$MG
Mistras Group, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143612623000038 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $179.4M $176.0M
YoY Change 0.5% -1.68%
Cost Of Revenue $125.0M $126.3M
YoY Change 0.24% 0.67%
Gross Profit $54.38M $49.72M
YoY Change 1.11% -7.16%
Gross Profit Margin 30.32% 28.25%
Selling, General & Admin $39.54M $41.48M
YoY Change -4.94% 1.99%
% of Gross Profit 72.7% 83.43%
Research & Development $438.0K $511.0K
YoY Change -2.67% -2.11%
% of Gross Profit 0.81% 1.03%
Depreciation & Amortization $8.748M $8.309M
YoY Change 232.75% 2.23%
% of Gross Profit 16.09% 16.71%
Operating Expenses $39.98M $42.00M
YoY Change -10.51% 1.93%
Operating Profit -$4.682M $3.893M
YoY Change -151.37% -59.35%
Interest Expense $4.167M $3.858M
YoY Change -252.36% 82.24%
% of Operating Profit 99.1%
Other Income/Expense, Net
YoY Change
Pretax Income -$8.849M $35.00K
YoY Change -238.72% -99.53%
Income Tax $1.489M -$341.0K
% Of Pretax Income -974.29%
Net Earnings -$10.30M $337.0K
YoY Change -335.49% -92.74%
Net Earnings / Revenue -5.74% 0.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.34 $0.01
COMMON SHARES
Basic Shares Outstanding 30.30M shares 30.30M shares
Diluted Shares Outstanding 30.40M shares 30.66M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.75M $18.00M
YoY Change -29.48% -3.28%
Cash & Equivalents $12.75M $18.00M
Short-Term Investments
Other Short-Term Assets $18.26M $17.99M
YoY Change 56.15% 52.88%
Inventory $15.78M $16.07M
Prepaid Expenses
Receivables $136.4M $118.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $183.2M $170.8M
YoY Change 5.0% -1.21%
LONG-TERM ASSETS
Property, Plant & Equipment $79.76M $81.30M
YoY Change 4.77% -32.8%
Goodwill $185.5M $201.6M
YoY Change -6.03% -0.75%
Intangibles $44.47M $46.15M
YoY Change -11.66% -14.98%
Long-Term Investments
YoY Change
Other Assets $41.56M $40.17M
YoY Change -1.31% -7.49%
Total Long-Term Assets $353.5M $370.1M
YoY Change -3.41% -3.27%
TOTAL ASSETS
Total Short-Term Assets $183.2M $170.8M
Total Long-Term Assets $353.5M $370.1M
Total Assets $536.7M $540.9M
YoY Change -0.69% -2.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.63M $17.01M
YoY Change 14.24% -1.81%
Accrued Expenses $74.33M $69.72M
YoY Change -10.52% -7.72%
Deferred Revenue $7.523M $9.257M
YoY Change 8.7% 10.86%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $8.402M $7.550M
YoY Change -25.86% -64.43%
Total Short-Term Liabilities $111.2M $109.7M
YoY Change 3.39% -13.88%
LONG-TERM LIABILITIES
Long-Term Debt $185.5M $176.1M
YoY Change -8.74% -1.7%
Other Long-Term Liabilities $33.36M $32.04M
YoY Change -1.49% -12.75%
Total Long-Term Liabilities $218.8M $208.2M
YoY Change -7.7% -3.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.2M $109.7M
Total Long-Term Liabilities $218.8M $208.2M
Total Liabilities $350.9M $340.4M
YoY Change -0.78% -5.78%
SHAREHOLDERS EQUITY
Retained Earnings -$26.44M -$16.14M
YoY Change 84.42% -13.74%
Common Stock $302.0K $302.0K
YoY Change 1.68% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $185.5M $200.2M
YoY Change
Total Liabilities & Shareholders Equity $536.7M $540.9M
YoY Change -0.69% -2.63%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$10.30M $337.0K
YoY Change -335.49% -92.74%
Depreciation, Depletion And Amortization $8.748M $8.309M
YoY Change 232.75% 2.23%
Cash From Operating Activities -$7.637M $13.89M
YoY Change -380.57% 5.15%
INVESTING ACTIVITIES
Capital Expenditures $5.648M $5.930M
YoY Change -322.45% -252.87%
Acquisitions
YoY Change
Other Investing Activities $289.0K $579.0K
YoY Change 79.5% 394.87%
Cash From Investing Activities -$5.359M -$5.351M
YoY Change 125.36% 42.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.348M -7.236M
YoY Change 2985.15% -22.85%
NET CHANGE
Cash From Operating Activities -7.637M 13.89M
Cash From Investing Activities -5.359M -5.351M
Cash From Financing Activities 9.348M -7.236M
Net Change In Cash -3.648M 1.301M
YoY Change -663.83% 1841.79%
FREE CASH FLOW
Cash From Operating Activities -$7.637M $13.89M
Capital Expenditures $5.648M $5.930M
Free Cash Flow -$13.29M $7.958M
YoY Change -352.52% -53.43%

Facts In Submission

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassification</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company’s financial condition or results of operations as previously reported.</span></div>
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IncomeLossFromContinuingOperationsPerDilutedShare
0.01
CY2022Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.15
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.15
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.02
CY2023Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1000 usd
CY2022Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
13000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
18000 usd
CY2023Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
usd
CY2022Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
usd
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
45000 usd
CY2023Q2 mg Acquisition Related Costs And Fair Value Adjustments To Initial Purchase Price Allocation
AcquisitionRelatedCostsAndFairValueAdjustmentsToInitialPurchasePriceAllocation
1000 usd
CY2022Q2 mg Acquisition Related Costs And Fair Value Adjustments To Initial Purchase Price Allocation
AcquisitionRelatedCostsAndFairValueAdjustmentsToInitialPurchasePriceAllocation
13000 usd
mg Acquisition Related Costs And Fair Value Adjustments To Initial Purchase Price Allocation
AcquisitionRelatedCostsAndFairValueAdjustmentsToInitialPurchasePriceAllocation
3000 usd
mg Acquisition Related Costs And Fair Value Adjustments To Initial Purchase Price Allocation
AcquisitionRelatedCostsAndFairValueAdjustmentsToInitialPurchasePriceAllocation
63000 usd
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
120634000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
127767000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1861000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4110000 usd
CY2023Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
118773000 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
123657000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
20500000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
13500000 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
8841000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
7745000 usd
CY2023Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
7226000 usd
CY2022Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
5811000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
16067000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
13556000 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
310231000 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
310231000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
296668000 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
228934000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
219107000 usd
CY2023Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
81297000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
77561000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
6200000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
5800000 usd
us-gaap Depreciation
Depreciation
12400000 usd
us-gaap Depreciation
Depreciation
12300000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
199635000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
1951000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
201586000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
340693000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
49722000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
53558000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
186219000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
140074000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
46145000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
183588000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
134573000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
49015000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000 usd
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4300000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4600000 usd
CY2023Q2 mg Accrued Salaries Wages And Employee Related Benefits Current
AccruedSalariesWagesAndEmployeeRelatedBenefitsCurrent
26811000 usd
CY2022Q4 mg Accrued Salaries Wages And Employee Related Benefits Current
AccruedSalariesWagesAndEmployeeRelatedBenefitsCurrent
26684000 usd
CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
0 usd
CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
937000 usd
CY2023Q2 mg Accrued Workers Compensation And Health Benefits Current
AccruedWorkersCompensationAndHealthBenefitsCurrent
3760000 usd
CY2022Q4 mg Accrued Workers Compensation And Health Benefits Current
AccruedWorkersCompensationAndHealthBenefitsCurrent
3660000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
9257000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7521000 usd
CY2023Q2 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
2458000 usd
CY2022Q4 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
2519000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10603000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10376000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26083000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26147000 usd
CY2023Q2 mg Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
78972000 usd
CY2022Q4 mg Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
77844000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
183671000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
191251000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
7550000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
7425000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
176121000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
183826000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
176030000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
179031000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
344046000 usd
us-gaap Gross Profit
GrossProfit
95799000 usd
us-gaap Gross Profit
GrossProfit
93450000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3893000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
9576000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
2065000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
4877000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8309000 usd
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8128000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16722000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16935000 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
46145000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
49015000 usd
CY2023Q2 us-gaap Assets
Assets
540946000 usd
CY2022Q4 us-gaap Assets
Assets
534904000 usd

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