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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021
 
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __ to __
 
Commission file number 001-34481

Mistras Group, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware 22-3341267
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
   
195 Clarksville Road
Princeton Junction,New Jersey 08550
(Address of principal executive offices) (Zip Code)
 
(609) 716-4000

(Registrant’s telephone number, including area code) 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueMGNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
ý Yes  o No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
ý Yes  o No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o 
Accelerated filer
x
Non-accelerated filer
o 
Smaller reporting company
 Emerging Growth Company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes  ý No


As of October 28, 2021, the registrant had 29,458,243 shares of common stock outstanding.



Table of Contents
TABLE OF CONTENTS
 
 PAGE
 
  
 
    
  
    
  
Unaudited Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2021 and September 30, 2020
    
  
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and September 30, 2020
    
Unaudited Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2021 and September 30, 2020
  
Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and September 30, 2020
    
  
    
 
    
 
    
 
  
 
  
 
    
 
    
 
    
 
    
 
    
 
    
 
  
 
i

Table of Contents
PART I—FINANCIAL INFORMATION
 
ITEM 1.    Financial Statements
 


Mistras Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
September 30, 2021December 31, 2020
ASSETS(unaudited) 
Current Assets  
Cash and cash equivalents$22,597 $25,760 
Accounts receivable, net127,699 107,628 
Inventories12,178 13,134 
Prepaid expenses and other current assets17,505 16,066 
Total current assets179,979 162,588 
Property, plant and equipment, net90,366 92,681 
Intangible assets, net61,695 68,642 
Goodwill205,657 206,008 
Deferred income taxes2,676 2,069 
Other assets46,855 51,325 
Total assets$587,228 $583,313 
LIABILITIES AND EQUITY  
Current Liabilities  
Accounts payable$13,343 $14,240 
Accrued expenses and other current liabilities88,312 78,500 
Current portion of long-term debt18,988 10,678 
Current portion of finance lease obligations3,773 3,765 
Income taxes payable1,676 2,664 
Total current liabilities126,092 109,847 
Long-term debt, net of current portion196,866 209,538 
Obligations under finance leases, net of current portion10,338 11,115 
Deferred income taxes9,195 8,236 
Other long-term liabilities43,711 47,358 
Total liabilities386,202 386,094 
Commitments and contingencies
Equity  
Preferred stock, 10,000,000 shares authorized
  
Common stock, $0.01 par value, 200,000,000 shares authorized, 29,457,605 and 29,234,143 shares issued and outstanding
294 292 
Additional paid-in capital237,577 234,638 
Accumulated Deficit(17,893)(21,848)
Accumulated other comprehensive loss(19,176)(16,061)
Total Mistras Group, Inc. stockholders’ equity200,802 197,021 
Non-controlling interests224 198 
Total equity201,026 197,219 
Total liabilities and equity$587,228 $583,313 
 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Income (Loss)
(in thousands, except per share data)
 Three months ended September 30,Nine months ended September 30,
 2021202020212020
  
Revenue$174,556 $147,894 $505,968 $431,794 
Cost of revenue116,750 94,930 341,780 286,208 
Depreciation5,590 5,580 16,635 16,400 
Gross profit52,216 47,384 147,553 129,186 
Selling, general and administrative expenses39,221 37,473 118,579 116,638 
Impairment charges   106,062 
Legal settlement and litigation charges, net (360)1,030 (360)
Research and engineering595 638 1,942 2,170 
Depreciation and amortization2,918 3,182 9,070 10,359 
Acquisition-related expense, net246 709 1,068 186 
Income (loss) from operations9,236 5,742 15,864 (105,869)
Interest expense2,326 3,645 8,694 9,410 
Income (loss) before benefit for income taxes6,910 2,097 7,170 (115,279)
Provision (benefit) for income taxes3,513 544 3,187 (15,645)
Net Income (loss)3,397 1,553 3,983 (99,634)
Less: net income attributable to noncontrolling interests, net of taxes17 30 28 8 
Net Income (loss) attributable to Mistras Group, Inc$3,380 $1,523 $3,955 $(99,642)
Earnings (loss) per common share  
Basic$0.11 $0.05 $0.13 $(3.43)
Diluted$0.11 $0.05 $0.13 $(3.43)
Weighted-average common shares outstanding:  
Basic29,619 29,177 29,550 29,086 
Diluted30,127 29,311 30,093 29,086 
 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
 
 Three months ended September 30,Nine Months Ended September 30,
 2021202020212020
Net Income (loss)$3,397 $1,553 $3,983 $(99,634)
Other comprehensive income (loss):  
Foreign currency translation adjustments(5,472)5,963 (3,117)(4,924)
Comprehensive Income (Loss)(2,075)7,516 866 (104,558)
Less: net income (loss) attributable to noncontrolling interest17 30 28 8 
Less: Foreign currency translation adjustments attributable to noncontrolling interests(3)4 (2)(2)
Comprehensive income (loss) attributable to Mistras Group, Inc$(2,089)$7,482 $840 $(104,564)
 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

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Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity
(in thousands)
Three months ended
Common StockAdditional
paid-in capital
Retained
earnings
(deficit)
Accumulated
other
comprehensive income (loss)
Total
Mistras Group,
Inc.
Stockholders’ Equity
Noncontrolling Interest 
SharesAmountTotal Equity
Balance at June 30, 2021$29,432 $294 $236,125 $(21,273)$(13,707)$201,439 $210 $201,649 
Net income— — — 3,380 — 3,380 17 3,397 
Other comprehensive gain (loss), net of tax— — — — (5,469)(5,469)(3)(5,472)
Share-based payments— — 1,452 — — 1,452 — 1,452 
Net settlement of restricted stock units26 — — — — — —  
Balance at September 30, 202129,458 $294 $237,577 $(17,893)$(19,176)$200,802 $224 $201,026 
Balance at June 30, 202029,110 $291 $231,724 $(23,552)$(32,172)$176,291 $172 $176,463 
Net loss— — — 1,523 — 1,523 30 1,553 
Other comprehensive gain (loss), net of tax— — — — 5,963 5,963 4 5,967 
Share-based payments— — 1,593 — — 1,593 — 1,593 
Net settlement of options and restricted stock units82 1 (50)— — (49)— (49)
Balance at September 30, 202029,192 $292 $233,267 $(22,029)$(26,209)$185,321 $206 $185,527 

Nine months ended
Common StockAdditional
paid-in capital
Retained
earnings
(deficit)
Accumulated
other
comprehensive loss
Total
Mistras Group,
Inc.
Stockholders’ Equity
Noncontrolling Interest 
SharesAmountTotal Equity
Balance at December 31, 202029,234 $292 $234,638 $(21,848)$(16,061)$197,021 $198 $197,219 
Net income— — — 3,955 — 3,955 28 3,983 
Other comprehensive gain (loss), net of tax— — — — (3,115)(3,115)(2)(3,117)
Share-based payments— — 3,916 — — 3,916 — 3,916 
Net settlement of restricted stock units224 2 (977)— — (975)— (975)
Balance at September 30, 202129,458 $294 $237,577 $(17,893)$(19,176)$200,802 $224 $201,026 
Balance at December 31, 201928,945 $289 $229,205 $77,613 $(21,285)$285,822 $200 $286,022 
Net loss— — — (99,642)— (99,642)8 (99,634)
Other comprehensive gain (loss), net of tax— — — — (4,924)(4,924)(2)(4,926)
Share-based payments— — 4,391 — — 4,391 — 4,391 
Net settlement of restricted stock units247 3 (329)— — (326)— (326)
Balance at September 30, 202029,192 $292 $233,267 $(22,029)$(26,209)$185,321 $206 $185,527 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
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Mistras Group, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
 Nine months ended September 30,
 20212020
Cash flows from operating activities  
Net income (loss)$3,983 $(99,634)
Adjustments to reconcile net income (loss) to net cash provided by operating activities  
Depreciation and amortization25,705 26,759 
Impairment charges 106,062 
Deferred income taxes1,055 (16,831)
Share-based compensation expense3,916 4,312 
Fair value adjustments to contingent consideration 1,034 186 
Foreign currency loss366 1,965 
Other265 2,419 
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions 
Accounts receivable(21,907)20,319 
Inventories868 (1,845)
Prepaid expenses and other assets(2,324)(2,305)
Accounts payable(751)(2,357)
Accrued expenses and other liabilities11,247 3,069 
Income taxes payable(988)(328)
Net cash provided by operating activities22,469 41,791 
Cash flows from investing activities  
Purchase of property, plant and equipment(15,130)(10,676)
Purchase of intangible assets(887)(311)
Acquisition of business, net of cash acquired(441) 
Proceeds from sale of equipment964 429 
Net cash used in investing activities(15,494)(10,558)
Cash flows from financing activities  
Repayment of finance lease obligations(3,032)(3,078)
Proceeds from borrowings of long-term debt 2,245 
Repayment of long-term debt(12,121)(4,334)
Proceeds from revolver71,000 27,250 
Repayment of revolver(62,250)(44,000)
Payment of financing costs(550)(1,497)
Payment of contingent consideration for business acquisitions(938)(1,337)
Taxes paid related to net share settlement of share-based awards(975)(326)
Net cash used in financing activities(8,866)(25,077)
Effect of exchange rate changes on cash and cash equivalents(1,272)944 
Net change in cash and cash equivalents(3,163)7,100 
Cash and cash equivalents at beginning of period25,760 15,016 
Cash and cash equivalents at end of period$22,597 $22,116 
Supplemental disclosure of cash paid  
Interest, net$8,119 $9,061 
Income taxes, net of refunds$3,816 $1,633 
Noncash investing and financing  
Equipment acquired through finance lease obligations$2,445 $1,607 

The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
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Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars and shares in thousands, except per share data)
    

1.    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 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 and conditions continue to improve during 2021 as compared to 2020. 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 2021 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.

While the Company cannot fully assess the impact that the factors discussed above will have on its operations at this time, there were certain impacts that the Company identified resulting in impairment charges in 2020. See Note 8-Goodwill, Note 9-Intangible Assets and Note 13-Leases for additional information.

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 may have on its business, results of operations or liquidity or in other ways which the Company cannot yet determine. The Company will
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Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars and shares in thousands, except per share data)
continue to monitor market conditions and respond accordingly. As of September 30, 2021, the cash balance was approximately $22.6 million.

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 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, 2021 and December 31, 2020.

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 2020 Annual Report on Form 10-K ("2020 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 Income (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 and nine months ended September 30, 2021 and 2020, 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 2020 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 2020 Annual Report, there have been no material changes to the Company's significant accounting policies.

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Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars and shares in thousands, except per share data)
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 September 30, 2021, 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 50.8% and 25.9% for the three months ended September 30, 2021 and 2020, respectively. The Company’s effective income tax rate was approximately 44.4% and 13.6% for the nine months ended September 30, 2021 and 2020, respectively.

The effective income tax rate for the three months ended September 30, 2021, was higher than the statutory rate due to a $1.2 million valuation allowance recorded during the period related to various state deferred tax assets and earnings in jurisdictions with higher income tax rates than the United States. The effective income tax rate for the three months ended September 30, 2020 approximated the statutory rate, as the favorable impact of the CARES Act was offset by the unfavorable impact of taxes in other jurisdictions and other permanent book to tax differences.

The effective income tax rate for the nine months ended September 30, 2021 was higher than the statutory rate due to a $1.2 million valuation allowance recorded during the period which was related to various state deferred tax assets offset by the capitalization of certain non-US intercompany balances which resulted in a deductible foreign exchange loss in the US. The effective income tax rate for the nine months ended September 30, 2020 was lower than the statutory rate primarily due to the income tax benefits of the CARES Act, partially offset by impairments for which the Company did not realize income tax benefits.

Recent Accounting Pronouncements

On January 1, 2021, the Company adopted new guidance to simplify the accounting for income taxes by, among other things, removing certain exceptions related to intra-period tax allocations, interim calculations and the recognition of deferred tax liabilities for outside basis differences. The guidance did not have a material impact on the Company's consolidated financial statements.

In March 2020 and updated in January 2021, the FASB issued ASU 2020-04, “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.


2.    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.
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Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars and shares in thousands, except per share data)
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.

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Mistras Group, Inc. and Subsidiaries
Notes to Unaudited Condensed Consolidated Financial Statements
(tabular dollars and shares in thousands, except per share data)
Revenue by Category

The following series of tables present the Company's disaggregated revenue:

Revenue by industry was as follows:
Three Months Ended September 30, 2021ServicesInternationalProductsCorp/ElimTotal
Oil & Gas$88,508 $8,620 $370 $ $97,498 
Aerospace & Defense12,717 3,897 101  16,715 
Industrials 10,560 6,693 336  17,589 
Power Generation & Transmission11,412 2,615 660  14,687 
Other Process Industries8,819 3,035 32  11,886 
Infrastructure, Research & Engineering7,136 2,467 808  10,411 
Other5,824 1,773 1,001 (2,828)5,770 
Total$144,976 $29,100 $3,308 $(2,828)$174,556 

Three Months Ended September 30, 2020ServicesInternationalProductsCorp/ElimTotal
Oil & Gas$72,195 $9,749 $51 $ $81,995 
Aerospace & Defense10,904 3,676 72  14,652 
Industrials 12,209 5,261 442  17,912 
Power Generation & Transmission9,053 2,054 390  11,497 
Other Process Industries6,023 2,373 85  8,481 
Infrastructure, Research & Engineering5,309 2,245 1,223  8,777 
Other4,028 1,119 1,669 (2,236)4,580 
Total$119,721 $26,477 $3,932 $(2,236)$147,894 

Nine Months Ended September 30, 2021ServicesInternationalProductsCorp/ElimTotal
Oil & Gas$264,959 $26,208 $638 $ $291,805 
Aerospace & Defense37,319 12,341 165  49,825 
Industrials30,621 17,736 1,081  49,438 
Power Generation & Transmission27,019 7,776 2,249  37,044 
Other Process Industries27,031 9,574 76  36,681 
Infrastructure, Research & Engineering15,479 9,477 2,777  27,733 
Other