Concrete Pumping Holdings, Inc.

Previous wording

All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the United States ("U.S."). Our U.S. Concrete Pumping core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment collectively has approximately 90 branch locations across 22 states with their corporate headquarters in Thornton, Colorado.

Current wording

All branches operating within our U.S. Concrete Pumping segment are concrete pumping service providers in the United States ("U.S."). Our U.S. Concrete Pumping core business is the provision of concrete pumping services to general contractors and concrete finishing companies in the commercial, infrastructure and residential sectors. Equipment generally returns to a "home base" nightly and these branches do not contract to purchase, mix, or deliver concrete. This segment primarily consists of our Brundage-Bone business which has approximately 90 branch locations across 22 states with its corporate headquarters in Thornton, Colorado.

Previous wording

Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 20 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado.

Current wording

Our U.S. Concrete Waste Management Services segment consists of our U.S. based Eco-Pan business. Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 21 operating locations across the U.S. with its corporate headquarters in Thornton, Colorado.

Previous wording

The tables included in the period-to-period comparisons below provide summaries of our revenues and gross profits for our business segments for the three months ended January 31, 2025 and 2024.

Current wording

The tables included in the period-to-period comparisons below provide summaries of our revenues and gross profits for our business segments for the three and six months ended April 30, 2025 and 2024.

Previous wording

(1) For both periods presented, intersegment revenue of $0.1 million has been excluded.

Current wording

(1) For the three months ended April 30, 2025 and 2024, intersegment revenue of $0.1 million is excluded.

Previous wording

*Total revenue.*Total revenues were $86.4 million for the three months ended January 31, 2025 compared to $97.7 million for the three months ended January 31, 2024. Revenue by segment is further discussed below.

Current wording

*Total revenue.*Total revenues were $94.0 million for the three months ended April 30, 2025 compared to $107.1 million for the three months ended April 30, 2024. Revenue by segment is further discussed below.

Previous wording

*U.S. Concrete Waste Management Services.*Revenue for the U.S. Concrete Waste Management Services segment improved by 6.9%, or $1.1 million, from $15.6 million in the first quarter of fiscal 2024 to $ 16.7 million for the first quarter of fiscal 2025. The increase in revenue was driven by organic growth and pricing improvements.

Current wording

*U.S. Concrete Waste Management Services.*Revenue for the U.S. Concrete Waste Management Services segment improved by 6.9%, or $1.2 million, from $16.9 million in the second quarter of fiscal 2024 to $ 18.1 million for the second quarter of fiscal 2025. The increase in revenue was driven by organic growth and pricing improvements.

Previous wording

*U.K. Operations.*Revenue for our U.K. Operations segment decreased by 16.7%, or $2.6 million, from $15.4 million in the first quarter of fiscal 2024 to $12.8 million for the first quarter of fiscal 2025. Excluding the impact from foreign currency translation, revenue was down 16.5% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work.

Current wording

*U.K. Operations.*Revenue for our U.K. Operations segment decreased by 11.3%, or $1.8 million, from $15.5 million in the second quarter of fiscal 2024 to $13.8 million for the second quarter of fiscal 2025. Excluding the impact from foreign currency translation, revenue was down 13.1% year-over-year, due to lower volumes caused by a general slowdown in commercial construction work.

Previous wording

For the first quarter of fiscal 2025, excluding amortization of intangible assets of $3.0 million, depreciation expense of $0.5 million, and stock-based compensation expense of $0.4 million, G&A expenses were $23.9 million (27.7% of revenue). For the first quarter of fiscal 2024, excluding amortization of intangible assets of $3.9 million, depreciation expense of $0.6 million, stock-based compensation expense of $0.5 million, the non-recurring $3.5 million sales tax litigation-related charge and currency gain of $0.7 million, G&A expenses were $24.1 million (24.7% of revenue).

Current wording

For the second quarter of fiscal 2025, excluding amortization of intangible assets of $3.0 million, depreciation expense of $0.6 million, and stock-based compensation expense of $0.5 million, G&A expenses were $23.8 million (25.3% of revenue). For the second quarter of fiscal 2024, excluding amortization of intangible assets of $3.9 million, depreciation expense of $0.6 million, and stock-based compensation expense of $0.7 million, G&A expenses were $24.5 million (22.9% of revenue).

Previous wording

*Interest expense and amortization of deferred financing costs, net of interest income.*Interest expense and amortization of deferred financing costs, net of interest income for the first quarter of fiscal 2025 was $5.8 million, down $0.7 million from $6.5 million in the first quarter of fiscal 2024. The decrease was primarily attributable to a lower average ABL revolver draw during the fiscal 2025 first quarter as compared to the same quarter a year ago.

Current wording

*Interest expense and amortization of deferred financing costs, net of interest income.*Interest expense and amortization of deferred financing costs, net of interest income for the second quarter of fiscal 2025 was $8.3 million, up $1.4 million from $6.9 million in the second quarter of fiscal 2024. The increase was primarily attributable to the refinancing of our senior notes during the first quarter of fiscal 2025 resulting in an increase of interest expense of $2.5 million. This was slightly offset by a reduction of interest expense from our ABL facility of $0.5 million and an increase of interest income of $0.2 million, as compared to the same quarter a year ago.

Previous wording

*Income tax benefit.*For the three months ended January 31, 2025 and 2024, the Company’s effective tax rate was 28.2% and 20.9%, respectively. The comparability of effective tax rates between both periods was primarily impacted by excess tax deficiencies from share-based compensation in fiscal 2024.

Current wording

*Income tax expense (benefit).*For the three months ended April 30, 2025 and 2024 the comparability of effective tax rates between both periods was primarily impacted by excess tax deficiencies from share-based compensation in fiscal 2024.

Previous wording

*U.S. Concrete Pumping.*Revenue for our U.S. Concrete Pumping segment decreased by 14.6%, or $9.8 million, from $66.7 million in the first quarter of fiscal 2024 to $56.9 million for the first quarter of fiscal 2025 primarily attributable to a decrease in volumes driven by (1) higher than normal rainfall and much colder than average temperatures in the Company's central, mountain and southeastern regions throughout the quarter and (2) a continued general slowdown in commercial construction work, mostly due to tighter-than-expected monetary policy.

Current wording

*U.S. Concrete Pumping.*Revenue for our U.S. Concrete Pumping segment decreased by 15.8%, or $22.3 million, from $141.3 million in the six months ended April 30, 2024 to $119.0 million for the six months ended April 30, 2025 primarily attributable to a decrease in volumes driven by (1) significant weather events in the Company's central, mountain, midwest, south and southeastern regions throughout the year and (2) a continued general slowdown from deferrals in commercial construction work and emerging challenges in residential work, mostly due to high interest rates and uncertainty around extensions of U.S. tax policy. Further, while we have not been directly impacted by tariffs, the added uncertainly surrounding tariffs has contributed to the deferral of certain commercial construction projects.

Previous wording

*Gross margin.*Our gross margin for the first quarter of fiscal 2025 was 36.1% compared to 34.1% in the first quarter of fiscal 2024. The improvement in gross margin was primarily related to improvements in fuel and commercial insurance costs.

Current wording

*Gross margin.*Our gross margin for the six months ended April 30, 2025 was 37.4% compared to 36.7% in the six months ended April 30, 2024. The improvement in gross margin was primarily related to improvements in fuel and commercial insurance costs.

Previous wording

*General and administrative expenses ("G&A").*G&A expenses for the first quarter of fiscal 2025 were $27.8 million, a decrease of $4.1 million from $31.9 million in the first quarter of fiscal 2024. G&A expenses as a percent of revenue were 32.2% for the first quarter of fiscal 2025 compared to 32.7% for the same period a year ago. The decrease in G&A expenses was largely due to (1) the non-recurring $3.5 million sales tax litigation-related charge in the first quarter of 2024, (2) non-cash decreases in amortization expense of $0.9 million, and (3) lower labor costs of approximately $0.8 million, that were partially offset by a decrease in currency gain of $0.7 million and higher professional fees of $0.6 million.

Current wording

*General and administrative expenses ("G&A").*G&A expenses for the six months ended April 30, 2025 were $55.7 million, a decrease of $5.9 million from $61.6 million in the six months ended April 30, 2024. G&A expenses as a percent of revenue were 30.9% for the six months ended April 30, 2025 compared to 30.1% for the same period a year ago. The decrease in G&A expenses was largely due to (1) the non-recurring $3.5 million sales tax litigation-related charge in the first quarter of 2024, (2) lower labor costs of approximately $2.1 million as a result of reduced headcount, and (3) non-cash decreases in amortization expense of $1.7 million, that were partially offset by a decrease in gain on asset sales of $1.0 million and higher professional fees of $0.5 million.

Previous wording

Debt extinguishment costs. On January 31, 2025, we closed on our private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 and repaid all outstanding indebtedness under our then-existing senior notes due 2026. The $1.4 million in debt extinguishment costs incurred relate to the write-off of all unamortized deferred debt issuance costs that were related to the 2026 Notes.

Current wording

Debt extinguishment costs. On January 31, 2025, we closed on our private offering of $425.0 million in aggregate principal amount of senior secured second lien notes due 2032 and repaid all outstanding indebtedness under our then-existing senior notes due 2026. The $1.4 million in debt extinguishment costs incurred for the six months ended April 30, 2025, relate to the write-off of all unamortized deferred debt issuance costs that were related to the 2026 Notes. There were no debt extinguishment costs for the six months ended April 30, 2024.

Previous wording

The Company recast segment results for the three months ended January 31, 2024 are below:

Current wording

The Company recast segment results for the three and six months ended April 30, 2024 are below:

Previous wording

*U.S. Concrete Waste Management Services.*Net income for our U.S. Concrete Waste Management Services segment was $0.2 million for the first quarter of fiscal 2025 compared to a net loss of $1.2 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $5.0 million for the first quarter of fiscal 2025, up $0.5 million from $4.5 million for the same period in fiscal 2024. The increase in net income was attributable to the increase in revenue as described above, lower non-recurring allocations of $0.8 million and lower tax expense of $0.8 million and the loss on extinguishment of debt of $0.5 million and an increase in depreciation expense $0.4 million. The increase in adjusted EBITDA was primarily attributable to the improved year-over-year revenue.

Current wording

*U.S. Concrete Waste Management Services.*Net income for our U.S. Concrete Waste Management Services segment was $1.2 million for the second quarter of fiscal 2025 compared to a net income of $1.1 million for the second quarter of fiscal 2024. Adjusted EBITDA for our U.S. Concrete Waste Management Services segment was $6.7 million for the second quarter of fiscal 2025, up $0.7 million from $5.9 million for the same period in fiscal 2024. The increase in adjusted EBITDA was primarily attributable to the improved year-over-year revenue and disciplined cost control.

Previous wording

U.K. Operations. Net income for our U.K. Operations segment was $0.2 million for the first quarter of fiscal 2025 compared to net income of $0.5 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.K. Operations segment was $2.8 million for the first quarter of fiscal 2025, down $0.4 million from $3.2 million from the same period in fiscal 2024. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were minimal.

Current wording

U.K. Operations. Net income for our U.K. Operations segment was $0.4 million for the second quarter of fiscal 2025 compared to net income of $1.0 million for the second quarter of fiscal 2024. Adjusted EBITDA for our U.K. Operations segment was $3.2 million for the second quarter of fiscal 2025, down $1.0 million from $4.1 million from the same period in fiscal 2024. Excluding the impact from foreign currency translation, net income and adjusted EBITDA changes were primarily related to the decrease in revenue as discussed above.

Previous wording

U.S. Concrete Pumping. Net loss for our U.S. Concrete Pumping segment was $3.1 million for the first quarter of fiscal 2025 compared to a net loss of $3.2 million for the first quarter of fiscal 2024. Adjusted EBITDA for our U.S. Concrete Pumping segment was $9.2 million for the first quarter of fiscal 2025, down $2.4 million from $11.6 million for the same period in fiscal 2024. These decreases were largely driven by the revenue decline as discussed above, while the impact on net loss was also impacted by the non-recurring $3.5 million sales tax litigation-related charge incurred in fiscal 2024 and the loss on debt extinguishment of $0.9 million in the first quarter of 2025.

Current wording

U.S. Concrete Pumping. Net loss for our U.S. Concrete Pumping segment was $4.7 million for the six months ended April 30, 2025 compared to a net loss of $2.3 million for the six months ended April 30, 2024. Adjusted EBITDA for our U.S. Concrete Pumping segment was $21.8 million for the six months ended April 30, 2025, down $7.3 million from $29.1 million for the same period in fiscal 2024. These decreases were largely driven by the revenue decline as discussed above, while the impact on net loss was also impacted by the non-recurring $3.5 million sales tax litigation-related charge incurred in fiscal 2024 and the loss on debt extinguishment of $0.9 million in the first quarter of 2025.

Previous wording

Our capital structure is primarily a combination of (1) permanent financing, represented by stockholders’ equity; (2) zero-dividend convertible perpetual preferred stock; (3) long-term financing represented by our Senior Notes (as defined below) and (4) short-term financing under our ABL Facility (as defined below). Our primary sources of liquidity are cash generated from operations, available cash and cash equivalents and access to our revolving credit facility under our ABL Facility (as defined below), which provides for aggregate borrowings of up to $350.0 million, subject to a borrowing base limitation. We use our liquidity and capital resources to: (1) finance working capital requirements; (2) service our indebtedness; (3) purchase property, plant and equipment (4) finance strategic acquisitions; (5) repurchase shares and (6) pay dividends to our stockholders, as discussed further below. As of January 31, 2025, we had $85.1 million of cash and cash equivalents and $324.5 million of available borrowing capacity under the ABL Facility (as defined below), providing total available liquidity of $409.6 million.

Current wording

Our capital structure is primarily a combination of (1) permanent financing, represented by stockholders’ equity; (2) zero-dividend convertible perpetual preferred stock; (3) long-term financing represented by our Senior Notes (as defined below) and (4) short-term financing under our ABL Facility (as defined below). Our primary sources of liquidity are cash generated from operations, available cash and cash equivalents and access to our revolving credit facility under our ABL Facility (as defined below), which provides for aggregate borrowings of up to $350.0 million, subject to a borrowing base limitation. We use our liquidity and capital resources to: (1) finance working capital requirements; (2) service our indebtedness; (3) purchase property, plant and equipment (4) finance strategic acquisitions; (5) repurchase shares and (6) pay dividends to our stockholders, as discussed further below. As of April 30, 2025, we had $37.8 million of cash and cash equivalents and $314.7 million of available borrowing capacity under the ABL Facility (as defined below), providing total available liquidity of $352.5 million.

Previous wording

Our working capital surplus as of January 31, 2025 was $47.7 million. We are in compliance with our debt covenants and believe that we have sufficient working capital to meet our material cash requirements for the foreseeable future.

Current wording

Our working capital surplus as of April 30, 2025 was $45.7 million. We are in compliance with our debt covenants and believe that we have sufficient working capital to meet our material cash requirements for the foreseeable future.

Previous wording

The amount of our future capital expenditures will depend on a number of factors including general economic conditions and growth prospects. In response to changing economic conditions, we believe we have the flexibility to modify our capital expenditures by adjusting them (either up or down) to match our actual performance and business needs. Our gross capital expenditures for the three months ended January 31, 2025 and 2024 were approximately $5.8 million and $17.8 million, respectively. See "Cash Flow" discussion below for more information.

Current wording

The amount of our future capital expenditures will depend on a number of factors including general economic conditions and growth prospects. In response to changing economic conditions, we believe we have the flexibility to modify our capital expenditures by adjusting them (either up or down) to match our actual performance and business needs. Our gross capital expenditures for the six months ended April 30, 2025 and 2024 were approximately $19.5 million and $28.8 million, respectively. See "Cash Flow" discussion below for more information.

Previous wording

On January 14, 2025, our Board of Directors declared a special cash dividend of $1.00 per share, totaling $53.1 million, of common stock to shareholders of record as of January 24, 2025, with payment date on February 3, 2025. The dividend was funded with cash on hand and net proceeds from our new 2032 Notes (as defined below). The declaration of dividends on our common stock is discretionary and will be determined by our Board of Directors in its sole discretion and will depend on our business conditions, financial condition, earnings, liquidity and capital requirements, contractual restrictions and other factors.

Current wording

During the six months ended April 30, 2025, we paid a special cash dividend of $1.00 per share, totaling $53.1 million. The dividend was funded with cash on hand and net proceeds from our new 2032 Notes (as defined below). The declaration of dividends on our common stock is discretionary and will be determined by our Board of Directors in its sole discretion and will depend on our business conditions, financial condition, earnings, liquidity and capital requirements, contractual restrictions and other factors.

Previous wording

On September 6, 2024, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder from $225.0 million to $350.0 million, (2) increase the letter of credit sublimit from $22.5 million to $32.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million. Of the $125.0 million in incremental commitments, $75.0 million was provided by Bank of America, N.A. and $50.0 million was provided by PNC Bank, N.A. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $1.2 million of debt issuance costs related to the September 6, 2024, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $1.2 million will be amortized from September 6, 2024 through September 6, 2029.

Current wording

On September 6, 2024, the ABL Facility was amended to, among other changes, (1) increase the maximum revolver borrowings available to be drawn thereunder from $225.0 million to $350.0 million, (2) increase the letter of credit sublimit from $22.5 million to $32.5 million and (3) extend the maturity of the ABL Facility to the earlier of (a) September 6, 2029 or (b) the date that is 180 days prior to (i) the final stated maturity date of the Senior Notes or (ii) the date the Senior Notes become due and payable. The ABL Facility also provides for an uncommitted accordion feature under which the borrowers under the ABL Facility can, subject to specified conditions, increase the ABL Facility by up to an additional $25.0 million. Of the $125.0 million in incremental commitments, $75.0 million was provided by Bank of America, N.A. and $50.0 million was provided by PNC Bank, N.A. The amended ABL Facility was treated as a debt modification. The Company capitalized an additional $1.2 million of debt issuance costs related to the September 6, 2024, ABL Facility amendment. The preexisting unamortized deferred costs of $1.4 million and the additional costs of $1.2 million are being amortized from September 6, 2024 through September 6, 2029.

Previous wording

There was no outstanding balance under the ABL Facility as of January 31, 2025 and as of that date, the Company was in compliance with all debt covenants. In addition, as of January 31, 2025, the Company had $1.1 million in credit line reserves and a letter of credit balance of $13.9 million. As of January 31, 2025, we had $324.5 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $2.4 million as of January 31, 2025.

Current wording

There was no outstanding balance under the ABL Facility as of April 30, 2025 and as of that date, the Company was in compliance with all debt covenants. In addition, as of April 30, 2025, the Company had $1.1 million in credit line reserves and a letter of credit balance of $12.2 million. As of April 30, 2025, we had $314.7 million of available borrowing capacity under the ABL Facility. Debt issuance costs related to revolving credit facilities are capitalized and reflected as an asset in deferred financing costs in the accompanying condensed balance sheets. The Company had debt issuance costs related to the revolving credit facilities of $2.3 million as of April 30, 2025.

Previous wording

Net cash provided by operating activities during the three months ended January 31, 2025 was $6.0 million. The Company had a net loss of $2.6 million, which included net non-cash expense items of $14.7 million. In addition, we had cash inflows related to a decrease in our working capital of $6.0 million. Cash inflows related to working capital activity include a decrease to other operating liabilities of $14.1 million, a decrease to accounts payable of $3.3 million, an increase in other operating assets of $1.4 million and an increase in inventory of $0.3 million, partially offset by a decrease to receivables of $13.2 million. The decrease in other operating liabilities is mainly due to a change in timing of payment of our 2026 Notes due to the refinancing activity previously discussed. The decrease in accounts payable is driven by a slowdown in business activity and the general timing of invoices. The decrease in receivables is due to decreases in sales volumes during the three months ended January 31, 2025.

Current wording

Net cash provided by operating activities during the six months ended April 30, 2025 was $30.8 million. The Company had a net loss of $2.6 million, which included net non-cash expense items of $29.6 million. In addition, we had cash inflows related to an increase in our working capital of $3.9 million. Cash inflows related to working capital activity include a decrease to receivables of $8.4 million and an increase to accounts payable of $4.3 million, partially offset by an increase to other operating assets of $6.3 million and a decrease in other operating liabilities of $2.4 million. The decrease in receivables is due to decreases in sales volumes during the six months ended April 30, 2025. The increase in accounts payable is driven by the general timing of invoices. The increase in other operating assets is due to the timing of our annual commercial insurance premium payments. The decrease in other operating liabilities is related to operating lease payments of $2.5 million.

Previous wording

Net cash provided by operating activities during the three months ended January 31, 2024 was $20.3 million. The Company had a net loss of $3.8 million, which included non-cash expense items of $13.4 million. In addition, we had cash outflows related to an increase to our working capital of $10.7 million. Working capital changes primarily include a decrease in receivables of $13.9 million, a decrease in inventory of $0.6 million, a decrease of $3.9 million in accounts payable, an increase in other operating assets of $0.6 million and a decrease in other operating liabilities of $0.6 million. The decrease in receivables is due to seasonal collection of receivables during the first quarter of fiscal year 2024. The decrease in accounts payable is driven by the timing of vendor payments. The increase in other assets is primarily due to the increase in sales tax receivable.

Current wording

Net cash provided by operating activities during the six months ended April 30, 2024 was $29.4 million. The Company had a net loss of $0.8 million, which included net non-cash expense items of $30.8 million. In addition, we had cash outflows related to an increase in our working capital of $0.6 million. Cash outflows related to working capital activity include a decrease in other operating liabilities of $3.8 million, an increase in other operating assets of $2.4 million, and a decrease of $1.2 million in accounts payable. These were offset by a decrease in receivables of $6.3 million and a decrease in inventory of $0.6 million. The decrease in operating liabilities is due to payments on operating leases of $2.6 million and a decrease in sales and use tax. The increase in other operating assets is primarily due to the timing of prepaid insurance. The decrease in accounts payable is driven by the timing of vendor payments. The decrease in receivables is due to seasonal collection of receivables and decrease in sales volumes during the six months ended April 30, 2024.

Previous wording

We used $3.9 million to fund investing activities during the three months ended January 31, 2025. The Company used $5.8 million for the purchase of property, plant and equipment, which was partially offset by $1.9 million in proceeds from the sale of property, plant and equipment.

Current wording

We used $16.3 million to fund investing activities during the six months ended April 30, 2025. The Company used $19.5 million for the purchase of property, plant and equipment, which was partially offset by $3.2 million in proceeds from the sale of property, plant and equipment.

Previous wording

We used $16.5 million to fund investing activities during the three months ended January 31, 2024. The Company used $17.8 million for the purchase of property, plant and equipment, which was partially offset by $1.3 million in proceeds from the sale of property, plant and equipment.

Current wording

We used $23.6 million to fund investing activities during the six months ended April 30, 2024. The Company used $28.8 million for the purchase of property, plant and equipment, which was partially offset by $5.2 million in proceeds from the sale of property, plant and equipment.

Previous wording

Net cash provided by financing activities was $40.0 million for the three months ended January 31, 2025. Cash provided by financing activities included $425.0 million in proceeds from the issuance of the 2032 Notes, $375.0 million in payments for the extinguishment of the 2026 Notes, $7.3 million in debt issuance costs paid related to the 2032 Notes and $2.6 million in purchase of treasury stock, which included $1.9 million purchased under the share repurchase program and $0.7 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities.

Current wording

Net cash used in financing activities was $19.9 million for the six months ended April 30, 2025. Cash used in financing activities included $425.0 million in proceeds from the issuance of the 2032 Notes, $375.0 million in payments for the extinguishment of the 2026 Notes, $53.1 million in dividends paid, $8.2 million in debt issuance costs paid related to the 2032 Notes and $8.5 million in purchase of treasury stock, which included $7.9 million purchased under the share repurchase program and $0.6 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain stock award vesting and stock option exercise activities.

Previous wording

Net cash used in financing activities was $5.6 million for the three months ended January 31, 2024. Cash used in financing activities included $5.9 million in net payments under the Company's ABL Facility and $1.1 million in purchase of treasury stock, which included $0.2 million purchased under the share repurchase program and $0.9 million from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain vested stock awards.

Current wording

Net cash used in financing activities was $4.1 million for the six months ended April 30, 2024. Cash used in financing activities included $2.5 million in net payments under the Company's ABL Facility and $3.0 million in purchase of treasury stock, which included $1.5 million purchased under the share repurchase program and $1.5 million in outflows from the purchase of shares into treasury stock in order to fund the employee tax obligations for certain vested stock awards.

Previous wording

1 Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses, transaction expenses and interest income. For the three months ended January 31, 2024, other adjustments include a $3.5 million non-recurring charge related to sales tax litigation. See Note 18 in Part I, Item 1 of this report for more information.

Current wording

1 Other adjustments include the adjustment for non-recurring expenses, non-cash currency gains/losses and transaction expenses. For the six months ended April 30, 2024, other adjustments include a $3.5 million non-recurring charge related to sales tax litigation. See Note 15 in Part I, Item 1 of this report for more information.

Previous wording

Our critical accounting policies and estimates are disclosed in the "Critical Accounting Policies and Estimates" section of our Annual Report. No modifications have been made during the three months ended January 31, 2025 to these policies or estimates except for those noted in Note 2 to the condensed consolidated financial statements included within Item 1 of this report.

Current wording

Our critical accounting policies and estimates are disclosed in the "Critical Accounting Policies and Estimates" section of our Annual Report. No modifications have been made during the six months ended April 30, 2025 to these policies or estimates except for those noted in Note 2 to the condensed consolidated financial statements included within Item 1 of this report.