Owner Direct Relationships (“ODR”) Segment
Revenue up 22.8% Year-over-Year for Q4 and 21.1% for the
Year
ODR Segment Accounted for 55.1% of Revenue
and 71.1% of Consolidated Gross Profit for the Quarter
Consolidated Gross Margin Increased to 23.3%
for the Quarter and 23.1% for the Year
Year-end Cash and Cash Equivalents of $59.8
million
Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the
“Company”) today announced its financial results for the year ended
December 31, 2023.
2023 Fourth Quarter Financial Overview Compared to 2022
Fourth Quarter
- Consolidated revenue of $142.7 million, a decrease of 0.6% from
$143.5 million as the Company continued to take a disciplined
approach to select smaller, higher margin projects.
- Gross profit of $33.3 million, an increase of 14.0% from $29.2
million.
- Net income of $5.2 million, or $0.44 per diluted share,
compared to net income of $3.8 million, or $0.35 per diluted
share.
- Adjusted EBITDA of $12.6 million, up 8.8% from $11.6
million.
- Net cash provided by operating activities of $13.9 million
compared to $12.4 million.
2023 Overview Compared to 2022
- Consolidated revenue of $516.4 million, an increase of 3.9%
from $496.8 million.
- Gross profit of $119.3 million, an increase of 27.3% from $93.7
million.
- Net income of $20.8 million, or $1.76 per diluted share,
compared to $6.8 million, or $0.64 per diluted share.
- Adjusted EBITDA of $46.8 million, up 47.3% from $31.8
million.
- Net cash provided by operating activities of $57.4 million
compared to $35.4 million.
Management Comments
“In 2023, we made tremendous progress executing our strategy to
become a pure-play provider of buildings systems solutions. We
continued to grow our ODR business as an indispensable partner
helping our customers provide mission critical services to maintain
uninterrupted operations in their facilities. This strategic shift
in customer mix is driving higher margin opportunities and creating
a stronger, more resilient Limbach,” said Michael McCann, Limbach’s
President and Chief Executive Officer.
“I am pleased to report that our team’s focus on accelerating
the shift to the ODR business drove expanded margins and delivered
Adjusted EBITDA above our guidance for the full year. We grew
full-year diluted EPS 175% and Cash Flow from Operating Activities
by 62.2%. Furthermore, our full-year ODR revenue increased 21.1%
over the previous year. ODR revenue for the quarter was 55.1% of
consolidated revenue, exceeding our annual goal of 50%. Our 2024
annual goal for ODR revenue is between 60% and 70% of consolidated
revenue.
“While our primary focus is on ODR, we are also implementing
changes in our General Contractor Relationship (“GCR”) business. We
are taking a more selective approach to the projects we pursue by
focusing on smaller contracts with shorter durations. In the fourth
quarter, our consolidated revenue was by design slightly lower
because of this action but going forward, this should provide
greater flexibility and drive higher overall returns.
“We are evolving our service offerings to better support our
customers as a one-stop shop for building system solutions. For
example, in 2024 we have already invested approximately $4 million
in rental equipment for indoor climate control. This provides our
customers with an immediate solution to support their
mission-critical operations during emergencies or planned
downtimes. As we deploy this new rental solution into the market,
we anticipate seeing a return on this investment in the second half
of 2024.
“We are still in the early stages of our transformation to an
even higher quality, more predictable business, and we are
confident our strategy is working. Our team will continue our
disciplined approach to projects, and we are excited about
expanding our customer relationships and service offerings. We also
plan to leverage our strong balance sheet to make strategic
investments. We believe this strategy will continue delivering
value to our customers and higher returns for our shareholders in
2024 and beyond.”
The following are results for the three months ended December
31, 2023, compared to the three months ended December 31, 2022:
- Consolidated revenue was $142.7 million, a decrease of 0.6%
from $143.5 million. ODR segment revenue of $78.6 million increased
by $14.6 million, or 22.8%, while GCR segment revenue of $64.1
million was down $15.4 million, or 19.4%. The increase in ODR
segment revenue primarily was due to the Company's continued focus
on the accelerated growth of its ODR business. The decrease in GCR
segment revenue primarily was due to the Company’s continued focus
on improving project execution and profitability by pursuing GCR
opportunities that were smaller in size and shorter in
duration.
- Gross margin increased to 23.3%, up from 20.4%. On a dollar
basis, total gross profit was $33.3 million, compared to $29.2
million. ODR gross profit increased $6.4 million, or 36.8%, due to
the combination of an increase in revenue and higher margins of
30.1% versus 27.0% driven by contract mix. GCR gross profit
decreased $2.3 million, or 19.1%, as a result of lower revenue. GCR
gross margin was flat at 15.0%. This mix shift is a key element of
the Company’s strategy to increase profitability by taking a
disciplined approach to select smaller, higher margin projects that
mitigate the risk and volatility associated with larger, lower
margin projects.
- SG&A expense increased approximately $3.2 million, to $25.0
million, compared to $21.8 million. The increase in SG&A
primarily was due to a $2.0 million increase associated with
payroll and incentive related expenses, a $0.8 million increase in
stock compensation expense, a $1.2 million increase associated with
costs incurred by the entities acquired in the ACME and Industrial
Air transactions and $0.6 million related to an increase in
professional fees, partially offset by a $1.6 million decrease
related to certain legal accruals. As a percent of revenue,
SG&A expense was 17.5%, up from 15.2%.
- Interest expense was $0.4 million compared to $0.6 million,
which was the result of a lower overall outstanding debt balance
period-over-period.
- Interest income was $0.6 million during the current quarter.
This increase was due to the Company's investment strategy in
overnight repurchase agreements, U.S. Treasury Bills, and money
market funds during 2023.
- Net income was $5.2 million as compared to $3.8 million.
Diluted earnings per share was $0.44 as compared to $0.35. Adjusted
EBITDA was $12.6 million as compared to $11.6 million, an increase
of 8.8%.
- Net cash provided by operating activities increased to $13.9
million as compared to $12.4 million.
The following are results for the year ended December 31, 2023,
compared to the year ended December 31, 2022:
- Consolidated revenue was $516.4 million, an increase of 3.9%
from $496.8 million. ODR segment revenue of $262.0 million
increased by $45.6 million, or 21.1%, while GCR segment revenue of
$254.4 million decreased by $26.0 million, or 9.3%. The increase in
ODR segment revenue primarily was due to the Company's continued
focus on accelerating growth of its ODR business. In addition, ODR
segment revenue increased by approximately $8.1 million due to the
ACME and Industrial Air transactions. The decrease in GCR segment
revenue primarily was due to the Company’s continued focus on
improving project execution and profitability by pursuing GCR
opportunities that are smaller in size (based on contract value)
and shorter in duration.
- Gross margin increased to 23.1%, up from 18.9%. On a dollar
basis, total gross profit was $119.3 million, compared to $93.7
million. ODR gross profit increased $21.0 million, or 38.0%, due to
the combination of an increase in revenue and higher margins driven
by contract mix. GCR gross profit increased $4.6 million, or 11.9%,
primarily due to higher margins despite lower revenue.
- SG&A expense increased approximately $9.5 million, to $87.4
million, compared to $77.9 million. The increase in SG&A
primarily was due to a $6.8 million increase associated with
payroll and incentive related expenses, a $2.2 million increase in
stock compensation expense, a $1.5 million increase in costs
incurred by the entities acquired in the ACME and Industrial Air
transactions, $1.0 million related to CEO transition costs and $0.8
million related to acquisition-related costs, partially offset by a
$1.2 million decrease in rent related expenses and a $1.5 million
decrease related to certain legal accruals. As a percent of
revenue, SG&A expense was 16.9%, up from 15.7%.
- Interest expense was $2.0 million compared to $2.1 million,
reflecting a lower overall outstanding debt balance
period-over-period, partly offset by a full-year of interest
expense recognized on our financing lease liability
arrangement.
- Interest income was $1.2 million, which was driven by the
Company's investments in overnight repurchase agreements, U.S.
Treasury Bills, and money market funds.
- Net income for the year was $20.8 million as compared to $6.8
million. Diluted earnings per share was $1.76 as compared to $0.64.
Adjusted EBITDA was $46.8 million as compared to $31.8 million, an
increase of 47.3%.
- Net cash provided by operating activities was $57.4 million as
compared to $35.4 million.
Balance Sheet
At December 31, 2023, cash and cash equivalents was $59.8
million. Current assets were $217.0 million and current liabilities
were $145.1 million at December 31, 2023, representing a current
ratio of 1.50x compared to 1.42x at December 31, 2022. Working
capital was $71.9 million at December 31, 2023, an increase of $4.9
million from December 31, 2022. At December 31, 2023, we had $10.0
million borrowings outstanding on our revolving credit facility and
$4.1 million for standby letters of credit. For the year ended
December 31, 2023, the Company made cash payments of $11.5 million
on the principal portion of the A&R Wintrust Term Loan prior to
its extinguishment.
2024 Guidance
The Company is providing initial 2024 full year guidance, as
summarized in the table below.
Revenue
$510 million - $530 million
Adjusted EBITDA
$49 million - $53 million
We do not provide a reconciliation of forward-looking Adjusted
EBITDA or the most directly comparable forward-looking GAAP measure
of net income attributable to the Company because we cannot predict
with a reasonable degree of certainty and without unreasonable
efforts certain components or excluded items that are inherently
uncertain and depend on various factors. For these reasons, we are
unable to assess the potential significance of the unavailable
information.
Conference Call
Details
Date:
Thursday, March 14, 2024
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=iawWhaB5.
An audio replay of the call will be archived on Limbach’s website
for 365 days.
About Limbach
Limbach is a building systems solution firm that partners with
building owners and facilities managers who have mission critical
mechanical (heating, ventilation and air conditioning), electrical
and plumbing infrastructure. We strive to be an indispensable
partner to our customers by providing services that are essential
to the operation of their businesses. We work with building owners
primarily in six vertical markets: healthcare, industrial and
manufacturing, data centers, life science, higher education and
cultural and entertainment. We have more than 1,400 team members in
19 offices across the eastern United States. Our team members
uniquely combine engineering expertise with field installation
skills to provide custom solutions that leverage our full
life-cycle capabilities, which allows us to address both the
operational and capital projects needs of our customers.
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, timing of
the recognition of backlog as revenue, the potential for recovery
of cost overruns, the ability of Limbach to successfully remedy the
issues that have led to write-downs in various business units and
the Company’s business being negatively affected by health crises
or outbreaks of disease, such as epidemics or pandemics (and
related impacts, such as supply chain disruptions). These
statements may be preceded by, followed by or include the words
“believe,” “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. 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.
Consolidated Statements of Operations
(in thousands, except share and per
share data)
(Unaudited) For the
Quarter Ended December 31,
For the Years Ended December
31,
2023
2022
2023
2022
Revenue
$
142,691
$
143,483
$
516,350
$
496,782
Cost of revenue
109,385
114,256
397,060
403,041
Gross profit
33,306
29,227
119,290
93,741
Operating expenses:
Selling, general and administrative
24,964
21,766
87,397
77,879
Change in fair value of contingent
consideration
265
1,134
729
2,285
Amortization of intangibles
826
383
1,880
1,567
Total operating expenses
26,055
23,283
90,006
81,731
Operating income
7,251
5,944
29,284
12,010
Other (expense) income:
Interest expense
(431
)
(633
)
(2,046
)
(2,144
)
Interest income
593
—
1,217
—
Loss on early termination of operating
lease
—
—
—
(849
)
Loss on debt extinguishment
—
—
(311
)
—
(Loss) gain on change in fair value of
interest swap
(277
)
12
(124
)
310
Gain on disposition of property and
equipment
52
19
80
281
Total other expenses
(63
)
(602
)
(1,184
)
(2,402
)
Income before income taxes
7,188
5,342
28,100
9,608
Income tax provision
1,939
1,534
7,346
2,809
Net income
$
5,249
$
3,808
$
20,754
$
6,799
Earnings Per Share (“EPS”)
Net income per share:
Basic
$
0.48
$
0.37
$
1.93
$
0.65
Diluted
$
0.44
$
0.35
$
1.76
$
0.64
Weighted average number of shares
outstanding:
Basic
11,003,424
10,411,611
10,773,467
10,425,119
Diluted
11,865,450
10,888,777
11,812,098
10,676,534
LIMBACH HOLDINGS, INC.
Consolidated Balance Sheets
As of December 31,
(in thousands, except share
data)
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
59,833
$
36,001
Restricted cash
65
113
Accounts receivable (net of allowance for
credit losses of $292 and net of allowance for doubtful accounts of
$234 as of December 31, 2023 and 2022, respectively)
97,755
124,442
Contract assets
51,690
61,453
Advances to and equity in joint ventures,
net
12
12
Income tax receivable
—
95
Other current assets
7,645
3,874
Total current assets
217,000
225,990
Property and equipment, net
20,830
18,224
Intangible assets, net
24,999
15,340
Goodwill
16,374
11,370
Operating lease right-of-use assets
19,727
18,288
Deferred tax asset
5,179
4,829
Other assets
330
515
Total assets
$
304,439
$
294,556
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
2,680
$
9,564
Current operating lease liabilities
3,627
3,562
Accounts payable, including retainage
65,268
75,122
Contract liabilities
42,160
44,007
Accrued income taxes
446
1,888
Accrued expenses and other current
liabilities
30,967
24,942
Total current liabilities
145,148
159,085
Long-term debt
19,631
21,528
Long-term operating lease liabilities
16,037
15,643
Other long-term liabilities
2,708
2,858
Total liabilities
183,524
199,114
Commitments and contingencies
Redeemable convertible preferred stock,
net, par value $0.0001, $1,000,000 shares authorized, no shares
issued and outstanding ($0 redemption value)
—
—
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value;
100,000,000 shares authorized, issued 11,183,076 and 10,471,410,
respectively; 11,003,424 and 10,291,758 outstanding,
respectively
1
1
Additional paid-in capital
92,528
87,809
Treasury stock, at cost (179,652 shares at
both period ends)
(2,000
)
(2,000
)
Retained earnings
30,386
9,632
Total stockholders’ equity
120,915
95,442
Total liabilities and stockholders’
equity
$
304,439
$
294,556
LIMBACH HOLDINGS, INC.
Consolidated Statements of Cash Flows
Year Ended December
31,
(in thousands)
2023
2022
Cash flows from operating
activities:
Net income
$
20,754
$
6,799
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation and amortization
8,244
8,158
Noncash operating lease expense
3,824
4,260
Provision for credit losses / doubtful
accounts
431
292
Stock-based compensation expense
4,910
2,742
Loss on early debt extinguishment
311
—
Loss on early termination of operating
lease
—
849
Amortization of debt issuance costs
79
138
Deferred income tax provision
(350
)
(499
)
Gain on sale of property and equipment
(80
)
(281
)
Loss (gain) on change in fair value of
interest rate swap
124
(310
)
Loss on change in fair value of contingent
consideration
729
2,285
Changes in operating assets and
liabilities:
Accounts receivable
32,607
(35,407
)
Contract assets
10,397
22,410
Other current assets
(1,486
)
1,128
Accounts payable, including retainage
(10,909
)
11,282
Contract liabilities
(9,121
)
17,296
Income tax receivable
95
19
Accrued income taxes
(1,442
)
1,387
Accrued expenses and other current
liabilities
2,867
(2,934
)
Operating lease liabilities
(3,795
)
(4,133
)
Payment of contingent consideration
liability in excess of acquisition-date fair value
(1,224
)
—
Other long-term liabilities
401
(108
)
Net cash provided by operating
activities
57,366
35,373
Cash flows from investing
activities:
ACME Transaction, net of cash acquired
(4,883
)
—
Industrial Air Transaction, net of cash
acquired
(10,378
)
—
Proceeds from sale of property and
equipment
435
498
Purchase of property and equipment
(2,266
)
(993
)
Net cash used in investing activities
(17,092
)
(495
)
Cash flows from financing
activities:
Payments on Wintrust and A&R Wintrust
Term Loans
(21,452
)
(13,429
)
Proceeds from Wintrust Revolving Loan
10,000
15,194
Payment on Wintrust Revolving Loan
—
(15,194
)
Proceeds from financing transaction
—
5,400
Payments on financing liability
—
(49
)
Payment of contingent consideration
liability up to acquisition-date fair value
(1,776
)
—
Repurchase of common stock under Share
Repurchase Program
—
(2,000
)
Payments on finance leases
(2,733
)
(2,734
)
Proceeds from contributions to employee
stock purchase plan
368
309
Taxes paid related to net-share settlement
of equity awards
(847
)
(417
)
Payments of debt issuance costs
(50
)
(433
)
Net cash used in financing activities
(16,490
)
(13,353
)
Increase (decrease) in cash, cash
equivalents and restricted cash
23,784
21,525
Cash, cash equivalents and restricted
cash, beginning of year
36,114
14,589
Cash, cash equivalents and restricted
cash, end of year
$
59,898
$
36,114
Supplemental disclosures of cash flow
information
Noncash investing and financing
transactions:
Earnout liability associated with the ACME
Transaction
$
1,514
$
—
Earnout liability associated with the
Industrial Air Transaction
3,165
—
Right of use assets obtained in exchange
for new operating lease liabilities
3,135
—
Right of use assets obtained in exchange
for new finance lease liabilities
5,219
2,634
Right of use assets disposed or adjusted
modifying operating leases liabilities
1,112
2,455
Right of use assets disposed or adjusted
modifying finance leases liabilities
(93
)
(77
)
Interest paid
1,908
2,005
Cash paid for income taxes
$
9,156
$
1,979
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
Three Months Ended
December 31,
Increase/(Decrease)
(in thousands, except for
percentages)
2023
2022
$
%
Statement of Operations Data:
Revenue:
GCR
$
64,063
44.9
%
$
79,458
55.4
%
$
(15,395
)
(19.4
) %
ODR
78,628
55.1
%
64,025
44.6
%
14,603
22.8
%
Total revenue
142,691
100.0
%
143,483
100.0
%
(792
)
(0.6
) %
Gross profit:
GCR(1)
9,640
15.0
%
11,922
15.0
%
(2,282
)
(19.1
) %
ODR(2)
23,666
30.1
%
17,305
27.0
%
6,361
36.8
%
Total gross profit
33,306
23.3
%
29,227
20.4
%
4,079
14.0
%
Total selling, general and
administrative(3)
24,964
17.5
%
21,766
15.2
%
3,198
14.7
%
Change in fair value of contingent
consideration
265
0.2
%
1,134
0.8
%
(869
)
(76.6
) %
Amortization of intangibles
826
0.6
%
383
0.3
%
443
115.7
%
Total operating income
$
7,251
5.1
%
$
5,944
4.1
%
$
1,307
22.0
%
(1)
As a percentage of GCR revenue.
(2)
As a percentage of ODR revenue.
(3)
Included within selling, general and
administrative expenses was $1.5 million and $0.8 million
of stock-based compensation expense for the quarter ended
December 31, 2023 and 2022, respectively.
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations
Year Ended December
31,
Increase/(Decrease)
(in thousands, except for
percentages)
2023
2022
$
%
Statement of Operations Data:
Revenue:
GCR
$
254,392
49.3
%
$
280,379
56.4
%
$
(25,987
)
(9.3
) %
ODR
261,958
50.7
%
216,403
43.6
%
45,555
21.1
%
Total revenue
516,350
100.0
%
496,782
100.0
%
19,568
3.9
%
Gross profit:
GCR(1)
43,200
17.0
%
38,622
13.8
%
4,578
11.9
%
ODR(2)
76,090
29.0
%
55,119
25.5
%
20,971
38.0
%
Total gross profit
119,290
23.1
%
93,741
18.9
%
25,549
27.3
%
Total selling, general and
administrative(3)
87,397
16.9
%
77,879
15.7
%
9,518
12.2
%
Change in fair value of contingent
consideration
729
0.1
%
2,285
0.5
%
(1,556
)
(68.1
) %
Amortization of intangibles
1,880
0.4
%
1,567
0.3
%
313
20.0
%
Total operating income
$
29,284
5.7
%
$
12,010
2.4
%
$
17,274
143.8
%
(1)
As a percentage of GCR revenue.
(2)
As a percentage of ODR revenue.
(3)
Included within selling, general and
administrative expenses was $4.9 million and $2.7 million
of stock based compensation expense for the years ended
December 31, 2023 and 2022, respectively.
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 to Adjusted
EBITDA (unaudited)
Three Months Ended December
31,
For the Years Ended December
31,
(in thousands)
2023
2022
2023
2022
Net income
$
5,249
$
3,808
$
20,754
$
6,799
Adjustments:
Depreciation and amortization
2,493
1,985
8,244
8,158
Interest expense
431
633
2,046
2,144
Interest income
(593
)
—
(1,217
)
—
Non-cash stock-based compensation
expense
1,536
762
4,910
2,742
Loss on early debt extinguishment
—
—
311
—
Change in fair value of interest rate
swap
277
(12
)
124
(310
)
Loss on early termination of operating
lease
—
—
—
849
CEO transition costs
—
—
958
—
Restructuring costs(1)
681
1,692
1,770
6,016
Change in fair value of contingent
consideration
265
1,134
729
2,285
Income tax provision
1,939
1,534
7,346
2,809
Acquisition and other transaction
costs
302
30
826
273
Adjusted EBITDA
$
12,580
$
11,566
$
46,801
$
31,765
(1)
Includes restructuring charges within our
Southern California and Eastern Pennsylvania branches as well as
other cost savings initiatives throughout the company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240313545242/en/
Investor Relations Financial
Profiles, Inc. Julie Kegley LMB@finprofiles.com
Limbach (NASDAQ:LMB)
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