Mistras Group, Inc. (NYSE:MG) Q1 2022 Earnings Conference Call May 4, 2022 9:00 AM ET

Company Participants

Dennis Bertolotti - President and Chief Executive Officer

Edward Prajzner - Executive Vice President, Chief Executive Officer and Treasurer

Jonathan Wolk - Senior Executive Vice President and Chief Operations Officer

Conference Call Participants

Mitch Pinheiro - Sturdivant

Chris Sakai - Singular Research

Operator

Good day, ladies and gentlemen. And thank you for joining MISTRAS Group's Conference Call for the First Quarter of Fiscal 2022. My name is Daniel and I will be your event manager today. We'll be accepting questions after management's prepared remarks. Participating on the call for MISTRAS will be Dennis Bertolotti, the Company's President and Chief Executive Officer, Ed Prajzner, Executive Vice President, Chief Financial Officer, and Treasurer, and Jon Wolk, Senior Executive Vice President and Chief Operating Officer. I want to remind everyone that remarks made during this conference call will include forward-looking statements.

The company's actual results could differ materially from those projected. Some of those factors that can cause actual results to differ are discussed in the company's most recent annual report on Form 10-K and other reports filed with the SEC. The discussion in this conference call will also include certain financial measures that were not prepared in accordance with U.S. GAAP. Reconciliation of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures can be found in the tables contained in yesterday's press release and in the company's related current report on Form 8-K. These reports are available at the company's website, in the Investors section, and on the SEC's website.

I will now turn the conference over to Dennis Bertolotti.

Dennis Bertolotti

Thank you, Dan. Good morning, everyone. And thank you for joining us today. In the first quarter revenues were up year-over-year for the seventh consecutive quarter since the depth of the pandemic even as our end markets continue to recover. This is a strong signal that our strategy to expand our value added services across all of our business lines has been successful, especially considering our growth has been accomplished despite several of our end markets remaining below pre-pandemic level.

Adjusted EBITDA for the first quarter was also essentially in line with our expectations. Consequently, we are confident that we are well positioned to achieve revenue growth with expanding adjusted EBITDA margin for the full year. Ed will provide details on a full year outlook later. We expect to achieve these improved results based on stable performance on our core operations and increasing contribution from our growth initiatives in renewable energy, private space and data solutions. Our growth initiatives related to data solutions are very promising, and we continue to see our offerings winning over new customers, and enhancing value to our existing customers. So not only is OneSuite winning new customers, it is also currently leveraging enhanced functionality of its applications firmly across our core oil and gas customers. The software will differentiate us in three different ways.