MYR Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MYR Group Inc. released its 2023 10-K filing detailing financial performance and business operations.</b>

AI Summary

MYR GROUP INC. (MYRG) filed a Annual Report (10-K) with the SEC on February 28, 2024. MYR Group Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the company's financial performance and operations for the fiscal year 2023. The company's principal business is described as Water, Sewer, Pipeline, Comm and Power Line Construction. The filing includes financial data for the fiscal years 2023, 2022, and 2021. MYR Group Inc. is incorporated in Delaware and headquartered in Thornton, Colorado.

Why It Matters

For investors and stakeholders tracking MYR GROUP INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MYR Group's financial health, operational performance, and strategic positioning for the fiscal year 2023, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial statements and risk factors within the filing offer insights into the company's ability to navigate the construction industry's complexities and capitalize on infrastructure development opportunities.

Risk Assessment

Risk Level: medium — MYR GROUP INC. shows moderate risk based on this filing. The company operates in the construction industry, which is subject to economic cycles, regulatory changes, and project-specific risks, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand MYR Group's performance and outlook in the infrastructure construction sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-28 — Filing Date (FILED AS OF DATE)
• 2023 — Fiscal Year (2023 FY)
• 2022 — Previous Fiscal Year (2022-12-31)
• 2021 — Prior Fiscal Year (2021-12-31)

Key Players & Entities

• MYR GROUP INC. (company) — COMPANY CONFORMED NAME
• 0000700923 (company) — CENTRAL INDEX KEY
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• THORNTON (company) — CITY
• CO (company) — STATE
• 3032868000 (company) — BUSINESS PHONE
• MYERS L E CO GROUP (company) — FORMER CONFORMED NAME

FAQ

Industry Context

MYR Group Inc. operates in the construction sector, specifically focusing on infrastructure projects related to utilities and pipelines.

Regulatory Implications

The company's operations are subject to various regulations common in the construction and utility sectors, though specific regulatory details are not provided in this header information.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and performance metrics for FY 2023.
2. Analyze the risk factors section to understand potential challenges and mitigation strategies for MYR Group.
3. Compare MYR Group's 2023 performance against previous years (2022, 2021) using the provided financial data.

Key Dates

• 2024-02-28: 10-K Filing — Report for fiscal year ending 2023-12-31

Year-Over-Year Comparison

This filing is the 2023 annual report, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MYRG The Nasdaq Stock Market
• $683.4 million — December 31, 2023, we had approximately $683.4 million in original face amount of bonds outsta
• $1.76 billion — ts in our T&D segment and approximately $1.76 billion for projects in our C&I segment. Our es
• $726.1 million — cts for both segments was approximately $726.1 million as of December 31, 2023. As of December
• $541.5 million — December 31, 2022, we had approximately $541.5 million in original face amount of bonds outsta
• $1.43 billion — ts in our T&D segment and approximately $1.43 billion for projects in our C&I segment. The ab

Filing Documents

• myrg-20231231.htm (10-K) — 2144KB
• exhibit42-descriptionofsec.htm (EX-4.2) — 18KB
• exhibit211-listingofsubsid.htm (EX-21.1) — 18KB
• exhibit231croweconsent2023.htm (EX-23.1) — 2KB
• exhibit241-202310xkpowerof.htm (EX-24.1) — 14KB
• myrg-20231231xex311.htm (EX-31.1) — 9KB
• myrg-20231231xex312.htm (EX-31.2) — 9KB
• myrg-20231231xex321.htm (EX-32.1) — 4KB
• myrg-20231231xex322.htm (EX-32.2) — 4KB
• compensationclawbackpolicy.htm (EX-97.1) — 27KB
• myrg-20231231_g1.jpg (GRAPHIC) — 76KB
• 0000700923-24-000008.txt (&nbsp;) — 12913KB
• myrg-20231231.xsd (EX-101.SCH) — 89KB
• myrg-20231231_cal.xml (EX-101.CAL) — 199KB
• myrg-20231231_def.xml (EX-101.DEF) — 381KB
• myrg-20231231_lab.xml (EX-101.LAB) — 1110KB
• myrg-20231231_pre.xml (EX-101.PRE) — 729KB
• myrg-20231231_htm.xml (XML) — 2199KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 80 Item 9A.

Controls and Procedures

Controls and Procedures 80 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspectio ns 81 PART III Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 PART IV Item 15. Exhibit and Financial Statement Schedules 83 Item 16. Form 10-K Summary 85 Throughout this report, references to "MYR Group," the "Company," "we," "us," and "our" refer to MYR Group Inc. and its consolidated subsidiaries, except as otherwise indicated or as the context otherwise requires. 1 TABLE OF CONTENTS

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 TABLE OF CONTENTS PART I

Business

Item 1. Business General We are a holding company of specialty electrical construction service providers that was established in 1995 through the merger of long-standing specialty contractors. Through our subsidiaries, we serve the electric utility infrastructure, commercial and industrial construction markets. Our operations are currently conducted through wholly-owned subsidiaries. We primarily provide electrical construction services through a network of local offices located throughout the United States and Canada. We provide a broad range of services, including design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair. Our principal executive offices are located at 12121 Grant Street, Suite 610, Thornton, Colorado 80241. The telephone number of our principal executive offices is (303) 286-8000. Reportable Segments Through our subsidiaries, we are a leading specialty contractor serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada. We manage and report our operations through two electrical contracting service segments: Transmission and Distribution ("T&D") and Commercial and Industrial ("C&I"). We generally focus on improving our profitability by selecting projects we believe will provide attractive margins, actively monitoring the costs of completing our projects, holding customers accountable for costs related to changes to contract specifications and rewarding our employees for effectively managing costs. Transmission and Distribution segment. We have operated in the transmission and distribution industry since 1891. We are one of the largest U.S. contractors servicing the T&D sector of the electric utility industry. Our T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement,

View Full Filing

View this 10-K filing on SEC EDGAR