0000866273-22-000118 | 10-Q | XBRL Viewer

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	5100 East Skelly Drive, Suite 500
Entity File Number	1-15461
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.01 per share
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	MTRX
Entity Registrant Name	MATRIX SERVICE CO
Entity Central Index Key	0000866273
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		27,027,323
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74135
City Area Code	918
Local Phone Number	838-8822
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Tax Identification Number	73-1352174

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 208,431	$ 168,093
Cost of revenue	195,423	171,601
Gross profit (loss)	13,008	(3,508)
Selling, general and administrative expenses	16,811	16,629
Restructuring costs	1,287	605
Operating loss	(5,090)	(20,742)
Other income (expense):
Interest expense	(372)	(1,999)
Interest income	24	21
Other	(1,074)	(83)
Loss before income tax benefit	(6,512)	(22,803)
Benefit for federal, state and foreign income taxes	0	(5,265)
Net loss	$ (6,512)	$ (17,538)
Basic loss per common share	$ (0.24)	$ (0.66)
Diluted loss per common share	$ (0.24)	$ (0.66)
Weighted average common shares outstanding:
Basic	26,862	26,611
Diluted	26,862	26,611

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (6,512)	$ (17,538)
Other comprehensive loss, net of tax:
Foreign currency translation loss (net of tax expense of $0 and $54 for the three months ended September 30, 2022 and 2021, respectively)	(1,753)	(795)
Comprehensive loss	$ (8,265)	$ (18,333)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Statement of Other Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Other Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 0	$ 54

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Current assets:
Cash and cash equivalents (Note 1)	$ 14,342	$ 52,371
Accounts receivable, less allowances (September 30, 2022—$1,222 and June 30, 2022—$1,320)	149,345	153,879
Costs and estimated earnings in excess of billings on uncompleted contracts	59,609	44,752
Inventories	8,379	9,974
Income taxes receivable	13,546	13,547
Prepaid expenses	9,833	4,024
Other current assets	5,550	8,865
Total current assets	260,604	287,412
Restricted Cash	25,000	25,000
Property, plant and equipment, net	51,659	53,869
Operating lease right-of-use assets	21,185	22,067
Goodwill	41,916	42,135
Other intangible assets, net of accumulated amortization	4,364	4,796
Other assets, non-current	6,184	5,514
Total assets	410,912	440,793
Current liabilities:
Accounts payable	68,557	74,886
Billings on uncompleted contracts in excess of costs and estimated earnings	53,286	65,106
Accrued wages and benefits	16,643	21,526
Accrued insurance	6,981	6,125
Operating lease liabilities	4,895	5,715
Other accrued expenses	4,236	4,427
Total current liabilities	154,598	177,785
Deferred income taxes	23	26
Operating lease liabilities	19,698	19,904
Borrowings under asset-backed credit facility	15,000	15,000
Other liabilities, non-current	342	372
Total liabilities	189,661	213,087
Commitments and contingencies
Stockholders' equity:
Common stock—$.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of September 30, 2022 and June 30, 2022; 26,955,510 and 26,790,514 shares outstanding as of September 30, 2022 and June 30, 2022, respectively	279	279
Additional paid-in capital	137,651	139,854
Retained earnings	104,766	111,278
Accumulated other comprehensive loss	(9,928)	(8,175)
Stockholders' equity	232,768	243,236
Treasury stock, at cost — 932,707 shares as of September 30, 2022, and 1,097,703 shares as of June 30, 2022	(11,517)	(15,530)
Total stockholders' equity	221,251	227,706
Total liabilities and stockholders’ equity	$ 410,912	$ 440,793

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Statement Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 1,222	$ 1,320
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	27,888,217	27,888,217
Common stock, shares outstanding	26,955,510	26,790,514
Treasury stock, shares	932,707	1,097,703

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net loss	$ (6,512)	$ (17,538)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	3,642	4,052
Stock-based compensation expense	2,055	1,869
Deferred income tax	0	(5,343)
Loss (gain) on sale of property, plant and equipment	65	(101)
Provision for uncollectible accounts	(88)	4
Accelerated amortization of deferred debt amendment fees (Note 5)	0	1,518
Other	63	0
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	4,622	3,134
Costs and estimated earnings in excess of billings on uncompleted contracts	(14,857)	(2,992)
Inventories	1,595	1,028
Other assets and liabilities	(3,370)	(5,921)
Accounts payable	(6,376)	5,108
Billings on uncompleted contracts in excess of costs and estimated earnings	(11,820)	(2,859)
Accrued expenses	(4,248)	(1,112)
Net cash used by operating activities	(35,229)	(19,153)
Investing activities:
Capital expenditures	(1,578)	(219)
Proceeds from asset sales	4	103
Net cash used by investing activities	(1,574)	(116)
Financing activities:
Payment of debt amendment fees	0	(922)
Proceeds from issuance of common stock under employee stock purchase plan	65	76
Repurchase of common stock for payment of statutory taxes due on equity-based compensation	(310)	(853)
Other	0	(118)
Net cash used by financing activities	(245)	(1,817)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(981)	(514)
Decrease in cash, cash equivalents and restricted cash	(38,029)	(21,600)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period	77,371	83,878
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period	39,342	62,278
Supplemental disclosure of cash flow information:
Interest, including payment of debt amendment fees	421	1,603
Non-cash investing and financing activities:
Purchases of property, plant and equipment on account	$ 101	$ 51

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss)
Balances, beginning at Jun. 30, 2021	$ 285,539	$ 279	$ 137,575	$ 175,178	$ (20,744)	$ (6,749)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(17,538)	0	0	(17,538)	0	0
Other comprehensive income (loss)	(795)	0	0	0	0	(795)
Issuance of deferred shares	0	0	(4,084)	0	4,084	0
Treasury shares sold to Employee Stock Purchase Plan	76	0	(52)	0	128	0
Treasury shares purchased to satisfy tax withholding obligations	(853)	0	0	0	(853)	0
Stock-based compensation expense	1,869	0	1,869	0	0	0
Balances, ending at Sep. 30, 2021	268,298	279	135,308	157,640	(17,385)	(7,544)
Balances, beginning at Jun. 30, 2022	227,706	279	139,854	111,278	(15,530)	(8,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,512)	0	0	(6,512)	0	0
Other comprehensive income (loss)	(1,753)	0	0	0	0	(1,753)
Issuance of deferred shares	0	0	(4,064)	0	4,064	0
Treasury shares sold to Employee Stock Purchase Plan	65	0	(194)	0	259	0
Treasury shares purchased to satisfy tax withholding obligations	(310)	0	0	0	(310)	0
Stock-based compensation expense	2,055	0	2,055	0	0	0
Balances, ending at Sep. 30, 2022	$ 221,251	$ 279	$ 137,651	$ 104,766	$ (11,517)	$ (9,928)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Issuance of deferred shares, shares	204,827	217,084
Employee Stock Purchase Plan, shares	13,033	7,209
Other treasury shares purchases, shares	52,864	76,703

Basis of Presentation (Notes)

3 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements include the accounts of Matrix Service Company and its subsidiaries (“Matrix”, “we”, “our”, “us”, “its” or the “Company”), unless otherwise indicated. Intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X for interim financial statements required to be filed with the Securities and Exchange Commission and do not include all information and footnotes required by U.S. generally accepted accounting principles ("GAAP") for complete financial statements. The information furnished reflects all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary for a fair statement of the results of operations, cash flows and financial position for the interim periods presented. The accompanying condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended June 30, 2022, included in our Annual Report on Form 10-K for the year then ended. The results of operations for the three months ended September 30, 2022 may not necessarily be indicative of the results of operations for the full year ending June 30, 2023.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

Our asset-backed credit agreement (the "ABL Facility") requires us to maintain a minimum of $25.0 million of restricted cash at all times (See Note 6 - Debt for more information about the ABL Facility). Since this cash must be restricted through the maturity date of the ABL Facility, which is beyond one year, we have classified this restricted cash as non-current in our Condensed Consolidated Balance Sheets.

The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows (in thousands):


	September 30, 2022		June 30, 2022
Cash and cash equivalents	$	14,342	$	52,371
Restricted cash	25,000		25,000
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	39,342	$	77,371

Revenue (Notes)

3 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

Remaining Performance Obligations

We had $438.6 million of remaining performance obligations yet to be satisfied as of September 30, 2022. We expect to recognize $367.2 million of our remaining performance obligations as revenue within the next twelve months.

Contract Balances

Contract terms with customers include the timing of billing and payments, which usually differs from the timing of revenue recognition. As a result, we carry contract assets and liabilities in our balance sheet. These contract assets and liabilities are calculated on a contract-by-contract basis and reported on a net basis at the end of each period and are classified as current. We present our contract assets in the balance sheet as Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts ("CIE"). CIE consists of revenue recognized in excess of billings. We present our contract liabilities in the balance sheet as Billings on Uncompleted Contracts in Excess of Costs and Estimated Earnings ("BIE"). BIE consists of billings in excess of revenue recognized. The following table provides information about CIE and BIE:


	September 30, 2022		June 30, 2022		Change
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	59,609	$	44,752	$	14,857
Billings on uncompleted contracts in excess of costs and estimated earnings	(53,286)		(65,106)		11,820
Net contract assets (liabilities)	$	6,323	$	(20,354)	$	26,677

The difference between the beginning and ending balances of our CIE and BIE primarily results from the timing of revenue recognized relative to its billings. The amount of revenue recognized during the three months ended September 30, 2022 that was included in the June 30, 2022 BIE balance was $37.6 million. This revenue consists primarily of work performed during the period on contracts with customers that had advance billings.

Progress billings in accounts receivable at September 30, 2022 and June 30, 2022 included retentions to be collected within one year of $19.1 million and $16.1 million, respectively. Contract retentions collectible beyond one year are included in other assets, non-current in the Condensed Consolidated Balance Sheets and totaled $4.9 million as of September 30, 2022 and $4.0 million as of June 30, 2022.

Disaggregated Revenue

Revenue disaggregated by reportable segment is presented in Note 10 - Segment Information. The following tables presents revenue disaggregated by geographic area where the work was performed and by contract type:

Geographic Disaggregation:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands)
United States	$	176,180	$	153,284
Canada	24,925		13,510
Other international	7,326		1,299
Total Revenue	$	208,431	$	168,093

Contract Type Disaggregation:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands)
Fixed-price contracts	$	109,473	$	102,065
Time and materials and other cost reimbursable contracts	98,958		66,028
Total Revenue	$	208,431	$	168,093

Typically, we assume more risk with fixed-price contracts since increases in costs to perform the work may not be recoverable. However, these types of contracts typically offer higher profits than time and materials and other cost reimbursable contracts when completed at or below the costs originally estimated. The profitability of time and materials and other cost reimbursable contracts is typically lower than fixed-price contracts and is usually less volatile than fixed-price contracts since the profit component is factored into the rates charged for labor, equipment and materials, or is expressed in the contract as a percentage of the reimbursable costs incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Property, Plant, and Equipment

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property, Plant and Equipment

The following table presents the components of our property, plant and equipment - net at September 30, 2022 and June 30, 2022:


	September 30, 2022		June 30, 2022
	(In thousands)
Property, plant and equipment - at cost:
Land and buildings	$	34,290	$	34,788
Construction equipment	91,546		93,036
Transportation equipment	49,516		48,999
Office equipment and software	41,387		43,823
Construction in progress	1,017		1,646
Total property, plant and equipment - at cost	217,756		222,292
Accumulated depreciation	(166,097)		(168,423)
Property, plant and equipment - net	$	51,659	$	53,869

Leases (Notes)

3 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lessee, Operating Leases [Text Block]

Leases

We enter into lease arrangements for real estate, construction equipment and information technology equipment in the normal course of business. Real estate leases accounted for approximately 98% of all right-of-use assets as of September 30, 2022. Most real estate and information technology equipment leases generally have fixed payments that follow an agreed upon payment schedule and have remaining lease terms ranging from less than one year to 13 years. Construction equipment leases generally have "month-to-month" lease terms that automatically renew as long as the equipment remains in use.

The components of lease expense in the Condensed Consolidated Statements of Income are as follows:


		Three Months Ended
		September 30, 2022		September 30, 2021
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and Selling, general and administrative expenses	$	1,763	$	2,092
Short-term lease expense(1)	Cost of revenue	2,356		5,571
Total lease expense		$	4,119	$	7,663

(1)Primarily represents the lease expense of construction equipment that is subject to month-to-month rental agreements with expected rental durations of less than one year.

The future undiscounted lease payments, as reconciled to the discounted operating lease liabilities presented in our Condensed Consolidated Balance Sheets, were as follows:


	September 30, 2022
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2023	$	6,538
Fiscal 2024	5,564
Fiscal 2025	3,669
Fiscal 2026	3,371
Fiscal 2027	3,266
Thereafter	8,677
Total future operating lease payments	31,085
Imputed interest	(6,492)
Net present value of future lease payments	24,593
Less: current portion of operating lease liabilities	4,895
Non-current operating lease liabilities	$	19,698

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of September 30, 2022:


Weighted-average remaining lease term (in years)	6.5 years
Weighted-average discount rate	5.4	%

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	September 30, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments	$	1,854
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,089

Intangible Assets Including Goodwill (Notes)

3 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Including Goodwill

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying value of goodwill by segment are as follows:


	Utility and Power Infrastructure		Process and Industrial Facilities		Storage and Terminal Solutions		Total
	(In thousands)
Net balance at June 30, 2022	$	4,263	$	18,427	$	19,445	$	42,135



Translation adjustment(1)	(74)		—		(145)		(219)
Net balance at September 30, 2022	$	4,189	$	18,427	$	19,300	$	41,916

(1)The translation adjustments relate to the periodic translation of Canadian Dollar and South Korean Won denominated goodwill recorded as a part of prior acquisitions in Canada and South Korea, in which the local currency was determined to be the functional currency.

We performed our annual goodwill impairment test as of May 31, 2022, which resulted in no impairment. The fiscal 2022 test indicated that four reporting units with a combined total of $33.8 million of goodwill as of June 30, 2022 were at higher risk of future impairment. We concluded, that based on the totality of both positive and negative factors, no impairment indicators existed at September 30, 2022. However, if our view of project opportunities or gross margins deteriorates, particularly for the higher risk reporting units, then we may need to perform an interim goodwill impairment test, which could result in an impairment.

Other Intangible Assets

Information on the carrying value of other intangible assets is as follows:


		At September 30, 2022
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,558	$	(2,318)	$	240
Customer-based(1)	6 to 15	13,144		(9,020)		4,124


Total amortizing intangible assets		$	15,702	$	(11,338)	$	4,364

(1)Customer-based intangible assets have been adjusted in fiscal 2023 to remove $4.2 million of customer relationships that have been fully amortized.


		At June 30, 2022
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,558	$	(2,276)	$	282
Customer-based	6 to 15	17,331		(12,817)		4,514


Total amortizing intangible assets		$	19,889	$	(15,093)	$	4,796

Amortization expense totaled $0.4 million and $0.5 million during the three months ended September 30, 2022 and 2021, respectively.

We estimate that the remaining amortization expense related to September 30, 2022 amortizing intangible assets will be as follows (in thousands):


Period ending:
Remainder of Fiscal 2023	$	1,297
Fiscal 2024	1,416
Fiscal 2025	1,096
Fiscal 2026	555

Total estimated remaining amortization expense at September 30, 2022	$	4,364

Debt (Notes)	3 Months Ended
Debt (Notes)	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt On October 5, 2022, our primary U.S. and Canada operating subsidiaries entered into the First Amendment and Waiver to Credit Agreement (the “Amendment”), which amended our asset-backed credit agreement (the "ABL Facility"), dated as of September 9, 2021 with Bank of Montreal, as Administrative Agent, Swing Line Lender and a Letter of Credit Issuer, and the lenders named therein. The Amendment (i) waived an event of default resulting from our failure to deliver the Administrative Agent and the lenders our audited financial statements for the fiscal year ended June 30, 2022 by September 28, 2022 (the “Audited Financial Statements”), provided we deliver the Audited Financial Statements by October 14, 2022, (ii) reduced the maximum amount of loans under the ABL Facility to $90.0 million from $100.0 million and (iii) replaced the London interbank offered rate with the forward term rate based on the secured overnight financing rate (the “SOFR”) as the interest rate benchmark. We subsequently delivered the Audited Financial Statements on October 11, 2022. The ABL Facility is guaranteed by substantially all of our remaining U.S. and Canadian subsidiaries. The ABL Facility available borrowings may be increased by an amount not to exceed $15.0 million, subject to certain conditions, including obtaining additional commitments. The ABL Facility is intended to be used for working capital, capital expenditures, issuances of letters of credit and other lawful purposes. Our obligations under the ABL Facility are secured by a first lien on all our assets and the assets of our co-borrowers and guarantors under the ABL Facility. The maximum amount that we may borrow under the ABL Facility is subject to a borrowing base, which is based on restricted cash plus a percentage of the value of certain accounts receivable, inventory and equipment, reduced for certain reserves. We are required to maintain a minimum of $25.0 million of restricted cash at all times, but such amounts are also included in the borrowing base. The ABL Facility matures and any outstanding amounts become due and payable on September 9, 2026. At September 30, 2022, our borrowing base was $79.0 million, we had $15.0 million of outstanding borrowings, and $21.7 million in letters of credit outstanding, which resulted in availability of $42.3 million under the ABL Facility. Borrowings under the ABL Facility bear interest through maturity at a variable rate based upon, at our option, an annual rate of either a base rate (“Base Rate”), an Adjusted Term SOFR ("Adjusted Term SOFR"), or at the Canadian Prime Rate, plus an applicable margin. The Adjusted Term SOFR is defined as (i) the SOFR plus (ii) 11.448 basis points for a one-month tenor and 26.161 basis points for a three-month tenor; provided that the Adjusted Term SOFR cannot be below zero. The Base Rate is defined as a fluctuating interest rate equal to the greater of: (i) rate of interest announced by Bank of Montreal from time to time as its prime rate; (ii) the U.S. federal funds rate plus 0.50%; (iii) Adjusted Term SOFR for one month period plus 1.00%; or (iv) 1.00%. Depending on the amount of average availability, the applicable margin is between 1.00% to 1.50% for Base Rate and Canadian Prime Rate borrowings, which includes either U.S. or Canadian prime rate, and between 2.00% and 2.50% for Adjusted Term SOFR borrowings. Interest is payable either (i) monthly for Base Rate or Canadian Prime Rate borrowings or (ii) the last day of the interest period for Adjusted Term SOFR borrowings, as set forth in the ABL Facility. The fee for undrawn amounts is 0.25% per annum and is due quarterly. The interest rate in effect for borrowings outstanding at September 30, 2022, including applicable margin, was 7.50%. The ABL Facility contains customary conditions to borrowings, events of default and covenants, including, but not limited to, covenants that restrict our ability to sell assets, engage in mergers and acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay cash dividends, issue equity instruments, make distribution or redeem or repurchase capital stock. In the event that our availability is less than the greater of (i) $15.0 million and (ii) 15.00% of the lesser of (1) the current borrowing base and (2) the commitments under the ABL Facility then in effect, a consolidated Fixed Charge Coverage Ratio of at least 1.00 to 1.00 must be maintained. Except for the covenant to deliver Audited Financial Statements by September 28, 2022, which was waived in the Amendment, we were in compliance with all covenants of the ABL Facility as of September 30, 2022.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes Effective Tax Rate Our effective tax rates were 0.0% and 23.1% for the three months ended September 30, 2022 and 2021, respectively. The effective tax rate during the first quarter of fiscal 2023 was impacted by a $1.4 million valuation allowance placed on deferred tax assets generated during the quarter. Full Valuation Allowance We placed a full valuation allowance on our deferred tax assets in the second quarter of fiscal 2022 due to the existence of a cumulative loss over a three-year period. We will continue to place valuation allowances on newly generated deferred tax assets and will realize the benefit associated with the deferred tax assets for which the valuation allowance has been provided to the extent we generate taxable income in the future, or cumulative losses are no longer present and our future projections for growth or tax planning strategies are demonstrated. Net Operating Loss Carryback Refund Through provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the "CARES Act"), we had an income tax benefit from the ability to carryback the fiscal 2021 federal net operating loss to a period with a higher statutory federal income tax rate. We estimate that we will receive a $12.6 million tax refund in connection with this carryback, which is included in income taxes receivable in the Condensed Consolidated Balance Sheets. Deferred Payroll Taxes As of September 30, 2022, we have a balance of $5.6 million remaining for U.S. payroll taxes we deferred through provisions of CARES Act. We must repay this balance by December 31, 2022. The remaining balance of deferred payroll taxes is included within accrued wages and benefits in the Condensed Consolidated Balance Sheets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies (Notes)	3 Months Ended
Commitments and Contingencies (Notes)	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance Reserves We maintain insurance coverage for various aspects of our operations. However, we retain exposure to potential losses through the use of deductibles, self-insured retentions and coverage limits. Typically, our contracts require us to indemnify our customers for injury, damage or loss arising from the performance of our services and provide warranties for materials and workmanship. We may also be required to name the customer as an additional insured up to the limits of insurance available, or we may be required to purchase special insurance policies or surety bonds for specific customers or provide letters of credit in lieu of bonds to satisfy performance and financial guarantees on some projects. We maintain a performance and payment bonding line sufficient to support the business. We generally require our subcontractors to indemnify us and our customer and name us as an additional insured for activities arising out of the subcontractors’ work. We also require certain subcontractors to provide additional insurance policies, including surety bonds in favor of us, to secure the subcontractors’ work or as required by the subcontract. There can be no assurance that our insurance and the additional insurance coverage provided by our subcontractors will fully protect us against a valid claim or loss under the contracts with our customers. Unpriced Change Orders and Claims Costs and estimated earnings in excess of billings on uncompleted contracts included revenues for unpriced change orders and claims of $13.7 million at September 30, 2022 and $8.9 million at June 30, 2022. The amounts ultimately realized may be significantly different than the recorded amounts resulting in a material adjustment to future earnings. The determination of our legal basis for a claim requires significant judgment. Generally, collection of amounts related to unpriced change orders and claims is expected within twelve months. However, since customers may not pay these amounts until final resolution of related claims, collection of these amounts may extend beyond one year. Other During the third quarter of fiscal 2020, we commenced litigation in an effort to collect accounts receivable from an iron and steel customer following the deterioration of the relationship in the second quarter of fiscal 2020. The unpaid account receivable balance at September 30, 2022 was $17.0 million. Litigation is unpredictable, however, based on the terms of the contract with this customer, we believe we are entitled to collect the full amount owed under the contract. We are participants in various legal actions. It is the opinion of management that none of the other known legal actions will have a material impact on our financial position, results of operations or liquidity.

Earnings per Common Share (Notes)

3 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

Basic earnings per share (“Basic EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share (“Diluted EPS”) includes the dilutive effect of stock options and nonvested deferred shares. In the event we report a loss, stock options and nonvested deferred shares are not included since they are anti-dilutive.

The computation of basic and diluted earnings per share is as follows:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(6,512)	$	(17,538)
Weighted average shares outstanding	26,862		26,611
Basic loss per share	$	(0.24)	$	(0.66)
Diluted EPS:
Net loss	(6,512)		(17,538)



Diluted weighted average shares outstanding	26,862		26,611
Diluted loss per share	$	(0.24)	$	(0.66)

Segment Information (Notes)

3 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

We report our results of operations through three reportable segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

•Utility and Power Infrastructure: consists of power delivery services provided to investor-owned utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, upgrades and maintenance, as well as emergency and storm restoration services. We also provide engineering, fabrication, and construction services for LNG utility peak shaving facilities, and provide construction and maintenance services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configuration.

•Process and Industrial Facilities: primarily serves customers in the downstream and midstream petroleum industries who are engaged in refining crude oil and processing, fractionating, and marketing of natural gas and natural gas liquids. We also serve customers in various other industries such as petrochemical, sulfur, mining and minerals companies engaged primarily in the extraction of non-ferrous metals, aerospace and defense, cement, agriculture, and other industrial customers. Our services include plant maintenance, turnarounds, industrial cleaning services, engineering, fabrication, and capital construction.

•Storage and Terminal Solutions: consists of work related to aboveground crude oil and refined product storage tanks and terminals. We also include work related to cryogenic and other specialty storage tanks and terminals, including LNG, liquid nitrogen/liquid oxygen, liquid petroleum, hydrogen and other specialty vessels such as spheres in this segment, as well as work related to marine structures and truck and rail loading/offloading facilities. Our services include engineering, fabrication, construction, and maintenance and repair, which includes planned and emergency services for both tanks and full terminals. Finally, we offer tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals.

We evaluate performance and allocate resources based on operating income. We eliminate intersegment sales; therefore, no intercompany profit or loss is recognized. Corporate selling, general and administrative expenses are excluded from our three reportable segments in order to better align controllable costs with the responsibility of segment management, and to be consistent with how our chief operating decision-maker assesses segment performance and allocates resources. Segment assets consist primarily of accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts, property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets.

Results of Operations

(In thousands)


	Three Months Ended
	September 30, 2022		September 30, 2021
Gross revenue
Utility and Power Infrastructure	$	44,870	$	57,204
Process and Industrial Facilities	86,745		45,210
Storage and Terminal Solutions	77,290		68,312

Total gross revenue	$	208,905	$	170,726
Less: Inter-segment revenue

Process and Industrial Facilities	$	117	$	1,305
Storage and Terminal Solutions	357		1,328

Total inter-segment revenue	$	474	$	2,633
Consolidated revenue
Utility and Power Infrastructure	$	44,870	$	57,204
Process and Industrial Facilities	86,628		43,905
Storage and Terminal Solutions	76,933		66,984

Total consolidated revenue	$	208,431	$	168,093
Gross profit (loss)
Utility and Power Infrastructure	$	1,714	$	(6,107)
Process and Industrial Facilities	4,330		2,871
Storage and Terminal Solutions	7,564		413
Corporate	(600)		(685)
Total gross profit (loss)	$	13,008	$	(3,508)
Selling, general and administrative expenses
Utility and Power Infrastructure	$	1,738	$	3,050
Process and Industrial Facilities	4,070		2,762
Storage and Terminal Solutions	4,158		4,506
Corporate	6,845		6,311
Total selling, general and administrative expenses	$	16,811	$	16,629
Restructuring costs
Utility and Power Infrastructure	$	37	$	9
Process and Industrial Facilities	315		7
Storage and Terminal Solutions	522		(33)
Corporate	413		622
Total restructuring costs	$	1,287	$	605
Operating income (loss)
Utility and Power Infrastructure	$	(61)	$	(9,166)
Process and Industrial Facilities	(55)		102
Storage and Terminal Solutions	2,884		(4,060)
Corporate	(7,858)		(7,618)
Total operating loss	$	(5,090)	$	(20,742)

Total assets by segment were as follows:


	September 30, 2022		June 30, 2022
Utility and Power Infrastructure	$	67,860	$	94,059
Process and Industrial Facilities	130,461		104,078
Storage and Terminal Solutions	143,238		141,084
Corporate	69,353		101,572
Total segment assets	$	410,912	$	440,793

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 31
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+ Details

Restructuring Costs (Notes)

3 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring Costs

In fiscal 2020, we initiated a business improvement plan to increase profitability and reduce our cost structure in order to help us become more competitive and deliver higher quality service. As a result of specific events, including the effects of the COVID-19 pandemic and related market disruptions, the Company expanded its business improvement plan.

The business improvement plan consists of an initial phase of discretionary cost reductions, workforce reductions, reduction of capital expenditures and the reduction in size or closure of certain offices in order to increase the utilization of our staff and bring the cost structure of the business in line with revenue volumes. In fiscal 2022, we commenced a second phase of our plan to focus on centralization of support functions, including business development, accounting, human resources, procurement and project services into shared service centers. We expect to complete these restructuring efforts in fiscal 2023 or early fiscal 2024. The restructuring costs consist primarily of severance costs, facility closure costs, consulting fees and other liabilities.

Restructuring costs under our business improvement plan are classified as follows:


	Three Months Ended				Since Inception of Business Improvement Plan
	September 30, 2022		September 30, 2021
	(In thousands)
Utility and Power Infrastructure
Severance and other personnel-related costs	$	37	$	9		$	2,621
Facility costs	—		—			348
Other intangible asset impairments	—		—			1,150
Other costs	—		—			1
Total Utility and Power Infrastructure	$	37	$	9		$	4,120
Process and Industrial Facilities
Severance and other personnel-related costs	$	312	$	5		$	9,408
Facility costs	3		—			3,208
Other intangible asset impairments	—		—			375
Other costs	—		2			(1,171)
Total Process and Industrial Facilities	$	315	$	7		$	11,820
Storage and Terminal Solutions
Severance and other personnel-related costs	$	522	$	(33)		$	2,169
Facility costs	—		—			879

Other costs	—		—			28
Total Storage and Terminal Solutions	$	522	$	(33)		$	3,076
Corporate
Severance and other personnel-related costs	$	397	$	44		$	1,984
Facility costs	—		16			98
Other costs	16		562			1,601
Total Corporate	$	413	$	622		$	3,683

Restructuring Costs by Type:
Severance and other personnel-related costs	$	1,268	$	25		$	16,182
Facility costs	3		16			4,533
Other intangible asset impairments	—		—			1,525
Other costs	16		564			459
Total restructuring costs	$	1,287	$	605		$	22,699

Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Policies)

3 Months Ended

Sep. 30, 2022

Disclosure Text Block [Abstract]

Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy

Cash, Cash Equivalents and Restricted Cash


	September 30, 2022		June 30, 2022
Cash and cash equivalents	$	14,342	$	52,371
Restricted cash	25,000		25,000
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	39,342	$	77,371

Cash, Cash Equivalents, and Restricted Cash (Tables)

3 Months Ended

Sep. 30, 2022

Text Block [Abstract]

Restrictions on Cash and Cash Equivalents


	September 30, 2022		June 30, 2022
Cash and cash equivalents	$	14,342	$	52,371
Restricted cash	25,000		25,000
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	39,342	$	77,371

Revenue (Tables)

3 Months Ended

Sep. 30, 2022

Contract with Customer, Asset and Liability [Abstract]

Contract with Customer, Asset and Liability [Table Text Block]

The following table provides information about CIE and BIE:


	September 30, 2022		June 30, 2022		Change
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	59,609	$	44,752	$	14,857
Billings on uncompleted contracts in excess of costs and estimated earnings	(53,286)		(65,106)		11,820
Net contract assets (liabilities)	$	6,323	$	(20,354)	$	26,677

Disaggregation of Revenue [Line Items]

Revenue from External Customers by Geographic Areas

The following tables presents revenue disaggregated by geographic area where the work was performed and by contract type:

Geographic Disaggregation:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands)
United States	$	176,180	$	153,284
Canada	24,925		13,510
Other international	7,326		1,299
Total Revenue	$	208,431	$	168,093

Revenue from External Customers by Contract Type

Contract Type Disaggregation:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands)
Fixed-price contracts	$	109,473	$	102,065
Time and materials and other cost reimbursable contracts	98,958		66,028
Total Revenue	$	208,431	$	168,093

Property, Plant, and Equipment (Tables)

3 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

The following table presents the components of our property, plant and equipment - net at September 30, 2022 and June 30, 2022:


	September 30, 2022		June 30, 2022
	(In thousands)
Property, plant and equipment - at cost:
Land and buildings	$	34,290	$	34,788
Construction equipment	91,546		93,036
Transportation equipment	49,516		48,999
Office equipment and software	41,387		43,823
Construction in progress	1,017		1,646
Total property, plant and equipment - at cost	217,756		222,292
Accumulated depreciation	(166,097)		(168,423)
Property, plant and equipment - net	$	51,659	$	53,869

Leases (Tables)

3 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense in the Condensed Consolidated Statements of Income are as follows:


		Three Months Ended
		September 30, 2022		September 30, 2021
Lease expense	Location of Expense	(in thousands)
Operating lease expense	Cost of revenue and Selling, general and administrative expenses	$	1,763	$	2,092
Short-term lease expense(1)	Cost of revenue	2,356		5,571
Total lease expense		$	4,119	$	7,663

(1)Primarily represents the lease expense of construction equipment that is subject to month-to-month rental agreements with expected rental durations of less than one year.

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

The future undiscounted lease payments, as reconciled to the discounted operating lease liabilities presented in our Condensed Consolidated Balance Sheets, were as follows:


	September 30, 2022
Maturity Analysis:	(in thousands)
Remainder of Fiscal 2023	$	6,538
Fiscal 2024	5,564
Fiscal 2025	3,669
Fiscal 2026	3,371
Fiscal 2027	3,266
Thereafter	8,677
Total future operating lease payments	31,085
Imputed interest	(6,492)
Net present value of future lease payments	24,593
Less: current portion of operating lease liabilities	4,895
Non-current operating lease liabilities	$	19,698

Other Information Related to Leases [Table Text Block]

The following is a summary of the weighted average remaining operating lease term and weighted average discount rate as of September 30, 2022:


Weighted-average remaining lease term (in years)	6.5 years
Weighted-average discount rate	5.4	%

Supplemental cash flow information related to leases is as follows:


	Three Months Ended
	September 30, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating lease payments	$	1,854
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	$	1,089

Intangible Assets Including Goodwill (Tables)

3 Months Ended

Sep. 30, 2022

Finite-Lived Intangible Assets [Line Items]

Schedule of Goodwill [Table Text Block]

The changes in the carrying value of goodwill by segment are as follows:


	Utility and Power Infrastructure		Process and Industrial Facilities		Storage and Terminal Solutions		Total
	(In thousands)
Net balance at June 30, 2022	$	4,263	$	18,427	$	19,445	$	42,135



Translation adjustment(1)	(74)		—		(145)		(219)
Net balance at September 30, 2022	$	4,189	$	18,427	$	19,300	$	41,916

Schedule Of Intangible Assets Excluding Goodwill Table [Text Block]

Information on the carrying value of other intangible assets is as follows:


		At September 30, 2022
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,558	$	(2,318)	$	240
Customer-based(1)	6 to 15	13,144		(9,020)		4,124


Total amortizing intangible assets		$	15,702	$	(11,338)	$	4,364

(1)Customer-based intangible assets have been adjusted in fiscal 2023 to remove $4.2 million of customer relationships that have been fully amortized.


		At June 30, 2022
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,558	$	(2,276)	$	282
Customer-based	6 to 15	17,331		(12,817)		4,514


Total amortizing intangible assets		$	19,889	$	(15,093)	$	4,796

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

We estimate that the remaining amortization expense related to September 30, 2022 amortizing intangible assets will be as follows (in thousands):


Period ending:
Remainder of Fiscal 2023	$	1,297
Fiscal 2024	1,416
Fiscal 2025	1,096
Fiscal 2026	555

Total estimated remaining amortization expense at September 30, 2022	$	4,364

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
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-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Earnings per Common Share (Tables)

3 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The computation of basic and diluted earnings per share is as follows:


	Three Months Ended
	September 30, 2022		September 30, 2021
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(6,512)	$	(17,538)
Weighted average shares outstanding	26,862		26,611
Basic loss per share	$	(0.24)	$	(0.66)
Diluted EPS:
Net loss	(6,512)		(17,538)



Diluted weighted average shares outstanding	26,862		26,611
Diluted loss per share	$	(0.24)	$	(0.66)

Segment Information (Tables)

3 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Results of Operations

(In thousands)


	Three Months Ended
	September 30, 2022		September 30, 2021
Gross revenue
Utility and Power Infrastructure	$	44,870	$	57,204
Process and Industrial Facilities	86,745		45,210
Storage and Terminal Solutions	77,290		68,312

Total gross revenue	$	208,905	$	170,726
Less: Inter-segment revenue

Process and Industrial Facilities	$	117	$	1,305
Storage and Terminal Solutions	357		1,328

Total inter-segment revenue	$	474	$	2,633
Consolidated revenue
Utility and Power Infrastructure	$	44,870	$	57,204
Process and Industrial Facilities	86,628		43,905
Storage and Terminal Solutions	76,933		66,984

Total consolidated revenue	$	208,431	$	168,093
Gross profit (loss)
Utility and Power Infrastructure	$	1,714	$	(6,107)
Process and Industrial Facilities	4,330		2,871
Storage and Terminal Solutions	7,564		413
Corporate	(600)		(685)
Total gross profit (loss)	$	13,008	$	(3,508)
Selling, general and administrative expenses
Utility and Power Infrastructure	$	1,738	$	3,050
Process and Industrial Facilities	4,070		2,762
Storage and Terminal Solutions	4,158		4,506
Corporate	6,845		6,311
Total selling, general and administrative expenses	$	16,811	$	16,629
Restructuring costs
Utility and Power Infrastructure	$	37	$	9
Process and Industrial Facilities	315		7
Storage and Terminal Solutions	522		(33)
Corporate	413		622
Total restructuring costs	$	1,287	$	605
Operating income (loss)
Utility and Power Infrastructure	$	(61)	$	(9,166)
Process and Industrial Facilities	(55)		102
Storage and Terminal Solutions	2,884		(4,060)
Corporate	(7,858)		(7,618)
Total operating loss	$	(5,090)	$	(20,742)

Total assets by segment were as follows:


	September 30, 2022		June 30, 2022
Utility and Power Infrastructure	$	67,860	$	94,059
Process and Industrial Facilities	130,461		104,078
Storage and Terminal Solutions	143,238		141,084
Corporate	69,353		101,572
Total segment assets	$	410,912	$	440,793

Restructuring Costs (Tables)

3 Months Ended

Sep. 30, 2022

Restructuring Costs [Abstract]

Restructuring and Related Costs [Table Text Block]

Restructuring costs under our business improvement plan are classified as follows:


	Three Months Ended				Since Inception of Business Improvement Plan
	September 30, 2022		September 30, 2021
	(In thousands)
Utility and Power Infrastructure
Severance and other personnel-related costs	$	37	$	9		$	2,621
Facility costs	—		—			348
Other intangible asset impairments	—		—			1,150
Other costs	—		—			1
Total Utility and Power Infrastructure	$	37	$	9		$	4,120
Process and Industrial Facilities
Severance and other personnel-related costs	$	312	$	5		$	9,408
Facility costs	3		—			3,208
Other intangible asset impairments	—		—			375
Other costs	—		2			(1,171)
Total Process and Industrial Facilities	$	315	$	7		$	11,820
Storage and Terminal Solutions
Severance and other personnel-related costs	$	522	$	(33)		$	2,169
Facility costs	—		—			879

Other costs	—		—			28
Total Storage and Terminal Solutions	$	522	$	(33)		$	3,076
Corporate
Severance and other personnel-related costs	$	397	$	44		$	1,984
Facility costs	—		16			98
Other costs	16		562			1,601
Total Corporate	$	413	$	622		$	3,683

Restructuring Costs by Type:
Severance and other personnel-related costs	$	1,268	$	25		$	16,182
Facility costs	3		16			4,533
Other intangible asset impairments	—		—			1,525
Other costs	16		564			459
Total restructuring costs	$	1,287	$	605		$	22,699

Basis of Presentation Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 14,342	$ 52,371
Restricted Cash	25,000	25,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period	$ 39,342	$ 77,371	$ 62,278	$ 83,878

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Revenue, Performance Obligation [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 438,600
Performance obligations to be recognized as revenue within next twelve months	367,200
Contract with Customer, Asset and Liability [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	59,609		$ 44,752
Change in CIE	14,857
Billings on uncompleted contracts in excess of costs and estimated earnings	(53,286)		(65,106)
Change in BIE	11,820
Contract with customer, current liability, net	6,323		(20,354)
Change in net contract balances	26,677
Contract with Customer, Liability, Revenue Recognized	37,600
Disclosure Customer Contracts Additional Information [Abstract]
Construction Contractor, Receivable, Retainage, Year One	19,100		16,100
Construction Contractor, Receivable, Retainage, after Year One	4,900		$ 4,000
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	208,431	$ 168,093
Fixed-price Contract
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	109,473	102,065
Time-and-materials Contract
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	98,958	66,028
United States
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	176,180	153,284
Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	24,925	13,510
Other international
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 7,326	$ 1,299

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Property, Plant and Equipment, Gross [Abstract]
Land and buildings	$ 34,290	$ 34,788
Construction equipment	91,546	93,036
Transportation equipment	49,516	48,999
Office equipment and software	41,387	43,823
Construction in progress	1,017	1,646
Total property, plant and equipment - at cost	217,756	222,292
Accumulated depreciation	(166,097)	(168,423)
Property, plant and equipment, net	$ 51,659	$ 53,869

Leases - Narrative (Details)	Sep. 30, 2022 Rate
Leases [Abstract]
Percentage of real estate leases	98.00%
Operating lease term (up to)	13 years

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Lease, Cost [Abstract]
Operating lease expense	$ 1,763	$ 2,092
Short-term lease expense	2,356	5,571
Total lease expense	$ 4,119	$ 7,663

Leases - Maturity Analysis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Lessee, Operating Lease, Liability, to be Paid [Abstract]
Remainder of Fiscal 2022	$ 6,538
Fiscal 2023	5,564
Fiscal 2024	3,669
Fiscal 2025	3,371
Fiscal 2026	3,266
Thereafter	8,677
Total future operating lease payments	31,085
Imputed interest	(6,492)
Net present value of future lease payments	24,593
Operating lease liabilities	4,895	$ 5,715
Operating lease liabilities	$ 19,698	$ 19,904

Leases - Other Lease Information (Details)	Sep. 30, 2022
Other Lease Information [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	6 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent	5.40%

Leases - Supplemental Cash Flow Disclosures (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Supplemental Cash Flow Information [Abstract]
Cash paid for operating leases	$ 1,854
Right-of-use asset obtained in exchange for operating lease liability	$ 1,089

Intangible Assets Including Goodwill - Carrying Value of Goodwill By Segment (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Goodwill	$ 41,916
Goodwill [Roll Forward]
Net balance at June 30, 2021	42,135
Translation adjustment	(219)
Net balance at September 30, 2022	41,916
Goodwill Attributable To Reporting Units At Risk For Impairment	33,800
Utility and Power Infrastructure
Goodwill [Line Items]
Goodwill	4,189
Goodwill [Roll Forward]
Net balance at June 30, 2021	4,263
Translation adjustment	(74)
Net balance at September 30, 2022	4,189
Process and Industrial Facilities
Goodwill [Line Items]
Goodwill	18,427
Goodwill [Roll Forward]
Net balance at June 30, 2021	18,427
Translation adjustment	0
Net balance at September 30, 2022	18,427
Storage and Terminal Solutions
Goodwill [Line Items]
Goodwill	19,300
Goodwill [Roll Forward]
Net balance at June 30, 2021	19,445
Translation adjustment	(145)
Net balance at September 30, 2022	$ 19,300

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangible Assets Including Goodwill - Carrying Value of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 15,702		$ 19,889
Accumulated Amortization	(11,338)		(15,093)
Net Carrying Amount	4,364		4,796
Total intangible assets, net carrying amount	4,364		4,796
Gross Amount Of Fully Amortized Intangible Assets	4,200
Amortization of Intangible Assets	400	$ 500
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	2,558		2,558
Accumulated Amortization	(2,318)		(2,276)
Net Carrying Amount	$ 240		282
Intellectual Property [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	10 years	10 years
Intellectual Property [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years	15 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 13,144		17,331
Accumulated Amortization	(9,020)		(12,817)
Net Carrying Amount	$ 4,124		$ 4,514
Customer Relationships [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	6 years	6 years
Customer Relationships [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	15 years	15 years

Intangible Assets Including Goodwill Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 1,297
Finite-Lived Intangible Assets, Amortization Expense, Next Year	1,416
Finite-Lived Intangible Assets, Amortization Expense, Year Two	1,096
Finite-Lived Intangible Assets, Amortization Expense, Year Three	555
Finite-Lived Intangible Assets, Net	$ 4,364	$ 4,796

Line of Credit Facility (Details) $ in Thousands	3 Months Ended
Line of Credit Facility (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Line of Credit Facility, Amendment Date	Oct. 05, 2022
Line of Credit Facility, Initiation Date	Sep. 09, 2021
Line of Credit Facility, Maximum Borrowing Capacity	$ 90,000
Line of Credit Facility, Previous Maximum Borrowing Capacity	100,000
Line of Credit Facility, Increase (Decrease), Net	15,000
Compensating Balance, Amount	$ 25,000
Line of Credit Facility, Expiration Date	Sep. 09, 2026
Line of Credit Facility, Current Borrowing Capacity	$ 79,000
Borrowings under asset-backed credit facility	15,000	$ 15,000
Letters of Credit Outstanding, Amount	21,700
Line of Credit Facility, Remaining Borrowing Capacity	$ 42,300
Asset Backed Credit Facility Adjusted Term SOFR One Month Add On	11.448
Asset Backed Credit Facility Adjusted Term SOFR Three Month Add On	26.161
Asset Backed Credit Facility, Federal Funds Rate Addition	0.0050
Asset Backed Credit Facility Adjusted Term SOFR Rate Minimum	0.0100
Alternate Base Rate Margin	0.0100
Additional Margin on alternate base rate loans, Minimum	1.00%
Additional Margin on alternate base rate loans, Maximum	1.50%
Additional Margin On Adjusted Term SOFR Minimum	0.0200
Additional Margin On Adjusted Term SOFR Maximum	0.0250
Unused Credit Facility Fee	0.25%
Line of Credit Facility, Interest Rate at Period End	7.50%
Asset Backed Line of Credit Balance Limit for Fixed Charge Coverage Ratio	$ 15,000
Asset Backed Line of Credit Percentage Limit for Fixed Charge Coverage Ratio	15.00%
Asset Backed Credit Facility Fixed Charge Coverage Ratio Requirement, Minimum	1.00
Asset Backed Credit Facility Fixed Charge Coverage Ratio Requirement, Maximum	1.00

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	0.00%	23.10%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 1.4
Increase (Decrease) in Income Taxes Receivable	12.6
CARES Act Deferred Payroll Tax Liability	$ 5.6

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022
Project Unapproved Change Orders and Claims [Line Items]
Unapproved change orders and claims	$ 13.7	$ 8.9
Loss Contingencies [Line Items]
Contracts Receivable, Claims and Uncertain Amounts	$ 17.0

Earnings per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share, Basic [Abstract]
Net loss	$ (6,512)	$ (17,538)
Weighted average shares outstanding - basic (shares)	26,862	26,611
Basic EPS (US$ per share)	$ (0.24)	$ (0.66)
Earnings Per Share, Diluted [Abstract]
Diluted weighted average shares (shares)	26,862	26,611
Diluted EPS (US$ per share)	$ (0.24)	$ (0.66)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Name Accounting Standards Codification
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Segment Reporting Information [Line Items]
Gross revenues	$ 208,905	$ 170,726
Revenue	208,431	168,093
Gross profit (loss)	13,008	(3,508)
Selling, general and administrative expenses	16,811	16,629
Goodwill impairment and restructuring costs	1,287	605
Operating loss	(5,090)	(20,742)
Segment assets	410,912		$ 440,793
Utility and Power Infrastructure
Segment Reporting Information [Line Items]
Gross revenues	44,870	57,204
Revenue	44,870	57,204
Gross profit (loss)	1,714	(6,107)
Selling, general and administrative expenses	1,738	3,050
Goodwill impairment and restructuring costs	37	9
Operating loss	(61)	(9,166)
Segment assets	67,860		94,059
Process and Industrial Facilities
Segment Reporting Information [Line Items]
Gross revenues	86,745	45,210
Revenue	86,628	43,905
Gross profit (loss)	4,330	2,871
Selling, general and administrative expenses	4,070	2,762
Goodwill impairment and restructuring costs	315	7
Operating loss	(55)	102
Segment assets	130,461		104,078
Storage and Terminal Solutions
Segment Reporting Information [Line Items]
Gross revenues	77,290	68,312
Revenue	76,933	66,984
Gross profit (loss)	7,564	413
Selling, general and administrative expenses	4,158	4,506
Goodwill impairment and restructuring costs	522	(33)
Operating loss	2,884	(4,060)
Segment assets	143,238		141,084
Corporate
Segment Reporting Information [Line Items]
Gross profit (loss)	(600)	(685)
Selling, general and administrative expenses	6,845	6,311
Goodwill impairment and restructuring costs	413	622
Operating loss	(7,858)	(7,618)
Segment assets	69,353		$ 101,572
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Gross revenues	474	2,633
Intersegment Eliminations [Member] \| Process and Industrial Facilities
Segment Reporting Information [Line Items]
Gross revenues	117	1,305
Intersegment Eliminations [Member] \| Storage and Terminal Solutions
Segment Reporting Information [Line Items]
Gross revenues	$ 357	$ 1,328

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		27 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Restructuring costs by type [Abstract]
Severance costs and other benefits	$ 1,268	$ 25	$ 16,182
Facility costs	3	16	4,533
Impairment of Intangible Assets, Finite-lived	0	0	1,525
Other Restructuring Costs	16	564	459
Restructuring costs	1,287	605	22,699
Utility and Power Infrastructure
Restructuring costs by type [Abstract]
Severance costs and other benefits	37	9	2,621
Facility costs	0	0	348
Impairment of Intangible Assets, Finite-lived	0	0	1,150
Other Restructuring Costs	0	0	1
Restructuring costs	37	9	4,120
Process and Industrial Facilities
Restructuring costs by type [Abstract]
Severance costs and other benefits	312	5	9,408
Facility costs	3	0	3,208
Impairment of Intangible Assets, Finite-lived	0	0	375
Other Restructuring Costs	0	2	(1,171)
Restructuring costs	315	7	11,820
Storage and Terminal Solutions
Restructuring costs by type [Abstract]
Severance costs and other benefits	522	(33)	2,169
Facility costs	0	0	879
Other Restructuring Costs	0	0	28
Restructuring costs	522	(33)	3,076
Corporate
Restructuring costs by type [Abstract]
Severance costs and other benefits	397	44	1,984
Facility costs	0	16	98
Other Restructuring Costs	16	562	1,601
Restructuring costs	$ 413	$ 622	$ 3,683