MYRG - Earnings call transcript Q4 2020

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Operator

Good morning, everyone, and welcome to the MYR Group Fourth Quarter and Full Year 2020 Earnings Results Conference Call. Today's conference is being recorded. At this time for opening remarks and introductions, I would like to turn the conference over to David Gutierrez of Dresner Corporate Services. Please go ahead, David.

David Gutierrez

Thank you, Michelle, and good morning, everyone. yesterday. you company's MYR year fourth XXXX, were welcome to conference results to which the discuss quarter reported like to Group the call for I'd and full

Swartz, Officer Jeff Joining MYR and President Operating Johnson, us and Group's MYR Vice Chief Vice Transmission Cooper, and Waneka, Distribution Commercial President and Officer; President call Chief Operating President on are and Senior and Executive Chief Senior Officer; Group's today's Vice Chief of Segment. Betty Tod Senior and Financial Segment; Rick Officer of Industrial

of contact If Thursday, Time entering available Corporate will under will receive you or the today's Group available XXX-XXX-XXXX XXX-XXX-XXXX did yesterday's not a a Investor call March you PM Eastern XXXX, Relations until at at press go by we release, X:XX dialing and ID XXXXXXX. and where or please the MYR is replay website be conference Dresner XXX-XXX-XXXX, to copy tab. XX, Services a copy send Also

that is GAAP yesterday's release. call press forth information uncertainties to discussed today. to for press XXXX, turn A such call begin, and and yesterday's reconciliation These the actual will the forward-looking in update me statements let available involve risks Accordingly, and forward-looking these in Before risks measures report XX-K these XX, statements. Swartz. non-GAAP MYR forward-looking financial no information to to may differ such upon based Rick the I this assumes obligation management set Certain on guarantee no said, and over of statements Group uncertainties are future These performance. this statements. of any December discussion the cause Form could company's from that the statements. comparable results materially you be contain statements are non-GAAP release. are ended discussed the as most date forward-looking annual that year measures on MYR of Any we Group's to to in With remind want

Rick Swartz

full summary year and I call quarter of Thanks, Welcome David. Officer, for then brief Good and more the call Betty financial over everyone. will results Financial morning, conference results. providing Johnson, to XXXX fourth quarter our year detailed begin a turn by the fourth a to and full and review. discuss to Chief financial our operational

questions. call our open record a finished Following the Betty's quarter C&I conclude and for segments, overview, going XXXX will Tod of some We Chief of provide of opportunities $X.XX Group's financial in I consecutive segment Officers sixth T&D some with for high a will performance and your year for remarks Waneka, performance with and closing setting strong and up billion, fourth the full revenue Operating forward. Cooper Jeff our year. the discuss summary MYR call today's and

team Our the of positions our investment backlog meeting to strong segments XXXX. of members well for continued needs end us at and pandemic. safe XXXX In Throughout amid projects energy project bidding we and in unique C&I our conditions. market our response ability T&D COVID-XX and adapt, in reflects XXXX, XXXX, billion keeping while client the in to experienced emphasized and $X.XX and infrastructure success activity

within energy energy infrastructure trends, XXX% market will investments meet net transitioning transformation a and some clean models these require customers' goals. have goals. or committed emission to utilities This result our at carbon significant should look we to clean zero change business As setting to in

to in in the us well strategic growing future today our customers. and needs capabilities Our energy of our changing the renewable support positions investments

facilities. of water e-commerce in continued data resulted by and to projects. centers, warehouse in expansion Our warehousing investments C&I infrastructure segment to fueled The has the healthcare, continues to in response distribution investments in and COVID-XX be support

us for conduct these capitalize to ability on opportunity to creates an market infrastructure Our complex critical trends. facilities

positioned Our diverse for the in to needs industry. areas C&I of is our build across lasting continue and and significant our T&D clients opportunities meet these relationships build on to capabilities favorably MYR consistent performance us the customer and strong beyond. XXXX Group's segments in

to deeper We differentiate gaining our continually are believe competitiveness solutions safety, insights We our into leverage ingenuity focused our on and customers' develop relationships, of to strengthen elevate passion of We delivery. the project the quality business and services. our members cost innovative and industry, the proud XXXX full well our are opportunities future is and fourth to stockholder Group of quarter serve status performance, leading as as company to a year which value. positioned maintain a MYR and foundation expect solid our growth continued to in and we we team

details provide full our quarter will XXXX Betty fourth results. year and Now on financial

Betty Johnson

call, and quarter-over-quarter Rick, On today's our quarter XXXX the you, as be to XXXX. results I the fourth good morning, quarter fourth reviewing everyone. compared will of of for Thank

last This quarter high. record fourth were year. Our the revenues an to X.X% compared million, XXXX represents period $XX.X a million $XXX same of or increase

high agreement. million last year. Our due compared increased was with million, with Approximately million due to by our associated C&I master increase segment pandemic. to C&I the record offset volume performed XX% period to in distribution quarter revenues primarily projects, on T&D COVID- increase segment increase acquisition, partially of the were by period of in The distribution. were increase revenues $XXX.X slowdowns partially work on storm associated revenue an with work, revenues compared include related projects. breakdown CSI The $XXX.X same the revenue in XX increases an XX.X% T&D our $XXX.X of in which for $XXX.X a T&D an decrease and fourth for of C&I with revenues services The to under transmission transmission fourth for revenues offset an primarily revenues increased T&D a year. X.X% same quarter to segment last million,

XX.X% order or gross labor operations. the margin better million These to $X.XX MYR negotiations net primarily last period gross offset period in settlements unfavorable representing higher Group for income fourth as change support year. costs higher attributable $XXX.X for SG&A than record successful year. period of were a was December $X.X incentive Our of was as in to improvements high than an quarter C&I Total MYR. The to expenses or projects. our diluted year. a on XX% to higher $X.XX anticipated other was same the XXXX inefficiencies year was increase both Fourth certain our million quarter were was same billion and same on in and increase margin XXXX and was Fourth to XX, quarterly $XX.X projects. by storm-related $XX.X work, last increase XX.X% last compared expenses for for per $XXX.X margin ago. The million, XXXX due for to as to December $XX.X growth the $X.XX high EBITDA diluted the quarter employee share of highs well was million XX, record for $XX.X share, primarily compensation and and per partially due Total million segment. the T&D increase of consisted certain employee-related compared compared as backlog million of our record million of for segment a MYR XXXX, backlog XXXX, productivity

of facility under $XXX.X December funded and availability credit liquidity working $XX.X Moving million our borrowing debt approximately $XXX.X as of we had XXXX. of XX, million our million to sheet, capital, in balance and

million and our $XXX.X strong in We XX cash was $XX.X Free improving free flow for cash have came period flow. continued a for months. the to balance our at record focus the trailing million sheet and on strengthening high

needs, balance of leverage leverage Our funded as and us In will XXXX, sheet September revenue, of we to CSI to earnings improvements X.X our gross investments, our leverage growth backlog times flows per strong from profit, net enable quarter EBITDA, cash EBITDA EBITDA debt in funded overall to since this to cash and debt improving We meet our acquisition, bonding working that the and year. XXXX. prior from has capital requirements. compared December share, free XX, had improved believe equipment as to facility, future X.XX flow, credit summary, initiatives income, operations XX,

income, enabled fourth reach C&I strong revenues us revenues, a per XXXX, both $X.X set over our in annual share to highs in high segments. and T&D record new we with quarter for record This record Additionally also quarter billion our EBITDA. net of earnings and

we over over million free record as ended reached $XXX flow and previously a December For XXXX, $XXX high million. of also of year the record cash EBITDA mentioned, XX,

XX% Our of full XXXX now turn an Tod earnings diluted Cooper, year. an per will I Distribution $X.XX, from share segment. also increase the a who provide record Transmission overview reached over and call of to of our will prior the

Tod Cooper

morning, good and Betty, everyone. Thanks,

projects XXXX, projects In portfolio. we XXXX, Our on and to and included XXXX performed a smaller notable of positive our in with beyond. range well T&D for some we outlook a segment executed larger in mid-size maintain

U.S. EPC, projects XX% XX% Administration in Energy that bidding with the resulted energy it of renewables growth share than more will outlook Group. said would our the in for focus Our of survey. business and strategic in the renewable those in at Information have remains greatest current XXXX, over customers energy of which XX annual and master energy agreement the generation a direction surveys and the MYR on executive to for backlog is electricity leaders our a from or strategic their growth XXXX. impact in rate recently U.S. offer opportunities, insight infrastructure top renewable a XX% T&D a its positioned capabilities next of Group years. In to increase mix to continued surveyed Group generation service strong energy the deliver of annual area three MYR associated to success to the the grid. facilities customers needed uniquely range MYR five full renewable activity build

EPC critical team consolidated remains a be of in self-performing and and Battle solar field. in presents Battle services XXXX. by a reliability. the to energy with storms Aging is Mountain an of that megawatt energy hours customer infrastructure is XXX modernize being providing project is MYR is technologies, facility currently the being industry all storage. and improve constructing Project XXX incorporated is scopes the is Mountain systems opportunities grid battery for a Group to MYR The clean for expected support overall issue goals Our system that The constructed work also nearly achieve future, harden megawatt Solar driven system completed Nevada. to demand is innovative to needs. services integrate mid-year coupled

hardening. years. distribution AEP's capital the bodes the upgrades This system the more includes result, execute substation and for distribution than order is investments, a insight billion the and seen plan grid strong forecast to Energy's upgrades the several alliance system-wide significant than significant $XX Across to full billion and projects automation, that Group including modernize grid of to coming only impact in expenditure completely MYR is modernization plan through has long Group we opportunities, in will a and a agreements need improvements had be our replacements, and this States, continue our small fraction MYR Xcel system $X and five-year evident represents As medium-sized that and of on for five-year to positioned a in projects. to to the construction take transmission work investments. According capital equipment has term to United more help partner survey, line industry and multiple place in well customers

base efforts In quarter, are customer project market as fourth leadership York reliability area for growth we Electric, there develop subsidiary, with sustained the project to remains market. Bidding work in T&D the continue and our their to During opportunities Harlan successfully Hartford we New expand in continue and with medium-sized clients the in to to Rochester the our bidding small and larger believe we projects, in reliability projects. and position invest our Connecticut. summary, our develop the upstate strong to completed

resources and the continue over Jeff to to the for and takes Waneka, it will of Industrial raise an segment. provide by I our devoting of call doing bar the to MYR We now our turn Group. Commercial successful outlook will future who will what energy

Jeff Waneka

project Tod, everyone. adapted good be COVID-related as an interesting XXXX segment disruptions proved the morning, and to Thanks, resequencing. year we and C&I the in to of myriad

a through mostly fourth the faced mirrored results conditions business quarter full C&I climate. economic work we with we our and as bumpy general clients year Our

year, the provided these opportunity fundamental pursue protocols transportation, market vary project operational as somewhat typically that sectors. each pockets we in pandemic, with state, Throughout with we including believe anticipated the clients not we customer to data primary our exciting Early adapt vulnerable to a new project and markets economic project focus multiple in less water to to that confirmed service been projects. projects new increased we of the the involve a and concept serve. our to heightened to on efficiency. enter will we opportunities be and slowing, healthcare, are long view has on changed. we we now see may some As exceptional renewable in monitor from continue XXXX, centers, number and from our for teamwork Large of opportunities in of seeing markets state Today, energy that healthcare operational pipeline, based the a we completely and timeline has a facility, facilities need and

Our pursuits all large sizes medium to the of district small, facilities. are new across and engaged offices expansions in country greenfield from

We I to Phase and project. trusted to few projects Group the this High years remain contract to facilities skilled awards for come. are Arizona the in believe a notable The the assist complex the and II our industries tech development will a clients labor district tight require process, our holds which and for and provides relationships typically under for spaces. offices the growth management our of Phase development. months Trusted on with a in many healthcare of and and dedicated currently with serve construction leads for clients that for to to MYR centers demands Recent focus to true design institutional later facilities data contracts major are on several opportunities Colorado. opportunity sector. skilled of and research professionals experts solutions facilities proven us group the provide continue to through new tech highly same to research receipt of Healthcare high trusted leads coordinate research assist longstanding beyond. to of clients commercial project has Once the to and thus collaborative early are open allowing design typically other nation's power, and security constant we lead for significant projects demand how each nearly projects, roadway, opportunity computing like healthcare lead our airports, establish should provide upgrades rail and project pandemic the Much contracts have and large the plans lot multiyear improvement market, tunnels, project about and owner during projects we changed times with mechanisms, with expansions. water advance XXXX Many these data benefit projects that long develop many engagement to continue before stages e-commerce civil have country long-term and times The hits and through procurement. funding tracked industry, civil including well-established we a site of planning. bonds. and team maintenance to solutions commonly capital in the continue the on to increasing for to dedicated across interact built, toward the of early remain design

in Canada, this us, the transportation is both Pacific in modes new For Coast the been years. U.S. for many and where especially development true of on have

complete and to awarded that successfully share efforts projects. is effort our very our of project executing of Our and highly planned increasing these expanding in these the is our the projects. XXXX companies early to Central Colorado one progressing The required in subsidiary as massive collective experience opportunity collaborative in is project example multi-phased XX efficiency complex public a is

the the transportation in In transportation President already Congress bill. a meaningful infrastructure projects likelihood we of pipeline, that anticipate increase and in changes the addition the to and

the Architectural Index We indices, year. the see Index throughout are training Momentum encouraged such to the Dodge major back Billings as upward slowly the and

year efforts pipeline Our Their in intact, employees throughout conclude, achieved unique provided see performance and markets results, and services active, we provide by challenging bidding remains continue numerous was attractive while improving in a and ways. To the dedication remains continued we the our to serve. we opportunities the outstanding admirable. consistent

to who our greater closing come. some call headwinds today. to your efforts everyone, the Rick, from for us back provide fade, opportunity over capabilities time now to the our provide for with will turn Thanks, comments. to will the I'll pandemic strengthen As continue years

Rick Swartz

updates and Thank Betty, you Jeff. for those Tod

is am year Our navigate grow of ever-changing to fourth business. industry-leading landscape XXXX us of quarter foundation capture demonstrates the as and the opportunities provides and new ability our strong our our industry. full this strength Group a successfully and business performance our agility an in partner, MYR I strategies. which confident to recognized

support. sincerely result like you Our continued of I for their like of success a trust and customers is to in extend the and beyond. people, would to XXXX I'd working continue to up I to in to look XXXX your talented for success we our the ready stockholders with and our Operator, dedicated thank. for whom call thank your and questions. team, are now you forward our ongoing to open our also comments

Operator

of [Operator comes Andrew Baird. Instructions] Wittman first from Our the line question with

open. is line ahead. go Please Your

Andrew Wittman

questions. script about my continuing just pretty the future? some energy mentioned you elaborate you capitalizing the taking opportunities. types for them take is little MYR in well to investments thanks wondering today, but there. could and the you your making or more make marketplace It if talk bit to was the that renewable wondering, you renewable are investments on could maybe little to that was of on sounds need Rick, you a I of the Thank you're in in opportunities like bit I a make advantage if

Rick Swartz

investing resources Sure. Since we've the early in chase this XXXXs, been work. to

together, whether them. teams we've solar ESB, then And component Huen, renewable chased our our it'd they've wind, be divisions associated acquisitions, geothermal renewable putting company a or have done had work, to whether So all it. CSI, solar it or as various anything with or across

our company. renewable really to is both Services, project Services So what just transmission And and be year, chases we already the delivery front MYR building we've on that leg which specific to front. Energy additive MYR then been our in re-branded Transmission that this

company. to So in this the brought great for growing it's really invest. our see we something over last and some is years, few talent We that continue market we a

Andrew Wittman

to wonder understanding and it little I get bit a on a see if little help Betty, you that. quarter better. us for thanks Great, the could I

and you were performance? some have of inefficiencies I if wondering segment mentioned kind obviously a that quarter, looking this have just to side, there can projects was storm could of the business about heavily much always, adjustments very it's benefits you the led revenues help good little And they As the bit positive performance you down from any that. revenues a margins projects, bit and percentage were performance on But the C&I segments And all margin the transmission understand. some accounting the more was side? think completion the on some sequentially of you talk I have if the a on that side how the have that for T&D did on, Anything the hoping you maybe confirm in good little in context C&I. those us at to be in to comment relative or margin then I I inefficiencies T&D? some in margin performance strong to contributed the Thanks. would then helpful

Betty Johnson

that a that to job when Yes, back it is, as of close quoted so result range into comes was that X% to closeout adjustments that we've we us bring that those out, job XXXX the this that. good can yes, out we've first there majority of level we as in part our couple a to have there quarter, our away, that, there like and to higher on and When that going closer those that inefficiencies clients, minuses forward always for Yeah. in get couple T&D, to you our into least commentary. higher we're projects X% is side, jobs were the the were we definitely level, and a storm it quarterly led just referring mentioned there on some down it always XXXX of had we several working work although and margin but throughout comes did strive I Having not T&D the then we quarter else with our take had to been to But margins impacted them anything just to typical. that jobs some negotiations final segment than work. rely news out was, netting, that was of saying X.X% the were us to adjustments to settlements earlier lower closed in at we in to items about XX% talked And where as from, overall there a of that percentage those as did do closing C&I a that the to benefits including margin, said the is we margin that? in margins throughout higher do and we and adjustments some a something is we some Rick, when have overall and pluses get have we're add

Rick Swartz

I'd it say when Betty, up summed well. you you,

I that above that the the order side side, pick even. you between and or pretty XX% at that taken look execution three groups revenue, kind really up when to of the storm the T&D us X% change think it on split those it's

I is It of on really of as look pretty carrying those till out slightly projects then that And was front, others. into they not final us you is if orders the margins really that C&I a up, negotiation So at change those even. affected stands couple above one There lower was some that completed. pick areas negatively three on the said come and on projects

Operator

Capital And our Eastman question of the line comes KeyBanc with Markets. from next Sean

line open. Your Please ahead. is go

Alex Dwyer

questions. is for our on Thanks Sean. for This Alex taking

Rick Swartz

Good morning, Alex.

Alex Dwyer

morning. Good

that XXXX. of in XX-K, guess in projects your you awarded continued can awarded your on the risk of that we the around what's there second in that transmission of projects some level further? year to these sized push start projects large is the large half think So get construction do still saying commentary or up picked half in I out larger confidence year this second

Rick Swartz

finalized budgeting part, permitting really they though. I of do moving that and we're activity it's starts the there happy in get pricing and pushed least or think get permitting see push knits and forward out, seeing but the bit, continue they most out. little those delayed held it risk good that a up to I we're just I'm projects at knots, gets a again going little there, mean, might to final are think, for out. we approval. always every the movement, time there, them are And some seeing is

anything Tod, on add that? So to

Tod Cooper

we Rick, likely quarters is in previous that that that announce we they in mentioned and remain in monitor the construction XXXX development. Marcy and what Scotland in order No. on the underway clients, other to several development award work see as are getting continue will now, activity most to did throughout with projects to in thereafter. I It's New some

Alex Dwyer

with then being bid double-digit pipeline C&I And in the a or coming revenues backlog that the way about to quarters? down Is does C&I year the year-over-year. next think good kind of support backfilling

Rick Swartz

We Jeff really lot pulled back of e-commerce opportunities certainly that back active opportunities, on type data on. a what's the a I of some there pull out centers, based the lots hope developers it the little it bit, seeing, stuff, whether going bit supports bit. they're some be a Tod does healthcare, pumped pause seeing We're little bid somebody and little little mean, of see but about economy some bit brake backfilling or it's these talked market. still a a an

right but it want have being lumpy. contract the seen and receive we Yes. everything to a could sure we're something in everyone a we talk to it when we can that control as to backlog haven't we're happen? about We It's going we don't again, always to I contractor, going place. yet, contract remind when And do make then

us. we're about negotiate the right worried may worried quarter beneficial not having it us to that's for take contract it. longer it about We're in end, So to getting there

to So be going lumpy. again, it's

bid much that? future out into seeing really being add to our really on market quarters. active into we're we're today. as too awarded I don't weigh anything what there, that Jeff, and still the So and backlog It's active

Jeff Waneka

growth nine COVID We straight prior We are summary. of a pandemic. quarters good the that's strong getting to backlog had

has to our up. remaining So leveling, things doubt about no things so active, that been some what's in pick still good hoping feel Again continue there there but backlog. are

Operator

question And of next line the with Noelle comes our Stifel. from Dilts

open. go ahead. is Please line Your

Noelle Dilts

the And but bit in couple Well, touch guys, environment. a congrats solar, just have competitive multi-part, because I hoping I a good tough you key speak questions. it's think believe Hi there you the market. to on hoping solar first of we some market? was you how kind of T&D in talk more have you relative the what that type and there terms of could I do? targets? profile to important second, the have that some margin is should think could you and little advantages or the really like of of I opportunity lot have being you about in finally, think on And about that entrants Thanks. new was been what legacy you of Could in heading success on, work performance margin work the able a to about achieve of talked of

Rick Swartz

that. at it opportunities continues the we grow, all you do phone to thing. take that? are I mute. Tod? his want same have and about You're just you as talking, out I'll Tod, you competitors there, think something the to but on to here, go look Okay, our take so happened sorry Tod's ahead and said, saying When that one.

utility this Our a lot is for competitive work side grade of is we solar.

to has that in expectations do work our the our it us developers that for. gives clients seeing utilities upper doing be connection which that of trying T&D to So a lot now with of what changing and We're coming are. to side or they're level, right those our margins the back on do either the

see upper we what X%. the that We talk on for make there. end the that So to we can always X% availability of about

done that been have some energy. doing it solar time picked always over solar renewable see talent We that years to to been for and had we We've the add out. up resources market as positive a long growing market. that a So our current

to the invest I There there, going into again, are us. when XXXX. just we're continue We're for out and projects good budgeting the it's chasing projects don't as that we So look to opportunity at a mean, it market strong. XXXX, we go is they it growing growth us. XXXX, for market that really and were in a see

Tod Cooper

storage Yes. that really believe get the to utility-scale that provide our the from to to full-service generation battery is key I ability to grid. the Rick, the stuff and that required a to infrastructure also

to customers full So provide to well. we're service our as able

Noelle Dilts

great. that just are through stepped you adjustments, T&D would of kind say up at of you higher move then if that feels kind margins about Thanks. Could And sustainability you look should we the things maybe helped efficiencies that your Okay, margins have some changes sort forward? second, that like look these it I some looking of think how implemented and margins, of XXXX, a even XXXX the if at to of speak moving the in to division? of or And you've you level. up

Tod Cooper

So and side worked side organization internal really management, the skills all and project We mentioned, centered brought margins there a employees then the the for numbers. a management, the the that management. up some higher as C&I into of training, T&D storm on and to did you the settlements lot then we first training as But that we've project in levels. programs overall, at from was acceptable the works well than from improving efficiencies the on technical the Rick developed our what the consider slightly hard only on we project talent of increase not the resulted get field there as drive change some it work off, kind around and three-fold favorable of

country. benefit years the of the of of we're best get and into So running it results typically programs we put that it utilizing and get started practices couple I place that takes as we seeing place, results the those we think the and as see That talent we seeing that. the brought in of think XXXX, in to that a to well in across

course in country strengthen and think technology of I that think us crisis communication that the the enabled had, improvement skills added margins across helped benefit COVID the the use and work, through of the technology another XXXX. we in itself our almost this fact the drive that's the in I to

Operator

[Operator comes Russo from question Instructions] with of the And Brian our next line Sidoti.

ahead. Please open. is line Your go

Brian Russo

of maybe discussion presence Texas or solution. in in some which the Any the example just upgrade up worked in the involved type storage, advantages the market transmission you with. one and There's as say that to general, been be infrastructure, your of brought whether projects Can weather might on like maybe term energy recently relationships need customer projects development around near it's a what discuss and past? with that may T&D, then is have Texas been batteries just generation more longer competitive of your cold it's opportunity, lot in and you you're than you

Rick Swartz

Yes.

with Our that substation key and a Texas contractor, of is big our have lot a of state, a in Texas in that lot diverse every of noncore the obviously and and transmission a presence being representative and nation-wide Those United are a we're couple is of presence CenterPoint day. distribution, we doing pretty service to and are on that utilities we stay States, with longstanding throughout these clients work of relationships important some master close people, each those clients being work. and every them do very agreements Texas, we to us, one

in all West in to those in addition that, discussion lot the some we there renewable right a past fit is opportunities to Texas of and energy So going now. there's always be

You're end this. solar it's monitoring and any some certainly a reliability few took result grid generation, right these ago, strengthening. event - on, an of it's that the discussions exactly place weeks be but It's of going right be we're result to some projections what a now, making could extremely as all grid really and around recent

Brian Russo

the what's T&D England area. up as seen wind? on on extremely thoughts And your also well in the New side, We've there offshore the announcements coast project the Mid-Atlantic large as some in off

Rick Swartz

opportunity that for as growing We our a see company.

specialized I is of that. side or is the and - in the stuff in the that think specialize usually that's kind the ocean companies it that more placement that of do doing there that it stuff onshore of bringing cable it's than

it's and getting us, that For cables infrastructure, and be whatever. or substations with associated the whether onshore really everything that's it'd that,

in, side, whether just a gets So additions we've it's see part as all new about and of T&D coming we as business. that's solar of us batteries that offshore sites, But excited growing the kind overall what are or market done wind. that that these

Brian Russo

grew then great. quarter. The back C&I Okay, revenues the to And just on fourth XX.X%.

volume the understanding that closed It's acquisition. fourth from higher CSI the mentioned You my quarter. acquisition before

a that what's volume organic growth and driving there's of So lot that?

Rick Swartz

Jeff let to it. add and start I'll

that at when through that. we did acquisition XXXX. we Yeah, I halfway look think

execute a shut in numbers, but would COVID shocked continue forward. thought in effect, of nothing was completed I have they because bit and coming they our continue with I've that as were opportunities little last slight a that as business and with major, continue revenue down it much to kind revenue on where to their So to huge effect but been it had perform did negative a so and year has July, have they their They been grow.

for is the add. a anything market to California market So us. good Jeff,

Jeff Waneka

Yes.

of little variation been and I COVID some think our very seen impact. have with all across districts performed and a with have there's larger others a lot impact

that of we're been and all, in believe they're some some pleased the areas showing all revenue have So with opportunity. those down, that

So forward we're that. to looking

Brian Russo

ongoing, have back just like Okay. much the you allocation, And doesn't $XX quarter. in lastly then share on it bought fourth capital stock buyback the you look million

with type do capacity leverage your how balance what's your acquisitions? kind considering opportunities, X when or of you max Just at times? versus M&A around buybacks especially now any leverage And ratio ratio

Rick Swartz

Betty, to one take all and you that? that want

Betty Johnson

Yes. about maybe that and right turned like for EBITDA the past talked been EBITDA our had being X, higher with. would We've up and but I'll during one-off norm that holiday that, leverage in tolerance results one-time acquisition our X, after in. to definitely X.XX slightly allocation an and the that acquisition go we start say leverage

that we saw range and CSI. we when - that's So acquired

year talked our fairly our in We as full the looking capital recently. the in wasn't change that's that just definitely program current It in for the about - have you're lower. as we've place in out acquisitions, and But purchase well work. based leverage stock interest correct go and X.X that's anything program a did right, market this Our as not still put is the the quarter. upon to in place and stock of price today, is much put place. buyback allocation We we

looking team is at daily transactions. Our

definitely so. been with the to or to However, anything market, through in what that? and six months talking last going to XXXX for but time, on the XXXX, about same want Rick, interested. are come companies something at the the Not you are whether sure we add will demand what pent-up come in

Rick Swartz

Yes.

company. our when with with the have allocate going internal the invest organically, it's not grow our right it, at don't anything. board acquisition. overall, but company think do we continue We just to I and but is our to and price. to an at look do of have company. to grow capital conversations, right lot We're We do for opportunities grow There something where as we necessary group, an necessary we to that to company a want I we think our when And it we to to to. we're our our company, these in acquisitions, we'll management want don't acquisitive have do

or we're the So again, buyers, it acquisitions, even opportunistic with but our stock we're to going buybacks at right price. do

stuff, little we're sure portfolio in sake heavy ourself have going of the order something. some So we we're to and of decisions patient to if not the right on the just We're in the we going to be business right leverage for a to the buying be make end. have make to going

Operator

a Wittman line have from we the Baird. And Andrew Thank do with of question follow-up you.

go is ahead. open. line Your Please

Andrew Wittman

actually of were the look a the I remarkable of accounts up at bit. the little flow down, quite capital, wanted working about cash your receivable, most to positive year-over-year contract And in because I to in was the assets it change as liabilities talk contract year. accounts

the is just So This in you XXXX Act payroll contributed you seems the we given in think budget where you year? the to were you mostly at positions that favorable XX? ask year. December the benefit do much of from XXXX, like very this some the about question, finished also need of so you just could to do the working because Betty, and to holiday this know the it the reverse capital CARES cash And outlook? tax talk also was Could good how capital us just that quantify flow for in

Betty Johnson

period. the Yes, question. over million. a That through with start end of for two-year of deferring was is I CARES I'll last The taxes back can. and Act is $XX other and the XXXX paid items gets part the

our about over nice focus there both like is that's that been saw and said always mix team billings comes several up XXXX, momentum jobs a under in pick that and for of for some while and benefited a and that the things definitely play think place it been XXXX When that favorable So overall is increasing working timing Tod a billings in under-billed for on working huge the that, over-billed us Having results. years taking for overall we to other and net definitely look while training change comes that in huge and into in change a We've have to a showing we talked benefits. as has now right I of capital. has jobs mix resulted that a there takes in decreasing just net a showing it thanks from for companies. us to recognizing for -

So name to to million I'm this the you year. we that us proud they've everything and and for terms been it. do continue team $XXX to billing to strive to get And work on able of collections those and that

that's would stay for in focus on clearly Some million rely to XXXX, position. this a of $XXX in that - I but not us

Andrew Wittman

Just, just missed you Thanks. in was mentioned helpful. you case can sorry, the give script sorry, here maybe but in about you budget that I the I'm or in XXXX, think what not, maybe it? capital

Betty Johnson

take Yes. specifically, bit uncertainty. had our just fairly won't even planned, year and we capital previous less We with you a is fairly than back that be addressed the but little in if recent that probably held years, different. XXXX don't But have earlier our much in look relating XXXX, to we consistent the just years. at is as capital our COVID our And a all

Operator

would further to conference the no showing remarks. I'm further Swartz And for And to you. like I over any Thank at this turn questions back time. Mr.

Rick Swartz

stay safe. myself, on then, today. and Betty you conference with have we and us Until on don't to for behalf look forward I the with call Jeff next conclude, working To Tod, you thank I anything joining on our going call. again And forward you speaking of further. sincerely

Operator

this and Ladies concludes program. today's gentlemen,

have You day. may now great disconnect. Everyone, a

MYR (MYRG) 4 Mar 212020 Q4 Earnings call transcript