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17.05.2022 16:30
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PR Newswire
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QualTek Announces First Quarter 2022 Financial Results
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PR Newswire
BLUE BELL, Pa., May 17, 2022
- First quarter 2022 revenue up 24% to $148.2 million
- Reported 24-month backlog at the end of Q1 2022 is $2.2 Billion, which is the largest in the history of the company
- Extended ABL maturity through July 2025
BLUE BELL, Pa., May 17, 2022 /PRNewswire/ -- QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today strong 2022 first quarter financial results of its subsidiary QualTek HoldCo, LLC.
For the First Quarter:
First quarter 2022 revenue was up 24.4% to $148.2 million, compared to $119.1 million for the first quarter of 2021. The increase in revenue was attributable to increased volumes around 5G rollout in our Telecom segment and a higher volume of events in our Renewables & Recovery segment. Net loss from continuing operations for the first quarter 2022 was $40.5 million compared to a net loss from continuing operations of $19.9 million in the first quarter of 2021. The increase in Net loss in 2022 is primarily due to transaction and public company readiness costs along with stock compensation and other one-time expenses associated with the public transaction. First quarter 2022 adjusted EBITDA was $4.0 million compared to $2.9 million, inclusive of discontinued Canadian operations, for the first quarter of 2021, a 38% increase. Backlog at the end of the first quarter 2022 was $2.2 billion, up from year-end 2021 of $2.1 billion. Guidance for the year remains unchanged.
Scott Hisey, QualTek's Chief Executive Officer, said "during the first quarter, we continued to position QualTek for what we believe to be the largest telecommunications build in the history of our country. Our Q1 revenue was $148.2 million, an increase of 24.4% year-over-year. We are pleased to report that we extended our ABL for 2 additional years. This improved strength of our balance sheet will allow us liquidity to execute on our growth plan that we laid out when we started our transformation into a public company. The 5G build out, coupled with significant public, private and government-initiated fiber and power/grid build outs is historic, and we are confident that QualTek is poised to be a major partner to the largest service providers in these segments."
Management will hold a conference call to discuss these results on Wednesday, May 18, 2022, at 9:00 a.m. Eastern Time. The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 - 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at qualtekservices.com.
The following tables set forth the financial results for the periods ended April 2, 2022, and April 3, 2021:
| QUALTEK SERVICES INC. | ||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||
| (Unaudited - in thousands, except share and per share information) | ||
| | ||
| | | |
| | For the Three Months Ended | |
| | April 2, 2022 | April 3, 2021 |
| Revenue | $ 148,161 | $ 119,113 |
| Costs and expenses: | | |
| Cost of revenues | 132,105 | 103,510 |
| General and administrative | 22,141 | 12,527 |
| Transaction expenses | 9,268 | 549 |
| Depreciation and amortization | 14,766 | 12,622 |
| Total costs and expenses | 178,280 | 129,208 |
| Loss from operations | (30,119) | (10,095) |
| Other income (expense): | | |
| Gain on sale/ disposal of property and equipment | 1,915 | 190 |
| Interest expense | (12,343) | (9,955) |
| Total other expense | (10,428) | (9,765) |
| Loss from continuing operations | (40,547) | (19,860) |
| Loss from discontinued operations | - | (1,389) |
| Net loss | (40,547) | (21,249) |
| Less: Net loss attributable to noncontrolling | (35,547) | (21,249) |
| Net loss attributable to QualTek Services Inc. | (5,000) | - |
| Other comprehensive income (loss): | | |
| Foreign currency translation adjustments | - | 172 |
| Comprehensive loss | $ (5,000) | $ (21,077) |
| Earnings per share: | | |
| | February 14, 2022 | |
| | | |
| Net loss per share - basic and diluted | $ (0.20) | |
| Weighted average Class A common shares outstanding - basic and | 22,171,350 | |
| QUALTEK SERVICES INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (Unaudited - in thousands) | ||
| | ||
| | | |
| | | |
| | April 2, 2022 | December 31, 2021 |
| Assets | | |
| Current assets | $ 235,901 | $ 226,523 |
| Property and equipment, net | 52,597 | 50,682 |
| Intangible assets, net | 353,602 | 364,174 |
| Goodwill | 28,787 | 28,723 |
| Other long-term assets | 1,697 | 1,657 Werbung Mehr Nachrichten zur QUINTEK TECHNOLOGIES INC Aktie kostenlos abonnieren
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