Everus Construction Group Inc 2025年季度报告

For the quarterly period endedMarch 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Everus Construction Group, Inc. (Exact name of Registrant as specified in its charter)Delaware99-1952207 of incorporation or organization) 1730 Burnt Boat Drive Bismarck,North Dakota(Address of principal executive offices)(701)221-6400(Registrant’s telephone number, including area code)N/A(Former name, former address and former fiscal year, if changed since last report)Securities registered pursuant to Section 12(b) of the Act: Large accelerated filer☐Accelerated filerNon-accelerated filer☒Smaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for Condensed Consolidated Statements of Income -- ThreeMonthsEnded March 31, 2025 and 2024Condensed Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2025 and 2024Condensed Consolidated Balance Sheets --March 31, 2025and December 31, 2024 Condensed Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2025 and 2024Notes toCondensed Consolidated Financial Statements 2. Basis of Presentation and Summary of Significant Accounting Policies3. Revenue from Contracts with Customers (Unaudited)Three months ended March 31, (In thousands)Operating activities:Net income$36,672$ DepreciationAmortization Deferred income taxes1,048Provision for credit losses(1,729)Amortization of debt issuance costs394Stock-based compensation costs1,747Net unrealized (gains) losses on investments117 Receivables(1,052)Due from related-party—Contract assets(54,861)Inventories(3,663)Other current assets(4,464) Other noncurrent changes Investing activities:Capital expenditures(18,539)Net proceeds from sale or disposition of property3,310Proceeds from insurance contracts2,174 Financing activities:Repayment of long-term debt Tax withholding on stock-based compensationNet amounts paid to related-party cash management program Transfers to Centennial—Net cash used in financing activities(4,338)Decrease in cash, cash equivalents and restricted cash(12,031)Cash, cash equivalents and restricted cash - beginning of period86,012Cash, cash equivalents and restricted cash - end of period$73,981$ 7 Note 1 –Background and Nature of OperationsNature of Operations Electrical&Mechanical(“E&M”):Contracting services including construction and maintenance of electrical and and private sectors.Transmission&Distribution(“T&D”):Contracting services including construction and maintenance of overhead andunderground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead andunderground transmission line construction equipment and tools.Separation from MDU ResourcesOn November 2, 2023, MDU Resources Group, Inc. (“MDU Resources”) announced its intent to pursue a tax-free spinoff of and liabilities, to Everus and distributing50,972,059 shares of Everus common stock ($0.01 par value) to MDU Resourcesstockholders of record as of October 21, 2024 (the “Distribution”). The Distribution was structured as a pro rata distribution of oneshare of Everus common stock for every four shares of MDU Resources common stock (such ratio, the “Distribution Ratio”). MDU MDU Resources’ stockholders received cash in lieu of any fractional shares of Everus common stock that they would have receivedafter application of the Distribution Ratio.As a result of the Separation and Distribution, Everus is an independent publicly traded company and its common stock is listedunder the ticker symbol “ECG” on the New York Stock Exchange. Note 2 –Basis of Presentation and Summary of Significant Accounting PoliciesBasis of PresentationPrior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect,wholly owned subsidiary of MDU Resources and not as a standalone company. For periods prior to the Separation, financialinformation included in the accompanying unaudited condensed consolidated financial statements and related footnotes were prepared 8 accounting principles in the United States (“GAAP”). Pursuant to GAAP, certain information and footnote disclosures normallyincluded in the annual audited consolidated financial statements prepared in accordance with GAAP have been condensed or omitted.Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the annual audited The results of operations for the three months ended March 31, 2025, are not necessarily indicative of the results to be expectedfor the year ending December 31, 2025 or any other future period. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are includedin the unaudited condensed consolidated fin