MYR(MYRG) - 2025 Q2 - Quarterly Results

Company Overview Business Description MYR Group Inc. is a leading specialty electrical contractor providing comprehensive services across power utility infrastructure and commercial & industrial markets in the US and Canada - MYR Group Inc. is a specialty electrical contractor holding company serving the US and Canadian power utility infrastructure and C&I construction markets[1][22] - The company provides services through its T&D and C&I segments, encompassing design, engineering, construction, maintenance, and clean energy projects[22] Executive Summary & Highlights Management Commentary CEO Rick Swartz highlighted strong Q2 2025 performance with $900 million revenue, $2.64 billion backlog, and year-over-year growth across key profitability metrics - MYR Group CEO Rick Swartz highlighted Q2 2025 revenue of $900 million and backlog of $2.64 billion, with year-over-year growth in net income, gross profit, gross margin, and EBITDA[2] - The company expanded its business reach through new master service agreements and projects, focusing on future growth[2] Key Financial Highlights (Q2 2025) In Q2 2025, MYR Group achieved $900.3 million in quarterly revenue, a record $26.5 million net income ($1.70 diluted EPS), and a record $55.6 million EBITDA, with backlog reaching $2.64 billion Q2 2025 Key Financial Metrics | Metric | Amount (million USD) | | :--- | :--- | | Quarterly Revenue | 900.3 | | Quarterly Net Income | 26.5 | | Diluted EPS | 1.70 | | Quarterly EBITDA | 55.6 | | Backlog | 2,640.0 | Financial Results Second Quarter 2025 Results MYR Group's Q2 2025 revenue reached $900.3 million, with gross profit significantly increasing to $103.7 million and net income turning profitable at $26.5 million, alongside $55.6 million EBITDA Q2 2025 Financial Performance Comparison (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 900.3 | 828.9 | +71.4 | | Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | | EBITDA | 55.6 | (4.7) | +60.3 | Revenues by Segment Q2 2025 T&D segment revenue grew to $506.3 million, driven by distribution and transmission projects, while C&I segment revenue increased to $394.1 million Q2 2025 Revenues by Segment (million USD) | Segment | Q2 2025 Revenue (million USD) | Q2 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 506.3 | 458.2 | 48.1 | | Commercial & Industrial (C&I) | 394.1 | 370.7 | 23.4 | | Total | 900.3 | 828.9 | 71.4 | - T&D segment revenue growth was primarily driven by distribution projects (+$25.1 million) and transmission projects (+$22.9 million)[3] Gross Profit and Margin Consolidated gross profit increased to $103.7 million in Q2 2025, with gross margin rising to 11.5%, driven by improved productivity and favorable project settlements Q2 2025 Gross Profit and Margin (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | - Gross margin growth was primarily driven by the elimination of prior-year negative impacts, better-than-expected productivity, and favorable project settlements[4] - Gross margin growth was partially offset by increased labor costs, project inefficiencies, and unfavorable change orders[4] Operating Expenses (SG&A, Amortization) Q2 2025 SG&A expenses increased to $63.3 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth Q2 2025 SG&A Expenses (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 63.3 | 61.8 | +1.5 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[5] Interest Expense Q2 2025 interest expense rose to $1.9 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates Q2 2025 Interest Expense (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 1.9 | 1.2 | +0.7 | - Interest expense increased primarily due to a higher average outstanding debt balance[6] Income Tax Expense Q2 2025 income tax expense was $10.9 million with an effective tax rate of 29.2%, a change from a $6.9 million benefit in Q2 2024, mainly due to reduced GILTI impact Q2 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 10.9 | (6.9) | | Effective Tax Rate | 29.2% | 31.0% | - The change in tax rate was primarily due to a reduction in the impact of Global Intangible Low-Taxed Income (GILTI)[7] Net Income and EPS Q2 2025 net income was $26.5 million with diluted EPS of $1.70, a significant improvement from a net loss of $15.3 million (diluted EPS of -$0.91) in Q2 2024 Q2 2025 Net Income and EPS (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | EBITDA Q2 2025 EBITDA, a non-GAAP financial measure, significantly increased to $55.6 million, compared to a negative $4.7 million in Q2 2024 Q2 2025 EBITDA (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | EBITDA | 55.6 | (4.7) | +60.3 | First-Half 2025 Results MYR Group's H1 2025 revenue reached $1.73 billion, with gross profit increasing to $200.6 million and net income significantly growing to $49.8 million H1 2025 Financial Performance Comparison (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 1,733.9 | 1,644.5 | +89.4 | | Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | Revenues by Segment H1 2025 T&D segment revenue grew to $968.0 million, driven by distribution projects, while C&I segment revenue increased to $765.9 million H1 2025 Revenues by Segment (million USD) | Segment | H1 2025 Revenue (million USD) | H1 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 968.0 | 948.6 | 19.4 | | Commercial & Industrial (C&I) | 765.9 | 695.8 | 70.1 | | Total | 1,733.9 | 1,644.5 | 89.4 | - T&D segment revenue growth was primarily driven by distribution projects (+$40.6 million), partially offset by a decrease in transmission projects (-$21.2 million), mainly related to clean energy[10] Gross Profit and Margin Consolidated gross profit increased to $200.6 million in H1 2025, with gross margin rising to 11.6%, driven by improved productivity and favorable project settlements H1 2025 Gross Profit and Margin (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | - Gross margin growth was primarily due to the elimination of prior-year negative impacts, better-than-expected productivity, favorable change orders, and project settlements[11] Operating Expenses (SG&A, Amortization) H1 2025 SG&A expenses increased to $125.8 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth H1 2025 SG&A Expenses (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 125.8 | 124.1 | +1.7 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[12] Interest Expense H1 2025 interest expense rose to $3.3 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates H1 2025 Interest Expense (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 3.3 | 2.3 | +1.0 | - Interest expense increased primarily due to a higher average outstanding debt balance[13] Income Tax Expense H1 2025 income tax expense was $20.4 million with an effective tax rate of 29.1%, a change from a $2.7 million benefit in H1 2024, mainly due to increased pre-tax income H1 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 20.4 | (2.7) | | Effective Tax Rate | 29.1% | -281.9% | - The tax rate change was primarily due to increased pre-tax income, reduced permanent differences, and lower excess tax benefits from share-based compensation[14] Net Income and EPS H1 2025 net income was $49.8 million with diluted EPS of $3.15, a significant increase from $3.7 million net income (diluted EPS of $0.22) in H1 2024 H1 2025 Net Income and EPS (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | Backlog Backlog Overview As of June 30, 2025, MYR Group's total backlog was $2.64 billion, consistent with March 31, 2025, and a 3.8% increase from June 30, 2024 Backlog Status (million USD) | Metric | June 30, 2025 (million USD) | March 31, 2025 (million USD) | June 30, 2024 (million USD) | | :--- | :--- | :--- | :--- | | Total Backlog | 2,640.0 | 2,640.0 | 2,542.3 | | T&D Backlog | 926.5 | - | - | | C&I Backlog | 1,720.0 | - | - | - As of June 30, 2025, total backlog increased by 3.8% compared to June 30, 2024[16] Financial Position & Liquidity Balance Sheet Overview As of June 30, 2025, MYR Group's total assets were $1.587 billion, with cash and cash equivalents significantly increasing to $22.956 million, while total shareholders' equity was $583.234 million Balance Sheet Key Data (thousand USD) | Metric | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Total Assets | 1,586,982 | 1,574,059 | | Cash and Cash Equivalents | 22,956 | 3,464 | | Total Liabilities | 1,003,748 | 973,699 | | Total Shareholders' Equity | 583,234 | 600,360 | Borrowing Availability As of June 30, 2025, MYR Group had $383.3 million in borrowing availability under its $490 million revolving credit facility, indicating strong liquidity Borrowing Availability (million USD) | Metric | Amount (million USD) | | :--- | :--- | | Revolving Credit Facility | 490.0 | | Borrowing Availability (June 30, 2025) | 383.3 | Share Repurchase Program New Share Repurchase Program Approval MYR Group's board approved a new $75 million share repurchase program, replacing a prior one, to be funded by cash on hand and credit facility - The Board approved a new $75 million share repurchase program, replacing a substantially depleted prior program of the same size[18] - Repurchases will occur at management's discretion via open market or private transactions, funded by cash on hand and the credit facility[18] - The program is set to expire on February 4, 2026, or when authorized funds are exhausted[18] Consolidated Financial Statements Consolidated Balance Sheets As of June 30, 2025, MYR Group's consolidated balance sheet shows total assets of $1.587 billion, total liabilities of $1.004 billion, and shareholders' equity of $583 million Consolidated Balance Sheets (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | 22,956 | 3,464 | | Accounts receivable, net | 599,629 | 653,069 | | Contract assets, net | 347,082 | 301,942 | | Total current assets | 1,017,606 | 1,014,662 | | Property and equipment, net | 281,901 | 278,226 | | Goodwill | 115,466 | 112,983 | | Total assets | 1,586,982 | 1,574,059 | | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | Accounts payable | 308,191 | 295,476 | | Contract liabilities | 286,288 | 321,958 | | Total current liabilities | 766,392 | 748,900 | | Long-term debt | 81,623 | 70,018 | | Total liabilities | 1,003,748 | 973,699 | | Common stock | 155 | 161 | | Retained earnings | 434,598 | 453,717 | | Total shareholders' equity | 583,234 | 600,360 | | Total liabilities and shareholders' equity | 1,586,982 | 1,574,059 | Consolidated Statements of Operations MYR Group's Q2 and H1 2025 statements of operations show significant growth in revenue, gross profit, and net income, with Q2 net income turning profitable at $26.5 million Consolidated Statements of Operations (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 1,733,945 | 1,644,452 | | Gross profit | 103,711 | 40,843 | 200,612 | 127,086 | | Selling, general and administrative expenses | 63,313 | 61,839 | 125,837 | 124,072 | | Income (loss) from operations | 39,787 | (20,707) | 74,077 | 3,564 | | Income (loss) before provision for income taxes | 37,394 | (22,137) | 70,161 | 959 | | Income tax expense (benefit) | 10,928 | (6,860) | 20,387 | (2,703) | | Net income (loss) | 26,466 | (15,277) | 49,774 | 3,662 | | Diluted EPS | 1.70 | (0.91) | 3.15 | 0.22 | Consolidated Statements of Cash Flows H1 2025 operating cash flow significantly increased to $116.147 million, with reduced investing cash outflow and increased financing cash outflow due to share repurchases Consolidated Statements of Cash Flows (thousand USD) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net income | 49,774 | 3,662 | | Net cash flows provided by operating activities | 116,147 | 30,371 | | Net cash flows used in investing activities | (30,563) | (42,581) | | Net cash flows used in financing activities | (66,521) | (10,275) | | Net increase (decrease) in cash and cash equivalents | 19,492 | (23,030) | | Cash and cash equivalents, End of period | 22,956 | 1,869 | - Operating cash flow significantly increased, primarily due to substantial improvement in net income and a reduction in accounts receivable[30] - Financing cash outflow increased, primarily due to $75 million in common stock repurchases[30] Selected Financial Data & Segment Performance Summary Statement of Operations Data Q2 2025 contract revenues, gross profit, operating income, and net income all significantly increased year-over-year, while LTM contract revenues slightly decreased but profitability metrics improved Summary Statement of Operations Data (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 3,451,783 | 3,588,125 | | Gross profit | 103,711 | 40,843 | 363,845 | 316,964 | | Income (loss) from operations | 39,787 | (20,707) | 124,595 | 72,793 | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Tax rate | 29.2% | 31.0% | 34.0% | 26.9% | Per Share Data Q2 2025 diluted EPS turned profitable at $1.70 from a loss of $0.91 in Q2 2024, with LTM diluted EPS also increasing from $2.92 to $4.79 Per Share Data | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Diluted EPS | 1.70 | (0.91) | 4.79 | 2.92 | | Diluted weighted average shares | 15,575 | 16,809 | 16,035 | 16,828 | Summary Balance Sheet Data As of June 30, 2025, total assets and total funded debt increased, while total shareholders' equity slightly decreased, with goodwill and intangible assets remaining stable Summary Balance Sheet Data (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Total assets | 1,586,982 | 1,574,059 | 1,583,242 | | Total shareholders' equity | 583,234 | 600,360 | 633,342 | | Goodwill and intangible assets | 190,514 | 188,674 | 195,227 | | Total funded debt | 86,081 | 74,381 | 45,065 | Segment Results Both T&D and C&I segments showed increased contract revenues and operating income in Q2 and H1 2025, with significant improvements in operating margins for both segments Segment Results (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues: | | | | | | Transmission & Distribution | 506,273 (56.2%) | 458,209 (55.3%) | 968,043 (55.8%) | 948,604 (57.7%) | | Commercial & Industrial | 394,052 (43.8%) | 370,681 (44.7%) | 765,902 (44.2%) | 695,848 (42.3%) | | Operating income (loss): | | | | | | Transmission & Distribution | 40,465 (8.0%) | (8,300) (-1.8%) | 76,686 (7.9%) | 21,536 (2.3%) | | Commercial & Industrial | 21,992 (5.6%) | 1,608 (0.4%) | 39,369 (5.1%) | 13,031 (1.9%) | | Consolidated | 39,787 (4.4%) | (20,707) (-2.5%) | 74,077 (4.3%) | 3,564 (0.2%) | Non-GAAP Financial Measures & Reconciliations Overview of Non-GAAP Measures MYR Group uses non-GAAP financial measures like EBITDA, EBIA, and free cash flow to supplement GAAP statements, providing additional insights into core operations and performance - MYR Group uses non-GAAP measures such as EBITDA, EBIA, and free cash flow to supplement GAAP financial statements, offering additional insights into core business operations[19][20] - These non-GAAP metrics assist management and investors in assessing company performance and ensuring compliance with financial covenants in credit agreements[20] Performance Measures Q2 2025 EBITDA, EBIA net of taxes, and free cash flow significantly improved year-over-year, with LTM asset turnover, return on assets, equity, and invested capital also showing growth Key Performance Measures (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 55,599 | (4,703) | 188,439 | 134,939 | | EBITDA per Diluted Share | 3.57 | (0.28) | 11.77 | 8.02 | | EBIA, net of taxes | 28,640 | (13,637) | 84,258 | 56,375 | | Free Cash Flow | 11,638 | 2,503 | 108,625 | (3,424) | | Book Value per Period End Share | 37.46 | 37.92 | - | - | | Tangible Book Value | 392,720 | 438,115 | - | - | | Tangible Book Value per Period End Share | 25.22 | 26.23 | - | - | | Funded Debt to Equity Ratio | 0.15 | 0.07 | - | - | | Asset Turnover | - | - | 2.18 | 2.45 | | Return on Assets | - | - | 4.8% | 3.4% | | Return on Equity | - | - | 12.1% | 8.1% | | Return on Invested Capital | - | - | 12.7% | 8.7% | Reconciliation of Net Income (Loss) to EBITDA MYR Group reconciles net income (loss) to EBITDA by adding back net interest expense, income tax expense (benefit), and depreciation and amortization, showing a significant improvement in Q2 2025 EBITDA Reconciliation of Net Income (Loss) to EBITDA (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Income tax expense (benefit) | 10,928 | (6,860) | 39,320 | 18,079 | | Depreciation and amortization | 16,345 | 16,274 | 65,623 | 62,747 | | EBITDA | 55,599 | (4,703) | 188,439 | 134,939 | Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share Diluted net income (loss) per share is reconciled to diluted EBITDA per share by adding back per-share interest, tax, and D&A, showing a Q2 2025 diluted EBITDA per share of $3.57 Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) per share | 1.70 | (0.91) | 4.79 | 2.92 | | Interest expense, net, per share | 0.12 | 0.07 | 0.44 | 0.29 | | Income tax expense (benefit) per share | 0.70 | (0.41) | 2.45 | 1.08 | | Depreciation and amortization per share | 1.05 | 0.97 | 4.09 | 3.73 | | EBITDA per Diluted Share | 3.57 | (0.28) | 11.77 | 8.02 | Reconciliation of EBIA, net of taxes EBIA, net of taxes, is calculated by adjusting net income (loss) for net interest expense, intangible asset amortization, and their tax impacts, resulting in $28.64 million for Q2 2025 Reconciliation of EBIA, net of taxes (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Amortization of intangible assets | 1,211 | 1,217 | 4,823 | 4,897 | | Tax impact of interest and amortization of intangible assets | (897) | (737) | (4,061) | (2,635) | | EBIA, net of taxes | 28,640 | (13,637) | 84,258 | 56,375 | Calculation of Free Cash Flow Free cash flow, defined as operating cash flow less capital expenditures, significantly increased to $11.638 million in Q2 2025 and turned positive for the LTM period Calculation of Free Cash Flow (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 32,861 | 22,681 | 172,891 | 85,543 | | Less: cash used in purchasing property and equipment | (21,223) | (20,178) | (64,266) | (88,967) | | Free Cash Flow | 11,638 | 2,503 | 108,625 | (3,424) | Reconciliation of Book Value to Tangible Book Value Tangible book value is calculated by subtracting goodwill and intangible assets from total shareholders' equity, resulting in $392.72 million as of June 30, 2025 Reconciliation of Book Value to Tangible Book Value (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | | Goodwill and intangible assets | (190,514) | (195,227) | | Tangible Book Value | 392,720 | 438,115 | | Book value per period end share | 37.46 | 37.92 | | Goodwill and intangible assets per period end share | (12.24) | (11.69) | | Tangible Book Value per Period End Share | 25.22 | 26.23 | Reconciliation of Invested Capital to Shareholders Equity Invested capital is calculated by adding total funded debt to total shareholders' equity and subtracting cash, totaling $646.359 million as of June 30, 2025 Reconciliation of Invested Capital to Shareholders Equity (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | 604,300 | | Plus: total funded debt | 86,081 | 45,065 | 45,125 | | Less: cash and cash equivalents | (22,956) | (1,869) | (22,850) | | Invested Capital | 646,359 | 676,538 | 626,575 | Notes on Non-GAAP Measures Non-GAAP financial measures are supplementary to GAAP, used by management for performance assessment and credit agreement compliance, with detailed definitions and reconciliations provided - Non-GAAP financial measures are supplementary and should not replace GAAP financial statements[19][41] - Management uses these metrics to assess company performance, future prospects, and compliance with financial covenants in credit agreements[41] - The company's non-GAAP metric calculations may differ from others, with detailed definitions and reconciliations provided in the report[19][41] Additional Information Conference Call Details MYR Group will host a conference call on July 31, 2025, to discuss Q2 2025 results, requiring pre-registration for access and offering webcast replays - MYR Group will host a conference call on July 31, 2025, to discuss its Q2 2025 results[21] - Participants must pre-register and can access webcast replays via the company's investor website[21] Forward-Looking Statements This announcement contains forward-looking statements regarding future events and results, subject to significant business, economic, and regulatory risks and uncertainties - This announcement contains forward-looking statements regarding beliefs, expectations, or intentions for future events or results[23] - Forward-looking statements are subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, with actual results potentially differing materially[23] - The company undertakes no obligation to update these statements and advises investors to refer to risk factors in its SEC reports[23] Contact Information For investor relations inquiries, contact Jennifer Harper, Vice President and Treasurer, via phone at 847-979-5835 or email at investorinfo@myrgroup.com - Investor Relations contact: Jennifer Harper, Vice President and Treasurer[24] - Contact phone: 847-979-5835, email: investorinfo@myrgroup.com[24]