GRANITE CONSTRUCTION INC
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 14, 2025
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, | 2024 | 2023 | 2022 |
|---|---|---|---|
| Operating activities: | |||
| Net income | $140,443 | $29,587 | $78,857 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 126,331 | 92,270 | 82,569 |
| Amortization related to long-term debt | 4,501 | 2,390 | 2,366 |
| Loss on debt extinguishment | 27,552 | 51,052 | — |
| Gain on sales of property and equipment, net | (8,764) | (28,346) | (12,617) |
| Deferred income taxes | 13,655 | 26,556 | 5,447 |
| Stock-based compensation | 19,595 | 10,477 | 7,765 |
| Equity in net loss from unconsolidated construction joint ventures | 5,102 | 18,617 | 19,676 |
| Net income from affiliates | (16,982) | (25,748) | (13,571) |
| Other non-cash adjustments | 3,958 | 5,695 | 222 |
| Changes in assets and liabilities: | |||
| Receivables | 102,891 | (128,099) | 59,623 |
| Contract assets, net | (11,468) | 49,691 | (113,410) |
| Inventories | (2,862) | (1,430) | (14,307) |
| Contributions to unconsolidated construction joint ventures | (7,718) | (21,323) | (53,787) |
| Distributions from unconsolidated construction joint ventures and affiliates | 33,836 | 29,337 | 19,223 |
| Deposit for legal settlement | — | — | 129,000 |
| Other assets, net | 9,534 | (17,718) | 16,868 |
| Accounts payable | 420 | 66,828 | (9,778) |
| Accrual for legal settlement | — | — | (129,000) |
| Accrued expenses and other liabilities, net | 16,319 | 23,871 | (19,499) |
| Net cash provided by operating activities | $456,343 | $183,707 | $55,647 |
| Investing activities: | |||
| Purchases of marketable securities | (10,977) | (9,740) | (94,104) |
| Maturities of marketable securities | 38,000 | 40,000 | 45,000 |
| Purchases of property and equipment | (136,405) | (140,384) | (121,612) |
| Proceeds from sales of property and equipment | 13,852 | 38,109 | 26,064 |
| Proceeds from the sale of business | — | — | 140,576 |
| Acquisitions of businesses, net of cash acquired (see Note 2) | (121,178) | (294,018) | — |
| Cash paid for purchase price adjustments on business acquisition (see Note 2) | (13,183) | — | — |
| Issuance of notes receivable | — | — | (7,560) |
| Collection of notes receivable | — | 5,198 | 630 |
| Other investing activities | 1,335 | 1,545 | 6 |
| Net cash used in investing activities | $(228,556) | $(359,290) | $(11,000) |
| Financing activities: | |||
| Proceeds from issuance of convertible notes | 373,750 | 373,750 | — |
| Proceeds from long-term debt | — | 305,000 | 50,000 |
| Debt principal repayments | (310,498) | (305,118) | (125,164) |
| Capped call transactions | (46,046) | (53,035) | — |
| Redemption of warrants | (497) | (13,201) | — |
| Debt issuance costs | (10,474) | (10,865) | — |
| Cash dividends paid | (22,813) | (22,811) | (23,271) |
| Repurchases of common stock (see Note 17) | (50,631) | (4,124) | (70,898) |
| Contributions from non-controlling partners | 24,000 | 43,300 | 13,150 |
| Distributions to non-controlling partners | (25,587) | (14,224) | (8,567) |
| Other financing activities, net | 1,676 | 583 | 439 |
| Net cash provided by (used in) financing activities | $(67,120) | $299,255 | $(164,311) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 160,667 | 123,672 | (119,664) |
|---|---|---|---|
| Cash, cash equivalents and $0, $0 and $1,512 in restricted cash at beginning of period | 417,663 | 293,991 | 413,655 |
| Cash, cash equivalents and no restricted cash at end of any period | $578,330 | $417,663 | $293,991 |
| Supplementary Information: | |||
| Right of use assets obtained in exchange for lease obligations | $32,095 | $39,361 | $17,547 |
| Cash paid during the period for: | |||
| Operating lease liabilities | $23,707 | $21,458 | $22,611 |
| Interest | $26,072 | $15,640 | $11,511 |
| Income taxes | $31,938 | $15,381 | $3,768 |
| Other non-cash operating activities: | |||
| Deferred taxes related to capped call transactions | $11,818 | $13,394 | $— |
| Non-cash investing and financing activities: | |||
| RSUs issued, net of forfeitures | $20,873 | $11,649 | $8,694 |
| Dividends declared but not paid | $5,652 | $5,713 | $5,687 |
| Contributions from non-controlling partners | $1,959 | $2,475 | $4,110 |
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