Mistras Group Inc. Files Q2 2024 10-Q
Ticker: MG · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1436126
Sentiment: neutral
Topics: 10-Q, quarterly-filing, financials
TL;DR
Mistras Group Q2 10-Q filed. Financials and operations detailed.
AI Summary
Mistras Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Specific financial figures and segment performance are outlined within the report.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational status of Mistras Group, Inc. as of the end of the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.
Key Players & Entities
- Mistras Group, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240802 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 2, 2024.
What is Mistras Group, Inc.'s fiscal year end?
Mistras Group, Inc.'s fiscal year ends on December 31.
What is the company's primary business classification?
Mistras Group, Inc. is classified under SERVICES-ENGINEERING SERVICES with SIC code 8711.
Where is Mistras Group, Inc. headquartered?
Mistras Group, Inc. is located at 195 Clarksville Road, Princeton Junction, NJ 08550.
Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 16.6 · Accepted 2024-08-02 14:49:12
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value MG New York Stock Exchange
Filing Documents
- mg-20240630.htm (10-Q) — 1612KB
- a10qexhibit311-q22024.htm (EX-31.1) — 10KB
- a10qexhibit312-q22024.htm (EX-31.2) — 10KB
- a10qexhibit321-q22024.htm (EX-32.1) — 5KB
- 0001436126-24-000052.txt ( ) — 8352KB
- mg-20240630.xsd (EX-101.SCH) — 46KB
- mg-20240630_cal.xml (EX-101.CAL) — 68KB
- mg-20240630_def.xml (EX-101.DEF) — 224KB
- mg-20240630_lab.xml (EX-101.LAB) — 608KB
- mg-20240630_pre.xml (EX-101.PRE) — 439KB
- mg-20240630_htm.xml (XML) — 1585KB
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION ITEM 1.
Financial Statements
Financial Statements 1 Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2024 and June 30, 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income ( Loss ) for the three and six months ended June 30, 2024 and June 30, 2023 3 Unaudited Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2024 and June 30, 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 35 ITEM 4
Controls and Procedures
Controls and Procedures 35
—OTHER INFORMATION
PART II—OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 36 ITEM 1.A.
Risk Factors
Risk Factors 36 ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 36 ITEM 3. Defaults Upon Senior Securities 36 ITEM 4. Mine Safety Disclosures 36 ITEM 5. Other Information 36 ITEM 6. Exhibits 38
SIGNATURES
SIGNATURES 39 i Table of Contents
—FINANCIAL INFORMATION
PART I—FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements Mistras Group, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) ( in thousands, except share and per share data ) June 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 17,177 $ 17,646 Accounts receivable, net 149,958 132,847 Inventories 14,944 15,283 Prepaid expenses and other current assets 11,384 14,580 Total current assets 193,463 180,356 Property, plant and equipment, net 78,785 80,972 Intangible assets, net 41,712 43,994 Goodwill 184,988 187,354 Deferred income taxes 3,657 2,316 Other assets 45,542 39,784 Total assets $ 548,147 $ 534,776 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 13,759 $ 17,032 Accrued expenses and other current liabilities 85,727 84,331 Current portion of long-term debt 10,021 8,900 Current portion of finance lease obligations 4,645 5,159 Income taxes payable 394 1,101 Total current liabilities 114,546 116,523 Long-term debt, net of current portion 189,692 181,499 Obligations under finance leases, net of current portion 10,864 11,261 Deferred income taxes 2,571 2,552 Other long-term liabilities 37,000 32,438 Total liabilities 354,673 344,273 Commitments and contingencies (Note 14) Equity Preferred stock, 10,000,000 shares authorized — — Common stock, $ 0.01 par value, 200,000,000 shares authorized, 30,977,420 and 30,597,633 shares issued and outstanding 385 305 Additional paid-in capital 248,524 247,165 Accumulated deficit ( 21,578 ) ( 28,942 ) Accumulated other comprehensive loss ( 34,181 ) ( 28,336 ) Total Mistras Group, Inc. stockholders' equity 193,150 190,192 Non-controlling interests 324 311 Total equity 193,474 190,503 Total liabilities and equity $ 548,147 $ 534,776 The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements. Table of Contents Mistras Group, Inc. and Subsidiaries Unaudited Condensed Consolidated Statements of Income (Loss)