Q3 2018 Revenues up 11.3% Versus Prior Year;
Aggregate Backlog of $487.5 million at Quarter End
Conference Call Scheduled for 9:00am ET
Tuesday November 20, 2018
Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the
“Company”) today announced its financial results for the quarter
ended September 30, 2018. Total third quarter 2018 revenues
increased 11.3% from the prior year period to $135.1 million.
Construction segment revenue grew 14.2% from the prior year period
and accounted for 81% of total revenue.
The following are other key financial highlights of the
quarter:
- Construction segment revenue grew 14.2%
versus the same quarter in 2017, primarily resulting from continued
strong activity in the Eastern Pennsylvania, New England, Southern
California, Ohio and Florida regions, which was partially offset by
declines in the Michigan and Western Pennsylvania regions and write
downs in the Mid-Atlantic region.
- Service segment revenue increased 0.6%
to $25.7 million, compared with $25.5 million in the prior year
period.
- Gross margin was 7.9%, compared with
12.7% in the prior year period. The decrease was caused primarily
by $9.6 million of project-related write downs in the Company’s
Mid-Atlantic region. Excluding the impact of the Mid-Atlantic
region’s third quarter 2018 results, gross margin would have been
15.4%.
- Selling, general and administrative
(“SG&A”) expenses totaled $13.3 million, down from $13.7
million in the second quarter of 2018 and $13.6 million in the
third quarter of 2017. As a percentage of revenues, SG&A
expenses were 9.9%, compared with 9.8% in the second quarter of
2018 and 11.2% in the third quarter of 2017.
- Net (loss) attributable to the
Company’s common stockholders was ($3.5) million, compared with
($0.9) million for the prior year period.
- Aggregate backlog at September 30, 2018
was $487.5 million, compared with $492.5 million at June 30, 2018
and $461.4 million at December 31, 2017. Backlog at September 30,
2018 consists of $51.7 million of Service segment work and $435.8
million of Construction segment work. Limbach expects approximately
$112.3 million of current, aggregate backlog to be recognized as
revenue in the current fiscal year.
- As previously announced, the Company
expects 2018 revenue to be in a range from $530 million to $550
million, and Adjusted EBITDA* to be in a range from $8 million to
$10 million.
Limbach and its Mid-Atlantic
Region:
The Mid-Atlantic region is strategically important for Limbach
due to its concentration of end-market verticals that align well
with Limbach’s experience and expertise (e.g., education,
transportation, healthcare, state and federal government). Over
many years and several market cycles, the region has experienced
stable demand for non-residential construction. The Mid-Atlantic
region has been among the Company’s most profitable operations and
maintains a core group of talented staff with strong regional
customer relationships.
Additional Information
- In the third quarter, Limbach
experienced continued challenges in its Mid-Atlantic region. Due to
elevated market activity and a resulting shortage of skilled labor,
the Company’s craft labor force temporarily consisted of a higher
percentage of less productive labor than was expected. As a result,
the Company incurred unexpected project-related gross profit
write-downs of $9.6 million being recognized during the third
quarter.
- As of September 30, 2018, Limbach
estimates that the projects in the Mid-Atlantic region that
contributed to the write downs were over 86% complete, in the
aggregate. Five projects were included in this period’s write
downs. Regarding those five projects: one had achieved substantial
completion in early November; two more are expected to achieve
substantial completion in December; and two others are expected to
carry into March and April of 2019. In all cases, Limbach expects
that the bulk of the labor-intensive installation activity will be
completed by December 31, 2018, with only trimming and
commissioning work remaining for the two projects expected to
continue into 2019.
- The Company is actively seeking
recovery from its customers for cost overruns on two of the
projects within the Mid-Atlantic region and is currently conducting
an analysis of several other projects to evaluate the potential for
additional cost recovery.
Management Commentary
Charlie Bacon, CEO of Limbach, commented, “While we are very
pleased with the operating performance of our business as a whole,
we are very disappointed with the financial performance of our
Mid-Atlantic region. The additional expenses were primarily caused
by elevated market activity and a resulting shortage of skilled
labor. The Company has taken a number of actions that will be
discussed in our earnings call. The Mid-Atlantic region has a long
history of profitable operations, and we believe that it is one of
the best regions in the U.S. for our business to operate within. We
maintain a core group of talented staff and craft workers in this
region along with a strong set of relationships with our
customers.”
Mr. Bacon concluded, “Our booked backlog and promised work has
us set up well for 2019 and into 2020, allowing us to be
disciplined in our sales approach. Despite the challenges in the
Mid-Atlantic region, we continued to report solid revenue growth
and expansion throughout several markets. We continue to observe
favorable trends that should support the performance of our
business units into 2019, and we expect to report solid progress in
the coming quarter.”
Third Quarter Summary
Revenues
Third quarter 2018 revenues of $135.1 million were up 11.3%
versus $121.3 million for the prior year period, led by
Construction segment growth. Construction segment revenues of
$109.4 million were up 14.2% while Service segment revenues of
$25.7 million were up 0.6%.
Gross Margin
Gross margin for the third quarter of 2018 was 7.9%, compared
with 12.7% in the prior year period. Service segment gross margin
improved to 22.3%, compared with 20.9% in the prior year period, as
Service work volume increased along with more favorable project
pricing. Construction segment gross margin decreased $5.1 million
due to the project write downs referenced above. As a result,
Construction segment gross margin was 4.5% for the third quarter of
2018 compared to 10.5% for the prior year period. Excluding the
third quarter 2018 results of the Mid-Atlantic region, consolidated
gross margin would have been 15.4%. On a dollar basis, gross profit
in the third quarter of 2018 was $10.7 million, compared with $15.4
million for the prior year period.
Selling, General and Administrative
(“SG&A”) Expense
Third quarter 2018 SG&A expenses were $13.3 million,
compared to $13.6 million in the prior year period and $13.7
million in the second quarter of 2018. The reduction in SG&A
expenses was primarily due to the absence of nonrecurring
professional fees that were incurred in the prior year period. As a
percentage of total revenue, third quarter 2018 SG&A expenses
accounted for 9.9% compared with 11.2% in the third quarter of 2017
and 9.8% in the second quarter of 2018. SG&A expenses as a
percentage of revenue declined on a year over year basis as the
Company was able to hold expenses relatively level while revenues
continued to grow.
Net Loss
Net loss attributable to the Company’s common stockholders for
the third quarter of 2018 was ($3.5) million, compared with net
loss of ($0.9) million in the prior year period.
Nine Months YTD Summary
Revenues
For the first nine months of 2018, revenues were $395.1 million,
up 11.5% from $354.3 million for the prior year period.
Construction segment revenues of $319.9 million were up 12.9% while
Service segment revenues of $75.2 million were up 6.1%.
Gross Margin
Gross margin for the first nine months of 2018 was 10.1%,
compared with 12.6% in the prior year period. Service segment gross
margin was 21.3%, compared with 20.8% in the prior year period.
During the first nine months of 2018, Construction segment gross
margins were negatively impacted by write downs of approximately
$18.0 million on nine jobs, $17.0 million of which was in the
Mid-Atlantic region. As a result, Construction segment gross margin
was 7.4% for the first nine months of 2018 compared to 10.6% for
the comparable 2017 period. Excluding the results of the
Mid-Atlantic region for the first nine months of 2018, gross margin
would have been 15.3%. For the first nine months of 2018, one
project in the Service segment experienced a write down of $1.5
million. On a dollar basis, gross profit for the first nine months
of 2018 was $39.8 million, compared with $44.7 million for the
prior year period.
Selling, General and Administrative
Expense
SG&A expense for the first nine months of 2018 was $42.7
million, compared to $41.0 million in the prior year period. For
the nine months ended September 30, 2018, Corporate SG&A
expense included higher salary and benefit costs relative to the
prior year period of $2.7 million associated with new hires at the
Company’s branches. For the nine-month period, the Company incurred
$1.7 million of stock-based compensation expense associated with
the grant of restricted stock units, an increase of $0.9 million
versus the prior year period. The increases were partially offset
by a $3.2 million reduction in payroll-related incentive
compensation expense along with an $0.8 million reduction in
nonrecurring professional fees. As a percentage of total revenue,
SG&A for the first nine months of 2018 accounted for 10.8%
compared with 11.6% in the prior year period. SG&A expense as a
percentage of revenue declined as revenues grew at a faster rate
than SG&A expense.
Net Loss
Net loss attributable to the Company’s common stockholders for
the first nine months of 2018 was ($7.3) million, compared with a
net loss of ($1.9) million in the prior year period.
Backlog
Aggregate backlog at September 30, 2018 was $487.5 million
compared with $492.5 million at June 30, 2018 and $461.4 million at
December 31, 2017. The Company also has commitments for $354
million of Construction segment work which has not yet been
recorded as backlog. Construction segment backlog at September 30,
2018 was $435.8 million compared to $445.3 million at June 30, 2018
and $426.7 million at December 31, 2017. Service segment backlog at
September 30, 2018 was $51.7 million, compared to $47.2 million as
of June 30, 2018 and $34.7 million at December 31, 2017. The
Company expects approximately $112.3 million of total backlog to be
converted to revenues within the current fiscal year.
Balance Sheet and Refinancing
As a result of the losses incurred in the Mid-Atlantic region as
of September 30, 2018, the Company was not in compliance with the
senior leverage and fixed charge coverage ratios required under its
senior credit agreement. As a result of the lack of a permanent
waiver of the covenant noncompliance from the lenders, the Company
had to reclassify its bank debt as a current liability as of the
end of the third quarter. As a result, at September 30, 2018, the
Company had current assets of $210.2 million and current
liabilities of $212.3 million resulting in a working capital
deficit of $2.2 million. Based on the third quarter 2018 long-term
debt reclassification, long-term debt was $2.6 million at September
30, 2018, compared to $20.6 million at December 31, 2017.
The lenders have requested that the Company seek alternative
financing. On November 19, 2018, the Company and the lenders
executed a Limited, Conditional and Temporary Waiver and Amendment
Related to Loan Documents (the “Temporary Waiver”), which among
other things, provides for a temporary waiver of the aforementioned
covenant violations through November 30, 2018. The Temporary Waiver
contains terms that the Company expects will be included in a
restructured credit agreement with certain existing lenders. It is
anticipated that the terms of the restructured credit agreement
with these existing lenders will allow the Company to smoothly
transition from the existing lenders to a new lending group.
To assist in the refinancing effort, the Company has
engaged a middle market financial institution that is currently a
member of Limbach's existing bank group. This institution is
seeking to underwrite and hold approximately $15 million of a $30
million revolving credit facility; to syndicate the balance of
the revolving credit facility; and to place up to $50 million of
term debt. The proceeds of the new financing would be used to
retire the Company's existing indebtedness, to pay fees and
expenses, and for general corporate purposes. The contemplated
financing remains subject to underwriting, syndication and other
customary terms and conditions.
Dunbar Acquisition
Update
On November 18, 2018, the Company received a termination notice
of the Stock Purchase Agreement relating to its previously
announced pending acquisition of Dunbar Mechanical, Inc.
2018 Guidance
The Company is maintaining its previously updated guidance,
announced on November 15, 2018, as summarized in the table
below.
FY 2018 Estimates Current Previous
Revenues $530 - $550 million $530 - $550 million Adjusted
EBITDA* $8 - $10 million $8 - $10 million
With respect to projected fiscal year 2018 Adjusted EBITDA, a
quantitative reconciliation is not available without unreasonable
efforts due to the high variability, complexity and low visibility
with respect to taxes and other items, which are excluded from
Adjusted EBITDA. The Company expects the variability of this item
to have a potentially unpredictable, and potentially significant,
impact on future GAAP financial results.
Conference Call Details
Date: Tuesday, November 20, 2018 Time:
9:00 a.m. Eastern Time Participant Dial-In Numbers: Domestic
callers: (866) 604-1698 International callers: (201) 389-0844
Access by Webcast
The call will also be simultaneously webcast over the Internet
via the “Investor Relations” section of LMB’s website at
www.limbachinc.com or by clicking on the conference call link:
https://78449.themediaframe.com/dataconf/productusers/lmb/mediaframe/26937/indexl.html.
An audio replay of the call will be archived on the Company’s
website for 365 days.
About Limbach
Founded in 1901, Limbach is the 9th largest mechanical systems
solutions firm in the United States as determined by Engineering
News Record. Limbach provides building infrastructure services,
with an expertise in the design, installation and maintenance of
HVAC and mechanical, electrical, and plumbing systems for a
diversified group of commercial and institutional building owners.
Limbach employs more than 1,500 employees in 14 offices throughout
the United States. The Company’s full life-cycle capabilities, from
concept design and engineering through system commissioning and
recurring 24/7 service and maintenance, position Limbach as a
value-added and essential partner for building owners, construction
managers, general contractors and energy service companies.
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, capital expenditures
or other future financial or business performance or strategies,
results of operations or financial condition, and in particular
statements regarding the timing of the recognition of backlog as
revenue, the timing of the completion of projects in the
Mid-Atlantic branch, the potential for recovery of cost overruns,
the ability of the Company to successfully remedy the issues that
have led to write-downs in its Mid-Atlantic branch, and the ability
of the Company to enter into a restructured credit agreement with
its existing lenders and to refinance its existing credit
facilities on favorable terms or at all. 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.
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
September 30,
Nine months ended
September 30,
(in thousands, except share and per share data)
2018 2017 2018 2017
Revenue $ 135,062 $ 121,299 $ 395,142 $ 354,327 Cost of revenue
124,372 105,889 355,367 309,610 Gross
profit 10,690 15,410 39,775 44,717 Operating expenses: Selling,
general and administrative expenses 13,325 13,609 42,676 40,963
Amortization of intangibles 304 807 975
2,831 Total operating expenses 13,629 14,416
43,651 43,794 Operating income (loss) (2,939 )
994 (3,876 ) 923 Other income (expenses): Interest
expense, net (787 ) (545 ) (2,355 ) (1,562 ) Gain (loss) on
disposition of property and equipment 36 7 76
(130 ) Total other expenses (751 ) (538 )
(2,279 ) (1,692 ) Income (loss) before income taxes
(3,690 ) 456 (6,155 ) (769 ) Income tax provision (benefit)
(185 ) 328 (936 ) (352 ) Net income (loss)
(3,505 ) 128 (5,219 ) (417 ) Dividends on cumulative redeemable
convertible preferred stock - 149 (113 ) 631 Premium paid on
redemption of redeemable convertible preferred stock -
847 2,219 847 Net loss attributable to Limbach
Holdings, Inc. common stockholders $ (3,505 ) $ (868 ) $ (7,325 ) $
(1,895 )
Earnings Per Share
(“EPS”)
Basic loss per share for common stock: Net loss attributable to
Limbach Holdings, Inc. common stockholders $ (0.46 ) $ (0.12 ) $
(0.97 ) $ (0.25 ) Diluted loss per share for common stock: Net loss
attributable to Limbach Holdings, Inc. common stockholders $ (0.46
) $ (0.12 ) $ (0.97 ) $ (0.25 ) Weighted average number of shares
outstanding: Basic 7,574,545 7,471,587 7,552,945 7,460,277 Diluted
7,574,545 7,471,587 7,552,945 7,460,277
LIMBACH HOLDINGS, INC.
Condensed Consolidated Balance
Sheets
September 30, December 31,
2018 2017 (in thousands, except share and per
share data) (Unaudited) ASSETS Current
assets Cash and cash equivalents $ 526 $ 626 Restricted cash
113 113 Accounts receivable, net 140,329 129,343 Costs and
estimated earnings in excess of billings on uncompleted contracts
32,407 33,006 Other current assets 36,800 3,172
Total current assets 210,175 166,260 Property and
equipment, net of accumulated depreciation of $10.7 million and
$7.8 million at September 30, 2018 and December 31, 2017,
respectively 20,029 17,918 Intangible assets, net 13,250 14,225
Goodwill 10,488 10,488 Deferred tax asset 4,695 3,664 Other assets
35 465
Total assets $ 258,672 $ 213,020
LIABILITIES Current liabilities Current portion of
long-term debt $ 36,628 $ 6,358 Accounts payable, including
retainage 60,138 67,438 Billings in excess of costs and estimated
earnings on uncompleted contracts 52,420 28,543 Accrued income
taxes - 2,220 Accrued expenses and other current liabilities
63,157 30,925
Total current liabilities 212,343
135,484 Long-term debt 2,644 20,556 Other long-term liabilities
1,187 861
Total liabilities 216,174
156,901 Commitments and contingencies Redeemable convertible
preferred stock, net, par value $0.0001, 1,000,000 shares
authorized, no shares issued and outstanding at September 30, 2018
and 280,000 issued and outstanding at December 31, 2017 ($7,853
redemption value at December 31, 2017) - 7,959
STOCKHOLDERS’ EQUITY Common stock, $0.0001 par value;
100,000,000 shares authorized, 7,590,778 issued and outstanding at
September 30, 2018 and 7,504,133 at December 31, 2017 1 1
Additional paid-in capital 54,295 54,738 Accumulated deficit
(11,798 ) (6,579 )
Total stockholders’ equity
42,498 48,160
Total liabilities and stockholders’
equity $ 258,672 $ 213,020
LIMBACH HOLDINGS, INC.
Condensed Consolidated Statements of
Cash Flows
(Unaudited)
Nine months ended September 30, (in
thousands) 2018 2017 Cash flows from
operating activities: Net loss $ (5,219 ) $ (417 ) Adjustments to
reconcile net loss to cash provided by operating activities:
Depreciation and amortization 4,216 7,383 Provision for doubtful
accounts 57 289 Stock-based compensation expense 1,663 924
Amortization of debt issuance costs 229 135 Deferred income tax
benefit (1,031 ) (349 ) Accretion of preferred stock discount to
redemption value - 19 (Gain) loss on sale of property and equipment
(76 ) 130 Changes in operating assets and liabilities: (Increase)
decrease in accounts receivable (11,043 ) (5,712 ) (Increase)
decrease in costs and estimated earnings in excess of billings on
uncompleted contracts 599 2,280 (Increase) decrease in other
current assets (33,976 ) 71 (Increase) decrease in other assets 430
1 Increase (decrease) in accounts payable (7,300 ) (704 ) Increase
(decrease) in billings in excess of costs and estimated earnings on
uncompleted contracts 23,877 (6,123 ) Increase (decrease) in
accrued taxes (2,220 ) - Increase (decrease) in accrued expenses
and other current liabilities 31,687 (3,206 ) Increase (decrease)
in other long-term liabilities 326 (62 ) Net cash
provided by (used in) operating activities 2,219
(5,341 ) Cash flows from investing activities: Proceeds from sale
of property and equipment 160 48 Advances to joint ventures 1 (1 )
Purchase of property and equipment (3,448 ) (2,329 )
Net cash used in investing activities (3,287 ) (2,282
) Cash flows from financing activities: Increase in bank overdrafts
757 - Payments on Credit Agreement term loan (2,400 ) (4,115 )
Proceeds from Credit Agreement revolver 101,016 74,762 Payments on
Credit Agreement revolver (94,698 ) (62,547 ) Payments on term loan
- (33 ) Proceeds from Bridge Term Loan 10,000 - Payments on Bridge
Term Loan (2,014 ) - Payments on financed insurance premium -
(1,747 ) Payments on capital leases (1,417 ) (1,250 ) Convertible
preferred stock redeemed (9,191 ) (4,092 ) Convertible preferred
stock dividends paid (875 ) - Taxes paid related to net-share
settlement of equity awards (210 ) - Net cash
provided by financing activities 968 978 Decrease in
cash and cash equivalents (100 ) (6,645 ) Cash and cash
equivalents, beginning of period 626 7,406 Cash and
cash equivalents, end of period $ 526 $ 761
Supplemental
disclosures of cash flow information Noncash investing and
financing transactions: Property and equipment acquired financed
with capital leases $ 1,989 $ 1,344 Interest paid $ 2,125 $ 1,427
Financed insurance premium $ - $ 2,135
LIMBACH HOLDINGS, INC Condensed Consolidated
Statements of Operations (Unaudited) Three months
ended September 30, Increase/(Decrease) (in thousands,
except for percentages)
2018 2017 $ %
Revenue Construction $ 109,389 $ 95,779 13,610 14.2% Service 25,673
25,520 153 0.6% Total revenue 135,062 121,299 13,763 11.3%
Gross profit: Construction 4,967 10,068 (5,101) -50.7% Service
5,723 5,342 381 7.1% Total gross profit 10,690 15,410 (4,720)
-30.6% Selling, general and administrative expenses:
Construction 7,770 6,394 1,376 21.5% Service 3,680 3,545 135 3.8%
Corporate 1,875 3,670 (1,795) -48.9% Total selling, general and
administrative expenses 13,325 13,609
(284) -2.1% Amortization of intangibles (Corporate) 304 807
(503) -62.3% Operating income (loss): Construction (2,803)
3,674 (6,477) -176.3% Service 2,043 1,797 246 13.7% Corporate
(2,179) (4,477) 2,298 51.3% Operating income (loss) $ (2,939) $ 994
(3,933) -395.7%
LIMBACH HOLDINGS, INC
Condensed Consolidated Statements of Operations
(Unaudited) Nine months ended September 30,
Increase/(Decrease) (in thousands, except for
percentages)
2018 2017 $ % Revenue
Construction $ 319,934 $ 283,465 36,469 12.9% Service 75,208 70,862
4,346 6.1% Total revenue 395,142 354,327 40,815 11.5% Gross
profit: Construction 23,738 29,997 (6,259) -20.9% Service 16,037
14,720 1,317 8.9% Total gross profit 39,775 44,717 (4,942) -11.1%
Selling, general and administrative expenses: Construction
22,780 18,848 3,932 20.9% Service 11,516 10,547 969 9.2% Corporate
8,380 11,568 (3,188) -27.6% Total selling, general and
administrative expenses 42,676 40,963
1,713 4.2% Amortization of intangibles (Corporate) 975 2,831
(1,856) -65.6% Operating income (loss): Construction 958
11,149 (10,191) -91.4% Service 4,521 4,173 348 8.3% Corporate
(9,355) (14,399) 5,044 35.0% Operating income (loss) $ (3,876) $
923 (4,799) 519.9%
* Use of Non-GAAP Financial
Measures
Adjusted EBITDA
In assessing the performance of our business, management
utilizes a variety of financial and performance measures. The key
measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial
measure. We define Adjusted EBITDA as net income (loss) 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 (loss) 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 Adjusted EBITDA to net income (loss), the most
comparable GAAP measure, is provided below.
Reconciliation of
Net Loss to Adjusted EBITDA
Three months ended September 30, Nine months ended
September 30, (in thousands)
2018 2017
2018 2017 Net income (loss) $ (3,505) $ 128 $ (5,219)
$ (417) Adjustments: Depreciation and amortization 1,418
2,025 4,216 7,383 Interest expense 787 545 2,355 1,562 Non-cash
Stock-based compensation expense 542 924 1,663 924 Income tax
provision (benefit) (185) 328 (936) (352) Adjusted EBITDA $ (943) $
3,950 $ 2,079 $ 9,100
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181119005849/en/
Investor Relations:The Equity Group Inc.Jeremy Hellman,
CFASenior Associate(212) 836-9626 / jhellman@equityny.comOrLimbach
Holdings, Inc.John T. Jordan, Jr.Executive Vice President and Chief
Financial Officer(301) 623-4799 / john.jordan@limbachinc.com
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