Limbach Holdings, Inc. Announces Second Quarter 2023 Results
- Revenue from ODR segment up 18.1% YoY
- Consolidated gross margin increased to 22.8%
- Adjusted EBITDA increased 81.1% YoY
- FY 2023 Adjusted EBITDA guidance increased
- None.
Revenue from Owner Direct Relationships (“ODR”) Segment up
ODR Segment Accounted for Approximately
Consolidated Gross Margin Increased to
Increase in FY 2023 Adjusted EBITDA Guidance
2023 Second Quarter Financial Overview Compared to 2022 Second Quarter
-
Consolidated revenue was
$124.9 million 7.5% from$116.1 million -
Gross profit was
$28.5 million 33.7% from$21.3 million -
Net income of
$5.3 million $0.46 $0.9 million $0.08 -
Adjusted EBITDA of
$11.9 million 81.1% from$6.6 million -
Net cash provided by operating activities of
$16.9 million $15.6 million
Management Comments
Michael McCann, Limbach’s President and Chief Executive Officer, said, “We continued to execute on a number of fronts during the second quarter, with solid revenue growth in our ODR segment and improvement in gross margin in both segments. The net result was a sharp improvement in net income and Adjusted EBITDA from year-ago levels. We continue to experience strong demand for our services in the ODR segment across a number of our target end markets as tight supply chain conditions persist. With tight supply chain conditions for new equipment, we see increased demand for T&M work to keep aging equipment working and an increased interest in operating efficiencies on the part of building owners which is largely attributable to the increase in Adjusted EBITDA guidance.”
Mr. McCann continued, “We remain intensely focused on positioning Limbach as the preferred building solutions partner for enterprises with mission critical assets, driving demand for our services throughout the cycle. By providing value-added solutions that enable our customers to improve their operating efficiency and return on assets, we are able to create durable relationships that allow us to realize continued improvement in margins and profitability.”
Mr. McCann concluded, “Our value creation strategy centers on three primary levers – increasing the proportion of our revenues that come from our higher-margin ODR segment; delivering higher-margin evolved offerings for our customers; and pursuit of strategic acquisitions. Following the end of the second quarter, we announced the acquisition of ACME Industrial Products based in
Second Quarter 2023 Results Detail
The following are results for the three months ended June 30, 2023 compared to the three months ended June 30, 2022:
-
Consolidated revenue was
$124.9 million 7.5% from$116.1 million $58.8 million $9.0 million 18.1% , while GCR segment revenue was relatively flat. The Company continued its strategic focus on expanding the ODR segment’s contribution to the business. -
Gross margin increased to
22.8% , up from18.4% . On a dollar basis, total gross profit was$28.5 million $21.3 million $4.6 million 36.6% , due to the combination of an increase in revenue and higher segment margins of29.3% versus25.4% driven by contract mix. GCR gross profit increased$2.6 million 29.7% , due to higher segment margins of17.1% , compared with13.1% . The Company continues to expect annual GCR gross margins to trend to a range of12% to15% , while ODR margins are expected to be in a range from25% to28% . -
Selling, general and administrative expenses increased by approximately
$1.7 million $20.4 million $18.7 million $1.3 million $0.5 million $0.4 million 16.3% , up from16.1% . -
Interest expense was
$0.5 million -
Interest income was
$0.2 million U.S. Treasury Bills, and money market funds. -
Net income was
$5.3 million $0.9 million $0.46 $0.08 $11.9 million $6.6 million 81.1% . -
Net cash provided by operating activities increased to
$16.9 million $15.6 million
Balance Sheet
At June 30, 2023, we had cash and cash equivalents of
Through June 30, 2023, all 600,000 of our
Subsequent Events
On July 3, 2023, the Company completed the acquisition of ACME Industrial Piping, LLC (“ACME”), a specialty industrial contractor based in
2023 Guidance
We are updating our guidance for FY 2023 as follows:
|
Current |
|
Previous |
|
Revenue |
|
|
|
|
Adjusted EBITDA |
|
|
|
Conference Call Details
Date: |
Thursday, August 10, 2023 |
|
Time: |
9:00 a.m. Eastern Time |
|
Participant Dial-In Numbers: |
||
Domestic callers: |
(877) 407-6176 |
|
International callers: |
(201) 689-8451 |
|
Access by Webcast
The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of Limbach’s website at www.limbachinc.com or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=c1l6wBEc. An audio replay of the call will be archived on Limbach’s website for 365 days.
About Limbach
Limbach is a building systems solutions firm with expertise in the design, prefabrication, installation, management and maintenance of heating, ventilation, air-conditioning ("HVAC"), mechanical, electrical, plumbing and controls systems. With over 1,500 team members and 17 offices located throughout
Forward-Looking Statements
We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, our earnings, Adjusted EBITDA, revenues, expenses, backlog, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition, and in particular statements regarding the impact of the COVID-19 pandemic on the construction industry in future periods, timing of the recognition of backlog as revenue, the potential for recovery of cost overruns, and the ability of Limbach to successfully remedy the issues that have led to write-downs in various business units. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.
LIMBACH HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
(in thousands, except share and per share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenue |
|
$ |
124,882 |
|
|
$ |
116,120 |
|
|
$ |
245,891 |
|
|
$ |
230,942 |
|
Cost of revenue |
|
|
96,369 |
|
|
|
94,800 |
|
|
|
191,151 |
|
|
|
191,282 |
|
Gross profit |
|
|
28,513 |
|
|
|
21,320 |
|
|
|
54,740 |
|
|
|
39,660 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
|
20,416 |
|
|
|
18,690 |
|
|
|
41,466 |
|
|
|
37,424 |
|
Change in fair value of contingent consideration |
|
|
162 |
|
|
|
765 |
|
|
|
303 |
|
|
|
765 |
|
Amortization of intangibles |
|
|
383 |
|
|
|
399 |
|
|
|
766 |
|
|
|
798 |
|
Total operating expenses |
|
|
20,961 |
|
|
|
19,854 |
|
|
|
42,535 |
|
|
|
38,987 |
|
Operating income |
|
|
7,552 |
|
|
|
1,466 |
|
|
|
12,205 |
|
|
|
673 |
|
Other (expenses) income: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(511 |
) |
|
|
(478 |
) |
|
|
(1,178 |
) |
|
|
(964 |
) |
Interest income |
|
|
247 |
|
|
|
— |
|
|
|
247 |
|
|
|
— |
|
Gain (loss) on disposition of property and equipment |
|
|
175 |
|
|
|
147 |
|
|
|
(40 |
) |
|
|
111 |
|
Loss on early termination of operating lease |
|
|
— |
|
|
|
(32 |
) |
|
|
— |
|
|
|
(849 |
) |
Loss on early debt extinguishment |
|
|
(311 |
) |
|
|
— |
|
|
|
(311 |
) |
|
|
— |
|
Gain on change in fair value of interest rate swap |
|
|
193 |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
Total other expenses |
|
|
(207 |
) |
|
|
(363 |
) |
|
|
(1,245 |
) |
|
|
(1,702 |
) |
Income (loss) before income taxes |
|
|
7,345 |
|
|
|
1,103 |
|
|
|
10,960 |
|
|
|
(1,029 |
) |
Income tax provision (benefit) |
|
|
2,025 |
|
|
|
237 |
|
|
|
2,647 |
|
|
|
(379 |
) |
Net income (loss) |
|
$ |
5,320 |
|
|
$ |
866 |
|
|
$ |
8,313 |
|
|
$ |
(650 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) Per Share (“EPS”) |
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.50 |
|
|
$ |
0.08 |
|
|
$ |
0.79 |
|
|
$ |
(0.06 |
) |
Diluted |
|
$ |
0.46 |
|
|
$ |
0.08 |
|
|
$ |
0.73 |
|
|
$ |
(0.06 |
) |
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
10,644,423 |
|
|
|
10,423,068 |
|
|
|
10,560,381 |
|
|
|
10,421,886 |
|
Diluted |
|
|
11,507,311 |
|
|
|
10,567,304 |
|
|
|
11,336,474 |
|
|
|
10,421,886 |
|
LIMBACH HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(in thousands, except share and per share data) |
June 30, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
45,929 |
|
|
$ |
36,001 |
|
Restricted cash |
|
65 |
|
|
|
113 |
|
Accounts receivable (net of allowance for credit losses of |
|
87,230 |
|
|
|
124,442 |
|
Contract assets |
|
59,424 |
|
|
|
61,453 |
|
Income tax receivable |
|
814 |
|
|
|
95 |
|
Other current assets |
|
5,747 |
|
|
|
3,886 |
|
Total current assets |
|
199,209 |
|
|
|
225,990 |
|
|
|
|
|
||||
Property and equipment, net |
|
19,623 |
|
|
|
18,224 |
|
Intangible assets, net |
|
14,575 |
|
|
|
15,340 |
|
Goodwill |
|
11,370 |
|
|
|
11,370 |
|
Operating lease right-of-use assets |
|
17,149 |
|
|
|
18,288 |
|
Deferred tax asset |
|
4,999 |
|
|
|
4,829 |
|
Other assets |
|
502 |
|
|
|
515 |
|
Total assets |
$ |
267,427 |
|
|
$ |
294,556 |
|
|
|
|
|
||||
LIABILITIES |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Current portion of long-term debt |
$ |
2,431 |
|
|
$ |
9,564 |
|
Current operating lease liabilities |
|
3,598 |
|
|
|
3,562 |
|
Accounts payable, including retainage |
|
53,376 |
|
|
|
75,122 |
|
Contract liabilities |
|
43,682 |
|
|
|
44,007 |
|
Accrued income taxes |
|
1,505 |
|
|
|
1,888 |
|
Accrued expenses and other current liabilities |
|
22,677 |
|
|
|
24,942 |
|
Total current liabilities |
|
127,269 |
|
|
|
159,085 |
|
Long-term debt |
|
19,485 |
|
|
|
21,528 |
|
Long-term operating lease liabilities |
|
14,513 |
|
|
|
15,643 |
|
Other long-term liabilities |
|
502 |
|
|
|
2,858 |
|
Total liabilities |
|
161,769 |
|
|
|
199,114 |
|
|
|
|
|
||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Common stock, |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
89,712 |
|
|
|
87,809 |
|
Treasury stock, at cost (179,652 shares at both period ends) |
|
(2,000 |
) |
|
|
(2,000 |
) |
Retained earnings |
|
17,945 |
|
|
|
9,632 |
|
Total stockholders’ equity |
|
105,658 |
|
|
|
95,442 |
|
Total liabilities and stockholders’ equity |
$ |
267,427 |
|
|
$ |
294,556 |
|
LIMBACH HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||||||
|
Six Months Ended June 30, |
||||||
(in thousands) |
2023 |
|
2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
8,313 |
|
|
$ |
(650 |
) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
3,859 |
|
|
|
4,148 |
|
Provision for credit losses / doubtful accounts |
|
116 |
|
|
|
104 |
|
Stock-based compensation expense |
|
2,234 |
|
|
|
1,174 |
|
Noncash operating lease expense |
|
1,882 |
|
|
|
2,232 |
|
Amortization of debt issuance costs |
|
58 |
|
|
|
65 |
|
Deferred income tax provision |
|
(170 |
) |
|
|
(12 |
) |
Loss (gain) on sale of property and equipment |
|
40 |
|
|
|
(111 |
) |
Loss on early termination of operating lease |
|
— |
|
|
|
849 |
|
Loss on change in fair value of contingent consideration |
|
303 |
|
|
|
765 |
|
Loss on early debt extinguishment |
|
311 |
|
|
|
— |
|
Gain on change in fair value of interest rate swap |
|
(37 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
37,096 |
|
|
|
(11,796 |
) |
Contract assets |
|
2,029 |
|
|
|
8,904 |
|
Other current assets |
|
(1,861 |
) |
|
|
(520 |
) |
Accounts payable, including retainage |
|
(21,747 |
) |
|
|
(635 |
) |
Prepaid income taxes |
|
(719 |
) |
|
|
(562 |
) |
Accrued taxes payable |
|
(383 |
) |
|
|
(501 |
) |
Contract liabilities |
|
(325 |
) |
|
|
13,123 |
|
Operating lease liabilities |
|
(1,836 |
) |
|
|
(2,165 |
) |
Accrued expenses and other current liabilities |
|
(1,806 |
) |
|
|
(1,861 |
) |
Payment of contingent consideration liability in excess of acquisition-date fair value |
|
(1,224 |
) |
|
|
— |
|
Other long-term liabilities |
|
159 |
|
|
|
69 |
|
Net cash provided by operating activities |
|
26,292 |
|
|
|
12,620 |
|
Cash flows from investing activities: |
|
|
|
||||
Proceeds from sale of property and equipment |
|
275 |
|
|
|
189 |
|
Purchase of property and equipment |
|
(1,499 |
) |
|
|
(473 |
) |
Net cash used in investing activities |
|
(1,224 |
) |
|
|
(284 |
) |
Cash flows from financing activities: |
|
|
|
||||
Payments on Wintrust and A&R Wintrust Term Loans |
|
(21,452 |
) |
|
|
(9,149 |
) |
Proceeds from Wintrust Revolving Loan |
|
10,000 |
|
|
|
15,194 |
|
Payments on Wintrust Revolving Loan |
|
— |
|
|
|
(11,694 |
) |
Payment of contingent consideration liability up to acquisition-date fair value |
|
(1,776 |
) |
|
|
— |
|
Payments on finance leases |
|
(1,302 |
) |
|
|
(1,358 |
) |
Payments of debt issuance costs |
|
(50 |
) |
|
|
(25 |
) |
Taxes paid related to net-share settlement of equity awards |
|
(847 |
) |
|
|
(363 |
) |
Proceeds from contributions to Employee Stock Purchase Plan |
|
239 |
|
|
|
213 |
|
Net cash used in financing activities |
|
(15,188 |
) |
|
|
(7,182 |
) |
Increase in cash, cash equivalents and restricted cash |
|
9,880 |
|
|
|
5,154 |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
36,114 |
|
|
|
14,589 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
45,994 |
|
|
$ |
19,743 |
|
Supplemental disclosures of cash flow information |
|
|
|
||||
Noncash investing and financing transactions: |
|
|
|
||||
Right of use assets obtained in exchange for new operating lease liabilities |
$ |
742 |
|
|
$ |
— |
|
Right of use assets obtained in exchange for new finance lease liabilities |
|
3,392 |
|
|
|
1,968 |
|
Right of use assets disposed or adjusted modifying operating lease liabilities |
|
— |
|
|
|
(1,276 |
) |
Right of use assets disposed or adjusted modifying finance lease liabilities |
|
(30 |
) |
|
|
(77 |
) |
Interest paid |
|
1,181 |
|
|
|
911 |
|
Cash paid for income taxes |
$ |
3,919 |
|
|
$ |
696 |
|
LIMBACH HOLDINGS, INC. Condensed Consolidated Segment Operating Results (Unaudited) |
||||||||||||||||||
|
Three Months Ended June 30, |
|
Increase/(Decrease) |
|||||||||||||||
(in thousands, except for percentages) |
2023 |
|
2022 |
|
$ |
|
% |
|||||||||||
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCR |
$ |
66,102 |
|
52.9 |
% |
|
$ |
66,336 |
|
57.1 |
% |
|
$ |
(234 |
) |
|
(0.4 |
)% |
ODR |
|
58,780 |
|
47.1 |
% |
|
|
49,784 |
|
42.9 |
% |
|
|
8,996 |
|
|
18.1 |
% |
Total revenue |
|
124,882 |
|
100.0 |
% |
|
|
116,120 |
|
100.0 |
% |
|
|
8,762 |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCR(1) |
|
11,272 |
|
17.1 |
% |
|
|
8,694 |
|
13.1 |
% |
|
|
2,578 |
|
|
29.7 |
% |
ODR(2) |
|
17,241 |
|
29.3 |
% |
|
|
12,626 |
|
25.4 |
% |
|
|
4,615 |
|
|
36.6 |
% |
Total gross profit |
|
28,513 |
|
22.8 |
% |
|
|
21,320 |
|
18.4 |
% |
|
|
7,193 |
|
|
33.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative(3) |
|
20,416 |
|
16.3 |
% |
|
|
18,690 |
|
16.1 |
% |
|
|
1,726 |
|
|
9.2 |
% |
Change in fair value of contingent consideration |
|
162 |
|
0.1 |
% |
|
|
765 |
|
0.7 |
% |
|
|
(603 |
) |
|
(78.8 |
)% |
Amortization of intangibles |
|
383 |
|
0.3 |
% |
|
|
399 |
|
0.3 |
% |
|
|
(16 |
) |
|
(4.0 |
)% |
Total operating income |
$ |
7,552 |
|
6.0 |
% |
|
$ |
1,466 |
|
1.3 |
% |
|
$ |
6,086 |
|
|
415.1 |
% |
(1) |
As a percentabe of GCR revenue. | |
(2) |
As a percentage of ODR revenue. |
|
(3) |
Included within selling, general and administrative expenses was |
LIMBACH HOLDINGS, INC. Condensed Consolidated Segment Operating Results (Unaudited) |
||||||||||||||||||
|
Six Months Ended June 30, |
|
Increase/(Decrease) |
|||||||||||||||
(in thousands, except for percentages) |
2023 |
|
2022 |
|
$ |
|
% |
|||||||||||
Statement of Operations Data: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCR |
$ |
128,393 |
|
52.2 |
% |
|
$ |
138,268 |
|
59.9 |
% |
|
$ |
(9,875 |
) |
|
(7.1 |
)% |
ODR |
|
117,498 |
|
47.8 |
% |
|
|
92,674 |
|
40.1 |
% |
|
|
24,824 |
|
|
26.8 |
% |
Total revenue |
|
245,891 |
|
100.0 |
% |
|
|
230,942 |
|
100.0 |
% |
|
|
14,949 |
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
GCR(1) |
|
21,590 |
|
16.8 |
% |
|
|
17,052 |
|
12.3 |
% |
|
|
4,538 |
|
|
26.6 |
% |
ODR(2) |
|
33,150 |
|
28.2 |
% |
|
|
22,608 |
|
24.4 |
% |
|
|
10,542 |
|
|
46.6 |
% |
Total gross profit |
|
54,740 |
|
22.3 |
% |
|
|
39,660 |
|
17.2 |
% |
|
|
15,080 |
|
|
38.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative(3) |
|
41,466 |
|
16.9 |
% |
|
|
37,424 |
|
16.2 |
% |
|
|
4,042 |
|
|
10.8 |
% |
Change in fair value of contingent consideration |
|
303 |
|
0.1 |
% |
|
|
765 |
|
0.3 |
% |
|
|
(462 |
) |
|
(60.4 |
)% |
Amortization of intangibles |
|
766 |
|
0.3 |
% |
|
|
798 |
|
0.3 |
% |
|
|
(32 |
) |
|
(4.0 |
)% |
Total operating income |
$ |
12,205 |
|
5.0 |
% |
|
$ |
673 |
|
0.3 |
% |
|
$ |
11,532 |
|
|
1,713.5 |
% |
(1) |
As a percentage of GCR revenue. |
|
(2) |
As a percentage of ODR revenue. |
|
(3) |
Included within selling, general and administrative expenses was |
Non-GAAP Financial Measures
In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense, and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes. A reconciliation of net income to Adjusted EBITDA, the most comparable GAAP measure, is provided below.
We refer to our estimated revenue on uncompleted contracts, including the amount of revenue on contracts for which work has not begun, less the revenue we have recognized under such contracts, as “backlog.” Backlog includes unexercised contract options.
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|||||||
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
5,320 |
|
|
$ |
866 |
|
$ |
8,313 |
|
|
$ |
(650 |
) |
|
|
|
|
|
|
|
|
|||||||
Adjustments: |
|
|
|
|
|
|
|
|||||||
Depreciation and amortization |
|
1,937 |
|
|
|
2,086 |
|
|
3,859 |
|
|
|
4,148 |
|
Interest expense |
|
511 |
|
|
|
478 |
|
|
1,178 |
|
|
|
964 |
|
Interest income |
|
(247 |
) |
|
|
— |
|
|
(247 |
) |
|
|
— |
|
Non-cash stock-based compensation expense |
|
1,101 |
|
|
|
575 |
|
|
2,234 |
|
|
|
1,174 |
|
Loss on early debt extinguishment |
|
311 |
|
|
|
— |
|
|
311 |
|
|
|
— |
|
Change in fair value of interest rate swap |
|
(193 |
) |
|
|
— |
|
|
(37 |
) |
|
|
— |
|
CEO transition costs |
|
147 |
|
|
|
— |
|
|
958 |
|
|
|
— |
|
Loss on early termination of operating lease |
|
— |
|
|
|
32 |
|
|
— |
|
|
|
849 |
|
Income tax provision (benefit) |
|
2,025 |
|
|
|
237 |
|
|
2,647 |
|
|
|
(379 |
) |
Acquisition and other transaction costs |
|
299 |
|
|
|
45 |
|
|
299 |
|
|
|
198 |
|
Change in fair value of contingent consideration |
|
162 |
|
|
|
765 |
|
|
303 |
|
|
|
765 |
|
Restructuring costs(1) |
|
532 |
|
|
|
1,491 |
|
|
772 |
|
|
|
2,926 |
|
Adjusted EBITDA |
$ |
11,905 |
|
|
$ |
6,575 |
|
$ |
20,590 |
|
|
$ |
9,995 |
|
(1)
|
For the three and six months ended June 30, 2023, the majority of the restructuring costs related to our |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809827857/en/
Investor Relations
The Equity Group, Inc.
Jeremy Hellman, CFA
Vice President
(212) 836-9626 / jhellman@equityny.com
Source: Limbach Holdings, Inc.
