Tag: Specialty Business Services

DLH Holdings (DLHC) – Releases 2Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, May 04, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2QFY23 Results. DLH reported revenue of $99.4 million compared to $68.9 million the year prior, excluding FEMA contract contribution. GRSi contributed $32.6 million of revenue, indicating the core DLH business saw revenue decline $2.1 million y-o-y. Net income was reported at $0.8 million, or $0.06 per diluted share, versus $7.2 million, or $0.50, last year. EBITDA was at $10.5 million compared with $12.1 million last year, or $6.6 million excluding FEMA.

Focusing In. Although revenue came in lower than our expected $104 million, we believe this to be more a function of some business moving to the right and the challenge in estimating the recently acquired GRSI business. We do not believe the “miss” indicates a deterioration of the core business. We continue to believe the new DLH has significant growth opportunities. The Company has noted multiple cross selling opportunities, with a recent example being the award given by the National Cancer Institute’s Center for Biomedical Informatics and Information Technology for IT services.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Post Call Commentary and Updated Models

Posted on by cpereira@noblefcm.com


Friday, February 10, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Stronger DLH. The addition of GRSi is a transformative event, in our opinion, creating a more differentiated and powerful Company, with a combined nearly $1 billion of backlog and a new business pipeline that provides significant future growth opportunities. With favorable end markets, DLH is in the right place, at the right time, with the right solutions, in our view.

Strong Growth in Key Programs. DLH saw excellent growth in its key VA and HHS programs. VA pharmacy revenue rose 23% y-o-y to $19.2 million, VA logistics services revenue jumped 15% to $14.5 million, and HHS Head Start revenue increased 34% to $9.1 million, as services offered under this program returned to a more normal pre-COVID level.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – A First Look at 1Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, February 09, 2023

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1QFY23 Results. Revenue totaled $72.7 million, down from $152.8 million in 1Q22, due to the absence of the short-term FEMA contract. DLH reported GAAP earnings of $1.5 million, or $0.11 per diluted share, compared to $7.8 million, or $0.55 per diluted share last year. EBITDA was $6.3 million, or 8.7% of revenue, compared to $13.2 million and 8.6% last year.

Adjusted Results. Adjusting for both the FEMA contribution last year and the partial quarter GRSi contribution in 1Q23, DLH would have reported revenue of $65.9 million, up from $61.7 million a year ago. Adjusted operating income was $5.3 million, compared to $4.9 million. Adjusted net income totaled $3.6 million, or EPS of $0.25, compared to $3.1 million and $0.22 last year. Adjusted EBITDA was $7.2 million, or 10.9% of adjusted revenue, compared to $6.9 million, or 11.1%, last year.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Key Takeaways From Management Call on GRSi Acquisition

Posted on by cpereira@noblefcm.com


Friday, December 16, 2022

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Investor Call. Earlier this week, DLH management hosted a conference call to discuss the acquisition of Grove Resource Solutions. We came away from the call even more excited about the combination of the two firms and the significant growth potential. We believe this transaction to be a case of where one plus one equals more than three.

Rationale. In a sentence: GRSi offers significant expansion opportunities by broadening DLH’s capabilities thus providing access to mission-critical programs that are expected to accelerate growth, both near and long-term. Combining GRSi’s technical capabilities with DLH’s research expertise creates a highly differentiated solution offering, in our view.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

DLH Holdings (DLHC) – Reported Fourth Quarter and Full Year 2022 Results

Posted on by cpereira@noblefcm.com


Tuesday, December 06, 2022

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4QFY22 Results. Revenue totaled $67.2 million, up from $66.4 million in 3Q22 and up from $65.2 million in the year ago period. The 3% top line growth, or 6% excluding 4Q21 FEMA revenue, reflects continued expansion of existing core contracts as the FEMA business has been completed. Earnings were $3.4 million, or $0.24 per diluted share, compared to $2.9 million, or $0.21 per diluted share last year. EBITDA was $6.6 million, or 9.8% of revenue, compared to $6.0 million and 9.3% last year. We had projected revenue of $67 million, EBITDA of $7.0 million, and EPS of $0.25.

Full Year FY2022. FY2022 results were positively impacted by the FEMA business. DLH reported full year revenue of $395.2 million, operating income of $33.3 million, net income of $23.2 million, EPS of $1.64, and EBITDA of $40.9 million. Excluding the FEMA contribution, for FY2022 DLH would have reported revenue of $269.4 million, operating income of $20.8 million, net income of $14.1 million, EPS of $0.99, and EBITDA of $28.5 million.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.