$MYRG
MYR GROUP INC.

2019 Q2 Form 10-Q Financial Statement

#000114420419036885 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $448.8M $446.3M $339.7M
YoY Change 32.12% 19.5% -4.63%
Cost Of Revenue $405.6M $399.0M $301.0M
YoY Change 34.73% 18.54% -8.4%
Gross Profit $43.16M $47.39M $38.63M
YoY Change 11.73% 28.45% 40.39%
Gross Profit Margin 9.62% 10.62% 11.37%
Selling, General & Admin $33.94M $30.10M $29.17M
YoY Change 16.37% 25.42% 16.56%
% of Gross Profit 78.64% 63.51% 75.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.70M $10.70M $9.400M
YoY Change 13.83% 17.58% -3.09%
% of Gross Profit 24.79% 22.58% 24.33%
Operating Expenses $33.94M $30.90M $29.17M
YoY Change 16.37% 29.29% 16.56%
Operating Profit $9.410M $16.49M $10.36M
YoY Change -9.14% 26.91% 187.53%
Interest Expense $1.168M -$1.100M $783.0K
YoY Change 49.17% 37.5% 31.82%
% of Operating Profit 12.41% -6.67% 7.56%
Other Income/Expense, Net $582.0K -$1.600M $25.00K
YoY Change 2228.0% -36.0% -96.67%
Pretax Income $8.824M $14.70M $9.599M
YoY Change -8.07% 37.38% 155.16%
Income Tax $2.466M $3.800M $2.764M
% Of Pretax Income 27.95% 25.85% 28.79%
Net Earnings $7.207M $10.65M $6.835M
YoY Change 5.44% -21.56% 455.69%
Net Earnings / Revenue 1.61% 2.39% 2.01%
Basic Earnings Per Share $0.43 $0.65 $0.42
Diluted Earnings Per Share $0.43 $0.64 $0.41
COMMON SHARES
Basic Shares Outstanding 16.60M 16.56M shares 16.46M
Diluted Shares Outstanding 16.70M 16.59M

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.400M $7.500M $4.200M
YoY Change 4.76% 41.51% -58.0%
Cash & Equivalents $4.355M $7.507M $4.203M
Short-Term Investments
Other Short-Term Assets $10.68M $8.847M $7.565M
YoY Change 41.19% 3.92% -8.7%
Inventory $87.40M
Prepaid Expenses
Receivables $313.5M $288.4M $280.0M
Other Receivables $10.00M $10.60M $4.400M
Total Short-Term Assets $513.4M $475.6M $383.5M
YoY Change 33.86% 25.25% 13.4%
LONG-TERM ASSETS
Property, Plant & Equipment $169.0M $161.9M $155.6M
YoY Change 8.61% 9.32% 0.01%
Goodwill $56.60M $56.59M $46.98M
YoY Change 20.46% 20.42%
Intangibles $31.82M $33.27M $10.59M
YoY Change 200.4% 206.54%
Long-Term Investments $2.200M $1.300M $900.0K
YoY Change 144.44% 550.0%
Other Assets $2.484M $2.878M $3.551M
YoY Change -30.05% -21.34% 1.46%
Total Long-Term Assets $293.3M $273.1M $232.1M
YoY Change 26.39% 21.9% 0.16%
TOTAL ASSETS
Total Short-Term Assets $513.4M $475.6M $383.5M
Total Long-Term Assets $293.3M $273.1M $232.1M
Total Assets $806.7M $748.8M $615.6M
YoY Change 31.04% 24.01% 8.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $166.4M $139.5M $98.80M
YoY Change 68.36% 26.36% -14.32%
Accrued Expenses $23.50M $19.60M $13.00M
YoY Change 80.77% 49.62% 4.84%
Deferred Revenue $53.58M $58.53M
YoY Change 93.67%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.856M $3.681M $1.100M
YoY Change 523.27% 0.0%
Total Short-Term Liabilities $304.1M $283.8M $206.7M
YoY Change 47.11% 50.51% 1.94%
LONG-TERM LIABILITIES
Long-Term Debt $99.62M $86.11M $57.80M
YoY Change 72.35% 9.06% 28.8%
Other Long-Term Liabilities $1.633M $1.057M $464.0K
YoY Change 251.94% 15.02% -8.12%
Total Long-Term Liabilities $101.3M $87.17M $58.27M
YoY Change 73.78% 9.13% 28.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $304.1M $283.8M $206.7M
Total Long-Term Liabilities $101.3M $87.17M $58.27M
Total Liabilities $467.8M $424.3M $313.0M
YoY Change 49.46% 33.95% 3.38%
SHAREHOLDERS EQUITY
Retained Earnings $189.1M $174.7M $156.2M
YoY Change 21.09% 21.99% 24.86%
Common Stock $150.3M $148.4M $146.8M
YoY Change 2.43% 3.01% 3.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $339.0M $323.0M $302.6M
YoY Change
Total Liabilities & Shareholders Equity $806.7M $748.8M $615.6M
YoY Change 31.04% 24.01% 8.03%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income $7.207M $10.65M $6.835M
YoY Change 5.44% -21.56% 455.69%
Depreciation, Depletion And Amortization $10.70M $10.70M $9.400M
YoY Change 13.83% 17.58% -3.09%
Cash From Operating Activities $15.60M $26.10M $23.30M
YoY Change -33.05% 107.14% 281.97%
INVESTING ACTIVITIES
Capital Expenditures -$18.10M -$11.00M -$13.50M
YoY Change 34.07% 86.44% 27.36%
Acquisitions
YoY Change
Other Investing Activities $900.0K $1.100M $1.300M
YoY Change -30.77% -26.67% -18.75%
Cash From Investing Activities -$17.20M -$9.900M -$12.20M
YoY Change 40.98% 125.0% 35.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.600M -9.000M -8.600M
YoY Change -153.49% 100.0% -262.26%
NET CHANGE
Cash From Operating Activities 15.60M 26.10M 23.30M
Cash From Investing Activities -17.20M -9.900M -12.20M
Cash From Financing Activities 4.600M -9.000M -8.600M
Net Change In Cash 3.000M 7.200M 2.500M
YoY Change 20.0% 94.59% 4.17%
FREE CASH FLOW
Cash From Operating Activities $15.60M $26.10M $23.30M
Capital Expenditures -$18.10M -$11.00M -$13.50M
Free Cash Flow $33.70M $37.10M $36.80M
YoY Change -8.42% 100.54% 120.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.50in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">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, the 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.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.50in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, the recoverability of goodwill and intangibles and accounts receivable reserves. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of this accrual based on current gross margin rates to be consistent with its cost method of revenue recognition.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.50in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In the six months ended June 30, 2019 and 2018, the Company recognized revenues of $21.4 million and $6.7 million, respectively, related to significant change orders and/or claims that had been included as contract price adjustments on certain contracts which were in the process of being negotiated in the normal course of business.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.50in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended June 30, 2019, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.9%, which resulted in decreases in operating income of $4.2 million, net income attributable to MYR Group Inc. of $1.9 million and diluted earnings per common share attributable to MYR Group Inc. of $0.11. During the six months ended June 30, 2019, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.0%, which resulted in decreases in operating income of $9.1 million, net income attributable to MYR Group Inc. of $4.2 million and diluted earnings per common share attributable to MYR Group Inc. of $0.25.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; background: none;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-indent: 0.50in;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">During the three months ended June 30, 2018, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.1%, which resulted in increases in operating income of $0.2 million, net income attributable to MYR Group Inc. of $0.2 million and diluted earnings per common share attributable to MYR Group Inc of $0.01. During the six months ended June 30, 2018, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.1%, which resulted in increases in operating income of $0.1 million, net income attributable to MYR Group Inc. of $0.1 </div>million and had an insignificant impact on diluted earnings per common share attributable to MYR Group Inc.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-123000
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
16000
CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-123000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
16000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1397000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
2065000
us-gaap Operating Income Loss
OperatingIncomeLoss
19036000
us-gaap Operating Income Loss
OperatingIncomeLoss
18764000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1328000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
274000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17991000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
17534000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5013000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5055000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16557000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16388000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16682000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16555000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
12778000
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
12478000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-200000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-200000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000
us-gaap Profit Loss
ProfitLoss
12978000
us-gaap Profit Loss
ProfitLoss
12479000
us-gaap Depreciation
Depreciation
19714000
us-gaap Depreciation
Depreciation
18590000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1469000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
236000
us-gaap Share Based Compensation
ShareBasedCompensation
2153000
us-gaap Share Based Compensation
ShareBasedCompensation
1478000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
23000
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
323000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-783000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-354000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
24468000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-7071000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
14218000
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-568000
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
330000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3552000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2144000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
27242000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9845000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-5035000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
17551000
us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
-692000
us-gaap Increase Decrease In Self Insurance Reserve
IncreaseDecreaseInSelfInsuranceReserve
-239000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-8169000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
11990000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
7399000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
45266000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1658000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2426000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27961000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28019000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26303000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25593000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
575000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
545000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
284000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1887000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
778000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
951000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15654000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-20755000
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
98000
us-gaap Effect Of Exchange Rate On Cash
EffectOfExchangeRateOnCash
-58000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3152000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1140000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5343000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4203000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
14471000
CY2018Q4 us-gaap Capital Leases Balance Sheet Assets By Major Class Net
CapitalLeasesBalanceSheetAssetsByMajorClassNet
2700000
CY2018Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
1100000
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2600000
CY2019Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
8300000
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
104000
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
137000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
125000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
167000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2019Q2 us-gaap Minority Interest
MinorityInterest
-102000
CY2018Q4 us-gaap Minority Interest
MinorityInterest
1480000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
339039000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
322984000
CY2019Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
6856000
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
3681000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
448776000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
339676000
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
405613000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
301046000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
916870000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
685287000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
830831000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
610904000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
36000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
10000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-5896000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-21156000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
7207000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
6835000
CY2019Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-849000
us-gaap Net Income Loss
NetIncomeLoss
14560000
us-gaap Net Income Loss
NetIncomeLoss
12479000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1582000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
106479000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
89792000
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
287039000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
5644000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
581000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
420000
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
934000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-17000
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
293428000
CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1306000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1058000
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
17000
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
302626000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
6620000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
282000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
951000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
778000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-77000
CY2019Q1 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
12000
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
331474000
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1202000
CY2019Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
24000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
24038000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
CY2019Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1168000
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-783000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-2373000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1504000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14130000
CY2018Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1514000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10456000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2018Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1119000
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
CY2019Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7084000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6851000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
14360000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12478000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1455000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0
CY2019Q2 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
65518000
CY2018Q4 us-gaap Contract Receivable Retainage
ContractReceivableRetainage
49128000
CY2019Q2 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
1217000
CY2018Q4 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
1483000
CY2019Q2 myrg Net Contract Assets Liabilities
NetContractAssetsLiabilities
121224000
CY2018Q4 myrg Net Contract Assets Liabilities
NetContractAssetsLiabilities
101747000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4400000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
32800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16200000
CY2019Q2 myrg Aggregate Costs Incurred On Uncompleted Contracts And Estimated Earnings
AggregateCostsIncurredOnUncompletedContractsAndEstimatedEarnings
2686781000
CY2019Q2 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
56923000
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.025
CY2018Q4 myrg Aggregate Costs Incurred On Uncompleted Contracts And Estimated Earnings
AggregateCostsIncurredOnUncompletedContractsAndEstimatedEarnings
2718713000
CY2019Q2 myrg Billings To Date
BillingsToDate
2629858000
CY2018Q4 myrg Billings To Date
BillingsToDate
2664611000
CY2018Q4 myrg Net Costs And Estimated Earnings In Excess Of Billings
NetCostsAndEstimatedEarningsInExcessOfBillings
54102000
CY2019Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
109287000
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
111153000
CY2019Q2 myrg Contract With Customer Liability Excluding Provision For Loss On Contracts Current
ContractWithCustomerLiabilityExcludingProvisionForLossOnContractsCurrent
52364000
CY2018Q4 myrg Contract With Customer Liability Excluding Provision For Loss On Contracts Current
ContractWithCustomerLiabilityExcludingProvisionForLossOnContractsCurrent
57051000
CY2019Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
2054000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
274000
CY2019Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
17000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1472000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
67000
CY2019Q2 us-gaap Lease Cost
LeaseCost
1830000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
547000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
37000
us-gaap Operating Lease Cost
OperatingLeaseCost
2929000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
15000
us-gaap Variable Lease Cost
VariableLeaseCost
132000
us-gaap Lease Cost
LeaseCost
3660000
us-gaap Operating Lease Payments
OperatingLeasePayments
2943000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1234000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.288
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
400000
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y10M20D
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M14D
myrg Lessee Operating And Finance Leases Option To Terminate Period
LesseeOperatingAndFinanceLeasesOptionToTerminatePeriod
P1Y
myrg Lessee Operating And Finance Leases Option To Extend Term
LesseeOperatingAndFinanceLeasesOptionToExtendTerm
P5Y
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.288
myrg Number Of Equity Stock Based Compensation Plans
NumberOfEquityStockBasedCompensationPlans
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q2 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
0
us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
0
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2019Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
100000
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0
dei Trading Symbol
TradingSymbol
MYRG
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Security12b Title
Security12bTitle
Common Stock
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
592000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2911000
CY2019Q2 myrg Lease Liability Payments Remainder Of Fiscal Year
LeaseLiabilityPaymentsRemainderOfFiscalYear
3503000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
1185000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4481000
CY2019Q2 myrg Lease Liability Payments Due Year Two
LeaseLiabilityPaymentsDueYearTwo
5666000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
346000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3674000
CY2019Q2 myrg Lease Liability Payments Due Year Three
LeaseLiabilityPaymentsDueYearThree
4020000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2830000
CY2019Q2 myrg Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
2830000
CY2019Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1534000
CY2019Q2 myrg Lease Liability Payments Due Year Five
LeaseLiabilityPaymentsDueYearFive
1534000
CY2019Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2480000
CY2019Q2 myrg Lease Liability Payments Due After Year Five
LeaseLiabilityPaymentsDueAfterYearFive
2480000
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2123000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17910000
CY2019Q2 myrg Lease Liability Payments Due
LeaseLiabilityPaymentsDue
20033000
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
65000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3637000
CY2019Q2 myrg Lease Liability Undiscounted Excess Amount
LeaseLiabilityUndiscountedExcessAmount
3702000
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2058000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14273000
CY2019Q2 myrg Lease Liability
LeaseLiability
16331000
CY2019Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1135000
CY2019Q2 myrg Lease Liability Current
LeaseLiabilityCurrent
4952000
CY2019Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
923000
CY2019Q2 myrg Lease Liability Noncurrent
LeaseLiabilityNoncurrent
11379000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3817000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2018Q1 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
695000
CY2019Q2 myrg Operating And Finance Lease Right Of Use Asset
OperatingAndFinanceLeaseRightOfUseAsset
16184000
CY2019Q2 myrg Lease Obligation Current
LeaseObligationCurrent
4952000
CY2019Q2 myrg Lease Obligation Noncurrent
LeaseObligationNoncurrent
11379000
CY2019Q2 myrg Lease Obligation Total
LeaseObligationTotal
16331000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
myrg Purchase Commitment Remaining Term
PurchaseCommitmentRemainingTerm
P6M
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
MYR GROUP INC.
dei Entity Central Index Key
EntityCentralIndexKey
0000700923
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16643675

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