Matrix Service Company · NASDAQ:MTRX
Matrix Service — Q4 2023 Earnings Presentation
21 slides from Matrix Service's earnings presentation, Sep 12, 2023
Slide 1: FY25 Q4
FY25 Q4
Slide 2: Safe Harbor
SAFE HARBOR 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 wil
Slide 3: Investor Conferences and Corporate Access Opportunities
INVESTOR CONFERENCES AND CORPORATE ACCESS OPPORTUNITIES SEPTEMBER 21 – 22 D. A. Davidson Annual Diversified Industrials & Services Conference Nashville, Tennessee OCTOBER Virtual Non-Deal Roadshow hosted by Rose & Company NOVEMBER 14 Matrix virtual Annual Stockholder Meeting NOVEMBER 15 – 16 Sidoti
Slide 4: Safety Moment
SAFETY MOMENT 4
Slide 5: CEO Commentary
CEO COMMENTARY 5
Slide 6: Project Awards and Book-to-Bill (B2B)
PROJECT AWARDS AND BOOK-TO-BILL (B2B) $1.3B 1.7 B2B $271M $464M 2.3 B2B $41M $319M $309M $451M 1.6 B2B 1.7 B2B $235M $66M 1.1 B2B $115M $26M $361M $132M $98M $217M $360M $43M $105M $60M $62M FY 2023, Q1 FY 2023, Q2 FY 2023, Q3 FY 2023, Q4 Fiscal 2023 STORAGE AND TERMINAL SOLUTIONS UTILITY AND POWER
Slide 7: June 30, 2023 Backlog: $1.1B, 85% Year-Over-Year Increase
JUNE 30, 2023 BACKLOG | $1.1B, 85% YEAR-OVER-YEAR INCREASE $1.1B $271M Number of capital projects, including two large ethane tank projects +85% with continued robust growth in this segment. $589M Includes recent award of an LNG peak shaver that will begin later in the $451M year, as well as other o
Slide 8: Opportunity Pipeline
Low Carbon Energy Mix OPPORTUNITY PIPELINE 72% Traditional Energy and Traditional Chemicals 26% Supports traditional and lower carbon energy mix, including NATURAL GAS LNG 12.7% LNG and NGLs, Hydrogen and 20.6% other renewables. $5.4 B AEROSPACE All three operating segments contain 2.3% projects of
Slide 9: Financial Review: FY 2023 Q4 Results Show Continued Progress
FINANCIAL REVIEW ISSUES IMPACTING THE BUSINESS IN FISCAL 2021 IMPROVEMENT INITIATIVES AND RESULTS THROUGH FISCAL 2023 • Low revenue volume due to limited project award • Reduced our overhead structure by 30% and have activity. Two years ago, backlog decreased to less since continued to tightly manag
Slide 10: Project Awards and Backlog
PROJECT AWARDS AND BACKLOG $1,400 $1,325.6 $1,296.4 Millions Project Awards Backlog $1,200 $1,098.3 $1,090.1 $1,000 $859.5 $834.7 $800 $758.5 $589.5 $600 $451.7 $462.6 $400 $200 $0 FY 2019 FY 2020 FY 2021 FY 2022 FY2023 Exit from Iron & Steel business; COVID-19 pandemic is at its height. Market begi
Slide 11: Quarterly Trend | Consolidated
QUARTERLY TREND | CONSOLIDATED (In millions except %) FY 2023, Q1 FY 2023, Q2 FY 2023, Q3 FY 2023, Q4 Revenue $ 208,431 $ 193,040 $ 186,895 $ 205,854 Gross Profit (Loss) 13,008 (1,302) 4,419 14,695 Gross Margin 6.2% (0.7%) 2.4% 7.1% SG&A Expense 16,811 17,545 16,862 17,031 Adjusted Operating Income
Slide 12: Quarterly Trend | Storage & Terminal Solutions
QUARTERLY TREND | STORAGE & TERMINAL SOLUTIONS (In millions except %) FY 2023, Q1 FY 2023, Q2 FY 2023, Q3 FY 2023, Q4 Revenue $ 76,933 $ 62,516 $ 52,165 $ 64,079 Gross Profit (Loss) 7,564 1,648 (810) 2,067 Gross Margin 9.8% 2.6% (1.6%) 3.2% SG&A Expense 4,158 5,450 5,735 4,712 Adjusted Operating Inc
Slide 13: Quarterly Trend | Utility & Power Infrastructure
QUARTERLY TREND | UTILITY & POWER INFRASTRUCTURE (In millions except %) FY 2023, Q1 FY 2023, Q2 FY 2023, Q3 FY 2023, Q4 Revenue $ 44,870 $ 50,535 $ 35,024 $ 39,075 Gross Profit (Loss) 1,714 2,426 2,790 3,770 Gross Margin 3.8% 4.8% 8.0% 9.6% SG&A Expense 1,738 1,787 1,869 1,651 Adjusted Operating Inc
Slide 14: Quarterly Trend | Process & Industrial Facilities
QUARTERLY TREND | PROCESS & INDUSTRIAL FACILITIES (In millions except %) FY 2023, Q1 FY 2023, Q2 FY 2023, Q3 FY 2023, Q4 Revenue $ 86,628 $ 80,789 $ 99,706 $ 102,700 Gross Profit (Loss) 4,330 (5,131) 3,160 8,397 Gross Margin 5.0% (6.4%) 3.2% 8.2% SG&A Expense 4,070 3,682 3,556 3,601 Adjusted Operati
Slide 15: Strategic Management of the Balance Sheet
FISCAL YEAR 2023, Q4 ($ in millions) Strategic management of the balance sheet puts the Company in a position to support the growth in the business in FY 2024. 15
Slide 16: Outlook
OUTLOOK KEY LONG-TERM Economic and market drivers bring significant tailwinds. FINANCIAL TARGETS* Strong backlog with recurring revenue streams and multi- < 6% < 6.5% year projects. Net Working SG&A target Capital Growth prospects with strong opportunity pipeline end markets > 4.5% with long runway.
Slide 17: Appendix
APPENDIX 17
Slide 18: Adjusted EBITDA
ADJUSTED EBITDA THREE MONTHS ENDED TWELVE MONTHS ENDED June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net Income (Loss), as reported $ (336) $ 13,456 $ (52,361) $ (63,900) Goodwill Impairment _ _ 12,316 18,312 Gain on Sale of Assets (2,905) (32,392) (2,905) (32,392) Restructuring Costs 261
Slide 19: Adjusted Net Loss
ADJUSTED NET LOSS THREE MONTHS ENDED TWELVE MONTHS ENDED June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net Income (Loss), as reported $ (336) $ 13,456 $ (52,361) $ (63,900) Goodwill Impairment _ _ 12,316 18,312 Gain on Sale of Assets (2,905) (32,392) (2,905) (32,392) Restructuring Costs 26
Slide 20: Reconciliation of Certain Non-GAAP Measures
RECONCILIATION OF CERTAIN NON-GAAP MEASURES THREE MONTHS ENDED JUNE 30, 2023 Storage and Utility and Power Process and Corporate Total Terminal Solutions Infrastructure Industrial Facilities Operating Income (Loss) $ (2,630) $ 2,119 $ 4,627 $ (6,713) $ (2,597) Restructuring Costs (15) _ 169 107 261
Slide 21: Reconciliation of Certain Non-GAAP Measures
RECONCILIATION OF CERTAIN NON-GAAP MEASURES TWELVE MONTHS ENDED JUNE 30, 2023 Storage and Utility and Power Process and Corporate Total Terminal Solutions Infrastructure Industrial Facilities Operating Income (Loss) $ (10,553) $ 3,617 $ (17,441) $ (28,510) $ (52,887) Goodwill Impairment _ _ 12,316 _
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