MYR Group Inc. Q2 2024 10-Q Filing

TL;DR

MYR Group's Q2 2024 10-Q is in. Check financials for infrastructure construction performance.

AI Summary

MYR Group Inc. filed its 10-Q for the period ending June 30, 2024. The company, headquartered in Thornton, Colorado, operates in the water, sewer, pipeline, and power line construction industry. The filing covers financial performance for the second quarter and the first half of 2024, comparing it to the same periods in 2023.

Why It Matters

This filing provides investors with an update on MYR Group's financial health and operational performance, crucial for understanding the company's trajectory in the infrastructure construction sector.

Risk Assessment

Risk Level: medium — As a construction company, MYR Group is subject to industry-specific risks including project delays, material costs, and economic downturns impacting infrastructure spending.

Key Numbers

• 2024 Q2 — Reporting Period (Financial performance for the second quarter of 2024.)
• 2024-06-30 — Period End Date (The end date for the reporting period.)
• 2023-06-30 — Prior Period End Date (Comparison point for financial performance.)

Key Players & Entities

• MYR GROUP INC. (company) — Filer
• Thornton, Colorado (location) — Business Address
• June 30, 2024 (date) — Reporting Period End Date
• 20240731 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• myrg-20240630.htm (10-Q) — 1287KB
• myrgroupamendmentno1tothir.htm (EX-10.1) — 1342KB
• myrg-20240630xexx311.htm (EX-31.1) — 9KB
• myrg-20240630xexx312.htm (EX-31.2) — 9KB
• myrg-20240630xexx321.htm (EX-32.1) — 4KB
• myrg-20240630xex322.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 2KB
• 0000700923-24-000045.txt ( ) — 8930KB
• myrg-20240630.xsd (EX-101.SCH) — 48KB
• myrg-20240630_cal.xml (EX-101.CAL) — 117KB
• myrg-20240630_def.xml (EX-101.DEF) — 190KB
• myrg-20240630_lab.xml (EX-101.LAB) — 616KB
• myrg-20240630_pre.xml (EX-101.PRE) — 422KB
• myrg-20240630_htm.xml (XML) — 1216KB

—Financial Information

Part I—Financial Information Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Consolidated Statements of S hareholder s' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

—Other Information

Part II—Other Information Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities a nd Use of Proceeds 35 Item 5. Other Information 35 Item 6. Exhibits 36 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,869 $ 24,899 Accounts receivable, net of allowances of $ 898 and $ 1,987 , respectively 554,822 521,893 Contract assets, net of allowances of $ 619 and $ 610 , respectively 402,301 420,616 Current portion of receivable for insurance claims in excess of deductibles 8,349 8,267 Refundable income taxes 14,093 4,034 Prepaid expenses and other current assets 35,871 46,535 Total current assets 1,017,305 1,026,244 Property and equipment, net of accumulated depreciation of $ 387,375 and $ 380,465 , respectively 278,099 268,978 Operating lease right-of-use assets 40,396 35,012 Goodwill 115,372 116,953 Intangible assets, net of accumulated amortization of $ 32,688 and $ 30,534 , respectively 79,855 83,516 Receivable for insurance claims in excess of deductibles 33,687 33,739 Investment in joint ventures 12,861 8,707 Other assets 5,667 5,597 Total assets $ 1,583,242 $ 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 10,472 9,237 Current portion of finance lease obligations 2,168 2,039 Accounts payable 344,130 359,363 Contract liabilities 256,622 240,411 Current portion of accrued self-insurance 24,190 28,269 Accrued income taxes — 237 Other current liabilities 103,244 100,593 Total current liabilities 747,443 747,202 Deferred income tax liabilities 47,647 48,230 Long-term debt 38,448 29,188 Accrued self-insurance 51,700 51,796 Operating lease obligations, net of current maturities 29,897 25,775 Finance lease obligations, net of current maturities 1,645 314 Other liabilities 33,120 25,039 Total liabilities 949,900 927,544 Commitments and contingencies Shareholders' equity: Preferred stock—$ 0.01 par val

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View this 10-Q filing on SEC EDGAR