Concrete Pumping Holdings Inc
For the period ended Oct 31, 2023. Filed Jan 16, 2024.
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FY2023 · Filed Jan 16, 2024
BBCP$10.10+0.3%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| For the Year Ended October 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| Net income | $31,790 | $28,676 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Non-cash operating lease expense | 5,506 | 3,913 |
| Foreign currency adjustments | (566) | 2,091 |
| Depreciation | 39,756 | 34,934 |
| Deferred income taxes | 6,137 | 5,205 |
| Amortization of deferred financing costs | 1,859 | 1,852 |
| Amortization of intangible assets | 18,910 | 22,528 |
| Stock-based compensation expense | 3,847 | 5,034 |
| Change in fair value of warrant liabilities | (6,899) | (9,894) |
| Net gain on the sale of property, plant and equipment | (2,247) | (2,759) |
| Provision for bad debt | 18 | - |
| Net changes in operating assets and liabilities: | ||
| Trade receivables | 328 | (15,310) |
| Inventory | (1,142) | (870) |
| Prepaid expenses and other assets | 1,338 | (550) |
| Income taxes payable, net | 2,168 | (324) |
| Accounts payable | (464) | (3,039) |
| Accrued payroll, accrued expenses and other liabilities | (3,464) | 5,208 |
| Net cash provided by operating activities | 96,875 | 76,695 |
| Cash flows from investing activities: | ||
| Purchases of property, plant and equipment | (54,505) | (101,932) |
| Proceeds from sale of property, plant and equipment | 11,147 | 10,023 |
| Purchases of intangible assets | (800) | (1,450) |
| Acquisition of net assets - Coastal acquisition | - | (30,762) |
| Net cash used in investing activities | (44,158) | (124,121) |
| Cash flows from financing activities: | ||
| Proceeds on revolving loan | 317,989 | 377,375 |
| Payments on revolving loan | (351,167) | (326,945) |
| Payment of debt issuance costs | (550) | (290) |
| Purchase of treasury stock | (10,505) | (4,148) |
| Other financing activities | (63) | (14) |
| Net cash provided by (used in) financing activities | (44,296) | 45,978 |
| Effect of foreign currency exchange rate changes on cash | (42) | (368) |
| Net increase (decrease) in cash and cash equivalents | 8,379 | (1,816) |
| Cash and cash equivalents: | ||
| Beginning of period | 7,482 | 9,298 |
| End of period | $15,861 | $7,482 |
Concrete Pumping Holdings, Inc.
Consolidated Statements of Cash Flows (Continued)
| Year Ended October 31, | |||
|---|---|---|---|
| (in thousands) · 2023 · 2022 | |||
| Supplemental cash flow information: | |||
| Cash paid for interest | $26,498 | $23,682 | |
| Cash paid for income taxes | $673 | $408 | |
| Non-cash investing and financing activities: | |||
| Operating lease right-of-use assets recorded upon adoption of ASC 842 | $ | - | $18,625 |
| Operating lease liabilities recorded upon adoption of ASC 842 | $ | - | $18,593 |
| Operating lease assets obtained in exchange for new operating lease liabilities | $6,669 | $10,089 | |
| PP&E acquired but not yet paid - beginning of period | $8,882 | $7,135 | |
| PP&E acquired but not yet paid - end of period | $9,484 | $8,882 | |
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