Limbach Holdings, Inc. Files 2023 Annual Report on Form 10-K

AI Summary

Limbach Holdings, Inc. (LMB) filed a Annual Report (10-K) with the SEC on March 13, 2024. Limbach Holdings, Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 797 Commonwealth Drive, Warrendale, PA 15086. Limbach Holdings, Inc. was formerly known as 1347 Capital Corp until April 22, 2014. The company operates within the CONSTRUCTION SPECIAL TRADE CONTRACTORS industry (SIC 1700).

Why It Matters

For investors and stakeholders tracking Limbach Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Limbach Holdings' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a public company, Limbach Holdings is required to disclose detailed financial information and risk factors, offering transparency into its business operations and potential challenges, which is vital for informed investment decisions.

Risk Assessment

Risk Level: — Limbach Holdings, Inc. shows moderate risk based on this filing. The company's financial performance and operational risks are not detailed in the provided snippet, requiring a deeper review of the full 10-K to assess specific risk levels.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand Limbach Holdings' performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240313 — Filing Date (FILED AS OF DATE)
• 1700 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• Limbach Holdings, Inc. (company) — COMPANY CONFORMED NAME
• 1347 Capital Corp (company) — FORMER COMPANY
• Warrendale (company) — CITY
• PA (company) — STATE
• 15086 (company) — ZIP

FAQ

Industry Context

Limbach Holdings operates in the CONSTRUCTION SPECIAL TRADE CONTRACTORS sector, which involves specialized construction services.

Regulatory Implications

As a publicly traded company, Limbach Holdings is subject to SEC regulations and reporting requirements under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and performance metrics.
2. Investigate the risk factors section for potential business challenges and mitigation strategies.
3. Research the company's historical performance and industry trends to contextualize the 2023 results.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-13: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing information provided for the 2023 10-K; comparative data from the previous filing is not available in this snippet.

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share LMB The Nasdaq Stock Market L
• $57.4 million — ights In 2023, the Company: Generated $57.4 million of net cash provided by operating activ
• $1.76 — ings per share by 175% (versus 2022) to $1.76 Successfully completed the acquisition
• $0.5 million — r projects that are typically less than $0.5 million in contract value, have short durations
• $262.0 million — any's ODR revenue increased by 21.1% to $262.0 million for the year ended December 31, 2023 as
• $216.4 million — ended December 31, 2023 as compared to $216.4 million for the year ended December 31, 2022. T
• $3.4 million — ment revenue increased by approximately $3.4 million and $4.7 million due to the ACME and In
• $4.7 million — eased by approximately $3.4 million and $4.7 million due to the ACME and Industrial Air tran
• $254.4 million — pany's GCR revenue decreased by 9.3% to $254.4 million for the year ended December 31, 2023 as
• $280.4 million — ended December 31, 2023 as compared to $280.4 million for the year ended December 31, 2022. T

Filing Documents

• lmb-20231231.htm (10-K) — 2321KB
• ex-211listofsubsidiaries.htm (EX-21.1) — 8KB
• ex-231consentofindependent.htm (EX-23.1) — 2KB
• lmb-20231231xexx311ceocert.htm (EX-31.1) — 10KB
• lmb-20231231xexx312cfocert.htm (EX-31.2) — 10KB
• lmb-20231231xexx321ceo906c.htm (EX-32.1) — 5KB
• lmb-20231231xexx322cfo906c.htm (EX-32.2) — 5KB
• exhibit97-lmbclawbackpolic.htm (EX-97) — 72KB
• 0001628280-24-010995.txt ( ) — 13924KB
• lmb-20231231.xsd (EX-101.SCH) — 101KB
• lmb-20231231_cal.xml (EX-101.CAL) — 152KB
• lmb-20231231_def.xml (EX-101.DEF) — 562KB
• lmb-20231231_lab.xml (EX-101.LAB) — 1107KB
• lmb-20231231_pre.xml (EX-101.PRE) — 831KB
• lmb-20231231_htm.xml (XML) — 2315KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 29 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 50 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 51 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 93 Item 9A.

Controls and Procedures

Controls and Procedures. 93 Item 9B. Other Information. 94 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 Part III. Item 10. Directors, Executive Officers and Corporate Governance. 95 Item 11.

Executive Compensation

Executive Compensation. 95 Item 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 95 Item 13. Certain Relationships and Related Transactions, and Director Independence. 95 Item 14. Principal Accountant Fees and Services. 95 Part IV. Item 15 . Exhibits, Financial Statement Schedules. 96 Item 16. Form 10-K Summary. 99 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K, including all documents incorporated by reference, contains forward-looking statements regarding Limbach Holdings, Inc. (the "Company", "Limbach", "we" or "our") and represents our expectations and beliefs concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties. The forward-looking statements included herein, or incorporated herein by reference, include or may include, but are not limited to, (and you should read carefully) statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as "achieve," "forecast," 2 "plan," "propose," "strategy," "envision," "hope," "will," "continue," "potential," "expect," "believe," "anticipate," "project," "estimate," "predict," "intend," "should," "could," "may," "might," or similar words, terms, phrases or expressions or the negative of any of these terms. Any statements in this Form 10-K that are not based upon historical fact are forward-looking statements and represent our best judgment as to what may occur in the future. These forward-looking statements are based on information available as of the date of this Annual Report on Form 10-K and the Company managements' current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncer

Business

Item 1. Business Limbach Holdings, Inc. (the "Company," "we" or "us"), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building systems solution firm that partners with building owners and facilities managers who have mission critical mechanical (heating, ventilation, air conditioning), electrical, and plumbing infrastructure. The Company strives to be an indispensable partner to its customers by providing services that are essential to the operation of their businesses. The Company works with building owners primarily in six vertical markets: healthcare, industrial and manufacturing, data centers, life science, higher education and cultural and entertainment. The Company has more than 1,400 team members in 19 offices across the eastern United States. The Company's team members uniquely combine engineering expertise with field installation skills to provide custom solutions that leverage its full life-cycle capabilities, which allows it to address both the operational and capital projects needs of its customers. 2023 Highlights In 2023, the Company: Generated $57.4 million of net cash provided by operating activities. Expanded consolidated gross profit margin by 420 bps to 23.1%. Revenue generated from the Company's ODR (as defined below) segment increased 21.1% (versus 2022), achieving its 2023 target of a 50/50 segment revenue mix. Increased diluted earnings per share by 175% (versus 2022) to $1.76 Successfully completed the acquisitions of ACME and Industrial Air (as described in more detail below). In June 2023, the Company was added to the Russell 3000 Index as part of the annual reconstitution of the Russell indexes. Segments The Company operates in two segments, (i) General Contractor Relationships ("GCR"), in which the Company generally manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers, and

View Full Filing

View this 10-K filing on SEC EDGAR