Press Release Archives / MYR Group https://myrgroup.com/news/categories/press-release/ Tue, 02 Aug 2022 20:07:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.2 https://myrgroup.com/wp-content/uploads/2021/06/cropped-myr-favicon-32x32.png Press Release Archives / MYR Group https://myrgroup.com/news/categories/press-release/ 32 32 MYR Group Inc. Announces Intention to Declassify its Board of Directors https://myrgroup.com/news/myr-group-inc-announces-intention-to-declassify-its-board-of-directors/ Tue, 02 Aug 2022 20:07:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-intention-to-declassify-its-board-of-directors/ PDF Version HENDERSON, Colo., Aug. 02, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today that its Board of Directors (the “Board”) intends to put […]

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HENDERSON, Colo., Aug. 02, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today that its Board of Directors (the “Board”) intends to put forward a proposal to the Company’s stockholders for a vote at its 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”) to declassify the Board and transition to an annual election of directors. The Company also announced that the Board has approved amendments to the Company’s Corporate Governance Principles establishing the general policy of a fifteen-year term limit for directors with the goal of furthering the Board’s commitment to Board diversity and refreshment.

The Company expects to detail the proposal to declassify the Board in its proxy statement for the 2023 Annual Meeting, which will be filed with the Securities and Exchange Commission in advance of the 2023 Annual Meeting.

This press release is being provided for informational purposes only and does not constitute the solicitation of any vote for approval of any proposal.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (“T&D”) and Commercial & Industrial (“C&I”). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, and roadway lighting and signalization. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any risk factors or cautionary statements contained in MYR’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com


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Source: MYR Group, Inc.

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MYR Group Inc. Announces Second-Quarter and First-Half 2022 Results https://myrgroup.com/news/myr-group-inc-announces-second-quarter-and-first-half-2022-results/ Wed, 27 Jul 2022 20:04:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-second-quarter-and-first-half-2022-results/ PDF Version HENDERSON, Colo., July 27, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its second-quarter and first-half 2022 financial results. Highlights for Second Quarter 2022 Record high […]

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HENDERSON, Colo., July 27, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its second-quarter and first-half 2022 financial results.

Highlights for Second Quarter 2022

  • Record high quarterly revenues of $708.1 million
  • Quarterly net income of $19.7 million and earnings per diluted share of $1.15
  • Record high quarterly EBITDA of $43.9 million
  • Record backlog of $2.44 billion

Management Comments
Rick Swartz, MYR’s President and CEO, said, “Our solid performance this quarter continues to demonstrate the overall strength in the markets we serve and our ability to capitalize on new opportunities that deepen and expand our market presence. We continue to invest in our team, apply proven management practices and foster customer relationships that strengthen our performance. The Transmission and Distribution (“T&D”) and Commercial and Industrial (“C&I”) markets are seeing long-term sustained investment, presenting exciting opportunities for future growth.”

Second Quarter Results
MYR reported second-quarter 2022 revenues of $708.1 million, an increase of $58.5 million, or 9.0 percent, compared to the second quarter of 2021. Specifically, our T&D segment reported revenues of $415.2 million for the second quarter of 2022, an increase of $88.4 million, or 27.0 percent, from the second quarter of 2021, primarily due to an increase in revenue on distribution projects, including incremental distribution revenues from the acquired Powerline Plus Companies and an increase in revenue from transmission projects. Our C&I segment reported revenues of $292.9 million for the second quarter of 2022, a decrease of $29.8 million, or 9.3 percent, from the second quarter of 2021, primarily due to a decrease in revenue in certain geographical areas.

Consolidated gross profit in second quarter of 2022 was $80.9 million, a decrease of $0.1 million or 0.2 percent, from the second quarter of 2021. The decrease in gross profit was due to lower margins, partially offset by higher revenues. Gross margin was 11.4 percent for the second quarter of 2022 compared to 12.5 percent for the second quarter of 2021. The decrease in gross margin was primarily due to overall cost increases mainly associated with supply chain disruptions, inflation and continued impacts from the COVID-19 pandemic, some of which also caused labor and material inefficiencies on certain projects. Gross margin was also negatively impacted by an unfavorable change order adjustment on a project and inclement weather experienced on certain projects. These margin decreases were partially offset by better-than-anticipated productivity on certain projects and a favorable job close out. Changes in estimates of gross profit on certain projects resulted in a gross margin decrease of 0.1 percent and an increase of 0.8 percent for the second quarter of 2022 and 2021, respectively.

Selling, general and administrative expenses (“SG&A”) increased to $52.0 million in the second quarter of 2022, compared to $51.9 million for the second quarter of 2021. The period-over-period increase was primarily due to costs associated with the recently acquired Powerline Plus Companies partially offset by a decrease in employee incentive compensation costs.

Amortization of intangible assets increased to $3.3 million in the second quarter of 2022, compared to $0.6 million for the second quarter of 2021. The period-over-period increase was primarily due to amortization related to certain intangibles acquired with the Powerline Plus Companies.

Other income, net increased to $2.3 million in the second quarter of 2022, compared to $0.1 million for the second quarter of 2021. The change was largely due to funds received under the Canadian Emergency Wage Subsidy (“CEWS”) program, which were attributable to a C&I segment company.

Income tax expense was $8.2 million for the second quarter of 2022, with an effective tax rate of 29.4 percent, compared to income tax expense of $7.9 million for the second quarter of 2021, with an effective tax rate of 27.0 percent. The period-over-period increase in tax rate was primarily due to an increase in permanent difference items, partially offset by the reduction of the impact of the global intangible low tax income (“GILTI”).

For the second quarter of 2022, net income was $19.7 million, or $1.15 per diluted share, compared to $21.2 million, or $1.24 per diluted share, for the same period of 2021. Second-quarter 2022 EBITDA, a non-GAAP financial measure, was $43.9 million, compared to $41.2 million in the second quarter of 2021.

First-Half Results
MYR reported first-half 2022 revenues of $1.34 billion, an increase of $102.6 million, or 8.3 percent, compared to the first half of 2021. Specifically, the T&D segment reported revenues of $780.1 million, an increase of $138.4 million, or 21.6 percent, from the first half of 2021, primarily due to an increase in revenue on distribution projects, including incremental distribution revenues from the Powerline Plus Companies and an increase in revenue from transmission projects. The C&I segment reported revenues of $564.6 million, a decrease of $35.7 million, or 5.9 percent from the first half of 2021, primarily due to a decrease in revenue in certain geographical areas.

Consolidated gross profit increased to $161.3 million in the first half of 2022, an increase of $3.3 million or 2.1 percent, from the first half of 2021. The increase in gross profit was due to higher revenues, partially offset by lower margins. Gross margin was 12.0 percent for the first half of 2022 compared to 12.7 percent for the first half of 2021. The decrease in gross margin was primarily due to overall cost increases mainly associated with supply chain disruptions, inflation and continued impacts from the COVID-19 pandemic, some of which also caused labor and material inefficiencies on certain projects, as well as inclement weather experienced on certain projects. These margin decreases were partially offset by favorable job close outs and better-than-anticipated productivity on certain projects. Changes in estimates of gross profit on certain projects resulted in gross margin increases of 0.3 percent the first half of 2022 and 2021.

SG&A increased to $105.6 million in the first half of 2022, compared to $101.5 million for the first half of 2021. The period-over-period increase was primarily due to costs associated with the recently acquired Powerline Plus Companies and an increase in employee-related expenses, partially offset by a decrease in employee incentive compensation costs.

Amortization of intangible assets increased to $6.0 million in the first half of 2022, compared to $1.2 million for the first half of 2021. The period-over-period increase was primarily due to amortization related to certain intangibles acquired with the Powerline Plus Companies.

Other income, net increased to $2.3 million in the first half of 2022, compared to $0.1 million for the first half of 2021. The change was largely due to funds received under the CEWS program, which were attributable to a C&I segment company.

Income tax expense was $12.0 million for the first half of 2022, with an effective tax rate of 22.8 percent, compared to income tax expense of $14.9 million for the first half of 2021, with an effective tax rate of 26.6 percent. The period-over-period decrease in tax rate was primarily due to a favorable impact from stock compensation excess tax benefits and the reduction of the impact of GILTI, partially offset by an increase in other permanent difference items.

For the first half of 2022, net income was $40.4 million, or $2.36 per diluted share, compared to $41.1 million, or $2.41 per diluted share, for the same period of 2021.

Backlog
As of June 30, 2022, MYR’s backlog was $2.44 billion, compared to $2.41 billion as of March 31, 2022. As of June 30, 2022, T&D backlog was $1.06 billion, and C&I backlog was $1.38 billion. Total backlog at June 30, 2022 increased $878.1 million, or 56.0 percent, from the $1.57 billion reported at June 30, 2021.

Balance Sheet
As of June 30, 2022, MYR had $310.3 million of borrowing availability under its $375 million revolving credit facility.

Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

Conference Call
MYR will host a conference call to discuss its second-quarter 2022 results on Thursday, July 28, 2022 at 8:00 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: https://register.vevent.com/register/BI43cc296fd5f14d99b76c2c45b5f233a2. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group’s website at myrgroup.com. A replay of the webcast will be available for seven days.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting and signalization. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any risk factors or cautionary statements contained in MYR’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

MYR Group Inc. Contact:
Betty R. Johnson, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com

Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204, dgutierrez@dresnerco.com

Financial tables follow…

MYR GROUP INC.
Consolidated Balance Sheets
As of June 30, 2022 and December 31, 2021

(in thousands, except share and per share data) June 30,
2022
  December 31,
2021
  (unaudited)    
ASSETS      
Current assets:      
Cash and cash equivalents $ 22,057     $ 82,092
Accounts receivable, net of allowances of $2,337 and $2,441, respectively   409,497       375,353
Contract assets, net of allowances of $452 and $385, respectively   280,718       225,075
Current portion of receivable for insurance claims in excess of deductibles   9,755       11,078
Refundable income taxes   9,650       9,228
Prepaid expenses and other current assets   52,733       45,564
Total current assets   784,410       748,390
Property and equipment, net of accumulated depreciation of $336,347 and $322,128, respectively   212,055       196,092
Operating lease right-of-use assets   32,675       20,971
Goodwill   108,405       66,065
Intangible assets, net of accumulated amortization of $22,729 and $16,779, respectively   98,746       49,054
Receivable for insurance claims in excess of deductibles   21,262       32,443
Investment in joint ventures   3,155       3,978
Other assets   3,661       4,099
Total assets $ 1,264,369     $ 1,121,092
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Current portion of long-term debt $ 1,065     $ 1,039
Current portion of operating lease obligations   9,405       7,765
Current portion of finance lease obligations   1,318      
Accounts payable   251,646       200,744
Contract liabilities   203,163       167,931
Current portion of accrued self-insurance   23,526       24,242
Accrued income taxes   2,669       2,021
Other current liabilities   72,614       94,857
Total current liabilities   565,406       498,599
Deferred income tax liabilities   24,613       24,620
Long-term debt   54,381       3,464
Accrued self-insurance   39,666       50,816
Operating lease obligations, net of current maturities   23,272       13,230
Finance lease obligations, net of current maturities   3,026      
Other liabilities   22,923       11,261
Total liabilities   733,287       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 June 30, 2022 and December 31, 2021        
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,723,583 and 16,870,636 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively   167       168
Additional paid-in capital   158,691       163,754
Accumulated other comprehensive income (loss)   (1,653 )     173
Retained earnings   373,877       355,007
Total stockholders’ equity   531,082       519,102
Total liabilities and stockholders’ equity $ 1,264,369     $ 1,121,092

MYR GROUP INC.
Unaudited Consolidated Statements of Operations
Three and Six Months Ended June 30, 2022 and 2021

  Three months ended
June 30,
  Six months ended
June 30,
(in thousands, except per share data)   2022       2021       2022       2021  
Contract revenues $ 708,114     $ 649,573     $ 1,344,738     $ 1,242,059  
Contract costs   627,252       568,551       1,183,391       1,084,084  
Gross profit   80,862       81,022       161,347       157,975  
Selling, general and administrative expenses   52,016       51,890       105,580       101,537  
Amortization of intangible assets   3,253       578       6,020       1,156  
Gain on sale of property and equipment   (652 )     (1,111 )     (1,400 )     (1,794 )
Income from operations   26,245       29,665       51,147       57,076  
Other income (expense):              
Interest income   6       15       14       28  
Interest expense   (650 )     (678 )     (1,101 )     (1,153 )
Other income, net   2,277       80       2,262       121  
Income before provision for income taxes   27,878       29,082       52,322       56,072  
Income tax expense   8,194       7,863       11,950       14,925  
Net income $ 19,684     $ 21,219     $ 40,372     $ 41,147  
Income per common share:              
—Basic $ 1.17     $ 1.26     $ 2.39     $ 2.45  
—Diluted $ 1.15     $ 1.24     $ 2.36     $ 2.41  
Weighted average number of common shares and potential common shares outstanding:              
—Basic   16,894       16,854       16,904       16,807  
—Diluted   17,070       17,125       17,141       17,093  

MYR GROUP INC.
Unaudited Consolidated Statements of Cash Flows
Six Months Ended June 30, 2022 and 2021

  Six months ended
June 30,
 
(in thousands)   2022       2021    
Cash flows from operating activities:        
Net income $ 40,372     $ 41,147    
Adjustments to reconcile net income to net cash flows provided by operating activities:        
Depreciation and amortization of property and equipment   24,043       22,172    
Amortization of intangible assets   6,020       1,156    
Stock-based compensation expense   3,688       3,435    
Deferred income taxes   (1 )     481    
Gain on sale of property and equipment   (1,400 )     (1,794 )  
Other non-cash items   581       1,370    
Changes in operating assets and liabilities, net of acquisition:        
Accounts receivable, net   (20,457 )     (10,098 )  
Contract assets, net   (43,413 )     (10,855 )  
Receivable for insurance claims in excess of deductibles   12,504       304    
Other assets   (4,939 )     10,389    
Accounts payable   42,763       47,772    
Contract liabilities   33,619       (21,433 )  
Accrued self-insurance   (11,861 )     1,869    
Other liabilities   (21,400 )     2,647    
Net cash flows provided by operating activities   60,119       88,562    
Cash flows from investing activities:        
Proceeds from sale of property and equipment   1,237       1,637    
Cash paid for acquired business, net of cash acquired   (110,576 )        
Purchases of property and equipment   (30,421 )     (20,997 )  
Net cash flows used in investing activities   (139,760 )     (19,360 )  
Cash flows from financing activities:        
Net borrowings under revolving lines of credit   51,395          
Payment of principal obligations under equipment notes   (516 )     (20,635 )  
Payment of principal obligations under finance leases   (880 )     (376 )  
Proceeds from exercise of stock options   4       429    
Repurchase of common stock   (23,467 )        
Payments related to tax withholding for stock-based compensation   (6,791 )     (3,352 )  
Other financing activities   607       12    
Net cash flows provided by (used in) financing activities   20,352       (23,922 )  
Effect of exchange rate changes on cash   (746 )     374    
Net increase (decrease) in cash and cash equivalents   (60,035 )     45,654    
Cash and cash equivalents:        
Beginning of period   82,092       22,668    
End of period $ 22,057     $ 68,322    


MYR GROUP INC.
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three and Twelve Months Ended June 30, 2022 and 2021 and
As of June 30, 2022, December 31, 2021, June 30, 2021 and June 30, 2020

  Three months ended
June 30,
  Last twelve months ended
June 30,
 
(dollars in thousands, except share and per share data)   2022       2021       2022       2021    
Summary Statement of Operations Data:                
Contract revenues $ 708,114     $ 649,573     $ 2,600,968     $ 2,457,930    
Gross profit $ 80,862     $ 81,022     $ 328,353     $ 310,891    
Income from operations $ 26,245     $ 29,665     $ 112,631     $ 107,871    
Income before provision for income taxes $ 27,878     $ 29,082     $ 112,556     $ 105,103    
Income tax expense $ 8,194     $ 7,863     $ 28,325     $ 28,514    
Net income $ 19,684     $ 21,219     $ 84,231     $ 76,589    
Tax rate   29.4 %     27.0 %     25.2 %     27.1 %  
                 
Per Share Data:                
Income per common share:                
  • Basic
$ 1.17     $ 1.26     $ 4.99   (1 ) $ 4.58   (1 )
  • Diluted
$ 1.15     $ 1.24     $ 4.91   (1 ) $ 4.50   (1 )
Weighted average number of common shares and potential common shares outstanding:                
  • Basic
  16,894       16,854       16,887   (2 )   16,759   (2 )
  • Diluted
  17,070       17,125       17,145   (2 )   17,018   (2 )


(in thousands) June 30,
2022
  December 31,
2021
  June 30,
2021
  June 30,
2020
Summary Balance Sheet Data:              
Total assets $ 1,264,369   $ 1,121,092   $ 1,050,833   $ 950,086
Total stockholders’ equity $ 531,082   $ 519,102   $ 471,629   $ 389,450
Goodwill and intangible assets $ 207,151   $ 115,119   $ 116,293   $ 118,537
Total funded debt (3) $ 55,446   $ 4,503   $ 8,785   $ 81,968


(in thousands) Last twelve months ended
June 30,
    2022       2021  
Financial Performance Measure (4):      
Reconciliation of Non-GAAP measure:      
Net income $ 84,231     $ 76,589  
Interest expense, net   1,691       2,857  
Amortization of intangible assets   7,175       2,311  
Tax impact of interest and amortization of intangible assets   (2,234 )     (1,401 )
EBIA, net of taxes (5) $ 90,863     $ 80,356  

See notes at the end of this earnings release

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended June 30, 2022 and 2021

  Three months ended
June 30,
  Last twelve months ended
June 30,
(in thousands, except share, per share data, ratios and percentages)   2022       2021       2022       2021  
               
Financial Performance Measures (4):              
EBITDA (6) $ 43,914     $ 41,202     $ 167,187     $ 153,986  
EBITDA per Diluted Share (7) $ 2.57     $ 2.41     $ 9.75     $ 9.05  
Free Cash Flow (8) $ 22,268     $ 15,206     $ 47,000     $ 117,392  
Book Value per Period End Share (9) $ 31.42     $ 27.52          
Tangible Book Value (10) $ 323,931     $ 355,336          
Tangible Book Value per Period End Share (11) $ 19.17     $ 20.73          
Funded Debt to Equity Ratio (12)   0.10       0.02          
Asset Turnover (13)           2.48       2.59  
Return on Assets (14)           8.0 %     8.1 %
Return on Equity (15)           17.9 %     19.7 %
Return on Invested Capital (18)           18.6 %     18.4 %
               
Reconciliation of Non-GAAP Measures:              
Reconciliation of Net Income to EBITDA:              
Net income $ 19,684     $ 21,219     $ 84,231     $ 76,589  
Interest expense, net   644       663       1,691       2,857  
Income tax expense   8,194       7,863       28,325       28,514  
Depreciation and amortization   15,392       11,457       52,940       46,026  
EBITDA (6) $ 43,914     $ 41,202     $ 167,187     $ 153,986  
               
Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share:              
Net income per share $ 1.15     $ 1.24     $ 4.91     $ 4.50  
Interest expense, net, per share   0.04       0.04       0.10       0.17  
Income tax expense per share   0.48       0.46       1.65       1.68  
Depreciation and amortization per share   0.90       0.67       3.09       2.70  
EBITDA per Diluted Share (7) $ 2.57     $ 2.41     $ 9.75     $ 9.05  
               
Calculation of Free Cash Flow:              
Net cash flow from operating activities $ 38,652     $ 29,172     $ 108,785     $ 165,806  
Less: cash used in purchasing property and equipment   (16,384 )     (13,966 )     (61,785 )     (48,414 )
Free Cash Flow (8) $ 22,268     $ 15,206     $ 47,000     $ 117,392  
               

See notes at the end of this earnings release.

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
As of June 30, 2022, 2021 and 2020

(in thousands) June 30, 2022   June 30, 2021
Reconciliation of Book Value to Tangible Book Value:      
Book value (total stockholders’ equity) $ 531,082     $ 471,629  
Goodwill and intangible assets   (207,151 )     (116,293 )
Tangible Book Value (10) $ 323,931     $ 355,336  
       
Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share:      
Book value per period end share $ 31.42     $ 27.52  
Goodwill and intangible assets per period end share   (12.25 )     (6.79 )
Tangible Book Value per Period End Share (11) $ 19.17     $ 20.73  
       
Calculation of Period End Shares:      
Shares outstanding   16,724       16,867  
Plus: common equivalents   176       271  
Period End Shares (16)   16,900       17,138  


(in thousands) June 30, 2022   June 30, 2021   June 30, 2020
Reconciliation of Invested Capital to Stockholders Equity:          
Book value (total stockholders’ equity) $ 531,082     $ 471,629     $ 389,450  
Plus: total funded debt   55,446       8,785       81,968  
Less: cash and cash equivalents   (22,057 )     (68,322 )     (9,991 )
Invested Capital $ 564,471     $ 412,092     $ 461,427  
Average Invested Capital (17) $ 488,282     $ 436,760      

See notes at the end of this earnings release.

(1) Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.
(2) Last-twelve-months weighted average basic and diluted shares were determined by adding the weighted average shares reported for the last four quarters and dividing by four.
(3) Funded debt includes outstanding borrowings under our revolving credit facility and our outstanding equipment notes.
(4) These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity, and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.
(5) EBIA, net of taxes is defined as net income plus net interest plus amortization of intangible assets, less the tax impact of net interest and amortization of intangible assets. The tax impact of net interest and amortization of intangible assets is computed by multiplying net interest and amortization of intangible assets by the effective tax rate. Management uses EBIA, net of taxes, to measure our results exclusive of the impact of financing and amortization of intangible assets costs.
(6) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the company’s core operations. Management further believes that EBITDA is useful to investors and other external users of our financial statements in evaluating the company’s operating performance and cash flow because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired.
(7) EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(8) Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.
(9) Book value per period end share is calculated by dividing total stockholders’ equity at the end of the period by the period end shares outstanding.
(10) Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from stockholders’ equity. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or stockholders’ equity.
(11) Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(12) The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total stockholders’ equity at the end of the period.
(13) Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.
(14) Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period.
(15) Return on equity is calculated by dividing net income for the period by total stockholders’ equity at the beginning of the period.
(16) Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common stock outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period.
(17) Average invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total stockholders’ equity and calculating the average of the beginning and ending of each period.
(18) Return on invested capital is calculated by dividing EBIA, net of taxes, less any dividends, by average invested capital. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.

 


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MYR Group Inc. Announces Second-Quarter 2022 Earnings Release and Conference Call Schedule https://myrgroup.com/news/myr-group-inc-announces-second-quarter-2022-earnings-release-and-conference-call-schedule/ Wed, 13 Jul 2022 20:00:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-second-quarter-2022-earnings-release-and-conference-call-schedule/ PDF Version HENDERSON, Colo., July 13, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will release its second-quarter 2022 results on Wednesday, July 27, 2022, after the […]

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HENDERSON, Colo., July 13, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will release its second-quarter 2022 results on Wednesday, July 27, 2022, after the market closes. In conjunction with the release, MYR Group has scheduled a conference call and simultaneous webcast to discuss results on Thursday, July 28, 2022, at 9:00 a.m. Central time.

Please note there is a new process to access the live call for those who wish to ask questions.

To participate via telephone and join the call live, please register in advance here: https://register.vevent.com/register/BI43cc296fd5f14d99b76c2c45b5f233a2. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.

Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group’s website at myrgroup.com. A replay of the webcast will be available for seven days.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com


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MYR Group Inc. to Participate in Sidoti Summer Small Cap Virtual Conference https://myrgroup.com/news/myr-group-inc-to-participate-in-sidoti-summer-small-cap-virtual-conference/ Mon, 16 May 2022 20:05:00 +0000 https://myrgroup.com/news/myr-group-inc-to-participate-in-sidoti-summer-small-cap-virtual-conference/ PDF Version HENDERSON, Colo., May 16, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the Sidoti Summer Small Cap investor conference. MYR Group’s Chief Executive […]

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HENDERSON, Colo., May 16, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the Sidoti Summer Small Cap investor conference. MYR Group’s Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Betty Johnson, will meet with institutional investors virtually on Wednesday and Thursday, June 15-16, 2022. This event is only available to Sidoti clients.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com 

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com 


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MYR Group Inc. to Attend Stifel Cross Sector Insight Conference https://myrgroup.com/news/myr-group-inc-to-attend-stifel-cross-sector-insight-conference/ Thu, 05 May 2022 20:05:00 +0000 https://myrgroup.com/news/myr-group-inc-to-attend-stifel-cross-sector-insight-conference/ PDF Version HENDERSON, Colo., May 05, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the Stifel 2022 Cross Sector Insight investor conference. MYR Group’s Chief […]

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HENDERSON, Colo., May 05, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the Stifel 2022 Cross Sector Insight investor conference. MYR Group’s Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Betty Johnson, will meet with institutional investors in Boston on Wednesday, June 8, 2022. This event is only available to Stifel clients.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com 

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com 


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MYR Group Inc. Announces New $75 Million Share Repurchase Program https://myrgroup.com/news/myr-group-inc-announces-new-75-million-share-repurchase-program/ Wed, 04 May 2022 20:09:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-new-75-million-share-repurchase-program/ PDF Version HENDERSON, Colo., May 04, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its new share repurchase program (“Repurchase Program”). The Repurchase Program […]

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HENDERSON, Colo., May 04, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its new share repurchase program (“Repurchase Program”). The Repurchase Program authorizes the Company to repurchase, in the aggregate, up to $75.0 million of its outstanding shares of common stock from time to time on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. The Repurchase Program will expire on November 7, 2022, or when the authorized funds are exhausted, whichever is earlier. The Company intends to fund the Repurchase Program with cash on hand and through borrowings under its credit facility. The Repurchase Program was authorized by the Board of Directors (the “Board”) on May 3, 2022, and will be effective May 5, 2022.

Management Comments
Rick Swartz, MYR Group’s President and CEO, said, “We are committed to driving value for all MYR Group shareholders and directing capital to investments that generate strong returns. Today’s announcement reflects the Board’s confidence in the Company’s long-term strategy and our belief that our stock represents an attractive long-term investment opportunity.” Mr. Swartz continued, “MYR Group has a strong balance sheet that enables us to capitalize on future growth opportunities while continuing to expand the Company through organic and acquisitive expansion. We will remain disciplined with respect to the allocation of capital, and are confident we are taking strategic steps to grow the Company and create greater shareholder value.”

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR Group’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR Group’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any risk factors or cautionary statements contained in MYR Group’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

MYR Group Inc. Contact:
Betty R. Johnson, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com

Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204, dgutierrez@dresnerco.com


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MYR Group Inc. to Participate in KeyBanc Capital Markets Industrials & Basic Materials Conference https://myrgroup.com/news/myr-group-inc-to-participate-in-keybanc-capital-markets-industrials-basic-materials-conference/ Tue, 03 May 2022 20:05:00 +0000 https://myrgroup.com/news/myr-group-inc-to-participate-in-keybanc-capital-markets-industrials-basic-materials-conference/ PDF Version HENDERSON, Colo., May 03, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the KeyBanc Capital Markets Industrials & Basic Materials investor conference. MYR […]

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HENDERSON, Colo., May 03, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will attend the KeyBanc Capital Markets Industrials & Basic Materials investor conference. MYR Group’s Chief Executive Officer, Rick Swartz, and Chief Financial Officer, Betty Johnson, will meet with institutional investors in Boston on Thursday, June 2, 2022. This event is only available to KeyBanc Capital Markets clients.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com


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MYR Group Inc. Announces Appointment of New Board Member https://myrgroup.com/news/myr-group-inc-announces-appointment-of-new-board-member/ Mon, 02 May 2022 20:22:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-appointment-of-new-board-member/ PDF Version HENDERSON, Colo., May 02, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), announced today the appointment of Ajoy H. Karna to the Company’s Board of Directors (the “Board”), effective May 2, 2022. Mr. Karna will serve as a Class III director and on the Board’s Audit Committee. “We […]

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HENDERSON, Colo., May 02, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group” or the “Company”) (NASDAQ: MYRG), announced today the appointment of Ajoy H. Karna to the Company’s Board of Directors (the “Board”), effective May 2, 2022. Mr. Karna will serve as a Class III director and on the Board’s Audit Committee.

“We are excited to announce Ajoy’s appointment as a new member of our Board of Directors,” said MYR Group’s Chair of the Board, Kenneth M. Hartwick. “Ajoy brings diverse expertise and strong leadership skills. His financial and strategic experience with global organizations will offer a unique perspective to our Board. We welcome Ajoy in his new role and look forward to his contributions.”

Mr. Karna has more than 33 years of experience in finance and management. He currently serves as Senior Vice President, Strategy and Chief Financial Officer – International for Sysco Corporation (Sysco), previously serving as Senior Vice President & CEO, Foodservice of Sysco’s Europe operations. Prior to Sysco, Mr. Karna held numerous roles in finance and strategy at PepsiCo, Inc. and the Quaker Oats Company.

He is a graduate of Georgetown University with a bachelor’s degree in Business Administration, and holds a Master of Business Administration degree from Northwestern University.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com


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MYR Group Inc. Announces First-Quarter 2022 Results https://myrgroup.com/news/myr-group-inc-announces-first-quarter-2022-results/ Wed, 27 Apr 2022 20:10:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-first-quarter-2022-results/ PDF Version HENDERSON, Colo., April 27, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its first-quarter 2022 financial results. Highlights for First Quarter 2022 Quarterly revenues of $636.6 […]

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HENDERSON, Colo., April 27, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its first-quarter 2022 financial results.

Highlights for First Quarter 2022

  • Quarterly revenues of $636.6 million
  • Quarterly net income of $20.7 million and earnings per diluted share of $1.21
  • Quarterly EBITDA of $39.6 million
  • Record backlog of $2.41 billion

Management Comments
Rick Swartz, MYR’s President and CEO, said, “Our strong first quarter performance positions us well for what we expect to be a successful year in 2022. Our backlog at the end of the first quarter was a record $2.41 billion, reflecting our solid customer relationships and ability to be competitive in the markets we serve.” Mr. Swartz continued, “We are proud of our performance this quarter and excited to build upon our success to grow the business this year. Industry investment continues in both our Transmission and Distribution (“T&D”) and Commercial and Industrial (“C&I”) markets creating opportunities for us to expand business with existing customers and gain new customer relationships. We believe the skilled capabilities of our team coupled with effective management practices and sound business strategies will contribute to our performance this year.”

First Quarter Results
MYR reported first-quarter 2022 revenues of $636.6 million, an increase of $44.1 million, or 7.4 percent, compared to the first quarter of 2021. Specifically, our T&D segment reported revenues of $364.9 million for the first quarter of 2022, an increase of $50.0 million, or 15.9 percent, from the first quarter of 2021, primarily due to an increase in revenue on distribution projects, incremental revenues from Powerline Plus Ltd. and affiliate (collectively, the “Powerline Plus Companies”), which we acquired on January 4, 2022, and an increase in revenue from transmission projects. Our C&I segment reported revenues of $271.8 million for the first quarter of 2022, a decrease of $5.8 million, or 2.1 percent, from the first quarter of 2021, primarily due to a decrease in revenue in certain geographical areas.

Consolidated gross profit increased to $80.5 million in the first quarter of 2022, an increase of $3.5 million or 4.6 percent, from the first quarter of 2021. The increase in gross profit was due to higher revenues partially offset by lower margins. Gross margin was 12.6 percent for the first quarter of 2022 compared to 13.0 percent for the first quarter of 2021. The decrease in gross margin was primarily due to overall cost increases mainly associated with supply chain disruptions and impacts from the COVID-19 pandemic some of which also caused labor and material inefficiencies on certain projects, as well as inclement weather experienced on certain projects. These margin decreases were partially offset by favorable job close outs and net favorable change order adjustments on certain projects. Changes in estimates of gross profit on certain projects resulted in a gross margin increases of 0.5 percent and 0.1 percent for the first quarter of 2022 and 2021, respectively.

Selling, general and administrative expenses increased to $53.6 million in the first quarter of 2022, compared to $49.6 million for the first quarter of 2021. The period-over-period increase was primarily due to the acquisition of the Powerline Plus Companies.

Amortization of intangible assets increased to $2.8 million in the first quarter of 2022, compared to $0.6 million for the first quarter of 2021. The period-over-period increase was primarily due to amortization related to certain intangibles acquired with the Powerline Plus Companies.

Income tax expense was $3.8 million for the first quarter of 2022, with an effective tax rate of 15.4 percent, compared to income tax expense of $7.1 million for the first quarter of 2021, with an effective tax rate of 26.2 percent. The period-over-period decrease in tax rate was primarily due to a favorable impact from stock compensation excess tax benefits and the reduction of the impact of the global intangible low tax income (“GILTI”).

For the first quarter of 2022, net income was $20.7 million, or $1.21 per diluted share, compared to $19.9 million, or $1.17 per diluted share, for the same period of 2021. First-quarter 2022 EBITDA, a non-GAAP financial measure, was $39.6 million, compared to $39.3 million in the first quarter of 2021.

Balance Sheet
As of March 31, 2022, MYR had $317.5 million of borrowing availability under its $375 million revolving credit facility.

Non-GAAP Financial Measures
To supplement MYR’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR’s performance using the same tools that management uses to evaluate MYR’s past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR’s credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

Conference Call
MYR will host a conference call to discuss its first-quarter 2022 results on Thursday, April 28, 2022 at 8:00 a.m. Mountain time. To participate in the conference call via telephone, please dial (877) 561-2750 (domestic) or (763) 416-8565 (international) and enter conference ID 9940838, at least five minutes prior to the start of the event. A replay of the conference call will be available through Thursday, May 5, 2022, at 11:00 a.m. Mountain time, by dialing (855) 859-2056 or (404) 537-3406 and entering conference ID 9940838. MYR will also broadcast the conference call live via the internet. Interested parties may access the webcast through the Investor Relations section of MYR’s website at www.myrgroup.com. Please access the website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The webcast will be available until Thursday, May 5, 2022 at 11:00 a.m. Mountain time.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “unlikely,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR’s business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in any risk factors or cautionary statements contained in MYR’s subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

MYR Group Inc. Contact:
Betty R. Johnson, Chief Financial Officer, 847-290-1891, investorinfo@myrgroup.com

Investor Contact:
David Gutierrez, Dresner Corporate Services, 312-780-7204, dgutierrez@dresnerco.com

Financial tables follow…

MYR GROUP INC.
Consolidated Balance Sheets
As of March 31, 2022 and December 31, 2021

(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

MYR GROUP INC.
Unaudited Consolidated Statements of Operations
Three Months Ended March 31, 2022 and 2021

  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  

MYR GROUP INC.
Unaudited Consolidated Statements of Cash Flows
Three Months Ended March 31, 2022 and 2021

  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  

MYR GROUP INC.
Unaudited Consolidated Selected Data,
Unaudited Performance Measure and Reconciliation of Non-GAAP Measure
For the Three and Twelve Months Ended March 31, 2022 and 2021 and
As of March 31, 2022, December 31, 2021, March 31, 2021 and March 31, 2020

  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  

See notes at the end of this earnings release

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
Three and Twelve Months Ended March 31, 2022 and 2021

  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  
               

See notes at the end of this earnings release.

MYR GROUP INC.
Unaudited Performance Measures and Reconciliation of Non-GAAP Measures
As of March 31, 2022, 2021 and 2020

(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      

See notes at the end of this earnings release.

(1)        Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.
(2)        Last-twelve-months weighted average basic and diluted shares were determined by adding the weighted average shares reported for the last four quarters and dividing by four.
(3)        Funded debt includes outstanding borrowings under our revolving credit facility and our outstanding equipment notes.
(4)        These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity, and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.
(5)        EBIA, net of taxes is defined as net income plus net interest plus amortization of intangible assets, less the tax impact of net interest and amortization of intangible assets. The tax impact of net interest and amortization of intangible assets is computed by multiplying net interest and amortization of intangible assets by the effective tax rate. Management uses EBIA, net of taxes, to measure our results exclusive of the impact of financing and amortization of intangible assets costs.
(6)        EBITDA is defined as earnings before interest, taxes, depreciation and amortization.  EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the company’s core operations.  Management further believes that EBITDA is useful to investors and other external users of our financial statements in evaluating the company’s operating performance and cash flow because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired.
(7)        EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(8)        Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.  
(9)        Book value per period end share is calculated by dividing total stockholders’ equity at the end of the period by the period end shares outstanding.
(10)        Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from stockholders’ equity. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or stockholders’ equity.
(11)        Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.
(12)        The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total stockholders’ equity at the end of the period.
(13)        Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.
(14)        Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period.
(15)        Return on equity is calculated by dividing net income for the period by total stockholders’ equity at the beginning of the period.
(16)        Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common stock outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period.
(17)        Average invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total stockholders’ equity and calculating the average of the beginning and ending of each period.
(18)        Return on invested capital is calculated by dividing EBIA, net of taxes, less any dividends, by average invested capital. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.


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Source: MYR Group, Inc.

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MYR Group Inc. Announces First-Quarter 2022 Earnings Release and Conference Call Schedule https://myrgroup.com/news/myr-group-inc-announces-first-quarter-2022-earnings-release-and-conference-call-schedule/ Thu, 21 Apr 2022 20:00:00 +0000 https://myrgroup.com/news/myr-group-inc-announces-first-quarter-2022-earnings-release-and-conference-call-schedule/ PDF Version HENDERSON, Colo., April 21, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will release its first-quarter 2022 results on Wednesday, April 27, 2022, after the […]

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HENDERSON, Colo., April 21, 2022 (GLOBE NEWSWIRE) — MYR Group Inc. (“MYR Group”) (NASDAQ: MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced it will release its first-quarter 2022 results on Wednesday, April 27, 2022, after the market closes. In conjunction with the release, MYR Group has scheduled a conference call and simultaneous webcast to discuss results on Thursday, April 28, 2022, at 9:00 a.m. Central time.

To participate in the conference call via telephone, please dial (877) 561-2750 (domestic) or (763) 416-8565 (international) and enter conference ID 9940838, at least five minutes prior to the start of the event. A replay of the conference call will be available through Thursday, May 5, 2022, at 1:00 p.m. Eastern time, by dialing (855) 859-2056 or (404) 537-3406 and entering conference ID 9940838. MYR Group will also broadcast the conference call live via the internet. Interested parties may access the webcast through the Investor Relations section of MYR Group’s website at myrgroup.com. Please access the website at least 15 minutes prior to the start of the call to register and download and install any necessary audio software. The webcast will be archived for seven days.

About MYR Group Inc.
MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Their comprehensive T&D services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, convention centers, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems and roadway lighting. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

Contacts
Betty R. Johnson, Chief Financial Officer, MYR Group Inc., (847) 290-1891, investorinfo@myrgroup.com 

David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com 


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Source: MYR Group, Inc.

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