IEA - Earnings call transcript Q4 2021 | Infrastructure and Energy Alternatives Inc

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Operator

Good morning, and welcome to the Infrastructure and Energy Alternatives’ Fourth Quarter and Full Year 2021 Earnings Call. I’d like to note that all participants on today’s call are in a listen-only mode. And with that, I will turn the call over to Aaron Reddington, Vice President of Investor Relations. Aaron please go ahead.

Aaron Reddington

Hello, and thank you for joining us today to discuss IEA’s fourth quarter and full year 2021 financial results. are Moerbeek, President Chief Executive management Officer; Chief Financial from Pete and Vice us JP and Roehm, Executive Officer. With President and

its filings. like the on considered Chief discussion Since press risk can the as EBITDA, reconciliations note update financial law, X, financial Executive IEA’s in JP. Except expectations. turning that, with call yesterday’s March statements Roehm, to release the Company’s presenting the with to measurements and forward-looking I will non-GAAP Before ahead, issued financial factors GAAP IEA should the be obligation XXXX. over Officer. forward-looking statements And be statements over future found after growth the call. some that conjunction by included forward-looking to turn adjusted contains go JP appropriate I’ll management in no would today’s today’s SEC Any as the statements Please call including in references, in about and required release management, be press undertakes to cautionary

JP Roehm

and you, full you And year welcome quarter to thank XXXX thank Well, call results. for joining and discuss the Aaron. our fourth

the for backlog to quarter, to compared revenue Pete We record the guidance a on on call year turn call nearly will the I quarter of note them. XXXX will performance an see more market prior I trends overview end and over a very our then key the quarter, provide of review a today, the strong our on fourth of in strategic On priorities commentary levels. fourth with for financial update detailed finished XXXX. brief at a and XX% as we

inflationary chain these at us policy year performances surrounding challenges for high wind our the across often full challenges highlighting markets the the range revenue solid to solar are from end for well-documented XXXX. domestic supply and results and each enabled concerns The of Our outlook, both our of issues. the in guidance record outlook fourth revised the and annual achieve lines uncertain we to headlines business wind and see questions quarter

challenges continued nearly and our in daily environment revenue an for execute proud XX% considerations the on real has renewable to way in utility by team scale driven solar broad-based by markets. of within our I'm and wind are the year-over-year the to achieve XXXX. While current both IEA's EBITDA very segment adjusted Revenue onshore within organic basis and increased demand record business

to revenues strong fourth XX% Our Specialty year-over-year up a with due remediation well quarter large our had Civil environmental very as segment business. part strength in

to We coal multi-year growing the market. opportunity remediation continue ash within see a

proving and inflationary in grow the to ahead. how basis adjusted while by that chain opportunities for excited supply year. XXX While the the EBITDA year-over-year our were fourth able we we quarter XX% margin We're were finished nearly are more EBITDA lay to even about points adjusted of X.X%. headwinds proud And quarter, we pressures still very the

of XXXX award months renewables both backlog any the markets XX half resolving Civil during our new Specialty Our backlog. accelerated across latter record levels next in and activity

up our total year full earnings. on XXXX and billion At awards backlog the revenue new of robust. We was remains of record X and end of wind billion end from XXXX. $X.X footing XX% the entered and For solar pipeline IEA the strong signed opportunities and year year for XXXX in XXXX another position

XX% backlog XXXX. up ended year. end backlog renewables up Specialty our of nearly the XXXX versus is Our And over last XX% Civil

strong for revenues next across and to quarter demand renewable Within We backlog year end solar contributed renewables were Our demand wind clean energy in carbon our remain catalyst cost and our segment, energy billion the growth. fundamentals sources yearend based our another together important at $X.XX with when visibility contracts the several of that record key growth. commercial Long-term levelized the increased compared awarded in to remain industrial month giving of increasingly for each backlog competitive was markets. XX good into us XXXX. of strong

were fourth construction new largest megawatt award utility a the County, fourth of provide services Garrard XX XXXX. of XX IEA Board. highlights Kentucky Some We megawatts farm self of work Invenergy to provide Solar Creek base form renewable projects the scopes. often the services profit. X.X passed a renewables, scale better for some as project, The timing of Infrastructure the lead ability Nashville engineering, year. with trillion Corporation our to commence project first by we by as with were Civil turbines, XXXX within between million Ranch construct the follows. collection Sky where contract enables wind improvements us Ranch awarded the two transformative secured our We November IEA expect a with quarter electrical are Project. construction Illinois. together [indiscernible] construction Sapphire perform Turkey and in solar The towers County, the Silicon in of with nation's receive is project independent and producers. more wind is commenced access Bill XXXX is retained to that mineralogical The in public existing contract in California. the segment, leveraged a last of December Turkey Ranch quarter $XX This will were segments a the the of example the solar Federal included will especially from to beneficiary quarter Wind That's these to of Riverside property. good targeted XXXX. Service will control project by We targeted be Creek scale farm the Civil civil Commission the Within a in Solar $XX be in awarded evaluation project completion Kentucky XXX IEA plan by completed XXXX. approval McLean solar that be to of of to the quarter and the expected a expected land to self-perform Signing utility roads is roads first Construction substations Public the of and private scale XX of first synergies megawatt most XXXX million completion to an during County, is all wind power utility have system. also construction underground surrounding began

funds seek find cash new ratable all flows stimulus raw way their Even reflect stimulus the take cost states municipalities, still, to plans, over Federal adjust with materials As as levels into expect a scale. multi-year it projects for some of time sustain will inflation. incremental to flow, and start [bidding] funds particularly provide we to as to bill infrastructure period to

the provide early As earlier, to excited scale for our Recent business. innings utilities further predict of cycle impoundments about remain remediation bring within of ash capital approximately spin I are get those timing remediation a bit we towards The difficult significant nationwide. of momentum XXX expertise. included ash environmental remediation significant are to we a EPA coal and actions in indicated very surface market mediation, adjustments. IEA evident working costs as unlined is the a believe coal in rate-based We where the opportunities

there's on a a market. is to IEA a positioned project player by While it key be the out project is And has timing clear remediation. coal huge uniquely ash in worked opportunity for basis, this

XXXX. growth. our Pete, the of the this time as and enter walking measure a chapter clear priorities entering long-term wanted next for for key strategic value creation our way some over to it to Before I our community we for to priorities business I through provide These roadmap turn investment progress spend

is economic First, and focused competitively continue to a leverage we of market to scale backlog solar, strong infrastructure on remain its IEA profitable where growth cycle. advantaged. sustain intends to rail projects across of its focus services. geographic technical We support, and developing position expertise, markets diversified through environmental civil developing on heavy IEA reach leading wind, within the a scale

total For reflecting growth of the revenue we progress segment renewable this organic strong in XXXX, an generated the year basis XX% prior the XX% while period revenue full increased versus on area. year organic

IEA's renewables. solar was approximately to the long-term and revenue intend we services. related from within derived wind on Secondly, fundamentals XXXX, XX% EPC capitalize In of favorable

next an also the solar of installed utility the with expects to wind the than XXX versus Onshore XX% IEA new capacity gigawatts be scale next of over accelerate gigawatts States, more XXXX. to new anticipated period. within XXX to installations are by expected years, of Over five-year more five increase decade prior United installed than online capacity the be

maintain margin enhancing for will bidding pursue margin the leveraging and we its while deliver to scale size opportunities Third, value customer. economies to expansion. value scale and intends of IEA support exceptional higher discipline to drive

to program, business. program our to Fourth, of of economies company's in $XX just the XXXX, Since Friday, Solar warrants market segment the multi-decade announcing March through this the outstanding the further the to repurchased solar liquidity support begun of our capital while November is capital sufficient of nearly we time, fastest the streamline wind to in scale board growth. pressures. million solar the structure. IEA the warrants entered look trend to expect their in margins to energy simplify the positioning of the fourth, renewable equal have inflationary we our despite market realize up will Over this maintaining least authorized XX% us XXXX. our structure given margin of to expansion towards further outstanding XXXX, to within In business that de-carbonization. achieve our margins Having to we directors last repurchase has growing be at business

bolt products capital growing our will markets and technical in also serve complimentary and our organic expanding adjacent intended by allocation we profile. the increase its to strategy. IEA capabilities margin and to further blended growth labor presence expand developing that continue pursue will initiatives skilled geographic offerings consider its industry acquisitions service a in leading and vest enhance service better Finally, to expertise customers disciplined workforce. IEA on

business, stakeholders. of I strategic confident our create to and our are Pete? to as enable to generate plan committed And will that, over us are to with continue goals, the turn all will against returns and We execute value it we our the Pete. grow for attractive that call

Pete Moerbeek

good everyone. to Thanks, morning JP. And

last investor form updated XX-K were filed release, night. earnings deck Our and

it So year our limit my remarks XXXX structure giving guidance. on full liquidity providing a wrap capital continuing an I'll and highlights, with up update financial simplification our to and some

$X.X start billion constraints, year that of $XXX.X at with the of the the in the at pandemic fourth year. focusing and Before negative EBITDA to the the the start exceeded provided guidance XXXX on even guidance then the quarter, I impact of adjusted full right middle year of was do the supply and the of note revenue chain million want our our of

of strength across XX% up our gross reflecting XXXX segments. to million renewables last to fourth achieve quarter was the in The quarter year. quarter the the same the Specialty million revenue For $XX.X $XXX.X versus XXXX, XXXX year. fourth both fourth up of for the from of total profit XX Civil gross quarter compared helped XX.X% increased our XX% increased period profit revenue us margin And points basis last and

For primarily expenses. to employee the quarter $X.X last million increased compared expenses SG&A compensation from year's higher fourth benefit quarter, and by

declined in the demonstrating fourth quarter revenue, compared Interest of down from percentage expense the the $XX.X million year $X.X of a prior to as of SG&A totaled XXXX However, benefit period. the expenses to quarter in transactions. the X.X% recapitalization X.X% for million

Fourth for fair that our of fourth Adjusted expense year EBITDA, million of net was prior in annual Net compared and in quarter reduction XXXX especially traded on publicly the expect million a million results loss expansion. million revenue $XX.X to a increased basis in quarter. combination interest warrant income liabilities. an versus forward. prior year benefited quarter margin these the payments relating $X.X XX% the Adjusted from benefits growth transactions cash in value $XX.X going pre-tax fourth EBITDA million $XX.X to We period. included of in of $XX.X provide the will to $XX overall quarter interest adjustment gross the year-over-year strong million the

in the revenue $XXX.X year. XXXX within are compared of quarter quarter margin quarter. $XX.X chain percentage nearly although we was the to especially point XX gross last company's primarily segment solar of or profit doubled. prior these our and Wind that to wind XX% XX% supply the profit we or turning due challenges revenue segments, Renewable revenue was to in XXXX, while and an to XX% the year's quarter business, revenue working recognized were and to disappointed operating noting. segment continue for XX.X% a $XX.X the segment decrease was we for renewable million for finished period disruptions, with XX% of will recent somewhat same the during gross revenue up fourth of the during in in The guidance the percentage into are in of million goals XX.X% margin totaled long-term compared the million XXXX. Now solar up reduction the We we of increase fourth factors our worth perhaps supply earnings peers from down the environment and chain These from challenging beyond. solar expect basis XXXX quarter coupled

to Of margin can expect why targets. we let but market course our not we pressures, IEA briefly fully renewable is immune discuss achieve me

revenue. While $XXX we solar than XX% more to of not market re-enter And our the years, still our scale. past are of XXXX are over rapidly solar gaining XXXX has in grown we did total and segment solar growing business, was end two until in revenue the the million. renewable We

and curve, expect project margins. like solar, been a there margins experience scale solar expected wind As our in to project gain but be as fully we we our has learning

solar the of in we see wind market, maturing is forms many utility the to the As similarities market contracting. especially

highlight me from margins the market that us today. protect factors some Let help the the challenges and chain our supply impacting inflationary of

contracts risk to XX in we have months. within a XX in we project. are than less most relatively would multi-year our duration First, projects finishing with short Thus

expensive Second, turbines. panels, and larger customer most supply and our of the such components as blades,

risk So we these components. inflation on have do not key

notice adjust fresh. Third, the our at contracts to the most pricing is date and often place material we while orders proceed of still

with although inflation. and IEA a there workforce years. labor whom we concerned pressure To-date had issues, of Four, retention been not reduced remain significant on about highly price many materials. have we So skilled have fortunate for are to many was we have dedicated

planning We and also a among have wind, workers helps civil some ability to shift perspective. solar from projects, which

industry, when protected from measure our inclement Finally, headwind that unusually contain level XXXX with weather. provide meaningful a for a weather largely all protection remember the such We provisions was such structure, issues. forced improved but our of events we as from contracts contract unexpected are

we earlier, on the when some sequences said seen by I projects. market impacted negatively supply have As will as and we affected chain challenges issues solar be efficiency

However, we issues of our confident from many market and achieve remain we we business in of being XX% the discussed goal every have are the been long-term able renewables structure the that day to so XX%. we insulated to that margin can

XX.X% were business and our $XXX.X to growth compared XX.X% is increase project to the Now of of lease CapEx December two the some equipment expansion to The well turning $XX.X segment market Heavy At delayed Specialty increase as for the 'XX million and an in cash total which as was Civil construction or contract remediation modestly the the $XX.X million $XXX profit year-end primarily the unsecured environmental $X.X years $XX.X revenues favorable million totaled financing to same XXXX. approximately included our profit had million last in due million segment. pressures. reduced into of gross XX% gross primarily sheet balance our revenues that obligations. customer million benefiting was growth The year-over-year for completions. Revenue quarter of and commercial customer. $XX.X civil. COVID-XX $XXX equipment revenue was total in from $XXX remediation of pushed and or due an for in notes, of Rail million of fourth showed quarter. Civil loans million resulting debt environmental revenue ramp XX, period of million of from segments’ environmental were work XX.X% percentage fourth or the due civil a the down existing heavy quarter as and up Specialty large customer, been to of up was

of of closely characteristic reason back billing The was are even end where suspended the namely, our a improvement orders the the some our cash not buy of million the of we pay a EBITDA go monitor of our characteristics the obviously ratio combined industry $XX of $XXX the March from facility, are the warrants. is warrant. strong our when warrants XXXX the of significant to total the the adjusted accrue the vestiges we we had while another projects million. and warrants delay larger incurred meaningful year been. number $XXX forward. is we company spec situation debt-to issue X.X, and under of have has towards a is sparkling industry million total in a on On gave or directors XXXX, or November, Last for $X.XX letters IEAWW operations impact of anticipating the Because At XX, $XX last net frustrating, cash on the projects which net nearly average, credit to symbol, of about our project. authorized of process price balance end, sheet. are we board pushed Our end at per a public million availability had warrants, of credits do with We as completing result This which negative trade liquidity construction we owners as change X% to in million. and change construction under flow repurchased XXXX into At X% to the until XXXX. direct not negotiate orders projects These year a want X.XX maintain revenue cash average This collection. XX.X% structure. especially an a capital expire end or of a of from our of

three in almost had We warrants slowed million total as million. total XX.X% ways repurchases. from the cost almost warrants While of the of of repurchases of pace or for the we has $XX.X benefit XX.X the X, March repurchased

the to of of number that shares the XXXX. would reduced first be quarter we in need potential issued First,

have agreements of would conversion anti-dilution the to every remain issue public exercise potential B owners. reduced share XXX% the of of warrants, warrants. former the reduced X repurchase the That for on the diluted on the covenants issued shares. there the the shares B preferred series SPAC by from million, To-date over we to owe warrant overhang have XXX% X.X Second, and the shares means we series from

the Lastly, earnings the the be must of traded we quarter are at slightly end thereby that each of number volatility our publicly calculations. of reducing marked-to-market warrants reducing

increase to the past the the increase December of Renewable XXXX. pivoting end $X.X backlog of at the XX% from future, XX, Now an total end was XXXX billion, backlog segment compared at into was and of to solar prior compared solar at with in backlog driven year, combined growth in billion awards of billion, million to XX% new to of in in by $XXX.X XXXX due robust. performance was $X.X from nearly And XX% XXXX. approximately to IEA last X.XX year wind strong favorable steady The the X.X in an of part our remains Civil trends market signed backlog opportunities year end business. its pipeline Specialty nearly expects billion up XXXX our the in million compared XX large the of next market the company realize XXXX. up estimated $XXX end months, during environmental wind.

to and business in of for EBITDA. adjusted our We see revenue terms IEA's XXXX markets record remain strong. our Now guidance. year for on both long-term outlook The another business as and

continue guidance challenges XXXX challenges. COVID-XX chain recognize efforts we impact from with these XXXX, for disruptions the IEA's including of to will the recognize supply our However, that reflects into associated uncertainties XXXX. from

of total $X.X $X.X billion. billion project revenue and we XXXX, For between

generate the two renewable will that that approximately of expect thirds We segment revenue.

XX% up but XX%, XXXX that that's and will decline. make wind by more wind may than solar that decline from revenue to services for expect revenue We

the of approximately normal we patterns continue We first quarters in year. will of two our expect with revenue the that XX% the seasonal

million the $XXX around to of includes for XX%. That amortization, XXXX depreciation interest rate projection approximately $XX Our million $XX $XXX and and of tax around million. million EBITDA of expense is adjusted

invest to in $XX million to around expect CapEx. $XX We million

revenue Finally, the expect the will EBITDA I our because the JP. turn of absorb back With recognize more and we in quarters year. first of fixed increases, amount XX% between that, to to costs as the call we two XX% adjusted

JP Roehm

despite Pete. XXXX an everything of for I uncertain you thank proud Well, and IEA we and year accomplished volatile the was extremely market sometimes conditions. important am

some of a review structure are facility by yearend A highlights were refinanced and of as in follows. significantly series all process B We our warrants, the and of important the capital our portion repurchasing benefit redeeming the debt at to the of Looking stock, simplified preferred the our common our series shareholder.

one well-positioned supply with market approximately business impoundments surface IEA in thought even We path nationwide. growth firms we times grow ash and utility the become validates think leading I challenging well did renewables you renewables of saw how and different up We to leader a in margin the these We positioned advantage very EPC to in quarters significant key solar firms significant executed that renewables. have see growth take and to our OEM's and market. solar have most IEA our labor recent this years modest the compression, headwinds. blade of in business the have highlights We margin the three chain want coming one ramped scale We despite is IEA our years opportunity or than in short manufacturers in and growth performance with be inflationary successfully ability execute continue of in is business leave see to the solar trends. regarding country. in XXXX. environmental wind to the XXX remediation our in our residential but very unlined We some in long in market our coal compression the

in wind with in that both PTC is business XXX That tax and years coming is said not solar. offline important see power scheduled of our to dependent the on and will and IEA right this replacement policy and We not credit the or solar ITC come capacity beneficiaries renewable only help of choice think reduction growth. not is we we levelized become gigawatts well. Low as The to Currently policy wind cost legacy, energy it the years. wind near-term. that and what the are years large. EPC as about renewables and up very concludes nearly certainly profitable are the the for few to the right it extensions come. The have next market excited the drive XX And are remarks But it stories. hope and are made to We industry is understand wind you I solar scale, call the growth for supported is firms it this Operator, are experience cycle. cost choice, the as execute opportunity also please to of well-positioned to economic solar be one to with the environmental on in the our This we of such for particularly opportunity, going today. would open expertise key the questions? to prepared

Operator

session. Thank D.A. Thielman be question we with this Please with conducting first from the question. question [Operator of a Davidson. Instructions] time answer Brent at you. comes will proceed and line our And your And

Brent Thielman

JP and morning, great Congrats good on Thanks, Pete. Good. quarter. a

JP Roehm

Thank you. Brent. Hey

Brent Thielman

today in currently business I challenges? how we solar some guess or is the these of challenges, outlook worked the sort I the as backlog you obviously first of scheduled year what handicapping of sort question, to about. question hear it ongoing is really this guess revenue seems revenue which that try some get much through embedding done in like to all could to anticipate you're ongoing get versus potentially supply today of my be guidance

Pete Moerbeek

Brent. good a question That's

not but may we XX that we look we year that the that achieve same the when all billion where not near that think did term, I a X.XX get situation to we in we numbers, are in way have months XXXX. we recognize and our next total this showing at

what recognizing of guidance. the we so why some a some between So what the we chain road so guidance supply is the the of versus that jobs of been middle a could park that's of trying we may walk kind have get pushed to middle afraid see are told means of type build we're limitations, kind you

Brent Thielman

that Appreciate Pete. Okay.

wind for on XXXX I comfortable surprising on ‘XX to any things or year get here of again, business year? nothing I what to in can how ought through too think for revival think that need kind about outlook about there. better the next the On thoughts back here we business get more guess, we to see are this JP that the the

JP Roehm

of on things is an two kind that fact last while I'll this this I kind wind said but maybe calls, we certainly down restate we I've as three see in question think as analysts what I seen, market. or the see some don't the commentary ongoing think of Well, year. little down handled this much the of predict bit we've We see discussed here a call, we before. in The in the it as we've some

demand. this to see I've So customers lot wind forward. of kind level of your we XXXX, how but question, sets our our forward, business that going plan our going said repeatedly we are strong for barometer a And

I XXXX in think they've wind of particularly last part going we've into XXXX. heard one indicate OEM seen an uptick orders in the

next in for don't think of ground kind year. in supply wind. our the on we of this resurgence picked wind solar analyst see of from resurgence. of times kind that's clients CapEx more do kind kind shifted we yet, their up feet I of We've a any also of but seen reports some kind chain So towards our that uncertainty spending of see have

diversified the -- the and is legislation renewable So to Obviously here federal got history any of kind stay contractor. future. we of in we're storied we think not part we've this transition for wind all or a said kind energy long but of wind

Brent Thielman

was things us are of then help Civil much still the quarter understand the just and Okay. what Thanks what basis benefit JP for that, the you how in transitory guidance? of Specialty assuming this segment margins go-forward kind maybe for in versus margins outstanding and kind and margins a on

Pete Moerbeek

strong very some We saw benefit our in work. environmental

margins change will final that end think and some guidance did Specialty stay. able that X get occasionally plus the we kind I that it got where I Civil our stay the has that's we outstanding we're ‘XX. to want we that our get segment able to expect to benefits negotiate of to points we from we end think orders. to I So as kind say jobs been to And be and would the then that percent the with of of being at of got margin

JP Roehm

and out, great lot proud renewables these that of mentioned I you We pointing frankly as that calls, the for goal team future. talking I on it's a you that them appreciate of also about you performance time spent the quarter in performance in out But out. we're in pointing Pete Brent. a particular their I pointing but and quite for appreciate thank our

Brent Thielman

in your you what could Yes. talk could Last me down what implications certain road, financial just one, role you've be? for the will partnership or be maybe about but those engaged further and potentially offshore the wind

JP Roehm

I United say substantial a say out is it one of we really that And Yes. methods, into to industry is this I industries, into the is very what mature working so since built any by continuing very still would is the would, kind before speak. early XXXX is as get predicted before it, partnership. early I'd it's everybody's industry that and everything's, before the pretty States be to never on would in with could we're on been into of thing means trades jurisdictions

it. the or to done potential pretty strategy a on years the wind. focusing of So simple. we we is be has have But a component coming our meaningful it in We're contributor think offshore onshore wouldn't

vendors that the Well, various onshore have, different a them required come from I that by a pursuing managing and mean? past. be for not would others. several I for take loading offshore that that IEA do receiving on that and out no in doing running into strategy mentioned are to reiterate the all services ultimately business we means components is in I've onshore and But is times an than we're do water. work. the think port on water that project, want shipments not what OEM those the them IEA we as on type those involving port We in that pursuing the Everything currently prepping project. taking, currently out out So assembly would inbound shipments, in pre-assembly the what barge that

Brent Thielman

Thanks JP best Okay. that, for luck. of –

JP Roehm

Thank you.

Operator

proceed Please Thalhimer of with from your question. the Adam comes Our Davis. next Thompson question line with

Adam Thalhimer

morning on good Hey, strong Congrats the guys. QX.

JP Roehm

Thanks Adam.

Pete Moerbeek

Adam. Thanks

Adam Thalhimer

Where offset that the revenue terms And the are said in year? help decline revenue? think I of services project the wind would you of guys you this some wind to in

Pete Moerbeek

that less but a going magnitude out seeing They of But We operators good fully broke is actually take that even this to strong a growing. be growth They we had a year can get hundred scale. them and some broken to to we It's it I order look have great we million, in to be going yet. obviously mean, for opportunities. the not one than think of we're while still field. to real continue year.

Adam Thalhimer

asked And X% I Okay. Brent because range. the those about Civil question glad kind XX% to are of in was the Specialty margins if

imply to guess I guidance be that renewable. would that at get gives the this And think would question that the you back just be year renewables. what to I XX% at range XX% confidence you'll you within

JP Roehm

years been now. Well, wind able building historically that. to for been we XX for sure certainly would we've is accomplish thing have one

of and business we or believe but that over not out And and we So we margin conviction some where last business certainly to period bring of believe is as a had our firm basically period as but downs wind. also certainly for at out come we years in we where in with we and a if that in Pete conviction We've and have we've, now solar it have business. understand that three we in. us seen a the year, can in years, scale approaching mentioned should of solar his our learned, solidly learned business we continue over commentary wind you've the indicated be been ups that

we can of years, learned in. that's of lay where couple over what last from believe we the lessons kind So

Adam Thalhimer

how then that'd And want Pete you address guess I lastly, cash even Or maybe year? flow terms of kind Great. just out it in for quarterly do cadence, of you think a to the helpful? this if be shakes

Pete Moerbeek

flow all better we almost would've finish I And project picked we lot of we Yes, which New day life get the lucked cash some first of X, of I obviously orders and the see that is we up $XX stretching pushing million there think Year. to but will out continue specific the until from the dates is of that was weekend, things that one think the in January change cash on are what humorous done. operations, unfortunately for

okay we quarter, year, more we before go probably cadence. first some the much quarter a we'll be the of is first to going settle of it's then think April end So towards should I normal maybe these. back And get into

of collect finished we happened our change delayed projects is just ability that some orders. you've to pushing what's to think haven't because all I us the by the back

Adam Thalhimer

Helpful.

guys. Thanks Okay.

JP Roehm

Thanks Adam.

Operator

Pourreza comes question with Shahrier your proceed Please Partners. question. from with next Guggenheim Our

Unidentified Analyst

on quarter. Hello for great Shahrier, it's congrats actually a [indiscernible]

Pete Moerbeek

Great, good morning.

JP Roehm

you. Thank morning. Good

Unidentified Analyst

here Appreciate start today. would projections guidance to timeframe, cadence as especially to recognition of wanted more sign the with the starting the you outlook. revenue the the projects expect off to keep the especially in a XQ? of projects, announcing question upside, continue And on XXXX I you in XXXX just you the revenue impact as outlined

Pete Moerbeek

revenue XX% and Well, moves as that we margin. the we remarks, to in of a increasing and expect my said, overheads EBITDA EBITDA of in of year of do half I the to second in degree better the that obviously up, of the about the half absorbing year XX% any the job see and first

manufacturers. of a yet have that panels point of anecdotally and the us that I still think negotiating with they as the comfortable they some panels will which challenge to that them they're delivery feel which proceed, give still we're our the at hearing to can the to notice in not they're us of case for ready be especially notice but us get proceed point they can because can big the get are not the give solar the acquired they customers solar

sorts us things the the want are our you as at -- especially those once. night that manufacturing, is solar So of construction the all with the, keep that we up of issue of to all do

want back go change to anything. and have don't in to You

through on the issues work better and road with were start the us the even in us to for do and jobs we both to a us, margin. the inflation we've hopefully of tried start most of we could What would that could yes case we want you everything is of where of associated middle clients position a with associated do gets get kind when the do we So revenue see, if our way project. would and then, the through

Unidentified Analyst

kind Is that very operating of plan. That's And the costs? helpful. on some same just the leverage there embedding kind inflationary you're input contingency note, in of around terms of in

Pete Moerbeek

The of input that are said purchase panels, our of Yes. would purchase as the I lot remarks, there the costs responsibility. not of my turbines. a And actual in the

go that a purchase we Secondly, is ability have the notice the time proceed And cases, materials actually do the shorter or are labor will the in we of given lot in having said need. relatively then of timeframe the ahead to we a to that challenge. that, are we and commit lot purchase from we yes that a at somewhat a be susceptible. we obviously to having going which construction benefit always Obviously contract, but

we some have unfortunately until we in won't certainly impact address that we what that of and that into last in to going we happens, but need consideration a real our issue quarter our projections actually forward. take and learned to year third tried that is We this forecast, know in see

Unidentified Analyst

lastly, beyond a a for of platform of ‘XX in good expanding that strengthening just capital between how priorities you the security of done very and received. the and and stack little was shifting out dilute organic bit just etc? was kind sense inorganic, are getting And That's And financial the well the about taking allocation maybe of clarity. ‘XX more broadly, thinking

Pete Moerbeek

probably I finish. starting, JP let

in a we looking At lot are taken have opportunities can lot organic publicly cash make from acquisitions. at good availability the the we we are we're going are that look on the of growth. we we're more. traded going, but We're looking financial obviously whole that of sure flow think the not we've point to this at you are which where at ones. our need out generate think probably potential know. certainly side, might for a projects, looking we out I we I and approaching JP point cash do we Obviously to when bolt

JP Roehm

on record our almost is you several of Yes. our it's peers of at this if going look any that of From I year track last growth my believe public to to into our continue to that continues. ability standpoint, do organic and I second think kind years is the none

margin primarily, growth going So organic we're and of to be enhancement. thinking

think those key two are this no of I doubt are themes year.

to the successful the markets best appetite, are very weren't appetite order a kind Now to very execute grow the and continue scale at but organically tough inorganically that be to facilitate to of been market still of might grow the that bolt on it, in or it to means these to acquisition. that we've it

type enhancement always think on in looking of for particularly us So as key would for, in growth about I we're but I think markets opportunities. concentrating and margin opportunities, would term, our end the those near us organic about

Unidentified Analyst

for questions. clear our perfect. That's Thanks taking Abundantly that.

JP Roehm

Thank you.

Operator

question the Please with question. your our with Noelle from Dilts And of comes line next Stifel. proceed

Noelle Dilts

comment Thanks. look smaller could just opportunities some of additional are large I over hoping out or bit of remediation in was you market ash a next the years? kind what's you're see seeing opportunities you of do guys. opportunities couple the Hi when little kind the more on these coal contract you

JP Roehm

this great were a kind to the the earlier is in that glad it, asked on Noel. announced guidelines it further administration crack for or you the Well, administration's Earlier the remediation. question. – of they Biden Biden in the announced first year, of and even EPA the I'm down the quarter requirements going quarter

the base term. as talked is a, opportunity in for what not near So reiterate I the what gotten They the time depend you're we in past since government the already every better Federal in of move very of any we of that And producing all a guideposts balls was on rate even our they It And get kind a recovery. they them. state incredible opportunities kind on then it's utility. analyze kind slowly. producer and quite the in changes has would certainly think revenue kind margin get a curve to of frankly

to said So continue is see opportunities that's all to moving be we forward.

is not is opportunity. for think multi, it's to overnight. the from in equipment this but standpoint. expect to from business, grow also not good And to intensive out certainly we specialty quite a the opportunity or decade us. is and business and what's we for growing business And two this that's It one front continuing it respond than especially quite But the ramp a with takes, This incrementally manpower to up a time. the very that a resource RFPs market this is frankly be that's this us, continue more there's of both to some the year opportunity. We

it again, the be glad that going a be we to So next ash, and here And grow we expertise the we're and in player as to over big decade coal reiterate continues player to scale just are. are plus.

Noelle Dilts

think limbo, build but That's really Okay, the within better back then credits, you on or potential you're comments XXXX? policy necessarily around if to kind terms your Thanks. we pay then what and and is be your And it the sort might the of sort of a In wind thinking see direct into dependent helpful. the of solar of that speak something just and benefit through what do and come could represent that incorporated tax in not great. to of recognizing how for that that given you occur do may about tax your are option may business expectations extension credits. that on guidance not how guidance. the Does in other multi-year just tax would credits your you've really words upside wind or

JP Roehm

the of your after. or in it's last what any at ‘XX I'll easiest happens see our guidance legislatively be Well, for take I it change because part don't Washington first all answer. to

a it's the more what happened with Supreme kind forth our fallen looked been things suffered think the not in be had Russia I for may together. of better better, however, or rhetoric. bringing more or security of industry. oil Washington, being anybody as this is some what and climate the and said headwinds you this may you'll bill and really to obviously justice holidays with very And the obviously But some Obviously back scale back now, else and on far the hear fallen climate I soon has hopefully reengages Court two from feeling within side the Russia think is principles of what bill. on second world of coalescing back of of build sides more connections around right almost that all kind of of of that have coaster we better. you I in think going everything see and think this a maybe then of But day-to-day some I just days that last I'm an energy see from As type bill then legislation situation very roller that it XX, XXX off have nature strongly the things kind and a build be quarter favorably back kind that

Noelle Dilts

Thanks it. much. very Got Okay.

JP Roehm

Thank Noelle. you

Pete Moerbeek

Noelle. Thanks

Operator

and answer we closing over JP question have remarks. the of the Roehm the back and for end I'll session call to now reached And turn

JP Roehm

to will every reported appreciate we on of just It to forward us safe we're XXXX be results. back look before XXXX. we joining we you you. fourth reporting for and on quarter our and year a each end the will short you today in soon. few QX weeks together one XXXX Well, be you as Thank early and Everybody May here as we talk to

Operator

you at participation. for this lines concludes you conference your your And and today's disconnect this may time. Thank

Infrastructure and Energy Alternatives (IEA) 8 Mar 222021 Q4 Earnings call transcript