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10-Q Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q1 2020
Filing Information
Form Type 10-Q
Accession Number 0001628280-20-009442
Period End Date 20200331
Filing Date 20200615
Fiscal Year 2020
Fiscal Period Q1
XBRL Instance lmb-20190930.xml
Filing Contents
Balance Sheet 83 line items
Line Item Tag Value Unit Period
Common stock, par or stated value per share (in usd per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par or stated value per share (in usd per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 7.69M shares Point-in-time
Cash and cash equivalents Cash $8.34M USD Point-in-time
Cash and cash equivalents Cash $10.70M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 7.79M shares Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 7.69M shares Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 7.79M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $101.78M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $105.07M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $112.39M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $77.19M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $65.88M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $69.67M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $2.01M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $494.00K USD Point-in-time
Other current assets OtherAssetsCurrent $4.50M USD Point-in-time
Other current assets OtherAssetsCurrent $4.63M USD Point-in-time
Other current assets OtherAssetsCurrent $4.17M USD Point-in-time
Total current assets AssetsCurrent $195.38M USD Point-in-time
Total current assets AssetsCurrent $199.38M USD Point-in-time
Property and equipment, net PropertyPlantandEquipmentandFinanceLeaseRightofUseAssetafterAccumulatedDepreciationandAmortization $20.71M USD Point-in-time
Property and equipment, net PropertyPlantandEquipmentandFinanceLeaseRightofUseAssetafterAccumulatedDepreciationandAmortization $21.29M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $12.31M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $12.17M USD Point-in-time
Goodwill Goodwill $6.13M USD Point-in-time
Goodwill Goodwill $6.13M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $20.40M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $21.06M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $20.46M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $3.77M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $3.56M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $4.79M USD Point-in-time
Other assets OtherAssetsNoncurrent $599.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $668.00K USD Point-in-time
Total assets Assets $263.15M USD Point-in-time
Total assets Assets $261.62M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $2.14M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $5.38M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $4.42M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $3.75M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $3.86M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $3.43M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $86.27M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $80.50M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $42.37M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $48.41M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $42.30M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $21.41M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $20.06M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $25.16M USD Point-in-time
Total current liabilities LiabilitiesCurrent $156.87M USD Point-in-time
Total current liabilities LiabilitiesCurrent $159.55M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $38.87M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $34.40M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $38.03M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $18.25M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $17.50M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $17.82M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $958.00K USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $580.00K USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $763.00K USD Point-in-time
Total liabilities Liabilities $216.04M USD Point-in-time
Total liabilities Liabilities $214.75M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized, 7,793,863 issued and outstanding at March 31, 2020 and 7,688,958 at December 31, 2019 CommonStockValue $1.00K USD Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized, 7,793,863 issued and outstanding at March 31, 2020 and 7,688,958 at December 31, 2019 CommonStockValue $1.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $56.85M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $56.56M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-9.74M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-6.07M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-9.69M USD Point-in-time
Total stockholders equity StockholdersEquity $46.87M USD Point-in-time
Total stockholders equity StockholdersEquity $49.09M USD Point-in-time
Total stockholders equity StockholdersEquity $46.37M USD Point-in-time
Total stockholders equity StockholdersEquity $47.11M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $261.62M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $263.15M USD Point-in-time
Income Statement 36 line items
Line Item Tag Value Unit Period
Revenue Revenues $138.77M USD 1 Quarter
Revenue Revenues $133.75M USD 1 Quarter
Cost of revenue CostOfRevenue $114.12M USD 1 Quarter
Cost of revenue CostOfRevenue $120.55M USD 1 Quarter
Gross profit GrossProfit $18.22M USD 1 Quarter
Gross profit GrossProfit $19.62M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $16.05M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $16.80M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $175.00K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $143.00K USD 1 Quarter
Total operating expenses OperatingExpenses $16.94M USD 1 Quarter
Total operating expenses OperatingExpenses $16.22M USD 1 Quarter
Operating income OperatingIncomeLoss $1.28M USD 1 Quarter
Operating income OperatingIncomeLoss $3.40M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-833.00K USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-2.16M USD 1 Quarter
Gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $12.00K USD 1 Quarter
Gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $29.00K USD 1 Quarter
Gain on change in fair value of warrant liability FairValueAdjustmentOfWarrants $-161.00K USD 1 Quarter
Gain on change in fair value of warrant liability FairValueAdjustmentOfWarrants - USD 1 Quarter
Total other expenses OtherExpenses $1.97M USD 1 Quarter
Total other expenses OtherExpenses $821.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-686.00K USD 1 Quarter
Income (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $2.58M USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $-634.00K USD 1 Quarter
Income tax provision (benefit) IncomeTaxExpenseBenefit $735.00K USD 1 Quarter
Net income (loss) NetIncomeLoss $-52.00K USD 1 Quarter
Net income (loss) NetIncomeLoss $1.85M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $0.24 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.01 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $0.24 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.01 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 7.64M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 7.80M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 7.80M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 7.67M shares 1 Quarter
Cash Flow Statement 92 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $-52.00K USD 1 Quarter
Net (loss) income NetIncomeLoss $1.85M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.50M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.41M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $8.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $10.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $367.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $295.00K USD 1 Quarter
Noncash operating lease expense NoncashOperatingLeaseExpense $882.00K USD 1 Quarter
Noncash operating lease expense NoncashOperatingLeaseExpense $1.00M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $184.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $540.00K USD 1 Quarter
Deferred income tax (benefit) provision DeferredIncomeTaxExpenseBenefit $1.02M USD 1 Quarter
Deferred income tax (benefit) provision DeferredIncomeTaxExpenseBenefit $616.00K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $12.00K USD 1 Quarter
Gain on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $29.00K USD 1 Quarter
Gain on change in fair value of warrant liability FairValueAdjustmentOfWarrants $-161.00K USD 1 Quarter
Gain on change in fair value of warrant liability FairValueAdjustmentOfWarrants - USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $7.33M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-4.03M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $2.07M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $-7.52M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $-29.80M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $320.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets $913.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherNoncurrentAssets - USD 1 Quarter
Accounts payable, including retainage IncreaseDecreaseInAccountsPayable $-3.64M USD 1 Quarter
Accounts payable, including retainage IncreaseDecreaseInAccountsPayable $-5.77M USD 1 Quarter
Prepaid income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-1.52M USD 1 Quarter
Prepaid income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $428.00K USD 1 Quarter
Accrued taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $137.00K USD 1 Quarter
Accrued taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-11.00K USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $6.04M USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $-6.52M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-879.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-978.00K USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $1.41M USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $-29.67M USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $357.00K USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $-138.00K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-4.13M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $3.52M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $36.00K USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $13.00K USD 1 Quarter
Advances to joint ventures PaymentsForProceedsFromBusinessesAndInterestInAffiliates $3.00K 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 $501.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-571.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-468.00K USD 1 Quarter
Increase in bank overdrafts ProceedsFromRepaymentsOfBankOverdrafts $-1.33M USD 1 Quarter
Increase in bank overdrafts ProceedsFromRepaymentsOfBankOverdrafts - USD 1 Quarter
Payments on Credit Agreement term loan RepaymentsOfLinesOfCredit $900.00K USD 1 Quarter
Payments on Credit Agreement term loan RepaymentsOfLinesOfCredit - USD 1 Quarter
Proceeds from Credit Agreement revolver ProceedsfromCreditAgreementRevolver $17.50M USD 1 Quarter
Proceeds from Credit Agreement revolver ProceedsfromCreditAgreementRevolver - USD 1 Quarter
Payments on Credit Agreement revolver PaymentsOnCreditAgreementRevolver - USD 1 Quarter
Payments on Credit Agreement revolver PaymentsOnCreditAgreementRevolver $7.00M USD 1 Quarter
Proceeds from 2019 Revolving Credit Facility ProceedsFromLongTermLinesOfCredit - USD 1 Quarter
Proceeds from 2019 Revolving Credit Facility ProceedsFromLongTermLinesOfCredit $7.25M USD 1 Quarter
Payments on 2019 Revolving Credit Facility RepaymentsOfLongTermLinesOfCredit - USD 1 Quarter
Payments on 2019 Revolving Credit Facility RepaymentsOfLongTermLinesOfCredit $7.25M USD 1 Quarter
Payments on Bridge Term Loan RepaymentsOfOtherShortTermDebt $250.00K USD 1 Quarter
Payments on Bridge Term Loan RepaymentsOfOtherShortTermDebt - USD 1 Quarter
Payments on finance leases FinanceLeasePrincipalPayments $550.00K USD 1 Quarter
Payments on finance leases FinanceLeasePrincipalPayments $652.00K USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Payments of debt issuance costs PaymentsOfDebtIssuanceCosts $550.00K USD 1 Quarter
Taxes paid related to net-share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $44.00K USD 1 Quarter
Taxes paid related to net-share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $29.00K USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $6.89M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-696.00K USD 1 Quarter
Increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.19M USD 1 Quarter
Increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.35M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.73M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.46M USD Point-in-time
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 $10.81M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.73M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.46M 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 $10.81M USD Point-in-time
Right of use assets obtained in exchange for new operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $1.51M USD 1 Quarter
Right of use assets obtained in exchange for new operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability - USD 1 Quarter
Right of use assets obtained in exchange for new finance lease liabilities RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability $706.00K USD 1 Quarter
Right of use assets obtained in exchange for new finance lease liabilities RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability $337.00K USD 1 Quarter
Right-of-use assets disposed or adjusted modifying operating leases liabilities RightofUseAssetDisposedorAdjustedModifyingOperatingLeaseLiability $344.00K USD 1 Quarter
Right-of-use assets disposed or adjusted modifying operating leases liabilities RightofUseAssetDisposedorAdjustedModifyingOperatingLeaseLiability - USD 1 Quarter
Right-of-use assets disposed or adjusted modifying finance leases liabilities RightofUseAssetDisposedorAdjustedModifyingFinanceLeaseLiability $-41.00K USD 1 Quarter
Right-of-use assets disposed or adjusted modifying finance leases liabilities RightofUseAssetDisposedorAdjustedModifyingFinanceLeaseLiability - USD 1 Quarter
Interest paid InterestPaid $1.61M USD 1 Quarter
Interest paid InterestPaid $596.00K USD 1 Quarter
Stockholders Equity 14 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $46.87M USD Point-in-time
Beginning balance StockholdersEquity $49.09M USD Point-in-time
Beginning balance StockholdersEquity $46.37M USD Point-in-time
Beginning balance StockholdersEquity $47.11M USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $367.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $295.00K 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
Net (loss) income NetIncomeLoss $-52.00K USD 1 Quarter
Net (loss) income NetIncomeLoss $1.85M USD 1 Quarter
Ending balance StockholdersEquity $46.87M USD Point-in-time
Ending balance StockholdersEquity $49.09M USD Point-in-time
Ending balance StockholdersEquity $46.37M USD Point-in-time
Ending balance StockholdersEquity $47.11M USD Point-in-time

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

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