LMB — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-05

• The Company is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (“MEPC”) systems. The Company partners with building owners and operators of mission-critical facilities across healthcar…

• The Company’s revenue is primarily derived from construction-type and services contracts to deliver MEPC systems services to its customers. Such work is primarily performed under fixed-price, modified fixed-price, and time and materials contracts over periods of typically less than two years.

• Construction-type contract revenue is primarily derived from fixed-price and modified fixed-price contracts. For the majority of these contracts, the Company’s performance obligations are satisfied over time because the customer controls the asset as it is created or enhanced or because the Company’…

• With respect to service contracts, the Company’s service arrangements generally include (i) fixed-price service contracts, typically for maintenance, repair and retrofit work over a period, commonly one year, and (ii) time and materials or similar service work performed on an as-needed basis. Revenu…

• In order to provide a more meaningful discussion of period-over-period changes in the Company’s operating results, the Company may discuss the impact of acquisitions on revenue, gross profit, selling, general and administrative expenses, and operating income. Because acquired businesses are included…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• The Company is a building systems solutions firm that partners with building owners and facilities managers with mission critical mechanical (heating, ventilation and air conditioning), electrical, and plumbing infrastructure. The Company strives to be an indispensable partner to its customers by pr…

• The Company generates revenue principally from fixed-price construction contracts to deliver mechanical, plumbing, and electrical construction services to its customers. The duration of the Company’s contracts generally ranges from three months to two years. Revenue from fixed-price contracts is rec…

• In order to provide a more meaningful period-over-period discussion of the Company’s operating results, the Company may discuss amounts generated or incurred (revenues, gross profit, selling, general and administrative expenses, and operating income) from companies acquired. The amounts discussed re…

• On December 2, 2024, the Company completed an acquisition of Owensboro, Kentucky-based specialty mechanical contractor, Consolidated Mechanical, LLC (“Consolidated Mechanical”), for a purchase price at closing of $23.0 million. The transaction also provided for an earnout of up to $2.0 million poten…

• On September 3, 2024, the Company completed an acquisition of Laurel, MD-based specialty mechanical contractor, Kent Island Mechanical, LLC (“Kent Island”), for a purchase price at closing of $15.0 million. The transaction also provided for an earnout of up to $5.0 million potentially being paid out…

Text added vs the prior filing · source: 10-Q · 2026-05-05

• cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, have been detected.

Text added vs the prior filing · source: 10-Q · 2026-05-05

• Our dependence on subcontractors and suppliers, including risks associated with increased supplier and subcontractor consolidation, labor market conditions and cost inflation, could increase costs disrupt project execution, and adversely affect our profitability and cash flows.

• We rely extensively on third-party subcontractors to perform a significant portion of the work on many of our contracts and on third-party suppliers to provide equipment and materials required for project execution. If we are unable to retain qualified subcontractors or suppliers, or if they fail to…

• Our ability to bid on and perform contracts depends, in part, on obtaining commitments from subcontractors and suppliers for labor, materials, and equipment at prices and on terms consistent with our bids. If we are unable to obtain such commitments, or if commitments are withdrawn, delayed, or prov…

• The markets in which we source materials, equipment and, in certain instances, subcontracted services, have experienced, and may continue to experience, consolidation. As a result, a smaller number of suppliers and subcontractors may have increased bargaining power, which could enable them to impose…

• Labor shortages, wage inflation and increased costs for subcontracted services, as well as sustained increases in supplier or subcontractor pricing or changes in payment terms, may increase project costs, reduce profitability and increase working capital requirements. Any disruptions in availability…

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• A U.S. government shutdown or delays in federal appropriations could adversely affect our business and results of operations.

• Our business may be affected by macroeconomic, political, and regulatory conditions that influence the markets in which we operate. While the majority of our revenue is derived from private sector clients, we also perform work under contracts with U.S. federal, state, and local government agencies. …

• In addition, our customers, suppliers, and partners may rely on government funding, approvals, or regulatory actions that may be suspended, delayed, or limited during a shutdown. These disruptions could postpone the start of projects, extend permitting timelines, or impact demand for our services. A…

Text added vs the prior filing · source: 10-Q · 2026-05-05

• The Company’s executive officers and directors may from time to time enter into plans or arrangements for the purchase or sale of its common stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

• During the three months ended March 31, 2026, the following officer of the Company adopted a Rule 10b5-1 trading arrangement.

• Aggregate Number of Shares of Common Stock to be Purchased or Sold

• (1) Transactions under the Rule 10b5-1 plan commence no earlier than 90 days after adoption.

• (2) The plan expires on March 31, 2027 or upon the earlier completion of all authorized transactions under the plan.

Text removed vs the prior filing · source: 10-Q · 2025-11-04

• The Company’s executive officers and directors may from time to time enter into plans or arrangements for the purchase or sale of its common stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. During the three months ended September 30, 202…