Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Purchase Price and Assumed Liabilities

In accordance with ASC 805, the total purchase price and assumed liabilities were allocated to the net tangible and identifiable intangible assets based on their estimated fair values as of November 30, 2023, as presented in the table below. These estimates are subject to revision, which may result in adjustments to the values presented below. There are certain provisional estimates that are subject to finalization, one of which is related to tax make-whole agreements with the seller of approximately $22.0 million, which will be finalized upon the former owners of LRC/MSG paying their personal tax burden related to the sale of the businesses. As we continue to integrate the acquired business, we may obtain additional information on the acquired tangible and identifiable intangible net assets which, if significant, may require revisions to preliminary valuation assumptions, estimates and resulting fair values. We expect to finalize these amounts within 12 months from the acquisition date.


(in thousands)	November 30, 2023
Assets
Cash and cash equivalents	$	12,798
Receivables	18,373
Contract assets	3,388
Inventories	13,738
Other current assets	1,032
Property and equipment	84,815
Right of use assets	15,539

Other noncurrent assets	3,718
Total tangible assets	$	153,401
Identifiable intangible assets	$	110,660
Liabilities
Accounts payable	$	6,806
Contract liabilities	3,213
Accrued expenses and other current liabilities	9,572
Long-term lease liabilities	15,558

Other long-term liabilities	5,960
Total liabilities assumed	$	41,109
Total tangible and identifiable net assets acquired	$	222,952
Goodwill	80,826
Estimated purchase price	$	303,778

Schedule of Acquired Indefinite-Lived Intangible Assets

The following table lists amortized intangible assets from the LRC/MSG acquisition that are included in intangible assets in the consolidated balance sheets as of December 31, 2023 (in thousands):


	Useful Lives (Years)	Gross Value		Accumulated Amortization		Net Value
Customer relationships	20	$	83,860	$	(349)	$	83,511
Backlog	1	7,800		(600)		7,200
Trademarks/trade name	10	12,000		(100)		11,900
Permits	10	7,000		(58)		6,942
Total intangible assets		$	110,660	$	(1,107)	$	109,553

Pro Forma Financial Information

The unaudited pro forma financial information in the table below summarizes the combined results of operations of Granite and LRC/MSG as though the companies had been combined as of January 1, 2022. The CMR acquisition is not included in the pro forma financial information as the effects of the business would not have a material impact. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on January 1, 2022, nor does it intend to be a projection of future results.


Years Ended December 31,	2023		2022
(unaudited, in thousands, except per share amounts)
Revenue	$	3,720,449	$	3,485,186
Net income	$	55,025	$	72,219
Basic net income per share attributable to common shareholders	$	1.25	$	1.62
Diluted net income per share attributable to common shareholders	$	1.19	$	1.49