Infrastructure and Energy Alternatives, Inc. Announces Fourth Quarter and Full Year 2020 Financial Results and Issues 2021 Guidance
Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) reported its financial results for Q4 and full year 2020. Q4 revenue fell to $391.9 million from $520.0 million in 2019, with a net loss of $1.4 million, translating to a loss of $0.10 per diluted share. Full year revenue reached a record $1.8 billion, a 20.1% increase, yet net income decreased 88.3% to $0.7 million. Management expects 2021 revenue between $1.75 billion and $1.95 billion, bolstered by a strong backlog of $2.07 billion. Achievements include cost reductions and a commitment to ESG improvements.
- Record full-year revenue of $1.8 billion, up 20.1% YoY.
- Adjusted EBITDA increased by 27.0% YoY to $127.9 million.
- Significant decrease in selling, general, and administrative expenses by 26.1%.
- Q4 revenue decreased 24.6% from Q4 2019.
- Net income declined 88.3% YoY, significantly affected by a prior-year contingency gain of $23.1 million.
- Gross profit margin reduced from 12.9% to 10.8% in Q4.
INDIANAPOLIS, March 08, 2021 (GLOBE NEWSWIRE) -- Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with renewable energy and specialty civil expertise, today announced its financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter Highlights
- Revenue of
$391.9 million , as compared to$520.0 million in the fourth quarter of 2019;62.0% was attributable to the Renewables Segment and38.0% was attributable to the Specialty Civil Segment. - Operating income of
$16.5 million , or4.2% of revenue, as compared to$31.7 million , or6.1% of revenue, in the prior-year period. - Gross profit of
$42.5 million , or10.8% of revenue, compared to$67.0 million , or12.9% of revenue, in the prior-year period. - Selling, general and administrative expenses of
$26.1 million , a significant decrease of26.1% as compared to the prior-year period. - Net loss of
$1.4 million , or ($0.10) per diluted share, compared to net income of$11.1 million , or$0.31 per diluted share, in the prior-year period.
Full Year Highlights
- Record full year revenue of
$1.8 billion , up20.1% from$1.5 billion for the year ended December 31, 2019;65.2% was attributable to the Renewables Segment and34.8% was attributable to the Specialty Civil Segment. - Operating income of
$75.4 million , or4.3% of revenue, up104.8% , as compared to$36.8 million , or2.5% of revenue, for the year ended December 31, 2019. - Net income decreased
88.3% , or$5.5 million , to$0.7 million , as compared to$6.2 million for the year ended December 31, 2019. Net income for the prior year included a$23.1 million contingency gain. - Adjusted EBITDA of
$127.9 million , up27.0% , as compared to$100.7 million for the year ended December 31, 2019. - Diluted loss per share improved by
$0.88 , to$(0.09) , as compared to$(0.97) for the year ended December 31, 2019.
Management Commentary
“IEA achieved record full-year 2020 revenue with consolidated revenue totaling
Mr. Roehm continued, “While we continue to see a lingering impact from the pandemic, we expect our business to grow in 2021, especially in the latter half of the year. Our backlog remains strong, and we are actively bidding projects. The secondary stock offering we closed in February 2021 has expanded the number of institutional holders of our stock, bringing even more long-term growth and value investors that will strengthen our shareholder base. IEA’s shares were also added to three ESG-focused stock indices in the past 12 months, and we remain committed to making environmental, social and governance (ESG) improvements. Our business focuses on enabling our country’s energy transition, facilitating environmental remediation, and improving transportation infrastructure. The extension of the existing wind production tax credit by a year and the existing solar investment tax credit by two years, as well as other political and environmental drivers, are expected to contribute to continuing growth opportunities. We have longstanding client relationships and a strong track record of performance which will help us to continue to grow our business.”
Fourth Quarter Results
Segment Revenue
Revenue by segment was as follows:
For the quarters ended December 31, | ||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||
Segment | Revenue | % of Total Revenue | Revenue | % of Total Revenue | ||||||||
Renewables | $ | 242,783 | 61.9 | % | $ | 338,195 | 65.0 | % | ||||
Specialty Civil | 149,123 | 38.1 | % | 181,804 | 35.0 | % | ||||||
Total revenue | $ | 391,906 | 100.0 | % | $ | 519,999 | 100.0 | % |
Revenue totaled
Renewables Segment revenue totaled
Segment Gross Profit
Gross profit by segment was as follows:
For the quarters ended December 31, | ||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||
Segment | Gross Profit | Gross Profit Margin | Gross Profit | Gross Profit Margin | ||||||||
Renewables | $ | 26,736 | 11.0 | % | $ | 43,611 | 12.9 | % | ||||
Specialty Civil | 15,785 | 10.6 | % | 23,370 | 12.9 | % | ||||||
Total gross profit | $ | 42,521 | 10.8 | % | $ | 66,981 | 12.9 | % |
Gross profit for the fourth quarter totaled
Selling, general and administrative expenses of
Interest expense decreased by
Other expense decreased by
Provision for income taxes totaled
Net loss was
Adjusted EBITDA was
Balance Sheet
As of December 31, 2020, the Company had
Backlog
IEA defines “backlog” as the amount of revenue the Company expects to realize from the uncompleted portions of existing construction contracts, including new contracts under which work has not begun and awarded contracts for which the definitive project documentation is being prepared, as well as the impact of change orders and renewal options.
The following table summarizes the Company’s backlog by segment for December 31:
(in millions) | ||||||
Segments | December 31, 2020 | December 31, 2019 | ||||
Renewables | $ | 1,513.4 | $ | 1,582.5 | ||
Specialty Civil | 556.1 | 588.7 | ||||
Total | $ | 2,069.5 | $ | 2,171.2 |
The Company expects to realize approximately
Outlook
For the full year 2021, IEA anticipates revenue in the range of
Conference Call
IEA will hold a conference call to discuss its fourth quarter and full year 2020 results tomorrow, March 9, 2021 at 11:00 a.m. Eastern Time. To join the conference call, please dial (877) 407-0784 (domestic) or (201) 689-8560 (international) and ask for Infrastructure & Energy Alternatives’ Fourth Quarter and Full Year 2020 Conference Call. To listen via the Internet, please visit the investor section of the Company’s website at https://ir.iea.net at least 15 minutes prior to the start of the call to download and install any necessary audio software. The conference call webcast will be archived on the Company’s website as well as available for replay by dialing 844-512-2921 or (412) 317-6671 (international) and providing the PIN code: 13716626.
About IEA
Infrastructure and Energy Alternatives, Inc. (IEA) is a leading infrastructure construction company with renewable energy and specialty civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country, IEA’s service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of the larger providers in the renewable energy industry and has completed more than 240 utility scale wind and solar projects across North America. In the heavy civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The forward-looking statements can be identified by the use of forward-looking terminology including “may,” “should,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “forecast,” “seek,” “target,” “continue,” “plan,” “intend,” “project,” or other similar words. All statements, other than statements of historical fact, included in this press release regarding expectations for the impact of COVID-19, future financial performance, business strategies, expectations for our business, future operations, liquidity positions, availability of capital resources, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives and beliefs of management are forward-looking statements. These forward-looking statements are based on information available as of the date of this release and our management’s current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct. Forward-looking statements should not be relied upon as representing our views as of any subsequent date. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:
- potential risks and uncertainties relating to COVID-19, including the geographic spread, the severity of the disease, the scope and duration of the COVID-19 pandemic, actions that may be taken by governmental authorities to contain the COVID-19 pandemic or to treat its impact, and the potential negative impacts of COVID-19 on permitting and project construction cycles, the U.S. economy and financial markets;
- availability of commercially reasonable and accessible sources of liquidity and bonding;
- our ability to generate cash flow and liquidity to fund operations;
- the timing and extent of fluctuations in geographic, weather and operational factors affecting our customers, projects and the industries in which we operate;
- our ability to identify acquisition candidates and integrate acquired businesses;
- our ability to grow and manage growth profitably;
- the possibility that we may be adversely affected by economic, business, and/or competitive factors;
- market conditions, technological developments, regulatory changes or other governmental policy uncertainty that affects us or our customers;
- our ability to manage projects effectively and in accordance with management estimates, as well as the ability to accurately estimate the costs associated with our fixed price and other contracts, including any material changes in estimates for completion of projects;
- the effect on demand for our services and changes in the amount of capital expenditures by customers due to, among other things, economic conditions, commodity price fluctuations, the availability and cost of financing, and customer consolidation;
- the ability of customers to terminate or reduce the amount of work, or in some cases, the prices paid for services, on short or no notice;
- customer disputes related to the performance of services;
- disputes with, or failures of, subcontractors to deliver agreed-upon supplies or services in a timely fashion;
- our ability to replace non-recurring projects with new projects;
- the impact of U.S. federal, local, state, foreign or tax legislation and other regulations affecting the renewable energy industry and related projects and expenditures;
- the effect of state and federal regulatory initiatives, including costs of compliance with existing and future safety and environmental requirements;
- fluctuations in equipment, fuel, materials, labor and other costs;
- our beliefs regarding the state of the renewable energy market generally; and
- the “Risk Factors” described in this Annual Report on Form 10-K, and in our quarterly reports, other public filings and press releases.
We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Contacts: | |
Peter J. Moerbeek | Kimberly Esterkin |
Chief Financial Officer | ADDO Investor Relations |
Pete.Moerbeek@iea.net | iea@addoir.com |
800-688-3775 | 310-829-5400 |
INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC. Consolidated Statements of Operations ($ in thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended | For the Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 391,906 | $ | 519,999 | $ | 1,752,905 | $ | 1,459,763 | |||||||
Cost of revenue | 349,385 | 453,018 | 1,564,213 | 1,302,746 | |||||||||||
Gross profit | 42,521 | 66,981 | 188,692 | 157,017 | |||||||||||
Selling, general and administrative expenses | 26,052 | 35,241 | 113,266 | 120,186 | |||||||||||
Income (loss) from operations | 16,469 | 31,740 | 75,426 | 36,831 | |||||||||||
Other income (expense), net: | |||||||||||||||
Interest expense, net | (14,449 | ) | (15,438 | ) | (61,689 | ) | (51,260 | ) | |||||||
Contingent consideration fair value adjustment | — | — | — | 23,082 | |||||||||||
Other expense | (857 | ) | (3,518 | ) | (429 | ) | (4,043 | ) | |||||||
Income (loss) before (provision) benefit for income taxes | 1,163 | 12,784 | 13,308 | 4,610 | |||||||||||
(Provision) benefit for income taxes | (2,555 | ) | (1,731 | ) | (12,580 | ) | 1,621 | ||||||||
Net income | (1,392 | ) | 11,053 | 728 | 6,231 | ||||||||||
Less: Convertible Preferred Stock dividends | (637 | ) | (673 | ) | (2,628 | ) | (2,875 | ) | |||||||
Less: Contingent consideration fair value adjustment | — | — | — | (23,082 | ) | ||||||||||
Less: Net income allocated to participating securities | — | — | — | — | |||||||||||
Net income (loss) available for common stockholders | $ | (2,029 | ) | $ | 10,380 | $ | (1,900 | ) | $ | (19,726 | ) | ||||
Net (loss) income from continuing operations per common share - basic | (0.10 | ) | 0.51 | (0.09 | ) | (0.97 | ) | ||||||||
Net (loss) income from continuing operations per common share - diluted | (0.10 | ) | 0.31 | (0.09 | ) | (0.97 | ) | ||||||||
Weighted average number of common shares outstanding during the period - basic | 20,992,062 | 20,446,811 | 20,809,493 | 20,431,096 | |||||||||||
Weighted average number of shares outstanding during the period - diluted | 20,992,062 | 35,711,512 | 20,809,493 | 20,431,096 | |||||||||||
INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC.
Consolidated Balance Sheets
($ in thousands, except per share data)
(Unaudited)
December 31, | |||||||
2020 | 2019 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 164,041 | $ | 147,259 | |||
Accounts receivable, net | 163,793 | 203,645 | |||||
Contract assets | 145,183 | 179,303 | |||||
Prepaid expenses and other current assets | 19,352 | 16,855 | |||||
Total current assets | 492,369 | 547,062 | |||||
Property, plant and equipment, net | 130,746 | 140,488 | |||||
Operating lease asset | 36,461 | 43,431 | |||||
Intangible assets, net | 25,434 | 37,272 | |||||
Goodwill | 37,373 | 37,373 | |||||
Company-owned life insurance | 4,250 | 4,752 | |||||
Deferred income taxes | 2,069 | 12,992 | |||||
Other assets | 438 | 1,551 | |||||
Total assets | $ | 729,140 | $ | 824,921 | |||
Liabilities, Preferred Stock and Stockholders' Deficit | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 104,960 | $ | 177,783 | |||
Accrued liabilities | 129,594 | 158,103 | |||||
Contract liabilities | 118,235 | 115,634 | |||||
Current portion of finance lease obligations | 25,423 | 23,183 | |||||
Current portion of operating lease obligations | 8,835 | 9,628 | |||||
Current portion of long-term debt | 2,506 | 1,946 | |||||
Total current liabilities | 389,553 | 486,277 | |||||
Finance lease obligations, less current portion | 32,146 | 41,055 | |||||
Operating lease obligations, less current portion | 29,154 | 34,572 | |||||
Long-term debt, less current portion | 159,225 | 162,901 | |||||
Debt - Series B Preferred Stock | 173,868 | 166,141 | |||||
Series B Preferred Stock - warrant obligations | 9,200 | 17,591 | |||||
Deferred compensation | 8,672 | 8,004 | |||||
Total liabilities | 801,818 | 916,541 | |||||
Commitments and contingencies: | |||||||
Preferred stock, issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 17,483 | 17,483 | |||||
Stockholders' equity (deficit): | |||||||
Common stock, 21,008,745 and 20,460,533 shares issued and 21,008,745 and 20,446,811 outstanding at December 31, 2020 and December 31, 2019, respectively | 2 | 2 | |||||
Treasury stock, 13,722 shares at cost at December 31, 2019 | — | (76 | ) | ||||
Additional paid-in capital | 35,305 | 17,167 | |||||
Accumulated deficit | (125,468 | ) | (126,196 | ) | |||
Total stockholders' deficit | (90,161 | ) | (109,103 | ) | |||
Total liabilities, preferred stock and stockholders' deficit | $ | 729,140 | $ | 824,921 | |||
INFRASTRUCTURE AND ENERGY ALTERNATIVES, INC. Condensed Consolidated Statements of Cash Flows ($ in thousands) (Unaudited) | |||||||||||
Year Ended December 31, | |||||||||||
2020 | 2019 | 2018 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 728 | $ | 6,231 | $ | 4,244 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 47,682 | 48,220 | 16,699 | ||||||||
Contingent consideration fair value adjustment | — | (23,082 | ) | (46,291 | ) | ||||||
Warrant liability fair value adjustment | 828 | 2,262 | — | ||||||||
Amortization of debt discounts and issuance costs | 12,871 | 5,435 | 1,321 | ||||||||
Loss on extinguishment of debt | — | — | 1,836 | ||||||||
Share-based compensation expense | 4,409 | 4,016 | 1,072 | ||||||||
Deferred compensation | 668 | 1,847 | (482 | ) | |||||||
Allowance for doubtful accounts | (75 | ) | 33 | (174 | ) | ||||||
Accrued dividends on Series B Preferred Stock | 7,959 | 10,389 | — | ||||||||
Deferred income taxes | 11,136 | (1,563 | ) | (12,017 | ) | ||||||
Other, net | 1,564 | 1,623 | 1,034 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 39,927 | (42,312 | ) | (36,430 | ) | ||||||
Contract assets | 34,120 | (67,222 | ) | (2,901 | ) | ||||||
Prepaid expenses and other assets | (2,501 | ) | (4,222 | ) | (2,123 | ) | |||||
Accounts payable and accrued liabilities | (104,172 | ) | 84,689 | 95,398 | |||||||
Contract liabilities | 2,601 | 53,468 | 25,832 | ||||||||
Net cash provided by operating activities | 57,745 | 79,812 | 47,018 | ||||||||
Cash flows from investing activities: | |||||||||||
Company-owned life insurance | 502 | (898 | ) | 396 | |||||||
Purchases of property, plant and equipment | (9,684 | ) | (6,764 | ) | (4,230 | ) | |||||
Proceeds from sale of property, plant and equipment | 6,069 | 8,272 | 690 | ||||||||
Acquisition of businesses, net of cash acquired | — | — | (166,690 | ) | |||||||
Net cash (used in) provided by investing activities | (3,113 | ) | 610 | (169,834 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt and line of credit - short-term | 72,000 | 50,400 | 497,272 | ||||||||
Payments on long-term debt | (83,921 | ) | (217,034 | ) | (155,359 | ) | |||||
Payments on line of credit - short-term | — | — | (38,447 | ) | |||||||
Extinguishment of debt | — | — | (53,549 | ) | |||||||
Debt financing fees | (896 | ) | (22,246 | ) | (26,641 | ) | |||||
Payments on finance lease obligations | (26,184 | ) | (22,850 | ) | (7,138 | ) | |||||
Sale-leaseback transaction | — | 24,343 | — | ||||||||
Preferred dividends | — | — | (1,072 | ) | |||||||
Proceeds from issuance of stock - Series B Preferred Stock | 350 | 180,000 | — | ||||||||
Proceeds from stock-based awards, net | 801 | 159 | — | ||||||||
Merger recapitalization transaction | — | 2,754 | (25,816 | ) | |||||||
Net cash (used in) provided by financing activities | (37,850 | ) | (4,474 | ) | 189,250 | ||||||
Net change in cash and cash equivalents | 16,782 | 75,948 | 66,434 | ||||||||
Cash and cash equivalents, beginning of the period | 147,259 | 71,311 | 4,877 | ||||||||
Cash and cash equivalents, end of the period | $ | 164,041 | $ | 147,259 | $ | 71,311 | |||||
Non-U.S. GAAP Financial Measures
We define EBITDA as net income (loss), determined in accordance with GAAP, for the period presented, before depreciation and amortization, interest expense and provision (benefit) for income taxes. We define Adjusted EBITDA as EBITDA plus restructuring expenses, acquisition or disposition related expenses, non-cash stock compensation expense, and certain other non-cash charges, unusual, non-operating or non-recurring items and other items that we believe are not representative of our core business or future operating performance.
Adjusted EBITDA is a supplemental non-GAAP financial measure and, when considered along with other performance measures, is a useful measure as it reflects certain drivers of the business, such as revenue growth and operating costs. We believe Adjusted EBITDA can be useful in providing an understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. While Adjusted EBITDA is not a recognized measure under GAAP, management uses this financial measure to evaluate and forecast business performance. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not consider certain requirements, such as capital expenditures and depreciation, principal and interest payments, and tax payments. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.
The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The following table outlines the reconciliation from net income (loss) to Adjusted EBITDA for the periods indicated:
Three Months Ended | For the Years Ended | ||||||||||||||
(in thousands) | December 31, | December 31, | |||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | (1,392 | ) | $ | 11,053 | $ | 728 | $ | 6,231 | ||||||
Interest expense, net | 14,449 | 15,438 | 61,689 | 51,260 | |||||||||||
Provision (benefit) for income taxes | 2,555 | 1,731 | 12,580 | (1,621 | ) | ||||||||||
Depreciation and amortization | 11,116 | 11,846 | 47,682 | 48,220 | |||||||||||
EBITDA | 26,728 | 40,068 | 122,679 | 104,090 | |||||||||||
Non-cash stock compensation expense | 1,342 | 1,203 | 4,409 | 4,016 | |||||||||||
Acquisition integration costs (1) | — | 1,354 | — | 10,082 | |||||||||||
Contingent consideration fair value adjustment (2) | — | — | — | (23,082 | ) | ||||||||||
Series B Preferred warrant liability fair value adjustment (3) | 999 | 2,262 | 828 | 2,262 | |||||||||||
Project settlement legal fees (4) | — | (1,186 | ) | — | — | ||||||||||
Other (5) | 3,370 | $ | 3,370 | ||||||||||||
Adjusted EBITDA | $ | 29,069 | $ | 47,071 | $ | 127,916 | $ | 100,738 |
(1)Acquisition integration costs related include legal, consulting, personnel and other costs associated with the acquisitions of Consolidated Construction Solutions I, LLC and William Charles Construction Group.
(2)Reflects an adjustment for 2019 to the fair value of the Company’s contingent consideration incurred in connection with the Company's merger and initial public offering transactions in March 2018. The contingent consideration fair value adjustment is a mark-to-market adjustment based on the Company not anticipating reaching EBITDA requirements outlined in the original agreement.
(3)Reflects an adjustment to the fair value of the Company’s Series B Preferred Stock warrant liabilities. The warrant liability fair value adjustment is a mark-to-market adjustment based on fluctuation in the Company's stock price.
(4)Project settlement legal fees reflect fees incurred by the Company seeking additional recovery of settlements related to extreme weather-related events that occurred on projects at the end of 2018.
(5)Other reflects unanticipated charges related to tax and warranty on solar projects that were previously disclosed as part of our Discontinued Operations in Canada in 2016 and gain/losses on asset sales.
The following table outlines the reconciliation from 2021 projected net income to 2021 projected Adjusted EBITDA using estimated amounts:
Guidance | ||||||||
For the year ended December 31, 2021 | ||||||||
(in thousands) | Low Estimate | High Estimate | ||||||
Net income (loss) | $ | 5,000 | $ | 14,000 | ||||
Interest expense, net | 61,000 | 61,000 | ||||||
Depreciation and amortization | 50,000 | 50,000 | ||||||
Expense for income taxes | 10,000 | 11,000 | ||||||
EBITDA | 126,000 | 136,000 | ||||||
Non-cash stock compensation expense | 4,000 | 4,500 | ||||||
Series B Preferred warrant liability fair value adjustment | — | (500 | ) | |||||
Adjusted EBITDA | $ | 130,000 | $ | 140,000 | ||||
FAQ
What were IEA's Q4 2020 financial results?
What is IEA's revenue outlook for 2021?
How did IEA's full-year 2020 performance compare to 2019?
What are IEA's plans for growth in 2021?