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United States securities and exchange commission logo
November 13, 2023
Kelly Huntington
Chief Financial Officer
MYR GROUP INC.
12121 Grant Street, Suite 610
Thornton, CO 80241
Re: MYR GROUP INC.
Form 10-K for the
year ended December 31, 2022
Filed on February
22, 2023
File No. 001-08325
Dear Kelly Huntington:
We have reviewed your
filing and have the following comments.
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to this letter, we may have additional comments.
Form 10-K for the year ended December 31, 2022
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of
Operations, page 27
1. We note your disclosure
related to your discussion and financial condition and results of
operations on both the
consolidated and segment levels. Please enhance your disclosures
comparing your results
of operations to provide a more robust analysis of the underlying
reasons and factors
materially impacting your results of operations.
Please clearly quantify
the dollar impact of all material factors including from
acquisitions in order
for investors to fully understand the impacts on your results of
operations.
Furthermore, please ensure your disclosures discuss the main cost drivers
affecting your
operating expenses and quantify in dollars how those increases/decreases in
costs impacted your
consolidated and segment amounts including impact on
margins during each
period presented, as well as management s expectations of how they
may impact future
results. This comment is also applicable to any interim results of
operations presented on
a quarterly basis. Please refer to Item 303(b)(2) of Regulation S-
K and Section 501.12 of
the Financial Reporting Codification for guidance.
Kelly Huntington
MYR GROUP INC.
November 13, 2023
Page 2
12. Revenue Recognition
Remaining Performance Obligations, page 69
2. We note that a "vast majority" of your $2.3 billion remaining
performance obligations will
be recognized in 24 months of which approximately $452 million will be
recognized
within the next 12 months based on your disclosure on page 70.
Considering your MSAs
and contracts could span between 1 to 3 years, please tell us in what
periods you expect to
recognize the remaining $1.9 billion that would be included in the "
vast majority" and
how your current disclosures reflect the appropriate time bands for
your arrangements. In
that regard, please tell us how you considered disclosure around
revenue expected to be
recognized within 1 year, 2 years and 3 years. Refer to ASC
606-10-50-13(b).
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
Please contact Ameen Hamady at 202-551-3891 or Shannon Menjivar at
202-551-3856 if
you have questions regarding comments on the financial statements and related
matters.
FirstName LastNameKelly Huntington Sincerely,
Comapany NameMYR GROUP INC.
Division of
Corporation Finance
November 13, 2023 Page 2 Office of Real
Estate & Construction
FirstName LastName