Mistras Group Files Q3 2024 10-Q

TL;DR

Mistras Group's Q3 2024 10-Q is in, check financials for engineering services performance.

AI Summary

Mistras Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the year-to-date period. Specific financial figures and segment performance are presented, reflecting the company's activities in engineering services.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Mistras Group, Inc., crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the financial details within could reveal performance trends that impact risk.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This is the end date for the financial data presented in the 10-Q.)
• 2024-11-04 — Filing Date (The date Mistras Group, Inc. submitted this 10-Q to the SEC.)

Key Players & Entities

• Mistras Group, Inc. (company) — Filer of the 10-Q report.
• 2024-09-30 (date) — End of the reporting period for the 10-Q.
• 2024-11-04 (date) — Date the 10-Q was filed.
• 8711 (other) — Standard Industrial Classification code for Services-Engineering Services.

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MG New York Stock Exchange

Filing Documents

• mg-20240930.htm (10-Q) — 1624KB
• a10qexhibit311-q32024.htm (EX-31.1) — 10KB
• a10qexhibit312-q32024.htm (EX-31.2) — 10KB
• a10qexhibit321-q32024.htm (EX-32.1) — 5KB
• 0001436126-24-000065.txt ( ) — 8317KB
• mg-20240930.xsd (EX-101.SCH) — 47KB
• mg-20240930_cal.xml (EX-101.CAL) — 69KB
• mg-20240930_def.xml (EX-101.DEF) — 207KB
• mg-20240930_lab.xml (EX-101.LAB) — 602KB
• mg-20240930_pre.xml (EX-101.PRE) — 436KB
• mg-20240930_htm.xml (XML) — 1579KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2024 and September 30, 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and September 30, 2023 3 Unaudited Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2024 and September 30, 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and September 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 36 ITEM 4

Controls and Procedures

Controls and Procedures 36

—OTHER INFORMATION

PART II—OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 37 ITEM 1.A.

Risk Factors

Risk Factors 37 ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 37 ITEM 3. Defaults Upon Senior Securities 37 ITEM 4. Mine Safety Disclosures 37 ITEM 5. Other Information 37 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 Unaudited Condensed Consolidated Balance Sheets ( in thousands, except share and per share data ) September 30, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 20,360 $ 17,646 Accounts receivable, net 144,104 132,847 Inventories 14,510 15,283 Prepaid expenses and other current assets 14,353 14,580 Total current assets 193,327 180,356 Property, plant and equipment, net 79,852 80,972 Intangible assets, net 41,504 43,994 Goodwill 185,872 187,354 Deferred income taxes 5,641 2,316 Other assets 45,485 39,784 Total assets $ 551,681 $ 534,776 LIABILITIES AND EQUITY Current Liabilities Accounts payable $ 13,272 $ 17,032 Accrued expenses and other current liabilities 85,623 84,331 Current portion of long-term debt 10,711 8,900 Current portion of finance lease obligations 4,594 5,159 Income taxes payable 964 1,101 Total current liabilities 115,164 116,523 Long-term debt, net of current portion 178,989 181,499 Obligations under finance leases, net of current portion 11,154 11,261 Deferred income taxes 3,781 2,552 Other long-term liabilities 37,050 32,438 Total liabilities 346,138 344,273 Commitments and contingencies (Note 14) Equity Preferred stock, 10,000,000 shares authorized — — Common stock, $ 0.01 par value, 200,000,000 shares authorized, 31,006,864 and 30,597,633 shares issued and outstanding 385 305 Additional paid-in capital 250,016 247,165 Accumulated deficit ( 15,177 ) ( 28,942 ) Accumulated other comprehensive loss ( 30,020 ) ( 28,336 ) Total Mistras Group, Inc. stockholders' equity 205,204 190,192 Non-controlling interests 339 311 Total equity 205,543 190,503 Total liabilities and equity $ 551,681 $ 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 (Lo

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