0000866273-24-000119 | 10-Q | XBRL Viewer

Earnings per Common Share

3 Months Ended

Sep. 30, 2024

Basic earnings per share (“EPS”) is calculated based on the weighted average shares outstanding during the period. Diluted earnings per share includes the dilutive effect of employee and director nonvested restricted stock units. Nonvested restricted stock units are considered dilutive (antidilutive) to our EPS whenever the average market value of the shares during the period exceeds (is less than) the sum of the related average unamortized compensation expense during the period plus the related hypothetical estimated excess tax benefit that will be realized when the shares vest. Nonvested restricted stock units are considered antidilutive to our EPS in the event we report a net loss.

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


	Three Months Ended
	September 30, 2024		September 30, 2023
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(9,223)	$	(3,167)
Weighted average shares outstanding	27,559		27,113
Basic loss per share	$	(0.33)	$	(0.12)
Diluted EPS:
Net loss	$	(9,223)	$	(3,167)



Diluted weighted average shares outstanding	27,559		27,113
Diluted loss per share	$	(0.33)	$	(0.12)

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

Three Months Ended

September 30,
2024

September 30,
2023

(In thousands)

Nonvested restricted stock units

631

231

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Proceeds from asset sales	$ 0	$ 2,618
Gain on disposition of assets	$ (68)	2,366
Burlington Office
Property, Plant and Equipment [Line Items]
Proceeds from asset sales		2,700
Gain on disposition of assets		$ 2,500

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income (loss)	$ (9,223)	$ (3,167)
Adjustments to reconcile net loss to net cash provided (used) by operating activities:
Depreciation and amortization	2,515	2,911
Stock-based compensation expense	2,311	1,755
Loss (gain) on disposal of property, plant and equipment (Note 3)	68	(2,366)
Other	38	72
Changes in operating assets and liabilities increasing (decreasing) cash:
Accounts receivable, net of allowance for credit losses	(5,110)	(6,543)
Costs and estimated earnings in excess of billings on uncompleted contracts	2,075	2,519
Inventories	1,331	(1,716)
Other assets and liabilities	(8,580)	(7,669)
Accounts payable	(3,903)	(2,173)
Billings on uncompleted contracts in excess of costs and estimated earnings	33,304	(12,303)
Accrued expenses	(2,908)	(195)
Net Cash Provided by (Used in) Operating Activities, Total	11,918	(28,875)
Investing activities:
Capital expenditures	(1,944)	(478)
Proceeds from asset sales	0	2,618
Net Cash Provided by (Used in) Investing Activities, Total	(1,944)	2,140
Net Cash Provided by (Used in) Financing Activities [Abstract]
Proceeds from issuance of common stock under employee stock purchase plan	46	45
Repurchase of common stock for payment of statutory taxes due on equity-based compensation	(1,235)	(456)
Net Cash Provided by (Used in) Financing Activities, Total	(1,189)	(411)
Effect of exchange rate changes on cash	210	(307)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	8,995	(27,453)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period	140,615	79,812
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period	149,610	52,359
Supplemental disclosure of cash flow information:
Income taxes	0	(27)
Interest	145	389
Non-cash investing and financing activities:
Purchases of property, plant and equipment on account	$ 197	$ 6

Revenue - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 31,818	$ 33,893
Change in CIE	(2,075)
Billings on uncompleted contracts in excess of costs and estimated earnings	(204,612)	(171,308)
Change in BIE	(33,304)
Net contract liabilities	(172,794)	$ (137,415)
Change in net contract balances	$ (35,379)

Revenue (Tables)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table provides information about CIE and BIE:


	September 30, 2024		June 30, 2024		Change
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	31,818	$	33,893	$	(2,075)
Billings on uncompleted contracts in excess of costs and estimated earnings	(204,612)		(171,308)		(33,304)
Net contract liabilities	$	(172,794)	$	(137,415)	$	(35,379)

Summary of Revenue by Geographic Areas

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

Geographic Disaggregation:


	Three Months Ended
	September 30, 2024		September 30, 2023
	(In thousands)
United States	$	153,222	$	177,550
Canada	10,768		16,873
Other international	1,589		3,236
Total Revenue	$	165,579	$	197,659

Summary of Revenue by Contract Type

Contract Type Disaggregation:


	Three Months Ended
	September 30, 2024		September 30, 2023
	(In thousands)
Fixed-price contracts	$	123,769	$	116,757
Time and materials and other cost reimbursable contracts	41,810		80,902
Total Revenue	$	165,579	$	197,659

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6 – 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. Litigation In January 2021, we achieved mechanical completion on a crude oil storage project. On April 1, 2022, we filed an arbitration demand against Keyera Energy, Inc. in an effort to collect outstanding balances of $32.7 million related to the project. In response, on June 2, 2022, the customer filed counterclaims seeking $20.0 million, which included liquidated damages and damages with respect to miscellaneous warranty items. On October 31, 2022, the customer amended its counterclaim claiming damages in a range of $18.8 million to $36.0 million, which included estimated amounts for “potential future costs.” In July 2024, the customer filed a second amended counterclaim which significantly increased the amount of alleged damages to a range of $69.6 million to $97.9 million, including a new claim for unspecified “other damages” of $46.9 million. A portion of the total alleged damages, if we are held liable, may be subject to certain insurance coverages. We are actively pursuing our claims and believe we have substantial legal and contractual defenses to the customer's counterclaims. During fiscal 2023, we completed construction services on a time and materials basis for a customer at a mining and minerals facility. In late fiscal 2023, after numerous attempts to collect outstanding receivables, we filed a notice of default for lack of payment of outstanding balances, and in early fiscal 2024, we filed a lien on the facility. The customer, 5E Boron Americas, LLC, responded by commencing litigation against us on July 17, 2023 in the United States District Court for the Central District of California, Eastern Division (5E Boron Americas, LLC v. Matrix Service Inc., Case No. 5:23-cv-01396-AB(DTBx)), alleging breach of contract and breach of express warranty. We denied all claims and filed a countersuit against the customer for failure to pay amounts due of $5.6 million. We believe we have set appropriate reserves based on our evaluation of the possible outcomes for the matters described above. However, the results of litigation are inherently unpredictable, and the possibility exists that the ultimate resolution of one or more of these matters could result in a material effect on our financial position, results of operations or liquidity. We and our subsidiaries are participants in various other legal actions; however, assessing the eventual outcome of litigation involves forward-looking speculation as to judgement being made by arbitrators, judges, juries and appellate courts in the future. Based upon information presently available, and in light of legal and other factual defenses available to the Company, management does not believe that such other known legal actions will have a material adverse effect on our financial position, results of operations or liquidity.

Segment Information (Details) - USD ($)	3 Months Ended
Segment Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Segment Reporting Information [Line Items]
Revenue	$ 165,579,000	$ 197,659,000
Cost of Revenue	(157,766,000)	(185,800,000)
Gross Profit	7,813,000	11,859,000
Selling, general and administrative expenses	18,580,000	17,113,000
Operating Income (Loss)	$ (10,767,000)	(5,254,000)
Segment Information	Note 8 – Segment Information We operate our business through three reportable segments: •Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals. •Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform traditional electrical work for public and private utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, and upgrades and maintenance including live wire work. Work may also include emergency and storm restoration services. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations. •Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including petrochemical, sulfur, mining and minerals primarily in the extraction of non-ferrous metals, cement, agriculture, wastewater treatment facilities and other industrial customers. 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, including corporate salaries and facilities costs, 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. 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.
Segment assets	$ 470,157,000		$ 451,351,000
Storage and Terminal Solutions [Member]
Segment Reporting Information [Line Items]
Revenue	78,239,000	90,144,000
Cost of Revenue	73,542,000	85,191,000
Gross Profit	4,697,000	4,953,000
Selling, general and administrative expenses	5,569,000	4,629,000
Operating Income (Loss)	(872,000)	$ 324,000
Segment assets	$ 159,049,000		138,529,000
Storage and Terminal Solutions [Member] \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Segment Information	(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and Storage and Terminal Solutions and were $0.9 million for the three months ended September 30, 2024.	(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $0.8 million for the three months ended September 30, 2023.
Utility and Power Infrastructure [Member]
Segment Reporting Information [Line Items]
Revenue	$ 55,912,000	$ 32,395,000
Cost of Revenue	54,605,000	28,698,000
Gross Profit	1,307,000	3,697,000
Selling, general and administrative expenses	3,976,000	1,548,000
Operating Income (Loss)	(2,669,000)	2,149,000
Segment assets	103,792,000		84,108,000
Process and Industrial Facilities [Member]
Segment Reporting Information [Line Items]
Revenue	31,428,000	75,120,000
Cost of Revenue	29,431,000	70,042,000
Gross Profit	1,997,000	5,078,000
Selling, general and administrative expenses	1,766,000	3,087,000
Operating Income (Loss)	231,000	1,991,000
Segment assets	37,063,000		81,524,000
Corporate Segment
Segment Reporting Information [Line Items]
Revenue	0	0
Cost of Revenue	188,000	1,869,000
Gross Profit	(188,000)	(1,869,000)
Selling, general and administrative expenses	7,269,000	7,849,000
Operating Income (Loss)	(7,457,000)	$ (9,718,000)
Segment assets	$ 170,253,000		$ 147,190,000

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jul. 31, 2024	Jun. 02, 2022	Jun. 30, 2024	Oct. 31, 2022	Apr. 01, 2022
Mining and Minerals Project
Loss Contingencies [Line Items]
Contracts receivable, claims and uncertain amounts			$ 5.6
Crude Oil Terminal Project
Loss Contingencies [Line Items]
Contracts receivable, claims and uncertain amounts					$ 32.7
Loss Contingency, Actions Taken by Defendant	46.9 million	20.0 million
Loss Contingency ActionsTaken By Defendant, Maximum	$ 97.9			$ 36.0
Loss Contingency Actions Taken By Defendant, Minimum	$ 69.6			$ 18.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	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, 2024, included in our Annual Report on Form 10-K. The results of operations for the three month period ended September 30, 2024 may not necessarily be indicative of the results of operations for the full year ending June 30, 2025. Significant Accounting Policies Our significant accounting policies are detailed in “Note 1 - Basis of Presentation and Significant Accounting Policies” of our Annual Report on Form 10-K for the year ended June 30, 2024. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The update will be effective for annual periods beginning after December 15, 2023 (fiscal 2025). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024 (fiscal 2026). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring companies to provide more detailed and organized disclosures of their expenses. Disclosures will include disaggregation of expense captions presented on the face of the income statement into specific categories, such as purchases of inventory, employee compensation, and costs related to depreciation and amortization. The new requirements will take effect for annual reporting periods beginning after December 15, 2026 (fiscal 2028). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. Other accounting pronouncements issued but not effective until after September 30, 2024 are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

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, 2024	Sep. 30, 2023
Basic EPS:
Net income (loss)	$ (9,223)	$ (3,167)
Weighted average shares outstanding - basic (in shares)	27,559	27,113
Basic loss per share (in dollars per share)	$ (0.33)	$ (0.12)
Diluted EPS:
Diluted weighted average shares outstanding (in shares)	27,559	27,113
Diluted loss per share (in dollars per share)	$ (0.33)	$ (0.12)
Net income (loss)	$ (9,223)	$ (3,167)

- Definition

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

+ References

+ 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.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt	3 Months Ended
Debt	Sep. 30, 2024
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 most recently amended on May 3, 2024 (as amended, the "ABL Facility"), with Bank of Montreal, as Administrative Agent, Swing Line Lender and a Letter of Credit Issuer. The maximum amount of loans under the ABL Facility is limited to $90.0 million. 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 under the ABL Facility. The ABL Facility matures, and any outstanding amounts become due and payable, on September 9, 2026. 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 borrowing base is recalculated on a monthly basis and at September 30, 2024, our borrowing base was $61.4 million. The Company had $4.8 million in letters of credit outstanding as of September 30, 2024, which resulted in availability of $56.6 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 ABL Facility contains customary conditions to borrowings, events of default and covenants, including, but not limited to, covenants that limit 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 September 30, 2024.

- 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

Revenue - Summary of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 165,579	$ 197,659
United States
Disaggregation of Revenue [Line Items]
Total Revenue	153,222	177,550
Canada
Disaggregation of Revenue [Line Items]
Total Revenue	10,768	16,873
Other international
Disaggregation of Revenue [Line Items]
Total Revenue	$ 1,589	$ 3,236

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Other Comprehensive Income [Abstract]
Net income (loss)	$ (9,223)	$ (3,167)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss)	436	(538)
Comprehensive loss	$ (8,787)	$ (3,705)

- Definition

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

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 124,610	$ 115,615
Accounts receivable, net of allowance for credit losses	132,541	138,987
Costs and estimated earnings in excess of billings on uncompleted contracts	31,818	33,893
Inventories	7,508	8,839
Income taxes receivable	180	180
Prepaid expenses and other current assets	12,236	4,077
Total current assets	308,893	301,591
Restricted cash	25,000	25,000
Property, plant and equipment, net	43,247	43,498
Operating lease right-of-use assets	19,155	19,150
Goodwill	29,077	29,023
Other intangible assets, net of accumulated amortization	1,377	1,651
Other assets, non-current (Note 2)	43,408	31,438
Total assets	470,157	451,351
Current liabilities:
Accounts payable	61,668	65,629
Billings on uncompleted contracts in excess of costs and estimated earnings	204,612	171,308
Accrued wages and benefits	13,910	15,878
Accrued insurance	4,932	4,605
Operating lease liabilities	3,782	3,739
Other accrued expenses	3,247	3,956
Total current liabilities	292,151	265,115
Deferred income taxes	25	25
Operating lease liabilities	19,149	19,156
Other liabilities, non-current	2,315	2,873
Total liabilities	313,640	287,169
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock — $0.01 par value; 60,000,000 shares authorized; 27,888,217 shares issued at September 30, 2024 and June 30, 2024, respectively; 27,550,202 and 27,308,795 shares outstanding as of September 30, 2024 and June 30, 2024, respectively;	279	279
Additional paid-in capital	143,765	145,580
Retained earnings	24,718	33,941
Accumulated other comprehensive loss	(9,099)	(9,535)
Treasury stock, at cost — 338,015 and 579,422 shares as of September 30, 2024 and June 30, 2024, respectively;	(3,146)	(6,083)
Total stockholders' equity	156,517	164,182
Total liabilities and stockholders’ equity	$ 470,157	$ 451,351

Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-15461
Entity Registrant Name	MATRIX SERVICE CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	73-1352174
Entity Address, Address Line One	15 East 5th Street, Suite 1100
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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	MTRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,554,879
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000866273
Current Fiscal Year End Date	--06-30
Amendment Flag	false

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Remaining performance obligations yet to be satisfied	$ 1,100.0
Performance obligations to be recognized as revenue within next twelve months	591.2
Contract with customer, revenue recognized	81.0
Retentions to be collected within one year	11.9	$ 11.6
Contract retentions collectible beyond one year	40.3	28.6
Unapproved change orders and claims	$ 9.3	$ 9.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Information	3 Months Ended
Segment Information	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 8 – Segment Information We operate our business through three reportable segments: •Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals. •Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform traditional electrical work for public and private utilities, including construction of new substations, upgrades of existing substations, transmission and distribution line installations, and upgrades and maintenance including live wire work. Work may also include emergency and storm restoration services. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations. •Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including petrochemical, sulfur, mining and minerals primarily in the extraction of non-ferrous metals, cement, agriculture, wastewater treatment facilities and other industrial customers. 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, including corporate salaries and facilities costs, 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. 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.

- 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

Revenue - Summary of Revenue by Contract Types (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 165,579	$ 197,659
Fixed-price contracts
Disaggregation of Revenue [Line Items]
Total Revenue	123,769	116,757
Time and materials and other cost reimbursable contracts
Disaggregation of Revenue [Line Items]
Total Revenue	$ 41,810	$ 80,902

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	AOCI Attributable to Parent	Treasury Stock, Common
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, common, shares (in shares)						840,899
Common stock, shares, outstanding (in shares)		27,888,217
Balances, beginning at Jun. 30, 2023	$ 181,484	$ 279	$ 140,810	$ 58,917	$ (8,769)	$ (9,753)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,167)			(3,167)
Other comprehensive income (loss)	(538)				(538)
Treasury shares sold to Employee Stock Purchase Plan	(45)		(54)			(99)
Treasury shares purchased to satisfy tax withholding obligations	456					456
Stock-based compensation expense	1,755		1,755
Balances, ending at Sep. 30, 2023	179,123	$ 279	139,773	55,750	(9,307)	$ (7,372)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Shares, Acquired						55,324
Treasury shares sold to Employee Stock Purchase Plan (in shares)						(7,601)
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	$ 0		(2,738)			$ 2,738
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings						(210,243)
Treasury stock, common, shares (in shares)						678,379
Common stock, shares, outstanding (in shares)		27,888,217
Treasury stock, common, shares (in shares)	579,422					579,422
Common stock, shares, outstanding (in shares)	27,308,795	27,888,217
Balances, beginning at Jun. 30, 2024	$ 164,182	$ 279	145,580	33,941	(9,535)	$ (6,083)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,223)			(9,223)
Other comprehensive income (loss)	436				436
Treasury shares sold to Employee Stock Purchase Plan	(46)		17			(63)
Treasury shares purchased to satisfy tax withholding obligations	1,235					1,235
Stock-based compensation expense	2,311		2,311
Balances, ending at Sep. 30, 2024	156,517	$ 279	143,765	$ 24,718	$ (9,099)	$ (3,146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury Stock, Shares, Acquired						123,850
Treasury shares sold to Employee Stock Purchase Plan (in shares)						4,797
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	$ 0		$ (4,109)			$ 4,109
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings						(360,460)
Treasury stock, common, shares (in shares)	338,015					338,015
Common stock, shares, outstanding (in shares)	27,550,202	27,888,217

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 165,579	$ 197,659
Cost of revenue	157,766	185,800
Gross profit	7,813	11,859
Selling, general and administrative expenses	18,580	17,113
Operating loss	(10,767)	(5,254)
Other income (expense):
Interest expense	(89)	(325)
Interest income	1,572	150
Other	61	2,262
Loss before income tax expense	(9,223)	(3,167)
Provision for federal, state and foreign income taxes	0	0
Net loss	$ (9,223)	$ (3,167)
Basic loss per common share (in dollars per share)	$ (0.33)	$ (0.12)
Diluted loss per common share (in dollars per share)	$ (0.33)	$ (0.12)
Weighted Average Number of Shares Outstanding, Basic	27,559	27,113
Weighted Average Number of Shares Outstanding Diluted	27,559	27,113

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Effective Tax Rate During the three months ended September 30, 2024 and 2023, our effective tax rates were zero. The effective tax rates during both periods were impacted by valuation allowances of $1.3 million and $0.2 million, respectively, placed on deferred tax assets generated during the quarters. Valuation Allowance We placed a valuation allowance on our deferred tax assets in 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.

- Definition

The entire disclosure for income tax.

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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Valuation allowances placed on deferred tax assets	$ 1.3	$ 0.2
Effective Income Tax Rate Reconciliation, Percent	0.00%

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Other comprehensive income (loss)	$ 436	$ (538)
Total stockholders' equity	156,517	179,123	$ 164,182	$ 181,484
Net loss	(9,223)	(3,167)
Treasury shares sold to Employee Stock Purchase Plan	46	45
Stock-based compensation expense	2,311	1,755
Restricted Stock, Value, Shares Issued Net of Tax Withholdings	$ 0	$ 0

- 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

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Debt (Details) $ in Millions	3 Months Ended
Debt (Details) $ in Millions	Sep. 30, 2024 USD ($) Rate
Debt Disclosure [Abstract]
Line of credit facility, initiation date	Sep. 09, 2021
Line of credit facility, maximum borrowing capacity \| $	$ 90.0
Compensating balance \| $	25.0
Line of credit facility, borrowing base \| $	61.4
Letters of credit outstanding, amount \| $	4.8
Line of credit facility, remaining borrowing capacity \| $	$ 56.6
Asset backed credit facility, adjusted term SOFR one-month tenor, basis points	11.448
Asset backed credit facility, adjusted term SOFR three-month tenor, basis points	26.161
Asset backed credit facility, federal funds rate addition	0.50%
Asset backed credit facility, adjusted term SOFR rate, minimum	1.00%
Alternate base rate margin	1.00%
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	2.00%
Additional margin on adjusted term SOFR, maximum	2.50%
Unused credit facility fee, percentage	0.25%
Asset backed line of credit, balance limit for fixed charge, coverage ratio \| $	$ 15.0
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 charged coverage ratio requirement, maximum	1.00

Earnings per Common Share (Tables)

3 Months Ended

Sep. 30, 2024

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, 2024		September 30, 2023
	(In thousands, except per share data)
Basic EPS:
Net loss	$	(9,223)	$	(3,167)
Weighted average shares outstanding	27,559		27,113
Basic loss per share	$	(0.33)	$	(0.12)
Diluted EPS:
Net loss	$	(9,223)	$	(3,167)



Diluted weighted average shares outstanding	27,559		27,113
Diluted loss per share	$	(0.33)	$	(0.12)

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

September 30,
2024

September 30,
2023

(In thousands)

Nonvested restricted stock units

631

231

Earnings per Common Share - Antidilutive Securities Excluded from the Calculation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Nonvested restricted stock shares (in shares)	631	231

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Statement Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	27,888,217	27,888,217
Common stock, shares, outstanding (in shares)	27,550,202	27,308,795
Treasury stock, common, shares (in shares)	338,015	579,422

Revenue

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Remaining Performance Obligations

We had $1.1 billion of remaining performance obligations yet to be satisfied as of September 30, 2024. We expect to recognize $591.2 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 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, 2024		June 30, 2024		Change
	(In thousands)
Costs and estimated earnings in excess of billings on uncompleted contracts	$	31,818	$	33,893	$	(2,075)
Billings on uncompleted contracts in excess of costs and estimated earnings	(204,612)		(171,308)		(33,304)
Net contract liabilities	$	(172,794)	$	(137,415)	$	(35,379)

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 three months ended September 30, 2024 that was included in the June 30, 2024 BIE balance was $81.0 million.

Progress billings in accounts receivable at September 30, 2024 and June 30, 2024 included retentions to be collected within one year of $11.9 million and $11.6 million, respectively. Contract retentions collectible beyond one year are included in Other assets, non-current in the Condensed Consolidated Balance Sheets and totaled $40.3 million as of September 30, 2024 and $28.6 million as of June 30, 2024, respectively.

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 $9.3 million at September 30, 2024 and $9.9 million at June 30, 2024. The amounts ultimately realized may be different than the recorded amounts resulting in adjustments to future earnings. Generally, we expect collection of amounts related to unpriced change orders and claims within twelve months. However, customers may not pay these amounts until final resolution of related claims, and therefore collection of these amounts may extend beyond one year.

Disaggregated Revenue

Revenue disaggregated by reportable segment is presented in Note 8 - Segment Information. The following series of tables presents revenue disaggregated by geographic area where the work was performed and by contract type:

Geographic Disaggregation:


	Three Months Ended
	September 30, 2024		September 30, 2023
	(In thousands)
United States	$	153,222	$	177,550
Canada	10,768		16,873
Other international	1,589		3,236
Total Revenue	$	165,579	$	197,659

Contract Type Disaggregation:


	Three Months Ended
	September 30, 2024		September 30, 2023
	(In thousands)
Fixed-price contracts	$	123,769	$	116,757
Time and materials and other cost reimbursable contracts	41,810		80,902
Total Revenue	$	165,579	$	197,659

- 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

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2024, included in our Annual Report on Form 10-K. The results of operations for the three month period ended September 30, 2024 may not necessarily be indicative of the results of operations for the full year ending June 30, 2025.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The update will be effective for annual periods beginning after December 15, 2023 (fiscal 2025). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2024 (fiscal 2026). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring companies to provide more detailed and organized disclosures of their expenses. Disclosures will include disaggregation of expense captions presented on the face of the income statement into specific categories, such as purchases of inventory, employee compensation, and costs related to depreciation and amortization. The new requirements will take effect for annual reporting periods beginning after December 15, 2026 (fiscal 2028). Adoption of this ASU will result in additional disclosure, but will not impact the Company's consolidated financial position, results of operations or cash flows. Other accounting pronouncements issued but not effective until after September 30, 2024 are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

Property, Plant, and Equipment	3 Months Ended
Property, Plant, and Equipment	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	During the first quarter of fiscal 2024, we sold a previously utilized facility in Burlington, Ontario for $2.7 million in net proceeds, which resulted in a gain of $2.5 million. We closed this previously utilized facility because it was no longer strategic to the future of the business. There were no significant sales of property, plant and equipment in the first quarter of fiscal 2025.