Q1 2022 Matrix Service Co Earnings Call

November 9, 2021

Ladies and gentlemen, todays conference scheduled to begin shortly until that time and once again be placed on hold.

For patients.

Again, ladies and gentlemen, todays conference scheduled to begin shortly until that time Alimta again be play from home. Thank you for your patience.

[music].

Good day and thank you for standing by welcome to the Matrix Service Company Conference call to discuss the results for the first quarter fiscal 'twenty 'twenty. Two at this time all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session.

Ask a question during the session you will need to press star one on your telephone if you require any further assistance. Please press star zero.

So like you had the conference over to Kellie Smythe Senior director of Investor Relations. Please go ahead.

Thank you Lee good morning, and welcome to Matrix Service Company first quarter of fiscal 2022 earnings call participants on today's call will include John Hewitt, President and Chief Executive Officer, and Kevin Cavanah, Vice President and Chief Financial Officer.

The presentation materials, we will be referring to during the webcast today can be found under events and presentations on the Investor Relations section of the matrix Service company Dot Com website.

Before we begin please let me remind you that on today's call. The company may make various remarks about future expectations plans and prospects for matrix service company that constitute forward looking statements for the purposes of the private Securities Litigation Reform Act of 990.

Actual results may differ materially from those indicated by these forward looking statements.

As a result of various factors, including those discussed in our annual report on Form 10-K for our fiscal year ended June 32021, and subsequent filings made by the company with the SEC to the extent the company utilizes non-GAAP measures reconciliations will be provided in various press releases periodically.

<unk> SEC filings and on the company's website I will now turn the call over to John Hewitt, President and CEO of Matrix Service company.

Thank you Kelly and good morning, everyone and thank you for joining us.

Veterans day in the U S and remembers day in Canada, just two days away I want to take a moment to thank all veterans the men and women in military branches and reserve units, who put themselves in harm's way and stand ready to protect our freedom and way of life to our veteran employees I want you to know that I am extremely proud to have you as part of the matrix.

Team and appreciate all you do for our company.

Before I turn the call to Kevin to provide more detail on our first quarter results I wanted to give you some perspective on the operations and business.

The bidding environment remains extremely active across all our segments to the extent, we have had to add resources to handle the increase in activity. Our centralized business development organization is creating an even stronger opportunity pipeline with a more focused approach to the markets and our broader outreach to our core clients.

This quarter, we saw a positive increase in awards many of which were projects. We've been working on for the past six months as noted in our earnings release, our quarterly book to Bill of one six on awards of $267 million is the best Quarterly award cycle since the first quarter of fiscal 2020 as far as revenues in the first quarter.

They fell in line with our expectations on how the first half of the year would begin but at this revenue level, we continue to under absorbed construction overhead.

From an operations perspective, continuing commissioning and startup challenges on the capital project in our utility and power infrastructure segment that we referenced on last quarter's call resulted in increased cost to complete we've made good progress moving this project towards substantial completion and will be demobilized from the size of this month.

While the project is not in a loss position the outcome will certainly not at the level, which we had expected.

Accordingly, our client relationships are strong and their reference was key to one of our significant awards. This quarter. In addition, there was also a project in the utility and power infrastructure segment that was completed in 2019, which had a pending outstanding receivable that was tied up in litigation based on the recent outcome of a little.

<unk> and pending a full accounting of the settlement. We believe that there is risk in collecting the full value of the amount owed this outcome further impacts the margins for this segment.

On a positive note for this segment the electrical infrastructure portion not only had a good award cycle in the quarter, but also performed at a high level from a gross margin perspective. Some storm revenue. This quarter also positively supported the margin outcome or.

Our other operating challenge in the quarter was in the storage and terminal solutions segment were low revenue volume mix with competitively priced work in a tough operating environment channels consolidated margins in our tank business.

<unk> to the competitive margin environment as a lack of larger multiple tank crude projects in terminals getting to award the.

The smaller opportunities have been available.

Open the door for regional specialty contractors, who drive pricing down to unreasonable levels.

Larger tank and terminal opportunities in crude and specialty vessels have been extensive but awards limited these projects, which minimize the competitive set and have a better pricing profile are now reaching the anticipated award cycle. We therefore expect this segment outcomes to improve into the back half of the year is <unk>.

Newly won projects better mix of projects higher volumes and the potential for other near term opportunities enter our revenue stream.

Our process and industrial facilities segment performance anchored by our nested refinery operations and industrial services group provided good direct margins.

I also wanted to share perspective on a few of the industry trends. We are watching closely first industry labor shortages at both the professional and craft levels. The industry is competing more aggressively with professional staff such as estimators Engineers and project managers increased project activity is stretching supply and demand.

And the lingering effects from the pandemic are straining the balance between in office and remote work as project activity increases in our end markets as well as adjacent markets and its infrastructure investments are made at a federal level. The shortage of craft workers will become an increasing challenge. These.

These shortages are not new but continued to be a concern to matrix and to the industry as project activity ramps up the competition for quality employees can put upward pressure on wages benefits and overall project cost that we will build into our estimates and commercial arrangements that said, we worked hard to attract develop.

And retain best in class employees in our offices and on our job sites.

We continuously strive to be an employer of choice and are proud of the strong relationships, we have with our employees many of whom choose to work for matrix because of our safety culture and reputation and travel from job to job with our teams. This together with our focus on diversity equity and inclusion make us a great place to work for all of our employees some.

Fly chain delays increase in material costs or other areas. We are watching closely as we see escalation of costs on a variety of commodities construction bulk materials and engineered products we monitor.

Addity pricing and raw materials on a continual basis, and where possible purchase materials earlier in the project lifecycle to avoid the impacts of potential pricing escalation.

We also maintain close contact with our suppliers and subcontractors, which allows us to identify and develop solutions to meet required project dates finally, we work with our clients to create a commercial framework that best meets the requirements of the project that minimize the risk of these impacts to US lastly are the regulatory and client requirements.

Around COVID-19 testing and vaccinations, just last week Osha issued the emergency temporary standard mandating all employers with 100 or more employees to either require employees received COVID-19, vaccinations or submit to weekly COVID-19 testing and wear masks in the workplace. The order is expected to take effect.

On January 4th of 2022 pending several lawsuits as to its constitutionality to be clear matrix will not mandate vaccinations, but we will comply with the order to test and wear masks, we've been preparing the organization in the event that this emergency order becomes law and feel we are ready to implement the regulation.

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Many clients are beginning to implement their own project specific vaccination requirements, including some who are requiring our employees to be fully vaccinated to access their job sites and other clients requiring frequent COVID-19 testing to date, we've been able to comply with these requirements with minimal disruption.

The environment around COVID-19 continues to be fluid, especially in our industry and we are working proactively to anticipate and prepare for what is coming and now I'll turn the call over to Kevin.

Thanks Joan.

The highlight of the quarter was project awards of 267 million that resulted in a quarterly book to Bill of one six and a 21% increase to our backlog, which ended the quarter with $561 million.

Project Awards were spread across all three segments with process and industrial facilities, producing a $2 two book to Bill.

Storage and terminal solutions, one sick and utility and power infrastructure one one.

Moving to segment results.

Revenue for the utility and power infrastructure segment was $57 million in the first quarter producing a negative segment gross margin of $6 1 million.

The segment results were affected by three issues first.

First we incurred an increase in the forecasted cost to complete a large capital project, which resulted in a decrease in gross profit of $5 9 million.

The change in the US it was due to increased costs from delays in commissioning the facility as well as higher estimated costs related to achieving final completion.

Second we incurred a $2 $1 million charge related to the collection of an outstanding receivable on a project completed in 2019 that was tied up in litigation.

Third segment gross margin was negatively impacted by low revenue low volumes, which led to under recovery of construction overhead costs.

These items overshadowed another good quarter for electrical service work.

Which was bolstered by storm recovery work in produce direct gross margins above the normal 10% to 12% range.

We expect improving operating results in this segment as we move through the fiscal year as the project issues are behind US. We also expect revenue volume and overhead it recover recovery to improve.

Revenue for the process and industrial facilities segment was $44 million in the quarter as revenue volume was impacted by a typically slow summer quarter.

The quarterly segment gross margin was six 5%.

Project execution was within our normal expected range of 10% to 12%. However, gross margin was negatively impacted by the under recovery of construction overhead costs that occurred due to low revenue volume.

As we look forward, we expect improving revenue volume as we move through the year as recent project awards begin to generate revenue, which should also have a positive impact on the recovery of overheads and gross margin.

The storage and terminal solutions segment produced $67 million of revenue in the first quarter as crude oil tank and terminal capital work continued to be impacted by the current environment.

The segment gross margin of 6% was challenged by under recovery on low revenue volume mixed with competitively priced work in a tough operating environment.

While the segment had a strong quarter of project awards, we will not begin to see those awards turn to revenue until we get into the third quarter. As a result, while we expect some improvement in margins in the second quarter significant improvement will not occur until the last half of the fiscal year.

Now I will discuss consolidated results. The first quarter revenue of 168 million was in line with our expectations. Unfortunately earnings performance was well below expectations. The consolidated gross profit was a negative $3 5 million or a negative gross margin of two 1%.

All three segments were negatively impacted by under recovery of construction overhead cost.

SG&A costs continued to benefit from cost reduction efforts, there were only $16 6 million in the quarter, which is the lowest level since the first quarter of fiscal 2014.

There are also one time cost items included in the quarterly results, we incurred $6 million of restructuring costs and a write off of $1 5 million of unamortized.

<unk> fees associated with the company's prior credit facility, which was replaced during the quarter.

Bottom line results.

Net loss of $17 5 million.

Or an EPS loss of 66.

While we would normally expect an operating loss at this revenue level. The loss was more significant because of the following three unique items.

<unk> 30 impact from project issues previously discussed.

<unk> <unk> impact from restructuring and a <unk> <unk> impact from the write off of unamortized credit facility fees.

Returning to two.

To profitable performance is the top priority for the company. We believe we are taking the necessary steps to achieve this important goal.

Last quarter I discussed cost reduction efforts, we have taken over the past few years and how those efforts have significantly improved the.

The future earnings potential of the company the lower cost structure requires a lower revenue volume to achieve profitable profitable performance and to achieve full recovery of construction overhead costs, which has been a significant issue during the past 18 months as our revenue volumes have been impacted by the pandemic environment.

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This quarter, our revenue of $168 million short of the amount we need to return to profitability as.

As demonstrated on this chart, we need to see revenue in excess of $200 million.

To be near breakeven performance while.

While the project award performance was strong in the first quarter. The bulk of those awards will not begin to positively impact revenue until the third quarter. As a result, it is not likely we will reach breakeven breakeven performance in the second quarter.

On the positive side, the first quarter awards combined with our strong opportunity pipeline improve the prospects of achieving and surpassing these targets beginning in the third quarter.

Moving onto the balance sheet and cash flow.

As we reported on the last call we entered into a new $100 million asset backed credit facility. During the first quarter. The borrowing base of the company's new facility is adjusted on a monthly basis and is currently $75 million. We have not drawn on the facility that had issued letters of credit of $43 million.

Primarily in lieu of retention on a few projects three of these letters of credit totaling approximately $20 million will expire in the second quarter, resulting in a corresponding increase to availability.

During the quarter, the company's cash balance decreased from 84 million to $62 million.

The decline in the quarter was dude.

Was related to the operating loss and an investment in working capital that is related to the timing of cash flows on projects. The company continues to have a strong balance sheet and no debt.

I'll now turn the call back to John.

Thank you Kevin turning now to our market outlook as I said in my opening remarks, we recorded a significant increase in project awards, achieving a book to Bill of one six on project awards of $267 million and with diversified projects across all three segments, including a thermal vacuum chamber LNG and renewable fuel storage electric.

Infrastructure midstream gas and Kevin and chemicals to name a few.

These awards support our strategic focus and expectations of improving revenue and results in the second half of the year. This activity also raise represents a long awaited an important sign of an award cycle that will strengthen as we move into the new calendar year.

Bidding remains extremely robust across all segments and while the competition for work remains healthy we believe the volume of opportunities available in our market differentiation will allow us to build backlog.

In addition to new $1 trillion federal infrastructure legislation infrastructure investment and jobs Act recently passed will have a positive and direct impact on many parts of our business is direct impact will be on our electrical infrastructure work, including grid repairs enhancements and expansion broadband internet fiber electric.

Vehicle infrastructure build out as well as other transportation improvements and upgrades. In addition, our mining clients will see a continuation of demand growth for their metals and rare earth minerals to support not only the electrification aspects, but also other focus areas of the bill.

This demand will increase spending to expand and maintain their facilities overall spending increases from this infrastructure Bill will take some time to work through the system. However, some businesses may accelerate projects in anticipation of the demand for their products and services. We also are encouraged by recent reports that the energy Supermajor.

<unk> are set to increase their combined capex programs in 2022 by at least 12 billion. These direct investments combined with the indirect effect across energy and industrial markets as well as carbon reduction initiatives that they are focused on supports the growth in awards we are forecasting.

Currently future capital investment in the refining sector is moving towards carbon reduction and renewable fuels conversion with a particular focus on diesel replacement products. As these investments are made we expect our extensive refinery experienced to result in a growing number of project Awards. One. Such example is the first quarter award made by <unk>.

Specialty products facility in Great Falls, Montana for seven storage tanks to support their daily production of renewable fuels. Additionally, at BP Cherry point refinery or matrix has maintained an embedded crew for more than 45 years. Our teams are providing civil and mechanical work with refineries renewable diesel optimization project.

As well as cooling water expansion project, which will allow for increased utilization better energy efficiency and related reductions in cotwo emissions.

And LNG, and Ngls, where pricing multiple opportunities in tanks and terminals and a repricing several that had been previously put on hold international opportunities in LNG and Ngls are also continuing to increase.

Natural gas is considered a bridging energy source that will continue to grow in importance based on the growth in global demand and recent increases in gas prices data suggests that significant increases in capital expenditures can be expected. This expectation is supported by the fact that several midstream gas processing projects are and our proposal pipe.

Blind today. In addition, many of our clients are planning capital expenditures to upgrade their compression and processing station to minimize the carbon footprint of those facilities and.

And hydrogen and other renewables, we're currently executing and bidding or have bid on projects for renewable fuels hydrogen liquefaction storage and delivery carbon capture and battery energy storage as hydrogen projects have begun to be awarded we expect our market share in this area to improve our expertise in <unk>.

Gen X storage in liquefaction combined with our relationship with chart industries provides a clear point of entry from which is strengthening our brand in this end market.

Additionally in combination with the recently passed infrastructure Bill I discussed previously we are optimistic about the build back better legislation currently working its way through Congress Congress will contain climate change related investments that will make these projects more viable and thus improving momentum and awards.

Our chemical and petrochemical strategy to expand our position in service offering is beginning to pay off many chemical companies are attracted to matrix diversified capability offering of engineering construction and maintenance over time, we expect to increase our bench strength and brand through strategic investments.

In mining and minerals copper lithium and goal of expansion projects on arise due to higher commodity pricing driven by renewable energy and infrastructure investments I mentioned previously there are significant proposal activity in this space with some of our as bid projects pending award as we discussed last quarter, the interconnected world of electrical renewable generation and in Asia.

<unk> infrastructure system creates organic growth potential for our electrical business. This was reflected in over $60 million in the first quarter electrical infrastructure awards in our northeastern territory. These projects include substation rebuilds relay updates transmission and distribution and fiber installation.

With substantial infrastructure investments planned across the country, we maintain our goal to create a coast to coast service delivery.

In Aerospace in addition to our first quarter award for our thermal vacuum chamber, which we hope to announce by press release soon we continue to see bidding opportunities in this end market or matrix has a niche position.

Overall bidding activity is strong and award activity has accelerated while the timing of awards can be fluid, we expect bookings to continue to improve as we move through the fiscal year I will now open the call up for questions.

Tom If you would like to ask a question. Please press star one on your telephone keypad again to ask a question. Please press star one on your telephone keypad.

And your first question comes from John France, Rev from Sidoti <unk> Company. Your line is now open.

Good morning, John and Kevin.

Good morning, guys good morning.

On the turnaround and the award profile and Thats actually where I want to start.

John how would you characterize the new awards was it more of deferred jobs coming to market with this new work.

Coming to the market.

It's kind of reflective of the bidder commodity cost profile.

I think there is there is a mix in the in the awards there as some of the projects we have been.

Entertaining for maybe the past six months, but a few of them.

Projects that have come up and probably what I would say kind of a normal bidding cycle within the two to three months.

It may be right before the beginning of the quarter.

I think what Youre seeing is.

More confidence by our client base on making the capital investments that they're planning for the future.

And what's the margin profile.

The current backlog relative to historic margins say, two or three years ago, how much were recovered from the lows.

So.

Like the like.

What's causing the awards, it's mix theres certain projects.

That are more competitively bid.

Our <unk>.

Smaller projects and then there's other projects that are in.

The historical norms that we talk about.

Generating $10 to 12%.

Yes.

And in light of what you said about the tight labor market, how should we think about costs coming back to you as the revenue profile improves.

I think the.

The labor market mix.

Escalating materials is going to have a tendency to drive up pricing I think on our on our projects.

And really probably a cost.

Across all of our segments.

Okay.

I guess, one last question on the slide.

Page 14.

Can you talk a little bit about how big this opportunity profile is.

<unk>, maybe historic norms, and maybe a little bit more about the hydrogen opportunity and maybe some of the timing you expect to get on those awards come through.

Your pipeline.

Yes, so our overall opportunity pipeline and we've defined that in the past is projects that we have bid on.

Our bidding or are planning to bid so theyre not theyre not projects that are.

That we're watching but that clients have not started moving forward on so they're they're they're our opportunity pipeline represents legitimate projects.

There I would say they're in a range because of weather This award cycle or projects may be moving in or out of that opportunity.

Pipeline.

As has been in the 4% to $6 billion range.

For the past probably 18 months I think we've said on previous calls into the bidding environment has been very very strong any opportunity pipeline has been the same and what we are seeing differently. Now is that there are projects now in that opportunity pipeline that are being awarded and so that's that's really.

Positive change for what we've seen in the past.

As it relates to hydrogen.

We're continuing to bid.

Storage only kind of projects.

We're looking at at hydrogen projects that are.

Liquefaction.

Distribution centers.

To feed local transportation needs.

Some of those projects on an EPC environment. Some of them were bidding only the fee portion of the upfront engineering portion as.

As companies think about putting the project in place and so there is a mixed bag and there are some projects getting awarded.

We did we did bid a couple of storage spheres, <unk> and <unk>.

In the last six months that we were not successful on.

But that's probably.

Kind of getting back to a normal sort of cadence in our business for wins wins and losses.

So we feel pretty good about our position in hydrogen and our capabilities.

Our relationship with chart, we're working together with them to to look for combined EPC opportunities, where they can bring their technology and we can bring our storage and terminal capabilities.

Okay.

I'll stop there and I'll get back into queue. Thanks for taking my questions John.

Thank you.

Thank you. Your next question comes from the line of Zane Karimi from D. A Davidson your line is now open.

Hey, good morning, and thank you for taking my questions.

Good morning, Jay.

If you're running a little late so if you already referenced this apologies for that but I remember last quarter your maintenance and turnaround services businesses recovered nicely. What are you seeing and does that momentum looks sustainable going forward.

So.

Yes, I mean, we're starting to see continued strength in our maintenance businesses.

Our maintenance businesses.

Global Cross a lot of different segments. So obviously, we do maintenance work in turnarounds and refineries.

Our nested maintenance operations have been doing very well.

As a lot of our a lot of those clients tried to kind of keep that work in house.

Our other refinery maintenance and turnarounds have been have been kind of muted.

Because refiners out there today are making a lot of money based on the demand and the price for price.

Find products.

We also do maintenance repair on storage tanks of all varieties, whether there could be crude or refined products or even cryogenic applications that market has been.

Has been fairly strong for us and but pretty competitive.

And so but we continue to see more opportunities there and I think what we'll go one of the things we're going to see is a lot more opportunity for us in the cryogenic tank.

Tank space for like LNG tanks that are being anticipated to be used more heavily.

They're going to need to be inspected and repaired and once that and when you when that starts to build out that really starts to diminish the competitive set to the people that got that capability.

Thank you for that.

Thinking about natural gas and the relative prices there, but how are the natural gas prices rising going to affect your business from a short term medium term standpoint.

So right now or what we see in our opportunity pipeline is.

As a growing demand and opportunities.

We haven't we haven't we're seeing.

I'm continuing to see more opportunities in LNG storage LNG small LNG export LNG peak shaving opportunities.

I think in the midstream gas market, we're starting to see a rebound there.

For gas processing and compression.

One of the things we said in our prepared remarks here was one of the interesting things is we have some clients that are looking at how they can reduce their carbon footprint on existing.

Compression stations, along their pipeline systems by putting in more efficient pieces of equipment may be changing the fuel fuel mix.

And so so there is a lot I think that activity going on as well.

Okay.

Thank you for that and I'll jump back in queue.

Okay.

That concludes.

Correct.

Back over to John Hewitt, President and CEO for any closing remarks.

I want to thank everybody for attending today and remind you about three key points first our markets are changing and were changing with those markets and we are confident in our strategy and positioning.

With the improvement in award cycle experienced this quarter, we expect improving awards as we move through the year positively impacting revenue and earnings and third our transformation is in progress with the result, being a more efficient and economical business platform, a revitalized growth trajectory supported by our adjusted market folk.

<unk> areas and ultimately better more sustainable bottom line results to all of our employees I want to thank you for your efforts and patients in these challenging times for leading to best in class safety and for bringing in many opportunities in front of us to reality.

Okay.

Yes.

Ladies and gentlemen that concludes our call for today. Thank you for your participation you may now disconnect.

Okay.

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Good day and thank you for standing by welcome to the Matrix Service Company Conference call to discuss the results for the first quarter of fiscal 'twenty 'twenty. Two at this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question during the session.

You will need to press star one on your telephone if you require any further assistance. Please press star zero.

I'll, let you have the conference over to Kellie Smythe Senior director of Investor Relations. Please go ahead.

Thank you Lee good morning, and welcome to Matrix service company's first quarter of fiscal 2022 earnings call participants on today's call will include John Hewitt, President and Chief Executive Officer, and Kevin Cavanah, Vice President and Chief Financial Officer.

The presentation materials, we will be referring to today during the webcast today can be found under events and presentations on the Investor Relations section of the matrix Service company Dot Com website.

Those indicated by these forward looking statements.

<unk> SEC filings and on the company's website I will now turn the call over to John Hewitt, President and CEO of Matrix Service company.

Thank you Kelly and good morning, everyone and thank you for joining us.

Jones day in the U S and remembers day in Canada, just two days away I want to take a moment to thank all veterans the men and women in military branches and reserve units.

Themselves in harms way and stand ready to protect our freedom and way of life to our veteran employees I want you to know that I'm extremely proud to have you as part of the matrix team and appreciate all you do for our company.

Before I turn the call to Kevin to provide more detail on our first quarter results I wanted to give you some perspective on the operations and business.

They fell in line with our expectations on how the first half of the year would begin but at this revenue level, we continue to under absorbed construction overhead.

While the project is not in a loss position the outcome will certainly not at the level, which we had expected importantly, our client relationships are strong and their reference was key to one of our significant awards. This quarter. In addition, there was also a project in the utility and power infrastructure segment that was completed in 2019.

<unk>, which had a pending outstanding receivable that was tied up in litigation based on the recent outcome of the litigation and pending a full accounting of the settlement. We believe that there is risk in collecting the full value of the amount owed this outcome further impacts our margins for this segment.

On a positive note for this segments electrical infrastructure portion not only had a good award cycle in the quarter, but also performed at a high level from a gross margin perspective. Some storm revenue. This quarter was also positively supported the margin outcome.

Contributing to the competitive margin environment as a lack of larger multiple tank crew.

<unk> projects and terminals getting to award.

The smaller opportunities have been available.

Open the door for regional specialty contractors, who drive pricing down to unreasonable levels.

Julie one projects better mix of projects higher volumes and the potential for other near term opportunities and to our revenue stream.

Our process and industrial facilities segment performance anchored by our nested refinery operations and industrial services group provided good direct margins.

I also want to share perspective on a few of the industry trends. We are watching closely first industry labor shortages at both the professional and craft levels. The industry is competing more aggressively for professional staff such as estimators Engineers and project managers increased project activity is stretching supply and demand.

And retain best in class employees in our offices and on our job sites.

Modest pricing and raw materials on a continual basis, and where possible purchase materials earlier in the project lifecycle to avoid the impacts of potential pricing escalation.

<unk> on January 4th of 2022 pending several lawsuits as to its constitutionality to be clear matrix will not mandate vaccinations, but we will comply with the order to test and wear masks, we have been preparing the organization in the event that this emergency order becomes law and feel we are ready to implement the regulation is.

Required.

Q1 2022 Matrix Service Co Earnings Call

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