Willdan Group, Inc. (NASDAQ:WLDN) Q1 2024 Earnings Conference Call May 2, 2024 5:30 PM ET

Company Participants

Al Kaschalk – Vice President, Investor Relations
Mike Bieber – President and Chief Executive Officer
Kim Early – Executive Vice President and Chief Financial Officer

Conference Call Participants

Moshe Katri – Wedbush Securities
Craig Irwin – ROTH MKM

Operator

Hello, and welcome to the Willdan Group First Quarter 2024 Financial Results Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It’s now my pleasure to turn the call over to Al Kaschalk, Vice President, Investor Relations. Please go ahead, sir.

Al Kaschalk

Thank you, Kevin. Good afternoon, everyone, and welcome to Willdan Group’s first quarter fiscal 2024 earnings call. Joining our call today are Mike Bieber, President and Chief Executive Officer; and Kim Early, Executive Vice President and Chief Financial Officer.

This call builds on our earnings release we issued after market close today. You can find today’s earnings release in the press release section of our website at ir.willdangroup.com. A copy of the slides that accompany today’s call are located in the Events and Presentations section of the website.

In addition, our Willdan Investor Report is available under Stock Information section of the same 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 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-looking statements involve certain risks and uncertainties and include non-GAAP measures. A more detailed Safe Harbor statement is on the cover of our first slide and in our Annual Report on Form 10-K.

I will now turn the call over to Mike Bieber, Willdan’s President and CEO, who will begin on Slide 2.

Mike Bieber

Thanks, Al. We had an excellent start to 2024 with solid performance across the Board. Revenue was up 19% organically year-over-year to $123 million. Adjusted EBITDA was up 12% year-over-year to $11 million. We converted our strong Q4 revenue into cash as Q1 cash flow from operations was up 56% year-over-year to $27 million.

These metrics are all company records for the first quarter and these were delivered against a tough comparison a year ago when we also had record performance led by a large software license. Kim will go into more detail on our financial results.