false000160616300016061632025-03-102025-03-10


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): March 10, 2025
 
 
LIMBACH HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware001-3654146-5399422
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)
 
797 Commonwealth Drive, Warrendale, Pennsylvania 15086
(Address of principal executive offices, including zip code)
 
Registrant’s telephone number, including area code: (412) 359-2100
 
Not Applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.0001 par valueLMBThe Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨


Item 2.02Results of Operations and Financial Condition.
On March 10, 2025, Limbach Holdings, Inc. (the “Company”) issued a press release dated the same date announcing its financial results for its year ended December 31, 2024. We have furnished a copy of this release as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01Regulation FD Disclosure.
The Company is furnishing presentation materials (the “Investor Presentation”) that management intends to use, possibly with modifications, in one or more meetings from time to time with current and potential investors. The Investor Presentation includes an update on the Company’s current operations and major projects, as well as information relating to the Company’s strategic plans, goals, growth initiatives and outlook, and forecasts for future performance and industry development.
The foregoing description of the Investor Presentation does not purport to be complete and is qualified in its entirety by reference to the complete text of the Investor Presentation attached as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in the Investor Presentation is summary information that should be considered in the context of the Company’s filings with the Securities and Exchange Commission and other public announcements the Company may make by press release or otherwise from time to time. The Investor Presentation speaks as of the date of this report. While the Company may elect to update the Investor Presentation in the future to reflect events and circumstances occurring or existing after the date of this report, the Company specifically disclaims any obligation to do so.
By furnishing the portions of this Current Report on Form 8-K that are disclosed under this Item 7.01 and the Investor Presentation that is an exhibit hereto, the Company makes no admission as to the materiality of any information included under this Item 7.01, including without limitation the Investor Presentation. The Investor Presentation contains forward-looking statements. See Page 2 of the Investor Presentation for a discussion of certain forward-looking statements that are included therein and the risks and uncertainties related thereto.
The information in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 LIMBACH HOLDINGS, INC. 
    
 By: /s/ Jayme L. Brooks 
 Name: Jayme L. Brooks 
 Title: Executive Vice President and Chief Financial Officer 
 
Dated: March 10, 2025
 


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FOR IMMEDIATE RELEASE
Limbach Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results
Delivered FY2024 Record Net Income and Record Adjusted EBITDA
WARRENDALE, PA – March 10, 2025 – Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the quarter and year ended December 31, 2024.
2024 Highlights Compared to 2023
•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.
•Record adjusted net income of $43.2 million, or $3.60 per adjusted diluted earnings per share, compared to adjusted net income of $29.2 million, or $2.48 per adjusted diluted earnings per share.
•Record full-year adjusted EBITDA of $63.7 million, up 36.1% from $46.8 million.
•Owner Direct Relationships (“ODR”) revenue increased 31.9%, or $83.5 million, to $345.5 million accounting for 66.6% of total revenue.
•Record full-year total gross profit of $144.3 million, an increase of 20.9% from $119.3 million.
•Completed two strategic acquisitions.
2024 Fourth Quarter Highlights Compared to 2023 Fourth Quarter
•Record net income of $9.8 million, or $0.82 per diluted share, compared to net income of $5.2 million, or $0.44 per diluted share.
•Record adjusted net income of $13.8 million, or $1.15 per adjusted diluted earnings per share, compared to adjusted net income of $8.1 million, or $0.68 per adjusted diluted earnings per share.
•Record adjusted EBITDA of $20.8 million, up 65.5% from $12.6 million.
•ODR revenue increased 21.4%, or $16.9 million, to $95.5 million accounting for 66.5% of total revenue.
•Record total gross profit of $43.6 million, an increase of 30.8% from $33.3 million.
Management Comments
“In 2024, we produced record gross profit, record net income and record adjusted EBITDA by expanding and strengthening customer relationships in six verticals – healthcare, industrial and manufacturing, data centers, life science, higher education and cultural and entertainment,” Michael McCann, President and Chief Executive Officer of Limbach Holdings, said. “As a result of this momentum, for 2025 we estimate revenue of $610 million to $630 million and adjusted EBITDA of $78 million to $82 million.
“Throughout 2024, we created value for our customers, drove margin expansion, and delivered record profitability for our stockholders by executing the three pillars of our strategy: shifting our revenue mix from general contractor new construction projects to working directly for building owners on existing facilities, evolving our service offerings and scaling through acquisitions.
“Our dedicated account team structure and customer centric approach focus on existing buildings and create durable demand across economic cycles. We have expanded our reach and added value through our integrated facility planning, rental equipment, equipment replacements and retrofits, and maintenance and repair services. This allows us to provide comprehensive support across our customers' capital and operational budgets. Although we have made progress, we believe we still have significant opportunity to grow market share while growing our bottom line.

    

“We grew our business through two strategic acquisitions in 2024. Our acquisition strategy is that each new partnership should enhance our culture, fill a niche, prioritize building owner relationships and follow a proven value creation process to drive growth and long-term impact. Our current goal is to produce $8 million to $10 million in adjusted EBITDA per year through acquisitions. We have an ample pipeline of strong businesses to meet this goal while maintaining our disciplined approach.
“We have been transitioning the business to ODR for the past five years and are nearing the point of achieving steady topline growth both organically and from acquisitions. We continue to focus on working closely with mission-critical building owners whose aging infrastructure is critical to their operations. By specializing in existing buildings, we support customers and help drive sustainable, long-term growth.”
The following are results for the year-ended December 31, 2024, compared to the year-ended December 31, 2023:
•Total revenue was $518.8 million, an increase of 0.5% from $516.4 million. ODR segment revenue of $345.5 million increased by $83.5 million, or 31.9%, while General Contractor Relationships (“GCR”) segment revenue of $173.3 million decreased by $81.1 million, or 31.9%. The increase in year-over-year ODR segment revenue primarily was due to the Company's continued focus on the accelerated growth of its ODR business. In addition, ODR segment revenue increased in the aggregate by approximately $31.5 million due to the ACME Industrial Piping, LLC (“ACME”) and Industrial Air, LLC (“Industrial Air”) transactions. These entities were not acquired entities of the Company for the full year ending December 31, 2023. The decrease in year-over-year GCR segment revenue was primarily due to the Company’s continued focus on the execution of its mix-shift strategy to ODR.
•Total gross profit was $144.3 million, compared to $119.3 million. ODR gross profit increased $31.7 million, or 41.6%, due to the combination of an increase in revenue, higher margins driven by contract mix and as a result of the ACME and Industrial Air transactions. GCR gross profit decreased $6.7 million, or 15.5%, primarily due to lower revenue despite higher margins. The total gross profit percentage increased from 23.1% to 27.8%, mainly driven by the mix of higher margin ODR segment work, the Company becoming more selective when pursuing GCR work, and net material gross profit write-ups.
•SG&A expense increased approximately $9.8 million, to $97.2 million, compared to $87.4 million. The increase in SG&A primarily was due to a $6.5 million increase associated with payroll and incentive related expenses, $4.1 million of collective expenses incurred with the ACME and Industrial Air entities that were not acquired entities of the Company for the full fiscal year 2023, a $0.9 million increase in stock-based compensation expense and a $0.7 million increase for professional services fees. Partly offsetting this increase was a $1.0 million decrease in SG&A related to CEO transition costs recognized in 2023. As a percent of revenue, SG&A expense was 18.7%, up from 16.9%.
•Interest expense was relatively flat at $1.9 million for 2024, compared to $2.0 million in 2023.
•Interest income was $2.2 million for 2024, compared to $1.2 million in 2023. This increase was due to the Company's timing and amounts of investments in overnight repurchase agreements, U.S. Treasury Bills, and money market funds year-over-year.
•Net income for the year was $30.9 million as compared to $20.8 million, an increase of 48.8%. Diluted earnings per share were $2.57 as compared to $1.76.
•Adjusted net income was $43.2 million as compared to $29.2 million, an increase of 48.2%. Adjusted diluted earnings per share were $3.60 as compared to $2.48.
•Adjusted EBITDA was $63.7 million as compared to $46.8 million, an increase of 36.1%.
•Net cash provided by operating activities was $36.8 million as compared to $57.4 million in the prior year primarily due to changes in working capital.
The following are results for the three months ended December 31, 2024, compared to the three months ended December 31, 2023:
•Total revenue was $143.7 million, an increase of 0.7% from $142.7 million. ODR segment revenue of $95.5 million increased by $16.9 million, or 21.4%, while GCR segment revenue of $48.2 million was down $15.9 million, or 24.8%. The increase in quarter-over-quarter ODR segment revenue was primarily due to the Company's continued focus on accelerating the growth of its ODR business. The decrease in quarter-over-quarter GCR segment revenue was primarily due to the Company’s continued focus on the execution of its mix-shift strategy to ODR.
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•Total gross profit was $43.6 million, compared to $33.3 million. ODR gross profit increased $6.9 million, or 29.3%, due to the combination of an increase in revenue and higher margins of 32.1% versus 30.1% driven by contract mix. GCR gross profit increased $3.3 million, or 34.5%, primarily due to higher margins of 26.9% compared to 15.0% despite lower revenue. The total gross profit percentage increased from 23.3% to 30.3%, mainly driven by the mix of higher margin ODR segment work, the Company continuing to be more selective when pursuing GCR work and net material gross profit write-ups.
•SG&A expense increased approximately $2.4 million, to $27.4 million, compared to $25.0 million. The increase in SG&A primarily was due to a $2.8 million increase associated with payroll and incentive related expenses, partially offset by a $0.5 million decrease related to certain legal accruals. As a percentage of revenue, SG&A expense was 19.1%, up from 17.5%.
•Interest expense was relatively flat at $0.5 million, compared to $0.4 million.
•Interest income was $0.5 million during the fourth quarter compared to $0.6 million in the fourth quarter of 2023. This decrease was due to the Company's timing and amounts of investments in overnight repurchase agreements, U.S. Treasury Bills, and money market funds period-over-period.
•Net income was $9.8 million, as compared to $5.2 million, an increase of 87.5%. Diluted earnings per share were $0.82 as compared to $0.44.
•Adjusted net income was $13.8 million as compared to $8.1 million, an increase of 70.9%. Adjusted diluted earnings per share were $1.15 as compared to $0.68.
•Adjusted EBITDA was $20.8 million as compared to $12.6 million, an increase of 65.5%.
•Net cash provided by operating activities increased to $19.3 million as compared to $13.9 million.
Balance Sheet
At December 31, 2024, cash and cash equivalents were $44.9 million. Current assets were $220.3 million and current liabilities were $151.0 million at December 31, 2024, representing a current ratio of 1.46x compared to 1.50x at December 31, 2023. At December 31, 2024, the Company had $10.0 million borrowings outstanding on our revolving credit facility and $4.2 million for standby letters of credit.
2025 Guidance
The Company is providing initial 2025 full year guidance, as summarized in the table below.
Revenue$610 million - $630 million
Adjusted EBITDA$78 million - $82 million
With respect to projected 2025 Adjusted EBITDA guidance and Adjusted EBITDA Margin, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to certain items, which are excluded from Adjusted EBITDA. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on future financial results.
Conference Call Details
Date:     Tuesday, March 11, 2025
Time:     9:00 a.m. Eastern Time
Participant Dial-In Numbers:
Domestic callers:     (877) 407-6176
International callers:    +1 (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=lKPAAXs2. An audio replay of the call will be archived on Limbach’s website for 365 days.
About Limbach
3
    

Limbach is a building systems solution firm that partners with building owners and facilities managers who have mission critical mechanical (heating, ventilation and air conditioning), electrical and plumbing infrastructure. We strive to be an indispensable partner to our customers by providing services that are essential to the operation of their businesses. We work with building owners primarily in six vertical markets: healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment. We have approximately 1,400 team members in 20 offices across the eastern United States. Our team members uniquely combine engineering expertise with field installation skills to provide custom solutions that leverage our full life-cycle capabilities, which allows us to address both the operational and capital projects needs of our customers.
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, projected EBITDA production from possible acquisitions, revenues, expenses, backlog, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition, 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 and the Company’s business being negatively affected by the health crises or outbreaks of diseases, such as epidemics or pandemics (and related impacts, such as supply chain disruptions). 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,” “goal,” 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. 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 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.
Investor Relations
Financial Profiles, Inc.
Julie Kegley
LMB@finprofiles.com
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LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations

(in thousands, except share and per share data)(Unaudited)
For the Quarter Ended December 31,		For the Years Ended December 31,
2024202320242023
Revenue$143,650 $142,691 $518,781 $516,350 
Cost of revenue100,079 109,385 374,500 397,060 
Gross profit43,571 33,306 144,281 119,290 
Operating expenses:
Selling, general and administrative27,399 24,964 97,199 87,397 
Change in fair value of contingent consideration1,426 265 3,770 729 
Amortization of intangibles1,732 826 4,688 1,880 
Total operating expenses30,557 26,055 105,657 90,006 
Operating income13,014 7,251 38,624 29,284 
Other income (expense):
Interest expense(494)(431)(1,869)(2,046)
Interest income493 593 2,227 1,217 
Loss on early debt extinguishment— — — (311)
Gain (loss) on change in fair value of interest swap164 (277)34 (124)
Gain on disposition of property and equipment294 52 950 80 
Total other income (expenses)457 (63)1,342 (1,184)
Income before income taxes13,471 7,188 39,966 28,100 
Income tax provision3,629 1,939 9,091 7,346 
Net income$9,842 $5,249 $30,875 $20,754 
Earnings Per Share (“EPS”)
Net income per share:
Basic$0.87 $0.48 $2.75 $1.93 
Diluted$0.82 $0.44 $2.57 $1.76 
Weighted average number of shares outstanding:
Basic11,273,101 11,003,424 11,243,714 10,773,467 
Diluted12,066,569 11,865,450 12,027,398 11,812,098 

5
    

LIMBACH HOLDINGS, INC.
Consolidated Balance Sheets

As of December 31,
(in thousands, except share data)
20242023
ASSETS
Current assets:
Cash and cash equivalents$44,930 $59,833 
Restricted cash65 65 
Accounts receivable (net of allowance for credit losses of $387 and $292, respectively)
119,659 97,755 
Contract assets47,549 51,690 
Advances to and equity in joint ventures, net5 12 
Other current assets8,126 7,645 
Total current assets220,334 217,000 
Property and equipment, net30,126 20,830 
Intangible assets, net41,228 24,999 
Goodwill33,034 16,374 
Operating lease right-of-use assets21,539 19,727 
Deferred tax asset5,531 5,179 
Other assets337 330 
Total assets$352,129 $304,439 
LIABILITIES
Current liabilities:
Current portion of long-term debt$3,314 $2,680 
Current operating lease liabilities4,093 3,627 
Accounts payable, including retainage60,814 65,268 
Contract liabilities44,519 42,160 
Accrued income taxes1,470 446 
Accrued expenses and other current liabilities36,827 30,967 
Total current liabilities151,037 145,148 
Long-term debt23,554 19,631 
Long-term operating lease liabilities17,766 16,037 
Other long-term liabilities6,281 2,708 
Total liabilities198,638 183,524 
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 11,452,753 and 11,183,076, respectively; 11,273,101 and 11,003,424 outstanding, respectively
1 1 
Additional paid-in capital94,229 92,528 
Treasury stock, at cost (179,652 shares at both period ends)
(2,000)(2,000)
Retained earnings 61,261 30,386 
Total stockholders’ equity153,491 120,915 
Total liabilities and stockholders’ equity$352,129 $304,439 
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LIMBACH HOLDINGS, INC.
Consolidated Statements of Cash Flows
Year Ended December 31,
(in thousands)
20242023
Cash flows from operating activities:
Net income$30,875 $20,754 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization11,888 8,244 
Noncash operating lease expense4,115 3,824 
Provision for credit losses / doubtful accounts201 431 
Stock-based compensation expense5,773 4,910 
Loss on early debt extinguishment— 311 
Amortization of debt issuance costs43 79 
Deferred income tax provision(352)(350)
Gain on sale of property and equipment(950)(80)
(Gain) loss on change in fair value of interest rate swap(34)124 
Loss on change in fair value of contingent consideration3,770 729 
Changes in operating assets and liabilities:
      Accounts receivable(11,275)32,607 
      Contract assets8,506 10,397 
      Other current assets(499)(1,486)
      Accounts payable, including retainage(10,298)(10,909)
      Contract liabilities(2,949)(9,121)
 Income tax receivable— 95 
 Accrued income taxes1,024 (1,442)
      Accrued expenses and other current liabilities3,111 2,867 
      Operating lease liabilities(3,850)(3,795)
Payment of contingent consideration liability in excess of acquisition-date fair value(2,175)(1,224)
      Other long-term liabilities(141)401 
Net cash provided by operating activities36,783 57,366 
Cash flows from investing activities:
Kent Island Transaction, net of cash acquired(13,387)— 
Consolidated Mechanical Transaction, net of cash acquired(23,201)— 
ACME Transaction, net of cash acquired— (4,883)
Industrial Air Transaction, net of cash acquired— (10,378)
Proceeds from sale of property and equipment1,536 435 
Purchase of property and equipment(7,524)(2,266)
Advances from joint ventures7 — 
Net cash used in investing activities(42,569)(17,092)
Cash flows from financing activities:
   Payments on Wintrust and A&R Wintrust Term Loans— (21,452)
   Proceeds from Wintrust Revolving Loan— 10,000 
   Payment of contingent consideration liability up to acquisition-date fair value(1,325)(1,776)
   Repurchase of common stock under Share Repurchase Program— — 
Payments on finance leases(3,045)(2,733)
Proceeds from contributions to employee stock purchase plan440 368 
Taxes paid related to net-share settlement of equity awards(5,187)(847)
Payments of debt issuance costs— (50)
Net cash used in financing activities(9,117)(16,490)
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(Decrease) increase in cash, cash equivalents and restricted cash(14,903)23,784 
Cash, cash equivalents and restricted cash, beginning of year59,898 36,114 
Cash, cash equivalents and restricted cash, end of year$44,995 $59,898 
Supplemental disclosures of cash flow information
Noncash investing and financing transactions:
Earnout liability associated with the Kent Island Transaction$4,381 $— 
Earnout liability associated with the Consolidated Mechanical Transaction757 — 
Earnout liability associated with the ACME Transaction— 1,514 
Earnout liability associated with the Industrial Air Transaction— 3,165 
Right of use assets obtained in exchange for new operating lease liabilities4,775 3,135 
Right of use assets obtained in exchange for new finance lease liabilities7,586 5,219 
Right of use assets disposed or adjusted modifying operating leases liabilities1,268 1,112 
Right of use assets disposed or adjusted modifying finance leases liabilities— (93)
Interest paid1,899 1,908 
Cash paid for income taxes$8,529 $9,156 
8

LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations (Unaudited)
Three Months Ended
December 31,		Increase/(Decrease)
(in thousands, except for percentages)20242023$%
Statement of Operations Data:  
Revenue:  
ODR$95,483 66.5 %$78,628 55.1 %$16,855 21.4 %
GCR48,167 33.5 %64,063 44.9 %(15,896)(24.8)%
Total revenue143,650 100.0 %142,691 100.0 %959 0.7 %
Gross profit:
ODR(1)
30,605 32.1 %23,666 30.1 %6,939 29.3 %
GCR(2)
12,966 26.9 %9,640 15.0 %3,326 34.5 %
Total gross profit43,571 30.3 %33,306 23.3 %10,265 30.8 %
Total selling, general and administrative(3)
27,399 19.1 %24,964 17.5 %2,435 9.8 %
Change in fair value of contingent consideration1,426 1.0 %265 0.2 %1,161 438.1 %
Amortization of intangibles 1,732 1.2 %826 0.6 %906 109.7 %
Total operating income$13,014 9.1 %$7,251 5.1 %$5,763 79.5 %
(1)As a percentage of ODR revenue.
(2)As a percentage of GCR revenue.
(3)Included within selling, general and administrative expenses was $1.5 million of stock-based compensation expense for both quarters ended December 31, 2024 and 2023.
9

LIMBACH HOLDINGS, INC.
Consolidated Statements of Operations
 Year Ended December 31,Increase/(Decrease)
(in thousands, except for percentages)20242023$%
Statement of Operations Data:  
Revenue:  
ODR$345,500 66.6 %$261,958 50.7 %$83,542 31.9 %
GCR173,281 33.4 %254,392 49.3 %(81,111)(31.9)%
Total revenue518,781 100.0 %516,350 100.0 %2,431 0.5 %
Gross profit:
ODR(1)
107,775 31.2 %76,090 29.0 %31,685 41.6 %
GCR(2)
36,506 21.1 %43,200 17.0 %(6,694)(15.5)%
Total gross profit144,281 27.8 %119,290 23.1 %24,991 20.9 %
Total selling, general and administrative(3)
97,199 18.7 %87,397 16.9 %9,802 11.2 %
Change in fair value of contingent consideration 3,770 0.7 %729 0.1 %3,041 417.1 %
Amortization of intangibles4,688 0.9 %1,880 0.4 %2,808 149.4 %
Total operating income$38,624 7.4 %$29,284 5.7 %$9,340 31.9 %
(1)As a percentage of ODR revenue.
(2)As a percentage of GCR revenue.
(3)Included within selling, general and administrative expenses was $5.8 million and $4.9 million of stock-based compensation expense for the years ended December 31, 2024 and 2023, respectively.
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Non-GAAP Financial Measures
In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measures are Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share, which are non-GAAP financial measures.
Adjusted EBITDA and Adjusted EBITDA Margin
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 define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Our board of directors and executive management team focus on Adjusted EBITDA and Adjusted EBITDA Margin as two of our key performance and compensation measures. Adjusted EBITDA and Adjusted EBITDA Margin assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of certain items that do not necessarily reflect our core operations. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are 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.
Adjusted Net Income and Adjusted Diluted Earnings per Share
We define Adjusted Net Income as net income, adjusted to exclude certain items that do not reflect our core operating performance, such as amortization of intangible assets, non-cash stock-based compensation, restructuring charges, the change in fair value of contingent consideration, acquisition and other transaction costs and the net tax effect of reconciling items, as further adjusted to eliminate the impact of, when applicable, other non-cash or expenses that are unusual or non-recurring. We define Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted average diluted shares outstanding. We believe Adjusted Net Income and Adjusted Diluted Earnings per Share are useful to investors as we use these metrics to assist with strategic decision making, forecasting future results, and evaluating current performance.
We understand that these non-GAAP financial measures are 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, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share. Our calculations of these non-GAAP measures, 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, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share cannot be achieved without incurring the costs that the measure excludes. A reconciliation of net income to Adjusted EBITDA and net income to Adjusted Net Income, the most comparable GAAP measures, are 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.











11

Reconciliation of Net Income to Adjusted EBITDA (unaudited)
For the Three Months Ended December 31,For the Years Ended December 31,
(in thousands)2024202320242023
Net income$9,842$5,249$30,875$20,754
Adjustments:
Depreciation and amortization3,6272,49311,8888,244
Interest expense4944311,8692,046
Interest income(493)(593)(2,227)(1,217)
Non-cash stock-based compensation expense1,4501,5365,7734,910
Loss on early debt extinguishment———311
Change in fair value of interest rate swap(164)277(34)124
CEO transition costs———958
Restructuring costs(1)
6006811,4271,770
Change in fair value of contingent consideration1,4262653,770729
Income tax provision 3,6291,9399,0917,346
Acquisition and other transaction costs4053021,282826
Adjusted EBITDA$20,816$12,580$63,714$46,801
Revenue$143,650$142,691$518,781$516,350
Adjusted EBITDA margin14.5 %8.8 %12.3 %9.1 %
(1)    For the years ended December 31, 2024 and 2023, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.
12

Reconciliation to Adjusted Net Income and Adjusted Diluted Earnings Per Share (unaudited)

Three Months Ended December 31,For the Years Ended December 31,
(in thousands, except share and per share amounts)2024202320242023
Net income and diluted earnings per share$9,842$0.82 $5,249$0.44 $30,875$2.57 $20,754$1.76 
Pre-tax Adjustments:
Amortization of acquisition-related intangible assets1,7320.14 826 0.07 4,688 0.39 1,8800.16 
Non-cash stock-based compensation expense1,4500.12 1,5360.13 5,7730.48 4,9100.42 
Loss on early debt extinguishment—— —— —— 3110.03 
Change in fair value of interest rate swap(164)(0.01)2770.02 (34)— 1240.01 
Restructuring costs(1)
6000.05 6810.06 1,4270.12 1,7700.15 
Change in fair value of contingent consideration1,4260.12 2650.02 3,7700.31 7290.06 
Acquisition and other transaction costs4050.03 3020.03 1,2820.11 8260.07 
CEO transition costs—— —— —— 9580.08 
Tax effect of reconciling items(2)
(1,471)(0.12)(1,049)(0.09)(4,564)(0.38)(3,107)(0.26)
Adjusted net income and adjusted diluted earnings per share$13,820$1.15 $8,087$0.68 $43,217$3.60 $29,155$2.48 
Weighted average number of shares outstanding: Diluted12,066,569 11,865,450 12,027,398 11,812,098 
(1)    For the years ended December 31, 2024 and 2023, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.
(2)    The tax effect of reconciling items was calculated using a statutory tax rate of 27%.
13
Investor Presentation Growth & Market Positioning 2024 Earnings | March 2025 NASDAQ: LMB

 
NASDAQ: LMB | 2 We make forward-looking statements in this presentation 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, the execution of the Company’s long-term strategic roadmap and Limbach 3.0. 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, ” “scenario” 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 certain health crises or outbreaks of diseases, such as epidemics or pandemics (and related impacts, such as supply chain disruptions) 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 presentation. Forward Looking Statements

 
Limbach is a leading building systems solutions firm specializing in revitalizing mission-critical mechanical/HVAC, electrical, and plumbing infrastructure within existing buildings. NASDAQ: LMB | 3

 
NASDAQ: LMB | 4 Limbach At-A-Glance WHO WE ARE WHO WE PARTNER WITH 1,400 TEAM MEMBERS Our people make a critical difference in providing and optimizing the environments that support life’s most important moments. We partner with Building Owners with Mission-Critical MEP Infrastructure OUR PURPOSE 20 BRANCH LOCATIONS Healthcare Data Centers Higher Education Industrial & Manufacturing Life Science Cultural & Entertainment A building systems solutions firm with expertise in mechanical, electrical, and plumbing systems.

 
NASDAQ: LMB | 5 Transforming Into a Building Systems Solutions Firm A Building Systems Solutions firm, leveraging our expertise to tackle our customers' most complex challenges. With a tailored focus on mission-critical infrastructure in existing buildings, we deliver end-to-end solutions that drive efficiency, reliability, and long-term value. INTRUSION DETECTION INDUSTRIAL & MEDICAL GASES EQUIPMENT INDOOR AIR QUALITY SERVICES DIGITAL VIDEO & SECURITY SYSTEMS (ESS) ENVIRONMENTAL CONTROL & MONITORING ENERGY MANAGEMENT & UTILITY MONITORING WATER MANAGEMENT MOBILITY & VERTICAL TRANSPORTATION MECHANICAL, ELECTRICAL, PLUMBING (MEP) LIGHTING CONTROL AND RETROFIT FIRE DETECTION AND ALARM SECURITY AND ACCESS CONTROL SMOKE CONTROL Building Systems Solutions Firm Providing Solutions for Mission-Critical Building Systems

 
NASDAQ: LMB | 6 Durable Demand Through the Vertical Markets We Serve Healthcare Data Centers Higher EducationIndustrial & Manufacturing Life Sciences Cultural & Entertainment Mission-Critical Vertical Markets Revenue Diversification We operate in six distinct vertical markets, reducing dependency on any single industry. Constant Demand Mission-critical markets must stay operational, ensuring continuous work and stability through varying economic cycles. National Growth Opportunity Focusing on customers across all vertical markets with national footprints unlocks untapped potential and increases revenue opportunities.

 
NASDAQ: LMB | 7 Macroeconomic Resilience Equipment will break, repairs/replacements are constant Fast-Paced Execution Allowing us to adapt and efficiently allocate costs Budget Agility Catering to customer needs spanning both Operating Expense (OpEx) and Capital Project (CapEx) budgets Embedded & Difficult to Displace Deeply integrated in customer operations, built over years Durable Demand Through Existing Infrastructure Focus

 
NASDAQ: LMB | 8 Competitive Matrix - Market Positioning & Differentiation Limbach stands apart by combining the best elements of competitors to deliver comprehensive, end-to-end facility solutions— offering investors a scalable, standardized enterprise model that maximizes long-term value in mission-critical markets. Focus: Typical Work Mix: Services Provided: Strategic Approach: Vertical Markets: OEM Firms Product-Focused Sell proprietary product Product dependent solutions: Sales + Service contracts Sell products to lock customers in Numerous Contractors New-Construction Execution-Focused Transactional, new project-based work Installation, repairs, maintenance Decentralized approach, backlog-focus Numerous (Commercial + Residential) Property Managers Generalists Generalists managing building operations Facility management, vendor coordination Cost-conscious, need partners to execute Numerous (Commercial + Residential) Consulting & Engineering Firms Design-Focused Provide engineered solutions System design, energy efficiency consulting No direct execution, reliant on contractors Government, Utilities, Healthcare, Education, Housing, Commercial, Industrial Building Systems Solutions Firm Existing- Infrastructure Focused Enterprise provider with standardized platform, expert in complex MEP systems Holistic solutions, combining engineering & field expertise one-stop-shop Standardized enterprise approach, dedicated to top local & national customers Disciplined to 6: Healthcare, Industrial/Mfg., Higher Ed., Life Sciences, Data Centers, Cultural & Entertainment

 
NASDAQ: LMB | 9 Two Operating Segments - ODR and GCR GCR projects are characterized as having a solution in place therefore are more likely to be procured through a competitive bid process • Most E&C peers are focused on large construction, working for General Contractors • Tends to be more cyclical and dependent on macroeconomic conditions • Production labor dependent & longer schedules making it more difficult to pass along inflationary costs • GCR Quarterly Gross Margin FY 2024: ○ Q1: 20.0% ○ Q2: 20.6% ○ Q3: 15.8% ○ Q4: 26.9% ODR work is driven by developing and proposing customized solutions that are developed from our vast knowledge of the facilities, where competing firms are challenged to provide solutions • Includes reoccurring revenue from service and maintenance contracts • Better cash position by being in a direct payment relationship with owner vs. indirect • Shorter schedules and increased number of transactions • ODR Quarterly Gross Margin FY 2024: ○ Q1: 29.8% ○ Q2: 30.6% ○ Q3: 31.9% ○ Q4: 32.1% Overarching Goal: Maximized Risk Adjusted Returns Owner Direct Relationships (“ODR”) Existing Buildings General Contractor Relationships (“GCR”) New Construction

 
NASDAQ: LMB | 10 ODR ~80% Focused on Growth Three Pillar Approach to Scale the Business: Organic Segment Revenue Percentage Mix Shift Target Margin Expansion Through Evolved Offerings Scale Through Acquisitions Full Transition to Achieving Optimal Higher Margin Mix Transformation To OEM Gross Margins ~35-40% Expand Geographic Footprint & Market Share Within Existing Markets GCR ~20% Top Customers Existing Buildings Owner-Directed OpEx Infrastructure Support CapEx Integrated Facility Planning Professional Services Traditional Speciality Contractor Services

 
NASDAQ: LMB | 11 Pillar #1 - Performance Result of Transition Towards Optimal Mix Shift Over the period from FY 2019 – FY 2024, Gross Margin has expanded nearly 1,480 bps to 27.8% This has enabled us to drive Adjusted EBITDA Margin1 more than 4x from 3.0% to 12.3% ODR Rev. % 20.0% 40.0% 60.0% 80.0% G ro ss M ar gi n / A dj us te d EB IT D A M ar gi n O D R R evenue Percentage 1. See Adjusted EBITDA margin calculation and non-GAAP reconciliation on slide 26.

 
NASDAQ: LMB | 12 Total Revenue Pillar #1 – Total Revenue is Static, but Higher Margin ODR Revenue is Growing Total Revenue is down 6.2% from 2019 ODR Revenue CAGR of 21.3% for 2019 to 2024 period Total revenue growth projected for 2025 as higher margin mix shift is achieved ODR Revenue $568.2M $127.2M $490.4M $140.3M $496.8M $216.4M $516.4M $262.0M 2020 2021 2022 2023 2024 $518.8M $345.5M $553.3M $115.1M 2019

 
NASDAQ: LMB | 13 Pillar #2 - Expanded Margins through Evolved LMB Offerings Integrated Facility Planning Rental Equipment Replacement & Retrofits Maintenance & Repairs Energy Efficiency Solutions Decarbonization Roadmaps Evolved LMB Offerings Customer Value Mission-critical building systems solutions support providing best-in-class options for long- and short-term impacts Dedicated resources: onsite every day to become an extension of our customer’s staff, developing expertise in their systems Maximize returns on building assets by reducing costs and energy usage and meeting sustainability objectives Solutions that are optimized for the customer; not promoting a brand of equipment We believe that being an indispensable partner to customers leads to long-term relationships generating consistent, reoccurring revenue, attractive margins and opportunities to grow the business with the customer

 
NASDAQ: LMB | 14 Pillar #2 - What We Do - Catering to Customer Needs & Budgets Operating Expense Professional ServicesCapital Projects Program Management Engineering Consulting Data Driven Solutions Capital Planning Integrated Facility Planning Maintenance & Repairs Replacements & Retrofits Rental Equipment Energy Efficiency Solutions Decarbonization Roadmaps Energy Financing Solutions

 
NASDAQ: LMB | 15 Limbach Location States with branch locations and potential tuck-in opportunity Potential new geographies for acquisitions Pillar #3 - Current & Target Geographies Tuck-In Acquisition Criteria ❑ Total Annual Revenue: $10-15M w/80%+ ODR Revenue ❑ +15% YoY ODR Growth ❑ Focus on Gross Profit Quality & Account Resources ❑ Ex: New Geography Acquisition Criteria ❑ Total Annual Revenue: $25M-40M w/Strong ODR Mix ❑ Local Niche with Mature Building Owner Relationships ❑ Ex: Disciplined and focused M&A strategy comprises “Tuck-In” and “Expansion” acquisitions of companies with consistent and scalable business models

 
NASDAQ: LMB | 16 Pillar #3 - Value Creation Through Integrating Into a Common Platform Value Creation Process: Reduction of Fixed Costs Common Organizational Structure Gross Profit Benchmarking Risk Management Tools Establish Account Focus Deploy On-Site Account Managers Evolved LMB Offerings Roll Out Fully Built Out Account Teams 1. 2. 3. 4. 5. 6. 7. 8. Characteristics We Seek: Cultural Fit Alignment with our values and “we care” culture Niche Specialized expertise in our core vertical markets Building Owner Customers Commitment to building long-term relationships with Building Owners Our acquisition strategy prioritizes alignment and specialized value, ensuring that each partnership enhances our culture and niche. By integrating into a common platform, we strengthen owner relationships and follow a proven value creation process to drive growth and long-term impact. 1. 2. 3.

 
NASDAQ: LMB | 17 Pillar #3 - Recent Expansion Transaction – Closed December 2nd, 2024 Total consideration paid by Limbach at closing was $23 million (subject to typical working capital adjustments), sourced from available cash, with performance-based, contingent earn-outs totaling $2 million. Consolidated Mechanical is expected to contribute annualized revenue of approximately $23 million beginning in 2025, and EBITDA of $4 million per annum. The acquisition expands Limbach’s reach into Kentucky, Illinois, and Michigan, while Consolidated Mechanical’s Western Michigan presence complements existing operations in the state's Southeast. Significant share of revenues are owner-direct in nature, with a robust mix of time and materials and cost-reimbursable revenue streams focused on repair, maintenance, and retrofit activities. Attractive Business Model: - Compelling Valuation & Structure Geographic Proximity: - Attractive Operating Footprint Supports ODR Strategy: - Increased ODR Exposure - Attractive Customer Base Capability Expansion: - Value Creation Opportunities - Emphasis on Healthcare Sector Other: - Cultural Fit M&A CRITERIA: Strong relationships with key customers extends Limbach’s reach into the industrial sector, with new exposure to the power generation, food processing, manufacturing, and metals markets.

 
NASDAQ: LMB | 18 Pillar #3 - Recent Tuck-In Transaction – Closed September 3rd, 2024 Total consideration paid by Limbach at closing was $15 million (subject to typical working capital adjustments), sourced from available cash, with performance-based, contingent earn-outs totaling $5 million. Limbach Kent Island expects to contribute on average $30 million in revenue and $4 million in EBITDA on a full year basis. We believe the combination of Kent Island Mechanical and our Mid-Atlantic operating unit will create a dominant mechanical systems solutions provider in the high growth, Mid-Atlantic region. Significant share of revenues are owner-direct in nature, dovetailing well with Limbach’s focus on expanding segment opportunities. Attractive Business Model: - Compelling Valuation & Structure Geographic Proximity: - Attractive Operating Footprint Supports ODR Strategy: - Increased ODR Exposure - Attractive Customer Base Capability Expansion: - Value Creation Opportunities - Extends Reach to New Sectors Other: - Cultural Fit M&A CRITERIA: Strong relationships with key customers in the local healthcare end market which will allow us to expand our local healthcare resume.

 
NASDAQ: LMB | 19 Strong Balance Sheet and Disciplined Capital Allocation Strategy Balance Sheet to fund organic growth and acquisitions: Used $13.4M to fund the Kent Island Mechanical Acquisition in 3Q’24 and $23.2M to fund the Consolidated Mechanical Acquisition in 4Q’24 Investment in expanding and evolving LMB offerings Strategic acquisitions – disciplined acquisition criteria Key Balance Sheet Items December 31, 20241 December 31, 20231 Cash and Cash Equivalents $44.9 $59.8 Current Assets $220.3 $217.0 Current Liabilities $151.0 $145.1 Working Capital $69.3 $71.9 Net (Over) / Under Billing2 $(17.1) $(12.7) Revolver $10.0 $10.0 Term Loan — — Financing Liability (Sale and Leaseback Transaction) $5.4 $5.4 Vehicle Finance Leases $11.9 $7.3 Total Debt $27.2 $22.7 Net Debt (Cash)3 $(17.7) $(37.1) Equity $153.5 $120.9 Dollars in millions. 1. See the Company’s annual report on Form 10-K for the year ended December 31, 2024. 2. For the calculation of the Company’s net billing position, refer to Note 4 to the consolidated financial statements within the Company’s annual report on Form 10-K for the year ended December 31, 2024. 3.The Company's calculation of the Net Debt (Cash) position is Cash and Cash Equivalents minus Total Debt. Totals may not foot due to rounding.

 
NASDAQ: LMB | 20 Financial Goals 1. Reflects guidance issued by the Company on March 10th, 2025. This guidance speaks only as of this date and this presentation does not constitute confirmation or updating of guidance. Free cash flow is defined as cash flow from operating activities, less changes in working capital and capital expenditures (excluding investment in rental equipment). See slide 28 for the non-GAAP reconciliation of Free Cash Flow. 2025 Guidance1 $610M to $630M Total Revenue Mix Shift 70% to 80% ODR ODR Revenue Growth 23% to 46% Total Gross Margin 28% to 29% Adjusted EBITDA $78M to $82M Adj. EBITDA Margin 12.5% to 13.5% Continued Strong Cash Flow 70% of Adj. EBITDA = Free Cash Flow Revenue Gross Margin / Adj. EBITDA Cash

 
NASDAQ: LMB | 21 Stockholder Value Drivers Strong Growth Strategy: Organic Expansion & Strategic Acquisitions Durable, Recurring Demand through Economic Cycles Resilient Business Model and Strong Balance Sheet Scalable Business Platform Focused on Revitalizing Existing Infrastructure

 
APPENDIX 22

 
NASDAQ: LMB | 23 Operating and Financial Update QTD 4Q’24 Performance Dollars in millions. Totals may not foot due to rounding. 1. See the Company’s quarterly earnings press release on Form 8-K for the fiscal quarter ended December 31, 2024. 2. See slide 26 for Non-GAAP Reconciliation Table. Revenue1 $142.7 Adjusted EBITDA2 + 65.5%+ 0.7% Year-Over-Year Change Year-Over-Year Change $143.7 Gross Profit and (Margin)1 + 30.8% Year-Over-Year Change $33.3 (23.3%) $43.6 (30.3%) $95.5 $48.2 $78.6 $64.1 4Q’23 4Q’24 4Q’23 4Q’24 $30.6 $13.0 $9.6 4Q’23 4Q’24 $12.6 $20.8 $23.7

 
NASDAQ: LMB | 24 Operating and Financial Update FY 2024 Year to Date Performance Dollars in millions. Totals may not foot due to rounding. 1. See the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2024 2. See slide 26 for Non-GAAP Reconciliation Table. Revenue1 $516.4 Adjusted EBITDA2 + 36.1%+ 0.5% Year-Over-Year Change Year-Over-Year Change $518.8 Gross Profit and (Margin)1 + 20.9% Year-Over-Year Change $119.3 (23.1%) $144.3 (27.8%) $345.5 $173.3 $262.0 $254.4 4Q’23 4Q’24 4Q’23 4Q’24 $107.8 $36.5 $43.2 4Q’23 4Q’24 $34.2 $42.9 $76.1 $46.8 $63.7

 
NASDAQ: LMB | 25 Sustainability at Limbach Reducing Energy & Operating Costs Revitalizing Existing Infrastructure ENERGY STAR® Partner Community Engagement Culture of Belonging Social Responsibility Hearts & Minds Comp & Benefits Packages Industry Accredited Training Sustainability at PLANET GOVERNANCE PE O PL E ● We champion employee health and safety through our Hearts & Minds program ● We offer competitive compensation and a range of benefits and programs ● Our dedication to employee growth was recognized with the APEX award from Training magazine in 2023 & 2024 ● We take great pride in contributing to the communities where we live and operate through our Hearts & Hands ERG ● We were recognized by Newsweek as one of America’s Most Loved Workplaces and Best Practice Institute as a top place to work People: Empowering Our Team & Supporting Our Communities Planet: Revitalizing Existing Infrastructure ● Building MEP systems are a major source of carbon emissions ● Our focus: Enhancing energy efficiency and cutting operating costs by revitalizing existing infrastructure ● ENERGY STAR® Partner: Providing facility assessments and engineered solutions Governance: Governing Responsibility ● Committed to transparency, accountability and ethical conduct ● Decisions are made in the best interest of stockholders and stakeholders ● Clear policies and procedures to mitigate risks and safeguard assets ● Board oversight of sustainability policies and programs ● Code of Conduct and Ethics / Whistleblower policy

 
NASDAQ: LMB | 26 Non-GAAP Reconciliation Table Reconciliation of Adjusted EBITDA Margin* *Use of 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. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or 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 (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes. Fiscal Year Ended December 31, Three Months Ended December 31, (in thousands) 2019 2020 2021 2022 2023 2024 2024 2023 Revenue: $ 553,334 $ 568,209 $ 490,351 $ 496,782 $ 516,350 $ 518,781 $ 143,650 $ 142,691 Net income (loss) ($ 1,775) $ 5,807 $ 6,714 $ 6,799 $ 20,754 $ 30,875 $ 9,842 $ 5,249 Adjustments: Depreciation and amortization 6,286 6,171 5,948 8,158 8,244 11,888 3,627 2,493 Interest expense 6,285 8,627 2,568 2,144 2,046 1,869 494 431 Interest income — — — — (1,217) (2,227) (493) (593) Non-cash stock-based compensation expense 1,766 1,068 2,601 2,742 4,910 5,773 1,450 1,536 Loss on early debt extinguishment 513 — 1,961 — 311 — — — Impairment of goodwill 4,359 — — — — — — — Change in fair value of warrant liability (588) 1,634 (14) — — — — — Change in fair value of interest rate swap — — — (310) 124 (34) (164) 277 Severance expense — 622 — — — — — — Loss on early termination of operating lease — — — 849 — — — — CEO Transition costs — — — — 958 — — — CFO Transition costs 576 — — — — — — — Gain on embedded derivative (388) — — — — — — — Restructuring costs — — — 6,016 1,770 1,427 600 681 Change in fair value of contingent consideration — — — 2,285 729 3,770 1,426 265 Income tax provision (benefit) (282) 1,182 2,763 2,809 7,346 9,091 3,629 1,939 Acquisition and other transaction costs — — 735 273 826 1,282 405 302 Adjusted EBITDA $ 16,752 $ 25,111 $ 23,276 $ 31,765 $ 46,801 $ 63,714 $ 20,816 $ 12,580 Adjusted EBITDA Margin 3.0% 4.4% 4.7% 6.4% 9.1% 12.3% 14.5% 8.8%

 
NASDAQ: LMB | 27 Non-GAAP Reconciliation Table Reconciliation of Adjusted Diluted Earnings Per Share* Fiscal Year Ended December 31, Three Months Ended December 31, (In thousands, except share and per share amounts) 2019 2020 2021 2022 2023 2024 2024 2023 Net income (loss) and diluted earnings per share $(1,775) $(0.23) $5,807 $0.72 $6,714 $0.66 $6,799 $ 0.64 $20,754 $1.76 $30,875 $2.57 $9,842 $ 0.82 $5,249 $ 0.44 Pre-tax Adjustments: Amortization of acquisition-related intangible assets 642 0.08 630 0.08 484 0.05 1,567 0.15 1,880 0.16 4,688 0.39 1,732 0.14 826 0.07 Non-cash stock-based compensation expense 1,766 0.23 1,068 0.13 2,601 0.25 2,742 0.26 4,910 0.42 5,773 0.48 1,450 0.12 1,536 0.13 Loss on early debt extinguishment 513 0.07 — — 1,961 0.19 — — 311 0.03 — — — — — — Impairment of goodwill 4,359 0.57 — — — — — — — — — — — — — — Loss on early termination of operating lease — — — — — — 849 0.08 — — — — — — — — Change in fair value of interest rate swap — — — — — — (310) (0.03) 124 0.01 (34) — (164) (0.01) 277 0.02 Change in fair value of warranty liability (588) (0.08) 1,634 0.20 (14) — — — — — — — — — — — Gain on embedded derivative (388) (0.05) — — — — — — — — — — — — — — Restructuring costs — — — — — — 6,016 0.56 1,770 0.15 1,427 0.12 600 0.05 681 0.06 Change in fair value of contingent consideration — — — — — — 2,285 0.21 729 0.06 3,770 0.31 1,426 0.12 265 0.02 Acquisition and other transaction costs — — — — 735 0.07 273 0.03 826 0.07 1,282 0.11 405 0.03 302 0.03 Severance expense — — 622 0.08 — — — — — — — — — — — — CFO transition costs 576 0.08 — — — — — — — — — — — — — — CEO transition costs — — — — — — — — 958 0.08 — — — — — — Tax effect of reconciling items(1) (1,926) (0.25) (1,107) (0.14) (1,557) (0.15) (3,623) (0.34) (3,107) (0.26) (4,564) (0.38) (1,471) (0.12) (1,049) (0.09) Adjusted net income and Adjusted diluted earnings per share $3,179 $0.42 $8,654 $1.07 $10,924 $1.07 $16,598 $1.56 $29,155 $2.48 $43,217 $3.60 $13,820 $ 1.15 $8,087 $0.68 Weighted average number of diluted shares outstanding 7,662,362 8,065,464 10,231,637 10,676,534 11,812,098 12,027,398 12,066,569 11,865,450 (1) The tax effect of reconciling items was calculated using a statutory tax rate of 28% for FYs 2019 and 2020 and 27% for FYs 2021 through 2024. Totals may not foot due to rounding. *Use of 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. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or 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 (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes.

 
NASDAQ: LMB | 28 Non-GAAP Reconciliation Table Reconciliation of Free Cash Flow* 1. Represents non-cash activity associated with depreciation and amortization, provision for credit losses / doubtful accounts, stock-based compensation expense, operating lease expense, amortization of debt issuance costs, deferred income tax provision, gain or loss on sale of property and equipment, loss on early termination of operating lease, loss on early debt modification, changes in fair value of contingent consideration, change in fair value of warrant liability, impairment of goodwill, and changes in the fair value of the Company’s interest rate swap. 2. Excludes $924K and $4,526K of rental equipment purchases made during the three and twelve months ended December 31, 2024, respectively. *Use of 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. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or 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 (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes. Fiscal Year Ended December 31, Three Months Ended December 31, (in thousands) 2019 2020 2021 2022 2023 2024 2024 2023 Adjusted EBITDA: $ 16,752 $ 25,111 $ 23,276 $ 31,765 $ 46,801 $63,714 $ 20,816 $ 12,580 Free Cash Flow: Net Income (loss) ($ 1,775) $ 5,807 $ 6,714 $ 6,799 $ 20,754 $ 30,875 $ 9,842 $ 5,249 Non-cash operating activities(1) 16,568 13,767 16,997 17,634 18,222 24,454 7,208 5,406 Less: Purchases of property and equipment(2) (2,663) (1,483) (791) (993) (2,266) (2,998) (413) (546) Free Cash Flow $ 12,130 $ 18,091 $ 22,920 $ 23,440 $ 36,710 $ 52,331 $ 16,637 $ 10,109 Free Cash Flow Conversion % 72.4% 72.0% 98.5% 73.8% 78.4% 82.1% 79.9% 80.4%

 
Contact Us INVESTOR RELATIONS Julie Kegley Financial Profiles jkegley@finprofiles.com 310.622.8246 @Limbach @Limbach @Limbach @LimbachFacilityServices@Limbachinc

 
v3.25.0.1
Cover
Mar. 10, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 10, 2025
Entity Registrant Name LIMBACH HOLDINGS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36541
Entity Tax Identification Number 46-5399422
Entity Address, Address Line One 797 Commonwealth Drive
Entity Address, City or Town Warrendale
Entity Address, State or Province PA
Entity Address, Postal Zip Code 15086
City Area Code 412
Local Phone Number 359-2100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.0001 par value
Trading Symbol LMB
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001606163
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