MYR GROUP INC
For the period ended Sep 30, 2024. Filed Oct 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 30, 2024
MYRG$272.81-2.3%Stored close · as of Nov 10, 2026
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Unaudited Consolidated Statements of Cash Flows for the and
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Nine months endedSeptember 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 |
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