Limbach Holdings, Inc. (NASDAQ:LMB) Q3 2023 Earnings Conference Call November 9, 2023 9:00 AM ET

Company Participants

Jeremy Hellman – Vice President-The Equity Group

Mike McCann – President and Chief Executive Officer

Jayme Brooks – Executive Vice President and Chief Financial Officer

Conference Call Participants

Rob Brown – Lake Street Capital Markets

Gerry Sweeney – Roth MKM

Operator

Greetings, and welcome to the Limbach Holdings Call to Discuss Third Quarter 2023 Results and Update on Current Operations. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Mr. Jeremy Hellman of the Equity Group. Thank you. You may begin.

Jeremy Hellman

Thank you very much, and good morning, everyone. Yesterday, Limbach Holdings announced its third quarter 2023 results and filed its Form 10-Q for the period ended September 30, 2023. The company would also like to note that an updated investor presentation is available on the Investors section of the company website at www.limbachinc.com. Management will refer to select slides during today's call and encourages investors to review the presentation in its entirety.

During this call, the company will be reviewing its financial results, providing an update on current market conditions. Today's discussion may contain forward-looking statements, and actual results may differ from any forecasts, projections or similar statements made during the earnings call. Listeners are reminded to review the company's annual report on Form 10-K and quarterly reports on Form 10-Q for risk factors that may cause the actual results to differ from forward-looking statements made during the earnings call. Also, please note that during the question-and-answer session at the end of the call, we will only be taking questions from our analysts.

With that, I'll turn the call over to Mike McCann, the President and Chief Executive Officer of Limbach Holdings. Please go ahead, Mike.

Mike McCann

Good morning. Welcome, everyone, and thanks for joining us. Joining me this morning is Jayme Brooks, our Executive Vice President and Chief Financial Officer. Turning to the third quarter. We continue to execute on all fronts and the result was continued margin expansion, which in turn led to solid growth in net income, adjusted EBITDA and cash flow. We continue to see our ODR transitions happening at a rapid pace. Recall that we're originally targeting a 50/50 revenue split by 2025. As we speak with you today, we appear on track to hit that target this year.