Willdan Group Reports Third Quarter 2024 Results
Willdan Group (WLDN) reported strong Q3 2024 financial results with significant growth across key metrics. Contract revenue increased 19.2% to $158.3 million, while net revenue rose 15.9% to $75.7 million. Net income jumped to $7.3 million from $1.6 million, with GAAP Diluted EPS increasing to $0.51 from $0.11. The company acquired Enica Engineering to strengthen its commercial market position and raised its full-year 2024 targets, now expecting net revenue between $285-295 million and Adjusted Diluted EPS between $2.15-$2.25.
Willdan Group (WLDN) ha riportato solidi risultati finanziari per il terzo trimestre del 2024, registrando una crescita significativa in tutte le metriche chiave. I ricavi da contratti sono aumentati del 19,2% a 158,3 milioni di dollari, mentre i ricavi netti sono cresciuti del 15,9% a 75,7 milioni di dollari. L'utile netto è balzato a 7,3 milioni di dollari rispetto a 1,6 milioni di dollari, con l'EPS Diluito GAAP aumentato a 0,51 dollari da 0,11 dollari. L'azienda ha acquisito Enica Engineering per rafforzare la sua posizione nel mercato commerciale e ha alzato le sue previsioni per l'intero anno 2024, ora aspettandosi ricavi netti compresi tra 285 e 295 milioni di dollari e un EPS Diluito Rettificato tra 2,15 e 2,25 dollari.
Willdan Group (WLDN) reportó sólidos resultados financieros para el tercer trimestre de 2024, con un crecimiento significativo en métricas clave. Los ingresos por contratos aumentaron un 19,2% a 158,3 millones de dólares, mientras que los ingresos netos crecieron un 15,9% a 75,7 millones de dólares. La renta neta saltó a 7,3 millones de dólares desde 1,6 millones de dólares, con el EPS Diluido GAAP aumentando a 0,51 dólares desde 0,11 dólares. La compañía adquirió Enica Engineering para fortalecer su posición en el mercado comercial y elevó sus objetivos para todo el año 2024, esperando ahora ingresos netos entre 285 y 295 millones de dólares y un EPS Diluido Ajustado entre 2,15 y 2,25 dólares.
Willdan Group (WLDN)은 2024년 3분기 강력한 재무 결과를 보고하며 주요 지표에서 상당한 성장을 기록했습니다. 계약 수익은 1억 5,830만 달러로 19.2% 증가했으며, 순수익은 7,570만 달러로 15.9% 상승했습니다. 순이익은 160만 달러에서 730만 달러로 급증하였으며, GAAP 희석 EPS는 0.11달러에서 0.51달러로 증가했습니다. 회사는 상업 시장에서의 입지를 강화하기 위해 Enica Engineering을 인수하였으며, 2024년 전체 연도 목표를 상향 조정하여 이제 순수익이 2억 8,500만 달러에서 2억 9,500만 달러 사이, 조정된 희석 EPS는 2.15달러에서 2.25달러 사이가 될 것으로 예상하고 있습니다.
Willdan Group (WLDN) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec une croissance significative dans toutes les métriques clés. Les revenus de contrats ont augmenté de 19,2 % pour atteindre 158,3 millions de dollars, tandis que les revenus nets ont grimpé de 15,9 % pour atteindre 75,7 millions de dollars. Le bénéfice net a bondi à 7,3 millions de dollars contre 1,6 million de dollars, avec un BPA Dilué GAAP passant de 0,11 dollar à 0,51 dollar. L’entreprise a acquis Enica Engineering pour renforcer sa position sur le marché commercial et a relevé ses objectifs pour l’année complète 2024, s’attendant désormais à des revenus nets compris entre 285 et 295 millions de dollars et un BPA Dilué Ajusté entre 2,15 et 2,25 dollars.
Willdan Group (WLDN) hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit erheblichem Wachstum in allen wichtigen Kennzahlen. Die Vertragsumsätze stiegen um 19,2% auf 158,3 Millionen Dollar, während die Nettoumsätze um 15,9% auf 75,7 Millionen Dollar zunahmen. Der Nettogewinn sprang auf 7,3 Millionen Dollar von 1,6 Millionen Dollar, und der verwässerte GAAP-EPS stieg von 0,11 Dollar auf 0,51 Dollar. Das Unternehmen hat Enica Engineering übernommen, um seine Marktposition im kommerziellen Sektor zu stärken, und hat seine Jahresziele für 2024 angehoben und erwartet nun Nettoumsätze zwischen 285 und 295 Millionen Dollar sowie einen bereinigten verwässerten EPS zwischen 2,15 und 2,25 Dollar.
- Contract revenue increased 19.2% to $158.3 million in Q3
- Net income grew significantly to $7.3 million from $1.6 million
- Adjusted EBITDA increased 49.7% to $15.2 million
- Strategic acquisition of Enica Engineering to expand commercial market presence
- Company raised full-year 2024 financial guidance
- None.
Insights
Strong quarterly performance with impressive growth metrics across the board.
The raised guidance signals management's confidence in sustained momentum. The strategic acquisition of Enica Engineering strengthens their commercial market position, particularly in high-value sectors like healthcare and pharmaceuticals. The company's focus on energy transition services and electrification aligns well with current market trends and regulatory tailwinds.
With a healthy
Third Quarter 2024 Highlights*
-
Contract revenue of
, up$158.3 million 19.2% . -
Net revenue** of
, up$75.7 million 15.9% . -
Net income of
, up from net income of$7.3 million .$1.6 million -
Adjusted EBITDA** of
, up$15.2 million 49.7% . -
GAAP Diluted EPS of
, up from$0.51 .$0.11 -
Adjusted Diluted EPS** of
, up from$0.73 .$0.37
Executive Management Comments
“We delivered strong third-quarter results exceeding consensus estimates and our own expectations across all key metrics,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “Growth in electrification and electric load continue to drive demand for our energy transition services. Our upfront consulting allows us to navigate policies and the funding landscape to best achieve our clients’ goals. Accordingly, we are cross-selling work more effectively than ever before. In late October, we strengthened our position in the commercial market with the acquisition of Enica Engineering, an energy consulting firm specialized in work for the pharmaceutical, healthcare, and research industries. Given our solid performance and the ongoing momentum, we are raising our full-year targets for fiscal year 2024.”
Nine Months Year to Date 2024 Highlights*
-
Contract revenue of
, up$421.7 million 19.0% . -
Net revenue** of
, up$217.1 million 14.9% . -
Net income of
, up from net income of$14.9 million .$2.9 million -
Adjusted EBITDA** of
, up$39.1 million 38.3% . -
GAAP Diluted EPS of
, up from$1.05 .$0.21 -
Adjusted Diluted EPS** of
, up from$1.70 .$0.95
Fiscal Year 2024 Financial Targets
Willdan is increasing all of its financial targets for fiscal year 2024 and now expects¥:
-
Net revenue** between
and$285 million .$295 million -
Adjusted EBITDA** between
and$52 million .$54 million -
Adjusted Diluted EPS** between
per share and$2.15 per share.$2.25
Assumes 14.2 million diluted shares,
* |
|
As compared to the same period of fiscal 2023. |
** |
|
See “Use of Non-GAAP Financial Measures” below. |
¥ |
|
These updated financial targets supersede any previously disclosed financial targets and investors should not rely on any previously disclosed financial targets, and do not include any uncompleted or future acquisitions. |
Third Quarter 2024 Conference Call
Willdan will be hosting a conference call to discuss its third quarter financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923). The conference call will be webcast simultaneously on Willdan’s website at https://edge.media-server.com/mmc/p/iquygsco.
A replay of the conference call will be available through Willdan’s website at https://ir.willdangroup.com/events-presentations.
About Willdan Group, Inc.
Willdan is a nationwide provider of professional, technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.
Use of Non-GAAP Financial Measures
“Net Revenue,” defined as contract revenue as reported in accordance with
“Adjusted EBITDA,” defined as net income plus interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment, is a non-GAAP financial measure. Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure Willdan’s operating performance. Willdan believes Adjusted EBITDA is useful because it allows Willdan’s management to evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods, capital structure and non-operating expenses. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes.
Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s costs of capital and stock-based compensation, as well as the historical costs of depreciable assets. A reconciliation of net income as reported in accordance with GAAP to Adjusted EBITDA is provided at the end of this press release. A reconciliation of targeted net income for fiscal year 2024 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2024, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA.
“Adjusted Net Income,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, is a non-GAAP financial measure.
“Adjusted Diluted EPS,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, all divided by the diluted weighted-average shares outstanding, is a non-GAAP financial measure. Adjusted Net Income and Adjusted Diluted EPS are supplemental measures used by Willdan’s management to measure its operating performance. Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful because they allow Willdan’s management to more closely evaluate and explain the operating results of Willdan’s business by removing certain non-operating expenses.
Reconciliations of net income as reported in accordance with GAAP to Adjusted Net Income and diluted EPS as reported in accordance with GAAP to Adjusted Diluted EPS are provided at the end of this press release. Reconciliations of targeted net income as reported in accordance with GAAP to targeted Adjusted Net Income for fiscal year 2024, which is a forward-looking non-GAAP financial measure, and targeted diluted EPS as reported in accordance with GAAP to targeted Adjusted Diluted EPS for fiscal year 2024, which is a forward-looking non-GAAP financial measure, are not provided because Willdan is unable to provide such reconciliations without unreasonable effort. The inability to provide such reconciliations is due to the uncertainty and inherent difficulty of predicting the stock-based compensation, intangible amortization, and interest accretion, each net of tax, that are subtracted from net income and diluted EPS in order to derive Adjusted Net Income and Adjusted Diluted EPS, respectively.
Willdan’s definitions of Net Revenue, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools and may differ from other companies reporting similarly named measures or from similarly named measures Willdan has reported in prior periods. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenue, net income and diluted EPS.
Forward Looking Statements
Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, assumptions, aims, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding financial targets for fiscal year 2024. All statements other than statements of historical fact included in this press release are forward-looking statements. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Important factors that could cause actual results to differ materially from its expectations include, but are not limited to, Willdan’s ability to adequately complete projects in a timely manner, Willdan’s ability to compete successfully in the highly competitive energy services market, Willdan’s reliance on work from its top ten clients; changes in state, local and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes; Willdan’s ability to make principal and interest payments on its outstanding debt as they come due and to comply with financial covenants contained in its debt agreements; Willdan’s ability to manage supply chain constraints, labor shortages, rising interest rates, and rising inflation; Willdan’s ability to obtain financing and to refinance its outstanding debt as it matures; Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy; and Willdan’s ability to attract and retain managerial, technical, and administrative talent.
All written and oral forward-looking statements attributable to Willdan, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements and risk factors disclosed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 29, 2023, as such disclosures may be amended, supplemented or superseded from time to time by other reports Willdan files with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release unless required by law.
WILLDAN GROUP, INC. AND SUBSIDIARIES
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September 27, |
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December 29, |
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2024 |
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2023 |
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Assets |
||||||||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
53,106 |
|
|
$ |
23,397 |
|
Restricted cash |
|
|
— |
|
|
|
— |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
|
63,109 |
|
|
|
69,677 |
|
Contract assets |
|
|
104,236 |
|
|
|
93,885 |
|
Other receivables |
|
|
2,359 |
|
|
|
1,169 |
|
Prepaid expenses and other current assets |
|
|
5,329 |
|
|
|
3,888 |
|
Total current assets |
|
|
228,139 |
|
|
|
192,016 |
|
Equipment and leasehold improvements, net |
|
|
28,955 |
|
|
|
27,097 |
|
Goodwill |
|
|
131,144 |
|
|
|
131,144 |
|
Right-of-use assets |
|
|
14,366 |
|
|
|
12,465 |
|
Other intangible assets, net |
|
|
26,541 |
|
|
|
31,956 |
|
Other assets |
|
|
3,447 |
|
|
|
4,949 |
|
Deferred income taxes, net |
|
|
14,661 |
|
|
|
15,961 |
|
Total assets |
|
$ |
447,253 |
|
|
$ |
415,588 |
|
Liabilities and Stockholders’ Equity |
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Current liabilities: |
|
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|
|
|
|
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Accounts payable |
|
$ |
38,007 |
|
|
$ |
33,193 |
|
Accrued liabilities |
|
|
58,521 |
|
|
|
54,129 |
|
Contract liabilities |
|
|
15,202 |
|
|
|
13,183 |
|
Notes payable |
|
|
10,137 |
|
|
|
8,452 |
|
Finance lease obligations |
|
|
1,175 |
|
|
|
1,186 |
|
Lease liability |
|
|
5,509 |
|
|
|
4,537 |
|
Total current liabilities |
|
|
128,551 |
|
|
|
114,680 |
|
Notes payable, less current portion |
|
|
81,757 |
|
|
|
88,979 |
|
Finance lease obligations, less current portion |
|
|
1,453 |
|
|
|
1,184 |
|
Lease liability, less current portion |
|
|
10,593 |
|
|
|
9,758 |
|
Other noncurrent liabilities |
|
|
938 |
|
|
|
1,142 |
|
Total liabilities |
|
|
223,292 |
|
|
|
215,743 |
|
|
|
|
|
|
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock, |
|
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— |
|
|
|
— |
|
Common stock, |
|
|
141 |
|
|
|
137 |
|
Additional paid-in capital |
|
|
195,168 |
|
|
|
185,795 |
|
Accumulated other comprehensive income (loss) |
|
|
(807 |
) |
|
|
(664 |
) |
Retained earnings |
|
|
29,459 |
|
|
|
14,577 |
|
Total stockholders’ equity |
|
|
223,961 |
|
|
|
199,845 |
|
Total liabilities and stockholders’ equity |
|
$ |
447,253 |
|
|
$ |
415,588 |
|
WILLDAN GROUP, INC. AND SUBSIDIARIES
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Three Months Ended |
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Nine Months Ended |
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September 27, |
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September 29, |
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September 27, |
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September 29, |
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2024 |
|
2023 |
|
2024 |
|
2023 |
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Contract revenue |
|
$ |
158,252 |
|
|
$ |
132,738 |
|
|
$ |
421,737 |
|
|
$ |
354,418 |
|
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Direct costs of contract revenue (inclusive of directly related depreciation and amortization): |
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Salaries and wages |
|
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24,088 |
|
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|
21,856 |
|
|
|
69,247 |
|
|
|
63,568 |
|
Subcontractor services and other direct costs |
|
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82,563 |
|
|
|
67,454 |
|
|
|
204,667 |
|
|
|
165,508 |
|
Total direct costs of contract revenue |
|
|
106,651 |
|
|
|
89,310 |
|
|
|
273,914 |
|
|
|
229,076 |
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Gross profit |
|
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51,601 |
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|
43,428 |
|
|
|
147,823 |
|
|
|
125,342 |
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|
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|
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General and administrative expenses: |
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Salaries and wages, payroll taxes and employee benefits |
|
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25,876 |
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|
|
23,805 |
|
|
|
78,449 |
|
|
|
68,606 |
|
Facilities and facility related |
|
|
2,381 |
|
|
|
2,303 |
|
|
|
7,231 |
|
|
|
7,200 |
|
Stock-based compensation |
|
|
2,020 |
|
|
|
1,244 |
|
|
|
5,355 |
|
|
|
4,064 |
|
Depreciation and amortization |
|
|
3,716 |
|
|
|
4,190 |
|
|
|
10,937 |
|
|
|
12,518 |
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Other |
|
|
8,934 |
|
|
|
8,049 |
|
|
|
25,368 |
|
|
|
22,629 |
|
Total general and administrative expenses |
|
|
42,927 |
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|
|
39,591 |
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|
|
127,340 |
|
|
|
115,017 |
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Income (Loss) from operations |
|
|
8,674 |
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|
|
3,837 |
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|
|
20,483 |
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|
|
10,325 |
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Other income (expense): |
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Interest expense, net |
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|
(1,934 |
) |
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|
(2,437 |
) |
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|
(6,031 |
) |
|
|
(7,110 |
) |
Other, net |
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|
763 |
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|
|
879 |
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|
|
2,293 |
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|
|
1,392 |
|
Total other expense, net |
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|
(1,171 |
) |
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|
(1,558 |
) |
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|
(3,738 |
) |
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|
(5,718 |
) |
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|
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|
|
|
|
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Income (Loss) before income taxes |
|
|
7,503 |
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|
|
2,279 |
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|
|
16,745 |
|
|
|
4,607 |
|
Income tax (benefit) expense |
|
|
157 |
|
|
|
713 |
|
|
|
1,863 |
|
|
|
1,712 |
|
Net income (loss) |
|
|
7,346 |
|
|
|
1,566 |
|
|
|
14,882 |
|
|
|
2,895 |
|
|
|
|
|
|
|
|
|
|
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Other comprehensive income (loss): |
|
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|
|
|
|
|
|
|
|
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Unrealized gain (loss) on derivative contracts, net of tax |
|
|
(678 |
) |
|
|
— |
|
|
|
(143 |
) |
|
|
— |
|
Comprehensive income (loss) |
|
$ |
6,668 |
|
|
$ |
1,566 |
|
|
$ |
14,739 |
|
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$ |
2,895 |
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Earnings (Loss) per share: |
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Basic |
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$ |
0.53 |
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$ |
0.12 |
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$ |
1.08 |
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$ |
0.22 |
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Diluted |
|
$ |
0.51 |
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|
$ |
0.11 |
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|
$ |
1.05 |
|
|
$ |
0.21 |
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Weighted-average shares outstanding: |
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|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
13,930 |
|
|
|
13,462 |
|
|
|
13,753 |
|
|
|
13,357 |
|
Diluted |
|
|
14,358 |
|
|
|
13,709 |
|
|
|
14,130 |
|
|
|
13,563 |
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WILLDAN GROUP, INC. AND SUBSIDIARIES
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|
Nine Months Ended |
||||||
|
|
September 27, |
|
September 29, |
||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
14,882 |
|
|
$ |
2,895 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
10,937 |
|
|
|
12,518 |
|
Other non-cash items |
|
|
459 |
|
|
|
511 |
|
Deferred income taxes, net |
|
|
1,300 |
|
|
|
1,196 |
|
(Gain) loss on sale/disposal of equipment |
|
|
(13 |
) |
|
|
(63 |
) |
Provision for doubtful accounts |
|
|
806 |
|
|
|
194 |
|
Stock-based compensation |
|
|
5,355 |
|
|
|
4,064 |
|
Changes in operating assets and liabilities, net of effects from business acquisitions: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
5,762 |
|
|
|
(6,335 |
) |
Contract assets |
|
|
(10,351 |
) |
|
|
4,530 |
|
Other receivables |
|
|
(1,190 |
) |
|
|
3,306 |
|
Prepaid expenses and other current assets |
|
|
(1,441 |
) |
|
|
1,175 |
|
Other assets |
|
|
1,456 |
|
|
|
(4,993 |
) |
Accounts payable |
|
|
4,814 |
|
|
|
3,922 |
|
Accrued liabilities |
|
|
3,910 |
|
|
|
(2,658 |
) |
Contract liabilities |
|
|
2,019 |
|
|
|
2,821 |
|
Right-of-use assets |
|
|
(94 |
) |
|
|
1,029 |
|
Net cash (used in) provided by operating activities |
|
|
38,611 |
|
|
|
24,112 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of equipment, software, and leasehold improvements |
|
|
(6,074 |
) |
|
|
(7,583 |
) |
Proceeds from sale of equipment |
|
|
29 |
|
|
|
68 |
|
Cash paid for acquisitions, net of cash acquired |
|
|
— |
|
|
|
(1,600 |
) |
Net cash (used in) provided by investing activities |
|
|
(6,045 |
) |
|
|
(9,115 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Payments on contingent consideration |
|
|
— |
|
|
|
(4,000 |
) |
Payment on restricted cash |
|
|
— |
|
|
|
(10,679 |
) |
Payments on notes payable |
|
|
(190 |
) |
|
|
(1,463 |
) |
Payments on debt issuance costs |
|
|
— |
|
|
|
(1,114 |
) |
Borrowings under term loan facility and line of credit |
|
|
— |
|
|
|
105,000 |
|
Repayments under term loan facility and line of credit |
|
|
(5,625 |
) |
|
|
(111,000 |
) |
Principal payments on finance leases |
|
|
(1,064 |
) |
|
|
(951 |
) |
Proceeds from stock option exercise |
|
|
2,425 |
|
|
|
38 |
|
Proceeds from sales of common stock under employee stock purchase plan |
|
|
2,838 |
|
|
|
2,779 |
|
Cash used to pay taxes on stock grants |
|
|
(1,241 |
) |
|
|
(205 |
) |
Net cash (used in) provided by financing activities |
|
|
(2,857 |
) |
|
|
(21,595 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
29,709 |
|
|
|
(6,598 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
23,397 |
|
|
|
19,485 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
53,106 |
|
|
$ |
12,887 |
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
||
Cash paid (received) during the period for: |
|
|
|
|
|
|
||
Interest |
|
$ |
5,301 |
|
|
$ |
8,025 |
|
Income taxes |
|
|
1,203 |
|
|
|
(3,154 |
) |
Supplemental disclosures of noncash investing and financing activities: |
|
|
|
|
|
|
||
Equipment acquired under finance leases |
|
|
1,322 |
|
|
|
652 |
|
Willdan Group, Inc. and Subsidiaries
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
September 27, |
|
September 29, |
|
September 27, |
|
September 29, |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Consolidated |
|
|
|
|
|
|
|
|
||||
Contract revenue |
|
$ |
158,252 |
|
$ |
132,738 |
|
$ |
421,737 |
|
$ |
354,418 |
Subcontractor services and other direct costs |
|
|
82,563 |
|
|
67,454 |
|
|
204,667 |
|
|
165,508 |
Net Revenue |
|
$ |
75,689 |
|
$ |
65,284 |
|
$ |
217,070 |
|
$ |
188,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy segment |
|
|
|
|
|
|
|
|
|
|
|
|
Contract revenue |
|
$ |
134,036 |
|
$ |
111,030 |
|
$ |
352,634 |
|
$ |
292,330 |
Subcontractor services and other direct costs |
|
|
81,805 |
|
|
66,377 |
|
|
202,015 |
|
|
162,557 |
Net Revenue |
|
$ |
52,231 |
|
$ |
44,653 |
|
$ |
150,619 |
|
$ |
129,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and Consulting segment |
|
|
|
|
|
|
|
|
|
|
|
|
Contract revenue |
|
$ |
24,216 |
|
$ |
21,708 |
|
$ |
69,103 |
|
$ |
62,088 |
Subcontractor services and other direct costs |
|
|
758 |
|
|
1,077 |
|
|
2,652 |
|
|
2,951 |
Net Revenue |
|
$ |
23,458 |
|
$ |
20,631 |
|
$ |
66,451 |
|
$ |
59,137 |
Willdan Group, Inc. and Subsidiaries
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||
|
|
September 27, |
|
September 29, |
|
September 27, |
|
September 29, |
|||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||
Net income (loss) |
|
$ |
7,346 |
|
$ |
1,566 |
|
|
$ |
14,882 |
|
|
$ |
2,895 |
|
Interest expense |
|
|
1,934 |
|
|
2,437 |
|
|
|
6,031 |
|
|
|
7,110 |
|
Income tax expense (benefit) |
|
|
157 |
|
|
713 |
|
|
|
1,863 |
|
|
|
1,712 |
|
Stock-based compensation |
|
|
2,020 |
|
|
1,244 |
|
|
|
5,355 |
|
|
|
4,064 |
|
Depreciation and amortization |
|
|
3,716 |
|
|
4,190 |
|
|
|
10,937 |
|
|
|
12,518 |
|
(Gain) Loss on sale of equipment |
|
|
4 |
|
|
(13 |
) |
|
|
(13 |
) |
|
|
(63 |
) |
Adjusted EBITDA |
$ |
15,177 |
$ |
10,137 |
$ |
39,055 |
$ |
28,236 |
Willdan Group, Inc. and Subsidiaries
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 27, |
|
September 29, |
|
September 27, |
|
September 29, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (loss) |
|
$ |
7,346 |
|
|
$ |
1,566 |
|
|
$ |
14,882 |
|
|
$ |
2,895 |
|
Adjustment for stock-based compensation |
|
|
2,020 |
|
|
|
1,244 |
|
|
|
5,355 |
|
|
|
4,064 |
|
Tax effect of stock-based compensation |
|
|
(317 |
) |
|
|
(252 |
) |
|
|
(841 |
) |
|
|
(823 |
) |
Adjustment for intangible amortization |
|
|
1,738 |
|
|
|
2,662 |
|
|
|
5,414 |
|
|
|
7,910 |
|
Tax effect of intangible amortization |
|
|
(273 |
) |
|
|
(539 |
) |
|
|
(851 |
) |
|
|
(1,601 |
) |
Adjustment for refinancing costs |
|
|
— |
|
|
|
467 |
|
|
|
— |
|
|
|
467 |
|
Tax effect of refinancing costs |
|
|
— |
|
|
|
(95 |
) |
|
|
— |
|
|
|
(95 |
) |
Adjusted Net Income (Loss) |
|
$ |
10,514 |
|
|
$ |
5,053 |
|
|
$ |
23,959 |
|
|
$ |
12,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted weighted-average shares outstanding |
|
|
14,358 |
|
|
|
13,709 |
|
|
|
14,130 |
|
|
|
13,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted earnings (loss) per share |
|
$ |
0.51 |
|
|
$ |
0.11 |
|
|
$ |
1.05 |
|
|
$ |
0.21 |
|
Impact of adjustment: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation per share |
|
|
0.14 |
|
|
|
0.09 |
|
|
|
0.38 |
|
|
|
0.30 |
|
Tax effect of stock-based compensation per share |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
(0.06 |
) |
Intangible amortization per share |
|
|
0.12 |
|
|
|
0.19 |
|
|
|
0.39 |
|
|
|
0.58 |
|
Tax effect of intangible amortization per share |
|
|
(0.02 |
) |
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.11 |
) |
Refinancing costs per share |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.03 |
|
Tax effect of refinancing cost per share |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Adjusted Diluted EPS |
|
$ |
0.73 |
|
|
$ |
0.37 |
|
|
$ |
1.70 |
|
|
$ |
0.95 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241031300763/en/
Willdan Group, Inc.
Al Kaschalk
Vice President
Tel: 310-922-5643
akaschalk@willdan.com
Source: Willdan Group, Inc.
FAQ
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