Willdan Group, Inc. (NASDAQ:WLDN) Q3 2023 Earnings Call Transcript

Craig Irwin: Understood. Understood. No, you guys are definitely showing momentum. So then last question, if I may. Can you give us a quick update on Integral Analytics? This is obviously a real gem at Willdan and can be lumpy from time to time. Is there anything in front of commissions right now that you think is notable that we should get an update on? Or is there anything — given this elevated level of activity for planning for renewables, are we likely to see some of these contracts be awarded before the end of the year?

Michael Bieber: We have a great pipeline right now and it’s going to carry over into 2024. I’m not going to get into specifics, because we’re in the middle of specifics on a few of these. And it is possible some would be executed and announced before the end of 2024 — or 2023 rather. We’re also carrying a great pipeline into 2024. These states are in places where distributed energy is a bigger proportion of generation pressuring the utilities to modernize and adopt tools like IA software. So there’s strong demand that is increasing in new states that we have not worked before.

Craig Irwin: Excellent. Well, thank you. Congratulations on a strong quarter. I’ll go ahead and hop back into queue.

Operator: [Operator Instructions] Your next question comes from Richard Eisenberg, a Private Investor. Your line is open.

Unidentified Analyst: Good afternoon. Should we expect any sizable acquisitions in the fourth quarter or in the first quarter of next year? Thank you.

Thomas Brisbin: Well, Richard, I don’t know. If we know you, met you on the road. Who are you with if you can say or you just like the answer to question.

Unidentified Analyst: I’m a private investor.

Thomas Brisbin: Okay. Go ahead, Mike.

Michael Bieber: We don’t forecast acquisitions and none is in guidance or in the raise I want to point that out. We announced and when we closed them. Having said that, we just got our credit facility renegotiated. We’re just starting to reinitiate our acquisition process. It’s possible we could have acquisitions soon, but we’re just starting the re-initiation process, and it’s more likely that it will be later in 2024, but not out of the question that it’s earlier.

Unidentified Analyst: Okay. Thank you very much. Congratulations on a good quarter.

Thomas Brisbin: Thank you for being an investor.

Operator: At this time, it appears there are no further questions. I would now like to turn the call back over to management for any closing remarks.

End of Q&A:

Thomas Brisbin: Well, thank you to all who are on the phone, employees, shareholders, possibly customers. It’s great working with all of you. It’s been a great year and things are improving here in Willdan, and we hope to keep you going. So thank you very much.

Operator: This concludes today’s Willdan Group third quarter 2023 financial results conference call. Thank you for attending, and have a wonderful rest of your day.