MYRG - Earnings call transcript Q2 2021

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Operator

Good morning, everyone and welcome to the MYR Group Second Quarter 2021 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 Gutierrez

Thank you, Theresa. everyone. morning, Good welcome to to XXXX, the Group MYR were I’d the you company’s call discuss yesterday. for second conference reported like to quarter which results

of Chief are Joining Distribution today’s Financial segment; Group’s Transmission Senior Operating Officer; MYR Vice Waneka, Vice Richard Officer Executive Senior Chief Officer; Vice Cooper, and Chief and Swartz, President us Jeffrey Industrial and Betty call Operating & President & President segment. President on Tod of Senior Johnson, Group’s Officer and Commercial and Chief MYR

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

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

Richard Swartz

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

Following with Chief Tod and segments, Betty’s C&I Officers going open summary for then our will of where remarks and the opportunities group's overview, will Jeffrey our them provide some a Cooper and closing activity questions. and Waneka, forward. Operating segment some I today's call call T&D up of our conclude discuss for your

of customer solid capabilities quarter delivery. Our and market strong continuous second performance improvement project diverse reflects relationships,

quarterly XX.X% Our second XXXX net quarter gross EBITDA. high over results our million, along quarter revenues, $XX.X with increase income, record high income and of profit include record a net second

the end quarter serve backlog of billion, the second depth in Our of the our markets we was and relationships. at $X.XX customer strength reflecting our the

energy Renewable infrastructure we Our to to opportunities. upgrades. CapEx T&D steady a expanding clean activity. in utilities currently infrastructure bidding expect utility relationships project and capitalize driver are are improvements energy on Trends developers in significant of and heavily T&D is transformation experiencing C&I budgets project strategically with and and invest and utilities segments show and

segments continue recovery continued market Our point the through Market in C&I market to to indicators active the industry. evolving remain conditions. C&I

customer securing our markets strengthen maintain while work expanding to competitive on our focus relationships to in position. and continue We core

mission to organization our team strive excellence for every safety continue C&I as develop and customers. outcomes Our people. to project and and delivery and talented an and promotes we of valuable where our values T&D our fulfil group our and the members and diverse attract day and segments development create dedicated Collectively,

for are delivering generating excited of proud second strong are results. our financial performance and strategies growth our continue and implement quarter We to to

Now Betty on will quarter details second results. our financial XXXX provide

Betty Johnson

over results second morning quarter and reviewing be you, compared our call, good everyone. the Thank of second today's quarter for On to of XXXX. the I'll quarter quarter Richard XXXX as

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

accelerated in quarter delivery second were revenue distribution. The revenue the last at requirements revenues were under an another. at schedule increased increase associated revenues revenues the $XXX.X segment high Master primarily large-sized on segment due T&D projects in to XX% million, the segment beginning $XXX.X a of an segment performed projects. Services T&D The the for period Our year. million record increased was related same closeout to second and installation primarily projects the of two $XXX.X project of with XX.X% high revenues of revenue and sized with to accelerated an same compared on transmission, our T&D last for C&I of battery XX.X% due schedule C&I The revenues work period T&D million for a Approximately million, an increase our $XXX.X T&D of record two with year. for of increase various Agreements. a and C&I to to increase the compared breakdown quarter

of of C&I during certain pandemic. in COVID-XX areas the were relating slight revenues Additionally, second negatively the impacted work by to quarter XXXX the geographic slowdown

the labor certain to the in for increase on quarter gross partially The XX.X% to closeouts of productivity was by offset projects. last than margin compared equipment projects on better efficiencies for gross and favorable Our year. period anticipated job primarily was same and second margin certain XXXX XX.X% due

and period prior acquisitions. the to last employee Our expense increase an the incentive C&I higher compensation $XX.X to related primarily contingent million, was the to million costs compensation due $XX.X expenses were year. compared increase same of

$X.XX XXXX $XXX.X diluted for per same June to of Second C&I million income XX, remains was for segment. T&D and net last diluted of Both highs with were June $X.XX from consistent $XX.X year. or for of backlog the million $X.XX $XXX.X record backlog period XX, as per consisted XXXX share $XX.X quarter of share. compared Total Total our million year. million or our prior as XXXX billion the segment MYR

million approximately who to working funded availability million $XXX.X balance point our our $XXX.X Turning funded cash on June XX, June has capital to as growth sheet the X.X distribution our transmission we will believe balance under to at credit our future initiatives, of borrowing sheet $X.X continue and facility of to needs, our from XXXX. continued call requirements. focus credit of the and leverage debt-to-EBITDA working will in Cooper operations than provide turn an overview to million less debt over and equipment us stay XX, balance and investment, capital, had and strengthening our XXXX of leverage I meet binding We strong facility now that times sheet to strong allow flows will segments. overall Tod

Tod Cooper

Thanks, morning good Betty, everyone. and

Our continue perform in second T&D segments to of XXXX. well the quarter

large-scale effective Our projects small resulting alliance agreement well and utilization balanced project in is backlog. to mid-sized as as resource solid a of portfolio

medium-sized current Our the scale larger bidding activity remains solar and includes high-voltage project on projects. current and direct utility to solid transmission small some

federal across build infrastructure anticipated a of would insight numerous vehicles more In plan projects infrastructure is is the enable while Transmission force ease and including companies. fund critical and Positive American and On implement task the represent State billion to acceleration on and transition to of pay country. be companies. Joint five The with the presenting changing outcomes ensuring Association of and Federal FERC and electric includes identifying three in strategy, continue the effort United and companies agencies. transmission generation. that for addressing working shift our allocation. maintain of $X.X benefits to business infrastructure infrastructure T&D regulatory States. efficient of network new plan how processes on Electrification front, and the certainty. realizing to will require transmission and and strengthen spend navigate charging essential the to Force investment announced recognition electric across on in plan to largest in for energy and support alignment jobs opportunities the The focused next issues and MYR national of between how development stations landscape executives formation for our regulatory will the Group founded state investments the cost solid of to a vehicle clean their fair the work will proposed with our This energy clients force transmission with would cooperation the the that growth coordination the expected distribution Electric survey, to on years Commissioners transmission customers In this to task Regulatory goal Task and infrastructure to facilities National the relationships MYR from valued be authority Utility annual significant charging Group transportation, new with improving

business our several of knowledge Services we market. a wide recently Western several contractors. for medium and contractor, meet growing of of through with business We range discussions nice the projects. commitment and service renewable work projects of energy increase exclusive remains several secured projects in projects skilled to throughout goal developers sized proposal utilities. to the continued full with The extensive capabilities, a advanced As with continue to future our to of an opportunities with alliance coupled with Eastern a the their need and our voice MYR quarter. Energy needs experienced success region and our client's recently industry committed second our customers region the mix energy for contractor a solar active continue significant small becoming in The long-term

emergency This region health EPC throughout recertified the Sturgeon employees. Program We our Colorado safety are are routinely of our Protection is working with to Status. Voluntary customers currently work elite I'm a commitment OSHA’s also ensuring and report and the to was opportunities true recertification restoration our excited prevention the pursuing Electric numerous testament with on front. District to Western that and on STAR

their continued our in we will of dedication and industrial such the us industry engaged who the to provide Waneka, and over an leader, Energy, ever service. our to industry call clients MidAmerican commercial remains Our region We overview a I and demands believe now with turn will remain success. long-term clients changing name health segment. and few position Amaron, continue and the we Energy meet principles of our our are equipped market safety and while well Jeffrey consistent reliable the well Midwest Oncor addressing In to for CenterPoint needs. to our operating to conclusion, for as employees

Jeffrey Waneka

Todd good morning and Thanks everyone.

pleased design heavily relationship awarded projects service our were award. based quarter this primarily that where weighed We fee contracts and experience the proven are the in

we Although I'll bidding planning Architectural and Index budgeting of Billing address consistent the we activity and remained our project improved move in by awards Dodge The shortage counterbalance recent continued the is improvements somewhat Index as economic notable opportunity which shortly growing a uncertainty strong pricing industries is increased Momentum into design encouraged quarter near most and to continued expected slowed good to are news material The this various which to various generate disruption activity and to labor markets. and success. assure reporting this our future. chains supply impacting a

are relationships manageable key industry these our on as post challenges. and and way continue focusing We its in believe measured markets through will diligent core the approach pandemic consistent We growth. and efforts resulting works steady our

Our and Many clients Western operations media with projects. healthcare are expansions opportunities in are is companies. opportunities renewables Canada opportunities creating California of on significant nicely desirable performing these variety social existing markets. a and which These new for of in include

that segment Mid-Southwest, progressing to In the abundant opportunity centers high improve market. our On these renewable manufacturing, Central Colorado, and Colorado, transformational been In helping project. management. building T&D centres, likely pleased component slower budget are front exciting improvements been is data but projects although when leading by in to schedule been is hampered pursuits a these Northeast, at and the this has C&I. on transportation We for Tod bidding well of data And are have that to many warehousing, for and have the are uncertainty. include interesting we mentioned Again, remains awards a in items on work are of months. extensive in region and Airport the rebound, tech water relational and to recent couple work opportunities in strong come Denver that post-pandemic of the many equally military International Highway future opportunities the in the Midwest way. activity energy XX in

MYR of all for growth EPC we could building national EPC industry the Americans of for to the to full these sizes The renovation procurement plan. and undergo goals. sweeping of growth possesses of believe for the starts expected with covering projects electric are several prepared solar our accuracy agenda, also support across several all Along to of storage proposed our for businesses, opportunity of first unique market this growth through provide source. and teams training is build a this significant provide need early electrical presented between will the proposed group unique C&I will data tech This clients through prepared and management fund to expected teams large as a and infrastructure connectivity our transportation the also sizable C&I and that provided being years, advanced on suite the the This of aspects hubs are commercial these intelligence charging and believe positioning distribution these training jobs who benefit of We who transformation and battery large for projects substantial to high-tech in landscape. stations. T&D show types acceleration the building the in to opportunity their transmission a transportation or vehicles a facilities We of scale and high high collaboration plan clients. presents to with to will construction in ability I Various segments outcome replacement years, the advancements our project as been impact drive have to highlight network teams this of regardless This the change. centers of is facilities through battery single speed complete benefit have powered fleet a advanced meet services phase, tech the creates world building also studies country. all benefit and with network projects a

Thanks congratulate We joint level OSHA's And are level C&I star umbrella. pursuit industries by finally highest to employee projects provide Electric and OSHA the Colorado in us some to of over X,XXX district recognition. our awarded to and program required for with who partnership their time to your now also currently closing of everyone recertification the only like back win health I'd Sturgeon Energy under multiple the the MYR commitment demonstrate two comments. Richard I'll turn voluntary [indiscernible] Services safety today. call will protection for XX:XX:XX working for and the

Richard Swartz

Thank Jeff. those you for updates, and Betty, Tod,

modernization markets, energy our and We the illustrates the transformation, maintain strength importance performance energy of strong grid the Our to role Group second play and the quarter our in the XXXX relationships. core recognize take and clean shift. ability in MYR pride customer of our subsidiaries renewable

bidding our on focus and projects to closely and continue that We principles opportunities operating match capabilities. diverse

questions. comments forward now I delivering of value. previously to while positioned your want and our Group is Operator, we're call MYR to each for We business of relationships. continued growth thank for and we support believe generate open values strategically shareholder mentioned up Group our the As progressing ready I while your look to MYR emphasizing to you client strategy

Operator

Please with roster. Markets. your by Eastman KeyBanc Q&A Capital while Instructions] stand And comes question from first the Sean [Operator we compile

Unidentified Analyst

on bidding Hi, Good for for for closing guess Arc curious taking others this more morning. two T&D questions. for you think creates Thanks out T&D environment large you this schedule the pushed a This team. morning. growth the next backlog year one and probably Sean I on in comparison those continued next think revenue the this projects. is requirements tough I'm seeing is accelerated our year. into year? do or revenue Do supports

Richard Swartz

that continues and land hopefully projects will we're the the and come are what if out that continue. couple would a we they to trend saying large the that us certainly today lead that's can We're seeing growth of

material. a of in revenue normal large on and we kind operating and pretty the pushed this third that I have bring towards to project in first project think we sub-contractors as of it's mobilize we bring

So that I the on it just duration after But last increased costs it level this of through would say will was continue it out during quarter. and that project. --

Unidentified Analyst

we've has California increased notably all changed out including of in business intra-quarter more seeing the last for Got months been news putting a this some on at helpful. over hurricane mining. the activity PG&E plan it. spending over sized And the year. couple that mean West your That's we nice saw underground and capital I in wildfire T&D the with Coast outlook

helpful? would a this on thoughts very versus from Just transmission distribution be opportunity

Richard Swartz

you to Sure. Tod, do want start?

Tod Cooper

Sure. Sure. where From we that's a primarily distribution the perspective provide as restoration the hurricane we utilities assistance, season. with see fire as well for

perform level safety and assist We to number a size about is worked. needle work the well the from the positioned required. from industry we're are needed. entire with - quality an that upon The of typically optimistic and a if it dependent resources restoration needed, existing uptick But have perspective. the that are We hours when that right crews of really we the There's our just in them now. moving we're

read be prepared just you should think that I and we're needed restoration efforts. within our for to script assist we

Unidentified Analyst

Got leading it. could segment. growth than be to us in strong rebound Is if wondering really in kind forecasts. secular you I'm industry exposure help then the are we've markets just forecast help But it there would or peers on unprecedented been growth. to in indicator’s understand track great? C&I is on just upwardly any in less sneak geographic an growth if like your or and presence could the driving substantially I of revised it ago. better rates industry more more week mean business just areas a what's that a C&I the shown infected the strong specialized the we one And I really revenue seen and we're of more

Richard Swartz

of a seeing this quite here burn for backlog at some point. and Yeah. We’ve had while a that substantial we're

very the it are looks talk to We to going did good. about, continue be strong. strong. been like activity has So And feeling it's the bidding we’re markets like

We -- pullback out a feeling there's have waiting we’re on like actually sort to opportunity seen as But said, Tod those projects markets actually longer there. awards, we're little good awarded. be a see of

Jeffrey Waneka

and projects the dates price this, solar some on business slightly of on has a both seeing both Yeah, adjust on the side, of calls of we've as it our the on on sides and I on discussed pushed on and we're and think material, of the kind with is few phone are award increases some to do the sides being these out commodity projects. increases before the that

that don't think I settles kind developers the think a how be not that at the delay. project. model that financial if out and they I that's they're it's as down, of to far going a be think few we model as I as are stabilizes it's and settles be to -- projects commodity one there their hopefully kind of going might come and of will built had months back and matter And it build -- built, they look down price the had to matches

So we that only started On have our MSA of of we the I and continuing. during kind some seen is very work with we question your end side. see of of the that we've seasons last would quarter the some the hot see that add areas last in seen thing Tod heat to side, and trend down very,

little can down goes this after settle going is not heat so right back heat on affect you're quarter, away to -- this But when there forward because So it’ll into they the that have bit really when back quarter. always don't a extreme outages, to want down. allowed index the it us those work

Operator

Hauke question Baird. from your comes Justin next And with

Justin Hauke

everybody. Well, good morning,

you balance or ask October that you new last four bought kind guess, to was you’re philosophically just now I authorization almost because about buyback, a position. just yet cash and the years of the So put in under in and haven’t sheet five I in nothing a net but curious in stock going

just interpret curious we about on I’m your should thoughts and So that how that?

Richard Swartz

in stock put program Sure. place. one year into a That -- was it we buyback

management organic our it's acquisition team at whether look we opportunities with and our whether out board think there growth. I it's

can even You in expanding had our organically doing we've an growth acquisition. see without the businesses

invest. and side that push to continue we So,

continue I at look think we buybacks. to

there opportunistic pulled see trigger We again growth we buyer something out then because able for -- and are there have not right and against it we we now opportunities an the we other on we weigh be always have that we been to opportunities acquisitions out it's see capitalize may and organic just on.

Justin Hauke

more that the as cite kind of downtick that guess technical size I there the that of not work law you one said here? a there's the that’d sequential you way to stay in can will the extent a any accelerated but But other My steady. think question, side. I is Okay. that help quarter came can T&D work in you

Tod Cooper

increase jobs. it T&D Basically, primarily I two where Yeah. it's during $XX we had can market increase not quarter million increase. two of and those two, our year-over-year the the revenue. between the $XX on those between was We're address million the but majority due the that to segregating that

Operator

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

Noelle Dilts

but Hi, was and we the guys. kind I'd just next look understand this bit and on like or some you hoping that better what bit a press better equipment have you couple forward of little XX-Q good your labor get you're a just know seeing market quarter. you as over Congrats I'm worse you in exactly that of should if I in the expand, this could mentioned of, your expect to in release inefficiencies quarters? the to another little I mentioned on

Richard Swartz

not equipment has cools you because like on the of A up we when we labor the look at people. it And to can't our that can't T&D in where of that of It's projects because service and not that's with and inefficiencies it's specific. of the fully side work productive. come and for some and lot to do talking customer the some it's productive, still equipment got is but not labor are heat you've there kind times I mean stuff there fully I do different we was be stranded have to cost so down. about,

run might then might affected nothing systemic. have So a that's one-off weather a you that's where business, one-off I have that say whether portfolio but locate by primary project you and would

Noelle Dilts

Okay.

Jeffrey Waneka

getting low-margin just finish and that's would through it's year front, really a a what but right certain now. geographic seen and that couple On projects I side we're this areas say C&I I'd of some the with just it's inefficiencies, that couple we've projects up finishing through getting call where that it's in really

Noelle Dilts

focusing And these been out of I -- so and there's questions. key but know a have that as deal are Great. sort little some projects horse, kind given then you a of quite sorry there a these been on customers Okay. with markets. few dead of core bit I'm C&I beat in you markets in may pushed certain be getting competition or to

of pick end the So think in up tick up before here as up the for of we for that next to Awards some wait do a pick end down this to the start could start continue just see the next could - you think you in of could of quarters the out activiXty you couple kind do settle of things before or backlog year. C&I could awards in to start year? the to

Tod Cooper

that We but pick hope sure it's up, to tell. hard very they

projects them a that the hear will to There that need forward. out of owners give that materials that they waiting that we’re will months the for move and be. volatility just for Richard down number been the are a mentioned are what And clients number there our results have the We pricing a confidence we're hoping settle we've a now. as in few bit of will to

to very to soon tell going how positioned we're that's rebound. difficult It's think well. I

Noelle Dilts

Okay.

Tod Cooper

what chasing. it a overly to chasing going what opportunities built. in be of was just always a fact, earlier be for I projects to if alarmed bidding we're And are see It's going because I what really they're when. do not of decline it's when get a I In not projects It's built they're lumpy our said have. backlog. we we are us. lot as these don't It's matter really we

Noelle Dilts

Okay.

Tod Cooper

be and little -- it's with in down able think So settle and market are built to has just to really there owners getting make a for the and projects looking lot the sure of bit. them for to to a that do the developers I commodity with the working just waiting that

Noelle Dilts

Right.

that then of And of of slight Okay of in commodities that within timing of from that commodity C&I more perfect. again direct challenges impact or seeing you facing Are sort of impacts with a through prices? the passing on any you're more discussion cost particular. project materials any lot any

Richard Swartz

Those our are impacts doing I any good teams issues increase out those. managing clients a of Working to through is with believe very job there. our mitigate there. are various

now. it's talked very propose We industry. front also We been the anything systemic its in except bidding on about or where based that where there's on small we in the projects -- materials on how in volatility see we're impact. been careful isolated cases the market But impacting don't been they've very an the overall

Operator

And your next question comes Sidoti. from the line with of Brian Russo

Brian Russo

X% the looks the target and projects top lower mentioned forward? that this in at your higher end margin margins types It near Hey. half XX% of been of me year but about margins maybe segment margins. the of time the with correct like first margin the and of are entering a then targets with reasonable you've thing working if for those think that last projects, based the the I several morning. talk wrong, looking C&I on T&D you're we of at operating sustainable you Good Are through be Hi. same so some maybe of I'm Can the period Yeah. you quarters. that mix

Richard Swartz

in that we're say operating a believe several absolutely point T&D that of time, the range should be segment we've X% for seeing very the based say happy Good above quoted results this that last long upon range would in to question, to being Brian. At quarters Yeah. to for X% our time. we XX.X%. I that really the our X%

you're So right.

occupancy going that's We a perspective, like of overall that to quarters. we're to the as see been last in range that range, we’ve a but can of and we've little put and - reasonable have the improve towards been a in there we forward two well still change have higher-end the that still we C&I is From years. upon in the range that’s that we higher things we nothing management about last X% bit market place our than getting to We for up that that feel to as point. this couple up at up talking come X% that project working based overall productivity, test believe

Brian Russo

are on Okay. the seems are commentary like Great. then with up nationwide does Highway stations Coalition it also positioned charging which there. that and that is Electric you that connection at work stations, group infrastructure you -- a utilities vehicle just work? all well form to electric And of of is Are and looking or a it involved is follow that T&D guys on charging C&I growing

Richard Swartz

either it's our depending overlap They can where of It work businesses. very be well lot between a at. our of We've got on together. groups

as we his of Jeffrey us of one to So, customer separate not kind operate that's Group stuff as T&D and one lot that We team. that referencing just operate into tied what a the the was two in operations.

service the we divide So needs it -- our That's two groups. to will the among of our in we and then where order to revenue concerns. then customers go least

both benefit groups. can those So

and coalition able lot of of closely the the we future information I choice. a of member be in with utilities a their far work but being and member coalition, follow work we're those be that that think as a directly not hopefully as contractor to of to we

Brian Russo

if the of of theme forecast Great. there's billions and not then has years spend, wondering planning which conversations Okay. several utilities in transmission in some bidding to meso billions needed quarters permitting many been with close still with a dollars common last infrastructure over just discussions longer transmission. I’m of renewables in to early term the backlog to your stages take et is add projects you to arguably which and getting are, customers are cetera? years projects develop you are due or And to just

Tod Cooper

always improvements this system work some Right phases the projects. bidding in the T&D couple we all now side that that that is right there kind we interconnects large several now are of revenue that to well. small as that today But a and large sizes with released our associated out in projects we are and hopper have burning from the now medium, stands scale there right projects yet lumpy of all see. some for talks are the side, Brian, the renewable market haven't we work, projects of the are is the for types some, Tod. of of are on about all on backlog off quite have transmission that normal do, projects nice Richard that the that as just the what been that's some it active reliability being

Brian Russo

it. Got And just.

Tod Cooper

few add out come large or is this in you progress I as of permitting. I thing a just that only The to US to projects they kind see year will would bid, you think all a

large it I as as amped and think far ago working see project from they're up through year what issues some didn't I of probably those was them permitting activity. it a

Brian Russo

really like the say Okay. And LS that might November when the back year backlog when large you announced be driver T&D on Project you at versus in backlog similar project size was which the T&D the ago sole seems mean today side? as the it look of you that Power

Tod Cooper

Yeah. Yeah.

- you I at when anything look at when we would I a say million. that project think XXX I reference that say that over that look projects you when though large idea

to doesn't it it the $XXX into because have talking be under to are - we're a that one subcontractor going components lot not contract material projects it's us large. are released each and to that million is vary. comes But of So what

out $XXX being there. we million projects So mark we to see always mark and activity say large that that

Betty our Marcy and was Scotland it New Project. part back about to on in comments burden statement referenced that Your of where her

So correct. that is

Tod Cooper

the be and to position might on is segment have. to are particular any not just considering? you Okay. of to back side, you've in buy is M&A you return it seems It like criteria selected is able then to or you good problem regions terms criteria some which hands might and obviously stock, more of a focused quickly C&I profile on change but seen through acquisitions or other provide acquisition grow cash any chosen or building your And lastly one targets are assets be we've

Richard Swartz

and of it's fit finding company. to the and to is price. That's the I a other. the culturally at at preference right really for have That's right the C&I us the we're able be it fit what going right right don't looking It's then one the For us. side. over on being T&D buy

The grow And don't business a patient the that continue to we we'll to are today. we dynamics do make and line up. We're our to in mean there push do it to organically I But to also that. side. how thing buy comes side when to continue that got market have we're looking them everything's have we'll we're with especially sense. don't where is So good they as that out We position a stock we of company. do buybacks.

assess I all long-term. opportunity say capitalize try it's we're So be there going going to of three the on mixture forward But would each one. and going out to again a right to

Operator

question City next Your Capital. is Instructions] Braatz [Operator from with Kansas Jon

Jon Braatz

that utility relationships prepared sector. within that services quarters capable my Good does weren't years your you to so you or the the T&D offer additional morning, ago everyone. referenced capabilities that the T&D guess I you're in over Richard, available, industry And question mean comments expanding speak? ago to maybe is wasn't beginning to

Richard Swartz

Yeah. I'll it. then and start add to let I'll Tod

Tod Cooper

Yeah.

developers well And are where not market go of the relationships owned of is into a see as ago the the are those utilities, can a you you years, back part entry is years our area areas. with investor only two that. that that year but we If an expanding one or ago a of solar – half and really the our nearly that couple

through may core areas our try strong there by So those relationships country mean of capabilities to and doing and for transmission utilities the best to we lot on in continue that instance work those front bring and with for practices transmission of developing work other distribution do through are areas relationships all in a our take as and them. the that companies continue when the on trying some what extremely we’re it expand to be the where work is to I throughout do we utilities to

Jon Braatz

Yeah. solar a you big much Okay. How how is Got solar give you doing? business this are us at time? Can it. sense

Richard Swartz

disclose not as don't XX% company. business. a We our of It's that

Jon Braatz

Sure.

Richard Swartz

we and our I said as day business. grow. sides to every see it for us as good before, continue a And of that opportunity touches climbing to It's both

Jon Braatz

Yeah.

Richard Swartz

It's a customer relationship sidewise.

on it's growing both XXXX-XXXX and we in timeframe. that So this and excited our we've renewable a business since those it and and T&D as opportunities C&N we're about do market been side I before, said

there we're that So forward are the it's about market. good we're that it's growth getting out to opportunities us. something and new the But, excited through going -- not in

Jon Braatz

Okay. you Great. much. Thank

Operator

have this questions conference to like closing further We I At Richard no on the would phone. back for the remarks. to time, over turn Swartz

Richard Swartz

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

Operator

you concludes this today's participating. And call. for conference Thank

You may now disconnect.

MYR (MYRG) 2 Aug 212021 Q2 Earnings call transcript