Concrete Pumping Holdings, Inc.

Good afternoon. Thank you for participating in today's conference call to discuss Concrete Pumping Holdings financial results for the second quarter ended April 30, 2021. Joining us today are Concrete Pumping Holdings CEO Bruce Young, CFO Ian Humphries, and the company's External Director of Investor Relations, Cody Slaw. Before we go further, I would like to turn the call over to Mr. Slaw to read the company's safe harbor statement. within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important caution regarding forward-looking statements. Cody, please go ahead.

Thanks, Jamali. 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 of the comparable GAAP measures in our press release issued today or the investor presentation posted on the company's website. I'd like to remind everyone this call will be available for replay later this evening. 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'd like to turn the call over to the CEO of Concrete Pumping Holdings, Bruce Young. Bruce?

Thank you, Cody, and good afternoon, everyone. The revenue momentum accelerated from our first quarter of 2022 into Q2 with double-digit growth across all segments, reflecting continued market share gain and contributions from recent accretive acquisitions. We are very pleased by our 26% consolidated revenue improvement, and this is another indication that our business model is resilient and further positioned to take market share. By reporting segment, our U.S. pumping business increased 28% in the second quarter, driven by recent acquisitions and our continued market share gain in all end markets. We continue to grow our residential business, especially with single-family homes, and expect this to remain a bright spot for the remainder of the fiscal year. In infrastructure, we experienced a sustained improvement from increased state funding in public project investments such as bridges, schools, wastewater treatment plants, and hospitals. We will continue to work to win projects at the state and local level and remain encouraged for future growth prospects due to the passage of the Infrastructure Investment and Jobs Act. While we do not assume any meaningful benefits from the Infrastructure Act in our 2022 fiscal year forecast, We are well positioned to capitalize on the increased investment in 2023 and beyond, although as of now, the magnitude is difficult to estimate. As a result, the infrastructure verticals should become a larger percentage of our overall revenue mix over time. In our commercial business, the improvement trends we experienced last quarter continued into Q2 as projects restarted or broke ground due to the lifting of pandemic restrictions. With the exception of hospitality projects, we saw continued demand in all commercial segments and the two quarters of expansion creates an encouraging early trend. In our UK segment, revenue increased 14% compared to the prior year quarter due to organic volume growth from the country's continued strong recovery from the impacts of COVID-19. Our team continues to secure energy road and rail projects in addition to the work that we have previously announced with the concrete intensive high-speed railway project HS2, which is expected to last beyond 2030. In our Ecopan business, our concrete waste management business revenue increased 25% for the quarter due to the improved sales approach and our team's ability to execute more in-person selling. As a reminder, we enhanced our Ecopan sales team in 2022 to strengthen our position for long-term growth. Going forward, we continue to expect to maintain Ecopan's double-digit organic revenue growth. During the quarter, we continue to execute upon our tuck-in M&A strategy, acquiring two assets in the southern U.S. and one in the United Kingdom. The first asset is a business called Advanced Pumping, and it operates primarily out of Corpus Christi, Texas. This strategic addition will add scale to our south Texas operations and is complementary tuck-in with our existing presence in this area. We also acquired UK Screte and Drought to expand our footprint and service offering in the UK. Located just outside of Manchester, this addition enhances our presence in Northern England and Midland areas and serves as a platform for valuable geographic growth. Our third acquisition was Landmark Pumping, which provided expansion into new markets in Southern Alabama and the Florida Panhandle. This acquisition positions us well to benefit from favorable market dynamics and provides a new growth platform for continued geographic expansion. All three acquisitions clearly fit our discipline criteria of providing opportunities for strong return on investment that position us to expand revenue, grow market share, and improve margins over time. They also provide added opportunities to introduce our Ecopan service to a wider customer base. Shifting to the cost side of the business, rapid inflation, particularly in diesel fuel, continue to impact year-over-year gross margin comparisons, and our team continues to work diligently to recalibrate our rates. To put this headwind into perspective, we experienced a roughly $2 million year-over-year increase in diesel fuel costs in our second quarter, or nearly $4 million in the first half of the year. Our team has done an excellent job to offset diesel price and other supply chain inflation with rate increases. Despite the continued velocity and cost inflation, we are pleased to be realizing the expected return for the same volume of work performed. Given our performance and near-term project visibility, we are in a strong position to continue executing on our strategic growth priorities for the rest of 2022, whether it's organic or through opportunistic M&A. Now I would like to hand the call over to Ian so he can provide a detailed overview of our second quarter 2022 financial results. I will then return to provide some concluding remarks. Ian?