NOS4-1 (WLMSQ) 10-Q 19 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	Williams Industrial Services Group Inc.
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	WLMS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,896,001
Entity Central Index Key	0001136294
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 5,444	$ 8,716
Restricted cash	468	468
Accounts receivable, net of allowance of $333 and $351, respectively	29,258	27,549
Contract assets	12,528	7,969
Other current assets	6,461	6,457
Total current assets	54,159	51,159
Property, plant and equipment, net	325	309
Goodwill	35,400	35,400
Intangible assets	12,500	12,500
Other long-term assets	5,833	5,712
Total assets	108,217	105,080
Current liabilities:
Accounts payable	5,373	6,210
Accrued compensation and benefits	21,760	15,800
Contract liabilities	1,978	2,529
Short-term borrowings	1,151	352
Current portion of long-term debt	1,050	1,050
Other current liabilities	6,837	7,170
Total current liabilities	38,488	33,453
Long-term debt, net	30,628	30,728
Deferred tax liabilities	2,427	2,440
Other long-term liabilities	1,871	2,098
Total liabilities	77,913	73,185
Commitments and contingencies (Note 10)
Stockholders’ equity:
Common stock, $0.01 par value, 170,000,000 shares authorized, and 26,365,169 and 25,926,333 shares issued, respectively, and 25,896,001 and 25,336,442 shares outstanding, respectively	260	256
Paid-in capital	90,372	90,292
Accumulated other comprehensive income	32	28
Accumulated deficit	(60,354)	(58,673)
Treasury stock, at par (469,168 and 589,891 common shares, respectively)	(6)	(8)
Total stockholders’ equity	30,304	31,895
Total liabilities and stockholders’ equity	108,217	105,080
Discontinued operations disposed of by sale
Current liabilities:
Current liabilities of discontinued operations	339	342
Long-term liabilities of discontinued operations	$ 4,499	$ 4,466

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accounts receivable allowance for doubtful accounts	$ 333	$ 351
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	26,365,169	25,926,333
Common stock, shares outstanding	25,896,001	25,336,442
Treasury stock at par	469,168	589,891

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 60,851	$ 66,147
Cost of revenue	54,753	59,238
Gross profit	6,098	6,909
Operating expenses
Selling and marketing expenses	211	138
General and administrative expenses	6,311	6,200
Depreciation and amortization expense	41	41
Total operating expenses	6,563	6,379
Operating income (loss)	(465)	530
Other (income) expense, net
Interest expense, net	1,293	1,533
Other income, net	(360)	(122)
Total other expense, net	933	1,411
Loss from continuing operations before income tax	(1,398)	(881)
Income tax expense	185	48
Loss from continuing operations	(1,583)	(929)
Discontinued operations:
Loss from discontinued operations before income tax	(79)	(54)
Income tax expense	19	18
Loss from discontinued operations	(98)	(72)
Net loss	$ (1,681)	$ (1,001)
Basic loss per common share
Loss from continuing operations	$ (0.06)	$ (0.05)
Loss from discontinued operations	(0.01)
Basic loss per common share	(0.07)	(0.05)
Diluted loss per common share
Loss from continuing operations	(0.06)	(0.05)
Loss from discontinued operations	(0.01)
Diluted loss per common share	$ (0.07)	$ (0.05)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (1,681)	$ (1,001)
Foreign currency translation adjustment	4	(258)
Comprehensive loss	$ (1,677)	$ (1,259)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Shares $0.01 Per Share	Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Shares	Total
Balance, Beginning at Dec. 31, 2019	$ 198	$ 81,964	$ 222	$ (60,211)	$ (9)	$ 22,164
Balance, Beginning (in shares) at Dec. 31, 2019	19,794,270				(737,075)
Increase (Decrease) in Shareholders' Equity
Issuance of common stock	$ 54	6,478				6,532
Issuance of common stock (in shares)	5,384,615
Issuance of restricted stock units					$ 1	1
Issuance of restricted stock units (in shares)	423,341				80,207
Tax withholding on restricted stock units		(65)				(65)
Tax withholding on restricted stock units(in shares)					(41,445)
Stock-based compensation		376				376
Foreign currency translation			(258)			(258)
Net income (loss)				(1,001)		(1,001)
Balance, Ending at Mar. 31, 2020	$ 252	88,753	(36)	(61,212)	$ (8)	27,749
Balance, Ending (in shares) at Mar. 31, 2020	25,602,226				(698,313)
Balance, Beginning at Dec. 31, 2020	$ 256	90,292	28	(58,673)	$ (8)	$ 31,895
Balance, Beginning (in shares) at Dec. 31, 2020	25,926,333				(589,891)	25,926,333
Increase (Decrease) in Shareholders' Equity
Issuance of restricted stock units	$ 4				$ 2	$ 6
Issuance of restricted stock units (in shares)	438,836				120,723
Tax withholding on restricted stock units		(545)				(545)
Stock-based compensation		625				625
Foreign currency translation			4			4
Net income (loss)				(1,681)		(1,681)
Balance, Ending at Mar. 31, 2021	$ 260	$ 90,372	$ 32	$ (60,354)	$ (6)	$ 30,304
Balance, Ending (in shares) at Mar. 31, 2021	26,365,169				(469,168)	26,365,169

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (1,681)	$ (1,001)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss from discontinued operations	98	72
Deferred income tax provision (benefit)	(13)	33
Depreciation and amortization on plant, property and equipment	41	41
Amortization of deferred financing costs	208	182
Amortization of debt discount	50
Bad debt expense	(18)	3
Stock-based compensation	715	472
Changes in operating assets and liabilities, net of businesses sold:
Accounts receivable	(1,634)	5,444
Contract assets	(4,410)	(9,413)
Other current assets	59	(2)
Other assets	(172)	(596)
Accounts payable	(859)	(3,122)
Accrued and other liabilities	5,112	4,230
Contract liabilities	(548)	701
Net cash used in operating activities, continuing operations	(3,052)	(2,956)
Net cash used in operating activities, discontinued operations	(69)	(83)
Net cash used in operating activities	(3,121)	(3,039)
Investing activities:
Purchase of property, plant and equipment	(56)	(42)
Net cash used in investing activities	(56)	(42)
Financing activities:
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation	(541)	(65)
Proceeds from issuance of common stock		6,532
Debt issuance costs		(442)
Proceeds from short-term borrowings	57,971	53,460
Repayments of short-term borrowings	(57,435)	(57,913)
Net cash provided by (used in) financing activities	(5)	1,572
Effect of exchange rate change on cash	(90)	(136)
Net change in cash, cash equivalents and restricted cash	(3,272)	(1,645)
Cash, cash equivalents and restricted cash, beginning of year	9,184	7,818
Cash, cash equivalents and restricted cash, end of period	5,912	6,173
Supplemental Disclosures:
Cash paid for interest	875	716
Cash paid for income taxes, net of refunds	$ 1,066
Noncash amendment fee related to revolving credit facility		$ 150

BUSINESS AND BASIS OF PRESENTAT

BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
BUSINESS AND BASIS OF PRESENTATION ORGANIZATION
BUSINESS AND BASIS OF PRESENTATION	NOTE 1—BUSINESS AND BASIS OF PRESENTATION Business Williams Industrial Services Group Inc. (together with its wholly owned subsidiaries, “Williams,” the “Company,” “we,” “us” or “our,” unless the context indicates otherwise) was initially incorporated in 1998, and in 2001, changed its name to “Global Power Equipment Group Inc.” under the laws of the State of Delaware and became the successor to GEEG Holdings, LLC, which was formed as a Delaware limited liability company in 1998. Effective June 29, 2018, the Company changed its name to Williams Industrial Services Group Inc. to better align its name with the Williams business, and the Company’s stock now trades on the NYSE American LLC (the “NYSE American”) under the ticker symbol “WLMS.” Williams has been safely helping plant owners and operators enhance asset value for more than 50 years. It provides a broad range of construction, maintenance, and support services to infrastructure customers in energy, power, and industrial end markets. The Company’s mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers. Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) on a basis consistent with that used in the Annual Report on Form 10-K for the year ended December 31, 2020, filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2021 (the “2020 Report”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, including all normal recurring adjustments, necessary to present fairly the unaudited condensed consolidated balance sheets and statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the periods indicated. All significant intercompany transactions have been eliminated. The December 31, 2020 unaudited condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed consolidated interim financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the 2020 Report. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for any interim period are not necessarily indicative of operations to be expected for the full year. The Company reports on a fiscal quarter basis utilizing a “modified” 4-4-5 calendar (modified in that the fiscal year always begins on January 1 and ends on December 31). However, the Company has continued to label its quarterly information using a calendar convention. The effects of this practice are modest and only exist when comparing interim period results. The reporting periods and corresponding fiscal interim periods are as follows: Reporting Interim Period Fiscal Interim Period 2021 2020 Three Months Ended March 31 January 1, 2021 to April 4, 2021 January 1, 2020 to March 29, 2020 Three Months Ended June 30 April 5, 2021 to July 4, 2021 March 30, 2020 to June 28, 2020 Three Months Ended September 30 July 5, 2021 to October 3, 2021 June 29, 2020 to September 27, 2020

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2—RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in accounting for income taxes. The update is effective for annual periods beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company historically did not rely on the exceptions in computing the tax provision. The Company adopted the guidance as of January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's financial statements.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2021
LEASES
LEASES	NOTE 3—LEASES On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective method, and accordingly, the new guidance was applied to leases that existed as of January 1, 2019. The Company primarily leases office space and related equipment, as well as equipment, modular units and vehicles directly used in providing services to its customers. The Company’s leases have remaining lease terms of one to ten years. Most leases contain renewal options for varying periods, which are at the Company’s sole discretion and included in the expected lease term if they are reasonably certain of being exercised. In accordance with ASU 2016-02, the Company accounts for lease components, such as fixed payments including rent, real estate taxes, and insurance costs, separately from the non-lease components, such as common area maintenance costs. In accordance with ASU 2016-02, for leases with terms greater than twelve months, the Company records the related right-of-use assets and lease liabilities at the present value of the fixed lease payments over the lease term at the lease commencement date. The Company uses its incremental borrowing rate to determine the present value of the lease as the rate implicit in the lease is typically not readily determinable. Short-term leases (leases with an initial term of twelve months or less or leases that are cancelable by the lessee and lessor without significant penalties) are expensed on a straight-line basis over the lease term. The majority of the Company’s short-term leases relate to equipment used in delivering services to its customers. These leases are entered into at agreed upon hourly, daily, weekly, or monthly rental rates for an unspecified duration and typically have a termination for convenience provision. Such equipment leases are considered short-term in nature unless it is reasonably certain that the equipment will be leased for a term greater than twelve months. The components of lease expense were as follows: Three Months Ended March 31, Lease Cost/(Sublease Income) (in thousands) 2021 2020 Operating lease cost $ 555 $ 1,219 Short-term lease cost 620 835 Total lease cost $ 1,175 $ 2,054 Lease cost related to finance leases was not significant for the three months ended March 31, 2021 and 2020. Information related to the Company’s right-of-use assets and lease liabilities was as follows: Lease Assets/Liabilities (in thousands) Balance Sheet Classification March 31, 2021 December 31, 2020 Lease Assets Right-of-use assets Other long-term assets $ 2,018 $ 2,029 Lease Liabilities Short-term lease liabilities Other current liabilities $ 1,528 $ 1,362 Long-term lease liabilities Other long-term liabilities 802 1,011 Total lease liabilities $ 2,330 $ 2,373 Supplemental information related to the Company’s leases was as follows: Three Months Ended March 31, (dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash used by operating leases $ 578 $ 1,231 Right-of-use assets obtained in exchange for new operating lease liabilities 491 1,001 Weighted-average remaining lease term - operating leases 1.80 years 1.83 years Weighted-average remaining lease term - finance leases 3.23 years 3.98 years Weighted-average discount rate - operating leases Weighted-average discount rate - finance leases Total remaining lease payments under the Company’s operating and finance leases are as follows: Operating Leases Finance Leases Three Months Ended March 31, 2021 (in thousands) Remainder of 2021 $ 1,438 $ 4 2022 950 6 2023 207 6 2024 6 1 2025 3 - Total lease payments $ 2,604 $ 17 Less: interest (291) - Present value of lease liabilities $ 2,313 $ 17

CHANGES IN BUSINESS

CHANGES IN BUSINESS	3 Months Ended
	Mar. 31, 2021
CHANGES IN BUSINESS.
CHANGES IN BUSINESS	NOTE 4—CHANGES IN BUSINESS Discontinued Operations Electrical Solutions During the fourth quarter of 2017, the Company made the decision to exit and sell its Electrical Solutions segment (which was comprised solely of Koontz-Wagner Custom Controls Holdings LLC (“Koontz-Wagner”), a wholly owned subsidiary of the Company) in an effort to reduce the Company’s outstanding term debt. The Company determined that the decision to exit this segment met the definition of a discontinued operation. As a result, this segment has been presented as a discontinued operation for all periods presented. On July 11, 2018, Koontz-Wagner filed a voluntary petition for relief under Chapter 7 of Title 11 of the Bankruptcy Code with the U.S. Bankruptcy Court for the Southern District of Texas. The filing was for Koontz-Wagner only, not for the Company as a whole, and was completely separate and distinct from the Williams business and operations. As a result of the July 11, 2018 bankruptcy of Koontz-Wagner, the Company recorded a pension withdrawal liability of $2.9 million related to Koontz-Wagner’s International Brotherhood of Electrical Workers Local Union 1392 multi-employer pension plan. The pension liability is expected to be satisfied by annual cash payments of $0.3 million each, paid in quarterly installments, through 2038. Mechanical Solutions During the third quarter of 2017, the Company made the decision to exit and sell substantially all of the operating assets and liabilities of its Mechanical Solutions segment and determined that the decision to exit this segment met the definition of a discontinued operation. As a result, this segment has been presented as a discontinued operation for all periods presented. As of March 31, 2021 and December 31, 2020, the Company did not have any assets related to its Electrical Solutions’ and Mechanical Solutions’ discontinued operations. The following table presents a reconciliation of the carrying amounts of major classes of liabilities of Electrical Solutions’ and Mechanical Solutions’ discontinued operations: (in thousands) March 31, 2021 December 31, 2020 Liabilities: Other current liabilities $ 339 $ 342 Current liabilities of discontinued operations 339 342 Liability for pension obligation 2,689 2,670 Liability for uncertain tax positions 1,810 1,796 Long-term liabilities of discontinued operations 4,499 4,466 Total liabilities of discontinued operations $ 4,838 $ 4,808 The following table presents a reconciliation of the major classes of line items constituting the net income (loss) from discontinued operations. In accordance with GAAP, the amounts in the table below do not include an allocation of corporate overhead. Three Months Ended March 31, (in thousands) 2021 2020 General and administrative expenses $ 28 $ 1 Interest expense 51 53 Loss from discontinued operations before income tax (79) (54) Income tax expense 19 18 Loss from discontinued operations $ (98) $ (72)

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2021
REVENUE.
REVENUE	NOTE 5—REVENUE Disaggregation of Revenue Disaggregated revenue by type of contract was as follows: Three Months Ended March 31, (in thousands) 2021 2020 Cost-plus reimbursement contracts $ 55,593 $ 60,296 Fixed-price contracts 5,258 5,851 Total $ 60,851 $ 66,147 Disaggregated revenue by the geographic area where the work was performed was as follows: Three Months Ended March 31, (in thousands) 2021 2020 United States $ 51,190 $ 57,647 Canada 9,661 8,500 Total $ 60,851 $ 66,147 Contract Balances The Company enters into contracts that allow for periodic billings over the contract term that are dependent upon specific advance billing terms, as services are provided, or as milestone billings based on completion of certain phases of work. Projects with performance obligations recognized over time that have costs and estimated earnings recognized to date in excess of cumulative billings are reported in the Company’s unaudited condensed consolidated balance sheets as contract assets. Projects with performance obligations recognized over time that have cumulative billings in excess of costs and estimated earnings recognized to date are reported in the Company’s unaudited condensed consolidated balance sheets as contract liabilities. At any point in time, each project in process could have either contract assets or contract liabilities. The following table provides information about contract assets and contract liabilities from contracts with customers: Three Months Ended March 31, (in thousands) 2021 2020 Costs incurred on uncompleted contracts $ 54,753 $ 59,238 Earnings recognized on uncompleted contracts 6,098 6,909 Total 60,851 66,147 Less—billings to date (50,301) (53,146) Net $ 10,550 $ 13,001 Contract assets $ 12,528 $ 16,401 Contract liabilities (1,978) (3,400) Net $ 10,550 $ 13,001 For the three months ended March 31, 2021, the Company recognized revenue of approximately $1.0 million on approximately $2.5 million that was included in the corresponding contract liability balance at December 31, 2020. Remaining Performance Obligations The following table includes estimated revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2021: (in thousands) Remainder of 2021 2022 2023 Thereafter Total Remaining performance obligations $ 151,856 $ 99,215 $ 75,616 $ 133,863 $ 460,550

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2021
EARNINGS PER SHARE
EARNINGS (LOSS) PER SHARE	NOTE 6—EARNINGS (LOSS) PER SHARE As of March 31, 2021, the Company’s 25,896,001 shares outstanding included 215,956 shares of contingently issued but unvested restricted stock. As of March 31, 2020, the Company’s 24,903,913 shares outstanding included 550,857 shares of contingently issued but unvested restricted stock. Restricted stock is excluded from the calculation of basic weighted average shares outstanding, but its impact, if dilutive, is included in the calculation of diluted weighted average shares outstanding. Basic earnings (loss) per common share are calculated by dividing net (loss) income by the weighted average common shares outstanding during the period. Diluted earnings (loss) per common share are based on the weighted average common shares outstanding during the period, adjusted for the potential dilutive effect of common shares that would be issued upon the vesting and release of restricted stock awards and units and stock options, if any. Basic and diluted earnings (loss) per common share from continuing operations were calculated as follows: Three Months Ended March 31, (in thousands, except share data) 2021 2020 Income (loss) from continuing operations $ (1,583) $ (929) Basic earnings (loss) per common share: Weighted average common shares outstanding 24,933,894 20,347,661 Basic earnings (loss) per common share $ (0.06) $ (0.05) Diluted earnings (loss) per common share: Weighted average diluted common shares outstanding 24,933,894 20,347,661 Diluted earnings (loss) per common share $ (0.06) $ (0.05) The weighted average number of shares outstanding used in the computation of basic and diluted earnings per common share does not include the effect of the following potential outstanding common stock. The effects of the potentially outstanding service-based restricted stock and restricted stock unit awards were not included in the calculation of diluted earnings per common share because the effect would have been anti-dilutive. The effects of the potentially outstanding performance- and market-based restricted stock unit awards were not included in the calculation of diluted earnings per common share because the performance and/or market conditions had not been satisfied as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Unvested service-based restricted stock and restricted stock unit awards 1,476,645 1,188,564 Unvested performance- and market-based restricted stock unit awards 1,023,740 550,016

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 7—INCOME TAXES The effective income tax expense rate for continuing operations for the three months ended March 31, 2021 and 2020 was as follows: Three Months Ended March 31, 2021 2020 Effective income tax rate for continuing operations (13.28)% (5.40)% The effective income tax rate differs from the statutory federal income tax rate of 21% primarily because of the partial valuation allowances recorded on the Company’s deferred tax assets and the Canadian income tax provision. For the three months ended March 31, 2021, the Company recorded income tax expense from continuing operations of $0.2 million, or (13.3)% of pretax loss from continuing operations, compared with income tax expense from continuing operations of less than $0.1 million, or (5.4)% of pretax loss from continuing operations, in the same period for 2020. The increase in income tax provision from continuing operations for the three months ended March 31, 2021 compared with the corresponding period in 2020 was primarily the result of a $0.2 million Canadian income tax provision recorded during the three months ended March 31, 2021. As of December 31, 2020, the Company had $220.6 million of federal net operating loss carryforwards, $191.3 million which will expire between 2026 and 2037, and state operating loss carryforwards of $271.9 million, with the majority expiring between 2021 and 2040. Additionally, the Company had $5.2 million of foreign operating loss carryforwards that will expire in 2040, along with $4.5 million in foreign tax credit carryforwards expiring between 2021 and 2030. Under the Internal Revenue Code, the amount of and the benefits from net operating loss and tax credit carryforwards may be limited or permanently impaired in certain circumstances. In addition, under the Tax Cuts and Jobs Act, the amount of post 2017 net operating losses that the Company is permitted to deduct in any taxable year is limited to 80% of its taxable income in such year, where taxable income is determined without regard to the net operating loss deduction itself. The Tax Cuts and Jobs Act also generally eliminated the ability to carry back any net operating loss to prior taxable years, while allowing post 2017 unused net operating losses to be carried forward indefinitely. As of March 31, 2021 and 2020, the Company would have needed to generate approximately $273.8 million and $269.2 million, respectively, of future taxable income in order to realize its deferred tax assets. The Company’s foreign subsidiaries may generate earnings that are not subject to U.S. income taxes so long as they are permanently reinvested in its operations outside of the U.S. Pursuant to ASC 740-30, undistributed earnings of foreign subsidiaries that are no longer permanently reinvested would become subject to deferred income taxes. As of March 31, 2021, the Company’s Canadian subsidiary had approximately $6.5 million in Canadian currency in undistributed earnings. The Company’s management asserts that all of the undistributed earnings will be reinvested in the Canadian subsidiary based on the following facts presented at the time of preparing the financial statements: (1) the Company’s domestic operations are not in need of working capital from the foreign subsidiary, and any temporary intercompany payable with the Canadian subsidiary will be repaid within one year from the end of the corporation’s tax year in which the indebtedness arises; (2) the Canadian subsidiary has not declared dividends since its inception in 2018, and management is not expecting the Canadian subsidiary to declare dividends in the foreseeable future; and (3) the Company’s management has developed a strategic growth initiative to pursue nuclear plant maintenance, modifications, and construction in Canada for the long-term. Therefore, the accrual of deferred tax liability with respect to the Company’s outside basis difference in its investment in Canada is not needed pursuant to the APB 23 exception. As of March 31, 2021 and 2020, the Company provided for a total liability of $2.9 million and $2.8 million, respectively, of which, for both periods, $1.8 million related to discontinued operations for unrecognized tax benefits related to various federal, foreign and state income tax matters, which were included in long-term deferred liabilities of discontinued operations and other long-term liabilities. If recognized, the entire amount of the liability would affect the effective tax rate. As of March 31, 2021, the Company accrued approximately $1.5 million, of which $0.8 million related to discontinued operations, in other long-term liabilities for potential payment of interest and penalties related to uncertain income tax positions. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was enacted and signed into U.S. law to provide economic relief to individuals and businesses facing economic hardship as a result of the COVID-19 pandemic. The Company has incorporated the impact of the CARES Act to the tax provision. In addition, the Company deferred payments of federal employer payroll taxes of approximately $4.9 million, as permitted by the CARES Act. The first half of the deferred amounts will be paid by December 2021, and the second half by December 2022.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
DEBT
DEBT	NOTE 8—DEBT As of March 31, 2021, the Company was in compliance with all debt covenants. Considering the potential effects of the COVID-19 pandemic, the Company cannot provide any assurance that the assumptions used to estimate its liquidity requirements will remain accurate due to the unprecedented nature and the unpredictability of the COVID-19 global pandemic. As a consequence, the Company’s estimates of the duration of the pandemic and its impact on the Company’s future earnings and cash flows could change and have a material impact on its results of operations and financial condition, including negatively affecting the Company’s ability to remain in compliance with its debt covenants. The following table provides information about the Company’s debt, net of unamortized deferred financing costs: (in thousands) March 31, 2021 December 31, 2020 Revolving credit facility $ 1,151 $ 352 Term loan, current portion of long-term debt 1,050 1,050 Current debt $ 2,201 $ 1,402 Term loan, noncurrent portion of long-term debt $ 33,688 $ 33,950 Debt discount from refinancing to new loan (941) (991) Unamortized deferred financing costs (2,119) (2,231) Long-term debt, net $ 30,628 $ 30,728 Total debt, net $ 32,829 $ 32,130 Debt Refinancing On December 16, 2020 (the “Closing Date”), the Company and certain of its subsidiaries refinanced and replaced its revolving credit facility with MidCap Financial Trust (the “Prior ABL”) and its four-year $35.0 million term loan facility with Centre Lane Partners, LLC and entered into (i) the Term Loan Agreement (as defined below), which provided for senior secured term loan facilities in an aggregate principal amount of up to $50.0 million (collectively, the “Term Loan”), consisting of a $35.0 million closing date term loan facility (the “Closing Date Term Loan”) and up to $15.0 million of borrowings under a delayed draw facility (the “Delayed Draw Term Loan Facility”) with EICF Agent LLC, as agent, and CION Investment Corporation, as a lender and a co-lead arranger, and the other lenders party thereto; and (ii) a senior secured asset-based revolving line of credit of up to $30.0 million (the “Revolving Credit Facility”) with PNC. As of March 31, 2021, the Company had $1.2 million outstanding under the Revolving Credit Facility and $34.7 million outstanding (including both the noncurrent and current portion of the Term Loan) under the Term Loan. The Term Loan Agreement provides for an interest rate of 9.0% (or 8.5% if the Total Leverage Ratio (as defined in the Term Loan Agreement) is less than 2.50:1) plus the London Interbank Offered Rate (“LIBOR”) (with a minimum rate of 1.0%) per year. The Revolving Credit Facility On the Closing Date, the Company and certain of its subsidiaries (the “Revolving Loan Borrowers”) entered into the Revolving Credit and Security Agreement with PNC, as agent for the lenders, and the lenders party thereto (the “Revolving Credit Agreement”), which provides for the Revolving Credit Facility. As part of the Revolving Credit Facility, the Company may access a letter of credit sublimit in an amount up to $2.0 million, a swing loan sublimit in an aggregate principal amount of up to $3.0 million, and a Canadian dollar sublimit in an aggregate principal amount of up to $5.0 million. The Revolving Credit Facility matures on December 16, 2025. Borrowings under the Revolving Credit Facility bear interest, at the Company’s election, at either (1) the base commercial lending rate of PNC, as publicly announced, plus 1.25%, payable in cash on a monthly basis, (2) the 30, 60 or 90 day LIBOR rate, subject to a minimum LIBOR floor of 1.00%, plus 2.25%, payable in cash on the last day of each interest period, or (3) with respect to Canadian dollar loans, the Canadian Dollar Offered Rate (“CDOR”), subject to a minimum CDOR rate of 1.00%, payable in cash on a monthly basis. In addition, upon the occurrence of an event of default, and for so long as such event of default continues, default interest equal to 2.00% per year in excess of the rate otherwise applicable will be payable. The Revolving Credit Agreement also includes customary replacement provisions in the event of the discontinuation of LIBOR. The Revolving Loan Borrowers’ Obligations (as defined in the Revolving Credit Agreement) are guaranteed by certain of the Company’s material, wholly-owned subsidiaries, subject to customary exceptions (the “Revolving Loan Guarantors” and, together with the Revolving Loan Borrowers, the “Revolving Loan Credit Parties”). The Revolving Loan Credit Parties’ obligations are secured by first-priority security interests on substantially all of the Revolving Loan Credit Parties’ accounts and a second-priority security interest in substantially all other assets of the Revolving Loan Credit Parties, subject to the terms of the Intercreditor Agreement between PNC and EICF Agent LLC, as the Revolving Loan Agent and the Term Loan Agent, respectively (as each such term is defined in the Intercreditor Agreement), as described below (the “Intercreditor Agreement”). The Revolving Loan Borrowers may from time to time voluntarily prepay outstanding amounts, plus any accrued but unpaid interest on the aggregate amount being prepaid, under the Revolving Credit Facility, in whole or in part. There is no required minimum prepayment amount. If at any time the amount outstanding under the Revolving Credit Agreement exceeds the borrowing base, or any sublimit, in effect at such time, the excess amount will be immediately due and payable. Subject to the Intercreditor Agreement, the Revolving Credit Agreement also requires mandatory prepayment of outstanding amounts in the event the Revolving Loan Borrowers receive proceeds from certain events and activities, including, among others, certain asset sales and casualty events, the issuance of indebtedness and equity interests, and the recovery of any proceeds from certain specified arbitration proceedings. The Revolving Credit Agreement provides for a customary unused line fee equal to 0.25% per year on the unused portion of the Revolving Credit Facility, which is payable on a quarterly basis, and a collateral monitoring fee of $2,500, which is payable on a monthly basis. The Revolving Credit Agreement also provides for an early termination fee (the “Early Termination Fee”), payable to the revolving lenders thereunder upon (1) any acceleration of the Obligations and termination of the Revolving Credit Agreement and the obligation of the revolving lenders to make advances thereunder following the occurrence of an Event of Default (as defined in the Revolving Credit Agreement), or (2) any other termination of the Revolving Credit Agreement and the obligation of revolving lenders to make advances thereunder for any reason (the “Early Termination Date”). The Early Termination Fee is calculated as follows: if the Early Termination Date occurs on or prior to the first anniversary of the Closing Date, the Early Termination Fee will be 2.00% of the Revolving Credit Facility; and if prepayment occurs after the first anniversary of the Closing Date and on or prior to the second anniversary of the Closing Date, the Early Termination Fee will be 1.00% of the Revolving Credit Facility. While any letter of credit is outstanding under the Revolving Credit Facility, the Revolving Loan Borrowers must pay a letter of credit fronting fee at a rate equal to 0.25% per year, payable quarterly, in addition to any other customary fees required by the issuer of the letter of credit. The Revolving Credit Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, in each case, with certain exceptions, limitations and qualifications. The Revolving Credit Agreement also requires the Revolving Loan Borrowers to regularly provide certain financial information to the lenders thereunder, maintain a springing minimum fixed charge coverage ratio, and comply with certain limitations on capital expenditures. Events of default under the Revolving Credit Agreement include, but are not limited to, a breach of certain covenants or any representations or warranties, failure to timely pay any amounts due and owing, the commencement of any bankruptcy or other insolvency proceeding, judgments in excess of certain acceptable amounts, the occurrence of a change in control, certain events related to ERISA matters, impairment of security interests in collateral or invalidity of guarantees or security documents, or a default or event of default under the Term Loan Agreement (as defined below) or the Intercreditor Agreement, in each case, with customary exceptions, limitations, grace periods and qualifications. If an event of default occurs, the revolving lenders may, among other things, declare all Obligations outstanding under the Revolving Credit Facility to be immediately due and payable, together with accrued interest and fees, and exercise remedies under the collateral documents relating to the Revolving Credit Agreement. EICF Agent LLC, as the Term Loan Agent, and PNC, as the Revolving Loan Agent, entered into an Intercreditor Agreement, dated as of the Closing Date, to which the Term Loan Credit Parties (as defined below) and Revolving Loan Credit Parties consented. The Intercreditor Agreement, among other things, specifies the relative lien priorities of the Term Loan Agent and Revolving Loan Agent in the relevant collateral, and contains customary provisions regarding, among other things, the rights of the Term Loan Agent and Revolving Loan Agent to take enforcement actions against the relevant collateral and certain limitations on amending the documentation governing each of the Term Loan and Revolving Credit Facility. The Term Loan On the Closing Date, the Company and certain of its subsidiaries (the “Term Loan Borrowers”) entered into the Term Loan, Guarantee and Security Agreement with EICF Agent LLC, as agent for the lenders, CION Investment Corporation, as a lender and co-lead arranger, and the other lenders party thereto (the “Term Loan Agreement”), which provides for the Term Loan. The Closing Date Term Loan was fully drawn on the Closing Date, while the Delayed Draw Term Loan Facility is available upon the satisfaction of certain conditions precedent for up to 18 months following the Closing Date. The Term Loan matures on December 16, 2025. Borrowings under the Term Loan Agreement bear interest at LIBOR, plus a margin of 8.50% (if the Total Leverage Ratio (as defined in the Term Loan Agreement) is less than 2.50:1) or 9.00% per year (if the Total Leverage Ratio is greater than or equal to 2.50:1), subject to a minimum LIBOR floor of 1.00%, payable in cash on a quarterly basis. In addition, upon the occurrence of an event of default, and for so long as such event of default continues, default interest equal to 2.00% per year in excess of the rate otherwise applicable will be payable. The Term Loan Agreement also includes customary replacement provisions in the event of the discontinuation of LIBOR. The Term Loan Borrowers’ Obligations (as defined in the Term Loan Agreement) are guaranteed by certain of the Company’s material, wholly-owned subsidiaries, subject to customary exceptions (the “Term Loan Guarantors” and, together with the Term Loan Borrowers, the “Term Loan Credit Parties”). The Term Loan Credit Parties’ obligations are secured by first-priority security interests on substantially all of the Term Loan Credit Parties’ assets, as well as a second-priority security interest on the Term Loan Credit Parties’ accounts receivable and inventory, subject to the Intercreditor Agreement. Subject to certain conditions, the Term Loan Borrowers may voluntarily prepay the Term Loan on any Payment Date (as defined in the Term Loan Agreement), in whole or in part, in a minimum amount of $1.0 million of the outstanding principal amount, plus a prepayment fee (the “Prepayment Fee”), calculated as follows: if prepayment occurs prior to the first anniversary of the Closing Date, the Prepayment Fee will be 3.00% of the principal amount being prepaid; if prepayment occurs on or after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date, the Prepayment Fee will be 2.00% of the principal amount being prepaid; and if prepayment occurs on or after the second anniversary of the Closing Date and prior to the third anniversary of the Closing Date, the Prepayment Fee will be 1.00% of the principal amount being prepaid. Subject to certain exceptions, within 120 days of the end of each calendar year, beginning with the year ending December 31, 2021, the Term Loan Borrowers must prepay the Obligations in an amount equal to (1) (i) if the Total Leverage Ratio is greater than 3:00:1:00, 50.0% of Excess Cash Flow (as defined in the Term Loan Agreement) or (ii) if the Total Leverage Ratio is equal to or less than 3:00:1:00 and greater than 2:00:1:00, 25.0% of Excess Cash Flow, less (2) all voluntary prepayments made on the Term Loan during such calendar year; provided that, so long as no default or event of default has occurred and is continuing or would result therefrom, no such prepayment will be required unless Excess Cash Flow for such calendar year equals or exceeds $0.5 million. The Term Loan Agreement also requires mandatory prepayment of certain amounts in the event the Term Loan Borrowers receive proceeds from certain events and activities, including, among others, certain asset sales and casualty events, the issuance of indebtedness and equity interests, and the receipt of extraordinary receipts (with certain exclusions), plus, in certain instances, the applicable Prepayment Fee, calculated as set forth above. The Term Loan Agreement contains customary representations and warranties, as well as customary affirmative and negative covenants, in each case, with certain exceptions, limitations and qualifications. The Term Loan Agreement also requires the Term Loan Borrowers to regularly provide certain financial information to the lenders thereunder, maintain a maximum total leverage ratio and a minimum fixed charge coverage ratio, and comply with certain limitations on capital expenditures. Events of default under the Term Loan Agreement include, but are not limited to, a breach of certain covenants or any representations or warranties, failure to timely pay any amounts due and owing, the commencement of any bankruptcy or other insolvency proceeding, judgments in excess of certain acceptable amounts, the occurrence of a change in control, certain events related to ERISA matters, impairment of security interests in collateral or invalidity of guarantees or security documents, or a default or event of default under the Revolving Credit Agreement or the Intercreditor Agreement, in each case, with customary exceptions, limitations, grace periods and qualifications. If an event of default occurs, the Term Loan lenders may, among other things, declare all Obligations to be immediately due and payable, together with accrued interest and fees, and exercise remedies under the collateral documents relating to the Term Loan Agreement. Letters of Credit and Bonds In line with industry practice, the Company is often required to provide letters of credit and payment and performance surety bonds to customers. These letters of credit and bonds provide credit support and security for the customer if the Company fails to perform its obligations under the applicable contract with such customer. The Revolving Credit Facility provides for a letter of credit sublimit in an amount up to $2.0 million. As of March 31, 2021, there were no letters of credit outstanding under this sublimit. As of March 31, 2021, the Company had $0.5 million cash collateralized standby letters of credit outstanding pursuant to its prior revolving credit facility with Wells Fargo Bank, National Association. There were no amounts drawn upon these letters of credit as of March 31, 2021. In addition, as of March 31, 2021 and December 31, 2020, the Company had outstanding payment and performance surety bonds of $50.0 million and $31.0 million, respectively. Deferred Financing Costs Deferred financing costs are amortized over the terms of the related debt facilities using the straight-line method. The following table summarizes the amortization of deferred financing costs related to the Company's debt facilities and recognized in interest expense on the unaudited condensed consolidated statements of operations: Three Months Ended March 31, (in thousands) 2021 2020 Term loan $ 113 $ 110 Revolving credit facility 95 72 Total $ $ 182 The following table summarizes unamortized deferred financing costs included on the Company's unaudited condensed consolidated balance sheets: (in thousands) Location March 31, 2021 December 31, 2020 Term loan Long-term debt, net $ 2,119 $ 2,231 Revolving credit facility Other long-term assets 1,794 1,890 Total $ 3,913 $ 4,121

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS	NOTE 9 — FINANCIAL INSTRUMENTS Fair Value of Financial Instruments ASC 820–Fair Value Measurement defines fair value as the exit price, which is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy, which categorizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in the active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The Company’s financial instruments as of March 31, 2021 and December 31, 2020 consisted primarily of cash and cash equivalents, restricted cash, receivables, payables, and debt instruments. The carrying values of these financial instruments approximate their respective fair values, as they are either short-term in nature or carry interest rates that are periodically adjusted to market rates.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10—COMMITMENTS AND CONTINGENCIES Litigation and Claims The Company is from time to time party to various lawsuits, including personal injury claims and other proceedings that arise in the ordinary course of its business. With respect to all such lawsuits, claims and proceedings, the Company records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that the resolution of any currently pending lawsuits, claims and proceedings, either individually or in the aggregate, will have a material adverse effect on its financial position, results of operations or liquidity. However, the outcomes of any currently pending lawsuits, claims and proceedings cannot be predicted, and therefore, there can be no assurance that this will be the case. The Company completed a bankruptcy filing of its Koontz-Wagner subsidiary on July 11, 2018. This could require the Company to incur legal fees and other expenses related to liabilities from this bankruptcy filing. While the Company does not anticipate these liabilities will have a material adverse effect on its results of operations, cash flows and financial position, and although the statute of limitations has run on certain claims that the Chapter 7 Trustee for the Koontz-Wagner estate might assert, there can be no assurance of the outcome. The filing was for Koontz-Wagner only, not for the Company as a whole, and was completely separate and distinct from the Williams business and operations. For additional information, please refer to “Note 4—Changes in Business” to the unaudited condensed consolidated financial statements. The acquiror of certain assets from a former operating unit of the Company has been named as a defendant in an asbestos personal injury lawsuit and has submitted a claim for indemnification and tendered defense of the matter to the Company. The Company has assumed defense of the matter subject to a reservation of rights and objection to the claim for indemnification. Neither the Company nor its predecessors ever mined, manufactured, produced, or distributed asbestos fiber, the material that allegedly caused the injury underlying this action. The Company does not expect that this claim will have a material adverse effect on its financial position, results of operations or liquidity. Moreover, during 2012, the Company secured insurance coverage that will help to reimburse the defense costs and potential indemnity obligations of its former operating unit relating to these claims. The Company intends to vigorously defend all currently active actions, and it does not anticipate that any of these actions will have a material adverse effect on its financial position, results of operations or liquidity. However, the outcomes of any legal action cannot be predicted and, therefore, there can be no assurance that this will be the case. Insurance: The Company maintains insurance coverage for most insurable aspects of its business and operations. The Company’s insurance programs, including, but not limited to, health, general liability, and workers’ compensation, have varying coverage limits depending upon the type of insurance. For the three months ended March 31, 2021, insurance expense, including insurance premiums related to the excess claim coverage and claims incurred for continuing operations, was $0.7 million. The Company’s consolidated balance sheets include amounts representing its probable estimated liability related to insurance-related claims that are known and have been asserted against the Company, and for insurance-related claims that are believed to have been incurred, but had not yet been reported as of March 31, 2021. As of March 31, 2021, the Company provided $0.5 million cash collateralized in letters of credit as security for possible workers’ compensation claims. Executive Severance: At March 31, 2021, the Company had outstanding severance arrangements with officers and senior management. The Company’s maximum commitment under all such arrangements, which would apply if the employees covered by these arrangements were each terminated without cause, was $2.7 million at December 31, 2020.

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2021
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS	NOTE 11—STOCK-BASED COMPENSATION PLANS During the first three months of 2021, the Company granted 164,388 service-based restricted stock awards under the 2015 Equity Incentive Plan, as amended and restated on May 12, 2020 (the “2015 Plan”), at a grant date fair value of $3.29 per share, to its non-employee directors, which vest in full on February 4, 2022. During the first three months of 2021, the Company granted 307,616 service-based restricted stock units under the 2021 long-term incentive (“LTI”) program and the 2015 Plan at a grant date fair value of $3.48 per share. These service-based restricted stock units could be paid in cash or shares at the election of the Compensation Committee of the Board of Directors and shall vest in full on March 31, 2024. During the first three months of 2021, the Company also granted performance-based awards under the 2021 LTI program and the 2015 Plan with an aggregate cash value of approximately $2.2 million, which could be paid in cash or shares at the election of the Compensation Committee of the Board of Directors. The 2021 performance-based awards have three annual performance periods (fiscal years 2021, 2022 and 2023), with operating income and free cash flow goals (equally weighted) for each year, and threshold performance resulting in awards earned at 50% of the target opportunity and maximum performance resulting in awards earned at 200% of the target. The annual achievement levels are averaged over the three-year performance period and the earned amounts, if any, vest on March 31, 2024. These are cash-based awards that will be included in other current liabilities on the consolidated balance sheet beginning in April 2021. During the first three months of 2020, the Company granted 580,312 service-based restricted stock units and 1,178,213 performance-based restricted stock units under the 2020 LTI program and the 2015 Plan, at a grant date fair value of $1.22 per share, which could be paid in cash or shares at the election of the Compensation Committee of the Board of Directors. The service-based restricted stock units vest in equal annual installments over a period of three years. The 2020 performance-based awards have three annual performance periods (fiscal years 2020, 2021 and 2022), with operating income and free cash flow goals (equally weighted) for each year, and threshold performance resulting in awards earned at 50% of the target opportunity and maximum performance resulting in awards earned at 200% of the target. The annual achievement levels are averaged over the three-year performance period and the earned amounts, if any, vest on March 31, 2023. The three-year average payout level for each performance objective replaces the actual payout level for any fiscal year where the actual payout is less than the three-year average. The Company previously granted (i) performance-based restricted stock units under the 2016 LTI program, which were scheduled to vest if the Company achieved a per share stock price of $5.50 for 30 consecutive trading days prior to August 5, 2021, (ii) performance-based restricted stock units under the 2017 LTI program, which were scheduled to vest if the Company achieved a per share stock price of $6.00 for 30 consecutive trading days prior to March 31, 2021 (pursuant to an extension from the initial vesting date of March 31, 2020, which extension was approved by the Compensation Committee in February 2020), and (iii) performance-based restricted stock units under the 2018 LTI program, which were scheduled to vest if the Company achieved a per share stock price of at least $5.00 for any period of 30 consecutive trading days prior to June 30, 2021 (collectively, the “LTI Performance Awards”). On March 5, 2021, the Compensation Committee of the Board of Directors extended the performance period for each of the LTI Performance Awards to December 31, 2022. In accordance to ASC Topic 718, “Compensation—Stock Compensation” (“ASC 718”) the Company conducted a lattice valuation model in order to revalue the market price for the LTI Performance Awards at the March 5, 2021 modification date. The modification will result in an approximately $0.8 million incremental cost being expensed over a twenty-month period starting in April 2021. During the first three months of 2021, the Compensation Committee of the Board of Directors approved modifying the 2020 performance-based awards granted in 2020. This modification resulted in the adjustment of the 2021 and 2022 performance goals; in addition, the three-year average payout level for each performance objective will replace the actual payout level for any fiscal year (including, without limitation, 2020) where the actual payout is less than the three-year average. As of March 31, 2021, the payout would be 549,181 at threshold, 1,098,362 at target, and 2,196,724 at maximum. The grant price was adjusted from $1.22 per share to $3.49 share per the modification date of March 5, 2021. During the first three months of 2021, the Compensation Committee approved modifying the 2019 performance-based restricted stock unit awards. The performance goal for 2020 was year-end backlog performance expressed in margin dollars. Because of COVID-19, the Company’s ability to book backlog in the normal course was impaired during 2020, particularly in Florida, New York, and Canada and with respect to new customers. As a result, the Compensation Committee authorized an adjustment to the 2020 performance results to add $51.9 million of orders to December 31, 2020 backlog that were booked in early 2021 but delayed due to the impact of the COVID-19 pandemic, which resulted in a payout of 156,014 shares under the 2015 Plan. While the majority of restricted stock units and awards were granted as equity, in accordance with ASC 718 the Company has two cash-based plans that are classified as a liability. Stock-based compensation expense for the three months ended March 31, 2021 and 2020 was $0.7 million and $0.5 million, respectively, and was included in general and administrative expenses on the Company’s unaudited condensed consolidated statements of operations.

BUSINESS AND BASIS OF PRESENT_2

BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Williams Industrial Services Group Inc. (together with its wholly owned subsidiaries, “Williams,” the “Company,” “we,” “us” or “our,” unless the context indicates otherwise) was initially incorporated in 1998, and in 2001, changed its name to “Global Power Equipment Group Inc.” under the laws of the State of Delaware and became the successor to GEEG Holdings, LLC, which was formed as a Delaware limited liability company in 1998. Effective June 29, 2018, the Company changed its name to Williams Industrial Services Group Inc. to better align its name with the Williams business, and the Company’s stock now trades on the NYSE American LLC (the “NYSE American”) under the ticker symbol “WLMS.” Williams has been safely helping plant owners and operators enhance asset value for more than 50 years. It provides a broad range of construction, maintenance, and support services to infrastructure customers in energy, power, and industrial end markets. The Company’s mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers. Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) on a basis consistent with that used in the Annual Report on Form 10-K for the year ended December 31, 2020, filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2021 (the “2020 Report”). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, including all normal recurring adjustments, necessary to present fairly the unaudited condensed consolidated balance sheets and statements of operations, comprehensive income (loss), stockholders’ equity and cash flows for the periods indicated. All significant intercompany transactions have been eliminated. The December 31, 2020 unaudited condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed consolidated interim financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the 2020 Report. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year-end. The results of operations for any interim period are not necessarily indicative of operations to be expected for the full year. The Company reports on a fiscal quarter basis utilizing a “modified” 4-4-5 calendar (modified in that the fiscal year always begins on January 1 and ends on December 31). However, the Company has continued to label its quarterly information using a calendar convention. The effects of this practice are modest and only exist when comparing interim period results. The reporting periods and corresponding fiscal interim periods are as follows: Reporting Interim Period Fiscal Interim Period 2021 2020 Three Months Ended March 31 January 1, 2021 to April 4, 2021 January 1, 2020 to March 29, 2020 Three Months Ended June 30 April 5, 2021 to July 4, 2021 March 30, 2020 to June 28, 2020 Three Months Ended September 30 July 5, 2021 to October 3, 2021 June 29, 2020 to September 27, 2020
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2019-12, “Income Taxes”, which simplifies the accounting for income taxes by removing certain exceptions for investments, intraperiod allocations and interim calculations, and adding guidance to reduce complexity in accounting for income taxes. The update is effective for annual periods beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The Company historically did not rely on the exceptions in computing the tax provision. The Company adopted the guidance as of January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company's financial statements.

BUSINESS AND BASIS OF PRESENT_3

BUSINESS AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2021
BUSINESS AND BASIS OF PRESENTATION ORGANIZATION
Reporting periods and corresponding fiscal interim periods	Reporting Interim Period Fiscal Interim Period 2021 2020 Three Months Ended March 31 January 1, 2021 to April 4, 2021 January 1, 2020 to March 29, 2020 Three Months Ended June 30 April 5, 2021 to July 4, 2021 March 30, 2020 to June 28, 2020 Three Months Ended September 30 July 5, 2021 to October 3, 2021 June 29, 2020 to September 27, 2020

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2021
LEASES
Schedule of components of lease expense	Three Months Ended March 31, Lease Cost/(Sublease Income) (in thousands) 2021 2020 Operating lease cost $ 555 $ 1,219 Short-term lease cost 620 835 Total lease cost $ 1,175 $ 2,054
Schedule of right-of use assets and lease liabilities	Lease Assets/Liabilities (in thousands) Balance Sheet Classification March 31, 2021 December 31, 2020 Lease Assets Right-of-use assets Other long-term assets $ 2,018 $ 2,029 Lease Liabilities Short-term lease liabilities Other current liabilities $ 1,528 $ 1,362 Long-term lease liabilities Other long-term liabilities 802 1,011 Total lease liabilities $ 2,330 $ 2,373
Schedule of supplemental information	Three Months Ended March 31, (dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash used by operating leases $ 578 $ 1,231 Right-of-use assets obtained in exchange for new operating lease liabilities 491 1,001 Weighted-average remaining lease term - operating leases 1.80 years 1.83 years Weighted-average remaining lease term - finance leases 3.23 years 3.98 years Weighted-average discount rate - operating leases Weighted-average discount rate - finance leases
Schedule of remaining lease payments under operating leases	Operating Leases Finance Leases Three Months Ended March 31, 2021 (in thousands) Remainder of 2021 $ 1,438 $ 4 2022 950 6 2023 207 6 2024 6 1 2025 3 - Total lease payments $ 2,604 $ 17 Less: interest (291) - Present value of lease liabilities $ 2,313 $ 17
Schedule of remaining lease payments under finance leases	Total remaining lease payments under the Company’s operating and finance leases are as follows: Operating Leases Finance Leases Three Months Ended March 31, 2021 (in thousands) Remainder of 2021 $ 1,438 $ 4 2022 950 6 2023 207 6 2024 6 1 2025 3 - Total lease payments $ 2,604 $ 17 Less: interest (291) - Present value of lease liabilities $ 2,313 $ 17

CHANGES IN BUSINESS (Tables)

CHANGES IN BUSINESS (Tables)	3 Months Ended
	Mar. 31, 2021
Discontinued operations disposed of by sale
Schedule of Financial Information of Disposal Group	(in thousands) March 31, 2021 December 31, 2020 Liabilities: Other current liabilities $ 339 $ 342 Current liabilities of discontinued operations 339 342 Liability for pension obligation 2,689 2,670 Liability for uncertain tax positions 1,810 1,796 Long-term liabilities of discontinued operations 4,499 4,466 Total liabilities of discontinued operations $ 4,838 $ 4,808 Three Months Ended March 31, (in thousands) 2021 2020 General and administrative expenses $ 28 $ 1 Interest expense 51 53 Loss from discontinued operations before income tax (79) (54) Income tax expense 19 18 Loss from discontinued operations $ (98) $ (72)

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2021
REVENUE.
Schedule of disaggregation of revenue	Disaggregated revenue by type of contract was as follows: Three Months Ended March 31, (in thousands) 2021 2020 Cost-plus reimbursement contracts $ 55,593 $ 60,296 Fixed-price contracts 5,258 5,851 Total $ 60,851 $ 66,147 Disaggregated revenue by the geographic area where the work was performed was as follows: Three Months Ended March 31, (in thousands) 2021 2020 United States $ 51,190 $ 57,647 Canada 9,661 8,500 Total $ 60,851 $ 66,147
Costs and estimated earnings in excess of billings or billings in excess of costs and estimated earnings	Three Months Ended March 31, (in thousands) 2021 2020 Costs incurred on uncompleted contracts $ 54,753 $ 59,238 Earnings recognized on uncompleted contracts 6,098 6,909 Total 60,851 66,147 Less—billings to date (50,301) (53,146) Net $ 10,550 $ 13,001 Contract assets $ 12,528 $ 16,401 Contract liabilities (1,978) (3,400) Net $ 10,550 $ 13,001
Schedule of transaction price allocated to the remaining performance obligations	(in thousands) Remainder of 2021 2022 2023 Thereafter Total Remaining performance obligations $ 151,856 $ 99,215 $ 75,616 $ 133,863 $ 460,550

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
EARNINGS PER SHARE
Schedule of calculation of basic and diluted earnings per common share	Three Months Ended March 31, (in thousands, except share data) 2021 2020 Income (loss) from continuing operations $ (1,583) $ (929) Basic earnings (loss) per common share: Weighted average common shares outstanding 24,933,894 20,347,661 Basic earnings (loss) per common share $ (0.06) $ (0.05) Diluted earnings (loss) per common share: Weighted average diluted common shares outstanding 24,933,894 20,347,661 Diluted earnings (loss) per common share $ (0.06) $ (0.05)
Schedule anti-dilutive potentially outstanding shares were not included in the calculation of diluted earnings (loss) per share	Three Months Ended March 31, 2021 2020 Unvested service-based restricted stock and restricted stock unit awards 1,476,645 1,188,564 Unvested performance- and market-based restricted stock unit awards 1,023,740 550,016

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2021
INCOME TAXES
Schedule of effective income tax rate for continuing operations	Three Months Ended March 31, 2021 2020 Effective income tax rate for continuing operations (13.28)% (5.40)%

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
DEBT
Schedule of debt	(in thousands) March 31, 2021 December 31, 2020 Revolving credit facility $ 1,151 $ 352 Term loan, current portion of long-term debt 1,050 1,050 Current debt $ 2,201 $ 1,402 Term loan, noncurrent portion of long-term debt $ 33,688 $ 33,950 Debt discount from refinancing to new loan (941) (991) Unamortized deferred financing costs (2,119) (2,231) Long-term debt, net $ 30,628 $ 30,728 Total debt, net $ 32,829 $ 32,130
Schedule of deferred financing costs amortized to Interest Expense	Three Months Ended March 31, (in thousands) 2021 2020 Term loan $ 113 $ 110 Revolving credit facility 95 72 Total $ $ 182
Schedule of unamortized deferred financing costs	(in thousands) Location March 31, 2021 December 31, 2020 Term loan Long-term debt, net $ 2,119 $ 2,231 Revolving credit facility Other long-term assets 1,794 1,890 Total $ 3,913 $ 4,121

LEASES (Details)

LEASES (Details)	3 Months Ended
	Mar. 31, 2021
Lessee, Lease, Description [Line Items]
Leases contain renewal options	true
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	10 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of lease expense:
Operating lease cost	$ 555	$ 1,219
Short-term lease cost	620	835
Total lease cost	$ 1,175	$ 2,054

LEASES - Right-of use Assets an

LEASES - Right-of use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
LEASES
Right-of-use assets	$ 2,018	$ 2,029
Financial position	Other long-term assets	Other long-term assets
Short-term lease liabilities	$ 1,528	$ 1,362
Financial position	Other current liabilities	Other current liabilities
Long-term lease liabilities	$ 802	$ 1,011
Financial position	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 2,330	$ 2,373

LEASES - Supplemental Informati

LEASES - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
LEASES
Cash paid for amounts included in the measurement of lease liabilities: Operating cash used by operating leases	$ 578	$ 1,231
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 491	$ 1,001
Weighted-average remaining lease term - operating leases	1 year 9 months 18 days	1 year 9 months 29 days
Weighted-average remaining lease term - finance leases	3 years 2 months 23 days	3 years 11 months 23 days
Weighted-average discount rate - operating leases	9.00%	9.00%
Weighted-average discount rate - finance leases	9.00%	9.00%

LEASES - Remaining Lease Paymen

LEASES - Remaining Lease Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Operating leases maturities:
Remainder of 2021	$ 1,438
2022	950
2023	207
2024	6
2025	3
Total lease payments	2,604
Less: interest	(291)
Present value of lease liabilities	2,313
Finance leases maturities:
Remainder of 2021	4
2022	6
2023	6
2024	1
Total lease payments	17
Present value of lease liabilities	$ 17

CHANGES IN BUSINESS - Discontin

CHANGES IN BUSINESS - Discontinued Operation and Disposition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jul. 11, 2018
Income (loss) before income taxes
Interest expense	$ (1,293)	$ (1,533)
Loss from discontinued operations before income taxes	(79)	(54)
Income tax expense	19	18
Loss from discontinued operations	(98)	(72)
Discontinued operations, disposed of by means other than sale | Electrical Solutions | Pension
Liabilities:
Liability for pension obligation				$ (2,900)
Income (loss) before income taxes
Expected Periodic Payment	300
Discontinued operations disposed of by sale
Liabilities:
Current liabilities of discontinued operations	339		$ 342
Long-term liabilities of discontinued operations	4,499		4,466
Discontinued operations disposed of by sale | Electrical Solutions And Mechanical Solutions
Assets and liabilities
Total assets of discontinued operations	0		0
Liabilities:
Other current liabilities	339		342
Current liabilities of discontinued operations	339		342
Liability for pension obligation	2,689		2,670
Liability for uncertain tax positions	1,810		1,796
Long-term liabilities of discontinued operations	4,499		4,466
Total liabilities of discontinued operations	4,838		$ 4,808
Income (loss) before income taxes
General and administrative expenses	28	1
Interest expense	51	53
Loss from discontinued operations before income taxes	(79)	(54)
Income tax expense (benefit)	19	18
Loss from discontinued operations	$ (98)	$ (72)

REVENUE - Disaggregation of rev

REVENUE - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of revenue
Revenue	$ 60,851	$ 66,147
United States
Disaggregation of revenue
Revenue	51,190	57,647
Canada
Disaggregation of revenue
Revenue	9,661	8,500
Cost-plus reimbursement contracts
Disaggregation of revenue
Revenue	55,593	60,296
Fixed-price contracts
Disaggregation of revenue
Revenue	$ 5,258	$ 5,851

REVENUE - Contract assets and t

REVENUE - Contract assets and the contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Changes in the contract assets and the contract liabilities
Costs incurred on uncompleted contracts	$ 54,753	$ 59,238
Earnings recognized on uncompleted contracts	6,098	6,909
Total	60,851	66,147
Less - billings to date	(50,301)	(53,146)
Net	10,550	13,001
Contract assets	12,528	16,401	$ 7,969
Contract liabilities	(1,978)	$ (3,400)	$ (2,529)
Revenue recognized from contracts in progress liability balance at December 31, 2020	$ 1,000

REVENUE - Remaining Performance

REVENUE - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2021USD ($)
Transaction price allocated to the remaining performance obligations
Remaining performance obligation	$ 460,550
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Transaction price allocated to the remaining performance obligations
Remaining performance obligation	$ 151,856
Expected timing of satisfaction	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Transaction price allocated to the remaining performance obligations
Remaining performance obligation	$ 99,215
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Transaction price allocated to the remaining performance obligations
Remaining performance obligation	$ 75,616
Expected timing of satisfaction	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Transaction price allocated to the remaining performance obligations
Remaining performance obligation	$ 133,863
Expected timing of satisfaction	1 year

EARNINGS (LOSS) PER SHARE (Deta

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Proceeds from issuance of common stock		$ 6,532
EARNINGS (LOSS) PER SHARE
Common stock, shares outstanding	25,896,001		25,336,442
Net (loss) income (basic and diluted):
Income (loss) from continuing operations	$ (1,583)	$ (929)
Basic earnings (loss) per common share:
Weighted average common shares outstanding	24,933,894	20,347,661
Basic earnings (loss) per common share	$ (0.06)	$ (0.05)
Diluted earnings (loss) per common share:
Weighted average common shares outstanding	24,933,894	20,347,661
Diluted effect:
Weighted average diluted common shares outstanding	24,933,894	20,347,661
Diluted earnings (loss) per common share	$ (0.06)	$ (0.05)
Restricted Stock
EARNINGS (LOSS) PER SHARE
Common stock, shares outstanding	25,896,001	24,903,913
Unvested restricted stock included in reportable shares	215,956	550,857

EARNINGS (LOSS) PER SHARE - Ant

EARNINGS (LOSS) PER SHARE - Antidilutive (Details) - Restricted Stock - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Service vesting
Anti-dilutive shares	1,476,645	1,188,564
Performance And Market Vesting
Anti-dilutive shares	1,023,740	550,016

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021CAD ($)	Mar. 31, 2021USD ($)
Income tax expense	$ 185	$ 48
Effective income tax rate for continuing operations	13.28%	5.40%
Tax expense (benefit) computed at the maximum U.S. statutory rate, as a percent	21.00%
Amount of future financial taxable income needed to realize deferred tax assets		$ 269,200		$ 273,800
Undistributed earnings of the foreign subsidiaries			$ 6.5
Increase (decrease) in Income Taxes	$ 200
Accrued interest and penalties related to uncertain income tax positions				1,500
Deferred federal employer payroll taxes, coronavirus aid, relief and economic security act				4,900
Maximum
Income tax expense		100
Discontinued Operations
Unrecognized tax benefits		1,800		1,800
Accrued interest and penalties related to uncertain income tax positions				800
Other Noncurrent Assets
Unrecognized tax benefits		$ 2,800		$ 2,900

INCOME TAXES - NOL and Tax Cred

INCOME TAXES - NOL and Tax Credit Carryforwards (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Operating Loss Carryforwards
Percentage of post 2017 NOLs, deductible	80.00%
Federal.
Operating Loss Carryforwards
Operating loss carryforwards	$ 220.6
Federal. | Expiring Between 2026 and 2037
Operating Loss Carryforwards
Operating loss carryforwards	$ 191.3
Federal. | Minimum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2026
Federal. | Maximum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2037
State
Operating Loss Carryforwards
Operating loss carryforwards	$ 271.9
State | Minimum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2021
State | Maximum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2040
Foreign
Operating Loss Carryforwards
Operating loss carryforwards	$ 5.2
Expiration date	Dec. 31, 2040
Tax credit carryforward	$ 4.5
Foreign | Minimum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2021
Foreign | Maximum
Operating Loss Carryforwards
Expiration date	Dec. 31, 2030

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 16, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt
Maximum borrowing capacity		$ 2,000,000
Current portion of term loan		1,050,000		$ 1,050,000
Current debt		2,201,000		1,402,000
Unamortized deferred financing fees		(3,913,000)		(4,121,000)
Long-term debt, net		30,628,000		30,728,000
Total debt, net		32,829,000		32,130,000
Amounts drawn upon letters of credit		0
Cash collateral for letters of credit		500,000
Amortization of deferred financing costs		208,000	$ 182,000
Scheduled maturities of the New Centre Lane Facility
Total debt, net		$ 32,829,000		32,130,000
If Total Leverage Ratio is Greater Than 3.00
Debt
Interest rate if required threshold leverage ratio is maintained		50.00%
If Total Leverage Ratio is Equal to or Less Than 3.00 and Greater Than 2.00
Debt
Interest rate if required threshold leverage ratio is maintained		25.00%
Term loan
Debt
Maximum borrowing capacity	$ 50,000,000
Term loan		$ 33,688,000		33,950,000
Current portion of term loan		1,050,000		1,050,000
Unamortized deferred financing fees		(2,119,000)		(2,231,000)
Total debt, net		34,700,000
Amortization of deferred financing costs		$ 113,000	110,000
Current interest rate (as a percent)		9.00%
Interest rate if required threshold leverage ratio is maintained		8.50%
Scheduled maturities of the New Centre Lane Facility
Total debt, net		$ 34,700,000
Term loan | Minimum
Debt
Threshold total leverage ratio under debt instrument		2.50
Term loan | Maximum
Debt
Threshold total leverage ratio under debt instrument		2.50
Default spread on interest rate (as a percent)		2.50%
Term loan | Base Rate loans
Debt
Interest rate percentage (as a percent)		9.00%
Term loan | LIBOR-based loans
Debt
Interest rate percentage (as a percent)		8.50%
Term loan | LIBOR-based loans | Minimum
Debt
Interest rate if required threshold leverage ratio is maintained		1.00%
Floor rate (as a percent)		1.00%
Closing Date Term Loan
Debt
Maximum borrowing capacity	35,000,000
Delayed Draw Term Loan Facility
Debt
Maximum borrowing capacity	15,000,000
Senior Secured Asset-Based Revolving Line Of Credit
Debt
Maximum borrowing capacity	30,000,000
Current debt		$ 1,151,000		352,000
Amortization of deferred financing costs		$ 95,000	$ 72,000
Floor rate (as a percent)		1.00%
Unused line fee (as a percent)		0.25%
Collateral monitoring fee		$ 2,500
Early termination fee		2.00%
Senior Secured Asset-Based Revolving Line Of Credit | If Early Termination Occurs on or Prior to First Anniversary of Closing Date
Debt
Early termination fee		1.00%
Senior Secured Asset-Based Revolving Line Of Credit | If Early Termination Occurs After First Anniversary of Closing Date
Debt
fronting fee		0.25%
Senior Secured Asset-Based Revolving Line Of Credit | Base Rate loans
Debt
Interest rate percentage (as a percent)		1.25%
Senior Secured Asset-Based Revolving Line Of Credit | LIBOR-based loans
Debt
Interest rate percentage (as a percent)		2.25%
Senior Secured Asset-Based Revolving Line Of Credit | Canadian Dollar Offered Rate
Debt
Floor rate (as a percent)		1.00%
Default spread on interest rate (as a percent)		2.00%
Swing Loan Member
Debt
Maximum borrowing capacity		$ 3,000,000
Letters of credit
Debt
Maximum borrowing capacity		2,000,000
Outstanding borrowings		0
Canadian Dollar Loans
Debt
Maximum borrowing capacity		5,000,000
New Centre Lane Facility
Debt
Maximum borrowing capacity	$ 35,000,000
Loan term (in years)	4 years
Payment Surety Bond
Debt
Outstanding surety bond		50,000,000
Performance Bond
Debt
Outstanding surety bond				31,000,000
Revolving Credit Facility
Debt
Cash collateral for letters of credit		500,000
Revolving Credit Facility | Minimum
Debt
Required minimum prepayment amount		0
Revolving Credit Facility | Term loan
Debt
Debt discount from refinancing to new loan		$ (941,000)		(991,000)
Term Loan Facility
Debt
Default spread on interest rate (as a percent)		2.00%
Threshold excess cash flow		$ 500,000
Term Loan Facility | First Anniversary of Closing Date
Debt
Prepayment premium, percentage		3.00%
Term Loan Facility | Second Anniversary of Closing Date
Debt
Prepayment premium, percentage		2.00%
Term Loan Facility | Third Anniversary of Closing Date
Debt
Prepayment premium, percentage		1.00%
Term Loan Facility | Minimum
Debt
Outstanding principal that can be prepaid in whole or in part		$ 1,000,000
Other Noncurrent Assets | Senior Secured Asset-Based Revolving Line Of Credit
Debt
Unamortized deferred financing fees		(1,794,000)		(1,890,000)
Long-term debt, net | Term loan
Debt
Unamortized deferred financing fees		$ (2,119,000)		$ (2,231,000)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Employee severance benefits		$ 2.7
Insurance expense	$ 0.7
Cash collateral for letters of credit	$ 0.5

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Details) $ / shares in Units, $ in Thousands	Mar. 05, 2021$ / shares	Mar. 31, 2021USD ($)D$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental costs | $		$ 800
Term of incremental costs being expensed		20 months
Performance objective average payout term		3 years
Threshold payout | shares		549,181
Target payout | shares		1,098,362
Maximum payout | shares		2,196,724
Authorized adjustment amount to the performance results | $		$ 51,900
Stock-based compensation | $		$ 715	$ 472
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjusted grant price | $ / shares	$ 1.22
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance objective actual payout term	3 years
Adjusted grant price | $ / shares	$ 3.49
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		156,014
2021 long-term incentive program and 2015 plan | Performance vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate cash Value | $		$ 2,200
Vesting period		3 years
Performance objectives period		3 years
2021 long-term incentive program and 2015 plan | Performance vesting | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payouts		50.00%
2021 long-term incentive program and 2015 plan | Performance vesting | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award payouts		200.00%
2016 LTI program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price per share | $ / shares		$ 5.50
Number of consecutive trading days | D		30
2017 LTI program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price per share | $ / shares		$ 6
Number of consecutive trading days | D		30
2018 LTI program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of consecutive trading days | D		30
2018 LTI program | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price per share | $ / shares		$ 5
Restricted Stock | 2021 long-term incentive program and 2015 plan | Service vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		307,616
Weighted average grant date fair value | $ / shares		$ 3.48
Restricted Stock | 2020 long-term incentive program and 2015 plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value | $ / shares			$ 1.22
Restricted Stock | 2020 long-term incentive program and 2015 plan | Service vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			580,312
Annual service objective term			3 years
Restricted Stock | 2020 long-term incentive program and 2015 plan | Performance vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			1,178,213
Annual performance objective term			3 years
Target award opportunity (as a percent)			50.00%
Maximum performance resulting in awards (as a percent)			200.00%
Restricted Stock | 2020 long-term incentive program and 2015 plan | Performance vesting | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual performance objective term			3 years
Restricted Stock | Non-employee director | 2015 Plan | Service vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares		164,388
Weighted average grant date fair value | $ / shares		$ 3.29