Granite Construction Inc. Files 2023 Annual Report on Form 10-K

Ticker: GVA · Form: 10-K · Filed: Feb 23, 2024 · CIK: 861459

Sentiment: neutral

Topics: 10-K, Granite Construction, Annual Report, Construction, Financials

TL;DR

<b>Granite Construction Inc. has filed its annual 10-K report detailing its 2023 financial performance and operations.</b>

AI Summary

GRANITE CONSTRUCTION INC (GVA) filed a Annual Report (10-K) with the SEC on February 23, 2024. Granite Construction Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The report covers the company's financial performance and operations for the fiscal year 2023. Key financial data and operational details are provided in the filing. The filing includes information on revenue from contracts with customers. The company's principal business address is 585 West Beach St, Watsonville, CA 95076.

Why It Matters

For investors and stakeholders tracking GRANITE CONSTRUCTION INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Granite Construction's financial health and strategic direction for the past fiscal year, crucial for investors assessing its performance. The detailed financial statements and risk factors within the report offer insights into the company's operational landscape and potential challenges in the heavy construction sector.

Risk Assessment

Risk Level: medium — GRANITE CONSTRUCTION INC shows moderate risk based on this filing. The company operates in the heavy construction sector, which is subject to economic cycles, regulatory changes, and project-specific risks, as detailed in the 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Granite Construction's performance and outlook.

Key Numbers

Key Players & Entities

FAQ

When did GRANITE CONSTRUCTION INC file this 10-K?

GRANITE CONSTRUCTION INC filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by GRANITE CONSTRUCTION INC (GVA).

Where can I read the original 10-K filing from GRANITE CONSTRUCTION INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GRANITE CONSTRUCTION INC.

What are the key takeaways from GRANITE CONSTRUCTION INC's 10-K?

GRANITE CONSTRUCTION INC filed this 10-K on February 23, 2024. Key takeaways: Granite Construction Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The report covers the company's financial performance and operations for the fiscal year 2023.. Key financial data and operational details are provided in the filing..

Is GRANITE CONSTRUCTION INC a risky investment based on this filing?

Based on this 10-K, GRANITE CONSTRUCTION INC presents a moderate-risk profile. The company operates in the heavy construction sector, which is subject to economic cycles, regulatory changes, and project-specific risks, as detailed in the 10-K filing.

What should investors do after reading GRANITE CONSTRUCTION INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Granite Construction's performance and outlook. The overall sentiment from this filing is neutral.

How does GRANITE CONSTRUCTION INC compare to its industry peers?

Granite Construction Inc. operates in the heavy construction sector, which involves large-scale infrastructure projects and public works.

Are there regulatory concerns for GRANITE CONSTRUCTION INC?

The company is subject to various federal, state, and local regulations governing construction projects, environmental standards, and labor practices.

Industry Context

Granite Construction Inc. operates in the heavy construction sector, which involves large-scale infrastructure projects and public works.

Regulatory Implications

The company is subject to various federal, state, and local regulations governing construction projects, environmental standards, and labor practices.

What Investors Should Do

  1. Review Granite Construction's consolidated financial statements for the fiscal year ended December 31, 2023.
  2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
  3. Examine management's discussion and analysis of financial condition and results of operations for insights into performance drivers.

Key Dates

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Stats: 4,298 words · 17 min read · ~14 pages · Grade level 15.3 · Accepted 2024-02-22 19:55:59

Key Financial Figures

Filing Documents

BUSINESS

BUSINESS 3 Item 1A.

RISK FACTORS

RISK FACTORS 12 Item 1B. UNRESOLVED STAFF COMMENTS 24 I tem 1C. C Y BERSECURITY 24 Item 2.

PROPERTIES

PROPERTIES 25 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 30 Item 4. MINE SAFETY DISCLOSURES 30 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 30 Item 6. [RESERVED] 31 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 31 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 44 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 44 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 44 Item 9B. OTHER INFORMATION 45 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 45 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 46 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 46 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 46 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 46 Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 46 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 47 EXHIBIT 21 EXHIBIT 23.1 EXHIBIT 31.1 EXHIBIT 31.2 EXHIBIT 32 EXHIBIT 95 EXHIBIT 101.INS EXHIBIT 101.SCH EXHIBIT 101.CAL EXHIBIT 101.DEF EXHIBIT 101.LAB EXHIBIT 101.PRE EXHIBIT 104 1 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS From time to time, Granite makes certain comments and disclosures in reports and statements, including in this Annual Report on Form 10-K, and its officers or directors make statements that are not based on historical facts, including statements regarding future events, occurrences, circumstances, strategy, activities, performance, outlook, outcomes, targets, guidance, capital expenditures, committed and awarded projects, and results, that may 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," "target," and the negatives thereof or other comparable terminology or by the context in which they are made. In addition, other written or oral statements that constitute forward-looking statements have been made and may in the future be made by or on behalf of Granite. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, occurrences, circumstances, strategy, activities, performance, outlook, outcomes, targets, guidance, capital expenditures, committed and awarded projects, and results. These expectations may

BUSINESS

Item 1. BUSINESS Introduction Granite Construction Company was incorporated in 1922. In 1990, Granite Construction Incorporated was formed as the holding company for Granite Construction Company and its wholly-owned and consolidated subsidiaries and was incorporated in Delaware. Unless otherwise indicated, the terms "we," "us," "our," "Company" and "Granite" refer to Granite Construction Incorporated and its wholly-owned and consolidated subsidiaries. We deliver infrastructure solutions for public and private clients primarily in the United States. We are one of the largest diversified construction and construction materials companies in the United States. Within the public sector, we primarily concentrate on infrastructure projects, including the construction of streets, roads, highways, mass transit facilities, airport infrastructure, bridges, dams, power-related facilities, utilities, tunnels, water well drilling and other infrastructure-related projects. Within the private sector, we perform various services such as site preparation, mining services and infrastructure services for commercial and industrial sites, railways, residential development, energy development, as well as provide construction management professional services. Operating Structure Our reportable segments are the same as our operating segments and correspond with how our chief operating decision maker, or decision-making group (our "CODM"), regularly reviews financial information to allocate resources and assess performance. We identified our CODM as our Chief Executive Officerand our Chief Operating Officer. Our reportable segments are: Construction and Materials. The Construction segment focuses on construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure and site developmentfor use by the general public andwater-related constructionfor municipal agencies, commercial water suppliers, industr

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