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|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2017
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from ___________ to ___________
|
|
|
|
Commission File Number: 1-12911
|
State of Incorporation:
|
I.R.S. Employer Identification Number:
|
Delaware
|
77-0239383
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
Class
|
|
Outstanding
|
Common Stock, $0.01 par value
|
|
39,850,783
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
EXHIBIT 101.INS
|
||
EXHIBIT 101.SCH
|
||
EXHIBIT 101.CAL
|
||
EXHIBIT 101.DEF
|
||
EXHIBIT 101.LAB
|
||
EXHIBIT 101.PRE
|
|
|
|
|
Item 1.
|
FINANCIAL STATEMENTS
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||||||
(Unaudited - in thousands, except share and per share data)
|
||||||||||||
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents ($71,328, $73,115 and $47,803 related to consolidated construction joint ventures (“CCJVs”))
|
|
$
|
185,516
|
|
|
$
|
189,326
|
|
|
$
|
150,225
|
|
Short-term marketable securities
|
|
47,814
|
|
|
64,884
|
|
|
54,863
|
|
|||
Receivables, net ($51,079, $52,613 and $77,012 related to CCJVs)
|
|
627,081
|
|
|
419,345
|
|
|
512,752
|
|
|||
Costs and estimated earnings in excess of billings ($3,035, $5,046 and $2,940 related to CCJVs)
|
|
94,527
|
|
|
73,102
|
|
|
80,032
|
|
|||
Inventories
|
|
62,059
|
|
|
55,245
|
|
|
61,015
|
|
|||
Equity in construction joint ventures
|
|
242,358
|
|
|
247,182
|
|
|
263,180
|
|
|||
Other current assets ($6,033, $7,500 and $8,649 related to CCJVs)
|
|
26,612
|
|
|
39,908
|
|
|
28,047
|
|
|||
Total current assets
|
|
1,285,967
|
|
|
1,088,992
|
|
|
1,150,114
|
|
|||
Property and equipment, net ($33,754, $20,500 and $15,302 related to CCJVs)
|
|
412,174
|
|
|
406,650
|
|
|
407,327
|
|
|||
Long-term marketable securities
|
|
69,991
|
|
|
62,895
|
|
|
52,908
|
|
|||
Investments in affiliates
|
|
39,946
|
|
|
35,668
|
|
|
34,356
|
|
|||
Goodwill
|
|
53,799
|
|
|
53,799
|
|
|
53,799
|
|
|||
Deferred income taxes, net
|
|
—
|
|
|
—
|
|
|
5,223
|
|
|||
Other noncurrent assets
|
|
85,411
|
|
|
85,449
|
|
|
81,540
|
|
|||
Total assets
|
|
$
|
1,947,288
|
|
|
$
|
1,733,453
|
|
|
$
|
1,785,267
|
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|||
Current liabilities
|
|
|
|
|
|
|
|
|
|
|||
Current maturities of long-term debt
|
|
$
|
14,796
|
|
|
$
|
14,796
|
|
|
$
|
14,795
|
|
Accounts payable ($27,443, $26,419 and $20,654 related to CCJVs)
|
|
286,913
|
|
|
199,029
|
|
|
223,612
|
|
|||
Billings in excess of costs and estimated earnings ($38,581, $33,704 and $34,994 related to CCJVs)
|
|
168,707
|
|
|
97,522
|
|
|
116,151
|
|
|||
Accrued expenses and other current liabilities ($1,354, $1,544 and $817 related to CCJVs)
|
|
246,775
|
|
|
218,587
|
|
|
237,534
|
|
|||
Total current liabilities
|
|
717,191
|
|
|
529,934
|
|
|
592,092
|
|
|||
Long-term debt
|
|
225,922
|
|
|
229,498
|
|
|
240,715
|
|
|||
Deferred income taxes, net
|
|
5,932
|
|
|
5,441
|
|
|
—
|
|
|||
Other long-term liabilities
|
|
46,435
|
|
|
45,989
|
|
|
46,270
|
|
|||
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: 39,850,587 shares as of September 30, 2017, 39,621,140 shares as of December 31, 2016 and 39,601,569 shares as of September 30, 2016
|
|
399
|
|
|
396
|
|
|
396
|
|
|||
Additional paid-in capital
|
|
157,734
|
|
|
150,337
|
|
|
147,583
|
|
|||
Accumulated other comprehensive income (loss)
|
|
240
|
|
|
(371
|
)
|
|
(1,524
|
)
|
|||
Retained earnings
|
|
756,183
|
|
|
735,626
|
|
|
724,691
|
|
|||
Total Granite Construction Incorporated shareholders’ equity
|
|
914,556
|
|
|
885,988
|
|
|
871,146
|
|
|||
Non-controlling interests
|
|
37,252
|
|
|
36,603
|
|
|
35,044
|
|
|||
Total equity
|
|
951,808
|
|
|
922,591
|
|
|
906,190
|
|
|||
Total liabilities and equity
|
|
$
|
1,947,288
|
|
|
$
|
1,733,453
|
|
|
$
|
1,785,267
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
(Unaudited - in thousands, except per share data)
|
||||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Construction
|
|
$
|
579,146
|
|
|
$
|
464,624
|
|
|
$
|
1,235,264
|
|
|
$
|
1,005,457
|
|
Large Project Construction
|
|
279,845
|
|
|
249,345
|
|
|
741,341
|
|
|
642,116
|
|
||||
Construction Materials
|
|
98,135
|
|
|
89,936
|
|
|
211,834
|
|
|
200,363
|
|
||||
Total revenue
|
|
957,126
|
|
|
803,905
|
|
|
2,188,439
|
|
|
1,847,936
|
|
||||
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|||||||
Construction
|
|
487,798
|
|
|
393,094
|
|
|
1,053,463
|
|
|
857,938
|
|
||||
Large Project Construction
|
|
273,460
|
|
|
225,826
|
|
|
731,906
|
|
|
591,438
|
|
||||
Construction Materials
|
|
81,338
|
|
|
77,311
|
|
|
188,844
|
|
|
178,440
|
|
||||
Total cost of revenue
|
|
842,596
|
|
|
696,231
|
|
|
1,974,213
|
|
|
1,627,816
|
|
||||
Gross profit
|
|
114,530
|
|
|
107,674
|
|
|
214,226
|
|
|
220,120
|
|
||||
Selling, general and administrative expenses
|
|
49,501
|
|
|
54,194
|
|
|
162,726
|
|
|
159,032
|
|
||||
Gain on sales of property and equipment
|
|
(1,753
|
)
|
|
(398
|
)
|
|
(2,830
|
)
|
|
(2,364
|
)
|
||||
Operating income
|
|
66,782
|
|
|
53,878
|
|
|
54,330
|
|
|
63,452
|
|
||||
Other (income) expense
|
|
|
|
|
|
|
|
|
|
|||||||
Interest income
|
|
(1,141
|
)
|
|
(790
|
)
|
|
(3,356
|
)
|
|
(2,424
|
)
|
||||
Interest expense
|
|
2,660
|
|
|
3,034
|
|
|
8,097
|
|
|
9,270
|
|
||||
Equity in income of affiliates
|
|
(2,732
|
)
|
|
(2,424
|
)
|
|
(4,907
|
)
|
|
(4,583
|
)
|
||||
Other income, net
|
|
(1,309
|
)
|
|
(732
|
)
|
|
(2,821
|
)
|
|
(5,287
|
)
|
||||
Total other income
|
|
(2,522
|
)
|
|
(912
|
)
|
|
(2,987
|
)
|
|
(3,024
|
)
|
||||
Income before provision for income taxes
|
|
69,304
|
|
|
54,790
|
|
|
57,317
|
|
|
66,476
|
|
||||
Provision for income taxes
|
|
21,249
|
|
|
16,617
|
|
|
16,841
|
|
|
19,540
|
|
||||
Net income
|
|
48,055
|
|
|
38,173
|
|
|
40,476
|
|
|
46,936
|
|
||||
Amount attributable to non-controlling interests
|
|
(2,073
|
)
|
|
(982
|
)
|
|
(4,151
|
)
|
|
(5,987
|
)
|
||||
Net income attributable to Granite Construction Incorporated
|
|
$
|
45,982
|
|
|
$
|
37,191
|
|
|
$
|
36,325
|
|
|
$
|
40,949
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to common shareholders
(see Note 11)
|
|
|
|
|
||||||||||||
Basic
|
|
$
|
1.15
|
|
|
$
|
0.94
|
|
|
$
|
0.91
|
|
|
$
|
1.04
|
|
Diluted
|
|
$
|
1.14
|
|
|
$
|
0.92
|
|
|
$
|
0.90
|
|
|
$
|
1.02
|
|
Weighted average shares of common stock
|
|
|
|
|
|
|
|
|
|
|||||||
Basic
|
|
39,844
|
|
|
39,599
|
|
|
39,774
|
|
|
39,539
|
|
||||
Diluted
|
|
40,387
|
|
|
40,313
|
|
|
40,367
|
|
|
40,205
|
|
||||
Dividends per common share
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
$
|
0.39
|
|
|
$
|
0.39
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||||||||||||
(Unaudited - in thousands)
|
||||||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income
|
|
$
|
48,055
|
|
|
$
|
38,173
|
|
|
$
|
40,476
|
|
|
$
|
46,936
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Net unrealized gain (loss) on derivatives
|
|
$
|
46
|
|
|
$
|
382
|
|
|
$
|
(163
|
)
|
|
$
|
(1,016
|
)
|
Less: reclassification for net losses included in interest expense
|
|
25
|
|
|
126
|
|
|
141
|
|
|
226
|
|
||||
Net change
|
|
$
|
71
|
|
|
$
|
508
|
|
|
$
|
(22
|
)
|
|
$
|
(790
|
)
|
Foreign currency translation adjustments, net
|
|
98
|
|
|
(221
|
)
|
|
633
|
|
|
766
|
|
||||
Other comprehensive income (loss)
|
|
$
|
169
|
|
|
$
|
287
|
|
|
$
|
611
|
|
|
$
|
(24
|
)
|
Comprehensive income
|
|
$
|
48,224
|
|
|
$
|
38,460
|
|
|
$
|
41,087
|
|
|
$
|
46,912
|
|
Non-controlling interests in comprehensive income
|
|
(2,073
|
)
|
|
(982
|
)
|
|
(4,151
|
)
|
|
(5,987
|
)
|
||||
Comprehensive income attributable to Granite
|
|
$
|
46,151
|
|
|
$
|
37,478
|
|
|
$
|
36,936
|
|
|
$
|
40,925
|
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
||||||||
(
Unaudited - in thousands
)
|
|
||||||||
Nine Months Ended
September
30,
|
|
2017
|
|
2016
|
|
||||
Operating activities
|
|
|
|
|
|
||||
Net income
|
|
$
|
40,476
|
|
|
$
|
46,936
|
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|||
Depreciation, depletion and amortization
|
|
48,522
|
|
|
46,637
|
|
|
||
Gain on sales of property and equipment, net
|
|
(2,830
|
)
|
|
(2,364
|
)
|
|
||
Stock-based compensation
|
|
13,580
|
|
|
11,013
|
|
|
||
Equity in net loss (income) from unconsolidated joint ventures
|
|
15,415
|
|
|
(15,903
|
)
|
|
||
Gain on real estate entity
|
|
—
|
|
|
(2,452
|
)
|
|
||
Net income from affiliates
|
|
(4,907
|
)
|
|
(4,583
|
)
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|||
Receivables
|
|
(207,908
|
)
|
|
(169,678
|
)
|
|
||
Costs and estimated earnings in excess of billings, net
|
|
14,726
|
|
|
1,793
|
|
|
||
Inventories
|
|
(6,814
|
)
|
|
(5,462
|
)
|
|
||
Contributions to unconsolidated construction joint ventures
|
|
(3,937
|
)
|
|
(11,545
|
)
|
|
||
Distributions from unconsolidated construction joint ventures
|
|
33,374
|
|
|
5,850
|
|
|
||
Other assets, net
|
|
10,523
|
|
|
(2,209
|
)
|
|
||
Accounts payable
|
|
90,799
|
|
|
62,787
|
|
|
||
Accrued expenses and other current liabilities, net
|
|
23,595
|
|
|
19,782
|
|
|
||
Net cash provided by (used in) operating activities
|
|
64,614
|
|
|
(19,398
|
)
|
|
||
Investing activities
|
|
|
|
|
|
|
|
||
Purchases of marketable securities
|
|
(79,708
|
)
|
|
(84,758
|
)
|
|
||
Maturities of marketable securities
|
|
90,000
|
|
|
30,000
|
|
|
||
Proceeds from called marketable securities
|
|
—
|
|
|
50,000
|
|
|
||
Purchases of property and equipment ($13,537 and $9,976
related to CCJVs)
|
|
(56,808
|
)
|
|
(67,889
|
)
|
|
||
Proceeds from sales of property and equipment
|
|
5,107
|
|
|
5,790
|
|
|
||
Distributions from affiliates
|
|
—
|
|
|
2,233
|
|
|
||
Other investing activities, net
|
|
2,321
|
|
|
3,847
|
|
|
||
Net cash used in investing activities
|
|
(39,088
|
)
|
|
(60,777
|
)
|
|
||
Financing activities
|
|
|
|
|
|
|
|
||
Long-term debt principal repayments
|
|
(3,750
|
)
|
|
(3,750
|
)
|
|
||
Cash dividends paid
|
|
(15,506
|
)
|
|
(15,415
|
)
|
|
||
Repurchases of common stock
|
|
(6,713
|
)
|
|
(4,946
|
)
|
|
||
(Distributions to) contributions from non-controlling partners, net
|
|
(3,500
|
)
|
|
1,522
|
|
|
||
Other financing activities, net
|
|
133
|
|
|
153
|
|
|
||
Net cash used in financing activities
|
|
(29,336
|
)
|
|
(22,436
|
)
|
|
||
Decrease in cash and cash equivalents
|
|
(3,810
|
)
|
|
(102,611
|
)
|
|
||
Cash and cash equivalents at beginning of period
|
|
189,326
|
|
|
252,836
|
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
185,516
|
|
|
$
|
150,225
|
|
|
Supplementary Information
|
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
|
||||
Interest
|
|
$
|
6,720
|
|
|
$
|
7,557
|
|
|
Income taxes
|
|
2,689
|
|
|
6,748
|
|
|
||
Other non-cash operating activities:
|
|
|
|
|
|
||||
Performance guarantees
|
|
$
|
5,761
|
|
|
$
|
17,596
|
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
||
Restricted stock units issued, net of forfeitures
|
|
$
|
11,184
|
|
|
$
|
21,057
|
|
|
Accrued cash dividends
|
|
5,181
|
|
|
5,148
|
|
|
||
Accrued equipment purchases
|
|
2,440
|
|
|
(3,453
|
)
|
|
|
|
|
|
1.
|
Basis of Presentation
|
2.
|
Recently Issued Accounting Pronouncements
|
•
|
Multiple performance obligations - In accordance with Topic 606, construction contracts with customers, including those related to contract modifications, will be reviewed to determine if there are multiple performance obligations. If separate performance obligations are identified, the timing of revenue recognition could be impacted. Based on our assessment to-date of currently active construction contracts with customers, we have identified one unconsolidated joint venture contract in our Large Project Construction segment that will have multiple performance obligations.
|
|
|
|
|
•
|
Multiple contracts - Contracts containing task orders may be determined to consist of multiple individual contracts as defined by Topic 606. Based on our assessment to-date of currently active construction contracts with customers, we have identified one Large Project Construction segment contract and one Construction segment contract that will consist of multiple individual contracts as defined by Topic 606.
|
•
|
Provision for losses - Provisions for losses will be recognized in the consolidated statements of operations for the full amount of estimated losses at the uncompleted performance obligation level whenever evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. Currently provisions for losses are recorded at the contract level. Based on our assessment to-date of currently active construction contracts with customers, we have identified one unconsolidated joint venture contract in our Large Project Construction segment that will have actual and provisions for losses related to completed and uncompleted performance obligations, respectively.
|
|
|
|
|
3.
|
Revisions in Estimates
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in millions)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
||||
Number of projects with upward estimate changes
|
|
2
|
|
|
|
1
|
|
|
|
5
|
|
|
|
2
|
|
Range of increase in gross profit from each project, net
|
$
|
1.0 - 1.2
|
|
|
$
|
2.6
|
|
|
$
|
1.0 - 1.6
|
|
|
$
|
1.8 - 2.7
|
|
Increase on project profitability
|
$
|
2.2
|
|
|
$
|
2.6
|
|
|
$
|
6.0
|
|
|
$
|
4.5
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in millions)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
||||
Number of projects with downward estimate changes
|
|
1
|
|
|
|
1
|
|
|
|
3
|
|
|
|
5
|
|
Range of reduction in gross profit from each project, net
|
$
|
2.5
|
|
|
$
|
1.9
|
|
|
$
|
1.1 - 3.5
|
|
|
$
|
1.1 - 2.6
|
|
Decrease on project profitability
|
$
|
2.5
|
|
|
$
|
1.9
|
|
|
$
|
7.3
|
|
|
$
|
7.6
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September
30,
|
||||||||||||
(dollars in millions)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
||||
Number of projects with upward estimate changes
|
|
—
|
|
|
|
3
|
|
|
|
—
|
|
|
|
7
|
|
Range of increase in gross profit from each project, net
|
$
|
—
|
|
|
$
|
1.4 - 3.0
|
|
|
$
|
—
|
|
|
$
|
1.2 - 6.5
|
|
Increase on project profitability
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
19.8
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in millions)
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
||||
Number of projects with downward estimate changes
|
|
3
|
|
|
|
3
|
|
|
|
7
|
|
|
|
4
|
|
Range of reduction in gross profit from each project, net
|
$
|
2.4 - 12.7
|
|
|
$
|
1.1 - 3.5
|
|
|
$
|
1.3 - 14.5
|
|
|
$
|
3.4 - 7.9
|
|
Decrease on project profitability
|
$
|
19.3
|
|
|
$
|
5.7
|
|
|
$
|
58.1
|
|
|
$
|
25.8
|
|
4.
|
Marketable Securities
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
U.S. Government and agency obligations
|
|
$
|
12,909
|
|
|
$
|
10,002
|
|
|
$
|
14,999
|
|
Commercial paper
|
|
34,905
|
|
|
54,882
|
|
|
39,864
|
|
|||
Total short-term marketable securities
|
|
47,814
|
|
|
64,884
|
|
|
54,863
|
|
|||
U.S. Government and agency obligations
|
|
69,991
|
|
|
62,895
|
|
|
52,908
|
|
|||
Total long-term marketable securities
|
|
69,991
|
|
|
62,895
|
|
|
52,908
|
|
|||
Total marketable securities
|
|
$
|
117,805
|
|
|
$
|
127,779
|
|
|
$
|
107,771
|
|
(in thousands)
|
September 30,
2017 |
||
Due within one year
|
$
|
47,814
|
|
Due in one to five years
|
69,991
|
|
|
Total
|
$
|
117,805
|
|
|
|
|
|
5.
|
Fair Value Measurement
|
|
|
Fair Value Measurement at Reporting Date Using
|
||||||||||||||
September 30, 2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
22,896
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,896
|
|
Total assets
|
|
$
|
22,896
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22,896
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
10,057
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,057
|
|
Total assets
|
|
$
|
10,057
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,057
|
|
September 30, 2016
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
$
|
12,041
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,041
|
|
Total assets
|
|
$
|
12,041
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,041
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Cash equivalents
|
|
$
|
22,896
|
|
|
$
|
10,057
|
|
|
$
|
12,041
|
|
Cash
|
|
162,620
|
|
|
179,269
|
|
|
138,184
|
|
|||
Total cash and cash equivalents
|
|
$
|
185,516
|
|
|
$
|
189,326
|
|
|
$
|
150,225
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
||||||||||||||||||
(in thousands)
|
|
Fair Value Hierarchy
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Held-to-maturity marketable securities
|
|
Level 1
|
|
$
|
117,805
|
|
|
$
|
117,349
|
|
|
$
|
127,779
|
|
|
$
|
127,365
|
|
|
$
|
107,771
|
|
|
$
|
107,770
|
|
Liabilities (including current maturities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
2019 Notes
1
|
|
Level 3
|
|
$
|
120,000
|
|
|
$
|
124,792
|
|
|
$
|
120,000
|
|
|
$
|
124,654
|
|
|
$
|
160,000
|
|
|
$
|
169,094
|
|
Credit Agreement - term loan
1
|
|
Level 3
|
|
91,250
|
|
|
91,078
|
|
|
95,000
|
|
|
93,991
|
|
|
96,250
|
|
|
96,151
|
|
||||||
Credit Agreement - revolving credit facility
1
|
|
Level 3
|
|
30,000
|
|
|
30,018
|
|
|
30,000
|
|
|
29,452
|
|
|
—
|
|
|
—
|
|
6.
|
Receivables, net
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Construction contracts:
|
|
|
|
|
|
|
||||||
Completed and in progress
|
|
$
|
469,416
|
|
|
$
|
288,160
|
|
|
$
|
347,320
|
|
Retentions
|
|
88,650
|
|
|
84,878
|
|
|
97,385
|
|
|||
Total construction contracts
|
|
558,066
|
|
|
373,038
|
|
|
444,705
|
|
|||
Construction material sales
|
|
58,920
|
|
|
29,357
|
|
|
50,768
|
|
|||
Other
|
|
10,412
|
|
|
17,523
|
|
|
17,760
|
|
|||
Total gross receivables
|
|
627,398
|
|
|
419,918
|
|
|
513,233
|
|
|||
Less: allowance for doubtful accounts
|
|
317
|
|
|
573
|
|
|
481
|
|
|||
Total net receivables
|
|
$
|
627,081
|
|
|
$
|
419,345
|
|
|
$
|
512,752
|
|
|
|
|
|
7.
|
Construction Joint Ventures
|
|
|
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Assets:
|
|
|
|
|
|
|
||||||
Cash, cash equivalents and marketable securities
|
|
$
|
333,751
|
|
|
$
|
537,991
|
|
|
$
|
509,644
|
|
Other current assets
1
|
|
721,014
|
|
|
644,809
|
|
|
683,854
|
|
|||
Noncurrent assets
|
|
223,449
|
|
|
207,240
|
|
|
212,620
|
|
|||
Less partners’ interest
|
|
846,832
|
|
|
935,615
|
|
|
942,183
|
|
|||
Granite’s interest
1,2
|
|
431,382
|
|
|
454,425
|
|
|
463,935
|
|
|||
Liabilities:
|
|
|
|
|
|
|
||||||
Current liabilities
|
|
650,065
|
|
|
696,215
|
|
|
656,621
|
|
|||
Less partners’ interest and adjustments
3
|
|
445,068
|
|
|
472,324
|
|
|
449,044
|
|
|||
Granite’s interest
|
|
204,997
|
|
|
223,891
|
|
|
207,577
|
|
|||
Equity in construction joint ventures
4
|
|
$
|
226,385
|
|
|
$
|
230,534
|
|
|
$
|
256,358
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
||||||||
Total
|
$
|
550,115
|
|
|
$
|
550,296
|
|
|
$
|
1,517,419
|
|
|
$
|
1,520,342
|
|
Less partners’ interest and adjustments
1
|
396,672
|
|
|
390,775
|
|
|
1,096,834
|
|
|
1,085,546
|
|
||||
Granite’s interest
|
153,443
|
|
|
159,521
|
|
|
420,585
|
|
|
434,796
|
|
||||
Cost of revenue:
|
|
|
|
|
|
|
|
||||||||
Total
|
520,205
|
|
|
510,579
|
|
|
1,462,127
|
|
|
1,451,189
|
|
||||
Less partners’ interest and adjustments
1
|
359,825
|
|
|
360,965
|
|
|
1,026,377
|
|
|
1,032,667
|
|
||||
Granite’s interest
|
160,380
|
|
|
149,614
|
|
|
435,750
|
|
|
418,522
|
|
||||
Granite’s interest in gross (loss)
profit
|
$
|
(6,937
|
)
|
|
$
|
9,907
|
|
|
$
|
(15,165
|
)
|
|
$
|
16,274
|
|
|
|
|
|
8.
|
Investments in Affiliates
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Equity method investments in real estate affiliates
|
|
$
|
28,634
|
|
|
$
|
25,911
|
|
|
$
|
24,638
|
|
Equity method investment in other affiliate
|
|
11,312
|
|
|
9,757
|
|
|
9,718
|
|
|||
Total investments in affiliates
|
|
$
|
39,946
|
|
|
$
|
35,668
|
|
|
$
|
34,356
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Total assets
|
|
$
|
163,714
|
|
|
$
|
155,506
|
|
|
$
|
167,859
|
|
Net assets
|
|
98,490
|
|
|
99,804
|
|
|
95,128
|
|
|||
Granite’s share of net assets
|
|
39,946
|
|
|
35,668
|
|
|
34,356
|
|
9.
|
Property and Equipment, net
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Equipment and vehicles
|
|
$
|
778,010
|
|
|
$
|
756,602
|
|
|
$
|
770,882
|
|
Quarry property
|
|
177,427
|
|
|
174,839
|
|
|
179,735
|
|
|||
Land and land improvements
|
|
113,384
|
|
|
110,999
|
|
|
111,714
|
|
|||
Buildings and leasehold improvements
|
|
83,914
|
|
|
82,762
|
|
|
82,733
|
|
|||
Office furniture and equipment
|
|
59,791
|
|
|
56,381
|
|
|
61,007
|
|
|||
Property and equipment
|
|
1,212,526
|
|
|
1,181,583
|
|
|
1,206,071
|
|
|||
Less: accumulated depreciation and depletion
|
|
800,352
|
|
|
774,933
|
|
|
798,744
|
|
|||
Property and equipment, net
|
|
$
|
412,174
|
|
|
$
|
406,650
|
|
|
$
|
407,327
|
|
|
|
|
|
10.
|
Debt Covenants and Events of Default
|
|
|
|
|
11.
|
Weighted Average Shares Outstanding and Net Income Per Share
|
|
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||
(in thousands, except per share amounts)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Numerator (basic and diluted):
|
|
|
|
|
|
|
|
|
|
|||||||
Net income allocated to common shareholders for basic calculation
|
|
$
|
45,982
|
|
|
$
|
37,191
|
|
|
$
|
36,325
|
|
|
$
|
40,949
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted average common shares outstanding, basic
|
|
39,844
|
|
|
39,599
|
|
|
39,774
|
|
|
39,539
|
|
||||
Dilutive effect of common stock options and restricted stock units
|
|
543
|
|
|
714
|
|
|
593
|
|
|
666
|
|
||||
Weighted average common shares outstanding, diluted
|
|
40,387
|
|
|
40,313
|
|
|
40,367
|
|
|
40,205
|
|
||||
Net income per share, basic
|
|
$
|
1.15
|
|
|
$
|
0.94
|
|
|
$
|
0.91
|
|
|
$
|
1.04
|
|
Net income per share, diluted
|
|
$
|
1.14
|
|
|
$
|
0.92
|
|
|
$
|
0.90
|
|
|
$
|
1.02
|
|
12.
|
Equity
|
|
|
Granite Construction Incorporated
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||
Balance at December 31, 2016
|
|
$
|
885,988
|
|
|
$
|
36,603
|
|
|
$
|
922,591
|
|
Purchases of common stock
1
|
|
(6,713
|
)
|
|
—
|
|
|
(6,713
|
)
|
|||
Other transactions with shareholders and employees
2
|
|
14,488
|
|
|
—
|
|
|
14,488
|
|
|||
Transactions with non-controlling interests, net
|
|
—
|
|
|
(3,502
|
)
|
|
(3,502
|
)
|
|||
Net income
|
|
36,325
|
|
|
4,151
|
|
|
40,476
|
|
|||
Dividends on common stock
|
|
(15,532
|
)
|
|
—
|
|
|
(15,532
|
)
|
|||
Balance at September 30, 2017
|
|
$
|
914,556
|
|
|
$
|
37,252
|
|
|
$
|
951,808
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2015
|
|
$
|
839,237
|
|
|
$
|
30,884
|
|
|
$
|
870,121
|
|
Purchases of common stock
3
|
|
(4,946
|
)
|
|
—
|
|
|
(4,946
|
)
|
|||
Other transactions with shareholders and employees
2
|
|
11,345
|
|
|
—
|
|
|
11,345
|
|
|||
Transactions with non-controlling interests, net
|
|
—
|
|
|
(1,827
|
)
|
|
(1,827
|
)
|
|||
Net income
|
|
40,949
|
|
|
5,987
|
|
|
46,936
|
|
|||
Dividends on common stock
|
|
(15,439
|
)
|
|
—
|
|
|
(15,439
|
)
|
|||
Balance at September 30, 2016
|
|
$
|
871,146
|
|
|
$
|
35,044
|
|
|
$
|
906,190
|
|
|
|
|
|
13.
|
Legal Proceedings
|
|
|
|
|
14.
|
Business Segment Information
|
|
|
Three Months Ended September 30,
|
||||||||||||||
|
|
Construction
|
|
Large Project Construction
|
|
Construction Materials
|
|
Total
|
||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from reportable segments
|
|
$
|
579,146
|
|
|
$
|
279,845
|
|
|
$
|
180,265
|
|
|
$
|
1,039,256
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(82,130
|
)
|
|
(82,130
|
)
|
||||
Revenue from external customers
|
|
579,146
|
|
|
279,845
|
|
|
98,135
|
|
|
957,126
|
|
||||
Gross profit
|
|
91,348
|
|
|
6,385
|
|
|
16,797
|
|
|
114,530
|
|
||||
Depreciation, depletion and amortization
|
|
5,770
|
|
|
3,226
|
|
|
5,824
|
|
|
14,820
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue from reportable segments
|
|
$
|
464,624
|
|
|
$
|
249,345
|
|
|
$
|
162,835
|
|
|
$
|
876,804
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(72,899
|
)
|
|
(72,899
|
)
|
||||
Revenue from external customers
|
|
464,624
|
|
|
249,345
|
|
|
89,936
|
|
|
803,905
|
|
||||
Gross profit
|
|
71,530
|
|
|
23,519
|
|
|
12,625
|
|
|
107,674
|
|
||||
Depreciation, depletion and amortization
|
|
6,162
|
|
|
1,821
|
|
|
6,168
|
|
|
14,151
|
|
|
|
Nine Months Ended
September
30,
|
||||||||||||||
|
|
Construction
|
|
Large Project Construction
|
|
Construction Materials
|
|
Total
|
||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenue from reportable segments
|
|
$
|
1,235,264
|
|
|
$
|
741,341
|
|
|
$
|
352,129
|
|
|
$
|
2,328,734
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(140,295
|
)
|
|
(140,295
|
)
|
||||
Revenue from external customers
|
|
1,235,264
|
|
|
741,341
|
|
|
211,834
|
|
|
2,188,439
|
|
||||
Gross profit
|
|
181,801
|
|
|
9,435
|
|
|
22,990
|
|
|
214,226
|
|
||||
Depreciation, depletion and amortization
|
|
16,205
|
|
|
8,193
|
|
|
16,439
|
|
|
40,837
|
|
||||
Segment assets
|
|
141,210
|
|
|
326,314
|
|
|
287,821
|
|
|
755,345
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total revenue from reportable segments
|
|
$
|
1,005,457
|
|
|
$
|
642,116
|
|
|
$
|
327,108
|
|
|
$
|
1,974,681
|
|
Elimination of intersegment revenue
|
|
—
|
|
|
—
|
|
|
(126,745
|
)
|
|
(126,745
|
)
|
||||
Revenue from external customers
|
|
1,005,457
|
|
|
642,116
|
|
|
200,363
|
|
|
1,847,936
|
|
||||
Gross profit
|
|
147,519
|
|
|
50,678
|
|
|
21,923
|
|
|
220,120
|
|
||||
Depreciation, depletion and amortization
|
|
16,032
|
|
|
4,809
|
|
|
17,364
|
|
|
38,205
|
|
||||
Segment assets
|
|
156,458
|
|
|
322,800
|
|
|
290,898
|
|
|
770,156
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended
September
30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total gross profit from reportable segments
|
$
|
114,530
|
|
|
$
|
107,674
|
|
|
$
|
214,226
|
|
|
$
|
220,120
|
|
Selling, general and administrative expenses
|
49,501
|
|
|
54,194
|
|
|
162,726
|
|
|
159,032
|
|
||||
Gain on sales of property and equipment
|
(1,753
|
)
|
|
(398
|
)
|
|
(2,830
|
)
|
|
(2,364
|
)
|
||||
Total other income
|
(2,522
|
)
|
|
(912
|
)
|
|
(2,987
|
)
|
|
(3,024
|
)
|
||||
Income before provision for income taxes
|
$
|
69,304
|
|
|
$
|
54,790
|
|
|
$
|
57,317
|
|
|
$
|
66,476
|
|
|
|
|
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total revenue
|
$
|
957,126
|
|
|
$
|
803,905
|
|
|
$
|
2,188,439
|
|
|
$
|
1,847,936
|
|
Gross profit
|
114,530
|
|
|
107,674
|
|
|
214,226
|
|
|
220,120
|
|
||||
Operating income
|
66,782
|
|
|
53,878
|
|
|
54,330
|
|
|
63,452
|
|
||||
Total other income
|
(2,522
|
)
|
|
(912
|
)
|
|
(2,987
|
)
|
|
(3,024
|
)
|
||||
Net income attributable to Granite Construction Incorporated
|
45,982
|
|
|
37,191
|
|
|
36,325
|
|
|
40,949
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
Construction
|
|
$
|
579,146
|
|
|
60.5
|
%
|
|
$
|
464,624
|
|
|
57.8
|
%
|
|
$
|
1,235,264
|
|
|
56.4
|
%
|
|
$
|
1,005,457
|
|
|
54.5
|
%
|
Large Project Construction
|
|
279,845
|
|
|
29.2
|
|
|
249,345
|
|
|
31.0
|
|
|
741,341
|
|
|
33.9
|
|
|
642,116
|
|
|
34.7
|
|
||||
Construction Materials
|
|
98,135
|
|
|
10.3
|
|
|
89,936
|
|
|
11.2
|
|
|
211,834
|
|
|
9.7
|
|
|
200,363
|
|
|
10.8
|
|
||||
Total
|
|
$
|
957,126
|
|
|
100.0
|
%
|
|
$
|
803,905
|
|
|
100.0
|
%
|
|
$
|
2,188,439
|
|
|
100.0
|
%
|
|
$
|
1,847,936
|
|
|
100.0
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
California:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Public sector
|
|
$
|
151,414
|
|
|
26.1
|
%
|
|
$
|
118,887
|
|
|
25.5
|
%
|
|
$
|
307,222
|
|
|
24.9
|
%
|
|
$
|
272,233
|
|
|
27.2
|
%
|
Private sector
|
|
54,095
|
|
|
9.3
|
|
|
55,739
|
|
|
12.0
|
|
|
128,656
|
|
|
10.4
|
|
|
131,197
|
|
|
13.0
|
|
||||
Northwest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Public sector
|
|
226,082
|
|
|
39.0
|
|
|
192,180
|
|
|
41.4
|
|
|
455,116
|
|
|
36.8
|
|
|
361,026
|
|
|
35.9
|
|
||||
Private sector
|
|
29,335
|
|
|
5.1
|
|
|
31,386
|
|
|
6.8
|
|
|
63,541
|
|
|
5.1
|
|
|
69,778
|
|
|
6.9
|
|
||||
Heavy Civil
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Public sector
|
|
15,784
|
|
|
2.7
|
|
|
7,119
|
|
|
1.5
|
|
|
46,470
|
|
|
3.8
|
|
|
16,914
|
|
|
1.7
|
|
||||
Private sector
|
|
1,522
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
4,154
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
||||
Kenny:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Public sector
|
|
40,299
|
|
|
7.0
|
|
|
47,671
|
|
|
10.3
|
|
|
116,930
|
|
|
9.5
|
|
|
114,828
|
|
|
11.4
|
|
||||
Private sector
|
|
60,615
|
|
|
10.5
|
|
|
11,642
|
|
|
2.5
|
|
|
113,175
|
|
|
9.2
|
|
|
39,481
|
|
|
3.9
|
|
||||
Total
|
|
$
|
579,146
|
|
|
100.0
|
%
|
|
$
|
464,624
|
|
|
100.0
|
%
|
|
$
|
1,235,264
|
|
|
100.0
|
%
|
|
$
|
1,005,457
|
|
|
100.0
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
Heavy Civil
1
|
|
$
|
202,585
|
|
|
72.4
|
%
|
|
$
|
202,844
|
|
|
81.3
|
%
|
|
$
|
552,812
|
|
|
74.6
|
%
|
|
$
|
509,876
|
|
|
79.5
|
%
|
Northwest
1
|
|
13,987
|
|
|
5.0
|
|
|
10,751
|
|
|
4.3
|
|
|
28,949
|
|
|
3.9
|
|
|
23,888
|
|
|
3.7
|
|
||||
California
1
|
|
12,181
|
|
|
4.4
|
|
|
8,986
|
|
|
3.6
|
|
|
34,350
|
|
|
4.6
|
|
|
23,942
|
|
|
3.7
|
|
||||
Kenny
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Public sector
|
|
29,198
|
|
|
10.4
|
|
|
18,899
|
|
|
7.6
|
|
|
88,212
|
|
|
11.9
|
|
|
66,206
|
|
|
10.3
|
|
||||
Private sector
|
|
21,894
|
|
|
7.8
|
|
|
7,865
|
|
|
3.2
|
|
|
37,018
|
|
|
5.0
|
|
|
18,204
|
|
|
2.8
|
|
||||
Total
|
|
$
|
279,845
|
|
|
100.0
|
%
|
|
$
|
249,345
|
|
|
100.0
|
%
|
|
$
|
741,341
|
|
|
100.0
|
%
|
|
$
|
642,116
|
|
|
100.0
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
California
|
|
$
|
54,971
|
|
|
56.0
|
%
|
|
$
|
46,185
|
|
|
51.4
|
%
|
|
$
|
127,850
|
|
|
60.4
|
%
|
|
$
|
112,575
|
|
|
56.2
|
%
|
Northwest
|
|
43,164
|
|
|
44.0
|
|
|
43,751
|
|
|
48.6
|
|
|
83,984
|
|
|
39.6
|
|
|
87,788
|
|
|
43.8
|
|
||||
Total
|
|
$
|
98,135
|
|
|
100.0
|
%
|
|
$
|
89,936
|
|
|
100.0
|
%
|
|
$
|
211,834
|
|
|
100.0
|
%
|
|
$
|
200,363
|
|
|
100.0
|
%
|
|
|
|
|
(dollars in thousands)
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||
Construction
|
|
$
|
1,134,887
|
|
|
26.8
|
%
|
|
$
|
1,266,504
|
|
|
31.2
|
%
|
|
$
|
1,102,147
|
|
|
29.3
|
%
|
Large Project Construction
|
|
3,099,857
|
|
|
73.2
|
|
|
2,797,894
|
|
|
68.8
|
|
|
2,662,399
|
|
|
70.7
|
|
|||
Total
|
|
$
|
4,234,744
|
|
|
100.0
|
%
|
|
$
|
4,064,398
|
|
|
100.0
|
%
|
|
$
|
3,764,546
|
|
|
100.0
|
%
|
(dollars in thousands)
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||
California:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Public sector
|
|
$
|
342,998
|
|
|
30.3
|
%
|
|
$
|
355,872
|
|
|
28.2
|
%
|
|
$
|
254,833
|
|
|
23.1
|
%
|
Private sector
|
|
124,855
|
|
|
11.0
|
|
|
123,104
|
|
|
9.7
|
|
|
84,741
|
|
|
7.7
|
|
|||
Northwest:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public sector
|
|
295,504
|
|
|
26.0
|
|
|
422,700
|
|
|
33.4
|
|
|
295,581
|
|
|
26.8
|
|
|||
Private sector
|
|
59,764
|
|
|
5.3
|
|
|
47,117
|
|
|
3.7
|
|
|
30,832
|
|
|
2.8
|
|
|||
Heavy Civil
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Public sector
|
|
49,964
|
|
|
4.4
|
|
|
64,844
|
|
|
5.1
|
|
|
102,283
|
|
|
9.3
|
|
|||
Private sector
|
|
89
|
|
|
—
|
|
|
1,611
|
|
|
0.1
|
|
|
4,748
|
|
|
0.4
|
|
|||
Kenny:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Public sector
|
|
175,049
|
|
|
15.4
|
|
|
175,017
|
|
|
13.8
|
|
|
284,601
|
|
|
25.9
|
|
|||
Private sector
|
|
86,664
|
|
|
7.6
|
|
|
76,239
|
|
|
6.0
|
|
|
44,528
|
|
|
4.0
|
|
|||
Total
|
|
$
|
1,134,887
|
|
|
100.0
|
%
|
|
$
|
1,266,504
|
|
|
100.0
|
%
|
|
$
|
1,102,147
|
|
|
100.0
|
%
|
|
|
|
|
(dollars in thousands)
|
|
September 30, 2017
|
|
June 30, 2017
|
|
September 30, 2016
|
|||||||||||||||
Heavy Civil
1
|
|
$
|
2,578,136
|
|
|
83.2
|
%
|
|
$
|
2,200,119
|
|
|
78.7
|
%
|
|
$
|
1,905,434
|
|
|
71.6
|
%
|
Northwest
1
|
|
64,650
|
|
|
2.1
|
|
|
77,193
|
|
|
2.8
|
|
|
101,013
|
|
|
3.8
|
|
|||
California
1
|
|
50,919
|
|
|
1.6
|
|
|
65,679
|
|
|
2.3
|
|
|
104,810
|
|
|
3.9
|
|
|||
Kenny:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public sector
2
|
|
342,922
|
|
|
11.1
|
|
|
369,780
|
|
|
13.2
|
|
|
471,067
|
|
|
17.7
|
|
|||
Private sector
|
|
63,230
|
|
|
2.0
|
|
|
85,123
|
|
|
3.0
|
|
|
80,075
|
|
|
3.0
|
|
|||
Total
|
|
$
|
3,099,857
|
|
|
100.0
|
%
|
|
$
|
2,797,894
|
|
|
100.0
|
%
|
|
$
|
2,662,399
|
|
|
100.0
|
%
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Construction
|
|
$
|
91,348
|
|
|
$
|
71,530
|
|
|
$
|
181,801
|
|
|
$
|
147,519
|
|
Percent of segment revenue
|
|
15.8
|
%
|
|
15.4
|
%
|
|
14.7
|
%
|
|
14.7
|
%
|
||||
Large Project Construction
|
|
6,385
|
|
|
23,519
|
|
|
9,435
|
|
|
50,678
|
|
||||
Percent of segment revenue
|
|
2.3
|
|
|
9.4
|
|
|
1.3
|
|
|
7.9
|
|
||||
Construction Materials
|
|
16,797
|
|
|
12,625
|
|
|
22,990
|
|
|
21,923
|
|
||||
Percent of segment revenue
|
|
17.1
|
|
|
14.0
|
|
|
10.9
|
|
|
10.9
|
|
||||
Total gross profit
|
|
$
|
114,530
|
|
|
$
|
107,674
|
|
|
$
|
214,226
|
|
|
$
|
220,120
|
|
Percent of total revenue
|
|
12.0
|
%
|
|
13.4
|
%
|
|
9.8
|
%
|
|
11.9
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Selling
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and related expenses
|
|
$
|
11,045
|
|
|
$
|
11,786
|
|
|
$
|
36,417
|
|
|
$
|
36,152
|
|
Restricted stock unit amortization
|
|
373
|
|
|
569
|
|
|
2,052
|
|
|
1,713
|
|
||||
Other selling expenses
|
|
1,099
|
|
|
2,606
|
|
|
6,683
|
|
|
6,700
|
|
||||
Total selling
|
|
12,517
|
|
|
14,961
|
|
|
45,152
|
|
|
44,565
|
|
||||
General and administrative
|
|
|
|
|
|
|
|
|
|
|
||||||
Salaries and related expenses
|
|
21,439
|
|
|
21,337
|
|
|
62,543
|
|
|
58,080
|
|
||||
Restricted stock unit amortization
|
|
1,053
|
|
|
1,191
|
|
|
10,198
|
|
|
8,260
|
|
||||
Other general and administrative expenses
|
|
14,492
|
|
|
16,705
|
|
|
44,833
|
|
|
48,127
|
|
||||
Total general and administrative
|
|
36,984
|
|
|
39,233
|
|
|
117,574
|
|
|
114,467
|
|
||||
Total selling, general and administrative
|
|
$
|
49,501
|
|
|
$
|
54,194
|
|
|
$
|
162,726
|
|
|
$
|
159,032
|
|
Percent of revenue
|
|
5.2
|
%
|
|
6.7
|
%
|
|
7.4
|
%
|
|
8.6
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income
|
|
$
|
(1,141
|
)
|
|
$
|
(790
|
)
|
|
$
|
(3,356
|
)
|
|
$
|
(2,424
|
)
|
Interest expense
|
|
2,660
|
|
|
3,034
|
|
|
8,097
|
|
|
9,270
|
|
||||
Equity in income of affiliates
|
|
(2,732
|
)
|
|
(2,424
|
)
|
|
(4,907
|
)
|
|
(4,583
|
)
|
||||
Other income, net
|
|
(1,309
|
)
|
|
(732
|
)
|
|
(2,821
|
)
|
|
(5,287
|
)
|
||||
Total other income
|
|
$
|
(2,522
|
)
|
|
$
|
(912
|
)
|
|
$
|
(2,987
|
)
|
|
$
|
(3,024
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(dollars in thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Provision for income taxes
|
|
$
|
21,249
|
|
|
$
|
16,617
|
|
|
$
|
16,841
|
|
|
$
|
19,540
|
|
Effective tax rate
|
|
30.7
|
%
|
|
30.3
|
%
|
|
29.4
|
%
|
|
29.4
|
%
|
|
|
|
|
(in thousands)
|
|
September 30,
2017 |
|
December 31,
2016 |
|
September 30,
2016 |
||||||
Cash and cash equivalents excluding CCJVs
|
|
$
|
114,188
|
|
|
$
|
116,211
|
|
|
$
|
102,422
|
|
CCJV cash and cash equivalents
1
|
|
71,328
|
|
|
73,115
|
|
|
47,803
|
|
|||
Total consolidated cash and cash equivalents
|
|
185,516
|
|
|
189,326
|
|
|
150,225
|
|
|||
Short-term and long-term marketable securities
2
|
|
117,805
|
|
|
127,779
|
|
|
107,771
|
|
|||
Total cash, cash equivalents and marketable securities
|
|
$
|
303,321
|
|
|
$
|
317,105
|
|
|
$
|
257,996
|
|
|
|
Nine Months Ended
September
30,
|
||||||
(in thousands)
|
|
2017
|
|
2016
|
||||
Net cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
64,614
|
|
|
$
|
(19,398
|
)
|
Investing activities
|
|
(39,088
|
)
|
|
(60,777
|
)
|
||
Financing activities
|
|
(29,336
|
)
|
|
(22,436
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
|
|
|
Item 4.
|
CONTROLS AND PROCEDURES
|
Item 1.
|
LEGAL PROCEEDINGS
|
Period
|
|
Total number of shares purchased
1
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs
2
|
|
||||||
July 1, 2017 through July 31, 2017
|
|
1,743
|
|
|
$
|
48.34
|
|
|
—
|
|
|
$
|
200,000,000
|
|
|
Aug 1, 2017 through Aug 31, 2017
|
|
696
|
|
|
$
|
51.56
|
|
|
—
|
|
|
$
|
200,000,000
|
|
|
Sept 1, 2017 through Sept 30, 2017
|
|
449
|
|
|
$
|
55.86
|
|
|
—
|
|
|
$
|
200,000,000
|
|
|
|
|
2,888
|
|
|
$
|
50.29
|
|
|
—
|
|
|
|
|
|
|
|
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
†
|
||
†
|
||
††
|
||
†
|
||
101.INS
|
†
|
XBRL Instance Document
|
101.SCH
|
†
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
†
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
†
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
†
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
†
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
|
|
†
|
Filed herewith
|
|
††
|
Furnished herewith
|
|
|
|
|
GRANITE CONSTRUCTION INCORPORATED
|
|
|
|
|
|
Date:
|
October 27, 2017
|
|
By:
|
/s/ Laurel J. Krzeminski
|
|
|
|
|
Laurel J. Krzeminski
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
General Electric Company | GE |
Omega Flex, Inc. | OFLX |
Paycom Software, Inc. | PAYC |
Bank of America Corporation | BAC |
Citigroup Inc. | C |
JPMorgan Chase & Co. | JPM |
Wells Fargo & Company | WFC |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|