(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(Nasdaq Global Market) | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
MYR GROUP INC. | |||||||||||
Dated: April 27, 2022 | By: | /s/ BETTY R. JOHNSON | |||||||||
Name: | Betty R. Johnson | ||||||||||
Title: | Senior Vice President and Chief Financial Officer |
(in thousands, except share and per share data) | March 31, 2022 | December 31, 2021 | |||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18,732 | $ | 82,092 | |||||||
Accounts receivable, net of allowances of $2,385 and $2,441, respectively | 386,193 | 375,353 | |||||||||
Contract assets, net of allowances of $403 and $385, respectively | 243,654 | 225,075 | |||||||||
Current portion of receivable for insurance claims in excess of deductibles | 11,388 | 11,078 | |||||||||
Refundable income taxes | 5,557 | 9,228 | |||||||||
Prepaid expenses and other current assets | 50,071 | 45,564 | |||||||||
Total current assets | 715,595 | 748,390 | |||||||||
Property and equipment, net of accumulated depreciation of $331,174 and $322,128, respectively | 206,969 | 196,092 | |||||||||
Operating lease right-of-use assets | 32,438 | 20,971 | |||||||||
Goodwill | 110,594 | 66,065 | |||||||||
Intangible assets, net of accumulated amortization of $19,571 and $16,779, respectively | 102,916 | 49,054 | |||||||||
Receivable for insurance claims in excess of deductibles | 30,602 | 32,443 | |||||||||
Investment in joint ventures | 2,792 | 3,978 | |||||||||
Other assets | 3,673 | 4,099 | |||||||||
Total assets | $ | 1,205,579 | $ | 1,121,092 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 1,039 | $ | 1,039 | |||||||
Current portion of operating lease obligations | 9,270 | 7,765 | |||||||||
Current portion of finance lease obligations | 1,374 | — | |||||||||
Accounts payable | 223,703 | 200,744 | |||||||||
Contract liabilities | 165,127 | 167,931 | |||||||||
Current portion of accrued self-insurance | 25,916 | 24,242 | |||||||||
Accrued income taxes | 2,866 | 2,021 | |||||||||
Other current liabilities | 68,969 | 94,857 | |||||||||
Total current liabilities | 498,264 | 498,599 | |||||||||
Deferred income tax liabilities | 24,627 | 24,620 | |||||||||
Long-term debt | 48,657 | 3,464 | |||||||||
Accrued self-insurance | 48,794 | 50,816 | |||||||||
Operating lease obligations, net of current maturities | 23,180 | 13,230 | |||||||||
Finance lease obligations, net of current maturities | 3,001 | — | |||||||||
Other liabilities | 22,778 | 11,261 | |||||||||
Total liabilities | 669,301 | 601,990 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2022 and December 31, 2021 | — | — | |||||||||
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,995,250 and 16,870,636 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 170 | 168 | |||||||||
Additional paid-in capital | 159,256 | 163,754 | |||||||||
Accumulated other comprehensive income | 1,824 | 173 | |||||||||
Retained earnings | 375,028 | 355,007 | |||||||||
Total stockholders’ equity | 536,278 | 519,102 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,205,579 | $ | 1,121,092 |
Three months ended March 31, | |||||||||||
(in thousands, except per share data) | 2022 | 2021 | |||||||||
Contract revenues | $ | 636,624 | $ | 592,486 | |||||||
Contract costs | 556,139 | 515,533 | |||||||||
Gross profit | 80,485 | 76,953 | |||||||||
Selling, general and administrative expenses | 53,564 | 49,647 | |||||||||
Amortization of intangible assets | 2,767 | 578 | |||||||||
Gain on sale of property and equipment | (748) | (683) | |||||||||
Income from operations | 24,902 | 27,411 | |||||||||
Other income (expense): | |||||||||||
Interest income | 8 | 13 | |||||||||
Interest expense | (451) | (475) | |||||||||
Other income (expense), net | (15) | 41 | |||||||||
Income before provision for income taxes | 24,444 | 26,990 | |||||||||
Income tax expense | 3,756 | 7,062 | |||||||||
Net income | $ | 20,688 | $ | 19,928 | |||||||
Income per common share: | |||||||||||
—Basic | $ | 1.22 | $ | 1.19 | |||||||
—Diluted | $ | 1.21 | $ | 1.17 | |||||||
Weighted average number of common shares and potential common shares outstanding: | |||||||||||
—Basic | 16,916 | 16,760 | |||||||||
—Diluted | 17,133 | 17,045 | |||||||||
Three months ended March 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 20,688 | $ | 19,928 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization of property and equipment | 11,904 | 11,293 | |||||||||
Amortization of intangible assets | 2,767 | 578 | |||||||||
Stock-based compensation expense | 1,624 | 1,487 | |||||||||
Deferred income taxes | (1) | (47) | |||||||||
Gain on sale of property and equipment | (748) | (683) | |||||||||
Other non-cash items | 886 | 529 | |||||||||
Changes in operating assets and liabilities, net of acquisition: | |||||||||||
Accounts receivable, net | 2,902 | 12,592 | |||||||||
Contract assets, net | (5,745) | (6,991) | |||||||||
Receivable for insurance claims in excess of deductibles | 1,531 | 802 | |||||||||
Other assets | 281 | 15,314 | |||||||||
Accounts payable | 15,613 | 29,198 | |||||||||
Contract liabilities | (4,470) | (18,087) | |||||||||
Accrued self-insurance | (352) | (285) | |||||||||
Other liabilities | (25,413) | (6,238) | |||||||||
Net cash flows provided by operating activities | 21,467 | 59,390 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale of property and equipment | 1,027 | 651 | |||||||||
Cash paid for acquired business, net of cash acquired | (110,576) | — | |||||||||
Purchases of property and equipment | (14,037) | (7,031) | |||||||||
Net cash flows used in investing activities | (123,586) | (6,380) | |||||||||
Cash flows from financing activities: | |||||||||||
Net borrowings under revolving lines of credit | 45,193 | — | |||||||||
Payment of principal obligations under finance leases | (437) | (273) | |||||||||
Proceeds from exercise of stock options | 4 | 110 | |||||||||
Payments related to tax withholding for stock-based compensation | (6,791) | (2,618) | |||||||||
Other financing activities | — | 12 | |||||||||
Net cash flows provided by (used in) financing activities | 37,969 | (2,769) | |||||||||
Effect of exchange rate changes on cash | 790 | 160 | |||||||||
Net increase (decrease) in cash and cash equivalents | (63,360) | 50,401 | |||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 82,092 | 22,668 | |||||||||
End of period | $ | 18,732 | $ | 73,069 |
Three months ended March 31, | Last twelve months ended March 31, | |||||||||||||||||||||||||
(dollars in thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Summary Statement of Operations Data: | ||||||||||||||||||||||||||
Contract revenues | $ | 636,624 | $ | 592,486 | $ | 2,542,427 | $ | 2,321,408 | ||||||||||||||||||
Gross profit | $ | 80,485 | $ | 76,953 | $ | 328,513 | $ | 291,174 | ||||||||||||||||||
Income from operations | $ | 24,902 | $ | 27,411 | $ | 116,051 | $ | 97,548 | ||||||||||||||||||
Income before provision for income taxes | $ | 24,444 | $ | 26,990 | $ | 113,760 | $ | 94,373 | ||||||||||||||||||
Income tax expense | $ | 3,756 | $ | 7,062 | $ | 27,994 | $ | 25,618 | ||||||||||||||||||
Net income | $ | 20,688 | $ | 19,928 | $ | 85,766 | $ | 68,755 | ||||||||||||||||||
Tax rate | 15.4 | % | 26.2 | % | 24.6 | % | 27.1 | % | ||||||||||||||||||
Per Share Data: | ||||||||||||||||||||||||||
Income per common share: | ||||||||||||||||||||||||||
–Basic | $ | 1.22 | $ | 1.19 | $ | 5.08 | (1) | $ | 4.12 | (1) | ||||||||||||||||
–Diluted | $ | 1.21 | $ | 1.17 | $ | 5.00 | (1) | $ | 4.06 | (1) | ||||||||||||||||
Weighted average number of common shares and potential common shares outstanding: | ||||||||||||||||||||||||||
–Basic | 16,916 | 16,760 | 16,877 | (2) | 16,717 | (2) | ||||||||||||||||||||
–Diluted | 17,133 | 17,045 | 17,159 | (2) | 16,928 | (2) |
(in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||
Summary Balance Sheet Data: | |||||||||||||||||||||||
Total assets | $ | 1,205,579 | $ | 1,121,092 | $ | 1,019,246 | $ | 993,246 | |||||||||||||||
Total stockholders’ equity | $ | 536,278 | $ | 519,102 | $ | 448,464 | $ | 374,986 | |||||||||||||||
Goodwill and intangible assets | $ | 213,510 | $ | 115,119 | $ | 116,860 | $ | 119,713 | |||||||||||||||
Total funded debt (3) | $ | 49,696 | $ | 4,503 | $ | 29,420 | $ | 161,384 |
(in thousands) | Last twelve months ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Financial Performance Measure (4): | |||||||||||
Reconciliation of Non-GAAP measure: | |||||||||||
Net income | $ | 85,766 | $ | 68,755 | |||||||
Interest expense, net | 1,710 | 3,505 | |||||||||
Amortization of intangible assets | 4,500 | 2,936 | |||||||||
Tax impact of interest and amortization of intangible assets | (1,528) | (1,746) | |||||||||
EBIA, net of taxes (5) | $ | 90,448 | $ | 73,450 |
Three months ended March 31, | Last twelve months ended March 31, | ||||||||||||||||||||||
(in thousands, except share, per share data, ratios and percentages) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Financial Performance Measures (4): | |||||||||||||||||||||||
EBITDA (6) | $ | 39,558 | $ | 39,323 | $ | 164,475 | $ | 144,333 | |||||||||||||||
EBITDA per Diluted Share (7) | $ | 2.31 | $ | 2.31 | $ | 9.59 | $ | 8.52 | |||||||||||||||
Free Cash Flow (8) | $ | 7,430 | $ | 52,359 | $ | 39,938 | $ | 157,066 | |||||||||||||||
Book Value per Period End Share (9) | $ | 31.16 | $ | 26.22 | |||||||||||||||||||
Tangible Book Value (10) | $ | 322,768 | $ | 331,604 | |||||||||||||||||||
Tangible Book Value per Period End Share (11) | $ | 18.76 | $ | 19.39 | |||||||||||||||||||
Funded Debt to Equity Ratio (12) | 0.09 | 0.07 | |||||||||||||||||||||
Asset Turnover (13) | 2.49 | 2.34 | |||||||||||||||||||||
Return on Assets (14) | 8.4 | % | 6.9 | % | |||||||||||||||||||
Return on Equity (15) | 19.1 | % | 18.3 | % | |||||||||||||||||||
Return on Invested Capital (18) | 18.6 | % | 16.2 | % | |||||||||||||||||||
Reconciliation of Non-GAAP Measures: | |||||||||||||||||||||||
Reconciliation of Net Income to EBITDA: | |||||||||||||||||||||||
Net income | 20,688 | 19,928 | 85,766 | 68,755 | |||||||||||||||||||
Interest expense, net | 443 | 462 | 1,710 | 3,505 | |||||||||||||||||||
Income tax expense | 3,756 | 7,062 | 27,994 | 25,618 | |||||||||||||||||||
Depreciation and amortization | 14,671 | 11,871 | 49,005 | 46,455 | |||||||||||||||||||
EBITDA (6) | $ | 39,558 | $ | 39,323 | $ | 164,475 | $ | 144,333 | |||||||||||||||
Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share: | |||||||||||||||||||||||
Net income per share | 1.21 | 1.17 | 5.00 | 4.06 | |||||||||||||||||||
Interest expense, net, per share | 0.03 | 0.03 | 0.10 | 0.21 | |||||||||||||||||||
Income tax expense per share | 0.22 | 0.41 | 1.63 | 1.51 | |||||||||||||||||||
Depreciation and amortization per share | 0.85 | 0.70 | 2.86 | 2.74 | |||||||||||||||||||
EBITDA per Diluted Share (7) | $ | 2.31 | $ | 2.31 | $ | 9.59 | $ | 8.52 | |||||||||||||||
Calculation of Free Cash Flow: | |||||||||||||||||||||||
Net cash flow from operating activities | $ | 21,467 | $ | 59,390 | $ | 99,305 | $ | 199,314 | |||||||||||||||
Less: cash used in purchasing property and equipment | (14,037) | (7,031) | (59,367) | (42,248) | |||||||||||||||||||
Free Cash Flow (8) | $ | 7,430 | $ | 52,359 | $ | 39,938 | $ | 157,066 | |||||||||||||||
(in thousands) | March 31, 2022 | March 31, 2021 | |||||||||
Reconciliation of Book Value to Tangible Book Value: | |||||||||||
Book value (total stockholders' equity) | $ | 536,278 | $ | 448,464 | |||||||
Goodwill and intangible assets | (213,510) | (116,860) | |||||||||
Tangible Book Value (10) | $ | 322,768 | $ | 331,604 | |||||||
Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share: | |||||||||||
Book value per period end share | $ | 31.16 | $ | 26.22 | |||||||
Goodwill and intangible assets per period end share | (12.40) | (6.83) | |||||||||
Tangible Book Value per Period End Share (11) | $ | 18.76 | $ | 19.39 | |||||||
Calculation of Period End Shares: | |||||||||||
Shares outstanding | 16,995 | 16,817 | |||||||||
Plus: common equivalents | 217 | 285 | |||||||||
Period End Shares (16) | 17,212 | 17,102 |
(in thousands) | March 31, 2022 | March 31, 2021 | March 31, 2020 | ||||||||||||||
Reconciliation of Invested Capital to Stockholders Equity: | |||||||||||||||||
Book value (total stockholders' equity) | $ | 536,278 | $ | 448,464 | $ | 374,986 | |||||||||||
Plus: total funded debt | 49,696 | 29,420 | 161,384 | ||||||||||||||
Less: cash and cash equivalents | (18,732) | (73,069) | (33,997) | ||||||||||||||
Invested Capital | $ | 567,242 | $ | 404,815 | $ | 502,373 | |||||||||||
Average Invested Capital (17) | $ | 486,029 | $ | 453,594 |
Z;X:N(;ZTFMI3 M=LP25"I(VKS@_0UI>,/"=OXITS8=L=[$";>;'0_W3_LG_P"O71T5Q2KR=7VJ MT9Z$!451>JM8^R_:[<@31Q6DTFS(!&2JD=#6KI&LZ?KVG)?Z9NW^TY_RK\3S_['I_S/\#S[P3K'B'0K)M.U;0M6FM$&;=X[ M9F9/]GZ>GIT^A7I]% .>:**YSI/5_AO/>W7@'3+F_N&N)Y@\GF, ,7NF7NG_#3PWJ-_K>HW?AV6"V2^TQ M71& .TIY;;.@('RD]!]ZBB@#W6*031)(N0KJ&&?>GT44 >%'51X'C"C&!ZT4 M4 >Q4444 >4^-_%<7@3XF0ZS $GM1BRD M50^81RVY37:>'M M/#6DC3[.2>1/,>5I)WW.[NQ9B3@=2?2BB@#5HHHH __9 end
Cover Page |
Apr. 27, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 27, 2022 |
Entity Registrant Name | MYR GROUP INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-08325 |
Entity Tax Identification Number | 36-3158643 |
Entity Address, Address Line One | 12150 East 112th Avenue |
Entity Address, City or Town | Henderson, |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80640 |
City Area Code | 303 |
Local Phone Number | 286-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | MYRG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000700923 |
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end
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
W =^-BP 47VJ6(XZ?83V8>9YMOJ1A6/T#HU.3=TJ
MZ6S.96HK?W&V@?^W5T%?TRRCI_98W[5,IM*>Y_N:83C.0'5]^/\_SJORF>'D
M), -]\U-O4 UTM:HUK
MN#?SI(Z2O/0\6 K@*F$>"^ZPCO,4CS?0]S\N4LKN%PN?Z,1RCXBE-IX@< 5W
M)-3+"I&]+>\WD'K.+.*81SC!I^TN%''=9SUKZJ34\=>)%B[.\$CSA$8>4[R0
M!B-N9;$'CZ5\OXK/_-S+,"EY:HZ61BRC^6V(6HZDWC$MJC;J:A%AV;K^H($D
MH_?6<[74TGO*2XL8VO/G=$]*54\\YS%]1(5]:BK8(G;]SM"5.GA.H+I$ B
M-Q-;CJ]HJNV-8P;"11N_4CZ@V'\*R1DHN;Q0N]7\2,%A*@I3 L!>O\NV8$
M:"/Q6SF8\=@(UGMEW'8Q_K>(5+"5L@1E$^#U=OV9'U4EMQ+#7("L)HVNLF)6
M!Y)J57,M63>/1A)9?7*O:XEL5W&R9(@=),C4*%LB2Y:2VZKY26ML"]F&0UQ[SR:8M