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Orbital Infrastructure Group Reports Third Quarter 2022 Results
Press Releases

Orbital Infrastructure Group Reports Third Quarter 2022 Results

Third Quarter Summary

  • Revenues of $99.8 million compared to $24.8 million for the third quarter of 2021;
  • Adjusted EBITDA loss from continuing operations of $14.6 million compared to a loss of $6.3 million in the third quarter of 2021; excluding the results of the renewables segment, adjusted EBITDA for the third quarter of 2022 was a positive $6.0 million;
  • Backlog of $472.3 million as of September 30, 2022, up 15% from the third quarter of 2021, with $265.9 million expected to be recognized in the next twelve months; 
  • Non-cash impairment charges of $104.7 million related to goodwill, other intangible assets and financed leased assets due to the company’s book value to market value evaluation and the impairment of leases for surplus equipment derived from synergistic cost savings initiatives.

HOUSTON, Nov. 14, 2022 /PRNewswire/ — Orbital Infrastructure Group, Inc. (“OIG”) [NASDAQ: OIG] today reported its financial results for the third quarter ended September 30, 2022.

OIG’s Vice-Chairman and CEO, Jim O’Neil, commented, “I am disappointed in our quarterly results, primarily driven by losses in the renewables segment, specifically the underperformance of one of our utility scale solar projects currently under construction. Despite reporting significant year-over-year and sequential revenue growth, the third quarter results fell short of our prior expectations and led to a downward revision to our fiscal year 2022 guidance. We believe profitable growth in the electric power and telecommunications segments, coupled with the shift in our renewables strategy away from fixed price EPC projects, will result in more consistent performance in the future”

O’Neil continued, “Our backlog remains healthy at $472.3 million, and we continue to see broad-based infrastructure market strength driven by continued investments in grid resiliency and upgrades to aging infrastructure, ongoing demand for renewable power and the 5G network transition. We remain committed to the execution of our growth strategy, improving profitability, and successfully restructuring our balance sheet to create a sustainable capital structure that matches the strength of our operating business.”

Third Quarter 2022 Financial Results

Total revenue was $99.8 million compared to $24.8 million in the third quarter of 2021. The year-over-year improvement is primarily due to acquisitions in the electric power and telecommunications segments as well as organic growth across all operating segments.

Electric Power revenue for the third quarter was $36.7 million compared to $12.2 million in the third quarter of 2021, an increase due to an acquisition in the electric power segment. Telecommunications revenue for the third quarter was $24.1 million compared to $8.7 million in the third quarter of 2021. The increase from prior periods is due to continued acceleration of infrastructure buildout associated with Rural Digital Opportunity Fund (RDOF) deployment.  

Renewables revenue for the third quarter was $39.0 million compared to $3.9 million in the third quarter of 2021.  This increase is due to the ramp-up of construction activity on utility scale solar projects. 

Gross loss in the third quarter was $5.8 million compared to gross profit of $2.3 million in the third quarter of 2021. Total operating expenses in the third quarter were $122.9 million compared to $13.1 million in the third quarter of 2021. Loss from continuing operations before income taxes in the third quarter was $141.4 million compared to a loss of $11.6 million in the third quarter of 2021.

Loss from continuing operations in the third quarter primarily includes a loss on impairment of goodwill and other intangible assets of $100.3 million associated with a shortfall in market value as compared to book value, a loss of $25.5 million in the renewable segment and a $4.5 million impairment of excess equipment derived from synergistic cost savings initiatives.

Full Year 2022 Outlook

On November 2, 2022, the Company announced its updated financial guidance for the full year 2022. The Company lowered its full year 2022 consolidated revenue guidance to a range of $350 million to $375 million from its previous range of $405 million to $450 million and lowered its full year 2022 adjusted EBITDA to a range of $4 million to $6 million from its previous range of $38 million to $43 million. Challenges primarily in the Company’s Renewable Segment led to a revision of its full year 2022 revenue and adjusted EBITDA range.

Conference Call / Webcast Information

As previously announced, management will host a conference call today, November 14, 2022 at 9:00 am ET to discuss the Company’s results and recent corporate developments. After management’s opening remarks, there will be a question-and-answer period.

For those planning to participate in the call, please dial +1 (800) 715-9871(domestic) or +1 (646) 307-1963 (international) and provide conference ID 1846091.

The live webcast will be available on the Investors Relations/Events & Presentations section of the Company’s website at https://orbitalinfrastructuregroup.com/

For those unable to attend the live call, a telephonic replay will be available until November 30, 2022. To access the replay of the call dial +1 (800) 770-2030 (domestic) or +1 (609) 800-9909 (international) and provide conference ID 1846091. An archived copy of the webcast will also be available via the website.

Non-GAAP Financial Measures

The financial measures not prepared in conformity with generally accepted accounting principles in the United States (GAAP) that are utilized in this press release are provided to enable investors, analysts and management to evaluate Orbital Infrastructure’s performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing Orbital Infrastructure’s operating results with those of its competitors. These measures should be used in addition to, and not in lieu of, financial measures prepared in conformity with GAAP. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Orbital Infrastructure’s current and historical results (as applicable): EBITDA and adjusted EBITDA from continuing operations (non-GAAP financial measures) to loss from continuing operations, net of income taxes.

About Orbital Infrastructure Group

Orbital Infrastructure Group, Inc. [NASDAQ: OIG] is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments; electric power, telecommunications, and renewables.

Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisitions of GTS and Front Line Power Construction, the company’s telecommunications, and electric power segment platforms, as well as three synergistic “tuck in” acquisitions (IMMCO, Inc, Full Moon Telecom, and Coax Fiber Solutions) and the divestiture of its legacy Orbital Gas Systems business.

For more information please visit: https://orbitalinfrastructuregroup.com/

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s forecasted full year 2022 revenue, EBITDA and adjusted EBITDA from continuing operations. These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include the risk factors set forth in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2021, and its periodic reports on Form 10-Q. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Relations:

TraDigital Investor Relations

Kevin McGrath

+1 (646) 418-7002

kevin@tradigitalir.com

 

Orbital Infrastructure Group, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)




September 30,



December 31,


(in thousands, except share and per share amounts)


2022



2021











Assets:









Current Assets:









Cash and cash equivalents


$

27,960



$

26,865


Restricted cash – current



123




150


Trade accounts receivable, net of allowance of $921 and $1,487, respectively



50,803




48,752


Inventories



1,408




1,335


Contract assets



23,735




7,478


Note receivable, current portion



1,421




3,536


Prepaid expenses and other current assets



8,268




6,919


Assets held for sale – current



1,814




6,679


Total current assets



115,532




101,714











Property and equipment, less accumulated depreciation



25,889




29,638


Investment



1,063




1,063


Right of use assets – Operating leases



17,333




18,247


Right of use assets – Financing leases



9,341




14,702


Goodwill



7,006




100,899


Other intangible assets, net



123,853




142,656


Restricted cash



486




1,026


Note receivable






836


Deposits and other assets



1,606




1,558


Total assets


$

302,109



$

412,339











Liabilities and Stockholders’ Equity:









Current Liabilities:









Accounts payable


$

35,595



$

10,111


Notes payable, current



129,034




72,774


Line of credit



4,000




2,500


Operating lease obligations – current portion



4,451




4,674


Financing lease obligations – current portion



5,167




4,939


Accrued expenses



30,296




28,301


Contract liabilities



351




6,503


Financial instrument liability, current portion



25,320




825


Liabilities held for sale, current






4,367


Total current liabilities



234,214




134,994


Financial instrument liability, noncurrent portion



15,609





Warrant liabilities



5,492





Deferred tax liabilities



260




260


Notes payable, less current portion



107,738




156,605


Operating lease obligations, less current portion



13,150




13,555


Financing lease obligations, less current portion



9,023




9,939


Other long-term liabilities



720




720


Total liabilities



386,206




316,073











Commitments and contingencies


















Stockholders’ Equity:









Preferred stock, par value $0.001; 10,000,000 shares authorized; no shares issued at September 30, 2022 or December 31, 2021







Common stock, par value $0.001; 325,000,000 shares authorized; 124,935,259 shares issued and 124,582,196 shares outstanding at September 30, 2022 and 82,259,739 shares issued and 81,906,676 shares outstanding at December 31, 2021



125




82


Additional paid-in capital



338,565




311,487


Treasury stock at cost; 353,063 shares held at September 30, 2022 and December 31, 2021



(413)




(413)


Accumulated deficit



(421,424)




(210,934)


Accumulated other comprehensive loss



(687)




(3,995)


Total Orbital Energy Group, Inc.’s stockholders’ equity



(83,834)




96,227


Noncontrolling interest



(263)




39


Total stockholders’ equity (deficit)



(84,097)




96,266


Total liabilities and stockholders’ equity


$

302,109



$

412,339


 

Orbital Infrastructure Group, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)




For the Three Months



For the Nine Months


(in thousands, except share and per share amounts)


Ended September 30,



Ended September 30,




2022



2021



2022



2021



















Revenues


$

99,822



$

24,822



$

263,989



$

41,902



















Cost of revenues



105,671




22,523




248,439




44,982



















Gross profit



(5,849)




2,299




15,550




(3,080)



















Operating expenses:

















Selling, general and administrative expense



12,746




11,729




33,790




37,491


Depreciation and amortization



5,465




1,333




16,193




3,418


Impairment of goodwill and intangible assets



100,275







100,275





Impairment of financing leased assets



4,467







4,467





(Recovery of) provision for bad debt



19




93




(519)




93


Other operating expense



(111)




(6)




(451)




(15)



















Total operating expenses



122,861




13,149




153,755




40,987



















Loss from operations



(128,710)




(10,850)




(138,205)




(44,067)



















Gain (loss) on extinguishment of debt



(1,122)




723




(29,354)




1,633


Loss on financial instrument



(3,109)







(17,911)





Gain on warrant liabilities



2,423







7,369





Other income (expense)



(1,128)




(203)




(1,834)




370


Interest expense



(9,714)




(1,266)




(27,566)




(3,096)



















Loss from continuing operations before income taxes



(141,360)




(11,596)




(207,501)




(45,160)



















Income tax expense (benefit)



207




(2,098)




830




(11,035)



















Loss from continuing operations, net of income taxes



(141,567)




(9,498)




(208,331)




(34,125)



















Discontinued operations

















Income (loss) from operations of discontinued businesses



(666)




(649)




(2,461)




(2,187)



















Net loss



(142,233)




(10,147)




(210,792)




(36,312)


Less: net loss attributable to noncontrolling interest



(167)







(302)





Net loss attributable to Orbital Infrastructure Group, Inc.


$

(142,066)



$

(10,147)



$

(210,490)



$

(36,312)



















Basic and diluted weighted average common shares outstanding



115,637,323




62,823,330




98,209,495




53,142,557



















Loss from continuing operations per common share – basic and diluted


$

(1.22)



$

(0.15)



$

(2.12)



$

(0.64)



















 

Loss from discontinued operations – basic and diluted



(0.01)




(0.01)




(0.03)




(0.04)



















Loss per common share – basic and diluted


$

(1.23)



$

(0.16)



$

(2.15)



$

(0.68)


 

Orbital Infrastructure Group, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)




For the Nine Months


(in thousands)


Ended September 30,




2022



2021


CASH FLOWS FROM OPERATING ACTIVITIES:









Net loss


$

(210,792)



$

(36,312)


Adjustments to reconcile net loss to net cash used in operating activities:









Depreciation



11,860




2,671


Amortization of intangibles



15,039




4,262


Amortization of debt discount



7,335




2,016


Amortization of note receivable discount



(63)




(237)


Stock-based compensation and expense, net of forfeitures



(1,914)




9,833


Fair value adjustment to liability for stock appreciation rights



(269)




2,543


Fair value adjustment to financial instrument liabilities



17,912





Fair value adjustment to warrant liabilities



(7,369)





Loss (gain) on extinguishment of debt and debt modifications



29,354




(2,400)


Gain on sale of business



(299)





(Recovery of) provision for bad debt



(497)




65


Deferred income taxes



6




(11,176)


Impairment of goodwill and intangible assets



100,275





Impairment of financing leased assets



4,467





Inventory reserve



(3)




(291)


Gain on sale of assets



(391)




(15)


Non-cash unrealized foreign currency loss



(1)




233


Liquidated damages from debt



2,271





Change in operating assets and liabilities, net of acquisition:









Trade accounts receivable



466




(5,396)


Inventories



334




(189)


Contract assets



(14,940)




(2,077)


Prepaid expenses and other current assets



1,993




1,944


Right of use assets/lease liabilities, net



415




(21)


Deposits and other assets



(29)




(259)


Accounts payable



24,688




(2,529)


Accrued expenses



12,182




1,950


Contract liabilities



(5,385)




(1,421)


NET CASH USED IN OPERATING ACTIVITIES



(13,355)




(36,806)











CASH FLOWS FROM INVESTING ACTIVITIES:









Cash paid for acquisitions, net of cash received



(773)




(36,890)


Cash paid for working capital adjustment on Front Line Power acquisition



(9,500)





Purchases of property and equipment



(3,722)




(6,594)


Deposits on financing lease property and equipment



128




(481)


Proceeds from sale of businesses, net of cash included in the business



1,026





Proceeds from sale of property and equipment and businesses



483




93


Purchases of investments



(469)





Purchase of other intangible assets



(74)




(702)


Proceeds from notes receivable



3,500




621


NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES



(9,401)




(43,953)











CASH FLOWS FROM FINANCING ACTIVITIES:









Proceeds from line of credit



3,500





Payments on line of credit



(2,000)




(441)


Payments on financing lease obligations



(3,810)




(897)


Proceeds from notes payable



41,150




19,400


Payments on notes payable



(35,530)




(7,490)


Proceeds from sales of common stock and warrants



20,272




78,046


NET CASH PROVIDED BY FINANCING ACTIVITIES



23,582




88,618











Effect of exchange rate changes on cash



(298)




(28)


Net increase in cash, cash equivalents and restricted cash



528




7,831


Cash, cash equivalents and restricted cash at beginning of period



28,041




4,524











CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD


$

28,569



$

12,355


 

Orbital Infrastructure Group, Inc.

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA from Continuing Operations

(Unaudited)


The following table presents reconciliations of the non-GAAP financial measures of EBITDA and Adjusted EBITDA from continuing operations to loss from continuing operations, net of income taxes for the three and nine months ended September 30, 2022 and 2021. These reconciliations are intended to provide useful information to investors and analysts as they evaluate the Company’s performance. EBITDA from continuing operations is defined as loss from continuing operations before interest, taxes, depreciation and amortization, and Adjusted EBITDA from continuing operations is defined as EBITDA from continuing operations adjusted for certain other items as described below. We believe that the exclusion of these items from loss from continuing operations enables management and investors to more effectively evaluate the Company’s operations period over period and to identify operating trends that might not be apparent when including the excluded items. However, these measures should not be considered as an alternative to loss from continuing operations or other measures of performance that are derived in accordance with GAAP.

 

As to certain of the items in the table below: (i) stock-based compensation and expense may vary from period to period due to fair value adjustments from changes in market conditions, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition costs vary from period to period depending on the level of the Company’s acquisition activity; (iii) gains and losses on the disposal of assets varies from period to period depending on operational wear and tear and the condition of the Company’s long-lived assets; (iv) gains and losses on extinguishment and modification of debt varies from period to period depending on changes in the Company’s financing activities; and (v) gains and losses on financials instruments varies from period to period depending on changes in the share price of the Company’s common stock and certain fair value assumptions; (vi) impairments of goodwill and other intangible assets can vary from period to period depending on changes in market and macroeconomic conditions, the Company’s operational performance, and other factors; (vii) impairments of financed lease assets can vary from period to period depending on changes in the Company’s operations and use of equipment.

 

Because EBITDA and adjusted EBITDA from continuing operations, as defined, exclude some, but not all, items that affect loss from continuing operations, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, loss from continuing operations, net of income taxes and information reconciling the GAAP and non-GAAP financial measures, are included below.

 



For the Three Months Ended



For the Nine Months Ended


(In thousands)


September 30,



September 30,




2022



2021



2022



2021


Loss from continuing operations, net of income taxes (GAAP)


$

(141,567)



$

(9,498)



$

(208,331)



$

(34,125)


Interest expense, net



9,694




1,185




27,449




2,852


Income tax expense (benefit)



207




(2,098)




830




(11,035)


Depreciation and amortization



8,914




2,495




26,899




5,684


EBITDA from continuing operations (a)



(122,752)




(7,916)




(153,153)




(36,624)


Stock-based compensation and expense, net of forfeitures (b)



274




1,370




(2,183)




11,284


Acquisition costs (c)






250




32




1,153


(Gain) loss on disposal of assets (d)



136




(6)




(305)




(15)


(Gain) loss on extinguishment and modification of debt (e)



2,316




44




31,625




(1,633)


(Gain) loss on financial instruments, net (f)



686







10,542





Impairment of goodwill and other intangible assets (g)



100,275







100,275





Impairment of financed leased assets (h)



4,467







4,467





Adjusted EBITDA from continuing operations (a)


$

(14,598)



$

(6,258)



$

(8,700)



$

(25,835)


 

See notes to follow.

 

Orbital Infrastructure Group, Inc.

Reconciliation of Non-GAAP Financial Measures

EBITDA and Adjusted EBITDA from Continuing Operations

(Unaudited)


(a)

The calculations of EBITDA and Adjusted EBITDA from continuing operations for the three and nine months ended September 30, 2021 have been amended to conform to the current period calculations.



(b)

The amounts include non-cash expenses recognized from the vesting of stock-based compensation awards issued to employees, executives, directors and consultants for services provided, net of forfeitures. The amount for the nine months ended September 30, 2022 includes non-cash expenses recognized on the modification of executive stock appreciation rights (SARS) compensation awards.



(c)

The amounts for the nine months ended September 30, 2022 include costs incurred on the acquisition of Coax Fiber Solutions. The amounts for the three and nine months ended September 30, 2021 include costs incurred on the acquisitions of Gibson Technical Services and IMMCO, Inc.



(d)

The amounts relate to net gains and losses recognized on the disposal of the Company’s long-lived assets.



(e)

The amounts for the three and nine months ended September 30, 2022 relate to loss on extinguishment of certain notes payable through the issuance of shares of common stock at a discount to the stock’s fair value and liquidated damages on debt incurred during the year. The amounts for the nine months ended September 30, 2022 also include a loss on the modification of seller financed notes payable related to the acquisition of Front Line Power Construction, LLC. The amounts for the nine months ended September 30, 2021 relate to gains on the forgiveness of payroll protection loans by the U.S. government offset by a loss on modification of convertible notes payable.



(f)

The amounts for the three and nine months ended September 30, 2022 represent a loss related to the fair value remeasurement of financial instruments associated with the Front Line Power Construction seller financed notes payable and syndicated debt agreements, partially offset by a gain on the fair value remeasurement of certain warrant liabilities.



(g)

The amounts for the three and nine months ended September 30, 2022 include losses on the impairment of goodwill and customer relationship intangible assets of $96.0 million and $4.3 million, respectively, resulting from a sustained decrease in the Company’s share price and overall market capitalization and recurring losses related to the Renewables segment.



(h)

The amounts for the three and nine months ended September 30, 2022 includes asset impairment charges related to the discontinued use of certain financed leased equipment associated with the restructuring of the Eclipse Foundation Group.

 

Orbital Infrastructure Group, Inc.

Reconciliation of Non-GAAP Financial Measures

Estimated EBITDA and Adjusted EBITDA from Continuing Operations

(Unaudited)


The following table presents reconciliations of the non-GAAP financial measures of EBITDA and Adjusted EBITDA from continuing operations to loss from continuing operations, net of income taxes for the full year ended December 31, 2022. These reconciliations are intended to provide useful information to investors and analysts as they evaluate the Company’s expected future performance. EBITDA from continuing operations is defined as loss from continuing operations before interest, taxes, depreciation and amortization, and Adjusted EBITDA from continuing operations is defined as EBITDA from continuing operations adjusted for certain other items as described below. We believe that the exclusion of these items from loss from continuing operations enables management and investors to more effectively evaluate the Company’s operations period over period and to identify operating trends that might not be apparent when including the excluded items. However, these measures should not be considered as an alternative to loss from continuing operations or other measures of performance that are derived in accordance with GAAP.

 

As to certain of the items in the table below: (i) stock-based compensation and expense may vary from period to period due to fair value adjustments from changes in market conditions, forfeiture rates, accelerated vesting and amounts granted; (ii) acquisition costs vary from period to period depending on the level of the Company’s acquisition activity; (iii) gains and losses on the disposal of assets varies from period to period depending on operational wear and tear and the condition of the Company’s long-lived assets; (iv) gains and losses on extinguishment and modification of debt varies from period to period depending on changes in the Company’s financing activities; and (v) gains and losses on financials instruments varies from period to period depending on changes in the share price of the Company’s common stock and certain fair value assumptions; (vi) impairments of goodwill and other intangible assets can vary from period to period depending on changes in market and macroeconomic conditions, the Company’s operational performance, and other factors; (vii) impairments of financed lease assets can vary from period to period depending on changes in the Company’s operations and use of equipment.

 

Because EBITDA and adjusted EBITDA from continuing operations, as defined, exclude some, but not all, items that affect loss from continuing operations, such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure, loss from continuing operations, net of income taxes and information reconciling the GAAP and non-GAAP financial measures, are included below.

 



Estimated Range


 

(In thousands)


Full Year Ending

December 31, 2022


Loss from continuing operations, net of income taxes (GAAP)


$

(212,871)



$

(210,971)


Interest expense, net



36,450




36,450


Income tax expense (benefit) (a)



1,150




1,250


Depreciation and amortization



33,925




33,925


EBITDA from continuing operations



(141,346)




(139,346)


Stock-based compensation and expense, net of forfeitures (b)



(1,290)




(1,290)


Acquisition costs (c)



32




32


(Gain) loss on disposal of assets (d)



(305)




(305)


(Gain) loss on extinguishment and modification of debt (e)



31,625




31,625


(Gain) loss on financial instruments, net (f)



10,542




10,542


Impairment of goodwill and other intangible assets (g)



100,275




100,275


Impairment of financed leased assets (h)



4,467




4,467


Adjusted EBITDA from continuing operations


$

4,000



$

6,000


 

See notes to follow.

 

Orbital Infrastructure Group, Inc.

Reconciliation of Non-GAAP Financial Measures

Estimated EBITDA and Adjusted EBITDA from Continuing Operations

(Unaudited)


(a)

These amounts relate to estimated state minimum tax expenses determined using the statutory tax rates of the jurisdictions where taxable income is expected to be earned. These amounts do not include federal and foreign income tax expense (benefits) as the Company does not expect to generate taxable income related to its US and foreign jurisdictions and expects valuation allowance reserves to be recognized on any deferred tax assets realized during the full year 2022.



(b)

The amount includes non-cash expenses recognized from the vesting of stock-based compensation awards issued to employees, executives, directors and consultants for services provided, net of forfeitures, and modifications of executive stock appreciation rights (SARS) compensation awards.



(c) 

The amount includes costs incurred for the acquisition of Coax Fiber Solutions, Inc.



(d)

The amount includes net gains and losses recognized on the disposal of the Company’s long-lived assets.



(e)

The amount includes losses on the modification of the seller financed notes payable issued for the acquisition of Front Line Power Construction, LLC., the extinguishment of certain notes payable through the issuance of shares of common stock at a discount to the stock’s fair value and liquidated damages on debt incurred during the year.



(f)

The amount represents a net loss related to the fair value remeasurement of financial instruments associated with the Front Line Power Construction seller financed notes payable and syndicated debt agreements, partially offset by gains on the fair value remeasurement of warrant liabilities.



(g)

The amount includes impairment charges to goodwill and customer relationship intangible assets of $96.0 million and $4.3 million, respectively.



(h)

The amount includes impairment charges related to the discontinued use of certain financed leased equipment associated with the restructuring of the Eclipse Foundation Group.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/orbital-infrastructure-group-reports-third-quarter-2022-results-301676653.html

SOURCE Orbital Infrastructure Group, Inc.

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