☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-3158643 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Common Stock, $0.01 par value | The Nasdaq Stock Market LLC | ||||||||||||||||
(Nasdaq Global Market) |
Large accelerated filer | Accelerated filer | ||||||||||||||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||||||||||||
Emerging growth company |
Page | ||||||||||||||
| | | | | | | Backlog at December 31, 2019 | | | | | | | | |||||||||
| | | | (in thousands) | | | Total | | | Amount estimated to not be recognized within 12 months | | | Total backlog at December 31, 2018 | | |||||||||
| | | | T&D | | | | $ | 469,898 | | | | | $ | 45,678 | | | | | $ | 494,922 | | |
| | | | C&I | | | | | 1,029,305 | | | | | | 260,837 | | | | | | 651,715 | | |
| | | | Total | | | | $ | 1,499,203 | | | | | $ | 306,515 | | | | | $ | 1,146,637 | | |
Backlog at December 31, 2021 | ||||||||||||||||||||
(in thousands) | Total | Amount estimated to not be recognized within 12 months | Total backlog at December 31, 2020 | |||||||||||||||||
T&D | $ | 676,130 | $ | 84,075 | $ | 753,932 | ||||||||||||||
C&I | 1,113,014 | 339,659 | 895,524 | |||||||||||||||||
Total | $ | 1,789,144 | $ | 423,734 | $ | 1,649,456 |
Age on February 23, 2022 | Position | |||||||||||||||||||||||
Richard S. | President and Chief Executive Officer | |||||||||||||||||||||||
Betty R. Johnson | Senior Vice President and Chief Financial Officer | |||||||||||||||||||||||
Tod M. Cooper | Senior Vice President, Chief Operating Officer T&D | |||||||||||||||||||||||
William F. Fry | Vice President, Chief Legal Officer and Secretary | |||||||||||||||||||||||
Jeffrey J. Waneka | Senior Vice President, Chief Operating Officer C&I |
Astec Industries, Inc. | Granite Construction Incorporated | Primoris Services Corporation* | ||||||||||||
Comfort Systems USA, Inc. | IES Holdings, Inc. | Quanta Services, Inc.* | ||||||||||||
Dycom Industries, Inc. | MasTec, Inc.* | Tetra Tech, Inc. | ||||||||||||
Matrix Service Company |
| | | 12/31/2014 | | | 12/31/2015 | | | 12/31/2016 | | | 12/31/2017 | | | 12/31/2018 | | | 12/31/2019 | | ||||||||||||||||||
MYR Group Inc. | | | | | 100.00 | | | | | | 75.22 | | | | | | 137.52 | | | | | | 130.40 | | | | | | 102.81 | | | | | | 118.94 | | |
S&P 500 | | | | | 100.00 | | | | | | 101.38 | | | | | | 113.51 | | | | | | 138.29 | | | | | | 132.23 | | | | | | 173.86 | | |
Russell 2000 | | | | | 100.00 | | | | | | 95.59 | | | | | | 115.95 | | | | | | 132.94 | | | | | | 118.30 | | | | | | 148.49 | | |
Peer Group | | | | | 100.00 | | | | | | 99.75 | | | | | | 148.99 | | | | | | 173.38 | | | | | | 131.29 | | | | | | 175.16 | | |
12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||||||||||||||||||
MYR Group Inc. | 100.00 | 94.82 | 74.76 | 86.49 | 159.50 | 293.39 | |||||||||||||||||||||||||||||
S&P 500 | 100.00 | 121.83 | 116.49 | 153.17 | 181.35 | 233.41 | |||||||||||||||||||||||||||||
Russell 2000 | 100.00 | 114.65 | 102.02 | 128.06 | 153.62 | 176.39 | |||||||||||||||||||||||||||||
Peer Group | 100.00 | 116.63 | 88.70 | 118.27 | 154.33 | 221.98 |
| | | For the year ended December 31, | | |||||||||||||||||||||||||||
(in thousands, except per share data) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Contract revenues | | | | $ | 2,071,159 | | | | | $ | 1,531,169 | | | | | $ | 1,403,317 | | | | | $ | 1,142,487 | | | | | $ | 1,061,681 | | |
Contract costs | | | | | 1,857,001 | | | | | | 1,364,109 | | | | | | 1,278,313 | | | | | | 1,007,764 | | | | | | 939,340 | | |
Gross profit | | | | | 214,158 | | | | | | 167,060 | | | | | | 125,004 | | | | | | 134,723 | | | | | | 122,341 | | |
Selling, general and administrative expenses | | | | | 156,674 | | | | | | 118,737 | | | | | | 98,611 | | | | | | 96,424 | | | | | | 79,186 | | |
Amortization of intangible assets | | | | | 3,849 | | | | | | 1,843 | | | | | | 499 | | | | | | 886 | | | | | | 571 | | |
Gain on sale of property and equipment | | | | | (3,543) | | | | | | (3,832) | | | | | | (3,664) | | | | | | (1,341) | | | | | | (2,257) | | |
Income from operations | | | | | 57,178 | | | | | | 50,312 | | | | | | 29,558 | | | | | | 38,754 | | | | | | 44,841 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 4 | | | | | | 24 | | | | | | 4 | | | | | | 5 | | | | | | 25 | | |
Interest expense | | | | | (6,225) | | | | | | (3,652) | | | | | | (2,603) | | | | | | (1,299) | | | | | | (741) | | |
Other income (expense), net | | | | | (515) | | | | | | (3,616) | | | | | | (2,319) | | | | | | 885 | | | | | | 174 | | |
Income before income tax expense | | | | | 50,442 | | | | | | 43,068 | | | | | | 24,640 | | | | | | 38,345 | | | | | | 44,299 | | |
Income tax expense(1) | | | | | 14,228 | | | | | | 11,774 | | | | | | 3,486 | | | | | | 16,914 | | | | | | 16,997 | | |
Net income | | | | | 36,214 | | | | | | 31,294 | | | | | | 21,154 | | | | | | 21,431 | | | | | | 27,302 | | |
Less: net income (loss) attributable to noncontrolling interest | | | | | (1,476) | | | | | | 207 | | | | | | — | | | | | | — | | | | | | — | | |
Net income attributable to MYR Group Inc. | | | | $ | 37,690 | | | | | $ | 31,087 | | | | | $ | 21,154 | | | | | $ | 21,431 | | | | | $ | 27,302 | | |
Income per common share attributable to MYR Group Inc.: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Basic | | | | $ | 2.27 | | | | | $ | 1.89 | | | | | $ | 1.30 | | | | | $ | 1.25 | | | | | $ | 1.33 | | |
– Diluted | | | | $ | 2.26 | | | | | $ | 1.87 | | | | | $ | 1.28 | | | | | $ | 1.23 | | | | | $ | 1.30 | | |
Weighted average number of common shares and potential common shares outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
– Basic | | | | | 16,587 | | | | | | 16,441 | | | | | | 16,273 | | | | | | 17,109 | | | | | | 20,577 | | |
– Diluted | | | | | 16,699 | | | | | | 16,585 | | | | | | 16,496 | | | | | | 17,461 | | | | | | 21,038 | | |
| | | As of December 31, | | |||||||||||||||||||||||||||
(in thousands) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Cash and cash equivalents | | | | $ | 12,397 | | | | | $ | 7,507 | | | | | $ | 5,343 | | | | | $ | 23,846 | | | | | $ | 39,797 | | |
Working capital(2) | | | | | 242,370 | | | | | | 191,829 | | | | | | 191,172 | | | | | | 146,677 | | | | | | 123,630 | | |
Total assets | | | | | 1,007,871 | | | | | | 748,755 | | | | | | 603,788 | | | | | | 573,495 | | | | | | 524,925 | | |
Total debt | | | | | 165,824 | | | | | | 89,792 | | | | | | 78,960 | | | | | | 59,070 | | | | | | — | | |
Total liabilities | | | | | 643,396 | | | | | | 424,291 | | | | | | 316,749 | | | | | | 310,321 | | | | | | 195,045 | | |
Stockholders’ equity attributable to MYR Group Inc. | | | | | 364,471 | | | | | | 322,984 | | | | | | 287,039 | | | | | | 263,174 | | | | | | 329,880 | | |
| | | For the year ended December 31, | | |||||||||||||||||||||||||||
(in thousands) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
Net cash flows provided by (used in) operating activities | | | | $ | 64,899 | | | | | $ | 84,789 | | | | | $ | (9,198) | | | | | $ | 54,490 | | | | | $ | 43,000 | | |
Net cash flows used in investing activities | | | | | (133,497) | | | | | | (93,203) | | | | | | (26,501) | | | | | | (34,128) | | | | | | (56,928) | | |
Net cash flows provided by (used in) financing activities | | | | | 73,356 | | | | | | 10,642 | | | | | | 16,889 | | | | | | (35,539) | | | | | | (23,911) | | |
Depreciation and amortization(3) | | | | | 44,516 | | | | | | 39,913 | | | | | | 38,576 | | | | | | 39,122 | | | | | | 38,029 | | |
Capital expenditures | | | | | 57,828 | | | | | | 50,704 | | | | | | 30,843 | | | | | | 25,371 | | | | | | 46,599 | | |
Backlog(4) | | | | | 1,499,203 | | | | | | 1,146,637 | | | | | | 679,139 | | | | | | 688,832 | | | | | | 450,934 | | |
EBITDA(5) | | | | | 101,179 | | | | | | 86,609 | | | | | | 65,815 | | | | | | 78,761 | | | | | | 83,044 | | |
| | | | | | | As of December 31, | | |||||||||||||||||||||||||||
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| | | | Total current assets | | | | $ | 639,184 | | | | | $ | 475,634 | | | | | $ | 379,736 | | | | | $ | 342,899 | | | | | $ | 303,367 | | |
| | | | Less: total current liabilities | | | | | (396,814) | | | | | | (283,805) | | | | | | (188,564) | | | | | | (196,222) | | | | | | (179,737) | | |
| | | | Working capital | | | | $ | 242,370 | | | | | $ | 191,829 | | | | | $ | 191,172 | | | | | $ | 146,677 | | | | | $ | 123,630 | | |
| | | | | | | For the year ended December 31, | | |||||||||||||||||||||||||||
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| | | | Net income attributable to MYR Group Inc. | | | | $ | 37,690 | | | | | $ | 31,087 | | | | | $ | 21,154 | | | | | $ | 21,431 | | | | | $ | 27,302 | | |
| | | | Net income – noncontrolling interests | | | | | (1,476) | | | | | | 207 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | Net income | | | | | 36,214 | | | | | | 31,294 | | | | | | 21,154 | | | | | | 21,431 | | | | | | 27,302 | | |
| | | | Interest expense, net | | | | | 6,221 | | | | | | 3,628 | | | | | | 2,599 | | | | | | 1,294 | | | | | | 716 | | |
| | | | Income tax expense | | | | | 14,228 | | | | | | 11,774 | | | | | | 3,486 | | | | | | 16,914 | | | | | | 16,997 | | |
| | | | Depreciation and amortization | | | | | 44,516 | | | | | | 39,913 | | | | | | 38,576 | | | | | | 39,122 | | | | | | 38,029 | | |
| | | | EBITDA | | | | $ | 101,179 | | | | | $ | 86,609 | | | | | $ | 65,815 | | | | | $ | 78,761 | | | | | $ | 83,044 | | |
| | | | | | | For the year ended December 31, | | |||||||||||||||||||||||||||
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| | | | Net cash flows provided by (used in) operating | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | activities | | | | $ | 64,899 | | | | | $ | 84,789 | | | | | $ | (9,198) | | | | | $ | 54,490 | | | | | $ | 43,000 | | |
| | | | Add/(subtract) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Changes in operating assets and liabilities | | | | | 21,322 | | | | | | (10,363) | | | | | | 65,743 | | | | | | 13,795 | | | | | | 26,669 | | |
| | | | Adjustments to reconcile net income to net cash flows provided by (used in) operating activities | | | | | (50,007) | | | | | | (43,132) | | | | | | (35,391) | | | | | | (46,854) | | | | | | (42,367) | | |
| | | | Depreciation and amortization | | | | | 44,516 | | | | | | 39,913 | | | | | | 38,576 | | | | | | 39,122 | | | | | | 38,029 | | |
| | | | Income tax expense | | | | | 14,228 | | | | | | 11,774 | | | | | | 3,486 | | | | | | 16,914 | | | | | | 16,997 | | |
| | | | Interest expense, net | | | | | 6,221 | | | | | | 3,628 | | | | | | 2,599 | | | | | | 1,294 | | | | | | 716 | | |
| | | | EBITDA | | | | $ | 101,179 | | | | | $ | 86,609 | | | | | $ | 65,815 | | | | | $ | 78,761 | | | | | $ | 83,044 | | |
For the year ended December 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2021 | 2020 | ||||||||||||||||||||||||
Contract revenues | $ | 2,498,289 | 100.0 | % | $ | 2,247,392 | 100.0 | % | ||||||||||||||||||
Contract costs | 2,173,308 | 87.0 | 1,971,539 | 87.7 | ||||||||||||||||||||||
Gross profit | 324,981 | 13.0 | 275,853 | 12.3 | ||||||||||||||||||||||
Selling, general and administrative expenses | 207,208 | 8.3 | 188,535 | 8.4 | ||||||||||||||||||||||
Amortization of intangible assets | 2,311 | 0.1 | 3,586 | 0.2 | ||||||||||||||||||||||
Gain on sale of property and equipment | (3,098) | (0.1) | (2,813) | (0.1) | ||||||||||||||||||||||
Income from operations | 118,560 | 4.7 | 86,545 | 3.8 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest income | 70 | — | 9 | — | ||||||||||||||||||||||
Interest expense | (1,799) | (0.1) | (4,563) | (0.2) | ||||||||||||||||||||||
Other expense, net | (525) | — | (606) | — | ||||||||||||||||||||||
Income before provision for income taxes | 116,306 | 4.6 | 81,385 | 3.6 | ||||||||||||||||||||||
Income tax expense | 31,300 | 1.2 | 22,626 | 1.0 | ||||||||||||||||||||||
Net income | 85,006 | 3.4 | 58,759 | 2.6 | ||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | (4) | — | — | — | ||||||||||||||||||||||
Net income attributable to MYR Group Inc. | $ | 85,010 | 3.4 | % | $ | 58,759 | 2.6 | % |
| | | For the year ended December 31, | | |||||||||||||||||||||
(dollars in thousands) | | | 2019 | | | 2018 | | ||||||||||||||||||
Contract revenues | | | | $ | 2,071,159 | | | | | | 100.0% | | | | | $ | 1,531,169 | | | | | | 100.0% | | |
Contract costs | | | | | 1,857,001 | | | | | | 89.7 | | | | | | 1,364,109 | | | | | | 89.1 | | |
Gross profit | | | | | 214,158 | | | | | | 10.3 | | | | | | 167,060 | | | | | | 10.9 | | |
Selling, general and administrative expenses | | | | | 156,674 | | | | | | 7.6 | | | | | | 118,737 | | | | | | 7.8 | | |
Amortization of intangible assets | | | | | 3,849 | | | | | | 0.2 | | | | | | 1,843 | | | | | | 0.1 | | |
Gain on sale of property and equipment | | | | | (3,543) | | | | | | (0.2) | | | | | | (3,832) | | | | | | (0.2) | | |
Income from operations | | | | | 57,178 | | | | | | 2.7 | | | | | | 50,312 | | | | | | 3.2 | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 4 | | | | | | — | | | | | | 24 | | | | | | — | | |
Interest expense | | | | | (6,225) | | | | | | (0.3) | | | | | | (3,652) | | | | | | (0.2) | | |
Other income (expense), net | | | | | (515) | | | | | | — | | | | | | (3,616) | | | | | | (0.2) | | |
Income before income tax expense | | | | | 50,442 | | | | | | 2.4 | | | | | | 43,068 | | | | | | 2.8 | | |
Income tax expense | | | | | 14,228 | | | | | | 0.7 | | | | | | 11,774 | | | | | | 0.8 | | |
Net income | | | | | 36,214 | | | | | | 1.7 | | | | | | 31,294 | | | | | | 2.0 | | |
Less: net income (loss) attributable to noncontrolling interest | | | | | (1,476) | | | | | | (0.1) | | | | | | 207 | | | | | | — | | |
Net income attributable to MYR Group Inc. | | | | $ | 37,690 | | | | | | 1.8% | | | | | $ | 31,087 | | | | | | 2.0% | | |
For the Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||
Contract revenues: | ||||||||||||||||||||||||||
Transmission & Distribution | $ | 1,301,587 | 52.1 | % | $ | 1,154,378 | 51.4 | % | ||||||||||||||||||
Commercial & Industrial | 1,196,702 | 47.9 | 1,093,014 | 48.6 | ||||||||||||||||||||||
Total | $ | 2,498,289 | 100.0 | $ | 2,247,392 | 100.0 | ||||||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||
Transmission & Distribution | $ | 132,738 | 10.2 | $ | 109,387 | 9.5 | ||||||||||||||||||||
Commercial & Industrial | 54,418 | 4.5 | 37,247 | 3.4 | ||||||||||||||||||||||
Total | 187,156 | 7.5 | 146,634 | 6.5 | ||||||||||||||||||||||
Corporate | (68,596) | (2.7) | (60,089) | (2.7) | ||||||||||||||||||||||
Consolidated | $ | 118,560 | 4.8 | % | $ | 86,545 | 3.8 | % |
| | | For the Year Ended December 31, | | |||||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||
(dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||
Contract revenues: | | | | | | | | | | | | | | | | | | | | | | | | | |
Transmission & Distribution | | | | $ | 1,134,411 | | | | | | 54.8% | | | | | $ | 893,108 | | | | | | 58.3% | | |
Commercial & Industrial | | | | | 936,748 | | | | | | 45.2 | | | | | | 638,061 | | | | | | 41.7 | | |
Total | | | | $ | 2,071,159 | | | | | | 100.0 | | | | | $ | 1,531,169 | | | | | | 100.0 | | |
Operating income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Transmission & Distribution | | | | $ | 73,580 | | | | | | 6.5 | | | | | $ | 57,242 | | | | | | 6.4 | | |
Commercial & Industrial | | | | | 30,506 | | | | | | 3.3 | | | | | | 34,112 | | | | | | 5.3 | | |
Total | | | | | 104,086 | | | | | | 5.0 | | | | | | 91,354 | | | | | | 6.0 | | |
Corporate | | | | | (46,908) | | | | | | (2.2) | | | | | | (41,042) | | | | | | (2.7) | | |
Consolidated | | | | $ | 57,178 | | | | | | 2.8% | | | | | $ | 50,312 | | | | | | 3.3% | | |
For the year ended December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Net income attributable to MYR Group Inc. | $ | 85,010 | $ | 58,759 | $ | 37,690 | ||||||||||||||||||||||||||
Net loss - noncontrolling interests | (4) | — | (1,476) | |||||||||||||||||||||||||||||
Net income | 85,006 | 58,759 | 36,214 | |||||||||||||||||||||||||||||
Interest expense, net | 1,729 | 4,554 | 6,221 | |||||||||||||||||||||||||||||
Income tax expense | 31,300 | 22,626 | 14,228 | |||||||||||||||||||||||||||||
Depreciation and amortization | 46,205 | 46,453 | 44,516 | |||||||||||||||||||||||||||||
EBITDA | $ | 164,240 | $ | 132,392 | $ | 101,179 |
For the year ended December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Net cash flows provided by operating activities | $ | 137,228 | $ | 175,167 | $ | 64,899 | ||||||||||||||||||||||||||
Add/(subtract) | ||||||||||||||||||||||||||||||||
Changes in operating assets and liabilities | 6,554 | (67,770) | 21,322 | |||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities | (58,776) | (48,638) | (50,007) | |||||||||||||||||||||||||||||
Depreciation and amortization | 46,205 | 46,453 | 44,516 | |||||||||||||||||||||||||||||
Income tax expense | 31,300 | 22,626 | 14,228 | |||||||||||||||||||||||||||||
Interest expense, net | 1,729 | 4,554 | 6,221 | |||||||||||||||||||||||||||||
EBITDA | $ | 164,240 | $ | 132,392 | $ | 101,179 |
As of December 31, | ||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Total current assets | $ | 748,390 | $ | 636,684 | $ | 639,184 | ||||||||||||||||||||||||||
Less: total current liabilities | (498,599) | (443,400) | (396,814) | |||||||||||||||||||||||||||||
Working capital | $ | 249,791 | $ | 193,284 | $ | 242,370 |
(in thousands) | | | Total | | | Less than 1 Year | | | 1 – 3 Years | | | 3 – 5 Years | | | More than 5 Years | | | Other | | ||||||||||||||||||
Short and long term debt(1) | | | | $ | 165,824 | | | | | $ | 8,737 | | | | | $ | 16,994 | | | | | $ | 124,649 | | | | | $ | 15,444 | | | | | $ | — | | |
Operating lease obligations | | | | | 29,514 | | | | | | 8,431 | | | | | | 13,334 | | | | | | 6,101 | | | | | | 1,648 | | | | | | — | | |
Finance lease obligations | | | | | 1,508 | | | | | | 1,167 | | | | | | 341 | | | | | | — | | | | | | — | | | | | | — | | |
Purchase obligations | | | | | 5,440 | | | | | | 5,440 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Income tax contingencies | | | | | 176 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176 | | |
Total | | | | $ | 202,462 | | | | | $ | 23,775 | | | | | $ | 30,669 | | | | | $ | 130,750 | | | | | $ | 17,092 | | | | | $ | 176 | | |
Consolidated Balance Sheets as of December 31, | ||||||||||||
Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, | ||||||||||||
Consolidated Statements of Stockholders’ Equity for the years ended December 31, | ||||||||||||
Consolidated Statements of Cash Flows for the years ended December 31, | ||||||||||||
| | December 31, | | ||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||
(in thousands, except share and per share data) | | 2019 | | 2018 | | (in thousands, except share and per share data) | 2021 | 2020 | |||||||||||||||||||
ASSETS | | | | | | | | | | | | ASSETS | |||||||||||||||
Current assets | | | | | | | | | | | | Current assets | |||||||||||||||
Cash and cash equivalents | | | $ | 12,397 | | | | $ | 7,507 | | | Cash and cash equivalents | $ | 82,092 | $ | 22,668 | |||||||||||
Accounts receivable, net of allowances of $3,364 and $1,331, respectively | | | | 388,479 | | | | | 288,427 | | | ||||||||||||||||
Contract assets | | | | 217,109 | | | | | 160,281 | | | ||||||||||||||||
Accounts receivable, net of allowances of $2,441 and $1,696, respectively | Accounts receivable, net of allowances of $2,441 and $1,696, respectively | 375,353 | 385,938 | ||||||||||||||||||||||||
Contract assets, net of allowances of $385 and $359, respectively | Contract assets, net of allowances of $385 and $359, respectively | 225,075 | 185,803 | ||||||||||||||||||||||||
Current portion of receivable for insurance claims in excess of deductibles | | | | 6,415 | | | | | 10,572 | | | Current portion of receivable for insurance claims in excess of deductibles | 11,078 | 11,859 | |||||||||||||
Refundable income taxes | | | | 1,973 | | | | | — | | | Refundable income taxes | 9,228 | 1,534 | |||||||||||||
Other current assets | | | | 12,811 | | | | | 8,847 | | | ||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 45,564 | 28,882 | ||||||||||||||||||||||||
Total current assets | | | | 639,184 | | | | | 475,634 | | | Total current assets | 748,390 | 636,684 | |||||||||||||
Property and equipment, net of accumulated depreciation of $272,865 and $253,495, respectively | | | | 185,344 | | | | | 161,892 | | | ||||||||||||||||
Property and equipment, net of accumulated depreciation of $322,128 and $294,366, respectively | Property and equipment, net of accumulated depreciation of $322,128 and $294,366, respectively | 196,092 | 185,114 | ||||||||||||||||||||||||
Operating lease right-of-use assets | | | | 22,958 | | | | | — | | | Operating lease right-of-use assets | 20,971 | 22,291 | |||||||||||||
Goodwill | | | | 66,060 | | | | | 56,588 | | | Goodwill | 66,065 | 66,065 | |||||||||||||
Intangible assets, net of accumulated amortization of $10,880 and $7,031, respectively | | | | 54,940 | | | �� | | 33,266 | | | ||||||||||||||||
Intangible assets, net of accumulated amortization of $16,779 and $14,467, respectively | Intangible assets, net of accumulated amortization of $16,779 and $14,467, respectively | 49,054 | 51,365 | ||||||||||||||||||||||||
Receivable for insurance claims in excess of deductibles | | | | 30,976 | | | | | 17,173 | | | Receivable for insurance claims in excess of deductibles | 32,443 | 27,043 | |||||||||||||
Investment in joint venture | | | | 4,722 | | | | | 1,324 | | | Investment in joint venture | 3,978 | 3,040 | |||||||||||||
Other assets | | | | 3,687 | | | | | 2,878 | | | Other assets | 4,099 | 4,257 | |||||||||||||
Total assets | | | $ | 1,007,871 | | | | $ | 748,755 | | | Total assets | $ | 1,121,092 | $ | 995,859 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||
Current liabilities | | | | | | | | | | | | Current liabilities | |||||||||||||||
Current portion of long-term debt | | | $ | 8,737 | | | | $ | 3,681 | | | Current portion of long-term debt | $ | 1,039 | $ | 4,381 | |||||||||||
Current portion of operating lease obligations | | | | 6,205 | | | | | — | | | Current portion of operating lease obligations | 7,765 | 6,612 | |||||||||||||
Current portion of finance lease obligations | | | | 1,135 | | | | | 1,119 | | | Current portion of finance lease obligations | — | 318 | |||||||||||||
Accounts payable | | | | 192,107 | | | | | 139,480 | | | Accounts payable | 200,744 | 162,580 | |||||||||||||
Contract liabilities | | | | 105,486 | | | | | 58,534 | | | Contract liabilities | 167,931 | 158,396 | |||||||||||||
Current portion of accrued self-insurance | | | | 18,780 | | | | | 19,633 | | | Current portion of accrued self-insurance | 24,242 | 24,395 | |||||||||||||
Accrued income taxes | Accrued income taxes | 2,021 | — | ||||||||||||||||||||||||
Other current liabilities | | | | 64,364 | | | | | 61,358 | | | Other current liabilities | 94,857 | 86,718 | |||||||||||||
Total current liabilities | | | | 396,814 | | | | | 283,805 | | | Total current liabilities | 498,599 | 443,400 | |||||||||||||
Deferred income tax liabilities | | | | 20,945 | | | | | 17,398 | | | Deferred income tax liabilities | 24,620 | 18,339 | |||||||||||||
Long-term debt | | | | 157,087 | | | | | 86,111 | | | Long-term debt | 3,464 | 25,039 | |||||||||||||
Accrued self-insurance | | | | 48,024 | | | | | 34,406 | | | Accrued self-insurance | 50,816 | 45,428 | |||||||||||||
Operating lease obligations, net of current maturities | | | | 16,884 | | | | | — | | | Operating lease obligations, net of current maturities | 13,230 | 15,730 | |||||||||||||
Finance lease obligations, net of current maturities | | | | 338 | | | | | 1,514 | | | ||||||||||||||||
Other liabilities | | | | 3,304 | | | | | 1,057 | | | Other liabilities | 11,261 | 18,631 | |||||||||||||
Total liabilities | | | | 643,396 | | | | | 424,291 | | | Total liabilities | 601,990 | 566,567 | |||||||||||||
Commitments and contingencies | | | | | | | | | | | | Commitments and contingencies | 0 | 0 | |||||||||||||
Stockholders’ equity | | | | | | | | | | | | Stockholders’ equity | |||||||||||||||
Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2019 and December 31, 2018 | | | | — | | | | | — | | | ||||||||||||||||
Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,648,616 and 16,564,961 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively | | | | 166 | | | | | 165 | | | ||||||||||||||||
Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2021 and December 31, 2020 | Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2021 and December 31, 2020 | — | — | ||||||||||||||||||||||||
Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,870,636 and 16,734,239 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,870,636 and 16,734,239 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 168 | 167 | ||||||||||||||||||||||||
Additional paid-in capital | | | | 152,532 | | | | | 148,276 | | | Additional paid-in capital | 163,754 | 158,618 | |||||||||||||
Accumulated other comprehensive income (loss) | | | | (446) | | | | | (193) | | | ||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 173 | 23 | ||||||||||||||||||||||||
Retained earnings | | | | 212,219 | | | | | 174,736 | | | Retained earnings | 355,007 | 270,480 | |||||||||||||
Total stockholders’ equity attributable to MYR Group Inc. | | | | 364,471 | | | | | 322,984 | | | Total stockholders’ equity attributable to MYR Group Inc. | 519,102 | 429,288 | |||||||||||||
Noncontrolling interest | | | | 4 | | | | | 1,480 | | | Noncontrolling interest | — | 4 | |||||||||||||
Total stockholders’ equity | | | | 364,475 | | | | | 324,464 | | | Total stockholders’ equity | 519,102 | 429,292 | |||||||||||||
Total liabilities and stockholders’ equity | | | $ | 1,007,871 | | | | $ | 748,755 | | | Total liabilities and stockholders’ equity | $ | 1,121,092 | $ | 995,859 |
| | Year ended December 31, | | ||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | | 2019 | | 2018 | | 2017 | | (in thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Contract revenues | | | $ | 2,071,159 | | | | $ | 1,531,169 | | | | $ | 1,403,317 | | | Contract revenues | $ | 2,498,289 | $ | 2,247,392 | $ | 2,071,159 | ||||||||||||||||
Contract costs | | | | 1,857,001 | | | | | 1,364,109 | | | | | 1,278,313 | | | Contract costs | 2,173,308 | 1,971,539 | 1,857,001 | |||||||||||||||||||
Gross profit | | | | 214,158 | | | | | 167,060 | | | | | 125,004 | | | Gross profit | 324,981 | 275,853 | 214,158 | |||||||||||||||||||
Selling, general and administrative expenses | | | | 156,674 | | | | | 118,737 | | | | | 98,611 | | | Selling, general and administrative expenses | 207,208 | 188,535 | 156,674 | |||||||||||||||||||
Amortization of intangible assets | | | | 3,849 | | | | | 1,843 | | | | | 499 | | | Amortization of intangible assets | 2,311 | 3,586 | 3,849 | |||||||||||||||||||
Gain on sale of property and equipment | | | | (3,543) | | | | | (3,832) | | | | | (3,664) | | | Gain on sale of property and equipment | (3,098) | (2,813) | (3,543) | |||||||||||||||||||
Income from operations | | | | 57,178 | | | | | 50,312 | | | | | 29,558 | | | Income from operations | 118,560 | 86,545 | 57,178 | |||||||||||||||||||
Other income (expense): | | | | | | | | | | | | | | | | | Other income (expense): | ||||||||||||||||||||||
Interest income | | | | 4 | | | | | 24 | | | | | 4 | | | Interest income | 70 | 9 | 4 | |||||||||||||||||||
Interest expense | | | | (6,225) | | | | | (3,652) | | | | | (2,603) | | | Interest expense | (1,799) | (4,563) | (6,225) | |||||||||||||||||||
Other income (expense), net | | | | (515) | | | | | (3,616) | | | | | (2,319) | | | |||||||||||||||||||||||
Income before income tax expense | | | | 50,442 | | | | | 43,068 | | | | | 24,640 | | | |||||||||||||||||||||||
Other expense, net | Other expense, net | (525) | (606) | (515) | |||||||||||||||||||||||||||||||||||
Income before provision for income taxes | Income before provision for income taxes | 116,306 | 81,385 | 50,442 | |||||||||||||||||||||||||||||||||||
Income tax expense | | | | 14,228 | | | | | 11,774 | | | | | 3,486 | | | Income tax expense | 31,300 | 22,626 | 14,228 | |||||||||||||||||||
Net income | | | | 36,214 | | | | | 31,294 | | | | | 21,154 | | | Net income | 85,006 | 58,759 | 36,214 | |||||||||||||||||||
Less: net income (loss) attributable to noncontrolling interest | | | | (1,476) | | | | | 207 | | | | | — | | | |||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | Less: net loss attributable to noncontrolling interest | (4) | — | (1,476) | |||||||||||||||||||||||||||||||||||
Net income attributable to MYR Group Inc. | | | $ | 37,690 | | | | $ | 31,087 | | | | $ | 21,154 | | | Net income attributable to MYR Group Inc. | $ | 85,010 | $ | 58,759 | $ | 37,690 | ||||||||||||||||
Income per common share attributable to MYR Group Inc.: | | | | | | | | | | | | | | | | | Income per common share attributable to MYR Group Inc.: | ||||||||||||||||||||||
– Basic | | | $ | 2.27 | | | | $ | 1.89 | | | | $ | 1.30 | | | – Basic | $ | 5.05 | $ | 3.52 | $ | 2.27 | ||||||||||||||||
– Diluted | | | $ | 2.26 | | | | $ | 1.87 | | | | $ | 1.28 | | | – Diluted | $ | 4.95 | $ | 3.48 | $ | 2.26 | ||||||||||||||||
Weighted average number of common shares and potential common shares outstanding: | | | | | | | | | | | | | | | | | Weighted average number of common shares and potential common shares outstanding: | ||||||||||||||||||||||
– Basic | | | | 16,587 | | | | | 16,441 | | | | | 16,273 | | | – Basic | 16,838 | 16,684 | 16,587 | |||||||||||||||||||
– Diluted | | | | 16,699 | | | | | 16,585 | | | | | 16,496 | | | – Diluted | 17,161 | 16,890 | 16,699 | |||||||||||||||||||
Net income | | | $ | 36,214 | | | | $ | 31,294 | | | | $ | 21,154 | | | Net income | $ | 85,006 | $ | 58,759 | $ | 36,214 | ||||||||||||||||
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | Other comprehensive income (loss): | ||||||||||||||||||||||
Foreign currency translation adjustment | | | | (253) | | | | | 106 | | | | | 134 | | | Foreign currency translation adjustment | 150 | 469 | (253) | |||||||||||||||||||
Other comprehensive income (loss) | | | | (253) | | | | | 106 | | | | | 134 | | | Other comprehensive income (loss) | 150 | 469 | (253) | |||||||||||||||||||
Total comprehensive income | | | | 35,961 | | | | | 31,400 | | | | | 21,288 | | | Total comprehensive income | 85,156 | 59,228 | 35,961 | |||||||||||||||||||
Less: net income (loss) attributable to noncontrolling interest | | | | (1,476) | | | | | 207 | | | | | — | | | |||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | Less: net loss attributable to noncontrolling interest | (4) | — | (1,476) | |||||||||||||||||||||||||||||||||||
Total comprehensive income attributable to MYR Group Inc. | | | $ | 37,437 | | | | $ | 31,193 | | | | $ | 21,288 | | | Total comprehensive income attributable to MYR Group Inc. | $ | 85,160 | $ | 59,228 | $ | 37,437 |
Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | MYR Group Inc. Shareholders’ Equity | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | — | 16,565 | $ | 165 | $ | 148,276 | $ | (193) | $ | 174,736 | $ | 322,984 | $ | 1,480 | $ | 324,464 | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 37,690 | 37,690 | (1,476) | 36,214 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under compensation plans, net | — | 105 | 1 | 340 | — | — | 341 | — | 341 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 4,403 | — | — | 4,403 | — | 4,403 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | (23) | — | (571) | — | (207) | (778) | — | (778) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (253) | — | (253) | — | (253) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued – other | — | 2 | — | 84 | — | — | 84 | — | 84 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | 16,649 | 166 | 152,532 | (446) | 212,219 | 364,471 | 4 | 364,475 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 58,759 | 58,759 | — | 58,759 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to adopt ASC 326 | — | — | — | — | — | (268) | (268) | — | (268) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under compensation plans, net | — | 108 | 1 | 748 | — | — | 749 | — | 749 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 5,688 | — | — | 5,688 | — | 5,688 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | (25) | — | (422) | (230) | (652) | — | (652) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 469 | — | 469 | — | 469 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued – other | — | 2 | — | 72 | — | — | 72 | — | 72 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | — | 16,734 | 167 | 158,618 | 23 | 270,480 | 429,288 | 4 | 429,292 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 85,010 | 85,010 | (4) | 85,006 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued under compensation plans, net | — | 187 | 2 | 496 | — | — | 498 | — | 498 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | 7,496 | — | — | 7,496 | — | 7,496 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | (51) | (1) | (2,868) | — | (483) | (3,352) | — | (3,352) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 150 | — | 150 | — | 150 | |||||||||||||||||||||||||||||||||||||||||||||||
Stock issued – other | — | 1 | — | 12 | — | — | 12 | — | 12 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | — | 16,871 | $ | 168 | $ | 163,754 | $ | 173 | $ | 355,007 | $ | 519,102 | $ | — | $ | 519,102 |
| | | Preferred Stock | | | Common Stock | | | Additional Paid-In Capital | | | Accumulated Other Comprehensive Income (Loss) | | | Retained Earnings | | | MYR Group Inc. Shareholders’ Equity | | | Noncontrolling Interest | | | Total | | ||||||||||||||||||||||||||||||
(in thousands) | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | | | | $ | — | | | | | | 16,333 | | | | | $ | 162 | | | | | $ | 140,100 | | | | | $ | (433) | | | | | $ | 123,345 | | | | | $ | 263,174 | | | | | $ | — | | | | | $ | 263,174 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,154 | | | | | | 21,154 | | | | | | — | | | | | | 21,154 | | |
Adjustment to adopt ASU No. 2016-09 | | | | | — | | | | | | — | | | | | | — | | | | | | 225 | | | | | | — | | | | | | (225) | | | | | | — | | | | | | — | | | | | | — | | |
Stock issued under compensation plans, net | | | | | — | | | | | | 224 | | | | | | 2 | | | | | | 1,230 | | | | | | — | | | | | | — | | | | | | 1,232 | | | | | | — | | | | | | 1,232 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 4,376 | | | | | | — | | | | | | — | | | | | | 4,376 | | | | | | — | | | | | | 4,376 | | |
Shares repurchased | | | | | — | | | | | | (93) | | | | | | (1) | | | | | | (2,025) | | | | | | — | | | | | | (1,033) | | | | | | (3,059) | | | | | | — | | | | | | (3,059) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 134 | | | | | | — | | | | | | 134 | | | | | | — | | | | | | 134 | | |
Stock issued – other | | | | | — | | | | | | 1 | | | | | | — | | | | | | 28 | | | | | | — | | | | | | — | | | | | | 28 | | | | | | — | | | | | | 28 | | |
Balance at December 31, 2017 | | | | | — | | | | | | 16,465 | | | | | | 163 | | | | | | 143,934 | | | | | | (299) | | | | | | 143,241 | | | | | | 287,039 | | | | | | — | | | | | | 287,039 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,087 | | | | | | 31,087 | | | | | | 207 | | | | | | 31,294 | | |
Adjustment to adopt ASC 606 | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 695 | | | | | | 695 | | | | | | — | | | | | | 695 | | |
Stock issued under compensation plans, net | | | | | — | | | | | | 132 | | | | | | 2 | | | | | | 1,895 | | | | | | — | | | | | | — | | | | | | 1,897 | | | | | | — | | | | | | 1,897 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 3,165 | | | | | | — | | | | | | — | | | | | | 3,165 | | | | | | — | | | | | | 3,165 | | |
Shares repurchased | | | | | — | | | | | | (33) | | | | | | — | | | | | | (756) | | | | | | — | | | | | | (287) | | | | | | (1,043) | | | | | | — | | | | | | (1,043) | | |
Noncontrolling interest acquired | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,273 | | | | | | 1,273 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 106 | | | | | | — | | | | | | 106 | | | | | | — | | | | | | 106 | | |
Stock issued – other | | | | | — | | | | | | 1 | | | | | | — | | | | | | 38 | | | | | | — | | | | | | — | | | | | | 38 | | | | | | — | | | | | | 38 | | |
Balance at December 31, 2018 | | | | | — | | | | | | 16,565 | | | | | | 165 | | | | | | 148,276 | | | | | | (193) | | | | | | 174,736 | | | | | | 322,984 | | | | | | 1,480 | | | | | | 324,464 | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,690 | | | | | | 37,690 | | | | | | (1,476) | | | | | | 36,214 | | |
Stock issued under compensation plans, net | | | | | — | | | | | | 105 | | | | | | 1 | | | | | | 340 | | | | | | — | | | | | | — | | | | | | 341 | | | | | | — | | | | | | 341 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | 4,403 | | | | | | — | | | | | | — | | | | | | 4,403 | | | | | | — | | | | | | 4,403 | | |
Shares repurchased | | | | | — | | | | | | (23) | | | | | | — | | | | | | (571) | | | | | | — | | | | | | (207) | | | | | | (778) | | | | | | — | | | | | | (778) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (253) | | | | | | — | | | | | | (253) | | | | | | — | | | | | | (253) | | |
Stock issued – other | | | | | — | | | | | | 2 | | | | | | — | | | | | | 84 | | | | | | — | | | | | | — | | | | | | 84 | | | | | | — | | | | | | 84 | | |
Balance at December 31, 2019 | | | | $ | — | | | | | | 16,649 | | | | | $ | 166 | | | | | $ | 152,532 | | | | | $ | (446) | | | | | $ | 212,219 | | | | | $ | 364,471 | | | | | $ | 4 | | | | | $ | 364,475 | | |
|
| | Year ended December 31, | | ||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
(in thousands) | | 2019 | | 2018 | | 2017 | | (in thousands) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | Cash flows from operating activities: | ||||||||||||||||||||||
Net income | | | $ | 36,214 | | | | $ | 31,294 | | | | $ | 21,154 | | | Net income | $ | 85,006 | $ | 58,759 | $ | 36,214 | ||||||||||||||||
Adjustments to reconcile net income to net cash flows provided by (used in) operating activities: | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
Adjustments to reconcile net income to net cash flows provided by operating activities: | Adjustments to reconcile net income to net cash flows provided by operating activities: | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization of property and equipment | | | | 40,667 | | | | | 38,070 | | | | | 38,077 | | | Depreciation and amortization of property and equipment | 43,894 | 42,867 | 40,667 | |||||||||||||||||||
Amortization of intangible assets | | | | 3,849 | | | | | 1,843 | | | | | 499 | | | Amortization of intangible assets | 2,311 | 3,586 | 3,849 | |||||||||||||||||||
Stock-based compensation expense | | | | 4,403 | | | | | 3,165 | | | | | 4,376 | | | Stock-based compensation expense | 7,496 | 5,688 | 4,403 | |||||||||||||||||||
Deferred income taxes | | | | 3,602 | | | | | 3,649 | | | | | (5,091) | | | Deferred income taxes | 6,281 | (2,641) | 3,602 | |||||||||||||||||||
Gain on sale of property and equipment | | | | (3,543) | | | | | (3,832) | | | | | (3,664) | | | Gain on sale of property and equipment | (3,098) | (2,813) | (3,543) | |||||||||||||||||||
Other non-cash items | | | | 1,029 | | | | | 237 | | | | | 1,194 | | | Other non-cash items | 1,892 | 1,951 | 1,029 | |||||||||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | | | | (39,710) | | | | | (15,871) | | | | | (35,944) | | | Accounts receivable, net | 10,659 | 2,903 | (39,710) | |||||||||||||||||||
Contract assets | | | | (16,443) | | | | | (28,141) | | | | | (17,857) | | | |||||||||||||||||||||||
Contract assets, net | Contract assets, net | (39,266) | 31,360 | (16,443) | |||||||||||||||||||||||||||||||||||
Receivable for insurance claims in excess of deductibles | | | | (9,646) | | | | | (9,229) | | | | | (39) | | | Receivable for insurance claims in excess of deductibles | (4,619) | (1,511) | (9,646) | |||||||||||||||||||
Other assets | | | | (10,327) | | | | | 2,280 | | | | | (2,213) | | | |||||||||||||||||||||||
Prepaid expenses and other assets | Prepaid expenses and other assets | (25,320) | (15,458) | (10,327) | |||||||||||||||||||||||||||||||||||
Accounts payable | | | | 22,492 | | | | | 19,953 | | | | | 8,149 | | | Accounts payable | 34,348 | (43,079) | 22,492 | |||||||||||||||||||
Contract liabilities | | | | 28,163 | | | | | 22,551 | | | | | (14,317) | | | Contract liabilities | 9,573 | 52,918 | 28,163 | |||||||||||||||||||
Accrued self-insurance | | | | 12,755 | | | | | 8,701 | | | | | 2,765 | | | Accrued self-insurance | 5,233 | 3,010 | 12,755 | |||||||||||||||||||
Other liabilities | | | | (8,606) | | | | | 10,119 | | | | | (6,287) | | | Other liabilities | 2,838 | 37,627 | (8,606) | |||||||||||||||||||
Net cash flows provided by (used in) operating activities | | | | 64,899 | | | | | 84,789 | | | | | (9,198) | | | |||||||||||||||||||||||
Net cash flows provided by operating activities | Net cash flows provided by operating activities | 137,228 | 175,167 | 64,899 | |||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | | | | | | | | | | | | | | | | | Cash flows from investing activities: | ||||||||||||||||||||||
Proceeds from sale of property and equipment | | | | 4,051 | | | | | 4,583 | | | | | 4,342 | | | Proceeds from sale of property and equipment | 3,062 | 3,429 | 4,051 | |||||||||||||||||||
Cash paid for acquisitions, net of cash acquired | | | | (79,720) | | | | | (47,082) | | | | | — | | | Cash paid for acquisitions, net of cash acquired | — | — | (79,720) | |||||||||||||||||||
Purchases of property and equipment | | | | (57,828) | | | | | (50,704) | | | | | (30,843) | | | Purchases of property and equipment | (52,361) | (44,355) | (57,828) | |||||||||||||||||||
Net cash flows used in investing activities | | | | (133,497) | | | | | (93,203) | | | | | (26,501) | | | Net cash flows used in investing activities | (49,299) | (40,926) | (133,497) | |||||||||||||||||||
Cash flows from financing activities: | | | | | | | | | | | | | | | | | Cash flows from financing activities: | ||||||||||||||||||||||
Net borrowings (repayments) under revolving lines of credit | | | | 45,514 | | | | | (20,655) | | | | | 19,890 | | | Net borrowings (repayments) under revolving lines of credit | — | (103,820) | 45,514 | |||||||||||||||||||
Payment of principal obligations under equipment notes | | | | (4,550) | | | | | — | | | | | — | | | Payment of principal obligations under equipment notes | (24,917) | (32,584) | (4,550) | |||||||||||||||||||
Payment of principal obligations under finance leases | | | | (1,201) | | | | | (1,081) | | | | | (1,203) | | | Payment of principal obligations under finance leases | (336) | (1,238) | (1,201) | |||||||||||||||||||
Borrowings under equipment notes | | | | 35,068 | | | | | 31,486 | | | | | — | | | Borrowings under equipment notes | — | — | 35,068 | |||||||||||||||||||
Proceeds from exercise of stock options | | | | 341 | | | | | 1,897 | | | | | 1,232 | | | Proceeds from exercise of stock options | 498 | 749 | 341 | |||||||||||||||||||
Debt refinancing costs | | | | (1,122) | | | | | — | | | | | — | | | Debt refinancing costs | — | — | (1,122) | |||||||||||||||||||
Repurchase of common shares | | | | (778) | | | | | (1,043) | | | | | (3,058) | | | |||||||||||||||||||||||
Payments related to tax withholding for stock-based compensation | Payments related to tax withholding for stock-based compensation | (3,352) | (652) | (778) | |||||||||||||||||||||||||||||||||||
Other financing activities | | | | 84 | | | | | 38 | | | | | 28 | | | Other financing activities | 12 | 13,249 | 84 | |||||||||||||||||||
Net cash flows provided by financing activities | | | | 73,356 | | | | | 10,642 | | | | | 16,889 | | | |||||||||||||||||||||||
Net cash flows provided by (used in) financing activities | Net cash flows provided by (used in) financing activities | (28,095) | (124,296) | 73,356 | |||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | | | | 132 | | | | | (64) | | | | | 307 | | | Effect of exchange rate changes on cash | (410) | 326 | 132 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | | | | 4,890 | | | | | 2,164 | | | | | (18,503) | | | |||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 59,424 | 10,271 | 4,890 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | | | | | | | | | | | | | | | | | Cash and cash equivalents: | ||||||||||||||||||||||
Beginning of period | | | | 7,507 | | | | | 5,343 | | | | | 23,846 | | | Beginning of period | 22,668 | 12,397 | 7,507 | |||||||||||||||||||
End of period | | | $ | 12,397 | | | | $ | 7,507 | | | | $ | 5,343 | | | End of period | $ | 82,092 | $ | 22,668 | $ | 12,397 | ||||||||||||||||
Supplemental Cash Flow Information: | | | | | | | | | | | | | | | | | Supplemental Cash Flow Information: | ||||||||||||||||||||||
Cash paid during the period for: | | | | | | | | | | | | | | | | | Cash paid during the period for: | ||||||||||||||||||||||
Income taxes payments | | | $ | 13,381 | | | | $ | 7,247 | | | | $ | 6,597 | | | Income taxes payments | $ | 30,009 | $ | 24,185 | $ | 13,381 | ||||||||||||||||
Interest payments | | | | 5,737 | | | | | 3,097 | | | | | 2,259 | | | Interest payments | 1,444 | 4,071 | 5,737 | |||||||||||||||||||
Noncash investing activities: | | | | | | | | | | | | | | | | | Noncash investing activities: | ||||||||||||||||||||||
Acquisition of property and equipment for which payment is pending | | | | 43 | | | | | 953 | | | | | 2,050 | | | Acquisition of property and equipment for which payment is pending | 4,120 | 349 | 43 |
(in thousands) | | | (as of acquisition date) July 15, 2019 | | | Measurement Period Adjustments | | | Final Acquisition Allocation | | |||||||||
Consideration paid | | | | $ | 79,720 | | | | | $ | — | | | | | $ | 79,720 | | |
Net asset adjustments | | | | | 633 | | | | | | 354 | | | | | | 987 | | |
Total consideration, net of net asset adjustments | | | | $ | 80,353 | | | | | $ | 354 | | | | | $ | 80,707 | | |
Accounts receivable, net | | | | $ | 59,579 | | | | | $ | 186 | | | | | $ | 59,765 | | |
Contract assets | | | | | 38,970 | | | | | | 994 | | | | | | 39,964 | | |
Other current assets | | | | | 83 | | | | | | — | | | | | | 83 | | |
Property and equipment | | | | | 7,964 | | | | | | — | | | | | | 7,964 | | |
Operating lease right-of-use assets | | | | | 9,933 | | | | | | — | | | | | | 9,933 | | |
Intangible assets | | | | | 26,000 | | | | | | (500) | | | | | | 25,500 | | |
Other long term assets | | | | | 149 | | | | | | — | | | | | | 149 | | |
Accounts payable | | | | | (29,533) | | | | | | (1,100) | | | | | | (30,633) | | |
Accrued salaries and benefits | | | | | (8,091) | | | | | | — | | | | | | (8,091) | | |
Contract liabilities | | | | | (18,934) | | | | | | 200 | | | | | | (18,734) | | |
Current portion of operating lease obligations | | | | | (2,526) | | | | | | (36) | | | | | | (2,562) | | |
Other current liabilities | | | | | (4,776) | | | | | | 73 | | | | | | (4,703) | | |
Operating lease obligations, net of current maturities | | | | | (7,407) | | | | | | 36 | | | | | | (7,371) | | |
Long-term debt | | | | | (20) | | | | | | — | | | | | | (20) | | |
Net identifiable assets and liabilities | | | | | 71,391 | | | | | | (147) | | | | | | 71,244 | | |
Goodwill | | | | $ | 8,962 | | | | | $ | 501 | | | | | $ | 9,463 | | |
| | | Year ended December 31, | | |||||||||
(in thousands, except per share data) | | | 2019 | | | 2018 | | ||||||
| | | (unaudited) | | | (unaudited) | | ||||||
Contract revenues | | | | $ | 2,243,224 | | | | | $ | 1,833,645 | | |
Net income | | | | $ | 39,552 | | | | | $ | 33,165 | | |
Net income attributable to MYR Group, Inc. | | | | $ | 41,028 | | | | | $ | 32,958 | | |
Income per common share attributable to MYR Group Inc.: | | | | | | | | | | | | | |
– Basic | | | | $ | 2.47 | | | | | $ | 2.00 | | |
– Diluted | | | | $ | 2.46 | | | | | $ | 1.99 | | |
Weighted average number of common shares and potential common shares outstanding: | | | | | | | | | | | | | |
– Basic | | | | | 16,587 | | | | | | 16,441 | | |
– Diluted | | | | | 16,699 | | | | | | 16,585 | | |
(in thousands) | | | (as of acquisition date) July 2, 2018 | | | Measurement Period Adjustments | | | Final Acquisition Allocation | | |||||||||
Consideration paid | | | | $ | 47,082 | | | | | $ | — | | | | | $ | 47,082 | | |
Preliminary estimated net asset adjustments | | | | | 10,749 | | | | | | 85 | | | | | | 10,834 | | |
Total consideration, net of net asset adjustments | | | | $ | 57,831 | | | | | $ | 85 | | | | | $ | 57,916 | | |
Accounts receivable, net | | | | $ | 33,903 | | | | | $ | (207) | | | | | $ | 33,696 | | |
Contract assets | | | | | 10,570 | | | | | | 1,010 | | | | | | 11,580 | | |
Other current and long term assets | | | | | 88 | | | | | | (11) | | | | | | 77 | | |
Property and equipment | | | | | 3,188 | | | | | | — | | | | | | 3,188 | | |
Intangible assets | | | | | — | | | | | | 24,300 | | | | | | 24,300 | | |
Accounts payable | | | | | (9,592) | | | | | | (1,274) | | | | | | (10,866) | | |
Contract liabilities | | | | | (6,394) | | | | | | 525 | | | | | | (5,869) | | |
Other current liabilities | | | | | (6,570) | | | | | | 49 | | | | | | (6,521) | | |
Net identifiable assets and liabilites | | | | | 25,193 | | | | | | 24,392 | | | | | | 49,585 | | |
Unallocated intangible assets | | | | | 9,800 | | | | | | (9,800) | | | | | | — | | |
Total aquired assets and liabilites | | | | | 34,993 | | | | | | 14,592 | | | | | | 49,585 | | |
Fair value of aquired noncontrolling interests | | | | | (1,273) | | | | | | (7) | | | | | | (1,280) | | |
Goodwill | | | | $ | 24,111 | | | | | $ | (14,500) | | | | | $ | 9,611 | | |
| | | | (in thousands) | | | 2019 | | | 2018 | | | Change | | |||||||||
| | | | Unbilled revenue | | | | $ | 126,087 | | | | | $ | 111,153 | | | | | $ | 14,934 | | |
| | | | Contract retainages, net | | | | | 91,022 | | | | | | 49,128 | | | | | | 41,894 | | |
| | | | Contract assets | | | | $ | 217,109 | | | | | $ | 160,281 | | | | | $ | 56,828 | | |
(in thousands) | 2021 | 2020 | Change | |||||||||||||||||
Unbilled revenue, net | $ | 134,187 | $ | 97,543 | $ | 36,644 | ||||||||||||||
Contract retainages, net | 90,888 | 88,260 | 2,628 | |||||||||||||||||
Contract assets, net | $ | 225,075 | $ | 185,803 | $ | 39,272 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | Change | | |||||||||
| | | | Deferred revenue | | | | $ | 102,673 | | | | | $ | 57,051 | | | | | $ | 45,622 | | |
| | | | Accrued loss provision | | | | | 2,813 | | | | | | 1,483 | | | | | | 1,330 | | |
| | | | Contract liabilities | | | | $ | 105,486 | | | | | $ | 58,534 | | | | | $ | 46,952 | | |
|
(in thousands) | 2021 | 2020 | Change | |||||||||||||||||
Deferred revenue | $ | 165,699 | $ | 155,570 | $ | 10,129 | ||||||||||||||
Accrued loss provision | 2,232 | 2,826 | (594) | |||||||||||||||||
Contract liabilities | $ | 167,931 | $ | 158,396 | $ | 9,535 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | Change | | |||||||||
| | | | Contract assets | | | | $ | 217,109 | | | | | $ | 160,281 | | | | | $ | 56,828 | | |
| | | | Contract liabilities | | | | | (105,486) | | | | | | (58,534) | | | | | | (46,952) | | |
| | | | Net contract assets (liabilities) | | | | $ | 111,623 | | | | | $ | 101,747 | | | | | $ | 9,876 | | |
(in thousands) | 2021 | 2020 | Change | |||||||||||||||||
Contract assets | $ | 225,075 | $ | 185,803 | $ | 39,272 | ||||||||||||||
Contract liabilities | (167,931) | (158,396) | (9,535) | |||||||||||||||||
Net contract assets (liabilities) | $ | 57,144 | $ | 27,407 | $ | 29,737 |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Costs and estimated earnings on uncompleted contracts | | | | $ | 3,532,886 | | | | | $ | 2,718,713 | | |
| | | | Less: billings to date | | | | | 3,509,472 | | | | | | 2,664,611 | | |
| | | | | | | | $ | 23,414 | | | | | $ | 54,102 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Costs and estimated earnings on uncompleted contracts | $ | 4,130,621 | $ | 3,921,376 | ||||||||||
Less: billings to date | 4,162,133 | 3,979,403 | ||||||||||||
$ | (31,512) | $ | (58,027) |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Unbilled revenue | | | | $ | 126,087 | | | | | $ | 111,153 | | |
| | | | Deferred revenue | | | | | (102,673) | | | | | | (57,051) | | |
| | | | | | | | $ | 23,414 | | | | | $ | 54,102 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Unbilled revenue, net | $ | 134,187 | $ | 97,543 | ||||||||||
Deferred revenue | (165,699) | (155,570) | ||||||||||||
$ | (31,512) | $ | (58,027) |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | | Classification on the Consolidated Balance Sheet | | | | | (in thousands) | Classification on the Consolidated Balance Sheet | ||||||||||||||||||||||
Assets | | | | | | | | | Assets | |||||||||||||||||||||
Operating lease right-of-use assets | | Operating lease right-of-use assets | | | $ | 22,958 | | | Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 20,971 | $ | 22,291 | ||||||||||||||||
Finance lease right-of-use assets | | Property and equipment, net of accumulated depreciation | | | | 1,478 | | | Finance lease right-of-use assets | Property and equipment, net of accumulated depreciation | — | 390 | ||||||||||||||||||
Total right-of-use lease assets | | | | | $ | 24,436 | | | Total right-of-use lease assets | $ | 20,971 | $ | 22,681 | |||||||||||||||||
Liabilities | | | | | | | | | Liabilities | |||||||||||||||||||||
Current | | | | | | | | | Current | |||||||||||||||||||||
Operating lease obligations | | Current portion of operating lease obligations | | | $ | 6,205 | | | Operating lease obligations | Current portion of operating lease obligations | $ | 7,765 | $ | 6,612 | ||||||||||||||||
Finance lease obligations | | Current portion of finance lease obligations | | | | 1,135 | | | Finance lease obligations | Current portion of finance lease obligations | — | 318 | ||||||||||||||||||
Total current obligations | | | | | | 7,340 | | | Total current obligations | 7,765 | 6,930 | |||||||||||||||||||
Non-current | | | | | | | | | Non-current | |||||||||||||||||||||
Operating lease obligations | | Operating lease obligations, net of current maturities | | | | 16,884 | | | Operating lease obligations | Operating lease obligations, net of current maturities | 13,230 | 15,730 | ||||||||||||||||||
Finance lease obligations | | Finance lease obligations, net of current maturities | | | | 338 | | | ||||||||||||||||||||||
Total non-current obligations | | | | | | 17,222 | | | Total non-current obligations | 13,230 | 15,730 | |||||||||||||||||||
Total lease obligations | | | | | $ | 24,562 | | | Total lease obligations | $ | 20,995 | $ | 22,660 |
December 31, 2021 | December 31, 2020 | |||||||||||||
Weighted-average remaining lease term – finance leases | 0.0 years | 0.4 years | ||||||||||||
Weighted-average remaining lease term – operating leases | 2.9 years | 3.4 years | ||||||||||||
Weighted-average discount rate – finance leases | — | % | 2.6 | % | ||||||||||
Weighted-average discount rate – operating leases | 3.9 | % | 3.9 | % |
| | | | | | | Year ended December 31, | | |||
| | | | (in thousands) | | | 2019 | | |||
| | | | Lease cost: | | | | | | | |
| | | | Finance lease cost: | | | | | | | |
| | | | Amortization of right-of-use assets | | | | $ | 820 | | |
| | | | Interest on lease liabilities | | | | | 66 | | |
| | | | Operating lease cost | | | | | 7,282 | | |
| | | | Short-term lease cost | | | | | 8 | | |
| | | | Variable lease costs | | | | | 284 | | |
| | | | Total lease cost | | | | $ | 8,460 | | |
Year ended December 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Lease cost: | ||||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of right-of-use assets | $ | — | $ | 883 | ||||||||||
Interest on lease liabilities | — | 31 | ||||||||||||
Operating lease cost | 10,217 | 9,378 | ||||||||||||
Variable lease costs | 317 | 335 | ||||||||||||
Total lease cost | $ | 10,534 | $ | 10,627 |
| | | | (in thousands) | | | | | | | |
| | | | Other information: | | | | | | | |
| | | | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | |
| | | | Operating cash flows from operating leases | | | | $ | 7,337 | | |
| | | | Right-of-use asset obtained in exchange for new operating lease obligations | | | | $ | 13,301 | | |
Year ended December 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Other information: | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | 10,451 | $ | 9,237 | ||||||||||
Right-of-use asset obtained in exchange for new operating lease obligations | $ | 7,459 | $ | 6,764 |
(in thousands) | | | Finance Lease Obligations | | | Operating Lease Obligations | | | Total Lease Obligations | | |||||||||
2020 | | | | $ | 1,167 | | | | | $ | 8,431 | | | | | $ | 9,598 | | |
2021 | | | | | 341 | | | | | | 7,335 | | | | | | 7,676 | | |
2022 | | | | | — | | | | | | 5,999 | | | | | | 5,999 | | |
2023 | | | | | — | | | | | | 4,123 | | | | | | 4,123 | | |
2024 | | | | | — | | | | | | 1,978 | | | | | | 1,978 | | |
Thereafter | | | | | — | | | | | | 1,648 | | | | | | 1,648 | | |
Total minimum lease payments | | | | | 1,508 | | | | | | 29,514 | | | | | | 31,022 | | |
Financing component | | | | | (35) | | | | | | (6,425) | | | | | | (6,460) | | |
Net present value of minimum lease payments | | | | | 1,473 | | | | | | 23,089 | | | | | | 24,562 | | |
Less: current portion of finance and operating lease obligations | | | | | (1,135) | | | | | | (6,205) | | | | | | (7,340) | | |
Long-term finance and operating lease obligations | | | | $ | 338 | | | | | $ | 16,884 | | | | | $ | 17,222 | | |
(in thousands) | Operating Lease Obligations | |||||||||||||||||||
2022 | $ | 9,826 | ||||||||||||||||||
2023 | 7,208 | |||||||||||||||||||
2024 | 4,149 | |||||||||||||||||||
2025 | 1,942 | |||||||||||||||||||
2026 | 1,047 | |||||||||||||||||||
Thereafter | 10 | |||||||||||||||||||
Total minimum lease payments | 24,182 | |||||||||||||||||||
Financing component | (3,187) | |||||||||||||||||||
Net present value of minimum lease payments | 20,995 | |||||||||||||||||||
Less: current portion of operating lease obligations | (7,765) | |||||||||||||||||||
Long-term operating lease obligations | $ | 13,230 |
| | | | (in thousands) | | | Operating Lease Obligations | | |||
| | | | 2019 | | | | $ | 4,829 | | |
| | | | 2020 | | | | | 3,754 | | |
| | | | 2021 | | | | | 2,971 | | |
| | | | 2022 | | | | | 2,379 | | |
| | | | 2023 | | | | | 1,335 | | |
| | | | Thereafter | | | | | 2,127 | | |
| | | | Total minimum lease payments | | | | $ | 17,395 | | |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Contract receivables | | | | $ | 385,744 | | | | | $ | 282,283 | | |
| | | | Other | | | | | 6,099 | | | | | | 7,475 | | |
| | | | | | | | | 391,843 | | | | | | 289,758 | | |
| | | | Less: allowance for doubtful accounts | | | | | (3,364) | | | | | | (1,331) | | |
| | | | | | | | $ | 388,479 | | | | | $ | 288,427 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Contract receivables | $ | 374,826 | $ | 382,096 | ||||||||||
Other | 2,968 | 5,538 | ||||||||||||
377,794 | 387,634 | |||||||||||||
Less: allowance for doubtful accounts | (2,441) | (1,696) | ||||||||||||
$ | 375,353 | $ | 385,938 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Balance at beginning of period | | | | $ | 1,331 | | | | | $ | 605 | | | | | $ | 432 | | |
| | | | Less: reduction in (provision for) allowances | | | | | (2,532) | | | | | | (860) | | | | | | (263) | | |
| | | | Less: write offs, net of recoveries | | | | | 501 | | | | | | 123 | | | | | | 92 | | |
| | | | Change in foreign currency translation | | | | | (2) | | | | | | 11 | | | | | | (2) | | |
| | | | Balance at end of period | | | | $ | 3,364 | | | | | $ | 1,331 | | | | | $ | 605 | | |
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Balance at beginning of period | $ | 1,696 | $ | 3,364 | $ | 1,331 | ||||||||||||||
Less: reduction in (provision for) allowances | (764) | 1,296 | (2,532) | |||||||||||||||||
Less: write offs, net of recoveries | 19 | 375 | 501 | |||||||||||||||||
Change in foreign currency translation | — | (3) | (2) | |||||||||||||||||
Balance at end of period | $ | 2,441 | $ | 1,696 | $ | 3,364 |
(in thousands) | 2021 | 2020 | ||||||||||||
Prepaid expenses | $ | 44,677 | $ | 28,305 | ||||||||||
Other current assets | 887 | 577 | ||||||||||||
$ | 45,564 | $ | 28,882 |
| | | | (dollars in thousands) | | | Estimated Useful Life in Years | | | 2019 | | | 2018 | | ||||||
| | | | Land | | | — | | | | $ | 9,301 | | | | | $ | 8,475 | | |
| | | | Buildings and improvements | | | 3 to 39 | | | | | 29,747 | | | | | | 23,228 | | |
| | | | Construction equipment | | | 3 to 12 | | | | | 403,217 | | | | | | 371,941 | | |
| | | | Office equipment | | | 3 to 10 | | | | | 15,944 | | | | | | 11,743 | | |
| | | | | | | | | | | | 458,209 | | | | | | 415,387 | | |
| | | | Less: accumulated depreciation and amortization | | | | | | | | (272,865) | | | | | | (253,495) | | |
| | | | | | | | | | | $ | 185,344 | | | | | $ | 161,892 | | |
(dollars in thousands) | Estimated Useful Life in Years | 2021 | 2020 | |||||||||||||||||
Land | — | $ | 10,226 | $ | 9,301 | |||||||||||||||
Buildings and improvements | 3 to 39 | 35,600 | 33,452 | |||||||||||||||||
Construction equipment | 3 to 12 | 455,011 | 420,002 | |||||||||||||||||
Office equipment | 3 to 10 | 17,383 | 16,725 | |||||||||||||||||
518,220 | 479,480 | |||||||||||||||||||
Less: accumulated depreciation and amortization | (322,128) | (294,366) | ||||||||||||||||||
$ | 196,092 | $ | 185,114 |
| | | 2019 | | | 2018 | | ||||||||||||||||||||||||||||||
(in thousands) | | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | | | Gross Carrying Amount | | | Accumulated Amortization | | | Net Carrying Amount | | ||||||||||||||||||
Goodwill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
T&D | | | | $ | 40,224 | | | | | $ | — | | | | | $ | 40,224 | | | | | $ | 40,224 | | | | | $ | — | | | | | $ | 40,224 | | |
C&I | | | | | 25,836 | | | | | | — | | | | | | 25,836 | | | | | | 16,364 | | | | | | — | | | | | | 16,364 | | |
Total goodwill | | | | $ | 66,060 | | | | | $ | — | | | | | $ | 66,060 | | | | | $ | 56,588 | | | | | $ | — | | | | | $ | 56,588 | | |
Amortizable Intangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Backlog | | | | $ | 5,289 | | | | | $ | 4,039 | | | | | $ | 1,250 | | | | | $ | 2,789 | | | | | $ | 1,889 | | | | | $ | 900 | | |
Customer relationships | | | | | 31,381 | | | | | | 6,623 | | | | | | 24,758 | | | | | | 17,280 | | | | | | 4,970 | | | | | | 12,310 | | |
Trade names | | | | | 695 | | | | | | 218 | | | | | | 477 | | | | | | 695 | | | | | | 172 | | | | | | 523 | | |
Indefinite-lived Intangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade names | | | | | 28,455 | | | | | | — | | | | | | 28,455 | | | | | | 19,533 | | | | | | — | | | | | | 19,533 | | |
Total intangible assets | | | | $ | 65,820 | | | | | $ | 10,880 | | | | | $ | 54,940 | | | | | $ | 40,297 | | | | | $ | 7,031 | | | | | $ | 33,266 | | |
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||||||||||||
T&D | $ | 40,224 | $ | — | $ | 40,224 | $ | 40,224 | $ | — | $ | 40,224 | ||||||||||||||||||||||||||
C&I | 25,841 | — | 25,841 | 25,841 | — | 25,841 | ||||||||||||||||||||||||||||||||
Total goodwill | $ | 66,065 | $ | — | $ | 66,065 | $ | 66,065 | $ | — | $ | 66,065 | ||||||||||||||||||||||||||
Amortizable Intangible Assets | ||||||||||||||||||||||||||||||||||||||
Backlog | $ | 5,289 | $ | 5,289 | $ | — | $ | 5,289 | $ | 5,289 | $ | — | ||||||||||||||||||||||||||
Customer relationships | 31,381 | 11,179 | 20,202 | 31,381 | 8,914 | 22,467 | ||||||||||||||||||||||||||||||||
Trade names | 696 | 311 | 385 | 696 | 264 | 432 | ||||||||||||||||||||||||||||||||
Indefinite-lived Intangible Assets | ||||||||||||||||||||||||||||||||||||||
Trade names | 28,467 | — | 28,467 | 28,466 | — | 28,466 | ||||||||||||||||||||||||||||||||
Total intangible assets | $ | 65,833 | $ | 16,779 | $ | 49,054 | $ | 65,832 | $ | 14,467 | $ | 51,365 |
| | | | (in thousands) | | | Future Amortization Expense | | |||
| | | | 2020 | | | | $ | 3,587 | | |
| | | | 2021 | | | | | 2,312 | | |
| | | | 2022 | | | | | 2,312 | | |
| | | | 2023 | | | | | 2,312 | | |
| | | | 2024 | | | | | 2,312 | | |
| | | | Thereafter | | | | | 13,650 | | |
| | | | Total | | | | $ | 26,485 | | |
(in thousands) | Future Amortization Expense | |||||||
2022 | $ | 2,312 | ||||||
2023 | 2,312 | |||||||
2024 | 2,312 | |||||||
2025 | 2,312 | |||||||
2026 | 2,312 | |||||||
Thereafter | 9,027 | |||||||
Total | $ | 20,587 |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Payroll and incentive compensation | | | | $ | 22,645 | | | | | $ | 21,641 | | |
| | | | Union dues and benefits | | | | | 18,747 | | | | | | 11,465 | | |
| | | | Taxes | | | | | 6,790 | | | | | | 7,999 | | |
| | | | Profit sharing and thrift plan | | | | | 5,325 | | | | | | 1,215 | | |
| | | | Net asset adjustments | | | | | 987 | | | | | | 11,210 | | |
| | | | Joint venture liability | | | | | 652 | | | | | | — | | |
| | | | Other | | | | | 9,218 | | | | | | 7,828 | | |
| | | | | | | | $ | 64,364 | | | | | $ | 61,358 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Payroll and incentive compensation | $ | 46,485 | $ | 30,145 | ||||||||||
Union dues and benefits | 19,994 | 17,800 | ||||||||||||
Taxes | 4,605 | 18,130 | ||||||||||||
Profit sharing and thrift plan | 11,175 | 10,763 | ||||||||||||
Other | 12,598 | 9,880 | ||||||||||||
$ | 94,857 | $ | 86,718 |
(dollars in thousands) | | Inception Date | | Stated Interest Rate (per annum) | | Payment Frequency | | Term (years) | | Outstanding Balance as of December 31, 2019 | | Outstanding Balance as of December 31, 2018 | | (dollars in thousands) | Inception Date | Stated Interest Rate (per annum) | Payment Frequency | Term (years) | Outstanding Balance as of December 31, 2021 | Outstanding Balance as of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Credit Agreement | | | | | | | | | | | | | | | | | | | | Credit Agreement | |||||||||||||||||||||||||||||||||||||||||||
Revolving loans | | 9/13/2019 | | Variable | | Variable | | 5 | | | $ | 103,820 | | | | $ | 58,306 | | | Revolving loans | 9/13/2019 | Variable | Variable | 5 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Equipment Notes | | | | | | | | | | | | | | | | | | | | Equipment Notes | |||||||||||||||||||||||||||||||||||||||||||
Equipment Note 1 | | 9/28/2018 | | 4.16% | | Semi-annual | | 5 | | | | 10,643 | | | | | 12,655 | | | ||||||||||||||||||||||||||||||||||||||||||||
Equipment Note 2 | | 9/28/2018 | | 4.23% | | Semi-annual | | 7 | | | | 11,200 | | | | | 12,279 | | | ||||||||||||||||||||||||||||||||||||||||||||
Equipment Note 3 | | 12/31/2018 | | 3.97% | | Semi-annual | | 5 | | | | 1,953 | | | | | 2,291 | | | ||||||||||||||||||||||||||||||||||||||||||||
Equipment Note 4 | | 12/31/2018 | | 4.02% | | Semi-annual | | 7 | | | | 2,108 | | | | | 2,313 | | | ||||||||||||||||||||||||||||||||||||||||||||
Equipment Note 5 | | 12/31/2018 | | 4.01% | | Semi-annual | | 7 | | | | 1,751 | | | | | 1,948 | | | ||||||||||||||||||||||||||||||||||||||||||||
Equipment Note 6 | | 6/25/2019 | | 2.89% | | Semi-annual | | 7 | | | | 14,286 | | | | | — | | | Equipment Note 6 | 6/25/2019 | 2.89% | Semi-annual | 7 | — | 12,896 | |||||||||||||||||||||||||||||||||||||
Equipment Note 7 | | 6/24/2019 | | 3.09% | | Semi-annual | | 5 | | | | 9,033 | | | | | — | | | Equipment Note 7 | 6/24/2019 | 3.09% | Semi-annual | 5 | — | 6,980 | |||||||||||||||||||||||||||||||||||||
Equipment Note 8 | | 12/27/2019 | | 2.75% | | Semi-annual | | 5 | | | | 6,496 | | | | | — | | | Equipment Note 8 | 12/27/2019 | 2.75% | Semi-annual | 5 | 4,503 | 5,513 | |||||||||||||||||||||||||||||||||||||
Equipment Note 9 | | 12/24/2019 | | 3.01% | | Semi-annual | | 7 | | | | 4,534 | | | | | — | | | Equipment Note 9 | 12/24/2019 | 3.01% | Semi-annual | 7 | — | 4,031 | |||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | 62,004 | | | | | 31,486 | | | ||||||||||||||||||||||||||||||||||||||||||||
4,503 | 29,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total debt | | | | | | | | | | | | 165,824 | | | | | 89,792 | | | Total debt | 4,503 | 29,420 | |||||||||||||||||||||||||||||||||||||||||
Less: current portion of long-term debt | | | | | | | | | | | | (8,737) | | | | | (3,681) | | | Less: current portion of long-term debt | (1,039) | (4,381) | |||||||||||||||||||||||||||||||||||||||||
Long-term debt | | | | | | | | | | | $ | 157,087 | | | | $ | 86,111 | | | Long-term debt | $ | 3,464 | $ | 25,039 |
| | | | (in thousands) | | | Future Equipment Notes Principal Payments | | |||
| | | | 2020 | | | | $ | 8,737 | | |
| | | | 2021 | | | | | 8,349 | | |
| | | | 2022 | | | | | 8,645 | | |
| | | | 2023 | | | | | 11,906 | | |
| | | | 2024 | | | | | 8,923 | | |
| | | | Thereafter | | | | | 15,444 | | |
| | | | Total future principal payments | | | | $ | 62,004 | | |
| | | | Less: current portion of equipment notes | | | | | (8,737) | | |
| | | | Long-term principal obligations | | | | $ | 53,267 | | |
|
(in thousands) | Future Equipment Notes Principal Payments | |||||||
2022 | $ | 1,039 | ||||||
2023 | 1,067 | |||||||
2024 | 2,397 | |||||||
2025 | — | |||||||
2026 | — | |||||||
Thereafter | — | |||||||
Total future principal payments | $ | 4,503 | ||||||
Less: current portion of equipment notes | (1,039) | |||||||
Long-term principal obligations | $ | 3,464 |
| | | 2019 | | |||||||||||||||||||||||||||||||||
| | | T&D | | | C&I | | | Total | | |||||||||||||||||||||||||||
(dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Fixed price | | | | $ | 564,251 | | | | | | 49.7% | | | | | $ | 704,743 | | | | | | 75.2% | | | | | $ | 1,268,994 | | | | | | 61.3% | | |
Unit price | | | | | 228,223 | | | | | | 20.1 | | | | | | 54,433 | | | | | | 5.8 | | | | | | 282,656 | | | | | | 13.6 | | |
T&E | | | | | 316,943 | | | | | | 27.9 | | | | | | 101,770 | | | | | | 10.9 | | | | | | 418,713 | | | | | | 20.2 | | |
Other | | | | | 24,994 | | | | | | 2.3 | | | | | | 75,802 | | | | | | 8.1 | | | | | | 100,796 | | | | | | 4.9 | | |
| | | | $ | 1,134,411 | | | | | | 100.0% | | | | | $ | 936,748 | | | | | | 100.0% | | | | | $ | 2,071,159 | | | | | | 100.0% | | |
|
| | | 2018 | | |||||||||||||||||||||||||||||||||
| | | T&D | | | C&I | | | Total | | |||||||||||||||||||||||||||
(dollars in thousands) | | | Amount | | | Percent | | | Amount | | | Percent | | | Amount | | | Percent | | ||||||||||||||||||
Fixed price | | | | $ | 361,699 | | | | | | 40.5% | | | | | $ | 452,732 | | | | | | 71.0% | | | | | $ | 814,431 | | | | | | 53.2% | | |
Unit Price | | | | | 181,179 | | | | | | 20.3 | | | | | | 51,590 | | | | | | 8.1 | | | | | | 232,769 | | | | | | 15.2 | | |
T&E | | | | | 305,581 | | | | | | 34.2 | | | | | | 34,938 | | | | | | 5.4 | | | | | | 340,519 | | | | | | 22.2 | | |
Other | | | | | 44,649 | | | | | | 5.0 | | | | | | 98,801 | | | | | | 15.5 | | | | | | 143,450 | | | | | | 9.4 | | |
| | | | $ | 893,108 | | | | | | 100.0% | | | | | $ | 638,061 | | | | | | 100.0% | | | | | $ | 1,531,169 | | | | | | 100.0% | | |
|
2021 | ||||||||||||||||||||||||||||||||||||||
T&D | C&I | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Fixed price | $ | 559,861 | 43.0 | % | $ | 963,477 | 80.5 | % | $ | 1,523,338 | 61.0 | % | ||||||||||||||||||||||||||
Unit price | 369,710 | 28.4 | 73,826 | 6.2 | 443,536 | 17.7 | ||||||||||||||||||||||||||||||||
T&E | 372,016 | 28.6 | 159,399 | 13.3 | 531,415 | 21.3 | ||||||||||||||||||||||||||||||||
$ | 1,301,587 | 100.0 | % | $ | 1,196,702 | 100.0 | % | $ | 2,498,289 | 100.0 | % |
2020 | ||||||||||||||||||||||||||||||||||||||
T&D | C&I | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Fixed price | $ | 507,634 | 44.0 | % | $ | 904,024 | 82.7 | % | $ | 1,411,658 | 62.8 | % | ||||||||||||||||||||||||||
Unit price | 338,611 | 29.3 | 77,331 | 7.1 | 415,942 | 18.5 | ||||||||||||||||||||||||||||||||
T&E | 308,133 | 26.7 | 111,659 | 10.2 | 419,792 | 18.7 | ||||||||||||||||||||||||||||||||
$ | 1,154,378 | 100.0 | % | $ | 1,093,014 | 100.0 | % | $ | 2,247,392 | 100.0 | % |
2019 | ||||||||||||||||||||||||||||||||||||||
T&D | C&I | Total | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||
Fixed price | $ | 564,266 | 49.7 | % | $ | 701,135 | 74.8 | % | $ | 1,265,401 | 61.1 | % | ||||||||||||||||||||||||||
Unit price | 228,229 | 20.1 | 53,552 | 5.7 | 281,781 | 13.6 | ||||||||||||||||||||||||||||||||
T&E | 341,916 | 30.2 | 182,061 | 19.5 | 523,977 | 25.3 | ||||||||||||||||||||||||||||||||
$ | 1,134,411 | 100.0 | % | $ | 936,748 | 100.0 | % | $ | 2,071,159 | 100.0 | % |
| | 2019 | | 2018 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | | Amount | | Percent | | Segment | | Amount | | Percent | | Segment | | (dollars in thousands) | Segment | Amount | Percent | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transmission | | | $ | 772,609 | | | | | 37.3% | | | T&D | | | $ | 559,467 | | | | | 36.5% | | | T&D | | Transmission | T&D | $ | 806,367 | 32.3 | % | $ | 745,599 | 33.2 | % | $ | 772,609 | 37.3 | % | ||||||||||||||||||||||||||||||||||||
Distribution | | | | 361,802 | | | | | 17.5 | | | T&D | | | | 333,641 | | | | | 21.8 | | | T&D | | Distribution | T&D | 495,220 | 19.8 | 408,779 | 18.2 | 361,802 | 17.5 | ||||||||||||||||||||||||||||||||||||||||||
Electrical construction | | | | 936,748 | | | | | 45.2 | | | C&I | | | | 638,061 | | | | | 41.7 | | | C&I | | Electrical construction | C&I | 1,196,702 | 47.9 | 1,093,014 | 48.6 | 936,748 | 45.2 | ||||||||||||||||||||||||||||||||||||||||||
Total revenue | | | $ | 2,071,159 | | | | | 100.0% | | | | | | $ | 1,531,169 | | | | | 100.0% | | | | | Total revenue | $ | 2,498,289 | 100.0 | % | $ | 2,247,392 | 100.0 | % | $ | 2,071,159 | 100.0 | % |
| | | | | | | Remaining Performance Obligations as of December 31, 2019 | | |||||||||
| | | | (in thousands) | | | Total | | | Amount estimated to not be recognized within 12 months | | ||||||
| | | | T&D | | | | $ | 381,850 | | | | | $ | 45,678 | | |
| | | | C&I | | | | | 1,027,193 | | | | | | 260,837 | | |
| | | | Total | | | | $ | 1,409,043 | | | | | $ | 306,515 | | |
Remaining Performance Obligations as of December 31, 2021 | ||||||||||||||
(in thousands) | Total | Amount estimated to not be recognized within 12 months | ||||||||||||
T&D | $ | 572,032 | $ | 84,075 | ||||||||||
C&I | 1,105,866 | 339,659 | ||||||||||||
Total | $ | 1,677,898 | $ | 423,734 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Federal | | | | $ | 46,445 | | | | | $ | 48,393 | | | | | $ | 33,830 | | |
| | | | Foreign | | | | | 3,997 | | | | | | (5,325) | | | | | | (9,190) | | |
| | | | | | | | $ | 50,442 | | | | | $ | 43,068 | | | | | $ | 24,640 | | |
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Federal | $ | 106,956 | $ | 77,195 | $ | 46,445 | ||||||||||||||
Foreign | 9,350 | 4,190 | 3,997 | |||||||||||||||||
$ | 116,306 | $ | 81,385 | $ | 50,442 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Current | | | | | | | | | | | | | | | | | | | |
| | | | Federal | | | | $ | 6,976 | | | | | $ | 5,155 | | | | | $ | 7,020 | | |
| | | | State | | | | | 3,562 | | | | | | 3,310 | | | | | | 1,557 | | |
| | | | | | | | | 10,538 | | | | | | 8,465 | | | | | | 8,577 | | |
| | | | Deferred | | | | | | | | | | | | | | | | | | | |
| | | | Federal | | | | | 3,010 | | | | | | 4,936 | | | | | | (1,453) | | |
| | | | Foreign | | | | | 874 | | | | | | (822) | | | | | | (875) | | |
| | | | State | | | | | (194) | | | | | | (805) | | | | | | (2,763) | | |
| | | | | | | | | 3,690 | | | | | | 3,309 | | | | | | (5,091) | | |
| | | | Income tax expense | | | | $ | 14,228 | | | | | $ | 11,774 | | | | | $ | 3,486 | | |
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 16,512 | $ | 19,014 | $ | 6,976 | ||||||||||||||
Foreign | 1,947 | — | — | |||||||||||||||||
State | 6,560 | 6,363 | 3,562 | |||||||||||||||||
25,019 | 25,377 | 10,538 | ||||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | 5,061 | (2,519) | 3,010 | |||||||||||||||||
Foreign | 287 | 963 | 874 | |||||||||||||||||
State | 933 | (1,195) | (194) | |||||||||||||||||
6,281 | (2,751) | 3,690 | ||||||||||||||||||
Income tax expense | $ | 31,300 | $ | 22,626 | $ | 14,228 |
2021 | 2020 | 2019 | ||||||||||||||||||
U.S federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||
State income taxes, net of U.S. federal income tax expense | 4.7 | 5.0 | 4.7 | |||||||||||||||||
Change in valuation allowance | — | 0.1 | (0.3) | |||||||||||||||||
Tax differential on foreign earnings | 0.5 | 0.3 | 0.4 | |||||||||||||||||
Non-deductible meals and entertainment | 0.1 | 0.4 | 0.8 | |||||||||||||||||
Stock compensation excess tax benefits | (0.8) | (0.6) | 0.1 | |||||||||||||||||
Uncertain tax positions | — | 0.3 | (0.4) | |||||||||||||||||
Provision to return adjustments, net | 0.4 | 0.4 | 0.2 | |||||||||||||||||
Global intangible low tax income | — | 0.9 | 0.3 | |||||||||||||||||
Section 162(m) limitation | 1.1 | 0.5 | 0.3 | |||||||||||||||||
Non-controlling interest | — | — | 0.9 | |||||||||||||||||
Other income, net | (0.1) | (0.5) | 0.2 | |||||||||||||||||
Effective rate | 26.9 | % | 27.8 | % | 28.2 | % |
| | | | | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | U.S federal statutory rate | | | | | 21.0% | | | | | | 21.0% | | | | | | 35.0% | | |
| | | | Deferred balance adjustments due to Tax Act, net | | | | | — | | | | | | — | | | | | | (31.6) | | |
| | | | State income taxes, net of U.S. federal income tax expense | | | | | 4.7 | | | | | | 5.2 | | | | | | 5.3 | | |
| | | | Change in valuation allowance | | | | | (0.3) | | | | | | 1.2 | | | | | | 6.4 | | |
| | | | Domestic production/manufacturing deduction | | | | | — | | | | | | — | | | | | | (1.6) | | |
| | | | Tax differential on foreign earnings | | | | | 0.4 | | | | | | (0.5) | | | | | | 3.2 | | |
| | | | Deferred state tax adjustments, net | | | | | — | | | | | | — | | | | | | (2.4) | | |
| | | | Non-deductible meals and entertainment | | | | | 0.8 | | | | | | 0.8 | | | | | | 1.7 | | |
| | | | Stock compensation excess tax benefits | | | | | 0.1 | | | | | | (0.1) | | | | | | (3.1) | | |
| | | | Uncertain tax positions | | | | | (0.4) | | | | | | 0.1 | | | | | | 2.0 | | |
| | | | Provision to return adjustments, net | | | | | 0.2 | | | | | | (0.2) | | | | | | (0.3) | | |
| | | | Global intangible low tax income | | | | | 0.3 | | | | | | — | | | | | | — | | |
| | | | Non-controlling interest | | | | | 0.9 | | | | | | (0.5) | | | | | | — | | |
| | | | Other income, net | | | | | 0.5 | | | | | | 0.3 | | | | | | (0.5) | | |
| | | | Effective rate | | | | | 28.2% | | | | | | 27.3% | | | | | | 14.1% | | |
|
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Deferred income tax assets: | | | | | | | | | | | | | |
| | | | Self insurance reserves | | | | $ | 4,458 | | | | | $ | 4,299 | | |
| | | | Contract loss reserves | | | | | 642 | | | | | | 350 | | |
| | | | Stock-based awards | | | | | 1,164 | | | | | | 1,143 | | |
| | | | Bonus | | | | | 4,904 | | | | | | 3,271 | | |
| | | | Operating lease liabilities | | | | | 5,850 | | | | | | — | | |
| | | | Non-U.S. operating loss | | | | | 5,499 | | | | | | 5,641 | | |
| | | | Other | | | | | 3,439 | | | | | | 1,958 | | |
| | | | Total deferred income tax assets before valuation allowances | | | | | 25,956 | | | | | | 16,662 | | |
| | | | Less: valuation allowances | | | | | (2,508) | | | | | | (2,672) | | |
| | | | Total deferred income tax assets | | | | | 23,448 | | | | | | 13,990 | | |
| | | | Deferred income tax liabilities: | | | | | | | | | | | | | |
| | | | Property and equipment — tax over book depreciation | | | | | (32,220) | | | | | | (26,030) | | |
| | | | Intangible assets — tax over book amortization | | | | | (1,856) | | | | | | (1,890) | | |
| | | | Right-of-use operating lease assets | | | | | (5,850) | | | | | | — | | |
| | | | Non-U.S. deferred income tax liabilities | | | | | (2,280) | | | | | | (1,443) | | |
| | | | Other | | | | | (2,187) | | | | | | (2,025) | | |
| | | | Total deferred income tax liabilities | | | | | (44,393) | | | | | | (31,388) | | |
| | | | Net deferred income taxes | | | | $ | (20,945) | | | | | $ | (17,398) | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Deferred income tax assets: | ||||||||||||||
Self insurance reserves | $ | 2,138 | $ | 4,091 | ||||||||||
Contract loss reserves | 541 | 703 | ||||||||||||
Stock-based awards | 1,633 | 1,300 | ||||||||||||
Bonus | 8,373 | 6,173 | ||||||||||||
Accrued vacation | 1,977 | 1,741 | ||||||||||||
Accrued profit sharing | 2,665 | 2,476 | ||||||||||||
Operating lease liabilities | 5,404 | 5,715 | ||||||||||||
Non-U.S. operating loss | 2,520 | 3,601 | ||||||||||||
Other | 2,628 | 4,661 | ||||||||||||
Total deferred income tax assets before valuation allowances | 27,879 | 30,461 | ||||||||||||
Less: valuation allowances | (2,593) | (2,566) | ||||||||||||
Total deferred income tax assets | 25,286 | 27,895 | ||||||||||||
Deferred income tax liabilities: | ||||||||||||||
Property and equipment — tax over book depreciation | (36,856) | (34,439) | ||||||||||||
Intangible assets — tax over book amortization | (2,913) | (2,207) | ||||||||||||
Right-of-use operating lease assets | (5,398) | (5,702) | ||||||||||||
Non-U.S. deferred income tax liabilities | — | (1,322) | ||||||||||||
Contract revenue adjustment | (4,526) | (2,128) | ||||||||||||
Other | (213) | (436) | ||||||||||||
Total deferred income tax liabilities | (49,906) | (46,234) | ||||||||||||
Net deferred income taxes | $ | (24,620) | $ | (18,339) |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | Balance at beginning of period | | | | $ | 327 | | | | | $ | 751 | | |
| | | | Gross increases in current period tax positions | | | | | 31 | | | | | | 25 | | |
| | | | Settlements with taxing authorities | | | | | (88) | | | | | | — | | |
| | | | Reductions in tax positions due to lapse of statutory limitations | | | | | (118) | | | | | | (8) | | |
| | | | Reclass from unrecognized tax benefits to deferred tax liability | | | | | — | | | | | | (441) | | |
| | | | Balance at end of period | | | | | 152 | | | | | | 327 | | |
| | | | Accrued interest and penalties at end of period | | | | | 24 | | | | | | 48 | | |
| | | | Total liability for unrecognized tax benefits | | | | $ | 176 | | | | | $ | 375 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of period | $ | 353 | $ | 152 | ||||||||||
Gross increases in current period tax positions | 45 | 217 | ||||||||||||
Reductions in tax positions due to lapse of statutory limitations | (70) | (16) | ||||||||||||
Balance at end of period | 328 | 353 | ||||||||||||
Accrued interest and penalties at end of period | 72 | 69 | ||||||||||||
Total liability for unrecognized tax benefits | $ | 400 | $ | 422 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Balance at beginning of period | | | | $ | 54,039 | | | | | $ | 45,363 | | | | | $ | 42,584 | | |
| | | | Net increases in reserves | | | | | 45,419 | | | | | | 31,193 | | | | | | 22,938 | | |
| | | | Net payments made | | | | | (32,654) | | | | | | (22,517) | | | | | | (20,159) | | |
| | | | Balance at end of period | | | | $ | 66,804 | | | | | $ | 54,039 | | | | | $ | 45,363 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of period | $ | 69,823 | $ | 66,804 | ||||||||||
Net increases in accrued self-insurance | 62,819 | 38,064 | ||||||||||||
Net payments made | (57,584) | (35,045) | ||||||||||||
Balance at end of period | $ | 75,058 | $ | 69,823 |
Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||
Outstanding at January 1, 2019 | 76,764 | $ | 22.33 | |||||||||||||||||||||||
Exercised | (14,743) | $ | 23.16 | |||||||||||||||||||||||
Expired | (2,435) | $ | 19.86 | |||||||||||||||||||||||
Outstanding and Exercisable at December 31, 2019 | 59,586 | $ | 22.26 | 2.2 years | $ | 352 | ||||||||||||||||||||
Exercised | (34,388) | $ | 21.82 | |||||||||||||||||||||||
Expired | (641) | $ | 19.66 | |||||||||||||||||||||||
Outstanding and Exercisable at December 31, 2020 | 24,557 | $ | 22.94 | 1.9 years | $ | 912 | ||||||||||||||||||||
Exercised | (21,806) | $ | 22.84 | |||||||||||||||||||||||
Expired | (42) | $ | 24.68 | |||||||||||||||||||||||
Outstanding and Exercisable at December 31, 2021 | 2,709 | $ | 23.74 | 1.1 years | $ | 235 |
| | | Options | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term | | | Aggregate Intrinsic Value (in thousands) | | |||||||||
Outstanding at January 1, 2017 | | | | | 245,717 | | | | | $ | 19.82 | | | | | | | | | | | |
Exercised | | | | | (79,797) | | | | | $ | 15.43 | | | | | | | | | | | |
Outstanding and Exercisable at December 31, 2017 | | | | | 165,920 | | | | | $ | 21.92 | | | | 4.2 years | | | | $ | 2,292 | | |
Exercised | | | | | (88,053) | | | | | $ | 21.54 | | | | | | | | | | | |
Expired | | | | | (1,103) | | | | | $ | 21.16 | | | | | | | | | | | |
Outstanding and Exercisable at December 31, 2018 | | | | | 76,764 | | | | | $ | 22.33 | | | | 2.9 years | | | | $ | 446 | | |
Exercised | | | | | (14,743) | | | | | $ | 23.16 | | | | | | | | | | | |
Expired | | | | | (2,435) | | | | | $ | 19.86 | | | | | | | | | | | |
Outstanding and Exercisable at December 31, 2019 | | | | | 59,586 | | | | | $ | 22.26 | | | | 2.2 years | | | | $ | 352 | | |
Options Outstanding and Exercisable | ||||||||||||||||||||
Exercise Price | Number Of Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term | |||||||||||||||||
$17.48 – $17.48 | 354 | $ | 17.48 | 0.2 years | ||||||||||||||||
$24.68 – $24.68 | 2,355 | $ | 24.68 | 1.2 years | ||||||||||||||||
2,709 | $ | 23.74 | 1.1 years |
| | | | | | | Options Outstanding and Exercisable | | ||||||||||||
| | | | Exercise Price | | | Number Of Options | | | Weighted- Average Exercise Price | | | Weighted- Average Remaining Contractual Term | | ||||||
| | | | $17.18 – $17.18 | | | | | 4,435 | | | | | $ | 17.18 | | | | 0.2 years | |
| | | | $17.48 – $17.48 | | | | | 14,232 | | | | | $ | 17.48 | | | | 2.2 years | |
| | | | $24.18 – $24.18 | | | | | 17,318 | | | | | $ | 24.18 | | | | 1.2 years | |
| | | | $24.68 – $24.68 | | | | | 23,601 | | | | | $ | 24.68 | | | | 3.2 years | |
| | | | | | | | | 59,586 | | | | | $ | 22.26 | | | | 2.2 years | |
Shares | Per Share Weighted- Average Grant Date Fair Value | |||||||||||||
Outstanding unvested at January 1, 2019 | 175,431 | $ | 30.40 | |||||||||||
Granted | 85,640 | $ | 34.22 | |||||||||||
Vested | (99,655) | $ | 30.51 | |||||||||||
Forfeited | (3,034) | $ | 35.88 | |||||||||||
Outstanding unvested at December 31, 2019 | 158,382 | $ | 32.29 | |||||||||||
Granted | 104,857 | $ | 26.75 | |||||||||||
Vested | (93,669) | $ | 32.09 | |||||||||||
Forfeited | (3,781) | $ | 29.80 | |||||||||||
Outstanding unvested at December 31, 2020 | 165,789 | $ | 28.96 | |||||||||||
Granted | 57,196 | $ | 66.80 | |||||||||||
Vested | (87,584) | $ | 29.20 | |||||||||||
Forfeited | (2,904) | $ | 40.60 | |||||||||||
Outstanding unvested at December 31, 2021 | 132,497 | $ | 44.88 |
| | | | | | | Shares | | | Per Share Weighted- Average Grant Date Fair Value | | ||||||
| | | | Outstanding unvested at January 1, 2017 | | | | | 223,416 | | | | | $ | 25.26 | | |
| | | | Granted | | | | | 66,352 | | | | | $ | 37.49 | | |
| | | | Vested | | | | | (99,774) | | | | | $ | 25.19 | | |
| | | | Forfeited | | | | | (1,346) | | | | | $ | 31.22 | | |
| | | | Outstanding unvested at December 31, 2017 | | | | | 188,648 | | | | | $ | 29.55 | | |
| | | | Granted | | | | | 93,280 | | | | | $ | 30.22 | | |
| | | | Vested | | | | | (96,840) | | | | | $ | 28.91 | | |
| | | | Forfeited | | | | | (9,657) | | | | | $ | 27.02 | | |
| | | | Outstanding unvested at December 31, 2018 | | | | | 175,431 | | | | | $ | 30.40 | | |
| | | | Granted | | | | | 85,640 | | | | | $ | 34.22 | | |
| | | | Vested | | | | | (99,655) | | | | | $ | 30.51 | | |
| | | | Forfeited | | | | | (3,034) | | | | | $ | 35.88 | | |
| | | | Outstanding unvested at December 31, 2019 | | | | | 158,382 | | | | | $ | 32.29 | | |
|
Shares | Per Share Weighted- Average Grant Date Fair Value | |||||||||||||
Outstanding at January 1, 2019 | 112,253 | $ | 39.73 | |||||||||||
Granted at target | 72,932 | $ | 39.26 | |||||||||||
Forfeited for performance below target | (36,581) | $ | 48.94 | |||||||||||
Vested | (8,854) | $ | 58.34 | |||||||||||
Forfeited | (1,505) | $ | 43.43 | |||||||||||
Outstanding at December 31, 2019 | 138,245 | $ | 37.02 | |||||||||||
Granted at target | 79,788 | $ | 34.10 | |||||||||||
Earned for performance above target | 14,962 | $ | 69.45 | |||||||||||
Vested | (78,260) | $ | 48.86 | |||||||||||
Forfeited | (4,396) | $ | 36.28 | |||||||||||
Outstanding at December 31, 2020 | 150,339 | $ | 36.54 | |||||||||||
Granted at target | 42,091 | $ | 80.11 | |||||||||||
Earned for performance above target | 58,461 | $ | 40.41 | |||||||||||
Vested | (128,920) | $ | 39.26 | |||||||||||
Forfeited | (644) | $ | 39.25 | |||||||||||
Outstanding at December 31, 2021 | 121,327 | $ | 50.06 |
| | | | | | | Shares | | | Per Share Weighted- Average Grant Date Fair Value | | ||||||
| | | | Outstanding at January 1, 2017 | | | | | 144,023 | | | | | $ | 32.92 | | |
| | | | Granted at target | | | | | 47,454 | | | | | $ | 47.12 | | |
| | | | Forfeited for performance below target | | | | | (24,873) | | | | | $ | 36.40 | | |
| | | | Vested | | | | | (39,407) | | | | | $ | 40.15 | | |
| | | | Forfeited | | | | | (222) | | | | | $ | 37.22 | | |
| | | | Outstanding at December 31, 2017 | | | | | 126,975 | | | | | $ | 35.29 | | |
| | | | Granted at target | | | | | 66,764 | | | | | $ | 34.52 | | |
| | | | Forfeited for performance below target | | | | | (42,584) | | | | | $ | 29.73 | | |
| | | | Vested | | | | | (29,655) | | | | | $ | 33.35 | | |
| | | | Forfeited | | | | | (9,247) | | | | | $ | 30.85 | | |
| | | | Outstanding at December 31, 2018 | | | | | 112,253 | | | | | $ | 39.73 | | |
| | | | Granted at target | | | | | 72,932 | | | | | $ | 39.26 | | |
| | | | Forfeited for performance below target | | | | | (36,581) | | | | | $ | 48.94 | | |
| | | | Vested | | | | | (8,854) | | | | | $ | 58.34 | | |
| | | | Forfeited | | | | | (1,505) | | | | | $ | 43.43 | | |
| | | | Outstanding at December 31, 2019 | | | | | 138,245 | | | | | $ | 37.02 | | |
|
Pension Fund | EIN/Pension Plan Number | Pension Protection Act Zone Status | Contributions to Plan for the Year ended December 31, | Funding Plan | Surcharge Imposed | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Status | Plan Year End | Status | Plan Year End | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California IBEW-NECA Pension Trust Fund | 95-6392774 001 | Yellow | 6/30/2020 | Yellow | 6/30/2019 | $ | 39,529 | $ | 32,791 | $ | 14,268 | Yes | No | |||||||||||||||||||||||||||||||||||||||||||||||||
National Electrical Benefit Fund | 53-0181657 001 | Green | 12/31/2020 | Green | 12/31/2019 | 11,627 | 10,850 | 11,050 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Eighth District Electrical Pension Fund | 84-6100393 001 | Green | 3/31/2021 | Green | 3/31/2020 | 10,977 | 10,998 | 11,199 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IBEW Local 332 Pension Plan Part A | 94-2688032 004 | Green | 12/31/2020 | Green | 12/31/2019 | 6,409 | 3,418 | 1,913 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IBEW Local 769 Management Pension Plan A | 86-6049763 001 | Green | 6/30/2020 | Green | 6/30/2019 | 3,446 | 3,866 | 2,689 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IBEW Local No. 640 and Arizona NECA Defined Benefit Pension Plan | 86-0323980 001 | Green | 12/31/2020 | Green | 12/31/2019 | 1,751 | 1,195 | 2,397 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
IBEW Local Union 1249 Pension Fund | 15-6035161 001 | Green | 12/31/2020 | Green | 12/31/2019 | 3,684 | 2,126 | 1,578 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Indiana/Kentucky/Ohio Regional Council of Carpenters Pension Fund | 51-6123713 001 | Green | 6/30/2020 | Green | 6/30/2019 | 1,243 | 2,109 | 1,742 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Alaska Electrical Pension Plan | 92-6005171 001 | Green | 12/31/2020 | Green | 12/31/2019 | 2,039 | 1,548 | 1,408 | No | No | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
National Electrical Annuity Plan | 52-6132372 001 | n/a | n/a | 27,974 | 25,037 | 28,822 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Eighth District Electrical Pension Fund Annuity Plan | 84-6100393 002 | n/a | n/a | 5,097 | 4,915 | 5,339 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Mateo Country Electrical Construction Industry Retirement Plan | 51-6052127 001 | n/a | n/a | 5,976 | 3,202 | 854 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Puget Sound Electrical Workers 401(K) Savings Plan | 91-6180326 001 | n/a | n/a | 1,021 | 2,132 | 1,833 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
All other plans: | 25,107 | 17,663 | 17,117 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contributions: | $ | 145,880 | $ | 121,850 | $ | 102,209 |
Pension Fund | | | EIN/Pension Plan Number | | | Pension Protection Act Zone Status | | | Contributions to Plan for the Year Ended December 31, | | | Funding Plan | | | Surcharge Imposed | | ||||||||||||||||||||||||
| | | | | | Status | | | Plan Year End | | | Status | | | Plan Year End | | | 2019 | | | 2018 | | | 2017 | | | | | | | | |||||||||
| | | | | | | | | | | | | | | | | | (in thousands) | | | | | | | | |||||||||||||||
Defined Benefit Plans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Southern California IBEW-NECA Pension Trust Fund | | | 95-6392774 001 | | | Yellow | | | 6/30/2018 | | | Yellow | | | 6/30/2017 | | | | $ | 14,268 | | | | | $ | 767 | | | | | $ | 435 | | | | Yes | | | Yes | |
National Electrical Benefit Fund | | | 53-0181657 001 | | | Green | | | 12/31/2018 | | | Green | | | 12/31/2017 | | | | | 11,050 | | | | | | 9,840 | | | | | | 9,542 | | | | No | | | No | |
Eighth District Electrical Pension Fund | | | 84-6100393 001 | | | Green | | | 3/31/2019 | | | Green | | | 3/31/2018 | | | | | 11,199 | | | | | | 9,707 | | | | | | 7,908 | | | | No | | | No | |
IBEW Local 769 Management Pension Plan A | | | 86-6049763 001 | | | Green | | | 6/30/2018 | | | Green | | | 6/30/2017 | | | | | 2,689 | | | | | | 2,587 | | | | | | 2,115 | | | | No | | | No | |
IBEW Local No. 640 and Arizona NECA Defined Benefit Pension Plan | | | 86-0323980 001 | | | Green | | | 12/31/2018 | | | Green | | | 12/31/2017 | | | | | 2,397 | | | | | | 1,629 | | | | | | — | | | | No | | | No | |
Indiana/Kentucky/Ohio Regional Council of Carpenters Pension Fund | | | 51-6123713 001 | | | Green | | | 6/30/2018 | | | Green | | | 6/30/2017 | | | | | 1,742 | | | | | | 1,157 | | | | | | 2,515 | | | | No | | | No | |
Alaska Electrical Pension Plan | | | 92-6005171 001 | | | Green | | | 12/31/2018 | | | Green | | | 12/31/2017 | | | | | 1,408 | | | | | | 2,723 | | | | | | 1,951 | | | | No | | | No | |
Defined Contribution Plans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
National Electrical Annuity Plan | | | 52-6132372 001 | | | | | | n/a | | | | | | n/a | | | | | 28,822 | | | | | | 26,559 | | | | | | 27,633 | | | | n/a | | | n/a | |
Eighth District Electrical Pension Fund Annuity Plan | | | 84-6100393 002 | | | | | | n/a | | | | | | n/a | | | | | 5,339 | | | | | | 4,785 | | | | | | 4,109 | | | | n/a | | | n/a | |
All other plans: | | | | | | | | | | | | | | | | | | | | 23,295 | | | | | | 10,666 | | | | | | 8,680 | | | | | ��� | | | |
Total contributions: | | | | | | | | | | | | | | | | | | | $ | 102,209 | | | | | $ | 70,420 | | | | | $ | 64,888 | | | | | | | | |
|
| | | | | | | For the Year Ended December 31, | | |||||||||||||||
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Contract revenues: | | | | | | | | | | | | | | | | | | | |
| | | | T&D | | | | $ | 1,134,411 | | | | | $ | 893,108 | | | | | $ | 879,372 | | |
| | | | C&I | | | | | 936,748 | | | | | | 638,061 | | | | | | 523,945 | | |
| | | | | | | | $ | 2,071,159 | | | | | $ | 1,531,169 | | | | | $ | 1,403,317 | | |
| | | | Income from operations: | | | | | | | | | | | | | | | | | | | |
| | | | T&D | | | | $ | 73,580 | | | | | $ | 57,242 | | | | | $ | 39,631 | | |
| | | | C&I | | | | | 30,506 | | | | | | 34,112 | | | | | | 25,048 | | |
| | | | General Corporate | | | | | (46,908) | | | | | | (41,042) | | | | | | (35,121) | | |
| | | | | | | | $ | 57,178 | | | | | $ | 50,312 | | | | | $ | 29,558 | | |
For the Year ended December 31, | ||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Contract revenues: | ||||||||||||||||||||
T&D | $ | 1,301,587 | $ | 1,154,378 | $ | 1,134,411 | ||||||||||||||
C&I | 1,196,702 | 1,093,014 | 936,748 | |||||||||||||||||
$ | 2,498,289 | $ | 2,247,392 | $ | 2,071,159 | |||||||||||||||
Income from operations: | ||||||||||||||||||||
T&D | $ | 132,738 | $ | 109,387 | $ | 73,580 | ||||||||||||||
C&I | 54,418 | 37,247 | 30,506 | |||||||||||||||||
General Corporate | (68,596) | (60,089) | (46,908) | |||||||||||||||||
$ | 118,560 | $ | 86,545 | $ | 57,178 |
| | | | (in thousands) | | | 2019 | | | 2018 | | ||||||
| | | | T&D | | | | $ | 306,226 | | | | | $ | 274,038 | | |
| | | | C&I | | | | | 414,264 | | | | | | 257,049 | | |
| | | | General Corporate | | | | | 287,381 | | | | | | 217,668 | | |
| | | | | | | | $ | 1,007,871 | | | | | $ | 748,755 | | |
(in thousands) | 2021 | 2020 | ||||||||||||
T&D | $ | 303,685 | $ | 269,721 | ||||||||||
C&I | 408,896 | 413,910 | ||||||||||||
General Corporate | 408,511 | 312,228 | ||||||||||||
$ | 1,121,092 | $ | 995,859 |
| | | | | | | For the Year Ended December 31, | | |||||||||||||||
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Depreciation and amortization | | | | | | | | | | | | | | | | | | | |
| | | | T&D | | | | $ | 35,711 | | | | | $ | 33,977 | | | | | $ | 34,990 | | |
| | | | C&I | | | | | 8,805 | | | | | | 5,936 | | | | | | 3,586 | | |
| | | | | | | | $ | 44,516 | | | | | $ | 39,913 | | | | | $ | 38,576 | | |
|
For the Year ended December 31, | ||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
T&D | $ | 38,668 | $ | 37,254 | $ | 35,711 | ||||||||||||||
C&I | 7,537 | 9,199 | 8,805 | |||||||||||||||||
$ | 46,205 | $ | 46,453 | $ | 44,516 |
| | For the Year Ended December 31, | | ||||||||||||||||||||||||||||||||||||
For the Year ended December 31, | |||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | | 2019 | | 2018 | | 2017 | | (in thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | Numerator: | ||||||||||||||||||||||
Net income | | | $ | 36,214 | | | | $ | 31,294 | | | | $ | 21,154 | | | Net income | $ | 85,006 | $ | 58,759 | $ | 36,214 | ||||||||||||||||
Less: net income (loss) attributable to noncontrolling interest | | | | (1,476) | | | | | 207 | | | | | — | | | |||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | Less: net loss attributable to noncontrolling interest | (4) | — | (1,476) | |||||||||||||||||||||||||||||||||||
Net income attributable to MYR Group Inc. | | | $ | 37,690 | | | | $ | 31,087 | | | | $ | 21,154 | | | Net income attributable to MYR Group Inc. | $ | 85,010 | $ | 58,759 | $ | 37,690 | ||||||||||||||||
Denominator: | | | | | | | | | | | | | | | | | Denominator: | ||||||||||||||||||||||
Weighted average common shares outstanding | | | | 16,587 | | | | | 16,441 | | | | | 16,273 | | | Weighted average common shares outstanding | 16,838 | 16,684 | 16,587 | |||||||||||||||||||
Weighted average dilutive securities | | | | 112 | | | | | 144 | | | | | 223 | | | Weighted average dilutive securities | 323 | 206 | 112 | |||||||||||||||||||
Weighted average common shares outstanding, diluted | | | | 16,699 | | | | | 16,585 | | | | | 16,496 | | | Weighted average common shares outstanding, diluted | 17,161 | 16,890 | 16,699 | |||||||||||||||||||
Net income per share attributable to MYR Group Inc.: | | | | | | | | | | | | | | | | | Net income per share attributable to MYR Group Inc.: | ||||||||||||||||||||||
Basic | | | $ | 2.27 | | | | $ | 1.89 | | | | $ | 1.30 | | | Basic | $ | 5.05 | $ | 3.52 | $ | 2.27 | ||||||||||||||||
Diluted | | | $ | 2.26 | | | | $ | 1.87 | | | | $ | 1.28 | | | Diluted | $ | 4.95 | $ | 3.48 | $ | 2.26 |
| | | | (in thousands) | | | 2019 | | | 2018 | | | 2017 | | |||||||||
| | | | Time-vested stock awards | | | | | — | | | | | | 1 | | | | | | 44 | | |
| | | | Performance awards | | | | | 73 | | | | | | 67 | | | | | | 97 | | |
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Performance awards | — | 34 | 73 |
| | | For the Three Months Ended | | |||||||||||||||||||||
(in thousands, except per share data) | | | March 31, | | | June 30, | | | September 30, | | | December 31, | | ||||||||||||
2019: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | | $ | 468,094 | | | | | $ | 448,776 | | | | | $ | 583,214 | | | | | $ | 571,075 | | |
Gross profit | | | | | 42,876 | | | | | | 43,163 | | | | | | 59,197 | | | | | | 68,922 | | |
Net income attributable to MYR Group | | | | | 7,353 | | | | | | 7,207 | | | | | | 10,355 | | | | | | 12,775 | | |
Basic earnings per share attributable to MYR Group(1) | | | | $ | 0.45 | | | | | $ | 0.43 | | | | | $ | 0.62 | | | | | $ | 0.77 | | |
Diluted earnings per share attributable to MYR Group(1) | | | | $ | 0.44 | | | | | $ | 0.43 | | | | | $ | 0.62 | | | | | $ | 0.76 | | |
2018: | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues | | | | $ | 345,611 | | | | | $ | 339,676 | | | | | $ | 399,537 | | | | | $ | 446,345 | | |
Gross profit | | | | | 35,753 | | | | | | 38,630 | | | | | | 45,286 | | | | | | 47,391 | | |
Net income attributable to MYR Group | | | | | 5,644 | | | | | | 6,835 | | | | | | 7,957 | | | | | | 10,651 | | |
Basic earnings per share attributable to MYR Group(1) | | | | $ | 0.35 | | | | | $ | 0.42 | | | | | $ | 0.48 | | | | | $ | 0.65 | | |
Diluted earnings per share attributable to MYR Group(1) | | | | $ | 0.34 | | | | | $ | 0.41 | | | | | $ | 0.48 | | | | | $ | 0.64 | | |
Equity Compensation Plan Information | |||||||||||||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding shares reflected in column(a)) (c) | ||||||||||||||||||||||||||
Equity compensation plans approved by security holders | 506,780 | (1) | $ | 23.74 | (2) | 703,594 | (3) | ||||||||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||||||||||||||||||||
Total | 506,780 | (1) | 23.74 | (2) | 703,594 | (3) |
101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document* | |||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL document and contained in Exhibit 101) |
MYR GROUP INC. (Registrant) | ||||||||||||
/s/ BETTY R. JOHNSON | ||||||||||||
February 23, 2022 | Name: | Betty R. Johnson | ||||||||||
Title: | Senior Vice President and Chief Financial Officer |
Date | |||||||||||||||||
* | President, Chief Executive Officer and Director (Principal Executive Officer) | ||||||||||||||||
/s/ BETTY R. JOHNSON | Senior Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||||||||||
* | Chairman of the Board of Directors | ||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
Bradley T. Favreau | |||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
William A. Koertner | |||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
Jennifer E. Lowry | |||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
Donald C.I. Lucky | |||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
Shirin S. O'Connor | |||||||||||||||||
* | Director | February 23, 2022 | |||||||||||||||
Maurice E. Moore | |||||||||||||||||
Director | February 23, 2022 | ||||||||||||||||
William D. Patterson |
*By: | /s/ BETTY R. JOHNSON | February 23, 2022 | ||||||||||||
(Betty R. Johnson) (Attorney-in-fact) |