Concrete Pumping Holdings, Inc. (NASDAQ:BBCP) Q3 2023 Earnings Call Transcript

Iain Humphries: Yes, it’s really a presentation change on our self-insurance. So, we think it provides — I mean it’s in line with GAAP and we think it provides a bit more visibility on our self-insurance program. So from — if you think about it, so first of all, from a net liability perspective on our commercial insurance, it’s still around like $5.8 million, which is consistent with prior quarters. So, it’s really a change in the presentation, Andy. So the way that it works from self-insurance between your retention programs and your excess deductibles, it’s really a gross up of that presentation. So on the asset side, there’s about $24 million and the liability side, there’s about $18 million. So, it’s just — it’s net the same number, but it’s just a change in presentation.

Andy Wittmann: Got it. Thank you. I think what else I wanted to ask about here. I guess, just you guys have been talking about HS2 for a long time, and I know I asked about this on a lot of conference calls. It’s been a contributor to your growth in the UK for a while. Do you think that as you look into ’24 with the scheduling that’s out there that there’s another year of growth for the HS2 program, or when does this start leveling off in terms of its annual revenue contribution, recognizing that it still has — is forecasted to have many more years of construction happening?

Bruce Young: We see it growing slightly into next year and then leveling off there for the next several years.

Operator: At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Young for closing remarks.

Bruce Young: Thanks, Shamali. We’d like to thank everyone for listening to today’s call, and we look forward to speaking with you when we report our fourth quarter fiscal 2023 results and provide 2024 guidance in January. Thank you.

Operator: And ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.