Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA”
or the “Company”), a leading infrastructure construction company
with renewable energy and specialty civil expertise, today
announced its financial results for the quarter ended March 31,
2021.
2021 First Quarter
Highlights
- Backlog increased by $606.3 million during the quarter to a
record amount of $2.7 billion; the Company expects to realize $1.9
billion of this backlog in the next 12 months.
- Revenue totaled $276.4 million, as compared to $358.2 million
for last year’s first quarter.
- Operating loss of $(8.3) million, as compared to income of $3.6
million for last year’s first quarter.
- Net loss of $(20.4) million, or $(0.91) per diluted share, as
compared to $(12.7) million, or $(0.66) per diluted share, for last
year’s first quarter.
- Adjusted EBITDA of $3.4 million, as compared to $16.5 million
for last year’s first quarter.
- The Company is increasing the lower end of its 2021 revenue
guidance to $1.8 billion and is reiterating its 2021 Adjusted
EBITDA guidance of $130 million to $140 million.
Management Commentary
“IEA’s performance for the first quarter 2021
was in line with our expectations,” said JP Roehm, IEA’s President
and Chief Executive Officer. “We knew that the combination of last
year’s unusually strong first quarter and our clients’ permitting
delays resulting from the pandemic would make for a challenging
quarter, especially when compared to last year’s first quarter. We
are returning to more traditional seasonality this year, and we
anticipate significantly improving financial performance throughout
the rest of 2021. Our underlying business and market opportunities
remain strong as shown by the increase in backlog during the
quarter to a record level of $2.7 billion.”
Mr. Roehm continued, “We expect that the efforts
to develop alternative sources of energy and to drive toward carbon
neutrality will continue to generate significant opportunities for
our wind and solar renewables business. We are expecting near-term
increases in both our solar construction and wind services
businesses. We also see near-term opportunity in our coal ash
environmental remediation business. While the specific results of
potential infrastructure funding legislation have not been
determined, we anticipate the results will benefit both our rail
and civil business. There are strong macro growth drivers across
all aspects of our industry, which provide IEA an ability to
achieve continuing financial growth.”
First Quarter Results
Revenue totaled $276.4 million in the first
quarter of 2021, a decrease of 22.8%, or $81.8 million, compared to
the first quarter of 2020. The reduction in the first quarter
revenue compared to the prior-year period results primarily from
the timing of construction of the Company’s renewable projects.
IEA’s revenue and profitability are historically
the lowest in the first quarter of the year, as inclement weather
can create challenging work environments that are costlier for
customers or that cause project delays. Revenue then typically
increases in the second and third quarters before declining again
in the fourth quarter. In 2020, that traditional seasonality did
not occur to the same extent. To ensure renewables projects would
qualify for the then-anticipated stepdown in the production tax
credit, customers initiated several projects in the fourth quarter
of 2019. This early mobilization along with favorable weather
conditions resulted in record first quarter revenue in 2020, strong
second and third quarter performance, and a reduction in fourth
quarter revenue as projects were completed earlier in the year.
For 2021, revenue is expected to revert to the
traditional seasonality with the lowest revenue in the first
quarter and increasing revenue for the next two quarters. This
change in seasonality makes for a challenging comparison between
revenues for the first quarter of 2020 versus revenues for the
first quarter of 2021.
Segment Revenue
Revenue by segment was as follows:
|
Three Months
Ended March 31, |
(in
thousands) |
2021 |
|
2020 |
Segment |
Revenue |
% of Total Revenue |
|
Revenue |
% of Total Revenue |
Renewables |
$ |
180,374 |
|
65.3 |
% |
|
$ |
248,746 |
|
69.5 |
% |
Specialty
Civil |
96,038 |
|
34.7 |
% |
|
109,417 |
|
30.5 |
% |
Total revenue |
$ |
276,412 |
|
100.0 |
% |
|
$ |
358,163 |
|
100.0 |
% |
Renewables Segment revenue totaled $180.4
million, a decrease of $68.4 million compared to the prior year,
primarily as a result of the anticipated production tax credit
(PTC) expiration. Specialty Civil Segment revenue totaled $96.0
million, a decrease of $13.4 million year-over-year, primarily due
to the delayed starts and a slower bidding environment for the rail
markets in the first quarter of 2021.
Segment Gross Profit
Gross profit by segment was as follows:
|
Three Months
Ended March 31, |
(in
thousands) |
2021 |
|
2020 |
Segment |
Gross Profit |
Gross Profit Margin |
|
Gross Profit |
Gross Profit Margin |
Renewables |
$ |
12,180 |
|
6.8 |
% |
|
$ |
25,829 |
|
10.4 |
% |
Specialty
Civil |
4,361 |
|
4.5 |
% |
|
7,212 |
|
6.6 |
% |
Total gross profit |
$ |
16,541 |
|
6.0 |
% |
|
$ |
33,041 |
|
9.2 |
% |
Gross profit for the first quarter totaled $16.5
million, a decrease of 49.9%, or $16.5 million, compared to the
same period in 2020. As a percentage of revenue, gross profit was
6.0% in the quarter, as compared to 9.2% in the prior-year period.
For the Renewables Segment, gross profit was $12.2 million, or 6.8%
of revenue, for the first quarter of 2021, compared to $25.8
million, or 10.4% of revenue, for the same period in 2020. The
decrease in gross profit percentage for the Renewables Segment was
primarily related to lower utilization of equipment and labor
compared to the prior year. For the Specialty Civil Segment, gross
profit was $4.4 million, or 4.5% of revenue, for the first quarter
of 2021, as compared to $7.2 million, or 6.6% of revenue, for the
same period in 2020. This decrease in dollars and percentage
resulted from a greater number of heavy civil projects in the
current year compared to rail and environmental projects in the
prior year.
Selling, general and administrative expenses of
$24.8 million decreased 15.7%, or $4.6 million, in the first
quarter of 2021 compared to the same period in 2020. The decrease
in selling, general and administrative expenses was primarily
driven by lower overall staff benefit costs in 2021 compared to
2020. As a percent of revenues, selling, general and administrative
expenses were 9.0% in the first quarter of 2021, compared to 8.2%
in the same period in 2020.
Interest expense decreased by $1.7 million
compared to the same period in 2020. This decrease was primarily
driven by lower effective interest rates on the Company’s term
loan, offset by an increase in the dividend rate of 13.5% on the
Company’s preferred Series B stock dividend. The increase in rate
was due to the Company’s first lien net leverage ratio being above
1.5:1.0 at the end of the quarter.
Other expense decreased by $0.9 million to $0.2
million in the first quarter of 2021, compared to $1.1 million for
the same period in 2020. This increase was primarily the result of
the impact of the fair value adjustment of the Company’s series B
preferred stock and private warrant liabilities.
Benefit for income taxes increased $1.5 million,
to a benefit of $2.4 million in the first quarter of 2021, compared
to $0.9 million for the same period in 2020. The effective tax
rates for the period ended March 31, 2021 and 2020 were 10.5% and
6.4%, respectively. The higher effective tax rate in the quarter of
2021 was primarily attributable to higher executive compensation
which is not deductible for federal and state income taxes.
Net loss was $(20.4) million, or $(0.91) per
diluted share for the quarter, as compared a net loss of $(12.7)
million, or $(0.66) per diluted share, in the first quarter of
2020.
Adjusted EBITDA was $3.4 million for the first
quarter, as compared to $16.5 million in the first quarter of 2020.
As a percentage of revenue, Adjusted EBITDA decreased to 1.2%,
compared to 4.6% of revenue in the prior-year period. For a
reconciliation of net income to Adjusted EBITDA, please see the
appendix to this release.
Balance Sheet
As of March 31, 2021, the Company had $95.2
million of cash and cash equivalents and total debt of $364.2
million, which consisted of $173.3 million outstanding under its
credit facility, $4.9 million of commercial equipment loans, and
$186.0 million of Series B Preferred Stock. Series B Preferred
Stock is mandatorily redeemable in 2025 and therefore is
categorized as long-term debt. At the end of the quarter, the
Company had $53.0 million of availability under its credit
facility.
Backlog
IEA defines “backlog” as the amount of revenue
the Company expects to realize from the uncompleted portions of
existing construction contracts, including new contracts under
which work has not begun and awarded contracts for which the
definitive project documentation is being prepared.
The following table summarizes the Company’s
backlog by segment as of March 31, 2021 and December 31,
2020:
(in
millions) |
|
|
Segments |
March 31, 2021 |
December 31, 2020 |
Renewables |
$ |
1,948.7 |
|
$ |
1,513.4 |
|
Specialty
Civil |
727.1 |
|
556.1 |
|
Total |
$ |
2,675.8 |
|
$ |
2,069.5 |
|
The Company expect to realize approximately
$1,851.7 million of its estimated backlog in the next twelve
months.
Outlook
For the full year 2021, IEA is raising the lower
end of its revenue guidance range and now anticipates revenue in
the range of $1.80 billion to $1.95 billion, as compared to $1.75
billion to $1.95 billion, previously. The Company is reiterating
its Adjusted EBITDA guidance for the year of $130 million to $140
million. For a reconciliation of Adjusted EBITDA, please see the
table at the end of this release.
Conference Call
IEA will hold a conference call to discuss its
first quarter 2021 results tomorrow, May 11, 2021 at 11:00 a.m.
Eastern Time. To join the conference call, please dial (877)
407-0784 (domestic) or (201) 689-8560 (international) and ask for
Infrastructure & Energy Alternatives’ First Quarter 2021
Conference Call. To listen via the Internet, please visit the
investor section of the Company’s website at
https://ir.iea.net at least 15 minutes prior to the start of
the call to download and install any necessary audio software. The
conference call webcast will be archived on the Company’s website
as well as available for replay by dialing 844-512-2921 or (412)
317-6671 (international) and providing the PIN code: 13718136.
About IEA
Infrastructure and Energy Alternatives, Inc.
(IEA) is a leading infrastructure construction company with
renewable energy and specialty civil expertise. Headquartered in
Indianapolis, Indiana, with operations throughout the country,
IEA’s service offering spans the entire construction process. The
Company offers a full spectrum of delivery models including full
engineering, procurement, and construction, turnkey, design-build,
balance of plant, and subcontracting services. IEA is one of the
larger providers in the renewable energy industry and has completed
more than 240 utility scale wind and solar projects across North
America. In the heavy civil space, IEA offers a number of specialty
services including environmental remediation, industrial
maintenance, specialty transportation infrastructure and other site
development for public and private projects. For more information,
please visit IEA’s website at www.iea.net or follow IEA on
Facebook, LinkedIn and Twitter for the latest company
news and events.
Forward Looking Statements
This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The
forward-looking statements can be identified by the use of
forward-looking terminology including “may,” “should,” “likely,”
“will,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,”
“seek,” “target,” “continue,” “plan,” “intend,” “project,” or other
similar words. All statements, other than statements of historical
fact, included in this press release regarding expectations for the
impact of COVID-19, future financial performance, business
strategies, expectations for our business, future operations,
liquidity positions, availability of capital resources, financial
position, estimated revenues and losses, projected costs,
prospects, plans, objectives and beliefs of management are
forward-looking statements. These forward-looking statements are
based on information available as of the date of this release and
our management’s current expectations, forecasts and assumptions,
and involve a number of judgments, risks and uncertainties.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we cannot give any
assurance that such expectations will prove correct.
Forward-looking statements should not be relied upon as
representing our views as of any subsequent date. As a result of a
number of known and unknown risks and uncertainties, our actual
results or performance may be materially different from those
expressed or implied by these forward-looking statements. Some
factors that could cause actual results to differ include:
- potential risks and uncertainties relating to COVID-19,
including the geographic spread, the severity of the disease, the
scope and duration of the COVID-19 pandemic, actions that may be
taken by governmental authorities to contain the COVID-19 pandemic
or to treat its impact, and the potential negative impacts of
COVID-19 on permitting and project construction cycles, the U.S.
economy and financial markets;
- availability of commercially reasonable and accessible sources
of liquidity and bonding;
- our ability to generate cash flow and liquidity to fund
operations;
- the timing and extent of fluctuations in geographic, weather
and operational factors affecting our customers, projects and the
industries in which we operate;
- our ability to identify acquisition candidates and integrate
acquired businesses;
- our ability to grow and manage growth profitably;
- the possibility that we may be adversely affected by economic,
business, and/or competitive factors;
- market conditions, technological developments, regulatory
changes or other governmental policy uncertainty that affects us or
our customers;
- our ability to manage projects effectively and in accordance
with management estimates, as well as the ability to accurately
estimate the costs associated with our fixed price and other
contracts, including any material changes in estimates for
completion of projects;
- the effect on demand for our services and changes in the amount
of capital expenditures by customers due to, among other things,
economic conditions, commodity price fluctuations, the availability
and cost of financing, and customer consolidation;
- the ability of customers to terminate or reduce the amount of
work, or in some cases, the prices paid for services, on short or
no notice;
- customer disputes related to the performance of services;
- disputes with, or failures of, subcontractors to deliver
agreed-upon supplies or services in a timely fashion;
- our ability to replace non-recurring projects with new
projects;
- the impact of U.S. federal, local, state, foreign or tax
legislation and other regulations affecting the renewable energy
industry and related projects and expenditures;
- the effect of state and federal regulatory initiatives,
including costs of compliance with existing and future safety and
environmental requirements;
- fluctuations in equipment, fuel, materials, labor and other
costs;
- our beliefs regarding the state of the renewable energy market
generally; and
- the “Risk Factors” described in our Annual Report on Form 10-K
filed with the SEC on March 8, 2021, and in our quarterly reports,
other public filings and press releases.
We do not undertake any obligation to update
forward-looking statements to reflect events or circumstances after
the date they were made, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
Contacts:
Peter J.
Moerbeek |
Kimberly
Esterkin |
Chief
Financial Officer |
ADDO
Investor Relations |
Pete.Moerbeek@iea.net |
iea@addo.com |
800-688-3775 |
310-829-5400 |
INFRASTRUCTURE AND ENERGY ALTERNATIVES,
INC. Consolidated Statements of
Operations ($ in thousands, except per share
data) (Unaudited)
|
Three Months
Ended |
|
March
31, |
|
2021 |
|
2020 |
Revenue |
$ |
276,412 |
|
|
$ |
358,163 |
|
Cost of
revenue |
259,871 |
|
|
325,122 |
|
Gross
profit |
16,541 |
|
|
33,041 |
|
|
|
|
|
Selling,
general and administrative expenses |
24,846 |
|
|
29,484 |
|
(Loss)
income from operations |
(8,305 |
) |
|
3,557 |
|
|
|
|
|
Other income
(expense), net: |
|
|
|
Interest
expense |
(14,359 |
) |
|
(16,065 |
) |
Other
expense |
(162 |
) |
|
(1,102 |
) |
Loss before
benefit for income taxes |
(22,826 |
) |
|
(13,610 |
) |
|
|
|
|
Benefit for
income taxes |
2,392 |
|
|
867 |
|
|
|
|
|
Net
loss |
$ |
(20,434 |
) |
|
$ |
(12,743 |
) |
Less:
Convertible Preferred Stock dividends |
(656 |
) |
|
(766 |
) |
Net loss
available for common stockholders |
$ |
(21,090 |
) |
|
$ |
(13,509 |
) |
|
|
|
|
|
|
|
|
Net loss per
common share - basic |
(0.91 |
) |
|
(0.66 |
) |
Net loss per
common share - diluted |
(0.91 |
) |
|
(0.66 |
) |
Weighted
average shares - basic |
23,057,731 |
|
|
20,522,216 |
|
Weighted
average shares - diluted |
23,057,731 |
|
|
20,522,216 |
|
INFRASTRUCTURE AND ENERGY ALTERNATIVES,
INC. Consolidated Balance Sheets
($ in thousands, except per share data)
(Unaudited)
|
March 31, 2021 |
|
December 31, 2020 |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
95,173 |
|
|
$ |
164,041 |
|
Accounts
receivable, net |
171,306 |
|
|
163,793 |
|
Contract
assets |
146,696 |
|
|
145,183 |
|
Prepaid
expenses and other current assets |
46,656 |
|
|
19,352 |
|
Total current assets |
459,831 |
|
|
492,369 |
|
|
|
|
|
Property,
plant and equipment, net |
127,264 |
|
|
130,746 |
|
Operating
lease assets |
34,994 |
|
|
36,461 |
|
Intangible
assets, net |
23,818 |
|
|
25,434 |
|
Goodwill |
37,373 |
|
|
37,373 |
|
Company-owned life insurance |
4,519 |
|
|
4,250 |
|
Deferred
income taxes |
4,461 |
|
|
2,069 |
|
Other
assets |
436 |
|
|
438 |
|
Total assets |
$ |
692,696 |
|
|
$ |
729,140 |
|
|
|
|
|
Liabilities and Stockholder’s Equity
(Deficit) |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
86,826 |
|
|
$ |
104,960 |
|
Accrued
liabilities |
116,793 |
|
|
129,594 |
|
Contract
liabilities |
141,420 |
|
|
118,235 |
|
Current
portion of finance lease obligations |
24,728 |
|
|
25,423 |
|
Current
portion of operating lease obligations |
8,779 |
|
|
8,835 |
|
Current
portion of long-term debt |
2,379 |
|
|
2,506 |
|
Total current liabilities |
380,925 |
|
|
389,553 |
|
|
|
|
|
Finance
lease obligations, less current portion |
27,053 |
|
|
32,146 |
|
Operating
lease obligations, less current portion |
27,736 |
|
|
29,154 |
|
Long-term
debt, less current portion |
160,229 |
|
|
159,225 |
|
Debt -
Series B Preferred Stock |
175,164 |
|
|
173,868 |
|
Warrant
obligations |
9,500 |
|
|
9,200 |
|
Deferred
compensation |
8,039 |
|
|
8,672 |
|
Total liabilities |
$ |
788,646 |
|
|
$ |
801,818 |
|
|
|
|
|
Commitments
and contingencies: |
|
|
|
|
|
|
|
Series A
Preferred Stock, par value, $0.0001 per share; 1,000,000 shares
authorized; 17,483 shares and 17,483 shares issued and outstanding
at March 31, 2021 and December 31, 2020, respectively |
17,483 |
|
|
17,483 |
|
|
|
|
|
Stockholders’ equity (deficit): |
|
|
|
Common
stock, par value, $0.0001 per share; 150,000,000 and 150,000,000
shares authorized; 23,348,353 and 21,008,745 shares issued and
23,348,353 and 21,008,745 outstanding at March 31, 2021 and
December 31, 2020, respectively |
2 |
|
|
2 |
|
Additional
paid in capital |
32,467 |
|
|
35,305 |
|
Accumulated
deficit |
(145,902 |
) |
|
(125,468 |
) |
Total stockholders’ deficit |
(113,433 |
) |
|
(90,161 |
) |
Total liabilities and stockholders’ deficit |
$ |
692,696 |
|
|
$ |
729,140 |
|
INFRASTRUCTURE AND ENERGY ALTERNATIVES,
INC. Condensed Consolidated Statements of Cash
Flows ($ in thousands)
(Unaudited)
|
Three Months EndedMarch 31, |
|
2021 |
|
2020 |
Cash
flows from operating activities: |
|
|
|
Net loss |
$ |
(20,434 |
) |
|
$ |
(12,743 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
10,799 |
|
|
11,888 |
|
Warrant liability fair value adjustment |
300 |
|
|
1,057 |
|
Amortization of debt discounts and issuance costs |
2,859 |
|
|
2,237 |
|
Share-based compensation expense |
727 |
|
|
1,113 |
|
Deferred compensation |
— |
|
|
(1,371 |
) |
Accrued dividends on Series B Preferred Stock |
— |
|
|
7,959 |
|
Deferred income taxes |
(2,392 |
) |
|
(1,080 |
) |
Other, net |
(902 |
) |
|
733 |
|
Change in operating assets and liabilities: |
|
|
|
Accounts receivable |
(7,513 |
) |
|
48,931 |
|
Contract assets |
(1,513 |
) |
|
(14,548 |
) |
Prepaid expenses and other assets |
(27,304 |
) |
|
(5,212 |
) |
Accounts payable and accrued liabilities |
(31,593 |
) |
|
(104,760 |
) |
Contract liabilities |
23,186 |
|
|
(8,381 |
) |
Net cash used in operating activities |
(53,780 |
) |
|
(74,177 |
) |
|
|
|
|
Cash
flow from investing activities: |
|
|
|
Company-owned life insurance |
(269 |
) |
|
599 |
|
Purchases of property, plant and equipment |
(3,920 |
) |
|
(2,231 |
) |
Proceeds from sale of property, plant and equipment |
667 |
|
|
1,719 |
|
Net cash (used in) provided by investing activities |
(3,522 |
) |
|
87 |
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
Proceeds from long-term debt |
— |
|
|
46,000 |
|
Payments on long-term debt |
(686 |
) |
|
(55,853 |
) |
Payments on finance lease obligations |
(7,971 |
) |
|
(5,781 |
) |
Proceeds from issuance of Series B Preferred Stock |
— |
|
|
350 |
|
Proceeds of issuance of employee stock awards |
— |
|
|
196 |
|
Shares repurchased for tax withholding on release of restricted
stock units |
(2,909 |
) |
|
— |
|
Net cash used in financing activities |
(11,566 |
) |
|
(15,088 |
) |
|
|
|
|
Net change
in cash and cash equivalents |
(68,868 |
) |
|
(89,178 |
) |
|
|
|
|
Cash and
cash equivalents, beginning of the period |
164,041 |
|
|
147,259 |
|
|
|
|
|
Cash and
cash equivalents, end of the period |
$ |
95,173 |
|
|
$ |
58,081 |
|
Non-U.S. GAAP Financial
Measures
We define EBITDA as net income (loss),
determined in accordance with GAAP, for the period presented,
before depreciation and amortization, interest expense and
provision (benefit) for income taxes. We define Adjusted EBITDA as
EBITDA plus restructuring expenses, acquisition or disposition
related expenses, non-cash stock compensation expense, and certain
other non-cash charges, unusual, non-operating or non-recurring
items and other items that we believe are not representative of our
core business or future operating performance.
Adjusted EBITDA is a supplemental non-GAAP
financial measure and, when considered along with other performance
measures, is a useful measure as it reflects certain drivers of the
business, such as revenue growth and operating costs. We believe
Adjusted EBITDA can be useful in providing an understanding of the
underlying operating results and trends and an enhanced overall
understanding of our financial performance and prospects for the
future. While Adjusted EBITDA is not a recognized measure under
GAAP, management uses this financial measure to evaluate and
forecast business performance. Adjusted EBITDA is not intended to
be a measure of liquidity or cash flows from operations or a
measure comparable to net income as it does not consider certain
requirements, such as capital expenditures and depreciation,
principal and interest payments, and tax payments. Adjusted EBITDA
is not a presentation made in accordance with GAAP, and our use of
the term Adjusted EBITDA may vary from the use of similarly-titled
measures by others in our industry due to the potential
inconsistencies in the method of calculation and differences due to
items subject to interpretation.
The presentation of non-GAAP financial
information should not be considered in isolation or as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP.
The following table outlines the reconciliation
from net income (loss) to Adjusted EBITDA for the periods
indicated:
|
Three Months
Ended |
(in thousands) |
March
31, |
|
2021 |
|
2020 |
Net income (loss) |
$ |
(20,434 |
) |
|
$ |
(12,743 |
) |
Interest
expense, net |
14,359 |
|
|
16,065 |
|
Provision
(benefit) for income taxes |
(2,392 |
) |
|
(867 |
) |
Depreciation
and amortization |
10,799 |
|
|
11,888 |
|
EBITDA |
2,332 |
|
|
14,343 |
|
|
|
|
|
Non-cash
stock compensation expense |
727 |
|
|
1,113 |
|
Warrant
liability fair value adjustment (1) |
300 |
|
|
1,057 |
|
Adjusted
EBITDA |
$ |
3,359 |
|
|
$ |
16,513 |
|
(1) Reflects an adjustment to the fair value
of the Company’s Series B Preferred Stock and Private warrant
liabilities. The warrant liability fair value adjustment is a
mark-to-market adjustment based on fluctuation in the Company's
stock price or warrant stock price.
The following table outlines the reconciliation
from 2021 projected net income to 2021 projected Adjusted EBITDA
using estimated amounts:
|
|
Guidance |
|
|
For the year ended December 31, 2021 |
(in
thousands) |
|
Low Estimate |
|
High Estimate |
|
|
|
|
|
Net income (loss) |
|
$ |
4,000 |
|
|
$ |
11,500 |
|
|
|
|
|
|
Interest
expense, net |
|
61,000 |
|
|
61,000 |
|
Depreciation
and amortization |
|
50,000 |
|
|
50,000 |
|
Expense for
income taxes |
|
10,000 |
|
|
11,000 |
|
EBITDA |
|
125,000 |
|
|
133,500 |
|
|
|
|
|
|
Non-cash
stock compensation expense |
|
4,000 |
|
|
4,500 |
|
Warrant
liability fair value adjustment |
|
1,000 |
|
|
2,000 |
|
Adjusted
EBITDA |
|
$ |
130,000 |
|
|
$ |
140,000 |
|
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