10-Q Filing

MYR GROUP INC. CIK: 700923 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001144204-18-024754`
Period End Date	20180331
Filing Date	20180502
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	myrg-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 94 Income Statement 42 Cash Flow Statement 60

Balance Sheet 94 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$537.00K	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$605.00K	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$238.11M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$231.39M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$5.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Finite-Lived Intangible Assets, Accumulated Amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$5.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.34M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
Accounts receivable, net of allowances of $537 and $605, respectively	`AccountsReceivableNetCurrent`	$283.01M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowances of $537 and $605, respectively	`AccountsReceivableNetCurrent`	$256.36M	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`	$93.21M	USD	Point-in-time
Costs and estimated earnings in excess of billings on uncompleted contracts	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$78.26M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	4.00M	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Current portion of receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivableCurrent`	$4.22M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Current portion of receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivableCurrent`	$4.37M	USD	Point-in-time
Refundable income taxes, net	`IncomeTaxesReceivable`	-	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Refundable income taxes, net	`IncomeTaxesReceivable`	$391.00K	USD	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`	$8.51M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$7.88M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$363.54M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$379.74M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	16.49M	shares	Point-in-time
Property and equipment, net of accumulated depreciation of $238,112 and $231,391, respectively	`PropertyPlantAndEquipmentNet`	$148.08M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $238,112 and $231,391, respectively	`PropertyPlantAndEquipmentNet`	$151.57M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	16.46M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	16.46M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	16.49M	shares	Point-in-time
Goodwill	`Goodwill`	$46.99M	USD	Point-in-time
Goodwill	`Goodwill`	$46.99M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $5,305 and $5,183, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.85M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $5,305 and $5,183, respectively	`IntangibleAssetsNetExcludingGoodwill`	$10.72M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivableNoncurrent`	$14.44M	USD	Point-in-time
Receivable for insurance claims in excess of deductibles	`InsuranceSettlementsReceivableNoncurrent`	$14.29M	USD	Point-in-time
Investment in joint ventures	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$719.00K	USD	Point-in-time
Investment in joint ventures	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$168.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.62M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.66M	USD	Point-in-time
Total assets	`Assets`	$591.59M	USD	Point-in-time
Total assets	`Assets`	$603.79M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.09M	USD	Point-in-time
Current portion of capital lease obligations	`CapitalLeaseObligationsCurrent`	$1.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$110.38M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$105.04M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$28.92M	USD	Point-in-time
Billings in excess of costs and estimated earnings on uncompleted contracts	`BillingsInExcessOfCostCurrent`	$18.70M	USD	Point-in-time
Current portion of accrued self-insurance	`SelfInsuranceReserveCurrent`	$12.45M	USD	Point-in-time
Current portion of accrued self-insurance	`SelfInsuranceReserveCurrent`	$13.14M	USD	Point-in-time
Income taxes payable, net	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income taxes payable, net	`AccruedIncomeTaxesCurrent`	$2.11M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$42.56M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$35.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$188.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$181.96M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$13.53M	USD	Point-in-time
Deferred income tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$13.45M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$67.38M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$78.96M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$32.05M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$32.23M	USD	Point-in-time
Capital lease obligations, net of current maturities	`CapitalLeaseObligationsNoncurrent`	$2.35M	USD	Point-in-time
Capital lease obligations, net of current maturities	`CapitalLeaseObligationsNoncurrent`	$2.63M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$903.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$919.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$298.16M	USD	Point-in-time
Total liabilities	`Liabilities`	$316.75M	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, 2018 and December 31, 2017	`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, 2018 and December 31, 2017	`PreferredStockValueOutstanding`	-	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares; 16,492,060 and 16,464,757 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$164.00K	USD	Point-in-time
Common stock$0.01 par value per share; 100,000,000 authorized shares; 16,492,060 and 16,464,757 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$163.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$144.26M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$143.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-299.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-316.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$143.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$149.32M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$287.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$293.43M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$591.59M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$603.79M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Contract revenues	`SalesRevenueServicesNet`	$345.61M	USD	1 Quarter
Contract revenues	`SalesRevenueServicesNet`	$300.13M	USD	1 Quarter
Contract costs	`CostOfServices`	$274.39M	USD	1 Quarter
Contract costs	`CostOfServices`	$309.86M	USD	1 Quarter
Gross profit	`GrossProfit`	$35.75M	USD	1 Quarter
Gross profit	`GrossProfit`	$25.74M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$28.28M	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`	$117.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.05M	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`	$8.41M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$721.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$514.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$249.00K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$874.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$841.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.93M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$2.29M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-359.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.64M	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
- Basic (in dollars per share)	`EarningsPerShareBasic`	$0.35	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
- Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.34	USD	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.32M	shares	1 Quarter
- Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	16.16M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.45M	shares	1 Quarter
- Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	16.52M	shares	1 Quarter
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.64M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-49.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-17.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-49.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-17.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$5.63M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.15M	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$5.64M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$9.28M	USD	1 Quarter
Depreciation and amortization of property and equipment	`Depreciation`	$9.56M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$188.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$117.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$867.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$420.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-143.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$48.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.05M	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`	$-702.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-26.04M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-12.42M	USD	1 Quarter
Costs and estimated earnings in excess of billings on uncompleted contracts	`IncreaseDecreaseInUnbilledReceivables`	$15.13M	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`	$290.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-1.41M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$289.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-3.77M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.33M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-10.19M	USD	1 Quarter
Billings in excess of costs and estimated earnings on uncompleted contracts	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$7.13M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$1.83M	USD	1 Quarter
Accrued self insurance	`IncreaseDecreaseInSelfInsuranceReserve`	$-857.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-5.68M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$9.67M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.06M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$22.03M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.07M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$937.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.50M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.42M	USD	1 Quarter
Net cash flows used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.06M	USD	1 Quarter
Net repayments under revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-19.49M	USD	1 Quarter
Net repayments under revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-11.58M	USD	1 Quarter
Payment of principal obligations under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$268.00K	USD	1 Quarter
Payment of principal obligations under capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$272.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$911.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$582.00K	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$934.00K	USD	1 Quarter
Repurchase of common shares	`PaymentsForRepurchaseOfCommonStock`	$2.21M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.06M	USD	1 Quarter
Net cash flows used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-12.20M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$154.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCash`	$-31.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.62M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-16.91M	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.34M	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$6.94M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$1.72M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$5.34M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$23.85M	USD	Point-in-time

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