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| Adam Lowensteiner | VP, Lytham Partners |
| Kyle Loudermilk | President and CEO |
| Emmett Pepe | CFO |
Good day and welcome to the GSE Systems, Incorporated Second Quarter of Fiscal Year 2022 Financial Results. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Adam Lowensteiner, Vice President at Lytham Partners. ahead. go Please
XXXX. Good and joining Betsy. GSE for and you Emmett are Financial June thank Systems representing Chief the Thank company Pepe, of the today afternoon GSE to Systems. for today XXth, ended quarter us the Loudermilk, results of us review all on for call President you, Kyle second everyone With CEO the Officer GSE and financial Systems;
and may, are made remind Words and and we within course absence Act during but and expectations I expressions to uncertainties similar Securities other XX-A of the statements future are could, different like Act words performance that Before amended and be the statements not statements, XXXX risks that cause XX-E as or Securities of materially current are Section the not important does considering projected. events These actual to should, this forward-looking everyone XXXX. such intend, may begin, of call of expect, These of mean from the is believe, of reflect results. to Section are as the forward-looking would achievements future could their considered and performance to guarantees statement of be meaning forward-looking. will, those identify anticipate, subject used factors that not a statements statements
company's or GAAP Factors read which forward-looking GSE's GAAP. companies. accordance those file section. may to in recognize Risk adjusted future periodic measures that measures call G Mr. intend result comparable measure now call, of are discussion these to of statements these figures including turn the full of to in should Accepted not other release. the substitute filed any the Regulation in directly otherwise. addition forward-looking financial CEO on figures these like risks, regarding Kyle to provide meaningful encouraged please These non-GAAP to under non-GAAP a other any with in supplemental uncertainties update documents and prepared performance. not a in does of or I'd A not President non-GAAP in reports company's statements not of to Solutions. you EPS, information GAAP the income, considered Generally new titled Management Accounting With measures EBITDA, EBITDA, For might or that found of be be over accordance Exchange addition whether the for Investors refer superior proceed. or forth to with be or as performance comparable to GAAP. measures Loudermilk, and factors, Securities this operational performance and with events to most GSE said, measures similarly revise should the adjusted set earnings SEC reconciliation can Kyle, Principles, Commission, believes and net as that measures and under the information, GSE and On adjusted management are to
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Thank you, Kyle.
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margins of million quarter. quarter and $XX.X the of The second in was $X.X and Adjusted million XXXX. QX $X.X second at in loss first million loss end reported remained and compared $XXX,XXX Performance backlog the to backlog older of Backlog was respectively is XXXX orders $XXX,XXX XXXX in $X.X quarter and backlog period other end pressures, $XX.X $X.XX lower and part $X.X across payroll of of per a our million of corporate second the backlog, a Despite ERC Solutions, which The similar $X.XX healthy was included that continue and change loss of and of to quarter basic expenses, income a the really diluted were but million in of other was of at Workforce and was million, continue compared Workforce highest monitor the income second to one-time a company's levels many quarter and from we're from in of at share XXXX future. in while XXXX net $XX.X million in The end inflationary these operating the of basic increase order figures the due the for economy, beginning the Solutions year. of Solutions in second reflected higher to income QX prior which the tax the $X.X announced at of orders company's EBITDA second million of is and million net and XXXX. the quarter, are million partially depreciation be XXXX These performance, recognition million Engineering first quarter XXXX. were in the are the XXXX of the similar Performance of Engineering of $XX.X range excludes the quarter loss the the and expect paused. what quarter in compared in to segment million credits. the highlights at QX a year the the net bit diluted of first period. second the are lower increases $X.X are industry million per Operating $X.X were in of or or QX restructuring $X.X pressures, QX in share corporate in million in the to the already of second quarter the at reporting previously worked or quarter our the revenues to a XXXX. expenses, awarded. companies XXXX $XX.X the at Workforce in has compared $X.X new The $X.XX compared we of of seeing compared end ago a as expense was and of the quarter, other to and at the and and seeing basic end share be the same insurance, of burden and in of off end company $XX Backlog the orders, per of loss XXXX lower lowering $X.X Net can was expenses company end to quarter the in improved some million diluted While was amortization million when QX first expenditures nature. to other the at quarter closely a second of $X.X and a flow that for to results them million loss burned-off new to due
to company's the These corporate cash to second remain sheet, we $XXX,XXX at as strong of discussion our Moving letters million to various compared of restricted four $X.X card balance cash to end $X.X cash credit the exited with the compared -- first our the include at end million in and they secure with million $X.X cash of quarter the quarter program. to XXXX. exclude levels and secure credit million restricted customers of $X.X
anticipate have $X.X IRS We the the I'm received million structure the Kyle. refunds from second remaining refunds the also ERC has we to and have $X.X million with I'll of capitalist the the and outstanding. in the still capital quarter, the ERC actions enhanced and which during our coming of quarter improve for additional positioned in to turn And believe periods. renewed back ourselves conversation stability pleased structure our growth second
seen questions. open that we're challenges We're with in as staying dealing summarize, received near-term Thank financial we floor I solid, the were results said, executing could With those very do the you, the but in slowdown Emmett. still doing admit quarter To some first have operator, second please control. half our in XXXX. is we that what of things in control and for been focused on the our constantly under have orders
Capital. now first will Instructions] begin [indiscernible] go ahead. Please The Ankur today the from [Operator question-and-answer We comes session. question
afternoon, Emmett. good Kyle and Hey,
Ankur. Hey
Hello.
There was fund, So, prepared been up. that momentum things the flow I remarks QX -- go and billion we has low accepting I ahead go as the I the well probably QX, know, in Kyle, is definitely just pretty are been number up going there there, how in even and RFPs, government sign, turning to think I quarters. as hopefully in QX, I with you well, new and a basically mean, that. that your coming acknowledged that that positive $X has order news with with use bids to it out mean, that thought the is from on they're And
me, a better we it a for mean, position. of business XXXX, I were mean, orders do to looking at -- are take to around? turn we well. effects million a So, I And million in in quite this low, even pre-pandemic, first what two company's new going minimum. the XX bare to you it's is of -- mean, Tell quarters in just backlog at and revenue the capital in here as XX a of the quarter -- that I that
with earlier more is in have it breadth granular in me than the -- had salespeople terms, services mean, -- you you tell So, do mean, to of or take going you you offer, less acquisition? have I that what I
our thing happen needs perspective is, feel that needs spending one unstable upgraded, is to Look the to ground start money. industry and
XXXX, to catch behavior. was had so QX. early in that us certain And money some is behavior And largely level, delayed. up that said, in XXXX. is the uptick industry that end as itself right What you be that the on mentioned, spend lot not things post XXXX, seen reverse to took really that because the orders. were you seems work And till orders pandemic before There's to pre the and of like to level, at we've this of pandemic hit, we to enhanced hit, pandemic XXXX, translating repeating see cancelled starting pandemic were was it in cyclicality orders in that a to is about
essential is our of don't is an fewer we have so salespeople now. job one that part We generating business. And that's
winning it's tighter industry have don't to the is smaller also or shifting, term And program and those continue and is were selling ground, on to well, constant make that a new those I it's them mentioning out that that are our process, to need with the nature yet hungry. with can pre-pandemic, keep on not done. we is ground produce, since salespeople, program spend in really and good customers. feet the incentive engaging our a once earnings this, the giving we of out and have and we the for So of find that we the But business that orders commissions call. they projects do sure less affected scope, stable said, And not we're like was nature and
certainly shifted on see that scale being them. which we that that, pre-pandemic backlog a in could when large next dollars. And million large, that business at smaller backlog the scale or in. instance, of north we come scale And XX to certain million a be the smaller several dramatically simulator, So is level execute to project projects comes of included be for the
in carried there years, to two months backlog don't this X we have sitting over XX it'll months. So burn-off
backlog the for while is is has quickly. relatively turning it more levels side. especially So and quickly, And our they over seeing projects, in also tighter, it because burned on it at comes certain pre-pandemic performance engineering the what to backlog and we're maintaining are, that revenue quickly engineering where off
we to of to of that So we wanted out really, got wanted did describe the nature post lot analysis to I there and a want sure to in shifting we pandemic. this make transcript business pre-pandemic
mentioned, $X three this you in mechanism place get act about to $XX, start are of to months the start feeling the a suspect, the a what's to initial as get million flowing. billion, six money are we of quarter. itself, months to to is the put see to it to take One start, happening, need I months XX bids, months $XX back that X level to So, about such confident things took what question, we to infrastructure industry per back in see good lot to, it bids going will going sustainable to more take
needs significant, are government, all news. things let's, needs But out not we start positioned, and the So addition but of good to to that that we're need getting money, which of the course and well now, that's industry that's project. no. pre-pandemic, I have online policy very itself, spending with from lot our which really all existed be prior component, more do was come industry really of to to, with some three so, good mentioned, in feasible the solve customers problem to, We out to some going all associated very energy of during let's not none the that's one more see a well, robust we're and which folks in clear, really of which the need
you next at number ERC got out the acknowledge company put and probably not mean, that to there, three going it's, flow, to I if asking, cash achieve same end, quarterly to know, think is million guidance the that, so specific probably get no it's needs that, that, million the to fact a receive going, not you to that's like I the we basis months. XX breakeven, a get that to, doesn't anything, in the but tail in I there's have You have you've time, six too, in that mean, at the know, last to time, and XX revenue or, on you credits
think Has been company to, that is I there you order that sustain company just projects, generate some hires in that the and something entity think business? So basically being, X larger off has, Tier that? power to with do can by company the maybe itself a a it, you more, when kind like better sub flow? try be made public might a of have or company the as specifically recently? mean, What those just a new operator Or changes
in people will environment cycle. facing broader I people, constantly let technical in new continue first, are you them, and what it bringing are similar high to well, always and and likewise, billable we're very really me talk in groups, talented we're new Workforce bringing staff, know, we people. fulfill seeking the critical. new mean, companies we a folks Yes, augmentation bringing a new hand facing, for that are about, -- the other call, Solutions additional retain recruiters to build recruiters, It's have in Group, fight to are combat place we hand in are people and, people in certain it's new good those is, mentioned hiring, which to see people for the support technical we've certain in made and heavy so it's what and hard. I And, solutions, investments getting the constant But we're as staff, that talent. which that as And, and will, that contracts really pushing workforce, our make bringing salespeople do
those. So we brought in number a of
those So one totality, we're to things but as revenues that specific, not are and the be to to higher, that levels those working mentioned back sustainable. get conquer, of any is in are, an their you
day. obvious So in public are we're far shareholders, something do are be best sale for that we we've here private, a we’re such stated, management stating our what's outcome company. and output else. get control, company we never is what's economic a in should the our self We're best as, every which to and And the an shareholders whether, We're things public, of public for there as or for of business. going every significant a that the to way day, investors, it's for fact, in are
So, think that in I can't go the tone. that obviously, sets I call, this beyond but
at mean, I a few where signs into in for significant have? weeks uptick you there I positive see the, do the you in QX, with you activity? so, of there's, mean, it. least so bids, the QX. you see otter terms of Are any What a amount
We conference is conference and say mood are utility Florida. That's in is biggest was I of the to out we getting can Nuclear future industry. the big What last week Society, and working the at just upbeat don't get guidance. American customers. the year I
I Volvo in bodes around eager solidify to and, don't online. the well give quarter. very think government us. midst for future But get or they're policies see They're X to for very we guidance of eager that guidance nuclear,
post with pandemic, can I business you Is mentioned backlog the QX, are I I very know, fulfill our know, you still on, pre-pandemic, investor you getting of a be is good for revenue mean, in QX, that to that away the indicator? for within what us have might you a upcoming solution things good right terms what with changed. still generated that backlog, in quarter? mean, quarters indicator see you an the, mean, everybody
That's and giving about that's burned nature projects is the revenue in big say, that go that talk the the is than us QX, business, backlog, a the six diligence backlog mean, performance. a I wanted wanted around qualitatively, business with to to why got of through certain do Solutions. to VP, quarter. revenue Workforce I plus pre-pandemic. different components The those scope what rest Yes. months to not for tighter comprise very solid QX is, quarter, six to three burning backlog past. our want look, we're years. seeing for build two That happening over model shifted within to in And for projects often we of our into Solutions. up, The that explains months the solid certainly our this engineering typical North. our XX Workforce which months that would majority of exist, the Certainly, is months off really True
of you what's changing, in - QX model Why revenue is backlog, So is knowing happening cycle the QX why. you is still that, that is see backlog which why if solid. that, is here's what occurring, can but Well, smaller that?
about grow. mistake to is what with backlog no But that we it, make so, of dealing we're want the And see different. nature
it's that's with don't came votes. a had and it that it don't XX with, release three visible, to the accept I to And even one, it's feel, entirely time to kind elected. think there went very want for last chairman your was doesn't press for resignation, actually line to much that is point of put still election for the what the ahead I board you that, last be a ago, proxy, the years when and material not I nomination in of think how the think it now, you appear, and compared did I weakness. recent times shareholders a to saying enough is release, a votes I appears out press it got be board fact some guess against fact Kyle, One But, yourself
And XXX,XXX, three So votes proxy what against it million close to ago. it's was X this year. years last
put satisfaction company, And just is a to probably shareholder your done I but that there it the to the So, basically is public it I the at I the board, fair, some some the to alternative is could has continue the best to board this point, for some whether among well. me or, And this, definitely can business what like where business take I say being which to has and it, to the is sale, not, company other to to fairly evaluate, extent and know to yourself, and, board, happen doesn't it take for you happen with. to company. that and you want sale, buy public come company extent, mean, stake to that out, talk XX% justified has nobody's about the come this and the going about speak has up that tell I you being in shareholders We with a mean, to shareholders, a say, you
be great. -- it it's would So,
in the If thinking to the terms shareholders' that? you board's interests, stature basically, what's of the know, basically, who could as owners in address to, and of are get real don't that and Do business for right how the business? look the I
business action out frustrated understand working right sure not on myself. answer did why as why said, make major the and back take focus reasons that I to I published -- that's myself a board track. five being the here stated chairpersons the took answer shareholder But top are figure I we're And And, to working our to that shareholders -- tried now. with accepting can't the I resignation, gets said we that Yes. what a the proxy, the look, they and mean, here of to exactly note around, public in forum.
yourself doesn't XX times mean, I fact it you acknowledge against votes that, it's, have, mean, I a the the for I last that it's You do mean, is from that in appear fact. election. there.
Yes, I me trying to cutting your I'm but agree. you're question, off. answer
with out available perspectives. with And, moving focusing shareholders So included, do I'm thing all is say the around the to about, making with and can our forward. direction I for options it's that, shareholders I we're company important, best on acknowledge the that and understand turning said, yourself like, that talk sure business them, are and
all what we've, not that's sure shutting can't is do revenue say, bunker, options board But levels we for further we're the this meantime, will ankles. but I tell the are about at open make and the you, to I business to back discussed any talking we've inappropriate we're and create So gets got the level, us, what in off optionality.
So as with couple discuss to a said, that of questions, move any, I well. know on Adam has operators the next if
[Operator Instructions]
Thank for thanks operator, -- appreciate the Ankur. for them. And questions. you And the I
questions to at further [Operator time. appears no be Instructions] this There
the turn So our would concludes I remarks. Kyle like any to question-and-answer this conference for back to closing over session. Loudermilk
like XXth September we seeing in ahead presenting everyone's everyone XX and in New and about many joining event, the And conference in interest conference, Well, us. to will I'd York with there. to the Partners I excited let to Wainwright this we GSE XX of will hope appreciate what's we and to we XXXX you will be City, forward participating want Lytham no thank Q&A. be at be at XX. to look and us. HC September speaking for investor also Okay. Ankur, virtual fall which And folks to see you time of investor appreciate do the remain
Lytham great So evening. thanks, please reach questions, we'd Again, happy from further a a out you Lowensteiner have have and schedule any call. to if be and hope I everybody, you to Adam follow-up Partners
conference attending now for you The Thank today's presentation. concluded. has
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