FORM 10-Q _______________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________ For the quarterly period ended December 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 1-15461 MATRIX SERVICE COMPANY (E ...

2 S 4 5 • Restored our direct gross margins to historical double-digit range | --- | --- | |-------------------------------------------------------------------------|---------------------------------------------------------------------| | | | | With improved volume and quality of backlog projects, we expect to grow | | | | revenue, improve gross margins, fully recover construction overhead | 6 The world is still heavily dependent on fossil fuel and will be for the foreseeable future. COMMODITIES – 3.6% Trad ...

Matrix Service Company (NASDAQ:MTRX) Q2 2024 Earnings Conference Call February 8, 2024 10:30 AM ET Company Participants Kellie Smythe - Senior Director, Investor Relations John Hewitt - President and Chief Executive Officer Kevin Cavanah - Chief Financial Officer Conference Call Participants John Franzreb - Sidoti & Company Brent Thielman - D.A. Davidson Operator Good morning and welcome to the Matrix Service Company Conference Call to discuss Results for the Second Quarter of Fiscal 2024. Currently, all pa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________ FORM 10-Q _______________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 1-15461 MATRIX SERVICE COMPANY ( ...

Matrix Service Company (NASDAQ:MTRX) Q1 2024 Earnings Conference Call November 9, 2023 10:30 AM ET Company Participants Kellie Smythe - Senior Director, Investor Relations John Hewitt - President and Chief Executive Officer Kevin Cavanah - Chief Financial Officer Conference Call Participants Brent Thielman - D.A. Davidson John Franzreb - Sidoti & Company Operator Good morning and welcome to the Matrix Service Company Conference Call to discuss Results for the First Quarter of Fiscal 2024. Currently, all pa ...

Financial Performance - Consolidated revenue for fiscal 2023 was $795.0 million, an increase of $87.2 million (12.3%) compared to $707.8 million in fiscal 2022[149]. - Gross profit for fiscal 2023 was $30.8 million, compared to a gross loss of $1.2 million in fiscal 2022, resulting in a gross margin of 3.9%[150]. - The company reported a net loss of $52.4 million in fiscal 2023, an improvement from a net loss of $63.9 million in fiscal 2022, translating to losses of $1.94 and $2.39 per fully diluted share, respectively[156]. - Adjusted EBITDA for fiscal 2023 was reported at $(17.7) million, an improvement from $(45.6) million in fiscal 2022, indicating a trend towards better operational performance[175]. - The effective tax rate for fiscal 2023 was 0.8%, a significant change from (9.6)% in fiscal 2022, influenced by valuation allowances on deferred tax assets[155]. - The company recognized a goodwill impairment of $12.32 million in the second quarter of fiscal year 2023, while no impairment was recorded in the fourth quarter[251]. - The net loss for the fiscal year 2023 was $52.36 million, an improvement from a net loss of $63.90 million in fiscal year 2022[256]. - Basic loss per common share for fiscal year 2023 was $1.94, compared to $2.39 in fiscal year 2022[256]. Revenue Segments - Revenue for the Storage and Terminal Solutions segment increased by $22.9 million to $255.7 million in fiscal 2023, driven by higher volumes of specialty vessel capital projects and tank repair work[157]. - The Utility and Power Infrastructure segment's revenue decreased to $169.5 million in fiscal 2023 from $220.1 million in fiscal 2022, primarily due to lower volumes of natural gas utility peak shaving work[160]. - Revenue for the Process and Industrial Facilities segment rose by $115.0 million to $369.8 million in fiscal 2023, attributed to increased activity in biodiesel facility projects and refinery maintenance[162]. - Revenue from fixed-price contracts was $419.426 million in 2023, a slight decrease from $421.188 million in 2022[322]. - Revenue from time and materials and other cost reimbursable contracts increased significantly to $375.594 million in 2023 from $286.592 million in 2022, marking a growth of 31.1%[322]. Backlog and Project Awards - The backlog at the end of fiscal 2023 was $1.1 billion, the highest level since fiscal 2019, with project awards totaling $1.3 billion during the year[138]. - The Storage and Terminal Solutions segment saw a backlog increase of 38.7%, with project awards of $354.5 million in fiscal 2023[144]. - The Utility and Power Infrastructure segment experienced a backlog increase of 350.2%, with project awards of $527.0 million in fiscal 2023[145]. - The Process and Industrial Facilities segment's backlog increased by 23.1%, with project awards of $444.1 million in fiscal 2023[146]. - As of June 30, 2023, the company had $459.7 million of remaining performance obligations yet to be satisfied, with an expectation to recognize approximately $381.0 million as revenue within the next twelve months[316]. Cash Flow and Liquidity - Unrestricted cash and cash equivalents totaled $54.8 million as of June 30, 2023, with total liquidity amounting to $92.5 million when including availability under the ABL Facility[176]. - Cash provided by operating activities for the fiscal year ended June 30, 2023 totaled $10.2 million, with a net loss of $52.4 million[184]. - Liquidity at June 30, 2023 was $92.6 million, a decrease from $94.8 million at June 30, 2022[28]. - The company generated $6.5 million from asset sales, including $6.3 million from the sale of its industrial cleaning business[28]. - The company maintains a minimum of $25.0 million of restricted cash at all times as required by the ABL Facility[294]. Expenses and Impairments - Consolidated Selling, General and Administrative expenses were $68.2 million in fiscal 2023, slightly up from $67.7 million in fiscal 2022[151]. - Goodwill impairment recorded in fiscal 2023 was $12.3 million, compared to $18.3 million in fiscal 2022[151]. - The gross margins in fiscal 2023 were negatively impacted by under recovery of construction overhead costs and increased forecasted costs to complete certain projects[150]. - The company has three reporting units with a combined total of $20.9 million of goodwill at higher risk of future impairment, with estimated fair values exceeding carrying values by 11% to 28%[252]. Capital Expenditures and Investments - Capital expenditures for the fiscal year ended June 30, 2023 were $9.0 million, primarily for construction and transportation equipment[187]. - The company experienced a gain on the sale of property, plant, and equipment amounting to $2.841 million in 2023, compared to a loss of $33.114 million in 2022[267]. - Stock-based compensation expense was $6.791 million in 2023, compared to $7.877 million in 2022, reflecting a decrease in compensation costs[273]. Accounting and Reporting - The company utilizes the percentage-of-completion method to measure progress on fixed-price contracts, which is based on costs incurred to date compared to total estimated costs[203]. - The company reassesses variable consideration each accounting period until uncertainty is resolved, with changes accounted for prospectively as cumulative adjustments to revenue recognized[201]. - The company measures progress on fixed-price contracts using the percentage-of-completion method, which is based on costs incurred to date compared to total estimated costs at completion[248]. - Deloitte & Touche LLP issued an unqualified opinion on the company's internal control over financial reporting as of June 30, 2023[235]. - The company's management assessed the effectiveness of internal control over financial reporting as of June 30, 2023, concluding it was effective[231].

Matrix Service Company (NASDAQ:MTRX) Q4 2023 Earnings Conference Call September 12, 2023 10:30 AM ET Company Participants Kellie Smythe - Senior Director, Investor Relations John Hewitt - President and Chief Executive Officer Kevin Cavanah - Chief Financial Officer Conference Call Participants John Franzreb - Sidoti Oliver Chornous - D. A. Davidson Operator Good day, and thank you for standing by. Welcome to the Matrix Service Company Conference Call to discuss Results for the Fourth Quarter Fiscal 2023. At ...

Matrix Service Company (NASDAQ:MTRX) Q3 2023 Earnings Conference Call May 9, 2023 10:30 AM ET Company Participants Kellie Smythe - Senior Director of Investor Relations John Hewitt - President & Chief Executive Officer Kevin Cavanah - Vice President & Chief Financial Officer Conference Call Participants John Franzreb - Sidoti Brent Thielman - D.A. Davidson Operator Good morning and welcome to the Matrix Service Company Conference Call to discuss results for the Third Quarter of Fiscal 2023. [Operator Instru ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _______________________________________ FORM 10-Q _______________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ☐ Transition Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 1-15461 MATRIX SERVICE COMPANY (Exac ...

FY23 Q2 EARNINGS CALL SAFE HARBOR 2 This presentation contains certain forward-looking statements concerning Matrix Service Company's operations, economic performance and management's best judgment as to what may occur in the future. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, many of which are beyond the control of the Company, and any one of which, or a combination of which, could materially ...