XML 56 R45.htm IDEA: XBRL DOCUMENT v3.23.1
Note 3 - Restatement and Recast - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue    
Total revenue $ 560,068 $ 653,886
Cost of revenue    
Total cost of revenue 527,709 593,794
Gross profit 32,359 60,092
Selling, general and administrative expenses 73,122 70,120
Other costs, net 4,523 6,279
Gain on sales of property and equipment, net (2,037) (598)
Operating loss (43,249) (15,709)
Other (income) expense    
Interest income (3,762) (570)
Interest expense 2,891 3,585
Equity in income (loss) of affiliates (5,187) (1,289)
Other income, net (1,950) 1,308
Total other expense, net (8,008) 3,034
Loss from continuing operations before income taxes (35,241) (18,743)
Provision for (benefit from) income taxes on continuing operations (9,469) 6,352
Net loss from continuing operations   (25,095)
Net Income (loss) from discontinued operations   0
Net loss (25,772) (25,095)
Amount attributable to non-controlling interests 2,749 (1,638)
Net loss attributable to Granite Construction Incorporated from continuing operations   (26,733)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations   0
Net loss attributable to Granite Construction Incorporated $ (23,023) $ (26,733)
Net income (loss) per share attributable to common shareholders    
Basic continuing operations per share (in dollars per share)   $ (0.58)
Basic discontinued operations per share (in dollars per share)   0
Basic loss per share (in dollars per share) $ (0.53) (0.58)
Diluted continuing operations per share (in dollars per share)   (0.58)
Diluted discontinued operations per share (in dollars per share)   0
Diluted loss per share (in dollars per share) $ (0.53) $ (0.58)
Basic (in shares) 43,764 45,730
Diluted (in shares) 43,764 45,730
Operating activities    
Net loss $ (25,772) $ (25,095)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 19,733 16,737
Amortization related to long-term debt 472 652
Gain on sale of business 0 (3,278)
Gain on sales of property and equipment, net (2,037) (598)
Deferred income taxes 0 2,545
Stock-based compensation 4,828 2,614
Equity in net loss from unconsolidated joint ventures (911) 3,627
Net income from affiliates   (1,289)
Other non-cash adjustments (151) (299)
Changes in assets and liabilities:    
Receivables 66,800 85,957
Contract assets, net (59,307) (69,819)
Inventories (11,083) (13,805)
Contributions to unconsolidated construction joint ventures (3,350) (12,840)
Distributions from unconsolidated construction joint ventures and affiliates 2,478 250
Other assets, net (5,724) 9,652
Accounts payable (42,955) (44,028)
Accrued expenses and other liabilities, net (14,522) (1,163)
Net cash used in operating activities (76,688) (50,180)
Previously Reported Before Reclassification [Member]    
Revenue    
Total revenue   547,586
Cost of revenue    
Total cost of revenue   497,811
Gross profit   49,775
Selling, general and administrative expenses   58,501
Other costs, net   8,214
Gain on sales of property and equipment, net   (332)
Operating loss   (16,608)
Other (income) expense    
Interest income   (623)
Interest expense   3,575
Equity in income (loss) of affiliates   306
Other income, net   1,382
Total other expense, net   4,640
Loss from continuing operations before income taxes   (21,248)
Provision for (benefit from) income taxes on continuing operations   (5,331)
Net loss from continuing operations   (15,917)
Net Income (loss) from discontinued operations   6,096
Net loss   (9,821)
Amount attributable to non-controlling interests   (3,118)
Net loss attributable to Granite Construction Incorporated from continuing operations   (19,035)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations   6,096
Net loss attributable to Granite Construction Incorporated   $ (12,939)
Net income (loss) per share attributable to common shareholders    
Basic continuing operations per share (in dollars per share)   $ (0.42)
Basic discontinued operations per share (in dollars per share)   0.13
Basic loss per share (in dollars per share)   (0.29)
Diluted continuing operations per share (in dollars per share)   (0.42)
Diluted discontinued operations per share (in dollars per share)   0.13
Diluted loss per share (in dollars per share)   $ (0.29)
Basic (in shares)   45,730
Diluted (in shares)   45,730
Operating activities    
Net loss   $ (9,821)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sales of property and equipment, net   (332)
Revision of Prior Period, Adjustment [Member]    
Revenue    
Total revenue   1,893
Cost of revenue    
Total cost of revenue   6,019
Gross profit   (4,126)
Selling, general and administrative expenses   0
Other costs, net   0
Gain on sales of property and equipment, net   0
Operating loss   (4,126)
Other (income) expense    
Interest income   0
Interest expense   0
Equity in income (loss) of affiliates   0
Other income, net   0
Total other expense, net   0
Loss from continuing operations before income taxes   (4,126)
Provision for (benefit from) income taxes on continuing operations   (958)
Net loss from continuing operations   (3,168)
Net Income (loss) from discontinued operations   (12,106)
Net loss   (15,274)
Amount attributable to non-controlling interests   1,480
Net loss attributable to Granite Construction Incorporated from continuing operations   (1,688)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations   (12,106)
Net loss attributable to Granite Construction Incorporated   $ (13,794)
Net income (loss) per share attributable to common shareholders    
Basic continuing operations per share (in dollars per share)   $ (0.03)
Basic discontinued operations per share (in dollars per share)   (0.26)
Basic loss per share (in dollars per share)   (0.29)
Diluted continuing operations per share (in dollars per share)   (0.03)
Diluted discontinued operations per share (in dollars per share)   (0.26)
Diluted loss per share (in dollars per share)   $ (0.29)
Basic (in shares)   0
Diluted (in shares)   0
Operating activities    
Net loss   $ (15,274)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization   0
Amortization related to long-term debt   0
Gain on sale of business   2,956
Gain on sales of property and equipment, net   0
Deferred income taxes   0
Stock-based compensation   0
Equity in net loss from unconsolidated joint ventures   0
Net income from affiliates   0
Other non-cash adjustments   0
Changes in assets and liabilities:    
Receivables   0
Contract assets, net   2,813
Inventories   0
Contributions to unconsolidated construction joint ventures   0
Distributions from unconsolidated construction joint ventures and affiliates   0
Other assets, net   8,388
Accounts payable   0
Accrued expenses and other liabilities, net   1,117
Net cash used in operating activities   0
Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member]    
Revenue    
Total revenue   104,407
Cost of revenue    
Total cost of revenue   89,964
Gross profit   14,443
Selling, general and administrative expenses   11,619
Other costs, net   (1,935)
Gain on sales of property and equipment, net   (266)
Operating loss   5,025
Other (income) expense    
Interest income   53
Interest expense   10
Equity in income (loss) of affiliates   (1,595)
Other income, net   (74)
Total other expense, net   (1,606)
Loss from continuing operations before income taxes   6,631
Provision for (benefit from) income taxes on continuing operations   12,641
Net loss from continuing operations   (6,010)
Net Income (loss) from discontinued operations   6,010
Net loss   0
Amount attributable to non-controlling interests   0
Net loss attributable to Granite Construction Incorporated from continuing operations   (6,010)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations   6,010
Net loss attributable to Granite Construction Incorporated   $ 0
Net income (loss) per share attributable to common shareholders    
Basic continuing operations per share (in dollars per share)   $ (0.13)
Basic discontinued operations per share (in dollars per share)   0.13
Basic loss per share (in dollars per share)   0
Diluted continuing operations per share (in dollars per share)   (0.13)
Diluted discontinued operations per share (in dollars per share)   0.13
Diluted loss per share (in dollars per share)   $ 0
Basic (in shares)   0
Diluted (in shares)   0
Operating activities    
Net loss   $ 0
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sales of property and equipment, net   (266)
Restated Before Recasting [Member]    
Revenue    
Total revenue   549,479
Cost of revenue    
Total cost of revenue   503,830
Gross profit   45,649
Selling, general and administrative expenses   58,501
Other costs, net   8,214
Gain on sales of property and equipment, net   (332)
Operating loss   (20,734)
Other (income) expense    
Interest income   (623)
Interest expense   3,575
Equity in income (loss) of affiliates   306
Other income, net   1,382
Total other expense, net   4,640
Loss from continuing operations before income taxes   (25,374)
Provision for (benefit from) income taxes on continuing operations   (6,289)
Net loss from continuing operations   (19,085)
Net Income (loss) from discontinued operations   (6,010)
Net loss   (25,095)
Amount attributable to non-controlling interests   (1,638)
Net loss attributable to Granite Construction Incorporated from continuing operations   (20,723)
Net income (loss) attributable to Granite Construction Incorporated from discontinued operations   (6,010)
Net loss attributable to Granite Construction Incorporated   $ (26,733)
Net income (loss) per share attributable to common shareholders    
Basic continuing operations per share (in dollars per share)   $ (0.45)
Basic discontinued operations per share (in dollars per share)   (0.13)
Basic loss per share (in dollars per share)   (0.58)
Diluted continuing operations per share (in dollars per share)   (0.45)
Diluted discontinued operations per share (in dollars per share)   (0.13)
Diluted loss per share (in dollars per share)   $ (0.58)
Basic (in shares)   45,730
Diluted (in shares)   45,730
Operating activities    
Net loss   $ (25,095)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sales of property and equipment, net   (332)
Previously Reported [Member]    
Cost of revenue    
Gain on sales of property and equipment, net   (598)
Other (income) expense    
Net loss   (9,821)
Operating activities    
Net loss   (9,821)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization   16,737
Amortization related to long-term debt   652
Gain on sale of business   (6,234)
Gain on sales of property and equipment, net   (598)
Deferred income taxes   2,545
Stock-based compensation   2,614
Equity in net loss from unconsolidated joint ventures   3,627
Net income from affiliates   (1,289)
Other non-cash adjustments   (299)
Changes in assets and liabilities:    
Receivables   85,957
Contract assets, net   (72,632)
Inventories   (13,805)
Contributions to unconsolidated construction joint ventures   (12,840)
Distributions from unconsolidated construction joint ventures and affiliates   250
Other assets, net   1,264
Accounts payable   (44,028)
Accrued expenses and other liabilities, net   (2,280)
Net cash used in operating activities   (50,180)
Construction [Member]    
Revenue    
Total revenue 503,416 578,266
Cost of revenue    
Total cost of revenue 466,711 519,787
Construction [Member] | Previously Reported Before Reclassification [Member]    
Revenue    
Total revenue   474,935
Cost of revenue    
Total cost of revenue   426,743
Construction [Member] | Revision of Prior Period, Adjustment [Member]    
Revenue    
Total revenue   1,893
Cost of revenue    
Total cost of revenue   6,019
Construction [Member] | Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member]    
Revenue    
Total revenue   101,438
Cost of revenue    
Total cost of revenue   87,025
Construction [Member] | Restated Before Recasting [Member]    
Revenue    
Total revenue   476,828
Cost of revenue    
Total cost of revenue   432,762
Materials [Member]    
Revenue    
Total revenue 56,652 75,620
Cost of revenue    
Total cost of revenue $ 60,998 74,007
Materials [Member] | Previously Reported Before Reclassification [Member]    
Revenue    
Total revenue   72,651
Cost of revenue    
Total cost of revenue   71,068
Materials [Member] | Revision of Prior Period, Adjustment [Member]    
Revenue    
Total revenue   0
Cost of revenue    
Total cost of revenue   0
Materials [Member] | Revision of Prior Period, Adjustment [Member] | Discontinued Operations, Disposed of by Sale [Member]    
Revenue    
Total revenue   2,969
Cost of revenue    
Total cost of revenue   2,939
Materials [Member] | Restated Before Recasting [Member]    
Revenue    
Total revenue   72,651
Cost of revenue    
Total cost of revenue   $ 71,068