Willdan Group Inc

NASDAQ:WLDNUnited States

May 2, 2024

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• -- Earnings Flash (WLDN) WILLDAN GROUP Posts Q1 EPS $0.40, vs. Street Est of $0.19, from 4:10PM ET on Thursday May 02, 2024 by MT Newswires

  4:10PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: WLDN
  04:10 PM EDT, 05/02/2024 (MT Newswires) -- ...

• -- Earnings Flash (WLDN) WILLDAN GROUP Reports Q1 Revenue $122.5M, vs. Street Est of $120M, from 4:10PM ET on Thursday May 02, 2024 by MT Newswires

  4:10PM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: WLDN
  04:10 PM EDT, 05/02/2024 (MT Newswires) -- ...

• Willdan Group Reports First Quarter Results, from 4:08PM ET on Thursday May 02, 2024 by Dow Jones

  4:08PM ET on Thursday May 02, 2024 by Dow Jones
  Companies Mentioned: WLDN
  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Three Months Ended ---------------------- March 29, March 31, 2024 2023 --------- ----------- Cash flows from operating activities: Net income (loss) $ 2,942 $ 932 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 3,592 4,200 Other non-cash items 92 85 Deferred income taxes, net 1,005 782 (Gain) loss on sale/disposal of equipment (13) (10) Provision for doubtful accounts (100) 81 Stock-based compensation 1,390 1,533 Changes in operating assets and liabilities, net of effects from business acquisitions: Accounts receivable 18,985 8,204 Contract assets 11,476 7,819 Other receivables 617 (9) Prepaid expenses and other current assets (1,975) 1,023 Other assets 117 (3,532) Accounts payable 1,325 479 Accrued liabilities (15,740) (7,883) Contract liabilities 3,244 2,941 Right-of-use assets (8) 647 ------- ------- Net cash (used in) provided by operating activities 26,949 17,292 ------- ------- Cash flows from investing activities: Purchase of equipment, software, and leasehold improvements (1,971) (3,488) Proceeds from sale of equipment 19 13 ------- ------- Net cash (used in) provided by investing activities (1,952) (3,475) ------- ------- Cash flows from financing activities: Payment on restricted cash -- (10,679) Payments on notes payable (153) (485) Repayments under term loan facility and line of credit (1,875) (5,250) Principal payments on finance leases (345) (303) Proceeds from stock option exercise 281 -- Proceeds from sales of common stock under employee stock purchase plan 1,402 1,392 Cash used to pay taxes on stock grants (779) (124) ------- ------- Net cash (used in) provided by financing activities (1,469) (15,449) ------- ------- Net increase (decrease) in cash, cash equivalents and restricted cash 23,528 (1,632) Cash, cash equivalents and restricted cash at beginning of period 23,397 19,485 ------- ------- Cash, cash equivalents and restricted cash at end of period $ 46,925 $ 17,853 ======= ======= Supplemental disclosures of cash flow information: Cash paid (received) during the period for: Interest $ 2,081 $ 2,424 Income taxes 2 (77) Supplemental disclosures of noncash investing and financing activities: Equipment acquired under finance leases 198 48 Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Revenue to Net Revenue (in thousands) (Non-GAAP Measure) Three Months Ended --------------------------- March 29, March 31, 2024 2023 ------------ ------------- Consolidated Contract revenue $ 122,489 $ 102,603 Subcontractor services and other direct costs 53,559 40,912 --- ------- ------- Net Revenue $ 68,930 $ 61,691 === ======= ======= Energy segment Contract revenue $ 100,746 $ 83,285 Subcontractor services and other direct costs 52,654 40,078 --- ------- ------- Net Revenue $ 48,092 $ 43,207 === ======= ======= Engineering and Consulting segment Contract revenue $ 21,743 $ 19,318 Subcontractor services and other direct costs 905 834 --- ------- ------- Net Revenue $ 20,838 $ 18,484 === ======= ======= Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (Non-GAAP Measure) Three Months Ended ---------------------------- March 29, March 31, 2024 2023 ------------- ------------- Net income (loss) $ 2,942 $ 932 Interest expense 2,137 2,466 Income tax expense (benefit) 986 756 Stock-based compensation 1,390 1,533 Depreciation and amortization 3,592 4,200 (Gain) Loss on sale of equipment (13) (10) --- ------- ------ Adjusted EBITDA $ 11,034 $ 9,877 === ======= ====== Willdan Group, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Diluted EPS (in thousands, except per share amounts) (Non-GAAP Measure) Three Months Ended --------------------------- March 29, March 31, 2024 2023 ------------ ------------- Net income (loss) $ 2,942 $ 932 Adjustment for stock-based compensation 1,390 1,533 Tax effect of stock-based compensation (278) (310) Adjustment for intangible amortization 1,871 2,624 Tax effect of intangible amortization (374) (531) --- ------ ------ Adjusted Net Income (Loss) $ 5,551 $ 4,248 === ====== ====== Diluted weighted-average shares outstanding 13,910 13,470 === ====== ====== Diluted earnings (loss) per share $ 0.21 $ 0.07 === ====== ====== Impact of adjustment: Stock-based compensation per share 0.10 0.12 Tax effect of stock-based compensation per share (0.02) (0.02) Intangible amortization per share 0.14 0.19 Tax effect of intangible amortization per share (0.03) (0.04) --- ------ ------ Adjusted Diluted EPS $ 0.40 $ 0.32 === ====== ======