Matrix Service Co. Files Q1 2024 10-Q Report

Ticker: MTRX · Form: 10-Q · Filed: May 9, 2024 · CIK: 866273

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing

Related Tickers: MTRX

TL;DR

MTRX filed its 10-Q for March 31, 2024. Standard quarterly update.

AI Summary

Matrix Service Co. reported its quarterly results for the period ending March 31, 2024. The company is registered in Delaware and trades on the NASDAQ Global Select Market under the ticker MTRX. Specific financial figures and operational details for the quarter are not provided in this excerpt, but the filing indicates it is a standard quarterly report.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Matrix Service Co., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not contain immediate red flags or significant new risks.

Key Players & Entities

FAQ

What is the Commission File Number for Matrix Service Co.?

The Commission File Number for Matrix Service Co. is 1-15461.

On which exchange is Matrix Service Co. common stock traded?

Matrix Service Co. common stock is traded on the NASDAQ Global Select Market.

What is the par value of Matrix Service Co. common stock?

The par value of Matrix Service Co. common stock is $0.01 per share.

What is the state of incorporation for Matrix Service Co.?

Matrix Service Co. is incorporated in Delaware.

What is the principal executive office address for Matrix Service Co.?

The principal executive office address for Matrix Service Co. is 15 East 5th Street, Suite 1100, Tulsa, Oklahoma 74103.

Filing Stats: 4,849 words · 19 min read · ~16 pages · Grade level 13.5 · Accepted 2024-05-09 16:20:22

Key Financial Figures

Filing Documents

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Income for the Three and Nine Months Ended March 31, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33 PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 34 Signature 36 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Matrix Service Company Condensed Consolidated Statements of Income (In thousands, except per share data) (unaudited) Three Months Ended Nine Months Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Revenue $ 166,013 $ 186,895 $ 538,714 $ 589,166 Cost of revenue 160,435 182,476 510,688 573,041 Gross profit 5,578 4,419 28,026 16,125 Selling, general and administrative expenses 19,948 16,862 52,792 51,218 Goodwill impairment — — — 12,316 Restructuring costs — 316 — 2,881 Operating loss ( 14,370 ) ( 12,759 ) ( 24,766 ) ( 50,290 ) Other income (expense): Interest expense ( 143 ) ( 268 ) ( 787 ) ( 1,556 ) Interest income 165 94 477 164 Other (Note 3) ( 235 ) ( 116 ) 4,481 ( 706 ) Loss before income tax expense ( 14,583 ) ( 13,049 ) ( 20,595 ) ( 52,388 ) Provision for federal, state and foreign income taxes ( 2 ) ( 363 ) 4 ( 363 ) Net loss $ ( 14,581 ) $ ( 12,686 ) $ ( 20,599 ) $ ( 52,025 ) Basic loss per common share $ ( 0.53 ) $ ( 0.47 ) $ ( 0.75 ) $ ( 1.93 ) Diluted loss per common share $ ( 0.53 ) $ ( 0.47 ) $ ( 0.75 ) $ ( 1.93 ) Weighted average common shares outstanding: Basic 27,443 27,038 27,357 26,969 Diluted 27,443 27,038 27,357 26,969 See accompanying notes. -1- Table of Contents Matrix Service Company Condensed Consolidated Statements of Comprehensive Income (In thousands) (unaudited) Three Months Ended Nine Months Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Net loss $ ( 14,581 ) $ ( 12,686 ) $ ( 20,599 ) $ ( 52,025 ) Other comprehensive income (loss), net of tax: Foreign currency translation loss ( 548 ) ( 234 ) ( 524 ) ( 722 ) Comprehensive loss $ ( 15,129 ) $ ( 12,920 ) $ ( 21,123 ) $ ( 52,747 ) See accompanying notes. -2- Table of Contents Matrix Service Company Condensed Consolidated Balance Sheets (In thousands) (unaudited) March 31, 2024 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 69,658 $ 54,812 Accounts

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