Everus Construction Group Inc
For the period ended Sep 30, 2024. Filed Nov 21, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 21, 2024
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Item 5. Other Information
Rule 10b5-1 Trading Arrangements
During the three months ended September 30, 2024, no director or officer of the Company adopted orterminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Leases Reclassification
Subsequent to the filing of the Company’s financial statements on Form 10, filed with the Securities and Exchange Commission on September 12, 2024, which is not incorporated by reference herein, for the three and six months ended June 30, 2024 and 2023 and for the year ended December 31, 2023, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The Company determined that this classification error is immaterial to the previously issued financial statements.
As such, the Company intends to correct these disclosures in its audited consolidated financial statements for the year ended December 31, 2023 in the Company’s Annual Report on Form 10-K for the year ending December 31, 2024 and unaudited condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2025. The financial information and footnotes contained in this Quarterly Report on Form 10-Q reflect the correction of the aforementioned classification error. The reclassification had no impact to results of operations, balance sheets, or cash flows for any of the periods described.
The following table summarizes the effects of the restatement on Note 8 – Leases for the Company’s operating leases for the year ended December 31, 2023:
| As Previously Reported | Adjustments | As Restated | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $26,386 | $— | $26,386 |
| Variable lease cost | 99,964 | (98,749) | 1,215 |
| Short-term lease cost | 1,215 | 98,749 | 99,964 |
| Total lease costs | $127,565 | $— | $127,565 |
The following table summarizes the effects of the restatement on Note 7 – Leases for the Company’s operating leases for the three months ended June 30, 2024:
| As Previously Reported | Adjustments | As Restated | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $7,484 | $— | $7,484 |
| Variable lease cost | 28,883 | (28,592) | 291 |
| Short-term lease cost | 291 | 28,592 | 28,883 |
| Total lease costs | $36,658 | $— | $36,658 |
The following table summarizes the effects of the restatement on Note 7 – Leases for the Company’s operating leases for the three months ended June 30, 2023:
| As Previously Reported | Adjustments | As Restated | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $6,449 | $— | $6,449 |
| Variable lease cost | 25,831 | (25,533) | 298 |
| Short-term lease cost | 298 | 25,533 | 25,831 |
| Total lease costs | $32,578 | $— | $32,578 |
The following table summarizes the effects of the restatement on Note 7 – Leases for the Company’s operating leases for the six months ended June 30, 2024:
| As Previously Reported | Adjustments | As Restated | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $14,613 | $— | $14,613 |
| Variable lease cost | 47,738 | (47,140) | 598 |
| Short-term lease cost | 598 | 47,140 | 47,738 |
| Total lease costs | $62,949 | $— | $62,949 |
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The following table summarizes the effects of the restatement on Note 7 – Leases for the Company’s operating leases for the six months ended June 30, 2023:
| As Previously Reported | Adjustments | As Restated | |
|---|---|---|---|
| (In thousands) | |||
| Lease costs: | |||
| Operating lease cost | $12,755 | $— | $12,755 |
| Variable lease cost | 46,914 | (46,318) | 596 |
| Short-term lease cost | 596 | 46,318 | 46,914 |
| Total lease costs | $60,265 | $— | $60,265 |
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