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    Willdan Group Reports Fourth Quarter and Full Year 2024 Results and Provides 2025 Outlook

    3/6/25 4:08:00 PM ET
    $WLDN
    Military/Government/Technical
    Consumer Discretionary
    Get the next $WLDN alert in real time by email

    Willdan Group, Inc. ("Willdan") (NASDAQ:WLDN) today announced its financial results for the fourth quarter and fiscal year ended December 27, 2024 and outlook for 2025.

    Fiscal Year 2024 Highlights*

    • Contract revenue of $565.8 million, up 10.9%.
    • Net revenue** of $296.3 million, up 9.9%.
    • Net income of $22.6 million, up from net income of $10.9 million.
    • Adjusted EBITDA** of $56.8 million, up 24.2%.
    • GAAP Diluted EPS of $1.58, up 97.5%.
    • Adjusted Diluted EPS** of $2.43, up 38.9%.
    • Cash flow from operations of $72.1 million, up 83.8%.

    Fourth Quarter 2024 Highlights*

    • Contract revenue of $144.1 million, down 7.5%.
    • Net revenue** of $79.3 million, down 1.9%.
    • Net income of $7.7 million, down 4.3%.
    • Adjusted EBITDA** of $17.7 million, up 1.4%.
    • GAAP Diluted EPS of $0.53, down 8.6%.
    • Adjusted Diluted EPS** of $0.75, down 6.3%.
    • Cash flow from operations of $33.5 million, up 121.6%.

    Executive Management Comments

    "The fourth quarter capped an outstanding year for Willdan, with double-digit full year organic growth across key metrics and our resumption of strategic acquisitions," said Mike Bieber, Willdan's President and Chief Executive Officer. "We are in a strong liquidity position and have significant opportunities to fund strategic expansion. This week, we enhanced our electrical engineering and management consulting capabilities in substations for data centers and renewables with the acquisition of Alternative Power Generation, Inc., a provider of customized electric power solutions. Rising electricity demand and increasing costs continue to help drive growth for Willdan. The new year is off to a strong start, with good visibility and steady funding on our core programs, bolstered further by new wins and acquisitions."

    Fiscal Year 2025 Financial Targets

    • Net revenue** between $320 million and $330 million.
    • Adjusted EBITDA** between $63 million and $67 million.
    • Adjusted Diluted EPS** between $2.70 per share and $2.85 per share.

    Assumes 15.1 million diluted shares, 16% effective tax rate, and no future acquisitions.

    *As compared to the same period of fiscal 2023.

    **See "Use of Non-GAAP Financial Measures" below.

    Fourth Quarter 2024 Conference Call

    Willdan will be hosting a conference call to discuss its fourth quarter and full fiscal year 2024 financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923). The conference call will be webcast simultaneously on Willdan's website at https://edge.media-server.com/mmc/p/gtgb47rc/.

    A replay of the conference call will be available through Willdan's website at https://ir.willdangroup.com/events-presentations.

    About Willdan Group, Inc.

    Willdan is a nationwide provider of professional, technical and consulting services to utilities, government agencies, and private industry. Willdan's service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.

    Use of Non-GAAP Financial Measures

    "Net Revenue," defined as contract revenue as reported in accordance with U.S. generally accepted accounting principles ("GAAP") minus subcontractor services and other direct costs, is a non-GAAP financial measure. Net Revenue is a supplemental measure that Willdan believes enhances investors' ability to analyze Willdan's business trends and performance because it substantially measures the work performed by Willdan's employees. In the course of providing services, Willdan routinely subcontracts various services. Generally, these subcontractor services and other direct costs are passed through to Willdan's clients and, in accordance with GAAP and industry practice, are included in Willdan's revenue when it is Willdan's contractual responsibility to procure or manage such subcontracted activities. Because subcontractor services and other direct costs can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of Willdan's business trends. Accordingly, Willdan segregates subcontractor services and other direct costs from revenue to promote a better understanding of Willdan's business by evaluating revenue exclusive of subcontract services and other direct costs associated with external service providers. A reconciliation of Willdan's contract revenue as reported in accordance with GAAP to Net Revenue is provided at the end of this press release. A reconciliation of targeted contract revenue for fiscal year 2025 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2025, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the subcontractor services and other director costs that are subtracted from contract revenues in order to derive Net Revenues. While subcontractor costs have increased recently, subcontractor costs can vary significantly from period to period. Subcontractor costs and other direct costs were 45.0% and 47.6% of contract revenue for the quarter ended December 27, 2024 and fiscal year 2024, respectively, and 48.1% and 47.1% for the quarter ended December 29, 2023 and fiscal year 2023, respectively.

    "Adjusted EBITDA," defined as net income plus interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment, is a non-GAAP financial measure. Adjusted EBITDA is a supplemental measure used by Willdan's management to measure Willdan's operating performance. Willdan believes Adjusted EBITDA is useful because it allows Willdan's management to evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods, capital structure and non-operating expenses. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes.

    Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's costs of capital and stock-based compensation, as well as the historical costs of depreciable assets. A reconciliation of net income as reported in accordance with GAAP to Adjusted EBITDA is provided at the end of this press release. A reconciliation of targeted net income for fiscal year 2025 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2025, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA.

    "Adjusted Net Income," defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, is a non-GAAP financial measure.

    "Adjusted Diluted EPS," defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, all divided by the diluted weighted-average shares outstanding, is a non-GAAP financial measure. Adjusted Net Income and Adjusted Diluted EPS are supplemental measures used by Willdan's management to measure its operating performance. Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful because they allow Willdan's management to more closely evaluate and explain the operating results of Willdan's business by removing certain non-operating expenses.

    Reconciliations of net income as reported in accordance with GAAP to Adjusted Net Income and diluted EPS as reported in accordance with GAAP to Adjusted Diluted EPS are provided at the end of this press release. Reconciliations of targeted net income as reported in accordance with GAAP to targeted Adjusted Net Income for fiscal year 2024, which is a forward-looking non-GAAP financial measure, and targeted diluted EPS as reported in accordance with GAAP to targeted Adjusted Diluted EPS for fiscal year 2025, which is a forward-looking non-GAAP financial measure, are not provided because Willdan is unable to provide such reconciliations without unreasonable effort. The inability to provide such reconciliations is due to the uncertainty and inherent difficulty of predicting the stock-based compensation, intangible amortization, and interest accretion, each net of tax, that are subtracted from net income and diluted EPS in order to derive Adjusted Net Income and Adjusted Diluted EPS, respectively.

    Willdan's definitions of Net Revenue, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools and may differ from other companies reporting similarly named measures or from similarly named measures Willdan has reported in prior periods. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenue, net income and diluted EPS.

    Forward-Looking Statements

    Statements in this press release that are not purely historical, including statements regarding Willdan's intentions, hopes, beliefs, expectations, representations, projections, estimates, assumptions, aims, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding strategic expansion, rising electricity demand and increasing costs helping to drive growth for Willdan and financial targets for fiscal year 2025. All statements other than statements of historical fact included in this press release are forward-looking statements. It is important to note that Willdan's actual results could differ materially from those in any such forward-looking statements. Important factors that could cause actual results to differ materially from its expectations include, but are not limited to, Willdan's ability to adequately complete projects in a timely manner, Willdan's ability to compete successfully in the highly competitive energy services market, Willdan's reliance on work from its top ten clients; changes in state, local and regional economies and government budgets; Willdan's ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes; Willdan's ability to make principal and interest payments on its outstanding debt as they come due and to comply with financial covenants contained in its debt agreements; Willdan's ability to manage supply chain constraints, labor shortages, elevated interest rates, and elevated inflation; Willdan's ability to obtain financing and to refinance its outstanding debt as it matures; Willdan's ability to successfully integrate its acquisitions and execute on its growth strategy; and Willdan's ability to attract and retain managerial, technical, and administrative talent.

    All written and oral forward-looking statements attributable to Willdan, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements and risk factors disclosed from time to time in Willdan's reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 27, 2024, as such disclosures may be amended, supplemented or superseded from time to time by other reports Willdan files with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release unless required by law.

    WILLDAN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except par value) 

     

     

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

    Assets

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    74,158

     

     

    $

    23,397

     

    Restricted cash

     

     

    —

     

     

     

    —

     

    Accounts receivable, net of allowance for doubtful accounts of $1,313 and $866 at December 27, 2024 and December 29, 2023, respectively

     

     

    65,557

     

     

     

    69,677

     

    Contract assets

     

     

    88,528

     

     

     

    93,885

     

    Other receivables

     

     

    2,302

     

     

     

    1,169

     

    Prepaid expenses and other current assets

     

     

    4,979

     

     

     

    3,888

     

    Total current assets

     

     

    235,524

     

     

     

    192,016

     

    Equipment and leasehold improvements, net

     

     

    29,534

     

     

     

    27,097

     

    Goodwill

     

     

    140,991

     

     

     

    131,144

     

    Right-of-use assets

     

     

    14,035

     

     

     

    12,465

     

    Other intangible assets, net

     

     

    29,414

     

     

     

    31,956

     

    Other assets

     

     

    2,019

     

     

     

    4,949

     

    Deferred income taxes, net

     

     

    13,346

     

     

     

    15,961

     

    Total assets

     

    $

    464,863

     

     

    $

    415,588

     

    Liabilities and Stockholders' Equity

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    33,766

     

     

    $

    33,193

     

    Accrued liabilities

     

     

    62,776

     

     

     

    54,129

     

    Contingent consideration payable

     

     

    2,500

     

     

     

    —

     

    Contract liabilities

     

     

    21,556

     

     

     

    13,183

     

    Notes payable

     

     

    10,137

     

     

     

    8,452

     

    Finance lease obligations

     

     

    1,138

     

     

     

    1,186

     

    Lease liability

     

     

    5,804

     

     

     

    4,537

     

    Total current liabilities

     

     

    137,677

     

     

     

    114,680

     

    Contingent consideration payable

     

     

    1,713

     

     

     

    —

     

    Notes payable, less current portion

     

     

    79,350

     

     

     

    88,979

     

    Finance lease obligations, less current portion

     

     

    1,379

     

     

     

    1,184

     

    Lease liability, less current portion

     

     

    9,939

     

     

     

    9,758

     

    Other noncurrent liabilities

     

     

    462

     

     

     

    1,142

     

    Total liabilities

     

     

    230,520

     

     

     

    215,743

     

     

     

     

     

     

     

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding

     

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value, 40,000 shares authorized; 14,169 and 13,682 shares issued and outstanding at December 27, 2024 and December 29, 2023, respectively

     

     

    142

     

     

     

    137

     

    Additional paid-in capital

     

     

    197,368

     

     

     

    185,795

     

    Accumulated other comprehensive income (loss)

     

     

    (314

    )

     

     

    (664

    )

    Retained earnings

     

     

    37,147

     

     

     

    14,577

     

    Total stockholders' equity

     

     

    234,343

     

     

     

    199,845

     

    Total liabilities and stockholders' equity

     

    $

    464,863

     

     

    $

    415,588

     

    WILLDAN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

    (in thousands, except per share amounts) 

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 27,

     

    December 29,

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Contract revenue

     

    $

    144,061

     

     

    $

    155,677

     

     

    $

    565,798

     

     

    $

    510,095

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Direct costs of contract revenue (inclusive of directly related depreciation and amortization):

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and wages

     

     

    24,296

     

     

     

    26,347

     

     

     

    93,543

     

     

     

    89,915

     

    Subcontractor services and other direct costs

     

     

    64,806

     

     

     

    74,905

     

     

     

    269,473

     

     

     

    240,413

     

    Total direct costs of contract revenue

     

     

    89,102

     

     

     

    101,252

     

     

     

    363,016

     

     

     

    330,328

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit

     

     

    54,959

     

     

     

    54,425

     

     

     

    202,782

     

     

     

    179,767

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General and administrative expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and wages, payroll taxes and employee benefits

     

     

    26,924

     

     

     

    26,950

     

     

     

    105,373

     

     

     

    95,556

     

    Facilities and facility related

     

     

    2,487

     

     

     

    2,365

     

     

     

    9,718

     

     

     

    9,565

     

    Stock-based compensation

     

     

    2,033

     

     

     

    1,259

     

     

     

    7,388

     

     

     

    5,323

     

    Depreciation and amortization

     

     

    3,808

     

     

     

    3,913

     

     

     

    14,745

     

     

     

    16,431

     

    Other

     

     

    8,837

     

     

     

    8,189

     

     

     

    34,205

     

     

     

    30,818

     

    Total general and administrative expenses

     

     

    44,089

     

     

     

    42,676

     

     

     

    171,429

     

     

     

    157,693

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income (Loss) from operations

     

     

    10,870

     

     

     

    11,749

     

     

     

    31,353

     

     

     

    22,074

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (1,770

    )

     

     

    (2,303

    )

     

     

    (7,801

    )

     

     

    (9,413

    )

    Other, net

     

     

    834

     

     

     

    538

     

     

     

    3,127

     

     

     

    1,930

     

    Total other expense, net

     

     

    (936

    )

     

     

    (1,765

    )

     

     

    (4,674

    )

     

     

    (7,483

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income (Loss) before income taxes

     

     

    9,934

     

     

     

    9,984

     

     

     

    26,679

     

     

     

    14,591

     

    Income tax (benefit) expense

     

     

    2,246

     

     

     

    1,953

     

     

     

    4,109

     

     

     

    3,665

     

    Net income (loss)

     

     

    7,688

     

     

     

    8,031

     

     

     

    22,570

     

     

     

    10,926

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other comprehensive income (loss):

     

     

     

     

     

     

     

     

     

     

     

     

    Unrealized gain (loss) on derivative contracts, net of tax

     

     

    493

     

     

     

    (664

    )

     

     

    350

     

     

     

    (664

    )

    Comprehensive income (loss)

     

    $

    8,181

     

     

    $

    7,367

     

     

    $

    22,920

     

     

    $

    10,262

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings (Loss) per share:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.55

     

     

    $

    0.59

     

     

    $

    1.63

     

     

    $

    0.82

     

    Diluted

     

    $

    0.53

     

     

    $

    0.58

     

     

    $

    1.58

     

     

    $

    0.80

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    14,012

     

     

     

    13,503

     

     

     

    13,818

     

     

     

    13,394

     

    Diluted

     

     

    14,509

     

     

     

    13,731

     

     

     

    14,245

     

     

     

    13,606

     

    WILLDAN GROUP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands) 

     

     

     

    Year Ended

     

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Net income (loss)

     

    $

    22,570

     

     

    $

    10,926

     

    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    14,745

     

     

     

    16,431

     

    Other non-cash items

     

     

    (73

    )

     

     

    1,445

     

    Deferred income taxes, net

     

     

    2,615

     

     

     

    2,582

     

    (Gain) loss on sale/disposal of equipment

     

     

    (15

    )

     

     

    (63

    )

    Provision for doubtful accounts

     

     

    740

     

     

     

    825

     

    Stock-based compensation

     

     

    7,388

     

     

     

    5,323

     

    Accretion and fair value adjustments of contingent consideration

     

     

    153

     

     

     

    —

     

    Changes in operating assets and liabilities, net of effects from business acquisitions:

     

     

     

     

     

     

    Accounts receivable

     

     

    5,316

     

     

     

    (10,300

    )

    Contract assets

     

     

    5,778

     

     

     

    (10,825

    )

    Other receivables

     

     

    (1,133

    )

     

     

    3,604

     

    Prepaid expenses and other current assets

     

     

    (1,091

    )

     

     

    2,566

     

    Other assets

     

     

    2,953

     

     

     

    5,717

     

    Accounts payable

     

     

    (831

    )

     

     

    4,360

     

    Accrued liabilities

     

     

    4,707

     

     

     

    5,030

     

    Contract liabilities

     

     

    8,373

     

     

     

    598

     

    Right-of-use assets

     

     

    (122

    )

     

     

    995

     

    Net cash (used in) provided by operating activities

     

     

    72,073

     

     

     

    39,214

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchase of equipment, software, and leasehold improvements

     

     

    (8,413

    )

     

     

    (9,925

    )

    Proceeds from sale of equipment

     

     

    34

     

     

     

    68

     

    Cash paid for acquisitions, net of cash acquired

     

     

    (7,364

    )

     

     

    (1,600

    )

    Net cash (used in) provided by investing activities

     

     

    (15,743

    )

     

     

    (11,457

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Payments on contingent consideration

     

     

    —

     

     

     

    (4,000

    )

    Payment on restricted cash

     

     

    —

     

     

     

    (10,679

    )

    Payments on notes payable

     

     

    (190

    )

     

     

    (1,631

    )

    Payments on debt issuance costs

     

     

    —

     

     

     

    (1,114

    )

    Borrowings under term loan facility and line of credit

     

     

    —

     

     

     

    105,000

     

    Repayments under term loan facility and line of credit

     

     

    (8,125

    )

     

     

    (112,875

    )

    Principal payments on finance leases

     

     

    (1,444

    )

     

     

    (1,304

    )

    Proceeds from stock option exercise

     

     

    2,759

     

     

     

    182

     

    Proceeds from sales of common stock under employee stock purchase plan

     

     

    2,838

     

     

     

    2,781

     

    Cash used to pay taxes on stock grants

     

     

    (1,407

    )

     

     

    (205

    )

    Net cash (used in) provided by financing activities

     

     

    (5,569

    )

     

     

    (23,845

    )

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

     

    50,761

     

     

     

    3,912

     

    Cash, cash equivalents and restricted cash at beginning of period

     

     

    23,397

     

     

     

    19,485

     

    Cash, cash equivalents and restricted cash at end of period

     

    $

    74,158

     

     

    $

    23,397

     

    Supplemental disclosures of cash flow information:

     

     

     

     

     

     

    Cash paid (received) during the period for:

     

     

     

     

     

     

    Interest

     

    $

    7,520

     

     

    $

    10,193

     

    Income taxes

     

     

    1,316

     

     

     

    (3,072

    )

    Supplemental disclosures of noncash investing and financing activities:

     

     

     

     

     

     

    Contingent consideration related to business acquisitions

     

    $

    4,060

     

     

    $

    —

     

    Equipment acquired under finance leases

     

     

    1,605

     

     

     

    961

     

    Willdan Group, Inc. and Subsidiaries

    Reconciliation of GAAP Revenue to Net Revenue

    (in thousands)

    (Non-GAAP Measure) 

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 27,

     

    December 29,

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Consolidated

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    144,061

     

    $

    155,677

     

    $

    565,798

     

    $

    510,095

    Subcontractor services and other direct costs

     

     

    64,806

     

     

    74,905

     

     

    269,473

     

     

    240,413

    Net Revenue

     

    $

    79,255

     

    $

    80,772

     

    $

    296,325

     

    $

    269,682

     

     

     

     

     

     

     

     

     

     

     

     

     

    Energy segment

     

     

     

     

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    120,675

     

    $

    134,646

     

    $

    473,309

     

    $

    426,976

    Subcontractor services and other direct costs

     

     

    64,077

     

     

    74,046

     

     

    266,092

     

     

    236,603

    Net Revenue

     

    $

    56,598

     

    $

    60,600

     

    $

    207,217

     

    $

    190,373

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineering and Consulting segment

     

     

     

     

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    23,386

     

    $

    21,031

     

    $

    92,489

     

    $

    83,119

    Subcontractor services and other direct costs

     

     

    729

     

     

    859

     

     

    3,381

     

     

    3,810

    Net Revenue

     

    $

    22,657

     

    $

    20,172

     

    $

    89,108

     

    $

    79,309

    Willdan Group, Inc. and Subsidiaries

    Reconciliation of GAAP Net Income to Adjusted EBITDA

    (in thousands)

    (Non-GAAP Measure) 

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 27,

     

    December 29,

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net income (loss)

     

    $

    7,688

     

     

    $

    8,031

     

    $

    22,570

     

     

    $

    10,926

     

    Interest expense

     

     

    1,770

     

     

     

    2,303

     

     

    7,801

     

     

     

    9,413

     

    Income tax expense (benefit)

     

     

    2,246

     

     

     

    1,953

     

     

    4,109

     

     

     

    3,665

     

    Stock-based compensation

     

     

    2,033

     

     

     

    1,259

     

     

    7,388

     

     

     

    5,323

     

    Interest accretion(1)

     

     

    153

     

     

     

    —

     

     

    153

     

     

     

    —

     

    Depreciation and amortization

     

     

    3,808

     

     

     

    3,913

     

     

    14,745

     

     

     

    16,431

     

    (Gain) Loss on sale of equipment

     

     

    (2

    )

     

     

    —

     

     

    (15

    )

     

     

    (63

    )

    Adjusted EBITDA

     

    $

    17,696

     

     

    $

    17,459

     

    $

    56,751

     

     

    $

    45,695

     

     

    (1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration.

    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

     

    Year Ended

     

     

    December 27,

     

    December 29,

     

    December 27,

     

    December 29,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net income (loss)

     

    $

    7,688

     

     

    $

    8,031

     

     

    $

    22,570

     

     

    $

    10,926

     

    Adjustment for stock-based compensation

     

     

    2,033

     

     

     

    1,259

     

     

     

    7,388

     

     

     

    5,323

     

    Tax effect of stock-based compensation

     

     

    (364

    )

     

     

    (237

    )

     

     

    (1,322

    )

     

     

    (1,003

    )

    Adjustment for intangible amortization

     

     

    1,783

     

     

     

    2,199

     

     

     

    7,197

     

     

     

    10,109

     

    Tax effect of intangible amortization

     

     

    (319

    )

     

     

    (414

    )

     

     

    (1,288

    )

     

     

    (1,905

    )

    Adjustment for interest accretion (1)

     

     

    153

     

     

     

    —

     

     

     

    153

     

     

     

    —

     

    Tax effect of interest accretion (1)

     

     

    (27

    )

     

     

    —

     

     

     

    (27

    )

     

     

    —

     

    Adjustment for refinancing costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    467

     

    Tax effect of refinancing costs

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (88

    )

    Adjusted Net Income (Loss)

     

    $

    10,947

     

     

    $

    10,837

     

     

    $

    34,671

     

     

    $

    23,830

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted weighted-average shares outstanding

     

     

    14,509

     

     

     

    13,731

     

     

     

    14,245

     

     

     

    13,606

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings (loss) per share

     

    $

    0.53

     

     

    $

    0.58

     

     

    $

    1.58

     

     

    $

    0.80

     

    Impact of adjustment:

     

     

     

     

     

     

     

     

     

     

     

     

    Stock-based compensation per share

     

     

    0.14

     

     

     

    0.09

     

     

     

    0.52

     

     

     

    0.39

     

    Tax effect of stock-based compensation per share

     

     

    (0.03

    )

     

     

    (0.01

    )

     

     

    (0.09

    )

     

     

    (0.07

    )

    Intangible amortization per share

     

     

    0.12

     

     

     

    0.16

     

     

     

    0.50

     

     

     

    0.74

     

    Tax effect of intangible amortization per share

     

     

    (0.02

    )

     

     

    (0.02

    )

     

     

    (0.09

    )

     

     

    (0.14

    )

    Interest accretion per share (1)

     

     

    0.01

     

     

     

    —

     

     

     

    0.01

     

     

     

    —

     

    Tax effect of interest accretion per share (1)

     

     

    (0.00

    )

     

     

    —

     

     

     

    (0.00

    )

     

     

    —

     

    Refinancing costs per share

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.03

     

    Tax effect of refinancing cost per share

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    0.00

     

    Adjusted Diluted EPS

     

    $

    0.75

     

     

    $

    0.80

     

     

    $

    2.43

     

     

    $

    1.75

     

     

    (1) Interest accretion represents the imputed interest and fair value adjustments to estimated contingent consideration.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250306663203/en/

    Willdan Group, Inc.

    Al Kaschalk

    Vice President

    Tel: 310-922-5643

    [email protected]

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