MG Mistras Group Inc

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Description of Business

 

Mistras Group, Inc., together with its subsidiaries (the "Company"), is a leading “one source” multinational provider of integrated technology-enabled asset protection solutions helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets.

Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, and decades-long legacy of industry leadership, the Company helps clients with asset-intensive infrastructure in the oil and gas, aerospace and defense, industrials, power generation and transmission (including alternative and renewable energy), other process industries and infrastructure, research and engineering and other industries towards achieving and maintaining operational excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; and building real-time monitoring systems to help avoid catastrophic incidents, the Company helps the world at large.

The Company enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things ("IoT")-connected digital software and monitoring solutions, including OneSuite™, which serves as an ecosystem platform, pulling together all of the Company’s software and data services capabilities, for the benefit of its customers.

The Company’s core capabilities also include non-destructive testing (“NDT”) field inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, shop laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services.

The Company has three operating segments. Our segments are as follows:

•North America This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.

 

•International. This segment offers services, products and systems similar to those of the other segments to select markets within 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.

Recent Developments

Overall, the Company has taken actions to help ensure the health and safety of Company employees and those of its customers and suppliers; maintain business continuity and financial strength and stability; and serve customers as they provide essential products and services to the world.

The Russian-Ukrainian war and the conflict in the Middle East between Israel and Hamas continues to create disruptions in the oil and gas market and the supply chain in general, which is resulting in some disruption to our business operations. The Company's European operations are currently experiencing increased costs associated with higher energy costs, among others, due in part to the Russian-Ukrainian war.

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The Company is currently unable to predict with certainty the overall impact that the factors discussed above and the effect of inflationary pressures may have on its business, results of operations or liquidity or in other ways which the Company cannot yet determine. The Company will continue to monitor market conditions and respond accordingly.

Basis of Presentation

 

The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods of the years ending December 31, 2024 and December 31, 2023.

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 the Audited Consolidated Financial Statements contained in the Company’s 2023 Annual Report on Form 10-K ("2023 Annual Report").

 

Principles of Consolidation

 

The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition.

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.

 

Significant Accounting Policies

 

The Company’s significant accounting policies are disclosed in Note 1–Summary of Significant Accounting Policies and Practices in the 2023 Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including among other things, those related to revenue recognition, long-lived assets, goodwill and acquisitions. Since the date of the 2023 Annual Report, there have been no material changes to the Company’s significant accounting policies.

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Income Taxes

Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carryforwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years.

As of June 30, 2024, management concluded that it is more likely than not that a substantial portion of the Company’s deferred tax assets will be realized.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution.

The Company’s effective income tax rate was approximately 15.5% and (974.3)% for the three months ended June 30, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 14.9% and 21.5% for the six months ended June 30, 2024 and 2023, respectively.

The effective income tax rate for the three months ended June 30, 2024 was lower than the statutory rate primarily due to the impact of a reversal of a valuation allowance which was a favorable discrete item in the period. The effective income tax rate for the six months ended June 30, 2023 was higher than the statutory rate due primarily to a $0.7 million valuation allowance recorded during the period related to a foreign jurisdiction.

The effective income tax rate for the six months ended June 30, 2024 was lower than the statutory rate primarily due to the reversal of valuation allowances. The effective income tax rate for the six months ended June 30, 2023 was lower than the statutory rate due primarily to an unfavorable discrete item related to stock compensation.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280) to expand the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-07 on our financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our financial statements.

The Company derives the majority of its revenue by providing services on a time and material basis, and are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers.

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Performance Obligations

The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists.

Contract modifications are not routine in the performance of the Company’s contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract.

The Company’s performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company’s revenue is recognized over time as work progresses for the Company’s service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time, based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis.

The majority of our revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead.

The Company expects any significant remaining performance obligations to be satisfied within one year.

Contract Estimates

The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements ("MSA"s) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period.

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Revenue by Category

The following series of tables present the Company’s disaggregated revenue:

Revenue by industry was as follows:

Three Months Ended June 30, 2024			North America						International						Products						Corp/Elim						Total
Oil & Gas			$	96,356					$	12,735					$	165					$	—					$	109,256
Aerospace & Defense			16,596						5,697						47						—						22,340
Industrials			11,853						5,878						563						—						18,294
Power Generation & Transmission			7,332						1,254						447						—						9,033
Other Process Industries			10,368						4,504						37						—						14,909
Infrastructure, Research & Engineering			5,125						2,813						695						—						8,633
Petrochemical			3,848						171						—						—						4,019
Other			4,916						1,212						1,419						(4,258)						3,289
Total			$	156,394					$	34,264					$	3,373					$	(4,258)					$	189,773

Three Months Ended June 30, 2023			North America						International						Products						Corp/Elim						Total
Oil & Gas			$	97,500					$	8,609					$	15					$	—					$	106,124
Aerospace & Defense			13,665						5,136						217						—						19,018
Industrials			11,066						6,203						468						—						17,737
Power Generation & Transmission			5,459						1,530						1,167						—						8,156
Other Process Industries			8,864						4,466						51						—						13,381
Infrastructure, Research & Engineering			4,171						2,028						547						—						6,746
Petrochemical			1,577						156						—						—						1,733
Other			3,248						2,149						864						(3,126)						3,135
Total			$	145,550					$	30,277					$	3,329					$	(3,126)					$	176,030

Six Months Ended June 30, 2024			North America						International						Products						Corp/Elim						Total
Oil & Gas			$	199,383					$	22,801					$	237					$	—					$	222,421
Aerospace & Defense			31,971						12,429						58						—						44,458
Industrials			20,762						11,731						1,000						—						33,493
Power Generation & Transmission			10,924						2,936						1,025						—						14,885
Other Process Industries			18,296						8,437						76						—						26,809
Infrastructure, Research & Engineering			9,097						5,018						1,104						—						15,219
Petrochemical			7,661						702						—						—						8,363
Other			8,649						3,257						3,083						(6,422)						8,567
Total			$	306,743					$	67,311					$	6,583					$	(6,422)					$	374,215

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Six Months Ended June 30, 2023			North America						International						Products						Corp/Elim						Total
Oil & Gas			$	187,273					$	17,464					$	52					$	—					$	204,789
Aerospace & Defense			27,276						10,116						228						—						37,620
Industrials			20,368						12,256						1,026						—						33,650
Power Generation & Transmission			10,446						3,187						2,493						—						16,126
Other Process Industries			17,973						7,703						78						—						25,754
Infrastructure, Research & Engineering			6,654						4,164						1,689						—						12,507
Petrochemical			6,714						301						—						—						7,015
Other			5,778						4,493						1,502						(5,188)						6,585
Total			$	282,482					$	59,684					$	7,068					$	(5,188)					$	344,046

Revenue per key geographic location was as follows:

Three Months Ended June 30, 2024			North America						International						Products						Corp/Elim						Total
United States			$	130,870					$	432					$	1,542					$	(209)					$	132,635
Other Americas			24,594						1,921						675						(2,787)						24,403
Europe			611						31,183						580						(1,115)						31,259
Asia-Pacific			319						728						576						(147)						1,476
Total			$	156,394					$	34,264					$	3,373					$	(4,258)					$	189,773

Three Months Ended June 30, 2023			North America						International						Products						Corp/Elim						Total
United States			$	122,972					$	280					$	1,645					$	(271)					$	124,626
Other Americas			21,041						3,821						298						(1,474)						23,686
Europe			1,282						24,474						504						(1,166)						25,094
Asia-Pacific			255						1,702						882						(215)						2,624
Total			$	145,550					$	30,277					$	3,329					$	(3,126)					$	176,030

Six Months Ended June 30, 2024			North America						International						Products						Corp/Elim						Total
United States			$	260,328					$	728					$	3,142					$	(1,724)					$	262,474
Other Americas			41,721						4,216						852						(3,027)						43,762
Europe			1,764						59,846						1,231						(1,461)						61,380
Asia-Pacific			2,930						2,521						1,358						(210)						6,599
Total			$	306,743					$	67,311					$	6,583					$	(6,422)					$	374,215

Six Months Ended June 30, 2023			North America						International						Products						Corp/Elim						Total
United States			$	243,572					$	589					$	3,446					$	(869)					$	246,738
Other Americas			35,311						7,310						624						(1,906)						41,339
Europe			2,694						48,657						765						(1,992)						50,124
Asia-Pacific			905						3,128						2,233						(421)						5,845
Total			$	282,482					$	59,684					$	7,068					$	(5,188)					$	344,046

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Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities.

Revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the contract liability balance at the beginning of such year was $4.8 million and $4.6 million, respectively, for each period. Changes in the contract asset and liability balances during these periods were not materially impacted by any other factors. The Company applies the practical expedient to expense incremental costs incurred related to obtaining a contract when the amortization period of the asset that the Company otherwise would have recognized is one year or less.

 

The Company grants share-based incentive awards to its eligible employees and non-employee directors under its 2016 Long-Term Incentive Plan (the "2016 Plan"). Awards granted under the 2016 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance-based restricted stock units, stock appreciation rights and deferred stock rights. At the annual shareholders meeting on May 14, 2024, the Company’s shareholders approved an amendment to the 2016 Plan, including an increase to the total number of shares that may be issued under the 2016 Plan by 1.3 million, for a total of 6.2 million shares that are authorized for issuance under the 2016 Plan, of which approximately 1,600,000 shares were available for future grants as of June 30, 2024.

 

Stock Options

 

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On October 11, 2023, Mr. Stamatakis was granted an award of stock options to purchase 250,000 shares of common stock of the Company, with an exercise price of $5.36, the closing price of the Company's common stock as quoted on the New York Stock Exchange on the grant date (the "Options"). The Options were granted as an inducement for Mr. Stamatakis to accept the position of Interim President and CEO of the Company and were therefore granted outside the 2016 Plan, as permitted by the rules of the NYSE. The Options can be exercised any time after the grant date until its expiration date, which is the earlier of 10 years from the grant date or one year following the date Mr. Stamatakis is no longer serving as an officer, director or in any other capacity of the Company.

The following table sets forth a summary of the stock option activity, weighted-average exercise prices and options outstanding as of June 30, 2024 as follows (in thousands, except per share amounts and years):

			Six months ended June 30,
			2024												2023
			Common Stock Options						Weighted Average Exercise Price						Common Stock Options						Weighted Average Exercise Price
Outstanding at beginning of year:			250						$	5.36					—						$	—
Granted			—						$	—					—						$	—
Exercised			—						$	—					—						$	—
Expired or forfeited			—						$	—					—						$	—
Outstanding at end of year:			250						$	5.36					—						$	—

The Company recognized all share-based compensation expense related to the stock options granted in the fourth quarter of 2023 and no further unrecognized share-based compensation expense remains as of June 30, 2024.

 

Stock Issuances to Non-Employee Directors

As part of its compensation program for non-employee directors, the Company makes semi-annual issuances of fully-vested common stock to its non-employee directors. A summary of the fully-vested common stock the Company issued to its non-employee directors, in connection with its non-employee director compensation, is as follows (in thousands):

			Six months ended June 30,
			2024						2023
Awards issued			31						48
Grant date fair value of awards issued			$	274					$	275

Restricted Stock Unit Awards

 

For the three months ended June 30, 2024 and June 30, 2023, the Company recognized share-based compensation expense related to restricted stock unit awards of $1.3 million and $0.8 million, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized share-based compensation expense related to restricted stock unit awards of $2.3 million and $1.8 million, respectively. As of June 30, 2024, there was $10.7 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock unit awards, which is expected to be recognized over a remaining weighted-average period of 2.6 years. Upon vesting, restricted stock units are generally net share-settled to cover the required withholding tax and the remaining amount is converted into an equivalent number of shares of common stock.

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A summary of the vesting activity of restricted stock unit awards, with the respective fair value of the awards, is as follows:

			Six months ended June 30,
			2024						2023
Restricted stock awards vested			461						430
Fair value of awards vested			$	4,184					$	2,616

A summary of the Company’s outstanding, non-vested restricted share units is as follows:

			Six months ended June 30,
			2024												2023
			Units						Weighted Average Grant-Date Fair Value						Units						Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:			1,184						$	8.07					1,415						$	6.66
Granted			726						$	8.52					581						$	8.42
Vested			(461)						$	9.08					(430)						$	6.09
Forfeited			(56)						$	8.49					(98)						$	7.94
Outstanding at end of period:			1,393						$	8.38					1,468						$	7.62

Performance Restricted Stock Units

The Company maintains Performance Restricted Stock Units ("PRSUs") that have been granted to select executives and senior officers whose ultimate payout may vary between zero and 200% of the target award, based on the Company’s performance over a one-year period based on specific metrics approved by the Compensation Committee of the Board of Directors of the Company.

For 2023, the Compensation Committee used the following three performance metrics for PRSUs approved in that year.

1.Free Cash Flow defined as net cash provided by operating activities less purchases of property, plant, equipment and intangible assets and is subject to adjustments approved by the Compensation Committee.

2.Adjusted EBITDA defined as net income attributable to the Company 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 (gain) loss and, if applicable, certain special items which are noted.

3.Revenue

For PRSUs awarded in 2024, the Compensation Committee utilized the same metrics as 2023 PRSUs, but with revised performance goals.

PRSUs are equity-classified and compensation costs related to PRSUs with performance conditions are initially measured using the fair value of the underlying stock at the date of grant. Compensation costs related to the PRSUs with performance conditions are subsequently adjusted for changes in the expected outcomes of the performance conditions. Compensation cost related to the PRSUs with a market condition is not reversed if the market condition is not achieved, provided the employee requisite service has been rendered. Earned PRSUs generally vest ratably in four equal annual installments over the four years following completion of the performance period, for a total requisite service period of up to five years, and have no dividend rights.

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A summary of the Company’s PRSU activity is as follows:

			Six months ended June 30,
			2024												2023
			Units						Weighted Average Grant-Date Fair Value						Units						Weighted Average Grant-Date Fair Value
Outstanding at beginning of period:			60						$	9.33					280						$	9.96
Granted			295						$	8.76					282						$	8.50
Performance condition adjustments			—						$	—					(215)						$	8.27
Vested			—						$	—					(64)						$	5.58
Forfeited			—						$	—					(84)						$	6.95
Outstanding at end of period:			355						$	8.97					199						$	9.45

Performance condition adjustments during the six months ended June 30, 2023 were attributable to the Compensation Committee's final calculation of the award metrics for calendar year 2022. As a result, the calendar year 2022 PRSUs decreased by approximately 215,000 units during the six months ended June 30, 2023.

For the three months ended June 30, 2024 and June 30, 2023, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.2 million, respectively. For the six months ended June 30, 2024 and June 30, 2023, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.6 million, respectively. At June 30, 2024, there was $2.5 million of total unrecognized compensation costs related to approximately 355,000 non-vested PRSUs, which is expected to be recognized over a remaining weighted-average period of 2.8 years.

 

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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) 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.

 

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The following table sets forth the computations of basic and diluted earnings (loss) per share:

 

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Basic earnings (loss) per share
Numerator:
Net income (loss) attributable to Mistras Group, Inc.			$	6,369					$	337					$	7,364					$	(4,649)
Denominator:
Weighted average common shares outstanding			30,979						30,368						30,842						30,214
Basic earnings (loss) per share			$	0.21					$	0.01					$	0.24					$	(0.15)
Diluted earnings (loss) per share:
Numerator:
Net income (loss) attributable to Mistras Group, Inc.			$	6,369					$	337					$	7,364					$	(4,649)
Denominator:
Weighted average common shares outstanding			30,979						30,368						30,842						30,214
Dilutive effect of stock options outstanding			97						—						93						—
Dilutive effect of restricted stock units outstanding (1)			217						292						423						—
			31,293						30,660						31,358						30,214
Diluted earnings (loss) per share			$	0.20					$	0.01					$	0.23					$	(0.15)

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(1) For the six months ended June 30, 2023, 1,106,595 shares related to restricted stock, respectively, were excluded from the calculation of diluted EPS due to the net loss for the period.

Acquisition-Related Expense 

 

In the course of its acquisition activities, the Company incurs costs in connection with due diligence, such as professional fees, and other expenses. Additionally, the Company adjusts the fair value of acquisition-related contingent consideration liabilities on a quarterly basis. These amounts are reported as Acquisition-related expense, net on the Unaudited Condensed Consolidated Statements of Income (Loss) and were as follows for the three and six months ended June 30, 2024 and 2023:

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Due diligence, professional fees and other transaction costs			$	—					$	1					$	1					$	3
Adjustments to fair value of contingent consideration liabilities			—						—						—						—
Acquisition-related expense, net			$	—					$	1					$	1					$	3

The Company's contingent consideration liabilities are included in Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheets.

 

Accounts receivable consisted of the following:

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			June 30, 2024						December 31, 2023
Trade accounts receivable			$	151,945					$	134,495
Allowance for credit losses			(1,987)						(1,648)
Accounts receivable, net			$	149,958					$	132,847

 

The Company had $29.7 million and $18.5 million of unbilled revenue accrued as of June 30, 2024 and December 31, 2023, respectively. These amounts are included in the trade accounts receivable balances above. Unbilled revenue is generally billed in the subsequent quarter to their revenue recognition. The Company considers unbilled receivables as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate.

Inventories consisted of the following (in thousands):

			June 30, 2024						December 31, 2023
Raw materials			$	5,679					$	6,099
Work in progress			938						839
Finished goods			5,629						5,740
Consumable supplies			2,698						2,605
Inventories			$	14,944					$	15,283

 

Property, plant and equipment, net consisted of the following:

 

			Useful Life (Years)						June 30, 2024						December 31, 2023
Land									$	2,441					$	2,453
Buildings and improvements			30-40						27,117						26,663
Office furniture and equipment			5-8						21,836						21,334
Machinery and equipment			5-7						272,658						269,306
									324,052						319,756
Accumulated depreciation and amortization									(245,267)						(238,784)
Property, plant and equipment, net									$	78,785					$	80,972

 

Depreciation expense for the three months ended June 30, 2024 and 2023 was approximately $6.4 million and $6.2 million, respectively.

Depreciation expense for the six months ended June 30, 2024 and 2023 was $12.8 million and $12.4 million, respectively.

---

 

Changes in the carrying amount of goodwill by segment is shown below:

			North America						International						Products and Systems						Total
Balance at December 31, 2023			$	187,354					$	—					$	—					$	187,354
Foreign currency translation			(2,366)						—						—						(2,366)
Impairment charges			—						—						—						—
Balance at June 30, 2024			$	184,988					$	—					$	—					$	184,988

 

The Company reviews goodwill for impairment on a reporting unit basis on October 1 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.

During the third quarter of 2023, a triggering event was identified within the Company's reporting units within the International segment due to decreased gross margin in the current period as a result of inflationary pressures and rising energy costs impacting the International reporting units' operations. As a result, the Company performed an interim quantitative goodwill impairment test.

In performing the interim quantitative goodwill impairment test and consistent with prior practice, the Company determined the fair value of each of the reporting units using a combination of the income approach and the market approach by assessing each of these valuation methodologies based upon availability and relevance of comparable company data and determining the appropriate weighting.

Under the income approach, the fair value for each of the reporting units was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company used internal forecasts, updated for recent events, to estimate future cash flows using a terminal value calculation, which incorporates historical and forecasted trends, including an estimate of long-term future growth rates, based on the Company’s most recent views of the long-term outlook for each reporting unit. The Company's internal forecasts include assumptions about future profitability, including the expected demand for the Company’s goods and services. Due to the inherent uncertainties involved in making estimates and assumptions, actual results may differ from those assumed in the forecasts. The Company derived the discount rates using a capital asset pricing model and analyzing published rates for industries relevant to the reporting units to estimate the cost of equity financing. The Company used discount rates that are commensurate with the risks and uncertainties inherent in the respective businesses and in the Company's internally developed forecasts and which are updated for recent events. Increased interest rates in the current period increased the discount rate associated with the reporting units which contributed to an unfavorable decrease in the reporting units value.

The market approach valuation was derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses was based on the markets in which the reporting units operate, considering risk profiles, size, geography, and diversity of products and services.

Based upon the results of the interim quantitative goodwill impairment test, the Company recorded an impairment charge of $13.8 million within the International reporting units. The impairment was calculated based on the difference between the estimated fair value and the carrying value of the reporting units. Any significant adverse changes in future periods to the Company’s internal forecasts or the external market conditions, if any, could reasonably be expected to negatively affect its key assumptions and may result in future goodwill impairment charges which could be material.

The Company performed a quantitative annual impairment test as of October 1, 2023 and the Company did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Additionally, through June 30, 2024, the Company did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Significant adverse changes in future periods could negatively affect the Company's key assumptions and may result in future goodwill impairment charges which could be material.

---

 

The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows:

 

									June 30, 2024																		December 31, 2023
			Useful Life (Years)						Gross Amount						Accumulated Amortization												Net Carrying Amount						Gross Amount						Accumulated Amortization												Net Carrying Amount
Customer relationships			5-18						$	109,091					$	(91,356)											$	17,735					$	110,780					$	(90,506)											$	20,274
Software/Technology			3-15						56,361						(33,204)												23,157						55,053						(32,230)												22,823
Covenants not to compete			2-5						12,477						(12,445)												32						12,536						(12,488)												48
Other			2-12						10,338						(9,550)												788						10,466						(9,617)												849
Total									$	188,267					$	(146,555)											$	41,712					$	188,835					$	(144,841)											$	43,994

 

Amortization expense for the three months ended June 30, 2024 and 2023 was approximately $1.9 million and $2.2 million, respectively.

Amortization expense for the six months ended June 30, 2024 and 2023 was $3.9 million and $4.3 million, respectively.

 

Accrued expenses and other current liabilities consisted of the following:

 

			June 30, 2024						December 31, 2023
Accrued salaries, wages and related employee benefits			$	29,567					$	27,372
Accrued workers’ compensation and health benefits			4,645						4,385
Deferred revenue			8,296						7,136
Pension accrual			2,458						2,458
Right-of-use liability - Operating			11,408						10,686
Other accrued expenses			29,353						32,294
Total			$	85,727					$	84,331

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Long-term debt consisted of the following:

			June 30, 2024						December 31, 2023
Senior credit facility			$	82,836					$	71,150
Senior secured term loan, net of unamortized debt issuance costs of $0.3 million and $0.4 million, respectively			113,744						115,253
Other			3,133						3,996
Total debt			199,713						190,399
Less: Current portion			(10,021)						(8,900)
Long-term debt, net of current portion			$	189,692					$	181,499

 

Senior Credit Facility

On August 1, 2022, the Company entered into a new credit agreement (the “Credit Agreement”) which provides the Company with a $190 million 5-year committed revolving credit facility and a $125 million term loan with a balance of $113.7 million as of June 30, 2024. The Credit Agreement permits the Company to borrow up to $100 million in non-U.S. dollar currencies and to use up to $20 million of the credit limit for the issuance of letters of credit. Both the revolving line of credit and the term loan under the Credit Agreement have a maturity date of July 30, 2027.

The Credit Agreement has the following key terms, conditions and financial covenants:

•Borrowings bear interest at Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment and applicable SOFR margin ranging from 1.25% to 2.75%, based upon our Total Consolidated Debt Leverage Ratio (defined below); under the Prior Credit Agreement, the margin was based upon the LIBOR margin.

◦Total Consolidated Debt Leverage Ratio means the ratio of (a) Total Consolidated Debt to (b) EBITDA (as defined in the Credit Agreement) for the trailing four consecutive fiscal quarters.

◦Total Consolidated Debt means all indebtedness (including subordinated debt) of the Company on a consolidated basis.

•The Company has the benefit of the lowest SOFR margin if its Total Consolidated Debt Leverage Ratio is equal to or less than 1.25 to 1.0, and the margin increases as the ratio increases, to the maximum margin if the ratio is greater than 3.75 to 1.0. The Credit Agreement is secured by liens on substantially all the assets of the Company and certain of its U.S. subsidiaries and is guaranteed by those U.S. subsidiaries.

•The Company has to maintain a Total Consolidated Debt Leverage Ratio of no more than 4.0 to 1.0 at the end of each quarter through June 30, 2023 and stepping down to a maximum permitted ratio of no more than 3.75 to 1.0 for the remainder of the term.

•The Company has to maintain a Fixed Charge Coverage Ratio of 1.25 to 1.0 for the duration of the Credit Agreement, as defined in the Credit Agreement.

•The Credit Agreement 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, make distributions to stockholders or repurchase our stock, 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 the Company must provide written notice at least five business days prior to the date of an acquisition of $10 million or more.

---

•Quarterly payments on the term loan of $1.56 million through June 30, 2024, then increasing to $2.34 million through June 30, 2025, and to $3.12 million for each quarterly payment thereafter through maturity.

As of June 30, 2024, the Company had borrowings of $196.6 million and a total of $3.2 million of letters of credit outstanding under the Credit Agreement. The Company has capitalized costs associated with debt modifications of $1.0 million as of June 30, 2024, which is included in Other assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense over the remaining term of the Credit Agreement through July 30, 2027.

As of June 30, 2024, the Company was in compliance with the terms of the Credit Agreement. The Company continuously monitors compliance with the covenants contained in its Credit Agreement. The Company believes that it is probable that the Company will be able to comply with the financial covenants in the Credit Agreement and that sufficient credit remains available under the Credit Agreement to meet the Company's liquidity needs. However, such matters cannot be predicted with certainty.

 

Other debt

The Company’s other debt includes bank financing provided at the local subsidiary level used to support working capital requirements and fund capital expenditures. At June 30, 2024, there was an aggregate of approximately $3.1 million outstanding, payable at various times through 2030. Monthly payments range from $1.0 thousand to $15.0 thousand and interest rates range from 0.4% to 3.5%.

 

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.

Financial instruments measured at fair value on a recurring basis

The fair value of contingent consideration liabilities 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.

The following table represents the changes in the fair value of Level 3 contingent consideration:

 

						Six months ended June 30,
						2024						2023
Beginning balance						$	—					$	938
Payments						—						(938)
Revaluation						—						—
Ending balance						$	—					$	—

 

Financial instruments not measured at fair value on a recurring basis

 

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 finance 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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Legal Proceedings and Government Investigations

 

The Company is periodically involved in lawsuits, investigations and claims that arise in the ordinary course of business. While 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 or threatened legal proceeding to which the Company is or is likely to become a party will have a material adverse effect on its business, results of operations, cash flows or financial condition. The costs incurred by the Company to defend lawsuits, investigations and claims and amounts the Company pays to other parties because of these matters may be covered by insurance in some circumstances.

Litigation and Commercial Claims

 

The Company and a subsidiary of the Company, Mistras Arizona Inspection Services LLC (“Mistras Arizona”), are subject to a lawsuit filed by the Arizona Department of Environmental Quality (“DEQ”). The lawsuit, captioned State of Arizona v. Mistras Group, Inc., Mistras Arizona Inspection Services, LLC and Naiman Phoenix, Ltd., was originally filed on February 27, 2024, in the Superior Court of the State of Arizona for Maricopa County, CV 2024-003866. The Complaint alleges various violations of the Arizona environmental laws and regulations in connection with the operation of the Mistras Arizona testing facility in Phoenix, Arizona. The complaint seeks injunctive relief, the closing of a chromic acid plating line and air scrubber, implementation of a site assessment plan approved by the DEQ, corrective and remedial action to bring the facility in compliance, and costs and penalties. Mistras Arizona and the Company have also received notice of violations from the DEQ for alleged violations of Arizona environmental laws and regulations and from the Maricopa County Department of Air Quality for alleged violations of various regulations regarding air quality. This matter is in the early stages but it is probable that remediation costs will be incurred, and it is possible fines and penalties may be imposed related to this lawsuit, but the Company is unable to assess the range of loss the Company, or Mistras Arizona may incur.

In addition, Mistras Arizona’s operations in Phoenix are located within a leased site within the footprint of the Motorola 52nd Street Superfund Site (the “Motorola Site”). Mistras Arizona received a General Notice Letter from the US Environmental Protection Agency (the "EPA"), dated May 21, 2024, informing Mistras Arizona that the EPA has identified it as a potentially responsible party in relation to the Motorola Site.

Pension Related Contingencies

Certain of the Company’s subsidiaries had significant reductions in their unionized workers in 2018. The collective bargaining agreements for the employees of these subsidiaries required contributions for these employees to two national multi-employer pension funds. The reduction in employees resulted in one of the Company's subsidiaries incurring a complete withdrawal to one of the pension funds under the Employee Retirement Income Security Act of 1974 ("ERISA"), which was fully satisfied in 2019. The Company has determined that the subsidiary is likely to incur partial or complete withdrawal liability to the other pension fund. The balance of the estimated total amount of this potential liability as of June 30, 2024 is approximately $2.5 million, which were incurred in 2018 and 2019.

 

The Company’s three operating segments are:

 

•North America. This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.

 

---

•International. This segment offers services, products and systems similar to those of the other segments to select markets within 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.

 

Costs incurred for general corporate services, including finance, legal, and certain other costs 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 North America and International segments by the Products and Systems segment are reflected in the operating performance of each segment.

The accounting policies of the reportable segments are the same as those described in Note 1-Description of Business and Basis of Presentation. Segment income from operations is one of the primary performance measures used by the chief operating decision maker, to assess the performance of each segment and make resource allocation decisions. Certain general and administrative costs such as human resources, information technology and training are allocated to the segments. Segment income from operations excludes interest and other financial charges and income taxes. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment.

 

Selected consolidated financial information by segment for the periods shown was as follows: (with intercompany transactions eliminated in Corporate and eliminations)

 

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Revenue
North America			$	156,394					$	145,550					$	306,743					$	282,482
International			34,264						30,277						67,311						59,684
Products and Systems			3,373						3,329						6,583						7,068
Corporate and eliminations			(4,258)						(3,126)						(6,422)						(5,188)
			$	189,773					$	176,030					$	374,215					$	344,046

 

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Gross profit
North America			$	44,336					$	39,679					$	84,326					$	76,316
International			10,072						8,398						19,530						15,766
Products and Systems			1,687						1,614						3,300						3,676
Corporate and eliminations			21						31						49						41
			$	56,116					$	49,722					$	107,205					$	95,799

---

Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations.

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Income (loss) from operations
North America			$	18,727					$	12,338					$	32,287					$	21,715
International			1,647						507						2,771						(61)
Products and Systems			495						94						809						478
Corporate and eliminations			(8,910)						(9,046)						(18,356)						(20,067)
			$	11,959					$	3,893					$	17,511					$	2,065

  

			Three months ended June 30,												Six months ended June 30,
			2024						2023						2024						2023
Depreciation and amortization
North America			$	6,130					$	6,370					$	12,348					$	12,727
International			1,911						1,889						3,823						3,748
Products and Systems			169						87						333						343
Corporate and eliminations			78						(37)						166						(96)
			$	8,288					$	8,309					$	16,670					$	16,722

 

			June 30, 2024						December 31, 2023
Intangible assets, net
North America			$	34,260					$	37,622
International			2,131						2,998
Products and Systems			1,095						1,168
Corporate and eliminations			4,226						2,206
			$	41,712					$	43,994

 

			June 30, 2024						December 31, 2023
Total assets
North America			$	418,363					$	402,782
International			100,505						99,398
Products and Systems			12,187						13,259
Corporate and eliminations			17,092						19,337
			$	548,147					$	534,776

 

Refer to Note 2–Revenue, for revenue by geographic area for the three and six months ended June 30, 2024 and 2023.

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On June 17, 2024, Michael Lange, one of the Company’s Senior Executive Vice Presidents, adopted a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Lange Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Lange Rule 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s policies regarding transactions in the Company’s securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Lange Rule 10b5-1 Plan provides for the potential sale of up to 100,000 shares of the Company’s common stock at a price not less than $8.25 per share, between September 13, 2024 and December 31, 2024.

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v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-34481
Entity Registrant Name	Mistras Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3341267
Entity Address, Address Line One	195 Clarksville Road
Entity Address, City or Town	Princeton Junction,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08550
City Area Code	609
Local Phone Number	716-4000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,977,420
Entity Central Index Key	0001436126
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

v3.24.2.u1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 17,177	$ 17,646
Accounts receivable, net	149,958	132,847
Inventories	14,944	15,283
Prepaid expenses and other current assets	11,384	14,580
Total current assets	193,463	180,356
Property, plant and equipment, net	78,785	80,972
Intangible assets, net	41,712	43,994
Goodwill	184,988	187,354
Deferred income taxes	3,657	2,316
Other assets	45,542	39,784
Total assets	548,147	534,776
Current Liabilities
Accounts payable	13,759	17,032
Accrued expenses and other current liabilities	85,727	84,331
Current portion of long-term debt	10,021	8,900
Current portion of finance lease obligations	4,645	5,159
Income taxes payable	394	1,101
Total current liabilities	114,546	116,523
Long-term debt, net of current portion	189,692	181,499
Obligations under finance leases, net of current portion	10,864	11,261
Deferred income taxes	2,571	2,552
Other long-term liabilities	37,000	32,438
Total liabilities	354,673	344,273
Commitments and contingencies (Note 14)
Equity
Preferred stock, 10,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 30,977,420 and 30,597,633 shares issued and outstanding	385	305
Additional paid-in capital	248,524	247,165
Accumulated deficit	(21,578)	(28,942)
Accumulated other comprehensive loss	(34,181)	(28,336)
Total Mistras Group, Inc. stockholders’ equity	193,150	190,192
Non-controlling interests	324	311
Total equity	193,474	190,503
Total liabilities and equity	$ 548,147	$ 534,776

v3.24.2.u1

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	30,977,420	30,597,633
Common stock, shares outstanding (in shares)	30,977,420	30,597,633

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 189,773	$ 176,030	$ 374,215	$ 344,046
Cost of revenue	127,760	120,442	255,179	236,493
Depreciation	5,897	5,866	11,831	11,754
Gross profit	56,116	49,722	107,205	95,799
Selling, general and administrative expenses	40,957	41,484	82,144	84,305
Reorganization and other costs	518	1,240	2,075	3,316
Goodwill impairment charges			0
Legal settlement and insurance recoveries, net	60	150	60	150
Research and engineering	231	511	575	991
Depreciation and amortization	2,391	2,443	4,839	4,969
Acquisition-related expense, net	0	1	1	3
Income from operations	11,959	3,893	17,511	2,065
Interest expense	4,413	3,858	8,842	7,927
Income (loss) before provision (benefit) for income taxes	7,546	35	8,669	(5,862)
Provision (benefit) for income taxes	1,173	(341)	1,292	(1,260)
Net Income (Loss)	6,373	376	7,377	(4,602)
Less: net income attributable to noncontrolling interests, net of taxes	4	39	13	47
Net Income (Loss) attributable to Mistras Group, Inc.	$ 6,369	$ 337	$ 7,364	$ (4,649)
Earnings (loss) per common share
Basic (in dollars per share)	$ 0.21	$ 0.01	$ 0.24	$ (0.15)
Diluted (in dollars per share)	$ 0.20	$ 0.01	$ 0.23	$ (0.15)
Weighted-average common shares outstanding:
Basic (in shares)	30,979	30,368	30,842	30,214
Diluted (in shares)	31,293	30,660	31,358	30,214

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6,373	$ 376	$ 7,377	$ (4,602)
Other comprehensive loss:
Foreign currency translation adjustments	(1,616)	3,082	(5,845)	4,355
Comprehensive Income (loss)	4,757	3,458	1,532	(247)
Less: net income attributable to noncontrolling interest	4	39	13	47
Comprehensive Income (loss) attributable to Mistras Group, Inc	$ 4,753	$ 3,419	$ 1,519	$ (294)

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Total Mistras Group, Inc. Stockholders’ Equity	Common Stock	Additional paid-in capital	Retained earnings (deficit)	Accumulated other comprehensive income (loss)	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022			29,895
Beginning balance at Dec. 31, 2022	$ 198,749	$ 198,450	$ 298	$ 243,031	$ (11,489)	$ (33,390)	$ 299
Increase (Decrease) in Stockholders' Equity
Net income	(4,602)	(4,649)			(4,649)		47
Other comprehensive loss, net of tax	4,355	4,355				4,355
Share-based compensation	2,968	2,968		2,968
Net settlement of restricted stock units (in shares)			407
Net settlement of restricted stock units	(937)	(937)	$ 4	(941)
Ending balance (in shares) at Jun. 30, 2023			30,302
Ending balance at Jun. 30, 2023	200,533	200,187	$ 302	245,058	(16,138)	(29,035)	346
Beginning balance (in shares) at Mar. 31, 2023			30,230
Beginning balance at Mar. 31, 2023	196,148	195,841	$ 302	244,131	(16,475)	(32,117)	307
Increase (Decrease) in Stockholders' Equity
Net income	376	337			337		39
Other comprehensive loss, net of tax	3,082	3,082				3,082
Share-based compensation	1,091	1,091		1,091
Net settlement of restricted stock units (in shares)			72
Net settlement of restricted stock units	(164)	(164)		(164)
Ending balance (in shares) at Jun. 30, 2023			30,302
Ending balance at Jun. 30, 2023	200,533	200,187	$ 302	245,058	(16,138)	(29,035)	346
Beginning balance (in shares) at Dec. 31, 2023			30,598
Beginning balance at Dec. 31, 2023	190,503	190,192	$ 305	247,165	(28,942)	(28,336)	311
Increase (Decrease) in Stockholders' Equity
Net income	7,377	7,364			7,364		13
Other comprehensive loss, net of tax	(5,845)	(5,845)				(5,845)
Share-based compensation	2,764	2,764		2,764
Net settlement of restricted stock units (in shares)			379
Net settlement of restricted stock units	(1,325)	(1,325)	$ 80	(1,405)
Ending balance (in shares) at Jun. 30, 2024			30,977
Ending balance at Jun. 30, 2024	193,474	193,150	$ 385	248,524	(21,578)	(34,181)	324
Beginning balance (in shares) at Mar. 31, 2024			30,911
Beginning balance at Mar. 31, 2024	187,465	187,145	$ 328	247,329	(27,947)	(32,565)	320
Increase (Decrease) in Stockholders' Equity
Net income	6,373	6,369			6,369		4
Other comprehensive loss, net of tax	(1,616)	(1,616)				(1,616)
Share-based compensation	1,536	1,536		1,536
Net settlement of restricted stock units (in shares)			66
Net settlement of restricted stock units	(284)	(284)	$ 57	(341)
Ending balance (in shares) at Jun. 30, 2024			30,977
Ending balance at Jun. 30, 2024	$ 193,474	$ 193,150	$ 385	$ 248,524	$ (21,578)	$ (34,181)	$ 324

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 7,377	$ (4,602)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	16,670	16,722
Goodwill impairment charges	0
Deferred income taxes	(1,513)	3,441
Share-based compensation expense	2,764	2,968
Change in provision for doubtful accounts	414	0
Foreign currency (gain) loss	(789)	875
Other	(306)	(513)
Changes in operating assets and liabilities
Accounts receivable	(19,103)	5,856
Inventories	(88)	(2,402)
Prepaid expenses and other assets	(6,064)	(7,420)
Accounts payable	(2,920)	4,261
Accrued expenses and other liabilities	8,537	1,202
Income taxes payable	136	(1,129)
Payment of contingent consideration liability in excess of acquisition-date fair value	0	(938)
Net cash provided by operating activities	5,115	18,321
Cash flows from investing activities
Purchase of property, plant and equipment	(9,599)	(9,801)
Purchase of intangible assets	(2,404)	(822)
Proceeds from sale of equipment	786	812
Net cash used in investing activities	(11,217)	(9,811)
Cash flows from financing activities
Repayment of finance lease obligations	(2,832)	(2,528)
Repayment of long-term debt	(3,831)	(3,808)
Proceeds from revolver	33,500	46,194
Repayment of revolver	(20,250)	(50,100)
Taxes paid related to net share settlement of share-based awards	(1,326)	(945)
Net cash provided by (used in) financing activities	5,261	(11,187)
Effect of exchange rate changes on cash and cash equivalents	372	188
Net change in cash and cash equivalents	(469)	(2,489)
Cash and cash equivalents at beginning of period	17,646	20,488
Cash and cash equivalents at end of period	17,177	17,999
Supplemental disclosure of cash paid
Interest, net	8,349	8,899
Income taxes, net of refunds	1,508	3,429
Noncash investing and financing
Equipment acquired through finance lease obligations	$ 2,099	$ 5,764

v3.24.2.u1

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation   Description of Business   Mistras Group, Inc., together with its subsidiaries (the "Company"), is a leading “one source” multinational provider of integrated technology-enabled asset protection solutions helping to maximize the safety and operational uptime for civilization’s most critical industrial and civil assets. Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, and decades-long legacy of industry leadership, the Company helps clients with asset-intensive infrastructure in the oil and gas, aerospace and defense, industrials, power generation and transmission (including alternative and renewable energy), other process industries and infrastructure, research and engineering and other industries towards achieving and maintaining operational excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; and building real-time monitoring systems to help avoid catastrophic incidents, the Company helps the world at large. The Company enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things ("IoT")-connected digital software and monitoring solutions, including OneSuite™, which serves as an ecosystem platform, pulling together all of the Company’s software and data services capabilities, for the benefit of its customers. The Company’s core capabilities also include non-destructive testing (“NDT”) field inspections enhanced by advanced robotics, laboratory quality control, laboratory materials services, shop laboratory assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services. The Company has three operating segments. Our segments are as follows: •North America This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.   •International. This segment offers services, products and systems similar to those of the other segments to select markets within 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. Recent Developments Overall, the Company has taken actions to help ensure the health and safety of Company employees and those of its customers and suppliers; maintain business continuity and financial strength and stability; and serve customers as they provide essential products and services to the world. The Russian-Ukrainian war and the conflict in the Middle East between Israel and Hamas continues to create disruptions in the oil and gas market and the supply chain in general, which is resulting in some disruption to our business operations. The Company's European operations are currently experiencing increased costs associated with higher energy costs, among others, due in part to the Russian-Ukrainian war. The Company is currently unable to predict with certainty the overall impact that the factors discussed above and the effect of inflationary pressures may have on its business, results of operations or liquidity or in other ways which the Company cannot yet determine. The Company will continue to monitor market conditions and respond accordingly. Basis of Presentation   The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods of the years ending December 31, 2024 and December 31, 2023. 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 the Audited Consolidated Financial Statements contained in the Company’s 2023 Annual Report on Form 10-K ("2023 Annual Report").   Principles of Consolidation   The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition. 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.   Significant Accounting Policies   The Company’s significant accounting policies are disclosed in Note 1–Summary of Significant Accounting Policies and Practices in the 2023 Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including among other things, those related to revenue recognition, long-lived assets, goodwill and acquisitions. Since the date of the 2023 Annual Report, there have been no material changes to the Company’s significant accounting policies. Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carryforwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years. As of June 30, 2024, management concluded that it is more likely than not that a substantial portion of the Company’s deferred tax assets will be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company’s effective income tax rate was approximately 15.5% and (974.3)% for the three months ended June 30, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 14.9% and 21.5% for the six months ended June 30, 2024 and 2023, respectively. The effective income tax rate for the three months ended June 30, 2024 was lower than the statutory rate primarily due to the impact of a reversal of a valuation allowance which was a favorable discrete item in the period. The effective income tax rate for the six months ended June 30, 2023 was higher than the statutory rate due primarily to a $0.7 million valuation allowance recorded during the period related to a foreign jurisdiction. The effective income tax rate for the six months ended June 30, 2024 was lower than the statutory rate primarily due to the reversal of valuation allowances. The effective income tax rate for the six months ended June 30, 2023 was lower than the statutory rate due primarily to an unfavorable discrete item related to stock compensation. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280) to expand the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-07 on our financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our financial statements.

v3.24.2.u1

Revenue	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and material basis, and are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Performance Obligations The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists. Contract modifications are not routine in the performance of the Company’s contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract. The Company’s performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company’s revenue is recognized over time as work progresses for the Company’s service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time, based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis. The majority of our revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead. The Company expects any significant remaining performance obligations to be satisfied within one year. Contract Estimates The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements ("MSA"s) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. Revenue by Category The following series of tables present the Company’s disaggregated revenue: Revenue by industry was as follows: Three Months Ended June 30, 2024 North America International Products Corp/Elim Total Oil & Gas $ 96,356  $ 12,735  $ 165  $ —  $ 109,256  Aerospace & Defense 16,596  5,697  47  —  22,340  Industrials 11,853  5,878  563  —  18,294  Power Generation & Transmission 7,332  1,254  447  —  9,033  Other Process Industries 10,368  4,504  37  —  14,909  Infrastructure, Research & Engineering 5,125  2,813  695  —  8,633  Petrochemical 3,848  171  —  —  4,019  Other 4,916  1,212  1,419  (4,258) 3,289  Total $ 156,394  $ 34,264  $ 3,373  $ (4,258) $ 189,773  Three Months Ended June 30, 2023 North America International Products Corp/Elim Total Oil & Gas $ 97,500  $ 8,609  $ 15  $ —  $ 106,124  Aerospace & Defense 13,665  5,136  217  —  19,018  Industrials 11,066  6,203  468  —  17,737  Power Generation & Transmission 5,459  1,530  1,167  —  8,156  Other Process Industries 8,864  4,466  51  —  13,381  Infrastructure, Research & Engineering 4,171  2,028  547  —  6,746  Petrochemical 1,577  156  —  —  1,733  Other 3,248  2,149  864  (3,126) 3,135  Total $ 145,550  $ 30,277  $ 3,329  $ (3,126) $ 176,030  Six Months Ended June 30, 2024 North America International Products Corp/Elim Total Oil & Gas $ 199,383  $ 22,801  $ 237  $ —  $ 222,421  Aerospace & Defense 31,971  12,429  58  —  44,458  Industrials 20,762  11,731  1,000  —  33,493  Power Generation & Transmission 10,924  2,936  1,025  —  14,885  Other Process Industries 18,296  8,437  76  —  26,809  Infrastructure, Research & Engineering 9,097  5,018  1,104  —  15,219  Petrochemical 7,661  702  —  —  8,363  Other 8,649  3,257  3,083  (6,422) 8,567  Total $ 306,743  $ 67,311  $ 6,583  $ (6,422) $ 374,215  Six Months Ended June 30, 2023 North America International Products Corp/Elim Total Oil & Gas $ 187,273  $ 17,464  $ 52  $ —  $ 204,789  Aerospace & Defense 27,276  10,116  228  —  37,620  Industrials 20,368  12,256  1,026  —  33,650  Power Generation & Transmission 10,446  3,187  2,493  —  16,126  Other Process Industries 17,973  7,703  78  —  25,754  Infrastructure, Research & Engineering 6,654  4,164  1,689  —  12,507  Petrochemical 6,714  301  —  —  7,015  Other 5,778  4,493  1,502  (5,188) 6,585  Total $ 282,482  $ 59,684  $ 7,068  $ (5,188) $ 344,046  Revenue per key geographic location was as follows: Three Months Ended June 30, 2024 North America International Products Corp/Elim Total United States $ 130,870  $ 432  $ 1,542  $ (209) $ 132,635  Other Americas 24,594  1,921  675  (2,787) 24,403  Europe 611  31,183  580  (1,115) 31,259  Asia-Pacific 319  728  576  (147) 1,476  Total $ 156,394  $ 34,264  $ 3,373  $ (4,258) $ 189,773  Three Months Ended June 30, 2023 North America International Products Corp/Elim Total United States $ 122,972  $ 280  $ 1,645  $ (271) $ 124,626  Other Americas 21,041  3,821  298  (1,474) 23,686  Europe 1,282  24,474  504  (1,166) 25,094  Asia-Pacific 255  1,702  882  (215) 2,624  Total $ 145,550  $ 30,277  $ 3,329  $ (3,126) $ 176,030  Six Months Ended June 30, 2024 North America International Products Corp/Elim Total United States $ 260,328  $ 728  $ 3,142  $ (1,724) $ 262,474  Other Americas 41,721  4,216  852  (3,027) 43,762  Europe 1,764  59,846  1,231  (1,461) 61,380  Asia-Pacific 2,930  2,521  1,358  (210) 6,599  Total $ 306,743  $ 67,311  $ 6,583  $ (6,422) $ 374,215  Six Months Ended June 30, 2023 North America International Products Corp/Elim Total United States $ 243,572  $ 589  $ 3,446  $ (869) $ 246,738  Other Americas 35,311  7,310  624  (1,906) 41,339  Europe 2,694  48,657  765  (1,992) 50,124  Asia-Pacific 905  3,128  2,233  (421) 5,845  Total $ 282,482  $ 59,684  $ 7,068  $ (5,188) $ 344,046  Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities. Revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the contract liability balance at the beginning of such year was $4.8 million and $4.6 million, respectively, for each period. Changes in the contract asset and liability balances during these periods were not materially impacted by any other factors. The Company applies the practical expedient to expense incremental costs incurred related to obtaining a contract when the amortization period of the asset that the Company otherwise would have recognized is one year or less.

v3.24.2.u1

Share-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation   The Company grants share-based incentive awards to its eligible employees and non-employee directors under its 2016 Long-Term Incentive Plan (the "2016 Plan"). Awards granted under the 2016 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance-based restricted stock units, stock appreciation rights and deferred stock rights. At the annual shareholders meeting on May 14, 2024, the Company’s shareholders approved an amendment to the 2016 Plan, including an increase to the total number of shares that may be issued under the 2016 Plan by 1.3 million, for a total of 6.2 million shares that are authorized for issuance under the 2016 Plan, of which approximately 1,600,000 shares were available for future grants as of June 30, 2024.   Stock Options   On October 11, 2023, Mr. Stamatakis was granted an award of stock options to purchase 250,000 shares of common stock of the Company, with an exercise price of $5.36, the closing price of the Company's common stock as quoted on the New York Stock Exchange on the grant date (the "Options"). The Options were granted as an inducement for Mr. Stamatakis to accept the position of Interim President and CEO of the Company and were therefore granted outside the 2016 Plan, as permitted by the rules of the NYSE. The Options can be exercised any time after the grant date until its expiration date, which is the earlier of 10 years from the grant date or one year following the date Mr. Stamatakis is no longer serving as an officer, director or in any other capacity of the Company. The following table sets forth a summary of the stock option activity, weighted-average exercise prices and options outstanding as of June 30, 2024 as follows (in thousands, except per share amounts and years):   Six months ended June 30,   2024 2023   Common Stock Options Weighted Average Exercise Price Common Stock Options Weighted Average Exercise Price Outstanding at beginning of year: 250  $ 5.36  —  $ —  Granted —  $ —  —  $ —  Exercised —  $ —  —  $ —  Expired or forfeited —  $ —  —  $ —  Outstanding at end of year: 250  $ 5.36  —  $ —  The Company recognized all share-based compensation expense related to the stock options granted in the fourth quarter of 2023 and no further unrecognized share-based compensation expense remains as of June 30, 2024.   Stock Issuances to Non-Employee Directors As part of its compensation program for non-employee directors, the Company makes semi-annual issuances of fully-vested common stock to its non-employee directors. A summary of the fully-vested common stock the Company issued to its non-employee directors, in connection with its non-employee director compensation, is as follows (in thousands):   Six months ended June 30,   2024 2023 Awards issued 31  48  Grant date fair value of awards issued $ 274  $ 275  Restricted Stock Unit Awards   For the three months ended June 30, 2024 and June 30, 2023, the Company recognized share-based compensation expense related to restricted stock unit awards of $1.3 million and $0.8 million, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized share-based compensation expense related to restricted stock unit awards of $2.3 million and $1.8 million, respectively. As of June 30, 2024, there was $10.7 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock unit awards, which is expected to be recognized over a remaining weighted-average period of 2.6 years. Upon vesting, restricted stock units are generally net share-settled to cover the required withholding tax and the remaining amount is converted into an equivalent number of shares of common stock. A summary of the vesting activity of restricted stock unit awards, with the respective fair value of the awards, is as follows:   Six months ended June 30,   2024 2023 Restricted stock awards vested 461  430  Fair value of awards vested $ 4,184  $ 2,616  A summary of the Company’s outstanding, non-vested restricted share units is as follows:   Six months ended June 30,   2024 2023   Units Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value Outstanding at beginning of period: 1,184  $ 8.07  1,415  $ 6.66  Granted 726  $ 8.52  581  $ 8.42  Vested (461) $ 9.08  (430) $ 6.09  Forfeited (56) $ 8.49  (98) $ 7.94  Outstanding at end of period: 1,393  $ 8.38  1,468  $ 7.62  Performance Restricted Stock Units The Company maintains Performance Restricted Stock Units ("PRSUs") that have been granted to select executives and senior officers whose ultimate payout may vary between zero and 200% of the target award, based on the Company’s performance over a one-year period based on specific metrics approved by the Compensation Committee of the Board of Directors of the Company. For 2023, the Compensation Committee used the following three performance metrics for PRSUs approved in that year. 1.Free Cash Flow defined as net cash provided by operating activities less purchases of property, plant, equipment and intangible assets and is subject to adjustments approved by the Compensation Committee. 2.Adjusted EBITDA defined as net income attributable to the Company 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 (gain) loss and, if applicable, certain special items which are noted. 3.Revenue For PRSUs awarded in 2024, the Compensation Committee utilized the same metrics as 2023 PRSUs, but with revised performance goals. PRSUs are equity-classified and compensation costs related to PRSUs with performance conditions are initially measured using the fair value of the underlying stock at the date of grant. Compensation costs related to the PRSUs with performance conditions are subsequently adjusted for changes in the expected outcomes of the performance conditions. Compensation cost related to the PRSUs with a market condition is not reversed if the market condition is not achieved, provided the employee requisite service has been rendered. Earned PRSUs generally vest ratably in four equal annual installments over the four years following completion of the performance period, for a total requisite service period of up to five years, and have no dividend rights. A summary of the Company’s PRSU activity is as follows:   Six months ended June 30, 2024 2023   Units Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value Outstanding at beginning of period: 60  $ 9.33  280  $ 9.96  Granted 295  $ 8.76  282  $ 8.50  Performance condition adjustments —  $ —  (215) $ 8.27  Vested —  $ —  (64) $ 5.58  Forfeited —  $ —  (84) $ 6.95  Outstanding at end of period: 355  $ 8.97  199  $ 9.45  Performance condition adjustments during the six months ended June 30, 2023 were attributable to the Compensation Committee's final calculation of the award metrics for calendar year 2022. As a result, the calendar year 2022 PRSUs decreased by approximately 215,000 units during the six months ended June 30, 2023. For the three months ended June 30, 2024 and June 30, 2023, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.2 million, respectively. For the six months ended June 30, 2024 and June 30, 2023, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.6 million, respectively. At June 30, 2024, there was $2.5 million of total unrecognized compensation costs related to approximately 355,000 non-vested PRSUs, which is expected to be recognized over a remaining weighted-average period of 2.8 years.

v3.24.2.u1

Earnings (loss) per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings (loss) per Share	Earnings (loss) per Share   Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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) 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 (loss) per share:     Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Basic earnings (loss) per share     Numerator:     Net income (loss) attributable to Mistras Group, Inc. $ 6,369  $ 337  $ 7,364  $ (4,649) Denominator:         Weighted average common shares outstanding 30,979  30,368  30,842  30,214  Basic earnings (loss) per share $ 0.21  $ 0.01  $ 0.24  $ (0.15)     Diluted earnings (loss) per share:         Numerator:     Net income (loss) attributable to Mistras Group, Inc. $ 6,369  $ 337  $ 7,364  $ (4,649) Denominator:     Weighted average common shares outstanding 30,979  30,368  30,842  30,214  Dilutive effect of stock options outstanding 97  —  93  —  Dilutive effect of restricted stock units outstanding (1) 217  292  423  —  31,293  30,660  31,358  30,214  Diluted earnings (loss) per share $ 0.20  $ 0.01  $ 0.23  $ (0.15) _______________ (1) For the six months ended June 30, 2023, 1,106,595 shares related to restricted stock, respectively, were excluded from the calculation of diluted EPS due to the net loss for the period.

v3.24.2.u1

Acquisitions	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Acquisition-Related Expense    In the course of its acquisition activities, the Company incurs costs in connection with due diligence, such as professional fees, and other expenses. Additionally, the Company adjusts the fair value of acquisition-related contingent consideration liabilities on a quarterly basis. These amounts are reported as Acquisition-related expense, net on the Unaudited Condensed Consolidated Statements of Income (Loss) and were as follows for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Due diligence, professional fees and other transaction costs $ —  $ 1  $ 1  $ 3  Adjustments to fair value of contingent consideration liabilities —  —  —  —  Acquisition-related expense, net $ —  $ 1  $ 1  $ 3  The Company's contingent consideration liabilities are included in Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheets.

v3.24.2.u1

Accounts Receivable, net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable, net	Accounts Receivable, net   Accounts receivable consisted of the following:     June 30, 2024 December 31, 2023 Trade accounts receivable $ 151,945  $ 134,495  Allowance for credit losses (1,987) (1,648) Accounts receivable, net $ 149,958  $ 132,847    The Company had $29.7 million and $18.5 million of unbilled revenue accrued as of June 30, 2024 and December 31, 2023, respectively. These amounts are included in the trade accounts receivable balances above. Unbilled revenue is generally billed in the subsequent quarter to their revenue recognition. The Company considers unbilled receivables as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate.

v3.24.2.u1

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands):   June 30, 2024 December 31, 2023 Raw materials $ 5,679  $ 6,099  Work in progress 938  839  Finished goods 5,629  5,740  Consumable supplies 2,698  2,605  Inventories $ 14,944  $ 15,283

v3.24.2.u1

Property, Plant and Equipment, net	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net   Property, plant and equipment, net consisted of the following:   Useful Life (Years) June 30, 2024 December 31, 2023 Land   $ 2,441  $ 2,453  Buildings and improvements 30-40 27,117  26,663  Office furniture and equipment 5-8 21,836  21,334  Machinery and equipment 5-7 272,658  269,306      324,052  319,756  Accumulated depreciation and amortization   (245,267) (238,784) Property, plant and equipment, net   $ 78,785  $ 80,972    Depreciation expense for the three months ended June 30, 2024 and 2023 was approximately $6.4 million and $6.2 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $12.8 million and $12.4 million, respectively.

v3.24.2.u1

Goodwill	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill   Changes in the carrying amount of goodwill by segment is shown below:   North America International Products and Systems Total Balance at December 31, 2023 $ 187,354  $ —  $ —  $ 187,354  Foreign currency translation (2,366) —  —  (2,366) Impairment charges —  —  —  —  Balance at June 30, 2024 $ 184,988  $ —  $ —  $ 184,988    The Company reviews goodwill for impairment on a reporting unit basis on October 1 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. During the third quarter of 2023, a triggering event was identified within the Company's reporting units within the International segment due to decreased gross margin in the current period as a result of inflationary pressures and rising energy costs impacting the International reporting units' operations. As a result, the Company performed an interim quantitative goodwill impairment test. In performing the interim quantitative goodwill impairment test and consistent with prior practice, the Company determined the fair value of each of the reporting units using a combination of the income approach and the market approach by assessing each of these valuation methodologies based upon availability and relevance of comparable company data and determining the appropriate weighting. Under the income approach, the fair value for each of the reporting units was determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The Company used internal forecasts, updated for recent events, to estimate future cash flows using a terminal value calculation, which incorporates historical and forecasted trends, including an estimate of long-term future growth rates, based on the Company’s most recent views of the long-term outlook for each reporting unit. The Company's internal forecasts include assumptions about future profitability, including the expected demand for the Company’s goods and services. Due to the inherent uncertainties involved in making estimates and assumptions, actual results may differ from those assumed in the forecasts. The Company derived the discount rates using a capital asset pricing model and analyzing published rates for industries relevant to the reporting units to estimate the cost of equity financing. The Company used discount rates that are commensurate with the risks and uncertainties inherent in the respective businesses and in the Company's internally developed forecasts and which are updated for recent events. Increased interest rates in the current period increased the discount rate associated with the reporting units which contributed to an unfavorable decrease in the reporting units value. The market approach valuation was derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses was based on the markets in which the reporting units operate, considering risk profiles, size, geography, and diversity of products and services. Based upon the results of the interim quantitative goodwill impairment test, the Company recorded an impairment charge of $13.8 million within the International reporting units. The impairment was calculated based on the difference between the estimated fair value and the carrying value of the reporting units. Any significant adverse changes in future periods to the Company’s internal forecasts or the external market conditions, if any, could reasonably be expected to negatively affect its key assumptions and may result in future goodwill impairment charges which could be material. The Company performed a quantitative annual impairment test as of October 1, 2023 and the Company did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Additionally, through June 30, 2024, the Company did not identify any changes in circumstances that would indicate the carrying value of goodwill may not be recoverable. Significant adverse changes in future periods could negatively affect the Company's key assumptions and may result in future goodwill impairment charges which could be material.

v3.24.2.u1

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets   The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows:       June 30, 2024 December 31, 2023   Useful Life (Years) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships 5-18 $ 109,091  $ (91,356) $ 17,735  $ 110,780  $ (90,506) $ 20,274  Software/Technology 3-15 56,361  (33,204) 23,157  55,053  (32,230) 22,823  Covenants not to compete 2-5 12,477  (12,445) 32  12,536  (12,488) 48  Other 2-12 10,338  (9,550) 788  10,466  (9,617) 849  Total   $ 188,267  $ (146,555) $ 41,712  $ 188,835  $ (144,841) $ 43,994    Amortization expense for the three months ended June 30, 2024 and 2023 was approximately $1.9 million and $2.2 million, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $3.9 million and $4.3 million, respectively.

v3.24.2.u1

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities   Accrued expenses and other current liabilities consisted of the following:     June 30, 2024 December 31, 2023 Accrued salaries, wages and related employee benefits $ 29,567  $ 27,372  Accrued workers’ compensation and health benefits 4,645  4,385  Deferred revenue 8,296  7,136  Pension accrual 2,458  2,458  Right-of-use liability - Operating 11,408  10,686  Other accrued expenses 29,353  32,294  Total $ 85,727  $ 84,331

v3.24.2.u1

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt   Long-term debt consisted of the following:   June 30, 2024 December 31, 2023 Senior credit facility $ 82,836  $ 71,150  Senior secured term loan, net of unamortized debt issuance costs of $0.3 million and $0.4 million, respectively 113,744  115,253  Other 3,133  3,996  Total debt 199,713  190,399  Less: Current portion (10,021) (8,900) Long-term debt, net of current portion $ 189,692  $ 181,499    Senior Credit Facility On August 1, 2022, the Company entered into a new credit agreement (the “Credit Agreement”) which provides the Company with a $190 million 5-year committed revolving credit facility and a $125 million term loan with a balance of $113.7 million as of June 30, 2024. The Credit Agreement permits the Company to borrow up to $100 million in non-U.S. dollar currencies and to use up to $20 million of the credit limit for the issuance of letters of credit. Both the revolving line of credit and the term loan under the Credit Agreement have a maturity date of July 30, 2027. The Credit Agreement has the following key terms, conditions and financial covenants: •Borrowings bear interest at Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment and applicable SOFR margin ranging from 1.25% to 2.75%, based upon our Total Consolidated Debt Leverage Ratio (defined below); under the Prior Credit Agreement, the margin was based upon the LIBOR margin. ◦Total Consolidated Debt Leverage Ratio means the ratio of (a) Total Consolidated Debt to (b) EBITDA (as defined in the Credit Agreement) for the trailing four consecutive fiscal quarters. ◦Total Consolidated Debt means all indebtedness (including subordinated debt) of the Company on a consolidated basis. •The Company has the benefit of the lowest SOFR margin if its Total Consolidated Debt Leverage Ratio is equal to or less than 1.25 to 1.0, and the margin increases as the ratio increases, to the maximum margin if the ratio is greater than 3.75 to 1.0. The Credit Agreement is secured by liens on substantially all the assets of the Company and certain of its U.S. subsidiaries and is guaranteed by those U.S. subsidiaries. •The Company has to maintain a Total Consolidated Debt Leverage Ratio of no more than 4.0 to 1.0 at the end of each quarter through June 30, 2023 and stepping down to a maximum permitted ratio of no more than 3.75 to 1.0 for the remainder of the term. •The Company has to maintain a Fixed Charge Coverage Ratio of 1.25 to 1.0 for the duration of the Credit Agreement, as defined in the Credit Agreement. •The Credit Agreement 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, make distributions to stockholders or repurchase our stock, 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 the Company must provide written notice at least five business days prior to the date of an acquisition of $10 million or more. •Quarterly payments on the term loan of $1.56 million through June 30, 2024, then increasing to $2.34 million through June 30, 2025, and to $3.12 million for each quarterly payment thereafter through maturity. As of June 30, 2024, the Company had borrowings of $196.6 million and a total of $3.2 million of letters of credit outstanding under the Credit Agreement. The Company has capitalized costs associated with debt modifications of $1.0 million as of June 30, 2024, which is included in Other assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense over the remaining term of the Credit Agreement through July 30, 2027. As of June 30, 2024, the Company was in compliance with the terms of the Credit Agreement. The Company continuously monitors compliance with the covenants contained in its Credit Agreement. The Company believes that it is probable that the Company will be able to comply with the financial covenants in the Credit Agreement and that sufficient credit remains available under the Credit Agreement to meet the Company's liquidity needs. However, such matters cannot be predicted with certainty.   Other debt The Company’s other debt includes bank financing provided at the local subsidiary level used to support working capital requirements and fund capital expenditures. At June 30, 2024, there was an aggregate of approximately $3.1 million outstanding, payable at various times through 2030. Monthly payments range from $1.0 thousand to $15.0 thousand and interest rates range from 0.4% to 3.5%.

v3.24.2.u1

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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. Financial instruments measured at fair value on a recurring basis The fair value of contingent consideration liabilities 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. The following table represents the changes in the fair value of Level 3 contingent consideration:     Six months ended June 30, 2024 2023 Beginning balance $ —  $ 938  Payments —  (938) Revaluation —  —  Ending balance $ —  $ —    Financial instruments not measured at fair value on a recurring basis   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 finance 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.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies   Legal Proceedings and Government Investigations   The Company is periodically involved in lawsuits, investigations and claims that arise in the ordinary course of business. While 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 or threatened legal proceeding to which the Company is or is likely to become a party will have a material adverse effect on its business, results of operations, cash flows or financial condition. The costs incurred by the Company to defend lawsuits, investigations and claims and amounts the Company pays to other parties because of these matters may be covered by insurance in some circumstances. Litigation and Commercial Claims   The Company and a subsidiary of the Company, Mistras Arizona Inspection Services LLC (“Mistras Arizona”), are subject to a lawsuit filed by the Arizona Department of Environmental Quality (“DEQ”). The lawsuit, captioned State of Arizona v. Mistras Group, Inc., Mistras Arizona Inspection Services, LLC and Naiman Phoenix, Ltd., was originally filed on February 27, 2024, in the Superior Court of the State of Arizona for Maricopa County, CV 2024-003866. The Complaint alleges various violations of the Arizona environmental laws and regulations in connection with the operation of the Mistras Arizona testing facility in Phoenix, Arizona. The complaint seeks injunctive relief, the closing of a chromic acid plating line and air scrubber, implementation of a site assessment plan approved by the DEQ, corrective and remedial action to bring the facility in compliance, and costs and penalties. Mistras Arizona and the Company have also received notice of violations from the DEQ for alleged violations of Arizona environmental laws and regulations and from the Maricopa County Department of Air Quality for alleged violations of various regulations regarding air quality. This matter is in the early stages but it is probable that remediation costs will be incurred, and it is possible fines and penalties may be imposed related to this lawsuit, but the Company is unable to assess the range of loss the Company, or Mistras Arizona may incur. In addition, Mistras Arizona’s operations in Phoenix are located within a leased site within the footprint of the Motorola 52nd Street Superfund Site (the “Motorola Site”). Mistras Arizona received a General Notice Letter from the US Environmental Protection Agency (the "EPA"), dated May 21, 2024, informing Mistras Arizona that the EPA has identified it as a potentially responsible party in relation to the Motorola Site. Pension Related Contingencies Certain of the Company’s subsidiaries had significant reductions in their unionized workers in 2018. The collective bargaining agreements for the employees of these subsidiaries required contributions for these employees to two national multi-employer pension funds. The reduction in employees resulted in one of the Company's subsidiaries incurring a complete withdrawal to one of the pension funds under the Employee Retirement Income Security Act of 1974 ("ERISA"), which was fully satisfied in 2019. The Company has determined that the subsidiary is likely to incur partial or complete withdrawal liability to the other pension fund. The balance of the estimated total amount of this potential liability as of June 30, 2024 is approximately $2.5 million, which were incurred in 2018 and 2019.

v3.24.2.u1

Segment Disclosure	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Disclosure	Segment Disclosure   The Company’s three operating segments are:   •North America. This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.   •International. This segment offers services, products and systems similar to those of the other segments to select markets within 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.   Costs incurred for general corporate services, including finance, legal, and certain other costs 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 North America and International segments by the Products and Systems segment are reflected in the operating performance of each segment. The accounting policies of the reportable segments are the same as those described in Note 1-Description of Business and Basis of Presentation. Segment income from operations is one of the primary performance measures used by the chief operating decision maker, to assess the performance of each segment and make resource allocation decisions. Certain general and administrative costs such as human resources, information technology and training are allocated to the segments. Segment income from operations excludes interest and other financial charges and income taxes. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment.   Selected consolidated financial information by segment for the periods shown was as follows: (with intercompany transactions eliminated in Corporate and eliminations)     Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Revenue     North America $ 156,394  $ 145,550  $ 306,743  $ 282,482  International 34,264  30,277  67,311  59,684  Products and Systems 3,373  3,329  6,583  7,068  Corporate and eliminations (4,258) (3,126) (6,422) (5,188)   $ 189,773  $ 176,030  $ 374,215  $ 344,046      Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Gross profit     North America $ 44,336  $ 39,679  $ 84,326  $ 76,316  International 10,072  8,398  19,530  15,766  Products and Systems 1,687  1,614  3,300  3,676  Corporate and eliminations 21  31  49  41    $ 56,116  $ 49,722  $ 107,205  $ 95,799  Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations.   Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Income (loss) from operations     North America $ 18,727  $ 12,338  $ 32,287  $ 21,715  International 1,647  507  2,771  (61) Products and Systems 495  94  809  478  Corporate and eliminations (8,910) (9,046) (18,356) (20,067)   $ 11,959  $ 3,893  $ 17,511  $ 2,065       Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Depreciation and amortization         North America $ 6,130  $ 6,370  $ 12,348  $ 12,727  International 1,911  1,889  3,823  3,748  Products and Systems 169  87  333  343  Corporate and eliminations 78  (37) 166  (96)   $ 8,288  $ 8,309  $ 16,670  $ 16,722      June 30, 2024 December 31, 2023 Intangible assets, net     North America $ 34,260  $ 37,622  International 2,131  2,998  Products and Systems 1,095  1,168  Corporate and eliminations 4,226  2,206    $ 41,712  $ 43,994      June 30, 2024 December 31, 2023 Total assets     North America $ 418,363  $ 402,782  International 100,505  99,398  Products and Systems 12,187  13,259  Corporate and eliminations 17,092  19,337    $ 548,147  $ 534,776    Refer to Note 2–Revenue, for revenue by geographic area for the three and six months ended June 30, 2024 and 2023.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Mistras Group, Inc.	$ 6,369	$ 337	$ 7,364	$ (4,649)

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 17, 2024, Michael Lange, one of the Company’s Senior Executive Vice Presidents, adopted a pre-arranged written stock sale plan in accordance with Rule 10b5-1 (the “Lange Rule 10b5-1 Plan”) under the Exchange Act, for the sale of shares of the Company’s common stock. The Lange Rule 10b5-1 Plan was entered into during an open trading window in accordance with the Company’s policies regarding transactions in the Company’s securities and is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The Lange Rule 10b5-1 Plan provides for the potential sale of up to 100,000 shares of the Company’s common stock at a price not less than $8.25 per share, between September 13, 2024 and December 31, 2024.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Arrangement Duration	109 days
Michael Lange [Member]
Trading Arrangements, by Individual
Name	Michael Lange
Title	Senior Executive Vice Presidents
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 17, 2024
Expiration Date	December 31, 2024
Aggregate Available	100,000	100,000

v3.24.2.u1

Description of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation   The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the interim periods of the years ending December 31, 2024 and December 31, 2023. 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 the Audited Consolidated Financial Statements contained in the Company’s 2023 Annual Report on Form 10-K ("2023 Annual Report").
Principles of Consolidation	Principles of Consolidation   The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition.
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.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carryforwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years. As of June 30, 2024, management concluded that it is more likely than not that a substantial portion of the Company’s deferred tax assets will be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company’s effective income tax rate was approximately 15.5% and (974.3)% for the three months ended June 30, 2024 and 2023, respectively. The Company’s effective income tax rate was approximately 14.9% and 21.5% for the six months ended June 30, 2024 and 2023, respectively. The effective income tax rate for the three months ended June 30, 2024 was lower than the statutory rate primarily due to the impact of a reversal of a valuation allowance which was a favorable discrete item in the period. The effective income tax rate for the six months ended June 30, 2023 was higher than the statutory rate due primarily to a $0.7 million valuation allowance recorded during the period related to a foreign jurisdiction. The effective income tax rate for the six months ended June 30, 2024 was lower than the statutory rate primarily due to the reversal of valuation allowances. The effective income tax rate for the six months ended June 30, 2023 was lower than the statutory rate due primarily to an unfavorable discrete item related to stock compensation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280) to expand the disclosures about a public entity's reportable segments and address requests from investors for additional, more detailed information about a reportable segment's expenses. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-07 on our financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) to enhance the transparency and decision usefulness of income tax disclosures, primarily related to the rate reconciliation and income taxes paid disclosures. The new standard is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our financial statements.
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and material basis, and are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Performance Obligations The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company’s contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists. Contract modifications are not routine in the performance of the Company’s contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract. The Company’s performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company’s revenue is recognized over time as work progresses for the Company’s service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time, based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis. The majority of our revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead. The Company expects any significant remaining performance obligations to be satisfied within one year. Contract Estimates The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements ("MSA"s) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities. Unbilled revenue is generally billed in the subsequent quarter to their revenue recognition. The Company considers unbilled receivables as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate.
Earnings (loss) per Share	Earnings (loss) per Share   Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net income (loss) 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) 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.
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. Financial instruments measured at fair value on a recurring basis The fair value of contingent consideration liabilities 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. Financial instruments not measured at fair value on a recurring basis   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 finance 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.
Segment Disclosure	Segment Disclosure   The Company’s three operating segments are:   •North America. This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment.   •International. This segment offers services, products and systems similar to those of the other segments to select markets within 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.   Costs incurred for general corporate services, including finance, legal, and certain other costs 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 North America and International segments by the Products and Systems segment are reflected in the operating performance of each segment. The accounting policies of the reportable segments are the same as those described in Note 1-Description of Business and Basis of Presentation. Segment income from operations is one of the primary performance measures used by the chief operating decision maker, to assess the performance of each segment and make resource allocation decisions. Certain general and administrative costs such as human resources, information technology and training are allocated to the segments. Segment income from operations excludes interest and other financial charges and income taxes. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment.

v3.24.2.u1

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	The following series of tables present the Company’s disaggregated revenue: Revenue by industry was as follows: Three Months Ended June 30, 2024 North America International Products Corp/Elim Total Oil & Gas $ 96,356  $ 12,735  $ 165  $ —  $ 109,256  Aerospace & Defense 16,596  5,697  47  —  22,340  Industrials 11,853  5,878  563  —  18,294  Power Generation & Transmission 7,332  1,254  447  —  9,033  Other Process Industries 10,368  4,504  37  —  14,909  Infrastructure, Research & Engineering 5,125  2,813  695  —  8,633  Petrochemical 3,848  171  —  —  4,019  Other 4,916  1,212  1,419  (4,258) 3,289  Total $ 156,394  $ 34,264  $ 3,373  $ (4,258) $ 189,773  Three Months Ended June 30, 2023 North America International Products Corp/Elim Total Oil & Gas $ 97,500  $ 8,609  $ 15  $ —  $ 106,124  Aerospace & Defense 13,665  5,136  217  —  19,018  Industrials 11,066  6,203  468  —  17,737  Power Generation & Transmission 5,459  1,530  1,167  —  8,156  Other Process Industries 8,864  4,466  51  —  13,381  Infrastructure, Research & Engineering 4,171  2,028  547  —  6,746  Petrochemical 1,577  156  —  —  1,733  Other 3,248  2,149  864  (3,126) 3,135  Total $ 145,550  $ 30,277  $ 3,329  $ (3,126) $ 176,030  Six Months Ended June 30, 2024 North America International Products Corp/Elim Total Oil & Gas $ 199,383  $ 22,801  $ 237  $ —  $ 222,421  Aerospace & Defense 31,971  12,429  58  —  44,458  Industrials 20,762  11,731  1,000  —  33,493  Power Generation & Transmission 10,924  2,936  1,025  —  14,885  Other Process Industries 18,296  8,437  76  —  26,809  Infrastructure, Research & Engineering 9,097  5,018  1,104  —  15,219  Petrochemical 7,661  702  —  —  8,363  Other 8,649  3,257  3,083  (6,422) 8,567  Total $ 306,743  $ 67,311  $ 6,583  $ (6,422) $ 374,215  Six Months Ended June 30, 2023 North America International Products Corp/Elim Total Oil & Gas $ 187,273  $ 17,464  $ 52  $ —  $ 204,789  Aerospace & Defense 27,276  10,116  228  —  37,620  Industrials 20,368  12,256  1,026  —  33,650  Power Generation & Transmission 10,446  3,187  2,493  —  16,126  Other Process Industries 17,973  7,703  78  —  25,754  Infrastructure, Research & Engineering 6,654  4,164  1,689  —  12,507  Petrochemical 6,714  301  —  —  7,015  Other 5,778  4,493  1,502  (5,188) 6,585  Total $ 282,482  $ 59,684  $ 7,068  $ (5,188) $ 344,046  Revenue per key geographic location was as follows: Three Months Ended June 30, 2024 North America International Products Corp/Elim Total United States $ 130,870  $ 432  $ 1,542  $ (209) $ 132,635  Other Americas 24,594  1,921  675  (2,787) 24,403  Europe 611  31,183  580  (1,115) 31,259  Asia-Pacific 319  728  576  (147) 1,476  Total $ 156,394  $ 34,264  $ 3,373  $ (4,258) $ 189,773  Three Months Ended June 30, 2023 North America International Products Corp/Elim Total United States $ 122,972  $ 280  $ 1,645  $ (271) $ 124,626  Other Americas 21,041  3,821  298  (1,474) 23,686  Europe 1,282  24,474  504  (1,166) 25,094  Asia-Pacific 255  1,702  882  (215) 2,624  Total $ 145,550  $ 30,277  $ 3,329  $ (3,126) $ 176,030  Six Months Ended June 30, 2024 North America International Products Corp/Elim Total United States $ 260,328  $ 728  $ 3,142  $ (1,724) $ 262,474  Other Americas 41,721  4,216  852  (3,027) 43,762  Europe 1,764  59,846  1,231  (1,461) 61,380  Asia-Pacific 2,930  2,521  1,358  (210) 6,599  Total $ 306,743  $ 67,311  $ 6,583  $ (6,422) $ 374,215  Six Months Ended June 30, 2023 North America International Products Corp/Elim Total United States $ 243,572  $ 589  $ 3,446  $ (869) $ 246,738  Other Americas 35,311  7,310  624  (1,906) 41,339  Europe 2,694  48,657  765  (1,992) 50,124  Asia-Pacific 905  3,128  2,233  (421) 5,845  Total $ 282,482  $ 59,684  $ 7,068  $ (5,188) $ 344,046

v3.24.2.u1

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table sets forth a summary of the stock option activity, weighted-average exercise prices and options outstanding as of June 30, 2024 as follows (in thousands, except per share amounts and years):   Six months ended June 30,   2024 2023   Common Stock Options Weighted Average Exercise Price Common Stock Options Weighted Average Exercise Price Outstanding at beginning of year: 250  $ 5.36  —  $ —  Granted —  $ —  —  $ —  Exercised —  $ —  —  $ —  Expired or forfeited —  $ —  —  $ —  Outstanding at end of year: 250  $ 5.36  —  $ —
Schedule of Fully-vested Common Stock Issued to Non-employee Directors	A summary of the fully-vested common stock the Company issued to its non-employee directors, in connection with its non-employee director compensation, is as follows (in thousands):   Six months ended June 30,   2024 2023 Awards issued 31  48  Grant date fair value of awards issued $ 274  $ 275
Schedule of Vesting Activity of Restricted Stock Unit Awards	A summary of the vesting activity of restricted stock unit awards, with the respective fair value of the awards, is as follows:   Six months ended June 30,   2024 2023 Restricted stock awards vested 461  430  Fair value of awards vested $ 4,184  $ 2,616
Schedule of Company's Outstanding, Nonvested Restricted Share Units and Performance Restricted Stock Units	A summary of the Company’s outstanding, non-vested restricted share units is as follows:   Six months ended June 30,   2024 2023   Units Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value Outstanding at beginning of period: 1,184  $ 8.07  1,415  $ 6.66  Granted 726  $ 8.52  581  $ 8.42  Vested (461) $ 9.08  (430) $ 6.09  Forfeited (56) $ 8.49  (98) $ 7.94  Outstanding at end of period: 1,393  $ 8.38  1,468  $ 7.62  A summary of the Company’s PRSU activity is as follows:   Six months ended June 30, 2024 2023   Units Weighted Average Grant-Date Fair Value Units Weighted Average Grant-Date Fair Value Outstanding at beginning of period: 60  $ 9.33  280  $ 9.96  Granted 295  $ 8.76  282  $ 8.50  Performance condition adjustments —  $ —  (215) $ 8.27  Vested —  $ —  (64) $ 5.58  Forfeited —  $ —  (84) $ 6.95  Outstanding at end of period: 355  $ 8.97  199  $ 9.45

v3.24.2.u1

Earnings (loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computations of Basic and Diluted Earnings (Loss) per Share	The following table sets forth the computations of basic and diluted earnings (loss) per share:     Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Basic earnings (loss) per share     Numerator:     Net income (loss) attributable to Mistras Group, Inc. $ 6,369  $ 337  $ 7,364  $ (4,649) Denominator:         Weighted average common shares outstanding 30,979  30,368  30,842  30,214  Basic earnings (loss) per share $ 0.21  $ 0.01  $ 0.24  $ (0.15)     Diluted earnings (loss) per share:         Numerator:     Net income (loss) attributable to Mistras Group, Inc. $ 6,369  $ 337  $ 7,364  $ (4,649) Denominator:     Weighted average common shares outstanding 30,979  30,368  30,842  30,214  Dilutive effect of stock options outstanding 97  —  93  —  Dilutive effect of restricted stock units outstanding (1) 217  292  423  —  31,293  30,660  31,358  30,214  Diluted earnings (loss) per share $ 0.20  $ 0.01  $ 0.23  $ (0.15) _______________ (1) For the six months ended June 30, 2023, 1,106,595 shares related to restricted stock, respectively, were excluded from the calculation of diluted EPS due to the net loss for the period.

v3.24.2.u1

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Acquisition-related Expense	These amounts are reported as Acquisition-related expense, net on the Unaudited Condensed Consolidated Statements of Income (Loss) and were as follows for the three and six months ended June 30, 2024 and 2023: Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Due diligence, professional fees and other transaction costs $ —  $ 1  $ 1  $ 3  Adjustments to fair value of contingent consideration liabilities —  —  —  —  Acquisition-related expense, net $ —  $ 1  $ 1  $ 3

v3.24.2.u1

Accounts Receivable, net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable consisted of the following:     June 30, 2024 December 31, 2023 Trade accounts receivable $ 151,945  $ 134,495  Allowance for credit losses (1,987) (1,648) Accounts receivable, net $ 149,958  $ 132,847

v3.24.2.u1

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands):   June 30, 2024 December 31, 2023 Raw materials $ 5,679  $ 6,099  Work in progress 938  839  Finished goods 5,629  5,740  Consumable supplies 2,698  2,605  Inventories $ 14,944  $ 15,283

v3.24.2.u1

Property, Plant and Equipment, net (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, net	Property, plant and equipment, net consisted of the following:   Useful Life (Years) June 30, 2024 December 31, 2023 Land   $ 2,441  $ 2,453  Buildings and improvements 30-40 27,117  26,663  Office furniture and equipment 5-8 21,836  21,334  Machinery and equipment 5-7 272,658  269,306      324,052  319,756  Accumulated depreciation and amortization   (245,267) (238,784) Property, plant and equipment, net   $ 78,785  $ 80,972

v3.24.2.u1

Goodwill (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill by segment is shown below:   North America International Products and Systems Total Balance at December 31, 2023 $ 187,354  $ —  $ —  $ 187,354  Foreign currency translation (2,366) —  —  (2,366) Impairment charges —  —  —  —  Balance at June 30, 2024 $ 184,988  $ —  $ —  $ 184,988

v3.24.2.u1

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Net Carrying Amount of Intangible Assets	The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows:       June 30, 2024 December 31, 2023   Useful Life (Years) Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships 5-18 $ 109,091  $ (91,356) $ 17,735  $ 110,780  $ (90,506) $ 20,274  Software/Technology 3-15 56,361  (33,204) 23,157  55,053  (32,230) 22,823  Covenants not to compete 2-5 12,477  (12,445) 32  12,536  (12,488) 48  Other 2-12 10,338  (9,550) 788  10,466  (9,617) 849  Total   $ 188,267  $ (146,555) $ 41,712  $ 188,835  $ (144,841) $ 43,994

v3.24.2.u1

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following:     June 30, 2024 December 31, 2023 Accrued salaries, wages and related employee benefits $ 29,567  $ 27,372  Accrued workers’ compensation and health benefits 4,645  4,385  Deferred revenue 8,296  7,136  Pension accrual 2,458  2,458  Right-of-use liability - Operating 11,408  10,686  Other accrued expenses 29,353  32,294  Total $ 85,727  $ 84,331

v3.24.2.u1

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following:   June 30, 2024 December 31, 2023 Senior credit facility $ 82,836  $ 71,150  Senior secured term loan, net of unamortized debt issuance costs of $0.3 million and $0.4 million, respectively 113,744  115,253  Other 3,133  3,996  Total debt 199,713  190,399  Less: Current portion (10,021) (8,900) Long-term debt, net of current portion $ 189,692  $ 181,499

v3.24.2.u1

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Changes in Fair Value of Level 3 Contingent Consideration	The following table represents the changes in the fair value of Level 3 contingent consideration:     Six months ended June 30, 2024 2023 Beginning balance $ —  $ 938  Payments —  (938) Revaluation —  —  Ending balance $ —  $ —

v3.24.2.u1

Segment Disclosure (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Selected Consolidated Financial Information by Segment	Selected consolidated financial information by segment for the periods shown was as follows: (with intercompany transactions eliminated in Corporate and eliminations)     Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Revenue     North America $ 156,394  $ 145,550  $ 306,743  $ 282,482  International 34,264  30,277  67,311  59,684  Products and Systems 3,373  3,329  6,583  7,068  Corporate and eliminations (4,258) (3,126) (6,422) (5,188)   $ 189,773  $ 176,030  $ 374,215  $ 344,046      Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Gross profit     North America $ 44,336  $ 39,679  $ 84,326  $ 76,316  International 10,072  8,398  19,530  15,766  Products and Systems 1,687  1,614  3,300  3,676  Corporate and eliminations 21  31  49  41    $ 56,116  $ 49,722  $ 107,205  $ 95,799  Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations.   Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Income (loss) from operations     North America $ 18,727  $ 12,338  $ 32,287  $ 21,715  International 1,647  507  2,771  (61) Products and Systems 495  94  809  478  Corporate and eliminations (8,910) (9,046) (18,356) (20,067)   $ 11,959  $ 3,893  $ 17,511  $ 2,065       Three months ended June 30, Six months ended June 30,   2024 2023 2024 2023 Depreciation and amortization         North America $ 6,130  $ 6,370  $ 12,348  $ 12,727  International 1,911  1,889  3,823  3,748  Products and Systems 169  87  333  343  Corporate and eliminations 78  (37) 166  (96)   $ 8,288  $ 8,309  $ 16,670  $ 16,722      June 30, 2024 December 31, 2023 Intangible assets, net     North America $ 34,260  $ 37,622  International 2,131  2,998  Products and Systems 1,095  1,168  Corporate and eliminations 4,226  2,206    $ 41,712  $ 43,994      June 30, 2024 December 31, 2023 Total assets     North America $ 418,363  $ 402,782  International 100,505  99,398  Products and Systems 12,187  13,259  Corporate and eliminations 17,092  19,337    $ 548,147  $ 534,776

v3.24.2.u1

Description of Business and Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Tax Credit Carryforward [Line Items]
Number of operating segments | segment			3
Effective income tax rate	15.50%	(974.30%)	14.90%	21.50%
Goodwill impairment charges			$ 0
Foreign Tax Authority
Tax Credit Carryforward [Line Items]
Valuation allowance as of period end		$ 700		$ 700

v3.24.2.u1

Revenue - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in contract liability balance at the beginning of the year	$ 4.8	$ 4.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction period	1 year

v3.24.2.u1

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 189,773	$ 176,030	$ 374,215	$ 344,046
United States
Disaggregation of Revenue [Line Items]
Revenue	132,635	124,626	262,474	246,738
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	24,403	23,686	43,762	41,339
Europe
Disaggregation of Revenue [Line Items]
Revenue	31,259	25,094	61,380	50,124
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	1,476	2,624	6,599	5,845
Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	109,256	106,124	222,421	204,789
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	22,340	19,018	44,458	37,620
Industrials
Disaggregation of Revenue [Line Items]
Revenue	18,294	17,737	33,493	33,650
Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	9,033	8,156	14,885	16,126
Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	14,909	13,381	26,809	25,754
Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	8,633	6,746	15,219	12,507
Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	4,019	1,733	8,363	7,015
Other
Disaggregation of Revenue [Line Items]
Revenue	3,289	3,135	8,567	6,585
Operating segments | North America
Disaggregation of Revenue [Line Items]
Revenue	156,394	145,550	306,743	282,482
Operating segments | North America | United States
Disaggregation of Revenue [Line Items]
Revenue	130,870	122,972	260,328	243,572
Operating segments | North America | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	24,594	21,041	41,721	35,311
Operating segments | North America | Europe
Disaggregation of Revenue [Line Items]
Revenue	611	1,282	1,764	2,694
Operating segments | North America | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	319	255	2,930	905
Operating segments | North America | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	96,356	97,500	199,383	187,273
Operating segments | North America | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	16,596	13,665	31,971	27,276
Operating segments | North America | Industrials
Disaggregation of Revenue [Line Items]
Revenue	11,853	11,066	20,762	20,368
Operating segments | North America | Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	7,332	5,459	10,924	10,446
Operating segments | North America | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	10,368	8,864	18,296	17,973
Operating segments | North America | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	5,125	4,171	9,097	6,654
Operating segments | North America | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	3,848	1,577	7,661	6,714
Operating segments | North America | Other
Disaggregation of Revenue [Line Items]
Revenue	4,916	3,248	8,649	5,778
Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue	34,264	30,277	67,311	59,684
Operating segments | International | United States
Disaggregation of Revenue [Line Items]
Revenue	432	280	728	589
Operating segments | International | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	1,921	3,821	4,216	7,310
Operating segments | International | Europe
Disaggregation of Revenue [Line Items]
Revenue	31,183	24,474	59,846	48,657
Operating segments | International | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	728	1,702	2,521	3,128
Operating segments | International | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	12,735	8,609	22,801	17,464
Operating segments | International | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	5,697	5,136	12,429	10,116
Operating segments | International | Industrials
Disaggregation of Revenue [Line Items]
Revenue	5,878	6,203	11,731	12,256
Operating segments | International | Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	1,254	1,530	2,936	3,187
Operating segments | International | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	4,504	4,466	8,437	7,703
Operating segments | International | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	2,813	2,028	5,018	4,164
Operating segments | International | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	171	156	702	301
Operating segments | International | Other
Disaggregation of Revenue [Line Items]
Revenue	1,212	2,149	3,257	4,493
Operating segments | Products
Disaggregation of Revenue [Line Items]
Revenue	3,373	3,329	6,583	7,068
Operating segments | Products | United States
Disaggregation of Revenue [Line Items]
Revenue	1,542	1,645	3,142	3,446
Operating segments | Products | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	675	298	852	624
Operating segments | Products | Europe
Disaggregation of Revenue [Line Items]
Revenue	580	504	1,231	765
Operating segments | Products | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	576	882	1,358	2,233
Operating segments | Products | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	165	15	237	52
Operating segments | Products | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	47	217	58	228
Operating segments | Products | Industrials
Disaggregation of Revenue [Line Items]
Revenue	563	468	1,000	1,026
Operating segments | Products | Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	447	1,167	1,025	2,493
Operating segments | Products | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	37	51	76	78
Operating segments | Products | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	695	547	1,104	1,689
Operating segments | Products | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Operating segments | Products | Other
Disaggregation of Revenue [Line Items]
Revenue	1,419	864	3,083	1,502
Corp/Elim
Disaggregation of Revenue [Line Items]
Revenue	(4,258)	(3,126)	(6,422)	(5,188)
Corp/Elim | United States
Disaggregation of Revenue [Line Items]
Revenue	(209)	(271)	(1,724)	(869)
Corp/Elim | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	(2,787)	(1,474)	(3,027)	(1,906)
Corp/Elim | Europe
Disaggregation of Revenue [Line Items]
Revenue	(1,115)	(1,166)	(1,461)	(1,992)
Corp/Elim | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	(147)	(215)	(210)	(421)
Corp/Elim | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Industrials
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Power Generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Corp/Elim | Other
Disaggregation of Revenue [Line Items]
Revenue	$ (4,258)	$ (3,126)	$ (6,422)	$ (5,188)

v3.24.2.u1

Share-Based Compensation - Equity Incentive Plans (Details) - 2016 Plan - shares	May 23, 2022	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards that may be granted (in shares)		1,600,000
Increase in total number of shares authorized for issuance (in shares)	1,300,000
Total number of shares authorized for issuance (in shares)	6,200,000

v3.24.2.u1

Share-Based Compensation - Stock Options Narrative (Details) - $ / shares		6 Months Ended
	Oct. 11, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award granted (in shares)		0	0
Weighted average grant date fair value of stock option award granted (in dollars per share)		$ 0	$ 0
Stock Options | Interim President And CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option award granted (in shares)	250,000
Weighted average grant date fair value of stock option award granted (in dollars per share)	$ 5.36
Expiration term of options	10 years
Expiration term of options in the event grantee no longer serving	1 year

v3.24.2.u1

Share-Based Compensation - Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Common Stock Options
Outstanding at beginning of period (in shares)	250,000	0
Granted (in shares)	0	0
Exercised (in shares)	0	0
Expired or forfeited (in shares)	0	0
Outstanding at end of period (in shares)	250,000	0
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.36	$ 0
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Expired or forfeited (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 5.36	$ 0

v3.24.2.u1

Share-Based Compensation - Restricted Stock Unit Awards - Narrative (Details) - Restricted Stock Unit Awards - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense (benefit)	$ 1.3	$ 0.8	$ 2.3	$ 1.8
Unrecognized compensation cost, net of estimated forfeitures	$ 10.7		$ 10.7
Weighted-average period over which unrecognized compensation cost is expected to be recognized (years)			2 years 7 months 6 days

v3.24.2.u1

Share-Based Compensation - Vesting Activity of Restricted Stock Unit Awards (Details) - Restricted Stock Unit Awards - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vested (in shares)	461	430
Fair value of awards vested	$ 4,184	$ 2,616

v3.24.2.u1

Share-Based Compensation - Fully-vested Common Stock Issued to Non-employee Directors (Details) - Common Stock - Non-employee Directors - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issued (in shares)	31	48
Grant date fair value of awards issued	$ 274	$ 275

v3.24.2.u1

Share-Based Compensation - Restricted Stock Units Awards - Activity (Details) - Restricted Stock Unit Awards - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Stock Units Awards (Units)
Outstanding at beginning of period (in shares)	1,184	1,415
Granted (in shares)	726	581
Vested (in shares)	(461)	(430)
Forfeited (in shares)	(56)	(98)
Outstanding at end of period (in shares)	1,393	1,468
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 8.07	$ 6.66
Granted (in dollars per share)	8.52	8.42
Vested (in dollars per share)	9.08	6.09
Forfeited (in dollars per share)	8.49	7.94
Outstanding at end of period (in dollars per share)	$ 8.38	$ 7.62

v3.24.2.u1

Share-Based Compensation - Performance Restricted Stock Units - Narrative (Details) - PRSUs $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) metric shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units increased (decreased) during the period (in shares) | shares				(215,000)
Recognized share-based compensation expense (benefit) | $	$ 0.3	$ 0.2	$ 0.3	$ 0.6
Unrecognized compensation cost | $	$ 2.5		$ 2.5
Nonvested shares outstanding (in shares) | shares	355,000	199,000	355,000	199,000	60,000	280,000
Weighted-average period over which unrecognized compensation cost is expected to be recognized (years)			2 years 9 months 18 days
Executive and Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (years)			1 year
Award vesting period			4 years
Requisite service period			5 years
Executive and Senior Officers | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage	0.00%		0.00%
Executive and Senior Officers | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award percentage	200.00%		200.00%
Executive and Senior Officers | Anniversary 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)			25.00%
Executive and Senior Officers | Anniversary 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)			25.00%
Executive and Senior Officers | Anniversary 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)			25.00%
Executive and Senior Officers | Anniversary 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)			25.00%
Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance award metrics | metric			3

v3.24.2.u1

Share-Based Compensation - Performance Restricted Stock Units - Activity (Details) - PRSUs - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Performance Restricted Stock (Units)
Outstanding at beginning of period (in shares)	60	280
Granted (in shares)	295	282
Performance condition adjustments (in shares)	0	(215)
Vested (in shares)	0	(64)
Forfeited (in shares)	0	(84)
Outstanding at end of period (in shares)	355	199
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 9.33	$ 9.96
Granted (in dollars per share)	8.76	8.50
Performance condition adjustments (in dollars per share)	0	8.27
Vested (in dollars per share)	0	5.58
Forfeited (in dollars per share)	0	6.95
Outstanding at end of period (in dollars per share)	$ 8.97	$ 9.45

v3.24.2.u1

Earnings (loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings (loss) per share
Net income (loss) attributable to Mistras Group, Inc.	$ 6,369	$ 337	$ 7,364	$ (4,649)
Denominator:
Weighted average common shares outstanding, basic (in shares)	30,979,000	30,368,000	30,842,000	30,214,000
Basic earnings (loss) per share (in dollars per share)	$ 0.21	$ 0.01	$ 0.24	$ (0.15)
Denominator:
Weighted average common shares outstanding, basic (in shares)	30,979,000	30,368,000	30,842,000	30,214,000
Dilutive effect of stock options outstanding (in shares)	97,000	0	93,000	0
Dilutive effect of restricted stock units outstanding (in shares)	217,000	292,000	423,000	0
Weighted average common shares outstanding, diluted (in shares)	31,293,000	30,660,000	31,358,000	30,214,000
Diluted earnings (loss) per share (in dollars per share)	$ 0.20	$ 0.01	$ 0.23	$ (0.15)
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of diluted EPS due to net loss for the period (in shares)				1,106,595

v3.24.2.u1

Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Due diligence, professional fees and other transaction costs	$ 0	$ 1	$ 1	$ 3
Adjustments to fair value of contingent consideration liabilities	0	0	0	0
Acquisition-related expense, net	$ 0	$ 1	$ 1	$ 3

v3.24.2.u1

Accounts Receivable, net - Schedule of Accounts Receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade accounts receivable	$ 151,945	$ 134,495
Allowance for credit losses	(1,987)	(1,648)
Accounts receivable, net	$ 149,958	$ 132,847

v3.24.2.u1

Accounts Receivable, net - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Unbilled revenues accrued	$ 29,700	$ 18,500
Past due receivables outstanding	$ 149,958	$ 132,847

v3.24.2.u1

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 5,679	$ 6,099
Work in progress	938	839
Finished goods	5,629	5,740
Consumable supplies	2,698	2,605
Inventories	$ 14,944	$ 15,283

v3.24.2.u1

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 324,052		$ 324,052		$ 319,756
Accumulated depreciation and amortization	(245,267)		(245,267)		(238,784)
Property, plant and equipment, net	78,785		78,785		80,972
Depreciation expense	6,400	$ 6,200	12,800	$ 12,400
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	2,441		2,441		2,453
Buildings and improvements
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 27,117		$ 27,117		26,663
Buildings and improvements | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	30 years		30 years
Buildings and improvements | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	40 years		40 years
Office furniture and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 21,836		$ 21,836		21,334
Office furniture and equipment | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years		5 years
Office furniture and equipment | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	8 years		8 years
Machinery and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 272,658		$ 272,658		$ 269,306
Machinery and equipment | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years		5 years
Machinery and equipment | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	7 years		7 years

v3.24.2.u1

Goodwill - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2023	Jun. 30, 2024
Goodwill [Roll Forward]
Beginning balance		$ 187,354
Foreign currency translation		(2,366)
Impairment charges		0
Ending balance		184,988
North America
Goodwill [Roll Forward]
Beginning balance		187,354
Foreign currency translation		(2,366)
Impairment charges		0
Ending balance		184,988
International
Goodwill [Roll Forward]
Beginning balance		0
Foreign currency translation		0
Impairment charges	$ (13,800)	0
Ending balance		0
Products and Systems
Goodwill [Roll Forward]
Beginning balance		0
Foreign currency translation		0
Impairment charges		0
Ending balance		$ 0

v3.24.2.u1

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 188,267		$ 188,267		$ 188,835
Accumulated Amortization	(146,555)		(146,555)		(144,841)
Net Carrying Amount	41,712		41,712		43,994
Amortization expense of intangibles	1,900	$ 2,200	3,900	$ 4,300
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	109,091		109,091		110,780
Accumulated Amortization	(91,356)		(91,356)		(90,506)
Net Carrying Amount	$ 17,735		$ 17,735		20,274
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years		5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	18 years		18 years
Software/Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 56,361		$ 56,361		55,053
Accumulated Amortization	(33,204)		(33,204)		(32,230)
Net Carrying Amount	$ 23,157		$ 23,157		22,823
Software/Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	3 years		3 years
Software/Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	15 years		15 years
Covenants not to compete
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 12,477		$ 12,477		12,536
Accumulated Amortization	(12,445)		(12,445)		(12,488)
Net Carrying Amount	$ 32		$ 32		48
Covenants not to compete | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years		2 years
Covenants not to compete | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years		5 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 10,338		$ 10,338		10,466
Accumulated Amortization	(9,550)		(9,550)		(9,617)
Net Carrying Amount	$ 788		$ 788		$ 849
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years		2 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	12 years		12 years

v3.24.2.u1

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued salaries, wages and related employee benefits	$ 29,567	$ 27,372
Accrued workers’ compensation and health benefits	4,645	4,385
Deferred revenue	8,296	7,136
Pension accrual	2,458	2,458
Right-of-use liability - Operating	11,408	10,686
Other accrued expenses	29,353	32,294
Total	$ 85,727	$ 84,331

v3.24.2.u1

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 199,713	$ 190,399
Less: Current portion	(10,021)	(8,900)
Long-term debt, net of current portion	189,692	181,499
Senior credit facility
Debt Instrument [Line Items]
Total debt	82,836	71,150
Senior credit facility | Senior Secured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	300	400
Total debt	113,744	115,253
Other
Debt Instrument [Line Items]
Total debt	$ 3,133	$ 3,996

v3.24.2.u1

Long-Term Debt - Narrative (Details)		6 Months Ended
	Aug. 01, 2022 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 199,713,000	$ 190,399,000
Line of Credit | Credit Agreement
Debt Instrument [Line Items]
Consolidated debt ratio (less than)	1.25
Consolidated debt ratio (greater than)	3.75
Fixed charge coverage ratio	1.25
Number of days, written notice required prior to an acquisition	5 days
Amount of acquisition requiring written notice	$ 10,000,000
Line of Credit | Credit Agreement | Senior credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 190,000,000
Term of credit facility	5 years
Maximum borrowing capacity in non-U.S. Dollar currencies	$ 100,000,000
Line of Credit | Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Term loan	125,000,000
Line of Credit | Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Maximum amount available for the issuance of letters of credit	$ 20,000,000
Line of Credit | Credit Agreement | Minimum | Variable Rate Component
Debt Instrument [Line Items]
SOFR margin range	1.25%
Line of Credit | Credit Agreement | Maximum | Variable Rate Component
Debt Instrument [Line Items]
SOFR margin range	2.75%
Line of Credit | Credit Agreement | Through June 30, 2023
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	4.0
Line of Credit | Credit Agreement | After June 30, 2023
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	3.75
Line of Credit | Credit Agreement | Through June 30, 2024
Debt Instrument [Line Items]
Debt periodic payments	$ 1,560,000
Line of Credit | Credit Agreement | Through June 30, 2025
Debt Instrument [Line Items]
Debt periodic payments	2,340,000
Line of Credit | Credit Agreement | After June 30, 2025
Debt Instrument [Line Items]
Debt periodic payments	$ 3,120,000
Senior credit facility
Debt Instrument [Line Items]
Debt outstanding		82,836,000	71,150,000
Outstanding borrowings		196,600,000
Outstanding letters of credit		3,200,000
Capitalized costs associated with debt modifications		1,000,000.0
Senior credit facility | Senior Secured Term Loan
Debt Instrument [Line Items]
Debt outstanding		113,744,000	115,253,000
Other
Debt Instrument [Line Items]
Debt outstanding		3,133,000	$ 3,996,000
Other | Minimum
Debt Instrument [Line Items]
Debt periodic payments		$ 1,000
Interest rate		0.40%
Other | Maximum
Debt Instrument [Line Items]
Debt periodic payments		$ 15,000
Interest rate		3.50%

v3.24.2.u1

Fair Value Measurements (Details) - Level 3 - Contingent Consideration - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 938
Payments	0	(938)
Revaluation	0	0
Ending balance	$ 0	$ 0

v3.24.2.u1

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Litigation
Pension accrual	$ 2,458	$ 2,458
Pension Related Contingencies
Litigation
Pension accrual	$ 2,500

v3.24.2.u1

Segment Disclosure (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			3
Financial information by segment
Revenue	$ 189,773	$ 176,030	$ 374,215	$ 344,046
Gross profit	56,116	49,722	107,205	95,799
Income (loss) from operations	11,959	3,893	17,511	2,065
Depreciation and amortization	8,288	8,309	16,670	16,722
Intangible assets, net	41,712		41,712		$ 43,994
Total assets	548,147		548,147		534,776
Operating segments | North America
Financial information by segment
Revenue	156,394	145,550	306,743	282,482
Gross profit	44,336	39,679	84,326	76,316
Income (loss) from operations	18,727	12,338	32,287	21,715
Depreciation and amortization	6,130	6,370	12,348	12,727
Intangible assets, net	34,260		34,260		37,622
Total assets	418,363		418,363		402,782
Operating segments | International
Financial information by segment
Revenue	34,264	30,277	67,311	59,684
Gross profit	10,072	8,398	19,530	15,766
Income (loss) from operations	1,647	507	2,771	(61)
Depreciation and amortization	1,911	1,889	3,823	3,748
Intangible assets, net	2,131		2,131		2,998
Total assets	100,505		100,505		99,398
Operating segments | Products and Systems
Financial information by segment
Revenue	3,373	3,329	6,583	7,068
Gross profit	1,687	1,614	3,300	3,676
Income (loss) from operations	495	94	809	478
Depreciation and amortization	169	87	333	343
Intangible assets, net	1,095		1,095		1,168
Total assets	12,187		12,187		13,259
Corporate and eliminations
Financial information by segment
Revenue	(4,258)	(3,126)	(6,422)	(5,188)
Gross profit	21	31	49	41
Income (loss) from operations	(8,910)	(9,046)	(18,356)	(20,067)
Depreciation and amortization	78	$ (37)	166	$ (96)
Intangible assets, net	4,226		4,226		2,206
Total assets	$ 17,092		$ 17,092		$ 19,337

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