MISTRAS Group, Inc. (MG: NYSE), a leading "one source"
multinational provider of integrated technology-enabled asset
protection solutions, reported financial results for its first
quarter of 2023.
Highlights of the First Quarter 2023*
- Revenue of $168.0 million, up 3.9% as reported, a 5.5%
increase excluding the impact of unfavorable foreign currency
exchange**
- Gross profit of $46.1 million, up 15.5%, with gross
profit margin of 27.4%, a 270 basis points
improvement
- Net loss decreased to $5.0 million, with Adjusted
EBITDA up 88.1% to $10.4 million
- Operating cash flow of $4.4 million
- Leverage ratio reduced to 3.25 times
* All comparisons are consolidated and versus the equivalent
prior year period, unless otherwise noted.** Foreign currency
exchange impact is calculated by converting current period
financial results in local currency, using the prior period
exchange rates, and comparing this amount to the current period
financial results in local currency using the current period
exchange rate.
First quarter 2023 consolidated revenue was $168.0 million, a
3.9% increase, or a 5.5% improvement excluding the impact of
unfavorable foreign currency exchange of $2.5 million. First
quarter 2023 gross profit increased 15.5% with gross profit margin
expanding 270 basis points, as compared to the year ago period,
primarily due to lower healthcare expenses and an improved sales
mix in the current year. Selling, general and administrative
expenses in the first quarter of 2023 were $42.8 million, up from
$41.9 million in the first quarter of 2022, yet down as a
percentage of revenue.
Chief Executive Officer Dennis Bertolotti commented, “We
continue to make significant progress capitalizing on our strong
market position and innovative new technologies, to grow Mistras
and improve profitability. The first quarter of 2023 was evidence
of this, as our revenue grew 5.5% in constant currency, our gross
margin expanded 270 basis points and we drove SG&A as a
percentage of revenue down by over 40 basis points, resulting in an
adjusted EBITDA increase of 88%. And our overall financial
condition also continued to improve, with our bank defined leverage
ratio reduced to just under 3.25X as of quarter end, the lowest
level it has been since immediately prior to the Onstream
acquisition in December 2018, well on the way to achieving our goal
of being under 3.0X by year end.”
Mr. Bertolotti continued, “We saw strength in our Energy
business, which is benefiting from the rapid growth of our Data
Solutions revenues. I am particularly pleased with the growth of
Data Solutions, which includes our Flagship OneSuite, PCMS, New
Century, and the majority of our Onstream business, along with
various other data monitoring services, including Sensoria as well
as our sensor technology. Data Solutions permeates throughout all
Mistras geographies and industries, and grew by over 35% in the
quarter. Data Solutions now represent 10.0% of our total
consolidated revenue, as compared to 7.7% of our total consolidated
revenue for the first quarter of 2022. Our Onstream inline
inspection testing (ILI) business has continued its record 2022
performance into the first quarter of 2023. Onstream generates a
considerable proportion of its revenues from Data Solutions, and it
serves both the Upstream and Midstream markets. This versatility is
helping to generate robust growth and margins, which we expect to
continue in 2023.”
Mr. Bertolotti concluded, “Revenue, gross margin and the
bottom-line financial results all improved over last year, driven
by strength across most of our end markets including our largest
end market, wherein we saw growth fostered by our Data Solutions
offerings. Our cash flow also improved in the first quarter, aided
by a reduction in average days sales outstanding, allowing us to
make a modest debt paydown in the quarter, wherein we are typically
a net borrower in the first quarter of any given year. This is
another sign of our recovering business model, as we continue to
improve our financial strength. Overall, our first quarter
financial results were in line with our most recent Outlook for the
full year 2023, which we are reaffirming today.”
Performance by certain segments during the first quarter was as
follows:During the first quarter of 2023, the Company renamed the
Services segment as “North America” to closely align with the
geographical area in which the Segment primarily operates. This has
no change on the Company’s reportable operating segments.
North America segment (Referred to as
“Services” in prior filings) first quarter revenue was $136.9
million, up 3.0% from $132.9 million in the prior year quarter and
up 3.8% excluding the impact of unfavorable foreign currency
exchange. Revenue continues to reflect stability and resilience in
Energy markets. Although our Aerospace & Defense industry
revenue was down for the quarter, we experienced growth in the
Aerospace sub-industry which was offset by a decrease in Defense
spending. For the first quarter, gross profit was $36.6
million, compared to $30.5 million in the prior year. Gross profit
margin was 26.8% for the first quarter of 2023, a 380 basis point
improvement from 23.0% in the first quarter of the prior year. This
increase was primarily due to lower healthcare expenses and an
improved sales mix in the current year period.
International segment first quarter revenue was
$29.4 million, up 4.5% from $28.1 million in the prior year quarter
and up 9.7% excluding the impact of unfavorable foreign currency
exchange. This revenue growth is primarily due to increased
turnaround projects in the current quarter. International segment
first quarter gross profit margin was 25.1%, compared to 29.1% in
the prior year, a 400-basis point decrease, primarily attributable
to inflationary pressures including rising energy costs in Europe
in excess of the Company’s expectations.
Consolidated ResultsThe Company generated a net
loss of $5.0 million in the first quarter of 2023, slightly
improved from the net loss of $5.4 million in the prior year.
Adjusted EBITDA was $10.4 million in the first quarter of 2023
compared to $5.5 million in the prior year, an increase of 88.1%,
primarily attributable to the improved gross profit.
Cash Flow and Balance Sheet The Company’s net
cash provided by operating activities was $4.4 million for the
first quarter of 2023, compared to negative $5.4 million in the
prior year. Free cash flow was negative $0.3 million for the first
quarter of 2023, compared to negative $8.6 million in the prior
year. The Company’s improved cash flow was primarily attributable
to an improved days sales outstanding during the quarter. Capital
expenditures increased by $1.5 million versus the prior year
quarter, as the Company is increasing investments to foster revenue
growth.
The Company’s gross debt was $189.3 million as of March 31,
2023, compared to $191.3 million as of December 31, 2022. This
decrease was due to $2.0 million of debt repayment made during the
quarter.
Reorganization and OtherDuring the quarter, the
Company recorded $2.1 million of reorganization costs related to
on-going efficiency and productivity growth initiatives. For the
quarter, these charges included professional fees and certain
restructuring charges associated with planned shifts to the
Company’s operations.
Outlook The Company reaffirms the 2023 full
year guidance previously provided, that being:
- Revenue between $710 and $740 million,
- Adjusted EBITDA between $70 and $75 million,
- Free cash flow between $30 and $33 million.
Conference Call In connection with this
release, MISTRAS will hold a conference call on May 4, 2023, at
9:00 a.m. (Eastern).To listen to the live webcast of the conference
call, visit the Investor Relations section of MISTRAS Group’s
website at www.mistrasgroup.com
Note there is a new process to participate in the live question
and answer session. Individuals wishing to participate may
preregister at:
https://register.vevent.com/register/BIa51a871e529349a8b0cdbc645b2234f6
Upon registering, a dial-in number and unique PIN will be
provided to join the conference call. Following the conference
call, an archived webcast of the event will be available for one
year by visiting the Investor Relations section of MISTRAS Group’s
website.
About MISTRAS Group, Inc. - One Source for Asset
Protection Solutions®MISTRAS Group, Inc. (NYSE: MG) is a
leading "one source" multinational provider of integrated
technology-enabled asset protection solutions, helping to maximize
the safety and operational uptime for civilization’s most critical
industrial and civil assets.
Backed by an innovative, data-driven asset protection portfolio,
proprietary technologies, and decades-long legacy of industry
leadership, MISTRAS leads clients in the oil and gas, aerospace and
defense, power generation, civil infrastructure, and manufacturing
industries towards achieving and maintaining operational
excellence. By supporting these organizations that help fuel our
vehicles and power our society; inspecting components that are
trusted for commercial, defense, and space craft; and building
real-time monitoring equipment to enable safe travel across
bridges, MISTRAS helps the world at large.
MISTRAS enhances value for its clients by integrating asset
protection throughout supply chains and centralizing integrity data
through a suite of Industrial IoT-connected digital software and
monitoring solutions. The company’s core capabilities also include
non-destructive testing (“NDT”) field inspections enhanced by
advanced robotics, laboratory quality control and assurance
testing, sensing technologies and NDT equipment, asset and
mechanical integrity engineering services, and light mechanical
maintenance and access services.
For more information about how MISTRAS helps protect
civilization’s critical infrastructure, visit www.mistrasgroup.com
or contact Nestor S. Makarigakis, Group Vice President of Marketing
at marcom@mistrasgroup.com.
Forward-Looking and Cautionary
StatementsCertain statements made in this press release
are "forward-looking statements" about MISTRAS' financial results
and estimates, products and services, business model, strategy,
growth opportunities, profitability and competitive position, and
other matters. These forward-looking statements generally use words
such as "future," "possible," "potential," "targeted,"
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"predict," "project," "will," "may," "should," "could," "would" and
other similar words and phrases. Such statements are not guarantees
of future performance or results, and will not necessarily be
accurate indications of the times at, or by which, such performance
or results will be achieved, if at all. These statements are
subject to risks and uncertainties that could cause actual
performance or results to differ materially from those expressed in
these statements. A list, description and discussion of these and
other risks and uncertainties can be found in the "Risk Factors"
section of the Company's 2022 Annual Report on Form 10-K dated
March 15, 2023, as updated by our reports on Form 10-Q and Form
8-K. The forward-looking statements are made as of the date hereof,
and MISTRAS undertakes no obligation to update such statements as a
result of new information, future events or otherwise.
Use of Non-GAAP MeasuresIn addition to
financial information prepared in accordance with generally
accepted accounting principles in the U.S. (GAAP), this press
release also contains adjusted financial measures that we believe
provide investors and management with supplemental information
relating to operating performance and trends that facilitate
comparisons between periods and with respect to projected
information. The term "Adjusted EBITDA" used in this release is a
financial measurement not calculated in accordance with GAAP and is
defined as net income attributable to MISTRAS Group, Inc. plus:
interest expense, provision for income taxes, depreciation and
amortization, share-based compensation expense, certain acquisition
related costs (including transaction due diligence costs and
adjustments to the fair value of contingent consideration), foreign
exchange (gain) loss, non-cash impairment charges, reorganization
and related charges and, if applicable, certain additional special
items which are noted. A reconciliation of Adjusted EBITDA to a
financial measurement under GAAP is set forth in a table attached
to this press release. The Company also uses the term “net debt”, a
non-GAAP measurement defined as the sum of the current and
long-term portions of long-term debt, less cash and cash
equivalents and the term “free cash flow”, a non-GAAP measurement
the Company defines as cash provided by operating activities less
capital expenditures (which is classified as an investing
activity). A reconciliation of these non-GAAP financial
measurements to GAAP are also set forth in tables attached to this
press release. In the tables attached is also a table reconciling
“Segment and Total Company Income (Loss) from Operations (GAAP) to
Income (Loss) from Operations before Special Items (non-GAAP)",
“Net Loss (GAAP) and Diluted EPS (GAAP) to Net Loss Excluding
Special Items (non-GAAP) and Diluted EPS Excluding Special Items
(non-GAAP)” which reconciles the non-GAAP amounts to GAAP
measurements.
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Balance Sheets(in thousands, except share and per share
data)
|
March 31, 2023 |
|
December 31, 2022 |
ASSETS |
(unaudited) |
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
16,717 |
|
|
$ |
20,488 |
|
Accounts receivable, net |
|
120,425 |
|
|
|
123,657 |
|
Inventories |
|
14,763 |
|
|
|
13,556 |
|
Prepaid expenses and other current assets |
|
14,008 |
|
|
|
10,181 |
|
Total current assets |
|
165,913 |
|
|
|
167,882 |
|
Property, plant and equipment,
net |
|
78,816 |
|
|
|
77,561 |
|
Intangible assets, net |
|
47,360 |
|
|
|
49,015 |
|
Goodwill |
|
199,956 |
|
|
|
199,635 |
|
Deferred income taxes |
|
326 |
|
|
|
779 |
|
Other assets |
|
38,448 |
|
|
|
40,032 |
|
Total assets |
$ |
530,819 |
|
|
$ |
534,904 |
|
LIABILITIES AND
EQUITY |
|
|
|
Current Liabilities |
|
|
|
Accounts payable |
$ |
13,640 |
|
|
$ |
12,532 |
|
Accrued expenses and other current liabilities |
|
77,127 |
|
|
|
77,844 |
|
Current portion of long-term debt |
|
7,372 |
|
|
|
7,425 |
|
Current portion of finance lease obligations |
|
4,752 |
|
|
|
4,201 |
|
Income taxes payable |
|
333 |
|
|
|
1,726 |
|
Total current liabilities |
|
103,224 |
|
|
|
103,728 |
|
Long-term debt, net of current
portion |
|
181,972 |
|
|
|
183,826 |
|
Obligations under finance
leases, net of current portion |
|
11,170 |
|
|
|
10,045 |
|
Deferred income taxes |
|
7,874 |
|
|
|
6,283 |
|
Other long-term
liabilities |
|
30,431 |
|
|
|
32,273 |
|
Total liabilities |
|
334,671 |
|
|
|
336,155 |
|
Commitments and
contingencies |
|
|
|
Equity |
|
|
|
Preferred stock, 10,000,000 shares authorized |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
30,230,446 and 29,895,487 shares issued and outstanding |
|
302 |
|
|
|
298 |
|
Additional paid-in capital |
|
244,131 |
|
|
|
243,031 |
|
Accumulated deficit |
|
(16,475 |
) |
|
|
(11,489 |
) |
Accumulated other comprehensive loss |
|
(32,117 |
) |
|
|
(33,390 |
) |
Total Mistras Group, Inc. stockholders’ equity |
|
195,841 |
|
|
|
198,450 |
|
Noncontrolling interests |
|
307 |
|
|
|
299 |
|
Total equity |
|
196,148 |
|
|
|
198,749 |
|
Total liabilities and equity |
$ |
530,819 |
|
|
$ |
534,904 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Statements of Loss(in thousands, except per share
data)
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Revenue |
$ |
168,016 |
|
|
$ |
161,662 |
|
Cost of revenue |
|
116,051 |
|
|
|
115,758 |
|
Depreciation |
|
5,888 |
|
|
|
6,012 |
|
Gross
profit |
|
46,077 |
|
|
|
39,892 |
|
Selling, general and administrative expenses |
|
42,823 |
|
|
|
41,922 |
|
Reorganization and other costs |
|
2,076 |
|
|
|
114 |
|
Legal settlement and insurance recoveries, net |
|
— |
|
|
|
(841 |
) |
Research and engineering |
|
480 |
|
|
|
551 |
|
Depreciation and amortization |
|
2,525 |
|
|
|
2,795 |
|
Acquisition-related expense, net |
|
3 |
|
|
|
49 |
|
Loss from
operations |
|
(1,830 |
) |
|
|
(4,698 |
) |
Interest expense |
|
4,068 |
|
|
|
1,938 |
|
Loss before benefit
for income taxes |
|
(5,898 |
) |
|
|
(6,636 |
) |
Benefit for income taxes |
|
(920 |
) |
|
|
(1,283 |
) |
Net Loss |
|
(4,978 |
) |
|
|
(5,353 |
) |
Less: net income attributable to noncontrolling interests, net of
taxes |
|
8 |
|
|
|
10 |
|
Net Loss attributable
to Mistras Group, Inc. |
$ |
(4,986 |
) |
|
$ |
(5,363 |
) |
|
|
|
|
Loss per common share: |
|
|
|
Basic |
$ |
(0.17 |
) |
|
$ |
(0.18 |
) |
Diluted |
$ |
(0.17 |
) |
|
$ |
(0.18 |
) |
Weighted-average common shares
outstanding: |
|
|
|
Basic |
|
30,021 |
|
|
|
29,634 |
|
Diluted |
|
30,021 |
|
|
|
29,634 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands)
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
North America |
$ |
136,932 |
|
|
$ |
132,946 |
|
International |
|
29,407 |
|
|
|
28,138 |
|
Products and Systems |
|
3,739 |
|
|
|
2,936 |
|
Corporate and eliminations |
|
(2,062 |
) |
|
|
(2,358 |
) |
|
$ |
168,016 |
|
|
$ |
161,662 |
|
|
|
|
|
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Gross
profit |
|
|
|
North America |
$ |
36,637 |
|
|
$ |
30,526 |
|
International |
|
7,367 |
|
|
|
8,190 |
|
Products and Systems |
|
2,063 |
|
|
|
1,168 |
|
Corporate and eliminations |
|
10 |
|
|
|
8 |
|
|
$ |
46,077 |
|
|
$ |
39,892 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Revenues by
Category(in thousands)
Revenue by industry was as follows:
Three Months Ended
March 31, 2023 |
North America |
|
International |
|
Products & Systems |
|
Corp/Elim |
|
Total |
Oil & Gas |
$ |
89,773 |
|
|
$ |
8,855 |
|
|
$ |
37 |
|
|
|
— |
|
|
$ |
98,665 |
|
Aerospace & Defense |
|
13,611 |
|
|
|
4,980 |
|
|
|
11 |
|
|
|
— |
|
|
|
18,602 |
|
Industrials |
|
9,302 |
|
|
|
6,053 |
|
|
|
558 |
|
|
|
— |
|
|
|
15,913 |
|
Power generation &
Transmission |
|
4,987 |
|
|
|
1,657 |
|
|
|
1,326 |
|
|
|
— |
|
|
|
7,970 |
|
Other Process Industries |
|
9,109 |
|
|
|
3,237 |
|
|
|
27 |
|
|
|
— |
|
|
|
12,373 |
|
Infrastructure, Research &
Engineering |
|
2,483 |
|
|
|
2,136 |
|
|
|
1,142 |
|
|
|
— |
|
|
|
5,761 |
|
Petrochemical |
|
5,137 |
|
|
|
145 |
|
|
|
— |
|
|
|
— |
|
|
|
5,282 |
|
Other |
|
2,530 |
|
|
|
2,344 |
|
|
|
638 |
|
|
|
(2,062 |
) |
|
|
3,450 |
|
Total |
$ |
136,932 |
|
|
$ |
29,407 |
|
|
$ |
3,739 |
|
|
$ |
(2,062 |
) |
|
$ |
168,016 |
|
Three Months Ended
March 31, 2022 |
North America |
|
International |
|
Products & Systems |
|
Corp/Elim |
|
Total |
Oil & Gas |
$ |
86,613 |
|
|
$ |
7,572 |
|
|
$ |
38 |
|
|
|
— |
|
|
$ |
94,223 |
|
Aerospace & Defense |
|
15,022 |
|
|
|
4,940 |
|
|
|
108 |
|
|
|
— |
|
|
|
20,070 |
|
Industrials |
|
9,007 |
|
|
|
5,528 |
|
|
|
502 |
|
|
|
— |
|
|
|
15,037 |
|
Power generation &
Transmission |
|
3,822 |
|
|
|
2,562 |
|
|
|
845 |
|
|
|
— |
|
|
|
7,229 |
|
Other Process Industries |
|
10,293 |
|
|
|
3,518 |
|
|
|
1 |
|
|
|
— |
|
|
|
13,812 |
|
Infrastructure, Research &
Engineering |
|
2,506 |
|
|
|
2,039 |
|
|
|
897 |
|
|
|
— |
|
|
|
5,442 |
|
Petrochemical |
|
3,045 |
|
|
|
78 |
|
|
|
— |
|
|
|
— |
|
|
|
3,123 |
|
Other |
|
2,638 |
|
|
|
1,901 |
|
|
|
545 |
|
|
|
(2,358 |
) |
|
|
2,726 |
|
Total |
$ |
132,946 |
|
|
$ |
28,138 |
|
|
$ |
2,936 |
|
|
$ |
(2,358 |
) |
|
$ |
161,662 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas Revenue by sub-industry was as follows:
|
Three months ended March 31, |
|
|
2023 |
|
|
2022(1) |
|
($ in thousands) |
Oil and Gas
Revenue |
|
|
|
Upstream |
$ |
36,939 |
|
|
$ |
32,265 |
|
Midstream |
|
21,231 |
|
|
|
24,907 |
|
Downstream |
|
40,495 |
|
|
|
37,051 |
|
Total |
$ |
98,665 |
|
|
$ |
94,223 |
|
_______________(1)Prior year Oil and Gas composition was restated
to conform with the Current year presentation, specifically $9.4
million was removed from Upstream and re-classified as
Downstream. |
|
Consolidated Revenue by type was as follows:
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
($ in thousands) |
Field Services |
$ |
109,680 |
|
|
$ |
105,495 |
|
Shop Laboratories |
|
13,132 |
|
|
|
13,089 |
|
Data Solutions |
|
16,812 |
|
|
|
12,399 |
|
Other |
|
28,392 |
|
|
|
30,679 |
|
Total |
$ |
168,016 |
|
|
$ |
161,662 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Segment
and Total Company Income (Loss) from Operations (GAAP) to
Income (Loss) from Operations before Special Items
(non-GAAP)(in thousands)
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
North
America: |
|
|
|
Income from operations (GAAP) |
$ |
9,378 |
|
|
$ |
3,761 |
|
Reorganization and other costs |
|
61 |
|
|
|
27 |
|
Legal settlement and insurance recoveries, net |
|
— |
|
|
|
(841 |
) |
Acquisition-related expense, net |
|
— |
|
|
|
44 |
|
Income from operations before special items (non-GAAP) |
$ |
9,439 |
|
|
$ |
2,991 |
|
International: |
|
|
|
Income (Loss) from operations (GAAP) |
$ |
(568 |
) |
|
$ |
284 |
|
Reorganization and other costs |
|
107 |
|
|
|
87 |
|
Income (Loss) from operations before special items (non-GAAP) |
$ |
(461 |
) |
|
$ |
371 |
|
Products and
Systems: |
|
|
|
Income (Loss) from operations (GAAP) |
$ |
384 |
|
|
$ |
(582 |
) |
Income (Loss) from operations before special items (non-GAAP) |
$ |
384 |
|
|
$ |
(582 |
) |
Corporate and
Eliminations: |
|
|
|
Loss from operations (GAAP) |
$ |
(11,024 |
) |
|
$ |
(8,161 |
) |
Reorganization and other costs |
|
1,908 |
|
|
|
— |
|
Acquisition-related expense, net |
|
3 |
|
|
|
5 |
|
Loss from operations before special items (non-GAAP) |
$ |
(9,113 |
) |
|
$ |
(8,156 |
) |
Total
Company: |
|
|
|
Loss from operations (GAAP) |
$ |
(1,830 |
) |
|
$ |
(4,698 |
) |
Reorganization and other costs |
|
2,076 |
|
|
|
114 |
|
Legal settlement and insurance recoveries, net |
|
— |
|
|
|
(841 |
) |
Acquisition-related expense, net |
|
3 |
|
|
|
49 |
|
Income (Loss) from operations before special items (non-GAAP) |
$ |
249 |
|
|
$ |
(5,376 |
) |
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands)
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by (used
in): |
|
|
|
Operating activities |
$ |
4,433 |
|
|
$ |
(5,399 |
) |
Investing activities |
|
(4,460 |
) |
|
|
(2,737 |
) |
Financing activities |
|
(3,951 |
) |
|
|
4,323 |
|
Effect of exchange rate changes on cash |
|
207 |
|
|
|
(376 |
) |
Net change in cash and cash
equivalents |
$ |
(3,771 |
) |
|
$ |
(4,189 |
) |
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Net Cash
Provided by (Used in) Operating Activities (GAAP) to Free Cash Flow
(non-GAAP)(in thousands)
|
Three months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net cash provided by
(used in) operating activities (GAAP) |
$ |
4,433 |
|
|
$ |
(5,399 |
) |
Less: |
|
|
|
Purchases of property, plant and equipment |
|
(4,332 |
) |
|
|
(3,061 |
) |
Purchases of intangible assets |
|
(361 |
) |
|
|
(151 |
) |
Free cash flow
(non-GAAP) |
$ |
(260 |
) |
|
$ |
(8,611 |
) |
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Gross Debt
(GAAP) to Net Debt (non-GAAP)(in thousands)
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
|
Current portion of long-term debt |
$ |
7,372 |
|
|
$ |
7,425 |
|
Long-term debt, net of current
portion |
|
181,972 |
|
|
|
183,826 |
|
Total Debt (Gross) |
|
189,344 |
|
|
|
191,251 |
|
Less: Cash and cash
equivalents |
|
(16,717 |
) |
|
|
(20,488 |
) |
Total Debt (Net) |
$ |
172,627 |
|
|
$ |
170,763 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Net Loss
(GAAP) to Adjusted EBITDA (non-GAAP)(in thousands)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
Net Loss
(GAAP) |
$ |
(4,978 |
) |
|
$ |
(5,353 |
) |
Less: Net income attributable to non-controlling interests, net of
taxes |
|
8 |
|
|
|
10 |
|
Net Loss attributable
to Mistras Group, Inc. |
$ |
(4,986 |
) |
|
$ |
(5,363 |
) |
Interest expense |
|
4,068 |
|
|
|
1,938 |
|
Benefit for income taxes |
|
(920 |
) |
|
|
(1,283 |
) |
Depreciation and amortization |
|
8,413 |
|
|
|
8,807 |
|
Share-based compensation expense |
|
1,542 |
|
|
|
1,515 |
|
Acquisition-related expense |
|
3 |
|
|
|
49 |
|
Reorganization and other related costs |
|
2,076 |
|
|
|
114 |
|
Legal settlement and insurance recoveries, net |
|
— |
|
|
|
(841 |
) |
Foreign exchange loss |
|
219 |
|
|
|
601 |
|
Adjusted EBITDA
(non-GAAP) |
$ |
10,415 |
|
|
$ |
5,537 |
|
|
|
|
|
|
|
|
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Net Loss
(GAAP) and Diluted EPS (GAAP) to Net Loss
Excluding Special Items (non-GAAP) and Diluted EPS Excluding
Special Items (non-GAAP)(tabular dollars in thousands,
except per share data)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net loss attributable
to Mistras Group, Inc. (GAAP) |
$ |
(4,986 |
) |
|
$ |
(5,363 |
) |
Special items |
|
2,079 |
|
|
|
(678 |
) |
Tax impact on special items |
|
(504 |
) |
|
|
155 |
|
Special items, net of tax |
$ |
1,575 |
|
|
$ |
(523 |
) |
Net loss attributable
to Mistras Group, Inc. Excluding Special Items
(non-GAAP) |
$ |
(3,411 |
) |
|
$ |
(5,886 |
) |
|
|
|
|
Diluted EPS
(GAAP)(1) |
$ |
(0.17 |
) |
|
$ |
(0.18 |
) |
Special items, net of tax |
|
0.05 |
|
|
|
(0.02 |
) |
Diluted EPS Excluding
Special Items (non-GAAP) |
$ |
(0.12 |
) |
|
$ |
(0.20 |
) |
_______________(1)
For the three months ended March 31, 2023 and 2022, 1,513,000 and
1,212,000 shares, respectively, related to restricted stock were
excluded from the calculation of diluted EPS due to the net loss
for the period. |
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