UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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| |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 2015
Or
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o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period to
Commission file number 001- 34481
Mistras Group, Inc.
(Exact name of registrant as specified in its charter)
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| | |
Delaware | | 22-3341267 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
195 Clarksville Road Princeton Junction, New Jersey | | 08550 |
(Address of principal executive offices) | | (Zip Code) |
(609) 716-4000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý Yes o No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
ý Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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| | |
Large accelerated filer o | | Accelerated filer x |
Non-accelerated filer o | | Smaller reporting company o |
(Do not check if a smaller reporting company) | | |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes ý No
As of January 1, 2016, the registrant had 28,890,796 shares of common stock outstanding.
TABLE OF CONTENTS
PART I—FINANCIAL INFORMATION
ITEM 1. Financial Statements
Mistras Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
|
| | | | | | | |
| (unaudited) | | |
| November 30, 2015 | | May 31, 2015 |
ASSETS | |
| | |
|
Current Assets | |
| | |
|
Cash and cash equivalents | $ | 10,579 |
| | $ | 10,555 |
|
Accounts receivable, net | 149,173 |
| | 133,228 |
|
Inventories | 9,676 |
| | 10,841 |
|
Deferred income taxes | 4,816 |
| | 5,144 |
|
Prepaid expenses and other current assets | 12,181 |
| | 11,698 |
|
Total current assets | 186,425 |
| | 171,466 |
|
Property, plant and equipment, net | 76,429 |
| | 79,256 |
|
Intangible assets, net | 46,759 |
| | 51,276 |
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Goodwill | 167,649 |
| | 166,414 |
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Deferred income taxes | 827 |
| | 1,208 |
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Other assets | 1,975 |
| | 2,107 |
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Total assets | $ | 480,064 |
| | $ | 471,727 |
|
LIABILITIES AND EQUITY | |
| | |
|
Current Liabilities | |
| | |
|
Accounts payable | $ | 9,169 |
| | $ | 10,529 |
|
Accrued expenses and other current liabilities | 58,933 |
| | 55,914 |
|
Current portion of long-term debt | 13,772 |
| | 17,902 |
|
Current portion of capital lease obligations | 6,853 |
| | 8,646 |
|
Income taxes payable | 2,083 |
| | 532 |
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Total current liabilities | 90,810 |
| | 93,523 |
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Long-term debt, net of current portion | 87,946 |
| | 95,557 |
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Obligations under capital leases, net of current portion | 10,240 |
| | 10,717 |
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Deferred income taxes | 18,247 |
| | 16,984 |
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Other long-term liabilities | 8,477 |
| | 9,934 |
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Total liabilities | 215,720 |
| | 226,715 |
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Commitments and contingencies |
|
| |
|
|
Equity | |
| | |
|
Preferred stock, 10,000,000 shares authorized | — |
| | — |
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Common stock, $0.01 par value, 200,000,000 shares authorized | 289 |
| | 287 |
|
Additional paid-in capital | 210,222 |
| | 208,064 |
|
Retained earnings | 75,872 |
| | 57,581 |
|
Accumulated other comprehensive loss | (22,149 | ) | | (21,113 | ) |
Total Mistras Group, Inc. stockholders’ equity | 264,234 |
| | 244,819 |
|
Noncontrolling interests | 110 |
| | 193 |
|
Total equity | 264,344 |
| | 245,012 |
|
Total liabilities and equity | $ | 480,064 |
| | $ | 471,727 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| |
| | |
| | | | |
Revenue | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
Cost of revenue | 132,720 |
| | 142,940 |
| | 256,120 |
| | 262,662 |
|
Depreciation | 5,141 |
| | 4,914 |
| | 10,320 |
| | 9,771 |
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Gross profit | 56,925 |
| | 59,039 |
| | 108,199 |
| | 101,033 |
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Selling, general and administrative expenses | 34,008 |
| | 37,180 |
| | 69,844 |
| | 72,400 |
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Research and engineering | 601 |
| | 629 |
| | 1,222 |
| | 1,278 |
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Depreciation and amortization | 2,822 |
| | 3,472 |
| | 5,603 |
| | 6,894 |
|
Acquisition-related (benefit), net | (75 | ) | | (434 | ) | | (971 | ) | | (1,395 | ) |
Income from operations | 19,569 |
| | 18,192 |
| | 32,501 |
| | 21,856 |
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Interest expense | 1,335 |
| | 1,352 |
| | 3,257 |
| | 2,257 |
|
Income before provision for income taxes | 18,234 |
| | 16,840 |
| | 29,244 |
| | 19,599 |
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Provision for income taxes | 6,804 |
| | 6,428 |
| | 10,967 |
| | 7,516 |
|
Net income | 11,430 |
| | 10,412 |
| | 18,277 |
| | 12,083 |
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Less: net loss (income) attributable to noncontrolling interests, net of taxes | (5 | ) | | 15 |
| | 20 |
| | 10 |
|
Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
|
Earnings per common share | |
| | |
| | | | |
Basic | $ | 0.40 |
| | $ | 0.36 |
| | $ | 0.64 |
| | $ | 0.42 |
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Diluted | $ | 0.39 |
| | $ | 0.35 |
| | $ | 0.62 |
| | $ | 0.41 |
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Weighted average common shares outstanding: | |
| | |
| | | | |
Basic | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
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Diluted | 29,594 |
| | 29,397 |
| | 29,641 |
| | 29,551 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
(in thousands)
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| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| | | | | | | |
Net income | $ | 11,430 |
| | $ | 10,412 |
| | $ | 18,277 |
| | $ | 12,083 |
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Other comprehensive (loss): | |
| | |
| | | | |
Foreign currency translation adjustments | (384 | ) | | (6,011 | ) | | (1,036 | ) | | (7,916 | ) |
Comprehensive income | 11,046 |
| | 4,401 |
| | 17,241 |
| | 4,167 |
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Less: comprehensive loss (income) attributable to noncontrolling interest | (5 | ) | | 15 |
| | 20 |
| | 10 |
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Comprehensive income attributable to Mistras Group, Inc. | $ | 11,041 |
| | $ | 4,416 |
| | $ | 17,261 |
| | $ | 4,177 |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
| | | | | | | |
| Six months ended November 30, |
| 2015 | | 2014 |
| | | Note 1 |
Cash flows from operating activities | |
| | |
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Net income | $ | 18,277 |
| | $ | 12,083 |
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Adjustments to reconcile net income to net cash provided by operating activities | |
| | |
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Depreciation and amortization | 15,923 |
| | 16,665 |
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Deferred income taxes | 1,809 |
| | 1,192 |
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Share-based compensation expense | 3,227 |
| | 4,257 |
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Fair value adjustment to contingent consideration liabilities | (1,068 | ) | | (1,546 | ) |
Other | (259 | ) | | 968 |
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Changes in operating assets and liabilities, net of effect of acquisitions of businesses: | |
| | |
|
Accounts receivable | (17,641 | ) | | (24,196 | ) |
Inventories | 1,496 |
| | 601 |
|
Prepaid expenses and other current assets | (790 | ) | | (2,952 | ) |
Other assets | (9 | ) | | (478 | ) |
Accounts payable | (1,248 | ) | | (972 | ) |
Accrued expenses and other current liabilities | 5,226 |
| | (2,074 | ) |
Income taxes payable | 1,581 |
| | (395 | ) |
Net cash provided by operating activities | 26,524 |
| | 3,153 |
|
Cash flows from investing activities | |
| | |
|
Purchase of property, plant and equipment | (7,753 | ) | | (7,862 | ) |
Purchase of intangible assets | (480 | ) | | (433 | ) |
Acquisition of businesses, net of cash acquired | (1,709 | ) | | (32,661 | ) |
Proceeds from sale of equipment | 319 |
| | 596 |
|
Net cash used in investing activities | (9,623 | ) | | (40,360 | ) |
Cash flows from financing activities | |
| | |
|
Repayment of capital lease obligations | (3,681 | ) | | (4,183 | ) |
Proceeds from borrowings of long-term debt | 1,968 |
| | 872 |
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Repayment of long-term debt | (15,870 | ) | | (10,726 | ) |
Proceeds of revolver | 39,200 |
| | 86,500 |
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Repayments of revolver | (36,800 | ) | | (23,200 | ) |
Payment of contingent consideration for business acquisitions | (394 | ) | | (700 | ) |
Taxes paid related to net share settlement of share-based awards | (951 | ) | | (1,384 | ) |
Excess tax benefit from share-based compensation | (303 | ) | | 283 |
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Proceeds from the exercise of stock options | 187 |
| | — |
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Net cash (used in) provided by financing activities | (16,644 | ) | | 47,462 |
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Effect of exchange rate changes on cash and cash equivalents | (233 | ) | | (676 | ) |
Net change in cash and cash equivalents | 24 |
| | 9,579 |
|
Cash and cash equivalents | |
| | |
|
Beginning of period | 10,555 |
| | 10,020 |
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End of period | $ | 10,579 |
| | $ | 19,599 |
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Supplemental disclosure of cash paid | |
| | |
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Interest | $ | 3,010 |
| | $ | 1,815 |
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Income taxes | $ | 6,223 |
| | $ | 8,028 |
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Noncash investing and financing | |
| | |
|
Equipment acquired through capital lease obligations | $ | 1,555 |
| | $ | 3,533 |
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Issuance of notes payable | $ | — |
| | $ | 20,500 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
1. Description of Business and Basis of Presentation
Description of Business
Mistras Group, Inc. and subsidiaries (the Company) is a leading “one source” global provider of technology-enabled asset protection solutions used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. The Company combines industry-leading products and technologies, expertise in mechanical integrity (MI) and non-destructive testing (NDT) services and proprietary data analysis software to deliver a comprehensive portfolio of customized solutions, ranging from routine inspections to complex, plant-wide asset integrity assessments and management. These mission critical solutions enhance customers’ ability to extend the useful life of their assets, increase productivity, minimize repair costs, comply with governmental safety and environmental regulations, manage risk and avoid catastrophic disasters. The Company serves a global customer base of companies with asset-intensive infrastructure, including companies in the oil and gas, fossil and nuclear power, alternative and renewable energy, public infrastructure, chemicals, commercial aerospace and defense, transportation, primary metals and metalworking, pharmaceutical/biotechnology and food processing industries and research and engineering institutions.
Basis of Presentation
The condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal years ending May 31, 2016 and 2015. Reference to a fiscal year means the fiscal year ended May 31. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company’s Annual Report on Form 10-K (“Annual Report”) for fiscal 2015, as filed with the Securities and Exchange Commission on August 12, 2015.
Principles of Consolidation
The accompanying unaudited condensed consolidated financial statements include the accounts of Mistras Group, Inc. and its wholly and majority-owned subsidiaries. For subsidiaries in which the Company’s ownership interest is less than 100%, the noncontrolling interests are reported in stockholders’ equity in the accompanying consolidated balance sheets. The noncontrolling interests in net income, net of tax, is classified separately in the accompanying consolidated statements of income.
All significant intercompany accounts and transactions have been eliminated in consolidation. Mistras Group, Inc.’s and its subsidiaries’ fiscal years end on May 31 except for the subsidiaries in the International segment, which end on April 30. Accordingly, the Company’s International segment subsidiaries are consolidated on a one month lag. Therefore, in the quarter and year of acquisition, results of acquired subsidiaries in the International segment are generally included in consolidated results for one less month than the actual number of months from the acquisition date to the end of the reporting period. Management does not believe that any events occurred during the one-month lag period that would have a material effect on the Company’s consolidated financial statements.
Reclassification
Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported.
Immaterial Correction
Subsequent to the issuance of its interim consolidated financial statements as of and for the three and six months ended November 30, 2014, the Company identified errors related to the classification of amounts reported in the Consolidated Statement of Cash Flows for that period. In accordance with the SEC Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the errors from qualitative and quantitative perspectives, and concluded
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
that the errors were immaterial. Accordingly, management has corrected the presentation of the affected line items of the accompanying consolidated statement of cash flows for the six-months ended November 30, 2014, as summarized below. These changes did not impact the Company’s net income, balance sheet, or stockholders’ equity for any period previously reported.
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| | | | | | |
| | Previously Reported | | Revised |
Cash flows from operating activities | | | | |
Fair value adjustment to contingent consideration liabilities | | (808 | ) | | (1,546 | ) |
Accounts payable | | (666 | ) | | (972 | ) |
Accrued expenses and other current liabilities | | (3,041 | ) | | (2,074 | ) |
Net cash provided by operating activities | | 3,230 |
| | 3,153 |
|
| | | | |
Cash flows from investing activities | | | | |
Acquisition of businesses, net of cash acquired | | (32,967 | ) | | (32,661 | ) |
Net cash used in investing activities | | (40,666 | ) | | (40,360 | ) |
| | | | |
Cash flows from financing activities | | | | |
Proceeds from long-term debt | | — |
| | 872 |
|
Repayment of long-term debt | | (9,854 | ) | | (10,726 | ) |
Net borrowings against revolver | | 62,648 |
| | 63,300 |
|
Net cash provided by financing activities | | 46,810 |
| | 47,462 |
|
| | | | |
Effect of exchange rate changes on cash and cash equivalents | | 205 |
| | (676 | ) |
Significant Accounting Policies
The Company’s significant accounting policies are disclosed in Note 2 — Summary of Significant Accounting Policies in the Company's Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including, among other things those related to revenue recognition, valuations of accounts receivable, long-lived assets, goodwill, deferred tax assets and uncertain tax positions. Since the date of the 2015 Annual Report, there have been no material changes to the Company's significant accounting policies.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods within those fiscal years beginning December 15, 2017, as a result of a one year deferral in the standard issued by the FASB in August 2015 with ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures.
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidations Analysis, which changes the guidance for evaluating whether to consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this update to have a material impact on the consolidated financial statements and related disclosures.
In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This amendment will simplify the accounting for adjustments made to provisional amounts recognized in a business combination and eliminates the requirement to retrospectively account for those adjustments in previous reporting periods. This update will require on the face of the income statement or in the notes to the financial statements the amount recorded in current-period earnings that would have previously been recorded if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. This update should be applied prospectively and earlier adoption is permitted for financial statements that have not been issued. The Company is evaluating the effect that ASU 2015-16 will have on its consolidated financial statements and related disclosures.
In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This amendment will simplify the presentation of deferred tax assets and liabilities on the balance sheet and require all deferred tax assets and liabilities to be treated as non-current. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the effect that ASU 2015-17 will have on its consolidated financial statements and related disclosures.
2. Share-Based Compensation
The Company has share-based incentive awards outstanding to its eligible employees and Directors under two equity incentive plans: (i) the 2007 Stock Option Plan (the 2007 Plan), and (ii) the 2009 Long-Term Incentive Plan (the 2009 Plan). No further awards may be granted under the 2007 Plan, although awards granted under the 2007 Plan remain outstanding in accordance with their terms. Awards granted under the 2009 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance restricted stock units, stock appreciation rights and deferred stock rights.
Stock Options
For the three months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to stock option awards of less than $0.1 million for each period respectively. For the six months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to stock option awards of less than $0.1 million for each period respectively. As of November 30, 2015, there was less than $0.1 million of unrecognized compensation costs, net of estimated forfeitures, related to stock option awards, which are expected to be recognized over a remaining weighted average period of 0.3 years.
No stock options were granted during the six months ended November 30, 2015 and 2014.
Restricted Stock Unit Awards
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
For the three months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to restricted stock unit awards of $1.1 million and $1.2 million, respectively. For the six months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to restricted stock unit awards of $2.2 million and $2.3 million, respectively. As of November 30, 2015, there was $9.5 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock unit awards, which are expected to be recognized over a remaining weighted average period of 2.6 years.
During the first six months of fiscal 2016 and 2015, the Company granted approximately 15,000 and 10,000 shares, respectively, of fully-vested common stock to its five non-employee directors, in connection with its non-employee director compensation plan. These shares had grant date fair values of $0.2 million for each period respectively, which was recorded as share-based compensation expense during the six months ended November 30, 2015 and 2014.
During the first six months of fiscal 2016 and 2015, approximately 217,000 and 226,000 restricted stock units, respectively, vested. The fair value of these units was $3.4 million and $4.9 million, respectively. Upon vesting, restricted stock units are generally net share-settled to cover the required minimum withholding tax and the remaining amount is converted into an equivalent number of shares of common stock.
Performance Restricted Stock Units
Fiscal 2016
In the first quarter of fiscal 2016, the Company modified its equity compensation plan and granted 154,000 performance restricted stock units to its executive and certain other senior officers. These units have requisite service periods of five years and have no dividend rights. The actual payout of these units will vary based on the Company’s performance over a one-year period based on three metrics related to the Company’s fiscal 2016 performance: (1) Operating Income, (2) Adjusted EBITDAS, which is consistent with Adjusted EBITDA as disclosed in the financial statements, which is net income before interest, taxes, depreciation, amortization, non-cash stock-based compensation expense, acquisition related items, and other non-routine items as determined by the Committee and (3) Revenue. There is also a discretionary portion based on individual performance. During the second quarter of fiscal 2016, the Company evaluated the expected performance metrics and adjusted the estimated performance shares by 80,000 units to 234,000 units.
As a condition for receiving any awards under the revised fiscal 2016 plan, the executive and senior officers surrendered and released all rights to receive any shares under the 2014 and 2015 awards with a three-year performance or market condition. The Company has accounted for the fiscal 2016 awards as modifications in accordance with ASC 718, Compensation - Stock Compensation.
Compensation costs are initially measured assuming that the target performance conditions will be achieved. However, compensation costs related to the performance conditions are adjusted for subsequent changes in the expected outcomes of the performance conditions. The discretionary portion of these awards are liability-classified and adjusted to fair value each reporting period. Compensation costs for the discretionary portion of the awards are recognized over the same five year requisite service period as the awards based on the Company’s fiscal 2016 performance. For the three months ended November 30, 2015, the Company recognized share-based compensation expense related to these units of approximately $0.2 million. For the six months ended November 30, 2015, the Company recognized share-based compensation expense related to these units of approximately $0.2 million. At November 30, 2015, there was $3.8 million of total unrecognized compensation costs related to the 234,000 non-vested performance restricted stock units, which are expected to be recognized over a remaining weighted average period of 4.1 years.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
Fiscal 2015
In the second quarter of fiscal 2015, the Company granted performance restricted stock units to its executive and certain other senior officers. These units were surrendered as part of the revised fiscal 2016 plan as discussed above. For the three and six months ended November 30, 2015, there was $0 and $0.2 million of compensation expense recognized, respectively. For the three and six months ended November 30, 2014, the Company recognized share-based compensation expense related to performance restricted stock units of $0.1 million and $0.1 million, respectively.
Fiscal 2014
In the third quarter of fiscal 2014, the Company granted one-year, two-year and three-year performance restricted stock units to its executive officers and certain other senior officers. The three-year performance restricted stock units were surrendered as part of the revised fiscal 2016 plan as discussed above. For the three and six months ended November 30, 2015, there was $0 and $0.4 million of compensation expense recognized, respectively. For the three and six months ended November 30, 2014, the Company recognized share-based compensation expense related to performance restricted stock units of $0.8 million and $1.6 million, respectively.
3. Earnings per Share
Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, and (2) the dilutive effect of assumed conversion of equity awards using the treasury stock method. With respect to the number of weighted-average shares outstanding (denominator), diluted shares reflects: (i) only the exercise of options to acquire common stock to the extent that the options’ exercise prices are less than the average market price of common shares during the period and (ii) the pro forma vesting of restricted stock units.
The following table sets forth the computations of basic and diluted earnings per share:
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| | | | | | | |
Basic earnings per share | |
| | |
| | | | |
Numerator: | |
| | |
| | | | |
Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
|
Denominator: | |
| | |
| | |
| | |
|
Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
|
Basic earnings per share | $ | 0.40 |
| | $ | 0.36 |
| | $ | 0.64 |
| | $ | 0.42 |
|
| | | | | | | |
Diluted earnings per share: | |
| | |
| | | | |
Numerator: | |
| | |
| | | | |
Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
|
Denominator: | |
| | |
| | |
| | |
|
Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
|
Dilutive effect of stock options outstanding | 592 |
| | 675 |
| | 610 |
| | 763 |
|
Dilutive effect of restricted stock units outstanding | 133 |
| | 103 |
| | 235 |
| | 241 |
|
| 29,594 |
| | 29,397 |
| | 29,641 |
| | 29,551 |
|
Diluted earnings per share | $ | 0.39 |
| | $ | 0.35 |
| | $ | 0.62 |
| | $ | 0.41 |
|
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
4. Acquisitions
Acquisitions
In the first half of fiscal 2016, the Company completed one acquisition. The Company purchased a company that provides unmanned aerial systems and NDT services, located in the U.S.
In this acquisition, the Company acquired 100% of the common stock of the acquiree in exchange for consideration of $1.8 million in cash and contingent consideration estimated to be $0.9 million to be earned based upon the acquired business achieving specific performance metrics over the initial four years of operations from the acquisition date. The Company accounted for this transaction in accordance with the acquisition method of accounting for business combinations.
The assets and liabilities of the business acquired in fiscal 2016 were included in the Company's consolidated balance sheet based upon their estimated fair values on the date of acquisition as determined in a preliminary purchase price allocation, using available information and making assumptions management believes are reasonable. The Company is still in the process of completing its valuation of the assets, both tangible and intangible, and liabilities acquired. The results of operations for this acquisition is included in the Services segment's results from the date of acquisition. The Company's preliminary purchase price allocations are included in the table below, summarizing the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:
|
| | | |
| Fiscal |
| 2016 |
Number of Entities | 1 |
|
Consideration transferred: | |
Cash paid | $ | 1,750 |
|
Contingent consideration | 945 |
|
Consideration transferred | 2,695 |
|
| |
Current assets | 145 |
|
Property, plant and equipment | 485 |
|
Goodwill | 2,658 |
|
Current liabilities | (521 | ) |
Long-term deferred tax liability | (72 | ) |
Net assets acquired | $ | 2,695 |
|
In the first half of fiscal 2015, the Company completed three acquisitions. The Company purchased a company, located in Louisiana, a provider of maintenance and inspection services primarily on offshore platforms. This acquisition expanded the service offerings within the Services segment, allowing the Company to provide services to the upstream operations of its customers. The Company also purchased a group of asset protection businesses located in Quebec, Canada to complement service offerings within the Company’s Services segment and continue its market expansion strategy. The Company’s International Segment completed an acquisition of an asset inspection business located in the United Kingdom.
In these acquisitions, the Company acquired 100% of the common stock or certain assets of each acquiree in exchange for aggregate consideration of approximately $34.0 million in cash and $22.7 million in notes payable issued as part of the acquisitions and other liabilities assumed. The Company accounted for these transactions in accordance with the acquisition method of accounting for business combinations. In addition, the acquisition in Quebec provided for contingent consideration of up to $2.7 million to be earned based upon the acquired business achieving specific performance metrics over the initial three years of operation from the acquisition date.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
The amortization period of intangible assets acquired in fiscal 2015 ranges from 3 to 10 years. The Company recorded $43.9 million of goodwill in connection with these acquisitions, reflecting the strategic fit and revenue and earnings growth potential of these business.
Acquisition-Related Expense
During the three and six month periods ended November 30, 2015, the Company incurred acquisition-related costs of less than $0.1 million in connection with due diligence, professional fees, and other expenses for its acquisition activities. Additionally, the Company adjusted the fair value of certain previously recorded acquisition-related contingent consideration liabilities. These adjustments resulted in a net decrease of acquisition-related contingent consideration liabilities and a corresponding increase in income from operations of $0.2 million and $1.1 million, for the three and six month periods ended November 30, 2015, respectively. The Company’s aggregate acquisition-related contingent consideration liabilities were $5.7 million and $6.4 million as of November 30, 2015 and May 31, 2015, respectively.
During the three and six month periods ended November 30, 2014, the Company incurred acquisition-related costs of less than $0.2 million in connection with due diligence, professional fees, and other expenses for its acquisition activities. Additionally, the Company adjusted the fair value of certain acquisition-related contingent consideration liabilities. For the three and six month periods ended November 30, 2014, these adjustments resulted in a net decrease of acquisition-related contingent consideration liabilities and a corresponding increase in income from operations of $0.6 million and $1.6 million, respectively.
The fair value adjustments to acquisition-related contingent consideration liabilities and the acquisition-related transaction costs have been classified as acquisition-related expense, net in the condensed consolidated statements of income for the three and six month periods ended November 30, 2015 and 2014.
5. Accounts Receivable, net
Accounts receivable consisted of the following:
|
| | | | | | | |
| November 30, 2015 | | May 31, 2015 |
| | | |
Trade accounts receivable | $ | 152,545 |
| | $ | 136,208 |
|
Allowance for doubtful accounts | (3,372 | ) | | (2,980 | ) |
Accounts receivable, net | $ | 149,173 |
| | $ | 133,228 |
|
6. Property, Plant and Equipment, net
Property, plant and equipment consisted of the following:
|
| | | | | | | | | |
| Useful Life (Years) | | November 30, 2015 | | May 31, 2015 |
| | | | | |
Land | | | $ | 1,911 |
| | $ | 1,856 |
|
Buildings and improvements | 30-40 | | 18,988 |
| | 17,712 |
|
Office furniture and equipment | 5-8 | | 8,547 |
| | 8,084 |
|
Machinery and equipment | 5-7 | | 164,980 |
| | 162,612 |
|
| | | 194,426 |
| | 190,264 |
|
Accumulated depreciation and amortization | | | (117,997 | ) | | (111,008 | ) |
Property, plant and equipment, net | | | $ | 76,429 |
| | $ | 79,256 |
|
Depreciation expense for the three months ended November 30, 2015 and 2014 was $5.5 million and $5.5 million, respectively. Depreciation expense for the six months ended November 30, 2015 and 2014 was $11.1 million and $10.9 million, respectively.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
7. Intangible Assets
The gross amount, accumulated amortization and net carrying amount of intangible assets are as follows:
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | November 30, 2015 | | May 31, 2015 |
| Useful Life (Years) | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount |
| | | | | | | | | | | | | |
Customer relationships | 5-12 | | $ | 80,198 |
| | $ | (44,040 | ) | | $ | 36,158 |
| | $ | 81,101 |
| | $ | (41,009 | ) | | $ | 40,092 |
|
Software/Technology | 3-15 | | 16,692 |
| | (11,023 | ) | | 5,669 |
| | 15,738 |
| | (10,290 | ) | | 5,448 |
|
Covenants not to compete | 2-5 | | 11,639 |
| | (9,027 | ) | | 2,612 |
| | 11,678 |
| | (8,605 | ) | | 3,073 |
|
Other | 2-5 | | 6,848 |
| | (4,528 | ) | | 2,320 |
| | 6,910 |
| | (4,247 | ) | | 2,663 |
|
Total | | | $ | 115,377 |
| | $ | (68,618 | ) | | $ | 46,759 |
| | $ | 115,427 |
| | $ | (64,151 | ) | | $ | 51,276 |
|
Amortization expense for the three months ended November 30, 2015 and 2014 was $2.4 million and $2.9 million, respectively. Amortization expense for the six months ended November 30, 2015 and 2014 was $4.8 million and $5.8 million, respectively.
8. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
|
| | | | | | | |
| November 30, 2015 | | May 31, 2015 |
| | | |
Accrued salaries, wages and related employee benefits | $ | 28,231 |
| | $ | 26,053 |
|
Contingent consideration, current portion | 2,982 |
| | 3,543 |
|
Accrued workers’ compensation and health benefits | 7,135 |
| | 3,630 |
|
Deferred revenue | 3,591 |
| | 3,841 |
|
Other accrued expenses | 16,994 |
| | 18,847 |
|
Total accrued expenses and other liabilities | $ | 58,933 |
| | $ | 55,914 |
|
9. Long-Term Debt
Long-term debt consists of the following:
|
| | | | | | | |
| November 30, 2015 | | May 31, 2015 |
| | | |
Senior credit facility | $ | 84,923 |
| | $ | 83,062 |
|
Notes payable | 10,889 |
| | 24,933 |
|
Other | 5,906 |
| | 5,464 |
|
Total debt | 101,718 |
| | 113,459 |
|
Less: Current portion | (13,772 | ) | | (17,902 | ) |
Long-term debt, net of current portion | $ | 87,946 |
| | $ | 95,557 |
|
Senior Credit Facility
On October 31, 2014, the Company entered into a Third Amendment and Modification Agreement, to its revolving line of credit, the Third Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as agent for the lenders and a lender, and JPMorgan Chase Bank, N.A., Keybank, National Association and TD Bank, N.A., as lenders. The Credit Agreement provides the Company’s with a $175.0 million revolving line of credit, which, under certain circumstances the line of credit can be increased to $225.0 million. The Company may borrow up to $30.0 million in non-U.S. Dollar
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
currencies and use up to $10.0 million of the credit limit for the issuance of letters of credit. The Credit Agreement has a maturity date of October 30, 2019. As of November 30, 2015, the Company had borrowings of $84.9 million and a total of $4.5 million of letters of credit outstanding under the Credit Agreement.
Loans under the Credit Agreement bear interest at LIBOR plus an applicable LIBOR margin ranging from 1% to 1.75%, or a base rate less a margin of 1.25% to 0.375%, at the option of the Company, based upon the Company’s Funded Debt Leverage Ratio. Funded Debt Leverage Ratio is generally the ratio of (1) all outstanding indebtedness for borrowed money and other interest-bearing indebtedness as of the date of determination to (2) EBITDA (which is (a) net income, less (b) income (or plus loss) from discontinued operations and extraordinary items, plus (c) income tax expenses, plus (d) interest expense, plus (e) depreciation, depletion, and amortization (including non-cash loss on retirement of assets), plus (f) stock compensation expense, less (g) cash expense related to stock compensation, plus or minus certain other adjustments) for the period of four consecutive fiscal quarters immediately preceding the date of determination. The Company has the benefit of the lowest margin if its Funded Debt Leverage Ratio is equal to or less than 0.5 to 1, and the margin increases as the ratio increases, to the maximum margin if the ratio is greater than 2.0 to 1. The Company will also bear additional costs for market disruption, regulatory changes effecting the lenders’ funding costs, and default pricing of an additional 2% interest rate margin on any amounts not paid when due. Amounts borrowed under the Credit Agreement are secured by liens on substantially all of the assets of the Company.
The Credit Agreement contains financial covenants requiring that the Company maintain a Funded Debt Leverage Ratio of no greater than 3.25 to 1 and an Interest Coverage Ratio of at least 3.0 to 1. Interest Coverage Ratio means the ratio, as of any date of determination, of (a) EBITDA for the 12 month period immediately preceding the date of determination, to (b) all interest, premium payments, debt discount, fees, charges and related expenses of the Company and its subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, paid during the 12 month period immediately preceding the date of determination. The Credit Agreement also limits the Company’s ability to, among other things, create liens, make investments, incur more indebtedness, merge or consolidate, make dispositions of property, pay dividends and make distributions to stockholders, enter into a new line of business, enter into transactions with affiliates and enter into burdensome agreements. The Credit Agreement does not limit the Company’s ability to acquire other businesses or companies except that the acquired business or company must be in the Company's line of business, the Company must be in compliance with the financial covenants on a pro forma basis after taking into account the acquisition, and, if the acquired business is a separate subsidiary, in certain circumstances the lenders will receive the benefit of a guaranty of the subsidiary and liens on its assets and a pledge of its stock.
As of November 30, 2015, the Company was in compliance with the terms of the Credit Agreement, and will continuously monitor its compliance with the covenants contained in its credit agreement.
Notes Payable and Other
In connection with certain of its acquisitions through fiscal 2015, the Company issued subordinated notes payable to the sellers. The maturity of the notes that remain outstanding range from two to five years from the date of acquisition with stated interest rates ranging from 0% to 4%. The Company has discounted these obligations to reflect a 2% to 4% market interest. Unamortized discount on the notes was de minimis as of November 30, 2015 and May 31, 2015. Amortization is recorded as interest expense in the consolidated statements of income.
The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and capital lease obligations approximates their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.
10. Fair Value Measurements
The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows:
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 — Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data.
Level 3 — Unobservable inputs reflecting the Company’s own assumptions about inputs that market participants would use in pricing the asset or liability based on the best information available.
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be remeasured at fair value on a recurring basis:
|
| | | | | | | | | | | | | | | |
| November 30, 2015 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Liabilities: | |
| | |
| | |
| | |
|
Contingent consideration | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
|
Total Liabilities | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
|
|
| | | | | | | | | | | | | | | |
| May 31, 2015 |
| Level 1 | | Level 2 | | Level 3 | | Total |
Liabilities: | |
| | |
| | |
| | |
|
Contingent consideration | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
|
Total Liabilities | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
|
The fair value of contingent consideration liabilities that was classified as Level 3 in the table above was estimated using a discounted cash flow technique with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC 820. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows related to the acquisitions, appropriately discounted considering the uncertainties associated with the obligation, and as calculated in accordance with the terms of the applicable acquisition agreements.
11. Commitments and Contingencies
Litigation and Government Investigations
The Company is subject to periodic lawsuits, investigations and claims that arise in the ordinary course of business. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it, the Company does not believe that any currently pending legal proceeding to which the Company is a party will have a material adverse effect on its business, results of operations, cash flows or financial condition, except for the proceedings described below for which the Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability estimate. The costs of defense and amounts that may be recovered against the Company in such matters may be covered by insurance, except that the primary claims set forth in the purported class action case in California is excluded from insurance coverage.
Litigation and Commercial Claims
In April 2015, two separate lawsuits were filed in California as purported class action lawsuits on behalf of current and former Mistras employees. The cases are David Kruger v Mistras Group, Inc., filed in the U.S. District Court for the Eastern District of California and Edgar Viceral v Mistras Group, et al, pending in the U.S. District Court for the Northern District of California. Both cases were originally filed in California state court and were removed to the respective U.S. District Courts for the districts in which the state court cases were filed. These two cases have been consolidated, with Kruger dismissing his case and joining the Viceral case. As part of this consolidation, the claims in the Kruger case that were not part of the Viceral case were
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
added to the Viceral case by the filing of an amended complaint. The consolidated case alleges violations of California statutes primarily, the California Labor Code, and seeks to proceed as a collective action under the U.S. Fair Labor Standards Act. The case is predicated on claims for allegedly missed rest and meal periods, inaccurate wage statements, and failure to pay all wages due, as well as related unfair business practices, and is requesting payment of all damages, including unpaid wages, and various fines and penalties available under California law. The case is in the preliminary stages. The Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability, if any, related to these matters, and accordingly, has not established any reserves for these matters.
During fiscal 2012 and 2013, the Company performed radiography work on the construction of pipeline projects in the U.S. The Company has received notice that the owner of the pipeline projects contends that certain of the x-ray images the Company’s technicians prepared regarding the projects did not meet the code quality interpretation standards required by API (American Petroleum Institute) 1103. The projects' owner is claiming damages as a result of the alleged quality defects of the Company’s x-ray images. No lawsuit has been filed at this time. The Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability related to this matter, and accordingly, has not established any reserves for this matter.
Government Investigations
In May 2015, the Company received a notice from the U.S. Environmental Protection Agency (“EPA”) that it performed a preliminary assessment at a leased facility the Company operates in Cudahy, California. Based upon the preliminary assessment, the EPA is conducting an investigation of the site, which includes taking groundwater and soil samples. The purpose of the investigation is to determine whether any hazardous materials were released from the facility. The Company has been informed that certain hazardous materials and pollutants have been found in the ground water in the general vicinity of the site and the EPA is attempting to ascertain the origination or source of these materials and pollutants. Given the historic industrial use of the site, the EPA determined that the site of the Cudahy facility should be examined, along with numerous other sites in the vicinity. At this time, the Company is unable to determine whether it has any liability in connection with this matter and if so, the amount or range of any such liability, and accordingly, has not established any reserves for this matter.
In January 2012, the Company received notice of a governmental investigation concerning an environmental incident which occurred in February 2011 outside on the premises of the Cudahy facility. No human injury or property damage was reported or appears to have been caused as a result of this incident. While management cannot predict the ultimate outcome of this matter, based on its internal investigation to date, the Company does not believe the outcome will have a material effect on its financial condition or results of operations. To the Company’s knowledge, this matter has been dormant since fiscal 2012.
Acquisition-related contingencies
The Company is liable for contingent consideration in connection with certain of its acquisitions. As of November 30, 2015, total potential acquisition-related contingent consideration ranged from zero to approximately $20.0 million and would be payable upon the achievement of specific performance metrics by certain of the acquired companies over the next 3.6 years of operations. See Note 4 - Acquisitions to these consolidated financial statements for further discussion of the Company’s acquisitions.
12. Segment Disclosure
The Company’s three operating segments are:
| |
• | Services. This segment provides asset protection solutions primarily in North America with the largest concentration in the United States and the Canadian services business, consisting primarily of non-destructive testing and inspection and engineering services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. |
| |
• | International. This segment offers services, products and systems similar to those of the Company’s other two segments to global markets, principally in Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. |
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
| |
• | Products and Systems. This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. |
Allocations for general corporate services, including accounting, audit, and contract management, that are provided to the segments are reported within Corporate and eliminations. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the Services and International segments by the Products and Systems segment are reflected in the operating performance of each segment. All such intersegment transactions are eliminated in the Company’s consolidated financial reporting.
Selected consolidated financial information by segment for the periods shown was as follows:
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Revenues | |
| | |
| | | | |
Services | $ | 150,463 |
| | $ | 160,874 |
| | $ | 287,868 |
| | $ | 282,806 |
|
International | 38,425 |
| | 41,018 |
| | 75,284 |
| | 81,056 |
|
Products and Systems | 7,791 |
| | 7,495 |
| | 16,477 |
| | 14,062 |
|
Corporate and eliminations | (1,893 | ) | | (2,494 | ) | | (4,990 | ) | | (4,458 | ) |
| $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Gross profit | |
| | |
| | | | |
Services | $ | 41,118 |
| | $ | 44,252 |
| | $ | 77,687 |
| | $ | 74,023 |
|
International | 12,106 |
| | 11,309 |
| | 22,886 |
| | 20,777 |
|
Products and Systems | 3,833 |
| | 3,328 |
| | 7,755 |
| | 5,992 |
|
Corporate and eliminations | (132 | ) | | 150 |
| | (129 | ) | | 241 |
|
| $ | 56,925 |
| | $ | 59,039 |
| | $ | 108,199 |
| | $ | 101,033 |
|
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Income (loss) from operations | |
| | |
| | | | |
Services | $ | 18,815 |
| | $ | 20,071 |
| | $ | 34,214 |
| | $ | 28,951 |
|
International | 3,971 |
| | 3,177 |
| | 5,789 |
| | 2,478 |
|
Products and Systems | 1,055 |
| | 417 |
| | 2,239 |
| | (16 | ) |
Corporate and eliminations | (4,272 | ) | | (5,473 | ) | | (9,741 | ) | | (9,557 | ) |
| $ | 19,569 |
| | $ | 18,192 |
| | $ | 32,501 |
| | $ | 21,856 |
|
Income (loss) by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations.
Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars in thousands, except per share data)
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Depreciation and amortization | |
| | |
| | | | |
Services | $ | 5,562 |
| | $ | 5,579 |
| | $ | 11,084 |
| | $ | 10,964 |
|
International | 1,914 |
| | 2,050 |
| | 3,886 |
| | 4,211 |
|
Products and Systems | 577 |
| | 605 |
| | 1,140 |
| | 1,201 |
|
Corporate and eliminations | (90 | ) | | 152 |
| | (187 | ) | | 289 |
|
| $ | 7,963 |
| | $ | 8,386 |
| | $ | 15,923 |
| | $ | 16,665 |
|
|
| | | | | | | |
| November 30, 2015 | | May 31, 2015 |
Goodwill | |
| | |
|
Services | $ | 119,326 |
| | $ | 117,279 |
|
International | 35,126 |
| | 35,938 |
|
Products and Systems | 13,197 |
| | 13,197 |
|
| $ | 167,649 |
| | $ | 166,414 |
|
|
| | | | | | | |
| November 30, 2015 | | May 31, 2015 |
Total assets | |
| | |
|
Services | $ | 307,250 |
| | $ | 301,031 |
|
International | 128,460 |
| | 126,643 |
|
Products and Systems | 32,614 |
| | 35,464 |
|
Corporate and eliminations | 11,740 |
| | 8,589 |
|
| $ | 480,064 |
| | $ | 471,727 |
|
Revenues by geographic area for the three and six months ended November 30, 2015 and 2014, respectively, were as follows:
|
| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
Revenues | |
| | |
| | | | |
United States | $ | 132,068 |
| | $ | 140,308 |
| | $ | 262,411 |
| | $ | 252,248 |
|
Other Americas | 23,557 |
| | 25,266 |
| | 35,086 |
| | 39,564 |
|
Europe | 36,468 |
| | 38,081 |
| | 71,352 |
| | 74,726 |
|
Asia-Pacific | 2,693 |
| | 3,238 |
| | 5,790 |
| | 6,928 |
|
| $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following Management’s Discussion and Analysis (“MD&A”) includes a narrative explanation and analysis of our results of operations and financial condition for the three months ended November 30, 2015 and 2014. The MD&A should be read together with our condensed consolidated financial statements and related notes included in Item 1 in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for fiscal 2015 filed August 12, 2015 (“2015 Annual Report”). In this quarterly report, our fiscal years, which end on May 31, are identified according to the calendar year in which they end (e.g., the fiscal year ending May 31, 2016 is referred to as “fiscal 2016”), and unless otherwise specified or the context otherwise requires, “Mistras,” “the Company,” “we,” “us” and “our” refer to Mistras Group, Inc. and its consolidated subsidiaries. The MD&A includes disclosure in the following areas:
•Forward-Looking Statements
•Overview
•Results of Operations
•Liquidity and Capital Resources
•Critical Accounting Policies and Estimates
Forward-Looking Statements
This report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). Such forward-looking statements include those that express plans, anticipation, intent, contingency, goals, targets or future development and/or otherwise are not statements of historical fact. These forward-looking statements are based on our current expectations and projections about future events and they are subject to risks and uncertainties known and unknown that could cause actual results and developments to differ materially from those expressed or implied in such statements.
In some cases, you can identify forward-looking statements by terminology, such as “goals,” or “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “could,” “should,” “would,” “predicts,” “appears,” “projects,” or the negative of such terms or other similar expressions. You are urged not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Factors that could cause or contribute to differences in results and outcomes from those in our forward-looking statements include, without limitation, those discussed in the “Business—Forward-Looking Statements,” and “Risk Factors” sections of our 2015 Annual Report as well as those discussed in our other Securities and Exchange Commission (“SEC”) filings.
Overview
We offer our customers “one source for asset protection solutions”® and are a leading global provider of technology-enabled asset protection solutions used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. We combine industry-leading products and technologies, expertise in mechanical integrity (MI), Non-Destructive Testing (NDT), Destructive Testing (DT) and predictive maintenance (PdM) services, process and fixed asset engineering and consulting services, proprietary data analysis and our world class enterprise inspection database management and analysis software, PCMS, to deliver a comprehensive portfolio of customized solutions, ranging from routine inspections to complex, plant-wide asset integrity management and assessments. These mission critical solutions enhance our customers’ ability to comply with governmental safety and environmental regulations, extend the useful life of their assets, increase productivity, minimize repair costs, manage risk and avoid catastrophic disasters. Our operations consist of three reportable segments: Services, International and Products and Systems.
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• | Services provides asset protection solutions predominantly in North America with the largest concentration in the United States along with a growing Canadian services business, consisting primarily of NDT, inspection and engineering services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. |
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• | International offers services, products and systems similar to those of the other segments to global markets, principally in Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. South America consists of our Brazil operations. |
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• | Products and Systems designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. |
Given the role our solutions play in ensuring the safe and efficient operation of infrastructure, we have historically provided a majority of our services to our customers on a regular, recurring basis. We serve a global customer base of companies with asset-intensive infrastructure, including companies in the oil and gas (downstream, midstream, upstream and petrochemical), power generation (natural gas, fossil, nuclear, alternative, renewable, and transmission and distribution), public infrastructure, chemicals, commercial aerospace and defense, transportation, primary metals and metalworking, pharmaceutical/biotechnology and food processing industries and research and engineering institutions. We have established long-term relationships as a critical solutions provider to many of the leading companies in our target markets.
For the last several years, we have focused on introducing our advanced asset protection solutions to our customers using proprietary, technology-enabled software and testing instruments, including those developed by our Products and Systems segment. During this period, the demand for outsourced asset protection solutions, in general, has increased, creating demand from which our entire industry has benefited. We believe continued growth can be realized in all of our target markets. Concurrent with this growth, we are working on building our infrastructure to profitably absorb additional growth and have made a number of acquisitions in an effort to leverage our fixed costs, grow our base of experienced, certified personnel, expand our product and technical capabilities and increase our geographical reach.
We have increased our capabilities and the size of our customer base through the development of applied technologies and managed support services, organic growth and the integration of acquired companies. These acquisitions have provided us with additional products, technologies, resources and customers that we believe will enhance our advantages over our competition.
Global financial markets continue to experience uncertainty, including tight liquidity and credit availability, relatively low consumer confidence, high unemployment rates, slow economic growth, fluctuating oil prices, which are currently very low, and volatile currency exchange rates. However, we believe these conditions have allowed us to selectively hire new talented individuals that otherwise might not have been available to us, to acquire new technologies in order to expand our proprietary portfolio of customized solutions, and to make acquisitions of complementary businesses at reasonable valuations.
Results of Operations
Our consolidated results of operations for the three and six months ended November 30, 2015 and 2014 were as follows:
|
| | | | | | | | | | | | | | | |
| Three Months Ended November 30, | | Six Months Ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| ($ in thousands) | | ($ in thousands) |
Revenues | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
Gross profit | 56,925 |
| | 59,039 |
| | 108,199 |
| | 101,033 |
|
Gross profit as a % of Revenue | 29 | % | | 29 | % | | 29 | % | | 27 | % |
Total operating expenses | 37,356 |
| | 40,847 |
| | 75,698 |
| | 79,177 |
|
Operating expenses as a % of Revenue | 19 | % | | 20 | % | | 20 | % | | 21 | % |
Income from operations | 19,569 |
| | 18,192 |
| | 32,501 |
| | 21,856 |
|
Income from Operations as a % of Revenue | 10 | % | | 9 | % | | 9 | % | | 6 | % |
Interest expense | 1,335 |
| | 1,352 |
| | 3,257 |
| | 2,257 |
|
Income before provision for income taxes | 18,234 |
| | 16,840 |
| | 29,244 |
| | 19,599 |
|
Provision for income taxes | 6,804 |
| | 6,428 |
| | 10,967 |
| | 7,516 |
|
Net income | 11,430 |
| | 10,412 |
| | 18,277 |
| | 12,083 |
|
Less: net loss (income) attributable to noncontrolling interests, net of taxes | (5 | ) | | 15 |
| | 20 |
| | 10 |
|
Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
|
Our EBITDA and Adjusted EBITDA, non-GAAP measures explained below, for the three and six months ended November 30, 2015 and 2014 were as follows:
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| | | | | | | | | | | | | | | |
| Three Months Ended November 30, | | Six Months Ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| ($ in thousands) | | ($ in thousands) |
EBITDA and Adjusted EBITDA data | |
| | |
| | | | |
Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
|
Interest expense | 1,335 |
| | 1,352 |
| | 3,257 |
| | 2,257 |
|
Provision for income taxes | 6,804 |
| | 6,428 |
| | 10,967 |
| | 7,516 |
|
Depreciation and amortization | 7,963 |
| | 8,386 |
| | 15,923 |
| | 16,665 |
|
EBITDA | $ | 27,527 |
| | $ | 26,593 |
| | $ | 48,444 |
| | $ | 38,531 |
|
Share-based compensation expense | 1,270 |
| | 2,090 |
| | 3,227 |
| | 4,257 |
|
Acquisition-related (benefit), net | (75 | ) | | (434 | ) | | (971 | ) | | (1,395 | ) |
Severance | 188 |
| | 136 |
| | 188 |
| | 136 |
|
Foreign exchange loss | 163 |
| | 687 |
| | 455 |
| | 926 |
|
Adjusted EBITDA | $ | 29,073 |
| | $ | 29,072 |
| | $ | 51,343 |
| | $ | 42,455 |
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Note About Non-GAAP Measures
Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with U.S. generally accepted accounting principles (GAAP). EBITDA is defined in this Report as net income attributable to Mistras Group, Inc. plus: interest expense, provision for income taxes and depreciation and amortization. Adjusted EBITDA is defined in this Report as net income attributable to Mistras Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, and certain acquisition-related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange loss and, if applicable, certain non-recurring items which we note.
Our management uses Adjusted EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations. Adjusted EBITDA is also used as the basis for a performance evaluation metric for our executive and employee incentive compensation programs.
Later in the MD&A under the heading "Income for Operations", the non-GAAP financial performance measures "Income from operations before acquisition-related expense (benefit), net” is used for each of our three segments and the "Total Company", with tables reconciling the measure to a financial measure under GAAP. This non-GAAP measures excludes from the GAAP measure "Income from Operations" (a) transaction expenses related to acquisitions, such as professional fees and due diligence costs and (b) the net changes in the fair value of acquisition-related contingent consideration liabilities. These items have been excluded from the GAAP measure because these expenses and credits are not related to the Company’s or Segment’s core business operations and are related solely to the Company’s or Segment’s acquisition activities. Changes in the fair value of acquisition-related contingent consideration liabilities can be a net expense or credit in any given period, and fluctuate based upon the then current value of cash consideration the Company expects to pay in the future for prior acquisitions, without impacting cash generated from the Company’s business operations.
In the MD&A section "Liquidity and Capital Resources", we use the term free cash flow, a non-GAAP measurement. We define free cash flow as cash provided by operating activities less capital expenditures (which is classified as an investing activity). Free cash flow for the first six months of fiscal 2016 was $18.8 million consisting of $26.5 million of operating cash flow less $7.8 million of capital expenditures. For the comparable period in fiscal 2015, free cash flow was $(4.7) million consisting of $3.2 million of operating cash flow less $7.9 million of capital expenditures.
Revenue
Revenues for the three months ended November 30, 2015 were $194.8 million, a decrease of $12.1 million, or 5.9%, compared to $206.9 million for the three months ended November 30, 2014. Revenues for the six months ended November 30, 2015 were $374.6 million, an increase of $1.2 million, or 0.3%, compared to $373.5 million for the six months ended November 30, 2014.
Revenues by segment for the three and six months ended November 30, 2015 and 2014 were as follows:
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| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| ($ in thousands) | | ($ in thousands) |
Revenues | |
| | |
| | | | |
Services | $ | 150,463 |
| | $ | 160,874 |
| | $ | 287,868 |
| | $ | 282,806 |
|
International | 38,425 |
| | 41,018 |
| | 75,284 |
| | 81,056 |
|
Products and Systems | 7,791 |
| | 7,495 |
| | 16,477 |
| | 14,062 |
|
Corporate and eliminations | (1,893 | ) | | (2,494 | ) | | (4,990 | ) | | (4,458 | ) |
| $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
Three Months
In the second quarter of fiscal 2016, our Services segment revenues decreased 6.5% due to a combination of a mid-single digit organic decline that resulted from a shift in timing of turnaround and project-related work, the unfavorable impact of the weaker Canadian dollar, and a small amount of acquisition-related growth. Products and Systems segment revenues increased by 4.0% driven by improved sales volume. International segment revenues declined by 6.3%, driven by an unfavorable impact of foreign exchanges rates and dispositions which caused revenues to decline by approximately 15% which more than offset high single-digit organic growth. The organic growth was driven by increased product sales in the U.K. and increased services work in France. See Note 4 - Acquisitions and Dispositions for further discussion regarding dispositions in the International segment.
Oil and gas revenues declined by approximately 8% due to factors which adversely impacted organic growth, but remained the Company’s most significant vertical market, comprising approximately 53% and 54% of total Company revenues in the second quarters of fiscal 2016 and 2015, respectively. We experienced modest growth from customers in other industries, including power generation and process industries. The Company’s top ten customers comprised approximately 34% of total revenues in the second quarter of fiscal 2016 compared with approximately 35% in the second quarter of the prior fiscal year.
Six Months
In the first six months of fiscal 2016, our revenue growth of less than 1% was adversely impacted by a combination of foreign exchange and dispositions which reduced revenues by approximately $18 million, or 5%. Services segment revenues increased 1.8% due to acquisition growth of approximately 3.8%, offset by adverse foreign exchange rates, while organic growth was flat. International segment revenues decreased 7.1% compared with the prior year driven by an unfavorable impact of foreign exchange rates and dispositions of approximately 16%. Products and Systems segment revenues increased approximately 17.2% primarily due to greater volume.
The Company experienced mid-single digit year-on-year growth in its oil and gas vertical market. Oil and gas revenues comprised approximately 54% and 52% of total Company revenues in the first six months of fiscal 2016 and 2015, respectively. The Company’s top ten customers comprised approximately 33% of total revenues in the first six months of fiscal 2016 compared with approximately 32% in the first six months of the prior fiscal year.
Gross Profit
Gross profit decreased by $2.1 million, or 3.6%, in the second quarter of fiscal 2016, on a sales decline of 5.9%. Gross profit increased by $7.2 million, or 7.1% during the first six months of fiscal 2016, on sales increase of less than 1%.
Gross profit by segment for the three and six months ended November 30, 2015 and 2014 was as follows:
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| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| ($ in thousands) | | ($ in thousands) |
Gross profit | |
| | |
| | | | |
Services | $ | 41,118 |
| | $ | 44,252 |
| | $ | 77,687 |
| | $ | 74,023 |
|
International | 12,106 |
| | 11,309 |
| | 22,886 |
| | 20,777 |
|
Products and Systems | 3,833 |
| | 3,328 |
| | 7,755 |
| | 5,992 |
|
Corporate and eliminations | (132 | ) | | 150 |
| | (129 | ) | | 241 |
|
| $ | 56,925 |
| | $ | 59,039 |
| | $ | 108,199 |
| | $ | 101,033 |
|
Three months
As a percentage of revenues, gross profit was 29.2% and 28.5% for the second quarters of fiscal 2016 and 2015, respectively. Service segment gross profit margin was flat compared to the second quarter of fiscal 2015. International segment gross margins increased to 31.5% in the second quarter of fiscal 2016 compared with 27.6% in the prior year. The 390 basis point increase was driven by improved staffing utilization and higher product sales throughout the segment. Products and Systems segment gross margin improved to 49.2% compared to 44.4% in the prior year, with the 480 basis point increase driven by a more favorable sales mix of revenues due to reduced sales of customized solutions.
Six Months
As a percentage of revenues, gross profit was 28.9% and 27.1% for the first six months of fiscal 2016 and 2015, respectively. The increase in gross profit percentage was primarily attributable to the Services and International segments. Service segment gross profit margin increased to 27.0% compared to 26.2% in the first six months of fiscal 2015, due to cost reduction initiatives, contract management, and improved staffing utilization. International segment gross margins increased to 30.4% in the first six months of fiscal 2016 compared with 25.6% in the prior year, due to improved staffing utilization and higher product sales throughout the segment. Products and Systems segment gross margin improved to 47.1% compared to 42.6% in the prior year driven by a more favorable sales mix of revenues, due to reduced sales of customized solutions.
Income from Operations
The following table shows a reconciliation of the income from operations before acquisition-related expense (benefit), net, to income from operations for each of the Company's three segments and for the Company in total:
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| | | | | | | | | | | | | | | |
| Three months ended November 30, | | Six months ended November 30, |
| 2015 | | 2014 | | 2015 | | 2014 |
| ($ in thousands) | | ($ in thousands) |
Services: | |
| | |
| | | | |
Income from operations before acquisition-related expense (benefit), net | $ | 19,152 |
| | $ | 20,596 |
| | $ | 33,621 |
| | $ | 29,737 |
|
Acquisition-related expense (benefit), net | 337 |
| | 525 |
| | (593 | ) | | 786 |
|
Income from operations | 18,815 |
| | 20,071 |
| | 34,214 |
| | 28,951 |
|
International: | |
| | |
| | |
| | |
|
Income from operations before acquisition-related expense (benefit), net | $ | 3,484 |
| | $ | 2,130 |
| | $ | 5,332 |
| | $ | 1,542 |
|
Acquisition-related expense (benefit), net | (487 | ) | | (1,047 | ) | | (457 | ) | | (936 | ) |
Income from operations | 3,971 |
| | 3,177 |
| | 5,789 |
| | 2,478 |
|
Products and Systems: | |
| | |
| | |
| | |
|
Income (Loss) from operations before acquisition-related expense (benefit), net | $ | 1,055 |
| | $ | 417 |
| | $ | 2,239 |
| | $ | (16 | ) |
Acquisition-related expense (benefit), net | — |
| | — |
| | — |
| | — |
|
Income (Loss) from operations | 1,055 |
| | 417 |
| | 2,239 |
| | (16 | ) |
Corporate and Eliminations: | |
| | |
| | |
| | |
|
Loss from operations before acquisition-related expense (benefit), net | $ | (4,197 | ) | | $ | (5,385 | ) | | $ | (9,662 | ) | | $ | (10,802 | ) |
Acquisition-related expense (benefit), net | 75 |
| | 88 |
| | 79 |
| | (1,245 | ) |
Loss from operations | (4,272 | ) | | (5,473 | ) | | (9,741 | ) | | (9,557 | ) |
Total Company | |
| | |
| | |
| | |
|
Income from operations before acquisition-related expense (benefit), net | $ | 19,494 |
| | $ | 17,758 |
| | $ | 31,530 |
| | $ | 20,461 |
|
Acquisition-related expense (benefit), net | $ | (75 | ) | | $ | (434 | ) | | $ | (971 | ) | | $ | (1,395 | ) |
Income from operations | $ | 19,569 |
| | $ | 18,192 |
| | $ | 32,501 |
| | $ | 21,856 |
|
Three months
For the three months ended November 30, 2015, income from operations increased $1.4 million, or 7.6%, compared with the prior year’s second quarter. As a percentage of revenues, income from operations was 10.0% and 8.8% for the second quarters of fiscal 2016 and 2015, respectively.
Operating expenses decreased $3.5 million or 8.5% compared with the prior year’s second quarter. The Services segment experienced an year-on-year operating expenses decrease of $1.9 million, driven by decreased salary and benefits related costs. Corporate operating expense were $1.4 million lower than in the prior year's second quarter, driven primarily by lower share-based compensation expense, while Products and Systems segment operating expenses declined by $0.1 million, due primarily to the impact of cost reductions.
Six Months
For the six months ended November 30, 2015, income from operations increased $10.6 million or 48.7%, compared with the prior year’s first half. As a percentage of revenues, income from operations was 8.7% and 5.9% for the first half of fiscal 2016 and 2015, respectively.
Operating expenses decreased by $3.5 million, or 4.4% compared with the prior year’s first half. The Services segment experienced an year-on-year operating decrease of $1.6 million, driven by decreased salary and benefits related costs. The
International segment year-on-year operating expenses declined by $1.2 million, driven by the impact of foreign exchange rates and continued cost reduction initiatives.
Interest Expense
Interest expense was approximately $1.3 million and $1.4 million for the second quarters of fiscal 2016 and 2015, respectively. Interest expense was approximately $3.3 million and $2.3 million for the first six months of fiscal 2016 and 2015, respectively. The increase was primarily related to an increase in average borrowings in the first six months of fiscal 2016.
Income Taxes
The Company’s effective income tax rate was approximately 37% and 38% for the second quarter of fiscal 2016 and 2015, respectively. The decrease was primarily due to lower state taxes and permanent items partially offset by an increase in foreign valuation allowances. The Company's effective income tax rate was approximately 38% for the first six months of fiscal 2016 and 2015, respectively. The difference between the effective tax rate for all periods and the U.S. statutory tax rate of 35% primarily relates to the provision for state taxes in the United States, net of federal provision and net permanent differences, partially offset by a favorable earnings mix with earnings in jurisdictions with lower tax rates.
Liquidity and Capital Resources
Cash Flows Table
Our cash flows are summarized in the table below:
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| | | | | | | |
| Six months ended November 30, |
| 2015 | | 2014 |
| ($ in thousands) |
Net cash provided by (used in): | |
| | |
|
Operating activities | $ | 26,524 |
| | $ | 3,153 |
|
Investing activities | (9,623 | ) | | (40,360 | ) |
Financing activities | (16,644 | ) | | 47,462 |
|
Effect of exchange rate changes on cash | (233 | ) | | (676 | ) |
Net change in cash and cash equivalents | $ | 24 |
| | $ | 9,579 |
|
Cash Flows from Operating Activities
During the six months ended November 30, 2015, cash provided by our operating activities was $26.5 million, an increase of $23.4 million from the comparable period of fiscal 2015. The improvement was primarily attributable to the Company’s $8.9 million improvement in Adjusted EBITDA, as well as a reduction in days sales outstanding of approximately 5 days, which prevented a larger offsetting investment in working capital. The Company’s accounts receivable were more than $16 million lower compared with one year ago, despite our first six months sales that increased by approximately $1.1 million over prior year.
Cash Flows from Investing Activities
During the six months ended November 30, 2015, cash used in investing activities was $9.6 million, compared with cash outflow of $40.4 million in the comparable period of the prior year. The prior year's first six months included $32.7 million outflow related to acquisitions, compared with $1.7 million cash utilized for this purpose in the first six months of fiscal 2016. Cash used for capital expenditures was $7.8 million in the first six months of fiscal 2016 compared with $7.9 million in the prior year period.
Cash Flows from Financing Activities
Net cash used by financing activities was $16.6 million for the six months ended November 30, 2015. The Company utilized most of the $18.8 million of free cash flow generated in the first six months of fiscal 2016 to reduce its debt and capital lease obligations by $15.2 million, and to fund other tax-related outflows totaling $1.3 million. The Company generated cash from financing activities in the prior year’s comparable period by taking on a net of $53.4 million of additional debt to fund acquisitions made in the prior year, offset by repayments of capital lease obligations of $4.2 million and tax-related outflows of $1.1 million.
Effect of Exchange Rate Changes on Cash and Cash Equivalents
The effect of exchange rate changes on our cash and cash equivalents was a net reduction of $0.2 million in the six months of fiscal 2016, compared to $0.7 million for the six months of fiscal 2015, driven by a stronger U.S. dollar.
Cash Balance and Credit Facility Borrowings
The terms of our Credit Agreement have not changed from those set forth in Part II, Item 7 of our 2015 Annual Report under the Section “Liquidity and Capital Resources”, under the heading “Cash Balance and Credit Facility Borrowings,” and Note 9 - Long-Term Debt to these consolidated financial statements in this report, under the heading “Senior Credit Facility.”
As of November 30, 2015, we had cash and cash equivalents totaling $10.6 million and available borrowing capacity of $85.6 million under our Credit Agreement with borrowings of $84.9 million and $4.5 million of letters of credit outstanding. We finance our operations primarily through our existing cash balances, cash collected from operations, bank borrowings and capital lease financing. We believe these sources are sufficient to fund our operations for the foreseeable future.
As of November 30, 2015, we were in compliance with the terms of the Credit Agreement, and we will continuously monitor our compliance with the covenants contained in our Credit Agreement.
Contractual Obligations
Other than the amendment to the Credit Agreement, discussed above under “Liquidity and Capital Resources- Cash Balance and Credit Facility Borrowings”, there have been no significant changes in our contractual obligations and outstanding indebtedness as disclosed in the 2015 Annual Report.
Off-balance Sheet Arrangements
During the six months ended November 30, 2015, we did not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
Critical Accounting Policies and Estimates
There have been no significant changes to our critical accounting policies and estimates from the information provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” included in the 2015 Annual Report.
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
There have been no significant changes to the Company’s quantitative and qualitative disclosures about market risk as discussed in Part II, Item 7A “Quantitative and Qualitative Disclosures About Market Risk,” included in the 2015 Annual Report.
ITEM 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of November 30, 2015, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as such term is defined in
Rule 13a-15(e) of the Exchange Act. Based on the evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act, as amended, is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms.
Changes in Internal Control Over Financial Reporting
There has been no change in the Company’s internal control over financial reporting that occurred during the Company’s quarter ended November 30, 2015 that has materially affected, or is reasonably likely to materially affect, such internal control over financial reporting.
PART II—OTHER INFORMATION
ITEM 1. Legal Proceedings
There have been no material developments with regard to any matters disclosed under Part I, Item 3 “Legal Proceedings” in our 2015 Annual Report.
See Note 11 - Commitments and Contingencies to the consolidated financial statements included in this report for a description of our legal proceedings.
ITEM 1.A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed under the “Risk Factors” section included in our 2015 Annual Report. There have been no material changes to the risk factors previously disclosed in the 2015 Annual Report.
ITEM 2. Unregistered Sale of Equity Securities and Use of Proceeds
(a) Sales of Unregistered Securities
None.
(b) Use of Proceeds from Public Offering of Common Stock
None.
(c) Repurchases of Our Equity Securities
The following table sets forth the shares of our common stock we acquired during the quarter pursuant to the surrender of shares by employees to satisfy the minimum tax withholding obligations in connection with the vesting of restricted stock units.
|
| | | | | | |
Fiscal Month Ending | Total Number of Shares (or Units) Purchased | | Average Price Paid per Share (or Unit) |
September 30, 2015 | 684 |
| | $ | 13.40 |
|
October 31, 2015 | 1,087 |
| | $ | 18.75 |
|
November 30, 2015 | 2,741 |
| | $ | 20.44 |
|
ITEM 3. Defaults Upon Senior Securities
None.
ITEM 4. Mine Safety Disclosures
Not applicable.
ITEM 5. Other Information
None.
ITEM 6. Exhibits
|
| | |
Exhibit No. | | Description |
| | |
31.1 | | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| | |
31.2 | | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. |
| | |
32.1 | | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | |
101.INS | | XBRL Instance Document |
| | |
101.SCH | | XBRL Schema Document |
| | |
101.CAL | | XBRL Calculation Linkbase Document |
| | |
101.LAB | | XBRL Labels Linkbase Document |
| | |
101.PRE | | XBRL Presentation Linkbase Document |
| | |
101.DEF | | XBRL Definition Linkbase Document |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | |
| MISTRAS GROUP, INC. |
| | |
| By: | /s/ Jonathan H. Wolk |
| | Jonathan H. Wolk |
| | Executive Vice President, Chief Financial Officer and Treasurer |
| | (Principal Financial and Accounting Officer and duly authorized officer) |
Date: January 8, 2016
Exhibit 31.1
CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
I, Sotirios J. Vahaviolos, certify that:
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1. | I have reviewed this report on Form 10-Q of Mistras Group, Inc.; |
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2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
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4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
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a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
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b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
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a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: January 8, 2016
|
| |
| /s/ Sotirios J. Vahaviolos |
| Sotirios J. Vahaviolos |
| Chairman, President and Chief Executive Officer |
| (Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
I, Jonathan H. Wolk, certify that:
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1. | I have reviewed this report on Form 10-Q of Mistras Group, Inc.; |
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2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
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3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
| |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
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d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
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5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions): |
| |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
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b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: January 8, 2016
|
| |
| /s/ Jonathan H. Wolk |
| Jonathan H. Wolk |
| Executive Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Each of the undersigned hereby certifies, for the purposes of section 1350 of chapter 63 of title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in his capacity as an officer of Mistras Group, Inc. (the “Company”), that, to his knowledge, the Quarterly Report on Form 10-Q of the Company for the quarter ended November 30, 2015 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. This written statement is being furnished to the Securities and Exchange Commission as an exhibit to the Report.
Dated: January 8, 2016
|
| |
| /s/ Sotirios J. Vahaviolos |
| Sotirios J. Vahaviolos |
| Chairman, President and Chief Executive Officer |
| (Principal Executive Officer) |
| |
| /s/ Jonathan H. Wolk |
| Jonathan H. Wolk |
| Executive Vice President, Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |
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v3.3.1.900
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Current Assets |
|
|
Cash and cash equivalents |
$ 10,579
|
$ 10,555
|
Accounts receivable, net |
149,173
|
133,228
|
Inventories |
9,676
|
10,841
|
Deferred income taxes |
4,816
|
5,144
|
Prepaid expenses and other current assets |
12,181
|
11,698
|
Total current assets |
186,425
|
171,466
|
Property, plant and equipment, net |
76,429
|
79,256
|
Intangible assets, net |
46,759
|
51,276
|
Goodwill |
167,649
|
166,414
|
Deferred income taxes |
827
|
1,208
|
Other assets |
1,975
|
2,107
|
Total assets |
480,064
|
471,727
|
Current Liabilities |
|
|
Accounts payable |
9,169
|
10,529
|
Accrued expenses and other current liabilities |
58,933
|
55,914
|
Current portion of long-term debt |
13,772
|
17,902
|
Current portion of capital lease obligations |
6,853
|
8,646
|
Income taxes payable |
2,083
|
532
|
Total current liabilities |
90,810
|
93,523
|
Long-term debt, net of current portion |
87,946
|
95,557
|
Obligations under capital leases, net of current portion |
10,240
|
10,717
|
Deferred income taxes |
18,247
|
16,984
|
Other long-term liabilities |
8,477
|
9,934
|
Total liabilities |
$ 215,720
|
$ 226,715
|
Commitments and contingencies |
|
|
Equity |
|
|
Preferred stock, 10,000,000 shares authorized |
$ 0
|
$ 0
|
Common stock, $0.01 par value, 200,000,000 shares authorized |
289
|
287
|
Additional paid-in capital |
210,222
|
208,064
|
Retained earnings |
75,872
|
57,581
|
Accumulated other comprehensive loss |
(22,149)
|
(21,113)
|
Total Mistras Group, Inc. stockholders’ equity |
264,234
|
244,819
|
Noncontrolling interests |
110
|
193
|
Total equity |
264,344
|
245,012
|
Total liabilities and equity |
$ 480,064
|
$ 471,727
|
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v3.3.1.900
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Nov. 30, 2015 |
May. 31, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
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200,000,000
|
200,000,000
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v3.3.1.900
Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Income Statement [Abstract] |
|
|
|
|
Revenue |
$ 194,786
|
$ 206,893
|
$ 374,639
|
$ 373,466
|
Cost of revenue |
132,720
|
142,940
|
256,120
|
262,662
|
Depreciation |
5,141
|
4,914
|
10,320
|
9,771
|
Gross profit |
56,925
|
59,039
|
108,199
|
101,033
|
Selling, general and administrative expenses |
34,008
|
37,180
|
69,844
|
72,400
|
Research and engineering |
601
|
629
|
1,222
|
1,278
|
Depreciation and amortization |
2,822
|
3,472
|
5,603
|
6,894
|
Acquisition-related (benefit), net |
(75)
|
(434)
|
(971)
|
(1,395)
|
Income from operations |
19,569
|
18,192
|
32,501
|
21,856
|
Interest expense |
1,335
|
1,352
|
3,257
|
2,257
|
Income before provision for income taxes |
18,234
|
16,840
|
29,244
|
19,599
|
Provision for income taxes |
6,804
|
6,428
|
10,967
|
7,516
|
Net income |
11,430
|
10,412
|
18,277
|
12,083
|
Less: net loss (income) attributable to noncontrolling interests, net of taxes |
(5)
|
15
|
20
|
10
|
Net income attributable to Mistras Group, Inc. |
$ 11,425
|
$ 10,427
|
$ 18,297
|
$ 12,093
|
Earnings per common share |
|
|
|
|
Basic (in dollars per share) |
$ 0.40
|
$ 0.36
|
$ 0.64
|
$ 0.42
|
Diluted (in dollars per share) |
$ 0.39
|
$ 0.35
|
$ 0.62
|
$ 0.41
|
Weighted average common shares outstanding: |
|
|
|
|
Basic (in shares) |
28,869
|
28,619
|
28,796
|
28,547
|
Diluted (in shares) |
29,594
|
29,397
|
29,641
|
29,551
|
X |
- DefinitionThe cost of borrowed funds accounted for as interest that was charged against earnings during the period and the amount of amortization of deferred charges applied against earnings during the period.
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v3.3.1.900
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 11,430
|
$ 10,412
|
$ 18,277
|
$ 12,083
|
Other comprehensive (loss): |
|
|
|
|
Foreign currency translation adjustments |
(384)
|
(6,011)
|
(1,036)
|
(7,916)
|
Comprehensive income |
11,046
|
4,401
|
17,241
|
4,167
|
Less: comprehensive loss (income) attributable to noncontrolling interest |
(5)
|
15
|
20
|
10
|
Comprehensive income attributable to Mistras Group, Inc. |
$ 11,041
|
$ 4,416
|
$ 17,261
|
$ 4,177
|
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v3.3.1.900
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Cash flows from operating activities |
|
|
Net income |
$ 18,277
|
$ 12,083
|
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
Depreciation and amortization |
15,923
|
16,665
|
Deferred income taxes |
1,809
|
1,192
|
Share-based compensation expense |
3,227
|
4,257
|
Fair value adjustment to contingent consideration liabilities |
(1,068)
|
(1,546)
|
Other |
(259)
|
968
|
Changes in operating assets and liabilities, net of effect of acquisitions of businesses: |
|
|
Accounts receivable |
(17,641)
|
(24,196)
|
Inventories |
1,496
|
601
|
Prepaid expenses and other current assets |
(790)
|
(2,952)
|
Other assets |
(9)
|
(478)
|
Accounts payable |
(1,248)
|
(972)
|
Accrued expenses and other current liabilities |
5,226
|
(2,074)
|
Income taxes payable |
1,581
|
(395)
|
Net cash provided by operating activities |
26,524
|
3,153
|
Cash flows from investing activities |
|
|
Purchase of property, plant and equipment |
(7,753)
|
(7,862)
|
Purchase of intangible assets |
(480)
|
(433)
|
Acquisition of businesses, net of cash acquired |
(1,709)
|
(32,661)
|
Proceeds from sale of equipment |
319
|
596
|
Net cash used in investing activities |
(9,623)
|
(40,360)
|
Cash flows from financing activities |
|
|
Repayment of capital lease obligations |
(3,681)
|
(4,183)
|
Proceeds from borrowings of long-term debt |
1,968
|
872
|
Repayment of long-term debt |
(15,870)
|
(10,726)
|
Proceeds of revolver |
39,200
|
86,500
|
Repayments of revolver |
(36,800)
|
(23,200)
|
Payment of contingent consideration for business acquisitions |
(394)
|
(700)
|
Taxes paid related to net share settlement of share-based awards |
(951)
|
(1,384)
|
Excess tax benefit from share-based compensation |
(303)
|
283
|
Proceeds from the exercise of stock options |
187
|
0
|
Net cash (used in) provided by financing activities |
(16,644)
|
47,462
|
Effect of exchange rate changes on cash and cash equivalents |
(233)
|
(676)
|
Net change in cash and cash equivalents |
24
|
9,579
|
Cash and cash equivalents |
|
|
Beginning of period |
10,555
|
10,020
|
End of period |
10,579
|
19,599
|
Supplemental disclosure of cash paid |
|
|
Interest |
3,010
|
1,815
|
Income taxes |
6,223
|
8,028
|
Noncash investing and financing |
|
|
Equipment acquired through capital lease obligations |
1,555
|
3,533
|
Issuance of notes payable |
$ 0
|
$ 20,500
|
X |
- DefinitionThe increase (decrease) during the reporting period in other expenses incurred but not yet paid and the change during the period in carrying value for all deferred liabilities due within one year or operating cycle.
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v3.3.1.900
Description of Business and Basis of Presentation
|
6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Business and Basis of Presentation |
Description of Business and Basis of Presentation Description of Business Mistras Group, Inc. and subsidiaries (the Company) is a leading “one source” global provider of technology-enabled asset protection solutions used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. The Company combines industry-leading products and technologies, expertise in mechanical integrity (MI) and non-destructive testing (NDT) services and proprietary data analysis software to deliver a comprehensive portfolio of customized solutions, ranging from routine inspections to complex, plant-wide asset integrity assessments and management. These mission critical solutions enhance customers’ ability to extend the useful life of their assets, increase productivity, minimize repair costs, comply with governmental safety and environmental regulations, manage risk and avoid catastrophic disasters. The Company serves a global customer base of companies with asset-intensive infrastructure, including companies in the oil and gas, fossil and nuclear power, alternative and renewable energy, public infrastructure, chemicals, commercial aerospace and defense, transportation, primary metals and metalworking, pharmaceutical/biotechnology and food processing industries and research and engineering institutions. Basis of Presentation The condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal years ending May 31, 2016 and 2015. Reference to a fiscal year means the fiscal year ended May 31. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company’s Annual Report on Form 10-K (“Annual Report”) for fiscal 2015, as filed with the Securities and Exchange Commission on August 12, 2015. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Mistras Group, Inc. and its wholly and majority-owned subsidiaries. For subsidiaries in which the Company’s ownership interest is less than 100%, the noncontrolling interests are reported in stockholders’ equity in the accompanying consolidated balance sheets. The noncontrolling interests in net income, net of tax, is classified separately in the accompanying consolidated statements of income. All significant intercompany accounts and transactions have been eliminated in consolidation. Mistras Group, Inc.’s and its subsidiaries’ fiscal years end on May 31 except for the subsidiaries in the International segment, which end on April 30. Accordingly, the Company’s International segment subsidiaries are consolidated on a one month lag. Therefore, in the quarter and year of acquisition, results of acquired subsidiaries in the International segment are generally included in consolidated results for one less month than the actual number of months from the acquisition date to the end of the reporting period. Management does not believe that any events occurred during the one-month lag period that would have a material effect on the Company’s consolidated financial statements.
Reclassification
Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported.
Immaterial Correction
Subsequent to the issuance of its interim consolidated financial statements as of and for the three and six months ended November 30, 2014, the Company identified errors related to the classification of amounts reported in the Consolidated Statement of Cash Flows for that period. In accordance with the SEC Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the errors from qualitative and quantitative perspectives, and concluded that the errors were immaterial. Accordingly, management has corrected the presentation of the affected line items of the accompanying consolidated statement of cash flows for the six-months ended November 30, 2014, as summarized below. These changes did not impact the Company’s net income, balance sheet, or stockholders’ equity for any period previously reported.
| | | | | | | | | | Previously Reported | | Revised | Cash flows from operating activities | | | | | Fair value adjustment to contingent consideration liabilities | | (808 | ) | | (1,546 | ) | Accounts payable | | (666 | ) | | (972 | ) | Accrued expenses and other current liabilities | | (3,041 | ) | | (2,074 | ) | Net cash provided by operating activities | | 3,230 |
| | 3,153 |
| | | | | | Cash flows from investing activities | | | | | Acquisition of businesses, net of cash acquired | | (32,967 | ) | | (32,661 | ) | Net cash used in investing activities | | (40,666 | ) | | (40,360 | ) | | | | | | Cash flows from financing activities | | | | | Proceeds from long-term debt | | — |
| | 872 |
| Repayment of long-term debt | | (9,854 | ) | | (10,726 | ) | Net borrowings against revolver | | 62,648 |
| | 63,300 |
| Net cash provided by financing activities | | 46,810 |
| | 47,462 |
| | | | | | Effect of exchange rate changes on cash and cash equivalents | | 205 |
| | (676 | ) |
Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 2 — Summary of Significant Accounting Policies in the Company's Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including, among other things those related to revenue recognition, valuations of accounts receivable, long-lived assets, goodwill, deferred tax assets and uncertain tax positions. Since the date of the 2015 Annual Report, there have been no material changes to the Company's significant accounting policies.
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods within those fiscal years beginning December 15, 2017, as a result of a one year deferral in the standard issued by the FASB in August 2015 with ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures.
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidations Analysis, which changes the guidance for evaluating whether to consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this update to have a material impact on the consolidated financial statements and related disclosures.
In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This amendment will simplify the accounting for adjustments made to provisional amounts recognized in a business combination and eliminates the requirement to retrospectively account for those adjustments in previous reporting periods. This update will require on the face of the income statement or in the notes to the financial statements the amount recorded in current-period earnings that would have previously been recorded if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. This update should be applied prospectively and earlier adoption is permitted for financial statements that have not been issued. The Company is evaluating the effect that ASU 2015-16 will have on its consolidated financial statements and related disclosures.
In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This amendment will simplify the presentation of deferred tax assets and liabilities on the balance sheet and require all deferred tax assets and liabilities to be treated as non-current. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the effect that ASU 2015-17 will have on its consolidated financial statements and related disclosures.
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v3.3.1.900
Share-Based Compensation
|
6 Months Ended |
Nov. 30, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Share-Based Compensation |
Share-Based Compensation The Company has share-based incentive awards outstanding to its eligible employees and Directors under two equity incentive plans: (i) the 2007 Stock Option Plan (the 2007 Plan), and (ii) the 2009 Long-Term Incentive Plan (the 2009 Plan). No further awards may be granted under the 2007 Plan, although awards granted under the 2007 Plan remain outstanding in accordance with their terms. Awards granted under the 2009 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance restricted stock units, stock appreciation rights and deferred stock rights. Stock Options For the three months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to stock option awards of less than $0.1 million for each period respectively. For the six months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to stock option awards of less than $0.1 million for each period respectively. As of November 30, 2015, there was less than $0.1 million of unrecognized compensation costs, net of estimated forfeitures, related to stock option awards, which are expected to be recognized over a remaining weighted average period of 0.3 years. No stock options were granted during the six months ended November 30, 2015 and 2014. Restricted Stock Unit Awards For the three months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to restricted stock unit awards of $1.1 million and $1.2 million, respectively. For the six months ended November 30, 2015 and 2014, the Company recognized share-based compensation expense related to restricted stock unit awards of $2.2 million and $2.3 million, respectively. As of November 30, 2015, there was $9.5 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock unit awards, which are expected to be recognized over a remaining weighted average period of 2.6 years. During the first six months of fiscal 2016 and 2015, the Company granted approximately 15,000 and 10,000 shares, respectively, of fully-vested common stock to its five non-employee directors, in connection with its non-employee director compensation plan. These shares had grant date fair values of $0.2 million for each period respectively, which was recorded as share-based compensation expense during the six months ended November 30, 2015 and 2014. During the first six months of fiscal 2016 and 2015, approximately 217,000 and 226,000 restricted stock units, respectively, vested. The fair value of these units was $3.4 million and $4.9 million, respectively. Upon vesting, restricted stock units are generally net share-settled to cover the required minimum withholding tax and the remaining amount is converted into an equivalent number of shares of common stock. Performance Restricted Stock Units
Fiscal 2016 In the first quarter of fiscal 2016, the Company modified its equity compensation plan and granted 154,000 performance restricted stock units to its executive and certain other senior officers. These units have requisite service periods of five years and have no dividend rights. The actual payout of these units will vary based on the Company’s performance over a one-year period based on three metrics related to the Company’s fiscal 2016 performance: (1) Operating Income, (2) Adjusted EBITDAS, which is consistent with Adjusted EBITDA as disclosed in the financial statements, which is net income before interest, taxes, depreciation, amortization, non-cash stock-based compensation expense, acquisition related items, and other non-routine items as determined by the Committee and (3) Revenue. There is also a discretionary portion based on individual performance. During the second quarter of fiscal 2016, the Company evaluated the expected performance metrics and adjusted the estimated performance shares by 80,000 units to 234,000 units.
As a condition for receiving any awards under the revised fiscal 2016 plan, the executive and senior officers surrendered and released all rights to receive any shares under the 2014 and 2015 awards with a three-year performance or market condition. The Company has accounted for the fiscal 2016 awards as modifications in accordance with ASC 718, Compensation - Stock Compensation.
Compensation costs are initially measured assuming that the target performance conditions will be achieved. However, compensation costs related to the performance conditions are adjusted for subsequent changes in the expected outcomes of the performance conditions. The discretionary portion of these awards are liability-classified and adjusted to fair value each reporting period. Compensation costs for the discretionary portion of the awards are recognized over the same five year requisite service period as the awards based on the Company’s fiscal 2016 performance. For the three months ended November 30, 2015, the Company recognized share-based compensation expense related to these units of approximately $0.2 million. For the six months ended November 30, 2015, the Company recognized share-based compensation expense related to these units of approximately $0.2 million. At November 30, 2015, there was $3.8 million of total unrecognized compensation costs related to the 234,000 non-vested performance restricted stock units, which are expected to be recognized over a remaining weighted average period of 4.1 years. Fiscal 2015 In the second quarter of fiscal 2015, the Company granted performance restricted stock units to its executive and certain other senior officers. These units were surrendered as part of the revised fiscal 2016 plan as discussed above. For the three and six months ended November 30, 2015, there was $0 and $0.2 million of compensation expense recognized, respectively. For the three and six months ended November 30, 2014, the Company recognized share-based compensation expense related to performance restricted stock units of $0.1 million and $0.1 million, respectively.
Fiscal 2014 In the third quarter of fiscal 2014, the Company granted one-year, two-year and three-year performance restricted stock units to its executive officers and certain other senior officers. The three-year performance restricted stock units were surrendered as part of the revised fiscal 2016 plan as discussed above. For the three and six months ended November 30, 2015, there was $0 and $0.4 million of compensation expense recognized, respectively. For the three and six months ended November 30, 2014, the Company recognized share-based compensation expense related to performance restricted stock units of $0.8 million and $1.6 million, respectively.
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- DefinitionThe entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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v3.3.1.900
Earnings per Share
|
6 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
Earnings per Share Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, and (2) the dilutive effect of assumed conversion of equity awards using the treasury stock method. With respect to the number of weighted-average shares outstanding (denominator), diluted shares reflects: (i) only the exercise of options to acquire common stock to the extent that the options’ exercise prices are less than the average market price of common shares during the period and (ii) the pro forma vesting of restricted stock units. The following table sets forth the computations of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | Basic earnings per share | |
| | |
| | | | | Numerator: | |
| | |
| | | | | Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
| Denominator: | |
| | |
| | |
| | |
| Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
| Basic earnings per share | $ | 0.40 |
| | $ | 0.36 |
| | $ | 0.64 |
| | $ | 0.42 |
| | | | | | | | | Diluted earnings per share: | |
| | |
| | | | | Numerator: | |
| | |
| | | | | Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
| Denominator: | |
| | |
| | |
| | |
| Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
| Dilutive effect of stock options outstanding | 592 |
| | 675 |
| | 610 |
| | 763 |
| Dilutive effect of restricted stock units outstanding | 133 |
| | 103 |
| | 235 |
| | 241 |
| | 29,594 |
| | 29,397 |
| | 29,641 |
| | 29,551 |
| Diluted earnings per share | $ | 0.39 |
| | $ | 0.35 |
| | $ | 0.62 |
| | $ | 0.41 |
|
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- DefinitionThe entire disclosure for earnings per share.
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v3.3.1.900
Acquisitions
|
6 Months Ended |
Nov. 30, 2015 |
Business Combinations [Abstract] |
|
Acquisitions |
Acquisitions
Acquisitions
In the first half of fiscal 2016, the Company completed one acquisition. The Company purchased a company that provides unmanned aerial systems and NDT services, located in the U.S.
In this acquisition, the Company acquired 100% of the common stock of the acquiree in exchange for consideration of $1.8 million in cash and contingent consideration estimated to be $0.9 million to be earned based upon the acquired business achieving specific performance metrics over the initial four years of operations from the acquisition date. The Company accounted for this transaction in accordance with the acquisition method of accounting for business combinations.
The assets and liabilities of the business acquired in fiscal 2016 were included in the Company's consolidated balance sheet based upon their estimated fair values on the date of acquisition as determined in a preliminary purchase price allocation, using available information and making assumptions management believes are reasonable. The Company is still in the process of completing its valuation of the assets, both tangible and intangible, and liabilities acquired. The results of operations for this acquisition is included in the Services segment's results from the date of acquisition. The Company's preliminary purchase price allocations are included in the table below, summarizing the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:
| | | | | | Fiscal | | 2016 | Number of Entities | 1 |
| Consideration transferred: | | Cash paid | $ | 1,750 |
| Contingent consideration | 945 |
| Consideration transferred | 2,695 |
| | | Current assets | 145 |
| Property, plant and equipment | 485 |
| Goodwill | 2,658 |
| Current liabilities | (521 | ) | Long-term deferred tax liability | (72 | ) | Net assets acquired | $ | 2,695 |
|
In the first half of fiscal 2015, the Company completed three acquisitions. The Company purchased a company, located in Louisiana, a provider of maintenance and inspection services primarily on offshore platforms. This acquisition expanded the service offerings within the Services segment, allowing the Company to provide services to the upstream operations of its customers. The Company also purchased a group of asset protection businesses located in Quebec, Canada to complement service offerings within the Company’s Services segment and continue its market expansion strategy. The Company’s International Segment completed an acquisition of an asset inspection business located in the United Kingdom. In these acquisitions, the Company acquired 100% of the common stock or certain assets of each acquiree in exchange for aggregate consideration of approximately $34.0 million in cash and $22.7 million in notes payable issued as part of the acquisitions and other liabilities assumed. The Company accounted for these transactions in accordance with the acquisition method of accounting for business combinations. In addition, the acquisition in Quebec provided for contingent consideration of up to $2.7 million to be earned based upon the acquired business achieving specific performance metrics over the initial three years of operation from the acquisition date.
The amortization period of intangible assets acquired in fiscal 2015 ranges from 3 to 10 years. The Company recorded $43.9 million of goodwill in connection with these acquisitions, reflecting the strategic fit and revenue and earnings growth potential of these business. Acquisition-Related Expense During the three and six month periods ended November 30, 2015, the Company incurred acquisition-related costs of less than $0.1 million in connection with due diligence, professional fees, and other expenses for its acquisition activities. Additionally, the Company adjusted the fair value of certain previously recorded acquisition-related contingent consideration liabilities. These adjustments resulted in a net decrease of acquisition-related contingent consideration liabilities and a corresponding increase in income from operations of $0.2 million and $1.1 million, for the three and six month periods ended November 30, 2015, respectively. The Company’s aggregate acquisition-related contingent consideration liabilities were $5.7 million and $6.4 million as of November 30, 2015 and May 31, 2015, respectively. During the three and six month periods ended November 30, 2014, the Company incurred acquisition-related costs of less than $0.2 million in connection with due diligence, professional fees, and other expenses for its acquisition activities. Additionally, the Company adjusted the fair value of certain acquisition-related contingent consideration liabilities. For the three and six month periods ended November 30, 2014, these adjustments resulted in a net decrease of acquisition-related contingent consideration liabilities and a corresponding increase in income from operations of $0.6 million and $1.6 million, respectively. The fair value adjustments to acquisition-related contingent consideration liabilities and the acquisition-related transaction costs have been classified as acquisition-related expense, net in the condensed consolidated statements of income for the three and six month periods ended November 30, 2015 and 2014.
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- DefinitionThe entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings.
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v3.3.1.900
Accounts Receivable, net
|
6 Months Ended |
Nov. 30, 2015 |
Receivables [Abstract] |
|
Accounts Receivable, net |
Accounts Receivable, net Accounts receivable consisted of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Trade accounts receivable | $ | 152,545 |
| | $ | 136,208 |
| Allowance for doubtful accounts | (3,372 | ) | | (2,980 | ) | Accounts receivable, net | $ | 149,173 |
| | $ | 133,228 |
|
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- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.3.1.900
Property, Plant and Equipment, net
|
6 Months Ended |
Nov. 30, 2015 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, net |
Property, Plant and Equipment, net Property, plant and equipment consisted of the following: | | | | | | | | | | | | Useful Life (Years) | | November 30, 2015 | | May 31, 2015 | | | | | | | Land | | | $ | 1,911 |
| | $ | 1,856 |
| Buildings and improvements | 30-40 | | 18,988 |
| | 17,712 |
| Office furniture and equipment | 5-8 | | 8,547 |
| | 8,084 |
| Machinery and equipment | 5-7 | | 164,980 |
| | 162,612 |
| | | | 194,426 |
| | 190,264 |
| Accumulated depreciation and amortization | | | (117,997 | ) | | (111,008 | ) | Property, plant and equipment, net | | | $ | 76,429 |
| | $ | 79,256 |
|
Depreciation expense for the three months ended November 30, 2015 and 2014 was $5.5 million and $5.5 million, respectively. Depreciation expense for the six months ended November 30, 2015 and 2014 was $11.1 million and $10.9 million, respectively.
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v3.3.1.900
Intangible Assets
|
6 Months Ended |
Nov. 30, 2015 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
|
Intangible Assets |
Intangible Assets The gross amount, accumulated amortization and net carrying amount of intangible assets are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | Useful Life (Years) | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | | | | | | | | | | | | | | Customer relationships | 5-12 | | $ | 80,198 |
| | $ | (44,040 | ) | | $ | 36,158 |
| | $ | 81,101 |
| | $ | (41,009 | ) | | $ | 40,092 |
| Software/Technology | 3-15 | | 16,692 |
| | (11,023 | ) | | 5,669 |
| | 15,738 |
| | (10,290 | ) | | 5,448 |
| Covenants not to compete | 2-5 | | 11,639 |
| | (9,027 | ) | | 2,612 |
| | 11,678 |
| | (8,605 | ) | | 3,073 |
| Other | 2-5 | | 6,848 |
| | (4,528 | ) | | 2,320 |
| | 6,910 |
| | (4,247 | ) | | 2,663 |
| Total | | | $ | 115,377 |
| | $ | (68,618 | ) | | $ | 46,759 |
| | $ | 115,427 |
| | $ | (64,151 | ) | | $ | 51,276 |
|
Amortization expense for the three months ended November 30, 2015 and 2014 was $2.4 million and $2.9 million, respectively. Amortization expense for the six months ended November 30, 2015 and 2014 was $4.8 million and $5.8 million, respectively.
|
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- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.3.1.900
Accrued Expenses and Other Current Liabilities
|
6 Months Ended |
Nov. 30, 2015 |
Payables and Accruals [Abstract] |
|
Accrued Expenses and Other Current Liabilities |
Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Accrued salaries, wages and related employee benefits | $ | 28,231 |
| | $ | 26,053 |
| Contingent consideration, current portion | 2,982 |
| | 3,543 |
| Accrued workers’ compensation and health benefits | 7,135 |
| | 3,630 |
| Deferred revenue | 3,591 |
| | 3,841 |
| Other accrued expenses | 16,994 |
| | 18,847 |
| Total accrued expenses and other liabilities | $ | 58,933 |
| | $ | 55,914 |
|
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v3.3.1.900
Long-Term Debt
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
Long-Term Debt Long-term debt consists of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Senior credit facility | $ | 84,923 |
| | $ | 83,062 |
| Notes payable | 10,889 |
| | 24,933 |
| Other | 5,906 |
| | 5,464 |
| Total debt | 101,718 |
| | 113,459 |
| Less: Current portion | (13,772 | ) | | (17,902 | ) | Long-term debt, net of current portion | $ | 87,946 |
| | $ | 95,557 |
|
Senior Credit Facility On October 31, 2014, the Company entered into a Third Amendment and Modification Agreement, to its revolving line of credit, the Third Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as agent for the lenders and a lender, and JPMorgan Chase Bank, N.A., Keybank, National Association and TD Bank, N.A., as lenders. The Credit Agreement provides the Company’s with a $175.0 million revolving line of credit, which, under certain circumstances the line of credit can be increased to $225.0 million. The Company may borrow up to $30.0 million in non-U.S. Dollar currencies and use up to $10.0 million of the credit limit for the issuance of letters of credit. The Credit Agreement has a maturity date of October 30, 2019. As of November 30, 2015, the Company had borrowings of $84.9 million and a total of $4.5 million of letters of credit outstanding under the Credit Agreement. Loans under the Credit Agreement bear interest at LIBOR plus an applicable LIBOR margin ranging from 1% to 1.75%, or a base rate less a margin of 1.25% to 0.375%, at the option of the Company, based upon the Company’s Funded Debt Leverage Ratio. Funded Debt Leverage Ratio is generally the ratio of (1) all outstanding indebtedness for borrowed money and other interest-bearing indebtedness as of the date of determination to (2) EBITDA (which is (a) net income, less (b) income (or plus loss) from discontinued operations and extraordinary items, plus (c) income tax expenses, plus (d) interest expense, plus (e) depreciation, depletion, and amortization (including non-cash loss on retirement of assets), plus (f) stock compensation expense, less (g) cash expense related to stock compensation, plus or minus certain other adjustments) for the period of four consecutive fiscal quarters immediately preceding the date of determination. The Company has the benefit of the lowest margin if its Funded Debt Leverage Ratio is equal to or less than 0.5 to 1, and the margin increases as the ratio increases, to the maximum margin if the ratio is greater than 2.0 to 1. The Company will also bear additional costs for market disruption, regulatory changes effecting the lenders’ funding costs, and default pricing of an additional 2% interest rate margin on any amounts not paid when due. Amounts borrowed under the Credit Agreement are secured by liens on substantially all of the assets of the Company. The Credit Agreement contains financial covenants requiring that the Company maintain a Funded Debt Leverage Ratio of no greater than 3.25 to 1 and an Interest Coverage Ratio of at least 3.0 to 1. Interest Coverage Ratio means the ratio, as of any date of determination, of (a) EBITDA for the 12 month period immediately preceding the date of determination, to (b) all interest, premium payments, debt discount, fees, charges and related expenses of the Company and its subsidiaries in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, paid during the 12 month period immediately preceding the date of determination. The Credit Agreement also limits the Company’s ability to, among other things, create liens, make investments, incur more indebtedness, merge or consolidate, make dispositions of property, pay dividends and make distributions to stockholders, enter into a new line of business, enter into transactions with affiliates and enter into burdensome agreements. The Credit Agreement does not limit the Company’s ability to acquire other businesses or companies except that the acquired business or company must be in the Company's line of business, the Company must be in compliance with the financial covenants on a pro forma basis after taking into account the acquisition, and, if the acquired business is a separate subsidiary, in certain circumstances the lenders will receive the benefit of a guaranty of the subsidiary and liens on its assets and a pledge of its stock. As of November 30, 2015, the Company was in compliance with the terms of the Credit Agreement, and will continuously monitor its compliance with the covenants contained in its credit agreement. Notes Payable and Other In connection with certain of its acquisitions through fiscal 2015, the Company issued subordinated notes payable to the sellers. The maturity of the notes that remain outstanding range from two to five years from the date of acquisition with stated interest rates ranging from 0% to 4%. The Company has discounted these obligations to reflect a 2% to 4% market interest. Unamortized discount on the notes was de minimis as of November 30, 2015 and May 31, 2015. Amortization is recorded as interest expense in the consolidated statements of income. The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and capital lease obligations approximates their carrying amounts based on anticipated interest rates which management believes would currently be available to the Company for similar issuances of debt.
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- DefinitionThe entire disclosure for long-term debt.
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v3.3.1.900
Fair Value Measurements
|
6 Months Ended |
Nov. 30, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs reflecting the Company’s own assumptions about inputs that market participants would use in pricing the asset or liability based on the best information available. In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be remeasured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | November 30, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | |
| | |
| | |
| | |
| Contingent consideration | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
| Total Liabilities | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
|
| | | | | | | | | | | | | | | | | | May 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | |
| | |
| | |
| | |
| Contingent consideration | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
| Total Liabilities | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
|
The fair value of contingent consideration liabilities that was classified as Level 3 in the table above was estimated using a discounted cash flow technique with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC 820. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows related to the acquisitions, appropriately discounted considering the uncertainties associated with the obligation, and as calculated in accordance with the terms of the applicable acquisition agreements.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Nov. 30, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Litigation and Government Investigations The Company is subject to periodic lawsuits, investigations and claims that arise in the ordinary course of business. Although the Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it, the Company does not believe that any currently pending legal proceeding to which the Company is a party will have a material adverse effect on its business, results of operations, cash flows or financial condition, except for the proceedings described below for which the Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability estimate. The costs of defense and amounts that may be recovered against the Company in such matters may be covered by insurance, except that the primary claims set forth in the purported class action case in California is excluded from insurance coverage.
Litigation and Commercial Claims In April 2015, two separate lawsuits were filed in California as purported class action lawsuits on behalf of current and former Mistras employees. The cases are David Kruger v Mistras Group, Inc., filed in the U.S. District Court for the Eastern District of California and Edgar Viceral v Mistras Group, et al, pending in the U.S. District Court for the Northern District of California. Both cases were originally filed in California state court and were removed to the respective U.S. District Courts for the districts in which the state court cases were filed. These two cases have been consolidated, with Kruger dismissing his case and joining the Viceral case. As part of this consolidation, the claims in the Kruger case that were not part of the Viceral case were added to the Viceral case by the filing of an amended complaint. The consolidated case alleges violations of California statutes primarily, the California Labor Code, and seeks to proceed as a collective action under the U.S. Fair Labor Standards Act. The case is predicated on claims for allegedly missed rest and meal periods, inaccurate wage statements, and failure to pay all wages due, as well as related unfair business practices, and is requesting payment of all damages, including unpaid wages, and various fines and penalties available under California law. The case is in the preliminary stages. The Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability, if any, related to these matters, and accordingly, has not established any reserves for these matters.
During fiscal 2012 and 2013, the Company performed radiography work on the construction of pipeline projects in the U.S. The Company has received notice that the owner of the pipeline projects contends that certain of the x-ray images the Company’s technicians prepared regarding the projects did not meet the code quality interpretation standards required by API (American Petroleum Institute) 1103. The projects' owner is claiming damages as a result of the alleged quality defects of the Company’s x-ray images. No lawsuit has been filed at this time. The Company is currently unable to determine the likely outcome or reasonably estimate the amount or range of potential liability related to this matter, and accordingly, has not established any reserves for this matter. Government Investigations
In May 2015, the Company received a notice from the U.S. Environmental Protection Agency (“EPA”) that it performed a preliminary assessment at a leased facility the Company operates in Cudahy, California. Based upon the preliminary assessment, the EPA is conducting an investigation of the site, which includes taking groundwater and soil samples. The purpose of the investigation is to determine whether any hazardous materials were released from the facility. The Company has been informed that certain hazardous materials and pollutants have been found in the ground water in the general vicinity of the site and the EPA is attempting to ascertain the origination or source of these materials and pollutants. Given the historic industrial use of the site, the EPA determined that the site of the Cudahy facility should be examined, along with numerous other sites in the vicinity. At this time, the Company is unable to determine whether it has any liability in connection with this matter and if so, the amount or range of any such liability, and accordingly, has not established any reserves for this matter.
In January 2012, the Company received notice of a governmental investigation concerning an environmental incident which occurred in February 2011 outside on the premises of the Cudahy facility. No human injury or property damage was reported or appears to have been caused as a result of this incident. While management cannot predict the ultimate outcome of this matter, based on its internal investigation to date, the Company does not believe the outcome will have a material effect on its financial condition or results of operations. To the Company’s knowledge, this matter has been dormant since fiscal 2012. Acquisition-related contingencies The Company is liable for contingent consideration in connection with certain of its acquisitions. As of November 30, 2015, total potential acquisition-related contingent consideration ranged from zero to approximately $20.0 million and would be payable upon the achievement of specific performance metrics by certain of the acquired companies over the next 3.6 years of operations. See Note 4 - Acquisitions to these consolidated financial statements for further discussion of the Company’s acquisitions.
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v3.3.1.900
Segment Disclosure
|
6 Months Ended |
Nov. 30, 2015 |
Segment Reporting [Abstract] |
|
Segment Disclosure |
Segment Disclosure The Company’s three operating segments are: | | • | Services. This segment provides asset protection solutions primarily in North America with the largest concentration in the United States and the Canadian services business, consisting primarily of non-destructive testing and inspection and engineering services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure. |
| | • | International. This segment offers services, products and systems similar to those of the Company’s other two segments to global markets, principally in Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. |
| | • | Products and Systems. This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. |
Allocations for general corporate services, including accounting, audit, and contract management, that are provided to the segments are reported within Corporate and eliminations. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the Services and International segments by the Products and Systems segment are reflected in the operating performance of each segment. All such intersegment transactions are eliminated in the Company’s consolidated financial reporting. Selected consolidated financial information by segment for the periods shown was as follows: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Revenues | |
| | |
| | | | | Services | $ | 150,463 |
| | $ | 160,874 |
| | $ | 287,868 |
| | $ | 282,806 |
| International | 38,425 |
| | 41,018 |
| | 75,284 |
| | 81,056 |
| Products and Systems | 7,791 |
| | 7,495 |
| | 16,477 |
| | 14,062 |
| Corporate and eliminations | (1,893 | ) | | (2,494 | ) | | (4,990 | ) | | (4,458 | ) | | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
| | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Gross profit | |
| | |
| | | | | Services | $ | 41,118 |
| | $ | 44,252 |
| | $ | 77,687 |
| | $ | 74,023 |
| International | 12,106 |
| | 11,309 |
| | 22,886 |
| | 20,777 |
| Products and Systems | 3,833 |
| | 3,328 |
| | 7,755 |
| | 5,992 |
| Corporate and eliminations | (132 | ) | | 150 |
| | (129 | ) | | 241 |
| | $ | 56,925 |
| | $ | 59,039 |
| | $ | 108,199 |
| | $ | 101,033 |
|
| | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Income (loss) from operations | |
| | |
| | | | | Services | $ | 18,815 |
| | $ | 20,071 |
| | $ | 34,214 |
| | $ | 28,951 |
| International | 3,971 |
| | 3,177 |
| | 5,789 |
| | 2,478 |
| Products and Systems | 1,055 |
| | 417 |
| | 2,239 |
| | (16 | ) | Corporate and eliminations | (4,272 | ) | | (5,473 | ) | | (9,741 | ) | | (9,557 | ) | | $ | 19,569 |
| | $ | 18,192 |
| | $ | 32,501 |
| | $ | 21,856 |
|
Income (loss) by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations. | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Depreciation and amortization | |
| | |
| | | | | Services | $ | 5,562 |
| | $ | 5,579 |
| | $ | 11,084 |
| | $ | 10,964 |
| International | 1,914 |
| | 2,050 |
| | 3,886 |
| | 4,211 |
| Products and Systems | 577 |
| | 605 |
| | 1,140 |
| | 1,201 |
| Corporate and eliminations | (90 | ) | | 152 |
| | (187 | ) | | 289 |
| | $ | 7,963 |
| | $ | 8,386 |
| | $ | 15,923 |
| | $ | 16,665 |
|
| | | | | | | | | | November 30, 2015 | | May 31, 2015 | Goodwill | |
| | |
| Services | $ | 119,326 |
| | $ | 117,279 |
| International | 35,126 |
| | 35,938 |
| Products and Systems | 13,197 |
| | 13,197 |
| | $ | 167,649 |
| | $ | 166,414 |
|
| | | | | | | | | | November 30, 2015 | | May 31, 2015 | Total assets | |
| | |
| Services | $ | 307,250 |
| | $ | 301,031 |
| International | 128,460 |
| | 126,643 |
| Products and Systems | 32,614 |
| | 35,464 |
| Corporate and eliminations | 11,740 |
| | 8,589 |
| | $ | 480,064 |
| | $ | 471,727 |
|
Revenues by geographic area for the three and six months ended November 30, 2015 and 2014, respectively, were as follows: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Revenues | |
| | |
| | | | | United States | $ | 132,068 |
| | $ | 140,308 |
| | $ | 262,411 |
| | $ | 252,248 |
| Other Americas | 23,557 |
| | 25,266 |
| | 35,086 |
| | 39,564 |
| Europe | 36,468 |
| | 38,081 |
| | 71,352 |
| | 74,726 |
| Asia-Pacific | 2,693 |
| | 3,238 |
| | 5,790 |
| | 6,928 |
| | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
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v3.3.1.900
Description of Business and Basis of Presentation (Policies)
|
6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The condensed consolidated financial statements contained in this report are unaudited. In the opinion of management, the condensed consolidated financial statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the fiscal years ending May 31, 2016 and 2015. Reference to a fiscal year means the fiscal year ended May 31. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the notes to consolidated financial statements contained in the Company’s Annual Report on Form 10-K (“Annual Report”) for fiscal 2015, as filed with the Securities and Exchange Commission on August 12, 2015.
|
Principles of Consolidation |
Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Mistras Group, Inc. and its wholly and majority-owned subsidiaries. For subsidiaries in which the Company’s ownership interest is less than 100%, the noncontrolling interests are reported in stockholders’ equity in the accompanying consolidated balance sheets. The noncontrolling interests in net income, net of tax, is classified separately in the accompanying consolidated statements of income. All significant intercompany accounts and transactions have been eliminated in consolidation. Mistras Group, Inc.’s and its subsidiaries’ fiscal years end on May 31 except for the subsidiaries in the International segment, which end on April 30. Accordingly, the Company’s International segment subsidiaries are consolidated on a one month lag. Therefore, in the quarter and year of acquisition, results of acquired subsidiaries in the International segment are generally included in consolidated results for one less month than the actual number of months from the acquisition date to the end of the reporting period. Management does not believe that any events occurred during the one-month lag period that would have a material effect on the Company’s consolidated financial statements.
|
Reclassification |
Reclassification
Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years and interim periods within those fiscal years beginning December 15, 2017, as a result of a one year deferral in the standard issued by the FASB in August 2015 with ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures.
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidations Analysis, which changes the guidance for evaluating whether to consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. Early adoption is permitted. The Company does not expect this update to have a material impact on the consolidated financial statements and related disclosures.
In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. This amendment will simplify the accounting for adjustments made to provisional amounts recognized in a business combination and eliminates the requirement to retrospectively account for those adjustments in previous reporting periods. This update will require on the face of the income statement or in the notes to the financial statements the amount recorded in current-period earnings that would have previously been recorded if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2015. This update should be applied prospectively and earlier adoption is permitted for financial statements that have not been issued. The Company is evaluating the effect that ASU 2015-16 will have on its consolidated financial statements and related disclosures.
In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This amendment will simplify the presentation of deferred tax assets and liabilities on the balance sheet and require all deferred tax assets and liabilities to be treated as non-current. ASU 2015-17 is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is evaluating the effect that ASU 2015-17 will have on its consolidated financial statements and related disclosures
|
Fair Value Measurements |
Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. The three levels of the hierarchy are defined as follows: Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs reflecting the Company’s own assumptions about inputs that market participants would use in pricing the asset or liability based on the best information available.
|
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.3.1.900
Description of Business and Basis of Presentation (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Quantifying Prior Year Misstatement Corrected in Current Year Financial Statements |
In accordance with the SEC Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, management evaluated the materiality of the errors from qualitative and quantitative perspectives, and concluded that the errors were immaterial. Accordingly, management has corrected the presentation of the affected line items of the accompanying consolidated statement of cash flows for the six-months ended November 30, 2014, as summarized below. These changes did not impact the Company’s net income, balance sheet, or stockholders’ equity for any period previously reported.
| | | | | | | | | | Previously Reported | | Revised | Cash flows from operating activities | | | | | Fair value adjustment to contingent consideration liabilities | | (808 | ) | | (1,546 | ) | Accounts payable | | (666 | ) | | (972 | ) | Accrued expenses and other current liabilities | | (3,041 | ) | | (2,074 | ) | Net cash provided by operating activities | | 3,230 |
| | 3,153 |
| | | | | | Cash flows from investing activities | | | | | Acquisition of businesses, net of cash acquired | | (32,967 | ) | | (32,661 | ) | Net cash used in investing activities | | (40,666 | ) | | (40,360 | ) | | | | | | Cash flows from financing activities | | | | | Proceeds from long-term debt | | — |
| | 872 |
| Repayment of long-term debt | | (9,854 | ) | | (10,726 | ) | Net borrowings against revolver | | 62,648 |
| | 63,300 |
| Net cash provided by financing activities | | 46,810 |
| | 47,462 |
| | | | | | Effect of exchange rate changes on cash and cash equivalents | | 205 |
| | (676 | ) |
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v3.3.1.900
Earnings per Share (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Earnings Per Share [Abstract] |
|
Schedule of computations of basic and diluted earnings per share |
The following table sets forth the computations of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | | | | | | | | | Basic earnings per share | |
| | |
| | | | | Numerator: | |
| | |
| | | | | Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
| Denominator: | |
| | |
| | |
| | |
| Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
| Basic earnings per share | $ | 0.40 |
| | $ | 0.36 |
| | $ | 0.64 |
| | $ | 0.42 |
| | | | | | | | | Diluted earnings per share: | |
| | |
| | | | | Numerator: | |
| | |
| | | | | Net income attributable to Mistras Group, Inc. | $ | 11,425 |
| | $ | 10,427 |
| | $ | 18,297 |
| | $ | 12,093 |
| Denominator: | |
| | |
| | |
| | |
| Weighted average common shares outstanding | 28,869 |
| | 28,619 |
| | 28,796 |
| | 28,547 |
| Dilutive effect of stock options outstanding | 592 |
| | 675 |
| | 610 |
| | 763 |
| Dilutive effect of restricted stock units outstanding | 133 |
| | 103 |
| | 235 |
| | 241 |
| | 29,594 |
| | 29,397 |
| | 29,641 |
| | 29,551 |
| Diluted earnings per share | $ | 0.39 |
| | $ | 0.35 |
| | $ | 0.62 |
| | $ | 0.41 |
|
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v3.3.1.900
Acquisitions Acquisitions (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Business Combinations [Abstract] |
|
Schedule of Preliminary Purchase Price Allocation |
The Company's preliminary purchase price allocations are included in the table below, summarizing the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:
| | | | | | Fiscal | | 2016 | Number of Entities | 1 |
| Consideration transferred: | | Cash paid | $ | 1,750 |
| Contingent consideration | 945 |
| Consideration transferred | 2,695 |
| | | Current assets | 145 |
| Property, plant and equipment | 485 |
| Goodwill | 2,658 |
| Current liabilities | (521 | ) | Long-term deferred tax liability | (72 | ) | Net assets acquired | $ | 2,695 |
|
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v3.3.1.900
Accounts Receivable, net (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Receivables [Abstract] |
|
Schedule of accounts receivable |
Accounts receivable consisted of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Trade accounts receivable | $ | 152,545 |
| | $ | 136,208 |
| Allowance for doubtful accounts | (3,372 | ) | | (2,980 | ) | Accounts receivable, net | $ | 149,173 |
| | $ | 133,228 |
|
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v3.3.1.900
Property, Plant and Equipment, net (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, plant and equipment |
Property, plant and equipment consisted of the following: | | | | | | | | | | | | Useful Life (Years) | | November 30, 2015 | | May 31, 2015 | | | | | | | Land | | | $ | 1,911 |
| | $ | 1,856 |
| Buildings and improvements | 30-40 | | 18,988 |
| | 17,712 |
| Office furniture and equipment | 5-8 | | 8,547 |
| | 8,084 |
| Machinery and equipment | 5-7 | | 164,980 |
| | 162,612 |
| | | | 194,426 |
| | 190,264 |
| Accumulated depreciation and amortization | | | (117,997 | ) | | (111,008 | ) | Property, plant and equipment, net | | | $ | 76,429 |
| | $ | 79,256 |
|
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v3.3.1.900
Intangible Assets (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] |
|
Schedule of gross amount, accumulated amortization and net carrying amount of intangible assets |
The gross amount, accumulated amortization and net carrying amount of intangible assets are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | Useful Life (Years) | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Amount | | Accumulated Amortization | | Net Carrying Amount | | | | | | | | | | | | | | | Customer relationships | 5-12 | | $ | 80,198 |
| | $ | (44,040 | ) | | $ | 36,158 |
| | $ | 81,101 |
| | $ | (41,009 | ) | | $ | 40,092 |
| Software/Technology | 3-15 | | 16,692 |
| | (11,023 | ) | | 5,669 |
| | 15,738 |
| | (10,290 | ) | | 5,448 |
| Covenants not to compete | 2-5 | | 11,639 |
| | (9,027 | ) | | 2,612 |
| | 11,678 |
| | (8,605 | ) | | 3,073 |
| Other | 2-5 | | 6,848 |
| | (4,528 | ) | | 2,320 |
| | 6,910 |
| | (4,247 | ) | | 2,663 |
| Total | | | $ | 115,377 |
| | $ | (68,618 | ) | | $ | 46,759 |
| | $ | 115,427 |
| | $ | (64,151 | ) | | $ | 51,276 |
|
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v3.3.1.900
Accrued Expenses and Other Current Liabilities (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Payables and Accruals [Abstract] |
|
Schedule of accrued expenses and other current liabilities |
Accrued expenses and other current liabilities consist of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Accrued salaries, wages and related employee benefits | $ | 28,231 |
| | $ | 26,053 |
| Contingent consideration, current portion | 2,982 |
| | 3,543 |
| Accrued workers’ compensation and health benefits | 7,135 |
| | 3,630 |
| Deferred revenue | 3,591 |
| | 3,841 |
| Other accrued expenses | 16,994 |
| | 18,847 |
| Total accrued expenses and other liabilities | $ | 58,933 |
| | $ | 55,914 |
|
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v3.3.1.900
Long-Term Debt (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Debt Disclosure [Abstract] |
|
Schedule of long-term debt |
Long-term debt consists of the following: | | | | | | | | | | November 30, 2015 | | May 31, 2015 | | | | | Senior credit facility | $ | 84,923 |
| | $ | 83,062 |
| Notes payable | 10,889 |
| | 24,933 |
| Other | 5,906 |
| | 5,464 |
| Total debt | 101,718 |
| | 113,459 |
| Less: Current portion | (13,772 | ) | | (17,902 | ) | Long-term debt, net of current portion | $ | 87,946 |
| | $ | 95,557 |
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v3.3.1.900
Fair Value Measurements (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Fair Value Disclosures [Abstract] |
|
Schedule of fair value of the Company's financial liabilities that are required to be remeasured at fair value on a recurring basis |
In accordance with the fair value hierarchy described above, the following table shows the fair value of the Company’s financial liabilities that are required to be remeasured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | November 30, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | |
| | |
| | |
| | |
| Contingent consideration | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
| Total Liabilities | $ | — |
| | $ | — |
| | $ | 5,664 |
| | $ | 5,664 |
|
| | | | | | | | | | | | | | | | | | May 31, 2015 | | Level 1 | | Level 2 | | Level 3 | | Total | Liabilities: | |
| | |
| | |
| | |
| Contingent consideration | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
| Total Liabilities | $ | — |
| | $ | — |
| | $ | 6,411 |
| | $ | 6,411 |
|
|
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- DefinitionTabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
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v3.3.1.900
Segment Disclosure (Tables)
|
6 Months Ended |
Nov. 30, 2015 |
Segment Reporting [Abstract] |
|
Schedule of consolidated financial information by segment |
Selected consolidated financial information by segment for the periods shown was as follows: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Revenues | |
| | |
| | | | | Services | $ | 150,463 |
| | $ | 160,874 |
| | $ | 287,868 |
| | $ | 282,806 |
| International | 38,425 |
| | 41,018 |
| | 75,284 |
| | 81,056 |
| Products and Systems | 7,791 |
| | 7,495 |
| | 16,477 |
| | 14,062 |
| Corporate and eliminations | (1,893 | ) | | (2,494 | ) | | (4,990 | ) | | (4,458 | ) | | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
| | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Gross profit | |
| | |
| | | | | Services | $ | 41,118 |
| | $ | 44,252 |
| | $ | 77,687 |
| | $ | 74,023 |
| International | 12,106 |
| | 11,309 |
| | 22,886 |
| | 20,777 |
| Products and Systems | 3,833 |
| | 3,328 |
| | 7,755 |
| | 5,992 |
| Corporate and eliminations | (132 | ) | | 150 |
| | (129 | ) | | 241 |
| | $ | 56,925 |
| | $ | 59,039 |
| | $ | 108,199 |
| | $ | 101,033 |
|
| | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Income (loss) from operations | |
| | |
| | | | | Services | $ | 18,815 |
| | $ | 20,071 |
| | $ | 34,214 |
| | $ | 28,951 |
| International | 3,971 |
| | 3,177 |
| | 5,789 |
| | 2,478 |
| Products and Systems | 1,055 |
| | 417 |
| | 2,239 |
| | (16 | ) | Corporate and eliminations | (4,272 | ) | | (5,473 | ) | | (9,741 | ) | | (9,557 | ) | | $ | 19,569 |
| | $ | 18,192 |
| | $ | 32,501 |
| | $ | 21,856 |
|
Income (loss) by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations. | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Depreciation and amortization | |
| | |
| | | | | Services | $ | 5,562 |
| | $ | 5,579 |
| | $ | 11,084 |
| | $ | 10,964 |
| International | 1,914 |
| | 2,050 |
| | 3,886 |
| | 4,211 |
| Products and Systems | 577 |
| | 605 |
| | 1,140 |
| | 1,201 |
| Corporate and eliminations | (90 | ) | | 152 |
| | (187 | ) | | 289 |
| | $ | 7,963 |
| | $ | 8,386 |
| | $ | 15,923 |
| | $ | 16,665 |
|
| | | | | | | | | | November 30, 2015 | | May 31, 2015 | Goodwill | |
| | |
| Services | $ | 119,326 |
| | $ | 117,279 |
| International | 35,126 |
| | 35,938 |
| Products and Systems | 13,197 |
| | 13,197 |
| | $ | 167,649 |
| | $ | 166,414 |
|
| | | | | | | | | | November 30, 2015 | | May 31, 2015 | Total assets | |
| | |
| Services | $ | 307,250 |
| | $ | 301,031 |
| International | 128,460 |
| | 126,643 |
| Products and Systems | 32,614 |
| | 35,464 |
| Corporate and eliminations | 11,740 |
| | 8,589 |
| | $ | 480,064 |
| | $ | 471,727 |
|
|
Schedule of revenues by geographic area |
Revenues by geographic area for the three and six months ended November 30, 2015 and 2014, respectively, were as follows: | | | | | | | | | | | | | | | | | | Three months ended November 30, | | Six months ended November 30, | | 2015 | | 2014 | | 2015 | | 2014 | Revenues | |
| | |
| | | | | United States | $ | 132,068 |
| | $ | 140,308 |
| | $ | 262,411 |
| | $ | 252,248 |
| Other Americas | 23,557 |
| | 25,266 |
| | 35,086 |
| | 39,564 |
| Europe | 36,468 |
| | 38,081 |
| | 71,352 |
| | 74,726 |
| Asia-Pacific | 2,693 |
| | 3,238 |
| | 5,790 |
| | 6,928 |
| | $ | 194,786 |
| | $ | 206,893 |
| | $ | 374,639 |
| | $ | 373,466 |
|
|
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- DefinitionTabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries.
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- DefinitionRepresents the number of months less than the actual period from the acquisition date for which results of the International segment subsidiaries are included in the consolidation.
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v3.3.1.900
Description of Business and Basis of Presentation - Immaterial Correction (Details) - USD ($) $ in Thousands |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] |
|
|
Fair value adjustment to contingent consideration liabilities |
$ (1,068)
|
$ (1,546)
|
Accounts payable |
(1,248)
|
(972)
|
Accrued expenses and other current liabilities |
5,226
|
(2,074)
|
Net cash provided by operating activities |
26,524
|
3,153
|
Acquisition of businesses, net of cash acquired |
(1,709)
|
(32,661)
|
Net cash used in investing activities |
(9,623)
|
(40,360)
|
Proceeds from borrowings of long-term debt |
1,968
|
872
|
Repayment of long-term debt |
(15,870)
|
(10,726)
|
Net borrowings against revolver |
|
63,300
|
Net cash provided by financing activities |
(16,644)
|
47,462
|
Effect of exchange rate changes on cash and cash equivalents |
$ (233)
|
(676)
|
Previously Reported |
|
|
Error Corrections and Prior Period Adjustments Restatement [Line Items] |
|
|
Fair value adjustment to contingent consideration liabilities |
|
(808)
|
Accounts payable |
|
(666)
|
Accrued expenses and other current liabilities |
|
(3,041)
|
Net cash provided by operating activities |
|
3,230
|
Acquisition of businesses, net of cash acquired |
|
(32,967)
|
Net cash used in investing activities |
|
(40,666)
|
Proceeds from borrowings of long-term debt |
|
0
|
Repayment of long-term debt |
|
(9,854)
|
Net borrowings against revolver |
|
62,648
|
Net cash provided by financing activities |
|
46,810
|
Effect of exchange rate changes on cash and cash equivalents |
|
$ 205
|
X |
- DefinitionThe increase (decrease) during the reporting period in other expenses incurred but not yet paid and the change during the period in carrying value for all deferred liabilities due within one year or operating cycle.
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Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Basic earnings per share |
|
|
|
|
Net income attributable to Mistras Group, Inc. |
$ 11,425
|
$ 10,427
|
$ 18,297
|
$ 12,093
|
Denominator: |
|
|
|
|
Weighted average common shares outstanding (in shares) |
28,869
|
28,619
|
28,796
|
28,547
|
Basic earnings per share (in dollars per share) |
$ 0.40
|
$ 0.36
|
$ 0.64
|
$ 0.42
|
Denominator: |
|
|
|
|
Weighted average common shares outstanding (in shares) |
28,869
|
28,619
|
28,796
|
28,547
|
Dilutive effect of stock options outstanding (in shares) |
592
|
675
|
610
|
763
|
Dilutive effect of restricted stock units outstanding (in shares) |
133
|
103
|
235
|
241
|
Weighted average common shares outstanding, diluted (in shares) |
29,594
|
29,397
|
29,641
|
29,551
|
Diluted earnings per share (in dollars per share) |
$ 0.39
|
$ 0.35
|
$ 0.62
|
$ 0.41
|
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v3.3.1.900
Acquisitions - Acquisitions (Details)
|
3 Months Ended |
6 Months Ended |
|
|
Nov. 30, 2014
USD ($)
Entity
|
Nov. 30, 2015
USD ($)
Entity
|
May. 31, 2015
USD ($)
|
Aug. 31, 2014
USD ($)
|
Acquisitions |
|
|
|
|
Contingent consideration |
|
$ 5,664,000
|
$ 6,411,000
|
|
Goodwill |
|
$ 167,649,000
|
166,414,000
|
|
Period over which potential acquisition-related contingent consideration would be payable |
|
3 years 7 months
|
|
|
Fair value of contingent consideration liabilities (less than) |
|
$ 5,664,000
|
$ 6,411,000
|
|
Fiscal 2015 Acquisitions |
|
|
|
|
Acquisitions |
|
|
|
|
Number of Entities | Entity |
3
|
|
|
|
Cash paid |
$ 34,000,000
|
|
|
|
Goodwill |
|
|
|
$ 43,900,000
|
Notes payable issued as part of acquisition |
$ 22,700,000
|
|
|
|
Fiscal 2015 Acquisitions | Minimum |
|
|
|
|
Acquisitions |
|
|
|
|
Amortization period of intangible assets acquired |
3 years
|
|
|
|
Fiscal 2015 Acquisitions | Maximum |
|
|
|
|
Acquisitions |
|
|
|
|
Amortization period of intangible assets acquired |
10 years
|
|
|
|
United States | Fiscal 2016 Acquisitions |
|
|
|
|
Acquisitions |
|
|
|
|
Number of Entities | Entity |
|
1
|
|
|
Cash paid |
|
$ 1,750,000
|
|
|
Contingent consideration |
|
945,000
|
|
|
Consideration transferred |
|
2,695,000
|
|
|
Current assets |
|
145,000
|
|
|
Property, plant and equipment |
|
485,000
|
|
|
Goodwill |
|
2,658,000
|
|
|
Current liabilities |
|
(521,000)
|
|
|
Long-term deferred tax liability |
|
(72,000)
|
|
|
Net assets acquired |
|
2,695,000
|
|
|
Fair value of contingent consideration liabilities (less than) |
|
$ 945,000
|
|
|
United States | Fiscal 2015 Acquisitions |
|
|
|
|
Acquisitions |
|
|
|
|
Percentage of common stock acquired |
100.00%
|
|
|
100.00%
|
Quebec | Fiscal 2015 Acquisitions |
|
|
|
|
Acquisitions |
|
|
|
|
Contingent consideration |
|
|
|
$ 2,700,000.0
|
Period over which potential acquisition-related contingent consideration would be payable |
3 years
|
|
|
|
Fair value of contingent consideration liabilities (less than) |
|
|
|
$ 2,700,000.0
|
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Acquisitions - Acquisition-Related Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Acquisitions |
|
|
|
|
|
Net decrease of acquisition-related contingent consideration liabilities |
|
|
$ 1,068
|
$ 1,546
|
|
Acquisition related costs (less than) |
$ 100
|
$ 200
|
100
|
200
|
|
Contingent consideration |
5,664
|
|
5,664
|
|
$ 6,411
|
Fiscal 2016 Acquisitions |
|
|
|
|
|
Acquisitions |
|
|
|
|
|
Net decrease of acquisition-related contingent consideration liabilities |
$ (200)
|
|
$ (1,050)
|
|
|
Fiscal 2015 Acquisitions |
|
|
|
|
|
Acquisitions |
|
|
|
|
|
Net decrease of acquisition-related contingent consideration liabilities |
|
$ (600)
|
|
$ (1,598)
|
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v3.3.1.900
Accounts Receivable, net (Details) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Receivables [Abstract] |
|
|
Trade accounts receivable |
$ 152,545
|
$ 136,208
|
Allowance for doubtful accounts |
(3,372)
|
(2,980)
|
Accounts receivable, net |
$ 149,173
|
$ 133,228
|
X |
- DefinitionAmounts due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer) for goods or services (including trade receivables) that have been delivered or sold in the normal course of business.
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v3.3.1.900
Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Property, Plant and Equipment, net |
|
|
|
|
|
Property, plant and equipment, gross |
$ 194,426
|
|
$ 194,426
|
|
$ 190,264
|
Accumulated depreciation and amortization |
(117,997)
|
|
(117,997)
|
|
(111,008)
|
Property, plant and equipment, net |
76,429
|
|
76,429
|
|
79,256
|
Depreciation expense |
5,500
|
$ 5,500
|
11,100
|
$ 10,900
|
|
Land |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Property, plant and equipment, gross |
1,911
|
|
1,911
|
|
1,856
|
Buildings and improvements |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Property, plant and equipment, gross |
18,988
|
|
$ 18,988
|
|
17,712
|
Buildings and improvements | Minimum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
30 years
|
|
|
Buildings and improvements | Maximum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
40 years
|
|
|
Office furniture and equipment |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Property, plant and equipment, gross |
8,547
|
|
$ 8,547
|
|
8,084
|
Office furniture and equipment | Minimum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
5 years
|
|
|
Office furniture and equipment | Maximum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
8 years
|
|
|
Machinery and equipment |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Property, plant and equipment, gross |
$ 164,980
|
|
$ 164,980
|
|
$ 162,612
|
Machinery and equipment | Minimum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
5 years
|
|
|
Machinery and equipment | Maximum |
|
|
|
|
|
Property, Plant and Equipment, net |
|
|
|
|
|
Useful Life (Years) |
|
|
7 years
|
|
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.3.1.900
Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
May. 31, 2015 |
Intangible assets |
|
|
|
|
|
Gross Amount |
$ 115,377
|
|
$ 115,377
|
|
$ 115,427
|
Accumulated Amortization |
(68,618)
|
|
(68,618)
|
|
(64,151)
|
Net Carrying Amount |
46,759
|
|
46,759
|
|
51,276
|
Amortization expense |
2,400
|
$ 2,900
|
4,800
|
$ 5,800
|
|
Customer relationships |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Gross Amount |
80,198
|
|
80,198
|
|
81,101
|
Accumulated Amortization |
(44,040)
|
|
(44,040)
|
|
(41,009)
|
Net Carrying Amount |
36,158
|
|
$ 36,158
|
|
40,092
|
Customer relationships | Minimum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
5 years
|
|
|
Customer relationships | Maximum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
12 years
|
|
|
Software/Technology |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Gross Amount |
16,692
|
|
$ 16,692
|
|
15,738
|
Accumulated Amortization |
(11,023)
|
|
(11,023)
|
|
(10,290)
|
Net Carrying Amount |
5,669
|
|
$ 5,669
|
|
5,448
|
Software/Technology | Minimum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
3 years
|
|
|
Software/Technology | Maximum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
15 years
|
|
|
Covenants not to compete |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Gross Amount |
11,639
|
|
$ 11,639
|
|
11,678
|
Accumulated Amortization |
(9,027)
|
|
(9,027)
|
|
(8,605)
|
Net Carrying Amount |
2,612
|
|
$ 2,612
|
|
3,073
|
Covenants not to compete | Minimum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
2 years
|
|
|
Covenants not to compete | Maximum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
5 years
|
|
|
Other |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Gross Amount |
6,848
|
|
$ 6,848
|
|
6,910
|
Accumulated Amortization |
(4,528)
|
|
(4,528)
|
|
(4,247)
|
Net Carrying Amount |
$ 2,320
|
|
$ 2,320
|
|
$ 2,663
|
Other | Minimum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
2 years
|
|
|
Other | Maximum |
|
|
|
|
|
Intangible assets |
|
|
|
|
|
Useful Life (Years) |
|
|
5 years
|
|
|
X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
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v3.3.1.900
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Payables and Accruals [Abstract] |
|
|
Accrued salaries, wages and related employee benefits |
$ 28,231
|
$ 26,053
|
Contingent consideration, current portion |
2,982
|
3,543
|
Accrued workers’ compensation and health benefits |
7,135
|
3,630
|
Deferred revenue |
3,591
|
3,841
|
Other accrued expenses |
16,994
|
18,847
|
Total accrued expenses and other liabilities |
$ 58,933
|
$ 55,914
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Also includes the fair value of contingent consideration liabilities and the carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.
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v3.3.1.900
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Debt Instrument [Line Items] |
|
|
Long-term debt |
$ 101,718
|
$ 113,459
|
Less: Current portion |
(13,772)
|
(17,902)
|
Long-term debt, net of current portion |
87,946
|
95,557
|
Senior credit facility |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
84,923
|
83,062
|
Notes payable |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
10,889
|
24,933
|
Other |
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
$ 5,906
|
$ 5,464
|
X |
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v3.3.1.900
Long-Term Debt - Additional Information (Details)
|
|
6 Months Ended |
Oct. 31, 2014
USD ($)
Quarter
|
Nov. 30, 2015
USD ($)
|
Senior credit facility |
|
|
Senior Credit Facility |
|
|
Maximum borrowing capacity |
$ 175,000,000
|
|
Line of credit facility, higher borrowing capacity option |
225,000,000
|
|
Maximum borrowing capacity in non-U.S. Dollar currencies |
30,000,000.0
|
|
Maximum amount available for the issuance of letters of credit |
$ 10,000,000.0
|
|
Outstanding borrowings |
|
$ 84,900,000
|
Outstanding letters of credit |
|
$ 4,500,000
|
Number of consecutive fiscal quarters used for calculating Funded Debt Leverage Ratio | Quarter |
4
|
|
Funded Debt Leverage Ratio at which the entity will have the benefit of lowest interest margin (less than or equal to) |
0.5
|
|
Funded Debt Leverage Ratio at which the entity will bear the maximum interest rate margin (greater than) |
2.0
|
|
Additional interest rate margin if Funded Debt Leverage Ratio exceeds threshold (as a percent) |
2.00%
|
|
Funded Debt Leverage Ratio for additional interest payment (less than) |
3.25
|
|
Interest Coverage Ratio (greater than) |
3.0
|
|
Preceding period used for calculating Interest Coverage Ratio |
12 months
|
|
Senior credit facility | LIBOR |
|
|
Senior Credit Facility |
|
|
Reference rate, description |
LIBOR
|
|
Senior credit facility | LIBOR | Minimum |
|
|
Senior Credit Facility |
|
|
Margin (as a percent) |
1.00%
|
|
Senior credit facility | LIBOR | Maximum |
|
|
Senior Credit Facility |
|
|
Margin (as a percent) |
1.75%
|
|
Senior credit facility | Base rate |
|
|
Senior Credit Facility |
|
|
Reference rate, description |
base rate
|
|
Senior credit facility | Base rate | Minimum |
|
|
Senior Credit Facility |
|
|
Margin (as a percent) |
(0.375%)
|
|
Senior credit facility | Base rate | Maximum |
|
|
Senior Credit Facility |
|
|
Margin (as a percent) |
(1.25%)
|
|
Notes payable |
|
|
Notes Payable and Other |
|
|
Interest rate, minimum (as a percent) |
|
0.00%
|
Interest rate, maximum (as a percent) |
|
4.00%
|
Notes payable | Minimum |
|
|
Notes Payable and Other |
|
|
Maturity term from the date of acquisition |
|
2 years
|
Market interest rate (as a percent) |
|
2.00%
|
Notes payable | Maximum |
|
|
Notes Payable and Other |
|
|
Maturity term from the date of acquisition |
|
5 years
|
Market interest rate (as a percent) |
|
4.00%
|
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v3.3.1.900
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Nov. 30, 2015 |
May. 31, 2015 |
Liabilities: |
|
|
Contingent consideration |
$ 5,664
|
$ 6,411
|
Recurring basis |
|
|
Liabilities: |
|
|
Contingent consideration |
5,664
|
6,411
|
Total Liabilities |
5,664
|
6,411
|
Recurring basis | Level 1 |
|
|
Liabilities: |
|
|
Contingent consideration |
0
|
0
|
Total Liabilities |
0
|
0
|
Recurring basis | Level 2 |
|
|
Liabilities: |
|
|
Contingent consideration |
0
|
0
|
Total Liabilities |
0
|
0
|
Recurring basis | Level 3 |
|
|
Liabilities: |
|
|
Contingent consideration |
5,664
|
6,411
|
Total Liabilities |
$ 5,664
|
$ 6,411
|
X |
- DefinitionAmount of liability recognized arising from contingent consideration in a business combination.
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v3.3.1.900
Segment Disclosure - Financial Information by Segment (Details) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Nov. 30, 2015
USD ($)
|
Nov. 30, 2014
USD ($)
|
Nov. 30, 2015
USD ($)
segment
|
Nov. 30, 2014
USD ($)
|
May. 31, 2015
USD ($)
|
Segment Reporting [Abstract] |
|
|
|
|
|
Number of operating segments | segment |
|
|
3
|
|
|
Financial information by segment |
|
|
|
|
|
Revenues |
$ 194,786
|
$ 206,893
|
$ 374,639
|
$ 373,466
|
|
Gross profit |
56,925
|
59,039
|
108,199
|
101,033
|
|
Income (loss) from operations |
19,569
|
18,192
|
32,501
|
21,856
|
|
Depreciation and amortization |
7,963
|
8,386
|
15,923
|
16,665
|
|
Goodwill |
167,649
|
|
167,649
|
|
$ 166,414
|
Total assets |
480,064
|
|
480,064
|
|
471,727
|
Corporate and eliminations |
|
|
|
|
|
Financial information by segment |
|
|
|
|
|
Revenues |
(1,893)
|
(2,494)
|
(4,990)
|
(4,458)
|
|
Gross profit |
(132)
|
150
|
(129)
|
241
|
|
Income (loss) from operations |
(4,272)
|
(5,473)
|
(9,741)
|
(9,557)
|
|
Depreciation and amortization |
(90)
|
152
|
(187)
|
289
|
|
Total assets |
11,740
|
|
11,740
|
|
8,589
|
Services | Operating segments |
|
|
|
|
|
Financial information by segment |
|
|
|
|
|
Revenues |
150,463
|
160,874
|
287,868
|
282,806
|
|
Gross profit |
41,118
|
44,252
|
77,687
|
74,023
|
|
Income (loss) from operations |
18,815
|
20,071
|
34,214
|
28,951
|
|
Depreciation and amortization |
5,562
|
5,579
|
11,084
|
10,964
|
|
Goodwill |
119,326
|
|
119,326
|
|
117,279
|
Total assets |
307,250
|
|
307,250
|
|
301,031
|
International | Operating segments |
|
|
|
|
|
Financial information by segment |
|
|
|
|
|
Revenues |
38,425
|
41,018
|
75,284
|
81,056
|
|
Gross profit |
12,106
|
11,309
|
22,886
|
20,777
|
|
Income (loss) from operations |
3,971
|
3,177
|
5,789
|
2,478
|
|
Depreciation and amortization |
1,914
|
2,050
|
3,886
|
4,211
|
|
Goodwill |
35,126
|
|
35,126
|
|
35,938
|
Total assets |
128,460
|
|
128,460
|
|
126,643
|
Products and Systems | Operating segments |
|
|
|
|
|
Financial information by segment |
|
|
|
|
|
Revenues |
7,791
|
7,495
|
16,477
|
14,062
|
|
Gross profit |
3,833
|
3,328
|
7,755
|
5,992
|
|
Income (loss) from operations |
1,055
|
417
|
2,239
|
(16)
|
|
Depreciation and amortization |
577
|
$ 605
|
1,140
|
$ 1,201
|
|
Goodwill |
13,197
|
|
13,197
|
|
13,197
|
Total assets |
$ 32,614
|
|
$ 32,614
|
|
$ 35,464
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.3.1.900
Segment Disclosure - Revenues by Geographic Area (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Revenue and long-lived assets by geographic area |
|
|
|
|
Revenues |
$ 194,786
|
$ 206,893
|
$ 374,639
|
$ 373,466
|
United States |
|
|
|
|
Revenue and long-lived assets by geographic area |
|
|
|
|
Revenues |
132,068
|
140,308
|
262,411
|
252,248
|
Other Americas |
|
|
|
|
Revenue and long-lived assets by geographic area |
|
|
|
|
Revenues |
23,557
|
25,266
|
35,086
|
39,564
|
Europe |
|
|
|
|
Revenue and long-lived assets by geographic area |
|
|
|
|
Revenues |
36,468
|
38,081
|
71,352
|
74,726
|
Asia-Pacific |
|
|
|
|
Revenue and long-lived assets by geographic area |
|
|
|
|
Revenues |
$ 2,693
|
$ 3,238
|
$ 5,790
|
$ 6,928
|
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