Matrix Service Co (MTRX) 2026 Q3 法說會逐字稿

Good morning, and welcome to the Matrix Service Company conference call to discuss results for the third quarter of fiscal 2026. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to Mr. John Hewitt, President and CEO for Matrix Service Company.

各位早安，歡迎參加 Matrix Service Company 的電話會議，討論 2026 會計年度第三季的業績結果。（接線員指示）提醒各位，本次會議將被錄音。現在我想將會議交給 Matrix Service Company 總裁兼執行長 John Hewitt 先生。

Good morning, everyone. Before we get started, I want to take the opportunity to introduce two individuals joining our call today for the first time. First is Patrick Roberts, who has added Investor Relations to his current role, which also includes corporate development and strategic planning.

各位早安。在開始之前，我想藉此機會介紹兩位今天首次加入我們電話會議的同仁。第一位是 Patrick Roberts，他在現有職務上新增了投資人關係職責；他目前的職責也包含企業發展與策略規劃。

Next is Shawn Payne, currently Chief Operating Officer, who, as you know, will take to reins as President and CEO on July 1. Shawn is currently at a major project kickoff in Houston.

第二位是 Shawn Payne，目前擔任營運長；如各位所知，他將於 7 月 1 日接任總裁兼執行長。Shawn 目前正在休士頓參與一項重大專案的啟動會議。

It will not be with us for the Q&A portion of this earnings call but will be joining us at upcoming investor conferences and on other scheduled calls. With that, I'll turn the call over to Patrick.

他將無法參與本次財報電話會議的問答環節，但會在接下來的投資人會議以及其他已排定的電話會議中與各位見面。接下來我把電話交給 Patrick。

Thank you, John, and good morning, everyone. Welcome to Matrix Service Company's third quarter fiscal 2026 earnings call. As John mentioned, participants on today's call include Chief Executive Officer, John Hewitt; Chief Operating Officer, Shawn Payne; and Chief Financial Officer, Kevin Cavanah. Following our prepared remarks, we will open the call up for questions.

謝謝你，John，各位早安。歡迎參加 Matrix Service Company 2026 會計年度第三季財報電話會議。如 John 所提，今天與會者包括執行長 John Hewitt、營運長 Shawn Payne，以及財務長 Kevin Cavanah。在我們的準備稿說明之後，我們將開放提問。

The presentation materials referred to during the webcast today can be found under Events and Presentations on the Investor Relations section of matrixservicecompany.com.

今天網路直播中所提及的簡報資料，可在 matrixservicecompany.com 的投資人關係（Investor Relations）專區下的「活動與簡報」（Events and Presentations）中找到。

As a reminder, on today's call, we may make various remarks about future expectations, plans and prospects for Matrix Service Company that constitute forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.

提醒各位，在今天的電話會議中，我們可能會就 Matrix Service Company 對未來的預期、計畫與展望發表各項評論；這些評論依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之目的，構成前瞻性陳述。

Actual results may differ materially from those indicated by these forward-looking statements because of various factors, including those discussed in our most recent annual report on Form 10-K and in subsequent filings made by the company with the SEC. The forward-looking statements made today are effective only as of today. To the extent we utilize non-GAAP measures, reconciliations will be provided in various press releases, periodic SEC filings and on our website. Related to investor conferences and corporate access opportunities, Matrix will be participating in the Sidoti Microcap Virtual Conference on May 20 and 21 and will also be participating in the Stifel Cross Sector Insights Conference on June 2 and 3 in Boston and the Northland Growth Virtual Conference on June 23.

實際結果可能因各種因素而與這些前瞻性陳述所示有重大差異，包括我們最近一期 Form 10-K 年報以及公司後續向美國證券交易委員會（SEC）提交之文件中所討論的因素。今日所作之前瞻性陳述僅於今日有效。若我們使用非 GAAP 衡量指標，相關調節表將於各項新聞稿、定期 SEC 申報文件以及我們網站中提供。關於投資人會議與企業交流機會，Matrix 將參加 5 月 20 日與 21 日的 Sidoti Microcap Virtual Conference，亦將參加 6 月 2 日與 3 日在波士頓舉行的 Stifel Cross Sector Insights Conference，以及 6 月 23 日的 Northland Growth Virtual Conference。

If you take additional information on these events or would like to have a conversation with management, I invite you to contact me through the Matrix Service Company Investor Relations website. Turning now to safety. As we begin our earnings call, I want to take a moment to recognize that May is Mental Health Awareness Month. At Matrix, we believe that safety goes beyond physical well-being, mental health is just as important. In our industry, the pressures of strenuous work and extended periods away from home can take a significant toll.

若您希望取得上述活動的更多資訊，或想與管理團隊交流，歡迎透過 Matrix Service Company 投資人關係網站與我聯繫。接下來談到安全。在開始本次財報電話會議之前，我想先花點時間提醒各位：五月是心理健康宣導月（Mental Health Awareness Month）。在 Matrix，我們相信安全不僅限於身體健康，心理健康同樣重要。在我們的產業中，高強度工作與長時間離家在外的壓力，可能造成相當大的負擔。

Unfortunately, the construction industry faces some of the highest rates of suicide, making it critical for us to address these challenges directly. But quite honestly, whether you work in the construction industry or elsewhere, each of us face challenges in life that can put our mental health at risk, and we need to know that resources are available. And it's okay to ask for help. Matrix is committed to reducing the stigma surrounding mental health. We strive to foster an environment where everyone feels comfortable seeking support, and we provide resources to help our employees take care of themselves and each other.

不幸的是，建築業面臨的自殺率位居各產業前列，因此我們必須直接面對並處理這些挑戰。但坦白說，無論您是在建築業或其他產業工作，我們每個人在生活中都會面臨可能使心理健康承受風險的挑戰，而我們需要知道有資源可用。而且，尋求協助是可以的。Matrix 致力於降低心理健康相關的污名化。我們努力營造一個讓每個人都能自在尋求支持的環境，並提供資源，協助員工照顧自己，也照顧彼此。

By prioritizing both physical and mental safety, we reaffirm that every aspect of our team's well-being is paramount. We encourage each of you to do the same. Together, we can make a difference and ensure that no one feels alone. I will now turn the call over to John.

透過同時重視身體與心理安全，我們再次強調團隊福祉的每一個面向都至關重要。我們也鼓勵各位同樣如此。只要一起努力，我們就能帶來改變，並確保沒有任何人感到孤單。現在我把電話交回給 John。

Thank you, Patrick, and good morning, again, everyone, and thank you for joining us. I want to highlight many of the key events that have happened in the quarter that will provide clarity on the progress we are making on our Win, Execute & Deliver strategy. First, the business returned to profitability in the quarter as we earned $0.13 per fully diluted share on an adjusted basis despite revenue levels being impacted by client-related delays and weather during the quarter. We expect revenues to climb in Q4 and profitable performance to continue. The lower revenues in Q3 principally came in our booked work caused by abnormal and unforeseeable weather events and late client deliverables.

謝謝你，Patrick。各位再次早安，也感謝各位加入。我想重點說明本季發生的多項關鍵事件，這些事件將有助於釐清我們在「Win, Execute & Deliver」策略上所取得的進展。首先，儘管本季營收受到客戶相關延遲以及天候因素影響，公司本季仍恢復獲利；以調整後基礎計算，每股完全稀釋盈餘為 0.13 美元。我們預期第四季營收將攀升，且獲利表現可望延續。第三季較低的營收主要來自我們已承攬（booked）的工作，原因是異常且不可預見的天候事件，以及客戶交付物延後。

These delayed revenues are moving into later quarters. This profitable outcome was driven by the quality backlog, good operating performance against that backlog and organization streamlining that has occurred over the past 12 months. As it relates to our revenue guidance, the revenue movement I mentioned does contribute to a 2.2% reduction in the midpoint of our guidance range from what was $900 million to a new midpoint of $880 million. Even with the slight reduction in the midpoint of the guidance range, the revenue in the fourth quarter is expected to turn upwards and supports our continued profitability. During the quarter, we reached positive resolution on two legacy legal issues.

這些延後認列的營收將遞延至後續季度。本季的獲利成果，主要來自高品質的在手訂單（backlog）、針對該在手訂單的良好營運執行表現，以及過去 12 個月所進行的組織精簡。就我們的營收指引而言，我剛提到的營收遞延，確實使我們指引區間的中位數下調 2.2%，由原先的 9 億美元調整為新的中位數 8.8 億美元。即便指引中位數略為下調，第四季營收預期將回升，並支持我們持續維持獲利。本季我們也就兩項歷史法律案件達成正向解決。

The first was a collection issue from an industrial client working toward commercial viability and the other, a contract dispute with a midstream company for whom we built a crude terminal during the COVID outbreak. The collective result was in line with our balance sheet position, will increase our cash balance by nearly $20 million and will allow us to reduce our legal spend in the future. These two items present final closure to the remaining significant legacy disputes that have distracted the organization for these past few years. Our opportunity pipeline remains strong at $6.9 billion, which represents not only our traditional LNG business, but the addition of more opportunities in mining minerals, power generation and data center-related activities. The awards in the quarter were below our expectations affected mostly by timing of client decision-making.

第一項是與一位正朝商業可行性推進的工業客戶之應收款項回收問題；第二項則是與一家中游公司之合約爭議，我們在 COVID 疫情爆發期間曾為其建造原油終端設施。整體結果與我們資產負債表上的既有認列狀況一致，將使我們的現金餘額增加近 2,000 萬美元，並可在未來降低法律支出。這兩項案件也為過去幾年分散組織注意力的剩餘重大歷史爭議畫下句點。我們的機會管線（opportunity pipeline）仍維持強勁，達 69 億美元，除傳統 LNG 業務外，也新增了更多礦業礦物、發電以及資料中心相關活動的機會。本季得標金額低於我們預期，主要受客戶決策時點影響。

Activity in the quarter and the month of April do contain some key strategic wins for the company. First, following the close of the quarter, we received a limited notice to proceed for a major mining construction project for a client in the Western United States. Second, over $30 million of our electrical-related awards received in the quarter are directly related to the build-out of data centers and enhanced power demand. The book-to-bill in our electrical business for the quarter was well over 1.0. We expect to see continued growth in both of these markets.

本季以及四月份的活動中，包含公司幾項關鍵的策略性勝利。第一，在季度結束後，我們收到一項位於美國西部、為某客戶執行之大型礦業建設專案的有限開工通知（limited notice to proceed）。第二，本季我們取得的電氣相關得標中，超過 3,000 萬美元直接與資料中心擴建及電力需求提升有關。本季我們電氣業務的接單出貨比（book-to-bill）遠高於 1.0。我們預期這兩個市場都將持續成長。

The impact of the Iran conflict on our business has been minimal to date. However, we believe it will only serve to emphasize that as countries around the world look to find secure, reliable oil, gas, LNG and NGLs, the United States can play a major role in filling that need. This will continue to support the infrastructure designed and constructed by Matrix. Finally, in the quarter, we continued our organizational realignment that started nearly 12 months ago. As previously disclosed, Shawn Payne, our Chief Operating Officer, will succeed me as CEO on July 1.

截至目前，伊朗衝突對我們業務的影響相當有限。然而，我們認為這只會更加凸顯：當全球各國尋求安全、可靠的石油、天然氣、LNG 與 NGLs 供應時，美國可在滿足該需求方面扮演重要角色。這將持續支持由 Matrix 設計與建造的基礎設施。最後，本季我們持續推進約 12 個月前啟動的組織調整。如先前揭露，營運長 Shawn Payne 將於 7 月 1 日接任我擔任執行長。

I've had the privilege of working with Shawn in various capacities and companies for more than 30 years. He is a seasoned strategic leader with strong values, a deep operations and finance background that position him well to lead the company forward. Last week, we announced that Kevin Cavanah, our Chief Financial Officer, will depart the company in September. Kevin has been with Matrix for more than 23 years, 15 of which have been as our CFO. Kevin has built a strong and experienced finance organization with a deep bench of talent and well-established financial and control processes.

我有幸在超過 30 年的時間裡，於不同職務與公司與 Shawn 共事。他是一位經驗豐富的策略型領導者，具備堅定的價值觀，以及深厚的營運與財務背景，使他非常適合帶領公司向前邁進。上週我們宣布，財務長 Kevin Cavanah 將於 9 月離開公司。Kevin 在 Matrix 服務超過 23 年，其中 15 年擔任財務長。Kevin 建立了一個強健且經驗豐富的財務組織，擁有深厚的人才梯隊，以及完善的財務與內控流程。

The company has begun a comprehensive internal and external search for our next CFO, and Kevin will ensure a smooth and seamless transition through the completion of our fiscal year-end reporting. In addition, while not a public-facing role, Nancy Austin, who has served as our Chief Administrative Officer and has been with Matrix for 26 years, will also be departing the company. Nancy has been instrumental in establishing a strong foundation for key support services, most importantly, those focused on ensuring that we can attract and retain the needed labor resources. Nancy's responsibilities are being redistributed and the position will not be backfilled, reflecting the company's commitment to flattening our organizational structure while ensuring we remain efficient and responsive to the needs of our customers and partners. Before moving on, I want to thank them both for their many years of dedication, hard work and leadership.

公司已啟動全面性的內部與外部搜尋，以尋找下一任財務長；Kevin 也將在完成本會計年度年終申報之前，確保交接順利且無縫。此外，雖然並非對外公開的職務，但擔任首席行政長（Chief Administrative Officer）且在 Matrix 服務 26 年的 Nancy Austin 也將離開公司。Nancy 在建立關鍵支援服務的堅實基礎方面發揮了重要作用，尤其是確保我們能吸引並留任所需勞動力資源的相關工作。Nancy 的職責將重新分配，該職位也不會補人，反映公司致力於扁平化組織架構，同時確保我們仍能高效率運作並快速回應客戶與合作夥伴需求。在繼續之前，我要感謝他們兩位多年來的投入、辛勞與領導。

The transition to Shawn's leadership of the business, including these changes as well as his vision on organizational structure and operational priorities has already commenced and the core elements of our Win, Execute & Deliver strategy for which he has the principal architect contain guiding principles for the company that are already positively impacting the bottom line and will be the focus moving into 2027. Most of the executive leadership will soon be operating out of our Houston office, which has the added benefit of putting us closer to many of our top energy clients. The organization is now better prepared for growth, enhanced focus on our priority markets is more competitive and will have a more consistent execution approach. I'm excited for this new group of leaders to continue our journey and drive continued success and value creation across the business. I want to turn the call over to Shawn for a few words on the recent mining award and his focus areas.

業務正轉由 Shawn 領導的過渡期已經展開，其中包含上述變革，以及他對組織架構與營運優先事項的願景；而他作為主要架構師所打造的 Win, Execute & Deliver 策略核心要素，包含了已在正面影響獲利表現、並將成為邁向 2027 年重點的公司指導原則。大多數的執行領導團隊很快將在我們的休士頓辦公室辦公，這也帶來額外好處，使我們更貼近許多頂尖能源客戶。組織如今對成長更有準備，對優先市場的聚焦更具競爭力，並將採取更一致的執行方式。我很期待這個新的領導團隊持續我們的旅程，推動全公司持續成功與價值創造。我想把電話交給 Shawn，請他談幾句關於近期的採礦獎項以及他的重點關注領域。

Thank you, John. Good morning, everyone. As John mentioned, our profitable third quarter results show the progress we are making with our Win, Execute, Deliver strategy. These results demonstrate that the execution improvement initiatives related to the execute pillar of our strategy, are driving clear, measurable gains in profitability. We are bringing the same disciplined approach to the Win pillar of our strategy, where we are continuing to strengthen our leading EPC position for critical LNG and NGL infrastructure as well as expanding into new and reemerging markets across North America.

謝謝你，John。各位早安。如 John 所提到，我們第三季的獲利表現顯示 Win, Execute, Deliver 策略正在取得進展。這些結果證明，與我們策略中「Execute」支柱相關的執行改善措施，正在帶來清楚且可衡量的獲利提升。我們也以同樣嚴謹的方式推動策略中的「Win」支柱，持續強化我們在關鍵 LNG 與 NGL 基礎設施領域的領先 EPC 地位，同時擴展至北美的新興與再度活躍的市場。

This approach is building real momentum in our sales pipeline and has already led to early successes across several areas. One example is the limited notice to proceed that we received for an important mining sector project that we are kicking off today, which John mentioned earlier. The project is expected to start in Q4 and continue throughout fiscal '27. After nearly a decade of limited capital spending, increases in demand and rising nonferrous metal prices are starting to support new development activity. And as a result, our project opportunity pipeline in this sector has grown significantly.

這種做法正在我們的銷售管線中建立真正的動能，並已在多個領域帶來初步成果。其中一個例子是我們收到一項重要採礦產業專案的有限開工通知（limited notice to proceed），我們今天就要啟動該專案，正如 John 先前提到的。該專案預計於第四季開始，並將持續至 27 財年。經過近十年資本支出有限之後，需求增加與有色金屬價格上升正開始支撐新的開發活動。因此，我們在此產業的專案機會管線已顯著成長。

We have a strong history in mining and reestablishing our presence as the market rebounds is a key part of our strategy. Moving forward, as I get ready to assume the CEO role, I've taken several early steps this quarter to continue shaping how the organization operates. These changes are intended to create a more efficient and operationally focused organization that can make decisions faster and respond more quickly to market opportunities and our clients. Examples of recent changes include streamlining as well as the decision not to add a COO back into the organization once I've become CEO. With operations reporting directly to me, we eliminate unnecessary handoffs and sharpen our organizational alignment around what matters most, our clients, our projects and the safety of our workforce.

我們在採礦領域有深厚歷史，而在市場回溫之際重新建立我們的市場能見度，是我們策略的重要一環。展望未來，在我準備接任 CEO 角色之際，我在本季已採取數項早期措施，持續塑造組織的運作方式。這些變革旨在打造更有效率、且更聚焦營運的組織，使我們能更快做出決策，並更迅速回應市場機會與客戶需求。近期變革的例子包括精簡流程，以及在我成為 CEO 後決定不再於組織中增設 COO。由營運直接向我匯報，我們可消除不必要的交接，並更清楚地讓組織對齊最重要的事項：我們的客戶、我們的專案，以及員工的安全。

Over my first 100 days, my focus will be on implementing a clear road map for how we drive higher growth and continue improving profitability. I'll provide additional insight into those priorities on our fourth quarter earnings call. Before I turn the call over to Kevin to review our third quarter results, I want to say how grateful I am for the opportunity to build on our strong foundation and lead this organization into the future. Kevin?

在我上任後的前 100 天，我將專注於落實一份清晰的路線圖，說明我們如何推動更高成長並持續改善獲利能力。我會在第四季財報電話會議上，對這些優先事項提供更多洞見。在我把電話交給 Kevin 回顧第三季業績之前，我想說我非常感謝能有機會在我們堅實的基礎上再接再厲，帶領這個組織走向未來。Kevin？

Thank you, Shawn. Revenue increased to $206.7 million in the quarter as compared to $200.2 million in the third quarter last year. The growth was driven by the Storage and Terminal Solutions segment, partially offset by reduced revenue in the Process and Industrial Facilities segment. Gross margin was $17.2 million or 8.3% in the quarter compared to $12.9 million or 6.4% for the third quarter of fiscal 2025. I will discuss specific drivers for that improvement when I get into the segment results.

謝謝你，Shawn。本季營收增至 2.067 億美元，較去年第三季的 2.002 億美元增加。成長主要由 Storage and Terminal Solutions（儲存與碼頭解決方案）事業部帶動，但部分被 Process and Industrial Facilities（製程與工業設施）事業部營收下降所抵銷。本季毛利為 1,720 萬美元（毛利率 8.3%），相較 2025 財年第三季的 1,290 萬美元（毛利率 6.4%）提升。我在說明各事業部表現時，會討論推動改善的具體因素。

But on an overall basis, gross margin improved for both higher direct project margins and lower under-recovered overhead.

但就整體而言，毛利率的改善來自於更高的專案直接毛利，以及較低的間接費用未回收（under-recovered overhead）。

Moving on to SG&A, which was $15.2 million in the third quarter compared to $17.7 million for the prior year. The decrease is due in part to lower compensation-related expenses resulting from continued efforts to improve organizational efficiency. Additionally, stock compensation expense was lower as a result of executive separations during the quarter. For the third quarter of fiscal 2026, the company produced net income of $0.8 million or $0.03 per diluted share compared to a net loss of $3.4 million or $0.12 per diluted share in the third quarter of fiscal 2025. The company incurred restructuring charges of $3 million in the quarter.

接著談 SG&A（銷售、一般及行政費用），第三季為 1,520 萬美元，較去年同期的 1,770 萬美元下降。下降部分原因是持續提升組織效率，使薪酬相關費用降低。此外，由於本季高階主管離職，股票薪酬費用也有所下降。2026 財年第三季，公司淨利為 80 萬美元，或稀釋後每股盈餘 0.03 美元；相較之下，2025 財年第三季為淨損 340 萬美元，或稀釋後每股虧損 0.12 美元。本季公司認列重組費用 300 萬美元。

Excluding those restructuring charges, adjusted earnings were a positive $0.13. Adjusted EBITDA improved to $4.9 million in the quarter compared to breakeven performance in the prior year third quarter. Moving to the segments. Storage and Terminal Solutions segment revenue increased 16% to $111.6 million in the third quarter compared to $96.1 million in the third quarter of fiscal 2025. This is the highest quarterly revenue level for the Storage and Terminal Solutions segment in six years.

排除上述重組費用後，調整後每股盈餘（adjusted earnings）為正 0.13 美元。本季調整後 EBITDA 提升至 490 萬美元，較去年第三季的損益兩平表現改善。接著看各事業部。Storage and Terminal Solutions（儲存與碼頭解決方案）事業部第三季營收成長 16% 至 1.116 億美元，較 2025 財年第三季的 9,610 萬美元增加。這是該事業部六年來最高的單季營收水準。

We expect this growth trend to continue driven specific by specialty vessel storage projects, including projects for LNG, ethane and butane. The growth is also reflected in the segment gross margin, which increased to 7% in the third quarter of fiscal 2026 compared to 3.9% in the third quarter of fiscal 2025. Utility and Power Infrastructure segment third quarter revenue was $60 million compared to $58.7 million last year. Project execution was strong throughout the segment, including peak shaving and electrical, producing a 13.6% gross margin in the quarter compared to 9.4% in the third quarter last year. Process and Industrial Facilities segment revenue decreased to $35.1 million in the third quarter compared to $45.4 million last year.

我們預期此成長趨勢將持續，主要由特殊容器儲存（specialty vessel storage）專案帶動，包括 LNG、乙烷與丁烷相關專案。此成長也反映在事業部毛利率上：2026 財年第三季提升至 7%，相較 2025 財年第三季的 3.9%。Utility and Power Infrastructure（公用事業與電力基礎設施）事業部第三季營收為 6,000 萬美元，去年同期為 5,870 萬美元。該事業部整體專案執行表現強勁，包括尖峰負載削減（peak shaving）與電氣工程，使本季毛利率達 13.6%，相較去年第三季的 9.4% 提升。Process and Industrial Facilities（製程與工業設施）事業部第三季營收降至 3,510 萬美元，去年同期為 4,540 萬美元。

Gross margin was 2.5% in the third quarter of fiscal 2026 compared to 8.3% for the third quarter of fiscal 2025, a decrease of 5.8%, primarily due to mix of work and the settlement of a legacy legal matter discussed earlier. We expect revenue and margins in this segment to rebound in fiscal 2027 due in a large part to the mining project previously mentioned. Moving to the balance sheet. Our cash balance increased $34 million in the quarter. We ended the quarter with cash of $258 million, which also drove an increase in liquidity, which was $297 million at the end of the quarter.

2026 財年第三季毛利率為 2.5%，相較 2025 財年第三季的 8.3% 下降 5.8 個百分點，主要原因為工作組合（mix of work）以及先前提到的一項歷史法律事項的和解。我們預期該事業部在 2027 財年營收與毛利率將回升，其中很大一部分將來自前述採礦專案。接著看資產負債表。本季現金餘額增加 3,400 萬美元。我們在季末的現金為 2.58 億美元，亦帶動流動性（liquidity）提升，季末為 2.97 億美元。

The growth in cash and liquidity was primarily due to the timing of cash flows on projects as well as positive earnings. While we expect to the timing of cash flows on projects will utilize some cash as we complete fiscal 2026 and move into fiscal 2027, the financial position of the company remains strong. I'll now turn the call back over to John Hewitt.

現金與流動性的增加主要來自專案現金流時點（timing）以及正向獲利。雖然我們預期在完成 2026 財年並進入 2027 財年之際，專案現金流時點將動用部分現金，但公司的財務狀況仍然穩健。接下來我把電話交回給 John Hewitt。

Thank you, Kevin. Before taking questions, here are the five critical takeaways from this call. First, our return to profitability in Q3 demonstrates the strength and credibility of our operating model and strategy even on lower revenue. Second, the Q3 revenue shortfall is due to timing issues from customer and weather-related delays that moved book work out of the period. Third, our balance sheet is strong and supports our financial growth and strategic objectives.

謝謝你，Kevin。在進入提問之前，以下是本次電話會議的五項關鍵重點。第一，我們在第三季重返獲利，證明即使在較低營收下，我們的營運模式與策略仍具強度與可信度。第二，第三季營收未達預期是由於客戶端與天候相關延遲所造成的時點問題，導致已簽工作量（booked work）移出本期。第三，我們的資產負債表強健，支持我們的財務成長與策略目標。

Fourth, our book-to-bill was driven by timing, with a strong backlog at over $1 billion. We expect awards in key sectors like mining, minerals and LNG infrastructure to drive book-to-bill higher in fiscal 2027 and support continued profitability. And fifth, the leadership and organization transition currently underway is planned, deliberate and controlled ensuring strong continuity. The CFO search is a motion, and you can expect Shawn to share his first 100-day road map as Matrix Service Company's CEO on the next earnings call. That concludes our prepared remarks, so we will now open for questions.

第四，我們的 book-to-bill 受時點因素影響，但在手訂單（backlog）仍強勁，超過 10 億美元。我們預期在採礦、礦物以及 LNG 基礎設施等關鍵領域的得標，將在 2027 財年推升 book-to-bill，並支持持續獲利。第五，目前進行中的領導與組織交接是有規劃、審慎且可控的，確保高度延續性。CFO 的招募正在進行中，而你們可期待 Shawn 在下一次財報電話會議上，分享他作為 Matrix Service Company CEO 的前 100 天路線圖。以上為我們準備好的發言，接下來開放提問。

(Operator Instructions) John Franzreb from Sidoti.

（接線員指示）Sidoti 的 John Franzreb。

Congratulations on the return to profitability.

恭喜重返獲利。

Thanks, John.

謝謝你，John。

I guess I want to start with the just reported quarter itself. There was a drop sequentially in the revenue in the utilities segment, but there's a sizable increase in the gross margin of that business on a sequential basis. Can you kind of walk us through the puts and takes on what's going on there?

我想先從剛公布的這一季本身開始談起。公用事業事業群的營收較前一季下滑，但該業務的毛利率卻在季比基礎上大幅提升。你能否帶我們梳理一下其中的增減因素，說明到底發生了什麼？

Yes. So first of all, if you look at the profitability, there was really good performance throughout the segment. Power delivery business outperformed what we expected from a margin expectation. And you also, we saw the same in the peak shaving work, there's really good performance there. So really it kind of shows when you have good performance throughout a segment, what that can do to the gross margin.

是的。首先，如果你看獲利表現，整個事業群的表現其實都非常好。電力輸配業務的毛利表現優於我們原先的預期；而在削峰（peak shaving）工程方面，我們也看到同樣的情況，那邊的表現也非常出色。所以這其實顯示出，當一個事業群各項業務都表現良好時，對毛利率能帶來什麼樣的提升。

Now the revenue level did come down, and we expected that. We've been doing some work on peak shaver project for well over two years now that still got some more work to do, but it's kind of the manpower required for that project is coming down a bit, and that's driving the revenue down. I think if you look at the funnel for the company, peak shaving opportunities, we still think are going to be something that provides a lot of revenue into the future. We see a good piece of that in the funnel. I think it will take us a little bit of time to book the next one.

至於營收水準確實下來了，而這也在我們預期之中。我們在某個削峰專案上已經做了超過兩年，雖然還有一些工作要完成，但該專案所需的人力正在略為下降，這就帶動營收下滑。我認為如果你看公司的商機漏斗（funnel），削峰的機會我們仍然認為會在未來帶來大量營收，我們在漏斗中也看到相當不錯的占比。我想我們還需要一點時間才能簽下下一個專案。

So you'll probably see the revenue for the utility segment kind of level out here for a while until that next peak shaver project is booked.

因此你可能會看到公用事業事業群的營收在接下來一段時間大致持平，直到下一個削峰專案簽下來為止。

Got it. And you mentioned, and I might have missed this, the restructuring charges that you incurred in the quarter, what was that for?

了解。你提到——也可能是我漏聽了——你們本季認列的重組費用，是用在什麼方面？

Related to a couple of primary things. One is our CEO transition. And then we also had a lease that we've tried to become more efficient in what offices we had, and we have a lease that we we're getting out of. We thought we were going to be able to sublease, but the market has not been as strong for a sublease on that facility as we had planned. And so we had to take a charge related to the lease, like a lease impairment charge.

主要與兩件事有關。第一是我們的執行長交接。第二是我們在辦公室配置上希望更有效率，因此有一份租約我們正準備退出。我們原本以為可以轉租（sublease），但該處物件的轉租市場不如我們預期強勁，所以我們必須就該租約認列一筆費用，類似租賃減損費用（lease impairment charge）。

Got it, Kevin. And just on the backlog, I mean, we had two years of elevated bookings and backlog in the last four quarters, it's been drifting lower. What's the confidence level that the new projects you've been writing are sufficient profitability to maintain profitability through 2027, fiscal 2027?

了解，Kevin。再談談在手訂單（backlog）：過去兩年訂單與在手訂單都偏高，但最近四個季度在手訂單一直在下滑。你們對於目前新簽專案的獲利性是否足以支撐到 2027 年（2027 會計年度）仍能維持獲利，信心程度如何？

I'll hit that one, John. So the backlog level still at the billions. It contains solid margin work in that. You got to recall, when we booked two pretty major projects fairly close together, that really drove that backlog up. And then it took a while for those projects to get started to really start burning revenue.

John，這題我來回答。在手訂單水位仍在數十億美元規模，其中包含具備良好毛利的工作。你要記得，我們曾在相近時間內簽下兩個相當大型的專案，這確實把在手訂單大幅推高；而這些專案啟動並真正開始消化、轉為營收，需要一段時間。

But we still feel pretty, really good about our opportunity pipeline, our ability to the award cadence that we see here over the next couple of quarters as well as the award momentum that we're going to see, we think, build as we move through calendar year, I'm sorry, fiscal year '27, our expectation is we're going to be able to maintain a nice strong revenue level and profitability on that revenue.

但我們對商機管線（opportunity pipeline）仍然非常有信心；對於未來幾個季度我們看到的得標節奏（award cadence），以及我們預期在接下來的年度——抱歉，是到 2027 會計年度——得標動能將逐步增強，我們也很有把握。我們的預期是能維持相當強勁的營收水準，並在該營收上維持獲利能力。

Ted Jackson from Northland.

Northland 的 Ted Jackson。

Okay. A couple of questions. Let's start out with just some of the restructuring and what's going on. I mean I know there's so many moving parts in the company right now. And you've been working for a long time to kind of make it more efficient, improve its margin.

好，我有幾個問題。先從重組以及目前的狀況談起。我知道公司現在有很多變動因素，而且你們長期以來一直在努力提升效率、改善毛利。

When we think about this company at a steady state and the management team in place and all the restructuring efforts behind. What is the pro forma business model? Where do you see with this restructuring, the kind of like a standard gross margin, a standard operating margin, a standard net margin for Matrix, when you're done with all your restructuring and the business is kind of, I mean, mid-cycle?

當我們把公司想像成進入穩態（steady state）、管理團隊就位、所有重組工作都完成之後，你們的備考（pro forma）商業模式會是什麼樣子？在重組完成、業務處於中期循環（mid-cycle）時，你認為 Matrix 的標準毛利率、標準營業利益率、標準淨利率大概會落在哪裡？

So I'll give you a preliminary answer. And then, because I would expect that we're going to get a new CFO in and the new team will probably take a fresh assessment. John and I have published long-term metrics that we've been striving to achieve. And I would imagine that the new team will kind of reevaluate that and put their own out there. But if we just carry it on from the current metrics, I would expect that, first of all, the changes we're making to streamline the business are going to allow us to achieve the SG&A target that we've got out there but at a much lower revenue level.

我先給你一個初步的回答。之後我預期我們會迎來新的財務長（CFO），新團隊可能會重新做一次評估。John 和我先前已公布我們努力達成的長期指標；我想新團隊會重新檢視並提出他們自己的目標。不過如果沿用目前的指標，我預期首先，我們正在推動的業務精簡措施，將使我們即便在更低的營收水準下，也能達成我們對外設定的 SG&A 目標。

I think that you'll see that we'll be somewhere around that 6.5% SG&A in fiscal '27 would be my expectation. I think the gross margin target that we have out there is proven to be viable. The direct margins we've seen out here in the business have, are meeting or have beaten at times the 10% or better level. And we're seeing improvement in the recovery of overheads, which has been something that's been a big drag on earnings the past few years. So as we take cost out, continue to grow the business, that will continue to get better.

我認為到 2027 會計年度，SG&A 可能會落在約 6.5% 左右，這是我的預期。我們對外提出的毛利率目標也已證明是可行的。從業務端看到的直接毛利（direct margins）已達到、甚至有時超過 10% 或更高的水準。同時，我們也看到間接費用回收（overheads recovery）在改善，而這一直是過去幾年拖累獲利的一大因素。因此，隨著我們持續降低成本並擴大業務規模，這部分會持續變得更好。

So I think we're tracking to achieve those targets that we had previously put out and that the organization changes that we've put in place here are just helping us get there. I think it lowers the breakeven level that we've talked about in the past. It lowers the level of revenue required to get to full recovery. So in effect, these changes are going to increase the earnings power of the business.

所以我認為我們正朝著先前提出的目標前進，而我們目前所做的組織調整也只是幫助我們更快達成。我認為這會降低我們過去談到的損益兩平水準（breakeven level），也會降低達到完全回收（full recovery）所需的營收規模。換句話說，這些改變將提升公司的獲利能力（earnings power）。

Okay. My next question is going back into backlog and the declines you've seen in the pipeline, which does remain robust. Maybe you could talk a little bit about, your commentary suggests that you expect to see a turnaround in terms of bookings and backlog and a growth, and a regrowth of backlog as we kind of get into 2027. Previously, you've indicated that you'd see that kind of starting to turn around mid-fiscal year. Is that indeed, does that scenario still hold?

好。我的下一個問題回到在手訂單，以及你們在管線中看到的下滑（但管線仍然強勁）。也許你可以多談一點：你們的說法似乎表示，隨著我們進入 2027 年，你們預期訂單與在手訂單會出現反轉並開始成長、在手訂單重新增長。先前你們曾表示大概會在會計年度中段開始轉好。這個情境現在仍然成立嗎？

And given the size of projects that you see in the funnel, like what kind of bookings reacceleration could we anticipate?

另外，考量你們在漏斗中看到的專案規模，我們可以預期訂單加速會到什麼程度？

Yes. So the, our current backlog and what we see as the award cadence, I think what we've said in the past is we expect our awards to be kind of wrapped around our normal day-to-day business plus some smaller midsized projects and that's going to help us, will continue, allow us to continue to burn backlog and maintain a revenue level, as Kevin said, that's going to sustain our profitability as we move into and through fiscal '27. Our expectations on the big project awards, the big chunk projects, those, they're going to be entering into our proposal pipeline sometime probably in mid-fiscal '27 and will become and be awards sometime in later on in '27. And so, but we feel good about where our backlog is and where our opportunities are. We think the award cadence and award momentum, not only for the big projects, but for some of these smaller ones that we see out there is going to help us maintain a good quality backlog level, good margins in it and it will allow us to maintain a revenue level that's going to support improved profitability.

是的。就目前在手訂單以及我們看到的得標節奏而言，我想我們過去說過，我們預期得標會圍繞在日常核心業務，再加上一些較小到中型的專案；這將幫助我們持續消化在手訂單並維持營收水準。正如 Kevin 所說，這將支撐我們在進入並走過 2027 會計年度時維持獲利。我們對大型專案得標、也就是那些大塊頭專案的預期是：它們可能會在 2027 會計年度中段左右進入我們的提案管線（proposal pipeline），並在 2027 年稍晚時點轉為得標。因此，我們對目前的在手訂單水位與商機狀況感到樂觀。我們認為得標節奏與得標動能，不僅來自大型專案，也來自我們看到的一些較小專案，將有助於我們維持高品質的在手訂單水準、其中具備良好毛利，並讓我們維持能支撐獲利改善的營收水準。

And as some of those bigger projects enter our backlog and then we start to burn that revenue, that's going to start to expand our margins.

而當其中一些較大型的專案進入在手訂單，並且我們開始消化、轉為營收時，這將開始擴大我們的毛利率。

I would add, if you think about it, peak shaving opportunities and specialty storage is really what drove the backlog growth. And those opportunities are still there. And now we've got other emerging markets that we can add to that. We've got the mining that we talked about some on the call. That's a big one.

我補充一下：如果你回頭看，真正帶動在手訂單成長的是削峰機會以及特殊儲能（specialty storage）。而這些機會仍然存在。現在我們也有其他新興市場可以加入其中，例如我們在電話會議中提到的採礦（mining），那是一個很大的機會。

There's construction-only opportunities that we're pursuing. There's opportunities related to the continued expansion of the electrical infrastructure. So there's a number of areas that are going to be add-ons to what we currently have from, as far as the markets that are going to drive backlog. So we feel good about the position of the company.

我們正在追求一些僅限施工的機會。也有與電力基礎設施持續擴張相關的機會。因此，就將推動在手訂單（backlog）的市場而言，有多個領域會在我們目前既有業務之上帶來增量。我們對公司的定位感到樂觀。

And the whole power gen thing, we didn't really touch on that strongly, but there's a lot of opportunity for us in the power generation market, even if it is working as a construction partner with some of the bigger EPC firms. And we've got a pretty deep resume entire generation that's kind of been on the shelf for the last five to seven years because of what's going on in the market, but the return of power demand across gas power generation, whether it's in backup or peak shaving or simple cycle or combined cycle, our resume really applies strongly there. And so that's going to continue to drive more opportunities into our pipeline. And we certainly expect some time in fiscal '27 for us to be adding that, those kind of projects into our backlog and will be supportive of driving revenue.

另外，整個發電（power gen）這塊，我們其實沒有特別深入著墨，但即使只是作為一些較大型 EPC 公司的施工合作夥伴，我們在發電市場也有很多機會。我們在各類發電方面有相當深厚的履歷，只是因為市場狀況，過去五到七年有點被擱置；但隨著燃氣發電需求回升，不論是備援、削峰填谷（peak shaving）、簡單循環（simple cycle）或複循環（combined cycle），我們的履歷都非常適用。因此，這將持續為我們的管線帶來更多機會。我們也確實預期在 2027 財年某個時間點，會把這類專案加入我們的在手訂單，並有助於推動營收。

Okay. My next question. Just kind of switching over to kind of the oil and gas market, which is of interest to have this small war going on in the Middle East and oil is basically $100 a barrel, [talk points to] more drilling coming into the states. There was actually just an article in the Wall Street Journal today on fracking and how maybe you're not going to see it go back to its glory days, but the view seems to be that oil prices will be higher for longer and there will be some incremental spend in terms of bringing production up in this country. Could you talk a little bit about how you see that benefiting Matrix and if you're starting to see any pickup in dialogue because of this changed global environment as it relates to oil and gas?

好的。我下一個問題。稍微切換到油氣市場。中東正在發生一場小規模戰事，油價基本上是每桶 100 美元，[談話要點指向] 美國可能會增加鑽探。今天《華爾街日報》其實也有一篇文章談到水力壓裂（fracking），以及它可能不會回到全盛時期，但市場觀點似乎是油價將在較長時間維持高檔，並且在提升本國產量方面會有一些增量支出。你能談談你如何看待這對 Matrix 的助益嗎？以及在這個與油氣相關的全球環境改變之下，你們是否開始看到對話有所升溫？

Certainly, you have client dialogue that goes on. Our view of the future there would tell us that, and we said it in our prepared remarks that we believe countries around the world are, so it's not only what's going on in the Persian Gulf, but also what's going on in the Ukraine. I think countries around the world are looking to find a way to make sure they've got a secure and safe and reliable place to get their needed energy supplies. And so whether that's natural gas in the form of LNG or that's NGLs for chemical production like ethane or ethylene, I think that's going to create more investment in the US for that kind of export and for the production of those energy assets.

當然，確實會有與客戶的對話。我們對未來的看法是——我們在事先準備的發言中也提到——我們相信全球各國不僅在關注波斯灣正在發生的事情，也在關注烏克蘭的情勢。我認為各國都在尋找方法，以確保能從安全、可靠的來源取得所需的能源供應。因此，不論是以 LNG 形式的天然氣，或是用於化工生產的 NGL（天然氣液體），例如乙烷或乙烯，我認為這將在美國帶來更多投資，用於這類出口以及相關能源資產的生產。

And those are things that fit right within our wheelhouse, right? So the construction of obviously of LNG facilities and natural gas liquids facilities are things that we do day in and day out. And so I think those macroeconomic and global issues are that is going to drive continued and increased investment in the United States for those energy assets and Matrix is in a great place to take advantage of that.

而這些正好都在我們的專長範圍內，對吧？例如 LNG 設施與天然氣液體設施的建造，都是我們日常在做的事情。因此，我認為這些總體經濟與全球議題將推動在美國對這些能源資產的持續且增加的投資，而 Matrix 也處於非常有利的位置來把握這些機會。

And then my final question, which is a little nitpick. But Kevin, in your discussion about some of the legal things and the collections and contract disputes and stuff. You made a statement that you would see reduced legal spend going forward because of those settlements. Is that something that's material enough for us to notice within the financial statements? How much were you spending on kind of an annual or quarterly basis?

然後我最後一個問題，可能有點吹毛求疵。不過 Kevin，在你談到一些法律事項、收款以及合約爭議等內容時，你提到因為這些和解，未來法律支出會下降。這件事的金額是否大到足以讓我們在財務報表中注意到？你們大概每年或每季在這方面花了多少？

And what kind of expense is being removed with these resolutions?

而且透過這些解決方案，究竟移除了哪一類費用？

Yes. So those disputes were contract related, project related. So that expense is hitting up in what we call construction overhead. And so it was one of the things that was driving some under-recovery of overheads. So it should be, makes us more efficient in fully recovering our overheads.

是的。那些爭議與合約、專案相關。因此，該費用會計入我們所稱的施工間接費（construction overhead）。這也是導致部分間接費回收不足（under-recovery of overheads）的因素之一。因此，這應該會讓我們在完整回收間接費方面更有效率。

But we haven't disclosed the dollar amount of legal expenses, but lawyers aren't cheap.

但我們尚未揭露法律費用的金額，不過律師可不便宜。

John Franzreb from Sidoti.

Sidoti 的 John Franzreb。

Yes. I got a question about the deferred jobs. Do you expect them to fall into Q4? Or are they deferred into fiscal 2027?

是的。我有一個關於遞延專案（deferred jobs） 的問題。你們預期它們會落在第四季（Q4）嗎？還是會遞延到 2027 財年？

Both, frankly. When we're waiting for permits or engineering, you're just pushing your, for instance, on the labor, you're pushing your hiring levels and manpower levels just kind of down the road. So where we might have had in the quarter on a job, I'm making numbers up, 100 craftspeople on the, and then maybe that would have ramped up to 200 in the fourth quarter. Now that 100 is happening in the fourth quarter and the 200 is happening in Q1, right? So I'm just trying to give you a sense of the, so that movement, we're not going to make up for all of those delays in one quarter because it just sort of pushes the whole job down the path.

坦白說，兩者都有。當我們在等待許可或工程作業時，你只是把例如人力方面的招募與配置水準往後推。舉例來說，原本某個季度在一個案子上（我隨便舉數字）可能有 100 名工匠，然後在第四季可能會拉升到 200 名。現在變成第四季才有那 100 名，而 200 名則發生在第一季（Q1），對吧？我只是想讓你理解這種變動的概念；我們不可能在一個季度內把所有延遲都補回來，因為它基本上是把整個案子的時程往後推。

And so we certainly do expect, as we said, and based on our guidance that we've provided here, we expect revenues to climb in Q4 and the business to stay profitable in Q4 because of the quality of the work and the quality of our execution and the level of the revenues. And so I guess part of the messages here is that Q4 revenues are going to increase, and this pushes more revenue into fiscal '27.

因此，正如我們所說，並根據我們在此提供的指引，我們確實預期第四季營收會上升，而且由於工作品質、執行品質以及營收水準，第四季業務仍將維持獲利。所以我想這裡訊息的一部分是：第四季營收會增加，而這也會把更多營收推進到 2027 財年。

Got it. And John, how much revenue was actually deferred out of Q3?

了解。那 John，第三季（Q3）實際遞延了多少營收？

I would say it was probably $20 million, $25 million between the probably the biggest piece of the weather, I could have, but it's, there were some permitting issues, too.

我會說大概是 2,000 萬到 2,500 萬美元之間；最大的一塊可能是天氣因素，但也有一些許可（permitting）問題。

Right.

對。

Got it. And then if I understood your commentary to one of my questions earlier, Kevin, do you think at least it sounds like near term that the utility segment will be kind of flattish with potential to recover in 2027 for the reasons I think John outlined. But that, to hit your midpoint, that might suggest that the storage business is going to have a strong Q4. Am I interpreting that properly? Or there are other puts and takes that I'm not thinking about?

了解。然後如果我沒理解錯你先前對我其中一個問題的評論，Kevin，你是否認為至少在短期內，公用事業（utility）部門會相對持平，並且如 John 所概述的原因，可能在 2027 年回升。但要達到你們指引的中位數（midpoint），這可能意味著儲槽（storage）業務在第四季會很強勁。我這樣解讀對嗎？還是有其他我沒想到的利多利空因素？

You're 100% right. I would expect the Process and Industrial Facilities segment and the utility segment to be relatively flat, 3Q to 4Q. The growth is going to come in storage.

你完全正確。我預期製程與工業設施（Process and Industrial Facilities）部門以及公用事業部門，從第三季到第四季會相對持平。成長將來自儲槽（storage）。

I'm showing no further questions at this time. I would now like to turn it back over to Patrick for closing remarks.

我目前沒有看到其他問題。現在我想把時間交回給 Patrick 做結語。

Thank you. As a reminder, we will be participating in the Sidoti Microcap Virtual Conference on May 20 and 21, and we'll also be attending the Stifel Cross Sector Insights Conference on June 2 and 3 in Boston and the Northland Growth Virtual Conference on June 23. Additionally, if you'd like to have a conversation with management, please contact me through the Matrix Service Company Investor Relations website. You may also sign up to receive MTRX news by scanning the QR code on your screen. Thank you for your time.

謝謝。提醒各位，我們將參加 5 月 20 日與 21 日的 Sidoti Microcap 線上虛擬研討會，並且也會出席 6 月 2 日與 3 日在波士頓舉行的 Stifel Cross Sector Insights 研討會，以及 6 月 23 日的 Northland Growth 線上虛擬研討會。此外，如果您希望與管理團隊進一步交流，請透過 Matrix Service Company 投資人關係網站與我聯繫。您也可以掃描螢幕上的 QR code 訂閱接收 MTRX 新聞。感謝各位撥冗。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參與今天的會議。以上為本次議程結束，您現在可以中斷連線。