:Iain Humphries Gateway Investor RelationsChief Financial Officer Cody Slach1-303-289-7497 1-949-574-3860 BBCP@gatewayir.com



Concrete Pumping Holdings, Inc. Consolidated Balance Sheets July 31, October 31,(in thousands, except per share amounts) 2021 2020 ASSETS Current assets: Cash and cash equivalents $ 20,204 $ 6,736 Trade receivables, net 44,520 44,343 Inventory 4,603 4,630 Income taxes receivable 391 1,602 Prepaid expenses and other current assets 5,177 2,694 Total current assets 74,895 60,005 Property, plant and equipment, net 314,590 304,254 Intangible assets, net 164,647 183,839 Goodwill 225,165 223,154 Other non-current assets 691 1,753 Deferred financing costs 1,978 753 Total assets $ 781,966 $ 773,758 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Revolving loan $ - $ 1,741 Term loans, current portion - 20,888 Current portion of capital lease obligations 101 97 Accounts payable 6,683 6,587 Accrued payroll and payroll expenses 12,366 13,065 Accrued expenses and other current 23,570 18,879 liabilitiesIncome taxes payable 646 1,055 Total current liabilities 43,366 62,312 Long term debt, net of discount for deferred 368,736 343,906 financing costsCapital lease obligations, less current 304 380 portionDeferred income taxes 67,173 68,019 Warrant liabilities 18,225 7,031 Total liabilities 497,804 481,648 Zero-dividend convertible perpetualpreferred stock, $0.0001 par value, 25,000 25,000 2,450,980 shares issued and outstanding asof July 31, 2021 and October 31, 2020 Stockholders' equity Common stock, $0.0001 par value, 500,000,000shares authorized, 56,567,186 and 56,463,992 6 6 issued and outstanding as of July 31, 2021and October 31, 2020, respectivelyAdditional paid-in capital 372,961 367,681 Treasury stock (461 ) (131 )Accumulated other comprehensive income 5,001 (606 )(Accumulated deficit) retained earnings (118,345 ) (99,840 )Total stockholders' equity 259,162 267,110 Total liabilities and stockholders' equity $ 781,966 $ 773,758

Concrete Pumping Holdings, Inc.Consolidated Statements of Operations

Three Months Ended Nine Months Ended (in thousands,except share July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 and per shareamounts) Revenue $ 80,761 $ 77,131 $ 228,054 $ 225,111 Cost of 43,548 39,330 127,676 123,295 operationsGross profit 37,213 37,801 100,378 101,816 Gross margin 46.1 % 49.0 % 44.0 % 45.2 % General andadministrative 24,951 26,954 73,812 79,941 expensesGoodwill andintangibles - - - 57,944 impairmentTransaction 111 - 195 - costsIncome (loss)from 12,151 10,847 26,371 (36,069 )operations Interest (6,153 ) (8,364 ) (19,082 ) (26,632 )expense, netLoss onextinguishment - - (15,510 ) - of debtChange in fairvalue of 260 (2,734 ) (11,195 ) 130 warrantliabilitiesOther income, 32 36 85 139 netIncome (loss)before income 6,290 (215 ) (19,331 ) (62,432 )taxes Income taxexpense 1,652 (462 ) (826 ) (3,829 )(benefit)Net income 4,638 247 (18,505 ) (58,603 )(loss) Less preferredshares (525 ) (489 ) (1,530 ) (1,432 )dividends Income (loss)available to $ 4,113 $ (242 ) $ (20,035 ) $ (60,035 )commonshareholders Weightedaverage common sharesoutstandingBasic 53,522,089 52,782,663 53,377,032 52,752,884 Diluted 54,547,494 52,782,663 53,377,032 52,752,884 Net (loss)income per common shareBasic $ 0.07 $ 0.00 $ (0.38 ) $ (1.14 )Diluted $ 0.07 $ 0.00 $ (0.38 ) $ (1.14 )

Concrete Pumping Holdings, Inc.Consolidated Statements of Cash Flows

Nine Months Ended (in thousands, except per share amounts) July 31, July 31, 2021 2020 Net loss $ (18,505 ) $ (58,603 )Adjustments to reconcile net income to net cash provided by operating activities:Goodwill and intangibles impairment - 57,944 Depreciation 21,169 19,537 Deferred income taxes (1,417 ) 92 Amortization of deferred financing costs 1,877 3,094 Amortization of intangible assets 20,517 25,290 Stock-based compensation expense 5,280 4,207 Change in fair value of warrant liabilities 11,195 (130 )Loss on extinguishment of debt 15,510 - Net gain on the sale of property, plant and (1,125 ) (944 )equipmentPayment of contingent consideration inexcess of amounts established in purchase - (526 )accountingNet changes in operating assets and liabilities:Trade receivables, net 475 1,668 Inventory 122 (63 )Prepaid expenses and other current assets (1,331 ) (3,520 )Income taxes payable, net 750 (3,899 )Accounts payable (93 ) (1,489 )Accrued payroll, accrued expenses and other 5,920 10,826 current liabilitiesNet cash provided by operating activities 60,344 53,484 Cash flows from investing activities: Purchases of property, plant and equipment (34,558 ) (36,658 )Proceeds from sale of property, plant and 5,070 6,392 equipmentNet cash used in investing activities (29,488 ) (30,266 ) Cash flows from financing activities: Proceeds on long term debt 375,000 - Payments on long term debt (381,206 ) (15,666 )Proceeds on revolving loan 201,125 206,420 Payments on revolving loan (202,977 ) (217,162 )Payment of debt issuance costs (8,464 ) - Payments on capital lease obligations (72 ) (67 )Purchase of treasury stock (330 ) (131 )Payment of contingent consideration - (1,161 )established in purchase accountingNet cash provided by (used in) financing (16,924 ) (27,767 )activitiesEffect of foreign currency exchange rate on (464 ) 1,207 cashNet increase in cash and cash equivalents 13,468 (3,342 )Cash and cash equivalents: Beginning of period 6,736 7,473 End of period $ 20,204 $ 4,131

Concrete Pumping Holdings, Inc.Segment Revenue

Three Months Ended Change (in thousands) July 31, July 31, $ % 2021 2020U.S. Concrete $ 58,025 $ 58,644 $ (619 ) -1.1 %PumpingU.K. Operations 12,652 9,208 3,444 37.4 %U.S. ConcreteWaste Management 10,122 9,390 732 7.8 %ServicesCorporate 625 625 - 0.0 %Intersegment (663 ) (736 ) 73 -9.9 % $ 80,761 $ 77,131 $ 3,630 4.7 %

Nine Months Ended Change (in thousands) July 31, July 31, $ % 2021 2020U.S. Concrete $ 166,509 $ 171,209 $ (4,700 ) -2.7 %PumpingU.K. Operations 34,285 28,294 5,991 21.2 %U.S. ConcreteWaste 27,552 25,978 1,574 6.1 %ManagementServicesCorporate 1,875 1,875 - 0.0 %Intersegment (2,167 ) (2,245 ) 78 -3.5 % $ 228,054 $ 225,111 $ 2,943 1.3 %

Concrete Pumping Holdings, Inc.Segment Adjusted EBITDA and Net Income (Loss)

Net Income (Loss) Adjusted EBITDA Three Months Ended Three Months Ended (inthousands, July 31, July 31, July 31, July 31, $ Change % Change except 2021 2020 2021 2020percentages)U.S.Concrete $ 1,844 $ 865 $ 18,403 $ 21,170 $ (2,767 ) -13.1 %PumpingU.K. 384 (20 ) 4,087 3,397 690 20.3 %OperationsU.S.ConcreteWaste 1,832 1,679 5,334 4,846 488 10.1 %ManagementServicesCorporate 578 (2,277 ) 625 625 - 0.0 % $ 4,638 $ 247 $ 28,449 $ 30,038 $ (1,589 ) -5.3 %

Net Income (Loss) Adjusted EBITDA Nine Months Ended Nine Months Ended (inthousands, July 31, July 31, July 31, July 31, $ Change % except 2021 2020 2021 2020 Changepercentages)U.S.Concrete $ (11,759 ) $ (45,925 ) $ 49,995 $ 54,338 $ (4,343 ) -8.0 %PumpingU.K. 254 (16,868 ) 10,948 8,524 2,424 28.4 %OperationsU.S.ConcreteWaste 3,282 2,904 13,037 12,650 387 3.1 %ManagementServicesCorporate (10,282 ) 1,286 1,877 1,875 2 0.1 % $ (18,505 ) $ (58,603 ) $ 75,857 $ 77,387 $ (1,530 ) -2.0 %

Concrete Pumping Holdings, Inc.Quarterly Financial Performance

(dollars Net Adjustedin Revenue Income Adjusted Capital EBITDA less millions) (Loss) EBITDA^1 Expenditures Capital Expenditures Q1 2017 $ 46 $ (6 ) $ 14 $ 4 $ 9 Q2 2017 $ 51 $ 3 $ 16 $ 3 $ 13 Q3 2017 $ 55 $ 4 $ 18 $ 1 $ 18 Q4 2017 $ 60 $ 1 $ 20 $ 14 $ 6 Q1 2018 $ 53 $ 18 $ 16 $ 7 $ 9 Q2 2018 $ 56 $ 5 $ 18 $ 1 $ 17 Q3 2018 $ 66 $ 5 $ 22 $ 11 $ 11 Q4 2018 $ 68 $ 1 $ 22 $ 9 $ 13 Q1 2019 $ 58 $ (26 ) $ 17 $ 11 $ 6 Q2 2019 $ 62 $ (10 ) $ 18 $ 13 $ 5 Q3 2019 $ 79 $ 3 $ 31 $ 4 $ 27 Q4 2019 $ 84 $ 1 $ 30 $ 5 $ 25 Q1 2020 $ 74 $ (3 ) $ 24 $ 20 $ 4 Q2 2020 $ 74 $ (59 ) $ 24 $ 4 $ 20 Q3 2020 $ 77 $ 3 $ 30 $ 6 $ 24 Q4 2020 $ 79 $ (2 ) $ 30 $ 6 $ 24 Q1 2021 $ 70 $ (12 ) $ 22 $ 8 $ 15 Q2 2021 $ 77 $ (11 ) $ 25 $ 5 $ 20 Q3 2021 $ 81 $ 5 $ 28 $ 17 $ 11

1 Adjusted EBITDA is a financial measure that is not calculated in accordance with Generally Accepted Accounting Principles in the United States (GAAP). See Non-GAAP Financial Measures below for a reconciliation of such measure to its most comparable GAAP measure.

Concrete Pumping Holdings, Inc.Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

Predecessor November 1, 2018(dollars in Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 through thousands) December 5, 2018Consolidated Net income $ (6,296 ) $ 2,556 $ 3,923 $ 730 $ 17,558 $ 4,610 $ 4,825 $ 1,389 $ (22,575 )(loss)Interest 6,386 6,095 5,456 4,811 5,087 5,126 5,477 5,735 1,644 expense, netIncome taxexpense 646 592 1,822 697 (13,544 ) 1,211 1,701 848 (4,192 )(benefit)Depreciationand 6,229 5,919 6,390 8,616 6,110 6,293 6,150 7,070 2,713 amortizationEBITDA 6,965 15,162 17,591 14,854 15,211 17,240 18,153 15,042 (22,410 )Transaction 5,304 - (465 ) (349 ) 8 1,117 1,395 5,070 14,167 expensesLoss on debt - 213 279 4,669 - - - - 16,395 extinguishmentStock based - - - - 93 94 94 - - compensationOther expense (39 ) (32 ) (19 ) (84 ) (12 ) (8 ) (14 ) (21 ) (6 )(income)Goodwill andintangibles - - - - - - - - - impairmentOther 1,172 1,108 1,051 985 1,324 (471 ) 2,674 2,161 1,442 adjustmentsAdjusted $ 13,402 $ 16,451 $ 18,437 $ 20,075 $ 16,624 $ 17,972 $ 22,302 $ 22,252 $ 9,588 EBITDA

Successor S&P Combined Successor (non-GAAP) December 6, 2018(dollars in through Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 thousands) January 31, 2019Consolidated Net income (loss) $ (6,152 ) $ (28,727 ) $ (24,419 ) $ 7,318 $ 6,850 $ (3,137 ) $ (55,714 ) $ 247 $ (2,648 ) $ (12,290 ) $ (10,853 ) $ 4,638 Interest expense, 5,592 7,236 9,318 9,843 10,127 9,503 8,765 8,364 7,777 6,900 6,029 6,153 netIncome tax expense (2,765 ) (6,957 ) 1,572 (1,922 ) (188 ) (1,147 ) (2,221 ) (462 ) (1,147 ) (2,648 ) 170 1,652 (benefit)Depreciation and 8,374 11,087 12,132 16,477 15,669 15,085 15,076 14,665 16,827 13,838 14,007 13,838 amortizationEBITDA 5,049 (17,361 ) (1,397 ) 31,716 32,458 20,304 (34,094 ) 22,814 20,809 5,800 9,353 26,281 Transaction - 14,167 1,282 176 63 - - - - 29 55 111 expensesLoss on debt - 16,395 - - - - - - - 15,510 - - extinguishmentStock based - - 361 1,625 1,633 1,467 1,383 1,357 7,247 672 3,350 1,258 compensationChange in fairvalue of warrant 2,522 2,522 14,774 (4,556 ) (6,249 ) 391 (3,254 ) 2,734 391 - 11,456 (260 )liabilitiesOther expense (11 ) (17 ) (20 ) (28 ) 12 (69 ) (33 ) (36 ) (31 ) (26 ) (26 ) (32 )(income)Goodwill andintangibles - - - - - - 57,944 - - - - - impairmentOther adjustments - 1,442 3,234 1,627 1,635 1,741 1,569 3,169 1,498 373 859 1,091 Adjusted EBITDA $ 7,560 $ 17,148 $ 18,234 $ 30,560 $ 29,552 $ 23,834 $ 23,515 $ 30,038 $ 29,914 $ 22,358 $ 25,047 $ 28,449

Concrete Pumping Holdings, Inc.Reconciliation of Net Income (Loss) to Reported EBITDA to Adjusted EBITDA

Three Months Ended Nine Months Ended (dollars in July 31, July 31, July 31, July 31, thousands) 2021 2020 2021 2020Consolidated Net income $ 4,638 $ 247 $ (18,505 ) $ (58,603 )(loss)Interest 6,153 8,364 19,082 26,632 expense, netIncome taxexpense 1,652 (462 ) (826 ) (3,829 )(benefit)Depreciationand 13,838 14,665 41,686 44,827 amortizationEBITDA 26,281 22,814 41,437 9,027 Transaction 111 - 195 - expensesLoss on debt - - 15,510 - extinguishmentStock based 1,258 1,357 5,280 4,208 compensationChange in fairvalue of (260 ) 2,734 11,195 (130 )warrantliabilitiesOther expense (32 ) (36 ) (85 ) (139 )(income)Goodwill andintangibles - - - 57,944 impairmentOther 1,091 3,169 2,325 6,477 adjustmentsAdjusted $ 28,449 $ 30,038 $ 75,857 $ 77,387 EBITDA U.S. Concrete PumpingNet income $ 1,844 $ 865 $ (11,759 ) $ (45,925 )(loss)Interest 5,347 7,620 16,717 24,448 expense, netIncome taxexpense 781 (368 ) (2,424 ) (4,505 )(benefit)Depreciationand 9,206 9,745 27,885 29,893 amortizationEBITDA 17,178 17,862 30,419 3,911 Transaction 111 - 195 - expensesLoss on debt - - 15,510 - extinguishmentStock based 1,258 1,357 5,280 4,208 compensationOther expense (17 ) 1 (42 ) (16 )(income)Goodwill andintangibles - - - 43,500 impairmentOther (127 ) 1,950 (1,367 ) 2,735 adjustmentsAdjusted $ 18,403 $ 21,170 $ 49,995 $ 54,338 EBITDA U.K. OperationsNet income $ 384 $ (20 ) $ 254 $ (16,868 )(loss)Interest 806 744 2,365 2,184 expense, netIncome taxexpense 149 (61 ) 51 333 (benefit)Depreciationand 2,042 2,052 6,124 6,313 amortizationEBITDA 3,381 2,715 8,794 (8,038 )Transaction - - - - expensesLoss on debt - - - - extinguishmentStock based - - - - compensationOther expense (12 ) (37 ) (38 ) (123 )(income)Goodwill andintangibles - - - 14,444 impairmentOther 718 719 2,192 2,241 adjustmentsAdjusted $ 4,087 $ 3,397 $ 10,948 $ 8,524 EBITDA U.S. ConcreteWaste ManagementServicesNet income $ 1,832 $ 1,679 $ 3,282 $ 2,904 (loss)Interest - - - - expense, netIncome taxexpense 626 6 1,210 245 (benefit)Depreciationand 2,379 2,661 7,050 8,000 amortizationEBITDA 4,837 4,346 11,542 11,149 Transaction - - - - expensesLoss on debt - - - - extinguishmentStock based - - - - compensationOther expense (3 ) - (5 ) - (income)Goodwill andintangibles - - - - impairmentOther 500 500 1,500 1,501 adjustmentsAdjusted $ 5,334 $ 4,846 $ 13,037 $ 12,650 EBITDA Corporate Net income $ 578 $ (2,277 ) $ (10,282 ) $ 1,286 (loss)Interest - - - - expense, netIncome taxexpense 96 (39 ) 337 98 (benefit)Depreciationand 211 207 627 621 amortizationEBITDA 885 (2,109 ) (9,318 ) 2,005 Transaction - - - - expensesLoss on debt - - - - extinguishmentStock based - - - - compensationChange in fairvalue of (260 ) 2,734 11,195 (130 )warrantliabilitiesOther expense - - - - (income)Goodwill andintangibles - - - - impairmentOther - - - - adjustmentsAdjusted $ 625 $ 625 $ 1,877 $ 1,875 EBITDA

Concrete Pumping Holdings, Inc.Reconciliation of Free Cash Flow

Nine Months Ended (dollars in millions) July 31, 2021 Adjusted EBITDA $ 75.9 Less net capital expenditures (29.5 )Less cash paid for interest (5.9 )Free cash flow $ 40.5

Concrete Pumping Holdings, Inc.Reconciliation of Net Debt

January April 30, July 31, October January April 30, July 31, Change in 31, 31, 31, Net(in 2020 2020 2020 2020 2021 2021 2021 Debt Q2'21 thousands) to Q3'21Term loan 396,871 391,650 386,427 381,205 - - - - outstandingSenior - - - - 375,000 375,000 375,000 - NotesRevolvingloan draws 38,661 39,211 12,990 1,741 7,687 1,087 - (1,087 )outstandingLess: Cash (2,636 ) (18,048 ) (4,131 ) (6,736 ) (2,273 ) (13,714 ) (20,204 ) (6,490 )Net debt 432,896 412,813 395,286 376,210 380,414 362,373 354,796 (18,041 )