Mistras Group, Inc. (NYSE:MG) Q4 2023 Earnings Conference Call March 7, 2024 9:00 AM ET

Company Participants

Manny Stamatakis - Chairman of the Board and Interim President and Chief Executive Officer

Ed Prajzner - Senior Executive Vice President and Chief Financial Officer

Conference Call Participants

Mitchell Pinheiro - Sturdivant & Co.

Chris Sakai - Singular Research

Tim Moore - EF Hutton

Brian Russo - Sidoti

Operator

Thank you for joining Mistras Group’s Conference Call for its Fourth Quarter and Fiscal Year Ended December 31st, 2023. Participating on the call from Mistras Group will be Manny Stamatakis, the company’s Chairman of the Board and Interim President and Chief Executive Officer; and Ed Prajzner, Senior Executive Vice President and Chief Financial Officer.

Before we begin today’s conference, 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 the conference call will also include certain financial measures that are not prepared in accordance with US GAAP. Reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures can be found in the tables contained in yesterday’s press release and the company’s related current report on Form 8-K. These reports are available on the company’s website in the Investors section on the SEC’s website.

I will now turn the conference over to Manny Stamatakis.

Manny Stamatakis

Good morning, everyone. Thank you for joining us today. We finished the year with fourth quarter results exceeding expectations, with revenues up 8% and adjusted EBITDA up nearly 22% from the same quarter a year ago. Although this is a small sample, this performance is evidence of the effectiveness of the transformative impact of Project Phoenix, our EBITDA improvement program.

At the same time, we recognize that both revenue and EBITDA fell short of our initial full year 2023 goal, as 2023 was essentially a rebuilding year for the company in which we initiated several changes to unlock Mistras’s intrinsic value and to improve financial performance over the long-term.

I believe we have set the groundwork for future success and we are making meaningful progress in implementing all of our Phoenix work streams and our various initiatives. But there is still work to be done as we will continue implementing and identifying new opportunities to improve EBITDA in 2024.