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    QualTek Announces First Quarter 2022 Financial Results

    5/17/22 4:30:00 PM ET
    $QTEK
    Telecommunications Equipment
    Consumer Discretionary
    Get the next $QTEK alert in real time by email

    - First quarter 2022 revenue up 24% to $148.2 million

    - Reported 24-month backlog at the end of Q1 2022 is $2.2 Billion, which is the largest in the history of the company

    - Extended ABL maturity through July 2025

    BLUE BELL, Pa., May 17, 2022 /PRNewswire/ -- QualTek Services Inc. ("QualTek" or the "Company") (NASDAQ: QTEK), a leading turnkey provider of infrastructure services to the North American 5G wireless, telecom, power grid modernization, and renewable energy sectors, announced today strong 2022 first quarter financial results of its subsidiary QualTek HoldCo, LLC.

    (PRNewsfoto/QualTek USA, LLC)

    For the First Quarter:

    First quarter 2022 revenue was up 24.4% to $148.2 million, compared to $119.1 million for the first quarter of 2021.  The increase in revenue was attributable to increased volumes around 5G  rollout in our Telecom segment and a higher volume of events in our Renewables & Recovery segment.  Net loss from continuing operations for the first quarter 2022 was $40.5 million compared to a net loss from continuing operations of $19.9 million in the first quarter of 2021.  The increase in Net loss in 2022 is primarily due to transaction and public company readiness costs along with stock compensation and other one-time expenses associated with the public transaction.  First quarter 2022 adjusted EBITDA was $4.0 million compared to $2.9 million, inclusive of discontinued Canadian operations, for the first quarter of 2021, a 38% increase.  Backlog at the end of the first quarter 2022 was $2.2 billion, up from year-end 2021 of $2.1 billion. Guidance for the year remains unchanged.

    Scott Hisey, QualTek's Chief Executive Officer, said "during the first quarter, we continued to position QualTek for what we believe to be the largest telecommunications build in the history of our country. Our Q1 revenue was $148.2 million, an increase of 24.4% year-over-year. We are pleased to report that we extended our ABL for 2 additional years. This improved strength of our balance sheet will allow us liquidity to execute on our growth plan that we laid out when we started our transformation into a public company. The 5G build out, coupled with significant public, private and government-initiated fiber and power/grid build outs is historic, and we are confident that QualTek is poised to be a major partner to the largest service providers in these segments."

    Management will hold a conference call to discuss these results on Wednesday, May 18, 2022, at 9:00 a.m. Eastern Time. The call-in number for the conference call is 1 (888) 330 – 2454 or 1 (240) 789 - 2714 using passcode 2965812. Additionally, the call will be broadcast live over the Internet and can be accessed and replayed through the investor relations section of the Company's website at qualtekservices.com.

    The following tables set forth the financial results for the periods ended April 2, 2022, and April 3, 2021:

    QUALTEK SERVICES INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

    (Unaudited - in thousands, except share and per share information)











    For the Three Months Ended 



    April 2, 2022

    April 3, 2021

    Revenue

    $                       148,161

    $                       119,113

    Costs and expenses:





    Cost of revenues

    132,105

    103,510

    General and administrative

    22,141

    12,527

    Transaction expenses

    9,268

    549

    Depreciation and amortization

    14,766

    12,622

    Total costs and expenses

    178,280

    129,208

    Loss from operations

    (30,119)

    (10,095)

    Other income (expense):





    Gain on sale/ disposal of property and equipment

    1,915

    190

    Interest expense

    (12,343)

    (9,955)

    Total other expense

    (10,428)

    (9,765)

    Loss from continuing operations

    (40,547)

    (19,860)

    Loss from discontinued operations

    -

    (1,389)

    Net loss

    (40,547)

    (21,249)

    Less: Net loss attributable to noncontrolling

    interests

    (35,547)

    (21,249)

    Net loss attributable to QualTek Services Inc.

    (5,000)

    -

    Other comprehensive income (loss):





    Foreign currency translation adjustments

    -

    172

    Comprehensive loss

    $                         (5,000)

    $                       (21,077)

    Earnings per share:







     February 14, 2022

    through April 2, 2022 







    Net loss per share - basic and diluted

    $                           (0.20)



    Weighted average Class A common shares outstanding - basic and

    diluted

    22,171,350



     

    QUALTEK SERVICES INC.

    CONSOLIDATED BALANCE SHEETS

    (Unaudited - in thousands)

















    April 2, 2022

    December 31, 2021

    Assets





    Current assets

    $                         235,901

    $                         226,523

    Property and equipment, net

    52,597

    50,682

    Intangible assets, net

    353,602

    364,174

    Goodwill

    28,787

    28,723

    Other long-term assets

    1,697

    1,657

    Total assets

    $                         672,584

    $                         671,759

    Liabilities and Deficit





    Current liabilities

    $                         149,814

    $                         267,207

    Capital lease obligations, net of current portion

    19,793

    19,851

    Long-term debt, net of current portion and deferred financing fees

    485,160

    418,813

    Contingent consideration, net of current portion

    21,793

    21,457

    Distributions payable

    -

    11,409

    Warrant liabilities

    77

    -

    Tax Receivable Agreement liabilities

    34,092

    -

    Total (deficit) equity

    (38,145)

    (66,978)

    Total liabilities and deficit

    $                         672,584

    $                         671,759

     

    QUALTEK SERVICES INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited - in thousands)











    For the Three Months Ended



    April 2, 2022

    April 3, 2021

    Net cash used in operating activities

    (39,623)

    (7,342)

    Net cash provided by (used in) investing activities

    1,477

    (20,646)

    Net cash provided by financing activities

    37,600

    28,010

    Effect of foreign currency exchange rate (translation) on cash

    (10)

    (8)

    Net (decrease) increase in cash 

    (556)

    14

    Cash:





    Beginning of period

    2,151

    169

    End of period

    $                           1,595

    $                              183

     

    Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures

    (Unaudited - in thousands)









    For The Three Months Ended

    Revenue:

    April 2, 2022

    April 3, 2021

    Telecom

    $                         132,664

    $                         106,480

    Renewables and Recovery Logistics

    15,497

    12,633

    Total consolidated revenue 

    $                         148,161

    $                         119,113















    For The Three Months Ended

    Adjusted EBITDA Reconciliation:

    April 2, 2022

    April 3, 2021

    Telecom adjusted EBITDA

    $                             4,812

    $                             4,814

    Renewables and Recovery Logistics adjusted EBITDA

    5,309

    2,878

    Corporate adjusted EBITDA

    (6,094)

    (3,929)

    Total adjusted EBITDA

    $                             4,027

    $                             3,763

    Less:





    Management fees

    126

    497

    Transaction expenses

    9,268

    549

    Share based compensation

    6,711

    -

    Depreciation and amortization

    14,766

    12,622

    Interest expense

    12,343

    9,955

    Integration, public company readiness and close out costs

    1,360

    -

    Loss from continuing operations

    $                         (40,547)

    $                         (19,860)

    About QualTek

    Founded in 2012, QualTek is a leading technology-driven provider of infrastructure services to the 5G wireless, telecom, power grid modernization, and renewable energy sectors across North America. QualTek has a national footprint with more than 80 operation centers across the U.S. and a workforce of over 5,000 people. QualTek has established a nationwide operating network to enable quick responses to customer demands as well as proprietary technology infrastructure for advanced reporting and invoicing. The Company will report within two operating segments: Telecommunications and Renewables and Recovery. For more information, please visit qualtekservices.com.

    Forward Looking Statements

    This communication contains forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the financial condition, results of operations, earnings outlook and prospects of QualTek. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

    The forward-looking statements are based on the current expectations of the management of QualTek and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by QualTek.

    Should one or more of the risks or uncertainties materialize or should any of the assumptions made by the management of QualTek prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

    All pro forma numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

    All subsequent written and oral forward-looking statements concerning the matters addressed in this communication and attributable to QualTek or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this communication. Except to the extent required by applicable law or regulation, QualTek undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this communication to reflect the occurrence of unanticipated events.

    Media Contact:

    QualTek IR/Communications

    Gianna Lucchesi

    [email protected]

    (484) 804 - 4585

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/qualtek-announces-first-quarter-2022-financial-results-301549572.html

    SOURCE QualTek Services Inc.

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