Limbach(LMB) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $133.1 million, an increase of 11.9$119.0 million in Q1 2024[5] - Record quarterly net income reached $10.2 million, or$0.85 per diluted share, compared to $7.6 million, or$0.64 per diluted share in the prior year, representing a 34.6% increase[11] - Adjusted EBITDA increased by 26.5% to $14.9 million from$11.8 million in Q1 2024[11] - Total gross profit was $36.7 million, an increase of 18.1$31.1 million, with a gross profit margin rising from 26.1% to 27.6%[7] - Operating income increased to $7,911,000 for the three months ended March 31, 2025, up 21.1$6,532,000 in the prior year[26] - Net income for the first quarter of 2025 was $10,214,000, compared to$7,586,000 in the first quarter of 2024, reflecting a year-over-year increase of 34.1%[22] - Adjusted net income for Q1 2025 was $13,512,000, a 39.0$9,725,000 in Q1 2024[32] - Adjusted diluted earnings per share for Q1 2025 was $1.12, up from$0.82 in Q1 2024[32] Revenue Segments - Owner Direct Relationships (ODR) revenue grew by 21.7%, or $16.1 million, to$90.4 million, accounting for 67.9% of total revenue[5] - The ODR segment's growth is expected to continue, supported by strong cash generation and a solid M&A pipeline[4] - The company is focused on expanding its ODR segment to enhance margins and drive more predictable, recurring revenue[3] Expenses and Liabilities - Selling, general and administrative (SG&A) expenses increased by approximately $3.6 million to$26.5 million, representing 19.9% of revenue, up from 19.2%[11] - Selling, general and administrative expenses rose to $26,518,000 in Q1 2025, an increase of 15.9$22,876,000 in Q1 2024[26] - Total liabilities decreased to $175,240,000 as of March 31, 2025, compared to$198,638,000 at December 31, 2024, a reduction of 11.7%[20] Cash and Current Assets - Cash and cash equivalents stood at $38.1 million, with a current ratio of 1.55x as of March 31, 2025[8] - Cash and cash equivalents decreased to$38,155,000 at the end of the period from $48,304,000 at the end of the previous year, a decline of 21.0$204,500,000 as of March 31, 2025, down from $220,334,000 at December 31, 2024, a decrease of 7.2$610 million to $630 million and Adjusted EBITDA guidance of$78 million to $82 million[9] - The company reported a provision for credit losses of$77,000 in Q1 2025, up from $39,000 in Q1 2024, reflecting increased caution in credit management[22] Other Financial Metrics - Adjusted EBITDA for Q1 2025 was$14,872,000, representing a 26.0% increase from $11,757,000 in Q1 2024[32] - Adjusted EBITDA margin improved to 11.2$67,000 in Q1 2025, down from $120,000 in Q1 2024[32] - Stock-based compensation expense rose to$2,012,000 in Q1 2025, compared to $1,249,000 in Q1 2024[32] - Diluted weighted average shares outstanding increased to 12,051,678 in Q1 2025 from 11,894,747 in Q1 2024[32]