Charah Solutions, Inc. Reports Fourth Quarter and Full Year 2020 Results
Charah Solutions (NYSE: CHRA) reported a record $715 million in new business awards for 2020, a 66% increase from 2019, signaling robust growth. Despite a net loss of $36.2 million in Q4 2020 and $60.4 million for the year, management indicates improving momentum with nearly $1 billion in pending bids converted into long-term contracts. The company has launched its inaugural ESG report, reinforcing its commitment to sustainability. New technology, rebranded as EnviroSource, aims to enhance fly ash quality and reduce the environmental impact of concrete production.
- Record $715 million in new business awards for 2020, a 66% increase from 2019.
- Converted nearly $1 billion from pending bids into long-term awards, including $500 million in early 2021.
- Launch of inaugural ESG report highlights commitment to sustainability.
- Rebranding of ash beneficiation technology to EnviroSource aims to improve fly ash quality.
- Q4 2020 net loss of $36.2 million, up from $17.9 million in Q4 2019.
- Full-year net loss of $60.4 million, an increase of 32.8% from the prior year.
- Decrease in gross profit margin to 6.7% in Q4 2020, down from 14.3% in Q4 2019.
New Awards Drive Growth in 2021 and Beyond
Company Issues Inaugural ESG Report
Innovative Beneficiation Technology Rebranded as EnviroSourceTM Ash Beneficiation Technology
LOUISVILLE, KY / ACCESSWIRE / March 24, 2021 / Charah Solutions, Inc. (NYSE:CHRA), a leading provider of environmental services and byproduct sales to the power generation industry, today announced financial results for its fourth quarter and full year ended December 31, 2020. Net loss attributable to common stockholders for the fourth quarter of 2020 was
Business Update
"I am delighted with our growth in new business awards in 2020. We had a record year, with
"I am also very pleased to communicate the full story of Charah Solutions' outstanding environmental leadership through our inaugural Environmental, Social and Governance ("ESG") Report issued last week. For most companies, sustainability is a byproduct of what they do. At Charah Solutions, sustainability is integral to what we do and who we are. Our work, mission, and Company culture are directly aligned with providing powerful services and sustainable solutions to solve the power industry's most complex environmental challenges. Together, Charah Solutions' management and employees are united in our firm commitment to environmental, social and governance responsibilities, and we demonstrate that commitment daily," continued Mr. Sewell.
"In keeping with our objective of expanding our byproduct sales opportunities and our commitment to improving the land and air through the environmentally responsible recycling of fossil power generation byproducts, we are happy to announce that we have rebranded our innovative MP618® ash beneficiation technology as EnviroSource™ ash beneficiation technology. Our recovery of coal ash enables environmental recycling of this ash to produce concrete to satisfy the growing infrastructure demands that utilize millions of tons of coal ash every year, thus preserving natural resources while dramatically reducing the need for landfill space. Our EnviroSource™ ash beneficiation technology improves fly ash quality so that significantly more tons of fly ash can be recycled and marketed for reuse. This technology notably reduces the environmental carbon footprint created by Portland cement that would otherwise be emitted into the atmosphere and provides a superior product at lower costs. Substituting recycled ash to make "Green Concrete" also makes it a stronger product for use in bridges, highways, and buildings."
"Except for the finalization of a previously disclosed ERT transaction that slipped into the first quarter of 2021 and after accounting for the disposal of our Allied Power subsidiary during the fourth quarter, our FY2020 results were broadly in line with our expectations. This ERT transaction has now closed and is included in our 2021 guidance discussed further below. We are more encouraged than ever by our record growth in new awards during 2020 and thus far in 2021 and by the multi-billion dollar ash remediation and byproduct sales opportunities that we remain laser-focused on capturing. I am very proud of the way that our team has responded to the many challenges of the past year, and I again want to thank our dedicated Charah Solutions employees who are working every day to deliver Service Above All to our customers," concluded Mr. Sewell.
Summary of Financial Results
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
(In thousands, except per share and margin data) | 2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 65,680 | $ | 54,954 | $ | 232,377 | $ | 244,661 | ||||||||
Gross profit | 4,371 | 7,865 | 22,807 | 21,275 | ||||||||||||
Gross margin | 6.7 | % | 14.3 | % | 9.8 | % | 8.7 | % | ||||||||
Net loss attributable to Charah Solutions, Inc. | (33,861 | ) | (17,900 | ) | (55,863 | ) | (42,058 | ) | ||||||||
Net loss attributable to common stockholders | (36,226 | ) | (17,900 | ) | (60,388 | ) | (42,058 | ) | ||||||||
Loss per common share (basic/diluted) to common stockholders | $ | (1.21 | ) | $ | (0.60 | ) | $ | (2.02 | ) | $ | (1.43 | ) | ||||
Non-GAAP Financial Measures | ||||||||||||||||
Adjusted net loss(1) | $ | (10,721 | ) | $ | (17,476 | ) | $ | (25,244 | ) | $ | (34,635 | ) | ||||
Adjusted loss per basic/diluted share(1) | $ | (0.36 | ) | $ | (0.59 | ) | $ | (0.84 | ) | $ | (1.17 | ) | ||||
Adjusted EBITDA(1) | 4,145 | 5,991 | 24,982 | 18,140 | ||||||||||||
Adjusted EBITDA margin(1) | 6.3 | % | 10.9 | % | 10.8 | % | 7.4 | |||||||||
(1) This is a non-GAAP financial measure; see below for an explanation and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
On November 19, 2020, the Company sold its Allied Power Holdings LLC ("Allied") maintenance, modification and repair services subsidiary to an affiliate of Bernhard Capital Partners Management, LP ("BCP") in an all-cash deal for
During the fourth quarter of 2020, we realigned our operating segments into one reportable segment to reflect the suite of end-to-end services we offer our utility and independent power generation partners and how our Chief Operating Decision Maker reviews consolidated financial information to evaluate our results of operations, assess performance and allocate resources. Since the Company has a single operating segment, all required financial segment information can be found in the consolidated financial statements in this press release and our Annual Report on Form 10-K. We reclassified prior year results to conform to this presentation. Refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24, 2021 for further details regarding our segment realignment.
Three Months Ended December 31, 2020 Results
Revenue increased
Net loss attributable to Charah Solutions, Inc. increased
Adjusted EBITDA(1) decreased
(1) This is a non-GAAP financial measure; see below for an explanation and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Year Ended December 31, 2020 Results
Revenue decreased
Net loss attributable to Charah Solutions, Inc. increased
Adjusted EBITDA(1) increased
(1) This is a non-GAAP financial measure; see below for an explanation and reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.
Business Developments
New Business Awards
Charah Solutions won
ESG Reporting
As a sustainability leader in utility services for over 30 years, we recently issued our first annual ESG Report to showcase our Company's significant milestones in fulfilling our ESG commitments and sustainably preserving our natural resources for the betterment of our planet, our communities, and our customers. Charah Solutions is truly one of America's best examples of resource conservation and recovery through the beneficial recycling of coal ash, ash impoundment closure services, and the remediation and redevelopment of land for community and commercial use. Sustainability is a Charah Solutions core value, and our focus is on developing innovative solutions to complex environmental issues for the betterment of the planet. We believe reporting on sustainability is critical for our stakeholders' growing need for information, and we are pleased to begin this vital initiative.
ERT Services
We see increasing opportunities to provide creative solutions to utilities' environmental remediation and compliance challenges by expanding our ERT services. We continue to perform very well on our first ERT project with a utility in the upper Midwest. We also recently announced an acquisition of the Texas Municipal Power Agency's ("TMPA") Gibbons Creek Steam Electric Station and Reservoir in Grimes County, Texas and that we intend to begin remediation and redevelopment of the property immediately. As part of this agreement, Charah Solutions, through its subsidiary Gibbons Creek Environmental Redevelopment Group, LLC ("GCERG"), will be responsible for the shutdown and decommissioning of the coal power plant as well as performing all environmental remediation work for the site landfills and ash ponds. GCERG plans to redevelop the property in an environmentally conscious manner that will expand economic activity and benefit the surrounding communities through job creation, promotion of industry, support of the tax base and restoration of the property to a state that will enable it to be put to its best potential use. The existing power plant will be demolished, and potential redevelopment uses for the property include solar, battery, and energy storage options that utilize the existing transmission system, maximize the reservoir's potential, and reuse the vast rail system and other environmentally-responsible industrial uses. We believe our ERT offerings deliver turn-key environmental solutions to utilities while providing attractive growth opportunities and returns to Charah Solutions.
Technology
In keeping with our objective to expand our byproducts sales opportunities and our commitment to improving the land and air through the environmentally-responsible recycling of fossil power generation byproducts, we have rebranded our innovative ash beneficiation technology, formerly MP618® technology, to EnviroSource™ ash beneficiation technology. During the fourth quarter of 2020, we continued to pursue project financing for these projects as we continued our deployment planning with customers. The beneficial recycling of ash in concrete production using our EnviroSource™ ash beneficiation technology improves fly ash quality so that significantly more tons of fly ash can be recycled and marketed for reuse. This technology significantly reduces the environmental carbon footprint created by Portland cement that would otherwise be emitted into the atmosphere and provides a superior product at lower costs. Substituting recycled ash to make "Green Concrete" also makes it a stronger product for use in bridges, highways, and buildings. As more coal-fired power generation plants have been taken offline, however, the supply-demand imbalance for recycled fly ash is growing, particularly in the Western and Northeastern U.S. Charah Solutions' EnviroSource™ ash beneficiation technology is uniquely suited to help meet this growing demand while also facilitating ongoing ash impoundment remediation.
Looking Ahead
As we begin the new year, we remain vigilant in keeping our employees safe, keeping our customers' operations running, reducing expenses, and taking actions expected to preserve cash, strengthen our balance sheet, and enhance long-term value while positioning ourselves to take advantage of the expanding market opportunities. Our highest priority continues to be the safety and well-being of our employees and customers.
2021 Guidance
We provide mission-critical services to a diversified base of customers, a majority of whom are investment-grade regulated utilities that must continue to produce power through the current economic uncertainties. Though we are not currently seeing any significant disruptions to our business due to the critical nature of our customers' operations, the COVID-19 pandemic and resulting potential for significant business disruptions beyond our control have created a high level of uncertainty, including but not limited to further uncertainties around demand-driven power generation. There are also timing uncertainties associated with the startup of recently announced customer awards, including ERT awards. As with our 2020 results, the impact of weather, including hurricanes, excessive rain or moderate temperatures, could adversely affect our results. Considering these uncertainties, we are providing guidance within the following ranges:
- Revenue of
$260 million to$300 million - Net loss attributable to Charah Solutions, Inc. of
$5 million to$0 million - Adjusted EBITDA(2) of
$35 million to$40 million - Free cash flow(2) of
$33 million to$38 million
This guidance is based on our current expectations of no material worsening of the COVID-19 pandemic, specifically including, but not limited to, no material customer work stoppages, no significant employee absences, and no government-mandated quarantines. Any worsening of the COVID-19 pandemic could materially affect our 2021 outlook.
(2) The forward-looking measures of 2021 Adjusted EBITDA and Free cash flow are non-GAAP financial measures that cannot be reconciled to net loss attributable to Charah Solutions, Inc. and cash flows from operating activities, respectively, as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking measures.
CONFERENCE CALL
Charah Solutions will host a conference call at 8:30 a.m. ET on Thursday, March 25, 2021 to discuss the fourth quarter and full fiscal year 2020 results. Information contained within this press release will be referenced and should be considered in conjunction with the call.
To register to participate live on this conference call, please register at directeventreg.com using conference ID 3563068. A confirmation email will be sent after registering, including dial-in details and a unique code for entry. We recommend registering a day in advance or, at a minimum, 15 minutes before the scheduled start time of the call. Participants may also listen to the conference call via webcast by visiting the Investor Relations section of the Charah Solutions website at ir.charah.com.
A webcast replay will be available on the Investors section of the Charah Solutions website at ir.charah.com after 11:30 a.m. ET on Thursday, March 25, 2021. Also, an audio replay will be available for one week following the call and will be accessible by dialing (800) 585-8367 within the United States or (416) 621-4642 outside the United States. The replay ID is 3563068.
A supplementary presentation will also be available on the Investors section of the Charah Solutions website at ir.charah.com.
ABOUT CHARAH SOLUTIONS
With 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct sales to the power generation industry. Based in Louisville, Kentucky, Charah Solutions assists utilities and independent power producers with all aspects to sustainably manage and recycle ash byproducts generated from the combustion of coal in the production of electricity. The Company also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales, and structural fill projects. Charah Solutions is the partner of choice for solving customers' most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing greenhouse gas emissions for a cleaner energy future. For more information, please visit, please visit www.charah.com.
Investor Contact
Roger Shannon, Chief Financial Officer and Treasurer
Charah Solutions, Inc.
ir@charah.com
(502) 245-1353
Media Contact
Keaton Price
PriceWeber Marketing
media@charah.com
(502) 593-4692
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," and similar terms and phrases. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. See the Company's Form 10-K for the fiscal year ended December 31, 2020 and other periodic reports as filed with the Securities and Exchange Commission for further information regarding risk factors.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA and Adjusted EBITDA margin are not financial measures determined in accordance with GAAP. Charah Solutions defines Adjusted EBITDA as net earnings attributable to Charah Solutions, Inc. before loss on extinguishment of debt, impairment expense, gain on change in contingent payment liability, interest expense, income taxes, depreciation and amortization, equity-based compensation, non-recurring legal costs and expenses, the Brickhaven contract deemed termination revenue reversal and transaction-related expenses and other items. Adjusted EBITDA margin represents the ratio of Adjusted EBITDA to total revenue.
Management believes Adjusted EBITDA and Adjusted EBITDA margin are useful performance measures because they allow for an effective evaluation of our operating performance compared to our peers, without regard to our financing methods or capital structure. Management excludes the items listed above from net loss attributable to Charah Solutions, Inc. in arriving at Adjusted EBITDA because these amounts are either non-recurring or can vary substantially within Charah Solutions' industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net loss attributable to Charah Solutions, Inc. determined according to GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA. Charah Solutions' Adjusted EBITDA presentation should not be construed as an indication that the Company's results will be unaffected by the items excluded from Adjusted EBITDA. Charah Solutions' computations of Adjusted EBITDA may not be identical to other similarly titled measures of other companies. Charah Solutions uses Adjusted EBITDA margin to measure the Company's business's success in managing its cost base and improving profitability. A reconciliation between Adjusted EBITDA to net loss attributable to Charah Solutions, Inc., Charah Solutions' most directly comparable financial measure calculated and presented in accordance with GAAP, along with a calculation of the Company's Adjusted EBITDA margin is included in the supplemental financial data attached to this press release.
Adjusted net loss and Adjusted loss per basic/diluted share are not financial measures determined in accordance with GAAP. Charah Solutions defines Adjusted net loss as net loss attributable to common stockholders excluding discontinued operations net income or loss plus, on a post-tax basis, loss on extinguishment of debt, impairment expense, gain on reversal of contingent payment liability, non-recurring legal costs and expenses, the Brickhaven contract deemed termination revenue reversal and transaction-related expenses and other items. Management excludes the items listed above to provide a more meaningful comparison of the Company's operating performance when compared to prior periods. Adjusted net loss and Adjusted loss per basic/diluted share should not be considered as an alternative to, or more meaningful than net loss attributable to common stockholders. or loss per basic/diluted share determined in accordance with GAAP. A reconciliation of Adjusted net loss and Adjusted loss per basic/diluted share to the most directly comparable financial measure calculated and presented in accordance with GAAP is provided in the supplemental financial data attached to this press release.
Free cash flow is not a financial measure determined in accordance with GAAP. We define free cash flow as cash flows from operating activities, less cash used for capital expenditures, net of proceeds. We exclude capital expenditures because we consider them to be a necessary component of our ongoing operations. We consider free cash flow to be a measure that provides useful information to management and investors about the amount of cash generated by the business that can be used for investing in our business and strengthening our balance sheet, but it is not intended to represent the amount of cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from this measure.
The Company uses non-GAAP measures internally as a key performance measure of the results of operations for purposes of evaluating performance. These measures facilitate comparison of operating performance between periods and help investors to better understand the operating results of the Company by excluding certain items that may not be indicative of the Company's core business or operating results. The Company believes the use of these measures enables management and investors to evaluate and compare, from period to period, the Company's operating performance in a meaningful and consistent manner. The non-GAAP measures are a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP and should not be considered as an alternative to, or more meaningful than, net income or earnings per basic/diluted share (as determined in accordance with GAAP) as a measure of our operating results.
CHARAH SOLUTIONS, INC.
Consolidated Balance Sheets
(amounts in thousands except par value amounts)
December 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | 24,787 | $ | 4,912 | |||
Restricted cash | 4,424 | 1,000 | |||||
Trade accounts receivable, net | 46,609 | 37,325 | |||||
Receivable from affiliates | 182 | 390 | |||||
Contract assets | 18,329 | 20,641 | |||||
Inventory | 5,917 | 14,792 | |||||
Income tax receivable | 260 | 1,374 | |||||
Prepaid expenses and other current assets | 5,287 | 3,146 | |||||
Current assets of discontinued operations held for sale | - | 14,930 | |||||
Total current assets | 105,795 | 98,510 | |||||
Property and equipment, net | 49,470 | 83,498 | |||||
Goodwill | 62,193 | 62,193 | |||||
Intangible assets, net | 61,426 | 92,473 | |||||
Equity method investments | 831 | 5,078 | |||||
Other assets | 1,245 | 188 | |||||
Long-term assets of discontinued operations held for sale | - | 13,816 | |||||
Total assets | $ | 280,960 | $ | 355,756 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 15,613 | $ | 17,518 | |||
Contract liabilities | 6,295 | 582 | |||||
Capital lease obligations, current portion | 2,199 | - | |||||
Notes payable, current maturities | 22,308 | 34,873 | |||||
Asset retirement obligation | 2,043 | 9,944 | |||||
Purchase option liability | - | 7,110 | |||||
Accrued liabilities | 34,937 | 15,796 | |||||
Other liabilities | 935 | 1,116 | |||||
Current liabilities of discontinued operations held for sale | - | 27,686 | |||||
Total current liabilities | 84,330 | 114,625 | |||||
Deferred tax liabilities | 368 | 1,492 | |||||
Contingent payments for acquisitions | 1,950 | 11,481 | |||||
Asset retirement obligation | 3,116 | 5,187 | |||||
Line of credit | 12,003 | 19,000 | |||||
Capital lease obligations less current portion | 4,485 | - | |||||
Notes payable, less current maturities | 124,969 | 150,698 | |||||
Other liabilities | 2,000 | ||||||
Total liabilities | 233,221 | 302,483 | |||||
Commitments and contingencies | |||||||
Mezzanine equity | |||||||
Series A Preferred Stock - | 27,423 | - | |||||
Stockholders' equity | |||||||
Retained losses | (88,865) | (33,002) | |||||
Common Stock - | 300 | 296 | |||||
Additional paid-in capital | 108,471 | 85,187 | |||||
Total stockholders' equity | 19,906 | 52,481 | |||||
Non-controlling interest | 410 | 792 | |||||
Total equity | 20,316 | 53,273 | |||||
Total liabilities and equity | $ | 280,960 | $ | 355,756 | |||
CHARAH SOLUTIONS, INC.
Consolidated Statements of Operations
(unaudited except year ended 2020 and 2019 amounts)
(amounts in thousands except per share data)
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 65,680 | $ | 54,954 | $ | 232,377 | $ | 244,661 | |||||||
Cost of sales | 61,309 | 47,089 | 209,570 | 223,386 | |||||||||||
Gross profit | 4,371 | 7,865 | 22,807 | 21,275 | |||||||||||
General and administrative expenses | 12,695 | 12,137 | 34,064 | 51,085 | |||||||||||
Gain on change in contingent payment liability | (9,702) | - | (9,702) | - | |||||||||||
Impairment expense | 31,615 | - | 38,014 | - | |||||||||||
Operating loss | (30,237) | (4,272) | (39,569) | (29,810) | |||||||||||
Interest expense, net | (3,309) | (3,295) | (13,774) | (14,624) | |||||||||||
Loss on extinguishment of debt | - | - | (8,603) | - | |||||||||||
(Loss) income from equity method investment | (3,763) | 411 | (2,516) | 2,295 | |||||||||||
Loss from continuing operations before income taxes | (37,309) | (7,156) | (64,462) | (42,139) | |||||||||||
Income tax (benefit) expense | (1,522) | 11,679 | (914) | 4,190 | |||||||||||
Loss from continuing operations, net of tax | (35,787) | (18,835) | (63,548) | (46,329) | |||||||||||
Income from discontinued operations, net of tax | 1,944 | 1,533 | 8,883 | 7,105 | |||||||||||
Net loss | (33,843) | (17,302) | (54,665) | (39,224) | |||||||||||
Less income attributable to non-controlling interest | 18 | 598 | 1,198 | 2,834 | |||||||||||
Net loss attributable to Charah Solutions, Inc. | $ | (33,861) | $ | (17,900) | $ | (55,863) | $ | (42,058) | |||||||
Amounts attributable to Charah Solutions, Inc. | |||||||||||||||
Loss from continuing operations, net of tax and non-controlling interest | $ | (35,805) | $ | (19,433) | $ | (64,746) | $ | (49,163) | |||||||
Deemed and imputed dividends on Series A Preferred Stock | (147) | - | (461) | - | |||||||||||
Series A Preferred Stock dividends | (2,218) | - | (4,064) | - | |||||||||||
Net loss from continuing operations attributable to common stockholders | (38,170) | (19,433) | (69,271) | (49,163) | |||||||||||
Net income from discontinued operations | 1,944 | 1,533 | 8,883 | 7,105 | |||||||||||
Net loss attributable to common stockholders | $ | (36,226) | $ | (17,900) | $ | (60,388) | $ | (42,058) | |||||||
Net loss from continuing operations per common share | |||||||||||||||
Basic | $ | (1.27) | $ | (0.66) | $ | (2.32) | $ | (1.67) | |||||||
Diluted | $ | (1.27) | $ | (0.66) | $ | (2.32) | $ | (1.67) | |||||||
Net income from discontinued operations per common share | |||||||||||||||
Basic | $ | 0.06 | $ | 0.05 | $ | 0.30 | $ | 0.24 | |||||||
Diluted | $ | 0.06 | $ | 0.05 | $ | 0.30 | $ | 0.24 | |||||||
Net loss attributable to common stockholders per common share | |||||||||||||||
Basic | $ | (1.21) | $ | (0.60) | $ | (2.02) | $ | (1.43) | |||||||
Diluted | $ | (1.21) | $ | (0.60) | $ | (2.02) | $ | (1.43) | |||||||
Weighted-average shares outstanding used in loss per common share: | |||||||||||||||
Basic | 30,030 | 29,623 | 29,897 | 29,495 | |||||||||||
Diluted | 30,030 | 29,623 | 29,897 | 29,495 | |||||||||||
CHARAH SOLUTIONS, INC.
Consolidated Statements of Cash Flows
(amounts in thousands)
Year Ended December 31, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (54,665) | $ | (39,224) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 19,886 | 23,437 | |||||
Loss on extinguishment of debt | 8,603 | - | |||||
Paid-in-kind interest on long-term debt | 4,448 | - | |||||
Impairment expense | 40,772 | - | |||||
Amortization of debt issuance costs | 599 | 1,206 | |||||
Deferred income tax (benefit) expense | (835) | 4,359 | |||||
Loss on sale of assets | 708 | 2,376 | |||||
Loss (income) from equity method investment | 2,516 | (2,295) | |||||
Distributions received from equity investment | 1,731 | 2,277 | |||||
Non-cash share-based compensation | 2,539 | 2,513 | |||||
(Gain) loss on interest rate swap | (181) | 2,006 | |||||
Gain on change in contingent payment liability | (9,702) | - | |||||
Interest accreted on contingent payments for acquisition | 171 | 267 | |||||
Increase (decrease) in cash due to changes in: | |||||||
Trade accounts receivable | (21,791) | 10,208 | |||||
Contract assets and liabilities | 8,025 | 65,299 | |||||
Inventory | 6,037 | 11,085 | |||||
Accounts payable | (457) | (69) | |||||
Asset retirement obligation | (9,694) | (10,934) | |||||
Accrued expenses and other liabilities | 13,812 | (3,858) | |||||
Net cash provided by (used in) operating activities | 12,522 | 68,653 | |||||
Cash flows from investing activities: | |||||||
Proceeds from the sale of equipment | 1,517 | 2,312 | |||||
Purchases of property and equipment | (4,304) | (18,071) | |||||
Proceeds from sale-leaseback transaction | 7,000 | - | |||||
Proceeds from the sale of subsidiary, net of subsidiary cash |
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"acceptedAnswer": {
"@type": "Answer",
"text": "Charah Solutions provides a revenue guidance of $260 million to $300 million for 2021."
}
}
]
}
FAQ
What was Charah Solutions' new business awards total for 2020?
Charah Solutions achieved a record $715 million in new business awards for 2020.
What is the net loss for Charah Solutions in Q4 2020?
The net loss attributable to Charah Solutions in Q4 2020 was $36.2 million.
How has Charah Solutions' revenue fluctuated in 2020?
Revenue for 2020 decreased by $12.3 million, or 5%, compared to 2019.
What new technology did Charah Solutions rebrand?
Charah Solutions rebranded its ash beneficiation technology as EnviroSource.
What is the guidance for Charah Solutions' revenue in 2021?
Charah Solutions provides a revenue guidance of $260 million to $300 million for 2021.
CHRA
OTC:CHRACHRA RankingsCHRA Latest NewsCHRA Stock Data
20.28M
Hazardous Waste Treatment and Disposal
Administrative and Support and Waste Management and Remediation Services
US
Louisville
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