Infrastructure and Energy Alternatives, Inc. (IEA) Q1 2022 Earnings Conference Call May 10, 2022 11:00 AM ET

Company Participants

Aaron Reddington - Vice President, Investor Relations

JP Roehm - President and Chief Executive Officer

Peter Moerbeek - Executive Vice President and Chief Financial Officer

Conference Call Participants

Brent Thielman - D.A. Davidson

Adam Thalhimer - Thompson Davis and Company

Brian Russo - Sidoti & Company

Noelle Dilts - Stifel Financial Corp.

Operator

Good morning, and welcome to Infrastructure and Energy Alternatives' First Quarter 2022 Earnings Call. I'd like to note that, all participants on today's call are in a listen-only mode.

And with that, I'll turn the call over to Aaron Reddington, Vice President of Investor Relations. Aaron, please go ahead.

Aaron Reddington

Hello, and thank you for joining us today to discuss IEA's first quarter 2022 financial results. With us from management are JP Roehm, President and Chief Executive Officer; and Pete Moerbeek, Executive Vice President and Chief Financial Officer.

Before turning the call over to management, I would like to note that today's discussion contains forward-looking statements about IEA's future growth and financial expectations. Any forward-looking statements should be considered in conjunction with the cautionary statements in yesterday's press release and the risk factors included in the company's SEC filings.

Except as required by law, IEA undertakes no obligation to update its forward-looking statements after today's call. Management will be presenting some non-GAAP financial measurements as references, including adjusted EBITDA, and GAAP financial reconciliations can be found in the press release issued on May 9, 2022.

And with that, I'll turn the call over to JP Roehm, Chief Executive Officer. Please go ahead, JP.

JP Roehm

Thanks, Aaron, and welcome to everyone joining this morning's call. Today I will provide a brief overview of four subjects. Our performance in the first quarter, recent solar market developments, commentary on key end market trends, and an update on our strategic priorities. I will then turn it over to Pete for more detail financial review of the quarter.

First, let me start with first quarter performance. Market conditions within our core renewable and environmental businesses remain robust. And we continued our recent trend of strong organic growth. As record first quarter revenues were up over 30% versus the prior year. With strong double-digit growth in both our renewables and specialty civil segments. Aided by the favorable market conditions, our leading market position in our experienced skilled labor force, new business award activity remain strong, enabling us to finish the first quarter with record total backlog.