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We provide a broad range of services, including design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair.
−Removed: Our principal executive offices are located at 12150 East 112th Avenue, Henderson, Colorado 80640.
+Added: Our principal executive offices are located at 12121 Grant Street, Suite 610, Thornton, Colorado 80241.
The telephone number of our principal executive offices is (303) 286-8000.
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contractors servicing the T&D sector of the electric utility industry.
−Removed: We provide a broad range of services on electric transmission and distribution networks and substation facilities, which include design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair, to customers in the electric utility industry throughout the United States and Ontario, Canada.
−Removed: Our T&D services include the construction and maintenance of high voltage transmission lines, substations, lower voltage underground and overhead distribution systems, renewable power facilities and limited gas construction services.
−Removed: We also provide emergency restoration services in response to hurricane, ice or other storm-related damage.
−Removed: In our T&D segment, we generally serve the electric utility industry as a prime contractor, through traditional design-bid-build or engineering, procurement and construction (“EPC”) forms of project delivery.
+Added: Our T&D segment provides a broad range of services on electric transmission and distribution networks, substation facilities which include design, engineering, procurement, construction, upgrade and maintenance and repair services, with a particular focus on construction, maintenance and repair, to customers in the electric utility industry throughout the United States and Ontario, Canada.
+Added: Our T&D services include the construction and maintenance of high voltage transmission lines, substations, lower voltage underground and overhead distribution systems, clean energy projects and limited gas construction services.
+Added: The T&D segment also provides emergency restoration services in response to, wildfire, ice or other damage.
+Added: In our T&D segment, we generally serve the electric utility industry and power generation companies as a prime contractor, through traditional design-bid-build or engineering, procurement and construction (“EPC”) forms of project delivery.
We have long-standing relationships with many of our T&D customers who rely on us to construct and maintain reliable electric and other utility infrastructure.
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We have provided electrical contracting services for commercial and industrial construction since 1912.
−Removed: Our C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of traffic networks and the installation of bridge, roadway and tunnel lighting in the United States and western Canada.
+Added: Our C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting and signalization in the United States and western Canada.
We concentrate our efforts on projects where our technical and project management expertise are critical to successful and timely execution.
−Removed: Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, convention centers, renewable energy projects, manufacturing plants, processing facilities, water treatment facilities, mining facilities and transportation control and management systems.
−Removed: In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general contractors, but also contract directly with facility owners.
−Removed: We have a diverse customer base with many long-standing relationships.
+Added: Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities and transportation control and management systems.
+Added: In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contract directly with facility owners.
+Added: The C&I segment has a diverse customer base with many long-standing relationships.
Additional financial information related to our business segments is provided under “Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in Note 17 — Segment Information to our Financial Statements.
−Removed: Our T&D customers include many of the leading companies in the electric utility industry.
+Added: Our T&D customers include many of the leading providers in the electric utility industry.
These customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
Our C&I customer base includes general contractors, commercial and industrial facility owners, governmental agencies and developers.
−Removed: We have long-standing relationships with many of our customers, and we cultivate these relationships at all levels of our organization from senior management to project supervisors.
+Added: We have long-standing relationships with many of our customers, and we cultivate these relationships at all levels of our organization.
We seek to build upon our customer relationships to secure additional projects from our current customer base.
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In addition, our management teams promote and market our services for prospective large-scale projects and national accounts.
−Removed: We believe that our industry experience, technical expertise, customer relationships and emphasis on safety and customer service contribute to obtaining new contracts with both existing and new customers.
+Added: We believe that our industry experience, technical expertise, customer relationships, emphasis on safety and customer service contribute to obtaining new contracts with both existing and new customers.
For the years ended December 31, 2022, 2021 and 2020, our top 10 customers accounted for 35.4%, 34.9%, and 32.7%, of our revenues, respectively.
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Work in our T&D segment is generally completed under fixed-price, time-and-materials, time-and-equipment, unit-price and cost-plus agreements.
−Removed: Work in our C&I segment is typically performed under fixed-price, time-and-materials, cost-plus, and unit-price agreements.
+Added: Work in our C&I segment is typically performed under fixed-price, time-and-materials, time-and-equipment, cost-plus, and unit-price agreements.
Fixed-price contracts accounted for 62.7% of total revenue for the year ended December 31, 2022, including 47.8% of our total revenue for our T&D segment and 83.3% of our total revenue for our C&I segment.
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We are a subcontractor to a general contractor for the majority of our C&I projects, but may contract directly with facility owners.
−Removed: We may utilize subcontractors to perform portions of our contracts and to manage workflow, particularly for design, engineering, and procurement under both segments.
+Added: We may utilize subcontractors to perform portions of our contracts and to manage workflow, particularly for design and engineering under both segments.
We often work with subcontractors who are sole proprietorships or small business entities.
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• safety programs and safety performance;
+Added: • reputation and relationships with the customer;
• technical expertise and experience;
• management team experience;
−Removed: • reputation and relationships with the customer;
• geographic presence and breadth of service offerings;
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T&D Competition
−Removed: Our T&D segment competes with a number of companies in the local markets where we operate, ranging from small local independent companies to large national firms.
−Removed: There are many national or large regional firms that compete with us for T&D contracts including, among others, Asplundh Construction Corp., Davis H.
−Removed: Elliot Company, Inc., MasTec, Inc., Michels Corporation, Pike Corporation, Power Line Services, Inc., Primoris Services Corporation and Quanta Services, Inc.
+Added: Our T&D segment competes with a number of companies in the local markets where we operate, ranging from small local independent companies, to medium size regional firms, to large national competitors.
There are a number of barriers to entry into the transmission markets, including the cost of equipment and tooling necessary to perform transmission work, availability of qualified labor, scope of typical transmission projects and technical, managerial and supervisory skills necessary to complete the job.
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The size, location and technical requirements of the project will impact which competitors we will encounter when bidding on any particular project.
−Removed: A major competitive factor in our C&I segment is the individual relationships that we and our competitors have developed with general contractors who typically manage the bid process, along with the willingness to be an exclusive partner with the general contractor on pursuits requiring the complete finance, design and construction services for the project.
+Added: A major competitive factor in our C&I segment is the individual relationships that we have developed with general contractors who typically manage the bid process, along with the willingness to be an exclusive partner with the general contractor on pursuits requiring the complete finance, design and construction services for the project.
Additionally, the equipment requirements for C&I work are generally not as significant as that of T&D construction.
Since C&I construction typically involves the purchase of materials, the financial resources to procure the required materials and equipment of a particular project may impact the competition that we encounter.
−Removed: We differentiate ourselves from our competitors by bidding for larger and more technically complex projects, which we believe many of our smaller competitors may not be capable of executing effectively or profitably.
+Added: We differentiate ourselves from our competitors by bidding for larger and more technically complex projects, which we believe many of our smaller competitors may not be capable of executing effectively.
We believe that we have a favorable competitive position in the markets that we serve, due in part to our strong operating history, strong local market share, our reputation and our relationships with our customers.
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These bonds are typically issued at the face value of the contract awarded.
−Removed: As of December 31, 2021, we had approximately $406.0 million in original face amount of bonds outstanding for projects in our T&D segment and approximately $983.3 million for projects in our C&I segment.
+Added: As of December 31, 2022, we had approximately $541.5 million in original face amount of bonds outstanding for projects in our T&D segment and approximately $1.43 billion for projects in our C&I segment.
Our estimated remaining cost to complete these bonded projects for both segments was approximately $880.2 million as of December 31, 2022.
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Our long history in the T&D industry has allowed us to be instrumental in designing much of the specialty tools and equipment used in the industry, including wire pullers, wire tensioners and aerial devices.
−Removed: We operate a fleet of trucks and trailers, support vehicles, bulldozers, bucket trucks, digger derricks and cranes and specialty construction equipment, such as wire pullers and wire tensioning machines.
+Added: We operate a fleet of trucks and trailers, support vehicles, bulldozers, bucket trucks, digger derricks, cranes and specialty construction equipment, such as wire pullers and wire tensioning machines.
We also rely on specialized tooling, including stringing blocks, wire grips and presses.
−Removed: The standardization of our trucks and trailers allows us to streamline training, maintenance and parts costs.
−Removed: We operate a centralized fleet facility, as well as numerous regional maintenance shops throughout the United States, that are staffed with over 150 mechanics and equipment managers who service our fleet.
−Removed: Our ability to internally service our fleet in various markets often allows us to reduce repair costs and the time equipment is out of service by eliminating both the need to ship equipment long distances for repair and dependence on third party maintenance providers.
+Added: The standardization of our equipment allows us to streamline training, maintenance and parts costs.
+Added: We operate a centralized fleet facility, as well as numerous regional maintenance shops throughout the United States, that are staffed with mechanics and equipment managers who service our fleet.
+Added: Our ability to internally service our fleet allows us to reduce repair costs and the time equipment is out of service by eliminating both the need to ship equipment long distances for repair and dependence on third party maintenance providers.
Our maintenance shops are also able to modify standard construction equipment to meet the specific needs of our specialty applications.
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All of these factors are critical in allowing us to operate efficiently and meet our customers’ needs.
−Removed: Equipment needs in Canada are managed by our Canadian operating subsidiaries.
+Added: Certain equipment needs in Canada are managed by our Canadian operating subsidiaries.
Our operations are subject to various laws and regulations including:
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Our failure to comply with applicable regulations could result in project delays, cost overruns, remediation costs, substantial fines and revocation of our operating licenses.
+Added: We do not expect that continued compliance with such regulations will have a material effect upon capital expenditures, earnings, or our competitive position.
We are also required to comply with increasingly complex and changing laws and regulations enacted to protect business and personal data regarding privacy, data protection and data security, including those related to the collection, storage, use, transmission and protection of personal information and other customer, vendor or employee data.
−Removed: In addition, health and safety regulations (including laws or regulations promulgated in response to the ongoing COVID-19 pandemic) may require increased operating costs or capital investments to promote a safe working environment.
+Added: In addition, health and safety regulations may require increased operating costs or capital investments to promote a safe working environment.
With respect to the laws and regulations noted above, as well as other applicable laws and regulations, the Company's compliance programs may under certain circumstances involve material investments in the form of additional processes, training, personnel, information technology and capital.
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Environmental Matters
−Removed: As a result of our current and past operations, we are subject to numerous environmental laws and regulations governing our operations, including the use, transport and disposal of non-hazardous and hazardous substances and wastes, as well as emissions and discharges into the environment, including discharges to air, surface water, groundwater and soil.
+Added: As a result of our current and past operations, we are subject to numerous environmental laws and regulations governing our operations, including the use, transport and disposal of non-hazardous and hazardous substances and wastes, as well as emissions and discharges into the environment, including discharges into air, surface water, groundwater and soil.
We also are subject to laws and regulations that impose liability and cleanup responsibility for releases of hazardous substances into the environment.
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We regularly monitor the various proposals in this regard.
−Removed: Although the impact of climate change regulations on our business will depend on the specifics of governmental policies, legislation, and regulation, we believe that we will be well-positioned to adapt our business to meet new regulations.
+Added: Although the impact of climate change regulations on our business will depend on the specifics of governmental policies, legislation, and regulation, we believe that we are well-positioned to adapt our business to meet new regulations.
+Added: Furthermore, we perform a significant amount of services for customers that operate electrical power infrastructure assets in locations and climates that are more susceptible to wildfires or other natural disasters.
See “Item 1A.
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Cyclical Nature of Business and Seasonality
−Removed: The demand for construction and maintenance services from our customers is cyclical in nature, particularly in our T&D segment, and vulnerable to downturns in the industries we serve as well as the economy in general.
+Added: The demand for construction and maintenance services from our customers is cyclical in nature and vulnerable to downturns in the industries we serve as well as the economy in general.
As a result, our volume of business could be adversely affected by declines or delays in new projects in various geographic regions.
Although our revenues are primarily driven by spending patterns in our customers’ industries, our revenues and results of operations can be subject to seasonal and other variations.
−Removed: These variations are influenced by weather, daylight hours, availability of system outages from utilities and holidays.
−Removed: For example, during the winter months, demand for our T&D work may be high, but our work can be delayed due to inclement weather.
−Removed: During the summer months, the demand for our T&D work may be affected by fewer available system outages due to peak electrical demands caused by warmer weather which limits our ability to perform electrical line service work.
−Removed: During the spring and fall months, the demand for our T&D work may increase due to improved weather and system availability;
−Removed: however, extended periods of rain and other severe weather can affect the deployment of our crews and the efficiency of our operations.
+Added: These variation can be influenced by a number of factors such as weather, daylight hours, availability of workforce, asset readiness and holidays.
Human Capital Resources
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We seek to attract and retain highly qualified craft employees by providing a superior work environment through our emphasis on safety, competitive compensation, and high-quality fleet of equipment.
−Removed: The number of individuals we employ varies significantly throughout the year, typically with lower staffing levels at year end and through the winter months when fewer projects are active.
−Removed: The number of craft employees fluctuates depending on the number and size of projects at any particular time.
+Added: The number of individuals we employ varies significantly throughout the year, including the number of craft employees fluctuates depending on the number and size of projects at any particular time.
As of December 31, 2022, we had approximately 8,500 employees, consisting of approximately 1,600 salaried employees, including executive officers, district managers, project managers, superintendents, estimators, office managers, administrative staff, clerical personnel and approximately 6,900 craft employees.
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Swartz was appointed president and chief executive officer in January 2017 and has served as a member of our Board of Directors since April 2019.
−Removed: Prior to his current role, he served as executive vice president and chief operating officer of MYR from September 2016 to December 2016 and as senior vice president and chief operating officer of MYR from May 2011 to September 2016.
−Removed: Swartz served as senior vice president of MYR from August 2009 to May 2011, and as a group vice president of MYR from 2004 to 2009.
+Added: Prior to his current role, he served as executive vice president and chief operating officer of MYR Group from September 2016 to December 2016 and as senior vice president and chief operating officer of MYR Group from May 2011 to September 2016.
+Added: Swartz served as senior vice president of MYR Group from August 2009 to May 2011, and as a group vice president of MYR Group from 2004 to 2009.
Prior to becoming a group vice president, Mr.
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Johnson also currently serves on the board of directors of Atkore Inc., a publicly-traded manufacturer of electrical products company.
−Removed: Cooper was appointed senior vice president and chief operating officer T&D in January 2017.
−Removed: Prior to his current role, he served as senior vice president of MYR from August 2013 to December 2016.
−Removed: Cooper served as group vice president, east of MYR from 2009 to 2013 and vice president T&D, east of MYR from 2006 to 2009.
+Added: Cooper was appointed senior vice president and chief operating officer of our T&D segment in January 2017.
+Added: Prior to his current role, he served as senior vice president of MYR Group from August 2013 to December 2016.
+Added: Cooper served as group vice president, east of MYR Group from 2009 to 2013 and vice president T&D, east of MYR Group from 2006 to 2009.
Cooper has held a number of additional positions since joining us in 1989, including business development manager, regional manager, district manager, and estimator.
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Fry worked for American Tank & Vessel, Inc., a specialty engineering and construction company, in various roles from 2006 to 2012, ultimately serving as their general counsel.
−Removed: Waneka was appointed senior vice president and chief operating officer C&I in January 2017.
+Added: Waneka was appointed senior vice president and chief operating officer of our C&I segment in January 2017.
Prior to his current role, he served as president of our subsidiary company, Sturgeon Electric Company, Inc., from February 2015 to December 2016.
−Removed: Waneka served as group vice president, C&I of MYR from 2014 to 2015 and vice president, C&I of MYR from 2009 to 2014.
+Added: Waneka served as group vice president, C&I of MYR Group from 2014 to 2015 and vice president, C&I of MYR Group from 2009 to 2014.
Waneka has held a number of additional positions since joining the Company in 1991, including regional manager, director business development and district manager.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.