10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001144204-16-098942`
Period End Date	20160331
Filing Date	20160504
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	myrg-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 42 Cash Flow Statement 62

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$376.00K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$346.00K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$181.57M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$189.45M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.01M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.83M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$3.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$77.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
Accounts receivable, net of allowances of $346 and $376, respectively	`AccountsReceivableNetCurrent`	$172.81M	USD	Point-in-time
Accounts receivable, net of allowances of $346 and $376, respectively	`AccountsReceivableNetCurrent`	$187.24M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$51.49M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$71.56M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$11.29M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$8.56M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$4.71M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$5.62M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.94M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$6.37M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$303.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$290.05M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $189,449 and $181,575, respectively	`PropertyPlantAndEquipmentNet`	$153.75M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	19.97M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	18.88M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $189,449 and $181,575, respectively	`PropertyPlantAndEquipmentNet`	$160.68M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	18.88M	shares	Point-in-time
Goodwill	`Goodwill`	$47.12M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	19.97M	shares	Point-in-time
Goodwill	`Goodwill`	$47.12M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $4,009 and $3,798, respectively	`IntangibleAssetsNetExcludingGoodwill`	$11.36M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $4,009 and $3,798, respectively	`IntangibleAssetsNetExcludingGoodwill`	$11.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.39M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.53M	USD	Point-in-time
Total assets	`Assets`	$504.60M	USD	Point-in-time
Total assets	`Assets`	$524.92M	USD	Point-in-time
Current maturities of long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligationsCurrent`	-	USD	Point-in-time
Current maturities of long-term debt, including capital leases	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$129.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.48M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$73.30M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$44.64M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$40.61M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$33.59M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$36.97M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$24.93M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$28.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$179.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$183.77M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$14.38M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$14.31M	USD	Point-in-time
Long-term debt, including capital leases, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	$616.00K	USD	Point-in-time
Long-term debt, including capital leases, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$894.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$926.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$195.04M	USD	Point-in-time
Total liabilities	`Liabilities`	$199.59M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2016 and December 31, 2015	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Preferred stock$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2016 and December 31, 2015	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares; 18,878,060 and 19,969,347 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$198.00K	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares; 18,878,060 and 19,969,347 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$187.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$161.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$151.95M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$35.00K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$116.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$152.85M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$168.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$329.88M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$305.02M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$504.60M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$524.92M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`SalesRevenueServicesNet`	$253.63M	USD	1 Quarter
Contract revenues	`SalesRevenueServicesNet`	$244.15M	USD	1 Quarter
Contract costs	`CostOfServices`	$214.77M	USD	1 Quarter
Contract costs	`CostOfServices`	$226.35M	USD	1 Quarter
Gross profit	`GrossProfit`	$27.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$29.37M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.59M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$23.86M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$211.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$83.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$96.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$898.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.31M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$11.60M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$7.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$183.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$179.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$108.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-58.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$11.37M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.24M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.17M	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.32M	shares	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	20.56M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.63M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.05M	shares	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.17M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-81.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	-	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-81.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.91M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$7.17M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
Net income	`NetIncomeLoss`	$7.17M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$9.71M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$8.88M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$211.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$83.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$730.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.05M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-30.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-75.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$96.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$898.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$61.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-62.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-14.42M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-1.39M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$20.08M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$20.07M	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-50.00K	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-2.73M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.16M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.05M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$5.19M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.00M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$4.03M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-5.08M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-951.00K	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-3.38M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.75M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$2.38M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$1.37M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$14.43M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$938.00K	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.03M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.36M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.77M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-15.42M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-2.74M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$104.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$378.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.01M	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$135.00K	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$3.14M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$25.69M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-25.45M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.75M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.76M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-15.81M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$61.83M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$77.64M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$61.83M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$77.64M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
Acquisition of property and equipment acquired under capital lease arrangements	`CapitalExpendituresIncurredButNotYetPaid`	$745.00K	USD	1 Quarter
Acquisition of property and equipment acquired under capital lease arrangements	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter
Share repurchases not settled	`ShareRepurchasesThatHaveNotSettled`	-	USD	1 Quarter
Share repurchases not settled	`ShareRepurchasesThatHaveNotSettled`	$2.69M	USD	1 Quarter
Capital lease obligations initiated	`CapitalLeaseObligationsIncurred`	$745.00K	USD	1 Quarter
Capital lease obligations initiated	`CapitalLeaseObligationsIncurred`	-	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.