Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q1 2023 Earnings Conference Call March 9, 2023 5:00 PM ET

Company Participants

Cody Slach - External Director, Investor Relations

Bruce Young - Chief Executive Officer

Iain Humphries - Chief Financial Officer

Conference Call Participants

Sam Kusswurm - William Blair

Brent Thielman - D.A. Davidson

Andrew Wittmann - Baird

Stanley Elliott - Stifel

Steven Fisher - UBS

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings’ Financial Results for the First Quarter ended January 31, 2023.

Joining us today are Concrete Pumping Holdings' CEO, Bruce Young; CFO, Iain Humphries and Company's External Director of Investor Relations, Cody Slach.

Before we go further, I'd like to turn the call over to Mr. Slach to read the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995. That provides important cautions regarding forward-looking statements.

Cody, please go ahead.

Cody Slach

Thank you. I'd like to remind everyone that in the course of this call to give you a better understanding of our operations, we will be making certain forward-looking statements regarding our business and outlook. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see Concrete Pumping Holdings’ annual report, on Form 10-K, quarterly report on Form 10-Q and other publicly available filings with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

On today's call, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, net debt and free cash flow, which we believe provide useful information for investors. We provide further information about these non-GAAP financial measures and reconciliations to the comparable GAAP measures in our press release issued today or the investor presentation posted on the company's website.

I would like to remind everyone that this call will be available for replay later this evening. A webcast replay will also be available via the link provided in today's press release, as well as on the company's website. Additionally, we have posted an updated investor presentation on the company's website.

Now, I would like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young? Bruce?

Bruce Young

Thank you, Cody, and good afternoon, everyone. I am pleased to report that our first quarter of 2023 is off to a strong start with 10% revenue growth, which marks our sixth consecutive quarter of double-digit consolidated revenue growth. This consisted of growth across all segments and was driven by continued market share gains through organic growth and contributions from accretive acquisitions. Our results were in line with our expectations for the quarter and would have exceeded expectations if we had not experienced abnormally severe winter weather in the U.S. and U.K. markets.