Limbach Holdings Files Q3 2024 10-Q

TL;DR

Limbach Holdings (LMB) filed its Q3 2024 10-Q. Check financials.

AI Summary

Limbach Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024 and provides financial updates. Key financial data and operational details are presented for the reporting period.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Limbach Holdings, Inc. for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant negative news.

Key Players & Entities

• Limbach Holdings, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich Registered Common Stock, par value $0.0001 per share LMB The Nasdaq Stock Market L

Filing Documents

• lmb-20240930.htm (10-Q) — 1710KB
• lmb-09302024xexhibit311.htm (EX-31.1) — 10KB
• lmb-09302024xexhibit312.htm (EX-31.2) — 11KB
• lmb-09302024xexhibit321.htm (EX-32.1) — 6KB
• lmb-09302024xexhibit322.htm (EX-32.2) — 6KB
• lmb-20240930_g1.jpg (GRAPHIC) — 36KB
• 0001628280-24-045297.txt ( ) — 10337KB
• lmb-20240930.xsd (EX-101.SCH) — 70KB
• lmb-20240930_cal.xml (EX-101.CAL) — 103KB
• lmb-20240930_def.xml (EX-101.DEF) — 412KB
• lmb-20240930_lab.xml (EX-101.LAB) — 838KB
• lmb-20240930_pre.xml (EX-101.PRE) — 622KB
• lmb-20240930_htm.xml (XML) — 1688KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statement of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 Item 2.

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 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 44 Part II. Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47 Signature 48 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, 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,", "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 Quarterly Report on Form 10-Q that are not based upon historical facts 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 Quarterly Report on Form 10-Q and the Company management's current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the co

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LIMBACH HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 51,163 $ 59,833 Restricted cash 65 65 Accounts receivable (net of allowance for credit losses of $ 425 and $ 292 as of September 30, 2024 and December 31, 2023, respectively) 101,014 97,755 Contract assets 56,937 51,690 Other current assets 7,965 7,657 Total current assets 217,144 217,000 Property and equipment, net 25,088 20,830 Intangible assets, net 32,830 24,999 Goodwill 21,246 16,374 Operating lease right-of-use assets 22,312 19,727 Deferred tax asset 5,618 5,179 Other assets 179 330 Total assets $ 324,417 $ 304,439 LIABILITIES Current liabilities: Current portion of long-term debt $ 2,626 $ 2,680 Current operating lease liabilities 3,964 3,627 Accounts payable, including retainage 51,776 65,268 Contract liabilities 46,997 42,160 Accrued income taxes 1,758 446 Accrued expenses and other current liabilities 31,084 30,967 Total current liabilities 138,205 145,148 Long-term debt 20,497 19,631 Long-term operating lease liabilities 18,569 16,037 Other long-term liabilities 4,947 2,708 Total liabilities 182,218 183,524 Commitments and contingencies (Note 13) STOCKHOLDERS' EQUITY Common stock, $ 0.0001 par value; 100,000,000 shares authorized, issued 11,452,753 and 11,183,076 , respectively, and 11,273,101 and 11,003,424 outstanding, respectively 1 1 Additional paid-in capital 92,779 92,528 Treasury stock, at cost ( 179,652 shares at both period ends) ( 2,000 ) ( 2,000 ) Retained earnings 51,419 30,386 Total stockholders' equity 142,199 120,915 Total liabilities and stockholders' equity $ 324,417 $ 304,439 The accompanying notes are an integral part of these condensed consolidated financial statements 1 Table of Contents LIMBACH HOLDINGS, INC. Condensed Consolidated Statements of

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View this 10-Q filing on SEC EDGAR