Restatement (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended September 30, 2022	As Previously Reported		Restatement Impacts		As Restated
Revenue
Construction	$	848,267	$	(896)	$	847,371
Materials	161,539		—		161,539
Total revenue	1,009,806		(896)		1,008,910
Cost of revenue
Construction	749,938		4,416		754,354
Materials	139,501		—		139,501
Total cost of revenue	889,439		4,416		893,855
Gross profit	120,367		(5,312)		115,055
Selling, general and administrative expenses	61,795		—		61,795
Other costs, net	(490)		—		(490)
Gain on sales of property and equipment, net	(949)		—		(949)
Operating income	60,011		(5,312)		54,699
Other (income) expense
Interest income	(1,894)		—		(1,894)
Interest expense	2,519		—		2,519
Equity in income of affiliates	(3,491)		—		(3,491)
Other expense, net	77		—		77
Total other (income), net	(2,789)		—		(2,789)
Income before income taxes	62,800		(5,312)		57,488
Benefit from income taxes	(6,489)		(1,221)		(7,710)
Net income	69,289		(4,091)		65,198
Amount attributable to non-controlling interests	4,104		—		4,104
Net income attributable to Granite Construction Incorporated	$	73,393	$	(4,091)	$	69,302
Net income per share attributable to common shareholders
Basic earnings per share	$	1.67	$	(0.09)	$	1.58
Diluted earnings per share	$	1.44	$	(0.08)	$	1.36
Weighted average shares outstanding:
Basic	43,973		—		43,973
Diluted	51,863		—		51,863

Nine months ended September 30, 2022	As Previously Reported		Restatement Impacts		As Restated
Revenue
Construction	$	2,141,009	$	(2,151)	$	2,138,858
Materials	373,185		—		373,185
Total revenue	2,514,194		(2,151)		2,512,043
Cost of revenue
Construction	1,903,949		3,161		1,907,110
Materials	332,220		—		332,220
Total cost of revenue	2,236,169		3,161		2,239,330
Gross profit	278,025		(5,312)		272,713
Selling, general and administrative expenses	192,036		—		192,036
Other costs, net	19,445		2,956		22,401
Gain on sales of property and equipment, net	(10,462)		—		(10,462)
Operating income	77,006		(8,268)		68,738
Other (income) expense
Interest income	(3,246)		—		(3,246)
Interest expense	10,003		—		10,003
Equity in income of affiliates	(9,656)		—		(9,656)
Other expense, net	4,646		—		4,646
Total other expense, net	1,747		—		1,747
Income before income taxes	75,259		(8,268)		66,991
Provision for (benefit from) income taxes	(777)		8,087		7,310
Net income	76,036		(16,355)		59,681
Amount attributable to non-controlling interests	1,569		—		1,569
Net income attributable to Granite Construction Incorporated	$	77,605	$	(16,355)	$	61,250
Net income per share attributable to common shareholders
Basic earnings per share	$	1.73	$	(0.36)	$	1.37
Diluted earnings per share	$	1.56	$	(0.31)	$	1.25
Weighted average shares outstanding:
Basic	44,739		—		44,739
Diluted	52,613		—		52,613

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended September 30, 2022	As Previously Reported		Restatement Impacts		As Restated
Operating activities
Net income	$	76,036	$	(16,355)	$	59,681
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation, depletion and amortization	61,714		—		61,714
Amortization related to long-term debt	1,901		—		1,901
Gain on sale of business	(6,234)		2,956		(3,278)
Gain on sales of property and equipment, net	(10,462)		—		(10,462)
Deferred income taxes	(17,819)		—		(17,819)
Stock-based compensation	6,151		—		6,151
Equity in net loss from unconsolidated joint ventures	23,585		1,481		25,066
Net income from affiliates	(9,656)		—		(9,656)
Other non-cash adjustments	38		—		38
Changes in assets and liabilities:
Receivables	(94,233)		—		(94,233)
Contract assets, net	(94,933)		3,831		(91,102)
Inventories	(8,795)		—		(8,795)
Contributions to unconsolidated construction joint ventures	(44,667)		—		(44,667)
Distributions from unconsolidated construction joint ventures and affiliates	7,960		—		7,960
Other assets, net	30,589		(2,956)		27,633
Accounts payable	60,973		—		60,973
Accrued expenses and other liabilities, net	3,221		11,043		14,264
Net cash used in operating activities	$	(14,631)	$	—	$	(14,631)