Limbach(US:LMB)2023-03-24 13:02Financial Performance & Guidance - FY2022 revenue reached $496.8 million, with a net income of $6.8 million and diluted EPS of $0.64[4] - Adjusted EBITDA for FY2022 was $31.8 million, and the market cap was $148 million as of February 28, 2023[4] - The company had $36 million in cash and equivalents as of December 31, 2022, with zero net debt[4] - Q4 2022 ODR revenue was $79.5 million, a 13.1% year-over-year increase[23] - FY2023 Adjusted EBITDA is projected between $33 million and $37 million[101] Business Strategy & Evolution - The company is transitioning from a project-based business to a building systems solutions partner[5] - The company is shifting towards Owner Direct Relationships (ODR), with a target gross margin range of 25-28%[27, 68] - ODR revenue increased from approximately 21% in 2019 to approximately 44% in 2022, with an expected 50/50 split in 2023[82] - The company completed a $2 million share repurchase program during Q4 2022[5] Market & Growth Drivers - Strong sector tailwinds are driven by building owners focusing on ROIC and maintenance of existing facilities[5] - The company aims to accelerate growth in high-margin businesses and expand geographically[17] - The company is focused on data-driven decision-making to improve margins and provide value to customers[78]