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Willdan(WLDN) - 2024 Q4 - Annual Results
WLDNWilldan(WLDN)2025-03-06 21:15

Financial Performance - Contract revenue for fiscal year 2024 was 565.8million,anincreaseof10.9565.8 million, an increase of 10.9% compared to the previous year[4] - Net revenue for fiscal year 2024 reached 296.3 million, up 9.9% year-over-year[4] - Net income for fiscal year 2024 was 22.6million,significantlyupfrom22.6 million, significantly up from 10.9 million in the previous year[4] - Adjusted EBITDA for fiscal year 2024 was 56.8million,reflectinga24.256.8 million, reflecting a 24.2% increase[4] - GAAP diluted EPS for fiscal year 2024 was 1.58, a remarkable increase of 97.5%[4] - Cash flow from operations for fiscal year 2024 was 72.1million,up83.872.1 million, up 83.8% compared to the previous year[4] - For fiscal year 2025, the company targets net revenue between 320 million and 330million[5]−TheadjustedEBITDAtargetforfiscalyear2025issetbetween330 million[5] - The adjusted EBITDA target for fiscal year 2025 is set between 63 million and 67million[5]QuarterlyPerformance−ContractrevenueforthethreemonthsendedDecember27,2024,was67 million[5] Quarterly Performance - Contract revenue for the three months ended December 27, 2024, was 144,061 thousand, a decrease of 7.3% compared to 155,677thousandforthesameperiodin2023[20]−ForthethreemonthsendedDecember27,2024,WilldanGroupreportedanetincomeof155,677 thousand for the same period in 2023[20] - For the three months ended December 27, 2024, Willdan Group reported a net income of 7.688 million, compared to 8.031millionforthesameperiodin2023,reflectingadecreaseofapproximately4.38.031 million for the same period in 2023, reflecting a decrease of approximately 4.3%[26] - The diluted earnings per share (EPS) for the three months ended December 27, 2024, was 0.53, down from 0.58inthesameperiodof2023,adecreaseofapproximately8.60.58 in the same period of 2023, a decrease of approximately 8.6%[26] Year-End Results - Gross profit for the year ended December 27, 2024, increased to 202,782 thousand, up 12.7% from 179,767thousandin2023[20]−NetincomefortheyearendedDecember27,2024,was179,767 thousand in 2023[20] - Net income for the year ended December 27, 2024, was 22,570 thousand, significantly higher than 10,926thousandin2023,representingayear−over−yearincreaseof106.510,926 thousand in 2023, representing a year-over-year increase of 106.5%[21] - Adjusted EBITDA for the year ended December 27, 2024, reached 56,751 thousand, compared to 45,695thousandin2023,reflectingagrowthof24.245,695 thousand in 2023, reflecting a growth of 24.2%[24] - Cash flows from operating activities for the year ended December 27, 2024, were 72,073 thousand, an increase from 39,214thousandin2023[21]−Thecompanyreportedanetcashincreaseof39,214 thousand in 2023[21] - The company reported a net cash increase of 50,761 thousand for the year ended December 27, 2024, compared to a decrease of 3,912thousandin2023[21]SegmentPerformance−TheEnergysegment′snetrevenuefortheyearendedDecember27,2024,was3,912 thousand in 2023[21] Segment Performance - The Energy segment's net revenue for the year ended December 27, 2024, was 207,217 thousand, up from 190,373thousandin2023,markinganincreaseof8.8190,373 thousand in 2023, marking an increase of 8.8%[23] - The Engineering and Consulting segment's net revenue for the year ended December 27, 2024, was 89,108 thousand, compared to 79,309thousandin2023,representingagrowthof12.379,309 thousand in 2023, representing a growth of 12.3%[23] Expenses and Adjustments - Total general and administrative expenses for the year ended December 27, 2024, were 171,429 thousand, an increase from 157,693thousandin2023,reflectingariseof8.7157,693 thousand in 2023, reflecting a rise of 8.7%[20] - The company reported a basic earnings per share of 1.63 for the year ended December 27, 2024, compared to 0.82in2023,indicatingasignificantincreaseof98.80.82 in 2023, indicating a significant increase of 98.8%[20] - Adjusted net income for the year ended December 27, 2024, was 34.671 million, up from 23.830millionin2023,representinganincreaseofabout45.523.830 million in 2023, representing an increase of about 45.5%[26] - Adjusted diluted EPS for the year ended December 27, 2024, was 2.43, compared to 1.75in2023,indicatinganincreaseofaround39.11.75 in 2023, indicating an increase of around 39.1%[26] - Stock-based compensation adjustments contributed 2.033 million for the three months ended December 27, 2024, compared to 1.259millioninthesameperiodof2023,anincreaseofapproximately61.31.259 million in the same period of 2023, an increase of approximately 61.3%[26] - The tax effect of stock-based compensation for the year ended December 27, 2024, was a reduction of 1.322 million, compared to 1.003millionin2023,reflectinganincreaseofabout31.91.003 million in 2023, reflecting an increase of about 31.9%[26] - Intangible amortization adjustments for the three months ended December 27, 2024, were 1.783 million, down from 2.199millioninthesameperiodof2023,adecreaseofapproximately18.92.199 million in the same period of 2023, a decrease of approximately 18.9%[26] - The impact of refinancing costs was recorded as 467 thousand for the year ended December 27, 2024, compared to a tax effect of 88thousandin2023[26]−Interestaccretionadjustmentscontributed88 thousand in 2023[26] - Interest accretion adjustments contributed 153 thousand for the year ended December 27, 2024, with no corresponding amount in the previous year[26] Strategic Activities - The company has resumed strategic acquisitions, including the recent acquisition of Alternative Power Generation, Inc.[2] Shareholder Information - The diluted weighted-average shares outstanding increased to 14,509 thousand for the three months ended December 27, 2024, from 13,731 thousand in the same period of 2023, an increase of about 5.6%[26]