Mistras Group, Inc. (NYSE:MG) Q1 2020 Earnings Conference Call - Final Transcript

May 19, 2020 • 09:00 am ET

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Mistras Group, Inc. (NYSE:MG) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Thank you for joining Mistras Group Conference Call for its First Quarter ended March 31, 2020. My name is Gigi, and I'll be your event manager today. We will be accepting questions after management's prepared remarks. Participating on the call for Mistras will be Dennis Bertolotti, the Company's President and Chief Executive Officer; Ed Prajzner, Executive Vice President, Chief Financial Officer and Treasurer; and Jon Wolk, Senior Executive Vice President and Chief Operating Officer.

I want to remind everyone that remarks made during this conference call will include forward-looking statements. The Company's actual results could differ materially from those projected. Some of those factors that can cause actual results to differ are discussed in the Company's most recent Annual Report on Form 10-K and other reports filed with the SEC.

The discussion in this conference call will also include certain financial measures that were not prepared in accordance with US GAAP. Reconciliation of these non-US GAAP financial measures to the most directly comparable US GAAP financial measures can be found in the tables contained in yesterday's press release and in the Company's related current report on Form 8-K. These reports are available at the Company's website in the Investors section and on the SEC's website.

I will now turn the conference over to Dennis Bertolotti.

Executive
Dennis M. Bertolotti

Thank you, Gigi. Good morning, everyone. As with last quarter let me first begin with some comments on the current state of the market and what we've seen so far and briefly update you on the actions that Mistras has taken to keep our employees, customers and partners safe while simultaneously mitigating these challenging conditions.

First, let me say that I'm extremely proud of how our team has responded to current conditions. They have remained focused on the safety and well-being of our associates, clients, and partners. They are continuing to deliver outstanding services which is helping our clients best manage through these unprecedented times, all the while positioning Mistras to emerge from this global pandemic stronger and better prepared to further our industry leadership.

In the first quarter, we posted solid operating results with revenues better than forecasted and our asset-light business model has continued to generate positive cash flow for which we have become well-known. We have achieved this despite a quarter that experienced the dual impacts of a weak energy market continuing from late last year and the global pandemic that began to take root towards the end of the first quarter. As it became clear that we were entering a period of incredible uncertainty, we took immediate action to adjust to these new realities. The immediate focus was on things that we could control with our goal being to preserve and protect our reputation and to reinforce our position as our customer's preferred partner. So we double down our efforts to provide our customers with the high quality of service in which they have come to rely upon from Mistras.

We found innovative new uses for our technology. MISTRAS Digital to help