Guidance Adjusted for 2022; Backlog Grows Over
$100 Million; Litigation Complete
Williams Industrial Services Group Inc. (NYSE American: WLMS)
(“Williams” or the “Company”), an energy and industrial
infrastructure services company, today reported financial results
for the fiscal third quarter ended September 30, 2022.
Recent Highlights
- Williams posted revenue of $56.7 million in the third quarter
of 2022 compared with $73.4 million in the prior-year period
- In the third quarter of 2022 Williams reached two legal
settlements that, in aggregate, resulted in net cash receipts of
$10.8 million, recorded as “other income” in the Company’s
statement of operations and used a portion of the cash to pay down
approximately $8.1 million of its term-loan
- Williams reported net income from continuing operations of $3.6
million, or $0.14 per diluted share, in the third quarter of 2022
compared with net income from continuing operations of $0.8
million, or $0.03 per diluted share, in the third quarter of
2021
- Adjusted EBITDA1 was $6.2 million for the third quarter of 2022
compared with $3.8 million in the prior-year period
- Williams secured a multi-year extension of existing business
providing maintenance and modification services at various sites
owned and operated by a large southern-based utility during the
quarter. The work, through a longstanding joint venture, is
estimated to be worth approximately $120 million of revenue over
the next four years
- In addition, Eversource Energy (NYSE: ES) expanded its
previously-announced Master Service Agreement with the Company,
covering additional geographic areas over a three-year period, with
a two-year optional extension
- As of September 30, 2022, the Company’s backlog was $352.7
million compared to $234.3 million as of June 30, 2022;
approximately $168.2 million of the current backlog is expected to
be converted to revenue over the next twelve months
- The Company has updated its 2022 guidance to reflect lower than
anticipated revenue and further margin compression on certain
projects this year
“Williams’ guidance is being adjusted to reflect near-term
challenges,” said Tracy Pagliara, President and CEO of Williams.
“During 2022 we have not converted as much of our pipeline to
revenue as anticipated, particularly with respect to our nuclear
end market. Furthermore, after ongoing project reviews, we
identified additional losses in our Florida water business which
significantly impacted our overall gross margin.
“At the same time, we are pleased by other recent events that
have a positive impact on our outlook. Settling two ongoing
litigation issues brought in net cash receipts of $10.8 million
that was used to pay down debt. We were also awarded a multi-year
Master Service Agreement with Eversource Energy that covers
Connecticut and certain surrounding areas, where we provide
installation, maintenance, repair and other services associated
with natural gas distribution. In addition, Williams recently
secured a multi-year extension of maintenance and modification
service work at various sites owned and operated by a large
southern-based utility. This business is estimated to be worth
approximately $120 million of revenue over the next four years and
accounted for a large portion of our backlog increase this
quarter.”
1See NOTE 1 — Non-GAAP Financial Measures in the attached tables
for important disclosures regarding Williams’ use of Adjusted
EBITDA, as well as a reconciliation of income (loss) from
continuing operations to Adjusted EBITDA.
Third Quarter 2022 Financial Results Compared to Third
Quarter 2021
Revenue in the third quarter was $56.7 million compared with
$73.4 million in the third quarter of 2021, largely reflecting
reduced decommissioning and nuclear business. Gross profit was $0.7
million, or 1.3% of revenue, compared with $6.8 million, or 9.2% of
revenue, in the prior-year period, with the lower margin primarily
due to the impact of certain loss contracts in Florida, as
previously announced, and start-up costs tied to the Company’s
further expansion into the energy delivery market. Excluding the
aforementioned business start-up expenses and negative impact from
the Company’s Florida water projects, adjusted gross margin would
have been 9.7% of revenue.
Operating expenses were $7.0 million in the 2022 third quarter
compared with $4.6 million in the prior-year period. The $2.4
million increase was largely driven by professional fees primarily
associated with the legal actions settled during the quarter, as
well as the reversal of incentive compensation in 2021. The Company
reported an operating loss of $6.3 million during the third quarter
of 2022 versus operating profit of $2.2 million in the same period
of 2021. Interest expense was $1.5 million in the third quarter of
2022 versus $1.2 million in 2021. The Company reported net income
from continuing operations of $3.6 million, or $0.14 per diluted
share, in the third quarter of 2022 compared with net income from
continuing operations of $0.8 million, or $0.03 per diluted share,
in the third quarter of 2021. In 2022 Williams achieved two legal
settlements that, in aggregate, resulted in net cash receipts of
$10.8 million, recorded as “other income” in the Company’s
statement of operations.
Liquidity and Balance Sheet
The Company’s total liquidity (the sum of unrestricted cash and
availability under the Company’s revolving credit facility) was
$7.3 million as of September 30, 2022 versus $27.7 million at the
beginning of 2022. As of September 30, 2022, the Company had $1.0
million of unrestricted cash and cash equivalents, $0.5 million of
restricted cash, and $37.4 million of bank debt compared with $2.5
million of unrestricted cash and cash equivalents, $0.5 million of
restricted cash, and $32.1 million of bank debt as of December 31,
2021.
The Company had negative cash flows from operations during the
nine months ended September 30, 2022. These negative cash flows
were primarily a consequence of the following factors:
- Significant losses incurred on a number of fixed price
contracts in the Company’s Florida water business, which have been
the subject of prior disclosures;
- Start-up costs related to the Company’s entry into the
transmission and distribution market, which have utilized cash
resources and, while ultimately anticipated to benefit the
Company’s business, have negatively impacted liquidity;
- Failure to convert pipeline opportunities into revenue, which
has had the effect of delaying the Company’s receipt of cash from
such opportunities; and
- Delays in collecting cash receipts from customers.
To address negative cash flows in the Company’s business,
Williams has developed a liquidity plan to reduce operating
expenses and eliminate unprofitable projects. The Company will
continue to refine its liquidity plan as circumstances dictate. For
further information, please see the Company’s Quarterly Report on
Form 10-Q for the period ended September 30, 2022.
Backlog
Total backlog as of September 30, 2022 was $352.7 million
compared with $234.3 million on June 30, 2022. During the third
quarter of 2022 the Company recognized revenue of $56.7 million,
booked new awards of $159.0 million, and saw net adjustments and
cancellations of $16.1 million.
Three Months Ended September
30, 2022
Nine Months Ended September
30, 2022
Backlog - beginning of period
$
234,303
$
631,693
New awards
158,960
214,480
Adjustments and cancellations, net
16,145
(311,147
)
Revenue recognized
(56,685
)
(182,303
)
Backlog - end of period
$
352,723
$
352,723
Williams estimates that approximately $168.2 million of its
current backlog will be converted to revenue within the next twelve
months compared with $144.6 million of backlog as of June 30, 2022
that the Company anticipated would be converted to revenue over the
succeeding twelve-month period.
Outlook
The Company adjusted guidance for the current fiscal year from
that previously provided on August 4, 2022, as follows:
2022 Guidance
Revenue:
$245 to $255 million (previously, $275 to
$295 million)
Gross margin:
5.50% to 5.75% (previously, 9.0% to
9.5%)
SG&A:
10.5% to 11.0% of revenue (previously,
8.25% to 8.75% of revenue)
Adjusted EBITDA*:
$2.5 to $3.5 million (previously, $5.0 to
$7.5 million)
*See Note 1 — Non-GAAP Financial Measures for information
regarding the use of Adjusted EBITDA and forward-looking non-GAAP
financial measures.
Webcast and Teleconference
The Company will host a conference call, November 15, 2022, at
10:00 a.m. Eastern time. A webcast of the call and an accompanying
slide presentation will be available at www.wisgrp.com. To access
the conference call by telephone, listeners should dial
201-493-6780.
An audio replay of the call will be available later that day by
dialing 412-317-6671 and entering conference ID number 13734113;
alternatively, a webcast replay can be found at
http://ir.wisgrp.com/, where a transcript will be posted once
available.
About Williams
Williams Industrial Services Group has been safely helping plant
owners and operators enhance asset value for more than 50 years.
The Company is a leading provider of infrastructure related
services to blue-chip customers in energy and industrial end
markets, including a broad range of construction maintenance,
modification, and support services. Williams’ 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.
Additional information about Williams can be found on its
website: www.wisgrp.com.
Forward-looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of the term set forth in the Private Securities
Litigation Reform Act of 1995. The forward-looking statements
include statements or expectations regarding the Company’s ability
to perform in accordance with guidance, to contain margin
reductions within the Florida business, build and diversify its
backlog and convert backlog to revenue, realize opportunities,
including receiving contract awards on outstanding bids and
successfully pursuing future opportunities, successfully perform
and realize revenue as a result of the multi-year extension of
existing business and the expansion of the Eversource Energy Master
Service Agreement, achieve higher growth and increased margins in
2023 and beyond and successfully achieve its growth, strategic and
business development initiatives, including decreasing the
Company’s outstanding indebtedness, future demand for the Company’s
services, and expectations regarding future revenues, cash flow,
and other related matters. These statements reflect the Company’s
current views of future events and financial performance and are
subject to a number of risks and uncertainties, including
implementation of the Company’s liquidity plan and its ability to
continue as a going concern, the Company’s level of indebtedness
and ability to make payments on, and satisfy the financial and
other covenants contained in, its amended debt facilities, as well
as its ability to engage in certain transactions and activities due
to limitations and covenants contained in such facilities; its
ability to generate sufficient cash resources to continue funding
operations, including investments in working capital required to
support growth-related commitments that it makes to customers, and
the possibility that it may be unable to obtain any additional
funding as needed or incur losses from operations in the future;
exposure to market risks from changes in interest rates; the
Company’s ability to obtain adequate surety bonding and letters of
credit; the Company’s ability to maintain effective internal
control over financial reporting and disclosure controls and
procedures; the Company’s ability to attract and retain qualified
personnel, skilled workers, and key officers; failure to
successfully implement or realize its business strategies, plans
and objectives of management, and liquidity, operating and growth
initiatives and opportunities, including any expansion into new
markets and its ability to identify potential candidates for, and
consummate, acquisition, disposition, or investment transactions;
the loss of one or more of its significant customers; its
competitive position; market outlook and trends in the Company’s
industry, including the possibility of reduced investment in, or
increased regulation of, nuclear power plants, declines in public
infrastructure construction, and reductions in government funding;
costs exceeding estimates the Company uses to set fixed-price
contracts; harm to the Company’s reputation or profitability due
to, among other things, internal operational issues, poor
subcontractor performances or subcontractor insolvency; potential
insolvency or financial distress of third parties, including
customers and suppliers; the Company’s contract backlog and related
amounts to be recognized as revenue; its ability to maintain its
safety record, the risks of potential liability and adequacy of
insurance; adverse changes in the Company’s relationships with
suppliers, vendors, and subcontractors, including increases in
cost, disruption of supply or shortage of labor, freight, equipment
or supplies, including as a result of the COVID-19 pandemic;
compliance with environmental, health, safety and other related
laws and regulations, including those related to climate change;
limitations or modifications to indemnification regulations of the
U.S.; the Company’s expected financial condition, future cash
flows, results of operations and future capital and other
expenditures; the impact of unstable market and economic conditions
on our business, financial condition and stock price, including
inflationary cost pressures, supply chain disruptions and
constraints, labor shortages, the effects of the Ukraine-Russia
conflict and ongoing impact of COVID-19, and a possible recession;
our ability to meet publicly announced guidance or other
expectations about our business, key metrics and future operating
results; the impact of the COVID-19 pandemic on the Company’s
business, results of operations, financial condition, and cash
flows, including global supply chain disruptions and the potential
for additional COVID-19 cases to occur at the Company’s active or
future job sites, which potentially could impact cost and labor
availability; information technology vulnerabilities and
cyberattacks on the Company’s networks; the Company’s failure to
comply with applicable laws and regulations, including, but not
limited to, those relating to privacy and anti-bribery; the
Company’s ability to successfully implement its new enterprise
resource planning (ERP) system; the Company’s participation in
multiemployer pension plans; the impact of any disruptions
resulting from the expiration of collective bargaining agreements;
the impact of natural disasters, which may worsen or increase due
to the effects of climate change, and other severe catastrophic
events (such as the ongoing COVID-19 pandemic); the impact of
corporate citizenship and environmental, social and governance
matters; the impact of changes in tax regulations and laws,
including future income tax payments and utilization of net
operating loss and foreign tax credit carryforwards; volatility of
the market price for the Company’s common stock; the Company’s
ability to maintain its stock exchange listing; the effects of
anti-takeover provisions in the Company’s organizational documents
and Delaware law; the impact of future offerings or sales of the
Company’s common stock on the market price of such stock; expected
outcomes of legal or regulatory proceedings and their anticipated
effects on the Company’s results of operations; and any other
statements regarding future growth, future cash needs, future
operations, business plans and future financial results.
Other important factors that may cause actual results to differ
materially from those expressed in the forward-looking statements
are discussed in the Company’s filings with the U.S. Securities and
Exchange Commission, including the “Risk Factors” section of the
Annual Report on Form 10-K for its 2021 fiscal year and its
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022. Any forward-looking statement speaks only as of the date of
this press release. Except as may be required by applicable law,
the Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, and you are cautioned not
to rely upon them unduly.
Financial Tables Follow
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September
30,
Nine Months Ended September
30,
($ in thousands, except share and per
share amounts)
2022
2021
2022
2021
Revenue
$
56,685
$
73,351
$
182,303
$
225,773
Cost of revenue
55,936
66,590
173,564
203,561
Gross profit
749
6,761
8,739
22,212
Gross margin
1.3
%
9.2
%
4.8
%
9.8
%
Selling and marketing expenses
322
267
1,054
709
General and administrative expenses
6,657
4,248
19,022
16,931
Depreciation and amortization expense
61
50
173
137
Total operating expenses
7,040
4,565
20,249
17,777
Operating income (loss)
(6,291
)
2,196
(11,510
)
4,435
Operating margin
(11.1
)%
3.0
%
(6.3
)%
2.0
%
Interest expense, net
1,485
1,227
3,965
3,733
Other (income) expense, net
(11,114
)
181
(11,533
)
(1,411
)
Total other (income) expense, net
(9,629
)
1,408
(7,568
)
2,322
Income (loss) from continuing operations
before income tax
3,338
788
(3,942
)
2,113
Income tax expense (benefit)
(272
)
(6
)
(214
)
256
Income (loss) from continuing
operations
3,610
794
(3,728
)
1,857
Income (loss) from discontinued operations
before income tax
(45
)
(34
)
(92
)
130
Income tax expense (benefit)
(3
)
22
(626
)
59
Income (loss) from discontinued
operations
(42
)
(56
)
534
71
Net income (loss)
$
3,568
$
738
$
(3,194
)
$
1,928
Basic income (loss) per common share
Income (loss) from continuing
operations
$
0.14
$
0.03
$
(0.14
)
$
0.07
Income (loss) from discontinued
operations
(0.00
)
(0.00
)
0.02
0.00
Basic income (loss) per common share
$
0.14
$
0.03
$
(0.12
)
$
0.07
Diluted income (loss) per common share
Income (loss) from continuing
operations
$
0.14
$
0.03
$
(0.14
)
$
0.07
Income (loss) from discontinued
operations
(0.01
)
(0.00
)
0.02
0.00
Diluted income (loss) per common share
$
0.13
$
0.03
$
(0.12
)
$
0.07
Weighted average common shares outstanding
(basic)
26,102,308
25,699,545
26,009,465
25,306,130
Weighted average common shares outstanding
(diluted)
26,437,681
26,506,575
26,009,465
26,097,700
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES
REVENUE BRIDGE
ANALYSIS*
Third Quarter 2022 Revenue
Bridge
(in millions)
$ Change
Third quarter 2021 revenue
$
73.4
Decommissioning
(13.5
)
Canada Nuclear
(9.0
)
U.S. Nuclear
(4.0
)
Energy Delivery
4.1
Chemical
2.1
Water
2.1
Other
1.5
Total change
(16.7
)
Third quarter 2022 revenue*
$
56.7
*Numbers may not sum due to rounding
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES GROSS MARGIN RECONCILIATION NON-GAAP
FINANCIAL MEASURE (UNAUDITED)
The following table reconciles adjusted
gross margin to actual gross margin by deducting the energy
transmission and distribution projects that are incurring start-up
costs and lump sum projects in the water markets that are
generating a loss. The Company believes this information is
meaningful as it isolates the impact that the start-up costs and
the non-profitable lump sum projects have on gross margin. Because
adjusted gross margin is not calculated in accordance with GAAP, it
may not be comparable to other similarly titled measures of other
companies and should not be considered in isolation or as
substitute for, or superior to, financial measures prepared in
accordance with GAAP.
(in thousands)
Three Months Ended September
30, 2022
Nine Months Ended June 30,
2022
Revenue
$
56,685
$
182,303
Cost of revenue
55,936
173,564
Gross profit
749
8,739
Gross margin
1.3
%
4.8
%
Minus: revenue from transmission and
distribution start-up business
(2,900
)
(5,440
)
Minus: revenue from Florida lump sum water
projects
(3,322
)
(16,995
)
Minus: total revenue deducted
(6,222
)
(22,435
)
Minus: cost of revenue from transmission
and distribution start-up business
(3,622
)
(8,947
)
Minus: cost of revenue from the Florida
lump sum water projects
(6,759
)
(22,178
)
Minus: total cost of revenue deducted
(10,381
)
(31,125
)
Adjusted revenue
50,463
159,868
Adjusted cost of revenue
45,555
142,439
Adjusted gross profit
$
4,908
$
17,429
Adjusted gross profit margin
9.7
%
10.9
%
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
September 30,
December 31,
($ in thousands, except per share
amounts)
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
1,013
$
2,482
Restricted cash
468
468
Accounts receivable, net of allowance of
$318 and $427, respectively
37,339
35,204
Contract assets
10,076
12,683
Other current assets
10,675
11,049
Total current assets
59,571
61,886
Property, plant and equipment, net
1,016
653
Goodwill
35,400
35,400
Intangible assets, net
12,500
12,500
Other long-term assets
7,732
5,712
Total assets
$
116,219
$
116,151
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
11,732
$
12,168
Accrued compensation and benefits
14,312
12,388
Contract liabilities
3,440
3,412
Short-term borrowings
14,525
676
Current portion of long-term debt
1,050
1,050
Other current liabilities
4,630
11,017
Current liabilities of discontinued
operations
106
316
Total current liabilities
49,795
41,027
Long-term debt, net
21,809
30,328
Deferred tax liabilities
2,263
2,442
Other long-term liabilities
4,440
1,647
Long-term liabilities of discontinued
operations
3,513
4,250
Total liabilities
81,820
79,694
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 170,000,000
shares authorized and 26,865,064 and 26,408,789 shares issued,
respectively, and 26,422,761 and 25,939,621 shares outstanding,
respectively
264
261
Paid-in capital
93,705
92,227
Accumulated other comprehensive loss
(440
)
(95
)
Accumulated deficit
(59,124
)
(55,930
)
Treasury stock, at par (442,303 and
469,168 common shares, respectively)
(6
)
(6
)
Total stockholders’ equity
34,399
36,457
Total liabilities and stockholders’
equity
$
116,219
$
116,151
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended September
30,
(in thousands)
2022
2021
Operating activities:
Net income (loss)
$
(3,194
)
$
1,928
Adjustments to reconcile net (loss) income
to net cash provided by (used in) operating activities:
Net income from discontinued
operations
(534
)
(71
)
Deferred income tax benefit
(178
)
(304
)
Depreciation and amortization on plant,
property, and equipment
173
137
Amortization of deferred financing
costs
636
623
Amortization of debt discount
150
150
Bad debt expense
(26
)
(123
)
Stock-based compensation
1,120
2,579
Changes in operating assets and
liabilities:
Accounts receivable
(2,551
)
(11,896
)
Contract assets
2,547
(4,824
)
Other current assets
2
(5,113
)
Other assets
(2,202
)
(214
)
Accounts payable
(331
)
2,121
Accrued and other liabilities
(692
)
6,628
Contract liabilities
29
(39
)
Net cash used in operating activities,
continuing operations
(5,051
)
(8,418
)
Net cash used in operating activities,
discontinued operations
(413
)
(348
)
Net cash used in operating activities
(5,464
)
(8,766
)
Investing activities:
Purchase of property, plant and
equipment
(536
)
(537
)
Net cash used in investing activities
(536
)
(537
)
Financing activities:
Repurchase of stock-based awards for
payment of statutory taxes due on stock-based compensation
(159
)
(501
)
Debt issuance costs
(175
)
—
Proceeds from short-term borrowings
211,875
208,421
Repayments of short-term borrowings
(198,026
)
(204,101
)
Repayments of long-term debt
(8,844
)
(788
)
Net cash provided by financing
activities
4,671
3,031
Effect of exchange rate change on cash,
continuing operations
(140
)
112
Net change in cash, cash equivalents and
restricted cash
(1,469
)
(6,160
)
Cash, cash equivalents and restricted
cash, beginning of period
2,950
9,184
Cash, cash equivalents and restricted
cash, end of period
$
1,481
$
3,024
Supplemental Disclosures:
Cash paid for interest
$
2,778
$
2,781
Cash paid for income taxes, net of
refunds
$
—
$
1,841
WILLIAMS INDUSTRIAL SERVICES
GROUP INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE
(UNAUDITED)
This press release contains financial
measures not derived in accordance with accounting principles
generally accepted in the United States (“GAAP”). A reconciliation
to the most comparable GAAP measure is provided below.
ADJUSTED EBITDA - CONTINUING
OPERATIONS
Three Months Ended September
30,
Nine Months Ended September
30,
(in thousands)
2022
2021
2022
2021
Income (loss) from continuing
operations
$
3,610
$
794
$
(3,728
)
$
1,857
Add back:
Interest expense, net
1,485
1,227
3,965
3,733
Income tax expense (benefit)
(272
)
(6
)
(214
)
256
Depreciation and amortization expense
61
50
173
137
Stock-based compensation
543
1,119
1,120
2,579
Severance costs
95
165
138
165
Other professional fees
683
—
1,657
—
Franchise taxes
64
62
193
184
Foreign currency gain
(22
)
(46
)
(145
)
(150
)
ROU Asset Impairment
—
423
—
423
Adjusted EBITDA - continuing
operations
$
6,247
$
3,788
$
3,159
$
9,184
NOTE 1 — Non-GAAP Financial Measures
Adjusted EBITDA-Continuing
Operations
Adjusted EBITDA is not calculated through the application of
GAAP and is not the required form of disclosure by the U.S.
Securities and Exchange Commission. Adjusted EBITDA is the sum of
the Company’s income (loss) from continuing operations before
interest expense, net, and income tax (benefit) expense and unusual
gains or charges. It also excludes non-cash charges such as
depreciation and amortization and stock-based compensation. The
Company’s management believes adjusted EBITDA is an important
measure of operating performance because it allows management,
investors and others to evaluate and compare the performance of its
core operations from period to period by removing the impact of the
capital structure (interest), tangible and intangible asset base
(depreciation and amortization), taxes and certain non-cash
expenses and unusual gains or charges (such as stock-based
compensation, severance costs, other professional fees, and foreign
currency (gain) loss) which are not always commensurate with the
reporting period in which such items are included. Williams’ credit
facilities also contain ratios based on EBITDA. Adjusted EBITDA
should not be considered an alternative to net income or income
from continuing operations or as a better measure of liquidity than
net cash flows from operating activities, as determined by GAAP,
and, therefore, should not be used in isolation from, but in
conjunction with, the GAAP measures. The use of any non-GAAP
measure may produce results that vary from the GAAP measure and may
not be comparable to a similarly defined non-GAAP measure used by
other companies.
Note Regarding Forward-Looking Non-GAAP
Financial Measures
The Company does not provide a reconciliation of forward-looking
non-GAAP financial measures to their comparable GAAP financial
measures because it could not do so without unreasonable effort due
to the unavailability of the information needed to calculate
reconciling items and due to the variability, complexity and
limited visibility of the adjusting items that would be excluded
from the non-GAAP financial measures in future periods. When
planning, forecasting and analyzing future periods, the Company
does so primarily on a non-GAAP basis without preparing a GAAP
analysis.
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version on businesswire.com: https://www.businesswire.com/news/home/20221114005821/en/
Chris Witty Darrow Associates 646-345-0998
cwitty@darrowir.com
Williams Industrial Serv... (AMEX:WLMS)
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Williams Industrial Serv... (AMEX:WLMS)
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