Limbach(US:LMB)2025-03-10 21:03Financial Performance - Record full-year net income of $30.9 million, or $2.57 per diluted share, compared to $20.8 million, or $1.76 per diluted share, representing an increase of 48.8%[9] - Record adjusted EBITDA of $63.7 million, up 36.1% from $46.8 million[9] - Total gross profit for the year was $144.3 million, an increase of 20.9% from $119.3 million[9] - Total revenue for the year ended December 31, 2024, was $518,781,000, a slight increase of 0.5% from $516,350,000 in 2023[32] - Adjusted EBITDA for the year ended December 31, 2024, was $63,714,000, up from $46,801,000 in 2023, reflecting a significant improvement in operational performance[38] - Adjusted EBITDA margin improved to 12.3% in 2024 from 9.1% in 2023[38] - Net income for the year was $30,875,000, compared to $20,754,000 in 2023, representing a year-over-year increase of 48.8%[39] - Adjusted net income for 2024 was $43,217,000, with adjusted diluted earnings per share increasing to $3.60 from $2.48 in 2023[39] Revenue Breakdown - Owner Direct Relationships (ODR) revenue increased 31.9%, or $83.5 million, to $345.5 million, accounting for 66.6% of total revenue[9] - ODR segment revenue for Q4 2024 was $95.5 million, an increase of 21.4% compared to the previous year[12] - ODR revenue increased by 31.9% to $345,500,000, while GCR revenue decreased by 31.9% to $173,281,000[32] Quarterly Performance - Total revenue for Q4 2024 was $143.7 million, an increase of 0.7% from $142.7 million[12] - Revenue for Q4 2024 was $143,650,000, a slight increase of 0.7% from $142,691,000 in Q4 2023[21] - Gross profit increased to $43,571,000 in Q4 2024, up 30.8% from $33,306,000 in Q4 2023[21] - Operating income for Q4 2024 was $13,014,000, representing a significant increase of 79.5% compared to $7,251,000 in Q4 2023[30] Expenses and Liabilities - SG&A expense increased to $97.2 million, representing 18.7% of revenue, up from 16.9%[12] - The company reported a significant increase in selling, general and administrative expenses, which rose to $97,199,000 in 2024 from $87,397,000 in 2023, a 11.3% increase[21] - Total liabilities rose to $198,638,000 in 2024, compared to $183,524,000 in 2023, indicating a 8.2% increase[23] Strategic Acquisitions - The company completed two strategic acquisitions in 2024, aiming for $8 million to $10 million in adjusted EBITDA per year from these acquisitions[10] - The company engaged in multiple acquisitions, including the Kent Island Transaction and the Consolidated Mechanical Transaction, impacting cash flows from investing activities negatively by $36,588,000[25] Future Projections - For 2025, the company estimates revenue of $610 million to $630 million and adjusted EBITDA of $78 million to $82 million[6] Other Financial Metrics - The total gross profit percentage increased from 23.1% to 27.8%, driven by a higher margin ODR segment work[12] - Total current assets increased to $220,334,000 in 2024 from $217,000,000 in 2023[23] - Cash and cash equivalents decreased to $44,930,000 in 2024 from $59,833,000 in 2023, a decline of 25%[23] - The change in fair value of contingent consideration increased by 417.1% to $3,770,000, indicating potential growth in future earnings[32] - The company plans to focus on strategic decision-making using non-GAAP measures such as Adjusted EBITDA and Adjusted Net Income to enhance financial performance understanding[36]