0000866273-23-000017 | 10-Q | XBRL Viewer

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 186,895	$ 177,003	$ 589,166	$ 507,061
Cost of revenue	182,476	178,766	573,041	509,125
Gross profit (loss)	4,419	(1,763)	16,125	(2,064)
Selling, general and administrative expenses	16,862	17,041	51,218	49,592
Goodwill impairment	0	18,312	12,316	18,312
Restructuring costs	316	(1,578)	2,881	(278)
Operating loss	(12,759)	(35,538)	(50,290)	(69,690)
Other income (expense):
Interest expense	(268)	(204)	(1,556)	(2,705)
Interest income	94	19	164	69
Other	(116)	677	(706)	534
Loss before income tax expense (benefit)	(13,049)	(35,046)	(52,388)	(71,792)
Provision (benefit) for federal, state and foreign income taxes	(363)	(147)	(363)	5,564
Net loss	$ (12,686)	$ (34,899)	$ (52,025)	$ (77,356)
Basic loss per common share	$ (0.47)	$ (1.30)	$ (1.93)	$ (2.90)
Diluted loss per common share	$ (0.47)	$ (1.30)	$ (1.93)	$ (2.90)
Weighted average common shares outstanding:
Basic	27,038	26,783	26,969	26,714
Diluted	27,038	26,783	26,969	26,714

Intangible Assets Including Goodwill - Carrying Value of Goodwill By Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Line Items]
Goodwill	$ 29,712
Goodwill [Roll Forward]
Net balance at June 30, 2022	42,135
Goodwill impairment	(12,316)	$ (18,300)
Translation adjustment	(107)
Net balance at March 31, 2023	29,712
Goodwill Attributable To Reporting Units At Risk For Impairment	33,800
Utility and Power Infrastructure
Goodwill [Line Items]
Goodwill	4,227
Goodwill [Roll Forward]
Net balance at June 30, 2022	4,263
Goodwill impairment	0
Translation adjustment	(36)
Net balance at March 31, 2023	4,227
Process and Industrial Facilities
Goodwill [Line Items]
Goodwill	6,111
Goodwill [Roll Forward]
Net balance at June 30, 2022	18,427
Goodwill impairment	(12,316)
Translation adjustment	0
Net balance at March 31, 2023	6,111
Storage and Terminal Solutions
Goodwill [Line Items]
Goodwill	19,374
Goodwill [Roll Forward]
Net balance at June 30, 2022	19,445
Goodwill impairment	0
Translation adjustment	(71)
Net balance at March 31, 2023	$ 19,374

- 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

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Segment Reporting Information [Line Items]
Gross revenues	$ 188,601	$ 178,381	$ 592,006	$ 513,505
Revenue	186,895	177,003	589,166	507,061
Gross profit (loss)	4,419	(1,763)	16,125	(2,064)
Selling, general and administrative expenses	16,862	17,041	51,218	49,592
Goodwill impairment and restructuring costs	316	16,734	15,197	18,034
Operating loss	(12,759)	(35,538)	(50,290)	(69,690)
Segment assets	425,947		425,947		$ 440,793
Utility and Power Infrastructure
Segment Reporting Information [Line Items]
Gross revenues	35,024	59,341	130,483	171,298
Revenue	35,024	59,341	130,429	171,298
Gross profit (loss)	2,790	(492)	6,929	(7,089)
Selling, general and administrative expenses	1,869	2,910	5,394	9,109
Goodwill impairment and restructuring costs	0	2,659	37	2,705
Operating loss	921	(6,061)	1,498	(18,903)
Segment assets	77,211		77,211		94,059
Process and Industrial Facilities
Segment Reporting Information [Line Items]
Gross revenues	99,706	69,786	267,232	167,033
Revenue	99,706	68,971	267,123	163,192
Gross profit (loss)	3,160	(441)	2,359	6,663
Selling, general and administrative expenses	3,556	3,198	11,308	8,752
Goodwill impairment and restructuring costs	106	6,856	13,119	6,839
Operating loss	(502)	(10,495)	(22,068)	(8,928)
Segment assets	124,979		124,979		104,078
Storage and Terminal Solutions
Segment Reporting Information [Line Items]
Gross revenues	53,871	49,254	194,291	175,174
Revenue	52,165	48,691	191,614	172,571
Gross profit (loss)	(810)	(458)	8,403	(216)
Selling, general and administrative expenses	5,735	4,063	15,342	12,850
Goodwill impairment and restructuring costs	79	7,219	984	7,293
Operating loss	(6,624)	(11,740)	(7,923)	(20,359)
Segment assets	141,263		141,263		141,084
Corporate
Segment Reporting Information [Line Items]
Gross profit (loss)	(721)	(372)	(1,566)	(1,422)
Selling, general and administrative expenses	5,702	6,870	19,174	18,881
Goodwill impairment and restructuring costs	131	0	1,057	1,197
Operating loss	(6,554)	(7,242)	(21,797)	(21,500)
Segment assets	82,494		82,494		$ 101,572
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Gross revenues	1,706	1,378	2,840	6,444
Intersegment Eliminations [Member] \| Utility and Power Infrastructure
Segment Reporting Information [Line Items]
Gross revenues	0	0	54	0
Intersegment Eliminations [Member] \| Process and Industrial Facilities
Segment Reporting Information [Line Items]
Gross revenues	0	815	109	3,841
Intersegment Eliminations [Member] \| Storage and Terminal Solutions
Segment Reporting Information [Line Items]
Gross revenues	$ 1,706	$ 563	$ 2,677	$ 2,603

Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	15 East 5th Street, Suite 1100
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	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		27,047,318
Entity Address, City or Town	Tulsa
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	74103
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

Statement of Other Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 0	$ (16)	$ 0	$ 30

Intangible Assets Including Goodwill - Carrying Value of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 15,627		$ 15,627		$ 19,889
Accumulated Amortization	(12,128)		(12,128)		(15,093)
Net Carrying Amount	3,499		3,499		4,796
Total intangible assets, net carrying amount	3,499		3,499		4,796
Gross Amount Of Fully Amortized Intangible Assets			4,200
Amortization of Intangible Assets	400	$ 400	1,300	$ 1,400
Intellectual Property [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	2,483		2,483		2,558
Accumulated Amortization	(2,328)		(2,328)		(2,276)
Net Carrying Amount	155		$ 155		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		$ 13,144		17,331
Accumulated Amortization	(9,800)		(9,800)		(12,817)
Net Carrying Amount	$ 3,344		$ 3,344		$ 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

Income Taxes	9 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes Effective Tax Rate Our effective tax rates were 2.8% and 0.7% for the three and nine months ended March 31, 2023, compared to 0.4% and (7.8%) during the three and nine months ended March 31, 2022, respectively. The effective tax rates during fiscal 2023 were impacted by valuation allowances of $3.6 million and $13.3 million placed on deferred tax assets during the three and nine months ended March 31, 2023, respectively. Valuation Allowance We placed a 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. During the third quarter of fiscal 2023, we received a $13.3 million tax refund in connection with this carryback, which was included in income taxes receivable in the Condensed Consolidated Balance Sheet as of June 30, 2022. Deferred Payroll Taxes During the second quarter of fiscal 2023, we repaid the remaining $5.6 million of U.S. payroll taxes we deferred through provisions of the CARES Act. The balance of deferred payroll taxes was included within accrued wages and benefits in the Condensed Consolidated Balance Sheet as of June 30, 2022.

- 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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information (Tables)

9 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Results of Operations

(In thousands)


	Three Months Ended				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
Gross revenue
Utility and Power Infrastructure	$	35,024	$	59,341	$	130,483	$	171,298
Process and Industrial Facilities	99,706		69,786		267,232		167,033
Storage and Terminal Solutions	53,871		49,254		194,291		175,174

Total gross revenue	$	188,601	$	178,381	$	592,006	$	513,505
Less: Inter-segment revenue
Utility and Power Infrastructure	$	—	$	—	$	54	$	—
Process and Industrial Facilities	—		815		109		3,841
Storage and Terminal Solutions	1,706		563		2,677		2,603

Total inter-segment revenue	$	1,706	$	1,378	$	2,840	$	6,444
Consolidated revenue
Utility and Power Infrastructure	$	35,024	$	59,341	$	130,429	$	171,298
Process and Industrial Facilities	99,706		68,971		267,123		163,192
Storage and Terminal Solutions	52,165		48,691		191,614		172,571

Total consolidated revenue	$	186,895	$	177,003	$	589,166	$	507,061
Gross profit (loss)
Utility and Power Infrastructure	$	2,790	$	(492)	$	6,929	$	(7,089)
Process and Industrial Facilities	3,160		(441)		2,359		6,663
Storage and Terminal Solutions	(810)		(458)		8,403		(216)
Corporate	(721)		(372)		(1,566)		(1,422)
Total gross profit (loss)	$	4,419	$	(1,763)	$	16,125	$	(2,064)
Selling, general and administrative expenses
Utility and Power Infrastructure	$	1,869	$	2,910	$	5,394	$	9,109
Process and Industrial Facilities	3,556		3,198		11,308		8,752
Storage and Terminal Solutions	5,735		4,063		15,342		12,850
Corporate	5,702		6,870		19,174		18,881
Total selling, general and administrative expenses	$	16,862	$	17,041	$	51,218	$	49,592
Goodwill impairment and restructuring costs
Utility and Power Infrastructure	$	—	$	2,659	$	37	$	2,705
Process and Industrial Facilities	106		6,856		13,119		6,839
Storage and Terminal Solutions	79		7,219		984		7,293
Corporate	131		—		1,057		1,197
Total goodwill impairment and restructuring costs	$	316	$	16,734	$	15,197	$	18,034
Operating income (loss)
Utility and Power Infrastructure	$	921	$	(6,061)	$	1,498	$	(18,903)
Process and Industrial Facilities	(502)		(10,495)		(22,068)		(8,928)
Storage and Terminal Solutions	(6,624)		(11,740)		(7,923)		(20,359)
Corporate	(6,554)		(7,242)		(21,797)		(21,500)
Total operating loss	$	(12,759)	$	(35,538)	$	(50,290)	$	(69,690)

Total assets by segment were as follows (in thousands):


	March 31, 2023		June 30, 2022
Utility and Power Infrastructure	$	77,211	$	94,059
Process and Industrial Facilities	124,979		104,078
Storage and Terminal Solutions	141,263		141,084
Corporate	82,494		101,572
Total segment assets	$	425,947	$	440,793

Earnings per Common Share (Tables)

9 Months Ended

Mar. 31, 2023

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				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(12,686)	$	(34,899)	$	(52,025)	$	(77,356)
Weighted average shares outstanding	27,038		26,783		26,969		26,714
Basic loss per share	$	(0.47)	$	(1.30)	$	(1.93)	$	(2.90)
Diluted EPS:
Net loss	$	(12,686)	$	(34,899)	$	(52,025)	$	(77,356)



Diluted weighted average shares outstanding	27,038		26,783		26,969		26,714
Diluted loss per share	$	(0.47)	$	(1.30)	$	(1.93)	$	(2.90)

Antidilutive Securities Excluded from the Calculation of Diluted EPS

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:

Three Months Ended

Nine Months Ended

March 31,
2023

March 31,
2022

March 31,
2023

March 31,
2022

(In thousands)

Nonvested deferred shares

133

110

Earnings per Common Share (Notes)

9 Months Ended

Mar. 31, 2023

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				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(12,686)	$	(34,899)	$	(52,025)	$	(77,356)
Weighted average shares outstanding	27,038		26,783		26,969		26,714
Basic loss per share	$	(0.47)	$	(1.30)	$	(1.93)	$	(2.90)
Diluted EPS:
Net loss	$	(12,686)	$	(34,899)	$	(52,025)	$	(77,356)



Diluted weighted average shares outstanding	27,038		26,783		26,969		26,714
Diluted loss per share	$	(0.47)	$	(1.30)	$	(1.93)	$	(2.90)

The following securities are considered antidilutive and have been excluded from the calculation of Diluted EPS:

Three Months Ended

Nine Months Ended

March 31,
2023

March 31,
2022

March 31,
2023

March 31,
2022

(In thousands)

Nonvested deferred shares

133

110

Commitments and Contingencies (Notes)	9 Months Ended
Commitments and Contingencies (Notes)	Mar. 31, 2023
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 $14.7 million at March 31, 2023 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 March 31, 2023 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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (52,025)	$ (77,356)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation and amortization	10,499	11,557
Goodwill impairment	12,316	18,312
Stock-based compensation expense	5,154	5,823
Deferred income tax	0	5,323
Gain on sale of property, plant and equipment	(21)	(674)
Provision for uncollectible accounts	(63)	52
Accelerated amortization of deferred debt amendment fees	0	1,518
Other	189	103
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable	(9,484)	10,288
Costs and estimated earnings in excess of billings on uncompleted contracts	(8,646)	(15,619)
Inventories	1,947	435
Other assets and liabilities	10,401	(2,769)
Accounts payable	(9,344)	7,188
Billings on uncompleted contracts in excess of costs and estimated earnings	49,623	20,036
Accrued expenses	(8,143)	(6,734)
Net cash provided (used) by operating activities	2,403	(22,517)
Investing activities:
Capital expenditures	(6,212)	(1,335)
Proceeds from asset sales	110	1,250
Net cash used by investing activities	(6,102)	(85)
Financing activities:
Advances under asset-backed credit facility	10,000	0
Repayments of advances under senior secured revolving credit facility	(10,000)	0
Payment of debt amendment fees	0	(1,054)
Issuances of common stock	0	199
Proceeds from issuance of common stock under employee stock purchase plan	200	212
Repurchase of common stock for payment of statutory taxes due on equity-based compensation	(310)	(853)
Other	0	(354)
Net cash used by financing activities	(110)	(1,850)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(358)	(334)
Net decrease in cash, cash equivalents and restricted cash	(4,167)	(24,786)
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	73,204	59,092
Supplemental disclosure of cash flow information:
Income taxes	(13,286)	(2,841)
Interest, including payment of debt amendment fees	1,675	2,509
Non-cash investing and financing activities:
Purchases of property, plant and equipment on account	$ 30	$ 99

Intangible Assets Including Goodwill Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 432
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	$ 3,499	$ 4,796

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Jun. 30, 2022
Project Unapproved Change Orders and Claims [Line Items]
Unapproved change orders and claims	$ 14.7	$ 8.9
Loss Contingencies [Line Items]
Contracts Receivable, Claims and Uncertain Amounts	$ 17.0

Earnings per Common Share - Antidilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total antidilutive securities	133	34	81	110

Basis of Presentation (Notes)	9 Months Ended
Basis of Presentation (Notes)	Mar. 31, 2023
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 and nine month periods ended March 31, 2023 may not necessarily be indicative of the results of operations for the full year ending June 30, 2023. Significant Accounting Policies Our significant accounting policies are detailed in “Note 1 - Summary of Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended June 30, 2022.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 48,204	$ 52,371
Accounts receivable, less allowances (March 31, 2023—$1,100 and June 30, 2022—$1,320)	163,426	153,879
Costs and estimated earnings in excess of billings on uncompleted contracts	53,398	44,752
Inventories	8,027	9,974
Income taxes receivable	539	13,547
Prepaid expenses	6,369	4,024
Other current assets	4,801	8,865
Total current assets	284,764	287,412
Restricted Cash	25,000	25,000
Property, plant and equipment, net	50,541	53,869
Operating lease right-of-use assets	22,889	22,067
Goodwill	29,712	42,135
Other intangible assets, net of accumulated amortization	3,499	4,796
Other assets, non-current	9,542	5,514
Total assets	425,947	440,793
Current liabilities:
Accounts payable	65,518	74,886
Billings on uncompleted contracts in excess of costs and estimated earnings	114,729	65,106
Accrued wages and benefits	13,257	21,526
Accrued insurance	5,823	6,125
Operating lease liabilities	4,605	5,715
Other accrued expenses	4,477	4,427
Total current liabilities	208,409	177,785
Deferred income taxes	26	26
Operating lease liabilities	21,727	19,904
Borrowings under asset-backed credit facility	15,000	15,000
Other liabilities	782	372
Total liabilities	245,944	213,087
Stockholders' equity:
Common stock—$.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued as of March 31, 2023 and June 30, 2022; 27,037,556 and 26,790,514 shares outstanding as of March 31, 2023 and June 30, 2022, respectively	279	279
Additional paid-in capital	139,257	139,854
Retained earnings	59,253	111,278
Accumulated other comprehensive loss	(8,897)	(8,175)
Stockholders' equity	189,892	243,236
Treasury stock, at cost — 850,661 shares as of March 31, 2023, and 1,097,703 shares as of June 30, 2022	(9,889)	(15,530)
Total stockholders' equity	180,003	227,706
Total liabilities and stockholders’ equity	$ 425,947	$ 440,793

Property, Plant, and Equipment (Tables)

9 Months Ended

Mar. 31, 2023

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 March 31, 2023 and June 30, 2022:


	March 31, 2023		June 30, 2022
	(In thousands)
Property, plant and equipment - at cost:
Land and buildings	$	36,458	$	34,788
Construction equipment	90,308		93,036
Transportation equipment	47,863		48,999
Office equipment and software	38,456		43,823
Construction in progress	3,155		1,646
Total property, plant and equipment - at cost	216,240		222,292
Accumulated depreciation	(165,699)		(168,423)
Property, plant and equipment - net	$	50,541	$	53,869

Intangible Assets Including Goodwill (Notes)

9 Months Ended

Mar. 31, 2023

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


Goodwill impairment	—		(12,316)		—		(12,316)
Translation adjustment(1)	(36)		—		(71)		(107)
Net balance at March 31, 2023	$	4,227	$	6,111	$	19,374	$	29,712

(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. Operating results during the second quarter of fiscal 2023 of one of our reporting units at higher risk of impairment indicated that it was more likely than not that its goodwill was impaired. This reporting unit is in the Process and Industrial Facilities segment and includes the midstream gas processing projects referenced in Note 2 - Revenue, Revisions in Estimates, which experienced a material adverse change in gross profit during the second quarter of fiscal 2023. Based on the indicated outcome of this project and our near-term outlook for the reporting unit, we performed an interim impairment test for the unit and concluded that its $12.3 million of goodwill was fully impaired. The impairment was recognized in operating loss during the second quarter of fiscal 2023.

Based on the totality of both positive and negative factors, no impairment indicators related to the other reporting units existed at March 31, 2023. However, if our view of project opportunities or gross margins deteriorates, particularly for the remaining higher risk reporting units, then we may need to perform an interim goodwill impairment test, which could result in an impairment.

During the three and nine months ended March 31, 2022, we concluded that goodwill impairment indicators existed based on the decline in the price of our stock and operating results that had underperformed during the year. As such, we performed an interim impairment test and concluded $18.3 million of goodwill was impaired.

Other Intangible Assets

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


		At March 31, 2023
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,483	$	(2,328)	$	155
Customer-based(1)	6 to 15	13,144		(9,800)		3,344


Total amortizing intangible assets		$	15,627	$	(12,128)	$	3,499

(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 $1.3 million during the three and nine months ended March 31, 2023 and $0.4 million and $1.4 million during the three and nine months ended March 31, 2022, respectively.

We estimate that the remaining amortization expense related to March 31, 2023 amortizing intangible assets will be as follows (in thousands):


Period ending:
Remainder of Fiscal 2023	$	432
Fiscal 2024	1,416
Fiscal 2025	1,096
Fiscal 2026	555

Total estimated remaining amortization expense at March 31, 2023	$	3,499

Restructuring Costs (Tables)

9 Months Ended

Mar. 31, 2023

Restructuring Costs [Abstract]

Restructuring and Related Costs [Table Text Block]

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


	Three Months Ended				Nine Months Ended				Since Inception of Business Improvement Plan
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
























Restructuring Costs by Type:
Severance and other personnel-related costs	$	251	$	—	$	2,563	$	136	$	17,477
Facility costs	50		12		179		29		4,709
Other intangible asset impairments	—		—		—		—		1,525
Other costs	15		(1,590)		139		(443)		582
Total restructuring costs	$	316	$	(1,578)	$	2,881	$	(278)	$	24,293

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Statement Condensed Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 1,100	$ 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	27,037,556	26,790,514
Treasury Stock, Common, Shares	850,661	1,097,703

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, Common
Balances, beginning at Jun. 30, 2021	$ 285,539	$ 279	$ 137,575	$ 175,178	$ (6,749)	$ (20,744)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(77,356)	0	0	(77,356)	0	0
Other comprehensive income (loss)	(728)	0	0	0	(728)	0
Issuances of common stock	199	0	(189)	0	0	388
Issuance of deferred shares	0		(5,102)	0	0	5,102
Treasury shares sold to Employee Stock Purchase Plan	212	0	(221)	0	0	433
Treasury shares purchased to satisfy tax withholding obligations	(853)	0	0	0	0	(853)
Stock-based compensation expense	5,823	0	5,823	0	0	0
Balances, ending at Mar. 31, 2022	212,836	279	137,886	97,822	(7,477)	(15,674)
Balances, beginning at Dec. 31, 2021	245,610	279	135,913	132,721	(7,445)	(15,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(34,899)	0	0	(34,899)	0	0
Other comprehensive income (loss)	(32)	0	0	0	(32)	0
Treasury shares sold to Employee Stock Purchase Plan	69	0	(115)	0	0	184
Stock-based compensation expense	2,088	0	2,088	0	0	0
Balances, ending at Mar. 31, 2022	212,836	279	137,886	97,822	(7,477)	(15,674)
Balances, beginning at Jun. 30, 2022	227,706	279	139,854	111,278	(8,175)	(15,530)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(52,025)	0	0	(52,025)	0	0
Other comprehensive income (loss)	(722)	0	0	0	(722)	0
Issuance of deferred shares	0	0	(5,149)	0	0	5,149
Treasury shares sold to Employee Stock Purchase Plan	200	0	(602)	0	0	802
Treasury shares purchased to satisfy tax withholding obligations	(310)	0	0	0	0	(310)
Stock-based compensation expense	5,154	0	5,154	0	0	0
Balances, ending at Mar. 31, 2023	180,003	279	139,257	59,253	(8,897)	(9,889)
Balances, beginning at Dec. 31, 2022	191,452	279	137,989	71,939	(8,663)	(10,092)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,686)	0	0	(12,686)	0	0
Other comprehensive income (loss)	(234)	0	0	0	(234)	0
Treasury shares sold to Employee Stock Purchase Plan	64	0	(139)	0	0	203
Stock-based compensation expense	1,407	0	1,407	0	0	0
Balances, ending at Mar. 31, 2023	$ 180,003	$ 279	$ 139,257	$ 59,253	$ (8,897)	$ (9,889)

- 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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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

Debt (Notes)	9 Months Ended
Debt (Notes)	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On September 9, 2021, the Company and our primary U.S. and Canada operating subsidiaries entered into an asset-based credit agreement, which was amended on October 5, 2022 (as amended, the "ABL Facility"), with Bank of Montreal, as Administrative Agent, Swing Line Lender and a Letter of Credit Issuer, and the lenders named therein. The maximum amount of loans under the ABL Facility is limited to $90.0 million. The ABL Facility's 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 guaranteed by substantially all of our U.S. and Canadian subsidiaries and 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 March 31, 2023, our borrowing base was $78.5 million, we had $15.0 million of outstanding borrowings, and we had $19.3 million in letters of credit outstanding, which resulted in availability of $44.2 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 Secured Overnight Financing Rate ("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 March 31, 2023, including applicable margin, was approximately 7.17%. 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 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. We were in compliance with all covenants of the ABL Facility as of March 31, 2023.

- 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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+ Details

Segment Information (Notes)

9 Months Ended

Mar. 31, 2023

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 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. In fiscal year 2022, we commenced a project to centralize and standardize certain support functions including accounting, human resources and project support. These centralized support functions are now included in corporate selling, general and administrative expense, but were previously included in our operating segment selling, general and administrative expense. 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				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
Gross revenue
Utility and Power Infrastructure	$	35,024	$	59,341	$	130,483	$	171,298
Process and Industrial Facilities	99,706		69,786		267,232		167,033
Storage and Terminal Solutions	53,871		49,254		194,291		175,174

Total gross revenue	$	188,601	$	178,381	$	592,006	$	513,505
Less: Inter-segment revenue
Utility and Power Infrastructure	$	—	$	—	$	54	$	—
Process and Industrial Facilities	—		815		109		3,841
Storage and Terminal Solutions	1,706		563		2,677		2,603

Total inter-segment revenue	$	1,706	$	1,378	$	2,840	$	6,444
Consolidated revenue
Utility and Power Infrastructure	$	35,024	$	59,341	$	130,429	$	171,298
Process and Industrial Facilities	99,706		68,971		267,123		163,192
Storage and Terminal Solutions	52,165		48,691		191,614		172,571

Total consolidated revenue	$	186,895	$	177,003	$	589,166	$	507,061
Gross profit (loss)
Utility and Power Infrastructure	$	2,790	$	(492)	$	6,929	$	(7,089)
Process and Industrial Facilities	3,160		(441)		2,359		6,663
Storage and Terminal Solutions	(810)		(458)		8,403		(216)
Corporate	(721)		(372)		(1,566)		(1,422)
Total gross profit (loss)	$	4,419	$	(1,763)	$	16,125	$	(2,064)
Selling, general and administrative expenses
Utility and Power Infrastructure	$	1,869	$	2,910	$	5,394	$	9,109
Process and Industrial Facilities	3,556		3,198		11,308		8,752
Storage and Terminal Solutions	5,735		4,063		15,342		12,850
Corporate	5,702		6,870		19,174		18,881
Total selling, general and administrative expenses	$	16,862	$	17,041	$	51,218	$	49,592
Goodwill impairment and restructuring costs
Utility and Power Infrastructure	$	—	$	2,659	$	37	$	2,705
Process and Industrial Facilities	106		6,856		13,119		6,839
Storage and Terminal Solutions	79		7,219		984		7,293
Corporate	131		—		1,057		1,197
Total goodwill impairment and restructuring costs	$	316	$	16,734	$	15,197	$	18,034
Operating income (loss)
Utility and Power Infrastructure	$	921	$	(6,061)	$	1,498	$	(18,903)
Process and Industrial Facilities	(502)		(10,495)		(22,068)		(8,928)
Storage and Terminal Solutions	(6,624)		(11,740)		(7,923)		(20,359)
Corporate	(6,554)		(7,242)		(21,797)		(21,500)
Total operating loss	$	(12,759)	$	(35,538)	$	(50,290)	$	(69,690)

Total assets by segment were as follows (in thousands):


	March 31, 2023		June 30, 2022
Utility and Power Infrastructure	$	77,211	$	94,059
Process and Industrial Facilities	124,979		104,078
Storage and Terminal Solutions	141,263		141,084
Corporate	82,494		101,572
Total segment assets	$	425,947	$	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.

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (12,686)	$ (34,899)	$ (52,025)	$ (77,356)
Other comprehensive loss, net of tax:
Foreign currency translation loss (net of tax expense (benefit) of $0 for the three and nine months ended March 31, 2023 and ($16) and $30 for the three and nine months ended March 31, 2022, respectively)	(234)	(32)	(722)	(728)
Comprehensive loss	$ (12,920)	$ (34,931)	$ (52,747)	$ (78,084)

- 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.

+ References + Details

- Definition

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

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	2.80%	0.40%	0.70%	(7.80%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 3.6		$ 13.3
Increase (Decrease) in Income Taxes Receivable			13.3
CARES Act Deferred Payroll Tax Liability	$ 5.6		$ 5.6
Investments, Owned, Federal Income Tax Note [Line Items]
Effective Income Tax Rate Reconciliation, Percent	2.80%	0.40%	0.70%	(7.80%)
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 3.6		$ 13.3

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2022
Revenue, Performance Obligation [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 542,700		$ 542,700
Performance obligations to be recognized as revenue within next twelve months	432,700		432,700
Contract with Customer, Asset and Liability [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	53,398		53,398		$ 44,752
Change in CIE			8,646
Billings on uncompleted contracts in excess of costs and estimated earnings	(114,729)		(114,729)		(65,106)
Change in BIE			(49,623)
Contract with customer, current liability, net	(61,331)		(61,331)		(20,354)
Change in net contract balances			(40,977)
Contract with Customer, Liability, Revenue Recognized			57,000
Disclosure Customer Contracts Additional Information [Abstract]
Construction Contractor, Receivable, Retainage, Year One	18,900		18,900		16,100
Construction Contractor, Receivable, Retainage, after Year One	7,800		7,800		$ 4,000
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	186,895	$ 177,003	589,166	$ 507,061
Process and Industrial Facilities
Disaggregation of Revenue [Line Items]
Loss on Contracts	3,300	4,800	12,700
Utility and Power Infrastructure
Disaggregation of Revenue [Line Items]
Loss on Contracts		800		5,100
Storage and Terminal Solutions
Disaggregation of Revenue [Line Items]
Loss on Contracts				5,500
Fixed-price Contract
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	96,755	100,602	311,511	303,508
Time-and-materials Contract
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	90,140	76,401	277,655	203,553
United States
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	178,261	160,453	524,731	459,654
Canada
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	6,932	16,268	52,742	45,038
Other international
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer	$ 1,702	$ 282	$ 11,693	$ 2,369

Restructuring Costs (Notes)

9 Months Ended

Mar. 31, 2023

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. During the second quarter of fiscal 2023, we closed an underperforming office and ceased its associated operations, which resulted in $0.7 million of restructuring costs. 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				Nine Months Ended				Since Inception of Business Improvement Plan
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
























Restructuring Costs by Type:
Severance and other personnel-related costs	$	251	$	—	$	2,563	$	136	$	17,477
Facility costs	50		12		179		29		4,709
Other intangible asset impairments	—		—		—		—		1,525
Other costs	15		(1,590)		139		(443)		582
Total restructuring costs	$	316	$	(1,578)	$	2,881	$	(278)	$	24,293

Revenue (Notes)

9 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

Remaining Performance Obligations

We had $542.7 million of remaining performance obligations yet to be satisfied as of March 31, 2023. We expect to recognize $432.7 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 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:


	March 31, 2023		June 30, 2022		Change
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	53,398	$	44,752	$	8,646
Billings on uncompleted contracts in excess of costs and estimated earnings	(114,729)		(65,106)		(49,623)
Net contract liabilities	$	(61,331)	$	(20,354)	$	(40,977)

The difference between the beginning and ending balances of our CIE and BIE primarily results from the timing of revenue recognized relative to the billings on the associated contract. The amount of revenue recognized during the nine months ended March 31, 2023 that was included in the June 30, 2022 BIE balance was $57.0 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 March 31, 2023 and June 30, 2022 included retentions to be collected within one year of $18.9 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 $7.8 million as of March 31, 2023 and $4.0 million as of June 30, 2022.

Disaggregated Revenue

Revenue disaggregated by reportable segment is presented in Note 9 - 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				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
United States	$	178,261	$	160,453	$	524,731	$	459,654
Canada	6,932		16,268		52,742		45,038
Other international	1,702		282		11,693		2,369
Total Revenue	$	186,895	$	177,003	$	589,166	$	507,061

Contract Type Disaggregation:


	Three Months Ended				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
Fixed-price contracts	$	96,755	$	100,602	$	311,511	$	303,508
Time and materials and other cost reimbursable contracts	90,140		76,401		277,655		203,553
Total Revenue	$	186,895	$	177,003	$	589,166	$	507,061

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.

Revisions in Estimates

During the third quarter of fiscal 2023, unfavorable changes in the estimated recovery of change orders and increased forecasted costs to complete certain midstream gas processing capital projects in the Process and Industrial Facilities segment resulted in the projects reducing gross profit by $3.3 million. Together with prior unfavorable changes in the estimated recovery of change orders and increased costs, the projects reduced gross profit by $12.7 million during the nine months ended March 31, 2023. These charges were primarily the result of the client not approving adequate compensation to us for the impact that excessive scope changes had on our ability to progress work on the project according to forecast and for the impact that global supply chain issues and inflation had on the projects. We have accrued the full expected loss for these projects, which we expect to be mechanically complete in July 2023.

During the three and nine months ended March 31, 2022, our results of operations were materially impacted by an increase in the forecasted costs to complete a midstream gas processing project in the Process and Industrial Facilities segment, which resulted in a decrease in gross profit of $4.8 million. The increase in forecasted costs was primarily due to performance of a now-terminated subcontractor, which required rework in order to meet our client's expectations.

During fiscal 2022, our results of operations were materially impacted by changes in the forecasted costs to complete a large capital project in the Utility and Power Infrastructure segment. Improved project execution resulted in an increase in gross profit of $0.8 million during the three months ended March 31, 2022. However, increases in the forecasted costs to complete the project during the first half of fiscal 2022 resulted in the project reducing gross profit by $5.1 million during the nine months ended March 31, 2022. The increase in forecasted costs during the first half of the fiscal year was principally due to unexpected equipment repairs during commissioning that delayed the scheduled completion and increased the estimated costs to complete. The project was completed in fiscal 2022.

During fiscal 2022, our results of operations were materially impacted by an increase in the costs required to complete a thermal energy storage tank repair and maintenance project in the Storage and Terminal Solutions segment, which resulted in a decrease in gross profit of $5.5 million in the first half of fiscal 2022. The increase in costs was primarily due to changes in repair scope, expanded client weld testing and associated schedule delays. We completed these repairs in the first quarter of fiscal 2023.

- 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.

+ References

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+ Details

Intangible Assets Including Goodwill (Tables)

9 Months Ended

Mar. 31, 2023

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


Goodwill impairment	—		(12,316)		—		(12,316)
Translation adjustment(1)	(36)		—		(71)		(107)
Net balance at March 31, 2023	$	4,227	$	6,111	$	19,374	$	29,712

Schedule Of Intangible Assets Excluding Goodwill Table [Text Block]

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


		At March 31, 2023
	Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(Years)	(In thousands)
Intellectual property	10 to 15	$	2,483	$	(2,328)	$	155
Customer-based(1)	6 to 15	13,144		(9,800)		3,344


Total amortizing intangible assets		$	15,627	$	(12,128)	$	3,499

(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 March 31, 2023 amortizing intangible assets will be as follows (in thousands):


Period ending:
Remainder of Fiscal 2023	$	432
Fiscal 2024	1,416
Fiscal 2025	1,096
Fiscal 2026	555

Total estimated remaining amortization expense at March 31, 2023	$	3,499

- Definition

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

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+ Details

Line of Credit Facility (Details) $ in Thousands	9 Months Ended
Line of Credit Facility (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Line of Credit Facility, Initiation Date	Sep. 09, 2021
Line of Credit Facility, Maximum Borrowing Capacity	$ 90,000
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	$ 78,500
Borrowings under asset-backed credit facility	15,000	$ 15,000
Letters of Credit Outstanding, Amount	19,300
Line of Credit Facility, Remaining Borrowing Capacity	$ 44,200
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	7.17%
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

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		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share, Basic [Abstract]
Net loss	$ (12,686)	$ (34,899)	$ (52,025)	$ (77,356)
Weighted average shares outstanding - basic (shares)	27,038	26,783	26,969	26,714
Basic EPS (US$ per share)	$ (0.47)	$ (1.30)	$ (1.93)	$ (2.90)
Earnings Per Share, Diluted [Abstract]
Diluted weighted average shares (shares)	27,038	26,783	26,969	26,714
Diluted EPS (US$ per share)	$ (0.47)	$ (1.30)	$ (1.93)	$ (2.90)

- Definition

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

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+ Details

- 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.

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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

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		39 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023
Restructuring costs by type [Abstract]
Severance costs and other benefits	$ 251	$ 0	$ 2,563	$ 136	$ 17,477
Facility costs	50	12	179	29	4,709
Impairment of Intangible Assets, Finite-lived	0	0	0	0	1,525
Other Restructuring Costs	15	(1,590)	139	(443)	582
Restructuring costs	316	$ (1,578)	$ 2,881	$ (278)	$ 24,293
Restructuring cost - closure of office in the second quarter of fiscal 2023	$ 700

Property, Plant, and Equipment

9 Months Ended

Mar. 31, 2023

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 March 31, 2023 and June 30, 2022:


	March 31, 2023		June 30, 2022
	(In thousands)
Property, plant and equipment - at cost:
Land and buildings	$	36,458	$	34,788
Construction equipment	90,308		93,036
Transportation equipment	47,863		48,999
Office equipment and software	38,456		43,823
Construction in progress	3,155		1,646
Total property, plant and equipment - at cost	216,240		222,292
Accumulated depreciation	(165,699)		(168,423)
Property, plant and equipment - net	$	50,541	$	53,869

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Exercise of stock options, shares	0	0	0	19,550
Issuance of deferred shares, shares	0	0	259,529	268,403
Employee Stock Purchase Plan, shares	10,233	9,290	40,377	22,577
Other treasury shares purchases, shares	0	0	52,864	76,703

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2022
Property, Plant and Equipment, Gross [Abstract]
Land and buildings	$ 36,458	$ 34,788
Construction equipment	90,308	93,036
Transportation equipment	47,863	48,999
Office equipment and software	38,456	43,823
Construction in progress	3,155	1,646
Total property, plant and equipment - at cost	216,240	222,292
Accumulated depreciation	(165,699)	(168,423)
Property, plant and equipment, net	$ 50,541	$ 53,869

Revenue (Tables)

9 Months Ended

Mar. 31, 2023

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:


	March 31, 2023		June 30, 2022		Change
	(in thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	53,398	$	44,752	$	8,646
Billings on uncompleted contracts in excess of costs and estimated earnings	(114,729)		(65,106)		(49,623)
Net contract liabilities	$	(61,331)	$	(20,354)	$	(40,977)

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				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
United States	$	178,261	$	160,453	$	524,731	$	459,654
Canada	6,932		16,268		52,742		45,038
Other international	1,702		282		11,693		2,369
Total Revenue	$	186,895	$	177,003	$	589,166	$	507,061

Revenue from External Customers by Contract Type

Contract Type Disaggregation:


	Three Months Ended				Nine Months Ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
	(In thousands)
Fixed-price contracts	$	96,755	$	100,602	$	311,511	$	303,508
Time and materials and other cost reimbursable contracts	90,140		76,401		277,655		203,553
Total Revenue	$	186,895	$	177,003	$	589,166	$	507,061