Granite construction inc (GVA)
CashFlow / Yearly
Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating activities
Net (loss) income

53,741

75,801

66,200

68,248

35,876

-44,766

59,920

66,085

-62,448

100,201

165,738

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Non-cash restructuring gains

-

-

-

-1,044

-2,643

44,734

145

6,745

93,862

1,449

0

Other impairment charges

-

-

-

-

-

-

-

-

-

-

4,500

Inventory written down

-

-

-

-

-

-

-

-

-

-

12,848

Depreciation, depletion and amortization

111,544

66,345

64,375

64,309

68,252

72,899

56,101

60,546

74,435

80,195

87,311

Gain on sales of property and equipment, net

4,910

4,182

8,358

8,286

15,972

12,130

27,447

15,789

13,748

17,169

-5,503

Change in deferred income taxes

20,010

-4,824

9,842

-28,258

-14,907

19,557

-6,013

-8,566

39,289

-21,107

1,190

Other non-cash impairment charges

-

-

-

-

-

-

-

-

821

4,110

-

Provision for (recovery of) doubtful accounts

-

-

-

-

-

-

-

-

-

-

10,958

Stock-based compensation

14,784

15,764

13,383

8,763

11,160

13,443

11,475

12,155

13,040

10,765

7,463

Equity in net loss from unconsolidated joint ventures

22,688

14,634

-15,614

-43,374

-49,168

-72,764

-101,747

-67,845

-

-

-

Other non-cash adjustments

-4,916

0

0

-

-

-

-

-

-

-

-

Gain on real estate entity

-

-

-

-

0

-

-

-

-

-

-

Net Income from affiliates

6,935

7,107

7,177

-3,210

-901

-

-

-

-

-

-

Changes in assets and liabilities, net of the effects of acquisitions:
Receivables

4,584

60,272

75,756

32,877

-3,549

-12,236

-9,415

2,258

-39,070

-31,302

100,533

Equity in income of affiliates

-

-

-

-

-

-

-

-

756

7,696

-1,058

Loss (gain) from marketable securities

-

-

-

-

-

-

-

-

-

-

10,939

(Gain) loss on company owned life insurance

-

-

-

-

-

-

-

-

-

2,551

-70

Acquisition of noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-16,617

Gain on sale of investment in affiliate

-

-

-

-

-

-

-

-

-

-

-14,416

Gain on early extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-1,150

Contract assets, net

17,770

0

0

-

-

-

-

-

-

-

-

Costs and estimated earnings in excess of billings, net

0

26,066

-2,100

22,374

13,856

507

-2,780

56,524

35,756

68,647

-43,823

Inventories

2,120

7,252

-308

-13,367

6,446

2,689

8,079

-43

5,368

-9,423

-10,812

Real estate held for development and sale

-

-

-

-

-

-

-

-

14,743

17,263

-15,225

Contributions to unconsolidated construction joint ventures

104,333

16,937

11,795

69,313

37,097

40,758

4,986

800

8,230

23,012

-10,341

Distributions from unconsolidated construction joint ventures and affiliates

16,922

39,955

19,344

53,367

67,255

110,347

92,474

35,598

-

-

-

Other assets, net

-21,598

-12,272

14,873

1,078

-5,519

-3,961

-8,898

3,715

-6,352

-4,656

40,940

Accounts payable

-26,732

36,716

37,731

8,363

-12,669

-34,048

-9,472

28,960

-1,871

-43,480

-38,956

Accrued expenses and other current liabilities, net

-12,429

11,348

-6,564

3,859

-24,624

-25,021

-3,700

20,578

-16,809

-19,089

-29,229

Net cash (used in) provided by operating activities

86,390

146,195

73,146

66,978

43,142

5,380

91,790

92,345

29,318

64,301

257,336

Investing activities
Purchases of marketable securities

9,952

124,543

129,685

104,971

64,975

74,924

124,596

155,122

121,626

99,011

71,630

Maturities of marketable securities

75,000

120,000

50,000

29,260

45,000

63,650

90,100

110,875

74,000

36,970

-108,090

Proceeds from called marketable securities

0

0

55,000

75,000

35,000

5,000

75,000

33,268

15,000

7,966

22,499

Purchase of company owned life insurance

-

-

-

-

-

-

-

-

6,117

8,000

8,000

Proceeds from company owned life insurance

-

-

-

-

-

-

-

-

-

-

0

Release of funds for acquisition of noncontrolling interest

-

-

-

-

-

-

-

-

-

-

-28,332

Purchases of property and equipment

111,101

67,695

90,970

44,179

43,428

43,682

37,622

45,035

37,004

87,645

94,135

Proceeds from sales of property and equipment

16,238

10,202

12,946

13,148

28,614

25,759

34,392

27,959

21,148

23,020

14,539

Distributions from affiliates

-

-

-

-

494

5,117

107

519

-

-

-

Contributions to (distributions from) affiliates, net

-

-

-

-

-

-

-

-

-

4,969

4,158

Issuance of notes receivable

-

-

-

-

-

-

-

-

-

11,314

0

Acquisition of businesses

-

-

-

-

-

-

-

-

-

-

14,022

Collection of notes receivable

-

-

-

943

468

-

-

-

-

13,104

728

Cash paid to purchase businesses, net of cash and restricted cash acquired

55,027

0

0

-

-

8,382

79,640

0

-

-

-

Proceeds from the sale of a business

47,812

0

0

-

-

-

-

-

-

-

-

Purchase of private preferred stock

-

-

-

-

-

-

-

-

6,400

0

0

Other investing activities, net

2,568

-2,850

-6,319

-92

393

-931

188

-327

564

0

500

Net cash used in investing activities

-39,598

-59,186

-96,390

-30,707

780

-31,648

-42,554

-27,728

-60,435

-129,879

-18,257

Financing activities
Proceeds from debt

203,250

25,000

30,000

30,000

0

0

70,495

2,122

1,918

10,750

3,725

Debt principal repayments

153,924

45,000

45,025

46,763

1,226

12,148

11,751

16,907

19,829

18,856

17,092

Cash dividends paid

22,424

20,687

20,563

20,445

20,319

20,210

20,117

20,117

20,150

20,057

20,055

Repurchases of common stock

16,557

6,977

5,227

3,777

5,124

5,896

4,854

4,029

3,641

3,431

45,540

Contributions from non-controlling partners

200

11,500

5,250

7,462

15,835

-

-

-

7,321

420

5,026

Distributions to non-controlling partners, net

13,275

7,109

5,258

6,992

8,066

34,600

16,093

21,581

21,498

26,019

-45,909

Acquisition of noncontrolling interest

-

-

-

-

-

-

-

-

-

-

11,716

Other financing activities, net

856

649

557

1,119

1,818

1,136

-2,023

344

62

884

891

Net cash (used in) provided by financing activities

-1,874

-42,624

-40,266

-39,396

-17,082

-66,601

15,764

-59,649

-55,817

-56,309

-130,670

Net (decrease) increase in cash, cash equivalents and restricted cash

44,918

44,385

-63,510

-3,125

26,840

-92,869

65,000

4,968

-86,934

-121,887

108,409

Cash paid during the period for:
Interest

14,864

11,446

13,392

14,601

14,666

14,622

11,484

16,239

15,715

22,783

12,700

Income taxes

19,069

33,948

29,872

4,298

2,326

4,119

24,616

24,783

3,861

54,082

68,492

Performance guarantees

0

5,497

17,596

10,306

-21,332

23,765

-6,528

4,941

-

-

-

Non-cash investing and financing activities:
Common stock issued in acquisition

321,019

0

0

-

-

-

-

-

-

-

-

Premium on 8.0% Convertible Notes

53,086

0

0

-

-

-

-

-

-

-

-

Premium on 8.0% Convertible Notes

30,702

0

0

-

-

-

-

-

-

-

-

RSUs issued, net of forfeitures

13,728

11,505

21,101

6,220

6,514

13,775

14,175

6,874

9,192

18,457

6,961

Accrued cash dividends

-

-

-

5,124

5,094

5,059

5,035

-

-

-

-

Restricted stock units issued

-

-

-

-

-

-

-

-

-

-

3,237

Accrued equipment purchases

-

-

-

2,891

-3,704

1,525

1,109

14,447

6,064

0

2,652

Debt extinguishment from joint venture interest assignment

-

-

-

-

-

-

18,612

0

0

-

-

Debt payment from refinance

-

-

-

-

-

-

1,150

0

0

-

-

Settlement of debt from release of assets

-

-

-

-

-

-

-

-

-

-

5,250