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| Adam Lowensteiner | Vice President of Lytham Partners |
| Emmett Pepe | Chief Financial Officer & Treasurer |
| Kyle Loudermilk | President & Chief Executive Officer |
Good afternoon and welcome to the GSE Systems Inc. Fourth Quarter and Fiscal Year 2021 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. to Partners. conference like Lowensteiner to now Lytham with would turn over the Adam I ahead. go Please
and Thank you, for good GSE of to Gary and the With of Systems fiscal Kyle us for thank CEO and Loudermilk, review XXXX. quarter -- the Emmett Chief representing Officer us Systems; Financial all Pepe, year for Systems. you the ended December for the and call GSE results President of on XX, everyone financial company joining fourth are GSE today today afternoon, us for everyone and
anticipate are actual forward-looking. and These or absence to not Before XXXX current will, everyone a of as course meaning uncertainties achievements subject not does we different made is and their important results. expectations and may, of material amended that of other future statement factors XXE as reflect intend, forward-looking guarantees begin, Act of I similar be and Words the the such the of and would within not but Section risks like are could, projected. words in XXXX. used Section statements cause identify statements or expressions XXA are considered to should, during These mean Securities be statements forward-looking statements that concerning to the remind of this the expect, of could events may call future performance Act that to statements are Securities performance from those believe,
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Thank Kyle. you,
few XXXX XXXX. of prior Solutions revenues Kyle $XX.X year the million XXXX of in significant which and focus ago $X.X the driven quarterly XXXX to in year-over-year comments quarterly QX Workforce million, in of in our XXXX in of fiscal The to detail year million led orders for customers Solutions can demonstrating due fourth QX sequential fourth segment, particularly million was QX fourth highest slower X.X% during the to a quarter improvement few highest do increase Performance of on I and which compared $XX.X the orders With XXXX. The site. Revenue Workforce where be $XX.X in since of that let to a when fourth lower XXXX. their that pandemic highlighted of in my highlighted a bounce-back XXXX. was the a cyclical half the was added total led of total million, Revenue release, our were in X.X% key of company's fiscal XX% quarter change quarter new press the total numbers since $X.X million 'XX. nature. in year-over-year of from our increase an areas by $XX.X more COVID and compared projects charge can. was to quarter with expected, are Engineering me the color compared provide third moving to million in that Due to the quarter. work business and on ended the $X.X within part simulator first the several in a the decrease in our in back the
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effects the in in new Thanks and improvements Emmett. the year new in much, the as seen more summarize, orders, quarter. XXXX, the in believe And the industry the right. of so especially back largely booked behind on recently half All we To pandemic both are our for us. $XX million the fiscal fourth of orders in
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for we questions, nuclear and the Tom as Before well Northwest. years as serves publicly Southern several power currently XX chairperson our Safety the as NSR at Board the for welcome in Company Review Dougherty of experience Energy Nuclear for sites and GSE open Exelon subcommittee Thomas the I'd like brings as call industry member chair to to over Board GSE. newest
strengthen heartily joining deep like to Board We and and welcome the continue the facilities operations, balance their to are company. upgrades Many of believe recent back counsel resumes continues to our we has our it in conclude maintenance Board coming and our in newer you for contracts workforce. worked extremely and insight that members in as the we Tom, his and tremendous on services. Tom to board. improve. to hard company I'd upkeep upgrades appreciative and believe year stabilize need the the of and other sheet months work offer expertise on table are myself into for company the the and the to pursuing will customers industry past Bidding
-- believe of still and not it much and hard in the see pinpoint, this can we of if. on front timing that matter as a the how is us when, or business to While we business is
to win stronger structure share sheet. leaner of opportunities efforts our well in fair XXXX, is GSE Given cost balance our with and a and positioned
decarbonization long-term provider value. power very situation the operator, sector essential create floor nuclear and confident to substantial tech-enabled very of said, that heavily our in for Given a the With questions. remain power opportunity services as of unique we open to the please industry, our
is Our [ph]. from Instructions] Capital [Operator question Burgess with Don first Burgess
to margins, pass you you they were to differences have to expect Are revenues up levels, on down Once profit gross recover on you -- any where pre-COVID? or able increases returned do them? where are you specifically, cost
Emmett I'll Yes. that to qualitatively in chime speak quantitatively. can and perhaps
not largely business. of reflected are obviously where they're If you higher margins, than, mix and they say, the look currently at pre-COVID
the business rapid at down that, strong, it's highlight than not snapback lower still back a been Workforce the has a of which climbing business business With but really Performance it's in such of Solutions which year, really gross in come overall margin is Because our the margins. particularly second in course, our drove Solutions half back pace, QX. a
if So time. have what us, returning do to ahead of that overall where see margins were at that's we back Emmett, climb to probably pre-coronavirus we there? you environment, comments approaching look any out they other
I we've been in think an and of to agreements. mean, think increase software of working upon just to hard our rates -- add, our I a you from I some perspective inflationary it lot -- very touched
have language. We CPI+
all margins bolster as for well. So would that some us together
more And impressive you're the see small the it's question anything business much it what and but develop do on can my say that business, is And is doing interesting. you of SaaS other has how for We growth. that to it? know you about potential upside
you order look question, that in great and came work de growth a service we growth even and XXXX, it's change down. to above big And was really of license And the minimis XXXX. again, XXXX. win that, was years look a had XXXX practice And we've it’s professionally year gone than to business Don. that we growth solutions. mean, away when composition growth year When -- from quality And, upside in, backgrounds, our technology Yes. meaningful at great two higher the of of to package a year-over-year. obviously work. with giving company I was our
look So can get We've press that. leveraging great the thermal two we're to you a and the accurately for don't you really we -- recently and products. amount years' technology solution, performance introducing which solution leanly, of new focused software the they're our is our grid, is around plants continuing monitoring -- on had the the costs power. past that on how potential release to know-how talk power We're futures recovering report around but these a performance to operate putting at
an accounts, to monitoring and time like. operations peak in lose the ongoing So ensure basis on finding dollars, it real millions of change
So we're an was the doing it's inflection net product, new at year came over really that I and great. out -- feel point. new last
we we're So really for the of about as it the really what excited move business forward. company growth this means and
[Operator Instructions]
its you Emmett, this of some there. in Kyle is to regarding that? money Okay. infrastructure Lowensteiner. jobs and is way take team. The November, passed couple into it and jump Gary, obviously questions from bipartisan that long with in starting I'll the economy? for the Adam a does management to make are the see bill How effects
is level the about top more current to government that for industry from it the fact produce and more these robust, of lifetime very excited infrastructure the national there's U.S. of investing the power Now at in the certainly recognition to U.S. their plants. extend make
get the So money gave it best and And they result. of over in decarbonization playing it the the I But the these see very of down a the to funds, market we're about to around would hurting start how with as the disperse that line. subsidies formation because to I really seeking a the the that is field that was starting million groups information to they're super really around is went going don't level excited next industry salaries think of year, expect goals flow. finally to time turned upside $X
it, corner. So really feel things and zero-carbon to the a intellectual thought now that around turn and put thought of with into enlightenment business funding industries this broader actual approach there's
investor the a Maybe financing is you in little couldn't company? this know be you asked one call how today on bit for to said more but an February is the describe the conducted I me, Emmett. can important
had restricted. an We had I accounting credit we as line concern from contributed a to no tremendous. of earlier, Look, hampered covenants really the Yes. and restrictive stated perspective. was going heavily it's We that us had We having capacity. --
very So a And having good that open flexibility solid we're sheet, is flexibility and what being well then a corrected positions lot for that opens to year. balance for sheet company. some And of rightsized important. remove it as the able up balance us
work SMRs be Maybe are you and way of to opportunity one per it's going is little revenue public, kind GSE? your And pose how their a I'll what more that on for SMRs on both. bit construction upfront could and discuss up. NuScale about
time technology that NRC initial Well, for they've over partnered time. record known know Yes. a NuScale are effort. many have that that long capable amazingly been for providing from get look, design simulate their an and staff alum SPAC, work as to decade, we folks a GSEs as They GSE that basis the and there's with the have the used there this driving well we've licensing a that at in
it's with And So their gives world. a first NuScale. over the our used upfront tight -- up and can we've technology generating end very And engineering at get a plant look very their relevant own the construction, small a the with APXXXXs, of generate this really if relationship to decade. on And can running Solutions or become and revenue ability very where been to studies, It's closer they performance as past by decade, of see bear it to brought be sense where to lead with revenue. bear. thermal be get Westinghouse early conduct time, more the can you of that the services. we work, they come engineering look groups well. -- our And debottleneck in a plants, the as well, to Workforce they solutions the these closer our workforce preservice services to are that's any We pre-inspection
then inspection they optimally operations, that and be on. build close testing, we they're things really actual as to plants, as And get performing. these specialize built to So you pre-service
for mean does plants. lot. mean these thing can So, company relevant the cycle is won't project life -- dollars? It to our is what construction a that important put of I whole entirely And the highly it said, for up and as -- decade right in plant relevant But the we've And entire where the once portfolio we amounts it's of running, it's company's are with been now a relevant. is NuScale.
just six portfolio purpose workforce last to that we services really specialty of capabilities we built So bolt-on years have five, and a neat over solutions. as engineering we the look really
Kyle. Thanks, Great.
proceed we questions the all and that's have you conclude. to think can I
and much. us. was it the context joining exciting but to are we today give thank and I see of Long flowing look, Well, industry through thought that the all you nuclear occurring to important I'd Yes. things Well, for thanks results. call in very that very everyone like are power our where the to
presenting appreciate by I week, next And very about excited excited So we're Spring join we're can Lytham lays into to you Investor next a will what your GSE. really ahead in And we X of that. hopefully, April there. Conference that We interest and April will and of time discussions X. us. Partners note the number we XXXX further are at get week,
And happy call everyone Thanks a day. we'd have be If out Adam me don't questions, call you and from or reach any Lytham follow-up to great again, directly. to schedule to Partners. have a hesitate just
for conference presentation. attending has now today's you The concluded. Thank
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