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OFFON

WILLIAMS INDUSTRIAL SERVICES GROUP INC.

(WLMS)
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Williams Industrial Services : Q2 2021 Financial Results Presentation

08/18/2021 | 08:14am EST

Q2 2021 Financial Results

August 18, 2021

Tracy Pagliara

Randy Lay

President & CEO

SVP & Chief Financial Officer

NYSE American: WLMS

Cautionary Notes

Forward-looking Statement Disclaimer

This presentation 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, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, benefit from potential growth in the Company's end markets, including the possibility of increased infrastructure spending by the U.S. federal government, and successfully achieve its growth and strategic 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, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, including the Company's level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its 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 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; failure 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 its expansion into international 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; the failure of the U.S. Congress to pass infrastructure-related legislation benefiting the Company's end markets; 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; compliance with environmental, health, safety and other related laws and regulations; limitations or modifications to indemnification regulations of the U.S. or Canada; the Company's expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of general economic conditions including the current economic disruption and any recession resulting from the COVID-19 pandemic; the impact of the COVID-19 pandemic on the Company's business, results of operations, financial condition, and cash flows, including 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 participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters and other severe catastrophic events (such as the ongoing COVID-19 pandemic); 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 section of the Annual Report on Form 10-K for its 2020 fiscal year titled "Risk Factors." 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.

Non-GAAP Financial Measures

This presentation will discuss some non-GAAP financial measures, which the Company believes are useful in evaluating its performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. The Company has provided reconciliations of comparable GAAP to non-GAAP measures in tables found on the slides following the "Supplemental Information" slide of this presentation.

Note: Unless otherwise noted, all discussion is based upon continuing operations.

2

Recent Highlights

2021 Q2 revenue of $91.6 million versus $72.5 million in 2020

  • Up 26% year-over-year, reflecting strong demand across the board

Gross margin of 10.2% versus 12.9% last year

Operating expenses $6.6 million versus $5.6 million in 2020 Adjusted EBITDA(1) $4.9 million versus $5.0 million last year Backlog

  • Ended quarter with backlog of $664.4 million
  • Up over $200 million since end of Q1, reflecting Indian Point work expansion and other program wins

Guidance reaffirmed

  1. Adjusted EBITDA is a non-GAAP financial measure. Please see supplemental slides for a reconciliation of GAAP to non-GAAP financial results.

3

F2021 Outlook

  • Backlog strengthened by Indian Point and other wins
  • Diversification strategy yielding results - with more to come
  • Bid activity remains strong
    • Congress set to approve major infrastructure overhaul
    • Book to burn ratio greater than one
    • Started the year with over $500 million of high-probability pipeline and converted approximately $300 million thus far in 2021
    • Currently over $200 million of high- probability pipeline and expect to convert at least $100 million to backlog by the end of 2021
  • Cash flow to expand in second half
    • Leading to further debt paydown

Fuel Storage /

Decommissioning

65%

Backlog

June 30, 2021

Energy Delivery

4% Fossil

4%

Industrial

4%

US Nuclear

19%

Canada

4%

4

Revenue Review

$ Millions

End Market Revenue

2Q-2021

$91.6

Fossil

Energy Delivery

11%

$72.5

Industrial

5%

$66.2

5%

$64.1

$60.9

Fuel Storage /

Decommissioning

16%

2Q 2020

3Q 2020

4Q 2020

1Q 2021

2Q 2021

Second Quarter Revenue Bridge

(in millions)

$ Change

Second quarter 2020 revenue

$

72.5

Plant Vogtle Units 3 and 4

(12.3)

Decommissioning

6.8

Planned outage

17.7

Fossil

5.2

Other

1.7

Total change

19.1

Second quarter 2021 revenue*

$

91.6

*Numbers may not sum due to rounding

Canada

US Nuclear

11%

52%

Vogtle 3 & 4

2021 2Q revenue:

$18.6 million

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Williams Industrial Services Group Inc. published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2021 12:13:03 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 303 M - -
Net income 2021 2,58 M - -
Net Debt 2021 30,3 M - -
P/E ratio 2021 35,5x
Yield 2021 -
Capitalization 91,2 M 91,2 M -
EV / Sales 2021 0,40x
EV / Sales 2022 0,34x
Nbr of Employees 994
Free-Float 79,3%
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Mean consensus BUY
Number of Analysts 2
Last Close Price 3,55 $
Average target price 6,50 $
Spread / Average Target 83,1%
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Managers and Directors
Tracy D. Pagliara President, Chief Executive Officer & Director
Damien Vassall Chief Financial Officer & Vice President
Robert Bruce Mills Chairman
Daved Karl Chief Information Officer
Randall R. Lay Chief Operating Officer & Executive Vice President