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Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

Acquisitions

Schedule of acquisitions

The following table summarizes the preliminary allocation of the opening balance sheet from the date of the CSI acquisition through September 30, 2019:

		(as of acquisition
		date) July 15,
(in thousands)		2019
Consideration paid		$	79,720
Preliminary estimated net asset adjustments			633
Total consideration, net of net asset adjustments		$	80,353
Accounts receivable, net		$	59,579
Contract assets			38,970
Other current assets			83
Property and equipment			7,964
Operating lease right-of-use assets			9,933
Intangible assets			26,000
Other long term assets			149
Accounts payable			(29,533)
Accrued salaries and benefits			(8,091)
Contract liabilities			(18,934)
Current portion of operating lease obligations			(2,526)
Other current liabilities			(4,776)
Operating lease obligations, net of current maturities			(7,407)
Long-term debt			(20)
Net identifiable assets and liabilities			71,391
Goodwill		$	8,962

The following table summarizes the allocation of the opening balance sheet from the date of the Huen Companies acquisition through September 30, 2019:

		(as of			Measurement
		acquisition date)			Period			Final Acquisition
(in thousands)		July 2, 2018			Adjustments			Allocation
Consideration paid		$	47,082		$	—		$	47,082
Preliminary estimated net asset adjustments			10,749			85			10,834
Total consideration, net of net asset adjustments		$	57,831		$	85		$	57,916
Accounts receivable, net		$	33,903		$	(207)		$	33,696
Contract assets			10,570			1,010			11,580
Other current and long term assets			88			(11)			77
Property and equipment			3,188			—			3,188
Intangible assets			—			24,300			24,300
Accounts payable			(9,592)			(1,274)			(10,866)
Contract liabilities			(6,394)			525			(5,869)
Other current liabilities			(6,570)			49			(6,521)
Net identifiable assets and liabilities			25,193			24,392			49,585
Unallocated intangible assets			9,800			(9,800)			—
Total acquired assets and liabilities			34,993			14,592			49,585
Fair value of acquired noncontrolling interest			(1,273)			(7)			(1,280)
Goodwill		$	24,111		$	(14,500)		$	9,611

Schedule of supplemental pro forma financial information

Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors:

		Three months ended						Nine months ended
		September 30,						September 30,
		2019			2018			2019			2018
(in thousands, except per share data)		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Contract revenues		$	596,600		$	474,783		$	1,672,149		$	1,277,341
Net income		$	10,743		$	5,602		$	26,515		$	18,940
Net income attributable to MYR Group, Inc.		$	10,637		$	5,600		$	27,991		$	18,938
Income per common share attributable to MYR Group Inc.:
—Basic		$	0.64		$	0.34		$	1.69		$	1.15
—Diluted		$	0.64		$	0.34		$	1.68		$	1.14
Weighted average number of common shares and potential common shares outstanding:
—Basic			16,614			16,492			16,576			16,423
—Diluted			16,714			16,630			16,692			16,580

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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