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 2022.
Highlights of the First Quarter
2022*
- Revenue of $161.7 million, an
increase of 5.2% of organic growth
- SG&A expenses of $42.0
million, down 1.7% sequentially
- Net loss of $5.4
million
- Adjusted EBITDA of $5.5
million
- Gross debt of $208.8 million
and Net debt of $188.9 million
* All comparisons are consolidated and versus
the equivalent prior year period, unless otherwise noted.
First quarter 2022 revenue growth of 5.2% came in
at the high end of the range anticipated by the Company during its
fourth quarter outlook commentary. First quarter 2022 gross profit
was essentially flat with the year ago period, although gross
profit margin was down slightly, primarily due to higher healthcare
costs and certain one-time costs in the current year, and the end
of wage subsidies that had been received in the prior year period.
Gross profit margin is expected to expand significantly over the
remainder of the year, due to anticipated volume growth and
improved sales mix. Selling, general and administrative expenses in
the first quarter of 2022 were $42.0 million, up from $39.6 million
in the first quarter of 2021, due primarily to the reversal of
remaining COVID-19 temporary cost reductions in August 2021, which
had been initially implemented in 2020. Selling, general and
administrative expenses were down 1.7% sequentially from the fourth
quarter of 2021 and remain essentially flat with the pre-pandemic
period in the first quarter of 2019.
Chief Executive Officer Dennis Bertolotti
commented, “This was our seventh consecutive quarter of revenue
growth as we continue to make significant progress in markets that
have not fully recovered from the pandemic. We exceeded our revenue
expectation for the first quarter, despite a slow start in
Downstream in an otherwise relatively strong Spring turnaround
season. Both our Services segment and International segment had
revenue increases of almost 7% in local currencies. Our bottom-line
performance was as anticipated for the first quarter, in what is
typically the lowest seasonal period of the year.”
The Company’s expectations for full year financial
performance are discussed later in the release.
Mr. Bertolotti additionally commented on the
Company’s progress noting, “Our recently launched data solutions
offerings are continuing to evolve. Our MISTRAS OneSuite™ software
ecosystem provides customers with a single-access portal for
cross-functional data activities and includes access to over 85
integrated applications, all on one centralized, inter-connected
and secured platform. We implemented OneSuite at 36 separate
installations, spanning 110 unique customer sites with over 800
individual subscriptions in 2021. We anticipate further expansion
of OneSuite utilization throughout 2022, with revenue doubling in
this second full year for OneSuite. It is important to note that in
addition to winning over new customers, OneSuite is also currently
leveraging enhanced functionality of its applications, firmly
within our core Oil and Gas customers. The software will
differentiate us in three distinct ways: 1) customer retention – we
will become an even stickier component of our customers daily
activities, as they move further with our over 85 unique
applications, 2) unlocking unique insights and direct benefits, we
will create value for our customers from our applications, which
they cannot achieve with other vendors, and 3) monetizing of the
overall digital platform through greater use of the underlying
applications (and the related licensing fees), as customers
increasingly integrate our applications and seek our analysis of
their data. We will leverage our applications and automate analyses
where possible, but our Subject Matter Experts (who make the most
of the data generated for the benefit of our customers on a daily
basis) will remain a pivotal piece of the value-added
stream.”
Mr. Bertolotti further continued, “I am also very
pleased with the ongoing development and expansion of our Sensoria™
Wind Blade Monitoring and Sensoria Insights Web Portal, which
provides real-time detection and visualization of wind turbine
blade damage, utilizing our recently patented wind turbine blade
monitoring systems. We added nearly 40 wind turbines to our
platform in the first quarter of 2022, which comprised the entire
site for one customer. We also added additional data analysts to
our team, to enhance our capability to actively monitor and
finalize the automation of Sensoria monitoring. We continue to
demonstrate the capabilities of Sensoria to a number of customers,
across various OEM hardware systems of varying megawatt capacity. I
am proud of our team and the progress we have made in a relatively
short time, as our initial Sensoria installation was only in June
of 2020, as the early pilots and demos are now scaling up to full
commercialization.
Both OneSuite and Sensoria represent an evolution
in asset protection, which MISTRAS is uniquely qualified to
leverage our proven capabilities and expertise such as acoustic
emission monitoring, while innovating to meet the needs of the
changing global landscape. These newer, data-centric capabilities
favorably complement our more established MISTRAS Digital® tool - a
mobile, cloud-based field inspection, execution, and reporting
platform, which digitalizes the field inspection process via a
powerful, end-to-end workflow solution. All of these inter-related
data solutions combine together, to create a robust, predictive
analytical platform, delivering an enhanced return on investment
(“ROI”) for our core and emerging customers. I am very excited
about our prospects for growth in these new areas of opportunity in
2022 and beyond.”
Mr. Bertolotti concluded with, “I continue to be
very encouraged about the strengthening market conditions in the
Aerospace and Defense industry. We are hearing more optimism from
metal suppliers that they expect to be sending us significant
volumes of material for testing in the second half of 2022 for our
Aerospace customers. In addition, I am also very excited to
announce that we will be expanding our complimentary capabilities
in the Aerospace and Defense market, including the private space
sector. Supply chain issues are challenging our customers’
logistics, and we are responding by building more extensive
capabilities to better serve these supply chain issues. One example
of this is our facility in Georgia, where in partnership with a
customer, we are installing machining capability, taking on
additional adjacent operations and emulating what we achieved in
the past for Safran at our facility in Le Creusot, France. Solving
customers’ ever evolving needs is an area where MISTRAS continues
to demonstrate operational excellence and value-added
performance.”
Performance by certain Segments:
Services segment first quarter
revenue was $132.9 million, up 7.0% from $124.3 million in the
prior year quarter. Revenues continue to reflect
recovery in the Energy markets. For the first quarter, gross profit
was $30.5 million, compared to $31.1 million in the prior year.
Gross profit margin was 23.0% for the first quarter of 2022,
compared to 25.0% in the first quarter of 2022. This decrease of
200 basis points was due to primarily to higher healthcare costs in
the US and certain one-time costs in the current year, and the end
of wage subsidies received in Canada which had been received in the
prior year period.
International segment first
quarter revenues were $28.1 million, up 1.8% from $27.6 million in
the prior year quarter but up 7.5% in local currencies before
foreign currency translation, which represents organic growth; in
part, due to increased opportunities in a recovering aerospace
market. International segment first quarter gross profit margin was
29.1%, compared to 27.6% in the prior year, a 150-basis point
improvement attributable to a favorable sales mix.
The Company generated a net loss of $5.4 million in
the first quarter of 2022, consistent with the net loss of $5.4
million in the prior year. Adjusted EBITDA was $5.5 million in the
first quarter of 2022 compared to $7.0 million in the prior
year.
Cash Flow and Balance Sheet The
Company’s net cash from operating activities was negative $5.4
million for the first quarter of 2022, compared to $3.1 million in
prior year. Free cash flow was negative $8.6 million for the first
quarter of 2022, compared to negative $1.2 million in the prior
year. The Company did build up significant net working capital
during the first quarter of 2022, particularly extended days sales
outstanding which resulted in an increase in accounts receivable,
but it does expect to generate significant cash flow throughout the
remainder of 2022. The first quarter is typically the lowest
seasonal period of the year.
The Company’s net debt (total debt less cash and
cash equivalents) was $188.9 million as of March 31, 2022, compared
to $178.5 million as of December 31, 2021. Gross debt increased by
$6.2 million during the quarter ended March 31, 2022, from $202.6
million at the end of 2021 to $208.8 million as of March 31,
2022.
Outlook The Company’s business has
been recovering from the low level of demand experienced in the
second quarter of 2020, when the effect of COVID-19 peaked. Energy
prices and demand have improved from that time, the Company’s end
markets are rebounding to pre-pandemic levels. The Company's second
largest market Aerospace and Defense, particularly the commercial
sector, had been lagging other end market recoveries, although an
accelerated improvement is anticipated in commercial Aerospace in
the second half of 2022. Accordingly, for the full year 2022, the
Company expects to grow revenue to between $695 and $715 million,
which should generate Adjusted EBITDA between $65 to $69 million.
The Company’s free cash flow is expected to be between $27 to $30
million. Given strong energy markets, improving commercial
aerospace demand, robust industrial manufacturing and rapidly
developing Data Solutions, the Company is confident in achieving
its outlook projections.
Conference Call In connection with
this release MISTRAS will hold a conference call on May 4, 2022, at
9:00 a.m. (Eastern). The webcast can be accessed on MISTRAS'
Website, www.mistrasgroup.com. Individuals in the U.S. wishing to
participate in the conference call by phone may dial 1-844-832-7227
and use confirmation code 4135548 when prompted. The International
dial-in number is 1-224-633-1529. Those who wish to listen to the
call later can access an archived copy of the conference call at
the MISTRAS 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 2021 Annual Report on Form 10-K dated
March 14, 2022, 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 and
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 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) before special items (non-GAAP)", “Net Income (Loss)
(GAAP)" to "Net Income (Loss) Excluding Special Items (non-GAAP)”,
and “Diluted EPS (GAAP)” to “Diluted EPS Excluding Special Items
(non-GAAP)” which reconciles the non-GAAP amount to a GAAP
measurement.
Media Contact: Nestor S.
MakarigakisGroup Vice President of
Marketingmarcom@mistrasgroup.com1 (609) 716-4000
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Balance Sheets(in thousands, except share and per share
data)
|
|
March 31, 2022 |
|
December 31, 2021 |
ASSETS |
|
(unaudited) |
|
|
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
19,921 |
|
|
$ |
24,110 |
|
Accounts receivable, net |
|
|
127,085 |
|
|
|
109,511 |
|
Inventories |
|
|
12,589 |
|
|
|
12,686 |
|
Prepaid expenses and other current assets |
|
|
11,709 |
|
|
|
15,031 |
|
Total current assets |
|
|
171,304 |
|
|
|
161,338 |
|
Property, plant and equipment, net |
|
|
83,689 |
|
|
|
86,578 |
|
Intangible assets, net |
|
|
57,479 |
|
|
|
59,381 |
|
Goodwill |
|
|
206,409 |
|
|
|
205,439 |
|
Deferred income taxes |
|
|
2,225 |
|
|
|
2,174 |
|
Other assets |
|
|
47,122 |
|
|
|
47,285 |
|
Total assets |
|
$ |
568,228 |
|
|
$ |
562,195 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable |
|
$ |
12,422 |
|
|
$ |
12,870 |
|
Accrued expenses and other current liabilities |
|
|
87,466 |
|
|
|
83,863 |
|
Current portion of long-term debt |
|
|
21,336 |
|
|
|
20,162 |
|
Current portion of finance lease obligations |
|
|
3,775 |
|
|
|
3,765 |
|
Income taxes payable |
|
|
1,216 |
|
|
|
755 |
|
Total current liabilities |
|
|
126,215 |
|
|
|
121,415 |
|
Long-term debt, net of current portion |
|
|
187,478 |
|
|
|
182,403 |
|
Obligations under finance leases, net of current portion |
|
|
9,552 |
|
|
|
9,752 |
|
Deferred income taxes |
|
|
8,661 |
|
|
|
8,385 |
|
Other long-term liabilities |
|
|
39,237 |
|
|
|
39,328 |
|
Total liabilities |
|
|
371,143 |
|
|
|
361,283 |
|
Commitments and contingencies |
|
|
|
|
Equity |
|
|
|
|
Preferred stock, 10,000,000 shares authorized |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value, 200,000,000 shares authorized,
29,720,443 and 29,546,263 shares issued and outstanding |
|
|
297 |
|
|
|
295 |
|
Additional paid-in capital |
|
|
239,656 |
|
|
|
238,687 |
|
Accumulated Deficit |
|
|
(23,351 |
) |
|
|
(17,988 |
) |
Accumulated other comprehensive loss |
|
|
(19,756 |
) |
|
|
(20,311 |
) |
Total Mistras Group, Inc. stockholders’ equity |
|
|
196,846 |
|
|
|
200,683 |
|
Noncontrolling interests |
|
|
239 |
|
|
|
229 |
|
Total equity |
|
|
197,085 |
|
|
|
200,912 |
|
Total liabilities and equity |
|
$ |
568,228 |
|
|
$ |
562,195 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Condensed Consolidated
Statements of Loss(in thousands, except per share
data)
|
Three months ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Revenue |
$ |
161,662 |
|
|
$ |
153,735 |
|
Cost of revenue |
|
115,758 |
|
|
|
108,243 |
|
Depreciation |
|
6,012 |
|
|
|
5,491 |
|
Gross profit |
|
39,892 |
|
|
|
40,001 |
|
Selling, general and administrative expenses |
|
42,036 |
|
|
|
39,639 |
|
Legal settlement and insurance recoveries, net |
|
(841 |
) |
|
|
1,030 |
|
Research and engineering |
|
551 |
|
|
|
727 |
|
Depreciation and amortization |
|
2,795 |
|
|
|
3,074 |
|
Acquisition-related expense |
|
49 |
|
|
|
277 |
|
Loss from operations |
|
(4,698 |
) |
|
|
(4,746 |
) |
Interest expense |
|
1,938 |
|
|
|
3,213 |
|
Loss before benefit for income taxes |
|
(6,636 |
) |
|
|
(7,959 |
) |
Benefit for income taxes |
|
(1,283 |
) |
|
|
(2,600 |
) |
Net Loss |
|
(5,353 |
) |
|
|
(5,359 |
) |
Less: net income attributable to noncontrolling interests, net of
taxes |
|
10 |
|
|
|
3 |
|
Net Loss attributable to Mistras
Group, Inc. |
$ |
(5,363 |
) |
|
$ |
(5,362 |
) |
|
|
|
|
Loss per common share: |
|
|
|
Basic |
$ |
(0.18 |
) |
|
$ |
(0.18 |
) |
Diluted |
$ |
(0.18 |
) |
|
$ |
(0.18 |
) |
Weighted-average common shares outstanding: |
|
|
|
Basic |
|
29,634 |
|
|
|
29,425 |
|
Diluted |
|
29,634 |
|
|
|
29,425 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Operating Data by
Segment(in thousands)
|
Three months ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
Services |
$ |
132,946 |
|
|
$ |
124,298 |
|
International |
|
28,138 |
|
|
|
27,648 |
|
Products and Systems |
|
2,936 |
|
|
|
2,988 |
|
Corporate and eliminations |
|
(2,358 |
) |
|
|
(1,199 |
) |
|
$ |
161,662 |
|
|
$ |
153,735 |
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Gross profit |
|
|
|
Services |
$ |
30,526 |
|
|
$ |
31,076 |
|
International |
|
8,190 |
|
|
|
7,625 |
|
Products and Systems |
|
1,168 |
|
|
|
1,281 |
|
Corporate and eliminations |
|
8 |
|
|
|
19 |
|
|
$ |
39,892 |
|
|
$ |
40,001 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Revenues by
Category(in thousands)
Revenue by category was as follows:
Three Months Ended March 31, 2022 |
Services |
|
International |
|
Products |
|
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 |
Three Months Ended March 31, 2021 |
Services |
|
International |
|
Products |
|
Corp/Elim |
|
Total |
Oil & Gas |
79,220 |
|
7,936 |
|
56 |
|
— |
|
|
87,212 |
Aerospace & Defense |
11,823 |
|
4,317 |
|
35 |
|
— |
|
|
16,175 |
Industrials |
8,819 |
|
4,849 |
|
327 |
|
— |
|
|
13,995 |
Power generation & Transmission |
5,534 |
|
1,978 |
|
759 |
|
— |
|
|
8,271 |
Other Process Industries |
7,856 |
|
2,912 |
|
9 |
|
— |
|
|
10,777 |
Infrastructure, Research & Engineering |
3,169 |
|
3,756 |
|
1,144 |
|
— |
|
|
8,069 |
Petrochemical |
5,464 |
|
72 |
|
— |
|
|
|
5,536 |
Other |
2,413 |
|
1,828 |
|
658 |
|
(1,199 |
) |
|
3,700 |
Total |
124,298 |
|
27,648 |
|
2,988 |
|
(1,199 |
) |
|
153,735 |
Revenue by Oil & Gas Sub-category was as
follows:
|
Three months ended March 31, |
|
2022 |
|
2021 |
|
($ in thousands) |
Oil and Gas Revenue |
|
|
|
Upstream |
41,665 |
|
33,926 |
Midstream |
24,907 |
|
22,438 |
Downstream |
27,651 |
|
30,848 |
Total |
94,223 |
|
87,212 |
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, |
|
|
2022 |
|
|
|
2021 |
|
Services: |
|
|
|
Income from operations (GAAP) |
$ |
3,761 |
|
|
$ |
4,548 |
|
Reorganization and other costs |
|
27 |
|
|
|
71 |
|
Legal settlement and insurance recoveries, net |
|
(841 |
) |
|
|
1,650 |
|
Acquisition-related expense, net |
|
44 |
|
|
|
243 |
|
Income before special items (non-GAAP) |
$ |
2,991 |
|
|
$ |
6,512 |
|
International: |
|
|
|
Income (Loss) from operations (GAAP) |
$ |
284 |
|
|
$ |
(820 |
) |
Reorganization and other costs |
|
87 |
|
|
|
96 |
|
Income (Loss) from operations before special items (non-GAAP) |
$ |
371 |
|
|
$ |
(724 |
) |
Products and Systems: |
|
|
|
Loss from operations (GAAP) |
$ |
(582 |
) |
|
$ |
(581 |
) |
Reorganization and other costs |
|
— |
|
|
|
27 |
|
Loss from operations before special items (non-GAAP) |
$ |
(582 |
) |
|
$ |
(554 |
) |
Corporate and Eliminations: |
|
|
|
Loss from operations (GAAP) |
$ |
(8,161 |
) |
|
$ |
(7,893 |
) |
Legal settlement and insurance recoveries, net |
|
— |
|
|
|
(620 |
) |
Acquisition-related expense, net |
|
5 |
|
|
|
34 |
|
Loss from operations before special items (non-GAAP) |
$ |
(8,156 |
) |
|
$ |
(8,479 |
) |
Total Company: |
|
|
|
Loss from operations (GAAP) |
$ |
(4,698 |
) |
|
$ |
(4,746 |
) |
Reorganization and other costs |
|
114 |
|
|
|
194 |
|
Legal settlement and insurance recoveries, net |
|
(841 |
) |
|
|
1,030 |
|
Acquisition-related expense, net |
|
49 |
|
|
|
277 |
|
Loss from operations before special items (non-GAAP) |
$ |
(5,376 |
) |
|
$ |
(3,245 |
) |
Mistras Group, Inc. and
SubsidiariesUnaudited Summary Cash Flow
Information(in thousands)
|
Three months ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Net cash provided by (used in): |
|
|
|
Operating activities |
$ |
(5,399 |
) |
|
$ |
3,148 |
|
Investing activities |
|
(2,737 |
) |
|
|
(4,176 |
) |
Financing activities |
|
4,323 |
|
|
|
435 |
|
Effect of exchange rate changes on cash |
|
(376 |
) |
|
|
(990 |
) |
Net change in cash and cash equivalents |
$ |
(4,189 |
) |
|
$ |
(1,583 |
) |
|
|
|
|
|
|
|
|
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, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net cash provided by (used in) operating activities
(GAAP) |
$ |
(5,399 |
) |
|
$ |
3,148 |
|
Less: |
|
|
|
Purchases of property, plant and equipment |
|
(3,061 |
) |
|
|
(4,003 |
) |
Purchases of intangible assets |
|
(151 |
) |
|
|
(350 |
) |
Free cash flow (non-GAAP) |
$ |
(8,611 |
) |
|
$ |
(1,205 |
) |
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Gross Debt
(GAAP) to Net Debt (non-GAAP)(in thousands)
|
|
March 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
Current portion of long-term debt |
|
$ |
21,336 |
|
|
$ |
20,162 |
|
Long-term debt, net of current portion |
|
|
187,478 |
|
|
|
182,403 |
|
Total Debt (Gross) |
|
|
208,814 |
|
|
|
202,565 |
|
Less: Cash and cash equivalents |
|
|
(19,921 |
) |
|
|
(24,110 |
) |
Total Net Debt |
|
$ |
188,893 |
|
|
$ |
178,455 |
|
Mistras Group, Inc. and
SubsidiariesUnaudited Reconciliation of Net Loss
(GAAP) to Adjusted EBITDA (non-GAAP)(in thousands)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
Net Loss (GAAP) |
$ |
(5,353 |
) |
|
$ |
(5,359 |
) |
Less: Net income attributable to non-controlling interests, net of
taxes |
|
10 |
|
|
|
3 |
|
Net Loss attributable to Mistras
Group, Inc. |
$ |
(5,363 |
) |
|
$ |
(5,362 |
) |
Interest expense |
|
1,938 |
|
|
|
3,213 |
|
Benefit for income taxes |
|
(1,283 |
) |
|
|
(2,600 |
) |
Depreciation and amortization |
|
8,807 |
|
|
|
8,565 |
|
Share-based compensation expense |
|
1,515 |
|
|
|
1,262 |
|
Acquisition-related expense |
|
49 |
|
|
|
277 |
|
Reorganization and other related costs |
|
114 |
|
|
|
194 |
|
Legal settlement and insurance recoveries, net |
|
(841 |
) |
|
|
1,030 |
|
Foreign exchange loss |
|
601 |
|
|
|
457 |
|
Adjusted EBITDA (non-GAAP) |
$ |
5,537 |
|
|
$ |
7,036 |
|
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, |
|
|
2022 |
|
|
|
2021 |
|
Net loss attributable to Mistras Group, Inc.
(GAAP) |
$ |
(5,363 |
) |
|
$ |
(5,362 |
) |
Special items |
|
(678 |
) |
|
|
1,501 |
|
Tax impact on special items |
|
155 |
|
|
|
(367 |
) |
Special items, net of tax |
$ |
(523 |
) |
|
$ |
1,134 |
|
Net loss attributable to Mistras Group, Inc. Excluding
Special Items (non-GAAP) |
$ |
(5,886 |
) |
|
$ |
(4,228 |
) |
|
|
|
|
Diluted EPS (GAAP)(1) |
$ |
(0.18 |
) |
|
$ |
(0.18 |
) |
Special items, net of tax |
|
(0.02 |
) |
|
|
0.04 |
|
Diluted EPS Excluding Special Items
(non-GAAP) |
$ |
(0.20 |
) |
|
$ |
(0.14 |
) |
_______________(1) For the three months ended March
31, 2022 and 2021, 1,212,000 and 509,000 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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