MYR Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MYR Group Inc. has filed its Q1 2024 10-Q report, detailing financial performance and key balance sheet items.</b>

AI Summary

MYR GROUP INC. (MYRG) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. MYR Group Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business is water, sewer, pipeline, and power line construction. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement elements like retained earnings, common stock, and additional paid-in capital are detailed for these periods.

Why It Matters

For investors and stakeholders tracking MYR GROUP INC., this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of MYR Group Inc., crucial for assessing recent performance and financial health. The detailed breakdown of financial statement elements allows for year-over-year and sequential comparisons, aiding in trend analysis.

Risk Assessment

Risk Level: low — MYR GROUP INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any unusual events or significant negative developments.

Analyst Insight

Monitor future 10-Q filings for revenue growth, net income trends, and any changes in debt levels to assess MYR Group's ongoing financial trajectory.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (2024 Q1)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)

Key Players & Entities

• MYR GROUP INC. (company) — Filer name
• MYRG (company) — Ticker symbol
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION (company) — Standard Industrial Classification
• THORNTON (company) — Business address city
• CO (company) — Business address state
• DE (company) — State of incorporation

FAQ

Industry Context

MYR Group Inc. operates in the construction sector, specifically focusing on water, sewer, pipeline, and power line construction.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Compare the Q1 2024 results with the Q1 2023 results to identify year-over-year performance changes.
3. Analyze any disclosed risk factors or legal proceedings for potential impacts on the company's operations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report of 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value MYRG The Nasdaq Stock Market,

Filing Documents

• myrg-20240331.htm (10-Q) — 994KB
• ex101-myrxcooemploymentagr.htm (EX-10.1) — 107KB
• exhibit102formofrestricted.htm (EX-10.2) — 40KB
• exhibit103formofperformanc.htm (EX-10.3) — 71KB
• myrg-20240331xexx311.htm (EX-31.1) — 9KB
• myrg-20240331xexx312.htm (EX-31.2) — 9KB
• myrg-20240331xexx321.htm (EX-32.1) — 4KB
• myrg-20240331xex322.htm (EX-32.2) — 4KB
• 0000700923-24-000029.txt (&nbsp;) — 6644KB
• myrg-20240331.xsd (EX-101.SCH) — 47KB
• myrg-20240331_cal.xml (EX-101.CAL) — 115KB
• myrg-20240331_def.xml (EX-101.DEF) — 188KB
• myrg-20240331_lab.xml (EX-101.LAB) — 586KB
• myrg-20240331_pre.xml (EX-101.PRE) — 407KB
• myrg-20240331_htm.xml (XML) — 935KB

—Financial Information

Part I—Financial Information Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Unaudited Consolidated Statements of S hareholder s' Equity for the Three Months Ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to Unaudited Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

—Other Information

Part II—Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchase of Equity Securities 32 Item 5. Other Information 32 Item 6. Exhibits 33 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

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS MYR GROUP INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,911 $ 24,899 Accounts receivable, net of allowances of $ 946 and $ 1,987 , respectively 527,069 521,893 Contract assets, net of allowances of $ 575 and $ 610 , respectively 450,741 420,616 Current portion of receivable for insurance claims in excess of deductibles 8,215 8,267 Refundable income taxes 1,754 4,034 Prepaid expenses and other current assets 34,497 46,535 Total current assets 1,026,187 1,026,244 Property and equipment, net of accumulated depreciation of $ 383,009 and $ 380,465 , respectively 272,569 268,978 Operating lease right-of-use assets 38,515 35,012 Goodwill 115,865 116,953 Intangible assets, net of accumulated amortization of $ 31,564 and $ 30,534 , respectively 81,449 83,516 Receivable for insurance claims in excess of deductibles 33,594 33,739 Investment in joint ventures 9,461 8,707 Other assets 5,850 5,597 Total assets $ 1,583,490 $ 1,578,746 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 6,617 $ 7,053 Current portion of operating lease obligations 9,918 9,237 Current portion of finance lease obligations 1,845 2,039 Accounts payable 321,277 359,363 Contract liabilities 270,964 240,411 Current portion of accrued self-insurance 24,623 28,269 Accrued income taxes 1,185 237 Other current liabilities 95,929 100,593 Total current liabilities 732,358 747,202 Deferred income tax liabilities 47,829 48,230 Long-term debt 31,315 29,188 Accrued self-insurance 51,007 51,796 Operating lease obligations, net of current maturities 28,592 25,775 Finance lease obligations, net of current maturities 184 314 Other liabilities 28,485 25,039 Total liabilities 919,770 927,544 Commitments and contingencies Shareholders' equity: Preferred stock—$ 0.01 par valu

View Full Filing

View this 10-Q filing on SEC EDGAR