0001437749-22-009966.txt : 20220428 0001437749-22-009966.hdr.sgml : 20220428 20220428064010 ACCESSION NUMBER: 0001437749-22-009966 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220428 DATE AS OF CHANGE: 20220428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRANITE CONSTRUCTION INC CENTRAL INDEX KEY: 0000861459 STANDARD INDUSTRIAL CLASSIFICATION: HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600] IRS NUMBER: 770239383 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12911 FILM NUMBER: 22862072 BUSINESS ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 BUSINESS PHONE: 8317241011 MAIL ADDRESS: STREET 1: 585 WEST BEACH ST CITY: WATSONVILLE STATE: CA ZIP: 95076 8-K 1 gva20220302_8k.htm FORM 8-K gva20220302_8k.htm
false 0000861459 0000861459 2022-04-28 2022-04-28
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): April 28, 2022
 
 
GRANITE CONSTRUCTION INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
 
 
Delaware
(State or Other Jurisdiction of Incorporation)
1-12911
(Commission File Number)
77-0239383
(IRS Employer Identification No.)
 
585 West Beach Street
Watsonville, California 95076
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code: (831) 724-1011
 
_____________________
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
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.  ☐
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
 
On April 28, 2022, Granite Construction Incorporated (the “Company”) issued a press release with respect to its earnings for the three months ended March 31, 2022, a copy of which is attached as Exhibit 99.1 and incorporated herein by reference.
 
The information set forth herein, including the exhibit is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall the information, including the exhibit, be deemed incorporated by reference in any filing of the Company, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01.
Financial Statements and Exhibits.
 
(d) Exhibits. The following exhibits are attached hereto and furnished herewith:
 
Exhibit Number
  
Description
 
  
 
99.1
  
104   Cover Page Interactive Data File (formatted as Inline XBRL)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
GRANITE CONSTRUCTION INCORPORATED
 
 
 
 
 
 
By:
/s/ Elizabeth L. Curtis
 
 
 
Elizabeth L. Curtis
 
 
 
Executive Vice President and Chief Financial Officer
 
 
 
 
 
 
Date: April 28, 2022
 
 EX-99.1 2 ex_342690.htm EXHIBIT 99.1 ex_342690.htm

Exhibit 99.1

 

Granite Reports First Quarter 2022 Results

 

 

 

•

 Revenue of $548 million, a decrease of 3.3% compared to the prior year
  • Diluted net loss per share from Continuing Operations of ($0.42); adjusted diluted net loss per share from Continuing Operations of ($0.28) (1)
  • Cash and marketable securities of $398 million, debt lower ending at $299 million following partial pay down of term loan
  • Committed and Awarded Projects ("CAP") (2) relatively flat at $3.9 billion reflecting continued increases in California and Mountain groups offset by expected decreases in Central group
  • Completed the sale of Granite Inliner, LLC

 

WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter ended March 31, 2022.

 

First Quarter 2022 Results

 

Net loss from continuing operations totaled ($19) million, or ($0.42) per diluted share, compared to a net loss from continuing operations of ($63) million, or ($1.38) per diluted share, in the prior year. Adjusted net loss from continuing operations (1) totaled ($13) million, or ($0.28) per diluted share, compared to adjusted net loss from continuing operations (1) of ($7) million, or ($0.15) per diluted share, in the prior year.

 

 

•

 Revenue decreased $18 million to $548 million compared to $566 million in the prior year.
  • Gross profit decreased $4 million to $50 million compared to $54 million in the prior year; and gross profit margin decreased to 9.1% compared to 9.5% in the prior year.
  • Selling, general, and administrative (“SG&A”) expenses were $59 million or 10.7% of revenue, compared to $61 million or 10.8% of revenue in the prior year.
  • Adjusted EBITDA (1) from continuing operations totaled $4 million compared to $9 million in the prior year.
  • CAP (2) totaled $3.9 billion, which was down $75 million sequentially to the prior quarter and down $237 million compared to the prior year.
  • Cash and marketable securities decreased $54 million to $398 million compared to $452 million in the prior year, while debt decreased $41 million to $299 million from $340 million in the prior year.

 

"While the first quarter of the year is typically slower due to the seasonal nature of our business, we made significant strides executing on our strategic plan," said Kyle Larkin, Granite President and Chief Executive Officer.  "We closed on the sale of Inliner and utilized a portion of the proceeds to pay off one half of our term loan while also repurchasing 611,000 shares. We made good progress on the previously-announced divestitures of the Water Resources and Mineral Services businesses that we expect to complete later this year.  I am pleased with the CAP distribution among our groups and with the level of bidding activity and opportunities in our markets.  I believe we are well positioned to execute on our strategic plan and drive increased profitability through project execution and investment in our businesses while continuing to be opportunistic in delivering immediate value to shareholders through share repurchases."

 

 

(1) Adjusted net income (loss) from continuing operations, adjusted diluted income (loss) per share from continuing operations, earnings before interest, taxes, depreciation, and amortization (“EBITDA”) from continuing operations, EBITDA margin from continuing operations, adjusted EBITDA from continuing operations, and adjusted EBITDA margin from continuing operations are non-GAAP measures. Please refer to the description and reconciliation of non-GAAP measures in the attached tables.

(2) CAP is comprised of revenue we expect to record in the future on executed contracts, including 100% of our consolidated joint venture contracts and our proportionate share of unconsolidated joint venture contracts, as well as the general construction portion of construction manager/general contractor, construction manager/at risk and progressive design build contracts to the extent contract execution and funding is probable.

 

 

 

 

 
 

 

First Quarter 2022 Segment Results (Unaudited - dollars in thousands)

 

Construction Segment

                                

Three Months Ended March 31,

  

2022

    

2021

    

Change

  

Revenue from continuing operations

   $ 474,935     $ 506,971     $ (32,036 )     (6.3 )%

Gross profit from continuing operations

   $ 48,192     $ 52,769     $ (4,577 )     (8.7 )%

Gross profit as a percent of revenue from continuing operations

     10.1 %     10.4 %                

 

Committed and Awarded Projects

  

March 31, 2022

    

December 31, 2021

    

Change - Quarter over Quarter

    

March 31, 2021

    

Change - Year over Year

  

California

   $ 1,480,950     $ 1,476,066     $ 4,884       0.3 %   $ 1,349,272     $ 131,678       9.8 %

Central

     1,426,255       1,585,309       (159,054 )     (10.0 )%     2,057,790       (631,535 )     (30.7 )%

Mountain

     1,027,522       948,689       78,833       8.3 %     764,870       262,652       34.3 %

Total

   $ 3,934,727     $ 4,010,064     $ (75,337 )     (1.9 )%   $ 4,171,932     $ (237,205 )     (5.7 )%

 

Construction revenue decreased compared to the prior year primarily due to a $29 million decrease in revenue in the Central group.  The Central group's decrease in revenue, which was partially offset by strong performance in the Arizona region, was expected as the group continues to work through the Old Risk Portfolio ("ORP") and works to transform the Texas and Florida regions.  The California group revenue decrease of $15 million was partially offset by an increase of $12 million in revenue in the Mountain group.  Gross profit decreased compared to the prior year due to lower revenue and continued burn of lower margin work early in the year.  During the quarter, the ORP revenue totaled $80 million with a gross loss and net loss, after non-controlling interest ("NCI") of ($3) million, compared to ORP revenue of $105 million with a gross loss of ($1) million and slight net profit after NCI in the prior year.
 

CAP was down $75 million sequentially to the prior quarter and down $237 million compared to the prior year. The $394 million year over year increase in CAP in the California and Mountain groups was offset by the $632 million decrease in Central group CAP.  

 

Materials Segment

                                

Three Months Ended March 31,

   2022     2021     Change  

Revenue from continuing operations

   $ 72,651     $ 59,361     $ 13,290       22.4 %

Gross profit from continuing operations

   $ 1,583     $ 943     $ 640       67.9 %

Gross profit as a percent of revenue from continuing operations

     2.2 %     1.6 %                

 

Materials revenue increased compared to the prior year as all three groups experienced increased aggregate and asphalt volumes.  Gross profit and gross profit margin both increased slightly over the prior year as price increases and oil price mitigation measures, including bulk purchases and forward contracts, partially offset the impact of higher fuel and liquid asphalt costs.  

 

 

 
 

 

Outlook

 

For the 2022 fiscal year, the Company's guidance is unchanged as follows:

 

• Low single digit growth in revenue from continuing operations

• Adjusted EBITDA margin from continuing operations in the range of 6% to 8%

• SG&A expense from continuing operations in the range of 8.0% to 8.5% of revenue

• Low-to-mid-20s effective tax rate range for continuing operations

• Capital expenditures in the range of $100 million to $115 million

 

 

Conference Call

 

Granite will conduct a conference call today, April 28, 2022, at 8:00 a.m. Pacific Time/11:00 a.m. Eastern Time to discuss the results of the quarter ended March 31, 2022. The Company invites investors to listen to a live audio webcast of the investor conference call on its Investor Relations website, https://investor.graniteconstruction.com. The investor conference call will also be available by calling 1-877-328-5503; international callers may dial 1-412-317-5472. An archive of the webcast will be available on Granite's Investor Relations website approximately one hour after the call. A replay will be available after the live call through May 5, 2022, by calling 1-877-344-7529, replay access code 2748600; international callers may dial 1-412-317-0088.

 

About Granite

 

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite civil construction provider. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

 

 
 

 

Forward-looking Statements

 

Any statements contained in this news release that are not based on historical facts, including statements regarding future events, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2022 fiscal year guidance for revenue, Adjusted EBITDA margin from continuing operations, SG&A expense from continuing operations, effective tax rate for continuing operations, and capital expenditures, Committed and Awarded Projects (“CAP”), results, the expected sale of the Water Resources and Mineral Services business later this year, the execution of our strategic plan and the expected results constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" 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, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, 2022 fiscal year guidance for revenue, Adjusted EBITDA margin from continuing operations, SG&A expense from continuing operations, effective tax rate for continuing operations, and capital expenditures, CAP2, results, the expected sale of the Water Resources and Mineral Services business later this year, the execution of our strategic plan and the expected results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

 

Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.

 

 
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

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

   

March 31, 2022

  

December 31, 2021

  

March 31, 2021

ASSETS

                        

Current assets

                        

Cash and cash equivalents

   $ 360,911   $ 395,647   $ 440,833

Short-term marketable securities

   14,953   —   —

Receivables, net

   380,502   464,588   393,283

Contract assets

   180,023   145,437   144,780

Inventories

   74,356   61,965   65,977

Equity in construction joint ventures

   191,183   189,911   186,536

Other current assets

   179,024   177,210   59,938

Current assets held-for-sale

   211,774   392,641   159,394

Total current assets

   1,592,726   1,827,399   1,450,741

Property and equipment, net

   450,250   433,504   426,953

Long-term marketable securities

   21,775   15,600   11,300

Investments in affiliates

   22,987   23,368   27,760

Goodwill

   53,715   53,715   53,715

Right of use assets

   48,920   49,312   48,688

Deferred income taxes, net

   25,880   24,141   40,306

Other noncurrent assets

   65,888   67,888   69,291

Noncurrent assets held-for-sale

   —   —   244,930

Total assets

   $ 2,282,141   $ 2,494,927   $ 2,373,684
                         

LIABILITIES AND EQUITY

                        

Current liabilities

                        

Current maturities of long-term debt

   $ 8,735   $ 8,727   $ 8,700

Accounts payable

   285,390   324,313   269,497

Contract liabilities

   165,358   200,041   153,633

Accrued expenses and other current liabilities

   439,525   452,829   499,827

Current liabilities held-for-sale

   40,246   83,408   68,478

Total current liabilities

   939,254   1,069,318   1,000,135

Long-term debt

   290,549   331,191   331,647

Long-term lease liabilities

   32,682   32,928   35,540

Other long-term liabilities

   62,493   65,927   64,442

Long-term liabilities held-for-sale

   —   —   10,725

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: 45,364,137 shares as of March 31, 2022, 45,840,260 shares as of December 31, 2021 and 45,791,712 shares as of March 31, 2021

   454   458   458

Additional paid-in capital

   515,262   559,752   554,186

Accumulated other comprehensive income (loss)

   1,573   (3,359 )   (3,714 )

Retained earnings

   402,550   410,831   352,610

Total Granite Construction Incorporated shareholders’ equity

   919,839   967,682   903,540

Non-controlling interests

   37,324   27,881   27,655

Total equity

   957,163   995,563   931,195

Total liabilities and equity

   $ 2,282,141   $ 2,494,927   $ 2,373,684

 

 
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

Three Months Ended March 31,

   2022     2021  

Revenue

                

Construction

   $ 474,935     $ 506,971  

Materials

     72,651       59,361  

Total revenue

     547,586       566,332  

Cost of revenue

                

Construction

     426,743       454,202  

Materials

     71,068       58,418  

Total cost of revenue

     497,811       512,620  

Gross profit

     49,775       53,712  

Selling, general and administrative expenses

     58,501       61,161  

Other costs

     8,214       74,309  

Gain on sales of property and equipment, net

     (332 )     (2,245 )

Operating loss

     (16,608 )     (79,513 )

Other (income) expense

                

Interest income

     (623 )     (233 )

Interest expense

     3,575       5,372  

Equity in (income) loss of affiliates, net

     306       (268 )

Other (income) expense, net

     1,382       (226 )

Total other expense, net

     4,640       4,645  

Loss from continuing operations before benefit from income taxes

     (21,248 )     (84,158 )

Benefit from income taxes on continuing operations

     (5,331 )     (21,757 )

Net loss from continuing operations

     (15,917 )     (62,401 )

Net income (loss) from discontinued operations

     6,096       (2,922 )

Net loss

     (9,821 )     (65,323 )

Amount attributable to non-controlling interests from continuing operations

     (3,118 )     (872 )

Net loss attributable to Granite Construction Incorporated from continuing operations

     (19,035 )     (63,273 )

Net income (loss) attributable to Granite Construction Incorporated from discontinued operations

     6,096       (2,922 )

Net loss attributable to Granite Construction Incorporated

   $ (12,939 )   $ (66,195 )
                 

Per share data

                

Basic continuing operations per share

   $ (0.42 )   $ (1.38 )

Basic discontinued operations per share

     0.13       (0.07 )

Basic loss per share

   $ (0.29 )   $ (1.45 )
                 

Diluted continuing operations per share

   $ (0.42 )   $ (1.38 )

Diluted discontinued operations per share

     0.13       (0.07 )

Diluted loss per share

   $ (0.29 )   $ (1.45 )
                 

Weighted average shares outstanding:

                

Basic

     45,730       45,697  

Diluted

     45,730       45,697  

 

 
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

Three Months Ended March 31,

  

2022

    

2021

  

Operating activities

                

Net loss

   $ (9,821 )   $ (65,323 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

                

Depreciation, depletion and amortization

     16,737       24,581  

Amortization related to the 2.75% Convertible Notes

     652       2,314  

Gain on sale of discontinued operations

     (6,234 )     —  

Gain on sales of property and equipment, net

     (598 )     (2,554 )

Deferred income taxes

     2,545       —  

Stock-based compensation

     2,614       1,065  

Equity in net (income) loss from unconsolidated joint ventures

     3,627       (418 )

Net income from affiliates

     (1,289 )     (1,808 )

Other non-cash adjustments

     (299 )     (573 )

Changes in assets and liabilities

     (58,114 )     80,804  

Net cash provided by (used in) operating activities

   $ (50,180 )   $ 38,087  

Investing activities

                

Purchases of marketable securities

     (19,940 )     (5,000 )

Purchases of property and equipment

     (31,269 )     (18,777 )

Proceeds from sales of property and equipment

     2,483       3,004  

Proceeds from the sale of discontinued operations

     142,571       —  

Issuance of notes receivable

     (4,560 )     —  

Collection of notes receivable

     111       4,470  

Net cash provided by (used in) investing activities

   $ 89,396     $ (16,303 )

Financing activities

                

Debt principal repayments

     (63,059 )     (2,150 )

Cash dividends paid

     (5,959 )     (5,937 )

Repurchases of common stock

     (20,212 )     (2,299 )

Contributions from non-controlling partners

     6,325       8,361  

Distributions to non-controlling partners

     —       (2,902 )

Other financing activities, net

     1       (65 )

Net cash used in financing activities

   $ (82,904 )   $ (4,992 )

Net increase (decrease) in cash, cash equivalents and restricted cash

   $ (43,688 )   $ 16,792  

Cash, cash equivalents and $1,512 in restricted cash at beginning of each period

     413,655       437,648  

Cash, cash equivalents and $1,512 in restricted cash at end of each period

   $ 369,967     $ 454,440  

Less: Cash, cash equivalents and $1,512 in restricted cash included in current assets held-for-sale at end of each period

     9,056       13,607  

Cash and cash equivalents of continuing operations at end of period

   $ 360,911     $ 440,833  

 

 
 

 

Non-GAAP Financial Information

 

The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA from continuing operations and EBITDA margin from continuing operations are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA from continuing operations and adjusted EBITDA margin from continuing operations, non-GAAP measures, to indicate the impact of Other costs which include a legal settlement charge, legal and accounting investigation fees, divestiture expenses and restructuring charges.  

We provide adjusted income (loss) before provision for (benefit from) income taxes from continuing operations, adjusted provision for (benefit from) income taxes, adjusted net income (loss) from continuing operations attributable to Granite Construction Incorporated, and adjusted diluted earnings per share from continuing operations attributable to common shareholders, non-GAAP measures, to indicate the impact of the following:

  • Other costs which include a legal settlement charge, legal and accounting investigation fees, divestiture expenses and restructuring charges; and
  • Amortization of debt discount related to our 2.75% Convertible Notes.

Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies and management uses these non-GAAP financial measures in evaluating the Company's performance. However, the reader is cautioned that any non-GAAP financial measures provided by the Company are provided in addition to, and not as alternatives for, the Company's reported results prepared in accordance with U.S. GAAP. Items that may have a significant impact on the Company's financial position, results of operations and cash flows must be considered when assessing the Company's actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by the Company may not be comparable to similar measures provided by other companies. The Company does not provide a reconciliation of forward-looking adjusted EBITDA margin from continuing operations to the most directly comparable forward-looking GAAP measure of net income (loss) attributable to Granite Construction Incorporated from continuing operations because the timing and amount of the excluded items are unreasonably difficult to fully and accurately estimate.

 

GRANITE CONSTRUCTION INCORPORATED

EBITDA AND ADJUSTED EBITDA(1)

(Unaudited - dollars in thousands)

 

Three Months Ended March 31,

   2022       2021  

Continuing Operations - EBITDA:

                

Net loss attributable to Granite Construction Incorporated from continuing operations

   $ (19,035 )   $ (63,273 )

Depreciation, depletion and amortization expense from continuing operations(2)

     17,058       14,843  

Benefit from income taxes on continuing operations

     (5,331 )     (21,757 )

Interest expense, net of interest income from continuing operations

     2,952       5,139  

EBITDA from continuing operations(1)

   $ (4,356 )   $ (65,048 )

EBITDA margin from continuing operations(1)(3)

     (0.8 )%     (11.5 )%
                 

Continuing Operations - ADJUSTED EBITDA:

                

Other costs

   $ 8,214     $ 74,309  

Adjusted EBITDA from continuing operations(1)

   $ 3,858     $ 9,261  

Adjusted EBITDA margin from continuing operations(1)(3)

     0.7 %     1.6 %

 

(1) We define EBITDA from continuing operations as U.S. GAAP net income (loss) attributable to Granite Construction Incorporated from continuing operations, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin from continuing operations exclude the impact of other costs as described above.

(2) Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations.

(3) Represents EBITDA and adjusted EBITDA from continuing operations divided by consolidated revenue of $548 million and $566 million for the three months ended March 31, 2022 and 2021, respectively. 

 

 
 

 

GRANITE CONSTRUCTION INCORPORATED 

ADJUSTED NET INCOME RECONCILIATION

(Unaudited - in thousands, except per share data)

Three Months Ended March 31,

   2022     2021  

Loss from continuing operations before benefit from income taxes

   $ (21,248 )   $ (84,158 )

Other costs

     8,214       74,309  

Amortization of debt discount

     —       1,715  

Adjusted loss before benefit from income taxes from continuing operations

   $ (13,034 )   $ (8,134 )
                 

Benefit from income taxes

   $ (5,331 )   $ (21,757 )

Tax effect of adjusting items (1)

     2,136       19,766  

Adjusted benefit from income taxes

   $ (3,195 )   $ (1,991 )
                 

Net loss attributable to Granite Construction Incorporated from continuing operations

   $ (19,035 )   $ (63,273 )

After-tax adjusting items

     6,078       56,258  

Adjusted net loss attributable to Granite Construction Incorporated from continuing operations

   $ (12,957 )   $ (7,015 )
                 

Diluted weighted average shares of common stock

     45,730       45,697  
                 

Adjusted diluted loss per share attributable to common shareholders for continuing operations

   $ (0.28 )   $ (0.15 )

 

(1) The tax effect of adjusting items was calculated using the Company’s estimated annual statutory tax rate.

 
 

Contacts:

 

Investors

Wenjun Xu, 831-761-7861

 

Or

 

Media

Erin Kuhlman, 831-768-4111

 

Source: Granite Construction Incorporated

 
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