Montrose Environmental Group Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 6. [Reserved]
Selected Financial Data.
Our selected historical consolidated financial and other information presented and discussed below is derived from our audited consolidated financial statements and the notes thereto for the fiscal years ended December 31, 2023 and 2022 included in Item 8. “Financial Statements Supplementary Data.” Except where otherwise noted, our summary consolidated balance sheet data presented below as of December 31, 2021, 2020 and 2019, and our summary consolidated statements of operations and cash flow data presented below for the fiscal years ended December 31, 2020 and 2019 have been derived from our financial statements not included in this Annual Report on Form 10-K.
The summary financial data presented below represent portions of our audited consolidated financial statements and are not complete or otherwise intended to replace our audited consolidated financial statements and related notes. You should read the selected historical consolidated financial data set forth below together with Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our audited consolidated financial statements and the related notes thereto included in Item 8. “Financial Statements and Supplementary Data.” Our historical results presented below are not necessarily indicative of the results to be expected for any future period.
| For the Years Ended December 31, | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| (in thousands except per share and percentage data) | |||||
| Consolidated Statement of Operations Data: | |||||
| Revenues | $624,208 | $544,416 | $546,413 | $328,243 | $233,854 |
| Cost of revenues (exclusive of depreciation and amortization) | 383,903 | 351,882 | 369,028 | 215,492 | 163,983 |
| Selling, general and administrative expense | 222,861 | 176,295 | 117,658 | 85,546 | 49,719 |
| Fair value changes in business acquisition contingencies | 84 | (3,227) | 24,372 | 12,942 | 1,392 |
| Depreciation and amortization | 45,780 | 47,479 | 44,810 | 37,274 | 27,705 |
| Loss from operations | (28,420) | (28,013) | (9,455) | (23,011) | (8,945) |
| Net loss | $(30,859) | $(31,819) | $(25,325) | $(57,949) | $(23,557) |
| Weighted average common shares outstanding—basic and diluted | 30,058 | 29,688 | 26,724 | 16,479 | 8,789 |
| Net loss per shares attributable to common stockholders—basic and diluted | $(1.57) | $(1.62) | $(1.56) | $(6.48) | $(4.91) |
| Consolidated Statement of Cash Flows Data: | |||||
| Net cash provided by operating activities | 56,022 | 20,649 | 37,581 | 1,850 | 17,042 |
| Net cash used in investing activities | (101,624) | (38,687) | (71,641) | (179,740) | (86,983) |
| Net cash (used in) provided by financing activities | (20,110) | (38,764) | 146,103 | 205,902 | 74,452 |
| Change in cash, cash equivalents and restricted cash | $(65,712) | $(56,802) | $112,043 | $28,012 | $4,511 |
| Consolidated Statement of Financial Position Data: | |||||
| Current assets | 200,924 | 247,928 | 293,858 | 134,268 | 73,239 |
| Non-current assets | 615,862 | 543,986 | 539,236 | 468,458 | 258,599 |
| Total assets | $816,786 | $791,914 | $833,094 | $602,726 | $331,838 |
| Current liabilities | 126,287 | 111,442 | 147,695 | 111,543 | 73,252 |
| Non-current liabilities | 216,319 | 214,357 | 215,970 | 201,110 | 156,055 |
| Total liabilities | $342,606 | $325,799 | $363,665 | $312,653 | $229,307 |
| Redeemable Series A-1 preferred stock $0.0001 par value—authorized, issued and outstanding shares: 12,000 at December 31, 2019; aggregate liquidation preference of $141.9 million at December 31, 2019 | - | - | - | - | 128,822 |
| Convertible and Redeemable Series A-2 preferred stock $0.0001 par value—authorized, issued and outstanding shares: 17,500 at December 31, 2023, 2022, 2021, and 2020; aggregate liquidation preference of $182.2 million at December 31, 2023, 2022, 2021, and 2020 | 152,928 | 152,928 | 152,928 | 152,928 | - |
| Total stockholders’ equity (deficit) | 321,252 | 313,187 | 316,501 | 137,145 | (26,291) |
| Total liabilities, Convertible preferred stock, Redeemable Series A-1 preferred stock, Convertible and Redeemable Series A-2 preferred stock and stockholders’ equity (deficit) | $816,786 | $791,914 | $833,094 | $602,726 | $331,838 |
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