Continued Growth in Owner Direct
Relationships (“ODR”) Segment Revenue; Up 63.7% compared to the 4th
Quarter of 2021
Consolidated Gross Margin for the Quarter
was 20.4% and for the Year 18.9%
ODR Segment Accounted for Approximately
58.8% of Consolidated Gross Profit for FY 2022
Conference Call Scheduled for 9:00 am ET on
March 9, 2023
Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the
“Company”) today announced its financial results for the year ended
December 31, 2022. The Company reported consolidated revenue of
$496.8 million, with the ODR segment revenue accounting for 43.6%
of the consolidated total, up from 28.6% in the comparable period.
Net income for the full year was $6.8 million, with diluted EPS of
$0.64. Adjusted EBITDA was $31.8 million, up 36.5% from $23.3
million in fiscal year 2021.
Charlie Bacon, Limbach’s President and Chief Executive Officer,
said, “We delivered a strong 4th quarter which resulted in Adjusted
EBITDA for FY 2022 that exceeded the higher end of our guidance for
the year, despite a modestly lower top line. In addition, we
resolved one of our outstanding claims during the quarter and
expect to receive cash of approximately $10 million during the
first half of 2023 as a result of this claim resolution.”
Mr. Bacon continued, “Several years ago, we embarked on a
strategic shift in our business, centered on further developing and
expanding relationships with building owners, coupled with a focus
on higher quality GCR revenues. The ultimate goal of that shift was
to improve our return on capital, overall profitability, and cash
flow. We believe our results illustrate that we are executing on
that plan and gaining continued momentum towards this goal. I'm
extremely pleased to be stepping away from Limbach with the Company
in its current position and with our focus on quality of earnings
driven through our revised strategy. My enthusiasm for the
leadership team is well known, and I could not be happier to have
Mike McCann assume the job of CEO.”
Mike McCann, Limbach’s Chief Operating Officer and incoming
Chief Executive Officer added, “With Charlie’s leadership and
support, we've spent the past three years redefining Limbach. I'm
excited to be tasked with leading our company as we solidify and
expand our customer-focused platform. Our Q4 and FY 2022 results
continued the trend of improving profitability coupled with strong
cash flow. That success has enabled us to report a stronger balance
sheet, providing additional flexibility in our capital allocation
plan, whether it is the pursuit of targeted acquisitions, or our
recently completed share repurchase program. We are in the early
innings of maximizing many of our customer relationships and as we
do so, I look forward to our continued success.”
The following are results for the three months ended December
31, 2022, compared to the three months ended December 31, 2021:
- Consolidated revenue was $143.5 million, an increase of 13.1%
from $126.8 million. ODR segment revenue of $64.0 million increased
by $24.9 million, or 63.7%, while GCR segment revenue of $79.5
million was down $8.3 million, or 9.4%. The Company continued its
strategic focus on expanding the ODR segment’s contribution to the
business and improving GCR project execution and profitability by
pursuing GCR opportunities that were smaller in scope and lower in
contract value, shorter in duration, and where the Company can
leverage its captive design and engineering services.
- Gross margin slightly increased to 20.4%, up from 20.1%. On a
dollar basis, total gross profit was $29.2 million, compared to
$25.5 million. ODR gross profit increased $6.2 million, or 55.2%,
due to an increase in revenue, despite a lower margin of 27.0%
versus 28.5% driven by project mix. GCR gross profit decreased $2.5
million, or 17.1%, largely reflecting lower revenue at a lower
margin. GCR gross margin declined to 15.0% from 16.4%.
- SG&A expense increased approximately $3.0 million, to $21.8
million, compared to $18.8 million. The increase was primarily
related to the addition of the SG&A costs for the entities
acquired in the Jake Marshall transaction and an increase in an
estimated loss contingency accrual, partially offset by a decrease
in professional fees. As a percent of revenue, SG&A expense was
15.2%, up from 14.8%.
- Interest expense, net was $0.6 million compared to $0.4
million. This increase was due to higher interest rates on
outstanding debt despite a lower overall outstanding debt balance
year-over-year.
- Net income was $3.8 million as compared to $4.3 million.
Diluted income per share was $0.35 as compared to $0.41. Both net
income and diluted earnings per share were impacted during the
current year by certain restructuring charges and other costs that
are not included in the prior periods as outlined in the
Reconciliation of Net Income to Adjusted EBITDA table.
- Adjusted EBITDA was $11.6 million as compared to $9.5 million,
an increase of 21.2%. Adjusted EBITDA for the three months ended
December 31, 2022 included adjustments for certain restructuring
and other costs that are not included in the prior periods.
The following are results for the year ended December 31, 2022,
compared to the year ended December 31, 2021:
- Consolidated revenue was $496.8 million, an increase of 1.3%
from $490.4 million. ODR segment revenue of $216.4 million
increased by $76.1 million, or 54.2%, while GCR segment revenue of
$280.4 million decreased by $69.6 million, or 19.9%. The Company
continued its strategic focus on expanding the ODR segment’s
contribution to the business and improving GCR project execution
and profitability by pursuing GCR opportunities that were smaller
in scope and lower in contract value, shorter in duration, and
where the Company can leverage its captive design and engineering
services.
- Gross margin increased to 18.9%, up from 17.5%. On a dollar
basis, total gross profit was $93.7 million, compared to $85.9
million. ODR gross profit increased $14.6 million, or 36.1%, due to
an increase in revenue, despite a lower margin of 25.5% versus
28.9% driven by project mix and timing. GCR gross profit decreased
$6.8 million, or 14.9%, largely reflecting lower revenue despite a
higher margin. GCR gross margin increased to 13.8% from 13.0%.
- SG&A expense increased approximately $6.4 million, to $77.9
million, compared to $71.4 million. The increase in SG&A was
primarily due to costs incurred by the entities acquired in the
Jake Marshall transaction, an increase in travel and entertainment
expense, and an increase in an estimated loss contingency accrual,
partially offset by a decrease in professional fee expenses,
coupled with other various immaterial decreases to SG&A. As a
percent of revenue, SG&A expense was 15.7%, up from 14.6%.
- Interest expense, net, was $2.1 million compared to $2.6
million. The reduction in interest expense was due to the
refinancing of the higher interest rate debt with a lower interest
rate debt instrument as a result of the 2021 debt refinancing and
the Amended and Restated Wintrust Agreement, coupled with a lower
overall outstanding debt balance year-over-year.
- Net income for the year was $6.8 million as compared to $6.7
million. Diluted income per share was $0.64 as compared to $0.66.
Both net income and diluted earnings per share were impacted by
certain restructuring charges and other costs that are not included
in the prior periods as outlined in the Reconciliation of Net
Income to Adjusted EBITDA table.
- Adjusted EBITDA was $31.8 million as compared to $23.3 million,
an increase of 36.5%. Adjusted EBITDA for the year ended December
31, 2022 included adjustments for certain restructuring and other
costs that are not included in the prior periods.
- Net cash provided by operating activities was $35.4 million for
the year ended December 31, 2022 as compared to net cash used in
operating activities of $24.2 million. The increase in operating
cash flows was primarily attributable to an increase in our net
overbilled position as of December 31, 2022 and timing of
payments.
Balance Sheet
At December 31, 2022, we had cash and cash equivalents of $36.0
million. We had current assets of $226.0 million and current
liabilities of $159.1 million at December 31, 2022, representing a
current ratio of 1.42x compared to 1.49x at December 31, 2021.
Working capital was $66.9 million at December 31, 2022, an increase
of $3.7 million from December 31, 2021. At December 31, 2022, we
had no borrowings against our revolving credit facility, other than
for standby letters of credit totaling $3.2 million, and carried a
term loan balance of $21.5 million. For the year ended December 31,
2022, the Company made principal payments of $13.4 million,
consisting of monthly installment payments of $0.6 million, an
Excess Cash Flow payment of $3.3 million and total Net Claim
Proceeds payments of $2.7 million.
Common Stock Repurchase
Program
As previously announced, in September 2022 the Company
authorized a common stock repurchase program in an effort to return
value to its stockholders. Under this program, the Company was
authorized to repurchase up to $2.0 million of its outstanding
common stock. The share repurchase authority was valid for one-year
through September 29, 2023. As of December 31, 2022, the Company
had repurchased 179,652 shares of common stock for a total cost of
approximately $2.0 million, which was funded from the Company’s
available cash on hand. The shares repurchased as of December 31,
2022 constituting approximately $2.0 million represent the full
authority of the program and therefore as of December 31, 2022 the
common stock repurchase program announced in September 2022 was
substantially completed. The Company, led by its Board of Directors
as part of the Board’s role in providing oversight related to
capital allocation, plans, subject to legal, contractual or other
considerations, to continue to evaluate and potentially explore
future repurchase authorizations, if and when appropriate. The
exact number of shares to be repurchased by the Company or the
amount of the repurchase authorization are not guaranteed. Any
repurchase authorization and the terms of such authorization would
be disclosed in the future through appropriate press releases
and/or filings with the Securities Exchange Commission. Any such
program authorized by the Company, if any, may be suspended,
modified, or discontinued, in whole or in part, at any time without
prior notice.
2023 Guidance
The Company has provided initial 2023 full year guidance, as
summarized in the table below.
Revenue
$490 million - $520 million
Adjusted EBITDA
$33 million - $37 million
Conference Call Details
Date:
Thursday, March 9, 2023
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=Vv01rElU.
An audio replay of the call will be archived on Limbach’s website
for 365 days.
About Limbach
Limbach is a building systems solutions firm with expertise in
the design, prefabrication, installation, management and
maintenance of heating, ventilation, air-conditioning ("HVAC"),
mechanical, electrical, plumbing and controls systems. With over
1,500 team members and 17 offices located throughout the United
States, we partner with institutions with mission-critical
infrastructures, such as data centers and healthcare, industrial
& light manufacturing, cultural & entertainment, higher
education, and life science facilities. With Limbach's full
life-cycle capabilities, from concept design and engineering
through system commissioning and recurring 24/7 service and
maintenance, Limbach is positioned as a value-added and
indispensable partner for building owners, construction managers,
general contractors, and energy service companies.
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, and in
particular statements regarding the impact of the COVID-19 pandemic
on the construction industry in future periods, timing of the
recognition of backlog as revenue, the potential for recovery of
cost overruns, and the ability of Limbach to successfully remedy
the issues that have led to write-downs in various business units.
These statements may be preceded by, followed by or include the
words “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. Some of these risks and uncertainties may in
the future be amplified by the COVID-19 outbreak and 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)
For the Quarter Ended December
31,
For the Years Ended December
31,
2022
2021
2022
2021
Revenue
$
143,483
$
126,811
$
496,782
$
490,351
Cost of revenue
114,256
101,283
403,041
404,441
Gross profit
29,227
25,528
93,741
85,910
Operating expenses:
Selling, general and administrative
21,766
18,757
77,879
71,436
Change in fair value of contingent
consideration
1,134
—
2,285
—
Amortization of intangibles
383
189
1,567
484
Total operating expenses
23,283
18,946
81,731
71,920
Operating income
5,944
6,582
12,010
13,990
Other (expense) income:
Interest expense, net
(633
)
(428
)
(2,144
)
(2,568
)
Loss on early termination of operating
lease
—
—
(849
)
—
Loss on debt extinguishment
—
—
—
(1,961
)
Gain on change in fair value of interest
swap
12
—
310
—
Gain on disposition of property and
equipment
19
43
281
2
Gain on change in fair value of warrant
liability
—
—
—
14
Total other expenses
(602
)
(385
)
(2,402
)
(4,513
)
Income before income taxes
5,342
6,197
9,608
9,477
Income tax provision
1,534
1,919
2,809
2,763
Net income
$
3,808
$
4,278
$
6,799
$
6,714
Earnings Per Share
(“EPS”)
Net income per share:
Basic
$
0.37
$
0.42
$
0.65
$
0.67
Diluted
$
0.35
$
0.41
$
0.64
$
0.66
Weighted average number of shares
outstanding:
Basic
10,411,611
10,301,389
10,425,119
10,013,117
Diluted
10,888,777
10,520,818
10,676,534
10,231,637
LIMBACH HOLDINGS, INC.
Consolidated Balance Sheets
As of December 31,
(in thousands, except share
data)
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
36,001
$
14,476
Restricted cash
113
113
Accounts receivable (net of allowance for
doubtful accounts of $234 and $263 as of December 31, 2022 and
2021, respectively)
124,442
89,327
Contract assets
61,453
83,863
Advances to and equity in joint ventures,
net
12
12
Income tax receivable
95
114
Other current assets
3,874
5,001
Total current assets
225,990
192,906
Property and equipment, net
18,224
21,621
Intangible assets, net
15,340
16,907
Goodwill
11,370
11,370
Operating lease right-of-use assets
18,288
20,119
Deferred tax asset
4,829
4,330
Other assets
515
259
Total assets
$
294,556
$
267,512
LIABILITIES
Current liabilities:
Current portion of long-term debt
$
9,564
$
9,879
Current operating lease liabilities
3,562
4,366
Accounts payable, including retainage
75,122
63,840
Contract liabilities
44,007
26,712
Accrued income taxes
1,888
501
Accrued expenses and other current
liabilities
24,942
24,444
Total current liabilities
159,085
129,742
Long-term debt
21,528
29,816
Long-term operating lease liabilities
15,643
16,576
Other long-term liabilities
2,858
3,540
Total liabilities
199,114
179,674
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 10,471,410 and 10,304,242,
respectively; 10,291,758 and 10,304,242 outstanding,
respectively
1
1
Additional paid-in capital
87,809
85,004
Treasury stock, at cost (179,652 and —
shares, respectively)
(2,000
)
—
Retained earnings
9,632
2,833
Total stockholders’ equity
95,442
87,838
Total liabilities and stockholders’
equity
$
294,556
$
267,512
LIMBACH HOLDINGS, INC.
Consolidated Statements of Cash Flows
Year Ended December
31,
(in thousands)
2022
2021
Cash flows from operating
activities:
Net income
$
6,799
$
6,714
Adjustments to reconcile net income to
cash provided by (used in) operating activities:
Depreciation and amortization
8,158
5,948
Noncash operating lease expense
4,260
4,268
Provision for doubtful accounts
292
198
Stock-based compensation expense
2,742
2,601
Loss on early debt extinguishment
—
1,961
Loss on early termination of operating
lease
849
—
Amortization of debt discount and issuance
costs
138
280
Deferred income tax provision
(499
)
1,757
Gain on change in fair value of warrant
liability
—
(14
)
Gain on sale of property and equipment
(281
)
(2
)
Gain on change in fair value of interest
rate swap
(310
)
—
Loss on change in fair value of contingent
consideration
2,285
—
Changes in operating assets and
liabilities:
Accounts receivable
(35,407
)
3,408
Contract assets
22,410
(15,054
)
Other current assets
1,128
(555
)
Accounts payable, including retainage
11,282
(5,578
)
Contract liabilities
17,296
(20,399
)
Income tax receivable
19
(114
)
Accrued income taxes
1,387
(1,170
)
Accrued expenses and other current
liabilities
(2,934
)
(706
)
Operating lease liabilities
(4,133
)
(4,083
)
Other long-term liabilities
(108
)
(3,693
)
Net cash provided by (used in) operating
activities
35,373
(24,233
)
Cash flows from investing
activities:
Proceeds from sale of property and
equipment
498
467
Jake Marshall Transaction, net of cash
acquired
—
(18,977
)
Advances to joint ventures
—
(2
)
Purchase of property and equipment
(993
)
(791
)
Net cash used in investing activities
(495
)
(19,303
)
Cash flows from financing
activities:
Proceeds from Wintrust and A&R
Wintrust Term Loans
—
40,000
Payments on Wintrust and A&R Wintrust
Term Loans
(13,429
)
(5,119
)
Proceeds from A&R Wintrust Revolving
Loan
15,194
—
Payment on A&R Wintrust Revolving
Loan
(15,194
)
—
Payments on 2019 Refinancing Term Loan
—
(39,000
)
Proceeds from financing transaction
5,400
—
Payments on financing liability
(49
)
—
Prepayment penalty and other costs
associated with debt extinguishment
—
(1,376
)
Proceeds from sale of common stock
—
22,773
Repurchase of common stock under Share
Repurchase Program
(2,000
)
—
Proceeds from exercise of warrants
—
1,989
Payments on finance leases
(2,734
)
(2,623
)
Proceeds from contributions to employee
stock purchase plan
309
323
Taxes paid related to net-share settlement
of equity awards
(417
)
(459
)
Payments of debt issuance costs
(433
)
(643
)
Net cash (used in) provided by financing
activities
(13,353
)
15,865
Increase (decrease) in cash, cash
equivalents and restricted cash
21,525
(27,671
)
Cash, cash equivalents and restricted
cash, beginning of year
14,589
42,260
Cash, cash equivalents and restricted
cash, end of year
$
36,114
$
14,589
Supplemental disclosures of cash flow
information
Noncash investing and financing
transactions:
Earnout Payments associated with the Jake
Marshall Transaction
$
—
$
3,089
Right of use assets obtained in exchange
for new operating lease liabilities
—
5,417
Right of use assets obtained in exchange
for new finance lease liabilities
2,634
1,296
Right of use assets disposed or adjusted
modifying operating leases liabilities
2,455
219
Right of use assets disposed or adjusted
modifying finance leases liabilities
(77
)
—
Interest paid
2,005
2,549
Cash paid for income taxes
$
1,979
$
2,290
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
Three Months Ended
December 31,
Increase/(Decrease)
(in thousands, except for
percentages)
2022
2021
$
%
Statement of Operations Data:
Revenue:
GCR
$
79,458
55.4%
$
87,711
69.2%
$
(8,253
)
(9.4)%
ODR
64,025
44.6%
39,100
30.8%
24,925
63.7%
Total revenue
143,483
100.0%
126,811
100.0%
16,672
13.1%
Gross profit:
GCR(1)
11,922
15.0%
14,375
16.4%
(2,453
)
(17.1)%
ODR(2)
17,305
27.0%
11,153
28.5%
6,152
55.2%
Total gross profit
29,227
20.4%
25,528
20.1%
3,699
14.5%
Selling, general and administrative:
GCR(1)
11,290
14.2%
9,788
11.2%
1,502
15.3%
ODR(2)
9,714
15.2%
8,384
21.4%
1,330
15.9%
Corporate
762
0.5%
585
0.5%
177
30.3%
Total selling, general and
administrative
21,766
15.2%
18,757
14.8%
3,009
16.0%
Change in fair value of contingent
consideration (Corporate)
1,134
0.8%
—
—%
1,134
100.0%
Amortization of intangibles
(Corporate)
383
0.3%
189
0.1%
194
102.6%
Total operating income
$
5,944
4.1%
$
6,582
5.2%
$
(638
)
(9.7)%
(1) As a percentage of GCR revenue.
(2) As a percentage of ODR revenue.
LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations
Year Ended December
31,
Increase/(Decrease)
(in thousands, except for
percentages)
2022
2021
$
%
Statement of Operations Data:
Revenue:
GCR
$
280,379
56.4%
$
350,015
71.4%
$
(69,636
)
(19.9)%
ODR
216,403
43.6%
140,336
28.6%
76,067
54.2%
Total revenue
496,782
100.0%
490,351
100.0%
6,431
1.3%
Gross profit:
GCR(1)
38,622
13.8%
45,409
13.0%
(6,787
)
(14.9)%
ODR(2)
55,119
25.5%
40,501
28.9%
14,618
36.1%
Total gross profit
93,741
18.9%
85,910
17.5%
7,831
9.1%
Selling, general and administrative:
GCR(1)
36,332
13.0%
37,558
10.7%
(1,226
)
(3.3)%
ODR(2)
38,805
17.9%
31,277
22.3%
7,528
24.1%
Corporate
2,742
0.6%
2,601
0.5%
141
5.4%
Total selling, general and
administrative
77,879
15.7%
71,436
14.6%
6,443
9.0%
Change in fair value of contingent
consideration (Corporate)
2,285
0.5%
—
—%
2,285
100.0%
Amortization of intangibles
(Corporate)
1,567
0.3%
484
0.1%
1,083
223.8%
Total operating income
$
12,010
2.4%
$
13,990
2.9%
$
(1,980
)
(14.2)%
(1) As a percentage of GCR revenue.
(2) As a percentage of ODR revenue.
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
Three Months Ended December
31,
For the Years Ended December
31,
(in thousands)
2022
2021
2022
2021
Net income
$
3,808
$
4,278
$
6,799
$
6,714
Adjustments:
Depreciation and amortization
1,985
1,595
8,158
5,948
Interest expense, net
633
428
2,144
2,568
Non-cash stock-based compensation
expense
762
585
2,742
2,601
Loss on early debt extinguishment
—
—
—
1,961
Change in fair value of interest rate
swap
(12
)
—
(310
)
—
Change in fair value of warrant
liability
—
—
—
(14
)
Loss on early termination of operating
lease
—
—
849
—
Restructuring costs(1)
1,692
—
6,016
—
Change in fair value of contingent
consideration
1,134
—
2,285
—
Income tax provision
1,534
1,919
2,809
2,763
Acquisition and other transaction
costs
30
735
273
735
Adjusted EBITDA
$
11,566
$
9,540
$
31,765
$
23,276
(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/20230308005781/en/
Investor Relations The
Equity Group, Inc. Jeremy Hellman, CFA Vice President (212)
836-9626 / jhellman@equityny.com
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