On this page of StockholderLetter.com we present the latest annual shareholder letter from MATRIX SERVICE CO — ticker symbol MTRX. Reading current and past MTRX letters to shareholders can bring important insights into the investment thesis.

 •  9/25/2024 Letter Continued (Full PDF)
 •  10/5/2023 MTRX Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  MTRX Benford's Law Stock Score = 59

MTRX Shareholder/Stockholder Letter Transcript:

PURPOSE
To create long-term value
for our employees,
business partners, shareholders,
and communities everywhere.
TO FULFILL THIS PURPOSE
We must be a pro   table, innovative, and growth-oriented
company of choice for engineering, constructing, and
maintaining energy and industrial infrastructure that
delivers its services safely, with high quality, and on time,
resulting in strong customer relationships.
VALUES
COMMITMENT TO SAFETY
INTEGRITY
POSITIVE RELATIONSHIPS
STEWARDSHIP
COMMUNITY INVOLVEMENT
DELIVER THE BEST

A MESSAGE FROM
JOHN R. HEWITT
PRESIDENT AND CEO
Fiscal 2024 was a milestone year for Matrix Service Company
as we celebrated our 40th year in business. Guided by
our core values, our journey has been de   ned by the
commitment and expertise of our people, the enduring
relationships we have established with our clients, and the
PROJECT AWARDS
ongoing support and engagement of our investors.
The infrastructure our teams design, build, and maintain serve as the backbone to
834.7M

ever-increasing global demand for both energy and the manufacture of products
that are vital to providing quality of life. And just as our clients have innovated and
1.3B

evolved to support this increasing demand, so too has Matrix. Since inception, we
have strategically expanded our services across traditional and emerging markets
through both organic growth and acquisitions and we continue to methodically
deepen our bench strength to support the ever-changing energy environment.
FY 2022
FY 2023
1.1

Today, global megatrends are driving signi   cant demand for energy and industrial
B
FY 2024
infrastructure, providing Matrix with a long runway and a multi-billion-dollar
project opportunity pipeline that requires the leading expertise we provide.
BOOK-TO-BILL
Against this backdrop, we are supporting traditional energy and industrial
infrastructure while also retro   tting and constructing processing and storage
facilities for biofuels and other renewables. We are performing FEL and FEED
studies for larger storage solutions that support new forms of energy; designing
and constructing green   eld facilities for liquid natural gas, natural gas liquids,
hydrogen, and ammonia; and providing transmission and distribution services to
support the electri   cation of everything.
Our clients, which include large domestic and international energy and industrial
companies, public and private utilities, and regionally based companies and
developers, consistently choose Matrix for their projects based on the expertise of
our teams and the quality of work we provide. The result is signi   cant stability in
1.2x
FY 2022
1.7x
FY 2023
1.5x
FY 2024
BACKLOG
our backlog and opportunity pipeline, and affirmation of our strategies for growth
and long-term sustainability.
THAT SAID, FISCAL 2024 WAS NOT WITHOUT ITS CHALLENGES. Foremost
was an increase in safety incidents and, most tragically, the loss of a long-time
employee to a job site fatality. As an important part of our response, we have
engaged third-party experts to provide us with a different perspective and help
589.5M

1.1

FY 2022
$ B
1.4
B
FY 2023
FY 2024

develop strategies to strengthen our safety culture
A BRIGHT FUTURE. We begin    scal 2025 with
enterprise wide. Our thoughts remain with our
record backlog of $1.4 billion, a strong opportunity
employee   s family, friends, and co-workers as
pipeline, and a streamlined organization poised for
we work to further strengthen our safety culture
continued growth. We have reached an in   ection
and reaffirm our determination to ensure our
point that will allow for revenue generation and
employees, subcontractors, clients, and others who
efficient use of our cost structure over a multi-year
may be on our job sites are safe.
period, with expected gross margins within our
historical range. Combining expected forthcoming
Operationally, the company   s    nancial results
were impacted by lower revenue volume and
under-absorption of construction overhead
revenues from strong project execution and
conversion of backlog, we believe the company is
on a trajectory of upward growth and pro   tability.
costs as several large projects already in
backlog were slow to start.
At Matrix, we are committed to upholding
the highest standards of safety, quality, and
Despite these challenges, we continued to
strengthen our balance sheet. We generated
positive cash    ow from operations and improved
our overall liquidity by $77 million, or 83.2
percent, compared to    scal 2023, re   ecting
service. We will stay focused on our strategy,
maintain a strong balance sheet, and deliver
outstanding service to our clients as we pursue the
opportunities we see in the market to support our
long-term growth objectives.
our continued focus on efficiently managing
capital and maintaining    nancial stability.
In closing, I am deeply grateful for the contributions and commitment of our employees, for the
We also continued to invest in systems and
processes to further leverage our recently
streamlined organization, including our Center
of Excellence and use of shared services.
Among our areas of focus: achieving maximum
continued con   dence placed in us by our clients
whose loyalty inspires us to push the boundaries
of excellence in every critical infrastructure project
we undertake, and for you, our stockholders, who
remain committed to Matrix Service Company.
quality and efficiency in end-to-end project
management and execution; advancing our
Thank you for being an integral part of our story.
global supply chain organization to drive
compliance and performance, reduce risks,
and enrich our supplier diversity spend; and
ensuring we are able to meet future federal and
state reporting requirements speci   c to
sustainability.
JOHN R. HEWITT
President and Chief Executive Officer

SHAREHOLDER INFORMATION
CORPORATE OFFICES
15 E. 5th St., Ste. 1100
Tulsa, OK 74103
Phone: 918 838 8822
Fax: 918 838 8810
NOTICE OF ANNUAL MEETING
The Annual Meeting of Stockholders
will be virtual and held on
November 5th, 2024 at 10:00 a.m. CT.
To attend virtually please visit:
COMMON STOCK DATA
Matrix Service Company   s Common
Stock is traded on NASDAQ
Global Select Market under the
Ticker Symbol:    MTRX   
INDEPENDENT REGISTERED
PUBLIC ACCOUNTANTS
Deloitte & Touche LLP
6100 S. Yale Ave., Ste. 2010
Tulsa, OK 74136
VirtualShareholderMeeting.com/MTRX2024
STOCK TRANSFER AGENT & REGISTRAR
Computershare Trust Company, N.A.
250 Royall St.
Canton, MA 02021
WEBSITES
MatrixServiceCompany.com
MatrixPDM.com
MatrixNAC.com
MatrixService.com
MatrixAppliedTech.com
INVESTOR AND MEDIA RELATIONS,
STOCKHOLDER RELATIONS
& AVAILABLE INFORMATION
Matrix Service Company   s Annual Report
on Form 10-K    led with the Securities
and Exchange Commission may be
obtained by writing to:
Kevin S. Cavanah
Vice President and Chief Financial Officer
Matrix Service Company
15 E. 5th St., Ste. 1100
Tulsa, OK 74103



 9/25/2024 Letter Continued (Full PDF)