We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
QualTek Services Inc | NASDAQ:QTEK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.075 | 0.075 | 0.0832 | 0 | 01:00:00 |
| | | | | ii | | | |
| | | | | iii | | | |
| | | | | 1 | | | |
| | | | | 14 | | | |
| | | | | 15 | | | |
| | | | | 17 | | | |
| | | | | 47 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 58 | | | |
| | | | | 70 | | | |
| | | | | 82 | | | |
| | | | | 105 | | | |
| | | | | 112 | | | |
| | | | | 115 | | | |
| | | | | 122 | | | |
| | | | | 154 | | | |
| | | | | 157 | | | |
| | | | | 160 | | | |
| | | | | 167 | | | |
| | | | | 167 | | | |
| | | | | 167 | | | |
| | | | | F-1 | | |
| | |
Shares
|
| |
%
|
| ||||||
Existing QualTek equityholders
|
| | | | 30,688,837 | | | | | | 60% | | |
ROCR Public Shares
|
| | | | 100,409 | | | | | | 0% | | |
Founder and Private Shares
|
| | | | 3,283,000 | | | | | | 6% | | |
Pre-PIPE Shares
|
| | | | 6,937,500 | | | | | | 14% | | |
PIPE Shares(1)
|
| | | | 3,989,000 | | | | | | 8% | | |
Earnout Shares
|
| | | | 6,111,111 | | | | | | 12% | | |
Total Common Stock
|
| | | | 51,109,857 | | | | | | | | |
| | |
For the Year Ended
December 31, 2021 |
| |
For the Year
Ended December 31, 2021 |
| | | | | | | | | | |
For the Year
Ended December 31, 2021 |
| ||||||||||||||||||||||||
| | |
QualTek
Historical |
| |
QualTek
Adjustments |
| | | | |
QualTek
As Adjusted |
| |
ROCR
Historical |
| |
Transaction
Accounting adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||||||||
Revenue
|
| | | $ | 612,241 | | | | | $ | — | | | | | | | | $ | 612,241 | | | | | $ | — | | | | | $ | — | | | | | | | | $ | 612,241 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 502,688 | | | | | | — | | | | | | | | | 502,688 | | | | | | — | | | | | | — | | | | | | | | | 502,688 | | |
General and administrative
|
| | | | 50,994 | | | | | | — | | | | | | | | | 50,994 | | | | | | 4,771 | | | | | | — | | | | | | | | | 55,765 | | |
Transaction expenses
|
| | | | 3,826 | | | | | | — | | | | | | | | | 3,826 | | | | | | — | | | | | | 5,435 | | | |
BB
|
| | | | 9,261 | | |
Loss on legal settlement
|
| | | | 2,600 | | | | | | — | | | | | | | | | 2,600 | | | | | | — | | | | | | — | | | | | | | | | 2,600 | | |
Change in fair value of contingent consideration
|
| | | | (4,780) | | | | | | — | | | | | | | | | (4,780) | | | | | | — | | | | | | — | | | | | | | | | (4,780) | | |
Impairment of goodwill
|
| | | | 52,487 | | | | | | — | | | | | | | | | 52,487 | | | | | | — | | | | | | — | | | | | | | | | 52,487 | | |
Depreciation and amortization
|
| | | | 53,675 | | | | | | — | | | | | | | | | 53,675 | | | | | | — | | | | | | — | | | | | | | | | 53,675 | | |
Total costs and expenses
|
| | | | 661,490 | | | | | | — | | | | | | | | | 661,490 | | | | | | 4,771 | | | | | | 5,435 | | | | | | | | | 671,696 | | |
Income from operations
|
| | | | (49,249) | | | | | | — | | | | | | | | | (49,249) | | | | | | (4,771) | | | | | | (5,435) | | | | | | | | | (59,455) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale/disposal of property and equipment
|
| | | | 587 | | | | | | — | | | | | | | | | 587 | | | | | | — | | | | | | — | | | | | | | | | 587 | | |
Interest expense
|
| | | | (50,477) | | | | | | 12,520 | | | |
AA
|
| | | | (37,957) | | | | | | — | | | | | | (16,396) | | | |
HH
|
| | | | (51,701) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,652 | | | |
II
|
| | | | | | |
Loss on extinguishment of debt
|
| | | | (2,436) | | | | | | — | | | | | | | | | (2,436) | | | | | | — | | | | | | — | | | | | | | | | (2,436) | | |
Change in fair value of warrants
|
| | | | | | | | | | — | | | | | | | | | | | | | | | (114) | | | | | | — | | | | | | | | | (114) | | |
Interest earned on marketable securities held in Trust Account
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | 10 | | | | | | (10) | | | |
CC
|
| | | | — | | |
Total other income (expense)
|
| | | | (52,326) | | | | | | 12,520 | | | | | | | | | (39,806) | | | | | | (104) | | | | | | (13,754) | | | | | | | | | (53,664) | | |
Income tax benefit
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | 1,754 | | | |
DD
|
| | | | 1,754 | | |
Loss from continuing operations
|
| | | | (101,575) | | | | | | 12,520 | | | | | | | | | (89,055) | | | | | | (4,875) | | | | | | (17,435) | | | | | | | | | (111,365) | | |
Loss from discontinued operations
|
| | | | (8,851) | | | | | | — | | | | | | | | | (8,851) | | | | | | — | | | | | | — | | | | | | | | | (8,851) | | |
Net loss
|
| | | $ | (110,426) | | | | | $ | 12,520 | | | | | | | | $ | (97,906) | | | | | $ | (4,875) | | | | | $ | (17,435) | | | | | | | | $ | (120,216) | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 111 | | | | | | — | | | | | | | | | 111 | | | | | | — | | | | | | — | | | | | | | | | 111 | | |
Comprehensive loss
|
| | | | (110,315) | | | | | | 12,520 | | | | | | | | | (97,795) | | | | | | (4,875) | | | | | | (17,435) | | | | | | | | | (120,105) | | |
Net loss attributable to noncontrolling interest
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (65,376) | | | |
FF
|
| | | | (65,376) | | |
Net loss attributable to controlling interest
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (54,729) | | |
| | |
For the Year Ended
December 31, 2021 |
| |
For the Year
Ended December 31, 2021 |
| | | | | | | |
For the Year
Ended December 31, 2021 |
| ||||||||||||||||||
| | |
QualTek
Historical |
| |
QualTek
Adjustments |
| | | | |
QualTek
As Adjusted |
| |
ROCR
Historical |
| |
Transaction
Accounting adjustments |
| | | | |
Pro Forma
Combined |
| |||||||||
Loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share from continuing operations
|
| | | $ | (8.70) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share from discontinued operations
|
| | | $ | (0.75) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share
|
| | | $ | (9.45) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average Class A
common shares outstanding |
| | | | 11,859,955 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted net loss per share, redeemable common stock
|
| | | | | | | | | | | | | | | | | | $ | (0.39) | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, redeemable common
stock |
| | | | | | | | | | | | | | | | | | | 9,483,562 | | | | | | | | | | | | | | |
Basic and diluted net loss per share, non-redeemable common stock
|
| | | | | | | | | | | | | | | | | | $ | (0.39) | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding, non-redeemable common stock
|
| | | | | | | | | | | | | | | | | | | 3,145,707 | | | | | | | | | | | | | | |
Basic and diluted net loss per share from continuing operations
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (2.54) | | |
Basic and diluted weighted average common
shares outstanding |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,296,348 | | |
(in thousands)
|
| |
For the Year ended
December 31, 2021 |
| |||
Pro Forma Combined Loss from continuing operations
|
| | | $ | (111,365) | | |
Pro Forma Combined Income tax benefit
|
| | | | (1,754) | | |
Pro Forma Combined Pre-tax Loss from continuing operations
|
| | | | (113,119) | | |
Retained interest of QualTek equityholders
|
| | | | 58% | | |
Pro Forma Combined Loss from continuing operations related to noncontrolling interest
|
| | | $ | (65,376) | | |
(in thousands)
|
| |
For the Year ended
December 31, 2021 |
| |||
Interest expense related to Exchangeable Note Investment
|
| | | $ | 14,650 | | |
Amortization of deferred financing fees
|
| | | | 1,746 | | |
Total pro forma adjustment
|
| | | $ | 16,396 | | |
| | |
Pro Forma Combined
|
| |||
(in thousands except share and per share data)
|
| |
For the Year ended
December 31, 2021 |
| |||
Pro forma net loss attributable to the controlling interest (in thousands)
|
| | | $ | (54,729) | | |
Less: undistributed loss attributable to Class A Earnout Shares
|
| | | | (5,772) | | |
Pro forma loss from continuing operations attributable to common shareholders (in thousands) – basic
|
| | | $ | (48,957) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 19,296,348 | | |
Net loss per share – basic and diluted
|
| | | $ | (2.54) | | |
Weighted average common shares calculation
|
| | | | | | |
Existing QualTek Equity Holders
|
| | | | 11,923,939 | | |
ROCR Public Shareholders
|
| | | | 100,409 | | |
Founder Shares
|
| | | | 3,283,000 | | |
Pre-PIPE Investors
|
| | | | — | | |
PIPE Investors
|
| | | | 3,989,000 | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | 19,296,348 | | |
| | |
Pro Forma Combined
|
| |||
Excluded from the calculation(1) | | | | | | | |
Class B Common Stock
|
| | | | 29,538,575 | | |
Private Warrants
|
| | | | 102,000 | | |
Public Warrants
|
| | | | 25,102 | | |
Exchangeable Notes
|
| | | | 12,468,500 | | |
Total potentially dilutive shares excluded from calculation
|
| | | | 42,134,177 | | |
Name
|
| |
Principal Position
|
|
Christopher S. Hisey.................................................
|
| | Chief Executive Officer, QualTek LLC | |
Elizabeth Downey.....................................................
|
| | Chief Administrative Officer, QualTek LLC | |
Kevin Doran.............................................................
|
| | Chief Executive Officer, QualTek Wireless LLC | |
Name and Principal Position (a)
|
| |
Year
|
| |
Salary
($)(2)(3) |
| |
Total
($)(4) |
| |||||||||
Christopher S. Hisey, Chief Executive Officer, QualTek LLC(1)
|
| | | | 2021 | | | | | $ | 500,000 | | | | | $ | 500,000 | | |
| | | | | 2020 | | | | | $ | 501,154 | | | | | $ | 501,154 | | |
Elizabeth Downey, Chief Administrative Officer, QualTek LLC
|
| | | | 2021 | | | | | $ | 375,000 | | | | | $ | 375,000 | | |
| | | | | 2020 | | | | | $ | 375,433 | | | | | $ | 375,433 | | |
Kevin Doran, Chief Executive Officer, QualTek Wireless LLC
|
| | | | 2021 | | | | | $ | 450,500 | | | | | $ | 450,500 | | |
| | | | | 2020 | | | | | $ | 450,520 | | | | | $ | 450,520 | | |
| | | | | |
Option Awards(1)
|
| |||||||||||||||||||||
| | |
Grant Date
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($)(2) |
| |
Option
Expiration Date(2) |
| ||||||||||||
Christopher S, Hisey
|
| |
April 15, 2019
|
| | | | 18,457 | | | | | | 12,305(3) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 20,508 | | | | | | 13,672(4) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 22,921 | | | | | | 15,280(5) | | | | | | — | | | | | | — | | |
Elizabeth Downey
|
| |
April 15, 2019
|
| | | | 3,384 | | | | | | 2,256(3) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 3,760 | | | | | | 2,506(4) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 4,202 | | | | | | 2,801(5) | | | | | | — | | | | | | — | | |
Kevin Doran
|
| |
April 15, 2019
|
| | | | 4,307 | | | | | | 2,871(3) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 4,785 | | | | | | 3,190(4) | | | | | | — | | | | | | — | | |
| | |
April 15, 2019
|
| | | | 5,348 | | | | | | 3,566(5) | | | | | | — | | | | | | — | | |
| | |
For the Three Months Ended
|
| |
For the Six Months Ended
|
| ||||||||||||||||||
(in thousands)
|
| |
July 2, 2022
|
| |
July 3, 2021
|
| |
July 2, 2022
|
| |
July 3, 2021
|
| ||||||||||||
Revenue
|
| | | $ | 184,222 | | | | | $ | 130,609 | | | | | $ | 332,383 | | | | | $ | 249,722 | | |
Net loss from continuing operations
|
| | | $ | (25,649) | | | | | $ | (20,090) | | | | | $ | (66,196) | | | | | $ | (39,907) | | |
Adjusted EBITDA – continuing operations
|
| | | $ | 10,154 | | | | | $ | 7,623 | | | | | $ | 14,185 | | | | | $ | 11,386 | | |
Adjusted EBITDA – discontinued operations
|
| | | $ | — | | | | | $ | (1,212) | | | | | $ | — | | | | | $ | (2,075) | | |
Total Adjusted EBITDA(1)
|
| | | $ | 10,154 | | | | | $ | 6,411 | | | | | $ | 14,185 | | | | | $ | 9,311 | | |
| | |
For the Year Ended
|
| |||||||||
(in thousands)
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||
Revenue
|
| | | $ | 612,241 | | | | | $ | 656,524 | | |
Net loss
|
| | | $ | (110,426) | | | | | $ | (98,087) | | |
Adjusted EBITDA(1)
|
| | | $ | 60,035 | | | | | $ | 13,139 | | |
| | |
For the Three Months Ended
|
| |
For the Six Months Ended
|
| ||||||||||||||||||
(in thousands)
|
| |
July 2. 2022
|
| |
July 3, 2021
|
| |
July 2. 2022
|
| |
July 3, 2021
|
| ||||||||||||
Net loss – continuing operations
|
| | | $ | (25,649) | | | | | $ | (20,090) | | | | | $ | (66,196) | | | | | $ | (39,907) | | |
Net loss – discontinued operations
|
| | | $ | — | | | | | $ | (1,740) | | | | | $ | — | | | | | $ | (3,129) | | |
Net loss
|
| | | $ | (25,649) | | | | | $ | (21,830) | | | | | $ | (66,196) | | | | | $ | (43,036) | | |
Management fees
|
| | | | — | | | | | | 124 | | | | | | 126 | | | | | | 622 | | |
Transaction expenses
|
| | | | 1,320 | | | | | | 903 | | | | | | 10,588 | | | | | | 1,452 | | |
Share-based compensation
|
| | | | 1,114 | | | | | | — | | | | | | 7,825 | | | | | | — | | |
Depreciation and amortization
|
| | | | 14,794 | | | | | | 13,023 | | | | | | 29,560 | | | | | | 25,645 | | |
Interest expense
|
| | | | 13,085 | | | | | | 11,227 | | | | | | 25,428 | | | | | | 21,138 | | |
Loss on extinguishment of convertible notes
|
| | | | — | | | | | | 2,436 | | | | | | — | | | | | | 2,436 | | |
Integration, public company readiness, and close out costs
|
| | | | 5,490 | | | | | | — | | | | | | 6,854 | | | | | | — | | |
Loss from discontinued operations
|
| | | | — | | | | | | 1,740 | | | | | | — | | | | | | 3,129 | | |
Adjusted EBITDA – continuing operations
|
| | | $ | 10,154 | | | | | $ | 7,623 | | | | | $ | 14,185 | | | | | $ | 11,386 | | |
Adjusted EBITDA – discontinued operations
|
| | | $ | — | | | | | $ | 1,212 | | | | | $ | — | | | | | $ | 2,075 | | |
Total Adjusted EBITDA
|
| | | $ | 10,154 | | | | | $ | 6,411 | | | | | $ | 14,185 | | | | | $ | 9,311 | | |
| | |
For the Years Ended
|
| |||||||||
(in thousands)
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||
Net loss
|
| | | $ | (110,426) | | | | | $ | (98,087) | | |
Management fees
|
| | | | 889 | | | | | | 518 | | |
Transaction expenses
|
| | | | 3,826 | | | | | | 988 | | |
Loss on legal settlement
|
| | | | 2,600 | | | | | | — | | |
Change in fair value of contingent consideration
|
| | | | (4,780) | | | | | | (7,081) | | |
Impairment of goodwill
|
| | | | 52,487 | | | | | | 28,802 | | |
Depreciation and amortization
|
| | | | 53,675 | | | | | | 46,475 | | |
Interest expense
|
| | | | 50,477 | | | | | | 37,659 | | |
Loss on extinguishment of convertible notes
|
| | | | 2,436 | | | | | | — | | |
Loss from discontinued operations
|
| | | | 8,851 | | | | | | 3,865 | | |
Adjusted EBITDA
|
| | | $ | 60,035 | | | | | $ | 13,139 | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
July 2,
2022 |
| |
July 3,
2021 |
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue
|
| | | $ | 184,222 | | | | | $ | 130,609 | | | | | $ | 53,613 | | | | | | 41.0% | | |
Costs and Expenses: Cost of revenues
|
| | | | 164,180 | | | | | | 111,828 | | | | | | 52,352 | | | | | | 46.8% | | |
General and administrative (including $1,114 of share-based compensation)
|
| | | | 16,637 | | | | | | 11,396 | | | | | | 5,241 | | | | | | 46.0% | | |
Transaction expense
|
| | | | 1,320 | | | | | | 903 | | | | | | 417 | | | | | | 46.2% | | |
Depreciation and amortization
|
| | | | 14,794 | | | | | | 13,023 | | | | | | 1,771 | | | | | | 13.6% | | |
Total costs and expenses
|
| | | | 196,931 | | | | | | 137,150 | | | | | | 59,781 | | | | | | 43.6% | | |
Loss from operations
|
| | | | (12,709) | | | | | | (6,541) | | | | | | (6,168) | | | | | | 94.3% | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
July 2,
2022 |
| |
July 3,
2021 |
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale/disposal of property and equipment
|
| | | | 145 | | | | | | 114 | | | | | | 31 | | | | | | 27.2% | | |
Interest expense
|
| | | | (13,085) | | | | | | (11,227) | | | | | | (1,858) | | | | | | 16.5% | | |
Loss on extinguishment of convertible notes
|
| | | | — | | | | | | (2,436) | | | | | | 2,436 | | | | | | (100.0)% | | |
Total other expense
|
| | | | (12,940) | | | | | | (13,549) | | | | | | 609 | | | | | | (4.5)% | | |
Net loss from continuing operations
|
| | | | (25,649) | | | | | | (20,090) | | | | | | (5,559) | | | | | | 27.7% | | |
Net loss from discontinued operations
|
| | | | — | | | | | | (1,740) | | | | | | 1,740 | | | | | | (100.0)% | | |
Net loss
|
| | | $ | (25,649) | | | | | $ | (21,830) | | | | | $ | (3,819) | | | | | | 17.5% | | |
|
| | |
For the Six Months Ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
July 2,
2022 |
| |
July 3,
2021 |
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue
|
| | | $ | 332,383 | | | | | $ | 249,722 | | | | | $ | 82,661 | | | | | | 33.1% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 296,285 | | | | | | 215,339 | | | | | | 80,946 | | | | | | 37.6% | | |
General and administrative (including $7,825 of share-based compensation)
|
| | | | 38,778 | | | | | | 23,923 | | | | | | 14,855 | | | | | | 62.1% | | |
Transaction expense
|
| | | | 10,588 | | | | | | 1,452 | | | | | | 9,136 | | | | | | 629.2% | | |
Depreciation and amortization
|
| | | | 29,560 | | | | | | 25,645 | | | | | | 3,915 | | | | | | 15.3% | | |
Total costs and expenses
|
| | | | 375,211 | | | | | | 266,359 | | | | | | 108,852 | | | | | | 40.9% | | |
Loss from operations
|
| | | | (42,828) | | | | | | (16,637) | | | | | | (26,191) | | | | | | 157.4% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale/disposal of property and equipment
|
| | | | 2,060 | | | | | | 304 | | | | | | 1,756 | | | | | | 577.6% | | |
Interest expense
|
| | | | (25,428) | | | | | | (21,138) | | | | | | (4,290) | | | | | | 20.3% | | |
Loss on extinguishment of convertible notes
|
| | | | — | | | | | | (2,436) | | | | | | 2,436 | | | | | | (100.0)% | | |
Total other expense
|
| | | | (23,368) | | | | | | (23,270) | | | | | | (98) | | | | | | 0.4% | | |
Net loss from continuing operations
|
| | | | (66,196) | | | | | | (39,907) | | | | | | (26,289) | | | | | | 65.9% | | |
Net loss from discontinued operations
|
| | | | — | | | | | | (3,129) | | | | | | 3,129 | | | | | | (100.0)% | | |
Net loss
|
| | | $ | (66,196) | | | | | $ | (43,036) | | | | | $ | (23,160) | | | | | | 53.8% | | |
| | |
For the Three Months Ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
July 2,
2022 |
| |
July 3,
2021 |
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 175,173 | | | | | $ | 117,959 | | | | | $ | 57,214 | | | | | | 48.5% | | |
Renewables & Recovery Logistics
|
| | | | 9,049 | | | | | | 12,650 | | | | | | (3,601) | | | | | | (28.5)% | | |
Total revenue
|
| | | $ | 184,222 | | | | | $ | 130,609 | | | | | $ | 53,613 | | | | | | 41.0% | | |
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 17,031 | | | | | $ | 11,202 | | | | | $ | 5,829 | | | | | | 52.0% | | |
Renewables & Recovery Logistics
|
| | | | (601) | | | | | | 1,141 | | | | | | (1,742) | | | | | | (152.7)% | | |
Corporate
|
| | | | (6,276) | | | | | | (4,720) | | | | | | (1,556) | | | | | | 33.0% | | |
Total Adjusted EBITDA – continuing operations
|
| | | $ | 10,154 | | | | | $ | 7,623 | | | | | $ | 2,531 | | | | | | 33.2% | | |
Total Adjusted EBITDA – discontinuing operations
|
| | | | — | | | | | | (1,212) | | | | | | 1,212 | | | | | | (100.0)% | | |
Total Adjusted EBITDA
|
| | | $ | 10,154 | | | | | $ | 6,411 | | | | | $ | 3,743 | | | | | | 58.4% | | |
| | |
For the Six Months Ended
|
| |||||||||||||||||||||
(in thousands)
|
| |
July 2,
2022 |
| |
July 3,
2021 |
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 307,837 | | | | | $ | 224,439 | | | | | $ | 83,398 | | | | | | 37.2% | | |
Renewables & Recovery Logistics
|
| | | | 24,546 | | | | | | 25,283 | | | | | | (737) | | | | | | (2.9)% | | |
Total revenue
|
| | | $ | 332,383 | | | | | $ | 249,722 | | | | | $ | 82,661 | | | | | | 33.1% | | |
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 21,843 | | | | | $ | 16,016 | | | | | $ | 5,827 | | | | | | 36.4% | | |
Renewables & Recovery Logistics
|
| | | | 4,708 | | | | | | 4,019 | | | | | | 689 | | | | | | 17.1% | | |
Corporate
|
| | | | (12,366) | | | | | | (8,649) | | | | | | (3,717) | | | | | | 43.0% | | |
Total Adjusted EBITDA – continuing operations
|
| | | $ | 14,185 | | | | | $ | 11,386 | | | | | $ | 2,799 | | | | | | 24.6% | | |
Total Adjusted EBITDA – discontinuing operations
|
| | | | — | | | | | | (2,075) | | | | | | 2,075 | | | | | | (100.0)% | | |
Total Adjusted EBITDA
|
| | | $ | 14,185 | | | | | $ | 9,311 | | | | | $ | 4,874 | | | | | | 52.3% | | |
| | |
For the Six Months Ended
|
| |||||||||
(in thousands)
|
| |
July 2, 2022
|
| |
July 3, 2021
|
| ||||||
Net cash used in operating activities from continuing operations
|
| | | $ | (58,733) | | | | | $ | (12,157) | | |
Net cash used in investing activities from continuing operations
|
| | | | (62) | | | | | | (21,208) | | |
Net cash provided by financing activities from continuing operations
|
| | | | 57,696 | | | | | | 73,262 | | |
Effect of foreign currency exchange rate (translation) on cash
|
| | | | (310) | | | | | | (13) | | |
Net (decrease) increase in cash
|
| | | $ | (1,423) | | | | | $ | 37,628 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue
|
| | | $ | 612,241 | | | | | $ | 656,524 | | | | | $ | (44,283) | | | | | | (6.7)% | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 502,688 | | | | | | 597,583 | | | | | | (94,895) | | | | | | (15.9)% | | |
General and administrative
|
| | | | 50,994 | | | | | | 47,049 | | | | | | 3,945 | | | | | | 8.4% | | |
Transaction expenses
|
| | | | 3,826 | | | | | | 988 | | | | | | 2,838 | | | | | | 287.2% | | |
Loss on legal settlement
|
| | | | 2,600 | | | | | | — | | | | | | 2,600 | | | | | | 100.0% | | |
Change in fair value of contingent consideration
|
| | | | (4,780) | | | | | | (7,081) | | | | | | 2,301 | | | | | | (32.5)% | | |
Impairment of goodwill
|
| | | | 52,487 | | | | | | 28,802 | | | | | | 23,685 | | | | | | 82.2% | | |
Depreciation and amortization
|
| | | | 53,675 | | | | | | 46,475 | | | | | | 7,200 | | | | | | 15.5% | | |
Total costs and expenses
|
| | | | 661,490 | | | | | | 713,816 | | | | | | (52,326) | | | | | | (7.3)% | | |
Loss from operations
|
| | | | (49,249) | | | | | | (57,292) | | | | | | 8,043 | | | | | | (14.0)% | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale/disposal of property and equipment
|
| | | | 587 | | | | | | 729 | | | | | | (142) | | | | | | (19.5)% | | |
Interest expense
|
| | | | (50,477) | | | | | | (37,659) | | | | | | (12,818) | | | | | | 34.0% | | |
Loss on extinguishment of convertible notes
|
| | | | (2,436) | | | | | | — | | | | | | (2,436) | | | | | | (100.0)% | | |
Total other expense
|
| | | | (52,326) | | | | | | (36,930) | | | | | | (15,396) | | | | | | 41.7% | | |
Loss from continuing operations
|
| | | | (101,575) | | | | | | (94,222) | | | | | | (7,353) | | | | | | 7.8% | | |
Loss from discontinued operations
|
| | | | (8,851) | | | | | | (3,865) | | | | | | (4,986) | | | | | | 129.0% | | |
Net loss
|
| | | $ | (110,426) | | | | | $ | (98,087) | | | | | $ | 12,339 | | | | | | 12.6% | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 498,221 | | | | | $ | 587,614 | | | | | $ | (89,393) | | | | | | (15.2)% | | |
Renewables & Recovery Logistics
|
| | | | 114,020 | | | | | | 68,910 | | | | | | 45,110 | | | | | | 65.5% | | |
Total revenue
|
| | | $ | 612,241 | | | | | $ | 656,524 | | | | | $ | (44,283) | | | | | | (6.7)% | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
($)
Change |
| |
(%)
Change |
| ||||||||||||
Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | | | | |
Telecom
|
| | | $ | 32,542 | | | | | $ | 2,409 | | | | | $ | 30,133 | | | | | | 1,250.9% | | |
Renewables & Recovery Logistics
|
| | | | 44,869 | | | | | | 28,943 | | | | | | 15,926 | | | | | | 55.0% | | |
Corporate
|
| | | | (17,376) | | | | | | (18,213) | | | | | | 837 | | | | | | (4.6)% | | |
Total Adjusted EBITDA
|
| | | $ | 60,035 | | | | | $ | 13,139 | | | | | $ | 46,896 | | | | | | 356.9% | | |
|
| | |
For the Six Months Ended
|
| |||||||||
(in thousands)
|
| |
July 2, 2022
|
| |
July 3, 2021
|
| ||||||
Net cash used in operating activities from continuing operations
|
| | | $ | (58,733) | | | | | $ | (12,157) | | |
Net cash used in investing activities from continuing operations
|
| | | | (62) | | | | | | (21,208) | | |
Net cash provided by financing activities from continuing operations
|
| | | | 57,696 | | | | | | 73,262 | | |
Effect of foreign currency exchange rate (translation) on cash
|
| | | | (310) | | | | | | (13) | | |
Net (decrease) increase in cash
|
| | | $ | (1,423) | | | | | $ | 37,628 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net cash (used in) provided by operating Activities from continuing operations
|
| | | $ | (17,011) | | | | | $ | 14,557 | | |
Net cash used in investing activities from continuing operations
|
| | | | (48,030) | | | | | | (3,927) | | |
Net cash provided by (used in) financing Activities from continuing operations
|
| | | | 66,119 | | | | | | (8,751) | | |
Effect of foreign currency exchange rate (translation) on cash
|
| | | | 83 | | | | | | 59 | | |
Net increase (decrease) in cash
|
| | | $ | 1,982 | | | | | $ | (159) | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than 1 Year
|
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than 5 Years
|
| |||||||||||||||
Line of credit
|
| | | $ | 87,633 | | | | | $ | — | | | | | $ | 87,633 | | | | | $ | — | | | | | $ | — | | |
Term loan
|
| | | | 351,481 | | | | | | 9,564 | | | | | | 19,128 | | | | | | 322,789 | | | | | | — | | |
Convertible notes
|
| | | | 74,968 | | | | | | 74,968 | | | | | | — | | | | | | — | | | | | | — | | |
Capital lease obligations
|
| | | | 35,163 | | | | | | 13,760 | | | | | | 17,495 | | | | | | 3,837 | | | | | | 71 | | |
Operating leases
|
| | | | 32,066 | | | | | | 9,699 | | | | | | 12,213 | | | | | | 5,030 | | | | | | 5,124 | | |
Acquisition debt
|
| | | | 34,718 | | | | | | 34,718 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 616,029 | | | | | $ | 142,709 | | | | | $ | 136,469 | | | | | $ | 331,656 | | | | | $ | 5,195 | | |
Name
|
| |
Age
|
| |
Position
|
|
Christopher S. Hisey | | |
57
|
| |
Chief Executive Officer and Director
|
|
Elizabeth Downey | | |
52
|
| | Chief Administrative Officer | |
Michael B. Williams | | |
45
|
| | Chief Business Officer | |
Adam Spittler | | |
43
|
| | Chief Financial Officer | |
Andrew Weinberg | | |
48
|
| | Chairman | |
Matthew Allard | | |
50
|
| | Director | |
Roger Bulloch | | |
49
|
| | Director | |
Sam Chawla | | |
47
|
| | Director | |
Jigisha Desai | | |
56
|
| | Director | |
Maha Eltobgy | | |
51
|
| | Director | |
Daniel Lafond | | |
53
|
| | Director | |
Sam Totusek | | |
31
|
| | Director | |
| | |
Shares Beneficially
Owned Prior to the Offering |
| |
Shares
Being Offered |
| |
Warrants
Being Offered |
| |
Shares
Beneficially Owned After the Offering |
| ||||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares
|
| |
%(1)
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||
Byron Roth(1)
|
| | | | 490,055 | | | | | | 2.0% | | | | | | 490,055 | | | | | | 52,938 | | | | | | — | | | | | | — | | |
Aaron M. Gurewitz, as Trustee of the AMG Trust established January 23, 2007(2)
|
| | | | 130,683 | | | | | | * | | | | | | 130,683 | | | | | | 41,783 | | | | | | — | | | | | | — | | |
Gordon J. Roth(3)
|
| | | | 100,960 | | | | | | * | | | | | | 100,960 | | | | | | 11,143 | | | | | | — | | | | | | — | | |
John Lipman(4)
|
| | | | 764,569 | | | | | | 3.1% | | | | | | 764,569 | | | | | | 65,188 | | | | | | — | | | | | | — | | |
Andrew Costa(5)
|
| | | | 75,000 | | | | | | * | | | | | | 75,000 | | | | | | — | | | | | | — | | | | | | — | | |
Theodore Roth(6)
|
| | | | 57,172 | | | | | | * | | | | | | 57,172 | | | | | | 4,874 | | | | | | — | | | | | | — | | |
Daniel M. Friedberg(7)
|
| | | | 43,983 | | | | | | * | | | | | | 43,983 | | | | | | 3,750 | | | | | | — | | | | | | — | | |
Adam Rothstein(8)
|
| | | | 43,983 | | | | | | * | | | | | | 43,983 | | | | | | 3,750 | | | | | | — | | | | | | — | | |
Sam Chawla(9)
|
| | | | 99,694 | | | | | | * | | | | | | 99,694 | | | | | | 8,500 | | | | | | — | | | | | | — | | |
James Gold(10)
|
| | | | 99,694 | | | | | | * | | | | | | 99,694 | | | | | | 8,500 | | | | | | — | | | | | | — | | |
Molly Hemmeter(11)
|
| | | | 43,983 | | | | | | * | | | | | | 43,983 | | | | | | 3,750 | | | | | | — | | | | | | — | | |
Mike Anderson(12)
|
| | | | 48,963 | | | | | | * | | | | | | 48,963 | | | | | | 4,175 | | | | | | — | | | | | | — | | |
| | |
Shares Beneficially
Owned Prior to the Offering |
| |
Shares
Being Offered |
| |
Warrants
Being Offered |
| |
Shares
Beneficially Owned After the Offering |
| ||||||||||||||||||||||||
Name of Selling Stockholder
|
| |
Shares
|
| |
%(1)
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||||||||
Christian Schwab(13)
|
| | | | 24,481 | | | | | | * | | | | | | 24,481 | | | | | | 2,087 | | | | | | — | | | | | | — | | |
Donald Ryan Hultstrand(14)
|
| | | | 73,446 | | | | | | * | | | | | | 73,446 | | | | | | 6,263 | | | | | | — | | | | | | — | | |
Steve Dyer(15)
|
| | | | 48,963 | | | | | | * | | | | | | 48,963 | | | | | | 4,175 | | | | | | — | | | | | | — | | |
George Sutton(16)
|
| | | | 48,963 | | | | | | * | | | | | | 48,963 | | | | | | 4,175 | | | | | | — | | | | | | — | | |
Brad Baker(17)
|
| | | | 97,926 | | | | | | * | | | | | | 97,926 | | | | | | 8,349 | | | | | | — | | | | | | — | | |
Dan Kapke(18)
|
| | | | 24,481 | | | | | | * | | | | | | 24,481 | | | | | | 2,087 | | | | | | — | | | | | | — | | |
William F. Hartfiel III(19)
|
| | | | 97,926 | | | | | | * | | | | | | 97,926 | | | | | | 8,349 | | | | | | — | | | | | | — | | |
Kevin Harris(20)
|
| | | | 97,926 | | | | | | * | | | | | | 97,926 | | | | | | 8,349 | | | | | | — | | | | | | — | | |
James Zavoral(21)
|
| | | | 48,963 | | | | | | * | | | | | | 48,963 | | | | | | 4,175 | | | | | | — | | | | | | — | | |
Lou Ellis(22)
|
| | | | 9,076 | | | | | | * | | | | | | 9,076 | | | | | | 774 | | | | | | — | | | | | | — | | |
Nazan Akdeniz(23)
|
| | | | 9,076 | | | | | | * | | | | | | 9,076 | | | | | | 774 | | | | | | — | | | | | | — | | |
Matthew Day(24)
|
| | | | 14,093 | | | | | | * | | | | | | 14,093 | | | | | | — | | | | | | — | | | | | | — | | |
CR Financial Holdings(25)
|
| | | | 620,899 | | | | | | 2.5% | | | | | | 620,899 | | | | | | 52,938 | | | | | | — | | | | | | — | | |
Roth Capital Partners, LLC(26)
|
| | | | 22,125 | | | | | | * | | | | | | 22,125 | | | | | | 9,482 | | | | | | — | | | | | | — | | |
Rx3, LLC(27)
|
| | | | 199,389 | | | | | | * | | | | | | 199,389 | | | | | | 17,000 | | | | | | — | | | | | | — | | |
Craig-Hallum Capital Group LLC(28)
|
| | | | 152,531 | | | | | | * | | | | | | 152,531 | | | | | | 13,005 | | | | | | — | | | | | | — | | |
Name of Selling Noteholder
|
| |
2027 Convertible Notes
Beneficially Owned Prior to this Offering |
| |
Principal
Amount of 2027 Convertible Notes to be sold in this offering |
| |
Shares of Class A
Common Stock Issuable Upon Conversion of the Principal Amount of 2027 Convertible Notes That May be Sold(1) |
| |
2027
Convertible Notes Beneficially Owned After this Offering |
| ||||||||||||||||||
|
Principal
Amount of 2027 Convertible Notes |
| |
%
|
| ||||||||||||||||||||||||||
CVI Investments, Inc.(2)
|
| | | $ | 5,000,000.00 | | | | | | 4.01% | | | | | $ | 5,000,000.00 | | | | | | 1,247,304 | | | | | | — | | |
DS Liquid Div RVA MON LLC(3)
|
| | | $ | 1,688,000.00 | | | | | | 1.35% | | | | | $ | 1,688,000.00 | | | | | | 421,089 | | | | | | — | | |
Monashee Solitario Fund LP(3)
|
| | | $ | 2,812,000.00 | | | | | | 2.25% | | | | | $ | 2,812,000.00 | | | | | | 701,484 | | | | | | — | | |
Granite Point Capital Master
Fund, LP(4) |
| | | $ | 1,000,000.00 | | | | | | * | | | | | $ | 1,000,000.00 | | | | | | 249,460 | | | | | | — | | |
Granite Point Capital Scorpion Focused Ideas Fund(4)
|
| | | $ | 500,000.00 | | | | | | * | | | | | $ | 500,000.00 | | | | | | 124,730 | | | | | | — | | |
Arieh Coll(5)
|
| | | $ | 2,000,000.00 | | | | | | 1.60% | | | | | $ | 2,000,000.00 | | | | | | 498,921 | | | | | | — | | |
David S. Zelman(6)
|
| | | $ | 500,000.00 | | | | | | * | | | | | $ | 500,000.00 | | | | | | 124,730 | | | | | | — | | |
Daniel Alpert Trust UAD
12/27/90(7)(8) |
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Falan Harriman Alpert(8)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Hillary Alpert(8)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Robert Alpert(8)
|
| | | $ | 350,000.00 | | | | | | * | | | | | $ | 350,000.00 | | | | | | 87,311 | | | | | | — | | |
Eric Andell(8)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
George Ball(8)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Mia Scarlet Batistick 2016 Trust UAD 12/23/16(8)(9)
|
| | | $ | 20,000.00 | | | | | | * | | | | | $ | 20,000.00 | | | | | | 4,989 | | | | | | — | | |
Jim Berger(8)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Name of Selling Noteholder
|
| |
2027 Convertible Notes
Beneficially Owned Prior to this Offering |
| |
Principal
Amount of 2027 Convertible Notes to be sold in this offering |
| |
Shares of Class A
Common Stock Issuable Upon Conversion of the Principal Amount of 2027 Convertible Notes That May be Sold(1) |
| |
2027
Convertible Notes Beneficially Owned After this Offering |
| ||||||||||||||||||
|
Principal
Amount of 2027 Convertible Notes |
| |
%
|
| ||||||||||||||||||||||||||
Katherine Bousquet Cain(8)
|
| | | $ | 20,000.00 | | | | | | * | | | | | $ | 20,000.00 | | | | | | 4,989 | | | | | | — | | |
Eileen V. Christmas(8)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
James W. Christmas(8)
|
| | | $ | 500,000.00 | | | | | | * | | | | | $ | 500,000.00 | | | | | | 124,730 | | | | | | — | | |
Daniel J. Clark(8)
|
| | | $ | 300,000.00 | | | | | | * | | | | | $ | 300,000.00 | | | | | | 74,838 | | | | | | — | | |
Sheldrake Holdings LLC(8)(10)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
William Roger Clemens & Debbie Lynn
Clemens JT WROS(8) |
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Morton A. Cohn Private Equity(8)
|
| | | $ | 200,000.00 | | | | | | * | | | | | $ | 200,000.00 | | | | | | 49,892 | | | | | | — | | |
Eileen Colgin 2015 Grandchildren’s TRU UAD 12/03/15(8)(11)
|
| | | $ | 30,000.00 | | | | | | * | | | | | $ | 30,000.00 | | | | | | 7,483 | | | | | | — | | |
Kirk L. Covington(8)
|
| | | $ | 300,000.00 | | | | | | * | | | | | $ | 300,000.00 | | | | | | 74,838 | | | | | | — | | |
Summer Lynn Cunningham 2015 Children’s Trust(8)(12)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Dillard Group of Texas LTD(8)(13)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Dillco Inc.(8)(14)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Luke J. Drury Non-Exempt
Trust(8)(15) |
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Matthew J. Drury Non-Exempt Trust(8)(16)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Tanya J. Drury(8)
|
| | | $ | 500,000.00 | | | | | | * | | | | | $ | 500,000.00 | | | | | | 124,730 | | | | | | — | | |
Tanya Jo Drury Trust(8)(17)
|
| | | $ | 400,000.00 | | | | | | * | | | | | $ | 400,000.00 | | | | | | 99,784 | | | | | | — | | |
Leigh Ellis & Mimi G. Ellis
JTWROS(8) |
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Diego Fernandez & Mallory Fernandez
JT TEN |
| | | $ | 20,000.00 | | | | | | * | | | | | $ | 20,000.00 | | | | | | 4,989 | | | | | | — | | |
Vincent D. Foster(8)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Ariana J. Gale 2006 Trust DTD
03/26/2006(8)(18) |
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
James Gale(8)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Russell Hardin Jr.(8)
|
| | | $ | 300,000.00 | | | | | | * | | | | | $ | 300,000.00 | | | | | | 74,838 | | | | | | — | | |
Steve Harter(8)
|
| | | $ | 200,000.00 | | | | | | * | | | | | $ | 200,000.00 | | | | | | 49,892 | | | | | | — | | |
Wolf Canyon LTD – Special(8) (19)
|
| | | $ | 200,000.00 | | | | | | * | | | | | $ | 200,000.00 | | | | | | 49,892 | | | | | | — | | |
Keenan Limited Partnership(8)(20)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Kosberg Holdings LLC(8)(21)
|
| | | $ | 500,000.00 | | | | | | * | | | | | $ | 500,000.00 | | | | | | 124,730 | | | | | | — | | |
Kevin Matocha & Sarah Matocha(8)
|
| | | $ | 75,000.00 | | | | | | * | | | | | $ | 75,000.00 | | | | | | 18,709 | | | | | | — | | |
Paul Mitcham(8)
|
| | | $ | 250,000.00 | | | | | | * | | | | | $ | 250,000.00 | | | | | | 62,365 | | | | | | — | | |
Michael Mitchell(8)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Gary Petersen(8)
|
| | | $ | 300,000.00 | | | | | | * | | | | | $ | 300,000.00 | | | | | | 74,838 | | | | | | — | | |
Christine M. Patterson(8)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Name of Selling Noteholder
|
| |
2027 Convertible Notes
Beneficially Owned Prior to this Offering |
| |
Principal
Amount of 2027 Convertible Notes to be sold in this offering |
| |
Shares of Class A
Common Stock Issuable Upon Conversion of the Principal Amount of 2027 Convertible Notes That May be Sold(1) |
| |
2027
Convertible Notes Beneficially Owned After this Offering |
| ||||||||||||||||||
|
Principal
Amount of 2027 Convertible Notes |
| |
%
|
| ||||||||||||||||||||||||||
Proto Investments Ltd.(8)(22)
|
| | | $ | 150,000.00 | | | | | | * | | | | | $ | 150,000.00 | | | | | | 37,419 | | | | | | — | | |
Russell Hardin Jr. Grandchildren’s TRU UAD 12/03/15(8)(23)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Nolan Ryan(8)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Don A. Sanders Children’s Trust DTD
2003(8)(24) |
| | | $ | 300,000.00 | | | | | | * | | | | | $ | 300,000.00 | | | | | | 74,838 | | | | | | — | | |
2009 Sanders Children’s Trust UAD 10/21/09 FBO Christopher Collmer(8)(25)
|
| | | $ | 30,000.00 | | | | | | * | | | | | $ | 30,000.00 | | | | | | 7,483 | | | | | | — | | |
2009 Sanders Children’s Trust UAD 10/21/09 FBO Chelsea
Collmer(8)(26) |
| | | $ | 40,000.00 | | | | | | * | | | | | $ | 40,000.00 | | | | | | 9,978 | | | | | | — | | |
Albert Sanders Keller TR U/T/D 02/11/97(8)(27)
|
| | | $ | 50,000.00 | | | | | | * | | | | | $ | 50,000.00 | | | | | | 12,473 | | | | | | — | | |
Sela Rivas Sanders 2003 U/A/D 06/16/03(8)(28)
|
| | | $ | 40,000.00 | | | | | | * | | | | | $ | 40,000.00 | | | | | | 9,978 | | | | | | — | | |
Nolan Bradly Sanders 2005 U/A/D 06/16/03(8)(29)
|
| | | $ | 40,000.00 | | | | | | * | | | | | $ | 40,000.00 | | | | | | 9,978 | | | | | | | | |
Don A. Sanders(8)
|
| | | $ | 650,000.00 | | | | | | * | | | | | $ | 650,000.00 | | | | | | 162,149 | | | | | | — | | |
Katherine U. Sanders(8)
|
| | | $ | 650,000.00 | | | | | | * | | | | | $ | 650,000.00 | | | | | | 162,149 | | | | | | — | | |
Laura K. Sanders(8)
|
| | | $ | 400,000.00 | | | | | | * | | | | | $ | 400,000.00 | | | | | | 99,784 | | | | | | — | | |
Quincy Catalina Sanders 2009
TR(8)(30) |
| | | $ | 40,000.00 | | | | | | * | | | | | $ | 40,000.00 | | | | | | 9,978 | | | | | | — | | |
Andrew Schatte & Annette Schatte JT TEN(8)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
Steve Scott(8)
|
| | | $ | 400,000.00 | | | | | | * | | | | | $ | 400,000.00 | | | | | | 99,784 | | | | | | — | | |
Melanie E. Shaw 2015 Children’s Trust
UAD 12/07/15(8)(31) |
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Shawn Paul Kettler 2015 Children’s Trusts UAD 12/07/15(8)(32)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
A. Haag Sherman(8)
|
| | | $ | 125,000.00 | | | | | | * | | | | | $ | 125,000.00 | | | | | | 31,182 | | | | | | — | | |
Julia Grace Sherman Trust UAD 03/11/01(8)(33)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Carson Alaina Sherman Trust UAD 03/11/01(8)(34)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Janet E. Sikes(8)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Howard Silverman & Phyllis Silverman
TEN COM(8) |
| | | $ | 200,000.00 | | | | | | * | | | | | $ | 200,000.00 | | | | | | 49,892 | | | | | | — | | |
Craig Smith & Lisa Smith JTWROS
|
| | | $ | 125,000.00 | | | | | | * | | | | | $ | 125,000.00 | | | | | | 31,182 | | | | | | — | | |
Platinum Business Investment(8)(35)
|
| | | $ | 400,000.00 | | | | | | * | | | | | $ | 400,000.00 | | | | | | 99,784 | | | | | | — | | |
Matthew Swarts(8)
|
| | | $ | 25,000.00 | | | | | | * | | | | | $ | 25,000.00 | | | | | | 6,236 | | | | | | — | | |
Name of Selling Noteholder
|
| |
2027 Convertible Notes
Beneficially Owned Prior to this Offering |
| |
Principal
Amount of 2027 Convertible Notes to be sold in this offering |
| |
Shares of Class A
Common Stock Issuable Upon Conversion of the Principal Amount of 2027 Convertible Notes That May be Sold(1) |
| |
2027
Convertible Notes Beneficially Owned After this Offering |
| ||||||||||||||||||
|
Principal
Amount of 2027 Convertible Notes |
| |
%
|
| ||||||||||||||||||||||||||
Tanglewood Family LTD Partnership(8)(36)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
David Towery(8)
|
| | | $ | 100,000.00 | | | | | | * | | | | | $ | 100,000.00 | | | | | | 24,946 | | | | | | — | | |
John Whitmire(8)
|
| | | $ | 75,000.00 | | | | | | * | | | | | $ | 75,000.00 | | | | | | 18,709 | | | | | | — | | |
John Whitmire Campaign(8)
|
| | | $ | 200,000.00 | | | | | | * | | | | | $ | 200,000.00 | | | | | | 49,892 | | | | | | — | | |
John Harris Whitmire 2015 Grandchildren’s Trust(8)(37)
|
| | | $ | 30,000.00 | | | | | | * | | | | | $ | 30,000.00 | | | | | | 7,483 | | | | | | — | | |
John W. Johnson(8)
|
| | | $ | 250,000.00 | | | | | | * | | | | | $ | 250,000.00 | | | | | | 62,365 | | | | | | — | | |
BCP QualTek, LLC(38)
|
| | | $ | 10,000,000.00 | | | | | | 8.02% | | | | | $ | 10,000,000.00 | | | | | | 2,494,609 | | | | | | — | | |
Drawbridge DSO Securities LLC(39)
|
| | | $ | 40,000,000.00 | | | | | | 32.08% | | | | | $ | 40,000,000.00 | | | | | | 9,978,436 | | | | | | — | | |
Fortress Lending II Holdings L.P.(40)
|
| | | $ | 26,575,000.00 | | | | | | 21.31% | | | | | $ | 26,575,000.00 | | | | | | 6,629,423 | | | | | | — | | |
Fortress Lending Fund II
MA-CRPTF LP(41) |
| | | $ | 2,790,000.00 | | | | | | 2.24% | | | | | $ | 2,790,000.00 | | | | | | 695,995 | | | | | | — | | |
Fortress Lending III Holdings
L.P. (42) |
| | | $ | 20,635,000.00 | | | | | | 16.50% | | | | | $ | 20,635,000.00 | | | | | | 5,147,625 | | | | | | — | | |
Total Leverage Ratio (as defined in the Indenture)
|
| |
Applicable Interest Rate
(as defined in the Indenture) |
| |||
Less than 4.5x
|
| | | | 9.50% | | |
4.5x or greater but less than 5.0x
|
| | | | 10.00% | | |
5.0x or greater but less than 5.25x
|
| | | | 10.75% | | |
5.25x or greater
|
| | | | 11.75% | | |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the open of business on the Record Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable; |
CR1
|
=
|
the Conversion Rate in effect immediately after the open of business on such Record Date or Effective Date, as applicable; |
OS0
|
=
|
the number of shares of Class A Common Stock outstanding immediately prior to the open of business on such Record Date or Effective Date, as applicable, before giving effect to such dividend, distribution, share split or share combination; and |
OS1
|
=
|
the number of shares of Class A Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination, as applicable. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the open of business on the Record Date for such issuance; |
CR1
|
=
|
the Conversion Rate in effect immediately after the open of business on such Record Date; |
OS0
|
=
|
the number of shares of Class A Common Stock outstanding immediately prior to the open of business on such Record Date; |
X
|
=
|
the total number of shares of Class A Common Stock issuable pursuant to such rights, options or warrants; and |
Y
|
=
|
the number of shares of Class A Common Stock equal to (i) the aggregate price payable to exercise such rights, options or warrants, divided by (ii) the average of the Last Reported Sale Prices of the Class A Common Stock over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the open of business on the Record Date for such distribution; |
CR1
|
=
|
the Conversion Rate in effect immediately after the open of business on such Record Date; |
SP0
|
=
|
the average of the Last Reported Sale Prices of the Class A Common Stock over the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Record Date for such distribution; and |
FMV
|
=
|
the fair market value (as determined by the Board in good faith) of the Distributed Property with respect to each outstanding share of the Class A Common Stock on the Record Date for such distribution. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the end of the Valuation Period; |
CR1
|
=
|
the Conversion Rate in effect immediately after the end of the Valuation Period; |
FMV0
|
=
|
the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Class A Common Stock applicable to one share of the Class A Common Stock (determined by reference to the definition of Last Reported Sale Price as set forth in the Definitions section of the Indenture as if references therein to Class A Common Stock were to such Capital Stock or similar equity interest) over the first ten (10) consecutive Trading Day period after, and including, the Record Date of the Spin-Off (the “Valuation Period”); and |
MP0
|
=
|
the average of the Last Reported Sale Prices of the Class A Common Stock over the Valuation Period. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the open of business on the Record Date for such dividend or distribution; |
CR1
|
=
|
the Conversion Rate in effect immediately after the open of business on the Record Date for such dividend or distribution; |
SP0
|
=
|
the Last Reported Sale Price of the Class A Common Stock on the Trading Day immediately preceding the Record Date for such dividend or distribution; and |
C
|
=
|
the amount in cash per share the Company distributes to all or substantially all holders of the Class A Common Stock. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the close of business on the tenth (10th) Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires (the date such tender offer or exchange offer expires, the “Expiration Date”); |
CR1
|
=
|
the Conversion Rate in effect immediately after the close of business on the tenth (10th) Trading Day immediately following, and including, the Trading Day next succeeding the Expiration Date; |
AC
|
=
|
the aggregate value of all cash and any other consideration (as determined by the Board in good faith) paid or payable for shares of Class A Common Stock purchased in such tender or exchange offer; |
OS0
|
=
|
the number of shares of Class A Common Stock outstanding immediately prior to the Expiration Date (prior to giving effect to the purchase of all shares of Class A Common Stock accepted for purchase or exchange in such tender or exchange offer); |
OS1
|
=
|
the number of shares of Class A Common Stock outstanding immediately after the Expiration Date (after giving effect to the purchase of all shares of Class A Common Stock accepted for purchase or exchange in such tender or exchange offer); and |
SP1
|
=
|
the average of the Last Reported Sale Prices of the Class A Common Stock over the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Expiration Date. |
CR0
|
=
|
the Conversion Rate in effect immediately prior to the close of business on the Trading Day immediately preceding the Reset Date; |
CR1
|
=
|
the Conversion Rate in effect immediately after the open of business on Reset Date; |
ACP
|
=
|
the Applicable Conversion Price. |
Name and Address of Beneficial Owners(1)
|
| |
Number of Shares
of Class A Common Stock |
| |
Number of Shares
of Class B Common Stock(2) |
| |
Percentage
Of Common Stock Beneficially Owned |
| |||||||||
5% Holders | | | | | | | | | | | | | | | | | | | |
BCP GP Investors, LLC(3)(4)
|
| | | | 12,673,939 | | | | | | 13,939,005 | | | | | | 52.07% | | |
QualTek Management HoldCo, LLC(5)
|
| | | | — | | | | | | 4,825,893 | | | | | | 9.44% | | |
Victoria Partners L.P.
|
| | | | — | | | | | | 2,656,250 | | | | | | 5.20% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | |
Christopher S. Hisey(5)(6)
|
| | | | 96,250 | | | | | | 4,825,893 | | | | | | 9.63% | | |
Elizabeth Downey(7)
|
| | | | 40,500 | | | | | | — | | | | | | * | | |
Michael B. Williams(8)
|
| | | | 31,250 | | | | | | — | | | | | | * | | |
Adam Spittler(9)
|
| | | | 56,500 | | | | | | — | | | | | | * | | |
Andrew Weinberg(3)(4)
|
| | | | 12,673,939 | | | | | | 13,939,005 | | | | | | 52.07% | | |
| BCP QualTek HoldCo, LLC — Consolidated Financial Statements | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| QualTek Services Inc. — Condensed Consolidated Financial Statements (Unaudited) | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
Notes to Condensed Consolidated Financial Statements (Unaudited)
|
| |
F-32
|
|
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 606 | | | | | $ | 76 | | |
Accounts receivable, net of allowance
|
| | | | 201,845 | | | | | | 174,797 | | |
Inventories, net
|
| | | | 5,409 | | | | | | 5,765 | | |
Prepaid expenses
|
| | | | 12,140 | | | | | | 3,459 | | |
Other current assets
|
| | | | 2,021 | | | | | | 1,592 | | |
Current assets of discontinued operations
|
| | | | 4,502 | | | | | | 6,534 | | |
Total current assets
|
| | | | 226,523 | | | | | | 192,223 | | |
Property and equipment, net
|
| | | | 50,682 | | | | | | 33,794 | | |
Intangible assets, net
|
| | | | 364,174 | | | | | | 345,816 | | |
Goodwill
|
| | | | 28,723 | | | | | | 58,522 | | |
Other long-term assets
|
| | | | 1,657 | | | | | | 1,241 | | |
Non-current assets of discontinued operations
|
| | | | — | | | | | | 9,272 | | |
Total assets
|
| | | $ | 671,759 | | | | | $ | 640,868 | | |
Liabilities and (Deficit) / Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations
|
| | | $ | 127,375 | | | | | $ | 27,249 | | |
Current portion of contingent consideration
|
| | | | 9,299 | | | | | | 9,968 | | |
Accounts payable
|
| | | | 60,726 | | | | | | 55,749 | | |
Accrued expenses
|
| | | | 52,986 | | | | | | 65,172 | | |
Contract liabilities
|
| | | | 14,773 | | | | | | 14,945 | | |
Current liabilities of discontinued operations
|
| | | | 2,048 | | | | | | 3,365 | | |
Total current liabilities
|
| | | | 267,207 | | | | | | 176,448 | | |
Capital lease obligations, net of current portion
|
| | | | 19,851 | | | | | | 15,959 | | |
Long-term debt, net of current portion and deferred financing fees
|
| | | | 418,813 | | | | | | 397,464 | | |
Contingent consideration, net of current portion
|
| | | | 21,457 | | | | | | 8,161 | | |
Distributions payable
|
| | | | 11,409 | | | | | | 11,409 | | |
Non-current liabilities of discontinued operations
|
| | | | — | | | | | | 1,793 | | |
Total liabilities
|
| | | | 738,737 | | | | | | 611,234 | | |
Commitments and contingencies (Notes 8 and 12) | | | | | | | | | | | | | |
(Deficit) / Equity: | | | | | | | | | | | | | |
Preferred shares, 25,000 shares authorized, issued and outstanding as of December 31, 2020
|
| | | | — | | | | | | 25,000 | | |
Class A common stock, $0.0001 par value; 500,000,000 shares authorized,
11,923,941 and 10,989,751 shares issued and outstanding as of December 31, 2021 and 2020, respectively |
| | | | 1 | | | | | | 1 | | |
Class B common stock, $0.0001 par value; 500,000,000 shares authorized,
13,085,488 and 11,173,776 shares issued and outstanding as of December 31, 2021 and 2020, respectively |
| | | | 1 | | | | | | 1 | | |
Additional paid in capital
|
| | | | 252,593 | | | | | | 208,322 | | |
Accumulated deficit
|
| | | | (320,080) | | | | | | (204,086) | | |
Accumulated other comprehensive income
|
| | | | 507 | | | | | | 396 | | |
Total (deficit) / equity
|
| | | | (66,978) | | | | | | 29,634 | | |
Total liabilities and equity
|
| | | $ | 671,759 | | | | | $ | 640,868 | | |
| | |
For the Years Ended
December 31, |
| | |||||||||||
| | |
2021
|
| |
2020
|
| | ||||||||
Revenue
|
| | | $ | 612,241 | | | | | $ | 656,524 | | | | ||
Costs and expenses: | | | | | | | | | | | | | | | ||
Cost of revenues
|
| | | | 502,688 | | | | | | 597,583 | | | | ||
General and administrative
|
| | | | 50,994 | | | | | | 47,049 | | | | ||
Transaction expenses
|
| | | | 3,826 | | | | | | 988 | | | | ||
Loss on legal settlement
|
| | | | 2,600 | | | | | | — | | | | ||
Change in fair value of contingent consideration
|
| | | | (4,780) | | | | | | (7,081) | | | | ||
Impairment of goodwill
|
| | | | 52,487 | | | | | | 28,802 | | | | ||
Depreciation and amortization
|
| | | | 53,675 | | | | | | 46,475 | | | | ||
Total costs and expenses
|
| | | | 661,490 | | | | | | 713,816 | | | | ||
Loss from operations
|
| | | | (49,249) | | | | | | (57,292) | | | | ||
Other income (expense): | | | | | | | | | | | | | | | ||
Gain on sale/ disposal of property and equipment
|
| | | | 587 | | | | | | 729 | | | | ||
Interest expense
|
| | | | (50,477) | | | | | | (37,659) | | | | ||
Loss on extinguishment of convertible notes
|
| | | | (2,436) | | | | | | — | | | | ||
Total other expense
|
| | | | (52,326) | | | | | | (36,930) | | | | ||
Loss from continuing operations
|
| | | | (101,575) | | | | | | (94,222) | | | | ||
Loss from discontinued operations
|
| | | | (8,851) | | | | | | (3,865) | | | | ||
Net loss
|
| | | | (110,426) | | | | | | (98,087) | | | | ||
Other comprehensive income (loss): | | | | | | | | | | | | | | | ||
Foreign currency translation adjustments
|
| | | | 111 | | | | | | 239 | | | | ||
Comprehensive loss
|
| | | $ | (110,315) | | | | | $ | (97,848) | | | | ||
Denominator | | | | | | | | | | | | | | | | |
Weighted average Class A common shares outstanding – basic and diluted
|
| | | | 11,859,955 | | | | | | 10,989,751 | | | | ||
Loss per share from continuing operations – basic and diluted
|
| | | $ | (8.70) | | | | | $ | (8.87) | | | | ||
Loss per share from discontinued operations – basic and diluted
|
| | | $ | (0.75) | | | | | $ | (0.35) | | | | ||
Net loss per share – basic and diluted
|
| | | $ | (9.45) | | | | | $ | (9.22) | | | |
| | |
Preferred Shares
|
| |
Class A Shares
|
| |
Class B Shares
|
| |
Additional
Paid- in-Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2020
|
| | | | 25,000 | | | | | $ | 25,000 | | | | | | 10,989,751 | | | | | $ | 1 | | | | | | 11,173,776 | | | | | $ | 1 | | | | | $ | 208,322 | | | | | $ | (99,323) | | | | | $ | 157 | | | | | $ | 134,158 | | |
Tax distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,676) | | | | | | — | | | | | | (6,676) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 239 | | | | | | 239 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (98,087) | | | | | | — | | | | | | (98,087) | | | | | | | | |
Balance, December 31, 2020
|
| | | | 25,000 | | | | | $ | 25,000 | | | | | | 10,989,751 | | | | | $ | 1 | | | | | | 11,173,776 | | | | | | 1 | | | | | $ | 208,322 | | | | | $ | (204,086) | | | | | $ | 396 | | | | | $ | 29,634 | | |
Issuance of common stock
|
| | | | — | | | | | | — | | | | | | 934,190 | | | | | | — | | | | | | 683,344 | | | | | | — | | | | | | 15,000 | | | | | | — | | | | | | — | | | | | | 15,000 | | |
Issuance of common stock –
non-return |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 367 | | | | | | — | | | | | | — | | | | | | 367 | | |
Beneficial conversion feature on convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,904 | | | | | | — | | | | | | — | | | | | | 16,904 | | |
Acquisitions (see Note 4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,228,368 | | | | | | — | | | | | | 12,000 | | | | | | — | | | | | | — | | | | | | 12,000 | | |
Paid in kind preferred share distribution
|
| | | | — | | | | | | 5,568 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,568) | | | | | | — | | | | | | — | | |
Preferred shares exchanged for convertible notes
|
| | | | (25,000) | | | | | | (30,568) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,568) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 111 | | | | | | 111 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (110,426) | | | | | | — | | | | | | (110,426) | | |
Balance, December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 11,923,941 | | | | | $ | 1 | | | | | | 13,085,488 | | | | | $ | 1 | | | | | $ | 252,593 | | | | | $ | (320,080) | | | | | $ | 507 | | | | | $ | (66,978) | | |
| | |
For the Years Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (110,426) | | | | | $ | (98,087) | | |
Loss from discontinued operations
|
| | | | 8,851 | | | | | | 3,865 | | |
Adjustments:
|
| | | | | | | | | | | | |
Depreciation, amortization and accretion of debt discount
|
| | | | 64,734 | | | | | | 46,474 | | |
Impairment of goodwill
|
| | | | 52,487 | | | | | | 28,802 | | |
Loss on extinguishment of convertible notes
|
| | | | 2,436 | | | | | | — | | |
Amortization of debt issuance costs
|
| | | | 4,795 | | | | | | 3,090 | | |
Change in fair value of contingent consideration
|
| | | | (4,780) | | | | | | (7,081) | | |
Provision for bad debt expense
|
| | | | 1,867 | | | | | | 3,619 | | |
Gain on disposal of property and equipment
|
| | | | (587) | | | | | | (729) | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (11,638) | | | | | | 52,524 | | |
Inventories
|
| | | | 514 | | | | | | 2,111 | | |
Prepaid expenses and other assets
|
| | | | (8,627) | | | | | | (262) | | |
Accounts payable and accrued liabilities
|
| | | | (14,042) | | | | | | (16,244) | | |
Contract liabilities
|
| | | | (2,595) | | | | | | (3,525) | | |
Net cash (used in) provided by operating activities from continuing operations
|
| | | | (17,011) | | | | | | 14,557 | | |
Net cash used in operating activities from discontinued operations
|
| | | | (931) | | | | | | (1,100) | | |
Net cash (used in) provided by operating activities
|
| | | | (17,942) | | | | | | 13,457 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (3,014) | | | | | | (4,808) | | |
Proceeds from sale of property and equipment
|
| | | | 833 | | | | | | 881 | | |
Acquisition of businesses, net of cash acquired (see Note 4)
|
| | | | (45,849) | | | | | | — | | |
Net cash used in investing activities from continuing operations
|
| | | | (48,030) | | | | | | (3,927) | | |
Net cash provided by (used in) investing activities from discontinued operations
|
| | | | 4,498 | | | | | | (36) | | |
Net cash used in investing activities
|
| | | | (43,532) | | | | | | (3,963) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from line of credit, net of repayments
|
| | | | 27,796 | | | | | | 13,283 | | |
Proceeds from convertible notes – related party
|
| | | | 5,000 | | | | | | — | | |
Repayment of convertible notes – related party
|
| | | | (5,000) | | | | | | — | | |
Proceeds from convertible notes
|
| | | | 44,400 | | | | | | — | | |
Repayment of long-term debt
|
| | | | (9,564) | | | | | | (9,564) | | |
Payments for financing fees
|
| | | | (2,295) | | | | | | (113) | | |
Payments of acquisition related contingent consideration
|
| | | | — | | | | | | (6,000) | | |
Payments of capital leases
|
| | | | (9,585) | | | | | | (5,160) | | |
Proceeds from issuance of equity
|
| | | | 15,367 | | | | | | — | | |
Tax distributions to members
|
| | | | — | | | | | | (1,197) | | |
Net cash provided by (used in) financing activities from continuing operations
|
| | | | 66,119 | | | | | | (8,751) | | |
Net cash used in financing activities from discontinued operations
|
| | | | (2,746) | | | | | | (961) | | |
Net cash provided by (used in) financing activities
|
| | | | 63,373 | | | | | | (9,712) | | |
Effect of foreign currency exchange rate (translation) on cash
|
| | | | 83 | | | | | | 59 | | |
Net increase (decrease) in cash
|
| | | | 1,982 | | | | | | (159) | | |
Cash: | | | | | | | | | | | | | |
Beginning of year
|
| | | | 169 | | | | | | 328 | | |
End of year
|
| | | $ | 2,151 | | | | | $ | 169 | | |
Balances included in the consolidated balance sheets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 606 | | | | | $ | 76 | | |
Cash included in current assets of discontinued operations
|
| | | | 1,545 | | | | | | 93 | | |
Cash at end of year
|
| | | $ | 2,151 | | | | | $ | 169 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid for:
|
| | | | | | | | | | | | |
Interest from continuing operations
|
| | | $ | 31,801 | | | | | $ | 34,908 | | |
Interest from discontinued operations
|
| | | $ | 195 | | | | | $ | 189 | | |
Non-cash investing and financing activities:
|
| | | | | | | | | | | | |
Assets acquired under capital leases from continuing operations
|
| | | $ | 9,804 | | | | | $ | 18,289 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Numerator: | | | | | | | | | | | | | |
Loss from continuing operations
|
| | | $ | (101,575) | | | | | $ | (94,222) | | |
Loss from discontinued operations
|
| | | | (8,851) | | | | | | (3,865) | | |
Net loss
|
| | | | (110,426) | | | | | | (98,087) | | |
Less: accrued preferred return
|
| | | | (1,638) | | | | | | (3,287) | | |
Net loss attributable to Class A common shareholders – basic and diluted
|
| | | $ | (112,064) | | | | | $ | (101,374) | | |
Denominator: | | | | | | | | | | | | | |
Weighted average Class A common shares outstanding – basic and diluted
|
| | | | 11,859,955 | | | | | | 10,989,751 | | |
Net loss per share:
|
| | | | | | | | | | | | |
Net loss per share – continuing operations – basic and diluted
|
| | | $ | (8.70) | | | | | $ | (8.87) | | |
Net loss per share – discontinued operations – basic and diluted
|
| | | $ | (0.75) | | | | | $ | (0.35) | | |
Net loss per share – basic and diluted
|
| | | $ | (9.45) | | | | | $ | (9.22) | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Excluded from the calculation: | | | | | | | | | | | | | |
Class B common stock
|
| | | | 13,085,488 | | | | | | 11,173,775 | | |
Pre-PIPE Notes
|
| | | | 3,322,361 | | | | | | — | | |
Total potentially dilutive shares excluded from calculation
|
| | | | 16,407,849 | | | | | | 11,173,775 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Carrying amounts of assets included as part of discontinued operations: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,545 | | | | | $ | 93 | | |
Accounts receivable, net of allowance
|
| | | | 1,292 | | | | | | 5,743 | | |
Inventories, net
|
| | | | — | | | | | | 28 | | |
Prepaid expenses
|
| | | | — | | | | | | 71 | | |
Other current assets
|
| | | | 1,665 | | | | | | 599 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Total current assets of discontinued operations
|
| | | $ | 4,502 | | | | | $ | 6,534 | | |
Property and equipment, net
|
| | | | — | | | | | | 3,280 | | |
Intangible assets, net
|
| | | | — | | | | | | 5,712 | | |
Other long-term assets
|
| | | | — | | | | | | 280 | | |
Total non-current assets of discontinued operations
|
| | | $ | — | | | | | $ | 9,272 | | |
Carrying amounts of liabilities included as part of discontinued operations: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations
|
| | | $ | 14 | | | | | $ | 920 | | |
Accounts payable
|
| | | | 559 | | | | | | 809 | | |
Accrued expenses
|
| | | | 1,475 | | | | | | 1,636 | | |
Total current liabilities of discontinued operations
|
| | | $ | 2,048 | | | | | $ | 3,365 | | |
Capital lease obligations, net of current portion
|
| | | | — | | | | | | 1,793 | | |
Total non-current liabilities of discontinued operations
|
| | | $ | — | | | | | $ | 1,793 | | |
|
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue
|
| | | $ | 5,850 | | | | | $ | 17,481 | | |
Costs and expenses: | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 9,562 | | | | | | 18,331 | | |
General and administrative
|
| | | | 381 | | | | | | 804 | | |
Depreciation and amortization
|
| | | | 6,798 | | | | | | 2,022 | | |
Total costs and expenses
|
| | | | 16,741 | | | | | | 21,157 | | |
Loss from operations of discontinued operations
|
| | | | (10,891) | | | | | | (3,676) | | |
Other income (expense): | | | | | | | | | | | | | |
Gain on sale/ disposal of property and equipment
|
| | | | 2,235 | | | | | | — | | |
Interest expense
|
| | | | (195) | | | | | | (189) | | |
Loss from discontinued operations
|
| | | $ | (8,851) | | | | | $ | (3,865) | | |
| | |
FNS
|
| |
Broken Arrow
|
| |
Concurrent
|
| |
Urban Cable
|
| ||||||||||||
Purchase consideration: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash paid
|
| | | $ | 20,059 | | | | | $ | 5,000 | | | | | $ | 13,828 | | | | | $ | 8,436 | | |
Rollover equity
|
| | | | 2,000 | | | | | | — | | | | | | 6,000 | | | | | | 4,000 | | |
Contingent consideration
|
| | | | 8,200 | | | | | | 7,552 | | | | | | 7,000 | | | | | | 3,450 | | |
Acquisition debt
|
| | | | — | | | | | | — | | | | | | 14,143 | | | | | | — | | |
Due from seller
|
| | | | — | | | | | | — | | | | | | (510) | | | | | | (151) | | |
| | | | $ | 30,259 | | | | | $ | 12,552 | | | | | $ | 40,461 | | | | | $ | 15,735 | | |
Purchase price allocations: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,289 | | | | | $ | 185 | | |
Accounts receivable
|
| | | | — | | | | | | 5,126 | | | | | | 8,458 | | | | | | 3,695 | | |
Inventories
|
| | | | — | | | | | | 133 | | | | | | 25 | | | | | | — | | |
Prepaid expenses
|
| | | | — | | | | | | 94 | | | | | | — | | | | | | 14 | | |
Other current assets
|
| | | | — | | | | | | — | | | | | | 10 | | | | | | 28 | | |
Property and equipment
|
| | | | 9,978 | | | | | | 219 | | | | | | 5,263 | | | | | | 1,361 | | |
Other long-term assets
|
| | | | — | | | | | | 32 | | | | | | 60 | | | | | | — | | |
Customer relationships
|
| | | | 17,370 | | | | | | 5,750 | | | | | | 22,330 | | | | | | 10,910 | | |
Trademarks and trade names
|
| | | | 270 | | | | | | 80 | | | | | | 760 | | | | | | 340 | | |
Goodwill
|
| | | | 8,082 | | | | | | 5,319 | | | | | | 8,552 | | | | | | 735 | | |
| | | | | 35,700 | | | | | | 16,753 | | | | | | 46,747 | | | | | | 17,268 | | |
| | |
FNS
|
| |
Broken Arrow
|
| |
Concurrent
|
| |
Urban Cable
|
| ||||||||||||
Accounts payable
|
| | | | — | | | | | | (1,987) | | | | | | (1,938) | | | | | | (1,120) | | |
Accrued expenses
|
| | | | — | | | | | | (156) | | | | | | (799) | | | | | | (323) | | |
Contract liabilities
|
| | | | — | | | | | | (2,058) | | | | | | (367) | | | | | | — | | |
Capital lease obligations
|
| | | | (5,441) | | | | | | — | | | | | | (3,182) | | | | | | (90) | | |
| | | | $ | 30,259 | | | | | $ | 12,552 | | | | | $ | 40,461 | | | | | $ | 15,735 | | |
|
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Office furniture
|
| | | $ | 1,382 | | | | | $ | 1,249 | | |
Computers
|
| | | | 1,856 | | | | | | 1,217 | | |
Machinery, equipment and vehicles
|
| | | | 17,331 | | | | | | 10,275 | | |
Land
|
| | | | 140 | | | | | | — | | |
Building
|
| | | | 340 | | | | | | — | | |
Leasehold improvements
|
| | | | 4,552 | | | | | | 3,354 | | |
Software
|
| | | | 2,320 | | | | | | 2,199 | | |
Assets under capital lease
|
| | | | 50,941 | | | | | | 32,153 | | |
Construction in process
|
| | | | 1,335 | | | | | | 605 | | |
| | | | | 80,197 | | | | | | 51,052 | | |
Less: accumulated depreciation
|
| | | | (29,515) | | | | | | (17,258) | | |
Property and equipment, net
|
| | | $ | 50,682 | | | | | $ | 33,794 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Trade accounts receivable
|
| | | $ | 74,601 | | | | | $ | 44,419 | | |
Contract assets
|
| | | | 132,858 | | | | | | 134,311 | | |
| | | | | 207,459 | | | | | | 178,730 | | |
Less: allowance for doubtful accounts
|
| | | | (5,614) | | | | | | (3,933) | | |
Accounts receivable, net
|
| | | $ | 201,845 | | | | | $ | 174,797 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Contract assets
|
| | | $ | 132,858 | | | | | $ | 134,311 | | |
Contract liabilities
|
| | | | (14,773) | | | | | | (14,945) | | |
Contract assets, net
|
| | | $ | 118,085 | | | | | $ | 119,366 | | |
| | |
December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
Amounts
|
| |
% of Total
|
| |
Amounts
|
| |
% of Total
|
| ||||||||||||
AT&T
|
| | | $ | 56,280 | | | | | | 27.1% | | | | | $ | 81,796 | | | | | | 45.8% | | |
T-Mobile
|
| | | | 35,756 | | | | | | 17.2% | | | | | | * | | | | | | * | | |
Verizon
|
| | | | 50,218 | | | | | | 24.2% | | | | | | 65,346 | | | | | | 36.6% | | |
Total
|
| | | $ | 142,254 | | | | | | 68.5% | | | | | $ | 147,142 | | | | | | 82.4% | | |
| | |
Renewables and
Recovery Logistics |
| |
Telecom
|
| |
Total
|
| |||||||||
Goodwill as of January 1, 2020
|
| | | $ | 13,598 | | | | | $ | 72,905 | | | | | $ | 86,503 | | |
Measurement period adjustments, net
|
| | | | — | | | | | | 821 | | | | | | 821 | | |
Impairment loss
|
| | | | — | | | | | | (28,802) | | | | | | (28,802) | | |
| | |
Renewables and
Recovery Logistics |
| |
Telecom
|
| |
Total
|
| |||||||||
Goodwill as of December 31, 2020(a)
|
| | | $ | 13,598 | | | | | $ | 44,924 | | | | | $ | 58,522 | | |
Additions from acquisitions (Note 4)
|
| | | | 8,082 | | | | | | 14,606 | | | | | | 22,688 | | |
Impairment loss
|
| | | | — | | | | | | (52,487) | | | | | | (52,487) | | |
Goodwill as of December 31, 2021(a)
|
| | | $ | 21,680 | | | | | $ | 7,043 | | | | | $ | 28,723 | | |
|
| | |
December 31, 2021
|
| |||||||||||||||||||||
| | |
Weighted
Average Remaining Useful Life |
| |
Gross carrying
amount |
| |
Accumulated
amortization |
| |
Net carrying
amount |
| ||||||||||||
Customer relationships
|
| | | | 9.5 | | | | | $ | 424,560 | | | | | $ | (98,307) | | | | | $ | 326,253 | | |
Trademarks and trade names
|
| | | | 9.5 | | | | | | 59,969 | | | | | | (22,048) | | | | | | 37,921 | | |
| | | | | | | | | | $ | 484,529 | | | | | $ | (120,355) | | | | | $ | 364,174 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Weighted
Average Remaining Useful Life |
| |
Gross carrying
amount |
| |
Accumulated
amortization |
| |
Net carrying
amount |
| ||||||||||||
Customer relationships
|
| | | | 10.8 | | | | | $ | 368,200 | | | | | $ | (65,868) | | | | | $ | 302,332 | | |
Trademarks and trade names
|
| | | | 9.9 | | | | | | 58,519 | | | | | | (15,035) | | | | | | 43,484 | | |
| | | | | | | | | | $ | 426,719 | | | | | $ | (80,903) | | | | | $ | 345,816 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Line of credit
|
| | | $ | 87,633 | | | | | $ | 59,837 | | |
Term loan
|
| | | | 351,481 | | | | | | 361,045 | | |
Acquisition debt
|
| | | | 34,718 | | | | | | 10,575 | | |
Convertible notes – related party
|
| | | | 30,568 | | | | | | — | | |
Convertible notes – June 2021
|
| | | | 44,400 | | | | | | — | | |
Capital lease obligations
|
| | | | 35,162 | | | | | | 25,751 | | |
Less: amounts representing interest
|
| | | | (3,161) | | | | | | (2,682) | | |
Less: unamortized financing fees
|
| | | | (11,354) | | | | | | (13,854) | | |
Less: convertible debt discount
|
| | | | (3,408) | | | | | | — | | |
| | | | | 566,039 | | | | | | 440,672 | | |
Less: current maturities of long-term debt
|
| | | | (115,224) | | | | | | (20,139) | | |
Less: current portion of capital lease obligations, net of capital lease interest
|
| | | | (12,151) | | | | | | (7,110) | | |
| | | | $ | 438,664 | | | | | $ | 413,423 | | |
| | |
Line of
credit |
| |
Term
loan |
| |
Convertible
notes |
| |
Acquisition
debt |
| |
Capital
lease obligations |
| |
Total
|
| ||||||||||||||||||
2022
|
| | | $ | — | | | | | $ | 9,564 | | | | | $ | 74,968 | | | | | $ | 34,718 | | | | | $ | 13,760 | | | | | $ | 133,010 | | |
2023
|
| | | | 87,633 | | | | | | 9,564 | | | | | | — | | | | | | — | | | | | | 10,874 | | | | | | 108,071 | | |
2024
|
| | | | — | | | | | | 9,564 | | | | | | — | | | | | | — | | | | | | 6,621 | | | | | | 16,185 | | |
2025
|
| | | | — | | | | | | 322,789 | | | | | | — | | | | | | — | | | | | | 2,785 | | | | | | 325,574 | | |
2026
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,052 | | | | | | 1,052 | | |
Thereafter
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 70 | | | | | | 70 | | |
Total
|
| | | $ | 87,633 | | | | | $ | 351,481 | | | | | $ | 74,968 | | | | | $ | 34,718 | | | | | $ | 35,162 | | | | | $ | 583,962 | | |
| | |
Fair Value at December 31, 2021
|
| |||||||||||||||||||||
(in thousands)
|
| |
Carrying Value
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration
|
| | | $ | 30,756 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,756 | | |
| | | | $ | 30,756 | | | | | $ | — | | | | | $ | — | | | | | $ | 30,756 | | |
| | |
Fair Value at December 31, 2020
|
| |||||||||||||||||||||
(in thousands)
|
| |
Carrying Value
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||
Financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Contingent consideration
|
| | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
| | | | $ | 18,129 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,129 | | |
|
January 1, 2020
|
| | | $ | 40,119 | | |
|
Payment of contingent consideration
|
| | | | (6,000) | | |
|
Accretion
|
| | | | 1,666 | | |
|
Reclassification to acquisition debt
|
| | | | (10,575) | | |
|
Change in fair value
|
| | | | (7,081) | | |
|
December 31, 2020
|
| | | | 18,129 | | |
|
Acquisitions (see Note 4)
|
| | | | 26,202 | | |
|
Accretion
|
| | | | 1,205 | | |
|
Change in fair value
|
| | | | (4,780) | | |
|
Reclassification to acquisition debt
|
| | | | (10,000) | | |
|
December 31, 2021
|
| | | $ | 30,756 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue: | | | | ||||||||||
Telecom
|
| | | $ | 498,221 | | | | | $ | 587,614 | | |
Renewables and Recovery Logistics
|
| | | | 114,020 | | | | | | 68,910 | | |
Total consolidated revenue
|
| | | $ | 612,241 | | | | | $ | 656,524 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Total Assets: | | | | ||||||||||
Telecom
|
| | | $ | 570,750 | | | | | $ | 579,147 | | |
Renewables and Recovery Logistics
|
| | | | 90,638 | | | | | | 55,370 | | |
Corporate
|
| | | | 10,371 | | | | | | 6,351 | | |
Total consolidated assets
|
| | | $ | 671,759 | | | | | $ | 640,868 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Capital Expenditures: | | | | ||||||||||
Telecom
|
| | | $ | 11,109 | | | | | $ | 8,831 | | |
Renewables and Recovery Logistics
|
| | | | 330 | | | | | | 12,251 | | |
Corporate
|
| | | | 1,379 | | | | | | 2,015 | | |
Total consolidated capital expenditures
|
| | | $ | 12,818 | | | | | $ | 23,097 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Amortization and Depreciation: | | | | ||||||||||
Amortization and depreciation | | | | | | | | | | | | | |
Telecom
|
| | | $ | 41,105 | | | | | $ | 40,588 | | |
Renewables and Recovery Logistics
|
| | | | 11,588 | | | | | | 5,259 | | |
Corporate
|
| | | | 982 | | | | | | 628 | | |
Total consolidated amortization and depreciation
|
| | | $ | 53,675 | | | | | $ | 46,475 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Adjusted EBITDA Reconciliation: | | | | ||||||||||
Telecom adjusted EBITDA
|
| | | $ | 32,542 | | | | | $ | 2,409 | | |
Renewables and Recovery Logistics adjusted EBITDA
|
| | | | 44,869 | | | | | | 28,943 | | |
Corporate adjusted EBITDA
|
| | | | (17,376) | | | | | | (18,213) | | |
Total adjusted EBITDA
|
| | | $ | 60,035 | | | | | $ | 13,139 | | |
Less: | | | | | | | | | | | | | |
Management fees
|
| | | | (889) | | | | | | (518) | | |
Transaction expenses
|
| | | | (3,826) | | | | | | (988) | | |
Loss on legal settlement
|
| | | | (2,600) | | | | | | — | | |
Change in fair value of contingent consideration
|
| | | | 4,780 | | | | | | 7,081 | | |
Impairment of goodwill
|
| | | | (52,487) | | | | | | (28,802) | | |
Depreciation and amortization
|
| | | | (53,675) | | | | | | (46,475) | | |
Interest expense
|
| | | | (50,477) | | | | | | (37,659) | | |
Loss on extinguishment of convertible notes
|
| | | | (2,436) | | | | | | — | | |
Loss from continuing operations
|
| | | $ | (101,575) | | | | | $ | (94,222) | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Telecom Wireless
|
| | | $ | 382,743 | | | | | $ | 458,155 | | |
Telecom Wireline
|
| | | | 102,194 | | | | | | 129,459 | | |
Telecom Power
|
| | | | 13,284 | | | | | | — | | |
| | |
For the Years Ended
December 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Renewables
|
| | | | 29,216 | | | | | | — | | |
Recovery Logistics
|
| | | | 84,804 | | | | | | 68,910 | | |
Total
|
| | | $ | 612,241 | | | | | $ | 656,524 | | |
|
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
Amount
|
| |
% of Total
|
| |
Amount
|
| |
% of Total
|
| ||||||||||||
Customers: | | | | | | ||||||||||||||||||||
AT&T
|
| | | $ | 249,389 | | | | | | 41% | | | | | $ | 356,026 | | | | | | 54% | | |
Entergy
|
| | | | 69,268 | | | | | | 11% | | | | | | * | | | | | | * | | |
T-Mobile
|
| | | | 78,442 | | | | | | 13% | | | | | | * | | | | | | * | | |
Verizon
|
| | | | 72,584 | | | | | | 12% | | | | | | 116,444 | | | | | | 18% | | |
Total
|
| | | $ | 469,683 | | | | | | 77% | | | | | $ | 472,470 | | | | | | 72% | | |
| | |
July 2, 2022
|
| |
December 31, 2021
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 302 | | | | | $ | 606 | | |
Accounts receivable, net of allowance
|
| | | | 243,135 | | | | | | 201,845 | | |
Inventories, net
|
| | | | 11,010 | | | | | | 5,409 | | |
Prepaid expenses
|
| | | | 8,040 | | | | | | 12,140 | | |
Other current assets
|
| | | | 2,625 | | | | | | 2,021 | | |
Current assets of discontinued operations
|
| | | | 1,498 | | | | | | 4,502 | | |
Total current assets
|
| | | | 266,610 | | | | | | 226,523 | | |
Property and equipment, net
|
| | | | 54,729 | | | | | | 50,682 | | |
Intangible assets, net
|
| | | | 343,052 | | | | | | 364,174 | | |
Goodwill
|
| | | | 28,943 | | | | | | 28,723 | | |
Other long-term assets
|
| | | | 1,775 | | | | | | 1,657 | | |
Total assets
|
| | | $ | 695,109 | | | | | $ | 671,759 | | |
Liabilities and Deficit | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations
|
| | | $ | 22,925 | | | | | $ | 127,375 | | |
Current portion of contingent consideration
|
| | | | 4,428 | | | | | | 9,299 | | |
Accounts payable
|
| | | | 83,010 | | | | | | 60,726 | | |
Accrued expenses
|
| | | | 40,484 | | | | | | 52,986 | | |
Contract liabilities
|
| | | | 15,344 | | | | | | 14,773 | | |
Current liabilities of discontinued operations
|
| | | | 32 | | | | | | 2,048 | | |
Total current liabilities
|
| | | | 166,223 | | | | | | 267,207 | | |
Capital lease obligations, net of current portion
|
| | | | 20,149 | | | | | | 19,851 | | |
Long-term debt, net of current portion and deferred financing fees
|
| | | | 515,120 | | | | | | 418,813 | | |
Contingent consideration, net of current portion
|
| | | | 22,128 | | | | | | 21,457 | | |
Distributions payable
|
| | | | — | | | | | | 11,409 | | |
Warrant liabilities
|
| | | | 77 | | | | | | — | | |
Tax receivable agreement liabilities
|
| | | | 34,092 | | | | | | — | | |
Total liabilities
|
| | | | 757,789 | | | | | | 738,737 | | |
Commitments and contingencies (Notes 8 and 16) | | | | | | | | | | | | | |
Deficit: | | | | | | | | | | | | | |
Class A common stock, $0.0001 par value; 500,000,000 shares authorized,
24,446,284 issued and outstanding at July 2, 2022; 11,923,941 shares authorized, issued, and outstanding at December 31, 2021 |
| | | | 2 | | | | | | 1 | | |
Class B common stock, $0.0001 par value; 500,000,000 shares authorized,
26,663,575 issued and outstanding at July 2, 2022; 13,085,488 shares authorized, issued, and outstanding at December 31, 2021 |
| | | | 3 | | | | | | 1 | | |
Additional paid in capital
|
| | | | 178,435 | | | | | | 252,593 | | |
Accumulated deficit
|
| | | | (206,690) | | | | | | (320,080) | | |
Noncontrolling interest
|
| | | | (34,430) | | | | | | — | | |
Accumulated other comprehensive income
|
| | | | — | | | | | | 507 | | |
Total deficit
|
| | | | (62,680) | | | | | | (66,978) | | |
Total liabilities and deficit
|
| | | $ | 695,109 | | | | | $ | 671,759 | | |
| | |
For the Three Months Ended
|
| |
For the Six Months Ended
|
| ||||||||||||||||||
| | |
July 2, 2022
|
| |
July 3, 2021
|
| |
July 2, 2022
|
| |
July 3, 2021
|
| ||||||||||||
Revenue
|
| | | $ | 184,222 | | | | | $ | 130,609 | | | | | $ | 332,383 | | | | | $ | 249,722 | | |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of revenues
|
| | | | 164,180 | | | | | | 111,828 | | | | | | 296,285 | | | | | | 215,339 | | |
General and administrative
|
| | | | 16,637 | | | | | | 11,396 | | | | | | 38,778 | | | | | | 23,923 | | |
Transaction expenses
|
| | | | 1,320 | | | | | | 903 | | | | | | 10,588 | | | | | | 1,452 | | |
Depreciation and amortization
|
| | | | 14,794 | | | | | | 13,023 | | | | | | 29,560 | | | | | | 25,645 | | |
Total costs and expenses
|
| | | | 196,931 | | | | | | 137,150 | | | | | | 375,211 | | | | | | 266,359 | | |
Loss from operations
|
| | | | (12,709) | | | | | | (6,541) | | | | | | (42,828) | | | | | | (16,637) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain on sale/disposal of property and equipment
|
| | | | 145 | | | | | | 114 | | | | | | 2,060 | | | | | | 304 | | |
Interest expense
|
| | | | (13,085) | | | | | | (11,227) | | | | | | (25,428) | | | | | | (21,138) | | |
Loss on extinguishment of convertible notes
|
| | | | — | | | | | | (2,436) | | | | | | — | | | | | | (2,436) | | |
Total other expense
|
| | | | (12,940) | | | | | | (13,549) | | | | | | (23,368) | | | | | | (23,270) | | |
Loss from continuing operations
|
| | | | (25,649) | | | | | | (20,090) | | | | | | (66,196) | | | | | | (39,907) | | |
Loss from discontinued operations
|
| | | | — | | | | | | (1,740) | | | | | | — | | | | | | (3,129) | | |
Net loss
|
| | | | (25,649) | | | | | | (21,830) | | | | | | (66,196) | | | | | | (43,036) | | |
Less: Net loss attributable to noncontrolling
interests |
| | | | (13,931) | | | | | | — | | | | | | (49,478) | | | | | | — | | |
Net loss attributable to QualTek Services Inc.
|
| | | | (11,718) | | | | | | (21,830) | | | | | | (16,718) | | | | | | (43,036) | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | (13) | | | | | | — | | | | | | 172 | | |
Comprehensive loss
|
| | | $ | (11,718) | | | | | $ | (21,843) | | | | | $ | (16,718) | | | | | $ | (42,864) | | |
Earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Three months ended
July 2, 2022 |
| |
Three months ended
July 3, 2021 |
| |
February 14, 2022
through July 2, 2022 |
| |
Six months ended
July 3, 2021 |
| ||||||||||||
Net loss per share – continuing operations – basic
|
| | | $ | (0.48) | | | | | $ | (1.75) | | | | | $ | (0.68) | | | | | $ | (3.52) | | |
Net loss per share – continuing operations – diluted
|
| | | $ | (0.50) | | | | | $ | (1.75) | | | | | $ | (0.71) | | | | | $ | (3.52) | | |
Net loss per share – discontinued operations – basic and diluted
|
| | | $ | — | | | | | $ | (0.15) | | | | | $ | — | | | | | $ | (0.27) | | |
Weighted average Class A common
shares outstanding – basic |
| | | | 22,171,350 | | | | | | 11,923,941 | | | | | | 22,171,350 | | | | | | 11,797,013 | | |
Weighted average Class A common
shares outstanding – diluted |
| | | | — | | | | | | 11,923,941 | | | | | | — | | | | | | 11,797,013 | | |
Weighted average Class A and B common shares outstanding – diluted
|
| | | | 44,998,748 | | | | | | — | | | | | | 44,998,748 | | | | | | — | | |
| | |
Class A Shares
|
| |
Class B Shares
|
| |
Additional
Paid-In- Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Noncontrolling
Interest |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2022
|
| | | | 11,923,941 | | | | | $ | 1 | | | | | | 13,085,488 | | | | | $ | 1 | | | | | $ | 252,593 | | | | | $ | (320,080) | | | | | $ | 507 | | | | | $ | — | | | | | $ | (66,978) | | |
Adoption of ASU 2020-06
|
| | | | — | | | | | | — | | | | |
|
—
|
| | | | | — | | | | | | (12,270) | | | | | | 8,861 | | | | | | — | | | | | | — | | | | | | (3,409) | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | 462,572 | | | | | | — | | | | | | 6,711 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,711 | | |
Business Combination
|
| | | | 12,522,343 | | | | | | 1 | | | | | | 13,115,515 | | | | | | 2 | | | | | | (35,621) | | | | | | 121,247 | | | | | | (507) | | | | | | 15,048 | | | | | | 100,170 | | |
Tax receivable agreement liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,092) | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,092) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | (5,000) | | | | | | — | | | | | | (35,547) | | | | | | (40,547) | | |
Balance, April 2, 2022
|
| | | | 24,446,284 | | | | | $ | 2 | | | | | | 26,663,575 | | | | | $ | 3 | | | | | $ | 177,321 | | | | | $ | (194,972) | | | | | $ | — | | | | | $ | (20,499) | | | | | | (38,145) | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,114 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,114 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,718) | | | | | | — | | | | | | (13,931) | | | | | | (25,649) | | |
Balance, July 2, 2022
|
| | | | 24,446,284 | | | | | $ | 2 | | | | | | 26,663,575 | | | | | $ | 3 | | | | | $ | 178,435 | | | | | $ | (206,690) | | | | | $ | — | | | | | $ | (34,430) | | | | | $ | (62,680) | | |
| | |
Preferred Shares
|
| |
Class A Shares
|
| |
Class B Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Income |
| |
Total
Equity (Deficit) |
| |||||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2021
|
| | | | 25,000 | | | | | $ | 25,000 | | | | | | 10,989,751 | | | | | $ | 1 | | | | | | 11,173,776 | | | | | $ | 1 | | | | | $ | 208,322 | | | | | $ | (204,086) | | | | | $ | 396 | | | | | $ | 29,634 | | |
Issuance of Common Stock
|
| | | | — | | | | | | — | | | | | | 934,190 | | | | | | — | | | | | | 683,344 | | | | | | — | | | | | | 15,000 | | | | | | — | | | | | | — | | | | | | 15,000 | | |
Issuance of Common Stock – non-return
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 367 | | | | | | — | | | | | | — | | | | | | 367 | | |
Beneficial conversion feature on
convertible notes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,946 | | | | | | — | | | | | | — | | | | | | 4,946 | | |
Acquisition (see Note 4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,978 | | | | | | — | | | | | | 2,000 | | | | | | — | | | | | | — | | | | | | 2,000 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 172 | | | | | | 172 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,206) | | | | | | — | | | | | | (21,206) | | |
Balance, April 3, 2021
|
| | | | 25,000 | | | | | $ | 25,000 | | | | | | 11,923,941 | | | | | $ | 1 | | | | | | 12,034,098 | | | | | $ | 1 | | | | | $ | 230,635 | | | | | $ | (225,292) | | | | | $ | 568 | | | | | $ | 30,913 | | |
Beneficial conversion feature on
convertible notes |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,958 | | | | | | — | | | | | | — | | | | | | 11,958 | | |
Paid in kind preferred share distribution
|
| | | | — | | | | | | 5,568 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,568) | | | | | | — | | | | | | — | | |
Preferred shares exchanged for convertible notes
|
| | | | (25,000) | | | | | | (30,568) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,568) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,830) | | | | | | — | | | | | | (21,830) | | |
Balance, July 3, 2021
|
| | | | — | | | | | $ | — | | | | | | 11,923,941 | | | | | $ | 1 | | | | | | 12,034,098 | | | | | $ | 1 | | | | | $ | 242,593 | | | | | $ | (252,690) | | | | | $ | 568 | | | | | $ | (9,527) | | |
| | |
For the Six Months Ended
|
| |||||||||
| | |
July 2, 2022
|
| |
July 3, 2021
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (66,196) | | | | | $ | (43,036) | | |
Loss from discontinued operations
|
| | | | — | | | | | | 3,129 | | |
Adjustments:
|
| | | | | | | | | | | | |
Depreciation, amortization and accretion of debt discount
|
| | | | 29,560 | | | | | | 28,525 | | |
Loss on extinguishment of convertible notes
|
| | | | — | | | | | | 2,436 | | |
Amortization of debt issuance costs
|
| | | | 2,945 | | | | | | 1,682 | | |
Share based compensation
|
| | | | 7,825 | | | | | | — | | |
Provision for bad debt expense
|
| | | | (879) | | | | | | 782 | | |
Gain on disposal of property and equipment
|
| | | | (2,060) | | | | | | (304) | | |
Changes in assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (40,409) | | | | | | 17,931 | | |
Inventories
|
| | | | (5,601) | | | | | | 352 | | |
Prepaid expenses and other assets
|
| | | | 3,584 | | | | | | (3,319) | | |
Accounts payable and accrued liabilities
|
| | | | 11,927 | | | | | | (17,809) | | |
Contract liabilities
|
| | | | 571 | | | | | | (2,526) | | |
Net cash used in operating activities from continuing operations
|
| | | $ | (58,733) | | | | | $ | (12,157) | | |
Net cash used in operating activities from discontinued operations
|
| | | | — | | | | | | (1,774) | | |
Net cash used in operating activities
|
| | | $ | (58,733) | | | | | $ | (13,931) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (2,593) | | | | | | (1,569) | | |
Proceeds from sale of property and equipment
|
| | | | 2,531 | | | | | | 420 | | |
Acquisition of businesses, net of cash acquired (see Note 4)
|
| | | | — | | | | | | (20,059) | | |
Net cash used in investing activities from continuing operations
|
| | | $ | (62) | | | | | $ | (21,208) | | |
Net cash used in investing activities
|
| | | $ | (62) | | | | | $ | (21,208) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from line of credit
|
| | | | 351,173 | | | | | | 291,673 | | |
Repayment of line of credit
|
| | | | (373,100) | | | | | | (266,566) | | |
Proceeds from convertible notes – related party
|
| | | | — | | | | | | 44,400 | | |
Proceeds from senior unsecured convertible notes
|
| | | | 124,685 | | | | | | — | | |
Repayment of long-term debt
|
| | | | (4,782) | | | | | | (4,782) | | |
Repayment of acquisition debt
|
| | | | (34,718) | | | | | | — | | |
Repayment of promissory note
|
| | | | (500) | | | | | | — | | |
Payments for financing fees
|
| | | | (8,928) | | | | | | (2,220) | | |
Payments of capital leases
|
| | | | (7,955) | | | | | | (4,610) | | |
Proceeds from issuance of common stock
|
| | | | 36,948 | | | | | | — | | |
Proceeds from issuance of preferred units
|
| | | | — | | | | | | 15,367 | | |
Payments for equity issuance costs
|
| | | | (24,999) | | | | | | — | | |
Tax distributions to members
|
| | | | (128) | | | | | | — | | |
Net cash provided by financing activities from continuing operations
|
| | | $ | 57,696 | | | | | $ | 73,262 | | |
Net cash used in financing activities from discontinued operations
|
| | | | (14) | | | | | | (482) | | |
Net cash provided by financing activities
|
| | | $ | 57,682 | | | | | $ | 72,780 | | |
Effect of foreign currency exchange rate (translation) on cash
|
| | | | (310) | | | | | | (13) | | |
Net (decrease) increase in cash
|
| | | $ | (1,423) | | | | | $ | 37,628 | | |
Cash: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 2,151 | | | | | | 169 | | |
End of period
|
| | | $ | 728 | | | | | $ | 37,797 | | |
Balances included in the condensed consolidated balance sheets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 302 | | | | | $ | 37,218 | | |
Cash included in current assets of discontinued operations
|
| | | | 426 | | | | | | 579 | | |
Cash at end of period
|
| | | $ | 728 | | | | | $ | 37,797 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Cash paid for:
|
| | | | | | | | | | | | |
Interest from continuing operations
|
| | | $ | 24,646 | | | | | $ | 16,142 | | |
Interest from discontinued operations
|
| | | $ | — | | | | | $ | 33 | | |
Non-cash investing and financing activities:
|
| | | | | | | | | | | | |
Assets acquired under capital leases from continuing operations
|
| | | $ | 9,463 | | | | | $ | 162 | | |
1 Year QualTek Services Chart |
1 Month QualTek Services Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions