Star Equity Holdings, Inc. (NASDAQ:STRR) Q4 2022 Earnings Conference Call March 15, 2023 10:00 AM ET
Company Participants
Rick Coleman - Chief Executive Officer
Jeff Eberwein - Executive Chairman
Dave Noble - Chief Financial Officer
Conference Call Participants
Theodore O’Neill - Litchfield Hills Research
Tate Sullivan - Maxim Group
Operator
Greetings, ladies and gentlemen and welcome to Star Equity Holdings Inc.’s Fourth Quarter 2022 Results Conference Call. Please be advised that the discussions on today’s call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to Star Equity’s most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions.
The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise. Please also note that on this call, management will reference non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP financial measures are reconciled to their most comparable GAAP financial measures in our earnings release issued this morning.
If you did not receive a copy of the earnings release and would like one after the call, please contact Star Equity at 203-489-9500 or its Investor Relations representative, Lena Cati of the Equity Group at 212-836-9611. Also, this call is being broadcast live over the Internet and maybe accessed at Star Equity’s website via www.starequity.com. Shortly after the call, a replay will also be available on the company’s website.
It is now my pleasure to introduce Rick Coleman, Chief Executive Officer at Star Equity.
Rick Coleman
Thank you, operator. Good morning and thank you all for joining us today. On the call with me today are Star’s Executive Chairman, Jeff Eberwein; and our Chief Financial Officer, Dave Noble.
It’s a pleasure to be speaking with you today and is especially gratifying to report significantly improved results across both our Construction and Healthcare divisions. The strength of our fourth quarter 2022 consolidated financial results comes from significantly better operating performance, with improvements we made throughout the year, now beginning to show through in our financial results.
Our Construction division delivered strong top and bottom line growth, resulting in fourth quarter adjusted EBITDA more than double that of the prior year quarter. Our Healthcare division also performed well in the fourth quarter, with adjusted EBITDA up 79% year-over-year. Overall, we are beginning 2023 with a significantly improved operating portfolio. In addition, we continue to identify and investigate future acquisition opportunities either to expand our existing businesses or enter new lines of business.