Mistras (MG) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-34481
Entity Registrant Name	Mistras Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3341267
Entity Address, Address Line One	195 Clarksville Road
Entity Address, City or Town	Princeton Junction,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08550
City Area Code	609
Local Phone Number	716-4000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,805,316
Entity Central Index Key	0001436126
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 19,921	$ 24,110
Accounts receivable, net	127,085	109,511
Inventories	12,589	12,686
Prepaid expenses and other current assets	11,709	15,031
Total current assets	171,304	161,338
Property, plant and equipment, net	83,689	86,578
Intangible assets, net	57,479	59,381
Goodwill	206,409	205,439
Deferred income taxes	2,225	2,174
Other assets	47,122	47,285
Total assets	568,228	562,195
Current Liabilities
Accounts payable	12,422	12,870
Accrued expenses and other current liabilities	87,466	83,863
Current portion of long-term debt	21,336	20,162
Current portion of finance lease obligations	3,775	3,765
Income taxes payable	1,216	755
Total current liabilities	126,215	121,415
Long-term debt, net of current portion	187,478	182,403
Obligations under finance leases, net of current portion	9,552	9,752
Deferred income taxes	8,661	8,385
Other long-term liabilities	39,237	39,328
Total liabilities	371,143	361,283
Commitments and contingencies
Equity
Preferred stock, 10,000,000 shares authorized	0	0
Common stock, $0.01 par value, 200,000,000 shares authorized, 29,741,053 and 29,546,263 shares issued and outstanding	297	295
Additional paid-in capital	239,656	238,687
Accumulated deficit	(23,351)	(17,988)
Accumulated other comprehensive loss	(19,756)	(20,311)
Total Mistras Group, Inc. stockholders’ equity	196,846	200,683
Non-controlling interests	239	229
Total equity	197,085	200,912
Total liabilities and equity	$ 568,228	$ 562,195

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	29,720,443	29,546,263
Common stock, shares outstanding (in shares)	29,720,443	29,546,263

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 161,662	$ 153,735
Cost of revenue	115,758	108,243
Depreciation	6,012	5,491
Gross profit	39,892	40,001
Selling, general and administrative expenses	42,036	39,639
Legal settlement and insurance recoveries, net	(841)	1,030
Research and engineering	551	727
Depreciation and amortization	2,795	3,074
Acquisition-related expense, net	49	277
Loss from operations	(4,698)	(4,746)
Interest expense	1,938	3,213
Loss before benefit for income taxes	(6,636)	(7,959)
Benefit for income taxes	(1,283)	(2,600)
Net Loss	(5,353)	(5,359)
Less: net income attributable to noncontrolling interests, net of taxes	10	3
Net Loss attributable to Mistras Group, Inc.	$ (5,363)	$ (5,362)
Loss per common share
Basic (in dollars per share)	$ (0.18)	$ (0.18)
Diluted (in dollars per share)	$ (0.18)	$ (0.18)
Weighted-average common shares outstanding:
Basic (in shares)	29,634	29,425
Diluted (in shares)	29,634	29,425

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Loss	$ (5,353)	$ (5,359)
Other comprehensive loss:
Foreign currency translation adjustments	555	(592)
Comprehensive Loss	(4,798)	(5,951)
Less: net income attributable to noncontrolling interests, net of taxes	10	3
Comprehensive loss attributable to Mistras Group, Inc.	$ (4,808)	$ (5,954)

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Equity - USD ($)	Total	Total Mistras Group, Inc. Stockholders’ Equity	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2020			29,234,000
Beginning balance at Dec. 31, 2020	$ 197,219,000	$ 197,021,000	$ 292,000	$ 234,638,000	$ (21,848,000)	$ (16,061,000)	$ 198,000
Increase (Decrease) in Stockholders' Equity
Net Loss	(5,359,000)	(5,362,000)			(5,362,000)		3,000
Other comprehensive income, net of tax	(592,000)	(592,000)				(592,000)
Share-based payments	1,262,000	1,262,000		1,262,000
Net settlements of restricted stock units (in shares)			113,000
Net settlement of restricted stock units	(486,000)	(486,000)	$ 1,000	(487,000)
Ending balance (in shares) at Mar. 31, 2021			29,347,000
Ending balance at Mar. 31, 2021	192,044,000	191,843,000	$ 293,000	235,413,000	(27,210,000)	(16,653,000)	201,000
Beginning balance (in shares) at Dec. 31, 2021			29,546,000
Beginning balance at Dec. 31, 2021	200,912,000	200,683,000	$ 295,000	238,687,000	(17,988,000)	(20,311,000)	229,000
Increase (Decrease) in Stockholders' Equity
Net Loss	(5,353,000)	(5,363,000)			(5,363,000)		10,000
Other comprehensive income, net of tax	555,000	555,000				555,000
Share-based payments	1,515,000	1,515,000		1,515,000
Net settlements of restricted stock units (in shares)			174,000
Net settlement of restricted stock units	(544,000)	(544,000)	$ 2,000	(546,000)
Ending balance (in shares) at Mar. 31, 2022			29,720,000
Ending balance at Mar. 31, 2022	$ 197,085,000	$ 196,846,000	$ 297,000	$ 239,656,000	$ (23,351,000)	$ (19,756,000)	$ 239,000

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (5,353)	$ (5,359)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	8,807	8,565
Deferred income taxes	196	866
Share-based compensation expense	1,515	1,262
Fair value adjustments to contingent consideration	45	243
Foreign currency loss	686	455
Other	86	(48)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions
Accounts receivable	(17,831)	(5,417)
Inventories	(96)	(87)
Prepaid expenses and other assets	3,421	(4,944)
Accounts payable	(440)	942
Accrued expenses and other liabilities	3,605	6,881
Income taxes payable	493	(211)
Payment of contingent consideration liability in excess of acquisition-date fair value	(533)	0
Net cash provided by (used in) operating activities	(5,399)	3,148
Cash flows from investing activities
Purchase of property, plant and equipment	(3,061)	(4,003)
Purchase of intangible assets	(151)	(350)
Acquisition of business, net of cash acquired	0	(411)
Proceeds from sale of equipment	475	588
Net cash used in investing activities	(2,737)	(4,176)
Cash flows from financing activities
Repayment of finance lease obligations	(1,076)	(1,069)
Repayment of long-term debt	(4,152)	(2,323)
Proceeds from revolver	26,000	23,000
Repayment of revolver	(15,500)	(17,750)
Payment of contingent consideration for business acquisitions	(405)	(938)
Taxes paid related to net share settlement of share-based awards	(544)	(485)
Net cash provided by financing activities	4,323	435
Effect of exchange rate changes on cash and cash equivalents	(376)	(990)
Net change in cash and cash equivalents	(4,189)	(1,583)
Cash and cash equivalents at beginning of period	24,110	25,760
Cash and cash equivalents at end of period	19,921	24,177
Supplemental disclosure of cash paid (received)
Interest, net	1,711	2,916
Income taxes, net of refunds	(4,661)	2,877
Noncash investing and financing
Equipment acquired through finance lease obligations	$ 848	$ 643

Description of Business_and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description of Business Mistras Group, Inc. and subsidiaries (the Company) is a leading “one source” multinational provider of integrated technology-enabled asset protection solutions helping to maximize the safety and operational uptime for civilization's most critical industrial and civil assets. Backed by an innovative, data-driven asset protection portfolio, proprietary technologies, and decades-long legacy of industry leadership, the Company helps clients with asset-intensive infrastructure in the oil and gas, aerospace and defense, industrials, power generation, and transmission (including alternative and renewable energy), other process industries and infrastructure, research and engineering and other industries towards achieving and maintaining operational excellence. By supporting these organizations that help fuel our vehicles and power our society; inspecting components that are trusted for commercial, defense, and space craft; and building real-time monitoring equipment to enable safe travel across bridges, the Company helps the world at large. The Company enhances value for its clients by integrating asset protection throughout supply chains and centralizing integrity data through a suite of Industrial Internet of Things ("IoT")-connected digital software and monitoring solutions, including OneSuite™, which serves as an ecosystem platform, pulling together all of the Company’s software and data services capabilities, for the benefit of its customers. The Company's core capabilities also include non-destructive testing (“NDT”) field inspections enhanced by advanced robotics, laboratory quality control and assurance testing, sensing technologies and NDT equipment, asset and mechanical integrity engineering services, and light mechanical maintenance and access services. Recent Developments The COVID-19 coronavirus (COVID-19) pandemic has continued to cause disruption and volatility in domestic and international markets although conditions continue to improve during 2022 as compared to 2021. The Company's businesses have been classified as non-healthcare critical infrastructure as defined by the U.S. Centers for Disease Control and Prevention (CDC). Our facilities, and the Company's customers facilities as well, have remained open with staffing modifications and precautionary procedures taken as necessary. Overall, the Company has taken actions to help ensure the health and safety of Company employees and those of its customers and suppliers; maintain business continuity and financial strength and stability; and serve customers as they provide essential products and services to the world. The COVID-19 pandemic uncertainty, significant volatility in oil prices, and decreased traffic in the aerospace industry have adversely affected the operations of the Company's customers, suppliers and contractors beginning in the first quarter of 2020, and as a consequence, the Company's results of operations, were adversely impacted. These negative factors continue to cause volatility and uncertainty in the markets in which the Company operates, although the Company in 2022 has nevertheless begun approaching pre-pandemic levels of activity in certain end markets, particularly oil and gas where crude oil prices have exceeded pre-pandemic levels. The Company has eliminated substantially all of the cost reduction initiatives undertaken in 2020, including re-installment of the savings plan employer match and increasing wages back to pre-pandemic amounts. The Company is currently unable to predict with certainty the overall impact that the factors discussed above and the effect of the Russian-Ukrainian conflict may have on its business, results of operations or liquidity or in other ways which the Company cannot yet determine. To date, the Company's European operations have begun to see increased costs associated with higher energy costs, among others, due in part to the on-going conflict. The Company will continue to monitor market conditions and respond accordingly. Basis of Presentation The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the years ending December 31, 2022 and December 31, 2021. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the notes to the Audited Consolidated Financial Statements contained in the Company's 2021 Annual Report on Form 10-K ("2021 Annual Report"). Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Loss. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition. Reclassification Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported. Customers For each of the three months ended March 31, 2022 and 2021, no customer represented 10% or more of the Company's revenue. Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 1– Summary of Significant Accounting Policies and Practices in the 2021 Annual Report. On an ongoing basis, the Company evaluates its estimates and assumptions, including among other things, those related to revenue recognition, long-lived assets, goodwill and acquisitions. Since the date of the 2021 Annual Report, there have been no material changes to the Company's significant accounting policies. Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carry forwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years. As of March 31, 2022, management concluded that it is more likely than not that a substantial portion of the Company's deferred tax assets will be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company’s effective income tax rate was approximately 19.3% and 32.7% for the three months ended March 31, 2022 and 2021, respectively. The effective income tax rate benefit for the three months ended March 31, 2022 was lower than the statutory rate primarily due to the impact of an unfavorable discrete item related to stock compensation. The effective income tax rate for the three months ended March 31, 2021 was higher than the statutory rate due to the capitalization of certain non-US intercompany balances which resulted in a deductible foreign exchange loss in the US. Recent Accounting Pronouncements In March 2020 and updated in January 2021, the FASB issued ASU 2020-04 and 2021-01, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating applicable contracts and the available expedients provided by the new guidance.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and material basis, and are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers . Performance Obligations The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company's best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists. Contract modifications are not routine in the performance of the Company's contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract. The Company's performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company's revenue is recognized over time as work progresses for the Company's service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis. The majority of our revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead. The Company expects any significant remaining performance obligations to be satisfied within one year. Contract Estimates The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements (MSAs) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. Revenue by Category The following series of tables present the Company's disaggregated revenue: Revenue by industry was as follows: Three Months Ended March 31, 2022 Services International Products Corp/Elim Total Oil & Gas $ 86,613 $ 7,572 $ 38 $ — $ 94,223 Aerospace & Defense 15,022 4,940 108 — 20,070 Industrials 9,007 5,528 502 — 15,037 Power generation & Transmission 3,822 2,562 845 — 7,229 Other Process Industries 10,293 3,518 1 — 13,812 Infrastructure, Research & Engineering 2,506 2,039 897 — 5,442 Petrochemical 3,045 78 — — 3,123 Other 2,638 1,901 545 (2,358) 2,726 Total $ 132,946 $ 28,138 $ 2,936 $ (2,358) $ 161,662 Three Months Ended March 31, 2021 Services International Products Corp/Elim Total Oil & Gas $ 79,220 $ 7,936 $ 56 $ — $ 87,212 Aerospace & Defense 11,823 4,317 35 — 16,175 Industrials 8,819 4,849 327 — 13,995 Power generation & Transmission 5,534 1,978 759 — 8,271 Other Process Industries 7,856 2,912 9 — 10,777 Infrastructure, Research & Engineering 3,169 3,756 1,144 — 8,069 Petrochemical 5,464 72 — 5,536 Other 2,413 1,828 658 (1,199) 3,700 Total $ 124,298 $ 27,648 $ 2,988 $ (1,199) $ 153,735 Revenue per key geographic location was as follows: Three Months Ended March 31, 2022 Services International Products Corp/Elim Total United States $ 113,935 $ 173 $ 1,351 $ (655) $ 114,804 Other Americas 18,052 1,341 16 (609) 18,800 Europe 744 25,920 580 (924) 26,320 Asia-Pacific 215 704 989 (170) 1,738 Total $ 132,946 $ 28,138 $ 2,936 $ (2,358) $ 161,662 Three Months Ended March 31, 2021 Services International Products Corp/Elim Total United States $ 104,546 $ 208 $ 1,460 $ (391) $ 105,823 Other Americas 18,878 1,177 67 (63) 20,059 Europe 294 25,894 460 (612) 26,036 Asia-Pacific 580 369 1,001 (133) 1,817 Total $ 124,298 $ 27,648 $ 2,988 $ (1,199) $ 153,735 Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities. Revenue recognized during the three months ended March 31, 2022 and 2021 that was included in the contract liability balance at the beginning of such year was $2.2 million and $1.9 million for each period. Changes in the contract asset and liability balances during these periods were not materially impacted by any other factors. The Company applies a practical expedient to expense incremental costs incurred related to obtaining a contract. The Company’s expenses are expected to be amortized over a period less than one year.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation The Company has share-based incentive awards outstanding to its eligible employees and non-employee directors under two equity incentive plans: (i) the 2009 Long-Term Incentive Plan (the "2009 Plan") and (ii) the 2016 Long-Term Incentive Plan (the "2016 Plan"). No further awards may be granted under the 2009 Plan, and the remaining stock option award granted under the 2009 Plan expired during the three months ended March 31, 2022. Awards granted under the 2016 Plan may be in the form of stock options, restricted stock units and other forms of share-based incentives, including performance restricted stock units, stock appreciation rights and deferred stock rights. At the annual shareholders meeting on May 19, 2020, the Company’s shareholders approved an amendment to increase the total number of shares that may be issued under the 2016 Plan by 2.0 million, for a total of 3.7 million shares that are authorized for issuance under the 2016 Plan, of which 383,743 shares were available for future grants as of March 31, 2022. Stock Options For each of the three months ended March 31, 2022 and 2021, the Company did not recognize any share-based compensation expense related to the stock option award, as the one outstanding stock option award was already fully vested. No unrecognized compensation costs remained related to the stock option award as of March 31, 2022. The following table sets forth a summary of the stock option activity, weighted-average exercise prices and options outstanding as of March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Common Stock Options Weighted Average Exercise Price Common Stock Options Weighted Average Exercise Price Outstanding at beginning of period: 5 $ 22.35 5 $ 22.35 Granted — $ — — $ — Exercised — $ — — $ — Expired or forfeited (5) $ 22.35 — $ — Outstanding at end of period: — $ — 5 $ 22.35 Restricted Stock Unit Awards For the three months ended March 31, 2022 and March 31, 2021, the Company recognized share-based compensation expense related to restricted stock unit awards of $0.9 million and $0.9 million, respectively. As of March 31, 2022, there was $9.6 million of unrecognized compensation costs, net of estimated forfeitures, related to restricted stock unit awards, which is expected to be recognized over a remaining weighted-average period of 3.1 years. Upon vesting, restricted stock units are generally net share-settled to cover the required withholding tax and the remaining amount is converted into an equivalent number of shares of common stock. A summary of the vesting activity of restricted stock unit awards, with the respective fair value of the awards, is as follows: Three months ended March 31, 2022 2021 Restricted stock awards vested 226 111 Fair value of awards vested $ 1,502 $ 1,189 A summary of the fully-vested common stock the Company issued to its six non-employee directors, in connection with its non-employee director compensation plan, is as follows: Three months ended March 31, 2022 2021 Awards issued 34 25 Grant date fair value of awards issued $ 225 $ 258 A summary of the Company's outstanding, non-vested restricted share units is as follows: Three months ended March 31, 2022 2021 Units Weighted Units Weighted Outstanding at beginning of period: 1,208 $ 7.96 1,076 $ 7.41 Granted 675 $ 7.65 519 $ 10.06 Released (226) $ 13.73 (111) $ 15.90 Forfeited (7) $ 10.50 (10) $ 8.69 Outstanding at end of period: 1,650 $ 7.16 1,474 $ 7.70 Performance Restricted Stock Units The Company maintains Performance Restricted Stock Units (PRSUs) that have been granted to select executives and senior officers whose ultimate payout is based on the Company’s performance over a one-year period based on specific metrics approved by the Compensation Committee of the Board of Directors of the Company. For 2021, the Compensation Committee made changes to the Company’s equity incentive compensation plan for its executive officers and approved the new target awards for 2021. For 2021, the three metrics were: 1. Free Cash Flow net cash provided by operating activities less purchases of property, plant, equipment and intangible assets and is subject to adjustments approved by the Compensation Committee. 2. Adjusted EBITDA defined as net income attributable to the Company plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense and certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss and, if applicable, certain special items which are noted). 3. Total Shareholder Return (TSR) measures the total return to shareholders of the Company during 2021 versus the total return to the shareholders of a predefined peer group of companies that provide inspection, testing, certification or similar industrial services. The return will be measured by the year over year percent change in share price. The share prices used to calculate the return are the average share price during the 20-trading day period ending on the initial measurement date (the last 20 trading days of 2020), compared to the average share price during the 20-trading day period ending on the final measurement date (the last 20 trading days of 2021). Any cash dividends or distributions paid in 2021 will be added to calculate the return to shareholders during the year. TSR is considered a market condition for which the fair value of PRSUs with this condition is determined using a Monte Carlo valuation model. Key assumptions in the Monte Carlo valuation model included: a. Expected Volatility. Expected volatility of the Company’s common stock at the date of grant was estimated based on a historical average volatility rate for the approximate 1-year performance period. b. Dividend Yield . The dividend yield assumption was based on historical and anticipated dividend payouts (assumed at zero). c. Risk-Free Interest Rate . The risk-free interest rate assumption was based on observed interest rates consistent with the approximate 1-year performance measurement period. For 2022, the Compensation Committee retained the Company's prior year equity incentive compensation plan for its executive officers including utilizing the same metrics, as defined above, and approved the new target awards for 2022. PRSUs are equity-classified and compensation costs are initially measured using the fair value of the underlying stock at the date of grant. Compensation costs related to the PRSUs are subsequently adjusted for changes in the expected outcomes of the performance conditions. Compensation cost related to the PRSUs with a market condition is not reversed if the market condition is not achieved, provided the employee requisite service has been rendered. PRSUs generally vest ratably on each of the first four anniversary dates upon completion of the performance period, for a total requisite service period of up to five years and have no dividend rights. A summary of the Company's PRSU activity is as follows: Three months ended March 31, 2022 2021 Units Weighted Units Weighted Outstanding at beginning of period: 388 $ 10.07 333 $ 8.84 Granted 341 $ 6.55 189 $ 12.59 Performance condition adjustments (56) $ 10.47 (125) $ 3.68 Released (17) $ 6.85 (22) $ 13.63 Forfeited — $ — — $ — Outstanding at end of period: 656 $ 12.18 375 $ 12.18 During the three months ended March 31, 2022 and March 31, 2021, the Compensation Committee approved the final calculation of the award metrics for calendar year 2021 and 2020, respectively. As a result, the calendar year 2022 PRSUs decreased by approximately 56,000 units as a result of the final calculation of award metrics. For the three months ended March 31, 2022 and March 31, 2021, the Company recognized aggregate share-based compensation expense related to the awards described above of approximately $0.3 million and $0.1 million, respectively. At March 31, 2022, there was $2.6 million of total unrecognized compensation costs related to approximately 656,000 non-vested PRSUs, which is expected to be recognized over a remaining weighted-average period of 2.5 years.

Earnings (loss) per Share

Earnings (loss) per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings (loss) per Share	Earnings (loss) per Share Basic earnings (loss) per share is computed by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted earnings per share is computed by dividing net loss by the sum of (1) the weighted-average number of shares of common stock outstanding during the period, and (2) the dilutive effect of assumed conversion of equity awards using the treasury stock method. With respect to the number of weighted-average shares outstanding (denominator), diluted shares reflects: (i) the exercise of options to acquire common stock to the extent that the options’ exercise prices are less than the average market price of common shares during the period and (ii) the pro forma vesting of restricted stock units. The following table sets forth the computations of basic and diluted loss per share: Three months ended March 31, 2022 2021 Basic loss per share Numerator: Net loss attributable to Mistras Group, Inc. $ (5,363) $ (5,362) Denominator: Weighted average common shares outstanding 29,634 29,425 Basic loss per share $ (0.18) $ (0.18) Diluted loss per share: Numerator: Net loss attributable to Mistras Group, Inc. $ (5,363) $ (5,362) Denominator: Weighted average common shares outstanding 29,634 29,425 Dilutive effect of stock options outstanding — — Dilutive effect of restricted stock units outstanding (1) — — 29,634 29,425 Diluted loss per share $ (0.18) $ (0.18) _______________ (1) For the three months ended March 31, 2022 and 2021, 1,212,000 and 509,000 shares, respectively, related to restricted stock were excluded from the calculation of diluted EPS due to the net loss for the period.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions Acquisition-Related Expense In the course of its acquisition activities, the Company incurs costs in connection with due diligence, such as professional fees, and other expenses. Additionally, the Company adjusts the fair value of acquisition-related contingent consideration liabilities on a quarterly basis. These amounts are reported as Acquisition-related expense, net on the Unaudited Condensed Consolidated Statements of Loss and were as follows for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Due diligence, professional fees and other transaction costs $ 4 $ 34 Adjustments to fair value of contingent consideration liabilities 45 243 Acquisition-related expense, net $ 49 $ 277 The Company's contingent consideration liabilities are included in Accrued expenses and other current liabilities and Other long-term liabilities on the Condensed Consolidated Balance Sheets.

Accounts Receivable, net

Accounts Receivable, net	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable, net	Accounts Receivable, net Accounts receivable consisted of the following: March 31, 2022 December 31, 2021 Trade accounts receivable $ 130,504 $ 112,739 Allowance for credit losses (3,419) (3,228) Accounts receivable, net $ 127,085 $ 109,511 The Company had $23.7 million and $11.9 million of unbilled revenue accrued as of March 31, 2022 and December 31, 2021, respectively. These amounts are included in the trade accounts receivable balances above. Unbilled revenue is generally billed in the subsequent quarter to their revenue recognition. The Company considers unbilled receivables as short-term in nature as they are normally converted to trade receivables within 90 days, thus future changes in economic conditions will not have a significant effect on the credit loss estimate. The Company was contracted to perform inspections of welds on various pipeline projects in Texas for a customer. As of December 31, 2019, approximately $1.4 million of past due receivables were outstanding from this customer. The Company received notice from the customer in December 2019, alleging that the work performed was not in compliance with the contract. The Company recorded a full reserve for this receivable during 2019 and the status of this situation has not changed since 2019. See Note 14- Commitments and Contingencies for additional details.

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant and Equipment, net Property, plant and equipment consisted of the following: Useful Life (Years) March 31, 2022 December 31, 2021 Land $ 2,766 $ 2,762 Buildings and improvements 30-40 24,725 24,787 Office furniture and equipment 5-8 19,721 16,620 Machinery and equipment 5-7 245,003 250,166 292,215 294,335 Accumulated depreciation and amortization (208,526) (207,757) Property, plant and equipment, net $ 83,689 $ 86,578 Depreciation expense for the three months ended March 31, 2022 and 2021 was approximately $6.6 million and $6.1 million, respectively.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Changes in the carrying amount of goodwill by segment is shown below: Services International Products and Systems Total Balance at December 31, 2021 $ 190,656 $ 14,783 $ — $ 205,439 Foreign currency translation 1,219 (249) 970 Balance at March 31, 2022 $ 191,875 $ 14,534 $ — $ 206,409 The Company reviews goodwill for impairment on a reporting unit basis on October 1 of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows: March 31, 2022 December 31, 2021 Useful Life Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships 5-18 $ 111,883 $ (81,572) $ 30,311 $ 112,109 $ (80,319) $ 31,790 Software/Technology 3-15 52,895 (27,307) 25,588 52,265 (26,415) 25,850 Covenants not to compete 2-5 12,644 (12,450) 194 12,623 (12,390) 233 Other 2-12 10,599 (9,213) 1,386 10,574 (9,066) 1,508 Total $ 188,021 $ (130,542) $ 57,479 $ 187,571 $ (128,190) $ 59,381

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, 2022 December 31, 2021 Accrued salaries, wages and related employee benefits $ 34,423 $ 33,816 Contingent consideration, current portion 981 1,830 Accrued workers’ compensation and health benefits 4,314 3,994 Deferred revenue 7,578 6,202 Pension accrual 2,519 2,519 Right-of-use liability - Operating 10,278 10,040 Other accrued expenses 27,373 25,462 Total $ 87,466 $ 83,863

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: March 31, 2022 December 31, 2021 Senior credit facility $ 130,000 $ 119,500 Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively 72,949 76,673 Other 5,865 6,392 Total debt 208,814 202,565 Less: Current portion (21,336) (20,162) Long-term debt, net of current portion $ 187,478 $ 182,403 Senior Credit Facility The Company has a credit agreement with its banking group (as amended, the "Credit Agreement") which provides the Company with a revolving line of credit and a $100 million senior secured term loan A facility with a balance of $72.9 million as of March 31, 2022. Pursuant to the Amendment described below, the revolving line of credit was reduced from $155 million to $150 million on December 31, 2021. Both the revolving line of credit and the term loan A facility under the Credit Agreement have a maturity date of December 12, 2023. On May 19, 2021, the Company entered into the Fifth Amendment (the “Amendment”) to the Credit Agreement. The Amendment made the following changes: • Removed the LIBOR floor of 1.0%, which provided that if LIBOR is below 1.0%, the interest rate will be calculated as if LIBOR is 1.0%. Now the actual LIBOR rate is used to calculate interest, even if LIBOR is below 1.0%. The LIBOR margins and base rate margins are unchanged but are based upon the new Total Consolidated Debt Leverage Ratio (defined below); previously the margin was based upon the Funded Debt Leverage Ratio. • Requires the Company to maintain a Total Consolidated Debt Leverage Ratio not to exceed 4.0 to 1.0 as of the end of each quarter through the quarter ending March 31, 2022, and for each quarter thereafter the ratio shall not exceed 3.5 to 1.0. ◦ Total Consolidated Debt Leverage Ratio means the ratio of (a) Total Consolidated Debt to (b) EBITDA (as defined in the Credit Agreement) for the trailing four consecutive quarters ◦ Total Consolidated Debt means all indebtedness (including subordinated debt) of the Company on a consolidated basis (with a limited exception). • If the Company incurs certain subordinated debt or other permitted indebtedness, then the Company must maintain a Total Consolidated Debt Leverage Ratio not to exceed 4.5 to 1.0 and maintain a ratio of Senior Debt to EBITDA not to exceed 3.5 to 1.0, with Senior Debt being Total Consolidated Debt, less permitted subordinated debt. • The Company must repay loans under the Credit Agreement with the net proceeds from certain dispositions of assets under certain circumstances and limits investments in non-guarantor subsidiaries under certain circumstances if the Company's Total Consolidated Leverage Ratio is above 3.5 to 1.0. • Quarterly payments on the term loan increased to $3.75 million through March 31, 2022, then to $5.0 million for each quarterly payment thereafter and a final balloon payment at maturity. As a result of the borrowing capacity reduction on the revolving loan line of credit, the Company expensed $0.1 million in unamortized capitalized debt issuance costs during the year ended December 31, 2021, which was included in selling, general and administrative expenses on the Consolidated Statements of Loss. The Company incurred $0.5 million in financing costs for the Amendment, of which $0.2 million of third-party costs were expensed and included in selling, general and administrative expenses on the Consolidated Statements of Loss. Under the Credit Agreement, the Company may borrow up to $100 million in non-U.S. Dollar currencies and use up to $20 million of the credit limit for the issuance of letters of credit. As of March 31, 2022, the Company had borrowings of $203.1 million and a total of $3.3 million of letters of credit outstanding under the Credit Agreement. The Company has capitalized costs associated with debt modifications of $0.8 million as of March 31, 2022, which is included in Other Assets on the Condensed Consolidated Balance Sheets and will be amortized into interest expense over the remaining term of the Credit Agreement through December 12, 2023 As of March 31, 2022, the Company was in compliance with the terms of the Credit Agreement. The Company continuously monitors compliance with the covenants contained in its Credit Agreement. The Company believes that it is probable that the Company will be able to comply with the financial covenants in the Credit Agreement and that sufficient credit remains available under the Credit Agreement to meet the Company's liquidity needs. However, due to the uncertainties being caused by the COVID-19 pandemic, the significant volatility in oil prices, and volatility in the aerospace production, such matters cannot be predicted with certainty. Other debt The Company's other debt includes bank financing provided at the local subsidiary level used to support working capital requirements and fund capital expenditures. At March 31, 2022, there was an aggregate of approximately $5.9 million outstanding, payable at various times through 2030. Monthly payments range from $0.4 thousand to $16 thousand and interest rates range from 0.4% to 3.5%.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. Financial instruments measured at fair value on a recurring basis The fair value of contingent consideration liabilities was estimated using a discounted cash flow technique with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC 820. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows related to the acquisitions, appropriately discounted considering the uncertainties associated with the obligation, and as calculated in accordance with the terms of the applicable acquisition agreements. The following table represents the changes in the fair value of Level 3 contingent consideration: Three months ended March 31, 2022 2021 Beginning balance $ 1,831 $ 1,640 Acquisitions — — Payments (938) (938) Accretion of liability — — Revaluation 45 243 Foreign currency translation — — Ending balance $ 938 $ 945 Financial instruments not measured at fair value on a recurring basis The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and finance lease obligations

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company’s Condensed Consolidated Balance Sheets include the following related to right-of-use ("ROU") operating leases: Leases Classification March 31, 2022 December 31, 2021 Assets ROU assets Other Assets $ 42,505 $ 42,451 Liabilities ROU - current Accrued expenses and other current liabilities $ 10,278 $ 10,040 ROU liability - long-term Other long-term liabilities 33,719 34,030 Total ROU liabilities $ 43,997 $ 44,070 Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $2.4 million and $2.9 million as of March 31, 2022 and December 31, 2021, respectively. Total rent payments for this facility were approximately $0.3 million and $0.5 million for the three months ended March 31, 2022 and March 31, 2021, respectively. An agreement was reached with the related party to reduce rental payments by 12.5% for the lease of the Company’s headquarters, effective February 2022 as part of a voluntary reduction. The total ROU assets attributable to finance leases were approximately $13.4 million and $13.8 million as of March 31, 2022 and December 31, 2021, respectively, which is included in Property, plant, and equipment, net The components of lease costs were as follows: Three months ended March 31, Classification 2022 2021 Finance lease expense Amortization of ROU assets Depreciation and amortization $ 1,012 $ 1,060 Interest on lease liabilities Interest expense 158 192 Operating lease expense Cost of revenue; Selling, general & administrative expenses 3,198 3,302 Short-term lease expense Cost of revenue; Selling, general & administrative expenses 6 6 Variable lease expense Cost of revenue; Selling, general & administrative expenses 539 867 Total $ 4,913 $ 5,427 Additional information related to leases was as follows: Three months ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases Finance - financing cash flows $ 1,076 $ 1,069 Finance - operating cash flows 158 192 Operating - operating cash flows 3,163 3,322 ROU assets obtained in the exchange for lease liabilities Finance leases $ 848 $ 643 Operating leases 2,772 1,004 Weighted-average remaining lease term (in years) Finance leases 5.3 5.6 Operating leases 5.2 5.6 Weighted-average discount rate Finance leases 5.2 % 5.5 % Operating leases 5.5 % 5.7 % Maturities of lease liabilities as of March 31, 2022 were as follows: Finance Operating Remainder of 2022 $ 4,515 $ 9,113 2023 3,990 11,252 2024 3,062 9,083 2025 1,471 6,763 2026 823 5,074 Thereafter 482 9,191 Total 14,343 50,476 Less: Present value discount 1,016 6,479 Lease liability $ 13,327 $ 43,997
Leases	Leases The Company’s Condensed Consolidated Balance Sheets include the following related to right-of-use ("ROU") operating leases: Leases Classification March 31, 2022 December 31, 2021 Assets ROU assets Other Assets $ 42,505 $ 42,451 Liabilities ROU - current Accrued expenses and other current liabilities $ 10,278 $ 10,040 ROU liability - long-term Other long-term liabilities 33,719 34,030 Total ROU liabilities $ 43,997 $ 44,070 Included within the balance of operating leases is a lease for the Company’s headquarters which is with a related party. The ROU liability for this facility was approximately $2.4 million and $2.9 million as of March 31, 2022 and December 31, 2021, respectively. Total rent payments for this facility were approximately $0.3 million and $0.5 million for the three months ended March 31, 2022 and March 31, 2021, respectively. An agreement was reached with the related party to reduce rental payments by 12.5% for the lease of the Company’s headquarters, effective February 2022 as part of a voluntary reduction. The total ROU assets attributable to finance leases were approximately $13.4 million and $13.8 million as of March 31, 2022 and December 31, 2021, respectively, which is included in Property, plant, and equipment, net The components of lease costs were as follows: Three months ended March 31, Classification 2022 2021 Finance lease expense Amortization of ROU assets Depreciation and amortization $ 1,012 $ 1,060 Interest on lease liabilities Interest expense 158 192 Operating lease expense Cost of revenue; Selling, general & administrative expenses 3,198 3,302 Short-term lease expense Cost of revenue; Selling, general & administrative expenses 6 6 Variable lease expense Cost of revenue; Selling, general & administrative expenses 539 867 Total $ 4,913 $ 5,427 Additional information related to leases was as follows: Three months ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases Finance - financing cash flows $ 1,076 $ 1,069 Finance - operating cash flows 158 192 Operating - operating cash flows 3,163 3,322 ROU assets obtained in the exchange for lease liabilities Finance leases $ 848 $ 643 Operating leases 2,772 1,004 Weighted-average remaining lease term (in years) Finance leases 5.3 5.6 Operating leases 5.2 5.6 Weighted-average discount rate Finance leases 5.2 % 5.5 % Operating leases 5.5 % 5.7 % Maturities of lease liabilities as of March 31, 2022 were as follows: Finance Operating Remainder of 2022 $ 4,515 $ 9,113 2023 3,990 11,252 2024 3,062 9,083 2025 1,471 6,763 2026 823 5,074 Thereafter 482 9,191 Total 14,343 50,476 Less: Present value discount 1,016 6,479 Lease liability $ 13,327 $ 43,997

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings and Government Investigations The Company is periodically involved in lawsuits, investigations and claims that arise in the ordinary course of business. The Company cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against it. Except for possible losses from the matters described below, the Company does not believe that any currently pending or threatened legal proceeding to which the Company is or is likely to become a party will have a material adverse effect on its business, results of operations, cash flows or financial condition. The costs incurred by the Company to defend lawsuits, investigations and claims and amounts the Company pays to other parties because of these matters may be covered by insurance in some circumstances. Litigation and Commercial Claims The Company was contracted to perform inspections of welds on various pipeline projects in Texas for a customer. As of March 31, 2022, approximately $1.4 million of past due receivables were outstanding from this customer. The customer provided the Company with notice in December 2019, alleging that the Company’s inspection of 66 welds (out of approximately 16,000 welds inspected) were not in compliance with the contract, claimed approximately $7.6 million in damages, and requested that the Company pay these damages and any other damages incurred. The Company filed a lawsuit in the District Court of Bexar County, Texas, 37th Judicial District, in an action captioned Mistras Group, Inc. v. Epic Y-Grade Pipeline LP, to recover the $1.4 million and other amounts due to the Company. The customer filed a counterclaim, alleging breach of contract and seeking recovery of its alleged damages. The Company believes that any successful claim by the customer regarding the Company’s workmanship will be covered by insurance, subject to payment of a deductible. At this time, the Company is unable to determine whether it has any liability in connection with this matter and if so, the amount or range of any such liability, and accordingly, has not established any accruals for this matter. Accordingly, the Company recorded a reserve in the amount of $1.4 million during the twelve months ended December 31, 2019 for these past due receivables. Two proceedings have been filed in California Superior Court for the County of Los Angeles regarding alleged violations of the California Labor Code. Both cases are captioned Justin Price v. Mistras Group, Inc. , one being a purported class action lawsuit on behalf of current and former Mistras employees in California and the other was filed on behalf of the State of California under the California Private Attorney General Act on the basis of the same alleged violations. The two cases have been consolidated and are requesting payment of all damages, including unpaid wages, and various fines and penalties available under California law. On May 4, 2021, the Company agreed to a settlement of all claims in the cases, which was more formally documented pursuant to a settlement agreement completed October 5, 2021. Pursuant to the settlement, the Company will pay $2.3 million to resolve the allegations in these proceedings and will be responsible for the employer portion of payroll taxes on the amount of the settlement allocated to wages. The settlement is subject to court approval and will cover claims for the period from June 2016 through July 31, 2021. The Company recorded expense of approximately $1.6 million during the three months ended March 31, 2021 related to this settlement, which is in addition to expense of $0.8 million the Company recorded during the three months ended December 31, 2020. Pension Related Contingencies Certain of Company’s subsidiaries had significant reductions in their unionized workers in 2018. The collective bargaining agreements for these employees required contributions for these employees to national multi-employer pension funds. The reduction in employees resulted in a subsidiary incurring a complete withdrawal to one of the pension funds under the Employee Retirement Income Security Act of 1974 ("ERISA"), which was fully satisfied in 2019. The Company has determined that the subsidiary is likely to incur partial or complete withdrawal liability to the other pension fund. The balance of the estimated total amount of this potential liability as of March 31, 2022 is approximately $2.5 million, which were incurred in 2018 and 2019. Severance and labor disputes During December 2019, the Company executed an agreement to sell the rights of certain customer "staff leasing" contracts related to its German subsidiary for total consideration of approximately $0.1 million, effective January 1, 2020. No other assets or liabilities other than those employee benefits related to employees working on the customer contracts were included in the sale. As of March 31, 2022, the Company has approximately $0.1 million of accrued estimated severance payment obligations, which takes into account the Company's estimate with respect to the employees that have been or will be transitioned to the German subsidiaries' other customers. The $0.2 million of estimated obligations is net of $0.4 million in payments made and $1.0 million in reversals due to employees being transitioned to customer contracts. The Company was entitled to indemnification on certain labor claims from the sellers of a company acquired by its Brazilian subsidiary. The Company and the sellers entered into a settlement agreement for approximately $1.0 million, which provided for payment in two installments, the first for approximately 31% of the settlement and the second for the remaining 69%. The first installment in the amount of approximately $0.3 million was paid by the sellers in December 2020 and the Company recognized that amount as a gain in selling, general and administrative expenses in the same period. The remaining payment for $0.6 million was received in the first quarter of 2021 and the Company recognized that amount as a gain in selling, general and administrative expenses in the same period. Acquisition and disposition related contingencies The Company is liable for contingent consideration in connection with certain of its acquisitions. As of March 31, 2022, total potential acquisition-related contingent consideration ranged from zero to approximately $1.9 million and would be payable upon the achievement of specific performance metrics by certain of the acquired companies over the next six months.

Segment Disclosure

Segment Disclosure	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Disclosure	Segment Disclosure The Company’s three operating segments are: • Services. This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment. • International. This segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. • Products and Systems. This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. Costs incurred for general corporate services, including finance, legal, and certain other costs that are provided to the segments are reported within Corporate and eliminations. During the first quarter of 2022 the Company finalized a transfer pricing study which resulted in additional costs being allocated from Corporate to the operating segments with the majority of the costs allocated to the Services segment. These costs are reflected in operating income (loss) of each segment. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the Services and International segments by the Products and Systems segment are reflected in the operating performance of each segment. The accounting policies of the reportable segments are the same as those described in Note 1 - Description of Business and Basis of Presentation . Segment income from operations is one of the primary performance measures used by the chief operating decision maker, to assess the performance of each segment and make resource allocation decisions. Certain general and administrative costs such as human resources, information technology and training are allocated to the segments. Segment income from operations excludes interest and other financial charges and income taxes. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment. Selected consolidated financial information by segment for the periods shown was as follows: (with intercompany transactions eliminated in Corporate and eliminations) Three months ended March 31, 2022 2021 Revenue Services $ 132,946 $ 124,298 International 28,138 27,648 Products and Systems 2,936 2,988 Corporate and eliminations (2,358) (1,199) $ 161,662 $ 153,735 Three months ended March 31, 2022 2021 Gross profit Services $ 30,526 $ 31,076 International 8,190 7,625 Products and Systems 1,168 1,281 Corporate and eliminations 8 19 $ 39,892 $ 40,001 Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations. Three months ended March 31, 2022 2021 Income (loss) from operations Services $ 3,761 $ 4,548 International 284 (820) Products and Systems (582) (581) Corporate and eliminations (8,161) (7,893) $ (4,698) $ (4,746) Three months ended March 31, 2022 2021 Depreciation and amortization Services $ 6,593 $ 6,114 International 2,058 2,210 Products and Systems 218 228 Corporate and eliminations (62) 13 $ 8,807 $ 8,565 March 31, 2022 December 31, 2021 Intangible assets, net Services $ 50,476 $ 51,862 International 5,804 6,344 Products and Systems 1,071 1,042 Corporate and eliminations 128 133 $ 57,479 $ 59,381 March 31, 2022 December 31, 2021 Total assets Services $ 436,996 $ 424,058 International 108,733 111,619 Products and Systems 10,534 10,532 Corporate and eliminations 11,965 15,986 $ 568,228 $ 562,195 Refer to Note 2 – Revenue , for revenue by geographic area for the three months ended March 31, 2022 and 2021.

Description of Business_and B_2

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Unaudited Condensed Consolidated Financial Statements contained in this report have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") and Securities and Exchange Commission ("SEC") guidance allowing for reduced disclosure for interim periods. In the opinion of management, the Unaudited Condensed Consolidated Financial Statements include all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods of the years ending December 31, 2022 and December 31, 2021. Certain items included in these statements are based on management’s estimates. Actual results may differ from those estimates. The results of operations for any interim period are not necessarily indicative of the results expected for the year. The accompanying Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the notes to the Audited Consolidated Financial Statements contained in the Company's 2021 Annual Report on Form 10-K ("2021 Annual Report").
Principles of Consolidation	Principles of Consolidation The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of Mistras Group, Inc. as well as its wholly-owned subsidiaries, majority-owned subsidiaries and consolidated variable interest entities (VIE). For subsidiaries in which the Company’s ownership interest is less than 100%, the non-controlling interests are reported in stockholders’ equity in the accompanying Condensed Consolidated Balance Sheets. The non-controlling interests in net results, net of tax, is classified separately in the accompanying Unaudited Condensed Consolidated Statements of Loss. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations of companies acquired are included from the date of acquisition.
Reclassification	Reclassification Certain amounts in prior periods have been reclassified to conform to the current year presentation. Such reclassifications did not have a material effect on the Company's financial condition or results of operations as previously reported.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. We recognize deferred tax assets and liabilities at enacted income tax rates for the temporary differences between the financial reporting bases and the tax bases of our assets and liabilities. Any effects of changes in income tax rates or tax laws are included in the provision for income taxes in the period of enactment. Our net deferred tax assets primarily consist of net operating loss carry forwards, or NOLs. A valuation allowance is provided if it is more likely than not that some or all of a deferred income tax asset will not be realized. A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current and prior years. As of March 31, 2022, management concluded that it is more likely than not that a substantial portion of the Company's deferred tax assets will be realized. We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company’s effective income tax rate was approximately 19.3% and 32.7% for the three months ended March 31, 2022 and 2021, respectively. The effective income tax rate benefit for the three months ended March 31, 2022 was lower than the statutory rate primarily due to the impact of an unfavorable discrete item related to stock compensation. The effective income tax rate for the three months ended March 31, 2021 was higher than the statutory rate due to the capitalization of certain non-US intercompany balances which resulted in a deductible foreign exchange loss in the US.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020 and updated in January 2021, the FASB issued ASU 2020-04 and 2021-01, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating applicable contracts and the available expedients provided by the new guidance.
Revenue	Revenue The Company derives the majority of its revenue by providing services on a time and material basis, and are short-term in nature. The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers . Performance Obligations The Company provides highly integrated and bundled inspection services to its customers. The majority of the Company's contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and is, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company's best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is a relative selling price based on price lists. Contract modifications are not routine in the performance of the Company's contracts. Generally, when contracts are modified, the modification is to account for changes in scope to the goods and services that are provided. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as a separate contract. The Company's performance obligations are satisfied over time as work progresses or at a point in time. The majority of the Company's revenue is recognized over time as work progresses for the Company's service deliverables, which includes providing testing, inspection and mechanical services to our customers. Revenue is recognized over time based on time and material incurred to date which best portrays the transfer of control to the customer. The Company also utilizes an available practical expedient that provides for revenue to be recognized in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date. Fixed fee arrangements are determined based on expected labor, material, and overhead to be consumed on fulfillment of such services. For these arrangements, revenue is recognized on a cost-to-cost method tracked on an input basis. The majority of our revenue recognized at a point in time is related to product sales when the customer obtains control of the asset, which is generally upon shipment to the customer. Contract costs include labor, material and overhead. The Company expects any significant remaining performance obligations to be satisfied within one year. Contract Estimates The majority of the Company's revenues are short-term in nature. The Company enters into master service agreements (MSAs) with customers that specify an overall framework and contract terms. The actual contracting to provide services or furnish products are triggered by a work order, purchase order, or some similar document issued pursuant to a MSA which sets forth the scope of services and/or identifies the products to be provided. From time-to-time, the Company may enter into longer-term contracts, which can range from several months to several years. Revenue on certain contracts is recognized as work is performed based on total costs incurred to date in relation to the total estimated costs for the performance of the contract at completion. This includes contract estimates of costs to be incurred for the performance of the contract. Cost estimation is based upon the professional knowledge and experience of the Company's project managers, engineers and financial professionals. Factors that are considered in estimating the work to be completed include the availability of materials, the effect of any delays in the Company's project performance and the recoverability of any claims. Whenever revisions of estimates, contract costs and/or contract values indicate that the contract costs will exceed estimated revenues, thus creating a loss, a provision for the total estimated loss is recorded in that period. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets. Amounts are generally billed as work progresses in accordance with agreed-upon contractual terms, generally at periodic intervals (e.g., weekly, bi-weekly or monthly). Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, the Company sometimes receives advances or deposits from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are aggregated on an individual contract basis and reported on the Consolidated Balance Sheets at the end of each reporting period within accounts receivable, net or accrued expenses and other current liabilities.
Fair Value Measurements	Fair Value Measurements The Company performs fair value measurements in accordance with the guidance provided by ASC 820, Fair Value Measurements and Disclosures . ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It also establishes a three level hierarchy that prioritizes the inputs used to measure fair value. Financial instruments measured at fair value on a recurring basis The fair value of contingent consideration liabilities was estimated using a discounted cash flow technique with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC 820. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows related to the acquisitions, appropriately discounted considering the uncertainties associated with the obligation, and as calculated in accordance with the terms of the applicable acquisition agreements. Financial instruments not measured at fair value on a recurring basis The Company has evaluated current market conditions and borrower credit quality and has determined that the carrying value of its long-term debt approximates fair value. The fair value of the Company’s notes payable and finance lease obligations
Segment Disclosure	Segment Disclosure The Company’s three operating segments are: • Services. This segment provides asset protection solutions predominantly in North America, with the largest concentration in the United States, followed by Canada, consisting primarily of NDT, inspection, mechanical and engineering services that are used to evaluate the safety, structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data services are included in this segment. • International. This segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America, but not to customers in China and South Korea, which are served by the Products and Systems segment. • Products and Systems. This segment designs, manufactures, sells, installs and services the Company’s asset protection products and systems, including equipment and instrumentation, predominantly in the United States. Costs incurred for general corporate services, including finance, legal, and certain other costs that are provided to the segments are reported within Corporate and eliminations. During the first quarter of 2022 the Company finalized a transfer pricing study which resulted in additional costs being allocated from Corporate to the operating segments with the majority of the costs allocated to the Services segment. These costs are reflected in operating income (loss) of each segment. Sales to the International segment from the Products and Systems segment and subsequent sales by the International segment of the same items are recorded and reflected in the operating performance of both segments. Additionally, engineering charges and royalty fees charged to the Services and International segments by the Products and Systems segment are reflected in the operating performance of each segment. The accounting policies of the reportable segments are the same as those described in Note 1 - Description of Business and Basis of Presentation . Segment income from operations is one of the primary performance measures used by the chief operating decision maker, to assess the performance of each segment and make resource allocation decisions. Certain general and administrative costs such as human resources, information technology and training are allocated to the segments. Segment income from operations excludes interest and other financial charges and income taxes. Corporate and other assets are comprised principally of cash, deposits, property, plant and equipment, domestic deferred taxes, deferred charges and other assets. Corporate loss from operations consists of administrative charges related to corporate personnel and other charges that cannot be readily identified for allocation to a particular segment.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues	The following series of tables present the Company's disaggregated revenue: Revenue by industry was as follows: Three Months Ended March 31, 2022 Services International Products Corp/Elim Total Oil & Gas $ 86,613 $ 7,572 $ 38 $ — $ 94,223 Aerospace & Defense 15,022 4,940 108 — 20,070 Industrials 9,007 5,528 502 — 15,037 Power generation & Transmission 3,822 2,562 845 — 7,229 Other Process Industries 10,293 3,518 1 — 13,812 Infrastructure, Research & Engineering 2,506 2,039 897 — 5,442 Petrochemical 3,045 78 — — 3,123 Other 2,638 1,901 545 (2,358) 2,726 Total $ 132,946 $ 28,138 $ 2,936 $ (2,358) $ 161,662 Three Months Ended March 31, 2021 Services International Products Corp/Elim Total Oil & Gas $ 79,220 $ 7,936 $ 56 $ — $ 87,212 Aerospace & Defense 11,823 4,317 35 — 16,175 Industrials 8,819 4,849 327 — 13,995 Power generation & Transmission 5,534 1,978 759 — 8,271 Other Process Industries 7,856 2,912 9 — 10,777 Infrastructure, Research & Engineering 3,169 3,756 1,144 — 8,069 Petrochemical 5,464 72 — 5,536 Other 2,413 1,828 658 (1,199) 3,700 Total $ 124,298 $ 27,648 $ 2,988 $ (1,199) $ 153,735 Revenue per key geographic location was as follows: Three Months Ended March 31, 2022 Services International Products Corp/Elim Total United States $ 113,935 $ 173 $ 1,351 $ (655) $ 114,804 Other Americas 18,052 1,341 16 (609) 18,800 Europe 744 25,920 580 (924) 26,320 Asia-Pacific 215 704 989 (170) 1,738 Total $ 132,946 $ 28,138 $ 2,936 $ (2,358) $ 161,662 Three Months Ended March 31, 2021 Services International Products Corp/Elim Total United States $ 104,546 $ 208 $ 1,460 $ (391) $ 105,823 Other Americas 18,878 1,177 67 (63) 20,059 Europe 294 25,894 460 (612) 26,036 Asia-Pacific 580 369 1,001 (133) 1,817 Total $ 124,298 $ 27,648 $ 2,988 $ (1,199) $ 153,735

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following table sets forth a summary of the stock option activity, weighted-average exercise prices and options outstanding as of March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Common Stock Options Weighted Average Exercise Price Common Stock Options Weighted Average Exercise Price Outstanding at beginning of period: 5 $ 22.35 5 $ 22.35 Granted — $ — — $ — Exercised — $ — — $ — Expired or forfeited (5) $ 22.35 — $ — Outstanding at end of period: — $ — 5 $ 22.35
Schedule of Vesting Activity of Restricted Stock Unit Awards	A summary of the vesting activity of restricted stock unit awards, with the respective fair value of the awards, is as follows: Three months ended March 31, 2022 2021 Restricted stock awards vested 226 111 Fair value of awards vested $ 1,502 $ 1,189
Schedule of Fully-vested Common Stock Issued to Non-employee Directors	A summary of the fully-vested common stock the Company issued to its six non-employee directors, in connection with its non-employee director compensation plan, is as follows: Three months ended March 31, 2022 2021 Awards issued 34 25 Grant date fair value of awards issued $ 225 $ 258
Schedule of Company's Outstanding, Nonvested Restricted Share Units and Performance Restricted Stock Units	A summary of the Company's outstanding, non-vested restricted share units is as follows: Three months ended March 31, 2022 2021 Units Weighted Units Weighted Outstanding at beginning of period: 1,208 $ 7.96 1,076 $ 7.41 Granted 675 $ 7.65 519 $ 10.06 Released (226) $ 13.73 (111) $ 15.90 Forfeited (7) $ 10.50 (10) $ 8.69 Outstanding at end of period: 1,650 $ 7.16 1,474 $ 7.70 A summary of the Company's PRSU activity is as follows: Three months ended March 31, 2022 2021 Units Weighted Units Weighted Outstanding at beginning of period: 388 $ 10.07 333 $ 8.84 Granted 341 $ 6.55 189 $ 12.59 Performance condition adjustments (56) $ 10.47 (125) $ 3.68 Released (17) $ 6.85 (22) $ 13.63 Forfeited — $ — — $ — Outstanding at end of period: 656 $ 12.18 375 $ 12.18

Earnings (loss) per Share (Tabl

Earnings (loss) per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computations of Basic and Diluted Earnings (Loss) per Share	The following table sets forth the computations of basic and diluted loss per share: Three months ended March 31, 2022 2021 Basic loss per share Numerator: Net loss attributable to Mistras Group, Inc. $ (5,363) $ (5,362) Denominator: Weighted average common shares outstanding 29,634 29,425 Basic loss per share $ (0.18) $ (0.18) Diluted loss per share: Numerator: Net loss attributable to Mistras Group, Inc. $ (5,363) $ (5,362) Denominator: Weighted average common shares outstanding 29,634 29,425 Dilutive effect of stock options outstanding — — Dilutive effect of restricted stock units outstanding (1) — — 29,634 29,425 Diluted loss per share $ (0.18) $ (0.18) _______________ (1) For the three months ended March 31, 2022 and 2021, 1,212,000 and 509,000 shares, respectively, related to restricted stock were excluded from the calculation of diluted EPS due to the net loss for the period.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Schedule of Acquisition-related Expenses	These amounts are reported as Acquisition-related expense, net on the Unaudited Condensed Consolidated Statements of Loss and were as follows for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Due diligence, professional fees and other transaction costs $ 4 $ 34 Adjustments to fair value of contingent consideration liabilities 45 243 Acquisition-related expense, net $ 49 $ 277

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable consisted of the following: March 31, 2022 December 31, 2021 Trade accounts receivable $ 130,504 $ 112,739 Allowance for credit losses (3,419) (3,228) Accounts receivable, net $ 127,085 $ 109,511

Property, Plant and Equipment_2

Property, Plant and Equipment, net (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment consisted of the following: Useful Life (Years) March 31, 2022 December 31, 2021 Land $ 2,766 $ 2,762 Buildings and improvements 30-40 24,725 24,787 Office furniture and equipment 5-8 19,721 16,620 Machinery and equipment 5-7 245,003 250,166 292,215 294,335 Accumulated depreciation and amortization (208,526) (207,757) Property, plant and equipment, net $ 83,689 $ 86,578

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill by segment is shown below: Services International Products and Systems Total Balance at December 31, 2021 $ 190,656 $ 14,783 $ — $ 205,439 Foreign currency translation 1,219 (249) 970 Balance at March 31, 2022 $ 191,875 $ 14,534 $ — $ 206,409

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Net Carrying Amount of Intangible Assets	The gross amount, accumulated amortization and net carrying amount of intangible assets were as follows: March 31, 2022 December 31, 2021 Useful Life Gross Amount Accumulated Amortization Net Carrying Amount Gross Amount Accumulated Amortization Net Carrying Amount Customer relationships 5-18 $ 111,883 $ (81,572) $ 30,311 $ 112,109 $ (80,319) $ 31,790 Software/Technology 3-15 52,895 (27,307) 25,588 52,265 (26,415) 25,850 Covenants not to compete 2-5 12,644 (12,450) 194 12,623 (12,390) 233 Other 2-12 10,599 (9,213) 1,386 10,574 (9,066) 1,508 Total $ 188,021 $ (130,542) $ 57,479 $ 187,571 $ (128,190) $ 59,381

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: March 31, 2022 December 31, 2021 Accrued salaries, wages and related employee benefits $ 34,423 $ 33,816 Contingent consideration, current portion 981 1,830 Accrued workers’ compensation and health benefits 4,314 3,994 Deferred revenue 7,578 6,202 Pension accrual 2,519 2,519 Right-of-use liability - Operating 10,278 10,040 Other accrued expenses 27,373 25,462 Total $ 87,466 $ 83,863

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: March 31, 2022 December 31, 2021 Senior credit facility $ 130,000 $ 119,500 Senior secured term loan, net of unamortized debt issuance costs of $0.2 million and $0.2 million, respectively 72,949 76,673 Other 5,865 6,392 Total debt 208,814 202,565 Less: Current portion (21,336) (20,162) Long-term debt, net of current portion $ 187,478 $ 182,403

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Changes in Fair Value of Level 3 Contingent Consideration	The following table represents the changes in the fair value of Level 3 contingent consideration: Three months ended March 31, 2022 2021 Beginning balance $ 1,831 $ 1,640 Acquisitions — — Payments (938) (938) Accretion of liability — — Revaluation 45 243 Foreign currency translation — — Ending balance $ 938 $ 945

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	The Company’s Condensed Consolidated Balance Sheets include the following related to right-of-use ("ROU") operating leases: Leases Classification March 31, 2022 December 31, 2021 Assets ROU assets Other Assets $ 42,505 $ 42,451 Liabilities ROU - current Accrued expenses and other current liabilities $ 10,278 $ 10,040 ROU liability - long-term Other long-term liabilities 33,719 34,030 Total ROU liabilities $ 43,997 $ 44,070
Schedule of Components of Lease Costs and Other Information Related to Leases	The components of lease costs were as follows: Three months ended March 31, Classification 2022 2021 Finance lease expense Amortization of ROU assets Depreciation and amortization $ 1,012 $ 1,060 Interest on lease liabilities Interest expense 158 192 Operating lease expense Cost of revenue; Selling, general & administrative expenses 3,198 3,302 Short-term lease expense Cost of revenue; Selling, general & administrative expenses 6 6 Variable lease expense Cost of revenue; Selling, general & administrative expenses 539 867 Total $ 4,913 $ 5,427 Additional information related to leases was as follows: Three months ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases Finance - financing cash flows $ 1,076 $ 1,069 Finance - operating cash flows 158 192 Operating - operating cash flows 3,163 3,322 ROU assets obtained in the exchange for lease liabilities Finance leases $ 848 $ 643 Operating leases 2,772 1,004 Weighted-average remaining lease term (in years) Finance leases 5.3 5.6 Operating leases 5.2 5.6 Weighted-average discount rate Finance leases 5.2 % 5.5 % Operating leases 5.5 % 5.7 %
Schedule of Maturities of Operating Lease Liabilities	Maturities of lease liabilities as of March 31, 2022 were as follows: Finance Operating Remainder of 2022 $ 4,515 $ 9,113 2023 3,990 11,252 2024 3,062 9,083 2025 1,471 6,763 2026 823 5,074 Thereafter 482 9,191 Total 14,343 50,476 Less: Present value discount 1,016 6,479 Lease liability $ 13,327 $ 43,997
Schedule of Maturities of Finance Lease Liabilities	Maturities of lease liabilities as of March 31, 2022 were as follows: Finance Operating Remainder of 2022 $ 4,515 $ 9,113 2023 3,990 11,252 2024 3,062 9,083 2025 1,471 6,763 2026 823 5,074 Thereafter 482 9,191 Total 14,343 50,476 Less: Present value discount 1,016 6,479 Lease liability $ 13,327 $ 43,997

Segment Disclosure (Tables)

Segment Disclosure (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Selected Consolidated Financial Information by Segment	Selected consolidated financial information by segment for the periods shown was as follows: (with intercompany transactions eliminated in Corporate and eliminations) Three months ended March 31, 2022 2021 Revenue Services $ 132,946 $ 124,298 International 28,138 27,648 Products and Systems 2,936 2,988 Corporate and eliminations (2,358) (1,199) $ 161,662 $ 153,735 Three months ended March 31, 2022 2021 Gross profit Services $ 30,526 $ 31,076 International 8,190 7,625 Products and Systems 1,168 1,281 Corporate and eliminations 8 19 $ 39,892 $ 40,001 Income (loss) from operations by operating segment includes intercompany transactions, which are eliminated in Corporate and eliminations. Three months ended March 31, 2022 2021 Income (loss) from operations Services $ 3,761 $ 4,548 International 284 (820) Products and Systems (582) (581) Corporate and eliminations (8,161) (7,893) $ (4,698) $ (4,746) Three months ended March 31, 2022 2021 Depreciation and amortization Services $ 6,593 $ 6,114 International 2,058 2,210 Products and Systems 218 228 Corporate and eliminations (62) 13 $ 8,807 $ 8,565 March 31, 2022 December 31, 2021 Intangible assets, net Services $ 50,476 $ 51,862 International 5,804 6,344 Products and Systems 1,071 1,042 Corporate and eliminations 128 133 $ 57,479 $ 59,381 March 31, 2022 December 31, 2021 Total assets Services $ 436,996 $ 424,058 International 108,733 111,619 Products and Systems 10,534 10,532 Corporate and eliminations 11,965 15,986 $ 568,228 $ 562,195

Description of Business_and B_3

Description of Business and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Effective income tax rate	19.30%	32.70%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized that was included in contract liability balance at the beginning of the year	$ 2.2	$ 1.9
Revenue, practical expedient, incremental cost of obtaining a contract, maximum period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction period	1 year

Revenue - Disaggregated Revenue

Revenue - Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 161,662	$ 153,735
United States
Disaggregation of Revenue [Line Items]
Revenue	114,804	105,823
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	18,800	20,059
Europe
Disaggregation of Revenue [Line Items]
Revenue	26,320	26,036
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	1,738	1,817
Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	94,223	87,212
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	20,070	16,175
Industrials
Disaggregation of Revenue [Line Items]
Revenue	15,037	13,995
Power generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	7,229	8,271
Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	13,812	10,777
Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	5,442	8,069
Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	3,123	5,536
Other
Disaggregation of Revenue [Line Items]
Revenue	2,726	3,700
Operating segments | Services
Disaggregation of Revenue [Line Items]
Revenue	132,946	124,298
Operating segments | Services | United States
Disaggregation of Revenue [Line Items]
Revenue	113,935	104,546
Operating segments | Services | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	18,052	18,878
Operating segments | Services | Europe
Disaggregation of Revenue [Line Items]
Revenue	744	294
Operating segments | Services | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	215	580
Operating segments | Services | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	86,613	79,220
Operating segments | Services | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	15,022	11,823
Operating segments | Services | Industrials
Disaggregation of Revenue [Line Items]
Revenue	9,007	8,819
Operating segments | Services | Power generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	3,822	5,534
Operating segments | Services | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	10,293	7,856
Operating segments | Services | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	2,506	3,169
Operating segments | Services | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	3,045	5,464
Operating segments | Services | Other
Disaggregation of Revenue [Line Items]
Revenue	2,638	2,413
Operating segments | International
Disaggregation of Revenue [Line Items]
Revenue	28,138	27,648
Operating segments | International | United States
Disaggregation of Revenue [Line Items]
Revenue	173	208
Operating segments | International | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	1,341	1,177
Operating segments | International | Europe
Disaggregation of Revenue [Line Items]
Revenue	25,920	25,894
Operating segments | International | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	704	369
Operating segments | International | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	7,572	7,936
Operating segments | International | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	4,940	4,317
Operating segments | International | Industrials
Disaggregation of Revenue [Line Items]
Revenue	5,528	4,849
Operating segments | International | Power generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	2,562	1,978
Operating segments | International | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	3,518	2,912
Operating segments | International | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	2,039	3,756
Operating segments | International | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	78	72
Operating segments | International | Other
Disaggregation of Revenue [Line Items]
Revenue	1,901	1,828
Operating segments | Products
Disaggregation of Revenue [Line Items]
Revenue	2,936	2,988
Operating segments | Products | United States
Disaggregation of Revenue [Line Items]
Revenue	1,351	1,460
Operating segments | Products | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	16	67
Operating segments | Products | Europe
Disaggregation of Revenue [Line Items]
Revenue	580	460
Operating segments | Products | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	989	1,001
Operating segments | Products | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	38	56
Operating segments | Products | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	108	35
Operating segments | Products | Industrials
Disaggregation of Revenue [Line Items]
Revenue	502	327
Operating segments | Products | Power generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	845	759
Operating segments | Products | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	1	9
Operating segments | Products | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	897	1,144
Operating segments | Products | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0	0
Operating segments | Products | Other
Disaggregation of Revenue [Line Items]
Revenue	545	658
Corp/Elim
Disaggregation of Revenue [Line Items]
Revenue	(2,358)	(1,199)
Corp/Elim | United States
Disaggregation of Revenue [Line Items]
Revenue	(655)	(391)
Corp/Elim | Other Americas
Disaggregation of Revenue [Line Items]
Revenue	(609)	(63)
Corp/Elim | Europe
Disaggregation of Revenue [Line Items]
Revenue	(924)	(612)
Corp/Elim | Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue	(170)	(133)
Corp/Elim | Oil & Gas
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Aerospace & Defense
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Industrials
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Power generation & Transmission
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Other Process Industries
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Infrastructure, Research & Engineering
Disaggregation of Revenue [Line Items]
Revenue	0	0
Corp/Elim | Petrochemical
Disaggregation of Revenue [Line Items]
Revenue	0
Corp/Elim | Other
Disaggregation of Revenue [Line Items]
Revenue	$ (2,358)	$ (1,199)

Share-Based Compensation - Equi

Share-Based Compensation - Equity Incentive Plans (Details)	May 19, 2020shares	Mar. 31, 2022planshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | plan		2
2009 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards that may be granted (in shares)		0
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards that may be granted (in shares)		383,743
Increase in total number of shares authorized for issuance (in shares)	2,000,000
Total number of shares authorized for issuance (in shares)	3,700,000

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options fully vested (in shares)	1
Unrecognized compensation costs	$ 0
Common Stock Options
Outstanding at beginning of period (in shares)	5,000	5,000
Granted (in shares)	0	0
Exercised (in shares)	0	0
Expired or forfeited (in shares)	(5,000)	0
Outstanding at end of period (in shares)	0	5,000
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 22.35	$ 22.35
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Expired or forfeited (in dollars per share)	22.35	0
Outstanding at end of period (in dollars per share)	$ 0	$ 22,350
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense	$ 0	$ 0

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Unit Awards - Narrative (Details) - Restricted Stock Unit Awards - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation expense (benefit)	$ 0.9	$ 0.9
Unrecognized compensation cost, net of estimated forfeitures	$ 9.6
Weighted-average period over which unrecognized compensation cost is expected to be recognized (years)	3 years 1 month 6 days

Share-Based Compensation - Vest

Share-Based Compensation - Vesting Activity of Restricted Stock Unit Awards (Details) - Restricted Stock Unit Awards - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vested (in shares)	226	111
Fair value of awards vested	$ 1,502	$ 1,189

Share-Based Compensation - Full

Share-Based Compensation - Fully-vested Common Stock Issued to Non-employee Directors (Details) - Common Stock - Non-employee Directors shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)directorshares	Mar. 31, 2021USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of non-employee directors to whom fully vested common stock is granted | director	6
Awards issued (in shares) | shares	34	25
Grant date fair value of awards issued | $	$ 225	$ 258

Share-Based Compensation - Re_2

Share-Based Compensation - Restricted Stock Units Awards - Activity (Details) - Restricted Stock Unit Awards - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Units Awards (Units)
Outstanding at beginning of period (in shares)	1,208	1,076
Granted (in shares)	675	519
Released (in shares)	(226)	(111)
Forfeited (in shares)	(7)	(10)
Outstanding at end of period (in shares)	1,650	1,474
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 7.96	$ 7.41
Granted (in dollars per share)	7.65	10.06
Released (in dollars per share)	13.73	15.90
Forfeited (in dollars per share)	10.50	8.69
Outstanding at end of period (in dollars per share)	$ 7.16	$ 7.70

Share-Based Compensation - Perf

Share-Based Compensation - Performance Restricted Stock Units - Narrative (Details) - PRSUs shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)metricshares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021shares	Dec. 31, 2020shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units increased (decreased) during the period (in shares) | shares	56
Recognized share-based compensation expense (benefit) | $	$ 0.3	$ 0.1
Unrecognized compensation cost | $	$ 2.6
Nonvested shares outstanding (in shares) | shares	656	375	388	333
Weighted-average period over which unrecognized compensation cost is expected to be recognized (years)	2 years 6 months
Executive and Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (years)	1 year
Requisite service period	5 years
Executive and Senior Officers | Anniversary 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	25.00%
Executive and Senior Officers | Anniversary 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	25.00%
Executive and Senior Officers | Anniversary 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	25.00%
Executive and Senior Officers | Anniversary 4
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage (ratably on each of the first four anniversary date)	25.00%
Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period (years)	1 year
Number of performance award metrics | metric	3
Average share price trading period	20 days
Last days trading period	20 days
Dividend yield	0.00%

Share-Based Compensation - Pe_2

Share-Based Compensation - Performance Restricted Stock Units - Activity (Details) - PRSUs - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Performance Restricted Stock (Units)
Outstanding at beginning of period (in shares)	388	333
Granted (in shares)	341	189
Performance condition adjustments (in shares)	(56)	(125)
Released (in shares)	(17)	(22)
Forfeited (in shares)	0	0
Outstanding at end of period (in shares)	656	375
Weighted Average Grant-Date Fair Value (in dollars per share)
Outstanding at the beginning of period (in dollars per share)	$ 10.07	$ 8.84
Granted (in dollars per share)	6.55	12.59
Performance condition adjustments (in dollars per share)	10.47	3.68
Released (in dollars per share)	6.85	13.63
Forfeited (in dollars per share)	0	0
Outstanding at end of period (in dollars per share)	$ 12.18	$ 12.18

Earnings (loss) per Share (Deta

Earnings (loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic loss per share
Net loss attributable to Mistras Group, Inc.	$ (5,363)	$ (5,362)
Denominator:
Weighted-average common shares outstanding (in shares)	29,634	29,425
Basic loss per share (in dollars per share)	$ (0.18)	$ (0.18)
Denominator:
Weighted-average common shares outstanding (in shares)	29,634	29,425
Dilutive effect of stock options outstanding (in shares)	0	0
Dilutive effect of restricted stock units outstanding (in shares)	0	0
Weighted-average common shares outstanding, diluted (in shares)	29,634	29,425
Diluted loss per share (in dollars per share)	$ (0.18)	$ (0.18)
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from computation of diluted EPS due to net loss for the period (in shares)	1,212	509

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Combinations [Abstract]
Due diligence, professional fees and other transaction costs	$ 4	$ 34
Adjustments to fair value of contingent consideration liabilities	45	243
Acquisition-related expense, net	$ 49	$ 277

Accounts Receivable, net - Summ

Accounts Receivable, net - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Trade accounts receivable	$ 130,504	$ 112,739
Allowance for credit losses	(3,419)	(3,228)
Accounts receivable, net	$ 127,085	$ 109,511

Accounts Receivable, net - Narr

Accounts Receivable, net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unbilled revenues accrued		$ 23,700	$ 11,900
Past due receivables outstanding		127,085	$ 109,511
Texas Customer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due receivables outstanding	$ 1,400
Texas Customer | Litigation and Commercial Claims
Accounts, Notes, Loans and Financing Receivable [Line Items]
Past due receivables outstanding		$ 1,400
Reserve for past due receivables	$ 1,400

Property, Plant and Equipment_3

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 292,215		$ 294,335
Accumulated depreciation and amortization	(208,526)		(207,757)
Property, plant and equipment, net	83,689		86,578
Depreciation and amortization expense	6,600	$ 6,100
Land
Property, Plant and Equipment, net
Property, plant and equipment, gross	2,766		2,762
Buildings and improvements
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 24,725		24,787
Buildings and improvements | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	30 years
Buildings and improvements | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	40 years
Office furniture and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 19,721		16,620
Office furniture and equipment | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years
Office furniture and equipment | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	8 years
Machinery and equipment
Property, Plant and Equipment, net
Property, plant and equipment, gross	$ 245,003		$ 250,166
Machinery and equipment | Minimum
Property, Plant and Equipment, net
Useful Life (Years)	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment, net
Useful Life (Years)	7 years

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2021	$ 205,439
Foreign currency translation	970
Balance at March 31, 2022	206,409
Services
Goodwill [Roll Forward]
Balance at December 31, 2021	190,656
Foreign currency translation	1,219
Balance at March 31, 2022	191,875
International
Goodwill [Roll Forward]
Balance at December 31, 2021	14,783
Foreign currency translation	(249)
Balance at March 31, 2022	14,534
Products and Systems
Goodwill [Roll Forward]
Balance at December 31, 2021	0
Foreign currency translation
Balance at March 31, 2022	$ 0

Intangible Assets - Summary (De

Intangible Assets - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 188,021		$ 187,571
Accumulated Amortization	(130,542)		(128,190)
Net Carrying Amount	57,479		59,381
Amortization expense of intangibles	2,400	$ 2,500
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	111,883		112,109
Accumulated Amortization	(81,572)		(80,319)
Net Carrying Amount	$ 30,311		31,790
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	18 years
Software/Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 52,895		52,265
Accumulated Amortization	(27,307)		(26,415)
Net Carrying Amount	$ 25,588		25,850
Software/Technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	3 years
Software/Technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	15 years
Covenants not to compete
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 12,644		12,623
Accumulated Amortization	(12,450)		(12,390)
Net Carrying Amount	$ 194		233
Covenants not to compete | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years
Covenants not to compete | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 10,599		10,574
Accumulated Amortization	(9,213)		(9,066)
Net Carrying Amount	$ 1,386		$ 1,508
Other | Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years
Other | Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	12 years

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued salaries, wages and related employee benefits	$ 34,423	$ 33,816
Contingent consideration, current portion	981	1,830
Accrued workers’ compensation and health benefits	4,314	3,994
Deferred revenue	7,578	6,202
Pension accrual	2,519	2,519
Right-of-use liability - Operating	10,278	10,040
Other accrued expenses	27,373	25,462
Total	$ 87,466	$ 83,863

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt	$ 208,814	$ 202,565
Less: Current portion	(21,336)	(20,162)
Long-term debt, net of current portion	187,478	182,403
Senior credit facility
Debt Instrument [Line Items]
Total debt	130,000	119,500
Senior credit facility | Senior Secured Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	200	200
Total debt	72,949	76,673
Other
Debt Instrument [Line Items]
Total debt	$ 5,865	$ 6,392

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	May 19, 2021	Mar. 31, 2022	Dec. 31, 2021	May 15, 2020
Debt Instrument [Line Items]
Debt outstanding		$ 208,814,000	$ 202,565,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding		130,000,000	119,500,000
Maximum borrowing capacity in non-U.S. Dollar currencies		100,000,000
Maximum amount available for the issuance of letters of credit		20,000,000
Outstanding borrowings		203,100,000
Outstanding letters of credit		3,300,000
Capitalized costs associated with debt modifications		800,000
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		150,000,000		$ 155,000,000
Capitalized unamortized debt issuance costs			100,000
Financing costs incurred			500,000
Third party debt issuance costs expensed			200,000
Revolving Credit Facility | Credit Agreement | Maximum
Debt Instrument [Line Items]
Total consolidated leverage ratio, if the company incurs certain subordinated debt and other indebtedness	450.00%
Senior debt to EBIDTA ratio	350.00%
Revolving Credit Facility | Credit Agreement | Minimum
Debt Instrument [Line Items]
Total consolidated leverage ratio, limit after investment in non-guarantor subsidiary	350.00%
Revolving Credit Facility | Credit Agreement | LIBOR | Maximum
Debt Instrument [Line Items]
Margin rate (as a percent)	1.00%
Revolving Credit Facility | Credit Agreement | LIBOR | Minimum
Debt Instrument [Line Items]
Margin rate (as a percent)	1.00%
Revolving Credit Facility | Credit Agreement | Quarter ending March 31, 2022 | Maximum
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	4
Revolving Credit Facility | Credit Agreement | End of each quarter subsequent to March 31, 2022 | Maximum
Debt Instrument [Line Items]
Total consolidated debt leverage ratio	3.5
Revolving Credit Facility | Senior Secured Term Loan A Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000
Debt outstanding		72,949,000	76,673,000
Revolving Credit Facility | Senior Secured Term Loan A Facility | Quarter ending March 31, 2022
Debt Instrument [Line Items]
Debt periodic payments	$ 3,750,000
Revolving Credit Facility | Senior Secured Term Loan A Facility | End of each quarter subsequent to March 31, 2022
Debt Instrument [Line Items]
Debt periodic payments	$ 5,000,000
Other
Debt Instrument [Line Items]
Debt outstanding		5,865,000	$ 6,392,000
Other | Maximum
Debt Instrument [Line Items]
Debt periodic payments		$ 16,000
Interest rate		3.50%
Other | Minimum
Debt Instrument [Line Items]
Debt periodic payments		$ 400
Interest rate		0.40%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Level 3 - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation Calculation [Roll Forward]
Beginning balance	$ 1,831	$ 1,640
Acquisitions	0	0
Payments	(938)	(938)
Accretion of liability	0	0
Revaluation	45	243
Foreign currency translation	0	0
Ending balance	$ 938	$ 945

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
ROU assets	$ 42,505	$ 42,451
Liabilities
ROU - current	10,278	10,040
ROU liability - long-term	33,719	34,030
Total ROU liabilities	$ 43,997	$ 44,070
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts Payable and Other Accrued Liabilities, Current	Accounts Payable and Other Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		7 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
ROU liabilities	$ 43,997			$ 44,070
Total rent payments	3,163	$ 3,322
ROU finance lease assets	$ 13,400			$ 13,800
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net			Property, plant and equipment, net
Operating Lease Arrangement | Company's Headquarters
Lessee, Lease, Description [Line Items]
ROU liabilities	$ 2,400			$ 2,900
Total rent payments	$ 300	$ 500
Operating Lease Arrangement | Company's Headquarters | COVID-19
Lessee, Lease, Description [Line Items]
Percentage of reduction of rental payments			12.50%

Leases - Components of Lease Co

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finance lease expense
Amortization of ROU assets	$ 1,012	$ 1,060
Interest on lease liabilities	158	192
Operating lease expense	3,198	3,302
Short-term lease expense	6	6
Variable lease expense	539	867
Total	$ 4,913	$ 5,427

Leases - Additional Information

Leases - Additional Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities for finance and operating leases
Finance - financing cash flows	$ 1,076	$ 1,069
Finance - operating cash flows	158	192
Operating - operating cash flows	3,163	3,322
ROU assets obtained in the exchange for lease liabilities
Finance leases	848	643
Operating leases	$ 2,772	$ 1,004
Weighted-average remaining lease term (in years)
Finance leases	5 years 3 months 18 days	5 years 7 months 6 days
Operating leases	5 years 2 months 12 days	5 years 7 months 6 days
Weighted-average discount rate
Finance leases	5.20%	5.50%
Operating leases	5.50%	5.70%

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finance
Remainder of 2022	$ 4,515
2023	3,990
2024	3,062
2025	1,471
2026	823
Thereafter	482
Total	14,343
Less: Present value discount	1,016
Lease liability	13,327
Operating
Remainder of 2022	9,113
2023	11,252
2024	9,083
2025	6,763
2026	5,074
Thereafter	9,191
Total	50,476
Less: Present value discount	6,479
Lease liability	$ 43,997	$ 44,070

Commitments and Contingencies (

Commitments and Contingencies (Details)	Aug. 03, 2021	May 04, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)weld	Mar. 31, 2022USD ($)claim	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2021USD ($)installment	Jan. 01, 2020USD ($)
Litigation
Accounts receivable, net					$ 127,085,000				$ 109,511,000
Pension plan withdrawal, potential liability					$ 2,519,000				$ 2,519,000
Contingent consideration payment period based upon achievement of specific performance metrics					6 months
Texas Customer
Litigation
Accounts receivable, net				$ 1,400,000
Litigation and Commercial Claims | Various Pipeline Projects for Texas Customer
Litigation
Amount of damages claimed				$ 7,600,000
Litigation and Commercial Claims | Texas Customer
Litigation
Accounts receivable, net					$ 1,400,000
Number or welds not in compliance | weld				66
Number of welds inspected (over) | weld				16,000
Litigation and Commercial Claims | Texas Customer | Various Pipeline Projects for Texas Customer
Litigation
Amount of damages claimed				$ 1,400,000
Estimated severance obligations				$ 1,400,000
Class Action
Litigation
Number of proceedings | claim					2
Settlement liability		$ 2,300,000
Contingency charges						$ 1,600,000	$ 800,000
Class Action on Behalf of Employees
Litigation
Number of proceedings | claim					1
Class Action on Behalf of State of California
Litigation
Number of proceedings | claim					1
Pension Related Contingencies
Litigation
Pension plan withdrawal, potential liability					$ 2,500,000
Severance and Labor Disputes | Foreign Subsidiary | Brazil
Litigation
Settlement amount			$ 1,000,000
Number of settlement installments | installment									2
Percentage of settlement installments					0.69				0.31
Gain on settlement			$ 300,000		$ 600,000
Severance and Labor Disputes | Foreign Subsidiary | Right to Customer Contracts | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Germany
Litigation
Contingency charges					100,000
Consideration received on sale of subsidiary										$ 100,000
Estimated severance obligations					200,000
Payments of severance obligations					400,000
Reversal of severance obligations					1,000,000
Acquisition and Disposition Related Contingencies | Certain Acquired Companies
Litigation
Potential acquisition-related contingent consideration, low end of range					0
Potential acquisition-related contingent consideration, high end of range					1,900,000
Acquisition and Disposition Related Contingencies | Foreign Subsidiaries | Products and Systems | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Litigation
Term of agreement to purchase products from the buyer on sale of subsidiary								3 years
Amount of purchased commitment to buy products from the buyer on sale of subsidiary								$ 2,300,000
Long-term purchase commitment, extension period	12 months
Remaining balance under purchase commitment agreement					$ 900,000

Segment Disclosure (Details)

Segment Disclosure (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment	3
Financial information by segment
Revenue	$ 161,662	$ 153,735
Gross profit	39,892	40,001
Income (loss) from operations	(4,698)	(4,746)
Depreciation and amortization	8,807	8,565
Intangible assets, net	57,479		$ 59,381
Total assets	568,228		562,195
Operating segments | Services
Financial information by segment
Revenue	132,946	124,298
Gross profit	30,526	31,076
Income (loss) from operations	3,761	4,548
Depreciation and amortization	6,593	6,114
Intangible assets, net	50,476		51,862
Total assets	436,996		424,058
Operating segments | International
Financial information by segment
Revenue	28,138	27,648
Gross profit	8,190	7,625
Income (loss) from operations	284	(820)
Depreciation and amortization	2,058	2,210
Intangible assets, net	5,804		6,344
Total assets	108,733		111,619
Operating segments | Products and Systems
Financial information by segment
Revenue	2,936	2,988
Gross profit	1,168	1,281
Income (loss) from operations	(582)	(581)
Depreciation and amortization	218	228
Intangible assets, net	1,071		1,042
Total assets	10,534		10,532
Corporate and eliminations
Financial information by segment
Revenue	(2,358)	(1,199)
Gross profit	8	19
Income (loss) from operations	(8,161)	(7,893)
Depreciation and amortization	(62)	$ 13
Intangible assets, net	128		133
Total assets	$ 11,965		$ 15,986