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10-Q Filing

LIMBACH HOLDINGS, INC. CIK: 1606163 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001628280-21-010233
Period End Date 20210331
Filing Date 20210514
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance lmb-20210331_htm.xml
Filing Contents
Balance Sheet 70 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
Cash and cash equivalents Cash $42.15M USD Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 7.93M shares Point-in-time
Common stock, shares, issued (in shares) CommonStockSharesIssued 10.25M shares Point-in-time
Cash and cash equivalents Cash $37.19M USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 10.25M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Common stock, shares, outstanding (in shares) CommonStockSharesOutstanding 7.93M shares Point-in-time
Restricted cash RestrictedCashAndCashEquivalentsAtCarryingValue $113.00K USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $85.77M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $83.16M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $69.08M USD Point-in-time
Contract assets ContractWithCustomerAssetNetCurrent $67.10M USD Point-in-time
Other current assets OtherAssetsCurrent $4.29M USD Point-in-time
Other current assets OtherAssetsCurrent $6.32M USD Point-in-time
Total current assets AssetsCurrent $195.85M USD Point-in-time
Total current assets AssetsCurrent $199.42M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $19.70M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $18.30M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $11.68M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $11.58M 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 $18.75M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $17.90M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $6.09M USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $6.42M USD Point-in-time
Other assets OtherAssetsNoncurrent $300.00K USD Point-in-time
Other assets OtherAssetsNoncurrent $392.00K USD Point-in-time
Total assets Assets $256.49M USD Point-in-time
Total assets Assets $262.16M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $8.47M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $6.54M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $4.14M USD Point-in-time
Current operating lease liabilities OperatingLeaseLiabilityCurrent $3.93M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $57.95M USD Point-in-time
Accounts payable, including retainage AccountsPayableCurrent $66.76M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $37.80M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $46.65M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $1.02M USD Point-in-time
Accrued income taxes AccruedIncomeTaxesCurrent $1.67M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $24.75M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesAndOtherLiabilities $25.13M USD Point-in-time
Total current liabilities LiabilitiesCurrent $150.29M USD Point-in-time
Total current liabilities LiabilitiesCurrent $134.51M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $36.51M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $26.59M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $14.44M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $15.46M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $6.16M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $4.15M USD Point-in-time
Total liabilities Liabilities $179.69M USD Point-in-time
Total liabilities Liabilities $208.43M 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, 10,248,405 issued and outstanding at March 31, 2021 and 7,926,137 at December 31, 2020 CommonStockValue $1.00K USD Point-in-time
Common stock, $0.0001 par value; 100,000,000 shares authorized, 10,248,405 issued and outstanding at March 31, 2021 and 7,926,137 at December 31, 2020 CommonStockValue $1.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $82.96M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $57.61M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-6.16M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-3.88M USD Point-in-time
Total stockholders equity StockholdersEquity $47.11M USD Point-in-time
Total stockholders equity StockholdersEquity $46.87M USD Point-in-time
Total stockholders equity StockholdersEquity $53.73M USD Point-in-time
Total stockholders equity StockholdersEquity $76.80M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $262.16M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $256.49M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Revenue Revenues $113.34M USD 1 Quarter
Revenue Revenues $138.77M USD 1 Quarter
Cost of revenue CostOfRevenue $120.55M USD 1 Quarter
Cost of revenue CostOfRevenue $96.11M USD 1 Quarter
Gross profit GrossProfit $18.22M USD 1 Quarter
Gross profit GrossProfit $17.23M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $16.80M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $17.14M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $104.00K 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 $17.25M USD 1 Quarter
Operating (loss) income OperatingIncomeLoss $-20.00K USD 1 Quarter
Operating (loss) income OperatingIncomeLoss $1.28M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-1.26M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-2.16M USD 1 Quarter
(Loss) gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-86.00K USD 1 Quarter
(Loss) gain on disposition of property and equipment GainLossOnSaleOfPropertyPlantEquipment $29.00K USD 1 Quarter
Loss on early debt extinguishment GainsLossesOnExtinguishmentOfDebt $-1.96M USD 1 Quarter
Loss on early debt extinguishment GainsLossesOnExtinguishmentOfDebt - 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 $-14.00K USD 1 Quarter
Total other expenses OtherExpenses $3.30M USD 1 Quarter
Total other expenses OtherExpenses $1.97M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-3.32M USD 1 Quarter
Loss before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-686.00K USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-1.03M USD 1 Quarter
Income tax benefit IncomeTaxExpenseBenefit $-634.00K USD 1 Quarter
Net loss NetIncomeLoss $-52.00K USD 1 Quarter
Net loss NetIncomeLoss $-2.28M USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.01 USD 1 Quarter
Basic (in usd per share) EarningsPerShareBasic $-0.25 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.25 USD 1 Quarter
Diluted (in usd per share) EarningsPerShareDiluted $-0.01 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 7.80M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 9.22M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 7.80M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 9.22M shares 1 Quarter
Cash Flow Statement 90 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-52.00K USD 1 Quarter
Net loss NetIncomeLoss $-2.28M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.50M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.50M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $28.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $8.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $295.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $677.00K USD 1 Quarter
Noncash operating lease expense NoncashOperatingLeaseExpense $1.00M USD 1 Quarter
Noncash operating lease expense NoncashOperatingLeaseExpense $1.04M USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $190.00K USD 1 Quarter
Amortization of debt issuance costs AmortizationOfFinancingCosts $540.00K USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $-336.00K USD 1 Quarter
Deferred income tax provision DeferredIncomeTaxExpenseBenefit $1.02M USD 1 Quarter
Loss (gain) on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-86.00K USD 1 Quarter
Loss (gain) on sale of property and equipment GainLossOnSaleOfPropertyPlantEquipment $29.00K USD 1 Quarter
Loss on early debt extinguishment GainsLossesOnExtinguishmentOfDebt $-1.96M USD 1 Quarter
Loss on early debt extinguishment GainsLossesOnExtinguishmentOfDebt - 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 $-14.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-2.58M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $7.33M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $-7.52M USD 1 Quarter
Contract assets IncreaseDecreaseInContractWithCustomerAsset $1.99M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $320.00K USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $2.02M USD 1 Quarter
Accounts payable, including retainage IncreaseDecreaseInAccountsPayable $-8.81M USD 1 Quarter
Accounts payable, including retainage IncreaseDecreaseInAccountsPayable $-5.77M USD 1 Quarter
Prepaid income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable - USD 1 Quarter
Prepaid income taxes IncreaseDecreaseInAccruedIncomeTaxesPayable $-1.52M USD 1 Quarter
Accrued taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-11.00K USD 1 Quarter
Accrued taxes payable IncreaseDecreaseInPropertyAndOtherTaxesPayable $-654.00K USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $6.04M USD 1 Quarter
Contract liabilities IncreaseDecreaseInContractWithCustomerLiability $-8.85M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-978.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiabilities $-994.00K USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $1.41M USD 1 Quarter
Accrued expenses and other current liabilities IncreaseDecreaseInOtherAccruedLiabilities $513.00K USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $357.00K USD 1 Quarter
Other long-term liabilities IncreaseDecreaseInOtherNoncurrentLiabilities $5.00K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-17.38M USD 1 Quarter
Net cash (used in) provided by 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 $226.00K USD 1 Quarter
Advances (to) from joint ventures PaymentsForProceedsFromBusinessesAndInterestInAffiliates - USD 1 Quarter
Advances (to) from joint ventures PaymentsForProceedsFromBusinessesAndInterestInAffiliates $3.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $501.00K USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $221.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $5.00K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-468.00K USD 1 Quarter
Proceeds from Wintrust Term Loan ProceedsFromIssuanceOfSecuredDebt - USD 1 Quarter
Proceeds from Wintrust Term Loan ProceedsFromIssuanceOfSecuredDebt $30.00M USD 1 Quarter
Payments of Term Loans RepaymentsOfSecuredDebt $39.00M USD 1 Quarter
Payments of Term Loans RepaymentsOfSecuredDebt - USD 1 Quarter
Prepayment penalty and other costs associated with early debt extinguishment PaymentsOfDebtExtinguishmentCosts - USD 1 Quarter
Prepayment penalty and other costs associated with early debt extinguishment PaymentsOfDebtExtinguishmentCosts $1.38M USD 1 Quarter
Proceeds from the sale of common stock ProceedsFromIssuanceOfCommonStock $22.77M USD 1 Quarter
Proceeds from the sale of common stock ProceedsFromIssuanceOfCommonStock - USD 1 Quarter
Proceeds from the exercise of warrants ProceedsFromWarrantExercises $1.99M USD 1 Quarter
Proceeds from the exercise of warrants ProceedsFromWarrantExercises - USD 1 Quarter
Payments on finance leases FinanceLeasePrincipalPayments $667.00K 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 $593.00K 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 $384.00K USD 1 Quarter
Proceeds from contributions to Employee Stock Purchase Plan ProceedsFromStockPlans $167.00K USD 1 Quarter
Proceeds from contributions to Employee Stock Purchase Plan ProceedsFromStockPlans - USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-696.00K USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $12.41M USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-4.96M USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $2.35M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.81M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.30M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.26M 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, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $10.81M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $37.30M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $42.26M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $8.46M USD Point-in-time
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 operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $156.00K USD 1 Quarter
Right of use assets obtained in exchange for new finance lease liabilities RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability $87.00K 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 $36.00K USD 1 Quarter
Right-of-use assets disposed or adjusted modifying finance leases liabilities RightofUseAssetDisposedorAdjustedModifyingFinanceLeaseLiability - USD 1 Quarter
Right-of-use assets disposed or adjusted modifying finance leases liabilities RightofUseAssetDisposedorAdjustedModifyingFinanceLeaseLiability $-41.00K USD 1 Quarter
Interest paid InterestPaid $1.61M USD 1 Quarter
Interest paid InterestPaid $1.32M USD 1 Quarter
Stockholders Equity 18 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $47.11M USD Point-in-time
Beginning balance StockholdersEquity $46.87M USD Point-in-time
Beginning balance StockholdersEquity $53.73M USD Point-in-time
Beginning balance StockholdersEquity $76.80M USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition $677.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationOtherLongtermIncentivePlansRequisiteServicePeriodRecognition $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
Tax withholding related to vested restricted stock units AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $183.00K USD 1 Quarter
Shares issued related to employee stock purchase plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $92.00K USD 1 Quarter
Shares issued related to the exercise of warrants StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $1.99M USD 1 Quarter
Shares issued related to sale of common stock StockIssuedDuringPeriodValueNewIssues $22.77M USD 1 Quarter
Net loss NetIncomeLoss $-52.00K USD 1 Quarter
Net loss NetIncomeLoss $-2.28M USD 1 Quarter
Ending balance StockholdersEquity $47.11M USD Point-in-time
Ending balance StockholdersEquity $46.87M USD Point-in-time
Ending balance StockholdersEquity $53.73M USD Point-in-time
Ending balance StockholdersEquity $76.80M USD Point-in-time

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

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