great our our the be developments, I'll business and morning, deeper with pipeline into and recent us for you results legislative current providing opportunities in in on guidance. an Thank everyone. and performance. quarter update an you to to quarter call regulatory XXXX our on of earnings again This during on first transition our first update to our you, briefly join Steve, an a I'll provide speaking review today. the I'm and call quarter happy update morning, Roger then and have good financial our performance I'll update for financial dive It's actions.
I'll first, COVID-XX taken impact But we've and our to actions of an update protect our safety the provide of of the the employees. on business
As priority customers. the COVID-XX employees highest safety the and remains situation of continues surrounding to pandemic our our evolve, the
Charah provides slide to we to way As maintain to with utilities Solutions shown you're that proud very regulated if service our utility on partnered must have to mission-critical And along continue services X, the the presentation, supplemental operating safely. of in following power I'm continuity country. customers provide
to and maintenance, sales remediation speaks the ability operations, to Our for provide this customers daily high our mission-critical resiliency essential continue outage team byproduct utility our to want services customers the Charah also I others and dedicated help pandemic. medical of personnel thank working day again electricity. to thank consequences who our this every of address providing employees to responders, want of the and services. mission-critical during our working continue utility disruption, to and keep first nature of tirelessly all of the our period to are who I all uncertainty
closely. of during customers protect We we significant situation continuity well believe service have our to continue very will this we we stoppages. work the to had ensure our staff to any monitor period, and uncertain and date, To are not prepared
stakeholders our the everything and best on interest employees an to Charah's safety, safety other was ahead to continue will and built are unwavering putting the commitment we make else. we of of business sure and
mission-critical for people, our business to series customers. nature XXXX of immediate of continuity imperative action business. As customers' The plans made a to our year-end have we and call, ensure I recent our earnings contingency our operations initiate described on protect to taken our it our quickly customers
The the are vast continue majority of whom to country. provide regulated to and to must operate power
implemented we through entire and are possible measures communication interruptions, our across our manage real-time to have maintaining with customers. service organization We and
I spending. XXXX announcement employee reductions cash-based implemented of As the yesterday, we savings and reduced of cost-cutting reducing a in retainers QX hiring reductions April, Directors, stated series Board company, in our in our including preemptive across cost significantly to and discretionary in earnings initiatives compensation,
ample health In our Act. benefits the CARES non-essential protect To travel. to addition, employees restrict of of the customers, are continuing we are the and implementing we
policy seem safe –at-home a such the respective We return work to until time employees work as are the also to for corporate office governments continuing state environment.
facilities. operations mission-critical customer on-site remain our personnel our at However,
not observed have communication a existing time activity customers. job result and at COVID-XX as constant in any the of sites on in significant with utility We outbreak this slowdown our are
and a policies, hygiene partner shared procedures. and mitigation risk their to with We abiding commitment by all with have aligning with employees them keeping health health their safe
Our exceptionally believe and field well we for and challenges. this are prepared challenging future and continue period, teams perform during these office well to we
service the The press we developing new from we never announced regulatory and implementing more regulatory utility plans to customers' resulting a as in development As our requirements to expected has X,XXX closures the response and remediation the in seeing business our see is opportunities we are address activity award and customer release, stated of amount companies initiatives, in increasingly been significant United motivation. impoundment States. mandated increase than in accelerating higher and their
projects. submitting in with pond are at recently for that major process remediation to We ash proceed the proposals Southeast intentions utilities projects of three large announced
awarded southeastern that of During fired large will two over been concrete in this In closure remove industry. the a utility. by ash we million and project project, beneficially the have by quarter, retired a recycled tons Charah will renewal coal announced be used a from we that plant
the project, years, restored property. will the of of conclusion pond also former the be closure usable next install underway, ponds at the several And will Over controls. as the is environmental the as we
and announced an ownership them, repurpose Wetlands. previously take recently close in by and We owned ash ponds to award energy Natural consumers Michigan as also
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while like work or one environment. complex see Transfer Energy an meet our with improving Environmental Consumers viable and utility and retire Liability innovative less of this generating Services evolving they needs as We order, the solution decommission partners, to as the economically assets, also unutilized to
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states to means and prescriptive, as more continue pond the the their of recycling programs. remediation working ash Agency to as to trend this Protection are with expect as, own states establish Environmental becoming several continues methods We and
EPA work to the regulatory Further, its requirements, on beneficiation continues deadlines. closure and guidelines impoundment ash
provider movements Solutions, utility management only compliance as to sales, situated needs. services for and and is mission-critical, and full-service as of continue these environmental positive these see operations, with industry. to and The byproduct closure requirements company the deliver their remediation to impoundment the ideally for Charah We ash services, maintenance outage utilities partner
first completing Through our of eight XXXX, Technical outage increased nuclear scope Nuclear in to Services growth XX an fall. the quarter. are Allied operations, higher both remainder the in with maintenance we our subsidiary, Services saw during performed, had be from Power and scheduled the and revenue the & process our Fossil of for in we Maintenance as We Maintenance the
of Additionally, primary able increase Allied and the scope customer. to quarter, was our the performed team Power the services during provided for
a performs. Power the we proud maintenance we team are that And of are non-discretionary Allied Allied services. on them mission-critical, work our We nuclear provider Through leading of their success. Power operation, outage congratulate
predictable business EBITDA and revenue steady, us. remains of source This a solid for
during and customers to our with continue daily as well uncertainty our our and of disruption, scope services. services, maintenance period team this high speaks or the of provide operations nuclear our Our and to the to fossil resiliency, and mission-critical our ability as outage ability utility to expand mission-critical of remediation essential nature work of our customers,
of call, $XXX our XXXX, As we value exceeded during XXX%. the awards won of stated, XXXX, in earnings million by new
based have all United over million that mentioned, three will and their as utilities Including we underway, won address previously by they we're awards. And the XXXX, and currently awards utility of $XXX States. needs. an the activities federally quarter see first new large on, new customers the we state-mandated requirements of across acceleration During optimistic, project closure
utilities near-term seeing in to move see byproduct accelerate timing their are and project to we the remediation delays sales some services new related we as the pandemic, with closure forward Though, and for compliance awards, our of expect COVID-XX plans. opportunities
expectations We sales continue our add byproduct new optimistic of also opportunities, greater expand spend, reach for about, remain the MultiSource and customers. driven we our as materials network to by infrastructure
$XX additional economy, The affect timing related $X bid resulting revenues coronavirus these in increase pipeline an and in new in see and near-term to on activity, the may in near continued pending recent the billion proposals an U.S. approximately from and the with term. awards impact opportunities. new the uncertainties to the the We billion
base customized increases recycling byproducts customer States. environmentally-friendly, of across solutions for to remediation and reach is United is customer Our motivation these our expanding as growing, ash geographic and the
our winning liquidity agreement our market successful in reduction, increased flow and provided opportunities. expanding through on focus to amendment recent momentum compete capital and expense Our and capitalize strengthens awards, new and ability raise, cash our credit increased the financial improvement our flexibility coupled by with on of
increase March the ended year planned XXXX XXXX, our quarter three $XXX.X in financial of turning in $XXX.X reported offset XX, increase by in same results. the an nuclear services $X.X the in the component. million, Revenue client The number due and revenue within Now ended for million of was X.X% last completions quarter first March project XXXX. XX, partially million three months to an to period, remediation the from compared the or our increase to months is outages
and our revenues from in three for margin to decreased a X.X% March X.X% profit months XX, XX, million from year environmental the or ended XXXX, $XX.X solutions due ended March million lower $X.X declined $XX.X months Gross XX.X% three ago, primarily both gross in segment. XXXX, to to million, the
draw as borrowing discussed We delayed through reached to maturity covenants XXXX other loan. that, reset our the our lender an in our term among group our waived at agreement a financial and balance sheet facility the call under secured liquidity, loan our the of repayment, Looking agreement increased year-end amend company's we during capacity March. and with term mandatory senior earnings things,
amendment the profile deepened We customer stock XX, placement. sell in on March preferred solutions. a environmental stock agreement transaction Preferred XXXX, in and confidence increased a credit effective. us customized the significantly to for flexibility and XX,XXX shares Series These the we of million approximately our and offering closed to deliver also $XX.X closed On private financial A our agreements became company's liquidity
Duke to spoke provide to federal we at activity state regulatory update on highlighted North now pond several continuing like their impoundments. accordance with Energy levels. Carolina, in North plans with at state Georgia. to important remaining ash the Department I'd developments of they On received closure and approval the both the North Environmental Next, pond Carolina of has in Quality, an Carolina are for on three for and last our level and work agreement plans, six at the In developments call, their
the to regulatory approved closures to or by work program, of approval. Georgia's Performance the is such receive the Georgia years. CCR, these EPA state the expected second start of Residual, of of completion occur Combustion next half has this XX first and expected over to of making most Coal XXXX,
developments monitoring and We regulatory in Tennessee Indiana, are Virginia, state Illinois. also
place for is that the proposal closure its an This by of increase the removal for proposed The can to when with Agency coal changes stabilizing Environmental regulations ash methods electric soils. final of CCR generation methods. the ash comparing costs closure impoundments amendments closure amendment rule companies. Protection clay aligned were the announced Among hundreds method for and change of closure that recently
October pronouncement in XXXX impact of opportunities. our by EPA increases of believe the of pond proposals operation August the for ash that the closure and from opportunities the of In view, potentially timing the moved is driving and for business collective Charah EPA's beyond. new the CCR the also closure XXXX. plans accelerating up remediation these We is The across to impoundments utility stipulated ceasing requirements Solutions space, XXXX
in closing, sheet, our in taking positioning growth enhance In of We expanding contract market greater remain preserve committed positive balance and while to results ourselves cash, XXXX even we advantage expected beyond. the to will the awards actions contribute and long-term take in anticipate support value, to and opportunities. XXXX
with aligned remediation provide with come. sustainability closely our and we which for Importantly, many partners, growth environmental should significant Solutions are Charah years utility potential initiatives, to
our more discuss With that, it clarity XXXX Roger, I'll expectations environment. provide outlook in on for more to who in the turn detail, market over will and our current
