QualTek Services Inc.

2022 Q2 Form 10-Q Financial Statement

#000155837022009132 Filed on May 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q2

Balance Sheet

Concept 2022 Q2 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.0K $685.4K
YoY Change -73.74%
Cash & Equivalents $1.595M $685.4K
Short-Term Investments
Other Short-Term Assets $4.030M $298.0K
YoY Change 1252.53%
Inventory $6.585M
Prepaid Expenses $8.923M $298.0K
Receivables $213.3M
Other Receivables $0.00
Total Short-Term Assets $235.9M $983.4K
YoY Change 23889.21%
LONG-TERM ASSETS
Property, Plant & Equipment $52.60M
YoY Change
Goodwill $28.79M
YoY Change
Intangibles $353.6M
YoY Change
Long-Term Investments $115.0M
YoY Change
Other Assets $1.697M $0.00
YoY Change
Total Long-Term Assets $436.7M $115.0M
YoY Change 279.7%
TOTAL ASSETS
Total Short-Term Assets $235.9M $983.4K
Total Long-Term Assets $436.7M $115.0M
Total Assets $672.6M $116.0M
YoY Change 479.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.88M $86.97K
YoY Change 72201.94%
Accrued Expenses $39.75M $1.110K
YoY Change 3581161.26%
Deferred Revenue $13.51M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.564M
YoY Change
Total Short-Term Liabilities $149.8M $88.08K
YoY Change 169998.21%
LONG-TERM LIABILITIES
Long-Term Debt $485.2M $0.00
YoY Change
Other Long-Term Liabilities $55.96M $315.2K
YoY Change 17655.57%
Total Long-Term Liabilities $485.2M $315.2K
YoY Change 153831.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $149.8M $88.08K
Total Long-Term Liabilities $485.2M $315.2K
Total Liabilities $710.7M $403.3K
YoY Change 176148.03%
SHAREHOLDERS EQUITY
Retained Earnings -$195.0M -$614.9K
YoY Change 31607.51%
Common Stock $372.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.65M $586.1K
YoY Change
Total Liabilities & Shareholders Equity $672.6M $116.0M
YoY Change 479.87%

Cashflow Statement

Concept 2022 Q2 2021 Q2

Facts In Submission

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CY2021Q2 us-gaap Amortization Of Financing Costs
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CY2022Q2 qtek Warrant Liability Disclosure Textblock
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:54pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Note 9.</b></span>Warrants</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Prior to the Business Combination, ROCR issued 2,875 thousand Public Warrants and 102 thousand Private Placement Warrants (collectively, the “Warrants”). Upon the closing of the Business Combination, the Company assumed the Warrants. The Public Warrants become exercisable on 30 days after the completion of the Business Combination. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the shares of Class A Common Stock issuable upon exercise of the warrants and a current prospectus relating to such shares of Class A Common Stock. Notwithstanding the foregoing, if there is no effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Public Warrants within 120 days following the consummation of the Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. The warrants will expire five years from the closing of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Once the warrants become exercisable, the Company may redeem the Public Warrants:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">in whole and not in part;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">at a price of </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$0.01</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> per warrant;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">at any time after the warrants become exercisable;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">upon not less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">30 days</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">’ prior written notice of redemption to each warrant holder;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">if, and only if, the reported last sale price of the shares of Class A Common Stock equals or exceeds </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$18.00</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> per share, for any </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">20</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> trading days within a </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">30</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">-day trading period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">-</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">if, and only if, there is a current registration statement in effect with respect to the shares of Class A Common Stock underlying such warrants at the time of redemption and for the entire </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">30</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">-day trading period referred to above and continuing each day thereafter until the date of redemption.</span></td></tr></table><div style="margin-top:12pt;"/><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Class A Common Stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuances of shares of Class A Common Stock at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Private Placement Warrants are identical to the Public Warrants, except that the Private Placement Warrants and the shares of Class A Common Stock issuable upon the exercise of the Private Placement Warrants were not transferable, assignable or saleable until completion of the Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are nonredeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p>
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4027000
CY2021Q2 qtek Adjusted Earnings Before Interest Tax Depreciation And Amortization Ebitda
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3763000
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CY2021Q2 qtek Management Fee
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CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
14766000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
12622000
CY2022Q2 us-gaap Interest Expense
InterestExpense
12343000
CY2021Q2 us-gaap Interest Expense
InterestExpense
9955000
CY2022Q2 qtek Integration Public Company Readiness And Close Out Costs
IntegrationPublicCompanyReadinessAndCloseOutCosts
1360000
CY2022Q2 qtek Net Loss
NetLoss
-40547000
CY2021Q2 qtek Net Loss
NetLoss
-19860000
CY2022Q2 us-gaap Revenues
Revenues
148161000
CY2021Q2 us-gaap Revenues
Revenues
119113000

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