WLDN Willdan Group Inc

Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN) today reported financial results for its second quarter ended June 28, 2024.

Second Quarter 2024 Highlights*

• Contract revenue of $141.0 million, up 18.4%.
• Net revenue** of $72.5 million, up 17.0%.
• Net income of $4.6 million, up from net income of $0.4 million.
• Adjusted EBITDA** of $12.8 million, up 56.2%.
• GAAP Diluted EPS of $0.33, up from $0.03.
• Adjusted Diluted EPS** of $0.55, up from $0.26.

Recent Notable Wins

• Meta (formerly Facebook) contract to study emissions related to voluntary clean energy procurement
• State of Virginia contract to perform analysis on grid impact from increased energy demand
• City of Paramount, CA contract for solar, storage, and EV charging infrastructure

Executive Management Comments

“We had a strong second quarter, exceeding consensus estimates and our own expectations,” said Mike Bieber, Willdan’s President and Chief Executive Officer. “The electric load growth macrotrend strengthened over the quarter, fueled by growth in electricity demand at data centers from artificial intelligence. Given the results for the first half of 2024 and the current momentum, we are raising our full year targets for fiscal 2024.”

Six Months Year to Date 2024 Highlights*

• Contract revenue of $263.5 million, up 18.9%.
• Net revenue** of $141.4 million, up 14.4%.
• Net income of $7.5 million, up from net income of $1.3 million.
• Adjusted EBITDA** of $23.9 million, up 31.9%.
• GAAP Diluted EPS of $0.54, up from $0.10.
• Adjusted Diluted EPS** of $0.95, up from $0.58.

Fiscal Year 2024 Financial Targets

Willdan is increasing all of its financial targets for fiscal year 2024 and now expects¥:

• Net revenue** between $280 million and $290 million.
• Adjusted EBITDA** between $50 million and $52 million.
• Adjusted Diluted EPS** between $2.00 per share and $2.10 per share.

Assumes 14.2 million diluted shares, 14% effective tax rate, and no future acquisitions.

*As compared to the same period of fiscal 2023.

**See “Use of Non-GAAP Financial Measures” below.

¥These updated financial targets supersede any previously disclosed financial targets and investors should not rely on any previously disclosed financial targets, and do not include any uncompleted or future acquisitions.

Second Quarter 2024 Conference Call

Willdan will be hosting a conference call to discuss its second quarter financial results today, at 5:30 p.m. Eastern/2:30 p.m. Pacific. To access the call, listeners should dial 877-407-2988 (or 201-389-0923). The conference call will be webcast simultaneously on Willdan’s website at https://edge.media-server.com/mmc/p/j8fw5j5u/.

A replay of the conference call will be available through Willdan’s website at https://ir.willdangroup.com/events-presentations.

About Willdan Group, Inc.

Willdan is a nationwide provider of professional, technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.

Use of Non-GAAP Financial Measures

“Net Revenue,” defined as contract revenue as reported in accordance with U.S. generally accepted accounting principles (“GAAP”) minus subcontractor services and other direct costs, is a non-GAAP financial measure. Net Revenue is a supplemental measure that Willdan believes enhances investors’ ability to analyze Willdan’s business trends and performance because it substantially measures the work performed by Willdan’s employees. In the course of providing services, Willdan routinely subcontracts various services. Generally, these subcontractor services and other direct costs are passed through to Willdan’s clients and, in accordance with GAAP and industry practice, are included in Willdan’s revenue when it is Willdan’s contractual responsibility to procure or manage such subcontracted activities. Because subcontractor services and other direct costs can vary significantly from project to project and period to period, changes in revenue may not necessarily be indicative of Willdan’s business trends. Accordingly, Willdan segregates subcontractor services and other direct costs from revenue to promote a better understanding of Willdan’s business by evaluating revenue exclusive of subcontract services and other direct costs associated with external service providers. A reconciliation of Willdan’s contract revenue as reported in accordance with GAAP to Net Revenue is provided at the end of this press release. A reconciliation of targeted contract revenue for fiscal year 2024 as reported in accordance with GAAP to targeted Net Revenues for fiscal year 2024, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the subcontractor services and other director costs that are subtracted from contract revenues in order to derive Net Revenues. While subcontractor costs have increased recently, subcontractor costs can vary significantly from period to period. Subcontractor costs and other direct costs were 48.6% and 47.1% of contract revenue for the quarter ended June 28, 2024 and fiscal year 2023, respectively, and 48.0% and 47.2% for the quarter ended June 30, 2023 and fiscal year 2022, respectively.

“Adjusted EBITDA,” defined as net income plus interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment, is a non-GAAP financial measure. Adjusted EBITDA is a supplemental measure used by Willdan’s management to measure Willdan’s operating performance. Willdan believes Adjusted EBITDA is useful because it allows Willdan’s management to evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to its financing methods, capital structure and non-operating expenses. Willdan uses Adjusted EBITDA to evaluate its performance for, among other things, budgeting, forecasting and incentive compensation purposes.

Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s costs of capital and stock-based compensation, as well as the historical costs of depreciable assets. A reconciliation of net income as reported in accordance with GAAP to Adjusted EBITDA is provided at the end of this press release. A reconciliation of targeted net income for fiscal year 2024 as reported in accordance with GAAP to Adjusted EBITDA for fiscal year 2024, which is a forward-looking non-GAAP financial measure, is not provided because Willdan is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty of predicting the interest expense, income tax expense, stock-based compensation, interest accretion, depreciation and amortization, and gain on sale of equipment that are subtracted from net income in order to derive Adjusted EBITDA.

“Adjusted Net Income,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, is a non-GAAP financial measure.

“Adjusted Diluted EPS,” defined as net income plus stock-based compensation, intangible amortization, interest accretion, refinancing costs, and tax benefit distribution, each net of tax, all divided by the diluted weighted-average shares outstanding, is a non-GAAP financial measure. Adjusted Net Income and Adjusted Diluted EPS are supplemental measures used by Willdan’s management to measure its operating performance. Willdan believes Adjusted Net Income and Adjusted Diluted EPS are useful because they allow Willdan’s management to more closely evaluate and explain the operating results of Willdan’s business by removing certain non-operating expenses.

Reconciliations of net income as reported in accordance with GAAP to Adjusted Net Income and diluted EPS as reported in accordance with GAAP to Adjusted Diluted EPS are provided at the end of this press release. Reconciliations of targeted net income as reported in accordance with GAAP to targeted Adjusted Net Income for fiscal year 2024, which is a forward-looking non-GAAP financial measure, and targeted diluted EPS as reported in accordance with GAAP to targeted Adjusted Diluted EPS for fiscal year 2024, which is a forward-looking non-GAAP financial measure, are not provided because Willdan is unable to provide such reconciliations without unreasonable effort. The inability to provide such reconciliations is due to the uncertainty and inherent difficulty of predicting the stock-based compensation, intangible amortization, and interest accretion, each net of tax, that are subtracted from net income and diluted EPS in order to derive Adjusted Net Income and Adjusted Diluted EPS, respectively.

Willdan’s definitions of Net Revenue, Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS have limitations as analytical tools and may differ from other companies reporting similarly named measures or from similarly named measures Willdan has reported in prior periods. These measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, such as contract revenue, net income and diluted EPS.

Forward Looking Statements

Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, assumptions, aims, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding financial targets for fiscal year 2024. All statements other than statements of historical fact included in this press release are forward-looking statements. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Important factors that could cause actual results to differ materially from its expectations include, but are not limited to, Willdan’s ability to adequately complete projects in a timely manner, Willdan’s ability to compete successfully in the highly competitive energy services market, Willdan’s reliance on work from its top ten clients; changes in state, local and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts and to compete effectively for contracts awarded through bidding processes; Willdan’s ability to make principal and interest payments on its outstanding debt as they come due and to comply with financial covenants contained in its debt agreements; Willdan’s ability to manage supply chain constraints, labor shortages, rising interest rates, and rising inflation; Willdan’s ability to obtain financing and to refinance its outstanding debt as it matures; Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy; and Willdan’s ability to attract and retain managerial, technical, and administrative talent.

All written and oral forward-looking statements attributable to Willdan, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements and risk factors disclosed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 29, 2023, as such disclosures may be amended, supplemented or superseded from time to time by other reports Willdan files with the Securities and Exchange Commission, including subsequent Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release unless required by law.

WILLDAN GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

 

 

 

 

 

 

 

 

 

 

June 28,

 

December 29,

 

 

 

2024

 

2023

 

Assets

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

44,267

 

 

$

23,397

 

 

Restricted cash

 

 

—

 

 

 

—

 

 

Accounts receivable, net of allowance for doubtful accounts of $898 and $866 at June 28, 2024 and December 29, 2023, respectively

 

 

61,985

 

 

 

69,677

 

 

Contract assets

 

 

87,872

 

 

 

93,885

 

 

Other receivables

 

 

218

 

 

 

1,169

 

 

Prepaid expenses and other current assets

 

 

6,108

 

 

 

3,888

 

 

Total current assets

 

 

200,450

 

 

 

192,016

 

 

Equipment and leasehold improvements, net

 

 

28,228

 

 

 

27,097

 

 

Goodwill

 

 

131,144

 

 

 

131,144

 

 

Right-of-use assets

 

 

15,338

 

 

 

12,465

 

 

Other intangible assets, net

 

 

28,279

 

 

 

31,956

 

 

Other assets

 

 

2,978

 

 

 

4,949

 

 

Deferred income taxes, net

 

 

14,872

 

 

 

15,961

 

 

Total assets

 

$

421,289

 

 

$

415,588

 

 

Liabilities and Stockholders’ Equity

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

31,917

 

 

$

33,193

 

 

Accrued liabilities

 

 

45,305

 

 

 

54,129

 

 

Contract liabilities

 

 

17,464

 

 

 

13,183

 

 

Notes payable

 

 

9,530

 

 

 

8,452

 

 

Finance lease obligations

 

 

1,096

 

 

 

1,186

 

 

Lease liability

 

 

5,515

 

 

 

4,537

 

 

Total current liabilities

 

 

110,827

 

 

 

114,680

 

 

Notes payable, less current portion

 

 

84,164

 

 

 

88,979

 

 

Finance lease obligations, less current portion

 

 

1,132

 

 

 

1,184

 

 

Lease liability, less current portion

 

 

11,604

 

 

 

9,758

 

 

Other noncurrent liabilities

 

 

557

 

 

 

1,142

 

 

Total liabilities

 

 

208,284

 

 

 

215,743

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 10,000 shares authorized, no shares issued and outstanding

 

 

—

 

 

 

—

 

 

Common stock, $0.01 par value, 40,000 shares authorized; 13,916 and 13,682 shares issued and outstanding at June 28, 2024 and December 29, 2023, respectively

 

 

139

 

 

 

137

 

 

Additional paid-in capital

 

 

190,882

 

 

 

185,795

 

 

Accumulated other comprehensive loss

 

 

(129

)

 

 

(664

)

 

Retained earnings

 

 

22,113

 

 

 

14,577

 

 

Total stockholders’ equity

 

 

213,005

 

 

 

199,845

 

 

Total liabilities and stockholders’ equity

 

$

421,289

 

 

$

415,588

 

 

WILLDAN GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 28,

 

June 30,

 

June 28,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Contract revenue

 

$

140,996

 

 

$

119,077

 

 

$

263,485

 

 

$

221,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs of contract revenue (inclusive of directly related depreciation and amortization):

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

23,647

 

 

 

21,302

 

 

 

45,159

 

 

 

41,712

 

Subcontractor services and other direct costs

 

 

68,545

 

 

 

57,142

 

 

 

122,104

 

 

 

98,054

 

Total direct costs of contract revenue

 

 

92,192

 

 

 

78,444

 

 

 

167,263

 

 

 

139,766

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

48,804

 

 

 

40,633

 

 

 

96,222

 

 

 

81,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages, payroll taxes and employee benefits

 

 

26,064

 

 

 

22,416

 

 

 

52,573

 

 

 

44,801

 

Facilities and facility related

 

 

2,405

 

 

 

2,619

 

 

 

4,850

 

 

 

4,897

 

Stock-based compensation

 

 

1,945

 

 

 

1,287

 

 

 

3,335

 

 

 

2,820

 

Depreciation and amortization

 

 

3,629

 

 

 

4,128

 

 

 

7,221

 

 

 

8,328

 

Other

 

 

8,313

 

 

 

7,709

 

 

 

16,434

 

 

 

14,580

 

Total general and administrative expenses

 

 

42,356

 

 

 

38,159

 

 

 

84,413

 

 

 

75,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) from operations

 

 

6,448

 

 

 

2,474

 

 

 

11,809

 

 

 

6,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(1,960

)

 

 

(2,207

)

 

 

(4,097

)

 

 

(4,673

)

Other, net

 

 

826

 

 

 

373

 

 

 

1,530

 

 

 

513

 

Total other expense, net

 

 

(1,134

)

 

 

(1,834

)

 

 

(2,567

)

 

 

(4,160

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) before income taxes

 

 

5,314

 

 

 

640

 

 

 

9,242

 

 

 

2,328

 

Income tax (benefit) expense

 

 

720

 

 

 

243

 

 

 

1,706

 

 

 

999

 

Net income (loss)

 

 

4,594

 

 

 

397

 

 

 

7,536

 

 

 

1,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on derivative contracts, net of tax

 

 

101

 

 

 

—

 

 

 

535

 

 

 

—

 

Comprehensive income (loss)

 

$

4,695

 

 

$

397

 

 

$

8,071

 

 

$

1,329

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.33

 

 

$

0.03

 

 

$

0.55

 

 

$

0.10

 

Diluted

 

$

0.33

 

 

$

0.03

 

 

$

0.54

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

13,725

 

 

 

13,344

 

 

 

13,665

 

 

 

13,305

 

Diluted

 

 

14,074

 

 

 

13,487

 

 

 

14,001

 

 

 

13,481

 

WILLDAN GROUP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

June 28,

 

June 30,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

7,536

 

 

$

1,329

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7,221

 

 

 

8,328

 

Other non-cash items

 

 

185

 

 

 

162

 

Deferred income taxes, net

 

 

1,089

 

 

 

851

 

(Gain) loss on sale/disposal of equipment

 

 

(17

)

 

 

(50

)

Provision for doubtful accounts

 

 

144

 

 

 

146

 

Stock-based compensation

 

 

3,335

 

 

 

2,820

 

Changes in operating assets and liabilities, net of effects from business acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

7,548

 

 

 

5,484

 

Contract assets

 

 

6,013

 

 

 

3,760

 

Other receivables

 

 

951

 

 

 

1,921

 

Prepaid expenses and other current assets

 

 

(2,220

)

 

 

1,055

 

Other assets

 

 

1,971

 

 

 

(4,987

)

Accounts payable

 

 

(1,276

)

 

 

6,322

 

Accrued liabilities

 

 

(8,874

)

 

 

(11,477

)

Contract liabilities

 

 

4,281

 

 

 

2,365

 

Right-of-use assets

 

 

(49

)

 

 

880

 

Net cash (used in) provided by operating activities

 

 

27,838

 

 

 

18,909

 

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of equipment, software, and leasehold improvements

 

 

(4,125

)

 

 

(5,762

)

Proceeds from sale of equipment

 

 

23

 

 

 

55

 

Net cash (used in) provided by investing activities

 

 

(4,102

)

 

 

(5,707

)

Cash flows from financing activities:

 

 

 

 

 

 

Payments on contingent consideration

 

 

—

 

 

 

(4,000

)

Payment on restricted cash

 

 

—

 

 

 

(10,679

)

Payments on notes payable

 

 

(172

)

 

 

(971

)

Borrowings under term loan facility and line of credit

 

 

—

 

 

 

5,000

 

Repayments under term loan facility and line of credit

 

 

(3,750

)

 

 

(9,000

)

Principal payments on finance leases

 

 

(698

)

 

 

(599

)

Proceeds from stock option exercise

 

 

1,137

 

 

 

7

 

Proceeds from sales of common stock under employee stock purchase plan

 

 

1,402

 

 

 

1,392

 

Cash used to pay taxes on stock grants

 

 

(785

)

 

 

(188

)

Net cash (used in) provided by financing activities

 

 

(2,866

)

 

 

(19,038

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

20,870

 

 

 

(5,836

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

23,397

 

 

 

19,485

 

Cash, cash equivalents and restricted cash at end of period

 

$

44,267

 

 

$

13,649

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

Cash paid (received) during the period for:

 

 

 

 

 

 

Interest

 

$

3,983

 

 

$

4,464

 

Income taxes

 

 

551

 

 

 

(1,696

)

Supplemental disclosures of noncash investing and financing activities:

 

 

 

 

 

 

Equipment acquired under finance leases

 

 

556

 

 

 

278

 

Willdan Group, Inc. and Subsidiaries

Reconciliation of GAAP Revenue to Net Revenue

(in thousands)

(Non-GAAP Measure)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 28,

 

June 30,

 

June 28,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Consolidated

 

 

 

 

 

 

 

 

Contract revenue

 

$

140,996

 

$

119,077

 

$

263,485

 

$

221,680

Subcontractor services and other direct costs

 

 

68,545

 

 

57,142

 

 

122,104

 

 

98,054

Net Revenue

 

$

72,451

 

$

61,935

 

$

141,381

 

$

123,626

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy segment

 

 

 

 

 

 

 

 

 

 

 

 

Contract revenue

 

$

117,852

 

$

98,015

 

$

218,598

 

$

181,300

Subcontractor services and other direct costs

 

 

67,556

 

 

56,102

 

 

120,210

 

 

96,180

Net Revenue

 

$

50,296

 

$

41,913

 

$

98,388

 

$

85,120

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineering and Consulting segment

 

 

 

 

 

 

 

 

 

 

 

 

Contract revenue

 

$

23,144

 

$

21,062

 

$

44,887

 

$

40,380

Subcontractor services and other direct costs

 

 

989

 

 

1,040

 

 

1,894

 

 

1,874

Net Revenue

 

$

22,155

 

$

20,022

 

$

42,993

 

$

38,506

Willdan Group, Inc. and Subsidiaries

Reconciliation of GAAP Net Income to Adjusted EBITDA

(in thousands)

(Non-GAAP Measure)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 28,

 

June 30,

 

June 28,

 

June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income (loss)

 

$

4,594

 

 

$

397

 

 

$

7,536

 

 

$

1,329

 

Interest expense

 

 

1,960

 

 

 

2,207

 

 

 

4,097

 

 

 

4,673

 

Income tax expense (benefit)

 

 

720

 

 

 

243

 

 

 

1,706

 

 

 

999

 

Stock-based compensation

 

 

1,945

 

 

 

1,287

 

 

 

3,335

 

 

 

2,820

 

Depreciation and amortization

 

 

3,629

 

 

 

4,128

 

 

 

7,221

 

 

 

8,328

 

(Gain) Loss on sale of equipment

 

 

(4

)

 

 

(40

)

 

 

(17

)

 

 

(50

)

Adjusted EBITDA

 

$

12,844

$

8,222

$

23,878

 

$

18,099 

Willdan Group, Inc. and Subsidiaries

Reconciliation of GAAP Net Income to Adjusted Net Income and Adjusted Diluted EPS

(in thousands, except per share amounts)

(Non-GAAP Measure)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 28,

 

June 30,

 

June 28,

 

June 30,

 

 

2024

 

2023

 

2024

 

2023

Net income (loss)

 

$

4,594

 

 

$

397

 

 

$

7,536

 

 

$

1,329

 

Adjustment for stock-based compensation

 

 

1,945

 

 

 

1,287

 

 

 

3,335

 

 

 

2,820

 

Tax effect of stock-based compensation

 

 

(344

)

 

 

(260

)

 

 

(590

)

 

 

(571

)

Adjustment for intangible amortization

 

 

1,805

 

 

 

2,624

 

 

 

3,676

 

 

 

5,248

 

Tax effect of intangible amortization

 

 

(319

)

 

 

(531

)

 

 

(650

)

 

 

(1,062

)

Adjusted Net Income (Loss)

 

$

7,681

 

 

$

3,517

 

 

$

13,307

 

 

$

7,764

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted-average shares outstanding

 

 

14,074

 

 

 

13,487

 

 

 

14,001

 

 

 

13,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share

 

$

0.33

 

 

$

0.03

 

 

$

0.54

 

 

$

0.10

 

Impact of adjustment:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation per share

 

 

0.14

 

 

 

0.09

 

 

 

0.24

 

 

 

0.21

 

Tax effect of stock-based compensation per share

 

 

(0.03

)

 

 

(0.02

)

 

 

(0.04

)

 

 

(0.04

)

Intangible amortization per share

 

 

0.13

 

 

 

0.19

 

 

 

0.26

 

 

 

0.39

 

Tax effect of intangible amortization per share

 

 

(0.02

)

 

 

(0.03

)

 

 

(0.05

)

 

 

(0.08

)

Adjusted Diluted EPS

 

$

0.55

 

 

$

0.26

 

 

$

0.95

 

 

$

0.58

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801767952/en/

Willdan Group, Inc. Al Kaschalk Vice President Tel: 310-922-5643 akaschalk@willdan.com