Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the
“Company”), a leading provider of professional testing, inspection,
engineering, program management and consulting services, announced
today results for the second quarter ended June 30, 2020.
Second Quarter 2020
Highlights:
- Gross revenue of $112.7 million, with significant demand
recovery since April driving sequential monthly revenue improvement
as quarter progressed
- Net revenue1 of $91.6 million, representing 81.3% of
gross revenues, compared to net revenues representing 79.2% of
gross revenues in the prior year period
- Net income of $2.2 million
- Adjusted EBITDA2 of $15.4 million
- Backlog up year-over-year to a record $621 million
- Liquidity at the end of the quarter was approximately $39.0
million, including cash of $16.9 million plus availability under
the revolving credit facility
- Signed agreements to acquire Alta Vista and WesTest, which will
strengthen Atlas’ transportation and other infrastructure-related
testing, inspection and engineering services in our West, Central
and Northeast regions
“My sincere appreciation goes to our entire team
as we work together during this very challenging time to operate
safely, provide exceptional service and support to our clients, and
take care of each other along the way,” stated L. Joe Boyer, Atlas’
Chief Executive Officer. “Delivering a solid quarter during
extraordinary circumstances ultimately demonstrates the resilience
of our business and underlying demand for our mission critical
services. Our government-based volume grew steadily through the
quarter as states continued to invest in critical infrastructure.
Our planned acquisitions of Alta Vista and WesTest will further
enhance our self-performance capabilities in this key growth
sector, and our acquisition pipeline remains robust to further
accelerate our success. In the private sector, we saw sequential
monthly improvement in the quarter, and we are already positioning
for a future that will see demand for safer environments in places
of business, commercial structures and other spaces.”
Mr. Boyer continued, “Overall, we believe our
business is in great shape with strong project wins driving record
backlog combined with a flexible cost structure to efficiently
serve customers. We remain committed to generating additional
cash flow and strengthening our balance sheet while executing our
deleveraging acquisition strategy to generate additional value. We
are confident that our strategy and capital resources, coupled with
disciplined execution from our team, will continue to position us
as a standout emerging growth company within our space in 2020 and
into 2021.”
Second Quarter 2020 Results
- Gross revenue of $112.7 million, compared to $123.7 million in
the prior year quarter. The lower revenue is attributable primarily
to COVID-19 related delays in private sector work, partly offset by
the contribution of Long Engineering acquired in February
2020.
- Net revenue of $91.6 million, compared to $97.9 million in the
prior year quarter. The lower revenue is attributable to the
decline in gross revenue, partly offset by an increasing level of
self-performance work, minimizing reliance on third-party providers
and pass-through participation.
- Net income was $2.2 million, compared to net income of $4.1
million in the prior year quarter.
- Adjusted EBITDA of $15.4 million, compared to $17.3 million in
the prior year quarter, primarily due to lower net revenues partly
offset by operating efficiency and discrete cost mitigation
measures enacted at the onset of the pandemic.
- Backlog at quarter end totaled $621 million, up from $611
million at the end of the prior year quarter. Strong sales and
backlog growth were driven by a range of project additions across
the nationwide platform, an increase in average project size and
the addition of Long Engineering.
- Operating cash flow of $6.3 million, compared to $6.4 million
in the prior year quarter.
Six Month 2020 Results
- Gross revenue of $222.0 million, compared to $229.3 million in
the prior year period.
- Net revenue of $182.1 million, compared to $183.7 million in
the prior year period.
- Net loss was $21.3 million, compared to net income of $4.9
million in the prior year period. The net loss in the first half
2020 included $27.3 million of one-time pre-tax costs, primarily
related to $16.7 million of transaction costs and professional fees
associated with the Company’s business combination with Boxwood
Merger Corp, and also $10.7 million of non-cash equity
compensation.
- Adjusted EBITDA of $ 28.3 million, compared to $28.2 million in
the prior year period, essentially stable year-over-year despite a
decrease in revenue.
Full Year 2020 Outlook
- Based on current backlog, the Company affirms its previously
provided expectation for gross revenue to be in the range of $453
million to $468 million, with net revenue representing a higher
percentage of gross revenue in 2020 compared to 2019.
- Adjusted EBITDA is anticipated to be in the range of $58
million to $64 million.
- The outlook reflects current visibility on the timing of work
as stay-at-home orders are lifted.
David D. Quinn, Sr. Chief Financial Officer,
concluded, “Our strong results validate the exceptional resilience
of our business during a quarter in which the U.S. economy
contracted at the steepest rate in our nation’s history. We are
therefore optimistic about our outlook based on the trajectory of
our end markets and the continued improvement in our labor
utilization, as well as the adaptability of our highly variable
cost structure to help us succeed in a variety of economic
scenarios. We look forward to delivering on our 2020 objectives and
to entering 2021 with significant momentum to further build on our
success.”
(1) Net revenue is a Non-GAAP financial
measure. Please see “Reconciliation of Non-GAAP Financial
Measures” for a reconciliation of net revenue to the most
comparable financial measure calculated in accordance with
GAAP.
(2) Adjusted EBITDA is a Non-GAAP financial
measure. Please see “Reconciliation of Non-GAAP Financial
Measures” for a reconciliation of Adjusted EBITDA to the most
comparable financial measure calculated in accordance with
GAAP.
Webcast and Conference Call
The Company will host a webcast and conference
call on Monday, August 10, 2020 at 5:00 p.m. Eastern time (4:00
p.m. Central time) to review second quarter 2020 results, discuss
recent events and conduct a question-and-answer session. The live
webcast will be available at www.oneatlas.com in the Investors
section. The conference call will also be accessible by dialing
1-877-407-9716 (Domestic) and 1-201-493-6779 (International). To
access the replay of the call, dial 1-844-512-2921 (Domestic) and
1-412-317-6671 (International) with pass code 13707220. A replay of
the webcast will be available on the Company’s website.
About Atlas Technical
Consultants
Headquartered in Austin, Texas, Atlas is a
leading provider of professional testing, inspection engineering
and consulting services under the name Atlas Technical Consultants,
offering solutions to public and private sector clients in the
transportation, commercial, water, government, education and
industrial markets. With more than 100 offices in 40 states and
3,200+ employees, Atlas provides a broad range of mission-critical
technical services, helping clients test, inspect, certify, plan,
design and manage a wide variety of projects across diverse end
markets. For more information, go to https://www.oneatlas.com.
Forward-Looking Statements
The statements contained in this press release
that are not purely historical are forward-looking statements and
involve a number of risks and uncertainties. Our forward-looking
statements include, but are not limited to, statements regarding
our or our management team’s expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions and estimates, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and variations of such words and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on our
expectations and beliefs as of the date of this filing concerning
future developments and their potential effects on us. There can be
no assurance that future developments affecting us will be those
that we have anticipated. These forward-looking statements involve
a number of risks, uncertainties (some of which are beyond our
control) or other assumptions or estimates that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those
described throughout our periodic report on Form 10-Q for the
period ended June 30, 2020 and filed with the SEC concurrently with
the release of this press release, our annual report on Form 10-K
for the year ended December 31, 2019 and filed with the Securities
and Exchange Commission (“SEC”) on March, 16, 2020, and our
periodic report on Form 10-Q for the period ended March 31, 2020
and filed with the SEC on May 11, 2020, particularly the “Risk
Factors” sections of such reports and the factors described below:
(1) the ability to maintain the listing of the Company’s shares of
Class A common stock and warrants on Nasdaq; (2) the ability to
recognize the anticipated benefits of the business combination or
acquisitions, which may be affected by, among other things,
competition, the ability of the Company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain management and key employees; (3) costs related to the
business combination and acquisitions; (4) changes in applicable
laws or regulations; (5) the possibility that the Company may be
adversely affected by other economic, business, and/or competitive
factors; and (6) other risks and uncertainties indicated from time
to time in the Company’s filings with the U.S. Securities and
Exchange Commission, including those under “Risk Factors”
therein. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. Readers are urged to carefully review and consider the
various disclosures made in this press release and in documents we
file from time to time with the SEC that disclose risks and
uncertainties that may affect our business. Unless specifically
indicated otherwise, the forward-looking statements in this press
release do not reflect the potential impact of any divestitures,
mergers, acquisitions, or other business combinations that have not
been completed as of the date of this filing. In addition, the
forward-looking statements in this press release are made as of the
date of its release, including expectations based on third-party
information and projections that management believes to be
reputable, and the Company does not undertake, and expressly
disclaims any duty, to update such statements, whether as a result
of new information, new developments, or otherwise, except to the
extent that disclosure may be required by law.
|
|
Atlas Technical ConsultantsConsolidated Statement of Operations(in
thousands) |
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
112,715 |
|
|
$ |
123,669 |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(58,714 |
) |
|
|
(68,452 |
) |
Operating expenses |
|
|
(45,376 |
) |
|
|
(47,236 |
) |
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
8,625 |
|
|
|
7,981 |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(6,398 |
) |
|
|
(3,149 |
) |
Other income (expense) |
|
|
18 |
|
|
|
(486 |
) |
|
|
|
|
|
|
|
|
|
(Loss) income before income taxes |
|
|
2,245 |
|
|
|
4,346 |
|
Income tax expense |
|
|
- |
|
|
|
(154 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) from continuing operations |
|
|
2,245 |
|
|
|
4,192 |
|
|
|
|
|
|
|
|
|
|
Loss from discontinued operations |
|
|
- |
|
|
|
(64 |
) |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
2,245 |
|
|
|
4,128 |
|
|
|
|
|
|
|
|
|
|
Provision for non-controlling interest |
|
|
1,881 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Redeemable preferred stock dividends |
|
|
(4,533 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Class A common stock
shareholders/members |
|
$ |
(407 |
) |
|
$ |
4,128 |
|
|
|
|
|
|
|
|
|
|
(Loss) Per Class A Common Share |
|
$ |
(0.07 |
) |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Weighted average of shares outstanding: |
|
|
|
|
|
|
|
|
Class A common shares (basic and diluted) |
|
|
5,767,342 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
Atlas Technical ConsultantsConsolidated Balance Sheet(in
thousands) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2020 |
|
|
|
2019 |
ASSETS |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
16,881 |
|
|
$ |
20,185 |
Accounts receivable, net |
|
|
88,356 |
|
|
|
90,775 |
Unbilled receivables, net |
|
|
45,501 |
|
|
|
40,513 |
Prepaid expenses |
|
|
4,100 |
|
|
|
5,266 |
Other current assets |
|
|
1,036 |
|
|
|
812 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
155,874 |
|
|
|
157,551 |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
15,439 |
|
|
|
14,824 |
Intangible assets, net |
|
|
88,401 |
|
|
|
92,389 |
Goodwill |
|
|
92,254 |
|
|
|
85,125 |
Other long-term assets |
|
|
2,907 |
|
|
|
2,884 |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
354,875 |
|
|
$ |
352,773 |
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE PREFERRED STOCK, SHAREHOLDERS' EQUITY AND
MEMBERS' CAPITAL |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Trade accounts payable |
|
$ |
21,296 |
|
|
$ |
30,754 |
Accrued liabilities |
|
|
10,958 |
|
|
|
10,085 |
Current maturities of long-term debt |
|
|
14,050 |
|
|
|
10,875 |
Other current liabilities |
|
|
11,482 |
|
|
|
13,712 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
57,786 |
|
|
|
65,426 |
|
|
|
|
|
|
|
|
Long-term debt, net of current maturities and loan costs |
|
|
270,915 |
|
|
|
158,557 |
Other long-term liabilities |
|
|
7,791 |
|
|
|
1,347 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
336,492 |
|
|
|
225,330 |
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES (NOTE 14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable preferred stock |
|
|
145,866 |
|
|
|
- |
|
|
|
|
|
|
|
|
Members' Capital |
|
|
- |
|
|
|
127,443 |
Class A common stock, $.0001 par value, 400,000,000 shares
authorized, 5,767,342 shares issued and outstanding at June 30,
2020 |
|
|
1 |
|
|
|
- |
Class B common stock, $.0001 par value, 23,974,368 shares
authorized, 23,974,368 shares issued and outstanding at June 30,
2020 |
|
|
2 |
|
|
|
- |
Additional paid in capital |
|
|
(23,442 |
) |
|
|
- |
Non-controlling interest |
|
|
(102,131 |
) |
|
|
- |
Retained (deficit) |
|
|
(1,913 |
) |
|
|
- |
Total shareholders' equity/members' capital |
|
|
(127,483 |
) |
|
|
127,443 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK. SHAREHOLDERS' EQUITY
AND MEMBERS' CAPITAL |
|
$ |
354,875 |
|
|
$ |
352,773 |
|
|
|
|
|
|
|
|
Atlas Technical ConsultantsConsolidated Statement of Cash Flows(in
thousands, except share and per share data) |
|
|
|
|
|
|
|
For the six months June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(21,324 |
) |
|
$ |
4,863 |
|
Adjustments to reconcile net income |
|
|
|
|
|
|
|
|
to net cash (used in) provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,327 |
|
|
|
10,534 |
|
Equity-based compensation expense |
|
|
10,035 |
|
|
|
569 |
|
(Gain) on sale of property and equipment |
|
|
(1 |
) |
|
|
(82 |
) |
Write-off of deferred financing costs related to debt
extinguishment |
|
|
1,712 |
|
|
|
40 |
|
Amortization of deferred financing costs |
|
|
984 |
|
|
|
121 |
|
Provision for bad debts |
|
|
1,465 |
|
|
|
569 |
|
Changes in assets & liabilities: |
|
|
|
|
|
|
|
|
Decrease (increase) in accounts receivable and unbilled
receivable |
|
|
1,060 |
|
|
|
(70 |
) |
Decrease (increase) in prepaid expenses |
|
|
1,166 |
|
|
|
(1,656 |
) |
(Increase) decrease in other current assets |
|
|
(224 |
) |
|
|
79 |
|
(Decrease) in trade accounts payable |
|
|
(10,142 |
) |
|
|
(183 |
) |
(Decrease) in accrued liabilities |
|
|
(947 |
) |
|
|
(2,665 |
) |
(Decrease) in other current and long-term liabilities |
|
|
(352 |
) |
|
|
(4,701 |
) |
(Increase) in other long-term assets |
|
|
(9 |
) |
|
|
(476 |
) |
|
|
|
|
|
|
|
|
|
Net cash (used in) provided by operating
activities |
|
|
(6,250 |
) |
|
|
6,942 |
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,133 |
) |
|
|
(4,339 |
) |
Proceeds from disposal of property and equipment |
|
|
- |
|
|
|
248 |
|
Purchase of business, net of cash acquired |
|
|
(10,748 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash (used in) investing activities |
|
|
(12,881 |
) |
|
|
(4,091 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
320,000 |
|
|
|
178,039 |
|
Payment of loan acquisition costs |
|
|
(17,506 |
) |
|
|
- |
|
Repayments of debt |
|
|
(189,657 |
) |
|
|
(121,358 |
) |
Proceeds from issuance of redeemable preferred stock |
|
|
141,840 |
|
|
|
- |
|
Payments of redeemable preferred stock divdends |
|
|
(931 |
) |
|
|
|
|
Issuance of common stock |
|
|
10,229 |
|
|
|
- |
|
Member distributions |
|
|
(21,830 |
) |
|
|
(53,400 |
) |
Payment to shareholders associated with Atlas Business
Combination |
|
|
(226,318 |
) |
|
|
- |
|
Payment of contingent earn-out |
|
|
- |
|
|
|
(2,500 |
) |
Net cash provided by financing activities |
|
|
15,827 |
|
|
|
781 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and equivalents |
|
|
(3,304 |
) |
|
|
3,632 |
|
|
|
|
|
|
|
|
|
|
Cash and equivalents - beginning of period |
|
|
20,185 |
|
|
|
6,509 |
|
|
|
|
|
|
|
|
|
|
Cash and equivalents - end of period |
|
$ |
16,881 |
|
|
$ |
10,141 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial
Measures To supplement its consolidated financial
statements, which are prepared and presented in accordance with
GAAP, Atlas discloses Adjusted EBITDA and net revenue, which are
non-GAAP financial measures, in this press release. Atlas
believes these financial measures are useful indicators to evaluate
performance because they allow for an effective evaluation of
Atlas’ operating performance when compared to its peers, without
regard to its financing methods or capital structure. Atlas
believes Adjusted EBITDA and net revenue are useful for investors
and others in understanding and evaluating Atlas’ operations
results in the same manner as its management. However, Adjusted
EBITDA and net revenue are not financial measures calculated in
accordance with GAAP and should not be considered as substitutes
for, or in isolation from, net income (loss), revenue, operating
profit, or any other operating performance measures calculated in
accordance with GAAP.
Atlas defines Adjusted EBITDA as net income
before interest expense, income taxes, depreciation and
amortization, adjustments for certain one-time or non-recurring
items and other adjustments. Atlas excludes these items from net
income in arriving at Adjusted EBITDA because these amounts are
either non-recurring or can vary substantially within the industry
depending upon accounting methods and book values of assets,
capital structures and the method by which the assets were
acquired. Certain items excluded from Adjusted EBITDA are
significant components in understanding and assessing a company’s
financial performance, such as a company’s cost of capital and tax
structure, as well as the historic costs of depreciable assets,
none of which are reflected in Adjusted EBITDA. Atlas’ presentation
of Adjusted EBITDA should not be construed as an indication that
results will be unaffected by the items excluded from Adjusted
EBITDA. Atlas’ computation of Adjusted EBITDA may not be identical
to other similarly titled measures of other companies. For a
reconciliation of Adjusted EBITDA to its most comparable measure
under GAAP, please see the table entitled “Reconciliation of
Non-GAAP Financial Measures” at the end of this press release.
Because GAAP financial measures on a forward-looking basis are not
accessible, and reconciling information is not available without
unreasonable effort, we have not provided reconciliations for
forward-looking non-GAAP measures. For the same reasons, we are
unable to address the probable significance of the unavailable
information, which could be material to future results.
Atlas defines net revenue as gross revenue
before reimbursable expenses and other adjustments. Atlas excludes
these items from gross revenue in arriving at net revenue because
net revenue is an important measure of the underlying production
and performance of the business. Certain items excluded from net
revenue are significant components in understanding and assessing a
company’s financial performance, such as subcontractor and other
“pass-through” related costs. Atlas’ presentation of net revenue
should not be construed as an indication that results will be
unaffected by the items excluded from net revenue. Atlas’
computation of net revenue may not be identical to other similarly
titled measures of other companies. For a reconciliation of net
revenue to its most comparable measure under GAAP, please see the
table entitled “Reconciliation of Non-GAAP Financial Measures” at
the end of this press release.
|
Atlas Technical ConsultantsReconciliation of Gross Revenues to Net
Revenues(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
For the quarter ended June 30, |
|
For the six months ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
Gross Revenue |
|
$ |
112,715 |
|
|
$ |
123,669 |
|
|
$ |
222,017 |
|
|
$ |
229,280 |
|
Reimburseable Expenses |
|
|
(21,081 |
) |
|
|
(25,754 |
) |
|
|
(39,883 |
) |
|
|
(45,571 |
) |
Revenue Net of Reimburseable Expenses |
|
$ |
91,634 |
|
|
$ |
97,915 |
|
|
$ |
182,134 |
|
|
$ |
183,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlas Technical ConsultantsReconciliation of Net Income to Adjusted
EBITDA (in thousands) |
|
|
|
|
|
|
|
|
|
For the quarter ended June 30, |
|
For the six-months ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
|
|
(in $ millions) |
|
(in $ millions) |
Net (loss) income |
|
$ |
2,245 |
|
|
$ |
4,128 |
|
|
$ |
(21,324 |
) |
|
$ |
4,863 |
|
Interest |
|
|
6,398 |
|
|
|
3,149 |
|
|
|
12,038 |
|
|
|
5,534 |
|
Taxes |
|
|
- |
|
|
|
154 |
|
|
|
- |
|
|
|
154 |
|
Depreciation and amortization |
|
|
5,325 |
|
|
|
5,365 |
|
|
|
10,327 |
|
|
|
10,534 |
|
EBITDA |
|
|
13,968 |
|
|
|
12,796 |
|
|
|
1,041 |
|
|
|
21,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-recurring expenses(1) |
|
|
1,246 |
|
|
|
4,010 |
|
|
|
16,678 |
|
|
|
6,532 |
|
Non-cash equity compensation |
|
|
190 |
|
|
|
513 |
|
|
|
10,576 |
|
|
|
569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
15,404 |
|
|
$ |
17,319 |
|
|
$ |
28,295 |
|
|
$ |
28,186 |
|
(1) Includes professional service-related service
fees such as legal, accounting, tax, valuation and other consulting
relating to the Atlas Business Combination, acquisition related
professional fees, shutdown of the telecom division costs in 2019
and costs incurred related to the COVID-19 pandemic.
Investor Relations
Contact512-851-1507ir@oneatlas.com
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