(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(Nasdaq Global Market) | ||||||||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |
MYR GROUP INC. | |||||||||||
Dated: February 23, 2022 | By: | /s/ BETTY R. JOHNSON | |||||||||
Name: | Betty R. Johnson | ||||||||||
Title: | Senior Vice President and Chief Financial Officer |
(in thousands, except share and per share data) | December 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 82,092 | $ | 22,668 | |||||||
Accounts receivable, net of allowances of $2,441 and $1,696, respectively | 375,353 | 385,938 | |||||||||
Contract assets, net of allowances of $385 and $359, respectively | 225,075 | 185,803 | |||||||||
Current portion of receivable for insurance claims in excess of deductibles | 11,078 | 11,859 | |||||||||
Refundable income taxes | 9,228 | 1,534 | |||||||||
Prepaid expenses and other current assets | 45,564 | 28,882 | |||||||||
Total current assets | 748,390 | 636,684 | |||||||||
Property and equipment, net of accumulated depreciation of $322,128 and $294,366, respectively | 196,092 | 185,114 | |||||||||
Operating lease right-of-use assets | 20,971 | 22,291 | |||||||||
Goodwill | 66,065 | 66,065 | |||||||||
Intangible assets, net of accumulated amortization of $16,779 and $14,467, respectively | 49,054 | 51,365 | |||||||||
Receivable for insurance claims in excess of deductibles | 32,443 | 27,043 | |||||||||
Investment in joint venture | 3,978 | 3,040 | |||||||||
Other assets | 4,099 | 4,257 | |||||||||
Total assets | $ | 1,121,092 | $ | 995,859 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Current portion of long-term debt | $ | 1,039 | $ | 4,381 | |||||||
Current portion of operating lease obligations | 7,765 | 6,612 | |||||||||
Current portion of finance lease obligations | — | 318 | |||||||||
Accounts payable | 200,744 | 162,580 | |||||||||
Contract liabilities | 167,931 | 158,396 | |||||||||
Current portion of accrued self-insurance | 24,242 | 24,395 | |||||||||
Accrued income taxes | 2,021 | — | |||||||||
Other current liabilities | 94,857 | 86,718 | |||||||||
Total current liabilities | 498,599 | 443,400 | |||||||||
Deferred income tax liabilities | 24,620 | 18,339 | |||||||||
Long-term debt | 3,464 | 25,039 | |||||||||
Accrued self-insurance | 50,816 | 45,428 | |||||||||
Operating lease obligations, net of current maturities | 13,230 | 15,730 | |||||||||
Other liabilities | 11,261 | 18,631 | |||||||||
Total liabilities | 601,990 | 566,567 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity | |||||||||||
Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2021 and December 31, 2020 | — | — | |||||||||
Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,870,636 and 16,734,239 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 168 | 167 | |||||||||
Additional paid-in capital | 163,754 | 158,618 | |||||||||
Accumulated other comprehensive income | 173 | 23 | |||||||||
Retained earnings | 355,007 | 270,480 | |||||||||
Total stockholders’ equity attributable to MYR Group Inc. | 519,102 | 429,288 | |||||||||
Noncontrolling interest | — | 4 | |||||||||
Total stockholders’ equity | 519,102 | 429,292 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,121,092 | $ | 995,859 |
Three months ended December 31, | For the year ended December 31, | ||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Contract revenues | $ | 646,048 | $ | 607,970 | $ | 2,498,289 | $ | 2,247,392 | |||||||||||||||
Contract costs | 562,965 | 531,526 | 2,173,308 | 1,971,539 | |||||||||||||||||||
Gross profit | 83,083 | 76,444 | 324,981 | 275,853 | |||||||||||||||||||
Selling, general and administrative expenses | 52,599 | 50,847 | 207,208 | 188,535 | |||||||||||||||||||
Amortization of intangible assets | 577 | 577 | 2,311 | 3,586 | |||||||||||||||||||
Gain on sale of property and equipment | (625) | (846) | (3,098) | (2,813) | |||||||||||||||||||
Income from operations | 30,532 | 25,866 | 118,560 | 86,545 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 19 | 3 | 70 | 9 | |||||||||||||||||||
Interest expense | (341) | (622) | (1,799) | (4,563) | |||||||||||||||||||
Other expense, net | (715) | (50) | (525) | (606) | |||||||||||||||||||
Income before provision for income taxes | 29,495 | 25,197 | 116,306 | 81,385 | |||||||||||||||||||
Income tax expense | 8,807 | 7,047 | 31,300 | 22,626 | |||||||||||||||||||
Net income | 20,688 | 18,150 | 85,006 | 58,759 | |||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (4) | — | (4) | — | |||||||||||||||||||
Net income attributable to MYR Group Inc. | $ | 20,692 | $ | 18,150 | $ | 85,010 | $ | 58,759 | |||||||||||||||
Income per common share attributable to MYR Group Inc.: | |||||||||||||||||||||||
– Basic | $ | 1.23 | $ | 1.09 | $ | 5.05 | $ | 3.52 | |||||||||||||||
– Diluted | $ | 1.20 | $ | 1.07 | $ | 4.95 | $ | 3.48 | |||||||||||||||
Weighted average number of common shares and potential common shares outstanding: | |||||||||||||||||||||||
– Basic | 16,870 | 16,724 | 16,838 | 16,684 | |||||||||||||||||||
– Diluted | 17,209 | 17,018 | 17,161 | 16,890 |
For the year ended December 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 85,006 | $ | 58,759 | |||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | |||||||||||
Depreciation and amortization of property and equipment | 43,894 | 42,867 | |||||||||
Amortization of intangible assets | 2,311 | 3,586 | |||||||||
Stock-based compensation expense | 7,496 | 5,688 | |||||||||
Deferred income taxes | 6,281 | (2,641) | |||||||||
Gain on sale of property and equipment | (3,098) | (2,813) | |||||||||
Other non-cash items | 1,892 | 1,951 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | 10,659 | 2,903 | |||||||||
Contract assets, net | (39,266) | 31,360 | |||||||||
Receivable for insurance claims in excess of deductibles | (4,619) | (1,511) | |||||||||
Prepaid expenses and other assets | (25,320) | (15,458) | |||||||||
Accounts payable | 34,348 | (43,079) | |||||||||
Contract liabilities | 9,573 | 52,918 | |||||||||
Accrued self-insurance | 5,233 | 3,010 | |||||||||
Other liabilities | 2,838 | 37,627 | |||||||||
Net cash flows provided by operating activities | 137,228 | 175,167 | |||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale of property and equipment | 3,062 | 3,429 | |||||||||
Purchases of property and equipment | (52,361) | (44,355) | |||||||||
Net cash flows used in investing activities | (49,299) | (40,926) | |||||||||
Cash flows from financing activities: | |||||||||||
Net borrowings (repayments) under revolving lines of credit | — | (103,820) | |||||||||
Payment of principal obligations under equipment notes | (24,917) | (32,584) | |||||||||
Payment of principal obligations under finance leases | (336) | (1,238) | |||||||||
Proceeds from exercise of stock options | 498 | 749 | |||||||||
Payments related to tax withholding for stock-based compensation | (3,352) | (652) | |||||||||
Other financing activities | 12 | 13,249 | |||||||||
Net cash flows provided by (used in) financing activities | (28,095) | (124,296) | |||||||||
Effect of exchange rate changes on cash | (410) | 326 | |||||||||
Net increase in cash and cash equivalents | 59,424 | 10,271 | |||||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 22,668 | 12,397 | |||||||||
End of period | $ | 82,092 | $ | 22,668 |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
(dollars in thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Summary Statement of Operations Data: | |||||||||||||||||||||||
Contract revenues | $ | 646,048 | $ | 607,970 | $ | 2,498,289 | $ | 2,247,392 | |||||||||||||||
Gross profit | $ | 83,083 | $ | 76,444 | $ | 324,981 | $ | 275,853 | |||||||||||||||
Income from operations | $ | 30,532 | $ | 25,866 | $ | 118,560 | $ | 86,545 | |||||||||||||||
Income before provision for income taxes | $ | 29,495 | $ | 25,197 | $ | 116,306 | $ | 81,385 | |||||||||||||||
Income tax expense | $ | 8,807 | $ | 7,047 | $ | 31,300 | $ | 22,626 | |||||||||||||||
Net income attributable to MYR Group Inc. | $ | 20,692 | $ | 18,150 | $ | 85,010 | $ | 58,759 | |||||||||||||||
Effective tax rate | 29.9 | % | 28.0 | % | 26.9 | % | 27.8 | % | |||||||||||||||
Per Share Data: | |||||||||||||||||||||||
Income per common share attributable to MYR Group Inc.: | |||||||||||||||||||||||
–Basic | $ | 1.23 | $ | 1.09 | $ | 5.05 | $ | 3.52 | |||||||||||||||
–Diluted | $ | 1.20 | $ | 1.07 | $ | 4.95 | $ | 3.48 | |||||||||||||||
Weighted average number of common shares and potential common shares outstanding: | |||||||||||||||||||||||
–Basic | 16,870 | 16,724 | 16,838 | 16,684 | |||||||||||||||||||
–Diluted | 17,209 | 17,018 | 17,161 | 16,890 |
(in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||
Summary Balance Sheet Data: | |||||||||||||||||||||||
Total assets | $ | 1,121,092 | $ | 995,859 | $ | 1,007,871 | $ | 748,755 | |||||||||||||||
Total stockholders’ equity attributable to MYR Group Inc. | $ | 519,102 | $ | 429,288 | $ | 364,471 | $ | 322,984 | |||||||||||||||
Goodwill and intangible assets | $ | 115,119 | $ | 117,430 | $ | 121,000 | $ | 89,854 | |||||||||||||||
Total funded debt (1) | $ | 4,503 | $ | 29,420 | $ | 165,824 | $ | 89,792 |
(in thousands) | Twelve months ended December 31, | ||||||||||
2021 | 2020 | ||||||||||
Financial Performance Measure (2): | |||||||||||
Reconciliation of Non-GAAP measure: | |||||||||||
Net income attributable to MYR Group Inc. | $ | 85,010 | $ | 58,759 | |||||||
Interest expense, net | 1,729 | 4,554 | |||||||||
Tax impact of interest | (465) | (1,266) | |||||||||
EBI, net of taxes (3) | $ | 86,274 | $ | 62,047 |
Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||||||||
(in thousands, except share, per share data, ratios and percentages) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Financial Performance Measures (2): | |||||||||||||||||||||||
EBITDA (4) | $ | 41,404 | $ | 37,239 | $ | 164,240 | $ | 132,392 | |||||||||||||||
EBITDA per Diluted Share (5) | $ | 2.41 | $ | 2.19 | $ | 9.57 | $ | 7.84 | |||||||||||||||
Free Cash Flow (6) | $ | 9,353 | $ | 29,656 | $ | 84,867 | $ | 130,812 | |||||||||||||||
Book Value per Period End Share (7) | $ | 30.19 | $ | 25.34 | |||||||||||||||||||
Tangible Book Value (8) | $ | 403,983 | $ | 311,858 | |||||||||||||||||||
Tangible Book Value per Period End Share (9) | $ | 23.50 | $ | 18.41 | |||||||||||||||||||
Funded Debt to Equity Ratio (10) | — | 0.1 | |||||||||||||||||||||
Asset Turnover (11) | 2.51 | 2.23 | |||||||||||||||||||||
Return on Assets (12) | 8.5 | % | 5.8 | % | |||||||||||||||||||
Return on Equity (13) | 19.8 | % | 16.1 | % | |||||||||||||||||||
Return on Invested Capital (16) | 19.8 | % | 12.0 | % | |||||||||||||||||||
Reconciliation of Non-GAAP Measures: | |||||||||||||||||||||||
Reconciliation of Net Income Attributable to MYR Group Inc. to EBITDA: | |||||||||||||||||||||||
Net income attributable to MYR Group Inc. | $ | 20,692 | $ | 18,150 | $ | 85,010 | $ | 58,759 | |||||||||||||||
Net income (loss) attributable to noncontrolling interest | (4) | — | (4) | — | |||||||||||||||||||
Net income | 20,688 | 18,150 | 85,006 | 58,759 | |||||||||||||||||||
Interest expense, net | 322 | 619 | 1,729 | 4,554 | |||||||||||||||||||
Income tax expense | 8,807 | 7,047 | 31,300 | 22,626 | |||||||||||||||||||
Depreciation and amortization | 11,587 | 11,423 | 46,205 | 46,453 | |||||||||||||||||||
EBITDA (4) | $ | 41,404 | $ | 37,239 | $ | 164,240 | $ | 132,392 | |||||||||||||||
Reconciliation of Net Income Attributable to MYR Group Inc. per Diluted Share to EBITDA per Diluted Share: | |||||||||||||||||||||||
Net income attributable to MYR Group Inc. per share | $ | 1.20 | $ | 1.07 | $ | 4.95 | $ | 3.48 | |||||||||||||||
Net loss attributable to noncontrolling interest per share | — | — | — | — | |||||||||||||||||||
Net income per share | 1.20 | 1.07 | 4.95 | 3.48 | |||||||||||||||||||
Interest expense, net, per share | 0.02 | 0.04 | 0.10 | 0.27 | |||||||||||||||||||
Income tax expense per share | 0.51 | 0.41 | 1.82 | 1.34 | |||||||||||||||||||
Depreciation and amortization per share | 0.68 | 0.67 | 2.70 | 2.75 | |||||||||||||||||||
EBITDA per Diluted Share (5) | $ | 2.41 | $ | 2.19 | $ | 9.57 | $ | 7.84 | |||||||||||||||
Calculation of Free Cash Flow: | |||||||||||||||||||||||
Net cash flow from operating activities | $ | 29,013 | $ | 46,541 | $ | 137,228 | $ | 175,167 | |||||||||||||||
Less: cash used in purchasing property and equipment | (19,660) | (16,885) | (52,361) | (44,355) | |||||||||||||||||||
Free Cash Flow (6) | $ | 9,353 | $ | 29,656 | $ | 84,867 | $ | 130,812 | |||||||||||||||
(in thousands) | December 31, 2021 | December 31, 2020 | |||||||||
Reconciliation of Book Value to Tangible Book Value: | |||||||||||
Book value (total stockholders' equity attributable to MYR Group Inc.) | $ | 519,102 | $ | 429,288 | |||||||
Goodwill and intangible assets | (115,119) | (117,430) | |||||||||
Tangible Book Value (9) | $ | 403,983 | $ | 311,858 | |||||||
Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share: | |||||||||||
Book value per period end share | $ | 30.19 | $ | 25.34 | |||||||
Goodwill and intangible assets per period end share | (6.69) | (6.93) | |||||||||
Tangible Book Value per Period End Share (8) | $ | 23.50 | $ | 18.41 | |||||||
Calculation of Period End Shares: | |||||||||||
Shares outstanding | 16,871 | 16,734 | |||||||||
Plus: common equivalents | 323 | 206 | |||||||||
Period End Shares (14) | 17,194 | 16,940 |
(in thousands) | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Reconciliation of Invested Capital to Stockholders Equity: | ||||||||||||||||||||
Book value (total stockholders' equity attributable to MYR Group Inc.) | $ | 519,102 | $ | 429,288 | $ | 364,471 | ||||||||||||||
Plus: total funded debt | 4,503 | 29,420 | 165,824 | |||||||||||||||||
Less: cash and cash equivalents | (82,092) | (22,668) | (12,397) | |||||||||||||||||
Invested Capital (15) | $ | 441,513 | $ | 436,040 | $ | 517,898 |
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Cover Page |
Feb. 23, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 23, 2022 |
Entity Registrant Name | MYR GROUP INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-08325 |
Entity Tax Identification Number | 36-3158643 |
Entity Address, Address Line One | 12150 East 112th Avenue |
Entity Address, City or Town | Henderson, |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80640 |
City Area Code | 303 |
Local Phone Number | 286-8000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value |
Trading Symbol | MYRG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000700923 |
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