Mistras Group, Inc. (NYSE:MG) Q1 2024 Earnings Call Transcript

Mitchell Pinheiro: Okay. Just last question. I did notice that shares outstanding, diluted shares were up about a million from the fourth quarter. What was driving that? Is that just option-related or restricted stock vesting or?

Ed Prajzner: No. I think, actually, Mitch, what that is, because fourth quarter, with some of the charges of Project Phoenix, you would’ve had net loss there on a GAAP perspective before the add-backs. The shares are affected. You don’t dilute your loss with the added shares. So, there’s certain things are not the denominator. So, just mechanical GAAP change there, not any real change substantively, more just a change in the GAAP numerator due to the (indiscernible). That’s all.

Mitchell Pinheiro: Okay. And then, so should we use the first quarter number for the remainder of the year?

Ed Prajzner: Yep, absolutely. The current quarter would be the right number to use on a weighted basis going forward. Absolutely.

Mitchell Pinheiro: Okay. Got it. All right. Thank you for taking the questions.

Operator: Thank you. And I am showing no further questions at this time. I would now like to turn it back to Manny for closing remarks.

A – Manny Stamatakis: Thank you, Operator. And thank you, everyone, for joining this important call today, and also for your continued interest in Mistras. I look forward to providing you with an update on our business and progress achieved towards our ongoing initiatives on our next call. Everyone, please have a safe and prosperous day.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.