Granite - filings, earnings calls, financial reports, news

Granite(GVA)

Search documents

Granite Construction (GVA) Is Attractively Priced Despite Fast-paced Momentum

Zacks Investment Research· 2024-05-07 13:51

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

Granite(US:GVA)

Granite(GVA) - 2024 Q1 - Quarterly Report

2024-05-02 21:04

UNITED STATES Table of Contents x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-12911 GRANITE CONSTRUCTION INCORPORATED State of Incorporation: I.R.S. Employer Identification Number: Delaware 77-0239383 SECURITIES AND EXCHANGE COMMISSION Washingt ...

Granite(US:GVA)

Granite(GVA) - 2024 Q1 - Quarterly Results

2024-05-02 10:45

Granite(US:GVA)

Granite(GVA) - 2023 Q4 - Annual Report

2024-02-23 00:55

Part I [Item 1. Business](index=5&type=section&id=Item%201.%20BUSINESS) Granite Construction is a diversified U.S. construction and materials company focused on public and private infrastructure projects - Granite operates through two reportable segments: Construction (infrastructure projects like roads, bridges, transit) and Materials (aggregates, asphalt production)[15](index=15&type=chunk) - The company's largest customer is the California Department of Transportation (Caltrans), accounting for **13.1%** of total revenue in 2023[17](index=17&type=chunk) Revenue from Caltrans (2021-2023) | Year | Revenue (millions) | % of Total Revenue | | :--- | :--- | :--- | | 2023 | $458.2 | 13.1% | | 2022 | $348.0 | 10.5% | | 2021 | $337.1 | 9.6% | - Key business strategies include selective bidding on projects, risk-balanced growth, vertical integration of materials into construction, diversification of projects, and performance-based incentives[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - Committed and Awarded Projects (CAP) totaled **$5.5 billion** at the end of 2023, a significant increase from **$4.5 billion** at the end of 2022. Approximately **$2.3 billion** of the 2023 unearned revenue is expected to be completed in 2024[44](index=44&type=chunk) [Item 1A. Risk Factors](index=15&type=section&id=Item%201A.%20RISK%20FACTORS) The company faces risks from government funding, fixed-price contracts, operational performance, cybersecurity, and climate change - Approximately **70%** of construction revenue in 2023 was funded by government agencies, making the business highly susceptible to disruptions in public funding, budget constraints, or changes in government priorities[92](index=92&type=chunk)[113](index=113&type=chunk) - The majority of contracts are fixed price or fixed unit price, which exposes the company to risks of cost overruns due to inflation, incorrect estimates, or project delays, potentially reducing profits or causing losses[58](index=58&type=chunk)[92](index=92&type=chunk) - The company faces risks from its Central operating group's performance, which includes the former Heavy Civil operating group that was subject to a strategic review and prior financial misstatements[97](index=97&type=chunk)[110](index=110&type=chunk) - Cybersecurity incidents, reliance on third-party software, and breaches of IT systems pose significant risks that could lead to business interruptions, remediation costs, and legal claims[116](index=116&type=chunk)[117](index=117&type=chunk) - Climate change presents physical, transition, and regulatory risks. Failure to achieve sustainability targets could result in loss of investors and customers, reputational damage, and a negative impact on the stock price[121](index=121&type=chunk)[122](index=122&type=chunk) [Item 1B. Unresolved Staff Comments](index=27&type=section&id=Item%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[124](index=124&type=chunk) [Item 1C. Cybersecurity](index=27&type=section&id=Item%201C.%20CYBERSECURITY) Granite's Board oversees cybersecurity risk management via a NIST-based program led by the CIO, with no material impact to date - The Audit/Compliance Committee of the Board of Directors has primary oversight responsibility for cybersecurity risk[125](index=125&type=chunk) - The company's cybersecurity program is based on recognized frameworks like NIST and includes technical safeguards, incident response planning, third-party assessments, and employee training[125](index=125&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) - The Chief Information Officer (CIO), who has over 25 years of experience, leads a multidisciplinary Cybersecurity Committee that reports to senior leadership[132](index=132&type=chunk)[133](index=133&type=chunk) - The company has concluded that cybersecurity threats have not materially affected and are not reasonably likely to materially affect its business strategy, results of operations, or financial condition[134](index=134&type=chunk) [Item 2. Properties](index=28&type=section&id=Item%202.%20PROPERTIES) The company owns numerous quarry properties with substantial mineral reserves and resources, and operates various production plants Quarry Properties by State/Province (as of Dec 31, 2023) | State/Province | Number of Properties | Total Resources (million tons) | Total Reserves (million tons) | Acreage | | :--- | :--- | :--- | :--- | :--- | | California | 31 | 475.3 | 285.0 | 10,498 | | Utah | 10 | 117.3 | 37.4 | 1,497 | | All other | 57 | 187.4 | 187.3 | 14,712 | | **Total** | **98** | **780.0** | **509.7** | **26,707** | Total Mineral Reserves and Resources (as of Dec 31, 2023) | Category | Amount (million tons) | | :--- | :--- | | **Mineral Resources** | | | Measured & Indicated | 235.6 | | Inferred | 41.4 | | **Total Resources** | **277.0** | | **Mineral Reserves** | | | Proven & Probable | 1,012.7 | Owned Plant Properties | Plant Type | 2023 Count | 2022 Count | | :--- | :--- | :--- | | Aggregate crushing plants | 35 | 28 | | Asphalt concrete plants | 59 | 48 | | Cement concrete batch plants | 6 | 5 | [Item 3. Legal Proceedings](index=33&type=section&id=Item%203.%20LEGAL%20PROCEEDINGS) Legal proceedings information is incorporated by reference from Note 20 of the Consolidated Financial Statements - Details on legal proceedings are provided in Note 20 of the financial statements[157](index=157&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20MINE%20SAFETY%20DISCLOSURES) Information concerning mine safety violations and other regulatory matters is included in Exhibit 95 of the Annual Report - Mine safety disclosures are included in Exhibit 95 to this Form 10-K[158](index=158&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=33&type=section&id=Item%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Granite's common stock trades on NYSE (GVA), with a history of dividends and a significant share repurchase program remaining - The company's common stock is traded on the New York Stock Exchange under the ticker symbol GVA[160](index=160&type=chunk) - A share repurchase program authorized in February 2022 for up to **$300.0 million** had **$231.5 million** remaining available as of December 31, 2023[162](index=162&type=chunk) - During Q4 2023, 5,477 shares were repurchased at an average price of $40.90 per share, solely in connection with employee tax withholding for vested restricted stock units[161](index=161&type=chunk) [Item 6. [Reserved]](index=34&type=section&id=Item%206.%20%5BRESERVED%5D) This item is intentionally left blank [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Granite's 2023 revenue grew to $3.51 billion, but net income decreased due to a debt extinguishment loss, despite record CAP Consolidated Results of Operations (2021-2023) | (in thousands) | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total revenue | $3,509,138 | $3,301,256 | $3,501,865 | | Gross profit | $396,399 | $369,494 | $362,645 | | Operating income | $80,062 | $85,381 | $24,718 | | Net income attributable to Granite | $43,599 | $83,302 | $10,096 | - The public funding environment is strong, supported by the federal Infrastructure Investment and Jobs Act (IIJA), which is expected to drive project lettings in 2024 and beyond[181](index=181&type=chunk) - In November 2023, the company acquired Lehman-Roberts Company and Memphis Stone & Gravel Company (LRC/MSG) for **$278.0 million** to expand its vertically integrated operations in the Memphis market[188](index=188&type=chunk) - Committed and Awarded Projects (CAP) grew by **24%** to a record **$5.5 billion** at year-end 2023, up from **$4.5 billion** in 2022, driven by strong award volume in the California and Mountain operating groups[201](index=201&type=chunk) - Net income was significantly impacted by a **$51.1 million** loss on debt extinguishment related to the refinancing of a portion of the 2.75% Convertible Notes[211](index=211&type=chunk) [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%207A.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces market risks from interest rate fluctuations on variable-rate debt and foreign currency volatility - The company's primary market risks are interest rate changes affecting its variable-rate debt and investment income, and foreign currency fluctuations from its Canadian operations[241](index=241&type=chunk)[244](index=244&type=chunk) - Borrowings under the Revolver and Term Loan are tied to the SOFR term rate, exposing the company to higher interest expenses as rates rise[245](index=245&type=chunk)[246](index=246&type=chunk) Debt Obligations Principal Amounts by Maturity (as of Dec 31, 2023) | Debt Instrument | 2024 | 2025 | 2026 | 2027 | 2028 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Credit Agreement Revolver | $— | $— | $— | $100,000 | $— | $100,000 | | Credit Agreement Term Loan | $7,500 | $7,500 | $7,500 | $127,500 | $— | $150,000 | | 3.75% Convertible Notes | $— | $— | $— | $— | $373,750 | $373,750 | | 2.75% Convertible Notes | $31,338 | $— | $— | $— | $— | $31,338 | [Item 8. Financial Statements and Supplementary Data](index=48&type=section&id=Item%208.%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA) Consolidated financial statements and the independent auditor's report are incorporated by reference - The consolidated financial statements and the independent auditor's report are included in Part IV, Item 15 of this report[250](index=250&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=48&type=section&id=Item%209.%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - There were no disagreements with accountants on accounting and financial disclosure[251](index=251&type=chunk) [Item 9A. Controls and Procedures](index=48&type=section&id=Item%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and internal control over financial reporting were effective, excluding recent acquisitions - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of December 31, 2023[252](index=252&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2023[254](index=254&type=chunk) - The assessment of internal controls excluded the newly acquired LRC/MSG businesses, which were acquired on November 30, 2023[255](index=255&type=chunk) [Item 9B. Other Information](index=49&type=section&id=Item%209B.%20OTHER%20INFORMATION) No directors or officers adopted, modified, or terminated trading arrangements in Q4 2023 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q4 2023[257](index=257&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=49&type=section&id=Item%209C.%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS) The company reports that this item is not applicable - There is no disclosure required under this item[258](index=258&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=50&type=section&id=Item%2010.%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) Information on directors, executive officers, and corporate governance is incorporated by reference from the proxy statement - Information is incorporated by reference from the company's definitive proxy statement[261](index=261&type=chunk) [Item 11. Executive Compensation](index=50&type=section&id=Item%2011.%20EXECUTIVE%20COMPENSATION) Executive compensation information is incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[262](index=262&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=50&type=section&id=Item%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS) Security ownership information is incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[263](index=263&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=50&type=section&id=Item%2013.%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE) Related party transactions and director independence information is incorporated by reference from the proxy statement - Information is incorporated by reference from the company's definitive proxy statement[264](index=264&type=chunk) [Item 14. Principal Accountant Fees and Services](index=50&type=section&id=Item%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) Principal accountant fees and services information is incorporated by reference from the company's definitive proxy statement - Information is incorporated by reference from the company's definitive proxy statement[265](index=265&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=51&type=section&id=Item%2015.%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES) This section lists documents filed as part of the Form 10-K, including financial statements and an index of exhibits - The consolidated financial statements and the Report of Independent Registered Public Accounting Firm are filed as part of this report[267](index=267&type=chunk) - An index of exhibits, including agreements, bylaws, and certifications, is provided, with many documents incorporated by reference from previous filings[268](index=268&type=chunk)[272](index=272&type=chunk)

Granite(US:GVA)

Granite(GVA) - 2023 Q4 - Earnings Call Transcript

2024-02-22 22:02

Financial Data and Key Metrics Changes - For fiscal year 2023, adjusted net income improved to $140 million and adjusted diluted earnings per share improved to $3.14, with adjusted EBITDA margin increasing to 7.7%, up from 6.4% in 2022 [28][51][52] - In the fourth quarter, adjusted net income was $36 million with adjusted diluted earnings per share of $0.82, and revenue increased by 18% compared to the same quarter in 2022 [51][52][54] - The construction segment's annual revenue increased by $188 million or 7% year-over-year to $3 billion, with a gross profit margin of 11% [78][80] Business Line Data and Key Metrics Changes - The construction segment experienced a revenue growth of 19% year-over-year in the fourth quarter, driven by a record capital allocation (CAP) [45][46] - The materials segment saw annual revenue increase by $20 million year-over-year to $517 million, with gross profit increasing by $6 million to $71 million and a gross profit margin of 14% [54][55] - The California group reported a CAP increase of $91 million to $2.4 billion from the third quarter, entering 2024 with a CAP 39% higher than the prior year [71] Market Data and Key Metrics Changes - In California, transportation funding has led to a 38% increase in Caltrans project awards during 2023 compared to 2022, with a proposed budget for the fiscal year ending June 2025 showing an increase in transportation funding to $8.9 billion [19][43] - Texas led the country in state and local government transportation construction contract awards at $16 billion, with California following at $9 billion [32] Company Strategy and Development Direction - The company’s growth strategy is built on two pillars: support and strengthen, and expand and transform, focusing on developing core competencies and growing home markets [6][30] - The acquisition of Lehman-Roberts and Memphis Stone & Gravel is seen as a transformational event, providing a platform for growth in the Southeast [87][119] - The company plans to continue investing in its business with a CapEx range of $130 million to $150 million in 2024, focusing on strategic materials investments and automation projects [85] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust level of federal and state funding for transportation projects, indicating a market environment not seen since the mid-2000s housing bubble [16][43] - The company expects strong revenue growth in 2024, targeting a range of $3.8 to $4 billion, driven by positive market conditions and organic growth opportunities [57][60] - Management anticipates achieving an adjusted EBITDA margin range of 9% to 11% in 2024, with a focus on improving operational efficiency [84][62] Other Important Information - The company reported a strong cash generation in the fourth quarter, leading to cash and marketable securities of $454 million at year-end [55] - The company’s de-risk business model is expected to drive further increases in operating cash flow, targeting 7% of revenue in 2024 [56][137] Q&A Session Summary Question: Can you dig into the material segment and discuss organic growth expectations for next year? - Management expects aggregate volume to remain consistent with 2023, with a projected price increase of around 10% for aggregates and a 5% increase for asphalt in California [64] Question: Is there a specific area or region driving further growth in construction CAP? - Management indicated a broad-based growth across all markets, with strong transportation and highway infrastructure spending in California [65] Question: How is extreme weather impacting the business, particularly in California? - Management noted that while weather has changed, they have been able to create efficiencies and expect a strong growth opportunity in 2024 [68][69] Question: Can you discuss the outlook for the water and wastewater business? - Management indicated that the pipeline has strengthened and margins have improved, with expectations for projects to hit the books in 2024 [116] Question: What is the expected free cash flow conversion for 2024? - Management targets an operating cash flow as a percentage of revenue of around 7%, with a conversion ratio of about 35% to 40% for 2024 [137]

Granite(US:GVA)

Granite(GVA) - 2023 Q4 - Annual Results

2024-02-22 11:48

[Granite Reports Fourth Quarter and FY 2023 Results](index=1&type=section&id=Granite%20Reports%20Fourth%20Quarter%20and%20FY%202023%20Results) Granite reported strong Q4 2023 results with increased net income and adjusted EPS, and a transformative FY2023 meeting strategic targets [Fourth Quarter 2023 Overview](index=1&type=section&id=Fourth%20Quarter%202023%20Overview) Granite Construction reported strong fourth-quarter 2023 results with significant increases in net income and adjusted net income per diluted share compared to the prior year, despite impacts from legacy projects Q4 2023 Net Income & EPS | Metric | Q4 2023 | Q4 2022 | YoY Change | | :--------------------- | :-------- | :-------- | :--------- | | Net Income | $26M | $22M | +$4M | | Diluted EPS | $0.55 | $0.46 | +$0.09 | | Adjusted Net Income | $36M | $25M | +$11M | | Adjusted Diluted EPS | $0.82 | $0.56 | +$0.26 | [Fiscal Year 2023 Overview](index=1&type=section&id=Fiscal%20Year%202023%20Overview) For the full fiscal year 2023, Granite reported a decrease in GAAP net income but a substantial increase in adjusted net income and adjusted diluted EPS, reflecting a transformative year aligned with its strategic plan FY 2023 Net Income & EPS | Metric | FY 2023 | FY 2022 | YoY Change | | :--------------------- | :-------- | :-------- | :--------- | | Net Income | $44M | $83M | -$39M | | Diluted EPS | $0.97 | $1.70 | -$0.73 | | Adjusted Net Income | $140M | $104M | +$36M | | Adjusted Diluted EPS | $3.14 | $2.31 | +$0.83 | [CEO's Strategic Commentary](index=1&type=section&id=CEO's%20Strategic%20Commentary) CEO Kyle Larkin highlighted an outstanding Q4 and a transformative FY2023, meeting organic revenue growth and adjusted EBITDA margin targets - FY2023 was a transformative year, meeting organic revenue growth and adjusted EBITDA margin targets[4](index=4&type=chunk) - Committed and Awarded Projects (CAP) increased by **$1 billion** year-over-year[4](index=4&type=chunk) - Generated operating cash flow in excess of target at **5.2% of revenue**[4](index=4&type=chunk) - Completed acquisitions adding exclusive rights to **140 million tons of reserves** and expanding vertically integrated footprint to the Southeast[4](index=4&type=chunk) - 2024 guidance reflects significant revenue growth driven by high CAP, robust markets, and acquisition contributions[4](index=4&type=chunk) - Adjusted EBITDA margin guidance for 2024 remains unchanged, with further improvements in operating cash flow expected[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section details Granite's key financial performance metrics for Q4 and the full fiscal year 2023, including revenue, profit, and cash flow [Fourth Quarter 2023 Key Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Key%20Highlights) Granite reported an 18% year-over-year revenue increase in Q4 2023, reaching $934 million, driven by growth in Construction and Materials segments Q4 2023 Key Financial Highlights | Metric | Q4 2023 | Q4 2022 | YoY Change / Sequential Change | | :--------------------------------- | :-------- | :-------- | :----------------------------- | | Revenue | $934M | $789M | +18% | | Diluted EPS | $0.55 | $0.46 | +$0.09 | | Adjusted Diluted EPS | $0.82 | $0.56 | +$0.26 | | Operating Cash Flow | N/A | N/A | +$150M (sequential) | | Committed & Awarded Projects (CAP) | $5.5B | $4.4B | +$1.1B (+25%) | [Fiscal Year 2023 Key Highlights](index=1&type=section&id=Fiscal%20Year%202023%20Key%20Highlights) For FY 2023, revenue increased by $208 million to $3.5 billion, with gross profit rising and adjusted EBITDA totaling $269 million FY 2023 Key Financial Highlights | Metric | FY 2023 | FY 2022 | YoY Change | | :--------------------- | :-------- | :-------- | :--------- | | Revenue | $3.5B | $3.3B | +$208M | | Gross Profit | $396M | $369M | +$27M | | SG&A Expenses | $294M | $273M | +$21M | | Adjusted EBITDA | $269M | $210M | +$59M | - SG&A increase primarily driven by higher incentive compensation and non-qualified deferred compensation expenses[10](index=10&type=chunk) [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) This section provides an in-depth analysis of Granite's financial performance for Q4 and FY 2023, breaking down results by segment [Fourth Quarter 2023 Performance](index=1&type=section&id=Fourth%20Quarter%202023%20Performance) Q4 2023 revenue increased 18% year-over-year to $934 million, with adjusted EBITDA significantly increasing to $74 million Q4 2023 Financial Performance | Metric | Q4 2023 ($M) | Q4 2022 ($M) | YoY Change ($M) | YoY Change (%) | | :--------------------- | :----------- | :----------- | :-------------- | :------------- | | Revenue | $934 | $789 | +$145 | +18% | | Gross Profit | $94 | $97 | -$3 | -3.1% | | SG&A Expenses | $82 | $81 | +$1 | +1.2% | | SG&A % of Revenue | 8.8% | 10.2% | -1.4 ppts | | | Adjusted EBITDA | $74 | $50 | +$24 | +48% | [Fiscal Year 2023 Performance](index=1&type=section&id=Fiscal%20Year%202023%20Performance) For FY 2023, total revenue grew to $3.5 billion, with gross profit increasing and adjusted EBITDA reaching $269 million FY 2023 Financial Performance | Metric | FY 2023 ($M) | FY 2022 ($M) | YoY Change ($M) | YoY Change (%) | | :--------------------- | :----------- | :----------- | :-------------- | :------------- | | Revenue | $3,509 | $3,301 | +$208 | +6.3% | | Gross Profit | $396 | $369 | +$27 | +7.3% | | SG&A Expenses | $294 | $273 | +$21 | +7.7% | | SG&A % of Revenue | 8.4% | 8.3% | +0.1 ppts | | | Adjusted EBITDA | $269 | $210 | +$59 | +28.1% | - Increase in SG&A expenses primarily driven by higher incentive compensation and non-qualified deferred compensation expenses[10](index=10&type=chunk) [Construction Segment Results](index=2&type=section&id=Construction%20Segment%20Results) The Construction segment's Q4 revenue increased 19% year-over-year, driven by strong performance in California and Mountain groups, with CAP growing $1.1 billion YoY Construction Segment Performance | Metric | Q4 2023 ($ thousands) | Q4 2022 ($ thousands) | YoY Change (Q4) | FY 2023 ($ thousands) | FY 2022 ($ thousands) | YoY Change (FY) | | :-------------------------------- | :-------------------- | :-------------------- | :-------------- | :-------------------- | :-------------------- | :-------------- | | Revenue | $793,727 | $665,077 | +19.3% | $2,992,254 | $2,803,935 | +6.7% | | Gross profit | $72,034 | $72,133 | -0.1% | $325,055 | $303,881 | +7.0% | | Gross profit as a percent of revenue | 9.1% | 10.8% | -1.7 ppts | 10.9% | 10.8% | +0.1 ppts | Construction CAP by Group | Group | Dec 31, 2023 ($ thousands) | Sep 30, 2023 ($ thousands) | QoQ Change (%) | Dec 31, 2022 ($ thousands) | YoY Change (%) | | :---------- | :------------------------- | :------------------------- | :------------- | :------------------------- | :------------- | | California | $2,436,521 | $2,345,294 | +3.9% | $1,747,163 | +39.5% | | Central | $1,707,862 | $1,811,426 | -5.7% | $1,661,613 | +2.8% | | Mountain | $1,401,371 | $1,427,803 | -1.9% | $1,076,363 | +30.2% | | Total | $5,545,754 | $5,584,523 | -0.7% | $4,485,139 | +23.6% | - Q4 revenue growth led by California (**+61%**) and Mountain (**+12%**) groups, offsetting Central group's **13% reduction** due to Tappan Zee project claim recovery adjustment[11](index=11&type=chunk) - Q4 gross profit negatively impacted by **$19 million** from Tappan Zee project and **$14 million** (**$7 million** after non-controlling interest) from I-64 High Rise Bridge project[12](index=12&type=chunk) - Excluding these two projects, construction gross profit margin was **13%** in Q4 and for the fiscal year[12](index=12&type=chunk) - CAP increased **$1.1 billion** year-over-year, entering 2024 with significantly higher CAP than 2023[13](index=13&type=chunk) [Materials Segment Results](index=3&type=section&id=Materials%20Segment%20Results) The Materials segment saw revenue increases in both Q4 and FY 2023, driven by acquisitions and higher sales prices, despite a Q4 gross profit margin decrease Materials Segment Performance | Metric | Q4 2023 ($ thousands) | Q4 2022 ($ thousands) | YoY Change (Q4) | FY 2023 ($ thousands) | FY 2022 ($ thousands) | YoY Change (FY) | | :------------------------ | :-------------------- | :-------------------- | :-------------- | :-------------------- | :-------------------- | :-------------- | | Revenue | $139,971 | $124,136 | +12.8% | $516,884 | $497,321 | +3.9% | | Gross profit | $22,277 | $24,648 | -9.6% | $71,344 | $65,613 | +8.7% | | Gross profit as a percent of revenue | 15.9% | 19.9% | -4.0 ppts | 13.8% | 13.2% | +0.6 ppts | - Revenue increases driven by sales from 2023 acquisitions and higher asphalt and aggregate sales prices[14](index=14&type=chunk) - Q4 gross profit margin decreased by **260 bps** due to a gross loss from newly acquired operations, including purchase accounting impacts[14](index=14&type=chunk) [2024 Outlook](index=3&type=section&id=2024%20Outlook) Granite provides its 2024 financial guidance, including revenue, adjusted EBITDA margin, and capital expenditure targets, reflecting confidence in its strategic plan [CFO's Commentary and Strategic Targets](index=3&type=section&id=CFO's%20Commentary%20and%20Strategic%20Targets) CFO Lisa Curtis expects Granite to achieve its 2024 revenue growth and profitability targets, driven by higher CAP, robust markets, and strategic investments - Expects to achieve revenue growth and profitability targets announced two years ago in 2024[16](index=16&type=chunk) - Entering 2024 with CAP **24% higher** year-over-year, expecting significant revenue growth[16](index=16&type=chunk) - Profitability expected to increase to an adjusted EBITDA margin of **9.0% to 11.0%**, led by transformed project portfolio and improved materials margins[16](index=16&type=chunk) - CAPEX expected to be **$130 million to $150 million**, including approximately **$50 million** in planned strategic materials investments (land, reserves, aggregate plant) and **$20 million** for a project-specific tunnel boring machine[16](index=16&type=chunk) [Key 2024 Guidance Figures](index=3&type=section&id=Key%202024%20Guidance%20Figures) Granite's 2024 guidance includes revenue between $3.8 billion and $4.0 billion, an adjusted EBITDA margin of 9.0% to 11.0%, and capital expenditures of $130 million to $150 million 2024 Financial Guidance | Metric | Guidance Range | | :-------------------------- | :------------- | | Revenue | $3.8B - $4.0B | | Adjusted EBITDA Margin | 9.0% - 11.0% | | SG&A Expense (% of revenue) | 7.5% - 8.0% | | Effective Tax Rate (adjusted)| Mid-20s | | Capital Expenditures | $130M - $150M | [Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of Granite Construction Incorporated, its history, values, and details regarding forward-looking statements and investor communications [About Granite](index=3&type=section&id=About%20Granite) Granite Construction, established in 1922, is a leading diversified construction and materials company in the U.S., emphasizing ethical standards, safety, and sustainability - Granite (NYSE:GVA) is America's Infrastructure Company™, incorporated since 1922[18](index=18&type=chunk) - One of the largest diversified construction and construction materials companies in the U.S. and a full-suite civil construction provider[18](index=18&type=chunk) - Guided by Code of Conduct and Core Values, with industry leadership in safety and awards in quality and sustainability[18](index=18&type=chunk) [Forward-looking Statements](index=4&type=section&id=Forward-looking%20Statements) This section cautions readers that forward-looking statements are based on management's judgment and current expectations, subject to risks and uncertainties, and are not guaranteed - Statements regarding future events, performance, growth, demand, strategic plans, and 2024 guidance are forward-looking[20](index=20&type=chunk) - These statements are estimates based on management's best judgment and current expectations, subject to risks and uncertainties beyond company control[20](index=20&type=chunk) - Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the press release date, with no obligation to update unless required by law[21](index=21&type=chunk) [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Details for Granite's Q4 and FY 2023 earnings conference call, including access information and replay availability, are provided - Conference call held on February 22, 2024, at **8:00 a.m. Pacific Time/11:00 a.m. Eastern Time**[17](index=17&type=chunk) - Live audio webcast available on Investor Relations website; dial-in options provided[17](index=17&type=chunk) - Archive of webcast and replay available after the call through February 29, 2024[17](index=17&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Granite's condensed consolidated balance sheets, statements of operations, and cash flows for the reported periods [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2023, Granite's total assets increased to $2.81 billion, with total liabilities rising to $1.80 billion, and total equity seeing a modest increase Condensed Consolidated Balance Sheets Summary | Metric | Dec 31, 2023 ($ thousands) | Dec 31, 2022 ($ thousands) | Change ($ thousands) | Change (%) | | :--------------------------------- | :------------------------- | :------------------------- | :------------------- | :--------- | | Total Assets | $2,813,540 | $2,167,933 | +$645,607 | +29.8% | | Total Current Assets | $1,643,451 | $1,347,296 | +$296,155 | +22.0% | | Property and equipment, net | $662,864 | $509,210 | +$153,654 | +30.2% | | Goodwill | $155,004 | $73,703 | +$81,301 | +110.3% | | Intangible assets | $117,322 | $9,212 | +$108,110 | +1173.6% | | Total Liabilities | $1,801,794 | $1,182,794 | +$619,000 | +52.3% | | Total Current Liabilities | $1,029,883 | $797,594 | +$232,289 | +29.1% | | Long-term debt | $614,781 | $286,934 | +$327,847 | +114.2% | | Total Equity | $1,026,966 | $985,145 | +$41,821 | +4.2% | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For FY 2023, total revenue increased to $3.51 billion, but net income attributable to Granite decreased to $43.6 million due to a significant loss on debt extinguishment Condensed Consolidated Statements of Operations Summary | Metric | Q4 2023 ($ thousands) | Q4 2022 ($ thousands) | FY 2023 ($ thousands) | FY 2022 ($ thousands) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Total Revenue | $933,698 | $789,213 | $3,509,138 | $3,301,256 | | Gross Profit | $94,311 | $96,781 | $396,399 | $369,494 | | Operating Income | $20,633 | $16,643 | $80,062 | $85,381 | | Loss on debt extinguishment | — | — | $51,052 | — | | Income before income taxes | $29,998 | $24,826 | $59,854 | $91,817 | | Net income attributable to Granite Construction Incorporated | $25,998 | $22,052 | $43,599 | $83,302 | | Diluted EPS | $0.55 | $0.46 | $0.97 | $1.70 | - FY 2023 net income significantly impacted by a **$51.05 million** loss on debt extinguishment[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In FY 2023, net cash from operating activities significantly increased, while net cash used in investing activities rose due to business acquisitions, and financing activities provided substantial cash Condensed Consolidated Statements of Cash Flows Summary | Activity | FY 2023 ($ thousands) | FY 2022 ($ thousands) | Change ($ thousands) | | :----------------------------------- | :-------------------- | :-------------------- | :------------------- | | Net cash provided by operating activities | $183,707 | $55,647 | +$128,060 | | Net cash used in investing activities | $(359,290) | $(11,000) | $(348,290) | | Net cash provided by (used in) financing activities | $299,255 | $(164,311) | +$463,566 | | Net increase (decrease) in cash, cash equivalents and restricted cash | $123,672 | $(119,664) | +$243,336 | | Cash, cash equivalents and restricted cash at end of period | $417,663 | $293,991 | +$123,672 | - Investing activities included **$294.0 million** for business acquisitions, net of cash acquired[27](index=27&type=chunk) - Financing activities included **$373.75 million** from issuance of 3.75% Convertible Notes[27](index=27&type=chunk) [Non-GAAP Financial Information](index=9&type=section&id=Non-GAAP%20Financial%20Information) This section defines and reconciles Granite's non-GAAP financial measures, including EBITDA, adjusted EBITDA, and adjusted net income, used for performance evaluation [Non-GAAP Measures Description](index=9&type=section&id=Non-GAAP%20Measures%20Description) Granite provides non-GAAP measures like adjusted EBITDA and adjusted diluted EPS to evaluate operating performance, excluding specific non-recurring items - Non-GAAP measures include EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted income before income taxes, adjusted provision for income taxes, adjusted net income, and adjusted diluted EPS[28](index=28&type=chunk)[29](index=29&type=chunk) - These measures are used to evaluate operating performance and facilitate comparisons by excluding items like loss on debt extinguishment, other costs (e.g., investigation-related legal fees, strategic acquisition costs, litigation charges, impairment charges), transaction costs, and specific tax effects[28](index=28&type=chunk)[30](index=30&type=chunk) - Non-GAAP measures are supplemental to GAAP results and may not be comparable to similar measures from other companies[29](index=29&type=chunk) [EBITDA and Adjusted EBITDA Reconciliation](index=10&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) For FY 2023, Granite's Adjusted EBITDA was $268.9 million (7.7% margin), significantly higher than GAAP EBITDA, primarily due to adjustments for other costs and debt extinguishment loss EBITDA and Adjusted EBITDA Reconciliation Summary | Metric | Q4 2023 ($ thousands) | Q4 2022 ($ thousands) | FY 2023 ($ thousands) | FY 2022 ($ thousands) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Net income attributable to Granite Construction Incorporated | $25,998 | $22,052 | $43,599 | $83,302 | | EBITDA | $61,743 | $48,222 | $167,656 | $185,976 | | EBITDA margin | 6.6% | 6.1% | 4.8% | 5.6% | | Other costs, net | $12,244 | $1,719 | $50,217 | $24,120 | | Loss on debt extinguishment | — | — | $51,052 | — | | Adjusted EBITDA | $73,987 | $49,941 | $268,925 | $210,096 | | Adjusted EBITDA margin | 7.9% | 6.3% | 7.7% | 6.4% | - Adjusted EBITDA excludes 'Other costs, net' and 'Loss on debt extinguishment'[32](index=32&type=chunk) [Adjusted Net Income Reconciliation](index=11&type=section&id=Adjusted%20Net%20Income%20Reconciliation) For FY 2023, GAAP net income of $43.6 million was adjusted to $139.6 million for adjusted net income, with diluted EPS adjusted to $3.14, reflecting various non-GAAP adjustments Adjusted Net Income Reconciliation Summary | Metric | Q4 2023 ($ thousands) | Q4 2022 ($ thousands) | FY 2023 ($ thousands) | FY 2022 ($ thousands) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Income before income taxes | $29,998 | $24,826 | $59,854 | $91,817 | | Adjusted income before income taxes | $43,902 | $28,281 | $167,829 | $125,617 | | Net income attributable to Granite Construction Incorporated | $25,998 | $22,052 | $43,599 | $83,302 | | Adjusted net income attributable to Granite Construction Incorporated | $36,287 | $24,608 | $139,625 | $103,813 | | Diluted net income per share attributable to common shareholders | $0.55 | $0.46 | $0.97 | $1.70 | | Adjusted diluted earnings per share attributable to common shareholders | $0.82 | $0.56 | $3.14 | $2.31 | - Adjustments include 'Other costs, net', 'Transaction costs', 'Loss on debt extinguishment', and specific tax effects[35](index=35&type=chunk) - Adjusted diluted weighted average shares of common stock are used to reflect the impact of purchased equity derivative instruments offsetting potential share dilution from convertible notes[37](index=37&type=chunk) [Contacts](index=12&type=section&id=Contacts) This section provides contact information for Granite's investor relations and media inquiries [Investor and Media Contacts](index=12&type=section&id=Investor%20and%20Media%20Contacts) Contact details for investor relations and media inquiries are provided for Granite Construction Incorporated - Investors contact: **Wenjun Xu, 831-761-7861**[38](index=38&type=chunk) - Media contact: **Erin Kuhlman, 831-768-4111**[38](index=38&type=chunk)

Granite(US:GVA)

Granite(GVA) - 2023 Q3 - Quarterly Report

2023-10-31 20:28

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Total assets increased to **$2.58 billion**, Q3 revenue grew to **$1.12 billion**, but net income declined significantly [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$2.58 billion**, liabilities to **$1.57 billion**, and equity to **$1.01 billion** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | Change | | :--- | :--- | :--- | :--- | | **Total current assets** | $1,695,050 | $1,347,296 | +$347,754 | | **Total assets** | **$2,580,321** | **$2,167,933** | **+$412,388** | | **Total current liabilities** | $1,056,476 | $797,594 | +$258,882 | | **Long-term debt** | $403,785 | $286,934 | +$116,851 | | **Total liabilities** | $1,573,744 | $1,182,788 | +$390,956 | | **Total equity** | **$1,006,577** | **$985,145** | **+$21,432** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 revenue grew to **$1.12 billion**, but net income fell sharply due to a **$51.1 million** debt extinguishment loss Q3 2023 vs Q3 2022 Performance (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,116,820 | $1,008,910 | +10.7% | | Gross Profit | $166,643 | $115,055 | +44.8% | | Operating Income | $73,818 | $54,699 | +35.0% | | Net Income Attributable to Granite | $57,624 | $69,302 | -16.8% | | Diluted EPS | $1.13 | $1.36 | -16.9% | Nine Months 2023 vs 2022 Performance (in thousands, except per share data) | Metric | Nine Months 2023 | Nine Months 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2,575,440 | $2,512,043 | +2.5% | | Gross Profit | $302,088 | $272,713 | +10.8% | | Operating Income | $59,429 | $68,738 | -13.5% | | Loss on debt extinguishment | $51,052 | $0 | N/A | | Net Income Attributable to Granite | $17,601 | $61,250 | -71.3% | | Diluted EPS | $0.40 | $1.25 | -68.0% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow improved to a **$34.2 million** inflow, reversing prior year's outflow, with financing providing **$53.2 million** Cash Flow Summary for Nine Months Ended Sep 30 (in thousands) | Activity | 2023 | 2022 (Restated) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $34,198 | $(14,631) | | Net cash provided by (used in) investing activities | $(89,270) | $13,874 | | Net cash provided by (used in) financing activities | $53,205 | $(157,814) | | **Net decrease in cash** | **$(1,867)** | **$(158,571)** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail 2022 financial restatement, project estimate revisions, and a **$51.1 million** debt extinguishment loss - The company restated its 2022 quarterly financial information to correct errors related to deferred taxes and income tax expense calculation following the sale of its Inliner business. For the nine months ended Sep 30, 2022, the restatement reduced previously reported net income by **$16.4 million**[37](index=37&type=chunk)[38](index=38&type=chunk)[43](index=43&type=chunk) - For the nine months ended Sep 30, 2023, downward revisions in estimates on three projects reduced gross profit by **$51.1 million**, primarily due to increased costs and lower productivity. This was partially offset by an **$8.1 million** upward revision on one project[47](index=47&type=chunk)[49](index=49&type=chunk) - On May 11, 2023, the company issued **$373.8 million** of 3.75% Convertible Notes due 2028. Proceeds were used to exchange a portion of the existing 2.75% Convertible Notes, leading to a **$51.1 million** loss on debt extinguishment in Q2 2023[84](index=84&type=chunk)[87](index=87&type=chunk)[143](index=143&type=chunk) - The company settled the Salesforce Tower legal matter in October 2023, resulting in a pre-tax charge of **$20.0 million**, net of estimated insurance recovery, which was recorded in the nine months ended September 30, 2023[107](index=107&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong market outlook, **$5.6 billion** CAP, Q3 revenue growth, improved gross margin, and sufficient liquidity [Current Economic Environment and Outlook](index=34&type=section&id=Current%20Economic%20Environment%20and%20Outlook) The company maintains a positive outlook, supported by federal IIJA funding and state initiatives, with **$5.6 billion** in CAP - Public work, accounting for approximately **70%** of the company's business, is supported by the ongoing rollout of the **$1.2 trillion** Infrastructure Investment and Jobs Act (IIJA)[117](index=117&type=chunk) - Committed and Awarded Projects (CAP) reached **$5.6 billion** at the end of Q3 2023, indicating a strong future revenue pipeline[121](index=121&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Q3 2023 revenue grew 10.7% to **$1.12 billion**, gross profit margin expanded to **14.9%**, with higher SG&A and legal settlement costs Revenue by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Construction | $945,698 | $847,371 | +11.6% | | Materials | $171,122 | $161,539 | +5.9% | | **Total** | **$1,116,820** | **$1,008,910** | **+10.7%** | Gross Profit by Segment (in thousands) | Segment | Q3 2023 | Q3 2022 (Restated) | YoY Change | | :--- | :--- | :--- | :--- | | Construction | $137,162 (14.5% margin) | $93,017 (11.0% margin) | +47.5% | | Materials | $29,481 (17.2% margin) | $22,038 (13.6% margin) | +33.8% | | **Total** | **$166,643 (14.9% margin)** | **$115,055 (11.4% margin)** | **+44.8%** | - Committed and Awarded Projects (CAP) increased by **$1.1 billion** from year-end 2022 to **$5.6 billion** at September 30, 2023[133](index=133&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$13.0 million** in Q3 2023 compared to Q3 2022, primarily due to higher incentive compensation resulting from improved financial performance[139](index=139&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$329.2 million** in cash and **$330.8 million** unused credit, sufficient for future needs - As of September 30, 2023, the company had total cash, cash equivalents, and marketable securities of **$329.2 million**[150](index=150&type=chunk) - The company has **$330.8 million** in unused availability under its Credit Agreement as of September 30, 2023[149](index=149&type=chunk) - The share repurchase program, with **$231.5 million** remaining available, saw no activity during the nine months ended September 30, 2023[164](index=164&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material change in the company's exposure to market risk since the last annual report - There has been no material change in the company's exposure to market risk since the last annual report[167](index=167&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of September 30, 2023, the company's disclosure controls and procedures were effective[168](index=168&type=chunk) - No material changes to internal control over financial reporting occurred during the third quarter of 2023[169](index=169&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings information is incorporated by reference from Note 17 of the financial statements - Information regarding legal proceedings is detailed in Note 17 of the Notes to the Condensed Consolidated Financial Statements[171](index=171&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from those disclosed in the company's Annual Report - There have been no material changes in risk factors from those disclosed in the company's Annual Report[172](index=172&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Shares were repurchased for employee tax withholding, not under the **$231.5 million** authorized share repurchase program - During Q3 2023, **3,334** shares were repurchased in connection with employee tax withholding for vested RSUs[173](index=173&type=chunk) - No shares were repurchased under the Board-authorized **$300 million** share repurchase program during the quarter[174](index=174&type=chunk)

Granite(US:GVA)

Granite(GVA) - 2023 Q3 - Earnings Call Presentation

2023-10-31 17:44

Source: Granite Construction Incorporated Granite Construction © 2023 Granite Construction. All Rights Reserved. 2 "should," "could," "would," "guidance," "continue," and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, d ...

Granite(US:GVA)

Granite(GVA) - 2023 Q2 - Earnings Call Presentation

2023-07-28 00:50

• Materials revenue and gross profit increased YOY driven by higher asphalt and aggregates sales and improved aggregate sales volume • Record CAP of $5.4 billion, up $1.2 billion YOY and $334 million sequentially • Strong public market environment • Strong balance sheet and liquidity position • 2023 guidance revised with revenue between $3.35 billion and $3.45 billion and adjusted EBITDA margin between 7.5% and 8.5% CAP $5,438 MSee appendix for a presentation of the most directly comparable GAAP measure and ...

Granite(US:GVA)

Granite(GVA) - 2023 Q2 - Quarterly Report

2023-07-27 21:51

UNITED STATES Table of Contents SECURITIES AND EXCHANGE COMMISSION o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-12911 Washington, D.C. 20549 FORM 10-Q GRANITE CONSTRUCTION INCORPORATED x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 77-0239383 State of Incorporation: I.R.S. Employer Identification Number: For the quarterly period ...

Granite(US:GVA)

Previous Next