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10-Q Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001144204-19-026594
Period End Date 20190331
Filing Date 20190515
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance lmb-20190331.xml
Filing Contents
Balance Sheet 68 line items
Line Item Tag Value Unit Period
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $13.00M USD Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $11.80M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents Cash $3.80M USD Point-in-time
Cash and cash equivalents Cash $1.62M USD Point-in-time
Common Stock, Par or Stated Value Per Share CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $132.10M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $135.69M USD Point-in-time
Common stock, shares, issued CommonStockSharesIssued 7.59M shares Point-in-time
Common stock, shares, issued CommonStockSharesIssued 7.64M shares Point-in-time
Common stock, shares, outstanding CommonStockSharesOutstanding 7.59M shares Point-in-time
Common stock, shares, outstanding CommonStockSharesOutstanding 7.64M shares Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear $34.17M USD Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear $32.70M USD Point-in-time
Other current assets (Note 14) OtherAssetsCurrent $4.62M USD Point-in-time
Other current assets (Note 14) OtherAssetsCurrent $34.87M USD Point-in-time
Total current assets AssetsCurrent $174.81M USD Point-in-time
Total current assets AssetsCurrent $204.99M USD Point-in-time
Property and equipment, net of accumulated depreciation of $13.0 million and $11.8 million at March 31, 2019 and December 31, 2018, respectively PropertyPlantAndEquipmentNet $20.59M USD Point-in-time
Property and equipment, net of accumulated depreciation of $13.0 million and $11.8 million at March 31, 2019 and December 31, 2018, respectively PropertyPlantAndEquipmentNet $20.53M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $12.78M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $12.95M USD Point-in-time
Goodwill Goodwill $10.49M USD Point-in-time
Goodwill Goodwill $10.49M USD Point-in-time
Deferred tax asset DeferredTaxAssetsLiabilitiesNetNoncurrent $4.41M USD Point-in-time
Deferred tax asset DeferredTaxAssetsLiabilitiesNetNoncurrent $3.70M USD Point-in-time
Other assets OtherAssetsNoncurrent $271.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $1.69M USD Point-in-time
Total assets Assets $253.63M USD Point-in-time
Total assets Assets $224.06M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $2.08M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $3.14M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $74.35M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $70.71M USD Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts BillingsInExcessOfCostCurrent $44.20M USD Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts BillingsInExcessOfCostCurrent $50.84M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $138.00K USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent - USD Point-in-time
Accrued expenses and other current liabilities (Note 14) AccruedLiabilitiesAndOtherLiabilities $53.80M USD Point-in-time
Accrued expenses and other current liabilities (Note 14) AccruedLiabilitiesAndOtherLiabilities $22.34M USD Point-in-time
Total current liabilities LiabilitiesCurrent $139.46M USD Point-in-time
Total current liabilities LiabilitiesCurrent $182.14M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $23.61M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $34.34M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $1.37M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $1.51M USD Point-in-time
Total liabilities Liabilities $207.27M USD Point-in-time
Total liabilities Liabilities $175.17M USD Point-in-time
Commitments and contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2019 or December 31, 2018 TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Redeemable convertible preferred stock, net, par value $0.0001, 1,000,000 shares authorized, no shares issued and outstanding at March 31, 2019 or December 31, 2018 TemporaryEquityCarryingAmountAttributableToParent - USD Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized, 7,643,133 issued and outstanding at March 31, 2019 and 7,592,911 at December 31, 2018 CommonStockValue $1.00K USD Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized, 7,643,133 issued and outstanding at March 31, 2019 and 7,592,911 at December 31, 2018 CommonStockValue $1.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $54.79M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $55.16M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-8.42M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-6.28M USD Point-in-time
Total stockholders' equity StockholdersEquity $46.37M USD Point-in-time
Total stockholders' equity StockholdersEquity $44.10M USD Point-in-time
Total stockholders' equity StockholdersEquity $48.16M USD Point-in-time
Total stockholders' equity StockholdersEquity $48.88M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $224.06M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $253.63M USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Revenue Revenues $133.95M USD 1 Quarter
Revenue Revenues $120.55M USD 1 Quarter
Cost of revenue CostOfRevenue $113.92M USD 1 Quarter
Cost of revenue CostOfRevenue $107.26M USD 1 Quarter
Gross profit GrossProfit $13.29M USD 1 Quarter
Gross profit GrossProfit $20.03M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $15.67M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $16.05M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $175.00K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $335.00K USD 1 Quarter
Total operating expenses OperatingExpenses $16.00M USD 1 Quarter
Total operating expenses OperatingExpenses $16.22M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $3.81M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-2.71M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-769.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-833.00K USD 1 Quarter
Gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $12.00K USD 1 Quarter
Gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $16.00K USD 1 Quarter
Total other expenses NonoperatingIncomeExpense $-821.00K USD 1 Quarter
Total other expenses NonoperatingIncomeExpense $-753.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $2.99M USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.47M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $-1.04M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $846.00K USD 1 Quarter
Net income (loss) NetIncomeLoss $-2.42M USD 1 Quarter
Net income (loss) NetIncomeLoss $2.15M USD 1 Quarter
Dividends on cumulative redeemable convertible preferred stock DividendsOnCumulativeRedeemableConvertiblePreferredStock - USD 1 Quarter
Dividends on cumulative redeemable convertible preferred stock DividendsOnCumulativeRedeemableConvertiblePreferredStock $-113.00K USD 1 Quarter
Premium paid on redemption of redeemable convertible preferred stock PreferredStockRedemptionPremium - USD 1 Quarter
Premium paid on redemption of redeemable convertible preferred stock PreferredStockRedemptionPremium $2.22M USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $-4.53M USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders NetIncomeLossAvailableToCommonStockholdersBasic $2.15M USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders EarningsPerShareBasic $0.28 USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders EarningsPerShareBasic $-0.60 USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders EarningsPerShareDiluted $0.28 USD 1 Quarter
Net income (loss) attributable to Limbach Holdings, Inc. common stockholders EarningsPerShareDiluted $-0.60 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 7.64M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 7.54M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 7.54M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 7.67M shares 1 Quarter
Cash Flow Statement 80 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $-2.42M USD 1 Quarter
Net income (loss) NetIncomeLoss $2.15M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.41M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.37M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $10.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $20.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $467.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $367.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $68.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $184.00K USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $-1.04M USD 1 Quarter
Deferred income tax provision (benefit) DeferredIncomeTaxExpenseBenefit $708.00K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $12.00K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $16.00K USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $-3.58M USD 1 Quarter
Decrease in accounts receivable IncreaseDecreaseInAccountsReceivable $-2.48M USD 1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract $1.47M USD 1 Quarter
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract $-3.04M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherCurrentAssets $1.13M USD 1 Quarter
(Increase) decrease in other current assets IncreaseDecreaseInOtherCurrentAssets $-29.80M USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherNoncurrentAssets $210.00K USD 1 Quarter
(Increase) decrease in other assets IncreaseDecreaseInOtherNoncurrentAssets $913.00K USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-3.64M USD 1 Quarter
Increase (decrease) in accounts payable IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-5.36M USD 1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts IncreaseDecreaseInBillingInExcessOfCostOfEarnings $2.64M USD 1 Quarter
Increase (decrease) in billings in excess of costs and estimated earnings on uncompleted contracts IncreaseDecreaseInBillingInExcessOfCostOfEarnings $-6.65M USD 1 Quarter
Increase (decrease) in accrued taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-134.00K USD 1 Quarter
Increase (decrease) in accrued taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $589.00K USD 1 Quarter
Increase (decrease) in accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-16.00K USD 1 Quarter
Increase (decrease) in accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-30.10M USD 1 Quarter
Increase (decrease) in other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $177.00K USD 1 Quarter
Increase (decrease) in other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-140.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-74.00K USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-4.13M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $13.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $71.00K USD 1 Quarter
Advances to joint ventures PaymentsForProceedsFromBusinessesAndInterestInAffiliates $-1.00K USD 1 Quarter
Advances to joint ventures PaymentsForProceedsFromBusinessesAndInterestInAffiliates - USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $584.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $775.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-703.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-571.00K USD 1 Quarter
Increase (decrease) in bank overdrafts ProceedsFromRepaymentsOfBankOverdrafts $-4.30M USD 1 Quarter
Increase (decrease) in bank overdrafts ProceedsFromRepaymentsOfBankOverdrafts $-1.33M USD 1 Quarter
Payments on Credit Agreement term loan RepaymentsOfLinesOfCredit $750.00K USD 1 Quarter
Payments on Credit Agreement term loan RepaymentsOfLinesOfCredit $900.00K USD 1 Quarter
Proceeds from Credit Agreement revolver ProceedsFromCreditAgreementRevolver $41.30M USD 1 Quarter
Proceeds from Credit Agreement revolver ProceedsFromCreditAgreementRevolver $17.50M USD 1 Quarter
Payments on Credit Agreement revolver PaymentsOnCreditAgreementRevolver $7.00M USD 1 Quarter
Payments on Credit Agreement revolver PaymentsOnCreditAgreementRevolver $34.85M USD 1 Quarter
Proceeds from Bridge Term Loan ProceedsFromIssuanceOfLongTermDebt $10.00M USD 1 Quarter
Proceeds from Bridge Term Loan ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Payments on Bridge Term Loan RepaymentsOfLongTermDebt $250.00K USD 1 Quarter
Payments on Bridge Term Loan RepaymentsOfLongTermDebt $250.00K USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $550.00K USD 1 Quarter
Payments on capital leases RepaymentsOfLongTermCapitalLeaseObligations $475.00K USD 1 Quarter
Convertible preferred stock redeemed PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock - USD 1 Quarter
Convertible preferred stock redeemed PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock $9.19M USD 1 Quarter
Convertible preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock - USD 1 Quarter
Convertible preferred stock dividends paid PaymentsOfDividendsPreferredStockAndPreferenceStock $875.00K USD 1 Quarter
Payments on debt issue costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payments on debt issue costs PaymentsOfDebtIssuanceCosts $550.00K USD 1 Quarter
Taxes paid related to net-share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $29.00K USD 1 Quarter
Taxes paid related to net-share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $81.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $526.00K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.89M USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $2.19M USD 1 Quarter
Increase (decrease) in cash, cash equivalents and restricted cash CashAndCashEquivalentsPeriodIncreaseDecrease $-251.00K USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.92M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $739.00K USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $488.00K USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.73M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $3.92M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $739.00K USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $488.00K USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.73M USD Point-in-time
Property and equipment acquired financed with capital leases CapitalLeaseObligationsIncurred $724.00K USD 1 Quarter
Property and equipment acquired financed with capital leases CapitalLeaseObligationsIncurred $718.00K USD 1 Quarter
Interest paid InterestPaid $596.00K USD 1 Quarter
Interest paid InterestPaid $729.00K USD 1 Quarter
Stockholders Equity 17 line items
Line Item Tag Value Unit Period
Beginning Balance StockholdersEquity $46.37M USD Point-in-time
Beginning Balance StockholdersEquity $44.10M USD Point-in-time
Beginning Balance StockholdersEquity $48.16M USD Point-in-time
Beginning Balance StockholdersEquity $48.88M USD Point-in-time
Dividends on redeemable convertible preferred stock DividendsOnRedeemableConvertiblePreferredStock $113.00K USD 1 Quarter
Premium paid on redemption of redeemable convertible preferred stock AdjustmentsToAdditionalPaidInCapitalPremiumPaidOnRedemptionOfRedeemableConvertiblePreferredStock $2.22M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $367.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $467.00K USD 1 Quarter
Shares issued related to vested restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Shares issued related to vested restricted stock units StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures - USD 1 Quarter
Exercise of warrants StockIssuedDuringPeriodValueExerciseOfWarrants - USD 1 Quarter
Net income (loss) NetIncomeLoss $-2.42M USD 1 Quarter
Net income (loss) NetIncomeLoss $2.15M USD 1 Quarter
Ending Balance StockholdersEquity $46.37M USD Point-in-time
Ending Balance StockholdersEquity $44.10M USD Point-in-time
Ending Balance StockholdersEquity $48.16M USD Point-in-time
Ending Balance StockholdersEquity $48.88M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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