MYR Group Net income (Q1, 2018)5.6 M

MYR Group EBIT (Q1, 2018)8.4 M

MYR Group Cash, 31-Mar-20181.7 M

MYR Group EV670.2 M

MYR Group revenue breakdown by business segment: 37.3% from Commercial and Industrial and 62.7% from Transmission and Distribution

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 902.7 m | 944 m | 1.1 b | 1.1 b | 1.4 b |

| 5% | 12% | 8% | 23% | |

## Cost of goods sold | 777.9 m | 811.6 m | 939.3 m | 1 b | 1.3 b |

## Gross profit | 124.9 m | 132.4 m | 122.3 m | 134.7 m | 125 m |

| 14% | 14% | 12% | 12% | 9% |

## General and administrative expense | 98.6 m | ||||

## Operating expense total | 69.8 m | 73.8 m | 79.2 m | 96.4 m | 95.4 m |

## EBIT | 55.6 m | 58.4 m | 44.8 m | 38.8 m | 29.6 m |

| 6% | 6% | 4% | 3% | 2% |

## Interest expense | 727 k | 722 k | 741 k | 1.3 m | 2.6 m |

## Interest income | 9 k | 106 k | 25 k | 5 k | 4 k |

## Pre tax profit | 54.9 m | 58 m | 44.3 m | 38.3 m | 24.6 m |

## Income tax expense | 20.1 m | 21.4 m | 17 m | 16.9 m | 3.5 m |

## Net Income | 34.8 m | 36.5 m | 27.3 m | 21.4 m | 21.2 m |

- Source: SEC Filings

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 244.1 m | 276.5 m | 269.9 m | 253.6 m | 261.9 m | 283.3 m | 300.1 m | 356.2 m | 373.5 m | |

## Cost of goods sold | 214.8 m | 244.8 m | 241.2 m | 226.4 m | 230.5 m | 249.2 m | 274.4 m | 328.7 m | 338.6 m | |

## Gross profit | 29.4 m | 31.7 m | 28.6 m | 27.3 m | 31.4 m | 34.1 m | 25.7 m | 27.5 m | 34.9 m | |

| 12% | 11% | 11% | 11% | 12% | 12% | 9% | 8% | 9% | |

## General and administrative expense | 28.3 m | |||||||||

## Operating expense total | 18.6 m | 18.9 m | 19 m | 23.9 m | 22.5 m | 23.2 m | 25.8 m | 25 m | 23.8 m | 28.3 m |

## Depreciation and amortization | 117 k | |||||||||

## EBIT | 11.6 m | 13 m | 9.9 m | 3.3 m | 9.1 m | 11.1 m | 480 k | 3.6 m | 11.4 m | 8.4 m |

| 5% | 5% | 4% | 1% | 3% | 4% | 0% | 1% | 3% | |

## Interest expense | 179 k | 187 k | 180 k | 183 k | 242 k | 408 k | 514 k | 594 k | 685 k | 721 k |

## Interest income | 7 k | 8 k | 8 k | 4 k | 1 k | 1 k | 3 k | |||

## Pre tax profit | 11.4 m | 12.8 m | 10.2 m | 3.2 m | 8.8 m | 10.3 m | 841 k | 3.8 m | 9.3 m | 7.9 m |

## Income tax expense | 4.2 m | 4.7 m | 4 m | 1.2 m | 3.3 m | 4.2 m | (359 k) | 2.5 m | 4.2 m | 2.3 m |

## Net Income | 7.2 m | 8.1 m | 6.2 m | 2 m | 5.5 m | 6.1 m | 1.2 m | 1.2 m | 5.1 m | 5.6 m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 76.5 m | 77.6 m | 39.8 m | 23.8 m | 5.3 m |

## Accounts Receivable | 173.5 m | 158.1 m | 187.2 m | 234.6 m | 283 m |

## Current Assets | 323.9 m | 313.5 m | 303.4 m | 357.6 m | 379.7 m |

## PP&E | 142.9 m | 148.7 m | 160.7 m | 154.9 m | 148.1 m |

## Goodwill | 46.6 m | 46.6 m | 47.1 m | 46.8 m | 47 m |

## Total Assets | 525.4 m | 520.1 m | 524.9 m | 573.5 m | 603.8 m |

## Accounts Payable | 79.6 m | 62.2 m | 73.3 m | 99.9 m | 110.4 m |

## Short-term debt | 1.1 m | 1.1 m | |||

## Current Liabilities | 204.4 m | 171.6 m | 179.7 m | 228.3 m | 188.6 m |

## Long-term debt | 59.1 m | 79 m | |||

## Total Debt | 60.2 m | 80 m | |||

## Total Liabilities | 229.3 m | 197.5 m | 195 m | 310.3 m | 316.7 m |

## Common Stock | 162 k | 163 k | |||

## Additional Paid-in Capital | 161.2 m | 151.1 m | 161.3 m | 140.1 m | 143.9 m |

## Retained Earnings | 134.7 m | 171.2 m | 168.2 m | 123.3 m | 143.2 m |

## Total Equity | 296.1 m | 322.6 m | 329.9 m | 263.2 m | 287 m |

## Debt to Equity Ratio | 0.2 x | 0.3 x | |||

## Debt to Assets Ratio | 0.1 x | 0.1 x | |||

## Financial Leverage | 1.8 x | 1.6 x | 1.6 x | 2.2 x | 2.1 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Cash | 61.8 m | 46.9 m | 30.4 m | 26 m | 3.4 m | 584 k | 6.9 m | 10 m | 1.7 m | 1.7 m |

## Accounts Receivable | 156.9 m | 176.4 m | 193.1 m | 172.8 m | 161.9 m | 185.5 m | 222.5 m | 222.2 m | 274.2 m | |

## Current Assets | 314.4 m | 336.5 m | 335.2 m | 290 m | 254 m | 286 m | 330.7 m | 338.2 m | 393.4 m | 363.5 m |

## PP&E | 156 m | 165.9 m | 164.9 m | 153.8 m | 156.2 m | 153 m | 156.5 m | 155.6 m | 150.2 m | |

## Goodwill | 46.6 m | 48.9 m | 48.7 m | 47.1 m | 46.8 m | 46.8 m | 46.8 m | 46.8 m | 47 m | 47 m |

## Total Assets | 528.2 m | 562.4 m | 559.7 m | 504.6 m | 471.7 m | 499.6 m | 548.7 m | 569.9 m | 620.6 m | 591.6 m |

## Accounts Payable | 67.3 m | 90.5 m | 82.5 m | 80.5 m | 77.5 m | 85.9 m | 91 m | 115.3 m | 119.2 m | 105 m |

## Short-term debt | 129 k | 888 k | 1.1 m | 1.1 m | 1.1 m | 1.1 m | 1.1 m | |||

## Current Liabilities | 173 m | 196 m | 192.7 m | 183.8 m | 187.1 m | 198.3 m | 222.7 m | 202.8 m | 213.7 m | 182 m |

## Long-term debt | 616 k | 23.7 m | 37.5 m | 39.6 m | 44.9 m | 79.5 m | 67.4 m | |||

## Total Debt | 745 k | 24.6 m | 38.6 m | 40.7 m | 46 m | 79.5 m | 68.5 m | |||

## Total Liabilities | 199 m | 221.9 m | 218.5 m | 199.6 m | 226 m | 250.9 m | 284.8 m | 302.7 m | 348 m | 298.2 m |

## Additional Paid-in Capital | 150.6 m | 167.8 m | 167.2 m | 152 m | 132.4 m | 132.9 m | 140.4 m | 142.3 m | 143 m | 144.3 m |

## Retained Earnings | 178.4 m | 172.5 m | 173.8 m | 152.8 m | 113.1 m | 115.5 m | 123.8 m | 125.1 m | 129.7 m | 149.3 m |

## Total Equity | 329.3 m | 340.5 m | 341.3 m | 305 m | 245.7 m | 248.7 m | 263.9 m | 267.1 m | 272.6 m | 293.4 m |

## Debt to Equity Ratio | 0 x | 0.1 x | 0.2 x | 0.2 x | 0.2 x | 0.3 x | ||||

## Debt to Assets Ratio | 0 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | 0.1 x | ||||

## Financial Leverage | 1.6 x | 1.7 x | 1.6 x | 1.7 x | 1.9 x | 2 x | 2.1 x | 2.1 x | 2.3 x | 2 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | 34.8 m | 36.5 m | 27.3 m | 21.4 m | 21.2 m |

## Depreciation and Amortization | 28.9 m | 33.1 m | 37.5 m | 38.2 m | 38.1 m |

## Accounts Receivable | (6.2 m) | 15.7 m | (17.8 m) | (27.5 m) | (46.2 m) |

## Accounts Payable | (5.3 m) | (17.3 m) | 6.7 m | 17.3 m | 8.1 m |

## Cash From Operating Activities | 95.1 m | 55 m | 43 m | 54.5 m | (9.2 m) |

## Purchases of PP&E | (42.7 m) | (39 m) | (46.6 m) | (25.4 m) | (30.8 m) |

## Cash From Investing Activities | (41.6 m) | (38.7 m) | (56.9 m) | (34.1 m) | (26.5 m) |

## Long-term Borrowings | (1.2 m) | ||||

## Cash From Financing Activities | 3.1 m | (15.1 m) | (23.9 m) | (35.5 m) | 16.9 m |

## Net Change in Cash | 56.6 m | 1.2 m | (37.8 m) | (16 m) | (18.5 m) |

## Interest Paid | 591 k | 1.1 m | 2.3 m | ||

## Income Taxes Paid | 17 m | 6.3 m | 6.6 m |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 |
---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 7.2 m | 15.2 m | 21.4 m | 2 m | 7.5 m | 13.6 m | 1.2 m | 2.4 m | 7.6 m | 5.6 m |

## Depreciation and Amortization | 83 k | 84 k | 84 k | 9.7 m | 19.2 m | 188 k | 188 k | 19.1 m | 28.9 m | |

## Accounts Receivable | 1.4 m | (7.7 m) | (24.3 m) | 14.4 m | 25.3 m | 1.8 m | 12.4 m | 13.3 m | (37.1 m) | 26 m |

## Accounts Payable | 5.2 m | 20.7 m | 17 m | 8 m | 5.2 m | 11 m | (10.3 m) | 15.4 m | 14.8 m | (3.8 m) |

## Cash From Operating Activities | 1.4 m | 9 m | 10.7 m | 14.4 m | 46.5 m | 40.5 m | 13.1 m | 19.2 m | (21.8 m) | 22 m |

## Purchases of PP&E | (16.4 m) | (29.7 m) | (42.8 m) | (3.8 m) | (12.2 m) | (17.9 m) | (10 m) | (20.6 m) | (24.9 m) | (14.5 m) |

## Cash From Investing Activities | (15.4 m) | (39.8 m) | (52.2 m) | (2.7 m) | (10.4 m) | (15.4 m) | (9.1 m) | (18.1 m) | (22.1 m) | (13.4 m) |

## Cash From Financing Activities | (1.8 m) | (2 k) | (5.7 m) | (25.4 m) | (72.6 m) | (64.4 m) | (21.1 m) | (15.8 m) | 21.4 m | (12.2 m) |

## Net Change in Cash | (15.8 m) | (30.8 m) | (47.2 m) | (13.8 m) | (36.4 m) | (39.2 m) | (16.9 m) | (13.8 m) | (22.2 m) |

USD | Y, 2018 |
---|---|

## EV/EBIT | 79.7 x |

## EV/CFO | 30.4 x |

## Financial Leverage | 2 x |

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MYR Group's Backlog was reported to be $679.1m in FY, 2017.

- Source: SEC Filings

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