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ALTERNATIVES INFRASTRUCTURE & ENERGY, INC. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q)

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Forward-looking statements

  This Quarterly Report on Form 10-Q contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended (the
"Securities Act") and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). The forward-looking statements can be identified
by the use of forward-looking terminology including "may," "should," "likely,"
"will," "believe," "expect," "anticipate," "estimate," "forecast," "seek,"
"target," "continue," "plan," "intend," "project," or other similar words. All
statements, other than statements of historical fact included in this Quarterly
Report, regarding expectations for the impact of the COVID-19 pandemic, future
financial performance, business strategies, expectations for our business,
future operations, liquidity positions, availability of capital resources,
financial position, estimated revenues and losses, projected costs, prospects,
plans, objectives and beliefs of management are forward-looking statements.

  These forward-looking statements are based on information available as of the
date of this Quarterly Report and our management's current expectations,
forecasts and assumptions, and involve a number of judgments, risks and
uncertainties. Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we cannot give any assurance that
such expectations will prove correct. Forward-looking statements should not be
relied upon as representing our views as of any subsequent date. As a result of
a number of known and unknown risks and uncertainties, our actual results or
performance may be materially different from those expressed or implied by these
forward-looking statements. Factors that could cause actual results to differ
include:

•potential risks and uncertainties relating to COVID-19, including the
geographic spread, the severity of the disease, the scope and duration of the
COVID-19 pandemic, actions that may be taken by governmental authorities to
contain the COVID-19 pandemic or to treat its impact, and the potential negative
impacts of COVID-19 on permitting and project construction cycles, the U.S.
economy and financial markets;
•availability of commercially reasonable and accessible sources of liquidity and
bonding;
•our ability to generate cash flow and liquidity to fund operations;
•the timing and extent of fluctuations in geographic, weather and operational
factors affecting our customers, projects and the industries in which we
operate;
•our ability to identify acquisition candidates and integrate acquired
businesses;
•our ability to grow and manage growth profitably;
•the possibility that we may be adversely affected by economic, business, and/or
competitive factors;
•market conditions, technological developments, regulatory changes or other
governmental policy uncertainty that affects us or our customers;
•our ability to manage projects effectively and in accordance with management
estimates, as well as the ability to accurately estimate the costs associated
with our fixed price and other contracts, including any material changes in
estimates for completion of projects;
•the effect on demand for our services and changes in the amount of capital
expenditures by customers due to, among other things, economic conditions,
commodity price fluctuations, the availability and cost of financing, and
customer consolidation;
•the ability of customers to terminate or reduce the amount of work, or in some
cases, the prices paid for services, on short or no notice;
•customer disputes related to the performance of services;
•disputes with, or failures of, subcontractors to deliver agreed-upon supplies
or services in a timely fashion;
•our ability to replace non-recurring projects with new projects;
•the impact of U.S. federal, local, state, foreign or tax legislation and other
regulations affecting the renewable energy industry and related projects and
expenditures;
•the effect of state and federal regulatory initiatives, including costs of
compliance with existing and future safety and environmental requirements;
•fluctuations in equipment, fuel, materials, labor and other costs;
•our beliefs regarding the state of the renewable wind energy market generally;
and
•the "Risk Factors" described in our Annual Report on Form 10-K for the year
ended December 31, 2020 ("Annual Report", and in our quarterly reports, other
public filings and press releases.
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We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

  Throughout this section, unless otherwise noted "IEA," "Company," "we," "us,"
and "our" refer to Infrastructure and Energy Alternatives, Inc. and its
consolidated subsidiaries. Certain amounts in this section may not foot due to
rounding.

Overview

  We are a leading diversified infrastructure construction company with
specialized energy and heavy civil expertise throughout the United States. We
specialize in providing complete engineering, procurement and construction
services throughout the United States for the renewable energy, traditional
power and civil infrastructure industries. These services include the design,
site development, construction, installation and restoration of infrastructure.
We have completed more than 240 wind and solar projects in 40 states and
construct one of every five gigawatts put in to place throughout the U.S. in any
given year. Although the Company has historically focused on the renewable
industry, but its recent focus on further expansion into the solar market and
acquisitions expanding its construction capabilities and geographic footprint in
the areas of environmental remediation, industrial maintenance, specialty
paving, heavy civil and rail infrastructure construction, has created a diverse
national platform of specialty construction capabilities. We believe we have the
ability to continue to expand these services because we are well-positioned to
leverage our expertise and relationships in the wind energy business to provide
complete infrastructure solutions in all areas.

  We have two reportable segments: the Renewables ("Renewables") segment and the
Heavy Civil and Industrial ("Specialty Civil") segment. See Segment Results for
a description of the reportable segments and their operations.

Recent developments

Public offering of shares

As previously disclosed, on August 2, 2021, the Company closed an underwritten
public offering of 10,547,866 shares of common stock, par value $0.0001 per
share (the "Common Stock") at a public offering price of $11.00 per share and
pre-funded warrants (the "Pre-Funded Warrants") to purchase an additional
7,747,589 shares of Common Stock at a price of $10.9999 per Pre-Funded Warrant,
resulting in gross proceeds to us of approximately $193.5 million.

Senior Ticket Offer

As previously disclosed, on August 17, 2021, IEA Energy Services LLC, a wholly
owned subsidiary of the Company ("Services"), issued $300.0 million aggregate
principal amount of its 6.625% senior unsecured notes due 2029 (the "Senior
Unsecured Notes"), in a private placement, resulting in gross proceeds of
approximately $288.6 million. For a description of the terms and conditions of
the Senior Unsecured Notes, please see "Note 6 - Debt and Series B Preferred
Stock" in the notes to our Condensed Consolidated Financial Statements.

Credit agreement

As previously disclosed, on August 17, 2021, Services, as the borrower, and
certain guarantors (including the Company), entered into a Credit Agreement (the
"Credit Agreement") with a syndicate of lenders and CIBC Bank USA in its
capacities as the Administrative and Collateral Agent for the lenders. The
Credit Agreement provides for a $150 million senior secured revolving credit
facility, is guaranteed by the Company and certain subsidiaries of the Company
and is secured by a security interest in substantially all their personal
property and assets. For a description of the terms and conditions of the Credit
Agreement, please see "Note 6 - Debt and Series B Preferred Stock" in the notes
to our Condensed Consolidated Financial Statements.

Settlement Agreement

As previously disclosed, on July 28, 2021, the Company entered into a
Transaction Agreement (the "Transaction Agreement") with Ares Special Situations
Fund IV, L.P. ("ASSF") and ASOF Holdings I, L.P. ("ASOF" and, together with
ASSF, the "Ares Parties"). The Transaction Agreement resulted in, among other
things:

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• The redemption by us of all of our Series B preferred shares, par value $ 0.0001
per share (“Preferred Shares Series B”) using the proceeds of our offering of senior unsecured notes, common shares and pre-funded warrants;

•The repayment of the term loan ("Term Loan") under our Third A&R Credit
Agreement, dated May 15, 2019, as amended (the "Third A&R Credit Agreement"),
using proceeds from our offering of Senior Unsecured Notes, Common Stock and
Pre-Funded Warrants;

•The Ares Parties converting all of their Series A Preferred Stock, par value
$0.0001 per share (the "Series A Preferred Stock") (consisting of all of our
issued and outstanding shares of Series A Preferred Stock), into 2,132,273
shares of Common Stock;

•The issuance to the Ares Parties of 507,417 and other parties of 141,651 shares
of Common Stock for certain anti-dilution rights triggered upon conversion of
the Series A Preferred Stock described above; and

• The issuance to the Ares Parties of 5,996,310 ordinary shares as part of their exercise of warrants that were issued to the Ares Parties as part of their initial purchases of Series B Preferred Shares.

The following tables illustrate the changes in our outstanding common shares and the use of the proceeds from the transactions described above.

                             Shares Issued
Shares Outstanding June 30, 2021                           25,150,306
Issuance of Common Stock                                    7,362,827
Issuance of Common Stock - Ares                             3,185,039

BSA Series B converted into Ordinary Shares – Ares 5,996,310 Conversion Series A – Ares

                                  2,132,273

Anti-dilution Series A shares – Ares and other parties 649,068 Other equity activities

                                          78,079
Shares Outstanding September 30, 2021                      44,553,902

                    Use of Proceeds ($ in millions)
Proceeds from Equity transaction                         $      193.5
Proceeds from Debt transaction                                  288.6
Total proceeds                                           $      482.1

Series B Preferred Stock payoff                          $     (264.9)
Term Loan payoff                                               (173.3)
Revolver and letter of credit payoff                            (22.4)
Total use of proceeds                                    $     (460.6)



Current Quarter Financials

Main financial results for the quarter ended September 30, 2021 understand:

• Consolidated revenues increased by 33.6% for $ 697.8 million compared to $ 522.2 million for the quarter ended September 30, 2020, of which 74.1% were attributable to the Renewables sector and 25.9% were attributable to the Specialty Civil sector;

• Operating income increased $ 6.4 million, To $ 35.6 million compared to the income of $ 29.2 million for the quarter ended September 30, 2020;

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•Completed equity offering and debt transactions mentioned above in the current
quarter that redeemed all Series B Preferred Stock and the extinguishment of our
previous term loan, which resulted in debt extinguishment costs of $101.0
million and fair value adjustment of warrant liability of $18.5 million;

•Net income decreased $110.9 million, to a loss of $99.6 million as compared to
income of $11.3 million for the quarter ended September 30, 2020 due to the debt
and equity transactions mentioned above; and

• The backlog increased by 30.3%, or $ 627.8 million To $ 2.7 billion compared to $ 2.1 billion for the year ended December 31, 2020.

Future trends and opportunities

Working environment

We believe there are long-term growth opportunities across our industries, and
we continue to have a positive long-term outlook. Although not without risks and
challenges, including those discussed in "Significant Factors Impacting Results"
and in "Forward-Looking Statements" and items referred to in Item 1A. Risk
Factors disclosed in the Company's Annual Report. We believe that with our
full-service operations, broad geographic reach, financial position and
technical expertise, we are well positioned to mitigate these risks and continue
to capitalize on opportunities and trends in our industries.

Labor Shortage. We continue to address the longer-term need for additional labor
resources in our markets, as our customers continue to seek additional
specialized labor resources to address an aging workforce and longer-term labor
availability issues, increasing pressure to reduce costs and improve
reliability, and increasing duration and complexity of their capital programs.
We believe these trends will continue, possibly to such a degree that demand for
labor resources will outpace supply. Furthermore, the cyclical nature of the
Renewable and to a certain extent parts of our Specialty Civil segment can
create shortages of qualified labor in those markets during periods of high
demand. Our ability to capitalize on available opportunities is limited by our
ability to employ, train and retain the necessary skilled personnel, and
therefore we are taking proactive steps to develop our workforce, including
through strategic relationships with universities, the military and unions and
the expansion and development of our training facility and postsecondary
educational institution. Although we believe these initiatives will help address
workforce needs, meeting our customers' demand for labor resources could remain
challenging.

Additionally, we believe that labor costs will increase given the recent
escalated inflationary environment in the United States. Our labor costs are
typically passed through in our contracts, and the portion of our workforce that
is represented by labor unions typically operate under multi-year collective
bargaining agreements, which provide some visibility into future labor costs. As
a result, while we continue to monitor our labor markets, we do not currently
believe this environment will present a material risk to our profitability and
would expect to be able to adjust contract pricing with customers to the extent
wages and other labor costs increase, whether due to renegotiation of collective
bargaining agreements or market conditions.

Supply Chain Disruption. The world's biggest solar panel manufacturers have
recently been warning of panel shortages amid disruptions in the supply chain
and rising material prices. These manufactures have stated that output will be
constrained because key component suppliers will be running at less than full
capacity in the near future. The reduction in supply is also coupled with the
Department of Commerce considering 50% to 250% tariffs on imported solar panels
from Southwest Asia. A majority of the United States crystalline silicon solar
module imports in the first half of 2021 came from this geographic location. We
believe that these disruptions and material price increases could cause a delay
in construction schedules for 2022, inefficiencies in our build schedules and
fluctuations to our revenue projections.

Regulatory Challenges. The regulatory environment creates both challenges and
opportunities for our business, and in recent years heavy civil and rail
construction have been impacted by regulatory and permitting delays in certain
periods, particularly with respect to regulatory and environmental permitting
processes continue to create uncertainty for projects and negatively impact
customer spending, and delays have increased as the COVID-19 pandemic has
impacted regulatory agency operations.

However, we believe that there are also several existing, ongoing or proposed legislative or regulatory measures that could alleviate some regulatory and licensing issues and have a positive impact on long-term demand, especially with regard to infrastructure and renewable energy spending. For example, regulatory changes affecting the location and

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right-of-way processes could potentially accelerate construction for
transmission projects, and state and federal reliability standards are creating
incentives for system investment and maintenance. Additionally, as described
above, we consider renewable energy, including solar and wind generation
facilities, to be an ongoing opportunity; however, policy and economic
incentives designed to support and encourage such projects can create
variability of project timing.

Renewable energy segment

The Renewables segment was impacted by the following significant operational trends:

• Revenues increased by 58.1% to $ 517.2 million for the quarter ended September 30, 2021 compared to $ 327.1 million.

• Revenues increased mainly due to wind projects which started later in 2021 compared to 2020. In addition, higher demand persists in our solar market as projects continue to increase due to our consistent performance, safe and reliable with our customers on our wind projects, which have enabled us to seize other solar opportunities in the order book for 2021 and beyond.

We have maintained a heavy focus on construction of renewable power production
capacity as renewable energy, particularly from wind and solar, has become
widely accepted within the electric utility industry and has become a
cost-effective solution for the creation of new generating capacity. We believe
that this shift coupled with the below, will continue to drive opportunity in
this segment over the long-term:

• The current administration aims to invest 2,000 billion dollars in modern, sustainable and clean energy infrastructure.

•Renewable energy power generation has reached a level of scale and maturity
that permits these technologies to now be cost-effective competitors to more
traditional power generation technologies, including on an unsubsidized basis.
The most significant changes have been related to increased turbine sizes and
better battery storage methods.

• Over 40 states and the District of Colombia have adopted renewable portfolio standards for clean energy.

•In December 2020, there was a one year extension of the PTC at 60% for projects
that begin construction prior to December 31, 2021 and a two year extension of
26% Solar Investment Tax Credit ("ITC") to 2022 (22% credit extended through
2023).

•On June 29, 2021, the IRS issued a notice which provides that projects that
began construction in 2016-2019 have six years, and projects that began
construction in 2020 have five years from the date construction began to be
placed-in-service to qualify for the PTC or ITC that was in effect when
construction began. This new rule effectively extends the amount of time that
many projects will be eligible for PTC to 2025.

As a result, wind and solar power are among the leading sources of new power
generation capacity in the U.S., and the Company does not anticipate this trend
to change in the near future as we are continuing to see growth through new
awards in our backlog:

(in millions)
                                                                                                     Backlog at
                                                             New Awards in    Revenue Recognized    September 30,
Segment                               December 31, 2020         2021(1)             in 2021            2021(2)
Renewables                          $          1,513.4    $        1,382.9    $        1,122.4    $      1,773.9



(1) New awards consist of the original contract price of projects added to our
backlog plus or minus subsequent changes to the estimated total contract price
of existing contracts.

(2) Backlog may differ from the transaction prices allocated to the remaining
performance obligations as disclosed in Note 1. Business, Basis of Presentation
and Significant Accounting Policies included in Part I, Item 1 of this Quarterly
Report.
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Such differences relate to the timing of executing a formal contract or
receiving a notice to proceed. More specifically, backlog sometimes may include
awards for which a contract has not yet been executed or a notice to proceed has
not been issued, but for which there are no remaining major uncertainties that
the project will proceed (e.g., adequate funding is in place).

Civilian specialty segment

The Specialized Civilian segment was impacted by the following significant operational trends:

•Revenue decreased 7.5% to $180.6 million for the quarter ended September 30,
2021 as compared to $195.2 million. The revenue decrease for the three months
ended is primarily due to challenges in the following end markets:

• The heavy civil construction market has experienced increased competition in some of our end markets.

•The rail market has been negatively impacted by the COVID-19 pandemic and the
reduction of spending budgets of some of our customers, which has led to further
delays on portions of our large rail jobs. However, we have recently seen
increased bidding opportunities.

• All of our end markets in this segment experienced schedule delays related to obtaining government approvals and environmental permits which affected the start-up and bidding opportunities of some projects.

•Despite the delays in project starts mentioned above we continued to see a
strong bidding environment in the heavy civil construction and environmental
remediation end markets for 2021 and had significant awarded projects related
to:

•The environmental remediation market continues to provide opportunities for
growth and the Company has been awarded a very significant project that started
in 2021, coupled with the Company being short listed on some very significant
projects with anticipated start dates in 2022.

• The heavy civil construction market continues to be constant year over year for awarded projects.

• The rail market has started to experience a slight turnaround in tendering as our customers’ spending budgets have increased. This increased the number of larger rail jobs available for construction in 2022.

We believe that our business relationships with customers in these sectors are
excellent and the strong reputation that our companies have built has provided
us with the right foundation to continue to grow our revenue base. The drivers
to further growing this segment are as follows:

•The FMI 2021 Overview Report published in the first quarter of 2021 projects
that nonresidential construction put in place for the United States will be over
$500 billion per year from 2021 to 2024.

• Fast Act extension and injection of trust funds for highways $ 13.6 billion on behalf of highways and public transport.

•According to the American Coal Ash Association, coal combustion residuals
"CCRs" or "coal ash" are produced by coal-fired power plants and represent one
of the largest categories of industrial waste in the U.S., as 78.6 million tons
of CCRs were produced in 2019. The Company anticipates this could be a $50.0
billion industry over the next ten years.

Additionally, there is significant overlap in labor, skills and equipment needs
between our Renewables segment and our Specialty Civil segment, which we expect
will continue to provide us with operating efficiencies as we continue to expand
this sector. The Company continues to cross leverage these two segments and
continues to see future growth through new awards in our backlog:

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(in millions)
                                                                                                          Backlog at
                                                                                  Revenue Recognized    September 30,
Segment                             December 31, 2020    New Awards in 2021(1)         in 2021             2021(2)
Specialty Civil                   $            556.1    $               779.2    $           411.9    $         923.4



(1) New awards consist of the original contract price of projects added to our
backlog plus or minus subsequent changes to the estimated total contract price
of existing contracts.

(2) Backlog may differ from the transaction prices allocated to the remaining
performance obligations as disclosed in Note 1. Business, Basis of Presentation
and Significant Accounting Policies included in Part I, Item 1 of this Quarterly
Report. Such differences relate to the timing of executing a formal contract or
receiving a notice to proceed. More specifically, backlog sometimes may include
awards for which a contract has not yet been executed or a notice to proceed has
not been issued, but for which there are no remaining major uncertainties that
the project will proceed (e.g., adequate funding is in place).

Back

  For companies in the construction industry, backlog can be an indicator of
future revenue streams. Estimated backlog represents the amount of revenue we
expect to realize from the uncompleted portions of existing construction
contracts, including new contracts under which work has not begun and awarded
contracts for which the definitive project documentation is being prepared, as
well as revenue from change orders and renewal options. Estimated backlog for
work under fixed price contracts and cost-reimbursable contracts is determined
based on historical trends, anticipated seasonal impacts, experience from
similar projects and estimates of customer demand based on communications with
our customers. Cost-reimbursable contracts are included in backlog based on the
estimated total contract price upon completion.

The following table summarizes our backlog by segment as of September 30, 2021
and December 31, 2020:

              (in millions)
              Segments           September 30, 2021   December 31, 2020
              Renewables        $          1,773.9   $          1,513.4
              Specialty Civil                923.4                556.1

               Total            $          2,697.3   $          2,069.5


The Company expects to recognize 61.6% of its backlog revenues over the next twelve months.

Based on historical trends in the Company's backlog, we believe awarded
contracts to be firm and that the revenue for such contracts will be recognized
over the life of the project. Timing of revenue for construction and
installation projects included in our backlog can be subject to change as a
result of customer delays, regulatory factors and/or other project-related
factors. These changes could cause estimated revenue to be realized in periods
later than originally expected, or not at all. In the past, we have occasionally
experienced postponements, cancellations and reductions on construction
projects, due to market volatility and regulatory factors. There can be no
assurance as to our customers' requirements or the accuracy of our estimates. As
a result, our backlog as of any particular date is an uncertain indicator of
future revenue and earnings.

  Backlog is not a term recognized under GAAP, although it is a common
measurement used in our industry. Our methodology for determining backlog may
not be comparable to the methodologies used by others. See ''Item 1A. Risk
Factors'' in our Annual Report on Form 10-K filed with the SEC on March 8, 2021
for a discussion of the risks associated with our backlog.

Important factors affecting the results

Our revenues, margins and other results of operations can be influenced by a
variety of factors in any given period, including those described in Results of
Operations and Forward Looking Statements, and those factors have caused
fluctuations in our results in the past and are expected to cause fluctuations
in our results in the future. Additional information with respect to certain of
those factors is provided below.

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Seasonality. Typically, our revenues are lowest in the first quarter of the year
because cold, snowy or wet conditions can create challenging working
environments that are more costly for our customers or cause delays on projects.
In addition, infrastructure projects often do not begin in a meaningful way
until our customers finalize their capital budgets, which typically occurs
during the first quarter. Second quarter revenues are typically higher than
those in the first quarter, as some projects begin, but continued cold and wet
weather can often impact productivity. Third quarter revenues are typically the
highest of the year, as a greater number of projects are underway and operating
conditions, including weather, are normally more accommodating. Generally,
revenues during the fourth quarter are lower than the third quarter but higher
than the second quarter, as many projects are completed and customers often seek
to spend their capital budgets before year end. However, the holiday season and
inclement weather can sometimes cause delays during the fourth quarter, reducing
revenues and increasing costs.
Our revenue and results of operations for our Specialty Civil segment are also
affected by seasonality but to a lesser extent as these projects are more
geographically diverse and less impacted by severe weather. While the first and
second quarter revenues are typically lower than the third and fourth quarter,
we believe this geographical diversity has allowed this segment to be less
seasonal over the course of the year.

Weather and Natural Disasters. The results of our business in a given period can
be impacted by adverse weather conditions, severe weather events or natural
disasters, which include, among other things, heavy or prolonged snowfall or
rainfall, hurricanes, tropical storms, tornadoes, floods, blizzards, extreme
temperatures, wildfires, pandemics and earthquakes. These conditions and events
can negatively impact our financial results due to the termination, deferral or
delay of projects, reduced productivity and exposure to significant liabilities.

Cyclical demand. Fluctuations in end-user demand within the industries we serve,
or in the supply of services within those industries, can impact demand for our
services. As a result, our business may be adversely affected by industry
declines or by delays in new projects. Variations in project schedules or
unanticipated changes in project schedules, in particular, in connection with
large construction and installation projects, can create fluctuations in
revenue, which may adversely affect us in a given period. In addition, revenue
from master service agreements, while generally predictable, can be subject to
volatility. The financial condition of our customers and their access to
capital, variations in project margins, regional, national and global economic,
political and market conditions, regulatory or environmental influences, and
acquisitions, dispositions or strategic investments can also materially affect
quarterly results. Accordingly, our operating results in any particular period
may not be indicative of the results that can be expected for any other period.

Revenue mix. The mix of revenues based on the types of services we provide in a
given period will impact margins, as certain industries and services provide
higher-margin opportunities. Revenue derived from projects billed on a
fixed-price basis totaled 99.5% for the three months ended September 30, 2021.
Revenue and related costs for construction contracts billed on a time and
materials basis are recognized as the services are rendered. Revenue derived
from projects billed on a time and materials basis totaled 0.5% of consolidated
revenue for the three months ended September 30, 2021.

Size, scope and complexity of projects. Larger or more complex projects with
design or construction complexities; more difficult terrain requirements; or
longer distance requirements typically yield opportunities for higher margins as
we assume a greater degree of performance risk and there is greater utilization
of our resources for longer construction timeframes. Furthermore, smaller or
less complex projects typically have a greater number of companies competing for
them, and competitors at times may more aggressively pursue available work. A
greater percentage of smaller scale or less complex work also could negatively
impact margins due to the inefficiency of transitioning between a larger number
of smaller projects versus continuous production on fewer larger projects. Also,
at times we may choose to maintain a portion of our workforce and equipment in
an underutilized capacity to ensure we are strategically positioned to deliver
on larger projects when they move forward.

Project variability and performance. Margins for a single project may fluctuate
period to period due to changes in the volume or type of work performed, the
pricing structure under the project contract or job productivity. Additionally,
our productivity and performance on a project can vary from period to period
based on a number of factors, including unexpected project difficulties or site
conditions; project location, including locations with challenging operating
conditions; whether the work is on an open or encumbered right of way; inclement
weather or severe weather events; environmental restrictions or regulatory
delays; protests, other political activity or legal challenges related to a
project; and the performance of third parties.

Subcontract work and provision of materials. Work that is subcontracted to other
service providers generally yields lower margins, and therefore an increase in
subcontract work in a given period can decrease margins. Our customers are
usually responsible for supplying the materials for their projects; however,
under some contracts we agree to procure all or part of the required materials.
Margins may be lower on projects where we furnish a significant amount of
materials, including projects where we provide engineering, procurement and
construction ("EPC") services, as our markup on materials is generally lower
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than our markup on labor costs. Furthermore, fluctuations in the price of
materials we procure, including as a result of changes in U.S. or global trade
relationships or other economic or political conditions, may impact our margins.
In a given period, an increase in the percentage of work with higher materials
procurement requirements may decrease our overall margins. See further
discussion above in "Business Environment".

Update on the coronavirus pandemic

  The COVID-19 pandemic continues to significantly impact the United States and
the world. Since the start of the COVID-19 pandemic, we have been focused on the
safety of our employees and ensuring that our construction sites are managed by
taking all reasonable precautions to protect on-site personnel.

  We are actively monitoring the COVID-19 pandemic, including disease and
variant progression, vaccine response and availability, federal, state and local
government actions, the Center for Disease Control ("CDC") and World Health
Organization ("WHO") responses, supplier and supply chain risks, and prevention
and containment measures to maintain business operations. As the COVID-19
pandemic and the responses by federal, state and local governments continue to
evolve, we continue to make adjustments to our practices and policies to protect
the health of our employees and those we work with at our projects and office
locations, while continuing to provide our essential construction services to
our clients.

  We believe that the foregoing actions have significantly reduced the Company's
exposure to the effects of COVID-19, including our workforce's exposure to
infection from COVID-19. As of today, we have had a low incidence of infection
in our workforce. As vaccines become increasingly available to our workforce,
clients and their families, we are evaluating and redoing protocols as
management deems appropriate and based on federal, state and local government
recommendations and policies.

We have noticed an impact of COVID-19 in adding new projects to our backlog. Our
bidding activity continues at very high levels, but the final approval process
for some projects, especially in our Specialty Segment, has been slowed due to
COVID-19. Despite that, we were able to increase total backlog for September 30,
2021 compared to December 31, 2020.

We are unable to predict whether COVID-19 will continue to negatively impact the
construction business and the degree of such impact as more of the population
becomes vaccinated. We do not believe that COVID-19 is having a negative impact
on our liquidity. We could see a change in this status if we experience future
work stoppages at our projects due to significant supply chain or production
disruptions, which would prevent us from billing customers for new work
performed. Additionally, we could experience a change if we experience future
work stoppages, shortages or disruptions as a result of seeking to comply with
forthcoming federal vaccine mandate rules from the Occupational Safety and
Health Administration. If the federal, state and local governments proceed with
more restrictive measures, and our customers determine to stop work or terminate
projects, these actions would negatively impact our business, results of
operations, liquidity and prospects. In addition, the Company is unable to
predict any changes in the market for bonding by our sureties.

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Results of operations

Three months ended September 30, 2021 and 2020

The following table reflects our condensed consolidated operating results in dollars and as a percentage of revenues for the periods indicated:

                                                                           Three Months Ended September 30,
(in thousands)                                                       2021                                 2020

Revenue                                                   $   697,759        100.0  %               522,232         100.0  %
Cost of revenue                                               625,589         89.7  %               463,343          88.7  %
Gross profit                                                   72,170         10.3  %                58,889          11.3  %
Selling, general and administrative expenses                   36,539          5.2  %                29,656           5.7  %

Income from operations                                         35,631          5.1  %                29,233           5.6  %
Interest expense, net                                          (9,403)        (1.3) %               (14,975)         (2.9) %

Loss on extinguishment of debt                               (101,006)       (14.5) %                     -             -  %
Warrant liability fair value adjustment                       (17,582)        (2.5) %                 3,000           0.6  %
Other income (expense)                                         (5,040)        (0.7) %                   161             -  %
Income from continuing operations before income
taxes                                                         (97,400)       (14.0) %                17,419           3.3  %
Provision for income taxes                                     (2,249)        (0.3) %                (6,153)         (1.2) %

Net income                                                $   (99,649)       (14.3) %                11,266           2.2  %


For a detailed discussion of revenue and gross margin, see the segment results below.

Returned. Revenue increased 33.6%, or $ 175.5 million, in the third quarter of 2021, compared to the same period in 2020.

Gross profit. Gross margin increased by 22.6%, or $ 13.3 million, in the third quarter of 2021, compared to the same period in 2020. As a percentage of sales, the gross margin amounted to 10.3% for the quarter, compared to 11.3% for the period of last year.

Selling, general and administrative expenses. Selling, general and
administrative expenses increased 23.2%, or $6.9 million, in the third quarter
of 2021, compared to the same period in 2020. Selling, general and
administrative expenses were 5.2% of revenue in the third quarter of 2021,
compared to 5.7% in the same period in 2020. The increase in selling, general
and administrative expenses was primarily driven by:

•Staff related benefit costs of $1.9 million;
•Business travel costs of $1.5 million;
•Information technology costs of $1.1 million related to software licensing;
•Stock compensation expense of $0.4 million; and
•Other miscellaneous selling, general and administrative costs of $2.0 million.

Interest expense, net. Interest expense, net decreased by $5.6 million, in the
third quarter of 2021, compared to the same period in 2020. This decrease was
primarily driven by the redemption of Series B Preferred Stock in August 2021
resulting in less interest in the current quarter compared to prior year.

Other income (expense). Other income (expense), for discussion, includes Loss on
extinguishment of debt, Warrant liability fair value adjustment and Other income
(expense) decreased by $126.8 million, to expense of $123.6 million in the third
quarter of 2021 compared to income of $0.2 million for the same period in 2020.
This decrease was primarily the result of increases in the following:

• Loss on extinction of the debt of $ 101.0 million; • Increase in the fair market value of the liabilities of the $ 17.6 million; and • Other expenses related to transaction costs of $ 5.1 million.

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See further discussion in Note 5. Fair Value of Financial Instruments and Note
6. Debt and Series B Preferred Stock included in Item 1 of this Quarterly Report
on Form 10-Q.

Provision for income taxes. Provision for income taxes decreased $3.9 million,
to $2.2 million in the third quarter of 2021, compared to $6.2 million for the
same period in 2020. The effective tax rates for the period ended September 30,
2021 and 2020 were (2.3)% and 35.3%, respectively. The lower effective tax rate
in the third quarter of 2021 was primarily attributable to lower permanent
differences related to interest and other expenses accrued for the Series B
Preferred Stock and executive compensation, which are not deductible for federal
and state income taxes. There were no changes in uncertain tax positions during
the periods ended September 30, 2021 and 2020.

Segment results

The Company operated our business as two reportable segments: the Renewables
segment and the Specialty Civil segment. Each of our reportable segments is
comprised of similar business units that specialize in services unique to the
respective markets that each segment serves. The classification of revenue and
gross profit for segment reporting purposes can at times require judgment on the
part of management. Our segments may perform services across industries or
perform joint services for customers in multiple industries. To determine
reportable segment gross profit, certain allocations, including allocations of
shared and indirect costs, such as facility costs, equipment costs and indirect
operating expenses, were made based on segment revenue.

The following table presents the segment revenues and gross margin for the years indicated, as well as the change in dollars and in percentage compared to the previous year:

                                                                        Three Months Ended September 30,
(in thousands)                                                    2021                                      2020
                                                                        % of Total                               % of Total
Segment                                                Revenue            Revenue                Revenue           Revenue
Renewables                                        $       517,172              74.1  %       $     327,051              62.6  %
Specialty Civil                                           180,587              25.9  %             195,181              37.4  %

 Total revenue                                    $       697,759             100.0  %       $     522,232             100.0  %

                                                                       Gross Profit                             Gross Profit
Segment                                              Gross Profit         Margin               Gross Profit        Margin
Renewables                                        $        51,867              10.0  %       $      37,371              11.4  %
Specialty Civil                                            20,303              11.2  %              21,518              11.0  %
 Total gross profit                               $        72,170              10.3  %       $      58,889              11.3  %




Renewables Segment Results

Revenue. Renewables revenue was $517.2 million for the quarter ended
September 30, 2021 as compared to $327.1 million for the same period in 2020, an
increase of 58.1%, or $190.1 million. The increase in revenue was primarily due
to:

•The Company had 17 wind projects of greater than $5.0 million of revenue in the
third quarter of 2021 compared to 20 wind projects during the same period in
2020;
•The average revenue of the 17 wind projects was $28.5 million in 2021 compared
to $15.5 million related to the 20 wind projects during the same period in 2020;
and
•Solar revenue increased $35.0 million for the quarter ended September 30, 2021
when compared to the same period for 2020.

Gross profit. Renewables gross profit was $51.9 million for the quarter ended
September 30, 2021 as compared to $37.4 million for 2020, an increase of 38.8%,
or $14.5 million. As a percentage of revenue, gross profit was 10.0% in 2021, as
compared to 11.4% in 2020. The decrease in percentage was primarily due to
challenges related to hurricane-related rainfall coupled with supply chain
disruption in our solar business that caused inefficiencies in project
sequencing on a few large projects.
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Civilian Specialty Segment Results

Returned. Civilian specialty recipes were $ 180.6 million for the quarter ended
September 30, 2021 compared to $ 195.2 million for 2020, a decrease of 7.5%, i.e. $ 14.6 million. The decrease in turnover is mainly explained by:

•Heavy civil and rail markets had less construction projects and a lower average
value of projects in the third quarter of 2021 compared to 2020; and
•Offsetting the decrease in revenue was a slight increase in our environmental
remediation market due to larger projects in the third quarter of 2021.

Gross profit. Specialty Civil gross profit was $20.3 million for the quarter
ended September 30, 2021 as compared to $21.5 million for 2020, a decrease of
5.6%, or $1.2 million. As a percentage of revenue, gross profit was 11.2% in
2021, as compared to 11.0% in 2020. The increase in percentage was primarily due
to growth in the environmental remediation market and the project mix compared
to prior year.

Results of Operations

Nine months ended September 30, 2021 and 2020

The following table reflects our condensed consolidated operating results in dollars and as a percentage of revenues for the periods indicated:

                                                                           Nine Months Ended September 30,
(in thousands)                                                         2021                                 2020

Revenue                                                   $     1,534,319        100.0  %       $ 1,360,999         100.0  %
Cost of revenue                                                 1,392,125         90.7  %         1,214,828          89.3  %
Gross profit                                                      142,194          9.3  %           146,171          10.7  %
Selling, general and administrative expenses                       92,279          6.0  %            87,214           6.4  %

Income from operations                                             49,915          3.3  %            58,957           4.3  %
Interest expense, net                                             (38,257)        (2.5) %           (47,240)         (3.5) %

Loss on extinguishment of debt                                   (101,006)        (6.6) %                 -             -  %
Warrant liability fair value adjustment                           (17,216)        (1.1) %               171             -  %
Other income (expense)                                             (4,798)        (0.3) %               257             -  %
Loss from continuing operations before income taxes              (111,362)        (7.3) %            12,145           0.9  %
Provision for income taxes                                         (4,022)        (0.3) %           (10,025)         (0.7) %

Net loss                                                  $      (115,384)        (7.5) %       $     2,120           0.2  %


For a detailed discussion of revenue and gross margin, see the segment results below.

Returned. Revenue increased 12.7%, or $ 173.3 million, in the first nine months of 2021, compared to the same period in 2020.

Gross profit. Gross profit decreased 2.7%, or $4.0 million, in the first nine
months of 2021, compared to the same period in 2020. As a percentage of revenue,
gross profit was 9.3%, as compared to 10.7% in the prior-year period.

Selling, general and administrative expenses. Selling, general and
administrative expenses increased 5.8%, or $5.1 million, in the first nine
months of 2021, compared to the same period in 2020. Selling, general and
administrative expenses were 6.0% of revenue in the first nine months of 2021,
compared to 6.4% in the same period in 2020. The increase in selling, general
and administrative expenses was primarily driven by:

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•Information technology costs of $2.3 million related to software licensing;
•Business travel costs of $1.7 million; and
•Stock-based compensation of $1.1 million.

Interest expense, net. Interest expense, net decreased by $9.0 million in the
first nine months of 2021, compared to the same period in 2020. This decrease
was primarily driven by the redemption of Series B Preferred Stock.
Other income (expense). Other income (expense), for discussion, includes Loss on
extinguishment of debt, Warrant liability fair value adjustment and Other income
(expense) decreased by $123.4 million, to expense of $(123.0) million in the
first nine months of 2021 compared to income of $0.3 million for the same period
in 2020. This decrease was primarily the result of increases in the following:

• Loss on extinction of the debt of $ 101.0 million; • Increase in the fair market value of the liabilities of the $ 17.2 million; and • Other expenses related to transaction costs of $ 5.1 million.

See further discussion in Note 5. Fair Value of Financial Instruments and Note
6. Debt and Series B Preferred Stock included in Item 1 of this Quarterly Report
on Form 10-Q.

Provision for income taxes. Provision for income taxes decreased $6.0 million,
to $4.0 million in the first nine months of 2021, compared to $10.0 million for
the same period in 2020. The effective tax rates for the first nine months of
2021 and 2020 were (3.6)% and 82.5%, respectively. The lower effective tax rate
in the first nine months of 2021 was primarily attributable to lower permanent
differences related to interest and other expenses accrued for the Series B
Preferred Stock and executive compensation, which are not deductible for federal
and state income taxes. There were no changes in uncertain tax positions during
the periods ended September 30, 2021 and 2020.

Segment results

The following table presents the segment revenues and gross margin for the years indicated, as well as the change in dollars and in percentage compared to the previous year:

                                                                        Nine Months Ended September 30,
(in thousands)                                                    2021                                     2020
                                                                        % of Total                              % of Total
Segment                                                Revenue            Revenue                Revenue          Revenue
Renewables                                        $     1,122,400              73.2  %       $    900,059              66.1  %
Specialty Civil                                           411,919              26.8  %            460,940              33.9  %

 Total revenue                                    $     1,534,319             100.0  %       $  1,360,999             100.0  %

                                                                       Gross Profit                            Gross Profit
Segment                                              Gross Profit         Margin              Gross Profit        Margin
Renewables                                        $       106,930               9.5  %       $    100,183              11.1  %
Specialty Civil                                            35,264               8.6  %             45,988              10.0  %
 Total gross profit                               $       142,194               9.3  %       $    146,171              10.7  %



Renewables Segment Results

Revenue. Renewables revenue was $1,122.4 million for the first nine months of
2021 as compared to $900.1 million for the same period in 2020, an increase of
24.7%, or $222.3 million. The increase in revenue was primarily due to:

•Solar revenue increased $169.0 million for the first nine months of 2021 when
compared to the same period for 2020; and
•Wind revenue increased $53.3 million for the first nine months of 2021 when
compared to the same period for 2020, due to a 4% larger average value of
project.

                                       39
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Gross profit. Renewables gross profit was $106.9 million for the first nine
months of 2021 as compared to $100.2 million for 2020, an increase of 6.7%, or
$6.7 million. As a percentage of revenue, gross profit was 9.5% in 2021, as
compared to 11.1% in 2020. The decrease in percentage was primarily due to
challenges related to hurricane-related rainfall coupled with supply chain
disruption in our solar business caused inefficient working conditions on a few
large projects.

Civilian Specialty Segment Results

Returned. Civilian specialty recipes were $ 411.9 million for the first nine months of 2021 compared to $ 460.9 million for 2020, a decrease of 10.6%, i.e. $ 49.0 million. The decrease in turnover is mainly explained by:

•Rail markets continue to experience a decrease in revenue primarily due to
delay in project starts for railroads and lower budgets decreasing bidding
opportunities;
•Heavy civil market had less construction projects and a lower average value of
projects in the first nine months of 2021 compared to 2020; and
•Offsetting the decrease in revenue was a slight increase in our environmental
remediation market due to more projects in the first nine months of 2021
compared to 2020.

Gross profit. Specialty Civil gross profit was $35.3 million for the first nine
months of 2021 as compared to $46.0 million for 2020, a decrease of 23.3%, or
$10.7 million. As a percentage of revenue, gross profit was 8.6%, as compared to
10.0% during the same period in 2020. In the first nine months of 2021, the
Company had less projects under construction in the heavy civil and rail
markets, which contributed to lower utilization of labor and equipment fixed
costs, partially offset by increases in the environmental remediation market.

Liquidity and capital resources

Overview

  Our primary sources of liquidity are cash flows from operations, our cash
balances and availability under our new Credit Agreement. Our primary liquidity
needs are for working capital, debt service, income taxes, capital expenditures,
insurance collateral, and strategic acquisitions. As of September 30, 2021, we
had approximately $158.3 million in cash, and $116.3 million availability under
our Credit Agreement.

We anticipate that our existing cash balances, funds generated from operations,
and borrowings will be sufficient to meet our cash requirements for the next
twelve months. No assurance can be given, however, that these sources will be
sufficient, because there are many factors which could affect our liquidity,
including some that are beyond our control. Please see "Item 1A. Risk Factors"
in Part I of our Annual Report for a discussion of the risks associated with our
liquidity.

Capital Expenditures

  For the nine months ended September 30, 2021, we incurred $22.7 million in
finance lease payments and an additional $24.0 million in cash purchases for
equipment. We estimate that we will spend approximately two percent of revenue
for capital expenditures for 2021. Actual capital expenditures may increase or
decrease in the future depending upon business activity levels, as well as
ongoing assessments of equipment lease versus buy decisions based on short and
long-term equipment requirements.

Working capital

  We require working capital to support seasonal variations in our business,
primarily due to the effect of weather conditions on external construction and
maintenance work and the spending patterns of our customers, both of which
influence the timing of associated spending to support related customer demand.
Our business is typically slower in the first quarter of each calendar year.
Working capital needs are generally lower during the spring when projects are
awarded and we receive down payments from customers. Conversely, working capital
needs generally increase during the summer or fall months due to increased
demand for our services when favorable weather conditions exist in many of the
regions in which we operate. Working capital needs are typically lower and
working capital is converted to cash during the winter months. These seasonal
trends, however, can be offset by changes in the timing of projects, which can
be affected by project delays or accelerations and/or other factors that may
affect customer spending.

  Generally, we receive 5% to 10% cash payments from our customers upon the
inception of our Renewable projects. Timing of billing milestones and project
close-outs can contribute to changes in unbilled revenue. As of September 30,
2021,
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substantially all of our costs in excess of billings and earnings will be billed
to customers in the normal course of business within the next twelve months. Net
accounts receivable balances, which consist of contract billings as well as
costs and earnings in excess of billings and retainage, increased to $550.1
million as of September 30, 2021 from $309.0 million as of December 31, 2020,
due primarily to timing of project activity, and collection of billings to
customers.

  Our billing terms are generally net 30 days, and some of our contracts allow
our customers to retain a portion of the contract amount (generally, from 5% to
10%) until the job is completed. As part of our ongoing working capital
management practices, we evaluate opportunities to improve our working capital
cycle time through contractual provisions and certain financing arrangements.
Our agreements with subcontractors often may contain a ''pay-if-paid''
provision, whereby our payments to subcontractors are made only after we are
paid by our customers.

Sources and Uses of Cash

The sources and uses of cash are summarized below:

                                                 Nine Months Ended September 30,
(in thousands)                                    2021                        2020

Net cash used in operating activities           1,296                       

(58,798)

Net cash used in investing activities         (21,043)                      

(1729)

Net cash used in financing activities          13,968                       

(29,434)



Operating Activities. Net cash provided by operating activities for the nine
months ended September 30, 2021 was $1.3 million, as compared to net cash used
in operating activities of $58.8 million over the same period in 2020. The
increase in net cash provided by operating activities reflects the timing of
receipts from customers and payments to vendors in the ordinary course of
business. The change was primarily attributable to lower payments on payables
and accrued liabilities partially offset by lower collections of accounts
receivable and contract assets due to the timing of projects.

Investing Activities. Net cash used in investing activities for the nine months
ended September 30, 2021 was $21.0 million, as compared to $1.7 million over the
same period in 2020. The increase in net cash used by investing activities was
primarily attributable to an increase in purchases of property, plant and
equipment.

Financing Activities. Net cash provided by financing activities for the nine
months ended September 30, 2021 was $14.0 million, as compared to net cash used
in financing activities of $29.4 million over the same period in 2020. The
increase in net cash provided by financing activities was primarily attributable
to proceeds from the debt and equity offerings, offset by the extinguishment of
the term loan and Series B Preferred Stock.

Deferred taxes – COVID-19

The CARES Act was enacted on March 27, 2020, in response to the COVID-19 emergency. The CARES Act includes many measures to help businesses, including temporary changes to income and non-income tax laws. Some of the main income tax provisions of the CARES Act include:

•Eliminating the 80% of taxable income limitation by allowing corporate entities
to fully utilize net operating losses ("NOLs") to offset taxable income in 2018,
2019 or 2020.

• Allow NOLs originating in 2018, 2019 or 2020 to carry back five years.

• Increase in the deduction limit for net interest charges to 50% of adjusted taxable income by 30% for tax years beginning January 1, 2019 and 2020.

•Allowing taxpayers with alternative minimum tax ("AMT") credits to claim a
refund in 2020 for the entire amount of the credit instead of recovering the
credit through refunds over a period of years, as originally enacted by the Tax
Cuts and Jobs Act ("TCJA").

• Tax deferral on salaries.

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IEA has also made use of the payroll deferral provision to defer the 6.2% social
security tax, or approximately $13.6 million, through December 31, 2020. This
amount is required to be paid at 50% on December 31, 2021 and December 31, 2022.

Credit agreement

On August 17, 2021, Services, as the borrower, and certain guarantors (including
the Company), entered into the Credit Agreement. The Credit Agreement provides
for a $150 million senior secured revolving credit facility, and is guaranteed
by the Company and certain subsidiaries of the Company and is secured by a
security interest in substantially all of their personal property and assets.
For a description of the terms and conditions of the Credit Agreement, please
see "Note 6 - Debt and Series B Preferred Stock" in the notes to our Condensed
Consolidated Financial Statements.

In connection with the senior unsecured note offering, we repaid the term loan in full and the third A&R credit agreement was terminated.

Contractual obligations

The following table presents our contractual obligations and commitments for the periods indicated from September 30, 2021.

Payments due per period

                                           Total           Remainder of           2022              2023              2024              2025            Thereafter
(in thousands)                                                 2021

Debt (principal) (1)                      304,170                 633             1,952               838               442               239             300,066
Debt (interest) (2)                       159,407                 185      
     20,002            19,933            19,901            19,884          

79,502

Finance leases (3)                         56,563               6,846            25,050            11,125             6,951             4,870          

1,721

Operating leases (4)                       51,009               3,247            11,983             9,476             5,058             2,285              18,960
Total                                   $ 571,149          $   10,911          $ 58,987          $ 41,372          $ 32,352          $ 27,278          $  400,249


(1)Represents the contractual principal payment due dates on our outstanding
debt.
(2)Represents interest at the stated rate of 6.625%.
(3)We have obligations, inclusive of associated interest, recognized under
various finance leases for equipment totaling $56.6 million at September 30,
2021. Net amounts recognized within property, plant and equipment, net in the
condensed consolidated balance sheet under these financed lease agreements at
September 30, 2021 totaled $74.7 million.
(4)We lease real estate, vehicles, office equipment and certain construction
equipment from unrelated parties under non-cancelable leases. Lease terms range
from month-to-month to terms expiring through 2038.

For a detailed discussion and additional information regarding our debt instruments, see Note 6. Debt and Series B Preferred Shares and Note 7. Commitments and Contingencies in the Notes to our Condensed Consolidated Financial Statements, included in Part I, article 1.

Off-balance sheet provisions

  As is common in our industry, we have entered into certain off-balance sheet
arrangements in the ordinary course of business. Our significant off-balance
sheet transactions include liabilities associated with letter of credit
obligations, surety and performance and payment bonds entered into in the normal
course of business, liabilities associated with deferred compensation plans,
liabilities associated with certain indemnification and guarantee arrangements.

  As of September 30, 2021 and December 31, 2020, the Company was contingently
liable under letters of credit issued under our credit facility in the amount of
$33.7 million and $7.8 million, respectively, related to projects and insurance.

  As of September 30, 2021 and December 31, 2020, the Company had outstanding
surety bonds on projects with nominal amounts of $3.2 billion and $2.8 billion,
respectively. The remaining approximate exposure related to these surety bonds
amounted to approximately $400.0 million and $293.1 million, respectively.




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Recently published accounting position papers

See note 1. Activity, basis of presentation and summary of significant accounting policies in the notes to our condensed consolidated financial statements, included in Part I, section 1.

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