myrg-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-08325

_____________________________________________________________

MYR GROUP INC.

(Exact name of registrant as specified in its charter)

Delaware

36-3158643

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

12121 Grant Street,

Suite 610

Thornton,

80241

(Address of principal executive offices)

(Zip Code)

(303) 286-8000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

_____________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	MYRG	The Nasdaq Stock Market, LLC
		(Nasdaq Global Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of April 25, 2025, there were 15,522,834 outstanding shares of the registrant’s $0.01 par value common stock.

Table of Contents

INDEX


		Page
	Part I—Financial Information
Item 1.	Financial Statements	2
	Consolidated Balance Sheets as of March 31, 2025 (unaudited) and December 31, 2024	2
	Unaudited Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2025 and 2024	3
	Unaudited Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2025 and 2024	4
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
	Part II—Other Information
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33
Item 5.	Other Information	33
Item 6.	Exhibits	34

Throughout this report, references to “MYR Group,” the “Company,” “we,” “us” and “our” refer to MYR Group Inc. and its consolidated subsidiaries, except as otherwise indicated or as the context otherwise requires.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MYR GROUP INC.

CONSOLIDATED BALANCE SHEETS


(in thousands, except share and per share data)	March 31, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	10,896	$	3,464
Accounts receivable, net of allowances of $958 and $1,129, respectively	569,105		653,069
Contract assets, net of allowances of $516 and $422, respectively	341,630		301,942
Current portion of receivable for insurance claims in excess of deductibles	9,519		9,081
Refundable income taxes	2,570		4,638
Prepaid expenses and other current assets	34,508		42,468
Total current assets	968,228		1,014,662
Property and equipment, net of accumulated depreciation of $395,213 and $387,223, respectively	273,823		278,226
Operating lease right-of-use assets	42,363		42,648
Goodwill	113,043		112,983
Intangible assets, net of accumulated amortization of $35,775 and $34,573, respectively	74,546		75,691
Receivable for insurance claims in excess of deductibles	34,420		34,553
Deferred income taxes	5,741		5,734
Investment in joint ventures	3,763		3,730
Other assets	6,134		5,832
Total assets	$	1,522,061	$	1,574,059

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	4,457	$	4,363
Current portion of operating lease obligations	12,192		12,141
Current portion of finance lease obligations	938		1,046
Accounts payable	286,228		295,476
Contract liabilities	292,641		321,958
Current portion of accrued self-insurance	25,414		25,883
Accrued income taxes	5,161		196
Other current liabilities	111,716		87,837
Total current liabilities	738,747		748,900
Deferred income tax liabilities	52,516		52,498
Long-term debt	82,702		70,018
Accrued self-insurance	53,070		53,600
Operating lease obligations, net of current maturities	30,140		30,496
Finance lease obligations, net of current maturities	1,744		1,930
Other liabilities	14,470		16,257
Total liabilities	973,389		973,699
Commitments and contingencies
Shareholders’ equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at March 31, 2025 and December 31, 2024	—		—
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 15,521,800 and 16,121,901 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	155		161
Additional paid-in capital	152,898		159,133
Accumulated other comprehensive loss	(12,529)		(12,651)
Retained earnings	408,148		453,717


Total shareholders’ equity	548,672		600,360
Total liabilities and shareholders’ equity	$	1,522,061	$	1,574,059

The accompanying notes are an integral part of these consolidated financial statements.

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MYR GROUP INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME


	Three months ended March 31,
(in thousands, except per share data)	2025		2024
Contract revenues	$	833,620	$	815,562
Contract costs	736,719		729,319
Gross profit	96,901		86,243
Selling, general and administrative expenses	62,524		62,233
Amortization of intangible assets	1,188		1,228
Gain on sale of property and equipment	(1,101)		(1,489)
Income from operations	34,290		24,271
Other income (expense):
Interest income	191		142
Interest expense	(1,414)		(1,054)
Other expense, net	(300)		(263)
Income before provision for income taxes	32,767		23,096
Income tax expense	9,459		4,157
Net income	$	23,308	$	18,939


Income per common share:
—Basic	$	1.46	$	1.13
—Diluted	$	1.45	$	1.12
Weighted average number of common shares and potential common shares outstanding:
—Basic	15,994		16,711
—Diluted	16,056		16,837

Net income	$	23,308	$	18,939
Other comprehensive income (loss):
Foreign currency translation adjustment	122		(2,472)
Other comprehensive income (loss)	122		(2,472)
Total comprehensive income	$	23,430	$	16,467

The accompanying notes are an integral part of these consolidated financial statements.

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MYR GROUP INC.

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY


	Preferred		Common Stock			Additional Paid-In		Accumulated Other Comprehensive		Retained
(in thousands)	Stock		Shares	Amount		Capital		Income (Loss)		Earnings		Total
Balance at December 31, 2023	$	—	16,684	$	167	$	162,386	$	(3,880)	$	492,529	$	651,202
Net income	—		—	—		—		—		18,939		18,939

Stock issued under compensation plans, net	—		114	1		(1)		—		—		—
Stock-based compensation expense	—		—	—		1,917		—		—		1,917
Shares repurchased related to tax withholding for stock-based compensation	—		(36)	(1)		(5,511)		—		(354)		(5,866)
Other comprehensive loss	—		—	—		—		(2,472)		—		(2,472)
















Balance at March 31, 2024	$	—	16,762	$	167	$	158,791	$	(6,352)	$	511,114	$	663,720

Balance at December 31, 2024	$	—	16,122	$	161	$	159,133	$	(12,651)	$	453,717	$	600,360
Net income	—		—	—		—		—		23,308		23,308

Stock issued under compensation plans, net	—		58	1		(1)		—		—		—
Stock-based compensation expense	—		—	—		2,333		—		—		2,333
Shares repurchased related to tax withholding for stock-based compensation	—		(19)	(1)		(2,264)		—		(186)		(2,451)
Share repurchases under share repurchase program	—		(639)	(6)		(6,303)		—		(68,691)		(75,000)
Other comprehensive income	—		—	—		—		122		—		122

















Balance at March 31, 2025	$	—	15,522	$	155	$	152,898	$	(12,529)	$	408,148	$	548,672

The accompanying notes are an integral part of these consolidated financial statements.

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MYR GROUP INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS


	Three months ended March 31,
(in thousands)	2025		2024
Cash flows from operating activities:
Net income	$	23,308	$	18,939
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	15,005		14,602
Amortization of intangible assets	1,188		1,228
Stock-based compensation expense	2,333		1,917

Gain on sale of property and equipment	(1,101)		(1,489)
Other non-cash items	71		656
Changes in operating assets and liabilities:
Accounts receivable, net	84,015		(6,009)
Contract assets, net	(39,618)		(30,962)
Receivable for insurance claims in excess of deductibles	(305)		197
Other assets	9,509		13,409
Accounts payable	(7,831)		(30,990)
Contract liabilities	(29,337)		30,758
Accrued self-insurance	(1,000)		(4,426)
Other liabilities	27,049		(140)
Net cash flows provided by operating activities	83,286		7,690
Cash flows from investing activities:
Proceeds from sale of property and equipment	2,176		1,879

Purchases of property and equipment	(13,066)		(25,783)
Net cash flows used in investing activities	(10,890)		(23,904)
Cash flows from financing activities:
Borrowings under revolving lines of credit	230,695		121,745
Repayments under revolving lines of credit	(215,761)		(117,463)

Payment of principal obligations under equipment notes	(2,156)		(2,591)

SEC Form 10-Q filed by MYR Group Inc.