WLDN - Earnings call 4 2023 | Willdan Group, Inc.

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Operator

Hello, and welcome to the Willdan Group Fourth Quarter and Full Year 2023 Financial Results Conference Call. [Operator Instructions]

At this time, I'd like to turn the call over to Al Kaschalk. Please go ahead, Al.

Al Kaschalk

Thank you, Kevin. welcome XXXX Group's Earnings and Full Quarter everyone, Fiscal Year Call. afternoon, to Fourth Willdan and Good

Joining our President call Chief Officer. Executive today are Mike and Early, Bieber, Kim Executive Vice and Financial Officer; Chief President and

call market today. after The we close builds earnings on release today issued our

today's Information You find section Investor website. accompanies of release, press release investor report the our may and Willdan in earnings that the call the Stock Relations

call. have prepared Investor today's a slide presentation go the to under with conference website. the we presentation financial along Events results addition, The of available is In section

Management will review prepared remarks.

open up We the will your then call to questions.

risk in to including, the time to, The company's Securities made questions, to Reform undue today's Form which company not factors of place time conference cautions Act forward-looking the the purely XX-K. your not Private statements reports, not limited investors but to made certain Willdan from SEC are future and course other revise report to annual are does on during forward-looking any such historical, answers uncertainties. this The forward-looking differ meaning conference statements Litigation from Statements are the in statements of could The made call. that forward-looking of any reliance the undertake differ call, to course on disclaims statements and obligation or within any results including the the Factors not and involve cause update those company's materially today. risks actual materially forward-looking in could results listed XXXX. statements. of

ability trends measures the GAAP provides financial we that believe and to Willdan the investors' also analyze to addition business results, performance. In enhance non-GAAP

adjusted net revenue, Our non-GAAP EPS. include EBITDA adjusted and measures

the to and CEO. turn President Willdan's Mike now Bieber, over call I'll

Michael Bieber

good afternoon to Thanks, Al, and everyone.

throughout expectations another us an We year X. performance XXXX. the strong quarter. an program and capped were backlog, Slide analyst our above Revenue, positions a for profitability expanding on in expansions. and, fourth aided Strong expectations with and Willdan end-of-year record cash flow by begin exceptional year Let's had

organic customer transitions XX% want XX% clean civil Willdan civil and the and revenue comprise federal XX% grew sustainable work organic is of a Willdan in a Willdan XX% serve state Utilities engineering-focused. talk growth to with government. overall. communities XX% yet commercial delivered to positioning. energy-focused our XXXX, market in by In take energy energy customers. revenue about of net engineering. We We and XX% X% and XX% from type, growth Today, organically from revenue I minute and is local and By don't government. our our future.

knowledge of of our customers professional are company, helping funding make affordable for electrical strength and more We a and We model excellent XXXX by is this problems user the fees help communities. an solve America's economic business our projects, capped services sources and Because energy demonstrated government with software. clean generally by inflation. resilient cycles quarter. impacted fourth less We transition funding, and throughout

upfront analytics consulting highly This X informs On our a map slides, with work consulting customer's starts strategy. typically also which analysis challenge Page the provide a to road software data and technical a of services, policy Willdan's solution.

solar, grid local to into efficiency at energy the nuclear. And cost. integrate the wind, generation source: and help are agnostic We we generation the battery, least energy gas,

this of program see pyramid, customer's of We customers. behalf the larger, often services work include studies top project. management of delivery come are a at projects help engineering to manage rate higher-margin a projects typically fund engineering and at capabilities on After the while longer-term program Our next financial normally consulting our the and base. smaller, design, our

robust talked and seeing. first and about the consulting, to pipeline the and software business. successfully data half wins of with did XXXX. significant in In we you that on give anticipate color me opportunities supports software We XXXX, analytics a grow some we that additional are Let goal markets our new our we entered our XXXX

much is XXXX, that grew here, Our fears in this we growth of business momentum are strong the work organically a organic for and have state government XX% seen into about carrying engineering slowdown and XXXX. customers. and Counters local

biggest business of the COVID. had supply became manageable. to that in the work slowed management program The work change was chain during concerns our more XXXX throughout as This improved recovery year

at Our XXXX program drive entering expected management record-high performance. backlog strong to a and is is

a with that upfront about practical might three clients The to programs clients of know want policy management affect their policy to to program Willdan these years and management. provides our areas Engineering constraints sees and Each model is competitive program strategic and later. engineering want about and us know advantage. shifts in planning

X, years partial the District. Phase a X Page development with provide since client Phase strong for provides backlog $XX the complete XXXX. call. of opportunity an in I top of for will the this mostly X program last entering you us table, their School there be year this we These for are and Clark developing $XXX with list X energy schools. include, a year. wins was X/X want of of million On to and County million about This at upgrades that is program earnings to additional provides next

provider. and of building several health one care providers. and over the in opportunities years a Next, care is for our largest of touches portfolio decarbonization America's exciting win hospitals X,XXX national of care health the This strategies most facilities next the for health one

New facilities, New its up million buildings to program The is management. energy expected program $XX industrial including program a for our variety small New contract businesses, users, England large efficiency that a million through England. to announced of and efficiency energy energy multiuse is large $XX won is England and XXXX. and ramp infrastructure. growth to expected municipal The and in is new utility addresses win XXXX being today program This anchor wide continue we've in Next, first

recompetes, time of those $XX the the contract, indicating and consecutive Ed, million the Puget Con is important the success is consecutive million $XX fifth seventh Next, the those programs. won Sound contract time, we've

multiyear on Western well a We've of top won contract planning utility to XXXX. and also new high continue contracts. X grid our municipal in planning smaller to single-digit mid- position major us contracts, wins, growth These organic software other and services utility

to over you. Kim,

Creighton Early

Mike, and everyone. afternoon, good Thanks,

Mike an finish for year, in and momentum company's As reflect highest fourth exciting and very gross our in strong performance operating a continued foundation fourth history. contract revenue, nearly level to net new income in productive The establishing year. said, and the firm XX-year profit of quarter the record-setting annual resulting quarter results provided and a quarterly the

side moving and of presentation on Slide X. right Looking to your the

up quarter over-deliver year-to-year utility to and quarter XXXX For the lines approximately some to significant XX% $XX fueled remains also was revenue the reflects revenue XX% million net some and quarter. a contract $XXX.X adjusted fourth million, as across on for of revenue a record The programs, services record QX quantities of exceptional million. XXXX, over our our target boost a to to was was $X by opportunities increase contract service up The boost demand strong. and providing a EBITDA increases million municipal energy $XX.X

profitability. compensation, liabilities margin in on expenses XX% fast revenues higher revenues derived quarter, as gross wages profit only offset partially while for increased from was accretion fourth lower The earn-out the as depreciation compensation accompanied half and stock a as G&A by the solid interest improved incentive and growth

higher in quarter was the of QX increased quarter rates, to $X.X income of XXXX the XXXX. quarter rate fourth tax the and million prior tax an in of the compared Interest X% over interest XXX% to fourth expense to XX.X% due year our rate extraordinary for

or was a income diluted million a quarter, net $X.X ago. diluted fourth So a loss for $X.XX the per versus share $X.XX of per loss share $XXX,XXX year or net

Adjusted the quarter up over the EBITDA XXXX. quarter $XX.X was in XX% the fourth million of $XX.X for fourth million,

of in share QX QX in $X.XX year this earnings pretax a was mainly $X.XX in reflecting per income. the year Adjusted ago, increase versus

Slide to X double-digit full pattern from the continued since that the organic of restrictions. shows the move annual terms of year, emergence XXXX In the X. growth COVID Slide

percent $XXX XXXX and revenue XX% also our XX%, increases reflecting services. to utility municipal million a for XX% factors in Double-digit record the revenue were increased segment, XXXX solid from service while and revenues behind revenue the lines. program our grew also programs in Energy all Engineering demand Contract increased growth net $XXX across robust to increased with million, our management for a over Services the Consulting activities primary higher and

EBITDA nearly again, adjusted Slide you that and nearly XXXX Right-clicking share a in ago. to to $X.XX to doubled our can also $XX.X million, doubled per share compared see on X, earnings year per $X.XX adjusted

management XX% $XXX.X software IOU restructured expanded increased revenue performance from margin from and contracts, XX.X% a to million, activities, and in by profit carry higher margin ago year California gross higher lower profile. our construction in driven improved XXXX a which to by licensing tempered Gross XX%

XX%. net increased increased expenses G&A to liabilities, compensation, have related year and as employee XXXX on operations offset was the lower from now costs employee earn-out income Higher in benefits, leverage compensation the period been stock-based accretion while X% operating grew same all ago, by a lower which further with consistent realized We interest and satisfied. in partially the improvement only versus incentive revenue

the by to period million $X.X primarily Interest interest increased XXXX the in expense rates. year due higher same ago, year for to a compared XX% the to

expense in was of to benefit compared an XXXX. $X.X million loss XX.X% tax income of on rate an Income the or million tax tax $X effective

XXXX. share compared or of million per minus per loss income For share diluted in the $XX.X $X.XX million a enabled Improved results company throughout significant net XXXX, diluted was or $X.XX to $X.X a turnaround.

flow XXXX. improved in the $XX.X year. the Slide reflecting year, important in trailing million of With significantly Net cash cash condition was course million of sheet net of our the X.Xx are of net year-end improved free $XX.X from ratio end million of over X.Xx $XX.X of end flow the our at of XXXX, of balance balance, metrics $XX.X highlights XX-month a On to and EBITDA reduction for leverage operations from $XX.X presented. significantly the debt X, million cash at financial our the some million and debt,

$XX of refinancing below X-year acquisition credit credit under to bank a strategic to well agreement, opportunities. facilities revolving ratio and the borrowings outstanding our leverage With million facility, positioned pursue we're our our credit no X.X, new

million of Moving provides be adjusted EBITDA and for share to in guidance X, be is it $XXX This earnings of Adjusted year, outstanding. expected million not range million XX.X for range per $X.XX of per and million million. include XX% to and acquisitions. expecting tax $XXX is financial million contract $XXX million XXXX. $XXX We're to $XX future to the assuming the revenue to the our the to $XX expected of in Slide guidance share, potential net range does the in $X.XX shares any to rate revenue

Mike, you. back to

Michael Bieber

for Demand the billion broken through strong quarter navigate services and We've healthy year Willdan. clients summary, America's and fourth In backlog entering $X.X execution Thanks, XXXX. has have Kim. the for mark energy to solid our in record try a capped revenue remains our transition. as momentum

operating Strong growing so balance are acquisition we results now have resuming potential deals delevered We we pipeline of are a our that sheet, now cultivating. program. have our

Willdan the multibillion-dollar now market is in we and have the opportunity means right world-class company. build a to and

we're prepared for now Operator, Q&A.

Operator

is from first from coming Moshe today Instructions] [Operator question Katri Securities. Our Wedbush

Moshe Katri

Congrats on very results. solid and strong

maybe then there's of any way can there maybe are the bit software, and a a deal about including seeing it where by pipeline. of current ago, nature talking So the obviously, in to about the year flow deal and kind the What if you visibility. start terms compare deal pipeline we talk versus was pending of maybe

Michael Bieber

announcements Moshe. and especially that up just year the the attended optimistic our the respect of we're out. and we'll looks the we first in really I very and half We It continuing there looks this conference in have good. specifically software, built that many momentum customers met called pipeline. We're that back Sure. in year. the That big significant quarter, With the fourth good, DISTRIBUTECH some to of half are

and very The of supports saw I continues looks here good. it say last that that that type XX-ish-percent pipeline year. growth type grow we to So would

Moshe Katri

deal to Okay. there nature And do the by you're in asked different is clients? the what anything of being then flow, of terms

Michael Bieber

required. of you to complex. longer as And and required, plants coal-fired can retire, power is choose lot especially becoming solutions, lot that services consulting no them The are these are of a which software problems retire, a grid more plants complexity analyze nuclear with that causing spreadsheets, is

So out. point those are areas the I'd

also efficiency The that the the up. cost energy energy up, goes we of of as other provide goes value that is

the So from those we as as in big robust programs saw had England. that win are New you well,

Moshe Katri

Yes.

to the good. the a Sounds in then just related credit And the the from questions embedded recent of couple refinancing expenses maybe that? versus What's some guidance. before model of

Creighton Early

the table, what rate were the Well, most Moshe. the us of provides you not opportunity by particularly and the I'm XXXX over us what spread interest sure to XXXX. lower that, I rates, in I for spreads mean mean mean, the

the leverage, lot reduce So expense. But related of any the spread agreement the can we difference by reducing costs over the whole numbers. interest there in the the beyond a of isn't SOFR to

Moshe Katri

And what between where what's the to and expected it be XXXX? it's delta was in

Creighton Early

first interest the the interest to our will be quarter $X interest lower net the rate in in was it course quarter expecting compared than annually. the here the Well, year, expense, the I'm lower be million about least to of In probably X% fourth at XXXX. expense,

Moshe Katri

Okay, million. first of half look half year second the the in then of And contribution? $X in how does versus net terms terms like revenue

Creighton Early

Yes.

a a have kind back-end stick to smoother as as about this won't XX-XX XXXX into fourth maybe seen as half in back loaded This a much closer will not maybe of was be the XX-XX And steep think it's we've quite year, It half. which quite past. I front quarter was, the split. as transition. it's to hockey

Operator

Our coming next from Irwin question ROTH Craig is MKM. from

Craig Irwin

another something on It's Congratulations happening quarter. impressive now. routinely

again, about we us actually, or, been fairly Can becoming some a to upside eliminate So can't the I compared through volatility that's you've business? the years. profitability. I'm delivering say, substantial of the talk would more Mike, shift past to over for I what's you specifically some to healthy this we've saying couple of very changed volatility not ask maybe what this the surprised the of downside This repetitively working that business. lack the your customers that healthy numbers year, everybody character prior seems it what's you volatility that the about there's of and in wanted in with that happen seen? it predictable, What's with but saw

Michael Bieber

nature sources XXXX, that is Well, were and predictable to that a because to fund our thanks, clients predictable. our and XXXX They And projects. with be that the long-term resilient difference we business. very be Craig. Willdan funding of engagements And from The very start-up this should tend very of IOU results. you volatility next events, saw consistent. of and the the the contracts. and of be was the that to very our consistent expecting sort saw should performance a we producer two And year. of resumption COVID prior continue COVID with into year, Barring you those California we're to the

Craig Irwin

That's news. excellent

overall revenue Analytics shape success the can through bit taken And year? a for contribution, us share this of this year then, EBITDA this both you business? can us basis, So talk you little maybe business? the fourth full with with was on Integral has How from and momentum a what quarter and

Michael Bieber

Software soon is around business able a don't into We to It it here talk Willdan, very but highest margin yet, at going well. about. million And notifications We're we'll of that dollars outstanding. better year, expecting that doing have some million it I pipeline we This great even have the was, so grew very of the part $XX was year. the a off beginning It's contract our they be a year-over-year. revenue. in break business. believe, EBITDA, big few

into that that all have it's looks So little next good really year. the fact It's we driven in competition of by competition really very going by inaction area. clients. that And the

the These consulting We partnership consulting starting the utilities side have newest around now. very widely are off And and work. so being America spin business a good. with about very large XX-XX dominant by also is to solution it's The that's right of consulting, software effective. adopted contracts

Craig Irwin

several of sort And outperformance any that a Can Was the Excellent. broadly in us quarter. out end-of-year maybe obviously, customer the X base, customers, but closeouts sort that bit us little did if from then give that that for or and the budget you And versus growth, customers? color on could business. of the core X us scope the organic relative organic across there organic, growth came you the help from? where project flush Okay. the or this is

Michael Bieber

of efficiency three of behind on IOUs, Con came California were and to Coast It Yes. Edison. goals asked if FirstEnergy very could. In results those three their case, It the clearly East us and the clear. energy It hit expand Willdan $XX $X different was in and our made year contracts, those quarter higher million customers to in $XX the in revenue, were very expansions in the was we All about and every areas. EBITDA. the numbers. million we the in And fourth was net and revenue gross million

came right in quarter in expected. I the the have fourth that It script. that think just mentioned we out couldn't Kim

factor results didn't that, great When obviously, in. We a was quarter. at you the that look fourth for it

on that rely next can't happening You year.

guidance, why $XX million growth, X.X% quarter revenue you'll organic X% to X%. revenue extra into about that's Well, our back to of is only in So booked the a see that next year in if this fourth like of you we the headwind year.

of year, quarters happens next that we'll if printing many again now. for the So see double-digit growth that been then here we've organic types

Craig Irwin

the participation and where consulting Do you've there? advising the to would the a a expect available? actual of about you maybe becomes next projects you IRA question, long-term may. bit you a companies for out describe far use efficiency a you're help them many bit been expect has energy to lot for business what these at sense investment you've Excellent. customer if for Then material headwind have consulting? The a with for little been quite projects Or But you makes they of to to little looking driver funding provide phase as of last as this what Willdan, when to seen space. sort I IRA doing for the in Can the other activity of money the them to that base could us prepare would figure unlock. and how your consulting on of remain

Michael Bieber

they Craig. Yes, XX know for funding it's material a more less in but access don't trying helping in IRA dollars. aggregate, how good They're apiece, there's than right to what's figure now, right work, contributors we material and to municipalities, out in come, clients, studies, small-dollar activity are small and figure question, out to consulting and We but apply lot quite $XXX,XXX generally XXXX. not These on so than the they're to are front-end not revenue weren't IRA of now. a going

into number the turns phases into funding a hit in is and the design None by phase. have street likely at opportunities we and received of that the next funding follow will where it's has If some that money implementation. that communities, those early. projects, of still It's the we But still point. application of this of

Operator

from coming a investor. is [ Eisenberg question private Next Richard ],

Unknown Attendee

Congratulations on a great quarter.

Creighton Early

Thank Richard. you,

Unknown Attendee

million is Carolina? that business segment? artificial data first in kind Congratulations The question, within this embedded raised software guidance? Or they in the guidance contracts range? And to of that is North the huge then you there $XXX Engineering also, to again. intelligence demand the if half, $XXX Texas, are come South through, million in And take you anticipating able the for centers in the a for like potential of advantage last like Carolina, your states the company Florida, is year,

Michael Bieber

I'll order take your And here. Richard. of Thanks, questions them in

And foresee going the guidance, down some is part, but meetings and those up, software especially We've I are we think, upside. there's of the licensing as last our The still upside, we first of a into probability. probabilities after there embedded can was what week. factor

in the second and half upside that both really first There half good. the the looks year. of So is

just heading especially with it opportunity the in municipal clients market was is municipal I states shift, so it, the right of population, us places. question, I'm Activity Florida California. for states. month, right demographic and noticeable next opportunities very and Texas outside in seeing robust you those are now. we and to in Willdan Orlando Texas second is what the growth for for glad asked are is clients, office of hottest Very both its a The the specifically, lot The there. I'm is now,

AI We're AI group now say, been And both be was not We'll third to company and customers' world-class. evaluating want more problems. would that tools that's The The early It's AI of working a AI, year. close been because our place the tools I they've a have across adopting tools solve group hired right is, on. was we're to preparing those across for working a those when be about than We help our and the at using at was This to we forefront our in this experts well-known businesses tools XXXX. ago. problems. software on in AI X still term. the to working and using we solve years those

Operator

coming [Operator is Office. Instructions] Our question from Gregg Family next from Kitt Pinnacle

Gregg Kitt

Congratulations on the great quarter.

Michael Bieber

Gregg. Thanks,

Gregg Kitt

Con program ask, a Puget customer today; the provider, in I effectively? not can't to among Sound, and many more and announced which you meaningful been with is so and us which the what's Ed you've which wanted helping the then period business; on? New some had Clark your was win going remember with business win, commercial wins: Maybe a of I County majority can big recompetes contract the understand help health that's care change you Has there others. England

Michael Bieber

don't a lot the change a than big company, in of I and there's X focused we're on years contracts we making. a those other think

Willdan, over making. was, and And Both the knew yes, were County impressive Clark New In we the of about thought X surprising. well specifically. those competitive. selected And contracts both them. of in we in were awards those our mentioned multiple I years cases, think, the to You very cases, England would competitors. part, examples, they customers many They make both both in

than So even And to the larger that. contract expected we seeing sizes receive we're there. were

good a of job delivering. doing also We're

short customers the we a on in quarter, have expansions very and the You higher in fourth customers us. in quarter, saw I and fourth the actually order. delivered what that's to for think, those asked came confidence allows, When that numbers

because The So larger contracts that's Gregg. seeing, that. are getting what we're of

Gregg Kitt

you to $XXX 'XX was million did, commentary million million. revenue And make great. wanted to if and because just I the of I I in $XXX forward I correctly, maybe $XXX understood just That's net sure think under the saw guidance

with to XXXX. that so that on you basis? was a that me, contract commentary of lot a Was guess, high for talking growth of or made sounded net sense I million it to about And basis first, opportunities mid- single-digit single-digit the revenue commentary high $XXX But off like revenue that mid- did a to growth? in

Michael Bieber

be we don't a know conservative Gregg. note $XX if of But revenue coming of that's in The about faced expansions both, going the in appropriately our out announcing already the but to the doesn't there. happen the we again very beginning into couple to every to the wanted would amidst to year I we're the expand you've happen good of headwind guidance, next contracts. looks places. exceptional and seen already the year. say existing million year. We're that due only talking We It contract It's beginning it wins is year, QX,

get So be to that potentially into year, we're number. the as optimistic beat we that able we'll raise and

Gregg Kitt

customers? then And change Con some all a dramatically are that, more you was of hey, year. of at at you're how those larger bit then every flush? and giving time little customers versus, kind end California get IOUs, the of it you the us expansions with up there had, Wondering more a FirstEnergy years, budget looking those is like and a just shows lead if you you partner Ed, the on that in about talked Or working contract couple just

Michael Bieber

story. new are we earn to throughout that that did trust for their with would you're had programs, trust kind to expansion, to the IOU year. that deliver, California And No, know earning the them. kind right, think with clients. of year-end they appreciate really. before We the you new of us programs, problem we a and come us I result opportunity The exactly Those That's their Gregg. of

FirstEnergy, got their with we it Again, it solve. we It thing as earn of us a we same were they approached started a off the with program, And trust. problem to to first to had program. and end difficult year, earned into That was came able rocky. trust. the a we The small their was but

deliver Con a these And when that Ed years. us they and trusted us, is for come has client issues, for to we they them. have

what that's So happened.

Gregg Kitt

and work. your hard you Congratulations, thank for

Operator

Wedbush from Next Katri question Securities. from is follow-up Moshe a

Moshe Katri

This bit strategy the positioning basis? company's is what Any changes or ongoing under an and expect for on we Mike. about talk your a should leadership. Maybe

Michael Bieber

with Chairman spend is more thank on, Thanks Tom the a a I've him little my Willdan. it. that, and that operationally to mentor a for are we're point, to that nature than of It's and I the I'll between of And He's I Other worked more other that, the going little question. on. just for and ours started are development-focused, contract said if to opportunities capture us at to I'm been more the differences our course. for was there's this good good That's anything I'm he's on Board. it a of opportunities our the business that Tom so time probably us Tom down a number partnership. I'll developing probably focused. path and years. and the excellence it's operational still the nature, focus bring that about. expansions leads talked something Having

Moshe Katri

some about that offerings the kind make new And nature? a business in bit more coming with out recurring of will what

Michael Bieber

build an that. like change much They're talked top very much doesn't steady business A We've you about building efficiency annuity. the that acts the that our And way. lot programs on more behave blocks year-over-year. business The of like energy that funding of.

revenue where revenue is like want at us it, already the causes revenue, area upfront. to standards we're the trying business it to to be that recurring software to do behaves expense all lumpy. software The The have than much the customers our the for which recognize rather recognition cause area very better part. to most that So capitalize

software, ago. I we The things we've not are well pairing doing years were very done that, X which to with mentioned, services augment

from we no up Now that of years about license almost services average couple is ago. is a services, the which before, software sign half

So that's trying out. area the smooth to we're one

Moshe Katri

And consulting in as guess. effect, the consulting more of terms at of this kind network a the a role I of business, looking

Michael Bieber

the to to the pike, how at opportunity lot and end now a we years we program a the there's front-end management think added see leads XXXX. leads model front still later. just about business realize years cross-selling the those X engineering We're could of in talked because business starting that X, opportunities if that of opportunities will, I you triangle, we down Willdan. right couple engineering of works the where I

we're journey. that So starting just on

a of cross-selling opportunity. have lot We

think, pursuit work of started of key on I seeing went lot of we our we're focused of IA couple developing. the programs EE out A EX out list, organic opportunities And States lot our that in where in certainly, the on out a that later just growth, coming policy next or be years. will started are through those

Operator

We reached or like our floor further Mike to the session. turn question-and-answer the comments. back of any to closing end over for I'd

Michael Bieber

just to to thank really year, in a out COVID. XXXX our a customers standing great us tough the certainly like And brighter and a by for great shareholders I'd the off year, during there XXXX. in in employees, times We're it's been also. start

you end thank talk So and you, QX. at of the we'll to

Operator

you. teleconference. conclude Thank today's That does

time, wonderful disconnect your at lines your this and day. for We have today. participation a may you You thank

Willdan (WLDN) 7 Mar 242023 Q4 Earnings call transcript