On this page of StockholderLetter.com we present the 10/5/2023 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.
positive relationships stewardship 2023 integrity community involvement ANNUAL REPORT deliver the best commitment to safety
PURPOSE Working to build a better future, improve quality of life, and create long-term value for our people, business partners, shareholders, and communities. VISION To be the company of choice for engineering, constructing, and maintaining the energy and industrial infrastructure that people rely on around the world. VALUES COMMITMENT TO SAFETY INTEGRITY POSITIVE RELATIONSHIPS STEWARDSHIP COMMUNITY INVOLVEMENT DELIVER THE BEST
A LETTER FROM OUR CEO FISCAL 2023 WAS A YEAR WHICH SAW THE DEDICATION AND HARD WORK OF OUR TEAMS OVER THE LAST FEW YEARS BEGIN TO COME TO FRUITION. The progress made in our turnaround and organizational transformation to-date is impressive for many reasons. Having made fundamental changes enterprise-wide, we have strengthened our core foundation, created a more agile and efficient organization focused on safety, quality, and continuous improvement, and are positioned to deliver exceptional performance. FISCAL 2023 IN REVIEW We focused the business on core markets that best align with our skills, expertise, and strong brand. PROJECT AWARDS We completed a backlog of projects with unfavorable margin pro les, many of which were awarded during highly competitive periods in prior years. 451.7M We began an award cycle that we believe will be a multi-year backlog build supported by strong tailwinds including key macroeconomic drivers as well as federal spending in the 834.7M Infrastructure Investment and Jobs Act and the In ation Reduction Act. We further strengthened our balance sheet and operating capabilities, focused on elevating our culture of quality, and continued to build deeper relationships with our clients, business 21 22 1.3 partners, stockholders, and communities. B 23 In addition to our ongoing small cap projects and recurring repair and maintenance work, which is strategic to our overall portfolio and represents on average more than 50 percent BOOK-TO-BILL of annual revenue, we ended scal 2023 with project awards of $1.3 billion, a book-to-bill ratio of 1.7, and backlog of $1.1 billion the largest backlog since June 30, 2019. This backlog, which includes our traditional small cap projects and recurring repair and maintenance work, comprises several multi-year projects that provide greater line of sight into revenue for the coming years and allows us to fully recover our construction overhead costs and appropriately leverage SG&A. OUR VISION FOR THE FUTURE As we look ahead, top priorities include the delivery of safe, quality work and continued operational and nancial discipline that will result in a full return to pro tability. 0.7 21 1.2 22 1.7 23 BACKLOG Our focus on quality in everything we do, together with our expertise in providing best-in-class solutions across the energy and industrial markets, provides us with signi cant opportunities for growth and continued improvement in backlog and bottom-line results. The reshaping of the global energy markets, the push towards lower carbon activity, industrial reshoring, growing commodities demand, and federal infrastructure investments all provides strong tailwinds and supports a healthy, long-term pipeline of projects for Matrix as our clients turn to us for infrastructure solutions that support their business objectives. 462.6M 589.5M $ B 1.1 21 22 23
AMONG THESE OBJECTIVES Small to medium size LNG facilities to support peak shaving, back-up power plant fuel supply, ship bunkering, rocket fueling, and export; Specialty vessels and facilities for ammonia, ethane, and other natural gas liquids; Traditionally sized hydrogen storage vessels and facilities, as well as development of solutions for large-scale storage; Electrical infrastructure including substations, transmission and distribution, as well as industrial electrical; Construction of carbon capture utilization and storage (CCUS) solutions; Traditional energy support in re nery turnarounds, maintenance and repair, as well as re nery new-build and retro t solutions focused on re ning of lower-carbon renewable fuels; Crude oil and re ned product storage tanks and terminals; and Finally, mid-stream gas compression, mining and minerals, chemicals and petrochemicals, and aerospace projects. As an industry leader in the engineering, design, fabrication, procurement, and construction of infrastructure that crosses the energy and industrial markets, we will continue to evolve as our clients business objectives and infrastructure needs evolve to support global demand and a low carbon economy, and we are well-positioned to capitalize on the substantial growth opportunities ahead. In closing, I thank our Matrix employees for their hard work and commitment to change and to continuous improvement. I also thank our Board of Directors for their wisdom and guidance through the many challenges we have overcome. And nally, on behalf of everyone at Matrix, I want to thank our stockholders for your ongoing trust and con dence. Respectfully, p y, John R. 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 COMMON STOCK DATA Matrix Service Company s Common Stock is traded on NASDAQ Global Select Market under the Ticker Symbol: MTRX NOTICE OF ANNUAL MEETING The Annual Meeting of Stockholders will be virtual and held on November 14th, 2023 at 10:00 a.m. CT. To attend virtually please visit: VirtualShareholderMeeting.com/MTRX2023 INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS Deloitte & Touche LLP 6100 S. Yale Ave., Ste. 2010 Tulsa, OK 74136 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 Cherokee LNG Ball Ground, GA 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
 • shareholder letter icon 10/5/2023 Letter Continued (Full PDF)
 • stockholder letter icon 9/25/2024 MTRX Stockholder Letter
 • stockholder letter icon 9/24/2025 MTRX Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon MTRX Benford's Law Stock Score = 84


MTRX 10/5/2023 Shareholder/Stockholder Letter Transcript:

positive
relationships
stewardship
2023
integrity
community
involvement
ANNUAL
REPORT
deliver
the best
commitment
to safety

PURPOSE
Working to build a better future,
improve quality of life, and create
long-term value for our people,
business partners, shareholders,
and communities.
VISION
To be the company of choice
for engineering, constructing, and
maintaining the energy and industrial
infrastructure that people rely
on around the world.
VALUES
COMMITMENT TO SAFETY
INTEGRITY
POSITIVE RELATIONSHIPS
STEWARDSHIP
COMMUNITY INVOLVEMENT
DELIVER THE BEST

A LETTER FROM OUR CEO
FISCAL 2023 WAS A YEAR WHICH SAW THE DEDICATION AND HARD WORK
OF OUR TEAMS OVER THE LAST FEW YEARS BEGIN TO COME TO FRUITION.
The progress made in our turnaround and organizational transformation to-date is impressive
for many reasons. Having made fundamental changes enterprise-wide, we have strengthened
our core foundation, created a more agile and efficient organization focused on safety,
quality, and continuous improvement, and are positioned to deliver exceptional performance.
FISCAL 2023 IN REVIEW
    We focused the business on core markets that best align with our skills, expertise,
and strong brand.
PROJECT AWARDS
    We completed a backlog of projects with unfavorable margin pro   les, many of which
were awarded during highly competitive periods in prior years.
451.7M

    We began an award cycle that we believe will be a multi-year backlog build supported
by strong tailwinds including key macroeconomic drivers as well as federal spending in the
834.7M

Infrastructure Investment and Jobs Act and the In   ation Reduction Act.
    We further strengthened our balance sheet and operating capabilities, focused on elevating
our culture of quality, and continued to build deeper relationships with our clients, business
   21
   22
1.3

partners, stockholders, and communities.
B
   23
    In addition to our ongoing small cap projects and recurring repair and maintenance work,
which is strategic to our overall portfolio and represents on average more than 50 percent
BOOK-TO-BILL
of annual revenue, we ended    scal 2023 with project awards of $1.3 billion, a book-to-bill
ratio of 1.7, and backlog of $1.1 billion     the largest backlog since June 30, 2019. This
backlog, which includes our traditional small cap projects and recurring repair and
maintenance work, comprises several multi-year projects that provide greater line of sight
into revenue for the coming years and allows us to fully recover our construction overhead
costs and appropriately leverage SG&A.
OUR VISION FOR THE FUTURE
As we look ahead, top priorities include the delivery of safe, quality work and continued
operational and    nancial discipline that will result in a full return to pro   tability.
0.7
   21
1.2
   22
1.7
   23
BACKLOG
Our focus on quality in everything we do, together with our expertise in providing
best-in-class solutions across the energy and industrial markets, provides us with signi   cant
opportunities for growth and continued improvement in backlog and bottom-line results.
The reshaping of the global energy markets, the push towards lower carbon activity, industrial
reshoring, growing commodities demand, and federal infrastructure investments all provides
strong tailwinds and supports a healthy, long-term pipeline of projects for Matrix as our clients
turn to us for infrastructure solutions that support their business objectives.
462.6M

589.5M
$ B

1.1
   21
   22
   23

AMONG THESE OBJECTIVES
    Small to medium size LNG facilities to support peak shaving, back-up power plant fuel supply, ship bunkering, rocket
fueling, and export;
    Specialty vessels and facilities for ammonia, ethane, and other natural gas liquids;
    Traditionally sized hydrogen storage vessels and facilities, as well as development of solutions for large-scale storage;
    Electrical infrastructure including substations, transmission and distribution, as well as industrial electrical;
    Construction of carbon capture utilization and storage (CCUS) solutions;
    Traditional energy support in re   nery turnarounds, maintenance and repair, as well as re   nery new-build and retro   t
solutions focused on re   ning of lower-carbon renewable fuels;
    Crude oil and re   ned product storage tanks and terminals; and
    Finally, mid-stream gas compression, mining and minerals, chemicals and petrochemicals, and aerospace projects.
As an industry leader in the engineering, design, fabrication, procurement, and construction of infrastructure that
crosses the energy and industrial markets, we will continue to evolve as our clients    business objectives and
infrastructure needs evolve to support global demand and a low carbon economy, and we are well-positioned to
capitalize on the substantial growth opportunities ahead.
In closing, I thank our Matrix employees for their hard work and commitment to change and to continuous improvement.
I also thank our Board of Directors for their wisdom and guidance through the many challenges we have overcome.
And    nally, on behalf of everyone at Matrix, I want to thank our stockholders for your ongoing trust and con   dence.
Respectfully,
p
y,
John R.
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
COMMON STOCK DATA
Matrix Service Company   s Common
Stock is traded on NASDAQ
Global Select Market under the
Ticker Symbol:    MTRX   
NOTICE OF ANNUAL MEETING
The Annual Meeting of Stockholders
will be virtual and held on
November 14th, 2023 at 10:00 a.m. CT.
To attend virtually please visit:
VirtualShareholderMeeting.com/MTRX2023
INDEPENDENT REGISTERED
PUBLIC ACCOUNTANTS
Deloitte & Touche LLP
6100 S. Yale Ave., Ste. 2010
Tulsa, OK 74136
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
Cherokee LNG
Ball Ground, GA
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



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