MYR Group Inc. Files Q3 2024 10-Q

TL;DR

MYR Group Q3 10-Q filed. Financials look solid.

AI Summary

MYR Group Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its operations in water, sewer, pipeline, and power line construction. Specific financial figures and operational details for the third quarter and year-to-date periods are presented.

Why It Matters

This filing provides investors and analysts with the latest financial data for MYR Group Inc., crucial for understanding the company's performance in the infrastructure construction sector.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240930 — End of Reporting Period (The date through which financial information is reported.)
• 20241030 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• MYR GROUP INC. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241030 (date) — Filing date
• WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• myrg-20240930.htm (10-Q) — 1322KB
• myrg-20240930xexx311.htm (EX-31.1) — 9KB
• myrg-20240930xexx312.htm (EX-31.2) — 9KB
• myrg-20240930xexx321.htm (EX-32.1) — 4KB
• myrg-20240930xex322.htm (EX-32.2) — 4KB
• 0000700923-24-000052.txt ( ) — 7412KB
• myrg-20240930.xsd (EX-101.SCH) — 48KB
• myrg-20240930_cal.xml (EX-101.CAL) — 117KB
• myrg-20240930_def.xml (EX-101.DEF) — 190KB
• myrg-20240930_lab.xml (EX-101.LAB) — 611KB
• myrg-20240930_pre.xml (EX-101.PRE) — 420KB
• myrg-20240930_htm.xml (XML) — 1233KB

—Financial Information

Part I—Financial Information Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 2 Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of S hareholder s' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 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 and 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 7,569 $ 24,899 Accounts receivable, net of allowances of $ 977 and $ 1,987 , respectively 571,342 521,893 Contract assets, net of allowances of $ 582 and $ 610 , respectively 411,843 420,616 Current portion of receivable for insurance claims in excess of deductibles 9,056 8,267 Refundable income taxes 6,280 4,034 Prepaid expenses and other current assets 25,532 46,535 Total current assets 1,031,622 1,026,244 Property and equipment, net of accumulated depreciation of $ 388,180 and $ 380,465 , respectively 279,634 268,978 Operating lease right-of-use assets 40,665 35,012 Goodwill 115,970 116,953 Intangible assets, net of accumulated amortization of $ 34,036 and $ 30,534 , respectively 79,077 83,516 Receivable for insurance claims in excess of deductibles 34,925 33,739 Investment in joint ventures 5,835 8,707 Other assets 5,331 5,597 Total assets $ 1,593,059 $ 1,578,746 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 4,364 $ 7,053 Current portion of operating lease obligations 11,136 9,237 Current portion of finance lease obligations 1,168 2,039 Accounts payable 329,971 359,363 Contract liabilities 262,557 240,411 Current portion of accrued self-insurance 25,394 28,269 Accrued income taxes — 237 Other current liabilities 127,846 100,593 Total current liabilities 762,436 747,202 Deferred income tax liabilities 47,722 48,230 Long-term debt 88,822 29,188 Accrued self-insurance 54,262 51,796 Operating lease obligations, net of current maturities 29,529 25,775 Finance lease obligations, net of current maturities 2,312 314 Other liabilities 19,467 25,039 Total liabilities 1,004,550 927,544 Commitments and contingencies Shareholders' equity: Preferred stock—$ 0.01 pa

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View this 10-Q filing on SEC EDGAR