Company Quick10K Filing
Granite Construction
Price31.64 EPS-2
Shares47 P/E-15
MCap1,492 P/FCF-56
Net Debt213 EBIT-70
TEV1,705 TEV/EBIT-24
TTM 2019-09-30, in MM, except price, ratios
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8-K 2018-02-13

GVA 10Q Quarterly Report

Item 1. Financial Statements
EX-31.1 ex_156050.htm
EX-31.2 ex_156051.htm
EX-32 ex_156052.htm
EX-95 ex_160552.htm

Granite Construction Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
2.72.21.61.10.50.02012201420172020
Assets, Equity
1.10.90.60.40.1-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

gva20190821_10q.htm
0000861459GRANITE CONSTRUCTION INCfalse--12-31Q3201927.0Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $81.9 million, $88.2 million and $88.6 million related to performance guarantees as of September 30, 2019, December 31, 2018 and September 30, 2018.Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. Amounts are comprised primarily of amortized restricted stock units.See Note 13 for definitions of, and more information about, the 2019 Notes and Credit Agreement.Due to the net loss for the nine months ended September 30, 2019, RSUs representing approximately 393,000 shares have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive.Partners' interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite’s interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences.Weighted average shares of approximately 1.1 million have been included in the number of shares used in calculating diluted net income per share for the three months ended September 30, 2018 based on the assumption that the 8% Convertible Notes were converted to Granite shares as of July 1, 2018 through their conversion on August 15, 2018. The shares have been excluded from the nine months ended September 30, 2018 as their inclusion would be antidilutive. Included in this balance as of September 30, 2019, December 31, 2018 and September 30, 2018 was $95.9 million, $78.1 million and $67.1 million, respectively, related to Granite's share of estimated cost recovery of customer affirmative claims. In addition, this balance included $11.5 million, $15.6 million and $12.5 million related to Granite's share of estimated recovery of back charge claims as of September 30, 2019, December 31, 2018 and September 30, 2018, respectively.Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets were amounts related to deficits in construction joint ventures, which includes provisions for losses, that were $60.6 million, $11.5 million and $ 11.6 million as of September 30, 2019, December 31, 2018 and September 30, 2018, respectively.Partners' interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite's interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences.The balance primarily relates to debt associated with our real estate investments.While total revenue, Granite's interest in revenue, total cost of revenue, and total net loss were correctly stated, Granite's interest in cost of revenue, gross loss and net loss for the three and six months ended June 30, 2019 were misstated for the quarter ended June 30, 2019. Granite's originally reported interest in cost of revenue, gross loss and net loss was: $144.0 million, $107.2 million and $106.3 million, respectively, for the three months ended June 30, 2019 and was $275.5 million, $106.2 million and $105.8 million, respectively, for the six months ended June 30, 2019. Granite's interest in cost of revenue, gross loss and net loss should have been: $171.0 million, $134.2 million and $133.3 million, respectively, for the three months ended June 30, 2019 and $302.5 million, $133.2 million and $132.8 million, respectively, for the six months ended June 30, 2019. The misstatements did not impact the condensed consolidated balance sheet, statements of operations, statements of comprehensive loss or statements of shareholders' equity in any period. However, the misstatements did result in a misclassification of $27.0 million within operating activities of the condensed consolidated statement of cash flows for the six months ended June 30, 2019 to equity in net loss from unconsolidated joint ventures from accrued expenses and other current liabilities, net. There was no impact to the net cash used in operating activities for the six months ended June 30, 2019. We assessed the materiality of the errors in accordance with the SEC's Staff Accounting Bulletin 99 and concluded that the errors were not material to either of these previously issued financial statements. Accordingly, we will revise our previously issued financial statements prospectively to correct these 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   
  For the quarterly period ended September 30, 2019

 

OR

 

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

 

Address of principal executive offices:

585 W. Beach Street

Watsonville, California 95076

(831) 724-1011

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value 

GVA

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 Accelerated filer ☐

 Non-accelerated filer ☐

 Smaller reporting company

 Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of October 22, 2019.

 

Class

 

Outstanding

Common Stock, $0.01 par value

 

46,741,311

 



 

 

Table of Contents
 

 

Index

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019, December 31, 2018 and September 30, 2018

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2019 and 2018

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2019 and 2018

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2019 and 2018

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2019 and 2018

 

 

Notes to the Condensed Consolidated Financial Statements

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

 

Item 1A.

Risk Factors

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

Item 4.

Mine Safety Disclosures

 

Item 6.

Exhibits

SIGNATURES

EXHIBIT 31.1

EXHIBIT 31.2

EXHIBIT 32

EXHIBIT 95

EXHIBIT 101.INS

EXHIBIT 101.SCH

EXHIBIT 101.CAL

EXHIBIT 101.DEF

EXHIBIT 101.LAB

EXHIBIT 101.PRE

 

2

Table of Contents
 

 

PART I. FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

 

   

September 30, 2019

   

December 31, 2018

   

September 30, 2018

 

ASSETS

                       

Current assets

                       

Cash and cash equivalents ($77,870, $131,965 and $125,165 related to consolidated construction joint ventures (“CCJVs”))

  $ 184,673     $ 272,804     $ 230,259  

Short-term marketable securities

    37,918       30,002       35,010  

Receivables, net ($29,108, $21,237 and $26,142 related to CCJVs)

    700,387       473,246       618,070  

Contract assets ($39,717, $19,699 and $20,968 related to CCJVs)

    233,925       219,754       213,989  

Inventories

    95,442       88,623       90,789  

Equity in construction joint ventures

    209,765       282,229       273,993  

Other current assets ($10,765, $11,744 and $11,361 related to CCJVs)

    42,698       48,731       95,173  

Total current assets

    1,504,808       1,415,389       1,557,283  

Property and equipment, net ($27,752, $34,761 and $36,061 related to CCJVs)

    542,796       549,688       560,618  

Long-term marketable securities

    10,000       36,098       46,093  

Investments in affiliates

    84,914       84,354       84,840  

Goodwill

    264,112       259,471       244,696  

Right of use assets

    70,472              

Deferred income taxes, net

    38,443       2,918       6,408  

Other noncurrent assets

    118,228       128,683       143,910  

Total assets

  $ 2,633,773     $ 2,476,601     $ 2,643,848  
                         

LIABILITIES AND EQUITY

                       

Current liabilities

                       

Current maturities of long-term debt

  $ 8,263     $ 47,286     $ 116,796  

Accounts payable ($50,625, $37,086 and $33,426 related to CCJVs)

    399,528       251,481       316,917  

Contract liabilities ($21,378, $60,288 and $67,139 related to CCJVs)

    106,010       105,449       117,759  

Accrued expenses and other current liabilities ($4,193, $2,046 and $1,975 related to CCJVs)

    342,040       273,626       296,033  

Total current liabilities

    855,841       677,842       847,505  

Long-term debt

    394,841       335,119       316,926  

Lease liabilities

    56,740              

Deferred income taxes, net

    4,652       4,317       5,589  

Other long-term liabilities

    58,433       61,689       67,429  

Commitments and contingencies

                 

Equity

                       

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding

                 

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 46,741,263 shares as of September 30, 2019, 46,665,889 shares as of December 31, 2018 and 46,897,092 shares as of September 30, 2018

    468       467       469  

Additional paid-in capital

    567,033       564,559       572,046  

Accumulated other comprehensive (loss) income

    (3,282 )     (749 )     1,841  

Retained earnings

    656,487       787,356       786,936  

Total Granite Construction Incorporated shareholders’ equity

    1,220,706       1,351,633       1,361,292  

Non-controlling interests

    42,560       46,001       45,107  

Total equity

    1,263,266       1,397,634       1,406,399  

Total liabilities and equity

  $ 2,633,773     $ 2,476,601     $ 2,643,848  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3

Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Revenue

                               

Transportation

  $ 598,646     $ 610,847     $ 1,340,834     $ 1,472,703  

Water

    135,908       124,292       347,994       215,951  

Specialty

    224,457       190,836       540,234       461,149  

Materials

    129,099       129,616       268,389       276,286  

Total revenue

    1,088,110       1,055,591       2,497,451       2,426,089  

Cost of revenue

                               

Transportation

    585,013       539,871       1,405,830       1,334,302  

Water

    120,878       100,189       313,582       174,834  

Specialty

    186,158       162,737       464,858       395,838  

Materials

    104,629       108,303       233,675       239,972  

Total cost of revenue

    996,678       911,100       2,417,945       2,144,946  

Gross profit

    91,432       144,491       79,506       281,143  

Selling, general and administrative expenses

    73,424       70,769       224,577       193,337  

Acquisition and integration expenses

    2,744       9,334       15,244       44,030  

Gain on sales of property and equipment

    (7,101 )     (3,018 )     (13,936 )     (5,066 )

Operating income (loss)

    22,365       67,406       (146,379 )     48,842  

Other (income) expense

                               

Interest income

    (1,713 )     (1,533 )     (6,257 )     (4,227 )

Interest expense

    4,839       4,452       13,011       10,090  

Equity in income of affiliates

    (6,275 )     (1,769 )     (10,159 )     (5,527 )

Other expense (income), net

    127       (1,533 )     (2,394 )     (2,205 )

Total other income

    (3,022 )     (383 )     (5,799 )     (1,869 )

Income (loss) before provision for (benefit from) income taxes

    25,387       67,789       (140,580 )     50,711  

Provision for (benefit from) income taxes

    3,474       8,692       (37,451 )     7,357  

Net income (loss)

    21,913       59,097       (103,129 )     43,354  

Amount attributable to non-controlling interests

    (1,425 )     (3,425 )     (8,793 )     (7,490 )

Net income (loss) attributable to Granite Construction Incorporated

  $ 20,488     $ 55,672     $ (111,922 )   $ 35,864  
                                 

Net income (loss) per share attributable to common shareholders

                               
Basic   $ 0.44     $ 1.20     $ (2.39 )   $ 0.84  
Diluted   $ 0.43     $ 1.17     $ (2.39 )   $ 0.84  

Weighted average shares of common stock

                               

Basic

    46,788       46,308       46,771       42,443  

Diluted

    47,170       47,810       46,771       42,910  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4

Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited - in thousands)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2019

   

2018

   

2019

   

2018

 

Net income (loss)

  $ 21,913     $ 59,097     $ (103,129 )   $ 43,354  

Other comprehensive income (loss), net of tax:

                               

Net unrealized (loss) gain on derivatives

  $ (720 )   $ 2,289     $ (3,496 )   $ 1,555  

Less: reclassification for net gains included in interest expense

    (46 )     (1,719 )     (336 )     (157 )

Net change

  $ (766 )   $ 570     $ (3,832 )   $ 1,398  

Foreign currency translation adjustments, net

    932       249       1,299       (189 )

Other comprehensive income (loss)

  $ 166     $ 819     $ (2,533 )   $ 1,209  

Comprehensive income (loss)

  $ 22,079     $ 59,916     $ (105,662 )   $ 44,563  

Non-controlling interests in comprehensive income (loss)

    (1,425 )     (3,425 )     (8,793 )     (7,490 )

Comprehensive income (loss) attributable to Granite Construction Incorporated

  $ 20,654     $ 56,491     $ (114,455 )   $ 37,073  

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

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Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited - in thousands, except share data)

 

   

Outstanding Shares

   

Common Stock

   

Additional Paid-In Capital

   

Accumulated Other Comprehensive (Loss) Income

   

Retained Earnings

   

Total Granite Shareholders’ Equity

   

Non-controlling Interests

   

Total Equity

 

Balances at June 30, 2019

    46,838,199     $ 468     $ 568,264     $ (3,448 )   $ 642,124     $ 1,207,408     $ 50,160     $ 1,257,568  

Net income

                            20,488       20,488       1,425       21,913  

Other comprehensive income

                      166             166             166  

Purchases of common stock1

    (101,475 )     (1 )     (2,967 )                 (2,968 )           (2,968 )

Restricted stock units (“RSUs”) vested

    4,555       1                         1             1  

Dividends on common stock ($0.13 per share)

                            (6,076 )     (6,076 )           (6,076 )

Transactions with non-controlling interests

                                        (9,025 )     (9,025 )

Employee Stock Purchase Plan (“ESPP”), amortized RSUs and other

    (16 )           1,736             (49 )     1,687             1,687  

Balances at September 30, 2019

    46,741,263     $ 468     $ 567,033     $ (3,282 )   $ 656,487     $ 1,220,706     $ 42,560     $ 1,263,266  

 

Balances at June 30, 2018

    45,688,582     $ 457     $ 516,680     $ 1,022     $ 737,417     $ 1,255,576     $ 45,410     $ 1,300,986  

Net income

                            55,672       55,672       3,425       59,097  

Other comprehensive income

                      819             819             819  

Purchases of common stock1

    (3,767 )           (204 )                 (204 )           (204 )

RSUs vested

    8,768                                            

Dividends on common stock ($0.13 per share)

                            (6,096 )     (6,096 )           (6,096 )

Issuance of Convertible Notes

    1,199,869       12       53,086                   53,098             53,098  

Transactions with non-controlling interests

                                        (3,728 )     (3,728 )

ESPP, amortized RSUs and other

    3,640             2,484             (57 )     2,429             2,429  

Balances at September 30, 2018

    46,897,092     $ 469     $ 572,046     $ 1,841     $ 786,936     $ 1,361,292     $ 45,107     $ 1,406,399  

 

Balances at December 31, 2018

    46,665,889     $ 467     $ 564,559     $ (749 )   $ 787,356     $ 1,351,633     $ 46,001     $ 1,397,634  

Net (loss) income

                            (111,922 )     (111,922 )     8,793       (103,129 )

Other comprehensive loss

                      (2,533 )           (2,533 )           (2,533 )

Purchases of common stock1

    (189,566 )     (2 )     (6,914 )                 (6,916 )           (6,916 )

RSUs vested

    255,948       3                         3             3  

Dividends on common stock ($0.39 per share)

                            (18,251 )     (18,251 )           (18,251 )