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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): August 9, 2023
 
 
LIMBACH HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware 001-36541 46-5399422
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
 
797 Commonwealth Drive, Warrendale, Pennsylvania 15086
(Address of principal executive offices, including zip code)
 
Registrant’s telephone number, including area code: (412) 359-2100
Not Applicable
(Former name or former address, if changed since last report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.0001 par value LMB The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨



Item 2.02 Results of Operations and Financial Condition.
On August 9, 2023, Limbach Holdings, Inc. (the “Company”) issued a press release dated the same date announcing its financial results for its quarter ended June 30, 2023. We have furnished a copy of this release as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01 Regulation FD Disclosure.
Exhibit 99.1 hereto is incorporated into this Item 7.01 by reference.
The information in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  LIMBACH HOLDINGS, INC.  
       
       
  By: /s/ Jayme L. Brooks  
  Name: Jayme L. Brooks  
  Title: Executive Vice President and Chief Financial Officer  
 
Dated: August 9, 2023
 


EX-99.1 2 a2023630ex991pr.htm EX-99.1 Document

limbach-primarylogo_rgbxed.jpg

FOR IMMEDIATE RELEASE
Limbach Holdings, Inc. Announces Second Quarter 2023 Results
Revenue from Owner Direct Relationships (“ODR”) Segment up 18.1% Year-over-Year
ODR Segment Accounted for Approximately 47.1% of Revenue and 60.5% of Consolidated Gross Profit
Consolidated Gross Margin Increased to 22.8%
Increase in FY 2023 Adjusted EBITDA Guidance
WARRENDALE, PA – August 9, 2023 – Limbach Holdings, Inc. (Nasdaq: LMB) (“Limbach” or the “Company”) today announced its financial results for the quarter ended June 30, 2023.
2023 Second Quarter Financial Overview Compared to 2022 Second Quarter
•Consolidated revenue was $124.9 million, an increase of 7.5% from $116.1 million.
•Gross profit was $28.5 million, an increase of 33.7% from $21.3 million.
•Net income of $5.3 million, or $0.46 per diluted share, compared to a net income of $0.9 million, or $0.08 per diluted share.
•Adjusted EBITDA of $11.9 million, up 81.1% from $6.6 million.
•Net cash provided by operating activities of $16.9 million, compared to $15.6 million.
Management Comments
Michael McCann, Limbach’s President and Chief Executive Officer, said, “We continued to execute on a number of fronts during the second quarter, with solid revenue growth in our ODR segment and improvement in gross margin in both segments. The net result was a sharp improvement in net income and Adjusted EBITDA from year-ago levels. We continue to experience strong demand for our services in the ODR segment across a number of our target end markets as tight supply chain conditions persist. With tight supply chain conditions for new equipment, we see increased demand for T&M work to keep aging equipment working and an increased interest in operating efficiencies on the part of building owners which is largely attributable to the increase in Adjusted EBITDA guidance.”
Mr. McCann continued, “We remain intensely focused on positioning Limbach as the preferred building solutions partner for enterprises with mission critical assets, driving demand for our services throughout the cycle. By providing value-added solutions that enable our customers to improve their operating efficiency and return on assets, we are able to create durable relationships that allow us to realize continued improvement in margins and profitability.”
Mr. McCann concluded, “Our value creation strategy centers on three primary levers – increasing the proportion of our revenues that come from our higher-margin ODR segment; delivering higher-margin evolved offerings for our customers; and pursuit of strategic acquisitions. Following the end of the second quarter, we announced the acquisition of ACME Industrial Products based in Chattanooga, Tennessee. We are very excited to welcome everyone at ACME to the Limbach family. ACME enjoys an outstanding reputation in the Chattanooga area and is a market leader in servicing hydroelectric facilities. This acquisition is very much ‘on strategy’ and we continue to work diligently on additional acquisition opportunities for this year and beyond.”
Second Quarter 2023 Results Detail
The following are results for the three months ended June 30, 2023 compared to the three months ended June 30, 2022:


•Consolidated revenue was $124.9 million, an increase of 7.5% from $116.1 million. ODR segment revenue of $58.8 million increased by $9.0 million, or 18.1%, while GCR segment revenue was relatively flat. The Company continued its strategic focus on expanding the ODR segment’s contribution to the business.
•Gross margin increased to 22.8%, up from 18.4%. On a dollar basis, total gross profit was $28.5 million, compared to $21.3 million. ODR gross profit increased $4.6 million, or 36.6%, due to the combination of an increase in revenue and higher segment margins of 29.3% versus 25.4% driven by contract mix. GCR gross profit increased $2.6 million, or 29.7%, due to higher segment margins of 17.1%, compared with 13.1%. The Company continues to expect annual GCR gross margins to trend to a range of 12% to 15%, while ODR margins are expected to be in a range from 25% to 28%.
•Selling, general and administrative expenses increased by approximately $1.7 million, to $20.4 million, compared to $18.7 million. The increase in SG&A was primarily due to a $1.3 million increase associated with payroll-related expenses and a $0.5 million increase in stock compensation expense, partially offset by a $0.4 million decrease in rent related expenses. As a percent of revenue, selling, general and administrative expenses were 16.3%, up from 16.1%.
•Interest expense was $0.5 million during the current and prior year quarter, which was the result of higher interest rates on outstanding debt despite a lower overall outstanding debt balance period-over-period.
•Interest income was $0.2 million compared to marginal interest income in the prior year. This increase was due to the Company's overnight repurchase agreement, investments in U.S. Treasury Bills, and money market funds.
•Net income was $5.3 million as compared to $0.9 million. Diluted income per share was $0.46 as compared to $0.08. Adjusted EBITDA was $11.9 million as compared to $6.6 million, an increase of 81.1%.
•Net cash provided by operating activities increased to $16.9 million as compared to $15.6 million.
Balance Sheet
At June 30, 2023, we had cash and cash equivalents of $45.9 million. We had current assets of $199.2 million and current liabilities of $127.3 million at June 30, 2023, representing a current ratio of 1.57x compared to 1.42x at December 31, 2022. Working capital was $71.9 million at June 30, 2023, an increase of $5.0 million from December 31, 2022. At June 30, 2023, we had $10.0 million in borrowings against our revolving credit facility and $4.2 million for standby letters of credit. During the six months ended June 30, 2023, the Company made cash payments of $11.5 million on the principal portion of the A&R Wintrust Term Loan prior to its extinguishment.
Through June 30, 2023, all 600,000 of our $15 Exercise Price Sponsor Warrants and 163,444 of our Merger Warrants were exercised on a cashless basis by the holders of the warrants, which resulted in the warrants being exercised for 167,564 and 45,797 shares of our common stock, respectively. For the period from July 1, 2023 through July 20, 2023, the holders to the Merger Warrants exercised on a cashless basis 443,032 warrants, which resulted in the Merger Warrants being converted into 228,945 shares of our common stock. The remaining 23,167 unexercised Merger Warrants expired by their terms on July 20, 2023.
Subsequent Events
On July 3, 2023, the Company completed the acquisition of ACME Industrial Piping, LLC (“ACME”), a specialty industrial contractor based in Chattanooga, Tennessee, for a purchase price at closing of $5 million in cash. The transaction also provides for an earnout of up to $2.5 million potentially being paid out over the next two years. ACME specializes in performing industrial maintenance, capital project work, and emergency services for specialty chemical and manufacturing clients, and is a leading mechanical solutions provider for hydroelectric producers.
2023 Guidance
We are updating our guidance for FY 2023 as follows:
Current Previous
Revenue $490 million - $520 million $490 million - $520 million
Adjusted EBITDA $38 million - $41 million $33 million - $37 million

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Conference Call Details
Date: Thursday, August 10, 2023
Time: 9:00 a.m. Eastern Time
Participant Dial-In Numbers:
Domestic callers:
(877) 407-6176
International callers: (201) 689-8451
Access by Webcast

The call will also be simultaneously webcast over the Internet via the “Investor Relations” section of Limbach’s website at www.limbachinc.com or by clicking on the conference call link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=c1l6wBEc. An audio replay of the call will be archived on Limbach’s website for 365 days.
About Limbach
Limbach is a building systems solutions firm with expertise in the design, prefabrication, installation, management and maintenance of heating, ventilation, air-conditioning ("HVAC"), mechanical, electrical, plumbing and controls systems. With over 1,500 team members and 17 offices located throughout the United States, we partner with institutions with mission-critical infrastructures, such as data centers and healthcare, industrial & light manufacturing, cultural & entertainment, higher education, and life science facilities. With Limbach's full life-cycle capabilities, from concept design and engineering through system commissioning and recurring 24/7 service and maintenance, Limbach is positioned as a value-added and indispensable partner for building owners, construction managers, general contractors, and energy service companies.

Forward-Looking Statements
We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, our earnings, Adjusted EBITDA, revenues, expenses, backlog, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition, and in particular statements regarding the impact of the COVID-19 pandemic on the construction industry in future periods, timing of the recognition of backlog as revenue, the potential for recovery of cost overruns, and the ability of Limbach to successfully remedy the issues that have led to write-downs in various business units. These statements may be preceded by, followed by or include the words “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that we consider immaterial or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.

Investor Relations

The Equity Group, Inc.
Jeremy Hellman, CFA
Vice President
(212) 836-9626 / jhellman@equityny.com
3

LIMBACH HOLDINGS, INC.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands, except share and per share data) 2023 2022 2023 2022
Revenue $ 124,882  $ 116,120  $ 245,891  $ 230,942 
Cost of revenue 96,369  94,800  191,151  191,282 
Gross profit 28,513  21,320  54,740  39,660 
Operating expenses:
Selling, general and administrative 20,416  18,690  41,466  37,424 
Change in fair value of contingent consideration 162  765  303  765 
Amortization of intangibles 383  399 766  798
Total operating expenses 20,961  19,854  42,535  38,987 
Operating income 7,552  1,466  12,205  673 
Other (expenses) income:
Interest expense (511) (478) (1,178) (964)
Interest income 247  —  247  — 
Gain (loss) on disposition of property and equipment 175  147  (40) 111 
Loss on early termination of operating lease —  (32) —  (849)
Loss on early debt extinguishment (311) —  (311) — 
Gain on change in fair value of interest rate swap 193  —  37  — 
Total other expenses (207) (363) (1,245) (1,702)
Income (loss) before income taxes 7,345  1,103  10,960  (1,029)
Income tax provision (benefit) 2,025  237  2,647  (379)
Net income (loss) $ 5,320  $ 866  $ 8,313  $ (650)
Earnings (loss) Per Share (“EPS”)
Earnings (loss) per common share:
    Basic $ 0.50  $ 0.08  $ 0.79  $ (0.06)
    Diluted $ 0.46  $ 0.08  $ 0.73  $ (0.06)
Weighted average number of shares outstanding:
Basic 10,644,423  10,423,068  10,560,381  10,421,886 
Diluted 11,507,311  10,567,304  11,336,474  10,421,886 

4

LIMBACH HOLDINGS, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data) June 30, 2023 December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents $ 45,929  $ 36,001 
Restricted cash 65  113 
Accounts receivable (net of allowance for credit losses of $295 and net of allowance for doubtful accounts of $234 as of June 30, 2023 and December 31, 2022, respectively) 87,230  124,442 
Contract assets 59,424  61,453 
Income tax receivable 814  95 
Other current assets 5,747  3,886 
Total current assets 199,209  225,990 
Property and equipment, net 19,623  18,224 
Intangible assets, net 14,575  15,340 
Goodwill 11,370  11,370 
Operating lease right-of-use assets 17,149  18,288 
Deferred tax asset 4,999  4,829 
Other assets 502  515 
Total assets $ 267,427  $ 294,556 
LIABILITIES
Current liabilities:
Current portion of long-term debt $ 2,431  $ 9,564 
Current operating lease liabilities 3,598  3,562 
Accounts payable, including retainage 53,376  75,122 
Contract liabilities 43,682  44,007 
Accrued income taxes 1,505  1,888 
Accrued expenses and other current liabilities 22,677  24,942 
Total current liabilities 127,269  159,085 
Long-term debt 19,485  21,528 
Long-term operating lease liabilities 14,513  15,643 
Other long-term liabilities 502  2,858 
Total liabilities 161,769  199,114 
STOCKHOLDERS’ EQUITY
Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 10,946,316 and 10,471,410, respectively, and 10,766,664 and 10,291,758 outstanding, respectively
Additional paid-in capital 89,712  87,809 
Treasury stock, at cost (179,652 shares at both period ends) (2,000) (2,000)
Retained earnings 17,945  9,632 
Total stockholders’ equity 105,658  95,442 
Total liabilities and stockholders’ equity $ 267,427  $ 294,556 
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LIMBACH HOLDINGS, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended
June 30,
(in thousands) 2023 2022
Cash flows from operating activities:
Net income (loss) $ 8,313  $ (650)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization 3,859  4,148 
Provision for credit losses / doubtful accounts 116  104 
Stock-based compensation expense 2,234  1,174 
Noncash operating lease expense 1,882  2,232 
Amortization of debt issuance costs 58  65 
Deferred income tax provision (170) (12)
Loss (gain) on sale of property and equipment 40  (111)
Loss on early termination of operating lease —  849 
Loss on change in fair value of contingent consideration 303  765 
Loss on early debt extinguishment 311  — 
Gain on change in fair value of interest rate swap (37) — 
Changes in operating assets and liabilities:
   Accounts receivable 37,096  (11,796)
   Contract assets 2,029  8,904 
   Other current assets (1,861) (520)
   Accounts payable, including retainage (21,747) (635)
   Prepaid income taxes (719) (562)
   Accrued taxes payable (383) (501)
   Contract liabilities (325) 13,123 
   Operating lease liabilities (1,836) (2,165)
   Accrued expenses and other current liabilities (1,806) (1,861)
   Payment of contingent consideration liability in excess of acquisition-date fair value (1,224) — 
   Other long-term liabilities 159  69 
Net cash provided by operating activities 26,292  12,620 
Cash flows from investing activities:
Proceeds from sale of property and equipment 275  189 
Purchase of property and equipment (1,499) (473)
Net cash used in investing activities (1,224) (284)
Cash flows from financing activities:
Payments on Wintrust and A&R Wintrust Term Loans (21,452) (9,149)
Proceeds from Wintrust Revolving Loan 10,000  15,194 
Payments on Wintrust Revolving Loan —  (11,694)
Payment of contingent consideration liability up to acquisition-date fair value (1,776) — 
Payments on finance leases (1,302) (1,358)
Payments of debt issuance costs (50) (25)
Taxes paid related to net-share settlement of equity awards (847) (363)
Proceeds from contributions to Employee Stock Purchase Plan 239  213 
Net cash used in financing activities (15,188) (7,182)
Increase in cash, cash equivalents and restricted cash 9,880  5,154 
Cash, cash equivalents and restricted cash, beginning of period 36,114  14,589 
Cash, cash equivalents and restricted cash, end of period $ 45,994  $ 19,743 
Supplemental disclosures of cash flow information
Noncash investing and financing transactions:
   Right of use assets obtained in exchange for new operating lease liabilities $ 742  $ — 
   Right of use assets obtained in exchange for new finance lease liabilities 3,392  1,968 
   Right of use assets disposed or adjusted modifying operating lease liabilities —  (1,276)
   Right of use assets disposed or adjusted modifying finance lease liabilities (30) (77)
Interest paid 1,181  911 
Cash paid for income taxes $ 3,919  $ 696 
6


LIMBACH HOLDINGS, INC.
Condensed Consolidated Segment Operating Results (Unaudited)
Three Months Ended
June 30,
Increase/(Decrease)
(in thousands, except for percentages) 2023 2022 $ %
Statement of Operations Data:    
Revenue:    
GCR $ 66,102  52.9  % $ 66,336  57.1  % $ (234) (0.4) %
ODR 58,780  47.1  % 49,784  42.9  % 8,996  18.1  %
Total revenue 124,882  100.0  % 116,120  100.0  % 8,762  7.5  %
Gross profit:
GCR(1)
11,272  17.1  % 8,694  13.1  % 2,578  29.7  %
ODR(2)
17,241  29.3  % 12,626  25.4  % 4,615  36.6  %
Total gross profit 28,513  22.8  % 21,320  18.4  % 7,193  33.7  %
Selling, general and administrative(3)
20,416  16.3  % 18,690  16.1  % 1,726  9.2  %
Change in fair value of contingent consideration 162  0.1  % 765  0.7  % (603) (78.8) %
Amortization of intangibles 383  0.3  % 399  0.3  % (16) (4.0) %
Total operating income $ 7,552  6.0  % $ 1,466  1.3  % $ 6,086  415.1  %
(1)As a percentage of GCR revenue.
(2)As a percentage of ODR revenue.
(3)Included within selling, general and administrative expenses was $1.1 million and $0.6 million of stock based compensation expense for the three months ended June 30, 2023 and 2022, respectively.

7


LIMBACH HOLDINGS, INC.
Condensed Consolidated Segment Operating Results (Unaudited)
Six Months Ended
June 30,
Increase/(Decrease)
(in thousands, except for percentages) 2023 2022 $ %
Statement of Operations Data:    
Revenue:    
GCR $ 128,393  52.2  % $ 138,268  59.9  % $ (9,875) (7.1) %
ODR 117,498  47.8  % 92,674  40.1  % 24,824  26.8  %
Total revenue 245,891  100.0  % 230,942  100.0  % 14,949  6.5  %
Gross profit:
GCR(1)
21,590  16.8  % 17,052  12.3  % 4,538  26.6  %
ODR(2)
33,150  28.2  % 22,608  24.4  % 10,542  46.6  %
Total gross profit 54,740  22.3  % 39,660  17.2  % 15,080  38.0  %
Selling, general and administrative(3)
41,466  16.9  % 37,424  16.2  % 4,042  10.8  %
Change in fair value of contingent consideration 303  0.1  % 765  0.3  % (462) (60.4) %
Amortization of intangibles 766  0.3  % 798  0.3  % (32) (4.0) %
Total operating income $ 12,205  5.0  % $ 673  0.3  % $ 11,532  1,713.5  %
(1)As a percentage of GCR revenue.
(2)As a percentage of ODR revenue.
(3)Included within selling, general and administrative expenses was $2.2 million and $1.2 million of stock based compensation expense for the six months ended June 30, 2023 and 2022, respectively.
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Non-GAAP Financial Measures
In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA, a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense, and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes. A reconciliation of net income to Adjusted EBITDA, the most comparable GAAP measure, is provided below.
We refer to our estimated revenue on uncompleted contracts, including the amount of revenue on contracts for which work has not begun, less the revenue we have recognized under such contracts, as “backlog.” Backlog includes unexercised contract options.

Reconciliation of Net Income (Loss) to Adjusted EBITDA
Three Months Ended
June 30,
Six Months Ended
June 30,
(in thousands) 2023 2022 2023 2022
Net income (loss) $ 5,320  $ 866  $ 8,313  $ (650)
Adjustments:
   Depreciation and amortization 1,937  2,086  3,859  4,148 
   Interest expense 511  478  1,178  964 
   Interest income (247) —  (247) — 
   Non-cash stock-based compensation expense 1,101  575  2,234  1,174 
   Loss on early debt extinguishment 311  —  311  — 
   Change in fair value of interest rate swap (193) —  (37) — 
   CEO transition costs 147  —  958  — 
   Loss on early termination of operating lease —  32  —  849 
   Income tax provision (benefit) 2,025  237  2,647  (379)
   Acquisition and other transaction costs 299  45  299  198 
   Change in fair value of contingent consideration 162  765  303  765 
   Restructuring costs(1)
532  1,491  772  2,926 
Adjusted EBITDA $ 11,905  $ 6,575  $ 20,590  $ 9,995 
(1)For the three and six months ended June 30, 2023, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches. For the three and six months ended June 30, 2022, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches and nominal restructuring costs related to cost initiatives throughout the company.
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