GRANITE CONSTRUCTION INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
GVA$124.81-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | 2023 | 2022 | 2021 |
|---|---|---|---|
| Operating activities | |||
| Net income | $29,587 | $78,857 | $2,414 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 92,270 | 82,569 | 109,050 |
| Amortization related to long-term debt | 2,390 | 2,366 | 9,448 |
| Non-cash loss on debt extinguishment | 51,052 | — | — |
| Gain on sales of property and equipment, net | (28,346) | (12,617) | (66,439) |
| Deferred income taxes | 26,556 | 5,447 | 16,600 |
| Stock-based compensation | 10,477 | 7,765 | 6,407 |
| Equity in net loss from unconsolidated construction joint ventures | 18,617 | 19,676 | 765 |
| Net income from affiliates | (25,748) | (13,571) | (12,586) |
| Other non-cash adjustments | 5,695 | 222 | — |
| Changes in assets and liabilities: | |||
| Receivables | (128,099) | 59,623 | (11,317) |
| Contract assets, net | 49,691 | (113,410) | 12,046 |
| Inventories | (1,430) | (14,307) | 774 |
| Contributions to unconsolidated construction joint ventures | (21,323) | (53,787) | (61,780) |
| Distributions from unconsolidated construction joint ventures and affiliates | 29,337 | 19,223 | 22,004 |
| Deposit for legal settlement | — | 129,000 | (129,000) |
| Other assets, net | (17,718) | 16,868 | (11,969) |
| Accounts payable | 66,828 | (9,778) | 7,396 |
| Accrual for legal settlement | — | (129,000) | 129,000 |
| Accrued expenses and other liabilities, net | 23,871 | (19,499) | (882) |
| Net cash provided by operating activities | $183,707 | $55,647 | $21,931 |
| Investing activities | |||
| Purchases of marketable securities | (9,740) | (94,104) | (10,000) |
| Maturities of marketable securities | 40,000 | 45,000 | — |
| Proceeds from called marketable securities | — | 6 | — |
| Purchases of property and equipment | (140,384) | (121,612) | (94,810) |
| Proceeds from sales of property and equipment | 38,109 | 26,064 | 94,802 |
| Proceeds from company-owned life insurance | 1,545 | — | — |
| Proceeds from the sale of business (see Note 1) | — | 140,576 | — |
| Acquisition of businesses, net of cash acquired (see Note 2) | (294,018) | — | — |
| Issuance of notes receivable | — | (7,560) | (20,400) |
| Collection of notes receivable | 5,198 | 630 | 8,930 |
| Net cash used in investing activities | $(359,290) | $(11,000) | $(21,478) |
| Financing activities | |||
| Proceeds from debt | 305,000 | 50,000 | — |
| Debt principal repayments | (305,118) | (125,164) | (8,922) |
| Capped call transactions | (53,035) | — | — |
| Redemption of warrants | (13,201) | — | — |
| Proceeds from issuance of 3.75% Convertible Notes | 373,750 | — | — |
| Debt issuance costs | (10,865) | — | — |
| Cash dividends paid | (22,811) | (23,271) | (23,804) |
| Repurchases of common stock (see Note 17) | (4,124) | (70,898) | (2,730) |
| Contributions from non-controlling partners | 43,300 | 13,150 | 20,126 |
| Distributions to non-controlling partners | (14,224) | (8,567) | (9,514) |
| Other financing activities, net | 583 | 439 | 398 |
| Net cash provided by (used in) financing activities | $299,255 | $(164,311) | $(24,446) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 123,672 | (119,664) | (23,993) |
| Cash, cash equivalents and $0, $1,512 and $1,512 in restricted cash at beginning of period | 293,991 | 413,655 | 437,648 |
|---|---|---|---|
| Cash, cash equivalents and $0, $0 and $1,512 in restricted cash at end of period | $417,663 | $293,991 | $413,655 |
| Supplementary Information | |||
| Right of use assets obtained in exchange for lease obligations | $39,361 | $17,547 | $23,379 |
| Cash paid during the period for: | |||
| Operating lease liabilities | $21,458 | $22,611 | $23,203 |
| Interest | $15,640 | $11,511 | $14,593 |
| Income taxes | $15,381 | $3,768 | $2,066 |
| Other non-cash operating activities: | |||
| Performance guarantees | $(6,854) | $(17,409) | $(167) |
| Deferred taxes related to capped call transactions | $13,394 | $— | $— |
| Non-cash investing and financing activities: | |||
| RSUs issued, net of forfeitures | $11,649 | $8,694 | $8,299 |
| Dividends declared but not paid | $5,713 | $5,687 | $5,959 |
| Contributions from non-controlling partners | $2,475 | $4,110 | $9,006 |
| Accrued equipment purchases | $152 | $5,745 | $(4,714) |
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