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    MYR Group Inc. Announces Third-Quarter and First Nine-Months 2024 Results

    10/30/24 4:05:59 PM ET
    $MYRG
    Water Sewer Pipeline Comm & Power Line Construction
    Industrials
    Get the next $MYRG alert in real time by email

    THORNTON, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) -- MYR Group Inc. ("MYR") (NASDAQ:MYRG), a holding company of leading specialty contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada, announced today its third-quarter and first nine-months 2024 financial results.

    Highlights for Third Quarter 2024

    • Quarterly revenues of $888.0 million
    • Quarterly net income of $10.6 million, or $0.65 per diluted share
    • Quarterly EBITDA of $37.2 million
    • Backlog of $2.60 billion

    Management Comments

    Rick Swartz, MYR's President and CEO, said, "Our core markets remain active, and bidding activity continued at a robust pace during the quarter. Opportunities for long-term growth remain healthy as we continue to strategically expand our strong customer relationships across our business segments." Mr. Swartz also said, "Our third quarter performance showed improvement over the second quarter, demonstrating strong project execution in core areas of our business as we continue to resolve unfavorable impacts from a relatively small group of projects expected to complete this year."

    Third Quarter Results

    MYR reported third-quarter 2024 revenues of $888.0 million, a decrease of $51.5 million, or 5.5 percent, compared to the third quarter of 2023. Specifically, our Transmission and Distribution ("T&D") segment reported quarterly revenues of $481.9 million, a decrease of $66.7 million, or 12.2 percent, from the third quarter of 2023, due to a decrease of $81.0 million in revenue on transmission projects and an increase of $14.3 million in revenue on distribution projects. Our Commercial and Industrial ("C&I") segment reported quarterly revenues of $406.2 million, an increase of $15.3 million, or 3.9 percent, from the third quarter of 2023, which was primarily due to an increase in revenue on fixed priced contracts and T&E contracts.

    Consolidated gross profit decreased to $77.3 million for the third quarter of 2024, compared to $92.4 million for the third quarter of 2023. The decrease in gross profit was due to lower margin and lower revenues. Gross margin decreased to 8.7 percent for the third quarter of 2024 from 9.8 percent for the third quarter of 2023. The decrease in gross margin was primarily related to clean energy projects in T&D, the unfavorable impact of a C&I project, as well as an increase in costs associated with unfavorable job closeouts, and labor and project inefficiencies. These margin decreases were partially offset by better-than-anticipated productivity and a favorable change order. Changes in estimates of gross profit on certain projects resulted in gross margin decreases of 3.9 percent and 1.3 percent for the third quarter of 2024 and 2023, respectively.

    Selling, general and administrative expenses ("SG&A") decreased to $57.5 million for the third quarter of 2024, compared to $59.9 million for the third quarter of 2023. The period-over-period decrease was primarily due to a decrease in employee incentive compensation costs and a decrease in contingent compensation expense related to a prior acquisition, partially offset by an increase in employee-related expenses to support future growth.

    Income tax expense was $7.9 million for the third quarter of 2024, with an effective tax rate of 42.5 percent, compared to income tax expense of $9.3 million for the third quarter of 2023, with an effective tax rate of 30.3 percent. The period-over-period change in tax rate was primarily due to higher permanent difference items mostly related to deductibility limits of contingent compensation, associated with a prior acquisition, which was successfully achieved during the third quarter of 2024, as well as higher U.S. taxes on Canadian income.

    For the third quarter of 2024, net income was $10.6 million, or $0.65 per diluted share, compared to $21.5 million, or $1.28 per diluted share, for the same period of 2023. Third-quarter 2024 EBITDA, a non-GAAP financial measure, was $37.2 million, compared to $47.0 million in the third quarter of 2023.

    First Nine-Months Results

    MYR reported first nine-months 2024 revenues of $2.53 billion, a decrease of $107.2 million, or 4.1 percent, compared to the first nine months of 2023. Specifically, our T&D segment reported revenues of $1.43 billion, a decrease of $67.2 million, from the first nine months of 2023, due to a decrease of $105.0 million in revenue on transmission projects, offset by an increase of $37.8 million in revenue on distribution projects. Our C&I segment reported revenues of $1.10 billion, a decrease of $40.1 million, or 3.5 percent from the first nine months of 2023, which was primarily due to the delayed start of certain projects in 2024.

    Consolidated gross profit decreased to $204.4 million in the first nine months of 2024, compared to $266.9 million in the first nine months of 2023. The decrease in gross profit was due to lower margin and lower revenues. Gross margin decreased to 8.1 percent for the first nine months of 2024 from 10.1 percent for the first nine months of 2023. The decrease in gross margin was primarily related to clean energy projects in T&D, the unfavorable impact of a C&I project, labor and project inefficiencies, an increase in costs associated with schedule compression on certain projects, an unfavorable change order and an unfavorable job closeout. These margin decreases were partially offset by better-than-anticipated productivity, favorable change orders, favorable job closeouts and favorable joint venture results. Changes in estimates of gross profit on certain projects resulted in a gross margin decreases of 4.4 percent and 1.2 percent for the first nine months of 2024 and 2023, respectively.

    SG&A increased to $181.5 million in the first nine months of 2024, compared to $174.6 million for the first nine months of 2023. The period-over-period increase was primarily due to an increase in contingent compensation expense related to a prior acquisition and an increase in employee-related expenses to support future growth, partially offset by a decrease in employee incentive compensation costs.

    Interest expense increased to $4.3 million in the first nine months of 2024, compared to $3.1 million for the first nine months of 2023. The period-over-period increase was primarily due to higher average debt balances during the first nine months of 2024 as compared to the first nine months of 2023.

    Income tax expense was $5.2 million for the first nine months of 2024, with an effective tax rate of 26.6 percent, compared to income tax expense of $22.6 million for the first nine months of 2023, with an effective tax rate of 25.2 percent. The period-over-period change in tax rate was primarily due to lower pretax income and higher other permanent difference items, offset by lower stock compensation excess tax benefits. The increase in permanent difference items primarily related to deductibility limits of contingent compensation, associated with a prior acquisition, as well as higher U.S. taxes on Canadian income.

    For the first nine months of 2024, net income was $14.3 million, or $0.86 per diluted share, compared to $66.9 million, or $3.98 per diluted share, for the same period of 2023.

    Backlog

    As of September 30, 2024, MYR's backlog was $2.60 billion, compared to $2.54 billion as of June 30, 2024. As of September 30, 2024, T&D backlog was $798.7 million, and C&I backlog was $1.80 billion. Total backlog at September 30, 2024 decreased $19.7 million, or 0.8 percent, from the $2.62 billion reported at September 30, 2023.

    Balance Sheet

    As of September 30, 2024, MYR had $375.5 million of borrowing availability under its $490 million revolving credit facility.

    Non-GAAP Financial Measures

    To supplement MYR's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), MYR uses certain non-GAAP measures. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this press release can be found at the end of this release. MYR's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

    MYR believes that these non-GAAP measures are useful because they (i) provide both management and investors meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results, (ii) permit investors to view MYR's performance using the same tools that management uses to evaluate MYR's past performance, reportable business segments and prospects for future performance, (iii) publicly disclose results that are relevant to financial covenants included in MYR's credit facility and (iv) otherwise provide supplemental information that may be useful to investors in evaluating MYR.

    Conference Call

    MYR will host a conference call to discuss its third-quarter 2024 results on Thursday, October 31, 2024 at 8:00 a.m. Mountain time. To participate via telephone and join the call live, please register in advance here: https://register.vevent.com/register/BIcf56e5d4dfbd47ab90fa168c7ef8653c. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode. Participants may access the audio-only webcast of the conference call from the Investors page of MYR Group's website at myrgroup.com. A replay of the webcast will be available for seven days.

    About MYR Group Inc.

    MYR Group is a holding company of leading, specialty electrical contractors providing services throughout the United States and Canada through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I). MYR Group subsidiaries have the experience and expertise to complete electrical installations of any type and size. Through their T&D segment they provide services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. Their comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Through their C&I segment, they provide a broad range of services which include the design, installation, maintenance and repair of commercial and industrial wiring generally for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. For more information, visit myrgroup.com.

    Forward-Looking Statements

    Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenue, income, capital spending, segment improvements and investments. Forward-looking statements are generally accompanied by words such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "may," "objective," "outlook," "plan," "project," "possible," "potential," "should," "unlikely," or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this announcement speak only as of the date of this announcement. We disclaim any obligation to update these statements (unless required by securities laws), and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Forward-looking statements in this announcement should be evaluated together with the many uncertainties that affect MYR's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A. of MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in any risk factors or cautionary statements contained in MYR's subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

    MYR Group Inc. Contact:

    Kelly M. Huntington, Chief Financial Officer, 847-290-1891, [email protected]

    Investor Contact:

    David Gutierrez, Dresner Corporate Services, 312-780-7204, [email protected]

    Financial tables follow…

    MYR GROUP INC.

    Consolidated Balance Sheets

    As of September 30, 2024 and December 31, 2023

    (in thousands, except share and per share data)September 30,

    2024
     December 31,

    2023
     (unaudited)  
    ASSETS   
    Current assets:   
    Cash and cash equivalents$7,569  $24,899 
    Accounts receivable, net of allowances of $977 and $1,987, respectively 571,342   521,893 
    Contract assets, net of allowances of $582 and $610, respectively 411,843   420,616 
    Current portion of receivable for insurance claims in excess of deductibles 9,056   8,267 
    Refundable income taxes 6,280   4,034 
    Prepaid expenses and other current assets 25,532   46,535 
    Total current assets 1,031,622   1,026,244 
    Property and equipment, net of accumulated depreciation of $388,180 and $380,465, respectively 279,634   268,978 
    Operating lease right-of-use assets 40,665   35,012 
    Goodwill 115,970   116,953 
    Intangible assets, net of accumulated amortization of $34,036 and $30,534, respectively 79,077   83,516 
    Receivable for insurance claims in excess of deductibles 34,925   33,739 
    Investment in joint ventures 5,835   8,707 
    Other assets 5,331   5,597 
    Total assets$1,593,059  $1,578,746 
        
    LIABILITIES AND SHAREHOLDERS' EQUITY   
    Current liabilities:   
    Current portion of long-term debt$4,364  $7,053 
    Current portion of operating lease obligations 11,136   9,237 
    Current portion of finance lease obligations 1,168   2,039 
    Accounts payable 329,971   359,363 
    Contract liabilities 262,557   240,411 
    Current portion of accrued self-insurance 25,394   28,269 
    Accrued income taxes —   237 
    Other current liabilities 127,846   100,593 
    Total current liabilities 762,436   747,202 
    Deferred income tax liabilities 47,722   48,230 
    Long-term debt 88,822   29,188 
    Accrued self-insurance 54,262   51,796 
    Operating lease obligations, net of current maturities 29,529   25,775 
    Finance lease obligations, net of current maturities 2,312   314 
    Other liabilities 19,467   25,039 
    Total liabilities 1,004,550   927,544 
    Commitments and contingencies   
    Shareholders' equity:   
    Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at September 30, 2024 and December 31, 2023 —   — 
    Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,121,901 and 16,684,492 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 161   167 
    Additional paid-in capital 156,799   162,386 
    Accumulated other comprehensive loss (6,216)   (3,880) 
    Retained earnings 437,765   492,529 
    Total shareholders' equity 588,509   651,202 
    Total liabilities and shareholders' equity$1,593,059  $1,578,746 

    MYR GROUP INC.

    Unaudited Consolidated Statements of Operations

    Three and Nine Months Ended September 30, 2024 and 2023

     Three months ended

    September 30,
     Nine months ended

    September 30,
    (in thousands, except per share data) 2024   2023   2024   2023 
    Contract revenues$888,043  $939,476  $2,532,495  $2,639,708 
    Contract costs 810,755   847,093   2,328,121   2,372,806 
    Gross profit 77,288   92,383   204,374   266,902 
    Selling, general and administrative expenses 57,456   59,879   181,528   174,618 
    Amortization of intangible assets 1,221   1,231   3,666   3,686 
    Gain on sale of property and equipment (1,750)   (754)   (4,745)   (3,293) 
    Income from operations 20,361   32,027   23,925   91,891 
    Other income (expense):       
    Interest income 73   226   296   740 
    Interest expense (2,016)   (1,319)   (4,311)   (3,059) 
    Other income (expense), net 112   (91)   (421)   (61) 
    Income before provision for income taxes 18,530   30,843   19,489   89,511 
    Income tax expense 7,881   9,331   5,178   22,563 
    Net income$10,649  $21,512  $14,311  $66,948 
    Income per common share:       
    —Basic$0.65  $1.29  $0.86  $4.01 
    —Diluted$0.65  $1.28  $0.86  $3.98 
    Weighted average number of common shares and potential common shares outstanding:       
    —Basic 16,283   16,710   16,582   16,678 
    —Diluted 16,324   16,829   16,647   16,821 

    MYR GROUP INC.

    Unaudited Consolidated Statements of Cash Flows

    Nine Months Ended September 30, 2024 and 2023

     Nine months ended

    September 30,
    (in thousands) 2024   2023 
    Cash flows from operating activities:   
    Net income$14,311  $66,948 
    Adjustments to reconcile net income to net cash flows provided by operating activities:   
    Depreciation and amortization of property and equipment 45,131   39,848 
    Amortization of intangible assets 3,666   3,686 
    Stock-based compensation expense 6,198   6,562 
    Deferred income taxes (144)   — 
    Gain on sale of property and equipment (4,745)   (3,293) 
    Other non-cash items 1,044   564 
    Changes in operating assets and liabilities:   
    Accounts receivable, net (50,193)   (76,349) 
    Contract assets, net 8,212   (109,803) 
    Receivable for insurance claims in excess of deductibles (1,975)   1,558 
    Other assets 21,687   21,503 
    Accounts payable (20,607)   62,276 
    Contract liabilities 22,294   3,941 
    Accrued self-insurance (402)   (1,119) 
    Other liabilities 21,519   12,070 
    Net cash flows provided by operating activities 65,996   28,392 
    Cash flows from investing activities:   
    Proceeds from sale of property and equipment 6,815   3,998 
    Purchases of property and equipment (63,634)   (63,791) 
    Net cash flows used in investing activities (56,819)   (59,793) 
    Cash flows from financing activities:   
    Borrowings under revolving lines of credit 584,070   354,467 
    Repayments under revolving lines of credit (520,076)   (328,085) 
    Payment of principal obligations under equipment notes (7,049)   (4,597) 
    Payment of principal obligations under finance leases (2,083)   (872) 
    Proceeds from exercise of stock options —   20 
    Repurchase of common stock (75,000)   — 
    Debt refinancing costs (34)   (2,129) 
    Payments related to tax withholding for stock-based compensation (5,866)   (7,936) 
    Net cash flows provided by (used in) financing activities (26,038)   10,868 
    Effect of exchange rate changes on cash (469)   (36) 
    Net decrease in cash and cash equivalents (17,330)   (20,569) 
    Cash and cash equivalents:   
    Beginning of period 24,899   51,040 
    End of period$7,569  $30,471 

    MYR GROUP INC.

    Unaudited Consolidated Selected Data,

    Unaudited Performance Measure and Reconciliation of Non-GAAP Measure

    For the Three, Nine and Twelve Months Ended September 30, 2024 and 2023 and

    As of September 30, 2024, December 31, 2023, September 30, 2023 and September 30, 2022

     Three months ended

    September 30,
     Last twelve months ended

    September 30,
     
    (dollars in thousands, except share and per share data) 2024   2023   2024   2023  
    Summary Statement of Operations Data:        
    Contract revenues$888,043  $939,476  $3,536,692  $3,503,664  
    Gross profit$77,288  $92,383  $301,869  $363,171  
    Income from operations$20,361  $32,027  $61,127  $128,676  
    Income before provision for income taxes$18,530  $30,843  $54,982  $125,285  
    Income tax expense$7,881  $9,331  $16,629  $33,764  
    Net income$10,649  $21,512  $38,353  $91,521  
    Tax rate 42.5%   30.3%   30.2%   26.9%  
             
    Per Share Data:        
    Income per common share:        
    - Basic$0.65  $1.29  $2.31 (1) $5.49 (1) 
    - Diluted$0.65  $1.28  $2.29 (1) $5.45 (1) 
    Weighted average number of common shares and potential common shares outstanding:        
    - Basic 16,283   16,710   16,611 (2)  16,653 (2) 
    - Diluted 16,324   16,829   16,702 (2)  16,812 (2) 



    (in thousands)September 30,

    2024
     December 31,

    2023
     September 30,

    2023
     September 30,

    2022
    Summary Balance Sheet Data:       
    Total assets$1,593,059 $1,578,746 $1,560,733 $1,329,956
    Total shareholders' equity$588,509 $651,202 $625,459 $535,877
    Goodwill and intangible assets$195,047 $200,469 $199,518 $204,275
    Total funded debt (3)$93,186 $36,241 $62,338 $85,912



     Three months ended

    September 30,
     Nine months ended

    September 30,
    (dollars in thousands) 2024   2023   2024   2023 
    Segment Results:Amount Percent Amount Percent Amount Percent Amount Percent
    Contract revenues:               
    Transmission & Distribution$481,876  54.3%  $548,595  58.4%  $1,430,480  56.5%  $1,497,655  56.7% 
    Commercial & Industrial 406,167  45.7%   390,881  41.6%   1,102,015  43.5%   1,142,053  43.3% 
    Total$888,043  100.0%  $939,476  100.0%  $2,532,495  100.0%  $2,639,708  100.0% 
    Operating income:               
    Transmission & Distribution$17,568  3.6%  $36,262  6.6%  $39,104  2.7%  $106,817  7.1% 
    Commercial & Industrial 20,309  5.0%   13,932  3.6%   33,340  3.0%   37,182  3.3% 
    Total$37,877  4.3%  $50,194  5.3%  $72,444  2.9%  $143,999  5.5% 
    Corporate (17,516)  (2.0)%   (18,167)  (1.9)%   (48,519)  (1.9)%   (52,108)  (2.0)% 
    Consolidated$20,361  2.3%  $32,027  3.4%  $23,925  1.0%  $91,891  3.5% 

    See notes at the end of this earnings release

    MYR GROUP INC.

    Unaudited Performance Measures and Reconciliation of Non-GAAP Measures

    Three and Twelve Months Ended September 30, 2024 and 2023

     Three months ended

    September 30,
     Last twelve months ended

    September 30,
    (in thousands, except share, per share data, ratios and percentages) 2024   2023   2024   2023 
            
    Financial Performance Measures (4):       
    EBITDA (5)$37,166  $46,975  $125,130  $187,343 
    EBITDA per Diluted Share (6)$2.27  $2.79  $7.49  $11.14 
    EBIA, net of taxes (7)$12,468  $23,132  $45,776  $98,368 
    Free Cash Flow (8)$17,952  $(9,513)  $24,041  $29,825 
    Book Value per Period End Share (9)$36.41  $37.17     
    Tangible Book Value (10)$393,462  $425,941     
    Tangible Book Value per Period End Share (11)$24.34  $25.31     
    Funded Debt to Equity Ratio (12) 0.16   0.10     
    Asset Turnover (13)     2.27   2.63 
    Return on Assets (14)     2.5%   6.9% 
    Return on Equity (15)     6.1%   17.1% 
    Return on Invested Capital (16)     6.9%   15.8% 
            
    Reconciliation of Non-GAAP Measures:       
    Reconciliation of Net Income to EBITDA:       
    Net income$10,649  $21,512  $38,353  $91,521 
    Interest expense, net 1,943   1,093   5,747   3,518 
    Income tax expense 7,881   9,331   16,629   33,764 
    Depreciation and amortization 16,693   15,039   64,401   58,540 
    EBITDA (5)$37,166  $46,975  $125,130  $187,343 
            
    Reconciliation of Net Income per Diluted Share to EBITDA per Diluted Share:       
    Net income per share$0.65  $1.28  $2.29  $5.45 
    Interest expense, net, per share 0.12   0.07   0.34   0.21 
    Income tax expense per share 0.48   0.55   1.00   2.00 
    Depreciation and amortization per share 1.02   0.89   3.86   3.48 
    EBITDA per Diluted Share (6)$2.27  $2.79  $7.49  $11.14 
            
    Reconciliation of Non-GAAP measure:       
    Net income$10,649  $21,512  $38,353  $91,521 
    Interest expense, net 1,943   1,093   5,747   3,518 
    Amortization of intangible assets 1,221   1,231   4,887   5,848 
    Tax impact of interest and amortization of intangible assets (1,345)   (704)   (3,211)   (2,519) 
    EBIA, net of taxes (7)$12,468  $23,132  $45,776  $98,368 
            
    Calculation of Free Cash Flow:       
    Net cash flow from operating activities$35,625  $12,548  $108,620  $122,150 
    Less: cash used in purchasing property and equipment (17,673)   (22,061)   (84,579)   (92,325) 
    Free Cash Flow (8)$17,952  $(9,513)  $24,041  $29,825 
            

    See notes at the end of this earnings release.

    MYR GROUP INC.

    Unaudited Performance Measures and Reconciliation of Non-GAAP Measures

    As of September 30, 2024, 2023 and 2022

    (in thousands, except per share amounts)September 30, 2024 September 30, 2023
    Reconciliation of Book Value to Tangible Book Value:   
    Book value (total shareholders' equity)$588,509  $625,459 
    Goodwill and intangible assets (195,047)   (199,518) 
    Tangible Book Value (10)$393,462  $425,941 
        
    Reconciliation of Book Value per Period End Share to Tangible Book Value per Period End Share:   
    Book value per period end share$36.41  $37.17 
    Goodwill and intangible assets per period end share (12.07)   (11.86) 
    Tangible Book Value per Period End Share (11)$24.34  $25.31 
        
    Calculation of Period End Shares:   
    Shares outstanding 16,122   16,710 
    Plus: common equivalents 41   119 
    Period End Shares (17) 16,163   16,829 



    (in thousands)September 30, 2024 September 30, 2023 September 30, 2022
    Reconciliation of Invested Capital to Shareholders Equity:     
    Book value (total shareholders' equity)$588,509  $625,459  $535,877 
    Plus: total funded debt 93,186   62,338   85,912 
    Less: cash and cash equivalents (7,569)   (30,471)   (35,767) 
    Invested Capital$674,126  $657,326  $586,022 
    Average Invested Capital (18)$665,726  $621,674   

    See notes at the end of this earnings release.

    (1) Last-twelve-months earnings per share is the sum of earnings per share reported in the last four quarters.

    (2) Last-twelve-months weighted average basic and diluted shares were determined by adding the weighted average shares reported for the last four quarters and dividing by four.

    (3) Funded debt includes outstanding borrowings under our revolving credit facility and our outstanding equipment notes.

    (4) These financial performance measures are provided as supplemental information to the financial statements. These measures are used by management to evaluate our past performance, our prospects for future performance and our ability to comply with certain material covenants as defined within our credit agreement, and to compare our results with those of our peers. In addition, we believe that certain of the measures, such as book value, tangible book value, free cash flow, asset turnover, return on equity, and debt leverage are measures that are monitored by sureties, lenders, lessors, suppliers and certain investors. Our calculation of each measure is described in the following notes; our calculation may not be the same as the calculations made by other companies.

    (5) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Certain material covenants contained within our credit agreement are based on EBITDA with certain additional adjustments, including our interest coverage ratio and leverage ratio, which we must comply with to avoid potential immediate repayment of amounts borrowed or additional fees to seek relief from our lenders. In addition, management considers EBITDA a useful measure because it provides MYR Group Inc. and its investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes to not directly reflect the company's core operations. Management further believes that EBITDA is useful to investors and other external users of our financial statements in evaluating the company's operating performance and cash flow because EBITDA is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, useful lives placed on assets, capital structure and the method by which assets were acquired.

    (6) EBITDA per diluted share is calculated by dividing EBITDA by the weighted average number of diluted shares outstanding for the period. EBITDA per diluted share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.

    (7) EBIA, net of taxes is defined as net income plus net interest plus amortization of intangible assets, less the tax impact of net interest and amortization of intangible assets. The tax impact of net interest and amortization of intangible assets is computed by multiplying net interest and amortization of intangible assets by the effective tax rate. Management uses EBIA, net of taxes, to measure our results exclusive of the impact of financing and amortization of intangible assets costs.

    (8) Free cash flow, which is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment, is not recognized under GAAP and does not purport to be an alternative to net income, cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity and financial health.

    (9) Book value per period end share is calculated by dividing total shareholders' equity at the end of the period by the period end shares outstanding.

    (10) Tangible book value is calculated by subtracting goodwill and intangible assets outstanding at the end of the period from shareholders' equity. Tangible book value is not recognized under GAAP and does not purport to be an alternative to book value or shareholders' equity.

    (11) Tangible book value per period end share is calculated by dividing tangible book value at the end of the period by the period end number of shares outstanding. Tangible book value per period end share is not recognized under GAAP and does not purport to be an alternative to income per diluted share.

    (12) The funded debt to equity ratio is calculated by dividing total funded debt at the end of the period by total shareholders' equity at the end of the period.

    (13) Asset turnover is calculated by dividing the current period revenue by total assets at the beginning of the period.

    (14) Return on assets is calculated by dividing net income for the period by total assets at the beginning of the period.

    (15) Return on equity is calculated by dividing net income for the period by total shareholders' equity at the beginning of the period.

    (16) Return on invested capital is calculated by dividing EBIA, net of taxes, less any dividends, by average invested capital. Return on invested capital is not recognized under GAAP, and is a key metric used by management to determine our executive compensation.

    (17) Period end shares is calculated by adding average common stock equivalents for the quarter to the period end balance of common stock outstanding. Period end shares is not recognized under GAAP and does not purport to be an alternative to diluted shares. Management views period end shares as a better measure of shares outstanding as of the end of the period.

    (18) Average invested capital is calculated by adding net funded debt (total funded debt less cash and marketable securities) to total shareholders' equity and calculating the average of the beginning and ending of each period.



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