XML 41 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Segments and Related Information
 9 Months Ended
Oct. 01, 2022
Segment Reporting [Abstract]  
Segments and Related Information Segments and Related Information
The Chief Operating Decision Maker ("CODM") of the Company manages its operation under two operating segments, which represent its two reportable segments: (1) Telecom and (2) Renewables and Recovery Logistics.
The Telecom segment performs site acquisition, engineering, project management, installation, testing, last mile installation, and maintenance solutions of communication infrastructure for telecommunication and cable providers, businesses, public venues, government facilities, and residential subscribers. The Renewables and Recovery Logistics segment derives its revenue from providing new fiber optic construction services, maintenance and repair services as well as businesses with continuity and disaster relief services to renewable energy, commercial, telecommunication and utility companies. The segment also provides business-as-usual services such as generator storage and repair and cell maintenance services.
The accounting policies of the reportable segments are the same as those described in Note 1-Nature of Business and Summary of Significant Accounting Policies. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals. Corporate results include amounts related to corporate functions such as administrative costs, professional fees, acquisition-related transaction costs and other discrete items.
We present adjusted EBITDA as the key metric used by our management to assess the operating and financial performance of our operations in order to make decisions on allocation of resources. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Summarized financial information for the Company’s reportable segments is presented and reconciled to the Company’s condensed consolidated financial information in the following tables (in thousands).
For the Three Months EndedFor The Nine Months Ended
Revenue:October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Telecom$188,297 $135,581 $496,134 $360,020 
Renewables and Recovery Logistics27,823 79,881 52,369 105,164 
Total consolidated revenue$216,120 $215,462 $548,503 $465,184 
Total Assets:October 1,
2022		December 31,
2021
Telecom$620,277 $570,750 
Renewables and Recovery Logistics97,792 90,638 
Corporate(1)
11,003 10,371 
Total consolidated assets$729,072 $671,759 
(1)Corporate includes both corporate assets and intercompany eliminations
For The Nine Months Ended
Capital Expenditures:October 1, 2022October 2, 2021
Telecom$13,350 $1,843 
Renewables and Recovery Logistics1,544 248 
Corporate528 1,059 
Total consolidated capital expenditures$15,422 $3,150 
For the Three Months EndedFor The Nine Months Ended
Amortization and Depreciation:October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Amortization and depreciation
Telecom$11,779 $10,205 $35,145 $29,767 
Renewables and Recovery Logistics2,892 3,040 8,672 8,644 
Corporate221 246 635 725 
Total consolidated amortization and depreciation$14,892 $13,491 $44,452 $39,136 
For the Three Months EndedFor The Nine Months Ended
Adjusted EBITDA Reconciliation: October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Telecom adjusted EBITDA $14,103 $10,891 $35,946 $26,907 
Renewables and Recovery Logistics adjusted EBITDA 8,671 38,162 13,379 42,181 
Corporate adjusted EBITDA (7,041)(4,448)(19,407)(13,097)
Total adjusted EBITDA - continuing operations$15,733 $44,605 $29,918 $55,991 
Total adjusted EBITDA - discontinued operations (1)
— 726 — (1,349)
Total adjusted EBITDA$15,733 $45,331 $29,918 $54,642 
Less:
Management fees (37)(129)(163)(751)
Transaction expenses (137)(1,423)(10,725)(2,875)
Share based compensation(422)— (8,247)— 
Depreciation and amortization (14,892)(13,491)(44,452)(39,136)
Interest expense (16,016)(14,640)(41,444)(35,778)
Loss on extinguishment of convertible notes— — — (2,436)
Change in fair value of contingent consideration11,763 4,544 11,763 4,544 
Expenses associated with public company readiness(1,042)— (1,693)— 
Net losses from certain regional market shutdowns (2)
(2,990)— (9,193)— 
Remeasurement of TRA liabilities1,120 — 1,120 — 
Net (loss) income from continuing operations$(6,920)$19,466 $(73,116)$(20,441)
Net loss from discontinued operations— (4,985)— (8,114)
Net (loss) income$(6,920)$14,481 $(73,116)$(28,555)
(1) Represents suspended Canadian operations within the Telecom segment.
(2) Primarily represents net losses associated with certain regional markets that did not meet the classification of discontinued operations under GAAP but operations in these markets have been ceased or are expected to be ceased within the next twelve months.
Revenue by Service Offerings
Revenue for each of the Company’s end-market services offerings is presented below (in thousands):
For the Three Months EndedFor The Nine Months Ended
October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Telecom Wireless $136,003 $102,479 $353,062 $278,125 
Telecom Wireline 41,810 24,502 117,745 73,296 
Telecom Power 10,484 8,598 25,327 8,598 
Renewables 7,311 11,568 14,959 25,086 
Recovery Logistics 20,512 68,315 37,410 80,079 
Total $216,120 $215,462 $548,503 $465,184 
Significant Customers
Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows (in thousands):
For the Three Months EndedFor The Nine Months Ended
October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Customers: Amount% of Total Amount% of TotalAmount% of Total Amount% of Total
AT&T $82,901 38.4 %$65,689 30.5 %$216,146 39.4 %$189,381 40.7 %
Verizon29,738 13.8 %16,897 7.8 %82,381 15.0 %51,773 11.1 %
T-Mobile 32,392 15.0 %22,817 10.6 %73,571 13.4 %59,369 12.8 %
Total $145,031 67.2 %$105,403 48.9 %$372,098 67.8 %$300,523 64.6 %