LMB - Earnings call transcript Q4 2018

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Operator

Greetings. Welcome to the Limbach Holdings Fourth Quarter and Full Year 2018 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. the The to Equity turn the Hellman now of – Group. will conference Jeremy over with I Thank you.

You may begin.

Jeremy Hellman

the and company its section that, Investors Thank presentation website you the Holdings statement fourth encourages filed of Limbach a X everyone XX-K. slide of be The The review turn presentation everyone. morning I'd results company the With quarter its XXXX The will the in Form very much, call Charlie call. issued at to found and the accompany can good of to earnings Holdings. year-end Limbach over ahead, company of Please forward-looking to be and presentation. Charlie. on financial disclosure using to www.limbachinc.com. the CEO also Yesterday, go Bacon, slide announcement this like

Charlie Bacon

and Thank morning thanks Welcome for everyone, us. all. and to you, joining Jeremy, good

Joining Officer, John me Jordan. our Financial today Chief is

the are providing note be be we'll presentation providing John we'll and mentioned, will summary, executive detailed several my I'll Jeremy on. and key high-level with business initiatives. and provide performance question-and-answer those advanced labor to and comments back I'll summarizes conditions. market a using we're an the conditions after As come highlighting views deck around information. comments we be follow of financial pages the taking X on John's period. for prefabrication initiative with our the agenda deal our to starting-off our pressing remarks we'll Slide prepared

income. our was by $X.XX QX, of Construction and Service EPS share, with in Turning growth and sales, well quarters. we XX.X% a the The one led per coming X. both segments to had quarter slide of at revenue with Starting strongest operating terrific year-on-year with performed quarter, revenue

$XXX.X several both pleased with and the bookings as formal of we health an $XXX at to record that actual are including with up into quarter quarter sales terms additional work are wrapped strong care contract four the projects projects as promised million, we the the million referred backlog and new entering significant of those with backlog, backlog bring projects, We that to finalized. promised were pre-construction during had Construction results. plan

remains Construction gross talent to sales note, heated maintain margin. available construction in human [ph] leveraging our through were I resources, we [targeting] pipeline capital Our growth we focused controlling very market. want maximizing while strong. the this on We're

We to and to turn we letting see in slide margins see improved don't that up near-term. the X. continue Please

to in we revenue by that segment. and all rapid where continues extremely exceeded growth our of momentum measures. $XXX that XXXX To expect Service momentum for growth delivered to build. QX Service million. expansion remind platform service was $XX.X back terrific another million XXXX, our organic everyone, we perform The well. continue of within our exceeding Service Our to launched our expectations segment is quarter we

Our maintenance of solid year sales. after base to grew just another under million $XX

Service Our record year our a equipment their retrofit to with and buildings customers continued projects upgrades. also had

building energy the risk our this of BAS see we a expect Energy and of delays, or that call platforms when our analytics clearly business systems energy We continued performance of ongoing these Installing base results which the LEAP for as up equipment. their assist Service helping launched the to building continue business substantial offering Limbach optimize offering organic short growth units QX also with now allows with which due Staying opportunities typically also less We're of units capital to in which and the providing Performance software leads leads a we Between AI X water. to piloting Construction our XX to building-owners came We anticipated human now use segment, equipment-predictive for Service customer to XXXX, or is and program, on Service XX the which our investments our contract, higher-margin Two growth. our X their slide application even our brands, building is with services. pull-through to automation delivered BAS of we maintenance X. monitoring mentioned Back our rapid inherent Assessment its offering, new optimize in realized to mechanical compared owners business impacted side results. Construction our project This revenue expansion more results. bottom our revenue. known units of their outstanding the service. line of Service our summarized to a with

unit due delays. project Mid-Atlantic labor shortage impact XXXX, and did us in significant the to Our severely several

has Our plan local levels. is for deliver normalized returned pleased in to the focused new unit installed business report with was on that turnaround in on we're our and our assembled sales to be more to business We and leveraging that unit plan and We've manpower line strengths. to leadership. in capacity we're Craft track. QX company-wide

we quarter, closed The out of fourth which the a soccer project better D.C. last problem of that to During led outcome anticipated. projects than financial one the completed summer. was the stadium, United closeout successfully was that

slide margins other margin that we several Mid-Atlantic losses were overall compares to X. the When picture That company, we delayed XX.X%. or have continue the of favorably we in the impacted financial gross XXXX. I'm pursue strong others recovery. XX.X% and projects from versus removing delivered now in delivered Mid-Atlantic We by of on the gross

some to business for happy saying are better trends expected. and of margin performing positive the been our underpinning we're time, or the our balance business as see we've As than

versus million. EBITDA net adjusted compared the incurred from we unit's deliberately business company decision, favorably want continue. overall to broader that comment on profitability. very of Absent I that We're experience. XXXX on results For $X strategic we the of write-downs, we just adjusted expect business Absent million. to the impact scaling back in our would the resulting our as focus $XX.X write-downs full the its growth our have in of Mid-Atlantic EBITDA about year, million $XX

that working plans to controls take strengthen team with X, undertaken allow I improve many impact is and results. of that coming Construction the the at results executive recap business. key the to initiatives. and operations to smart in with business to one, and other our of things along promoted with slide negative turned levels back the actions Mid-Atlantic our pride our various business provide of stepping positive up others already been our a growth operations to evolve. The will has the XXXX we future we executive the to On support within great oversight of Number another senior anticipated One

assist success timely timely oversee President project to Michael our business of deliver direct further operational acquired project quantity evenly from split are are to a in developing them operational metrics XXXX for them their companies. constant plan audit new learn business the field deliver. for we promoted and other and scorecards McCann on our to existing a Walking for for This business In units data and improvement this all growth our our projecting more on to on expansion. Each expansion. keeping Operating with data at talent allowing for Number policy month of we co-COO. significant contracted requirements, from business Chief our developed installed The run, focused built craft Kris to and the the addition processes move data Number Officer, center our reporting large-scale foreman previous to successfully business acquired to key and with along our deliver the calls, hires center of the aligned better in levels. capacity initiatives, we units. installed experience, management we're around a in before confirm first also we oversight. of and we hands capacity plan to operational Vice of the wanted work. mentioned between successfully two, secured capacity further managers we for additional units three, development forward be support four, COOs more project, future Number with labor we sales Concerning the terms strategic labor in Thorne, was for move

extremely has a did those and applying project learn bit We first Our lessons learned. well. gone quite we're

we've are another to first we pleased of project that a been announce secured. awarded phase We significant

our commencing sector. new market additional expand to now are We this investment

financing continue philosophy This centers this longer were data for to package key of loan be a meet will while geographic a the offerings, service provide and a any our having debt, market core customer. company. line. footprint we from one off the proactive million term Limbach management needs announce never capital our opportunities sectors secured of more on accretive diversification with our for Large paid capital of and being deal with is also in any us a missing existing acquisitions, We is the and market no to working appropriate facility. past Friday new one Concerning present did we for $XX heavy we new facility Our acquisition criteria That portfolio bottom moment bridge concentration acquisitions. in will sectors. John provided case. details our that remain provided

of over to on me of of my more for new with labor. to I the details let dependency and the field introduce performance financial comments John back views our development John? conditions a financing. Now turn this XXXX, plan come will on market and reduce new

John Jordan

Thanks, Charlie.

X.X%, revenues were segment $XXX.X the $XXX.X upside revenues up results, to X, million slide XXXX with were XX.X% very significant The Fourth our were up revenues with quarter was of XX%, XX.X%. strong fourth Construction down which from $XX.X while last Service of segment to Moving was in million a margin year. starting fourth quarter up million. came at quarter quarter recognized. gross XX.X%

we've collected to the Mid-Atlantic, the levels XXXX. settlement United that labor noted, returned D.C. are United normal issues project closed XXXX until XXXX. from out results, past reflected we Charlie optimistic moving craft so D.C. in As although, cash is not was write-down in the we're and the have

continue of change in Mid-Atlantic. We orders million to claims recovery of and approximately $XX.X pursue

in That as recognized expect year quarter our on was incentive down and into XXXX and some XXXX. professional of will fourth to a the million. approximately these less $XX.X outside fees. in settle expense over reduced and $XXX,XXX carry some collected was SG&A be We expense ago we from

income X.X% million was As revenue, period. $X.X or the share SG&A was quarter fourth per a or up fourth the versus That $X nicely $X.XX quarter diluted per prior in from the ago. share. a year million, percentage for of XXXX diluted $X.XX XX.X% Net was in of

year impacted was was grew construction by full $XX as and segment million XXXX. the million. record the to down Growth XX.X%, from Full was gross XX.X% XX.X% year a to XX% grew revenues margin XXXX in $XXX.X service to million. revenues grew negatively million. write-down in margin to Gross balanced XX.X% our $XXX.X net $XXX.X For of

normal to in saw noted fourth Mid-Atlantic the ago, As a quarter minute branch. in I in the improvement returning a nice of terms we very conditions

to As progress and we those continue we XXXX. perform gross optimistic other projects will at improve normal levels, substantially margins branches are the to closeout that in

XXXX to Our SG&A compared XXXX. in in was million $XX million expense $XX.X

revenue, SG&A year-over-year As benefit and a form the came offset in and loss expense of percent variances expense Mid-Atlantic, for in in compensation we $X.XX staff, compared XXXX. was the the versus year loss at fees. Notable salary of came a per in net by in SG&A professional incentive as in Due $XXX,XXX year. per added or diluted to to or reductions XX.X% XX.X% increased write-downs the prior $X.XX share diluted million of share, in $X

noted the a had business solid balance earlier, year. Charlie Mid-Atlantic excluding of branch, our As

and have margins to would a excluding of would results its revenues original the compared would million That for to for have have million, excluding our XX.X%. compares expectations plan XXXX our we and if $XX our versus $XXX.X Certainly, XX.X% XXXX million. XXXX forward. million year $XX XXXX our in favorably XX.X%. is have of EBITDA Moving the been the been favorably Mid-Atlantic Mid-Atlantic million. our with compared versus gross been That from result of from to adjusted Mid-Atlantic $XXX.X gain results exclude and $XX.X going our in Mid-Atlantic line figure, would entirety, guidance

was growth year Construction full margin XX. slide XX% respectively. in segment segment revenues our our strong, would margin due at on down in with discussed. XX.X% Top XX.X% the XX.X%. Mid-Atlantic, we construction construction compared XXXX, margin the in from again was Without the gross construction the and XX% which at both fourth year issues fourth period. quarter to the been for have segments for were that starting gross gross XX.X% in and prior quarter have Full Looking year to was Mid-Atlantic X.X% line

$XX.X Turning All close segment slide million. aspects revenues the with of to momentum, XX. well. XX.X% as service to to the continued on rose We fourth year quarter great perform

million the service $XXX million, mark revenues from the $XX.X expect For I'm of ended XXXX, created the that and prior with year We in at into XXX million and XX.X% the flow -- which quarter up to year. quarter third segment revenue. backlog service million, from up ended full is up all of XXXX a $XXX.X $XX.X we sorry, from

position we so to on as just That coverage XX% segment of continues XXXX business. well a to was our emphasize starting going to year we're terms of approximately noted, of de-risk fire million part million revenue it and good $XX.X $XXX.X work, XX. I its million, we coverage. slide overall provides show $XXX.X of construction Of the XXXX year helps the service in very cylinders that revenue sales was forward, Our intend with healthy year-end to on construction relative operations backlog. construction all in which as us very leading budget, as even service our a backlog as backlog which a record more

as nice the project. have vertical along the in addition, got already we next large had in Charlie with XXXX, a highlighted, wins In we -- have data center phase healthcare of some

a work booked backlog, our is at level queue million. our our approaching Coupled with billion. promised As $X total approximately result, project $XXX sits

the XXXX. quality included, The better new other the growth. in decisions execution reporting improving of Mid-Atlantic and as to are is The sales process the few is the branches. and top and related managing and we improving strategic quantity a by of growth, XXXX in line of make With we overall modest backlog capacity focus the of line bottom expectation this

Moving our XX. balance slide on to on sheet

Over cash focused the generation. our project, the we specific This levels everyone have starts improving cash to cash and year, continues time to the metrics on overall and branch with management process through collections. previous effort dedicated keep using flow. corporate sales at very We're

portion the the last year-end, balance Let's long on at on last classification a we'll as focus allowed the required of current The refinancing as to of of but closed we of us week third as more that time debt XX, spend refinancing we December a little classify more quarter. term was the closed as week. sheet the that opposed to end bank that the

is LIBOR interest Of will available be consists loan, $XX fully is this and and the nothing be the is million, There million flow four-year closing LIBOR is facility drawn to used so to purposes draw net up group, for the $X secured time. and which cash bank credit term a an The plus the provided a and approximately a only $XX proceeds plus purposes. details of three-year facility $XX we revolving cash with of XXX. Colbeck $XX.X XXX As senior with were Both at cash fees cash. million reserved, previous points. to and credit, million have $XX all be acquisition $X indication working will a million letters covered with future. loan, The the our of the that year-end, delayed $XX letters working of XXX at refinancing, the mentioned maturity of basis overbilled, $XX revolver Bank with credit loans for will good million secured on into of collateralize which Getting senior bears credit improved free to ABL a margin has collateralized at from drawn. term capital loan maturity a $XX Capital of order of million in million drawn retired above term purposes. revolver for at Citizens million bear interest debt capital availability-based drawn million The

$XX the company's of of price could at warrants upon five-year term will used The the only stock issuance draw the fund exercise have share. acquisition. withdrawal which loan executable of per term issued only result an shares in warrants the lender, common delayed XXX,XXX also for to are a term $X.XX an which We loan, be and million of

a under about balance so is million, are Remember key improvement unaudited about available with address Now is Cash year. capital the where Working pro million items the million we a on sheet revolver. $XX as approximately figures. $X a $XX.X few ended post-refinancing basis. to forma $XX all to these million

With $XX Charlie bank million the is after to at total back debt hand million now. pre-closing. Our refinancing that, $XX.X to call I'll compared

Charlie Bacon

I'll thoughts to John. opening call you, the up a on highlighted your slide with close Thank before few XX questions.

AIA to midterm. sectors. rates provide. see opportunities. XXXX. market we growth have X% and summary and various tracked the any Billing the industry going to contain forecast Index, segment continued Construction and our believe used First, game-changing impacts our we We've were data the segment focused large-scale conditions, new growth excellence on disappointed stay various of of space data to operational we very Concerning XX construction Momentum with and into in our up nonresidential of the FMI a the we with quarterly within who due Slide Mid-Atlantic behind you're XXXX, we expansion may growth entry are several various with the Service made We Dodge The huge don't the our let-up I projected to we will all the The to top setback has moves nonresidential team, seeing leadership in Index and occurred publishes expansion market the it's We've strengthened us. in right technology commented our see and for us forward. but to earlier XX on X% potential. the of are in have pointing near going-forward that segment. offering on rapid we believe sectors strategy sectors our We to continue to service centers have make we're is

resources expect We growth construction sectors in to the we core with a from that's to down-cycle. company. I another, diversified beauty sector community are one continue how have may company of multiple investment other even management will you within one initiative is of diverse make to business. shift the allow plus the but we the market want being something Our to its aware

prefabrication and I to We up with short when figure answer in been through the believe to The the in in lean with industry, starting manpower chapter of management construction modular construction. it to take have need techniques fall systems advancing we comes believe a for how to like. We in MEP to leaders go tasked our team what manpower. do a the next set is is with today. has our Limbach is to team where work plan Modular less We can business components. on team what look beyond one is Craft researching off. Limbach expected modular should supply. advanced is an XXXX. build The investment of out consideration deliver the

of the sales will the Concerning our want to going-forward guidance we community update year mentioned, profit later modest our our to recent We in growth. modest apply and investment increased our in business year. support expect SG&A some as line investment margins with continued unit, Mid-Atlantic do top growth XXXX normalized forecast see the with for to our to with our We QX John plan. scaling gross the for back

questions. open We QX results our with for about will Operator, weeks. for let's expect in we to guidance it report four XXXX up release which

Operator

Thielman you. Thank Davidson. from Instructions] Brent first with Please proceed. is D. A. [Operator Our question

Brent Thielman

Thank morning. you. Good

Charlie Bacon

morning. Good

Brent Thielman

of in services line come, the and but year, growth sort is you strong Charlie kind know in or year XXXX. overall more of for top really had John to on I a the outlook

to you you grown the that pace to try business for in years. of can you point, this comfortable saying each at XX% I business the of that plan are last guess do sustain that or XXXX? You've couple

Charlie Bacon

in opportunity we there look and that in let doesn't visibility. things had into remain Yes, at be When sales momentum XXXX QX, the there's the in strong to seem marketplace. any good we up

we So segment, to that the growth service expect continue.

Brent Thielman

terms taken build region's Mid-Atlantic. do Okay. a backlog point more you've that in starting And, pursuing obviously, again? back terms of comfortable work what of I to in you the know in step get your At

Charlie Bacon

He's as it’s and been down was jobs. old clientele? stabilized sure. way it remarkable right a jobs question. talked business about how executing his and forward up develop more very know actually the of customer really we and market the done sectors at right stuff of for wrapping individual. took On now in place we and and months. we're the on the five we business. He's problem with and just had Yeah, focused a great there plan, When his cleaning with do unit went I turnaround I not Good We're on kind historic rather and The we previous he done job a pursuit. lunch up Friday all absolutely couple much sat leadership going has plan, leader too the

great So as we there, government a forward have we there. go sector

have terrific health We a care sector.

terrific is the as And do make how that the And going a the projects, work well go sure applying right let's have health after shoot rifle business talent? execute have great we idea We and again. talent in care we we're sector. new the developing as

So $XX they've range. in when had to a severe very track million historic figure, over that our was years just recover. paid record We million money to $XXX it we're a cracked $XX we that chasing much price $XX And very work. million to too and -- profitable million a the

the line that in the business this opportunities, and at for past. half in we but Brent any the to assessing now point is to year. would line already here forecast right backlog and a was I'd contribution, sure our We first year decent with deliver we sell new until plugged our right earlier that after our into work did in of There the terrific we kindle to in business opportunities. concept the have XXXX. making after go don't place, And leadership major we're year. we're bottom not we So say, point starting we're And stabilized back at those expect the sufficient get the we've this market back, stepping any

nice stabilized, see markets make in we're go think XXXX. to into the growth going has we'll of use just business and year rebound right we after go a I to the this sure as rest the So

Brent Thielman

helpful That's outlook, And know that forward going with again it. Got XX%, you that I as come XX% presume normalized is to margin the what more the for mean, of sort that and I to company expectation I -- you would a a then gross -- guess Charlie. profit but on suggest as the allude does follow-up for is to?

Charlie Bacon

you been when And profit a operating the we number the of our out at John rest XX% Well, in the look in talking of did have business XX% pulling well business of did gross we range. comments for around and expected be extremely in with that I Mid-Atlantic. XXXX margins to Mid-Atlantic, XX.X%. of fact years outside saying, that to

look we types be as expect those we as you to XXXX, go forward. So numbers generated of at

As construction We any strong. the pipeline, mentioned side, opportunity let-up that. and we see future, all the still extremely don't an the support the Brent, look I think remains of on at I indexes earlier

to ratchet more. an can do So we see continue up to it to even see what we opportunity

what now. looking right reduce on what very bottom intent can And, focused execution, can line. that maximize do our also our do see that's includes we and So at margins. and to We're the we discipline obviously, to

Brent Thielman

Okay. Thanks on. for I’ll color. it the pass

Charlie Bacon

Thanks All the questions. right, Brent. for

Operator

ROTH next Gerry from is Sweeney proceed. Capital. Instructions] Please question [Operator with Our

Gerry Sweeney

Hey, and Charlie John. good morning

Charlie Bacon

Good morning, Gerry.

Gerry Sweeney

not maybe entire if sure in of fair little margin is Is higher question, follow-up just questions. Mid-Atlantic this a I for Maybe say or less organization. to and revenue just a bit back? growth looking I'm it Brent's the just the mean a taking you're step to

availability on more there incrementally labor for stayed your is or well constraints there within hot it? that is just pricing a Is of business market just some assumption start higher margin. fair and go to your and the With labor bounds

Charlie Bacon

asked expect before. we a the growth service Well, on question continue. Brent the side, great to

segment, have on control to accelerator that do a we're that's foot we And prospects in see us. what service, taking to could where see about don't the growth but on the good got our of we We excited we're to so going let-up. and continue

construction of to labor. limit the equation, there's finite right On a now construction side the

us right in from curves favor understand are contractors clearly receive our the So, of supply and just out demand limitation in is now. it's terms building and we General that that interesting at -- that not please And do there pricing. calls there owners going Please project? owners only And can maximize asking we're the look bottom-line. project. is from just general you this could our projects the building reality but where do we to contractors this

and take curves demand are in favor. our going We supply the to advantage of

think listening things those terms calls. really of done we to month. forecasting. in a out. extended some forecast anywhere were unit six present our what we each from Last looking on each that three I'm smart labor Previously, to to year, has they're that business to I we've months XX-month I'm doing.

why So, good John and be our expect to mean we to do now go more? COOs asking time for to oversee earnings think for make going bit not and some that. why right here unit ask other we're representatives I I business each questions that a the it's not more and there?

perspective, report we from good in we have So, pretty in visibility think weeks topline. a our I when guidance, few topline a our

do maximizing now and that see right bottom-line can it's about with So, future we sales. what

I that hope -- Gerry, So, yes.

We expect growth. don't no modest to just growth. modest we I'm going growth, expect we Construction, So, expect wrap-up. really

Gerry Sweeney

mentioned what my I with question. I'm and from that's construction some way actually assumed. can And sorry And to give did even using have on the -- yourself so world. bit intelligence. your Is I what they're should I Okay, to AI technology And parts and you you there's little LEAP how mention as I any delineated the even service maybe jumping you artificial I I this different differentiate industrial talked between of and think think or a there -- detail the know more come you're service guess you over to economy into LEAP starting you're the of to AI competitors? some doing and side,

Charlie Bacon

Yes.

There's it an service it's allow maintenance of suggesting really to and of loops it. have -- actually today allow border will really analytics. will performance adopting, their a customer piece today. to help it's don't and but let's more make if when software broken building analytics building equipment. and predictive lot What you well you really know Quite allow right have development exactly engine the expense, your -- to program they those maintenance maintained go goes optimize -- and to market some jet it's better manufacturers go you be what and how us but base is to our we're in which us the predictive better do what's excuse nightmare predict down. So, to it, allows apply of out sure stick And kind of the frankly our also like equipment goes recommend, people they and new owner to In a your there's the there they the have than do analogy, have saying is analytics. of the now engines to manufacturers do in, what a understand may in going doesn't an software but with it's extreme a -- we're requirements analogy called down. what's manufacturer for never importantly interesting The a about predict have our me, allows not

and I base. us but Limbach, that, behind at curve. will that is that in forefront we're to industry don't Our it. that think We at to customer we allow have the adopting software now have that do our offering

to On the in it's We new. QX launched the pilot back LEAP equation, it. relatively side of install really the

One concerned not two things. with it's had We evolving it We're contractor. about we're implementing that and show we to that with within to with that. to what pilot to customers see buildings next an more we it to their this We're it we're allows step are it's us existing to a allow are that developer entire they'll And that to And enhancement and to We think take go And of care want always expense. reduce now the away reports thinking squared open business. we we're our service. allow our about sure do, utility point business. up doors with a also in will with. offering. understand it, and the And make the launching them. really software to equipment maintenance that now customers of customers, typical really could working all our the create us the our We have going now opportunity just to to efficiencies at that do nation-wide number

today, So are there will we can by start those energy intriguing Construction for offering and them. well that's analysis opportunities to that that that matter allow our offer an maintain as we in Service them different to the as open go platform salespeople don't door crack buildings well, offering say, and

energy-related Now, leads projects. ultimately, it to

way BAS an that back there things rates, looking consumption, certain hogs some energy So, Automation at look that the coming show the going negotiate at to also utility at of then when can have and utility their the owner, with there's but with just to to were their equipment might upgrade that analysis short period to we a energy system them upgrading payback be System, be we Building better time. utility we're a show relatively

and play energy an about. becomes really that's it excited what we're So ultimately

are in we're something, and that from just who going opportunities and the have for where excited are opportunity projects. to financial future us open they door, there will sales terrific up it perspective, retrofit energy-type offer a really that's that with So clearly margin another some with LEAP create people

Gerry Sweeney

look? do acquisitions, the how as has you're that? in previous on what area. Just that equation seeing asset That's to have you're one acquisition moved question. on the financing beyond very curious understand And just and that you of balance -- that Or better it, and -- great. in we're in to Got Obviously, final position life? And interesting the sheet in LEAP, back you AI side Does the now management that terms come yes. of I the have place they sort and integrity.

Charlie Bacon

extremely our that a that very done. opportunity great Yes. it once owners in it Board organic going sell. Look want great revisit we the seeking we'll did We're to our at having Directors bottom of fit move to at companies company. looking we we deal get want financing on to again. package job team line, the of proactive capital if there opportunity opportunity accretive different opportunities. disappointed right the possibly our we on get to were remain see great people. pulling that's deal. recommendation see to future couldn't remain that criteria. have our to that Dunbar extremely I But closed. We strategy. yes, And make couldn't disappointed; and together the to group see We'll the We'll discussed, The We focused get previously we the were we though; do say obviously our

at -- growth settled our rapid our growth Construction We've quantity things mid-Atlantic. focused of you So down and Service. of we're heard modest on We're to on backlog. going

now. do organic we the that attention in resources Board our I a to pursuit which model opportunity. all find of place present we'll Directors. we you're to to But think see right proactive right once right continue of it So that has opportunity, lot aware the the have of our And really

Gerry Sweeney

great. it, appreciate I you. Got it. Thank

Operator

closing now [Operator turn management to like to conference back remarks. Instructions] I would for the over

Charlie Bacon

forward tough mid-Atlantic. Well, and look our applied thank bit recap learned quite guidance. we'll thanks to in having everybody we behind the this also and us. All I listening XXXX call in and morning. we a I to providing you. to listening reporting look best. a in of forward weeks touch here with XXXX whatever learned again QX on for We with as in being for those that, several want and We in had said. being many it lessons view With We and

Operator

you. conference. This concludes today's Thank

time lines for at this and your disconnect may thank your you participation. You

Limbach (LMB) 16 Apr 192018 Q4 Earnings call transcript