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    Willdan Group Reports Second Quarter 2024 Results

    8/1/24 4:06:00 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 reported financial results for its second quarter ended June 28, 2024.

    Second Quarter 2024 Highlights*

    • Contract revenue of $141.0 million, up 18.4%.
    • Net revenue** of $72.5 million, up 17.0%.
    • Net income of $4.6 million, up from net income of $0.4 million.
    • Adjusted EBITDA** of $12.8 million, up 56.2%.
    • GAAP Diluted EPS of $0.33, up from $0.03.
    • Adjusted Diluted EPS** of $0.55, up from $0.26.

    Recent Notable Wins

    • Meta (formerly Facebook) contract to study emissions related to voluntary clean energy procurement
    • State of Virginia contract to perform analysis on grid impact from increased energy demand
    • City of Paramount, CA contract for solar, storage, and EV charging infrastructure

    Executive Management Comments

    "We had a strong second quarter, exceeding consensus estimates and our own expectations," said Mike Bieber, Willdan's President and Chief Executive Officer. "The electric load growth macrotrend strengthened over the quarter, fueled by growth in electricity demand at data centers from artificial intelligence. Given the results for the first half of 2024 and the current momentum, we are raising our full year targets for fiscal 2024."

    Six Months Year to Date 2024 Highlights*

    • Contract revenue of $263.5 million, up 18.9%.
    • Net revenue** of $141.4 million, up 14.4%.
    • Net income of $7.5 million, up from net income of $1.3 million.
    • Adjusted EBITDA** of $23.9 million, up 31.9%.
    • GAAP Diluted EPS of $0.54, up from $0.10.
    • Adjusted Diluted EPS** of $0.95, up from $0.58.

    Fiscal Year 2024 Financial Targets

    Willdan is increasing all of its financial targets for fiscal year 2024 and now expects¥:

    • Net revenue** between $280 million and $290 million.
    • Adjusted EBITDA** between $50 million and $52 million.
    • Adjusted Diluted EPS** between $2.00 per share and $2.10 per share.

    Assumes 14.2 million diluted shares, 14% effective tax rate, and no future acquisitions.

    *As compared to the same period of fiscal 2023.

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

    ¥These updated financial targets supersede any previously disclosed financial targets and investors should not rely on any previously disclosed financial targets, and do not include any uncompleted or future acquisitions.

    Second Quarter 2024 Conference Call

    Willdan will be hosting a conference call to discuss its second quarter 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/j8fw5j5u/.

    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 2024 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2024, 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 48.6% and 47.1% of contract revenue for the quarter ended June 28, 2024 and fiscal year 2023, respectively, and 48.0% and 47.2% for the quarter ended June 30, 2023 and fiscal year 2022, 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 2024 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2024, 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 2024, 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 financial targets for fiscal year 2024. 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, rising interest rates, and rising 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 29, 2023, 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

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (in thousands, except par value)

     

     

     

     

     

     

     

     

     

     

    June 28,

     

    December 29,

     

     

     

    2024

     

    2023

     

    Assets

     

    Current assets:

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    44,267

     

     

    $

    23,397

     

     

    Restricted cash

     

     

    —

     

     

     

    —

     

     

    Accounts receivable, net of allowance for doubtful accounts of $898 and $866 at June 28, 2024 and December 29, 2023, respectively

     

     

    61,985

     

     

     

    69,677

     

     

    Contract assets

     

     

    87,872

     

     

     

    93,885

     

     

    Other receivables

     

     

    218

     

     

     

    1,169

     

     

    Prepaid expenses and other current assets

     

     

    6,108

     

     

     

    3,888

     

     

    Total current assets

     

     

    200,450

     

     

     

    192,016

     

     

    Equipment and leasehold improvements, net

     

     

    28,228

     

     

     

    27,097

     

     

    Goodwill

     

     

    131,144

     

     

     

    131,144

     

     

    Right-of-use assets

     

     

    15,338

     

     

     

    12,465

     

     

    Other intangible assets, net

     

     

    28,279

     

     

     

    31,956

     

     

    Other assets

     

     

    2,978

     

     

     

    4,949

     

     

    Deferred income taxes, net

     

     

    14,872

     

     

     

    15,961

     

     

    Total assets

     

    $

    421,289

     

     

    $

    415,588

     

     

    Liabilities and Stockholders' Equity

     

    Current liabilities:

     

     

     

     

     

     

     

    Accounts payable

     

    $

    31,917

     

     

    $

    33,193

     

     

    Accrued liabilities

     

     

    45,305

     

     

     

    54,129

     

     

    Contract liabilities

     

     

    17,464

     

     

     

    13,183

     

     

    Notes payable

     

     

    9,530

     

     

     

    8,452

     

     

    Finance lease obligations

     

     

    1,096

     

     

     

    1,186

     

     

    Lease liability

     

     

    5,515

     

     

     

    4,537

     

     

    Total current liabilities

     

     

    110,827

     

     

     

    114,680

     

     

    Notes payable, less current portion

     

     

    84,164

     

     

     

    88,979

     

     

    Finance lease obligations, less current portion

     

     

    1,132

     

     

     

    1,184

     

     

    Lease liability, less current portion

     

     

    11,604

     

     

     

    9,758

     

     

    Other noncurrent liabilities

     

     

    557

     

     

     

    1,142

     

     

    Total liabilities

     

     

    208,284

     

     

     

    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; 13,916 and 13,682 shares issued and outstanding at June 28, 2024 and December 29, 2023, respectively

     

     

    139

     

     

     

    137

     

     

    Additional paid-in capital

     

     

    190,882

     

     

     

    185,795

     

     

    Accumulated other comprehensive loss

     

     

    (129

    )

     

     

    (664

    )

     

    Retained earnings

     

     

    22,113

     

     

     

    14,577

     

     

    Total stockholders' equity

     

     

    213,005

     

     

     

    199,845

     

     

    Total liabilities and stockholders' equity

     

    $

    421,289

     

     

    $

    415,588

     

     

    WILLDAN GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

    (in thousands, except per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 28,

     

    June 30,

     

    June 28,

     

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Contract revenue

     

    $

    140,996

     

     

    $

    119,077

     

     

    $

    263,485

     

     

    $

    221,680

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and wages

     

     

    23,647

     

     

     

    21,302

     

     

     

    45,159

     

     

     

    41,712

     

    Subcontractor services and other direct costs

     

     

    68,545

     

     

     

    57,142

     

     

     

    122,104

     

     

     

    98,054

     

    Total direct costs of contract revenue

     

     

    92,192

     

     

     

    78,444

     

     

     

    167,263

     

     

     

    139,766

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit

     

     

    48,804

     

     

     

    40,633

     

     

     

    96,222

     

     

     

    81,914

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General and administrative expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and wages, payroll taxes and employee benefits

     

     

    26,064

     

     

     

    22,416

     

     

     

    52,573

     

     

     

    44,801

     

    Facilities and facility related

     

     

    2,405

     

     

     

    2,619

     

     

     

    4,850

     

     

     

    4,897

     

    Stock-based compensation

     

     

    1,945

     

     

     

    1,287

     

     

     

    3,335

     

     

     

    2,820

     

    Depreciation and amortization

     

     

    3,629

     

     

     

    4,128

     

     

     

    7,221

     

     

     

    8,328

     

    Other

     

     

    8,313

     

     

     

    7,709

     

     

     

    16,434

     

     

     

    14,580

     

    Total general and administrative expenses

     

     

    42,356

     

     

     

    38,159

     

     

     

    84,413

     

     

     

    75,426

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income (Loss) from operations

     

     

    6,448

     

     

     

    2,474

     

     

     

    11,809

     

     

     

    6,488

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other income (expense):

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    (1,960

    )

     

     

    (2,207

    )

     

     

    (4,097

    )

     

     

    (4,673

    )

    Other, net

     

     

    826

     

     

     

    373

     

     

     

    1,530

     

     

     

    513

     

    Total other expense, net

     

     

    (1,134

    )

     

     

    (1,834

    )

     

     

    (2,567

    )

     

     

    (4,160

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income (Loss) before income taxes

     

     

    5,314

     

     

     

    640

     

     

     

    9,242

     

     

     

    2,328

     

    Income tax (benefit) expense

     

     

    720

     

     

     

    243

     

     

     

    1,706

     

     

     

    999

     

    Net income (loss)

     

     

    4,594

     

     

     

    397

     

     

     

    7,536

     

     

     

    1,329

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other comprehensive income (loss):

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

    101

     

     

     

    —

     

     

     

    535

     

     

     

    —

     

    Comprehensive income (loss)

     

    $

    4,695

     

     

    $

    397

     

     

    $

    8,071

     

     

    $

    1,329

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings (Loss) per share:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.33

     

     

    $

    0.03

     

     

    $

    0.55

     

     

    $

    0.10

     

    Diluted

     

    $

    0.33

     

     

    $

    0.03

     

     

    $

    0.54

     

     

    $

    0.10

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    13,725

     

     

     

    13,344

     

     

     

    13,665

     

     

     

    13,305

     

    Diluted

     

     

    14,074

     

     

     

    13,487

     

     

     

    14,001

     

     

     

    13,481

     

    WILLDAN GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

     

     

     

     

     

     

     

     

     

    Six Months Ended

     

     

    June 28,

     

    June 30,

     

     

    2024

     

    2023

    Cash flows from operating activities:

     

     

     

     

     

     

    Net income (loss)

     

    $

    7,536

     

     

    $

    1,329

     

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

     

     

     

     

     

     

    Depreciation and amortization

     

     

    7,221

     

     

     

    8,328

     

    Other non-cash items

     

     

    185

     

     

     

    162

     

    Deferred income taxes, net

     

     

    1,089

     

     

     

    851

     

    (Gain) loss on sale/disposal of equipment

     

     

    (17

    )

     

     

    (50

    )

    Provision for doubtful accounts

     

     

    144

     

     

     

    146

     

    Stock-based compensation

     

     

    3,335

     

     

     

    2,820

     

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

     

     

     

     

     

     

    Accounts receivable

     

     

    7,548

     

     

     

    5,484

     

    Contract assets

     

     

    6,013

     

     

     

    3,760

     

    Other receivables

     

     

    951

     

     

     

    1,921

     

    Prepaid expenses and other current assets

     

     

    (2,220

    )

     

     

    1,055

     

    Other assets

     

     

    1,971

     

     

     

    (4,987

    )

    Accounts payable

     

     

    (1,276

    )

     

     

    6,322

     

    Accrued liabilities

     

     

    (8,874

    )

     

     

    (11,477

    )

    Contract liabilities

     

     

    4,281

     

     

     

    2,365

     

    Right-of-use assets

     

     

    (49

    )

     

     

    880

     

    Net cash (used in) provided by operating activities

     

     

    27,838

     

     

     

    18,909

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Purchase of equipment, software, and leasehold improvements

     

     

    (4,125

    )

     

     

    (5,762

    )

    Proceeds from sale of equipment

     

     

    23

     

     

     

    55

     

    Net cash (used in) provided by investing activities

     

     

    (4,102

    )

     

     

    (5,707

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Payments on contingent consideration

     

     

    —

     

     

     

    (4,000

    )

    Payment on restricted cash

     

     

    —

     

     

     

    (10,679

    )

    Payments on notes payable

     

     

    (172

    )

     

     

    (971

    )

    Borrowings under term loan facility and line of credit

     

     

    —

     

     

     

    5,000

     

    Repayments under term loan facility and line of credit

     

     

    (3,750

    )

     

     

    (9,000

    )

    Principal payments on finance leases

     

     

    (698

    )

     

     

    (599

    )

    Proceeds from stock option exercise

     

     

    1,137

     

     

     

    7

     

    Proceeds from sales of common stock under employee stock purchase plan

     

     

    1,402

     

     

     

    1,392

     

    Cash used to pay taxes on stock grants

     

     

    (785

    )

     

     

    (188

    )

    Net cash (used in) provided by financing activities

     

     

    (2,866

    )

     

     

    (19,038

    )

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

     

     

    20,870

     

     

     

    (5,836

    )

    Cash, cash equivalents and restricted cash at beginning of period

     

     

    23,397

     

     

     

    19,485

     

    Cash, cash equivalents and restricted cash at end of period

     

    $

    44,267

     

     

    $

    13,649

     

    Supplemental disclosures of cash flow information:

     

     

     

     

     

     

    Cash paid (received) during the period for:

     

     

     

     

     

     

    Interest

     

    $

    3,983

     

     

    $

    4,464

     

    Income taxes

     

     

    551

     

     

     

    (1,696

    )

    Supplemental disclosures of noncash investing and financing activities:

     

     

     

     

     

     

    Equipment acquired under finance leases

     

     

    556

     

     

     

    278

     

    Willdan Group, Inc. and Subsidiaries

    Reconciliation of GAAP Revenue to Net Revenue

    (in thousands)

    (Non-GAAP Measure)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 28,

     

    June 30,

     

    June 28,

     

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Consolidated

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    140,996

     

    $

    119,077

     

    $

    263,485

     

    $

    221,680

    Subcontractor services and other direct costs

     

     

    68,545

     

     

    57,142

     

     

    122,104

     

     

    98,054

    Net Revenue

     

    $

    72,451

     

    $

    61,935

     

    $

    141,381

     

    $

    123,626

     

     

     

     

     

     

     

     

     

     

     

     

     

    Energy segment

     

     

     

     

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    117,852

     

    $

    98,015

     

    $

    218,598

     

    $

    181,300

    Subcontractor services and other direct costs

     

     

    67,556

     

     

    56,102

     

     

    120,210

     

     

    96,180

    Net Revenue

     

    $

    50,296

     

    $

    41,913

     

    $

    98,388

     

    $

    85,120

     

     

     

     

     

     

     

     

     

     

     

     

     

    Engineering and Consulting segment

     

     

     

     

     

     

     

     

     

     

     

     

    Contract revenue

     

    $

    23,144

     

    $

    21,062

     

    $

    44,887

     

    $

    40,380

    Subcontractor services and other direct costs

     

     

    989

     

     

    1,040

     

     

    1,894

     

     

    1,874

    Net Revenue

     

    $

    22,155

     

    $

    20,022

     

    $

    42,993

     

    $

    38,506

    Willdan Group, Inc. and Subsidiaries

    Reconciliation of GAAP Net Income to Adjusted EBITDA

    (in thousands)

    (Non-GAAP Measure)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    June 28,

     

    June 30,

     

    June 28,

     

    June 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net income (loss)

     

    $

    4,594

     

     

    $

    397

     

     

    $

    7,536

     

     

    $

    1,329

     

    Interest expense

     

     

    1,960

     

     

     

    2,207

     

     

     

    4,097

     

     

     

    4,673

     

    Income tax expense (benefit)

     

     

    720

     

     

     

    243

     

     

     

    1,706

     

     

     

    999

     

    Stock-based compensation

     

     

    1,945

     

     

     

    1,287

     

     

     

    3,335

     

     

     

    2,820

     

    Depreciation and amortization

     

     

    3,629

     

     

     

    4,128

     

     

     

    7,221

     

     

     

    8,328

     

    (Gain) Loss on sale of equipment

     

     

    (4

    )

     

     

    (40

    )

     

     

    (17

    )

     

     

    (50

    )

    Adjusted EBITDA

     

    $

    12,844

    $

    8,222

    $

    23,878

     

    $

    18,099 

    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

     

    Six Months Ended

     

     

    June 28,

     

    June 30,

     

    June 28,

     

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Net income (loss)

     

    $

    4,594

     

     

    $

    397

     

     

    $

    7,536

     

     

    $

    1,329

     

    Adjustment for stock-based compensation

     

     

    1,945

     

     

     

    1,287

     

     

     

    3,335

     

     

     

    2,820

     

    Tax effect of stock-based compensation

     

     

    (344

    )

     

     

    (260

    )

     

     

    (590

    )

     

     

    (571

    )

    Adjustment for intangible amortization

     

     

    1,805

     

     

     

    2,624

     

     

     

    3,676

     

     

     

    5,248

     

    Tax effect of intangible amortization

     

     

    (319

    )

     

     

    (531

    )

     

     

    (650

    )

     

     

    (1,062

    )

    Adjusted Net Income (Loss)

     

    $

    7,681

     

     

    $

    3,517

     

     

    $

    13,307

     

     

    $

    7,764

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted weighted-average shares outstanding

     

     

    14,074

     

     

     

    13,487

     

     

     

    14,001

     

     

     

    13,481

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Diluted earnings (loss) per share

     

    $

    0.33

     

     

    $

    0.03

     

     

    $

    0.54

     

     

    $

    0.10

     

    Impact of adjustment:

     

     

     

     

     

     

     

     

     

     

     

     

    Stock-based compensation per share

     

     

    0.14

     

     

     

    0.09

     

     

     

    0.24

     

     

     

    0.21

     

    Tax effect of stock-based compensation per share

     

     

    (0.03

    )

     

     

    (0.02

    )

     

     

    (0.04

    )

     

     

    (0.04

    )

    Intangible amortization per share

     

     

    0.13

     

     

     

    0.19

     

     

     

    0.26

     

     

     

    0.39

     

    Tax effect of intangible amortization per share

     

     

    (0.02

    )

     

     

    (0.03

    )

     

     

    (0.05

    )

     

     

    (0.08

    )

    Adjusted Diluted EPS

     

    $

    0.55

     

     

    $

    0.26

     

     

    $

    0.95

     

     

    $

    0.58

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801767952/en/

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