Error Correction [Text Block] |
Restatement and Recast of Previously Issued Unaudited Condensed Consolidated Financial Statements
In connection with the preparation of this Form 10-K, we identified errors related to deferred taxes and the calculation of income tax expense of $12.3 million in connection with the sale of Inliner, which was completed in the first quarter of 2022 and was classified within discontinued operations in the Company's condensed consolidated financial statements during the first and second quarters of 2022 and in Other costs, net and Provision for income taxes during the third quarter of 2022. We have restated herein our previously issued unaudited condensed consolidated statements of operations and condensed consolidated balance sheets for each interim period within the nine months ended September 30, 2022. The restated financial information also includes adjustments to correct other immaterial errors in the first three quarters of 2022, including certain errors (primarily in revenue and cost of revenue, including the associated tax impact) that had previously been adjusted for as out of period corrections in the period identified.
The impacts to the condensed consolidated statements of shareholders’ equity and comprehensive (loss) income as a result of the restatement were due to changes in net income during the each of the interim periods within the nine months ended September 30, 2022. We have not included restated condensed consolidated statements of cash flows herein as Net cash provided by (used in) operating activities in each of these interim periods is unchanged by the restatements. The errors offset within operating activities and none of the errors involved investing or financing activities.
The following tables represent our restated unaudited condensed consolidated statements of operations and condensed consolidated balance sheets for each interim period within the nine months ended September 30, 2022. 2022 comparative amounts presented in our 2023 Quarterly Reports on Form 10-Q will be changed retrospectively to reflect the restatement and recast.
There is no impact to the results reported in the 2022 annual financial statements as the errors originated and are being corrected within the annual period. There was no impact to any previously reported annual periods or quarterly results within those annual periods.
We have presented below a reconciliation from the previously reported to the restated amounts for the quarters ended September 30, 2022, June 30, 2022 and March 31, 2022. The amounts labeled “As Previously Reported” were derived from our Quarterly Reports on Form 10-Q filed on October 27, 2022, July 28, 2022 and April 28, 2022, respectively. As discussed in Note 2, in September 2022, we announced our decision to retain the Water Resources and Mineral Services ("WMS") businesses that were previously classified as held for sale and reported in discontinued operations. In connection with the reclassification of the WMS businesses from discontinued operations to continuing operations, the condensed consolidated statements of income for the periods ended June 30, 2022 and March 31, 2022, as previously reported, have been recast to include Inliner through the date of sale, as well as the ongoing operations of Water Resources and Mineral Services in continuing operations.
The effects of the prior-period errors and the recast of our WMS businesses as continuing operations on our condensed consolidated financial statements are as follows:
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
As Restated |
|
|
|
As Restated and Recast |
|
|
|
September 30, 2022 |
|
|
June 30, 2022 |
|
|
March 31, 2022 |
|
|
|
Three months ended |
|
|
Nine months ended |
|
|
Three months ended |
|
|
Six months ended |
|
|
Three months ended |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
847,371 |
|
|
$ |
2,138,858 |
|
|
$ |
713,221 |
|
|
$ |
1,291,487 |
|
|
$ |
578,266 |
|
Materials |
|
|
161,539 |
|
|
|
373,185 |
|
|
|
136,026 |
|
|
|
211,646 |
|
|
|
75,620 |
|
Total revenue |
|
|
1,008,910 |
|
|
|
2,512,043 |
|
|
|
849,247 |
|
|
|
1,503,133 |
|
|
|
653,886 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
754,354 |
|
|
|
1,907,110 |
|
|
|
632,969 |
|
|
|
1,152,756 |
|
|
|
519,787 |
|
Materials |
|
|
139,501 |
|
|
|
332,220 |
|
|
|
118,712 |
|
|
|
192,719 |
|
|
|
74,007 |
|
Total cost of revenue |
|
|
893,855 |
|
|
|
2,239,330 |
|
|
|
751,681 |
|
|
|
1,345,475 |
|
|
|
593,794 |
|
Gross profit |
|
|
115,055 |
|
|
|
272,713 |
|
|
|
97,566 |
|
|
|
157,658 |
|
|
|
60,092 |
|
Selling, general and administrative expenses |
|
|
61,795 |
|
|
|
192,036 |
|
|
|
60,121 |
|
|
|
130,241 |
|
|
|
70,120 |
|
Other costs, net |
|
|
(490 |
) |
|
|
22,401 |
|
|
|
16,612 |
|
|
|
22,891 |
|
|
|
6,279 |
|
Gain on sales of property and equipment, net |
|
|
(949 |
) |
|
|
(10,462 |
) |
|
|
(8,915 |
) |
|
|
(9,513 |
) |
|
|
(598 |
) |
Operating income (loss) |
|
|
54,699 |
|
|
|
68,738 |
|
|
|
29,748 |
|
|
|
14,039 |
|
|
|
(15,709 |
) |
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1,894 |
) |
|
|
(3,246 |
) |
|
|
(782 |
) |
|
|
(1,352 |
) |
|
|
(570 |
) |
Interest expense |
|
|
2,519 |
|
|
|
10,003 |
|
|
|
3,899 |
|
|
|
7,484 |
|
|
|
3,585 |
|
Equity in income of affiliates |
|
|
(3,491 |
) |
|
|
(9,656 |
) |
|
|
(4,876 |
) |
|
|
(6,165 |
) |
|
|
(1,289 |
) |
Other income, net |
|
|
77 |
|
|
|
4,646 |
|
|
|
3,261 |
|
|
|
4,569 |
|
|
|
1,308 |
|
Total other (income) expense, net |
|
|
(2,789 |
) |
|
|
1,747 |
|
|
|
1,502 |
|
|
|
4,536 |
|
|
|
3,034 |
|
Income (loss) before income taxes |
|
|
57,488 |
|
|
|
66,991 |
|
|
|
28,246 |
|
|
|
9,503 |
|
|
|
(18,743 |
) |
Provision for (benefit from) income taxes |
|
|
(7,710 |
) |
|
|
7,310 |
|
|
|
8,668 |
|
|
|
15,020 |
|
|
|
6,352 |
|
Net income (loss) |
|
|
65,198 |
|
|
|
59,681 |
|
|
|
19,578 |
|
|
|
(5,517 |
) |
|
|
(25,095 |
) |
Amount attributable to non-controlling interests |
|
|
4,104 |
|
|
|
1,569 |
|
|
|
(897 |
) |
|
|
(2,535 |
) |
|
|
(1,638 |
) |
Net income (loss) attributable to Granite Construction Incorporated |
|
$ |
69,302 |
|
|
$ |
61,250 |
|
|
$ |
18,681 |
|
|
$ |
(8,052 |
) |
|
$ |
(26,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per share |
|
$ |
1.58 |
|
|
$ |
1.37 |
|
|
$ |
0.42 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.58 |
) |
Diluted earnings (loss) per share |
|
$ |
1.36 |
|
|
$ |
1.25 |
|
|
$ |
0.39 |
|
|
$ |
(0.18 |
) |
|
$ |
(0.58 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
43,973 |
|
|
|
44,739 |
|
|
|
44,534 |
|
|
|
45,128 |
|
|
|
45,730 |
|
Diluted |
|
|
51,863 |
|
|
|
52,613 |
|
|
|
52,295 |
|
|
|
45,128 |
|
|
|
45,730 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands)
| | As Restated | |
| | September 30, 2022 | | | June 30, 2022 | | | March 31, 2022 | |
ASSETS | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 255,084 | | | $ | 175,022 | | | $ | 360,911 | |
Short-term marketable securities | | | 39,873 | | | | 45,000 | | | | 14,953 | |
Receivables, net | | | 618,144 | | | | 527,277 | | | | 380,502 | |
Contract asset | | | 237,407 | | | | 190,187 | | | | 172,641 | |
Inventories | | | 81,296 | | | | 78,634 | | | | 74,356 | |
Equity in construction joint ventures | | | 185,343 | | | | 187,028 | | | | 191,183 | |
Other current assets | | | 157,231 | | | | 160,923 | | | | 167,679 | |
Current assets held for sale | | | - | | | | 222,779 | | | | 211,639 | |
Total current assets | | | 1,574,378 | | | | 1,586,850 | | | | 1,573,864 | |
Property and equipment, net | | | 500,827 | | | | 464,593 | | | | 450,250 | |
Long-term marketable securities | | | 21,575 | | | | 21,675 | | | | 21,775 | |
Investment in affiliates | | | 78,663 | | | | 23,203 | | | | 22,987 | |
Goodwill | | | 73,704 | | | | 53,715 | | | | 53,715 | |
Right of use assets | | | 49,590 | | | | 45,404 | | | | 48,920 | |
Deferred income taxes, net | | | 45,650 | | | | 25,458 | | | | 25,880 | |
Other noncurrent assets | | | 58,265 | | | | 64,008 | | | | 65,888 | |
Total assets | | $ | 2,402,652 | | | $ | 2,284,906 | | | $ | 2,263,279 | |
| | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 1,438 | | | $ | 1,429 | | | $ | 8,735 | |
Accounts payable | | | 398,285 | | | | 331,728 | | | | 285,390 | |
Contract liabilities | | | 191,037 | | | | 179,322 | | | | 160,994 | |
Accrued Expenses and other current liabilities | | | 461,266 | | | | 440,899 | | | | 438,441 | |
Current liabilities held for sale | | | - | | | | 46,706 | | | | 42,106 | |
Total current liabilities | | | 1,052,026 | | | | 1,000,084 | | | | 935,666 | |
Long-term debt | | | 286,872 | | | | 286,801 | | | | 290,549 | |
Lease liabilities | | | 32,701 | | | | 31,182 | | | | 32,682 | |
Other long-term liabilities | | | 60,664 | | | | 61,868 | | | | 62,493 | |
Commitments and contingencies | | | | | | | | | | | | |
Equity | | | | | | | | | | | | |
Preferred stock | | | - | | | | - | | | | - | |
Common stock | | | 437 | | | | 441 | | | | 454 | |
Additional Paid In Capital | | | 468,662 | | | | 467,159 | | | | 515,262 | |
Accumulated other comprehensive income | | | 535 | | | | 2,388 | | | | 1,573 | |
Retained Earnings | | | 465,134 | | | | 401,667 | | | | 388,756 | |
Total Granite Construction Incorporated shareholders’ equity | | | 934,768 | | | | 871,655 | | | | 906,045 | |
Non-controlling interest | | | 35,621 | | | | 33,316 | | | | 35,844 | |
Total equity | | | 970,389 | | | | 904,971 | | | | 941,889 | |
Total liabilities and equity | | $ | 2,402,652 | | | $ | 2,284,906 | | | $ | 2,263,279 | |
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
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 income, net |
|
|
77 |
|
|
|
- |
|
|
|
77 |
|
Total other (income), net |
|
|
(2,789 |
) |
|
|
- |
|
|
|
(2,789 |
) |
Income before income taxes |
|
|
62,800 |
|
|
|
(5,312 |
) |
|
|
57,488 |
|
Provision for (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 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
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 income, 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 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
Three months ended June 30, 2022 |
|
|
|
As Previously Reported |
|
|
Restatement Impacts |
|
|
As Restated |
|
|
Discontinued Operations Reclassification Impacts |
|
|
As Restated and Recast |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
632,260 |
|
|
$ |
(1,893 |
) |
|
$ |
630,367 |
|
|
$ |
82,854 |
|
|
$ |
713,221 |
|
Materials |
|
|
136,026 |
|
|
|
- |
|
|
|
136,026 |
|
|
|
- |
|
|
|
136,026 |
|
Total revenue |
|
|
768,286 |
|
|
|
(1,893 |
) |
|
|
766,393 |
|
|
|
82,854 |
|
|
|
849,247 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
571,094 |
|
|
|
(6,018 |
) |
|
|
565,076 |
|
|
|
67,893 |
|
|
|
632,969 |
|
Materials |
|
|
118,712 |
|
|
|
- |
|
|
|
118,712 |
|
|
|
- |
|
|
|
118,712 |
|
Total cost of revenue |
|
|
689,806 |
|
|
|
(6,018 |
) |
|
|
683,788 |
|
|
|
67,893 |
|
|
|
751,681 |
|
Gross profit |
|
|
78,480 |
|
|
|
4,125 |
|
|
|
82,605 |
|
|
|
14,961 |
|
|
|
97,566 |
|
Selling, general and administrative expenses |
|
|
53,162 |
|
|
|
- |
|
|
|
53,162 |
|
|
|
6,959 |
|
|
|
60,121 |
|
Other costs, net |
|
|
20,177 |
|
|
|
- |
|
|
|
20,177 |
|
|
|
(3,565 |
) |
|
|
16,612 |
|
Gain on sales of property and equipment, net |
|
|
(385 |
) |
|
|
- |
|
|
|
(385 |
) |
|
|
(8,530 |
) |
|
|
(8,915 |
) |
Operating income |
|
|
5,526 |
|
|
|
4,125 |
|
|
|
9,651 |
|
|
|
20,097 |
|
|
|
29,748 |
|
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(782 |
) |
|
|
- |
|
|
|
(782 |
) |
|
|
- |
|
|
|
(782 |
) |
Interest expense |
|
|
3,896 |
|
|
|
- |
|
|
|
3,896 |
|
|
|
3 |
|
|
|
3,899 |
|
Equity in income of affiliates |
|
|
(541 |
) |
|
|
- |
|
|
|
(541 |
) |
|
|
(4,335 |
) |
|
|
(4,876 |
) |
Other income, net |
|
|
3,357 |
|
|
|
- |
|
|
|
3,357 |
|
|
|
(96 |
) |
|
|
3,261 |
|
Total other expense, net |
|
|
5,930 |
|
|
|
- |
|
|
|
5,930 |
|
|
|
(4,428 |
) |
|
|
1,502 |
|
Income (loss) from continuing operations before income taxes |
|
|
(404 |
) |
|
|
4,125 |
|
|
|
3,721 |
|
|
|
24,525 |
|
|
|
28,246 |
|
Provision for (benefit from) income taxes on continuing operations |
|
|
2,549 |
|
|
|
911 |
|
|
|
3,460 |
|
|
|
5,208 |
|
|
|
8,668 |
|
Net income (loss) from continuing operations |
|
|
(2,953 |
) |
|
|
3,214 |
|
|
|
261 |
|
|
|
19,317 |
|
|
|
19,578 |
|
Net Income (loss) from discontinued operations |
|
|
19,521 |
|
|
|
(204 |
) |
|
|
19,317 |
|
|
|
(19,317 |
) |
|
|
- |
|
Net income |
|
|
16,568 |
|
|
|
3,010 |
|
|
|
19,578 |
|
|
|
- |
|
|
|
19,578 |
|
Amount attributable to non-controlling interests |
|
|
583 |
|
|
|
(1,480 |
) |
|
|
(897 |
) |
|
|
- |
|
|
|
(897 |
) |
Net income (loss) attributable to Granite Construction Incorporated from continuing operations |
|
|
(2,370 |
) |
|
|
1,734 |
|
|
|
(636 |
) |
|
|
19,317 |
|
|
|
18,681 |
|
Net income attributable to Granite Construction Incorporated from discontinued operations |
|
|
19,521 |
|
|
|
(204 |
) |
|
|
19,317 |
|
|
|
(19,317 |
) |
|
|
- |
|
Net income attributable to Granite Construction Incorporated |
|
$ |
17,151 |
|
|
$ |
1,530 |
|
|
$ |
18,681 |
|
|
$ |
- |
|
|
$ |
18,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic continuing operations per share |
|
$ |
(0.05 |
) |
|
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
$ |
0.43 |
|
|
$ |
0.42 |
|
Basic discontinued operations per share |
|
|
0.44 |
|
|
|
(0.01 |
) |
|
|
0.43 |
|
|
|
(0.43 |
) |
|
|
- |
|
Basic earnings per share |
|
$ |
0.39 |
|
|
$ |
0.03 |
|
|
$ |
0.42 |
|
|
$ |
- |
|
|
$ |
0.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted continuing operations per share |
|
$ |
(0.05 |
) |
|
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
$ |
0.40 |
|
|
$ |
0.39 |
|
Diluted discontinued operations per share |
|
|
0.44 |
|
|
|
(0.01 |
) |
|
|
0.43 |
|
|
|
(0.43 |
) |
|
|
- |
|
Diluted earnings per share |
|
$ |
0.39 |
|
|
$ |
0.03 |
|
|
$ |
0.42 |
|
|
$ |
(0.03 |
) |
|
$ |
0.39 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
44,534 |
|
|
|
- |
|
|
|
44,534 |
|
|
|
- |
|
|
|
44,534 |
|
Diluted |
|
|
44,534 |
|
|
|
- |
|
|
|
44,534 |
|
|
|
- |
|
|
|
52,295 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
Six months ended June 30, 2022 |
|
|
|
As Previously Reported |
|
|
Restatement Impacts |
|
|
As Restated |
|
|
Discontinued Operations Reclassification Impacts |
|
|
As Restated and Recast |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
1,107,195 |
|
|
$ |
- |
|
|
$ |
1,107,195 |
|
|
$ |
184,292 |
|
|
$ |
1,291,487 |
|
Materials |
|
|
208,677 |
|
|
|
- |
|
|
|
208,677 |
|
|
|
2,969 |
|
|
|
211,646 |
|
Total revenue |
|
|
1,315,872 |
|
|
|
- |
|
|
|
1,315,872 |
|
|
|
187,261 |
|
|
|
1,503,133 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
997,837 |
|
|
|
- |
|
|
|
997,837 |
|
|
|
154,919 |
|
|
|
1,152,756 |
|
Materials |
|
|
189,780 |
|
|
|
- |
|
|
|
189,780 |
|
|
|
2,939 |
|
|
|
192,719 |
|
Total cost of revenue |
|
|
1,187,617 |
|
|
|
- |
|
|
|
1,187,617 |
|
|
|
157,858 |
|
|
|
1,345,475 |
|
Gross profit |
|
|
128,255 |
|
|
|
- |
|
|
|
128,255 |
|
|
|
29,403 |
|
|
|
157,658 |
|
Selling, general and administrative expenses |
|
|
111,663 |
|
|
|
- |
|
|
|
111,663 |
|
|
|
18,578 |
|
|
|
130,241 |
|
Other costs, net |
|
|
28,391 |
|
|
|
- |
|
|
|
28,391 |
|
|
|
(5,500 |
) |
|
|
22,891 |
|
Gain on sales of property and equipment, net |
|
|
(717 |
) |
|
|
- |
|
|
|
(717 |
) |
|
|
(8,796 |
) |
|
|
(9,513 |
) |
Operating income (loss) |
|
|
(11,082 |
) |
|
|
- |
|
|
|
(11,082 |
) |
|
|
25,121 |
|
|
|
14,039 |
|
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(1,405 |
) |
|
|
- |
|
|
|
(1,405 |
) |
|
|
53 |
|
|
|
(1,352 |
) |
Interest expense |
|
|
7,471 |
|
|
|
- |
|
|
|
7,471 |
|
|
|
13 |
|
|
|
7,484 |
|
Equity in income of affiliates |
|
|
(235 |
) |
|
|
- |
|
|
|
(235 |
) |
|
|
(5,930 |
) |
|
|
(6,165 |
) |
Other income, net |
|
|
4,739 |
|
|
|
- |
|
|
|
4,739 |
|
|
|
(170 |
) |
|
|
4,569 |
|
Total other expense, net |
|
|
10,570 |
|
|
|
- |
|
|
|
10,570 |
|
|
|
(6,034 |
) |
|
|
4,536 |
|
Income (loss) from continuing operations before income taxes |
|
|
(21,652 |
) |
|
|
- |
|
|
|
(21,652 |
) |
|
|
31,155 |
|
|
|
9,503 |
|
Provision for (benefit from) income taxes on continuing operations |
|
|
(2,782 |
) |
|
|
(48 |
) |
|
|
(2,830 |
) |
|
|
17,850 |
|
|
|
15,020 |
|
Net (loss) from continuing operations |
|
|
(18,870 |
) |
|
|
48 |
|
|
|
(18,822 |
) |
|
|
13,305 |
|
|
|
(5,517 |
) |
Net Income from discontinued operations |
|
|
25,617 |
|
|
|
(12,312 |
) |
|
|
13,305 |
|
|
|
(13,305 |
) |
|
|
- |
|
Net income (loss) |
|
|
6,747 |
|
|
|
(12,264 |
) |
|
|
(5,517 |
) |
|
|
- |
|
|
|
(5,517 |
) |
Amount attributable to non-controlling interests |
|
|
(2,535 |
) |
|
|
- |
|
|
|
(2,535 |
) |
|
|
- |
|
|
|
(2,535 |
) |
Net (loss) attributable to Granite Construction Incorporated from continuing operations |
|
|
(21,405 |
) |
|
|
48 |
|
|
|
(21,357 |
) |
|
|
13,305 |
|
|
|
(8,052 |
) |
Net income attributable to Granite Construction Incorporated from discontinued operations |
|
|
25,617 |
|
|
|
(12,312 |
) |
|
|
13,305 |
|
|
|
(13,305 |
) |
|
|
- |
|
Net income (loss) attributable to Granite Construction Incorporated |
|
$ |
4,212 |
|
|
$ |
(12,264 |
) |
|
$ |
(8,052 |
) |
|
$ |
- |
|
|
$ |
(8,052 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic continuing operations per share |
|
$ |
(0.47 |
) |
|
$ |
- |
|
|
$ |
(0.47 |
) |
|
$ |
0.29 |
|
|
$ |
(0.18 |
) |
Basic discontinued operations per share |
|
|
0.57 |
|
|
|
(0.28 |
) |
|
|
0.29 |
|
|
|
(0.29 |
) |
|
|
- |
|
Basic earnings (loss) per share |
|
$ |
0.10 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.18 |
) |
|
$ |
- |
|
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted continuing operations per share |
|
$ |
(0.47 |
) |
|
$ |
- |
|
|
$ |
(0.47 |
) |
|
$ |
0.29 |
|
|
$ |
(0.18 |
) |
Diluted discontinued operations per share |
|
|
0.57 |
|
|
|
(0.28 |
) |
|
|
0.29 |
|
|
|
(0.29 |
) |
|
|
- |
|
Diluted earnings (loss) per share |
|
$ |
0.10 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.18 |
) |
|
$ |
- |
|
|
$ |
(0.18 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
45,128 |
|
|
|
- |
|
|
|
45,128 |
|
|
|
- |
|
|
|
45,128 |
|
Diluted |
|
|
45,128 |
|
|
|
- |
|
|
|
45,128 |
|
|
|
- |
|
|
|
45,128 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - in thousands, except per share data)
|
|
Three months ended March 31, 2022 |
|
|
|
As Previously Reported |
|
|
Restatement Impacts |
|
|
As Restated |
|
|
Discontinued Operations Reclassification Impacts |
|
|
As Restated and Recast |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
$ |
474,935 |
|
|
$ |
1,893 |
|
|
$ |
476,828 |
|
|
$ |
101,438 |
|
|
$ |
578,266 |
|
Materials |
|
|
72,651 |
|
|
|
- |
|
|
|
72,651 |
|
|
|
2,969 |
|
|
|
75,620 |
|
Total revenue |
|
|
547,586 |
|
|
|
1,893 |
|
|
|
549,479 |
|
|
|
104,407 |
|
|
|
653,886 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction |
|
|
426,743 |
|
|
|
6,019 |
|
|
|
432,762 |
|
|
|
87,025 |
|
|
|
519,787 |
|
Materials |
|
|
71,068 |
|
|
|
- |
|
|
|
71,068 |
|
|
|
2,939 |
|
|
|
74,007 |
|
Total cost of revenue |
|
|
497,811 |
|
|
|
6,019 |
|
|
|
503,830 |
|
|
|
89,964 |
|
|
|
593,794 |
|
Gross profit |
|
|
49,775 |
|
|
|
(4,126 |
) |
|
|
45,649 |
|
|
|
14,443 |
|
|
|
60,092 |
|
Selling, general and administrative expenses |
|
|
58,501 |
|
|
|
- |
|
|
|
58,501 |
|
|
|
11,619 |
|
|
|
70,120 |
|
Other costs, net |
|
|
8,214 |
|
|
|
- |
|
|
|
8,214 |
|
|
|
(1,935 |
) |
|
|
6,279 |
|
Gain on sales of property and equipment, net |
|
|
(332 |
) |
|
|
- |
|
|
|
(332 |
) |
|
|
(266 |
) |
|
|
(598 |
) |
Operating loss |
|
|
(16,608 |
) |
|
|
(4,126 |
) |
|
|
(20,734 |
) |
|
|
5,025 |
|
|
|
(15,709 |
) |
Other (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(623 |
) |
|
|
- |
|
|
|
(623 |
) |
|
|
53 |
|
|
|
(570 |
) |
Interest expense |
|
|
3,575 |
|
|
|
- |
|
|
|
3,575 |
|
|
|
10 |
|
|
|
3,585 |
|
Equity in income (loss) of affiliates |
|
|
306 |
|
|
|
- |
|
|
|
306 |
|
|
|
(1,595 |
) |
|
|
(1,289 |
) |
Other income, net |
|
|
1,382 |
|
|
|
- |
|
|
|
1,382 |
|
|
|
(74 |
) |
|
|
1,308 |
|
Total other expense, net |
|
|
4,640 |
|
|
|
- |
|
|
|
4,640 |
|
|
|
(1,606 |
) |
|
|
3,034 |
|
Loss from continuing operations before income taxes |
|
|
(21,248 |
) |
|
|
(4,126 |
) |
|
|
(25,374 |
) |
|
|
6,631 |
|
|
|
(18,743 |
) |
Provision for (benefit from) income taxes on continuing operations |
|
|
(5,331 |
) |
|
|
(958 |
) |
|
|
(6,289 |
) |
|
|
12,641 |
|
|
|
6,352 |
|
Net loss from continuing operations |
|
|
(15,917 |
) |
|
|
(3,168 |
) |
|
|
(19,085 |
) |
|
|
(6,010 |
) |
|
|
(25,095 |
) |
Net Income (loss) from discontinued operations |
|
|
6,096 |
|
|
|
(12,106 |
) |
|
|
(6,010 |
) |
|
|
6,010 |
|
|
|
- |
|
Net (loss) |
|
|
(9,821 |
) |
|
|
(15,274 |
) |
|
|
(25,095 |
) |
|
|
- |
|
|
|
(25,095 |
) |
Amount attributable to non-controlling interests |
|
|
(3,118 |
) |
|
|
1,480 |
|
|
|
(1,638 |
) |
|
|
- |
|
|
|
(1,638 |
) |
Net loss attributable to Granite Construction Incorporated from continuing operations |
|
|
(19,035 |
) |
|
|
(1,688 |
) |
|
|
(20,723 |
) |
|
|
(6,010 |
) |
|
|
(26,733 |
) |
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations |
|
|
6,096 |
|
|
|
(12,106 |
) |
|
|
(6,010 |
) |
|
|
6,010 |
|
|
|
- |
|
Net loss attributable to Granite Construction Incorporated |
|
$ |
(12,939 |
) |
|
$ |
(13,794 |
) |
|
$ |
(26,733 |
) |
|
$ |
- |
|
|
$ |
(26,733 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share attributable to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic continuing operations per share |
|
$ |
(0.42 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.58 |
) |
Basic discontinued operations per share |
|
|
0.13 |
|
|
|
(0.26 |
) |
|
|
(0.13 |
) |
|
|
0.13 |
|
|
|
- |
|
Basic loss per share |
|
$ |
(0.29 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.58 |
) |
|
$ |
- |
|
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted continuing operations per share |
|
$ |
(0.42 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.45 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.58 |
) |
Diluted discontinued operations per share |
|
|
0.13 |
|
|
|
(0.26 |
) |
|
|
(0.13 |
) |
|
|
0.13 |
|
|
|
- |
|
Diluted loss per share |
|
$ |
(0.29 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.58 |
) |
|
$ |
- |
|
|
$ |
(0.58 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
45,730 |
|
|
|
- |
|
|
|
45,730 |
|
|
|
- |
|
|
|
45,730 |
|
Diluted |
|
|
45,730 |
|
|
|
- |
|
|
|
45,730 |
|
|
|
- |
|
|
|
45,730 |
|
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
| | September 30, 2022 | |
| | As Previously Reported | | | Restatement Impacts | | | As Restated | |
ASSETS | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 255,084 | | | $ | - | | | $ | 255,084 | |
Short-term marketable securities | | | 39,873 | | | | - | | | | 39,873 | |
Receivables, net | | | 618,144 | | | | - | | | | 618,144 | |
Contract asset | | | 241,238 | | | | (3,831 | ) | | | 237,407 | |
Inventories | | | 81,296 | | | | - | | | | 81,296 | |
Equity in construction joint ventures | | | 186,824 | | | | (1,481 | ) | | | 185,343 | |
Other current assets | | | 157,231 | | | | - | | | | 157,231 | |
Total current assets | | | 1,579,690 | | | | (5,312 | ) | | | 1,574,378 | |
Property and equipment, net | | | 500,827 | | | | - | | | | 500,827 | |
Long-term marketable securities | | | 21,575 | | | | - | | | | 21,575 | |
Investment in affiliates | | | 78,663 | | | | - | | | | 78,663 | |
Goodwill | | | 73,704 | | | | - | | | | 73,704 | |
Right of use assets | | | 49,590 | | | | - | | | | 49,590 | |
Deferred income taxes, net | | | 45,650 | | | | - | | | | 45,650 | |
Other noncurrent assets | | | 58,265 | | | | - | | | | 58,265 | |
Total assets | | $ | 2,407,964 | | | $ | (5,312 | ) | | $ | 2,402,652 | |
| | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 1,438 | | | $ | - | | | $ | 1,438 | |
Accounts payable | | | 398,285 | | | | - | | | | 398,285 | |
Contract liabilities | | | 191,037 | | | | - | | | | 191,037 | |
Accrued Expenses and other current liabilities | | | 450,223 | | | | 11,043 | | | | 461,266 | |
Total current liabilities | | | 1,040,983 | | | | 11,043 | | | | 1,052,026 | |
Long-term debt | | | 286,872 | | | | - | | | | 286,872 | |
Lease liabilities | | | 32,701 | | | | - | | | | 32,701 | |
Other long-term liabilities | | | 60,664 | | | | - | | | | 60,664 | |
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: 43,723,658 shares as of September 30, 2022 | | | 437 | | | | - | | | | 437 | |
Additional Paid In Capital | | | 468,662 | | | | - | | | | 468,662 | |
Accumulated other comprehensive income | | | 535 | | | | - | | | | 535 | |
Retained Earnings | | | 481,489 | | | | (16,355 | ) | | | 465,134 | |
Total Granite Construction Incorporated shareholders’ equity | | | 951,123 | | | | (16,355 | ) | | | 934,768 | |
Non-controlling interest | | | 35,621 | | | | - | | | | 35,621 | |
Total equity | | | 986,744 | | | | (16,355 | ) | | | 970,389 | |
Total liabilities and equity | | $ | 2,407,964 | | | $ | (5,312 | ) | | $ | 2,402,652 | |
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
| | June 30, 2022 | |
| | As Previously Reported | | | Restatement Impacts | | | As Restated | |
ASSETS | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 175,022 | | | $ | - | | | $ | 175,022 | |
Short-term marketable securities | | | 45,000 | | | | - | | | | 45,000 | |
Receivables, net | | | 527,277 | | | | - | | | | 527,277 | |
Contract asset | | | 190,187 | | | | - | | | | 190,187 | |
Inventories | | | 78,634 | | | | - | | | | 78,634 | |
Equity in construction joint ventures | | | 187,028 | | | | - | | | | 187,028 | |
Other current assets | | | 167,349 | | | | (6,426 | ) | | | 160,923 | |
Current assets held for sale | | | 222,779 | | | | - | | | | 222,779 | |
Total current assets | | | 1,593,276 | | | | (6,426 | ) | | | 1,586,850 | |
Property and equipment, net | | | 464,593 | | | | - | | | | 464,593 | |
Long-term marketable securities | | | 21,675 | | | | - | | | | 21,675 | |
Investment in affiliates | | | 23,203 | | | | - | | | | 23,203 | |
Goodwill | | | 53,715 | | | | - | | | | 53,715 | |
Right of use assets | | | 45,404 | | | | - | | | | 45,404 | |
Deferred income taxes, net | | | 25,458 | | | | - | | | | 25,458 | |
Other noncurrent assets | | | 64,008 | | | | - | | | | 64,008 | |
Total assets | | $ | 2,291,332 | | | $ | (6,426 | ) | | $ | 2,284,906 | |
| | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 1,429 | | | $ | - | | | $ | 1,429 | |
Accounts payable | | | 331,728 | | | | - | | | | 331,728 | |
Contract liabilities | | | 179,322 | | | | - | | | | 179,322 | |
Accrued Expenses and other current liabilities | | | 435,061 | | | | 5,838 | | | | 440,899 | |
Current liabilities held for sale | | | 46,706 | | | | - | | | | 46,706 | |
Total current liabilities | | | 994,246 | | | | 5,838 | | | | 1,000,084 | |
Long-term debt | | | 286,801 | | | | - | | | | 286,801 | |
Lease liabilities | | | 31,182 | | | | - | | | | 31,182 | |
Other long-term liabilities | | | 61,868 | | | | - | | | | 61,868 | |
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: 44,078,469 shares as of June 30, 2022 | | | 441 | | | | - | | | | 441 | |
Additional Paid In Capital | | | 467,159 | | | | - | | | | 467,159 | |
Accumulated other comprehensive income | | | 2,388 | | | | - | | | | 2,388 | |
Retained Earnings | | | 413,931 | | | | (12,264 | ) | | | 401,667 | |
Total Granite Construction Incorporated shareholders’ equity | | | 883,919 | | | | (12,264 | ) | | | 871,655 | |
Non-controlling interest | | | 33,316 | | | | - | | | | 33,316 | |
Total equity | | | 917,235 | | | | (12,264 | ) | | | 904,971 | |
Total liabilities and equity | | $ | 2,291,332 | | | $ | (6,426 | ) | | $ | 2,284,906 | |
GRANITE CONSTRUCTION INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited - in thousands, except share and per share data)
| | March 31, 2022 | |
| | As Previously Reported | | | Restatement Impacts | | | As Restated | |
ASSETS | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 360,911 | | | $ | - | | | $ | 360,911 | |
Short-term marketable securities | | | 14,953 | | | | - | | | | 14,953 | |
Receivables, net | | | 380,502 | | | | - | | | | 380,502 | |
Contract asset | | | 180,023 | | | | (7,382 | ) | | | 172,641 | |
Inventories | | | 74,356 | | | | - | | | | 74,356 | |
Equity in construction joint ventures | | | 191,183 | | | | - | | | | 191,183 | |
Other current assets | | | 179,024 | | | | (11,345 | ) | | | 167,679 | |
Current assets held for sale | | | 211,774 | | | | (135 | ) | | | 211,639 | |
Total current assets | | | 1,592,726 | | | | (18,862 | ) | | | 1,573,864 | |
Property and equipment, net | | | 450,250 | | | | - | | | | 450,250 | |
Long-term marketable securities | | | 21,775 | | | | - | | | | 21,775 | |
Investment in affiliates | | | 22,987 | | | | - | | | | 22,987 | |
Goodwill | | | 53,715 | | | | - | | | | 53,715 | |
Right of use assets | | | 48,920 | | | | - | | | | 48,920 | |
Deferred income taxes, net | | | 25,880 | | | | - | | | | 25,880 | |
Other noncurrent assets | | | 65,888 | | | | - | | | | 65,888 | |
Total assets | | $ | 2,282,141 | | | $ | (18,862 | ) | | $ | 2,263,279 | |
| | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | 8,735 | | | $ | - | | | $ | 8,735 | |
Accounts payable | | | 285,390 | | | | - | | | | 285,390 | |
Contract liabilities | | | 165,358 | | | | (4,364 | ) | | | 160,994 | |
Accrued Expenses and other current liabilities | | | 439,525 | | | | (1,084 | ) | | | 438,441 | |
Current liabilities held for sale | | | 40,246 | | | | 1,860 | | | | 42,106 | |
Total current liabilities | | | 939,254 | | | | (3,588 | ) | | | 935,666 | |
Long-term debt | | | 290,549 | | | | - | | | | 290,549 | |
Lease liabilities | | | 32,682 | | | | - | | | | 32,682 | |
Other long-term liabilities | | | 62,493 | | | | - | | | | 62,493 | |
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 | | | 454 | | | | - | | | | 454 | |
Additional Paid In Capital | | | 515,262 | | | | - | | | | 515,262 | |
Accumulated other comprehensive income | | | 1,573 | | | | - | | | | 1,573 | |
Retained Earnings | | | 402,550 | | | | (13,794 | ) | | | 388,756 | |
Total Granite Construction Incorporated shareholders’ equity | | | 919,839 | | | | (13,794 | ) | | | 906,045 | |
Non-controlling interest | | | 37,324 | | | | (1,480 | ) | | | 35,844 | |
Total equity | | | 957,163 | | | | (15,274 | ) | | | 941,889 | |
Total liabilities and equity | | $ | 2,282,141 | | | $ | (18,862 | ) | | $ | 2,263,279 | |
|