10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001144204-17-024199`
Period End Date	20170331
Filing Date	20170503
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	myrg-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 42 Cash Flow Statement 68

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$442.00K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$432.00K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$209.47M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$215.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$4.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
Accounts receivable, net of allowances of $442 and $432, respectively	`AccountsReceivableNetCurrent`	$234.64M	USD	Point-in-time
Accounts receivable, net of allowances of $442 and $432, respectively	`AccountsReceivableNetCurrent`	$222.55M	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`	$72.90M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$69.95M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivable`	$18.48M	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`	$18.52M	USD	Point-in-time
Refundable income taxes	`IncomeTaxesReceivable`	$2.52M	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
Refundable income taxes	`IncomeTaxesReceivable`	$2.47M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.28M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.20M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$357.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$330.71M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $215,968 and $209,466, respectively	`PropertyPlantAndEquipmentNet`	$156.46M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $215,968 and $209,466, respectively	`PropertyPlantAndEquipmentNet`	$154.89M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	16.47M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	16.33M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	16.47M	shares	Point-in-time
Goodwill	`Goodwill`	$46.78M	USD	Point-in-time
Goodwill	`Goodwill`	$46.78M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	16.33M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $4,872 and $4,684, respectively	`IntangibleAssetsNetExcludingGoodwill`	$11.38M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $4,872 and $4,684, respectively	`IntangibleAssetsNetExcludingGoodwill`	$11.57M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.38M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$2.67M	USD	Point-in-time
Total assets	`Assets`	$548.71M	USD	Point-in-time
Total assets	`Assets`	$573.50M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.08M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$91.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$99.94M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$42.32M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$49.45M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$44.42M	USD	Point-in-time
Accrued self insurance	`SelfInsuranceReserveCurrent`	$42.58M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$42.38M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$222.73M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$228.31M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$18.42M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$18.57M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$59.07M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$39.58M	USD	Point-in-time
Capital lease obligations, net of current maturities	`CapitalLeaseObligationsNoncurrent`	$3.56M	USD	Point-in-time
Capital lease obligations, net of current maturities	`CapitalLeaseObligationsNoncurrent`	$3.83M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$539.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$525.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$310.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$284.81M	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, 2017 and December 31, 2016	`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, 2017 and December 31, 2016	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares;16,73,065 and 16,333,139 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$162.00K	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares;16,73,065 and 16,333,139 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$163.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$140.39M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$140.10M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-482.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-433.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$123.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$123.83M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$263.89M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$263.17M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$573.50M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$548.71M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`SalesRevenueServicesNet`	$300.13M	USD	1 Quarter
Contract revenues	`SalesRevenueServicesNet`	$253.63M	USD	1 Quarter
Contract costs	`CostOfServices`	$226.35M	USD	1 Quarter
Contract costs	`CostOfServices`	$274.39M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.74M	USD	1 Quarter
Gross profit	`GrossProfit`	$27.28M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$23.86M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.78M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$188.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$211.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$96.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$707.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$480.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.31M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$183.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$514.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$874.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$108.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$841.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.24M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.25M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-359.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.10	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.32M	shares	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.16M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.63M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.45M	shares	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-49.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-81.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-81.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-49.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.15M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.91M	USD	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.99M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$9.56M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$9.71M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$188.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$211.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$730.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$867.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-75.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-143.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$96.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$707.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$93.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$61.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-14.42M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-12.42M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$20.07M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$2.85M	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$47.00K	USD	1 Quarter
Receivable for insurance claims in excess of deductibles	`IncreaseDecreaseInInsuranceSettlementsReceivable`	$-2.73M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-2.05M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$289.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.00M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$7.13M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$4.03M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-3.38M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$1.83M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.68M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.75M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$14.43M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$13.06M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.03M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$937.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.77M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-9.06M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-2.74M	USD	1 Quarter
Net repayments under revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net repayments under revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-19.49M	USD	1 Quarter
Payment of principal obligations under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	-	USD	1 Quarter
Payment of principal obligations under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$268.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$104.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$911.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$135.00K	USD	1 Quarter
Excess tax benefit from stock-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	-	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$25.69M	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$2.21M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-25.45M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-21.06M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	-	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$154.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-16.91M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-13.76M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$39.80M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$26.04M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
Acquisition of property and equipment acquired under capital lease arrangements	`AcquisitionOfPropertyUnderCapitalLeesArrangements`	$745.00K	USD	1 Quarter
Acquisition of property and equipment acquired under capital lease arrangements	`AcquisitionOfPropertyUnderCapitalLeesArrangements`	-	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.