Technology
QualTek Announces Fourth Quarter and Annual 2021 Financial Results
Published
4 years agoon
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– Full year 2021 results include revenue of $612.2 million and adjusted EBITDA of $60.0 million
– Reported 24-month backlog at the end of Q4 2021 was $2.1 Billion, an increase of 22.0% over year end 2020
– Fourth quarter 2021 results include revenue of $147.1 million and adjusted EBITDA of $4.0 million
– Successfully completed four acquisitions and added significant new contract awards
BLUE BELL, Pa., March 31, 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 a strong 2021 fourth quarter and full-year financial results of its subsidiary QualTek HoldCo, LLC.
Fourth quarter 2021 revenue was up 11.0% to $147.1 million, compared to $132.4 million for the fourth quarter of 2020. Net loss from continuing operations for the fourth quarter 2021 was $81.1 million compared to net loss from continuing operations of $56.3 million in the fourth quarter of 2020. Excluding one-time impairment of goodwill, Net loss from continuing operations for the fourth quarter 2021 was $28.6 million compared to a net loss from continuing operations of $27.5 million in the fourth quarter of 2020. Fourth quarter 2021 adjusted EBITDA was $4.0 million compared to a loss of $13.5 million for the fourth quarter of 2020. Backlog at the end of the fourth quarter was $2.1 billion which is a 22% increase over the fourth quarter 2020.
Full year 2021 revenue was $612.2 million, a decline of 6.7% from $656.5 million for the full year 2020. Net loss from continuing operations for 2021 was $101.6 million compared to net loss from continuing operations of $94.2 million in 2020. Excluding one-time impairment of goodwill, Net loss from continuing operations for 2021 improved to $49.1 million compared to a net loss from continuing operations of $65.4 million in 2020. Full year 2021 adjusted EBITDA increased 356.9% to $60.0 million, compared to $13.1 million for the full year 2020. The increase in adjusted EBITDA was driven primarily by margin improvement initiatives across both the Telecom and Renewables & Recovery segments. On a pro-forma basis, assuming the recently closed acquisitions had been owned for the full year ending December 31, 2021, QualTek estimates adjusted EBITDA would be approximately 72.0 million. For the full year 2022, guidance remains unchanged.
As QualTek has indicated in the past, strong industry tailwinds including grid modernization and infrastructure improvements along with the C-band spectrum deployment are expected to drive major 5G infrastructure buildouts and provide significant growth opportunities across the business. The company is also seeing reductions in COVID-19 health and safety protocols in key regions allowing for a return to pre-covid scale and efficiency. QualTek expects continued growth in both segments during 2022 and beyond.
Scott Hisey, QualTek’s Chief Executive Officer, said, “2021 was a critical year for the company. We successfully closed our SPAC transaction creating over $80 million of additional liquidity to allow us to execute on our strategic growth plan. Full year 2021 adjusted EBITDA grew to $60.0 million, a $47 million increase from 2020. QualTek remains on a path to be a significant industry player across the telecommunications and power industries. We successfully grew our rolling two-year backlog by 22% to $2.1 billion during the year. This growth is a testament to our strong performance and our customer’s reliance on QualTek to play a critical role in building out 5G networks and participating in the long-term grid modernization initiatives. We are very excited for the future of QualTek.”
Management will hold a conference call to discuss these results on Friday, April 1, 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 December 31, 2021 and 2020:
BCP QUALTEK HOLDCO, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per unit information)
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)
Earnings per unit:
Basic earnings per unit from continuing operations
$ (47.24)
$ (48.61)
Basic earnings per unit from discontinued operations
(4.05)
(1.93)
Basic earnings per unit from net loss
$ (51.29)
$ (50.54)
Basic weighted average common units outstanding
2,184,696
2,005,824
BCP QUALTEK HOLDCO, LLC
CONSOLIDATED BALANCE SHEETS
(in thousands, except unit information)
December 31,
2021
2020
Assets
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
$ 130,533
$ 139,231
Current portion of long-term debt and capital lease obligations
127,375
27,249
Current portion of contingent consideration
9,299
9,968
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 (deficit) / equity
(66,978)
29,634
Total liabilities and equity
$ 671,759
$ 640,868
BCP QUALTEK HOLDCO, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
For the Years Ended December 31,
2021
2020
Net cash (used in) provided by operating activities
$ (17,942)
$ 13,457
Net cash used in investing activities
(43,532)
(3,963)
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
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(in thousands)
For the Years Ended
December 31,
Revenue:
2021
2020
Telecom
$ 498,221
$ 587,614
Renewables and Recovery Logistics
114,020
68,910
Total consolidated revenue
$ 612,241
$ 656,524
For the Years Ended
December 31,
Adjusted EBITDA Reconciliation:
2021
2020
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)
The following tables set forth the financial results for the three-month periods ended December 31, 2021 and 2020:
BCP QUALTEK HOLDCO, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per unit information)
(unaudited)
For the Three Months Ended December 31,
2021
2020
Revenue
$ 147,057
$ 132,444
Costs and expenses:
Cost of revenues
130,192
134,823
General and administrative
13,032
11,389
Transaction expenses
951
421
Loss on legal settlement
2,600
–
Change in fair value of contingent consideration
(236)
(7,081)
Impairment of goodwill
52,487
28,802
Depreciation and amortization
14,539
11,714
Total costs and expenses
213,565
180,068
Loss from operations
(66,508)
(47,624)
Other income (expense):
Gain on sale/ disposal of property and equipment
73
153
Interest expense
(14,699)
(8,835)
Total other expense
(14,626)
(8,682)
Loss from continuing operations
(81,134)
(56,306)
Loss from discontinued operations
(737)
(2,157)
Net loss
(81,871)
(58,463)
Other comprehensive income (loss):
Foreign currency translation adjustments
36
483
Comprehensive loss
$ (81,835)
$ (57,980)
Earnings per unit:
Basic earnings per unit from continuing operations
$ (36.49)
$ (28.46)
Basic earnings per unit from discontinued operations
(0.33)
(1.08)
Basic earnings per unit from net loss
$ (36.82)
$ (29.54)
Basic weighted average common units outstanding
2,223,554
2,005,824
Supplemental Disclosures and Reconciliation of Non-GAAP Disclosures
(in thousands)
(unaudited)
For the Three Months Ended
December 31,
Revenue:
2021
2020
Telecom
$ 138,201
$ 118,885
Renewables and Recovery Logistics
8,856
13,559
Total consolidated revenue
$ 147,057
$ 132,444
For the Three Months Ended
December 31,
Adjusted EBITDA Reconciliation:
2021
2020
Telecom adjusted EBITDA
$ 5,635
$ (13,619)
Renewables and Recovery Logistics adjusted EBITDA
2,688
4,716
Corporate adjusted EBITDA
(4,279)
(4,585)
Total adjusted EBITDA
$ 4,044
$ (13,488)
Less:
Management fees
(138)
(127)
Transaction expenses
(951)
(421)
Loss on legal settlement
(2,600)
–
Change in fair value of contingent consideration
236
7,081
Impairment of goodwill
(52,487)
(28,802)
Depreciation and amortization
(14,539)
(11,714)
Interest expense
(14,699)
(8,835)
Loss from continuing operations
$ (81,134)
$ (56,306)
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.
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
PR@qualtekservices.com
(484) 804 – 4585
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SOURCE QualTek Services Inc.
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Dexterous Robotic Hand Integrates Multiple Industry-Exclusive Technologies; AI Head Assembly Ready for Rapid Mass Production
The dexterous robotic hand is often regarded as the “crown jewel” of robotics – owing to its high level of integration across a broad range of frontier disciplines, among them bionics, flexible sensing, MEMS, and advanced materials – and its significant commercial value.
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FRANKLIN, Tenn., July 17, 2026 /PRNewswire/ — Community Healthcare Trust Incorporated (NYSE: CHCT) today announced that on Tuesday evening, August 4, 2026, after the market closes, it will report results for the second quarter of 2026.
On August 5, 2026, at 9:00 a.m. Central Time, Community Healthcare Trust will hold a conference call to discuss earnings results, quarterly activities, general operations of the Company and industry trends. Simultaneously, a webcast of the conference call will be available to interested parties via an Internet link at www.chct.reit under the Investor Relations section. A webcast replay will be available following the call at the same Internet site address.
Conference Call Details
Domestic Dial-In Number: 1-888-347-1332
International Dial-In Number: 1-412-902-4278
Canada Toll Free: 1-855-669-9657
Replay Conference Call Details
Domestic & Canada Replay Number: 1-855-669-9658
International Replay Number: 1-412-317-0088
Conference ID: 9422138
About Community Healthcare Trust Incorporated
Community Healthcare Trust Incorporated (the “Company”) is a real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States. As of March 31, 2026, the Company had investments of approximately $1.2 billion in 198 real estate properties (including one property with sales-type leases). The properties are located in 36 states, totaling approximately 4.5 million square feet in the aggregate.
Cautionary Note Regarding Forward-Looking Statements
In addition to the historical information contained within, the matters discussed in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “believes”, “expects”, “may”, “will,” “should”, “seeks”, “approximately”, “intends”, “plans”, “estimates”, “anticipates” or other similar words or expressions, including the negative thereof. Forward-looking statements are based on certain assumptions and can include future expectations, future plans and strategies, financial and operating projections or other forward-looking information. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Because forward-looking statements relate to future events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the control of Community Healthcare Trust Incorporated (the “Company”). Thus, the Company’s actual results and financial condition may differ materially from those indicated in such forward-looking statements. Some factors that might cause such a difference include the following: general volatility of the capital markets and the market price of the Company’s common stock, changes in the Company’s business strategy, availability, terms and deployment of capital, changes in the real estate industry in general, interest rates or the general economy, adverse developments related to the healthcare industry, changes in governmental regulations, the degree and nature of the Company’s competition, the ability to consummate acquisitions under contract, catastrophic or extreme weather and other natural events and the physical effects of climate change, the occurrence of cyber incidents, effects on global and national markets as well as businesses resulting from increased inflation, changes in interest rates, supply chain disruptions, labor conditions, prolonged government shutdown or budgetary reductions or impasses, tariffs and global trade tensions, and/or international conflicts, and the other factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and the Company’s other filings with the Securities and Exchange Commission from time to time. Readers are therefore cautioned not to place undue reliance on the forward-looking statements contained herein which speak only as of the date hereof. The Company intends these forward-looking statements to speak only as of the time of this press release and undertakes no obligation to update forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
CONTACT: Bill Monroe, 615-771-3052
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SOURCE Community Healthcare Trust Incorporated
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