Company Quick10K Filing
Industrea Acquisition
Price10.20 EPS-0
Shares58 P/E-45
MCap594 P/FCF1,515
Net Debt403 EBIT11
TEV996 TEV/EBIT87
TTM 2019-07-31, in MM, except price, ratios
10-Q 2020-07-31 Filed 2020-09-09
10-Q 2020-04-30 Filed 2020-06-11
10-Q 2019-07-31 Filed 2019-09-16
10-Q 2019-04-30 Filed 2019-06-10
S-1 2019-04-01 Public Filing
10-Q 2019-01-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-10-19
10-Q 2018-06-30 Filed 2018-08-13
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-29
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-09-07
8-K 2020-09-09 Earnings, Exhibits
8-K 2020-06-09
8-K 2020-05-11
8-K 2020-04-22
8-K 2019-10-22
8-K 2019-09-16
8-K 2019-08-26
8-K 2019-06-10
8-K 2019-05-10
8-K 2019-04-30
8-K 2019-04-29
8-K 2019-04-10
8-K 2019-04-01
8-K 2019-03-26
8-K 2019-03-18
8-K 2019-03-18
8-K 2019-03-08
8-K 2019-02-28
8-K 2019-01-29
8-K 2019-01-08
8-K 2018-12-04
8-K 2018-11-13
8-K 2018-10-12
8-K 2018-10-09
8-K 2018-09-10
8-K 2018-09-07

INDU 10Q Quarterly Report

Note 2. Summary of Significant Accounting Policies
Note 3. New Accounting Pronouncements
Note 4. Business Combinations
Note 5.     Fair Value Measurement
Note 6. Prepaid Expenses and Other Current Assets
Note 7. Property, Plant and Equipment
Note 8. Goodwill and Intangible Assets
Note 9. Long Term Debt and Revolving Lines of Credit
Note 10. Accrued Payroll and Payroll Expenses
Note 11. Accrued Expenses and Other Current Liabilities
Note 12. Income Taxes
Note 13. Commitments and Contingencies
Note 14. Stockholders’ Equity
Note 15. Stock - Based Compensation
Note 16. Earnings per Share
Note 17. Segment Reporting
Note 18. Related Party Transaction
EX-31.1 ex_197194.htm
EX-31.2 ex_197195.htm
EX-32.1 ex_197196.htm
EX-32.2 ex_197197.htm

Industrea Acquisition Earnings 2020-07-31

Balance SheetIncome StatementCash Flow
87069652234817402017201820192020
Assets, Equity
806244268-102018201820192020
Rev, G Profit, Net Income
24014856-36-128-2202017201820192020
Ops, Inv, Fin

bbpp20200731_10q.htm
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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended July 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 Commission File No. 001-38166

 

CONCRETE PUMPING HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

83-1779605

(State or other jurisdiction of incorporation or organization)

(I.R.S. employer identification no.)

 

500 E. 84th Avenue, Suite A-5

Thornton, Colorado 80229

(Address of principal executive offices, including zip code)

 

(303) 289-7497

(Registrant's telephone number, including area code)

None

(Former name, former address and former fiscal year, if changes since last report)

  

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

BBCP

The Nasdaq Capital Market

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

 

As of September 8, 2020, the registrant had 58,200,084 shares of common stock outstanding. 

 

 

 

 

CONCRETE PUMPING HOLDINGS, INC.

FORM 10-Q

FOR THE QUARTER ENDED JULY 31, 2020

 

 

Page

Part I. Financial Information

 

 

 

        Item 1.

Unaudited Consolidated Financial Statements:

 

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Operations and Comprehensive Income

4

 

Consolidated Statements of Changes in Stockholders’ Equity

6

 

Consolidated Statements of Cash Flows

8

 

Notes to Unaudited Consolidated Financial Statements

11

        Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

39

        Item 3.

Quantitative and Qualitative Disclosures About Market Risk

59

        Item 4.

Controls and Procedures

59

 

 

 

Part II. Other Information

 

 

 

 

        Item 1.

Legal Proceedings

60

        Item 1A.

Risk Factors

60

        Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

        Item 3.

Defaults Upon Senior Securities

60

        Item 4.

Mine Safety Disclosures

60

        Item 5.

Other Information

60

        Item 6.

Exhibits

61

 

 

 

Signatures

62

 

 

 

 

PART I

 

ITEM 1.     Unaudited Consolidated Financial Statements 

 

Concrete Pumping Holdings, Inc.

Consolidated Balance Sheets

 

  

(Unaudited)

     
  

July 31,

  

October 31,

 

(in thousands except per share amounts)

 

2020

  

2019

 

ASSETS

        
         

Current assets:

        

Cash and cash equivalents

 $4,131  $7,473 

Trade receivables, net

  44,365   45,957 

Inventory

  5,339   5,254 

Income taxes receivable

  4,766   697 

Prepaid expenses and other current assets

  4,631   3,378 

Total current assets

  63,232   62,759 
         

Property, plant and equipment, net

  305,896   307,415 

Intangible assets, net

  192,228   222,293 

Goodwill

  223,565   276,088 

Other non-current assets

  1,782   1,813 

Deferred financing costs

  814   997 

Total assets

 $787,517  $871,365 
         

LIABILITIES AND STOCKHOLDERS' EQUITY

        
         

Current liabilities:

        

Revolving loan

 $12,990  $23,555 

Term loans, current portion

  20,888   20,888 

Current portion of capital lease obligations

  95   91 

Accounts payable

  5,910   7,408 

Accrued payroll and payroll expenses

  11,183   9,177 

Accrued expenses and other current liabilities

  21,493   28,106 

Income taxes payable

  1,348   1,153 

Deferred consideration

  -   1,708 

Total current liabilities

  73,907   92,086 
         

Long term debt, net of discount for deferred financing costs

  348,183   360,938 

Capital lease obligations, less current portion

  405   477 

Deferred income taxes

  69,257   69,049 

Total liabilities

  491,752   522,550 
         

Zero-dividend convertible perpetual preferred stock, $0.0001 par value, 2,450,980 shares issued and outstanding as of July 31, 2020 and October 31, 2019

  25,000   25,000 
         

Stockholders' equity

        

Common stock, $0.0001 par value, 500,000,000 shares authorized, 58,200,084 and 58,253,220 issued and outstanding as of July 31, 2020 and October 31, 2019, respectively

  6   6 

Additional paid-in capital

  354,696   350,489 

Treasury stock

  (131)  - 

Accumulated other comprehensive income (loss)

  1,008   (599)

(Accumulated deficit)

  (84,814)  (26,081)

Total stockholders' equity

  270,765   323,815 
         

Total liabilities and stockholders' equity

 $787,517  $871,365 

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements

 

 

Concrete Pumping Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)

 

   

Successor

   

Predecessor

 

(in thousands, except share and per share amounts)

 

Three Months Ended July 31, 2020

   

Three Months Ended July 31, 2019

   

Nine Months Ended July 31, 2020

   

December 6, 2018 through July 31, 2019

   

November 1, 2018 through December 5, 2018

 
                                         

Revenue

  $ 77,131     $ 78,655     $ 225,111     $ 174,613     $ 24,396  
                                         

Cost of operations

    39,330       39,665       123,295       98,396       14,027  

Gross profit

    37,801       38,990       101,816       76,217       10,369  
                                         

General and administrative expenses

    26,954       28,159       79,941       63,693       4,936  

Goodwill and intangibles impairment

    -       -       57,944       -       -  

Transaction costs

    -       176       -       1,458       14,167  

Income (loss) from operations

    10,847       10,655       (36,069 )     11,066       (8,734 )
                                         

Other income (expense):

                                       

Interest expense, net

    (8,364 )     (9,843 )     (26,632 )     (24,753 )     (1,644 )

Loss on extinguishment of debt

    -       -       -       -       (16,395 )

Other income, net

    36       28       139       59       6  

Total other expense

    (8,328 )     (9,815 )     (26,493 )     (24,694 )     (18,033 )
                                         

Income (loss) before income taxes

    2,519       840       (62,562 )     (13,628 )     (26,767 )
                                         

Income tax expense (benefit)

    (462 )     (1,922 )     (3,829 )     (3,115 )     (4,192 )
                                         

Net income (loss)

    2,981       2,762       (58,733 )     (10,513 )     (22,575 )
                                         

Less accretion of liquidation preference on preferred stock

    (489 )     (456 )     (1,432 )     (1,159 )     (126 )
                                         

Income (loss) available to common shareholders

  $ 2,492     $ 2,306     $ (60,165 )   $ (11,672 )   $ (22,701 )
                                         

Weighted average common shares outstanding

                                       

Basic

    52,782,663       49,940,411       52,752,884       37,155,182       7,576,289  

Diluted

    55,892,193       53,122,690       52,752,884       37,155,182       7,576,289  
                                         

Net income (loss) per common share

                                       

Basic

  $ 0.05     $ 0.05     $ (1.14 )   $ (0.31 )   $ (3.00 )

Diluted

  $ 0.04     $ 0.05     $ (1.14 )   $ (0.31 )   $ (3.00 )

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements

 

 

Concrete Pumping Holdings, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

   

Successor

   

Predecessor

 

(in thousands)

 

Three Months Ended July 31, 2020

   

Three Months Ended July 31, 2019

   

Nine Months Ended July 31, 2020

   

December 6, 2018 through July 31, 2019

   

November 1, 2018 through December 5, 2018

 
                                         

Net income (loss)

  $ 2,981     $ 2,762     $ (58,733 )   $ (10,513 )   $ (22,575 )
                                         

Other comprehensive income (loss):

                                       

Foreign currency translation adjustment

    3,821       (4,535 )     1,607       (6,441 )     (674 )
                                         

Total comprehensive income (loss)

  $ 6,802     $ (1,773 )   $ (57,126 )   $ (16,954 )   $ (23,249 )

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements 

 

 

Concrete Pumping Holdings, Inc.

Consolidated Statements of Changes in Stockholders' Equity

(Unaudited)

 

(PREDECESSOR)

October 31, 2018 through December 5, 2018

 

(in thousands)

 

Common Stock

   

Additional Paid-In Capital

   

Accumulated Other Comprehensive Income (loss)

   

Retained Earnings (Accumulated Deficit)

   

Total

 

Balance at October 31, 2018

  $ 8     $ 18,724     $ 584     $ 26,704     $ 46,020  

Net loss

    -       -       -       (22,575 )     (22,575 )

Stock-based compensation

    -       27       -       -       27  

Foreign currency translation adjustment

    -       -       (674 )     -       (674 )

Balance at December 5, 2018

  $ 8     $ 18,751     $ (90 )   $ 4,129     $ 22,798  

 


 

(SUCCESSOR)

December 6, 2018 through July 31, 2019

 

   

Common Stock

   

Additional Paid-In

   

Accumulated Other Comprehensive

                 

(in thousands)

 

Class A

   

Class B

   

Capital

   

Income (loss)

   

Accumulated Deficit

   

Total

 

Balance at December 6, 2018

  $ -     $ 1     $ 12,433     $ -     $ (7,434 )   $ 5,000  

Redemption of Class A common stock

    -       -       (12,433 )     -       (3,577 )     (16,010 )

Issuance of Class A common stock

    1       -       96,900       -       -       96,901  

Rollover of Class A common stock as a result of the Business Combination

    1       -       164,908       -       -       164,909  

Conversion of Class B common stock

    1       (1 )     -       -       -       -  

Net loss

    -       -       -       -       (3,630 )     (3,630 )

Foreign currency translation adjustment

    -       -       -       (557 )     -       (557 )

Balance at January 31, 2019

  $ 3     $ -     $ 261,808     $ (557 )   $ (14,641 )   $ 246,613  

Shares issued to acquire business

    -       -       1,150       -       -     $ 1,150  

Stock-based compensation expense

    -       -       361       -       -       361  

Shares issued upon exercise of stock options and warrants

    -       -       1,370       -       -       1,370  

Shares issued upon awards of restricted stock

    1       -       (1 )     -       -       -  

Issuance of shares in exchange for warrants

    -       -       5,158       -       (5,158 )     -  

Net loss

    -       -       -       -       (9,645 )     (9,645 )

Foreign currency translation adjustment

    -       -       -       (1,349 )     -       (1,349 )

Balance at April 30, 2019

  $ 4     $ -     $ 269,846     $ (1,906 )   $ (29,444 )   $ 238,500  
Shares issued upon public offering Class A common stock     2       -       77,385       -       -     $ 77,387  
Stock-based compensation expense     -       -       1,625       -       -       1,625  
Net income     -       -       -       -       2,762       2,762  
Foreign currency translation adjustment     -       -       -       (4,535 )     -       (4,535 )
Balance at July 31, 2019   $ 6     $ -     $ 348,856     $ (6,441 )   $ (26,682 )   $ 315,739  

 

                                         

(SUCCESSOR)

October 31, 2019 through July 31, 2020

 

(in thousands)

 

Common Stock

   

Additional Paid-In Capital

   

Treasury Stock

   

Accumulated Other Comprehensive Income (loss)

   

Accumulated Deficit

   

Total

 

Balance at October 31, 2019

  $ 6     $ 350,489     $ -     $ (599 )   $ (26,081 )   $ 323,815  

Stock-based compensation expense

    -       1,467       -       -       -       1,467  

Shares issued upon exercise of stock options, net of shares used for tax withholding

    -       -       (131 )     -       -       (131 )

Net loss

    -       -       -       -       (2,746 )     (2,746 )

Foreign currency translation adjustment

    -       -       -       1,971       -       1,971  

Balance at January 31, 2020

  $ 6     $ 351,956     $ (131 )   $ 1,372     $ (28,827 )   $ 324,376  

Stock-based compensation expense

    -       1,383       -       -       -     $ 1,383  

Net loss

    -       -       -       -       (58,968 )     (58,968 )

Foreign currency translation adjustment

    -       -       -       (4,185 )     -       (4,185 )

Balance at April 30, 2020

  $ 6     $ 353,339     $ (131 )   $ (2,813 )   $ (87,795 )   $ 262,606  

Stock-based compensation expense

    -       1,357       -       -       -     $ 1,357  

Net income

    -       -       -       -       2,981       2,981  

Foreign currency translation adjustment

    -       -       -       3,821       -       3,821  

Balance at July 31, 2020

  $ 6     $ 354,696     $ (131 )   $ 1,008     $ (84,814 )   $ 270,765  

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements

 

 

Concrete Pumping Holdings, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

   

Successor

   

Predecessor

 

(in thousands)

 

Nine Months Ended July 31, 2020

   

December 6, 2018 through July 31, 2019

   

November 1, 2018 through December 5, 2018

 

Net loss

  $ (58,733 )   $ (10,513 )   $ (22,575 )

Adjustments to reconcile net income to net cash provided by operating activities:

                       

Goodwill and intangibles impairment

    57,944       -       -  

Depreciation

    19,537       14,125       2,060  

Deferred income taxes

    92       (2,983 )     (4,355 )

Amortization of deferred financing costs

    3,094       1,385       152  

Write off deferred debt issuance costs

    -       -       3,390  

Amortization of debt premium

    -       -       (11 )

Amortization of intangible assets

    25,290       22,235       653  

Stock-based compensation expense

    4,207       1,986       27  

Prepayment penalty on early extinguishment of debt

    -       -       13,004  

Net (loss) gain on the sale of property, plant and equipment

    (944 )     420       (166 )

Payment of contingent consideration in excess of amounts established in purchase accounting

    (526 )     -       -  
Net changes in operating assets and liabilities (net of acquisitions):                        

Trade receivables, net

    1,668       (4,346 )     485  

Inventory

    (63 )     (143 )     (294 )

Prepaid expenses and other current assets

    (3,520 )     (4,209 )     (1,283 )

Income taxes payable, net

    (3,899 )     (279 )     203  

Accounts payable

    (1,489 )     (7,666 )     (654 )

Accrued payroll, accrued expenses and other current liabilities

    10,826       (8,587 )     17,280  

Net cash provided by operating activities

    53,484       1,425       7,916  
                         

Cash flows from investing activities:

                       

Purchases of property, plant and equipment

    (36,658 )     (29,700 )     (503 )

Proceeds from sale of property, plant and equipment

    6,392       1,546       364  

Cash withdrawn from Industrea Trust Account

    -       238,474       -  

Acquisition of net assets, net of cash acquired - CPH acquisition

    -       (449,434 )     -  

Acquisition of net assets, net of cash acquired - Capital acquisition

    -       (129,218 )      

Acquisition of net assets, net of cash acquired - Other Business Combinations

    -       (2,257 )     -  

Net cash (used in) investing activities

    (30,266 )     (370,589 )     (139 )

 

                                    

Concrete Pumping Holdings, Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited) 

 

   

Successor

   

Predecessor

 

(in thousands)

 

Nine Months Ended July 31, 2020

   

December 6, 2018 through July 31, 2019

   

November 1, 2018 through December 5, 2018

 

Cash flows from financing activities:

                       

Proceeds on long term debt

    -       417,000       -  

Payments on long term debt

    (15,666 )     (9,747 )     -  

Proceeds on revolving loan

    206,420       161,123       4,693  

Payments on revolving loan

    (217,162 )     (128,932 )     (20,056 )

Payment of debt issuance costs

    -       (23,708 )     -  

Redemption of common shares

    -       (231,415 )     -  

Payments on capital lease obligations

    (67 )     (56 )     (7 )

Purchase of treasury stock

    (131 )     -       -  

Issuance of preferred shares

    -       25,000       -  

Payment of underwriting fees

    -       (8,050 )     -  

Issuance of common shares - Dec 2018

    -       96,900       -  

Issuance of common shares - May 2019

    -       77,387       -  

Payment of contingent consideration established in purchase accounting

    (1,161 )     -       -  

Proceeds on exercise of rollover incentive options

    -       1,370       -  

Net cash provided by (used in) financing activities

    (27,767 )     376,872       (15,370 )

Effect of foreign currency exchange rate on cash

    1,207       (3,183 )     (70 )

Net increase (decrease) in cash

    (3,342 )     4,525       (7,663 )

Cash:

                       

Beginning of period

    7,473       4       8,621  

End of period

  $ 4,131     $ 4,529     $ 958  

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements

 

 

Concrete Pumping Holdings, Inc.

Consolidated Statements of Cash Flows (Continued)

(Unaudited)

 

   

Successor

   

Predecessor

 

(in thousands)

 

Nine Months Ended July 31, 2020

   

December 6, 2018 through July 31, 2019

   

November 1, 2018 through December 5, 2018

 

Supplemental cash flow information:

                       

Cash paid for interest

  $ 24,017     $ 20,696     $ 201  

Cash paid for income taxes

  $ 343     $ 1,860     $ -  
                         

Non-cash investing and financing activities:

                       

Fair value of rollover equity for Business Combination

  $ -     $ 164,909     $ -  

Equipment purchases included in accrued expenses and accounts payable

  $ 2,397     $ 7,658     $ -  

Shares issued to acquire a business

  $ -     $ 1,150     $ -  

Holdbacks related to the acquisition of a business

  $ -     $ 181     $ -  

 

The accompanying Notes are an integral part of these Unaudited Consolidated Financial Statements

 

 

Note 1. Organization and Description of Business

 

Organization

 

Concrete Pumping Holdings, Inc. (the “Company” or “Successor”) is a Delaware corporation headquartered in Thornton (near Denver), Colorado. The Consolidated Financial Statements include the accounts of Concrete Pumping Holdings, Inc. and its wholly owned subsidiaries including Brundage-Bone Concrete Pumping, Inc. (“Brundage-Bone”), Capital Pumping (“Capital”), Camfaud Group Limited (“Camfaud”), and Eco-Pan, Inc. (“Eco-Pan”).

 

On December 6, 2018 (the "Closing Date"), the Company, formerly known as Concrete Pumping Holdings Acquisition Corp., consummated a business combination transaction (the “Business Combination”) pursuant to which it acquired (i) the private operating company formerly called Concrete Pumping Holdings, Inc. (“CPH”) and (ii) the former special purpose acquisition company called Industrea Acquisition Corp (“Industrea”). In connection with the closing of the Business Combination, the Company changed its name to Concrete Pumping Holdings, Inc. The financial results described herein for the dates and periods prior to the Business Combination relate to the operations of CPH prior to the consummation of the Business Combination. See Note 4 – Business Combinations for further discussion.

 

Nature of business

 

Brundage-Bone and Capital are concrete pumping service providers in the United States ("U.S.") and Camfaud is a concrete pumping service provider in the United Kingdom (“U.K.”). Their core business is the provision of concrete pumping services to general contractors and concrete contractor companies in the commercial, infrastructure and residential sectors. Most often equipment returns to a “home base” nightly and neither company contracts to purchase, mix, or deliver concrete. Brundage-Bone and Capital collectively have approximately 90 branch locations across 22 states, with its corporate headquarters in Thornton (near Denver), Colorado. Camfaud has 30 branch locations throughout the U.K., with its corporate headquarters in Epping (near London), England.

 

Eco-Pan provides industrial cleanup and containment services, primarily to customers in the construction industry in the U.S. and the U.K. Eco-Pan uses containment pans specifically designed to hold waste products from concrete and other industrial cleanup operations. Eco-Pan has 16 operating locations across the U.S. and shares an operating location in the U.K. with one of the Camfaud branches mentioned above, with its corporate headquarters in Thornton (near Denver), Colorado.

 

Seasonality

 

The Company’s sales are historically seasonal, with lower revenue volumes typically in the first half of the year and higher revenue volumes in the second half of each year. Such seasonality also causes the Company’s working capital cash flow requirements to vary from first half to second half of the year and primarily depends on the variability of weather patterns with the Company generally having lower sales volume during the winter and spring months. 

 

Impacts of COVID-19

 

In December 2019, a novel strain of coronavirus (“COVID-19”) emerged and has spread around the world. On March 11, 2020, the World Health Organization declared COVID-19 to be a global pandemic and recommended containment and mitigation measures worldwide. On March 13, 2020, U.S. President Trump announced a National Emergency relating to the pandemic. Government authorities in the U.S. and U.K. have recommended or imposed various social distancing, quarantine, and isolation measures on large portions of the population, which include limitations on travel and mandatory cessation of certain business activities. Both the outbreak and the containment and mitigation measures have had and are likely to continue to have a serious adverse impact on the global economy, the severity and duration of which are uncertain. It is likely that government stabilization efforts will only partially mitigate the consequences to the economy. The extent to which the COVID-19 pandemic will impact the Company’s business, financial condition, and results of operations is highly uncertain and will be affected by a number of factors. These include the duration and extent of the pandemic; the duration and extent of imposed or recommended containment and mitigation measures; the extent, duration, and effective execution of government stabilization and recovery efforts; the impact of the pandemic on economic activity, including on construction projects and the Company’s customers’ demand for its services; the Company’s ability to effectively operate, including as a result of travel restrictions and mandatory business and facility closures; the ability of the Company’s customers to pay for services rendered; any further closures of the Company’s and the Company’s customers’ offices and facilities; and any additional project delays or shutdowns. Customers may also slow down decision-making, delay planned work or seek to terminate existing agreements. Any of these events may have a material adverse effect on the Company’s business, financial condition, and/or results of operations, including further impairment to our goodwill and intangible assets.

 

11

 

In the final month of the second quarter of fiscal 2020, our operations in the Seattle and U.K. markets were negatively impacted due to COVID-19-imposed construction site shutdowns. These restrictions were, for the most part, lifted during the third quarter ended July 31, 2020. As a result of the pandemic, the Company has implemented certain short-term cost reductions, including headcount reductions, modified work schedules reducing hours where needed, and furloughs in limited locations. The Company had previously suspended any remaining uncommitted 2020 capital expenditure investments, but that has since been lifted as its overall liquidity and operations have improved. While the Company believes these disruptions will be temporary, it is difficult to predict how long they will last and the impact they will have on the Company in future periods. The Company will continue to evaluate the effect of COVID-19 on its business.

 

In addition, the COVID-19 pandemic drove a sustained decline in the Company's stock price and a deterioration in general economic conditions in the fiscal 2020 second quarter, which qualified as a triggering event necessitating the evaluation of its goodwill and long-lived assets for indicators of impairment.