MATRIX SERVICE COMTRX
MATRIX SERVICE CO Segments Disclosure
Segment InformationWe operate our business through a number of different operating subsidiaries, which are organized into three reportable segments based on the type of work performed and the markets serviced:
•Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals.
•Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform power delivery work for public and private utilities, including construction of new substations, upgrades of existing substations, and maintenance. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations.
•Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also engineer and construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including chemicals, petrochemical, sulfur, mining and minerals primarily in the extraction of non-ferrous metals, cement, agriculture, wastewater treatment facilities and other industrial customers.
Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer, who regularly reviews operating and financial performance based on our segments. The Company's CODM uses segment operating income as the key metric in evaluating segment performance. The CODM uses this metric in the budget and forecasting processes. The CODM considers
budget-to-actual and forecast-to-actual variances when making decisions about allocating resources, including capital and personnel, to the segments.
We incur certain expenses at the corporate level that relate to our business as a whole. A portion of these expenses are allocated to our business segments. The balance of the corporate level expenses are reported in the "Corporate Selling, general and administrative expenses" line, which is primarily comprised of corporate facility expense, the cost of the executive management team, and other expenses pertaining to certain centralized functions that benefit the entire Company but are not directly attributable to any specific business segment, such as corporate human resources, legal, governance, compliance and finance functions. The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies (see Note 1). We eliminate intersegment sales; therefore, no intercompany profit or loss is recognized. Segment assets consist primarily of accounts receivable, costs and estimated earnings in excess of billings on uncompleted contracts, property, plant and equipment, right-of-use lease assets, goodwill and other intangible assets. Corporate assets consist primarily of cash,
restricted cash, prepaid expenses, corporate fixed assets, and corporate operating lease right-of-use assets.
Operating Segment Information - The following tables set forth certain selected financial information for our operating segments for the periods indicated:
(In thousands)
| Storage and Terminal Solutions | Utility and Power Infrastructure | Process and Industrial Facilities | Corporate | Total | ||||||||||||||||||||||||||||
| Fiscal Year Ended June 30, 2025 | ||||||||||||||||||||||||||||||||
Total revenue (1) | $ | 365,891 | $ | 248,691 | $ | 154,704 | $ | — | $ | 769,286 | ||||||||||||||||||||||
| Cost of revenue | (351,236) | (231,776) | (145,794) | (803) | (729,609) | |||||||||||||||||||||||||||
| Gross profit (loss) | 14,655 | 16,915 | 8,910 | (803) | 39,677 | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 23,538 | 12,363 | 8,293 | 26,979 | 71,173 | |||||||||||||||||||||||||||
| Restructuring costs | 323 | 718 | 138 | 2,393 | 3,572 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | (9,206) | $ | 3,834 | $ | 479 | $ | (30,175) | $ | (35,068) | ||||||||||||||||||||||
(1) Total revenues are net of inter-segment revenues which are primarily Process and Industrial Facilities and were $2.1 million for the year ended June 30, 2025. | ||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 3,516 | $ | 1,123 | $ | 1,454 | $ | 1,592 | $ | 7,685 | ||||||||||||||||||||||
| Depreciation and amortization | $ | 5,042 | $ | 3,119 | $ | 1,636 | $ | 215 | $ | 10,012 | ||||||||||||||||||||||
| Storage and Terminal Solutions | Utility and Power Infrastructure | Process and Industrial Facilities | Corporate | Total | ||||||||||||||||||||||||||||
| Fiscal Year Ended June 30, 2024 | ||||||||||||||||||||||||||||||||
Total revenue (1) | $ | 276,800 | $ | 183,920 | $ | 266,260 | $ | 1,233 | $ | 728,213 | ||||||||||||||||||||||
| Cost of revenue | (265,503) | (174,688) | (244,408) | (3,141) | (687,740) | |||||||||||||||||||||||||||
| Gross profit (loss) | 11,297 | 9,232 | 21,852 | (1,908) | 40,473 | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 19,823 | 8,844 | 10,354 | 31,064 | 70,085 | |||||||||||||||||||||||||||
| Restructuring costs | — | 52 | 215 | 234 | 501 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | (8,526) | $ | 336 | $ | 11,283 | $ | (33,206) | $ | (30,113) | ||||||||||||||||||||||
(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $2.4 million for the year ended June 30, 2024. | ||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 4,641 | $ | 581 | $ | 476 | $ | 1,296 | $ | 6,994 | ||||||||||||||||||||||
| Depreciation and amortization | $ | 4,958 | $ | 3,000 | $ | 2,840 | $ | 225 | $ | 11,023 | ||||||||||||||||||||||
| Storage and Terminal Solutions | Utility and Power Infrastructure | Process and Industrial Facilities | Corporate | Total | ||||||||||||||||||||||||||||
| Fiscal Year Ended June 30, 2023 | ||||||||||||||||||||||||||||||||
Total revenue (1) | $ | 255,693 | $ | 169,504 | $ | 369,823 | $ | — | $ | 795,020 | ||||||||||||||||||||||
| Cost of revenue | (245,223) | (158,805) | (359,067) | (1,105) | (764,200) | |||||||||||||||||||||||||||
| Gross profit (loss) | 10,470 | 10,699 | 10,756 | (1,105) | 30,820 | |||||||||||||||||||||||||||
| Selling, general and administrative expenses | 20,054 | 7,045 | 14,909 | 26,241 | 68,249 | |||||||||||||||||||||||||||
| Goodwill impairment | — | — | 12,316 | — | 12,316 | |||||||||||||||||||||||||||
| Restructuring costs | 969 | 37 | 972 | 1,164 | 3,142 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | (10,553) | $ | 3,617 | $ | (17,441) | $ | (28,510) | $ | (52,887) | ||||||||||||||||||||||
(1) Total revenues are net of inter-segment revenues which are primarily Storage and Terminal Solutions and were $5.6 million for the year ended June 30, 2023. | ||||||||||||||||||||||||||||||||
| Capital expenditures | $ | 1,406 | $ | 4,501 | $ | 2,775 | $ | 327 | $ | 9,009 | ||||||||||||||||||||||
| Depreciation and amortization | $ | 3,281 | $ | 3,465 | $ | 4,783 | $ | 2,165 | $ | 13,694 | ||||||||||||||||||||||
| Total Assets by Segment | |||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||
| (In thousands) | |||||||||||
| Storage and Terminal Solutions | $ | 194,354 | $ | 138,529 | |||||||
| Utility and Power Infrastructure | 98,582 | 84,108 | |||||||||
| Process and Industrial Facilities | 39,490 | 81,524 | |||||||||
| Corporate | 267,830 | 147,190 | |||||||||
| Total Segment Assets | $ | 600,256 | $ | 451,351 | |||||||
Geographical Disaggregation of Long-Lived Assets
The following table presents our long-lived tangible assets including property, plant and equipment, net, and operating right-of-use lease assets at June 30, 2025 and 2024:
| June 30, 2025 | June 30, 2024 | |||||||||||||
| (In thousands) | ||||||||||||||
| United States | $ | 55,137 | $ | 57,520 | ||||||||||
| Canada | 1,150 | 1,368 | ||||||||||||
| Other international | 3,637 | 3,760 | ||||||||||||
| Total Long-Lived Assets | $ | 59,924 | $ | 62,648 | ||||||||||
Information about Significant Customers by Segment:
| Significant Customers as a Percentage of Segment Revenue | ||||||||||||||||||||||||||
| Consolidated | Storage and Terminal Solutions | Utility and Power Infrastructure | Process and Industrial Facilities | |||||||||||||||||||||||
| Fiscal Year ended June 30, 2025 | ||||||||||||||||||||||||||
| Customer one | 17.4 | % | 0.7 | % | 52.7 | % | — | % | ||||||||||||||||||
| Customer two | 10.5 | % | 21.0 | % | 1.6 | % | — | % | ||||||||||||||||||
| Fiscal Year ended June 30, 2024 | ||||||||||||||||||||||||||
| Customer three | 10.5 | % | 27.7 | % | — | % | — | % | ||||||||||||||||||
| Customer four | 10.3 | % | — | % | — | % | 28.2 | % | ||||||||||||||||||
| Fiscal Year ended June 30, 2023 | ||||||||||||||||||||||||||
| Customer five | 10.7 | % | — | % | — | % | 22.9 | % | ||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Sep 10, 2025 | Showing above |
| 2024 | Sep 10, 2024 | |
| 2023 | Sep 12, 2023 | |
| 2022 | Oct 11, 2022 | |
| 2021 | Sep 13, 2021 | |
| 2020 | Sep 3, 2020 | |
| 2019 | Sep 4, 2019 | |
| 2018 | Sep 12, 2018 | |
| 2017 | Sep 11, 2017 | |
| 2016 | Sep 1, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.