$MYRG
MYR GROUP INC.

2016 Q3 Form 10-Q Financial Statement

#000114420416131118 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $283.3M $271.2M $269.9M
YoY Change 4.96% 8.05% 8.61%
Cost Of Revenue $249.2M $238.6M $241.2M
YoY Change 3.3% 14.22% 11.82%
Gross Profit $34.06M $32.61M $28.62M
YoY Change 19.02% -22.51% -12.54%
Gross Profit Margin 12.03% 12.03% 10.61%
Selling, General & Admin $23.20M $22.70M $18.97M
YoY Change 22.29% 15.82% -1.6%
% of Gross Profit 68.12% 69.61% 66.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.700M $10.00M $9.700M
YoY Change 0.0% 17.65% 12.79%
% of Gross Profit 28.48% 30.66% 33.89%
Operating Expenses $23.20M $23.00M $18.97M
YoY Change 22.29% 17.35% -1.6%
Operating Profit $11.14M $9.611M $9.919M
YoY Change 12.3% -57.25% -26.02%
Interest Expense $408.0K -$200.0K $180.0K
YoY Change 126.67% 0.0% 0.56%
% of Operating Profit 3.66% -2.08% 1.81%
Other Income/Expense, Net -$417.0K -$200.0K $438.0K
YoY Change -195.21% 21800.0%
Pretax Income $10.31M $9.900M $10.19M
YoY Change 1.27% -55.61% -23.35%
Income Tax $4.168M $4.100M $4.010M
% Of Pretax Income 40.41% 41.41% 39.37%
Net Earnings $6.146M $5.881M $6.175M
YoY Change -0.47% -58.37% -26.52%
Net Earnings / Revenue 2.17% 2.17% 2.29%
Basic Earnings Per Share $0.39 $0.29 $0.30
Diluted Earnings Per Share $0.38 $0.29 $0.29
COMMON SHARES
Basic Shares Outstanding 15.81M shares 20.79M shares
Diluted Shares Outstanding 16.18M shares 21.21M shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $600.0K $39.80M $30.40M
YoY Change -98.03% -48.71% -52.94%
Cash & Equivalents $584.0K $39.80M $30.43M
Short-Term Investments
Other Short-Term Assets $5.383M $7.942M $5.850M
YoY Change -7.98% 15.44% 118.04%
Inventory $80.30M $51.50M $78.00M
Prepaid Expenses
Receivables $185.5M $187.2M $193.1M
Other Receivables $14.20M $17.20M $15.70M
Total Short-Term Assets $286.0M $303.4M $335.2M
YoY Change -14.67% -3.23% 5.82%
LONG-TERM ASSETS
Property, Plant & Equipment $153.0M $160.7M $164.9M
YoY Change -7.21% 8.09% 7.1%
Goodwill $46.78M $47.12M $48.67M
YoY Change -3.88% 1.13% 4.44%
Intangibles $11.02M $11.36M $9.614M
YoY Change 14.59% 15.17% -3.37%
Long-Term Investments
YoY Change
Other Assets $2.850M $2.394M $1.380M
YoY Change 106.52% 63.19% -5.61%
Total Long-Term Assets $213.6M $221.6M $224.6M
YoY Change -4.87% 7.25% 5.93%
TOTAL ASSETS
Total Short-Term Assets $286.0M $303.4M $335.2M
Total Long-Term Assets $213.6M $221.6M $224.6M
Total Assets $499.6M $524.9M $559.7M
YoY Change -10.74% 0.93% 5.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.87M $73.30M $82.50M
YoY Change 4.08% 17.76% 21.06%
Accrued Expenses $37.30M $51.00M $35.90M
YoY Change 3.9% -6.59% -8.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.100M
YoY Change
Total Short-Term Liabilities $198.3M $179.7M $192.7M
YoY Change 2.91% 4.75% 0.05%
LONG-TERM LIABILITIES
Long-Term Debt $37.50M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $926.0K $1.100M
YoY Change -27.27% -23.85% 2.42%
Total Long-Term Liabilities $38.30M $926.0K $1.100M
YoY Change 3381.82% -23.85% 2.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $198.3M $179.7M $192.7M
Total Long-Term Liabilities $38.30M $926.0K $1.100M
Total Liabilities $250.9M $195.0M $218.5M
YoY Change 14.83% -1.26% 0.51%
SHAREHOLDERS EQUITY
Retained Earnings $115.5M $168.2M
YoY Change -1.75%
Common Stock $133.1M $161.5M
YoY Change 6.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $248.7M $329.9M $341.3M
YoY Change
Total Liabilities & Shareholders Equity $499.6M $524.9M $559.7M
YoY Change -10.74% 0.93% 5.86%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $6.146M $5.881M $6.175M
YoY Change -0.47% -58.37% -26.52%
Depreciation, Depletion And Amortization $9.700M $10.00M $9.700M
YoY Change 0.0% 17.65% 12.79%
Cash From Operating Activities -$6.000M $32.30M $1.700M
YoY Change -452.94% 50.93% -94.2%
INVESTING ACTIVITIES
Capital Expenditures -$5.700M -$3.800M -$13.10M
YoY Change -56.49% 26.67% 21.3%
Acquisitions
YoY Change
Other Investing Activities $700.0K -$900.0K $600.0K
YoY Change 16.67% -1000.0%
Cash From Investing Activities -$5.000M -$4.700M -$12.40M
YoY Change -59.68% 62.07% 15.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.200M -18.20M -5.700M
YoY Change -243.86% 237.04% -33.72%
NET CHANGE
Cash From Operating Activities -6.000M 32.30M 1.700M
Cash From Investing Activities -5.000M -4.700M -12.40M
Cash From Financing Activities 8.200M -18.20M -5.700M
Net Change In Cash -2.800M 9.400M -16.40M
YoY Change -82.93% -28.24% -264.0%
FREE CASH FLOW
Cash From Operating Activities -$6.000M $32.30M $1.700M
Capital Expenditures -$5.700M -$3.800M -$13.10M
Free Cash Flow -$300.0K $36.10M $14.80M
YoY Change -102.03% 47.95% -63.09%

Facts In Submission

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OperatingLeasesFutureMinimumPaymentsDue
7559000 USD
CY2016Q3 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
5200000 USD
CY2016Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
24300000 USD
CY2015Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
19300000 USD
CY2016Q3 us-gaap Capital Lease Obligations
CapitalLeaseObligations
5100000 USD
CY2016Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000 USD
CY2016Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
1100000 USD
CY2016Q3 myrg Loss Contingency Insurance Policy Deductible For Each Line Of Coverage Excluding Health
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1000000 USD
CY2016Q3 myrg Loss Contingency Health Insurance Deductible For Qualified Individuals
LossContingencyHealthInsuranceDeductibleForQualifiedIndividuals
100000 USD
CY2016Q3 myrg Outstanding Performance Bonds
OutstandingPerformanceBonds
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CY2016Q3 myrg Estimated Cost To Complete Bonded Projects
EstimatedCostToCompleteBondedProjects
71600000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
174826 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
11.90
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
103000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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0 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13633000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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328000 shares
CY2016Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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0 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6146000 USD
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
426000 shares
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
372000 shares
CY2016Q3 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2015Q4 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
0 USD
CY2016Q3 us-gaap Common Stock Value
CommonStockValue
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CY2015Q4 us-gaap Common Stock Value
CommonStockValue
198000 USD
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
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362000 USD
CY2016Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
203786000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4489000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black"><b><i>Use of Estimates</i></b></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to the estimates of costs to complete on our contracts, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <font style="COLOR: black"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <font style="COLOR: black"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black"><font style="COLOR: black">The percentage of completion method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. The estimates are reviewed and revised quarterly, as needed. During the three months ended September 30, 2016, changes in estimates pertaining to certain projects resulted in a net increased consolidated gross margin of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.7</font>%. The Company&#8217;s income from operations for the three months ended September 30, 2016 increased $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.0</font> million due to the changes in estimated gross profit. These changes in estimates resulted in an increase of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.2</font> million in net income, or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.07</font> in diluted earnings per common share, during the three months ended September 30, 2016. During the nine months ended September 30, 2016, changes in estimates pertaining to certain projects resulted in a net decreased consolidated gross margin of 0.5%. The Company&#8217;s income from operations for the nine months ended September 30, 2016 decreased $3.6 million due to the changes in estimated gross profit. These changes in estimates resulted in a decrease of $2.2 million in net income, or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.12</font> in diluted earnings per common share, during the nine months ended September 30, 2016. During the three months ended September 30, 2015, changes in estimates pertaining to certain projects resulted in a net decreased consolidated gross margin of 0.5%. The Company&#8217;s income from operations for the three months ended September 30, 2015 decreased $1.3 million due to the changes in estimated gross profit. These changes in estimates resulted in decreases of $0.8 million in net income or $0.04 in diluted earnings per common share during the three months ended September 30, 2015. During the nine months ended September 30, 2015, changes in estimates pertaining to certain projects, the majority of which were transmission projects, resulted in a net increased consolidated gross margin of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 0.5</font>%. The Company&#8217;s income from operations for the nine months ended September 30, 2015 increased $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million due to the changes in estimated gross profit. These changes in estimates resulted in increases of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2.2</font> million in net income or $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.10</font> in diluted earnings per common share during the nine months ended September 30, 2015.</font></font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2016Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16064682 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
19969347 shares
CY2016Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16064682 shares
CY2016Q3 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
34253000 USD
CY2015Q4 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
10872000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4227541 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.79
CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000 USD
CY2016Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2544000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1980000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
42795000 USD
myrg Debt Instrument Covenant Leveraged Debt Ratio Restriction
DebtInstrumentCovenantLeveragedDebtRatioRestriction
2.25 pure
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11374000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-15404000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-52189000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
442000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
0 USD
us-gaap Increase Decrease In Outstanding Checks Financing Activities
IncreaseDecreaseInOutstandingChecksFinancingActivities
2540000 USD
us-gaap Increase Decrease In Outstanding Checks Financing Activities
IncreaseDecreaseInOutstandingChecksFinancingActivities
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2080000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1823000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1006000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
480000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1676000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
101483000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9240000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
63000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
28000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-64361000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5713000 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
55000 USD
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
0 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-39213000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-47207000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
77636000 USD
CY2015Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30429000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
33407000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17948000 USD
CY2016Q3 myrg Master Lease Obligations
MasterLeaseObligations
0 USD
CY2016Q3 us-gaap Bank Overdrafts
BankOverdrafts
2500000 USD
CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-300000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-100000 USD

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