Concrete Pumping Holdings Inc (NASDAQ:BBCP) Q3 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 05:00 pm ET

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Concrete Pumping Holdings Inc (NASDAQ:BBCP) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Concrete Pumping Holdings' financial results for the third quarter fiscal quarter ended July 31, 2020. Joining us today are Concrete Pumping Holdings' CEO Bruce Young, CFO Iain Humphries, and the company's external director of investor relations, Cody Slach. Before we go ahead. 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.

Executive
Cody Slach

Thanks, Kevin. 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. 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 Holding Inc.'s 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 discuss adjusted EBITDA and net debt, which are non-GAAP financial measures. Adjusted EBITDA, adjust reported EBITDA for certain items. We believe the presentation of this non-GAAP financial measure is useful because it provides investors and industry analysts the same information that we use internally for purposes of assessing our core operating performance.

Net debt reflects all principal amounts outstanding under debt agreements less cash. Cash is subtracted from the GAAP measure because it could be used to reduce the company's debt obligations. We believe this non-GAAP measure provides useful information to management and investors in order to monitor the company's leverage and evaluate the company's consolidated balance sheet. For a reconciliation of both of these measures to their most directly comparable GAAP financial measure, please refer to the press release issued today or the investor presentation posted on the company's website.

I'd 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 in the company's website. Additionally, we have posted an updated investor presentation on the same website. Now I'd like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young.

Bruce?

Executive
Bruce Young

Thank you, Cody, and good afternoon, everyone. As our third quarter results demonstrate, we continue to navigate COVID-19 from a position of strength, which is a testament to our great employees, the resiliency of our business model, and our highly variable cost structure. Our team continues to show exceptional leadership, resourcefulness, and collaboration as we address this unprecedented event. I remain incredibly proud of our employee morale throughout the organization as our team seamlessly adapts to new health protocols and remains focused on serving our many stakeholders.

Our employees continue to demonstrate a high degree of engagement