MYR(US:MYRG)2026-02-25 21:08Customer Concentration - For the years ended December 31, 2025, 2024, and 2023, the top 10 customers accounted for 38.0%, 37.8%, and 37.9% of total revenues, respectively, with no single customer exceeding 10.0% of annual revenues [25]. Revenue Breakdown - Revenues from T&D customers represented 54.7%, 55.9%, and 57.3% of total revenues for the years ended December 31, 2025, 2024, and 2023, while C&I customers accounted for 45.3%, 44.1%, and 42.7% [26]. - Fixed-price contracts constituted 57.0% of total revenue for the year ended December 31, 2025, including 34.3% from the T&D segment and 84.5% from the C&I segment [28]. Backlog Information - As of December 31, 2025, the total backlog is estimated at $2,576,418, with $2,824,268 expected to be recognized within the next 12 months [45]. - The backlog for T&D is $1,018,116 recognized within 12 months and $951,413 recognized after 12 months [45]. - The backlog for C&I is $1,806,152 recognized within 12 months and $1,486,352 recognized after 12 months [45]. - The company’s backlog includes projects with a written award, letter of intent, or notice to proceed, but may not accurately represent future revenue due to the nature of contract durations and cancellations [44]. Employee Information - Approximately 9,000 employees were reported as of December 31, 2025, with 7,200 being craft employees [57]. - 85% of craft employees are union members, primarily represented by the International Brotherhood of Electrical Workers (IBEW) [57]. Competitive Landscape - The competitive landscape is characterized by price sensitivity, safety performance, and technical expertise, with the company believing it holds a favorable competitive position due to its financial strength and customer relationships [36][39]. - The company’s T&D segment faces competition from various local and national firms, with barriers to entry including equipment costs and the availability of qualified labor [38]. - The company differentiates itself in the C&I segment by pursuing larger and more technically complex projects, leveraging its operational history and local market share [41]. Contractual Provisions - The company’s contracts often include retention provisions of up to 10%, which are withheld from progress payments until contract completion and approval [32]. Financial Instruments and Borrowings - As of December 31, 2025, the company had $47.4 million in borrowings under its Facility [250]. - A permanent increase of 1% in market interest rates on revolving debt would decrease future income before provision for income taxes and cash flows by approximately $0.5 million annually [250]. - A permanent decrease of 1% in market interest rates on revolving debt would increase future income before provision for income taxes and cash flows by approximately $0.5 million annually [250]. - Borrowings under the Equipment Notes are at fixed rates established on the date the note was executed [251]. Compliance and Regulations - The company is subject to various environmental laws and regulations, but believes it is in substantial compliance [52]. - The company does not expect continued compliance with regulations to materially affect capital expenditures or earnings [49]. Operational Management - The company has a centralized fleet management group to optimize equipment utilization and reduce costs [48]. - The company operates under various trade names in the U.S. and Canada, but does not rely on any single trade name for material business operations [46].