Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Investor Presentation (March 2022)
20 slides from Limbach's investor presentation, March 2022
Slide 1: General Investor Presentation
General Investor Presentation March 2022 NASDAQ: LMB 1
Slide 2: Forward Looking Statements
Forward Looking Statements We make forward-looking statements in this presentation within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, the execution of the C
Slide 3: Business Overview
BUSINESS OVERVIEW 3
Slide 4: Limbach at a Glance
Limbach at a Glance Limbach Holdings is an integrated building systems solutions firm providing mechanical, electrical, plumbing and building automation design, engineering, installation, maintenance and energy management services in commercial, institutional and industrial facilities. We serve the
Slide 5: Complete Portfolio of MEP Services
Complete Portfolio of MEP Services Virtual Design and Building Off Site / Emergency Engineering Construction Automation Pre-fabrication Commissioning 24/7 Response Estimating and Energy Facility MEP Operations and Takeoff Modeling Analytics Construction Maintenance 5
Slide 6: 16 Offices 31 Cities
Strong Regional Presence in the Eastern U.S. 31 Cities 16 Offices Legend: States with Branch Locations Target Geographies for Acquisition States with Branch Locations & Target Geography for Acquisition Serving an Array of Sophisticated Customers 6
Slide 7: Large and Stable End-Markets with Great Customer Relationships
Large and Stable End-Markets with Great Customer Relationships → Serving markets that require specialized technical capabilities and innovative solutions → Customer relationships that drive repeat business and an increasing share of wallet → Preferred partner for facility owners (ODR), and leading g
Slide 8: Growth Strategy
Growth Strategy Strategic Growth Initiatives: 4. Acquire Acquire strategically synergistic companies that supplement our Synergistic current business model, address capability gaps, and enhance Companies the breadth of our service offerings 3. Organic Geographic Continue the geographic expansion of
Slide 9: Organic Owner-Direct Initiatives
Organic Owner-Direct Initiatives Primary Initiatives to Promote Organic Growth: Drive improved gross margins to Optimize the return on financial and Expand our services through existing expand bottom-line profitability and human capital and resources relationships with Facility Owners cash flow conv
Slide 10: Advancing Our Owner-Direct Business Model
Advancing Our Owner-Direct Business Model We are working to drive a greater share of owner-direct work in our business mix which will drive margin improvement. Key Initiatives To Drive Owner-Direct Work: Illustrative Gross Margin Scenario1 100% 25% → Investing in sales and marketing with a focus on
Slide 11: Acquisition Strategy
Acquisition Strategy Multi-Year Strategy Target Geographies Acquisition Criteria → Leverage Existing → Geographic Proximity Operations and Resources → Supports ODR Strategy → Accelerate Growth in → Attractive Business Model High Margin Business Lines → Capability Expansion → Expand into Adjacent → T
Slide 12: Recent Acquisition Success – Jake Marshall
Recent Acquisition Success – Jake Marshall Geographic Proximity → Jake Marshall’s Chattanooga location provides access to markets in Eastern and Central Tennessee, and Northern Georgia and Alabama. Supports ODR Strategy → A substantial portion of Jake Marshall’s existing work is ODR, with additional
Slide 13: Investment Summary
Investment Summary → We believe Limbach is well positioned in the current environment to capitalize on emerging trends in building infrastructure and system optimization, and to further increase earnings and enterprise value → The unique combination and integration of professional services and field
Slide 14: Operating and Financial Update
OPERATING AND FINANCIAL UPDATE 14
Slide 15: Operating and Financial Update: Quarterly Performance
Operating and Financial Update Quarterly Performance Earned Revenue1 Gross Profit and Margin1 Adjusted EBITDA2 GCR ODR GCR ODR $25.5 $9.5 $130.4 $11.2 $126.8 $35.3 $39.1 $18.7 20.1% $11.6 $95.1 $87.7 $4.5 $14.4 14.3% $7.1 4Q'20 4Q'21 4Q'20 4Q'21 4Q'20 4Q'21 Year-Over-Year Year-Over-Year Year-Over-Ye
Slide 16: Operating and Financial Update: Year-to-Date Performance
Operating and Financial Update Year-to-Date Performance Earned Revenue1 Gross Profit and Margin1 Adjusted EBITDA2 GCR ODR GCR ODR $85.9 $25.1 $568.2 $81.4 $40.5 $23.3 $127.2 $36.3 $490.4 17.5% $140.3 $441.0 14.3% $350.0 $45.1 $45.4 FY'20 FY'21 FY'20 FY'21 FY'20 FY'21 Year-Over-Year Year-Over-Year Ye
Slide 17: Reduced Leverage & Continuing Improvements in Capitalization
Operating and Financial Update Reduced Leverage & Continuing Improvements in Capitalization Key Balance Sheet Items1,2 December 31, 2020 December 31, 2021 Current Assets $199.4 $192.9 Current Liabilities $150.3 $129.7 Working Capital $49.1 $63.2 Net (Over) / Under Billing3 ($14.1) $21.2 Revolver — —
Slide 18: Appendix
APPENDIX 18
Slide 19: Non-GAAP Reconciliation Table
Non-GAAP Reconciliation Table For the Three and Year Ended December 31, 2021 and 2020 Reconciliation of Net Income (Loss) to Adjusted EBITDA1,2 Three months ended December 31, Year ended December 31, 2021 2020 2021 2020 Net income $ 4,278 $ 387 $ 6,714 $ 5,807 Adjustments: Depreciation and amortizat
Slide 20: Diverse ● Evolving ● Essential
Diverse ● Evolving ● Essential 20
Limbach Holdings — Investor Presentation (March 2022) on 6ix