Limbach Holdings Inc (LMB) 2025 Q1 法說會逐字稿

Good morning, and welcome to the first quarter of 2025 Limbach Holdings Inc., earnings conference call and webcast. (Operator Instructions)

早上好，歡迎參加 Limbach Holdings Inc. 2025 年第一季財報電話會議和網路廣播。（操作員指示）

I will now turn the conference over to your host, Julie Kegley of Financial Profiles. You may begin.

現在我將會議交給主持人、《金融概況》的朱莉·凱格利 (Julie Kegley)。你可以開始了。

Good morning and thank you for joining us today to discuss Limbach Holdings financial results for the first quarter of 2025. Yesterday, Limbach issued its earnings release and filed its Form 10-Q for the period ended March 31, 2025. Both documents, as well as an updated investor presentation, are available on the Investor Relations section of the company's website at limbachinc.com. Management may refer to select slides during today's call and encourages investors to review the presentation in its entirety.

早安，感謝您今天加入我們討論 Limbach Holdings 2025 年第一季的財務表現。昨天，Limbach 發布了其收益報告並提交了截至 2025 年 3 月 31 日的 10-Q 表。這兩份文件以及更新後的投資者簡報均可在公司網站limbachinc.com的投資者關係板塊查閱。管理階層可能會在今天的電話會議上參考部分投影片，並鼓勵投資人完整閱讀簡報。

On today's call are Michael McCann, President and Chief Executive Officer; and Jamie Brooks, Executive Vice President and Chief Financial Officer. We will begin with prepared remarks and then open the call to questions. Before we begin, I would like to remind you that today's comments will include forward-looking statements under Federal Securities Laws. Forward-looking statements are identified by words such as will be, intent, believe, expect, anticipate, or other comparable words and phrases.

參加今天電話會議的有總裁兼執行長 Michael McCann 和執行副總裁兼財務長 Jamie Brooks。我們將從準備好的發言開始，然後開始提問。在我們開始之前，我想提醒您，今天的評論將包括聯邦證券法下的前瞻性陳述。前瞻性陳述可透過諸如將會、意圖、相信、期望、預期或其他類似詞語和短語來識別。

Statements that are not historical facts, such as statements about expected financial performance are also forward-looking statements. Actual results may differ materially from those contemplated by such forward-looking statements. A discussion of the factors that could cause a material difference in the company's results compared to these forward-looking statements is contained in Limbach's SEC filings, including reports on Form 10-K and 10-Q.

非歷史事實的陳述，例如有關預期財務表現的陳述，也屬於前瞻性陳述。實際結果可能與此類前瞻性陳述所預期的結果有重大差異。對於可能導致公司實際結果與這些前瞻性陳述產生重大差異的因素的討論包含在 Limbach 提交給美國證券交易委員會 (SEC) 的文件中，包括 10-K 和 10-Q 表報告。

Please note that on today's call we will be referring to non-GAAP measures. You can find the reconciliation of these non-GAAP measures to the most directly comparable GAAP measures in our first-quarter 2025 earnings release and in our investor presentation, both of which can be found on Limbach’s Investor Relations website and have been furnished in the form 8-K filed with the SEC.

請注意，在今天的電話會議上我們將參考非公認會計準則指標。您可以在我們的 2025 年第一季財報和投資者介紹中找到這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表，這兩份報告均可在 Limbach 的投資者關係網站上找到，並已在向美國證券交易委員會 (SEC) 提交的 8-K 表格中提供。

With that, I will now turn the call over to President and CEO, Mike McCann.

現在，我將把電話轉給總裁兼執行長 Mike McCann。

Good morning. Welcome to our stockholders, analysts, and all interested investors. Thank you for joining us today. Limbach's a trusted partner for delivering mission-critical services that supported building's most important systems.

早安.歡迎我們的股東、分析師和所有有興趣的投資者。感謝您今天加入我們。Limbach 是值得信賴的合作夥伴，提供支援建築最重要係統的關鍵任務服務。

We specialize in existing facilities by revitalizing and maintaining building systems to ensure these systems are formed when it matters most. When these systems don't function or don't function as intended, our customers are shut down or unable to meet commitments made to their own customers.

我們專門針對現有設施，透過振興和維護建築系統來確保這些系統在最重要的時刻形成。當這些系統無法運作或無法如預期運作時，我們的客戶將關閉或無法履行對其自身客戶的承諾。

We provide cost effective, innovative, and dependable services to keep our customers in business. Our unique ODR model is designed to withstand macroeconomic cycles and headwinds, allows us to focus on executing our growth strategy. Working directly for building owners allows us to build long-standing relationships as we strive to be an indispensable partner by providing on-demand repair work and long-term solutions to keep facilities up and running.

我們提供經濟高效、創新且可靠的服務，以確保客戶的業務順利進行。我們獨特的 ODR 模型旨在抵禦宏觀經濟週期和逆風，使我們能夠專注於執行我們的成長策略。直接為建築業主服務使我們能夠建立長期的合作關係，我們努力透過提供按需維修工作和長期解決方案來保持設施的正常運行，成為不可或缺的合作夥伴。

Since we implemented the owner-direct strategy five years ago. Revenue from the ODR segment has increased from less than 21% of total revenue in 2019 to 66.6% of total revenue for 2024, 67.9% in the first quarter of 2025, and we project to be between 70% and 80% for full-year 2025. This strategy is responsible for improving the company's risk profile, driving margin expansion, and growing earnings.

自從我們五年前實施業主直銷策略以來。ODR 部門的收入已從 2019 年佔總收入的不到 21% 增長至 2024 年佔總收入的 66.6%，2025 年第一季為 67.9%，我們預計 2025 年全年將達到 70% 至 80% 之間。該策略負責改善公司的風險狀況、推動利潤率擴大和增加收益。

The progress we've made towards this shift continues to be reflected in our results. Compared to Q1 of 2024, Q1 2025 total revenue grew 11.9%, ODR revenue rose 21.7%, gross profit expanded by 18.1%, and adjusted EBITDA increased 26.5%. Tim will go into more detail on these numbers shortly, but we're proud of the continued momentum we built.

我們在這轉變過程中所取得的進展持續反映在我們的成果中。與 2024 年第一季相比，2025 年第一季總營收成長 11.9%，ODR 營收成長 21.7%，毛利成長 18.1%，調整後 EBITDA 成長 26.5%。蒂姆很快就會詳細介紹這些數字，但我們對我們持續保持的勢頭感到自豪。

This strong performance reflects more than just financial success. [As an] indication of our business strategy repeatable, with geographic expansion, sustainable through different economic environments, and gaining momentum.

如此強勁的業績不僅體現在財務上的成功，也顯示我們的業務策略具有可重複性，地域擴張性強，在不同經濟環境下可持續，並且發展勢頭強勁。

To support continued ODR growth, in the past year, we've added approximately 40 new professionals to our sales organization, accounting for approximately one-third of the sales team. This investment is an important step in the continued evolution of our relationship with our customers.

為了支持 ODR 的持續成長，在過去的一年裡，我們為銷售組織增加了約 40 名新專業人員，約佔銷售團隊的三分之一。這項投資是我們與客戶關係持續發展的重要一步。

It's important that we understand our customers' facilities and anticipate the work needed to keep their critical facilities running to support their business. And that requires us to be present in front of decision makers consistently so that we can develop and maintain long-term reoccurring partnerships across operations, maintenance, and capital projects.

重要的是，我們要了解客戶的設施，並預測需要進行哪些工作來保持其關鍵設施的運作以支援他們的業務。這要求我們始終出現在決策者面前，以便我們能夠在營運、維護和資本項目之間建立和維持長期的合作關係。

In fact, the majority of our sales activity is focused on existing customers with large established facilities that require ongoing maintenance upgrades and system optimization. We believe we currently hold only a small share of the total work needed to keep these complex operations running efficiently.

事實上，我們的大部分銷售活動都集中在現有客戶身上，這些客戶擁有大型成熟設施，需要持續的維護升級和系統最佳化。我們相信，我們目前只完成了保持這些複雜操作高效運作所需全部工作的一小部分。

Importantly, our growth is not dependent on the construction of new facilities. Instead, it's driven by the continuous needs of our longstanding clients. These relationships represent the most fertile graph organic expansion. Our dedicated account teams are focusing on deepening them through exceptional service, responsiveness, and practical high-impact solutions.

重要的是，我們的成長並不依賴新設施的建設。相反，它是由我們長期客戶的持續需求所驅動的。這些關係代表了最富有成效的圖形有機擴展。我們專門的客戶團隊致力於透過卓越的服務、回應能力和實用的高影響力解決方案來深化這些服務。

We've experienced typical seasonality in Q1, primarily from weather and annual budget cycles. But we've gained meaningful momentum in March, which is carried into the second quarter. We're capitalizing on the momentum as customers approve budgets, and our key markets, especially healthcare, begin to ramp-up investment for overdue infrastructure upgrades.

我們在第一季經歷了典型的季節性，主要受到天氣和年度預算週期的影響。但我們在三月獲得了有意義的發展勢頭，並將延續到第二季​​。隨著客戶批准預算，我們正在利用這一勢頭，我們的關鍵市場（尤其是醫療保健）開始增加對逾期基礎設施升級的投資。

The second pillar of our transformation strategy is to expand customer offerings to meet customer demand and pursue high-margin opportunities. In Q1, we added an additional $2 million to our climate control rental equipment fleet to position ourselves to meet increased demand as temperatures rise. This is a key growth lever, which was not completely operational in Q1 of last year, and just one example of how we're innovating beyond traditional offerings.

我們轉型策略的第二個支柱是擴大客戶服務範圍，以滿足客戶需求並尋求高利潤機會。在第一季度，我們向氣候控制租賃設備隊伍額外投入了 200 萬美元，以滿足氣溫上升帶來的不斷增長的需求。這是一個關鍵的成長槓桿，去年第一季尚未完全投入運營，這只是我們如何在傳統產品之外進行創新的一個例子。

Big initiative for 2025 is to transition our strategic customer relationships from a reactive to a proactive approach with the goal to help influence and co-author customer budgets by the end of the year. This will allow us to strengthen our relationships and create more predictability for our sales pipeline.

2025 年的一項重大舉措是將我們的策略客戶關係從被動方式轉變為主動方式，目標是在年底前幫助影響和​​共同製定客戶預算。這將使我們能夠加強關係並為我們的銷售管道創造更多的可預測性。

In order to achieve this objective, we're focused on collecting data for massive repair history, utility bills, and facility assessments, which we can analyze and present back as solutions to our customers. To undertake this endeavor, each branch has identified their top customers based on specific criteria and has started the assessment process. Each one is at a different stage based on the customer relationship, but we've already started to see how these assessments can drive our relationships with our customers and impact our business.

為了實現這一目標，我們專注於收集大量維修歷史、水電費和設施評估的數據，以便進行分析並向客戶提供解決方案。為了進行這項工作，每個分公司都根據特定標準確定了其主要客戶，並已啟動評估流程。根據客戶關係，每個評估都處於不同的階段，但我們已經開始看到這些評估如何推動我們與客戶的關係並影響我們的業務。

After completing an assessment for a New England-based hospital, we provided them with a compelling case to replace both the HVAC system and equipment that feeds their operating rooms. Once we presented the customer with the energy and asset repair savings, they proceeded with the replacement.

在對一家新英格蘭醫院完成評估後，我們向他們提供了一個令人信服的案例，要求他們更換暖通空調系統和為手術室供電的設備。一旦我們向客戶展示了能源和資產維修節省的成本，他們就會進行更換。

Looking ahead, the opportunity to collect and analyze this data at scale represents a major inflection point for our business. As our data set grows, so does our ability to surface patterns, benchmark performance, and identify opportunities that would otherwise remain hidden. This capability not only positions us as a more strategic partner to our customers but also as the potential to create a powerful competitive advantage that compounds over time.

展望未來，大規模收集和分析這些數據的機會代表著我們業務的一個重要轉折點。隨著資料集的成長，我們發現模式、評估效能並識別原本隱藏的機會的能力也在增強。這種能力不僅使我們成為客戶更具策略性的合作夥伴，而且還有潛力創造隨著時間的推移而不斷增強的強大競爭優勢。

I'd also like to quickly address the uncertainty around tariffs. Tariffs have been a topic of conversation in the broader market, but their effect on our business has been so far neutral. What we are seeing is customers accelerating their purchasing decisions to lock in pricing due to ongoing tariff uncertainty.

我還想快速解決關稅方面的不確定性問題。關稅一直是廣泛市場討論的話題，但其對我們業務的影響迄今為止尚無定論。我們看到的是，由於持續的關稅不確定性，客戶正在加快購買決策以鎖定價格。

Our model, especially our ODR segment work, is built to respond quickly to market dynamics and avoid macroeconomic volatility. We perform quick-hitting work with most projects completed on a three- or four-month timeline, giving us the ability to deliver consistent value even in times of uncertainty. This nimbleness and agility enables us to focus on the best solutions for our customers and gives us an advantage over traditional contracting models, the focus on new construction that lock in pricing at time of bid. Contractors often wait months or even years to recover cost increases for materials.

我們的模型，尤其是我們的 ODR 細分工作，旨在快速回應市場動態並避免宏觀經濟波動。我們的工作節奏很快，大多數專案在三到四個月的時間內完成，這使我們能夠即使在不確定的時期也能提供持續的價值。這種靈活性和敏捷性使我們能夠專注於為客戶提供最佳解決方案，並使我們比傳統的承包模式更具優勢，專注於在投標時鎖定價格的新建築。承包商通常要等待數月甚至數年才能收回材料成本的增加。

We've also seen interesting developments in the M&A market over the past nine months. For several years now, there's been significant consolidation in the broader mechanical services industry, much of which has been driven by private equity investors.

過去九個月，我們也看到併購市場出現了有趣的發展。幾年來，機械服務產業出現了顯著的整合，其中大部分是由私募股權投資者推動的。

That activity has been concentrated in less sophisticated, less technical, complex end markets. Those aren't general areas in which we're interested, but the increased activity overall has repercussions and has positively impacted our competitive position.

這些活動主要集中在較不成熟、技術含量較低、複雜的終端市場。這些不是我們感興趣的一般領域，但總體而言，活動的增加產生了影響，並對我們的競爭地位產生了積極影響。

We've been patient and disciplined, have remained focused on acquiring great businesses with great cultures. They are aligned with our focus on owner direct-mission critical customers. We believe we've been rewarded for that patience and discipline. We've also been working to further build out our brand and reputation as fair, transparent, and dependable acquirers of world-class contractors.

我們一直保持耐心和紀律，並始終專注於收購具有優秀文化的優秀企業。它們與我們對業主直接任務關鍵型客戶的關註一致。我們相信，我們的耐心和紀律已經得到了回報。我們也一直致力於進一步打造我們的品牌和聲譽，成為公平、透明、可靠的世界級承包商收購者。

We strive to become the preferred home for outstanding family owned and operated businesses. In recent months, we've seen evidence that our approach is delivering results and believe that we're developing and assessing opportunities that are unavailable to other potential buyers. We see this trend continuing and are excited about the pipeline we've built.

我們致力於成為優秀家族企業的首選之家。最近幾個月，我們已經看到證據表明我們的方法正在取得成果，並相信我們正在開發和評估其他潛在買家無法獲得的機會。我們看到這種趨勢仍在繼續，並且對我們已建立的管道感到興奮。

We're making solid progress on recent acquisition integrations and are exploring additional opportunities aligned with our core capabilities and expand our geographic footprint. We consistently work on our M&A pipeline to ensure ample time for due diligence and are well positioned from a capital perspective. We're patient we're going to be able to execute the right deals at the right time. We currently operate in approximately 20 metropolitan statistical areas, MSAs, with a well-established presence across core markets.

我們在最近的收購整合中取得了堅實的進展，並正在探索與我們的核心能力相符的更多機會並擴大我們的地理覆蓋範圍。我們始終致力於我們的併購管道，以確保有充足的時間進行盡職調查，並從資本角度做好充分準備。我們很有耐心，我們將能夠在正確的時間達成正確的交易。我們目前在約 20 個大都會統計區 (MSA) 開展業務，在核心市場擁有穩固的業務。

Looking ahead, we have identified an additional 20 to 30 MSAs, primarily along the East Coast and throughout the Midwest that represent attractive expansion opportunities. Given our improvement model and operational capabilities, we are well positioned to capitalize on these markets.

展望未來，我們已確定另外 20 至 30 個 MSA，主要位於東海岸和整個中西部，代表著極具吸引力的擴張機會。鑑於我們的改進模式和營運能力，我們已做好準備利用這些市場。

We remain confident based on our current visibility to deliver our full-year guidance targets of $610 million to $630 million in revenue and adjusted even in the range of $78 million to $82 million. We're confident in our team's ability to deliver.

基於目前的前景，我們仍然有信心實現全年指引目標，即收入 6.1 億美元至 6.3 億美元，甚至調整至 7,800 萬美元至 8,200 萬美元的範圍內。我們對我們的團隊的交付能力充滿信心。

In closing, we're off to a strong start this year, driven by our discipline strategy, operational execution, and our relentless focus on serving our customers. Thank you for your continued support and confidence in Limbach Holdings.

最後，在我們的紀律策略、營運執行以及對服務客戶的不懈關注的推動下，我們今年取得了良好的開端。感謝您對 Limbach Holdings 的持續支持和信任。

Now, I'll turn over to Jayme to walk through the financials.

現在，我將請 Jayme 介紹一下財務狀況。

Thank you, Mike. Our Form 10-Q and earnings press release filed yesterday provide comprehensive details of our financial results. So I will focus on the highlights of the first quarter. All comparisons are first-quarter 2025 versus first-quarter 2024, unless otherwise noted.

謝謝你，麥克。我們昨天提交的 10-Q 表和收益新聞稿提供了我們財務業績的全面詳細資訊。因此我將重點關注第一季的亮點。除非另有說明，所有比較均為 2025 年第一季與 2024 年第一季的比較。

In the first quarter, we generated total revenue of $133.1 million compared to $119 million in 2024. Total revenue growth was 11.9%, while ODR revenue grew 21.7% and GCR revenue declined 4.5%. As we said, the GCR revenue decline is intentional as we execute our mixture strategy towards ODR.

第一季度，我們的總營收為 1.331 億美元，而 2024 年為 1.19 億美元。總營收成長 11.9%，其中 ODR 營收成長 21.7%，GCR 營收下降 4.5%。正如我們所說，GCR 收入下降是故意的，因為我們對 ODR 實施了混合策略。

ODR revenue accounted for 67.9% of total revenue for the first quarter, up from 62.4% in Q1 2024. Total gross profit for the quarter increased 18.1% from $31.1 million to $36.7 million, reflecting our focus on growing our ODR segments. Total gross margin on a consolidated basis for the quarter was 27.6%, up from 26.1% in 2024, driven by the combination of higher margin ODR revenue, higher quality GCR work, and contribution from acquisitions.

ODR 營收佔第一季總營收的 67.9%，高於 2024 年第一季的 62.4%。本季總毛利從 3,110 萬美元成長 18.1% 至 3,670 萬美元，反映出我們專注於擴大 ODR 部門。本季合併後的總毛利率為 27.6%，高於 2024 年的 26.1%，這得益於利潤率更高的 ODR 收入、更高品質的 GCR 工作以及收購的貢獻。

ODR gross profit comprised 71.2% of the total gross profit dollars, or $26.2 million. ODR gross profit increased $4 million or 18%, driven by higher revenue with ODR gross margins of 28.9%, slightly down from 29.8% in Q1 2024. The lower ODR gross market percentage in Q1 2025 was primarily because of $2 million of gross profit write-ups in the ODR segment during Q1 2024.

ODR 毛利佔總毛利的 71.2%，即 2,620 萬美元。 ODR毛利增加 400 萬美元，增幅 18%，這得益於收入增加，ODR 毛利率為 28.9%，略低於 2024 年第一季的 29.8%。2025 年第一季 ODR 毛市場百分比較低，主要是因為 2024 年第一季 ODR 部門的毛利增加了 200 萬美元。

GCR gross profit increased $1.6 million or 18.3% due to our more selective approach to projects. Our focus on higher quality projects increased our GCR gross margins to 24.7% from 20% in the first quarter of last year. SG&A expense for the first quarter was $26.5 million, an increase of approximately $3.6 million from $22.9 million.

由於我們採取了更有選擇性的專案方法，GCR 毛利增加了 160 萬美元，即 18.3%。我們專注於更高品質的項目，使我們的大中華區毛利率從去年第一季的 20% 提高到 24.7%。第一季銷售、一般及行政費用為 2,650 萬美元，比 2,290 萬美元增加約 360 萬美元。

As a percentage of revenue, SG&A expense was 19.9%, up from 19.2% in the same period last year. This increase includes SG&A associated with Kent Island and Consolidated Mechanical, which were not acquired entities of the company during the three months ended March 31, 2024.

銷售、一般及行政費用佔收入的百分比為 19.9%，高於去年同期的 19.2%。這一增長包括與肯特島和聯合機械相關的銷售、一般和行政費用，這兩家公司在截至 2024 年 3 月 31 日的三個月內並未被收購。

We expect SG&A for 2025 to be in the target range of 18% to 19% of total revenue due to our ongoing investment in the growing of our ODR business. Adjusted EBITDA for the quarter was $14.9 million, up 26.5% from $11.8 million in Q1 2024. Adjusted EBITDA margin was 11.2% compared to 9.9% in Q1 and of last year.

由於我們持續投資於 ODR 業務的成長，我們預計 2025 年銷售、一般及行政費用將達到總收入的 18% 至 19% 的目標範圍。本季調整後 EBITDA 為 1,490 萬美元，較 2024 年第一季的 1,180 萬美元成長 26.5%。調整後的 EBITDA 利潤率為 11.2%，而第一季和去年同期均為 9.9%。

Net income for the quarter grew 34.6% from $7.6 million to a record $10.2 million, and earnings per diluted share grew 32.8% from $0.64 to $0.85. Adjusted net income grew 38.9% from $9.7 million to $13.5 million and adjusted earnings per diluted share grew 36.6% from $0.82 to $1.12. Turning to cash flow, our operating cash inflow during the first quarter was $2.2 million compared to a $3.9 million operating cash outflow during the first quarter of last year, representing a $6.2 million improvement.

本季淨收入成長34.6%，從760萬美元增至創紀錄的1,020萬美元；每股攤薄收益成長32.8%，從0.64美元增至0.85美元。調整後淨收入成長38.9%，從970萬美元增至1,350萬美元；調整後每股稀釋收益成長36.6%，從0.82美元增至1.12美元。現金流方面，第一季我們的經營現金流入為220萬美元，而去年同期的經營現金流為390萬美元，較去年同期增加了620萬美元。

Free cash flow, defined as cash flow from operating activities less changes in working capital and capital expenditures, excluding our investment in additional rental equipment, for the first quarter was $15 million compared to $11.8 million in Q1 last year, representing a $3.3 million improvement. The free cash flow conversion of adjusted EBITDA for the quarter was 101.1% versus 100.3% last year.

自由現金流（定義為經營活動產生的現金流量減去營運資本和資本支出的變化，不包括我們對額外租賃設備的投資）第一季為 1,500 萬美元，而去年第一季為 1,180 萬美元，增加了 330 萬美元。本季調整後 EBITDA 的自由現金流轉換率為 101.1%，去年同期為 100.3%。

For full-year 2025, we are targeting a free cash flow conversion rate of at least 75% and expect CapEx to have a run rate of approximately $4 million primarily due to the acceleration of our ODR strategy. This amount excludes an additional investment of $3.5 million in rental equipment for 2025, of which $2 million occurred in the first quarter.

對於 2025 年全年，我們的目標是自由現金流轉換率至少達到 75%，並預計資本支出的運行率約為 400 萬美元，這主要歸功於我們的 ODR 策略的加速。這筆金額不包括 2025 年租賃設備的 350 萬美元額外投資，其中 200 萬美元發生在第一季。

Turning to our balance sheet. As of March 31, we had $38.1 million in cash and cash equivalents and total debt of $27.5 million, which includes $10 million borrowed on our revolving credit facility at a hedge rate of 5.72%. Our balance sheet remains strong, and we are well positioned to support our strategy of generating ODR growth and margin expansion to drive significant long-term value for our stockholders.

轉向我們的資產負債表。截至 3 月 31 日，我們擁有 3,810 萬美元的現金和現金等價物，總債務為 2,750 萬美元，其中包括以 5.72% 的對沖利率透過循環信貸額度借入的 1,000 萬美元。我們的資產負債表依然強勁，我們已做好準備，支持實現 ODR 成長和利潤率擴張的策略，為股東創造長期重大價值。

In addition, we will continue to utilize our balance sheet to support our strategy by providing the capital needed for opportunistic acquisitions and other growth initiatives.

此外，我們將繼續利用我們的資產負債表來支持我們的策略，為機會性收購和其他成長計劃提供所需的資金。

That concludes our prepared remarks. I'll now turn the call back to the operator to begin Q&A.

我們的準備好的演講到此結束。我現在將電話轉回給接線員開始問答。

(Operator Instructions) Rob Brown, Lake Street Capital.

（操作員指示） Rob Brown，Lake Street Capital。

Congratulations on the nice quarter. On the healthcare market, you talked about some kind of rebound there in recovery and activity. Could you just give us a sense of where that market's been and how you see it trending?

恭喜本季取得良好業績。在醫療保健市場，您談到了復甦和活動的某種反彈。您能否向我們介紹一下該市場的現狀以及您如何看待它的趨勢？

Yeah, so the healthcare vertical market's definitely been our key vertical market that we've really focused on, I would say, not just this year, but the past few years. What we like about it is the relative stability from that perspective. There's been lots of deferred maintenance that's really happened over the last four or five years, I think coming out of 2020 and 2021.

是的，所以醫療保健垂直市場絕對是我們真正關注的重點垂直市場，我想說，不僅是今年，而且是過去幾年。從這個角度來看，我們喜歡它的是它的相對穩定性。過去四、五年確實發生了許多延期維護，我認為是從 2020 年和 2021 年開始的。

So a lot of times, the hospital gets to the point where that deferred maintenance needs to be dealt with and they no longer in the quick repair mode and they need to make plans on their long-term capital planning from that perspective. So I think going to this year, we've definitely start to see some of our key customers realize, like I really need to start planning in the future because I'm building up a short-term expense. So we expect it to be a slow ramp up, but we like the stability and we've really embedded ourselves, and our strategy really works well in that vertical market.

因此，很多時候，醫院到了需要處理延期維護的地步，他們不再處於快速修復模式，而是需要從這個角度製定長期資本規劃。所以我認為到了今年，我們肯定會開始看到一些主要客戶意識到，我真的需要開始規劃未來，因為我正在累積短期開支。因此，我們預計這將是一個緩慢的成長過程，但我們喜歡穩定性，而且我們已經真正融入其中，我們的策略在垂直市場中確實行之有效。

Okay, great, thank you. And then, you talked a little bit about some pull forward on projects as customers looked at, maybe, tariff risk. But how do you see that or how much of it do you think was pulled forward, and I guess what's the risk on kind of equipment prices with tariffs?

好的，太好了，謝謝。然後，您談到了一些項目的提前，因為客戶可能會考慮關稅風險。但是您如何看待這一點，或者您認為其中有多少被提前了，我想問一下，關稅對設備價格的風險是什麼？

Yeah, so I think the one thing we definitely appreciate this year is going -- it's a lot tougher to sell on our model. There's not like a location has one or two projects that make up all of their revenue for the year.

是的，所以我認為我們今年肯定會感激的一件事是——按照我們的模式銷售要困難得多。一個地方不可能有一兩個項目就能帶來全年的全部收入。

So a lot tougher from that perspective, but I think the thing that really helps us is we do have things that pop up that are tariffs or -- even I think of other items that are macroeconomic related, our ability to be nimble and quick and pass costs along with something that I think is beneficial, even though tariffs essentially been neutral to us.

所以從這個角度來看要困難得多，但我認為真正對我們有幫助的是，我們確實遇到了一些問題，比如關稅，或者——我什至想到了與宏觀經濟相關的其他問題，我們能夠靈活、快速地轉嫁成本，我認為這是有益的，儘管關稅對我們來說基本上是中性的。

What I think we've seen from customers is the need to make the decision. They can't wait two or three months later because, first off, our price won't be valid at that point. But secondly, you know, things could change and the dynamics could change, the pricing could change.

我認為我們從客戶那裡看到的是需要做出決定。他們不能等到兩三個月後，因為首先，那時我們的價格就不再有效了。但其次，你知道，事情可能會發生變化，動態可能會發生變化，定價也可能會改變。

So I think that's one thing that we've really tried to stress to our customers is I'm giving you some -- I'm giving you a proposal, you need to act quickly on it. You need to make sure that you're ready to get funded or not. And I think that's the real conversation we've had a lot of our customers. And I think it's a good conversation because it allows us to be as proactive as possible and to make sure that there's no surprises between either. But definitely, the quick hitting nature of our work, I think, allows us to have those conversations with our customers and not be caught up in super long-term projects where it's tough to deal with drastic material increases.

所以我認為我們真正試圖向客戶強調的一件事是，我給你一些——我給你一個建議，你需要迅速採取行動。您需要確保您是否已準備好獲得資金。我認為這是我們與許多客戶進行的真實對話。我認為這是一次很好的對話，因為它使我們能夠盡可能地採取主動，並確保雙方之間不會出現意外。但毫無疑問，我認為，我們工作的快速性使我們能夠與客戶進行對話，而不會陷入難以應對急劇材料增長的超長期項目。

Chris Moore, CJS Securities.

克里斯·摩爾（Chris Moore），CJS 證券。

So maybe I'll focus on ODR to begin with. So obviously, the goals generate more and more revenue from an ODR client. Only a portion of the ODR clients evolved to the point where they're kind of more of that partner, the relationship evolves from just OpEx to include things like CapEx.

因此，也許我首先會關注 ODR。因此顯然，目標是從 ODR 客戶那裡獲得越來越多的收入。只有一部分 ODR 客戶發展到更像是合作夥伴的程度，這種關係從單純的營運支出發展到包括資本支出等。

So maybe a few questions here. I'm just trying to understand when does an account manager get placed at an ODR client. When you're still trying to determine if the customer could be a long-term partner or after you come to the conclusion that that long-term opportunity is actually there?

這裡可能有幾個問題。我只是想知道什麼時候會有一個客戶經理被安排到 ODR 客戶那裡。當您仍在嘗試確定客戶是否可以成為長期合作夥伴，或者您已經得出結論認為確實存在長期合作機會時？

Yeah, so we've learned a lot, I would say, the last few years. Just because it's a building with a lot of square footage at the hospital doesn't necessarily mean that that account is positioned to accept that onsite account manager. So we definitely research the facility, what's the spending patterns, what's the opportunity, not just what we've done short term, but we've done long term.

是的，我想說，過去幾年我們學到了很多。僅僅因為醫院的建築面積很大並不一定意味著該帳戶能夠接受現場客戶經理。因此，我們肯定會研究該設施，研究其支出模式是什麼，研究機會是什麼，不僅僅是我們短期內所做的，而且我們還研究長期內所做的。

We have a sales rep that makes sure that we have traction. So we're not putting an onsite account manager where we haven't seen revenue of gross profit ultimately fall through. So it's a combination of getting traction and also doing our homework and realizing that that account can accept that type of attention. So those are really two things that we've learned that have been important for success.

我們有一位銷售代表來確保我們能夠獲得關注。因此，我們不會派遣現場客戶經理，因為我們還沒有看到收入或毛利最終下降。因此，這需要我們一方面獲得關注，另一方面做好功課，並意識到該帳戶可以接受這種關注。因此，我們學到的這兩點對於成功來說確實非常重要。

Got it. And is there any way to put some percentage around, just trying to understand how many ODR clients you work with now, and what percentage of those are at that stage where you have realistically said this is partnership material?

知道了。有沒有辦法確定一個大概的百分比，只是想了解您現在與多少個 ODR 客戶合作，其中有多少百分比處於您認為可以實際合作的階段？

Yeah. So each branch, we really asked them to focus on really five core strategic customers. So some branches have five set up, some of them have two or three. So usually they're in some pattern about that as well too.

是的。因此，我們確實要求每個分公司真正專注於五個核心策略客戶。因此，有些分支機構設立了五個，有些分支機構設立了兩個或三個。因此通常他們也對此有某種模式。

I think the other thing, too, that we had in our deck was kind of this relationship between a local and national perspective. So our goal over time is to connect the dots and that's where I really feel like it's a big opportunity. So just as an example, one of our customers is a national healthcare provider. We work with them at three locations: Ohio, Philadelphia, and in South Florida.

我認為，我們的簡報中還有另一件事，那就是地方視角和國家視角之間的關係。因此，我們長期的目標是將這些點連接起來，而我真的覺得這是一個巨大的機會。舉個例子，我們的一位客戶是一家國家醫療保健提供者。我們在三個地方與他們合作：俄亥俄州、費城和南佛羅裡達州。

We've been working from an OpEx perspective, somewhat from a CapEx perspective. But we're now starting to connect the dots together. So we can take a local relationship and turn that into a national relationship, and I think that's where we're going to see again continue to acceleration.

我們一直從營運支出 (OpEx) 的角度進行工作，某種程度上也是從資本支出 (CapEx) 的角度來進行工作。但我們現在開始將這些點串連起來。因此，我們可以將地方關係轉變為國家關係，我認為這就是我們將再次看到持續加速的地方。

So each branch is focused on their top five, or some range to that. But there's also, I think, an added opportunity even once we gain some level of penetration from that perspective, also we'll get it from a national perspective as well too. So back to your other question, we really carefully pick these accounts. We work together to make sure that it's not just going to be a local impact, but it could be a national impact to be of a greater scale as well, too.

因此，每個分支機構都專注於其前五名或某個範圍。但我認為，還有一個額外的機會，即使我們從這個角度獲得了一定程度的滲透，我們也將從國家角度獲得這種機會。回到你的另一個問題，我們確實仔細挑選了這些帳戶。我們共同努力，確保它不僅會產生當地影響，而且還會產生全國性的影響，甚至產生更大規模的影響。

Very helpful. And maybe just the last one for me, the GCR gross margin was certainly higher than I was modeling, 24.7% versus 20% year over year. So that was kind of more selective projects. Given the current environment, lots of uncertainty, how likely or how difficult is it to keep the gross margin on GCR above 20%, say, over the next year or so?

非常有幫助。也許對我來說只是最後一個，GCR 毛利率肯定高於我預測的 24.7%，而去年同期為 20%。所以這是一種更具選擇性的項目。鑑於當前環境存在許多不確定性，在未來一年左右的時間裡，將 GCR 的毛利率保持在 20% 以上的可能性有多大或難度有多大？

Yeah, we're continuing to guide the 28% to 29% blended between the two. So depending on the quarter, there may be certain projects that finished or not. It's just -- it depends on the mix.

是的，我們將繼續引導兩者之間的混合比例達到 28% 至 29%。因此，根據季度的不同，某些項目可能會完成或未完成。這只是——這取決於混合情況。

Do you have anything you want to add?

您還有什麼要補充的嗎？

Yeah, it's really going to be mixed within that specific quarter. So really, yeah, the target, as Mike said, is 28% to 29% blended for both for the full year because there really can be the ebb and flow of that margin depending on the mix within any corner.

是的，在那個特定季度內，情況確實會好壞參半。所以，正如麥克所說，我們的目標是全年兩者的混合比例達到 28% 至 29%，因為根據任何角落的混合比例，該利潤率確實可能會有所起伏。

Gerry Sweeney, Roth Capital Partners LLC.

羅斯資本合夥有限責任公司 (Roth Capital Partners LLC) 的 Gerry Sweeney。

Congratulations on a great quarter. Mike, I think you highlighted 40 new salespeople. I apologize, maybe out of over the course of last year or in the last couple quarters. That sounds -- and I want to double check. It sounded like it was about a 30% increase on the sales side. But secondarily, I was wondering if you could give a little bit more detail on -- are those salespeople, account managers? And how do you look at them ramping up and hitting their full stride on the sales opportunity, post hiring?

恭喜本季取得優異成績。麥克，我認為你重點提到了 40 位新銷售人員。我很抱歉，這可能是去年或過去幾季發生的事。聽起來——我想再確認一下。聽起來銷售額成長了約 30%。但其次，我想知道您是否可以提供更多細節——這些人是銷售人員還是客戶經理？您如何看待他們在招募後加強並全力抓住銷售機會？

Yeah, so this is about 40, it's about a third of our sales staff. So the last couple of years we've added somewhere in the ballpark of that number. So if you circle back to like 2021 and 2022, we didn't have a lot of salespeople. It was a very different model. So every year, and I think in some sense this is why our SG&A hasn't been leveraged yet, is we have to continue to invest. Those sales reps and on-site account manager are critically important to make sure that we grow our owner-direct.

是的，大約有 40 人，占我們銷售人員的三分之一。因此，過去幾年我們增加了大約這個數字。因此，如果回顧 2021 年和 2022 年，我們並沒有很多銷售人員。這是一個非常不同的模型。所以每年，我認為在某種意義上這就是為什麼我們的銷售、一般和行政費用尚未充分利用，因為我們必須繼續投資。這些銷售代表和現場客戶經理對於確保我們直接發展業主業務至關重要。

Back to the other piece of your question, the vast majority of them are the onsite account managers that are working at OpEx. There's a small smattering of sales reps, and then there's also account execs as well too, which are new that we've hired this year. And their goal is to really penetrate from a CapEx perspective.

回到你的問題的另一部分，他們中的絕大多數都是在 OpEx 工作的現場客戶經理。我們有少量銷售代表，還有客戶經理，他們都是今年新聘用的。他們的目標是真正從資本支出的角度進行滲透。

So take that on -- the relationship that the onset account manager has built on the OpEx side. And as well, really position and make sure that we're capturing from a CapEx perspective as well too. But of course there's a bit of a ramp-up period for each one of these. A lot of it depends on what account they are, depends on the role that they're playing. But in some sense, it's a similar pattern that we've had the last couple of years.

因此，請接受這一點——初始客戶經理在 OpEx 方面建立的關係。而且，真正定位並確保我們也從資本支出的角度來捕捉。但當然，每一個都需要一定的上升期。這在很大程度上取決於他們是什麼帳戶，取決於他們扮演的角色。但從某種意義上來說，這與我們過去幾年所經歷的模式類似。

Got it. And then speaking about connecting the dots on your sort of -- I guess your geographic strategy, right, following some of your larger accounts to maybe additional MSAs. If you were to go into a new MSA, and say following a larger account, would you go in there organically or would you prefer to make a small acquisition to jumpstart things in that new area?

知道了。然後談到連接您的點 - 我想是您的地理策略，對的，跟踪一些較大的帳戶，也許是額外的 MSA。如果您要進入一個新的 MSA，並且跟踪一個更大的帳戶，您會有機地進入那裡還是願意進行小規模收購以啟動該新領域的業務？

Yeah, just a couple different ways that we would attack it. So we do have some relationships, especially on the national healthcare side, and we will do work outside of a branch location. A lot of times that's a program-management type deal, where we're managing a capital program for them. So we don't necessarily have boots on the ground. But the real opportunity for us is just, as what you said, if we really make sure from an account perspective, we look to see what that kind of overlap there is, these national customers, what's the breadth and footprint.

是的，我們可以透過幾種不同的方式來解決它。因此，我們確實有一些關係，特別是在國家醫療保健方面，並且我們將在分支機構之外開展工作。很多時候，這是一種專案管理類型的交易，我們為他們管理資本項目。因此我們不一定派駐地面部隊。但對我們來說真正的機會就像你所說的那樣，如果我們真的從帳戶角度確定，我們會看看存在什麼樣的重疊，這些全國客戶的廣度和足跡是什麼。

So if we do buy a company, and we have boots on the ground, now, here's an opportunity. Not just to buy a great company, but also to leverage these national relationships as well, too. So just from our map perspective, there's lots of white space on there. And then we are always kind of overlapping some of our national customers as well, too. So we can buy a company and then we can give them some acceleration from a revenue perspective from a national account as well too. That's really, I think, where we get a great benefit out of it.

因此，如果我們確實收購了一家公司，並且我們擁有實地業務，那麼現在，這就是一個機會。不僅要收購一家偉大的公司，還要利用這些國家關係。因此，從我們的地圖角度來看，那裡有很多空白區域。而且我們也總是與一些國家客戶有重疊。因此，我們可以收購一家公司，然後從國家帳戶的收入角度為他們提供一些加速。我認為，這確實讓我們從中獲益匪淺。

Got it. What about taking aside following new customers looking at those 20 to 30 MSAs that I think -- I don't -- my words not yours, targeted. How would you enter into those markets separately? I mean, acquisition or would you ever look at going into any market from an organic standpoint?

知道了。那麼，除了關注那些 20 到 30 個 MSA 之外，我認為 — — 我不 — — 是我的話，不是你的話，是有針對性的。您將如何分別進入這些市場？我的意思是，收購，或者您會從有機的角度考慮進入任何市場？

We've done organic starts before. As an example, South Florida was an organic start. A lot of it comes down to making sure that we have the right leader, we have the right team, so occasionally we will do that. I would say the majority of what we do will come from an acquisition as well, too. So that really accelerates it.

我們以前也進行過有機創業。例如，南佛羅裡達是一個有機的開始。很多事情都歸結於確保我們有合適的領導者、合適的團隊，所以偶爾我們會這樣做。我想說，我們所做的大部分工作也都將來自收購。這確實加速了這一進程。

So if we're going to go from a new-start perspective, it really takes time and we've learned from that. So I would say for the majority of those 20 to 30 MSAs that we referenced in the prepared remarks, a lot of those will come from an acquisition perspective. We just get the scale of the resources, and it really lets us get going a lot quicker.

因此，如果我們要從新的角度出發，這確實需要時間，而我們已經從中學到教訓了。因此我想說，我們在準備好的評論中提到的 20 到 30 個 MSA 中的大多數都將來自收購的角度。我們只是獲得了資源的規模，它確實讓我們更快地開始行動。

Brian Brophy, Stifel.

布萊恩·布羅菲（Brian Brophy），Stifel。

Congrats on a nice quarter. So you called out an acceleration in March in your comments. Can you talk about the significance of that? Was that acceleration more than seasonally normal this year? And just any more color on how that continued into April. Thanks.

恭喜本季取得良好業績。所以您在評論中提到了三月的加速。能談談這件事的意義嗎？今年的加速度是否超過了季節性正常水平？並且進一步說明這種情況如何持續到四月。謝謝。

Yeah. So as we've referenced before, there's definitely seasonality to it. I think there's a couple things that kind of results in that. One is, every year, we've had a greater owner-direct mix, and this year we continue to have that. So that always leads us to having revenue built throughout the year.

是的。正如我們之前提到的，它肯定具有季節性。我認為有幾件事導致了這種情況。一是，每年我們的業主直銷組合都會增加，今年我們將繼續保持這一趨勢。因此，這總是會讓我們全年都有收入。

I think March was what really helped us from that perspective. And I think part of it's seasonality, part of it's the sales reps that we have, and account managers that we brought on. It's really a combination of those two together. But as always, we expect there to be a ramp up throughout the year.

從這個角度來看，我認為三月確實給了我們很大的幫助。我認為部分原因是季節性，部分原因是我們現有的銷售代表以及我們聘請的客戶經理。這其實是兩者的結合。但與往常一樣，我們預計全年銷量將有所成長。

Okay. And maybe this is related. There's been some discussion from some of the HVAC OEMs and distributors regarding some of the disruption early this year to a refrigerant change out. Curious on your perspective on that and if you saw any impact from that at all this year. Thanks.

好的。這也許有關係。一些 HVAC OEM 和分銷商就今年年初冷媒更換造成的一些中斷進行了一些討論。好奇您對此的看法以及今年您是否看到了它的影響。謝謝。

Yeah, it depends on what the equipment, what the project is. That is a reason, I think, for somebody to make a decision, so it's typically been of help to us. So a lot of times, too, it just depends from a customer perspective. Do they have a reason to make that ultimate equipment repair?

是的，這取決於設備是什麼，項目是什麼。我認為，這是某人做出決定的一個原因，所以它通常對我們有幫助。所以很多時候，這也取決於客戶的角度。他們是否有理由進行那次終極設備維修？

So it could be from different refrigerant changes, it could just be in their cycle. A lot of times from a customer perspective, it's just a matter of when have they racked up a big enough bill from an OpEx perspective along with a number of other factors, which may be things like refrigerant switch outs to say, finally we need to make a decision. So it's a decision point, I would say, more or less from our customer perspective.

所以它可能來自不同的冷媒變化，也可能只是在它們的循環中。很多時候，從客戶的角度來看，這只是一個問題，即他們何時從營運支出角度累積了足夠大的帳單，以及許多其他因素，這些因素可能是冷媒切換之類的事情，最終我們需要做出決定。所以我想說，從客戶的角度來看，這或多或少是個決策點。

Okay. And then one more for me. I wanted to follow up on some of your comments on private equity competition on the M&A side. I think historically, you've talked about doing two to three tuck-in deals a year. Is that still a good way to think about the M&A cadence? Or given the competitiveness on the M&A side, maybe you're thinking something different today? Thanks.

好的。然後我再加一個。我想跟進您對併購方面的私募股權競爭的一些評論。我認為從歷史上看，您曾談到每年進行兩到三筆收購交易。這仍然是思考併購節奏的好方法嗎？或者考慮到併購方面的競爭力，也許您今天會有不同的想法？謝謝。

Yeah, no. So we're looking to buy $8 million to $10 million of adjusted EBITDA. So it's interesting from a private equity perspective. I think what that does is ultimately really shows people that are selling their business just the differentiation between maybe going down that route versus the Limbach route. So I think the saturation of the market has allowed us to differentiate ourselves. And I think what it really comes down to is our approach is just different.

是的，不。因此，我們希望購買 800 萬至 1000 萬美元的調整後 EBITDA。從私募股權的角度來看這很有趣。我認為這最終會向出售業務的人們展示出走這條路線與走 Limbach 路線之間的差異。所以我認為市場的飽和讓我們能夠脫穎而出。我認為真正的原因是我們的方法不同。

We're going to be patient, diligent. We're going to take our time. We're really focused not on just the deal itself, but what the deal is going to look like over the long term, and then how can we still fit them into our mold, get them on our common strategic platform. So I think we've just realized over time that it's a big differentiator for us. And we definitely feel like we’re a unique option and, in some sense, I think it's opened up doors where maybe it wouldn't have if we had more of a common approach from an acquisition perspective.

我們會保持耐心和勤奮。我們會慢慢來。我們真正關注的不僅僅是交易本身，而是交易的長期前景，以及我們如何讓他們適應我們的模式，讓他們加入我們的共同策略平台。所以我認為，隨著時間的推移，我們意識到這對我們來說是一個很大的區別。我們確實覺得自己是一個獨特的選擇，從某種意義上說，我認為它打開了大門，如果我們從收購角度採取更共同的方法，也許就不會有這樣的大門。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Mike McCann for closing remarks.

謝謝。問答環節現已結束。我想請麥克‧麥肯 (Mike McCann) 作最後發言。

Thank you for listening today, and for your continued interest in Limbach. We look forward to seeing many of you at the Oppenheimer Virtual Industrial Conference on May 8, the Bank of America Industrial Conference in New York on May 14, and the Stifel Cross Sector Conference in Boston on June 3 and 4. Have a great rest of your day. Thank you.

感謝您今天的收聽，也感謝您對林巴赫的持續關注。我們期待在 5 月 8 日舉行的 Oppenheimer 虛擬工業會議、5 月 14 日舉行的紐約美國銀行工業會議以及 6 月 3 日和 4 日舉行的波士頓 Stifel 跨行業會議上見到大家。祝您今天剩餘的時間過得愉快。謝謝。

And this concludes this conference. You may disconnect your line at this time. Thank you for your participation.

本次會議到此結束。現在您可以斷開線路。感謝您的參與。