Willdan Group, Inc. (NASDAQ:WLDN) Q2 2023 Earnings Conference Call August 3, 2023 5:30 PM ET

Company Participants

Al Kaschalk - VP of IR

Thomas Brisbin - Chairman and CEO

Kim Early - Chief Financial Officer

Mike Bieber - President

Conference Call Participants

Craig Irwin - ROTH MKM

Moshe Katri - Wedbush Securities

Operator

Good day, ladies and gentlemen, and welcome to Willdan Group's Second Quarter 2023 Financial Results Conference Call. Our host for today's call is Al Kaschalk. [Operator Instructions] I would now like to turn the call over to your host. Mr. Kaschalk, you may begin.

Al Kaschalk

Thank you, Martin. Good afternoon, everyone, and welcome to Willdan Group's second quarter 2023 earnings call. Joining our call today are Tom Brisbin, Chair and Chief Executive Officer; Kim Early, Chief Financial Officer; and Mike Bieber, President.

The call today builds on our earnings release we issued after market closed today. You may find the earnings release and the Willdan investor report that accompanies today's call in the Press Release and Stock Information section of our Investor Relations website.

Management will review prepared remarks, and then we'll open the call up to your questions. Statements made in the course of today's conference call, including the answers to your questions, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward statements involve certain risks and uncertainties, and it's important to note that the company's future results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially and other risk factors are listed from time to time in the company's SEC reports, including, but not limited to, the annual report on Form 10-K filed for the year ended December 30, 2022.

The company cautions investors not to place undue reliance on the forward-looking statements made during the course of this conference call. Willdan disclaims any obligation and does not undertake to update or revise any forward-looking statements made today.

In addition to GAAP results, Willdan also provides non-GAAP financial measures that we believe enhance investors' ability to analyze the business trends and performance. Our non-GAAP measures include net revenue, adjusted EBITDA and adjusted EPS.

I will now turn the call over to Tom Brisbin, Willdan's Chair and CEO.

Thomas Brisbin

Thanks, Al, and good afternoon, everyone. Our second quarter performance was strong. This continues the momentum we started last year. Net revenue grew 17% in the second quarter. For the first 6 months of this year, we grew net revenue by 20%. All of the growth was organic and across the entire company. The Willdan team is converting this net revenue growth to profit and cash flows. For the trailing 12 months ended June 30, EBITDA was $37.9 million, the highest level ever at Willdan.