Limbach Holdings, Inc.LMB

Limbach Holdings, Inc. Segments Disclosure

10-KFiled Mar 10, 20252 min read
Operating Segments
As discussed in Note 1, the Company operates in two segments (i) ODR, in which the Company provides maintenance or service primarily on mechanical, plumbing or electrical systems, building controls and specialty contracting projects direct to, or assigned by, building owners or property managers, and (ii) GCR, in which the Company generally manages new construction or renovation projects that involve primarily mechanical, plumbing, or electrical services awarded to the Company by general contractors or construction managers. Segment information is prepared on the same basis that the Company’s Chief Operating Decision Maker (“CODM”) reviews operating results for the purposes of allocating resources and assessing performance. The Company's CODM is comprised of its President and Chief Executive Officer and Executive Vice President and Chief Financial Officer.
In accordance with ASC Topic 280 – Segment Reporting, the Company has elected to aggregate all of the ODR work performed at branches into one ODR reportable segment and all of the GCR work performed at branches into one GCR reportable segment. All transactions between segments are eliminated in consolidation.
All of the Company’s identifiable assets are located in the United States, which is where the Company is domiciled. The Company does not have sales outside of the United States. For the years ended December 31, 2024 and 2023, no ODR or GCR segment customers accounted for 10% or more of the Company’s consolidated total revenue. For the year ended December 31, 2022, no ODR-related segment customers accounted for 10% or more of the Company’s consolidated total revenue and one GCR segment customer accounted for approximately 11% of consolidated total revenue.
Consolidated segment information for the periods presented is as follows: 
For the Years Ended December 31,
(in thousands)202420232022
Statement of Operations Data:
Revenue:
ODR$345,500 $261,958 $216,403 
GCR173,281 254,392 280,379 
Total revenue518,781 516,350 496,782 
Gross profit:
ODR107,775 76,090 55,119 
GCR36,506 43,200 38,622 
Total gross profit144,281 119,290 93,741 
Selling, general and administrative (1)
97,199 87,397 77,879 
Change in fair value of contingent consideration3,770 729 2,285 
Amortization of intangibles4,688 1,880 1,567 
Operating income$38,624 $29,284 $12,010 
Interest expense(1,869)(2,046)(2,144)
Interest income2,227 1,217 — 
Loss on early termination of operating lease— — (849)
Loss on early debt extinguishment— (311)— 
Gain (loss) on change in fair value of interest rate swap34 (124)310 
Gain on disposition of property and equipment950 80 281 
Total unallocated amounts1,342 (1,184)(2,402)
Total consolidated income before income taxes$39,966 $28,100 $9,608 
(1)    Included within selling, general and administrative expenses was $5.8 million, $4.9 million and $2.7 million of stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment.
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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