Limbach Holdings Inc (LMB) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 Limbach Holdings, Inc. 2025 年第二季財報電話會議及網路直播（操作員指示）

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

現在我將會議交給主持人，Financial Profiles 的 Lisa Fortuna。你可以開始了。

Good morning, and thank you for joining us today to discuss Limbach Holdings financial results for the second quarter of 2025. Yesterday, Limbach issued its earnings release and filed its Form 10-Q for the period ended June 30, 2025.

早安，感謝您今天加入我們討論 Limbach Holdings 2025 年第二季的財務表現。昨天，Limbach 發布了其收益報告並提交了截至 2025 年 6 月 30 日的 10-Q 表。

Both documents as well as an updated investor presentation are available on the Investor Relations section of the company's website at www.limbachinc.com. Management may refer to select slides during today's call and encourages investors to review the presentation in its entirety.

這兩份文件以及更新後的投資者簡報均可在公司網站 www.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 Jayme Brooks, Executive Vice President and Chief Financial Officer. We will begin with prepared remarks and then open the call to questions.

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 Jayme Brooks。我們將從準備好的發言開始，然後開始提問。

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, intend, believe, expect, anticipate or other comparable words and phrases. Statements that are not historical facts, such as those about expected financial performance are also forward- looking statements.

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、是、打算、相信、期望、預期或其他類似詞語和短語來識別。非歷史事實的陳述，例如有關預期財務表現的陳述，也是前瞻性陳述。

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.

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。Limbach 向美國證券交易委員會提交的文件（包括 10-K 和 10-Q 表格報告）中討論了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。

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 second 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 2025 年第二季度的收益報告和投資者介紹中找到這些非 GAAP 指標與最直接可比較的 GAAP 指標的對賬，這兩份報告都可以在 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, and welcome, everyone. Thank you for joining us today. Limbach plays a critical role in ensuring the reliability of mission-critical infrastructure within our customers' buildings and facilities. Our expertise lies in optimizing and sustaining the performance of existing systems so they function flawlessly, especially when the stakes are high.

早上好，歡迎大家。感謝您今天加入我們。Limbach 在確保客戶建築物和設施內關鍵任務基礎設施的可靠性方面發揮關鍵作用。我們的專長在於優化和維持現有系統的效能，使其能夠完美運行，尤其是在高風險的情況下。

As we've consistently noted before, our growth and expansion strategy is anchored by 3 key initiatives: number one, scaling our ODR business organically as we become a trusted partner to our customers; number two, driving profitability through enhanced product and service offerings; and number three, making strategic acquisitions that expand our market presence and brand.

正如我們之前一直強調的那樣，我們的成長和擴張策略以三項關鍵舉措為基礎：第一，隨著我們成為客戶值得信賴的合作夥伴，有機地擴大我們的 ODR 業務；第二，透過增強產品和服務來提高盈利能力；第三，進行策略性收購，擴大我們的市場影響力和品牌。

Since we started our shift from GCR to ODR, ODR revenue as a percentage of total revenue has increased from 21% in the second quarter of 2019 to 76.6% in the second quarter of 2025. For the first half of 2025, ODR represented 72.4% of total revenue, which is in line with our 2025 guidance of between 70% and 80%.

自從我們開始從 GCR 轉向 ODR 以來，ODR 收入佔總收入的百分比已從 2019 年第二季的 21% 增加到 2025 年第二季的 76.6%。2025 年上半年，ODR 佔總營收的 72.4%，符合我們對 2025 年 70% 至 80% 之間的預期。

This strategy is driving margin expansion and earnings growth while also enhancing our risk profile. Over the past year, we have begun to implement this land-and-expand strategy, which we believe will fuel Limbach's next phase of growth.

這項策略正在推動利潤率擴張和獲利成長，同時也增強了我們的風險狀況。在過去的一年裡，我們已經開始實施這項「登陸和擴張」策略，我們相信這將推動 Limbach 的下一階段成長。

As a result of organic growth and strategic acquisitions over the past several years, we now have 21 locations and customers in 17 metropolitan service areas or MSAs. This includes several national customers with multiple locations across different states and complex maintenance needs given the mission-critical nature of their businesses.

透過過去幾年的有機成長和策略收購，我們現在在 17 個大都會服務區或 MSA 擁有 21 個分店和客戶。這包括幾個全國性客戶，他們在不同的州有多個辦事處，並且由於他們的業務的關鍵任務性質，他們的維護需求很複雜。

Our results continue to reflect the meaningful progress we've made in this transformation. Compared to the year ago period, second quarter 2025 total revenue grew 16.4% ODR revenue rose 31.7%, gross profit increased by 18.9% and adjusted EBITDA grew 30%. Jayme will go into more details on the financials shortly, but we're pleased with the strong consistent momentum we've achieved over the past six years.

我們的成果繼續反映出我們在這轉型過程中取得的有意義的進展。與去年同期相比，2025 年第二季總營收成長 16.4%，ODR 營收成長 31.7%，毛利成長 18.9%，調整後 EBITDA 成長 30%。Jayme 很快就會詳細介紹財務狀況，但我們對過去六年取得的強勁持續發展勢頭感到滿意。

Turning to the broader environment. We continue to navigate ongoing macroeconomic uncertainty with performance varying across end markets. Operating primarily across six distinct verticals provides diversification that helps us mitigate volatility and reduces reliance on any single industry. Next, I'd like to provide a quick update of what we are currently seeing in some of the key verticals

轉向更廣泛的環境。我們將繼續應對持續存在的宏觀經濟不確定性，各個終端市場的表現各不相同。主要在六個不同的垂直領域開展業務，實現了多樣化，有助於我們減輕波動性並減少對任何單一行業的依賴。接下來，我想簡要介紹一下我們目前在一些關鍵垂直領域中看到的情況

we serve. In health care, deferred maintenance is driving quick or emergency repair and replacement work. We are starting to have proactive discussions with customers to avoid emergencies. The goal is that even if some customers are reluctant to spend immediate dollars on short-term capital projects, we are helping them plan their spending for future years, and this gives us visibility into their future requirements.

我們服務。在醫療保健領域，延期維護正在推動快速或緊急維修和更換工作。我們開始與客戶進行主動討論，以避免緊急情況。我們的目標是，即使有些客戶不願意立即在短期資本項目上花費資金，我們也會幫助他們規劃未來幾年的支出，這讓我們了解他們未來的需求。

For industrial manufacturing customers, we are performing upgrades to existing manufacturing lines and providing labor for industrial shutdowns. These shutdowns are being performed as planned and customers continue to invest in their facilities. And in Life Science and Higher Education, we primarily support our customers by maintaining essential systems, upgrading critical infrastructure and minimizing downtime, especially in mission-critical environments.

對於工業製造客戶，我們正在對現有生產線進行升級，並為工業停工提供勞動力。這些停工正在按計劃進行，客戶繼續對其設施進行投資。在生命科學和高等教育領域，我們主要透過維護基本系統、升級關鍵基礎設施和最大限度地減少停機時間來為客戶提供支持，尤其是在關鍵任務環境中。

In higher education, we are currently seeing the majority of our revenue in laboratory building environments. To support the ongoing expansion of ODR business, we've scaled our sales organization over the last year with the addition of 40 new salespeople, which primarily consists of on-site account managers. This marks a pivotal evolution in our go-to-market strategy and how we engage with customers, emphasizing a deeper understanding of their facilities and anticipating their operational needs.

在高等教育領域，我們目前大部分的收入來自實驗室建立環境。為了支持 ODR 業務的持續擴張，我們在過去一年擴大了銷售組織規模，增加了 40 名新銷售人員，主要由現場客戶經理組成。這標誌著我們的市場進入策略和與客戶互動方式的關鍵轉變，強調更深入地了解他們的設施並預測他們的營運需求。

To support our expanding sales team, we recently hired Amy Dorsett as Senior Vice President of Sales. Amy brings over 20 years of experience as a strategic results-driven sales leader with expertise in business development and client relationship management. She has a proven track record of expanding business portfolios and strengthening existing relationships to drive sustainable growth.

為了支持我們不斷成長的銷售團隊，我們最近聘請了 Amy Dorsett 擔任銷售資深副總裁。艾米擁有超過 20 年的以策略結果為導向的銷售領導經驗，在業務開發和客戶關係管理方面擁有專業知識。她在擴大業務組合和加強現有關係以推動永續成長方面有著良好的記錄。

Her prior roles include sales leader positions for major OEMs, including Honeywell, Trane and Johnson Controls, while consistently delivering high-impact results. We're excited to welcome Amy to the Limbach team. This type of expertise will be instrumental in advancing our national account capture strategy and enhancing the capabilities of our existing sales staff, particularly in developing capital plans with building owners and driving proactive sales and training. Amy will also play a key role in supporting our vertical market focus.

她曾擔任霍尼韋爾、特靈和江森自控等主要原始設備製造商的銷售主管，並始終如一地提供高影響力的成果。我們很高興歡迎 Amy 加入 Limbach 團隊。這種專業知識將有助於推進我們的全國客戶獲取策略並增強我們現有銷售人員的能力，特別是在與業主制定資本計劃以及推動主動銷售和培訓方面。艾米也將在支持我們的垂直市場重點方面發揮關鍵作用。

Our sales efforts are intentionally concentrated on existing customers that have complex high-demand facilities that require ongoing system enhancements and continuous upkeep. We believe our current footprint represents just a fraction of the total opportunity within these environments.

我們的銷售工作有意集中於現有客戶，這些客戶擁有複雜的高需求設施，需要持續的系統增強和持續的維護。我們相信，我們目前的足跡僅代表這些環境中全部機會的一小部分。

Importantly, our growth isn't dependent on new construction. It's driven by the reoccurring needs of long-standing customers. These relationships offer the greatest potential for organic growth, and our account teams are committed to strengthening them further through reliable service, proactive engagement and high-impact solutions.

重要的是，我們的成長並不依賴新建築。這是由長期客戶的重複需求所驅動的。這些關係為有機成長提供了最大的潛力，我們的客戶團隊致力於透過可靠的服務、主動的參與和高影響力的解決方案進一步加強這些關係。

One of our major initiatives for 2025 is strategically expanding from a reactive support model to a proactive partnership approach. Our goal is to play a more strategic role in shaping customer budgets ahead of the next planning cycle to turn OpEx spend or small quick hitting our emergency projects into proactive capital programs.

我們 2025 年的主要措施之一是從被動支持模式策略性地擴展到主動合作方式。我們的目標是在下一個規劃週期之前發揮更具策略性的作用，制定客戶預算，將營運支出或小型快速緊急專案轉變為主動的資本計劃。

We believe this evolution will not only deepen our customer relationships, but also enhance visibility and predictability to our sales pipeline. Transitioning from an OpEx type spend to a capital program isn't an immediate and could take typically 6 to 12 months.

我們相信，這種轉變不僅會加深我們與客戶的關係，還會提高我們銷售管道的可見度和可預測性。從營運支出類型支出過渡到資本計畫並不是一蹴而就的，通常需要 6 到 12 個月。

It could require a facility assessment, energy benchmarking and or asset spend analysis. Additionally, these capital programs are typically sold to the C-suite or VP level within an organization as part of an overall budget as opposed to OpEx spend, which is sold at the facility manager level based on existing budget.

它可能需要設施評估、能源基準測試和資產支出分析。此外，這些資本計劃通常作為整體預算的一部分出售給組織內的高階主管或副總裁級別，而不是營運支出，營運支出是根據現有預算在設施經理級別出售的。

Our approach is to have a local and or national account exec working with the on-site account managers to develop the program, deliver this financial sale to the customer. With Amy's executive presence and sales expertise, we are confident in our ability to help coach our sales team to turn a technical sale into a financial sale.

我們的方法是讓當地或全國的客戶經理與現場客戶經理合作制定計劃，並將這筆金融銷售交給客戶。憑藉 Amy 的領導能力和銷售專業知識，我們有信心幫助指導我們的銷售團隊將技術銷售轉變為財務銷售。

As an example, we were recently hired by a national health care owner to perform energy and facility assessments for over 20 different properties. Our sales team will conduct the assessments and then present capital project solutions to help build this customer's long-term spending program. Projects won't be immediate, but this important work should set up for several years of spend that will be more predictable than OpEx reactive spend.

例如，我們最近受一家國家醫療保健機構的聘請，對 20 多個不同的房產進行能源和設施評估。我們的銷售團隊將進行評估，然後提出資本項目解決方案，以協助制定該客戶的長期支出計畫。專案不會立即開始，但這項重要工作應該為幾年的支出做好準備，這將比 OpEx 被動支出更可預測。

The second element of our growth strategy focusing on broadening our service portfolio to position Limbach as a one-stop shop for building owners to capture rising customer demand and tap into higher- margin opportunities.

我們成長策略的第二個要素是專注於擴大我們的服務組合，將 Limbach 定位為建築物業主的一站式服務中心，以滿足不斷增長的客戶需求並挖掘更高利潤的機會。

Last quarter, we invested approximately $2 million to expand our climate control rental fleet, positioning ourselves to meet seasonal demand as temperatures climb. This initiative represents a growth opportunity and highlights our commitment to evolving beyond conventional service lines. We continue to make investments to drive ODR revenue growth, and increase our value to these customers.

上個季度，我們投資了約 200 萬美元來擴大我們的氣候控制租賃車隊，以滿足氣溫上升帶來的季節性需求。這項舉措代表著一個成長機會，並凸顯了我們致力於超越傳統服務線的承諾。我們將繼續進行投資以推動 ODR 收入成長，並增加我們對這些客戶的價值。

Offerings such as digital solutions that manage and monitor the performance of building systems, including data analytics, energy consumption and sustainability will allow us to develop new revenue streams, leverage our professional service capabilities to support multi-location regional and national customers in core end markets and drive energy retrofit and performance optimization for building owners.

管理和監控建築系統性能的數位解決方案等產品，包括數據分析、能源消耗和永續性，將使我們能夠開發新的收入來源，利用我們的專業服務能力為核心終端市場的多地點區域和國家客戶提供支持，並推動建築業主的能源改造和性能優化。

The third part of our strategy is M&A. We remained active. In July, we completed our largest acquisition to date with the addition of Pioneer Power. As a reminder, Pioneer provides industrial and institutional mechanical solutions to the health care, food, power,

我們的策略的第三部分是併購。我們仍然保持活躍。7 月份，我們完成了迄今為止最大的一筆收購，即收購先鋒電力 (Pioneer Power)。提醒一下，Pioneer 為醫療保健、食品、電力、

utility and oil refining and other verticals in the Greater Twin Cities region and the Upper Midwest. This transaction directly aligned with our disciplined acquisition criteria. Pioneer brings specialized expertise, in our core verticals and the majority of their business is already focused on working directly with building owners.

大雙城地區和中西部上游地區的公用事業、石油精煉和其他垂直行業。此次交易與我們嚴格的收購標準完全一致。Pioneer 在我們的核心垂直領域擁有專業知識，其大部分業務已經集中在直接與建築物業主合作。

Additionally, Pioneer expands our footprint in the core Midwest and extends our reach into a new geographic market in the Upper Midwest, bringing our MSAs to 17. Its technical capabilities and service offerings complement ours, and we see strong cultural compatibility between our teams. We are excited to welcome Pioneer's approximate 300 colleagues to our family.

此外，Pioneer 擴大了我們在中西部核心地區的業務範圍，並將我們的業務範圍延伸到中西部上游的新地理市場，使我們的 MSA 達到 17 個。其技術能力和服務產品與我們的互補，並且我們看到我們團隊之間具有強大的文化相容性。我們非常高興地歡迎先鋒公司約 300 名同事加入我們的大家庭。

The integration process is well underway in terms of systems and operational processes, and our teams are already working together. Since going public in 2016, we have completed six highly selective acquisitions, each the result of disciplined diligence and strategic fit analysis. and have continuously fine-tuned our integration process with every transaction.

系統和營運流程的整合進程正在順利進行，我們的團隊已經開始合作。自 2016 年上市以來，我們已完成六次高度選擇性的收購，每次收購都是嚴謹的盡職調查和策略契合度分析的結果，並在每次交易中不斷調整我們的整合流程。

Behind those six deals are dozens of opportunities we have deliberately passed on, whether to valuation, limited strategic alignment or concerns around cultural fit. Our proven integration playbook unfolds in two distinct phases. Phase 1 focuses on system integration, driving fixed cost reduction and leveraging a unified organizational structure and common platform. In addition, we apply gross profit benchmarking and implement robust risk management tools in an effort to ensure operational efficiency and financial discipline. This is typically a one to two year process.

在這六筆交易背後，是我們故意放棄的數十個機會，無論是估值、有限的策略協調或對文化契合度的擔憂。我們經過驗證的整合方案分為兩個不同的階段。第一階段專注於系統集成，推動固定成本降低並利用統一的組織結構和通用平台。此外，我們採用毛利基準並實施強而有力的風險管理工具，以確保營運效率和財務紀律。這通常需要一到兩年的時間。

During Phase 2, we established targeted account strategies, deploy on-site account managers and introduce evolved Limbach's offerings. We also completed the full build-out of dedicated account teams to deepen customer engagement. The duration of Phase 2 can take between two to four years.

在第二階段，我們制定了有針對性的客戶策略，部署了現場客戶經理並推出了 Limbach 的改進產品。我們也完成了專門客戶團隊的全面建設，以加深客戶參與度。第二階段可能需要兩到四年。

Through these ever-evolving value creation actions, our goal is to enhance Pioneer's performance and eventually bring its margins in line with ours, ultimately creating additional stockholder value by acquiring a scalable business at an attractive multiple, we are prioritizing the successful integration of Pioneer while we continue to build and monitor an active M&A pipeline for the future.

透過這些不斷發展的價值創造行動，我們的目標是提高先鋒公司的業績，並最終使其利潤率與我們的保持一致，最終透過以有吸引力的倍數收購可擴展的業務來創造額外的股東價值，我們優先考慮先鋒公司的成功整合，同時我們繼續為未來建立和監控積極的併購管道。

Overall, our acquisition strategy is grounded in a thoughtful and methodical approach, targeting high-quality companies that align with our values and we care culture that are committed to building long-term relationships with building owners and delivering essential solutions.

總體而言，我們的收購策略以深思熟慮和有條不紊的方法為基礎，目標是符合我們的價值觀和關懷文化的高品質公司，致力於與建築業主建立長期關係並提供必要的解決方案。

This strategy has yielded meaningful results for us. At the same time, we've worked to build the Limbach brand in the market as a trustworthy and principal partner. Our goal is to become the first choice for distinguished enterprises looking to join a bigger platform. With a strong pipeline of opportunities, we expect strategic M&A will continue to play an important role in our growth strategy.

這項策略為我們帶來了有意義的成果。同時，我們致力於將 Limbach 品牌打造為市場上值得信賴的主要合作夥伴。我們的目標是成為優秀企業加入更大平台的首選。憑藉強大的機遇，我們預期策略併購將繼續在我們的成長策略中發揮重要作用。

I would now like to turn to guidance, where we have revised our 2025 outlook. For the full year, we anticipate generating between $650 million and $680 million of revenue with adjusted EBITDA projected in the range of $80 million to $86 million. While integration efforts remain on track with Pioneer, this represents the largest acquisition in our history as a public company. We are approaching our initial projections with a conservative measured outlook.

現在我想談談指導，我們已經修改了 2025 年的展望。我們預計全年營收將在 6.5 億美元至 6.8 億美元之間，調整後的 EBITDA 預計在 8,000 萬美元至 8,600 萬美元之間。儘管與先鋒公司的整合工作仍在按計劃進行，但這是我們作為上市公司歷史上最大的收購。我們以保守的眼光看待我們最初的預測。

As we gain greater visibility over the coming months as we work through Phase 1 of the integration of Pioneer, we expect to provide an update on the next quarterly call. Additionally, revenue and adjusted EBITDA contributions for the company are not expected to be evenly distributed between the third and fourth quarters as we anticipate a heavier weighting towards Q4.

隨著我們在未來幾個月內完成先鋒整合的第一階段工作，我們將獲得更大的透明度，我們預計將在下一次季度電話會議上提供最新情況。此外，我們預期公司營收和調整後 EBITDA 貢獻在第三季和第四季之間不會平均分佈，因為我們預期第四季的權重會更大。

In summary, we are gaining strong momentum and remain committed to creating long-term value for building owners by fostering enduring relationships and becoming an indispensable partner in managing their mission-critical systems. Once again, by operating in 17 MSAs and 6 independent verticals, we ensure there's no single market defines our trajectory.

總而言之，我們正在獲得強勁的發展勢頭，並將繼續致力於透過建立持久的關係並成為管理其關鍵任務系統不可或缺的合作夥伴，為建築業主創造長期價值。再次，透過在 17 個 MSA 和 6 個獨立垂直領域開展業務，我們確保沒有任何單一市場能夠決定我們的發展軌跡。

This structure enables us to absorb location or sector-specific fluctuations while sustaining consistent performance across cycles. For the balance of 2025, our key priorities are threefold: first, drive top line revenue growth; second, expand relationships through Evolved solutions, which requires training up the sales force to evolve a technical sale into a financial sale; and number three, continue the execution of Phase 1 of the Pioneer integration and building our acquisition pipeline.

這種結構使我們能夠吸收特定地點或特定行業的波動，同時保持跨週期的穩定表現。對於 2025 年的剩餘時間，我們的主要優先事項有三個方面：首先，推動營業收入成長；其次，透過 Evolved 解決方案擴展關係，這需要培訓銷售人員，將技術銷售發展為金融銷售；第三，繼續執行先鋒整合的第一階段並建立我們的收購管道。

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

現在我會把時間交給 Jayme 來介紹財務狀況。

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 second quarter. All comparisons are second quarter 2025 versus second quarter 2024, unless otherwise noted. In the second quarter, we generated total revenue of $142.2 million compared to $122.2 million in 2024.

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信息，因此我將重點介紹第二季度的亮點。除非另有說明，所有比較均為 2025 年第二季與 2024 年第二季的比較。第二季度，我們的總營收為 1.422 億美元，而 2024 年為 1.222 億美元。

Total revenue growth was 16.4%, while ODR revenue grew 31.7% to a quarterly record of $108.9 million and GCR revenue declined 15.7%. As we have said before, the GCR revenue decline is intentional as we execute our mix shift strategy towards ODR. ODR revenue accounted for 76.6% of total revenue for the second quarter, up from 67.7% in Q2 2024.

總營收成長 16.4%，其中 ODR 營收成長 31.7%，達到季度記錄的 1.089 億美元，GCR 營收下降 15.7%。正如我們之前所說，GCR 收入下降是故意的，因為我們執行了 ODR 導向的組合轉移策略。ODR 營收佔第二季總營收的 76.6%，高於 2024 年第二季的 67.7%。

Total gross profit for the quarter increased 18.9% from $33.5 million to $39.8 million, reflecting the ongoing growth of our ODR segment. Total gross margin on a consolidated basis for the quarter was 28%, up from 27.4% in 2024, driven by the combination of higher-margin ODR revenue and higher quality GCR projects. ODR gross profit comprised 79.3% of the total gross profit dollars or a quarterly record of $31.6 million.

本季總毛利從 3,350 萬美元成長 18.9% 至 3,980 萬美元，反映了我們 ODR 部門的持續成長。本季合併總毛利率為 28%，高於 2024 年的 27.4%，這得益於利潤率更高的 ODR 收入和更高品質的 GCR 項目。ODR 毛利佔總毛利的 79.3%，創下季度最高紀錄 3,160 萬美元。

ODR gross profit increased $6.2 million or 24.6%, driven by higher revenue despite lower ODR segment margins of 29% compared to 30.6%, resulting from certain ODR-related project write-ups recognized in the period last year that did not recur in the current period. GCR gross profit increased $0.1 million or 1.1% due to higher margins of 24.7% compared to 20.6%, driven by our focus on higher quality projects despite lower revenue.

網路爭議解決毛利增加了 620 萬美元，即 24.6%，儘管 ODR 部門利潤率從 30.6% 降至 29%，但由於去年期間確認的某些 ODR 相關項目增值在本期間沒有再次發生，因此收入有所增加。儘管收入較低，但我們仍專注於更高品質的項目，導致 GCR 毛利增加了 10 萬美元或 1.1%，原因是利潤率從 20.6% 上升至 24.7%。

SG&A expense for the second quarter was $26.6 million, an increase of approximately $3.5 million from $23.2 million. This increase includes the addition of the 40 new salespeople Mike mentioned earlier and SG&A associated with Kent Island and Consolidated Mechanical that were not part of the company during the second quarter of 2024.

第二季銷售、一般及行政費用為 2,660 萬美元，比 2,320 萬美元增加約 350 萬美元。這一增長包括 Mike 先前提到的 40 名新銷售人員的加入，以及與 Kent Island 和 Consolidated Mechanical 相關的銷售、一般及行政費用（SG&A），這些費用在 2024 年第二季度不屬於公司。

As a percentage of revenue, SG&A expense was 18.7%, down from 19% in the same period last year. We continue to currently expect SG&A for 2025 to be in the target range of 18% to 19% of revenue due to our ongoing investment in growing the ODR business. Adjusted EBITDA for the quarter was $17.9 million, up 30% from $13.8 million in Q2 2024.

銷售、一般及行政費用佔收入的百分比為 18.7%，低於去年同期的 19%。由於我們持續投資於 ODR 業務的成長，我們目前預計 2025 年的銷售、一般及行政費用將保持在收入的 18% 至 19% 的目標範圍內。本季調整後 EBITDA 為 1,790 萬美元，較 2024 年第二季的 1,380 萬美元成長 30%。

Adjusted EBITDA margin was 12.6% compared to 11.3% in Q2 last year. Net income for the quarter increased 30.2% from $6 million to $7.8 million and earnings per diluted share grew 28% from $0.50 to $0.64. Adjusted net income grew 29% from $8.7 million to $11.3 million, and adjusted earnings per diluted share grew 27.4% from $0.73 to $0.93.

調整後的 EBITDA 利潤率為 12.6%，而去年第二季為 11.3%。本季淨收入成長30.2%，從600萬美元增至780萬美元；每股攤薄收益成長28%，從0.50美元增至0.64美元。調整後淨收入成長29%，從870萬美元增至1,130萬美元；調整後每股攤薄收益成長27.4%，從0.73美元增至0.93美元。

Turning to cash flow. Our operating cash inflow during the second quarter was $2 million compared to $16.5 million during the second quarter last year, primarily due to the timing of billings that impacted changes in working capital.

轉向現金流。我們第二季的經營現金流入為 200 萬美元，而去年第二季為 1,650 萬美元，這主要是由於帳單時間影響了營運資金的變化。

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, was $16.1 million in the second quarter compared to $10.9 million in Q2 last year, representing a $5.2 million increase. The free cash flow conversion of adjusted EBITDA for the quarter was 89.7% versus 78.7%.

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）第二季為 1,610 萬美元，而去年第二季為 1,090 萬美元，增加了 520 萬美元。本季調整後 EBITDA 的自由現金流轉換率為 89.7%，去年同期為 78.7%。

For full year '25, we currently continue to target 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 $2.1 million occurred in the first half of the year.

對於 25 年全年，我們目前繼續將自由現金流轉換率定為至少 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 年租賃設備的額外投資 350 萬美元，其中 210 萬美元發生在上半年。

Turning to our balance sheet. As of June 30, we had $38.9 million in cash and cash equivalents and total debt of $33.2 million, which includes $10 million borrowed on our revolving credit facility at a hedge rate of 5.37%. At the end of June, we expanded our revolving credit facility from $50 million to $100 million and utilized our expanded credit facility as part of the Pioneer acquisition on July 1.

轉向我們的資產負債表。截至 6 月 30 日，我們擁有 3,890 萬美元的現金和現金等價物，總債務為 3,320 萬美元，其中包括以 5.37% 的對沖利率透過循環信貸額度借入的 1,000 萬美元。6 月底，我們將循環信貸額度從 5,000 萬美元擴大到 1 億美元，並在 7 月 1 日將擴大後的信貸額度用作先鋒收購的一部分。

With the expanded facility and our expected cash generation from the business, we believe our balance sheet remains strong, and we believe we are well positioned to support continued organic growth initiatives and strategic M&A transactions. That concludes our prepared remarks.

隨著設施的擴大和我們預期的業務現金流，我們相信我們的資產負債表仍然強勁，並且我們相信我們有能力支持持續的有機成長計劃和策略性併購交易。我們的準備好的演講到此結束。

I'll now ask the operator to begin Q&A.

現在我請接線生開始問答環節。

(Operator Instructions)

（操作員指示）

Chris Moore, CJS Securities.

克里斯摩爾 (Chris Moore)，CJS 證券。

Hey, good morning, guys. Thanks for taking a couple. Yeah, maybe we can start with gross margin. So specifically, on the GCR side, I think 24.7% last two quarters. I was modeling a pretty good decline moving forward. And I just I know you've got higher quality projects. I just wonder how we should be thinking about them this year and next year, kind of ultimately, what's a normalized level there?

嘿，大家早安。謝謝你帶了一對。是的，也許我們可以從毛利率開始。具體來說，就 GCR 方面而言，我認為過去兩個季度的成長率為 24.7%。我當時正在模擬未來相當好的衰退趨勢。我只知道你們有更高品質的項目。我只是想知道我們今年和明年應該如何考慮它們，最終，那裡的正常水平是多少？

Yeah, just from a high-level perspective, we've been really focused, like you said, on the quality to make sure that whatever work that gets sold from a GCR perspective, those opportunities are embedded, they make sense for the overall business as well, too, proper risk management, a lot of stuff that we've learned over the years as well, too. So that's part of, obviously, from a margin perspective. But Jayme, do you want to touch upon long term for the rest of the year?

是的，從高層次的角度來看，就像你說的，我們一直非常注重質量，以確保從 GCR 角度出售的任何工作，這些機會都是嵌入的，它們對整體業務也是有意義的，適當的風險管理，以及我們多年來學到的很多東西。從利潤率的角度來看，這顯然是其中的一部分。但是傑米，你想談談今年剩餘時間的長期計劃嗎？

Yeah, I mean, if you look back over the past year, it will ebb and flow by each quarter. So from a long-term perspective, we really only guide to the total the gross profit line as being that 28% to 29% for 2025. And so you just see it ebb and flow based on how the projects burn in each quarter.

是的，我的意思是，如果你回顧過去的一年，它每個季度都會起伏不定。因此，從長遠來看，我們實際上只能指導 2025 年的總毛利率達到 28% 至 29%。因此，你只會看到它根據每個季度的專案消耗而起伏。

Got it. I appreciate that. And maybe staying with that theme for a second. Pioneer now being in the mix, is it fair to say that the I don't think you've broken out the ODR versus GCR. I think they're both significant. The gross margins contribution from Pioneer, at least for the next few quarters would be dilutive to gross margins overall.

知道了。我很感激。也許我們再繼續討論這個主題。先鋒現在也加入了進來，可以公平地說，我認為你還沒有區分 ODR 和 GCR。我認為它們都很重要。先鋒公司的毛利率貢獻，至少在接下來的幾個季度裡，將會稀釋整體毛利率。

Yeah, So Pioneer definitely that's how we do our value creation is adding going in and being able to increase those gross margins. So yes, compared to where we're at, you could expect that in the short term as we're going through our integration process and then rolling out our strategy.

是的，先鋒公司肯定是我們創造價值的方式，增加投入並且能夠提高毛利率。所以是的，與我們現在的情況相比，你可以預期在短期內，我們正在經歷整合過程，然後推出我們的策略。

And Chris, I think we're really obviously, we're in our first a little bit more than 30 days at this point. We're really focused on that Phase 1 integration piece, which goes into getting our systems in place, gross profit benchmarking, getting everybody on that first standard platform as well too.

克里斯，我認為我們顯然已經進入了第一個階段，目前已經超過 30 天了。我們真正關注的是第一階段的整合部分，其中包括讓我們的系統到位、毛利基準測試，以及讓每個人都使用第一個標準平台。

We're taking a real measured approach from that perspective and applying all of our lessons learned as well, too. So every time we do a deal, we continue to tweak and learn from them and think about from that value creation process. And that's definitely the stage that we're at with Pioneer right now.

我們從這個角度採取了切實可行的方法，並運用了我們所學到的所有經驗教訓。因此，每次我們做交易時，我們都會不斷調整並向他們學習，並從價值創造過程中思考。這絕對是我們先鋒公司目前所處的階段。

Perfect. And maybe I'll sneak just one last one in more big picture. Mike, you walked through the verticals. Obviously, health care, key driver, industrial manufacturing, I think Pioneer brings much there. Is there one vertical that has a chance to become much more important beyond those two over the next two to three years?

完美的。也許我會偷偷地拍一張更大的照片。麥克，你走過了垂直線。顯然，在醫療保健、關鍵驅動力、工業製造方面，我認為先鋒公司在這方面做出了巨大貢獻。未來兩到三年內，是否有一個垂直產業有機會變得比這兩個產業更重要？

Yeah, I mean, we've learned that it's even within these verticals, it's got to be mission-critical. So I think that's almost like when I think about like what the expansion beyond, we're really focused on these six. It's really the mission-criticality nature of it. We've really taken a super measured approach from that perspective. Health care is important from every single from a marketplace perspective.

是的，我的意思是，我們已經了解到，即使在這些垂直領域，它也必須是關鍵任務。所以我認為這幾乎就像當我考慮擴展之後的內容時，我們真正關注的是這六個。這確實具有其任務關鍵性的性質。從這個角度來看，我們確實採取了非常謹慎的方法。從市場角度來看，醫療保健對每個人都很重要。

But I would also say is we continue to kind of look forward at future acquisitions, Pioneer provides us from a manufacturer industrial. I think as we look for different acquisitions, whether in the Midwest or Southeast, they're going to give us some additional exposure from a footprint from a vertical market perspective. So definitely the mission-criticality nature of working with customers.

但我還要說的是，我們繼續期待未來的收購，先鋒為我們提供了從製造商到工業領域的支援。我認為，當我們尋求不同的收購時，無論是在中西部還是東南部，它們都會從垂直市場的角度為我們提供一些額外的曝光。因此，與客戶合作絕對具有任務關鍵性的特性。

A lot of our big push right now is trying to transition that short-term OpEx spend into long-term capital programs. And that's going to really allow us to have a lot of visibility going forward. And I think that's really going to be across all six verticals, but those three that I mentioned in the prepared remarks are really our focus.

我們目前的大力推動是試圖將短期營運支出轉變為長期資本計畫。這確實會讓我們對未來有更清晰的認識。我認為這確實會涉及所有六個垂直領域，但我在準備好的演講中提到的三個領域才是我們真正關注的重點。

Got it. I appreciate it. I'll jump back in line.

知道了。我很感激。我會重新排隊。

Thanks, Chris.

謝謝，克里斯。

Rob Brown with Lake Street Capital.

羅布布朗 (Rob Brown)，Lake Street Capital 成員。

Good morning. Just wanted to get your kind of sense on the demand environment, how it's trending and sort of where you're seeing some of the strength in the business?

早安.只是想了解您對需求環境的看法，它的趨勢如何，以及您認為該業務的優勢在哪裡？

Yeah, So and maybe just to kind of look back from a vertical market perspective, our model, and I think we've learned this more and more, is really about employing proactive sales. There's we're working with customers that have to spend money. They have to repair. Getting them to think not just reactive but proactive. I think that's one thing that we are really super focused.

是的，所以也許只是從垂直市場的角度回顧一下，我們的模式，我認為我們已經越來越多地了解這一點，實際上是關於採取主動銷售。我們正在與必須花錢的客戶合作。他們必須修理。讓他們不僅被動思考，而且主動思考。我認為這是我們真正高度關注的一件事。

So you think about it from a health care perspective, they have to make the repair. But discussing with them, setting up from a capital program perspective, that's something that we really have to work with. And just an example that we gave in the prepared remarks was we had a national health care customer that we're doing assessments on about 20 locations.

因此，從醫療保健的角度考慮，他們必須進行修復。但與他們討論，從資本計畫的角度進行設置，這是我們真正需要努力的事情。我們在準備好的發言中舉的一個例子是，我們有一個全國性的醫療保健客戶，我們正在對其大約 20 個地點進行評估。

And this is when I think the combination of from a local relationship turns into a national relationship and really expands from a capital program. That's 20 different locations across our footprint and nationally that allows us to have access in the future.

我認為，此時地方關係的結合將轉變為國家關係，並真正從資本計畫中擴展。這是我們業務範圍內和全國範圍內的 20 個不同地點，這使我們能夠在未來獲得訪問權限。

So much of our strategy really relies on short-term actions turning into long-term demand. And those type of relationships, I think, are really going to allow us to really capitalize that and to have a sustainable long-term revenue source from these customers.

我們的許多策略實際上依賴短期行動轉化為長期需求。我認為，這種關係確實能讓我們真正利用這一點，並從這些客戶身上獲得可持續的長期收入來源。

Okay. Great. And then on the GCR kind of declines, I know that's been part of your strategy. But going forward, do you continue to see that business declining? Or does that level off at some point and really maintain at this level?

好的。偉大的。然後關於 GCR 的下降，我知道這是您策略的一部分。但展望未來，您是否認為該業務仍會持續下滑？或者在某個點上趨於平穩並真正保持在這個水平？

This year, we're guiding to our 70% to 80% ODR, which obviously is 20% to 30% GCR. So we're really pushing the business to go to the higher-margin owner direct business. Like anything, a lot of our locations, they're all on a different journey.

今年，我們的 ODR 預期為 70% 至 80%，GCR 顯然為 20% 至 30%。因此，我們確實在推動業務向利潤率更高的業主直銷業務發展。就像任何事物一樣，我們的許多地點都走在不同的旅程中。

As we bring in acquisitions, they may have a component of GCR as well, too. So our goal is always to push towards owner direct. But depending on future acquisitions, the stages of the business, that will kind of ebb and flow a little bit. But the focus has not changed and will not change from to push towards owner direct.

當我們進行收購時，他們可能也擁有 GCR 的組成部分。因此，我們的目標始終是推動業主直接參與。但根據未來的收購和業務階段，這種情況會起伏。但重點並沒有改變，也不會改變，繼續向業主直接推行。

Okay, great thank you. I'll turn it over.

好的，非常感謝。我把它翻過來。

Brian Brophy with Stifel.

Brian Brophy 與 Stifel 合作。

Yeah, thanks. Good morning, everybody just a quick question on the guidance. Does the change only reflect the contribution from PPI? Or was the organic kind of base number tweaked a little bit lower here as well? And if so, what drove the organic change?

是的，謝謝。大家早安，我想問一個關於指導的簡單問題。這項變更是否僅反映了 PPI 的貢獻？或者有機基數在這裡也被調整得稍微低一點？如果是的話，是什麼推動了這種有機變化？

Yeah, so from the guidance perspective, a lot of this has to do from a Pioneer Power. It's our largest acquisition as a public company. So we want to make sure the initial projections are conservative from a measured perspective. And I think as we go from kind of continue from a Phase 1 perspective and kind of the steps that I talked about before, we're going to kind of take a look at that as we go forward.

是的，從指導的角度來看，這在很大程度上與先鋒力量有關。這是我們作為一家上市公司進行的最大規模收購。因此，我們希望確保最初的預測從衡量的角度來看是保守的。我認為，當我們從第一階段的角度繼續進行我之前談到的步驟時，我們會在前進的過程中對此進行審視。

Okay. And then I guess on the ODR backlog, it fell a little bit sequentially here. Is there anything to call out as notable drivers? And just curious if you're seeing any sort of change in the demand environment or if this is more of just kind of a timing issue on the backlog?

好的。然後我猜想，就 ODR 積壓而言，它在這裡會稍微下降一點。有沒有什麼值得稱道的著名車手？我只是好奇，您是否看到需求環境發生了任何變化，或者這只是積壓訂單的時間問題？

Yeah, no, I think it's really timing based. I think we have the backlog is a component of it. It's not the only component because we could end up burning work. It could be time and material work that goes very quickly through.

是的，不，我認為這確實是基於時間的。我認為我們的積壓工作是其中的一個組成部分。它不是唯一的組件，因為我們最終可能會燒毀工作。這可能是很快就會過去的時間和物質工作。

I think what we're seeing is, again, I feel like it's our ability with customers that have to spend. That doesn't mean that it automatically translates to revenue from us from our perspective. So I definitely think from a sales perspective, we're continuing to learn. I think one thing, too, that from our team, we've recently hired our Senior Vice President of Sales, Amy Dorsett.

我認為，我們看到的是，我再次感覺到這是我們與必須消費的顧客打交道的能力。從我們的角度來看，這並不意味著它會自動轉化為我們的收入。因此，我確實認為從銷售角度來看，我們正在繼續學習。我還想到一件事，我們團隊最近聘請了銷售高級副總裁艾米·多塞特 (Amy Dorsett)。

So I think our ability to translate OpEx into CapEx, this hire has been a long time coming, but I think that's going to be something that's really pivotal from a go-to-market perspective as well to using our expertise from various OEMs companies and to add a different element.

因此，我認為我們將營運支出轉化為資本支出的能力，這次聘用已經醞釀了很長時間，但我認為從進入市場的角度來看，這將是真正關鍵的事情，同時也可以利用我們在各個 OEM 公司積累的專業知識並添加不同的元素。

I think a lot of times with customers, it's translating that technical type sale into a financial sale that involves return on investment type calculations. It's almost like a different language for our sales team. So I think that's going to be a big thing. as we go to '26 and '27 looking ahead from a sales perspective.

我認為很多時候與客戶打交道時，技術型銷售會轉化為涉及投資回報率計算的金融銷售。對我們的銷售團隊來說，這幾乎就像是一種不同的語言。所以我認為這將是一件大事。從銷售角度來看，我們將展望 26 年和 27 年。

Okay and you touched on some of this already. But in regards to some of the sales folks you've hired over the past couple of quarters, particularly the on-site account managers, just curious how that ramp-up is going relative to expectations in terms of their contribution.

好的，您已經談到了其中的一些內容。但對於過去幾季聘用的一些銷售人員，特別是現場客戶經理，我只是好奇他們的貢獻相對於預期而言成長如何。

Yeah, I think any time we bring somebody on, there's always a ramp-up time. Occasionally, we'll be in a situation where we'll have somebody that perfectly aligns up where their account is ready to go. I think as we learn going forward, we hope that, that ramp-up time shortens. From what we've seen, I think relatively from an expectation perspective, the hires that we make to kind of get those true contributions, it takes a decent amount of time.

是的，我認為每當我們引進新球員時，總會有一個提升時間。有時，我們會遇到這樣的情況：某人的帳戶完全符合要求，可以隨時使用。我認為，隨著我們不斷學習，我們希望加速時間能夠縮短。從我們所看到的情況來看，我認為相對從預期的角度來看，我們招募的員工要獲得真正的貢獻，需要花費相當長的時間。

So it's almost like you're making hires for really full year contributions for the following year. So we've done that the last three years. and made a real big investment from a sales perspective. So as those accounts mature, as those salespeople mature and their experience level with the company, that's going to lead to a better return. And I think also it will help us from a ramp-up period. But generally, they performed where we thought they were going to perform.

因此，這幾乎就像您為下一年的全年貢獻而僱用員工一樣。所以我們在過去三年裡做到了這一點，並從銷售角度進行了巨大的投資。因此，隨著這些帳戶的成熟，隨著這些銷售人員的成熟以及他們在公司的經驗水平的提高，這將帶來更好的回報。我認為這也將幫助我們度過增長期。但一般來說，他們的表演是在我們認為他們要表演的地方進行的。

Very helpful. I'll pass it on thank you.

非常有幫助。我會傳達的，謝謝。

Thanks.

謝謝。

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Mike McCann for closing comments.

女士們、先生們，由於沒有其他問題，我現在想將會議交給邁克·麥肯 (Mike McCann) 進行總結發言。

Thank you for listening today and for your continued interest in Limbach. We look forward to connecting with many of you soon. Coming up in September, we are attending the Lake Street Big Nine Conference in New York and the D.A. Davidson Diversified Industrials and Service Conference in Nashville. Have a great rest of your day.

感謝您今天的收聽以及您對 Limbach 的持續關注。我們期待很快與你們建立聯繫。在即將到來的九月份，我們將參加在紐約舉行的 Lake Street Big Nine 會議和在納許維爾舉行的 D.A. Davidson 多元化工業和服務會議。祝您今天剩餘時間愉快。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。