GRANITE CONSTRUCTION INC GVA Cash Flow

Granite construction inc (GVA)

CashFlow / Quarterly

Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating activities
Net (loss) income
21,913	-93,961	-31,081	10,387	59,097	-6,081	-9,662	35,325	48,055	16,272	-23,851	19,264	38,173	18,526	-9,763	35,139	32,180	9,539	-8,610	20,825	14,106	22,206	-21,261	-33,254	6,533	1,781	-19,826	18,374	45,746	4,487	-8,687	24,792	42,376	6,173	-7,256	-65,386	43,301	-2,633	-37,730
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization
30,953	32,901	28,846	33,728	34,269	28,036	15,511	17,823	17,374	16,499	14,649	17,738	17,135	15,766	13,736	15,792	17,186	15,704	15,627	18,284	18,090	16,046	15,832	18,111	20,426	18,392	15,970	12,450	14,078	14,612	14,961	14,855	15,227	15,173	15,291	20,266	18,330	17,177	18,662
Gain on sales of property and equipment, net
7,101	4,935	1,900	-156	3,018	1,505	543	1,352	1,753	807	270	5,994	398	1,366	600	6,196	804	475	811	9,081	3,005	2,992	894	4,477	3,259	3,307	1,087	20,954	1,622	2,954	1,917	4,217	5,598	3,270	2,704	2,331	3,165	12,704	-4,452
Change in deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13,112	-182	0	-1,613	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-119
Non-cash restructuring, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	370	661	0	-	-	-	-
Stock-based compensation
1,703	1,473	5,748	2,163	2,428	2,421	7,772	2,184	2,356	2,311	8,913	2,370	2,450	2,578	5,985	1,801	1,970	1,829	3,163	2,227	2,348	2,490	4,095	2,798	2,544	2,715	5,386	2,565	2,418	2,296	4,196	3,161	3,081	2,764	3,149	2,799	3,356	3,727	3,158
Equity in net loss from unconsolidated joint ventures
-278,834	106,289	-455	38,988	-29,718	16,055	-2,637	-781	7,166	9,705	-1,456	289	-10,215	2,850	-8,538	-13,909	-10,918	-7,276	-11,271	-22,167	-1,277	-23,162	-2,562	-20,938	-20,625	-14,183	-17,018	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities, net of the effects of acquisitions:
Receivables
146,394	183,167	-105,086	-150,412	130,175	83,348	-58,527	-147,636	143,044	133,136	-68,272	-93,922	82,392	120,644	-33,358	-115,914	94,529	90,924	-36,662	-107,462	59,753	112,543	-68,383	-112,092	90,680	72,870	-63,694	-124,481	94,295	62,721	-41,950	-110,532	75,880	113,325	-76,415	-129,834	74,368	-64,912	81,308
(Gain) loss on company owned life insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	550	-	907	3,577	-1,829
Contract assets, net
-10,499	-31,775	55,550	18,125	-76,521	28,389	47,777	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs and estimated earnings in excess of billings, net
-	-	-	-	-	-	-	40,792	-43,010	2,703	25,581	-307	-32,438	8,852	21,793	25,995	-26,579	-6,408	29,366	-30,270	-12,024	12,832	43,318	-15,557	-19,179	-2,856	38,099	-14,122	-35,859	31,467	15,734	-9,521	26,654	9,770	29,621	13,119	79,789	-21,220	-35,932
Inventories
-6,727	4,667	8,238	-2,163	-5,243	728	8,798	438	-3,436	6,714	3,536	-5,770	-3,696	5,267	3,891	-4,736	-10,733	6,386	-4,284	-5,685	-4,896	2,094	14,933	807	-7,238	2,614	6,506	-4,945	-3,504	-279	16,807	-7,012	-6,740	7,828	5,881	5,944	-3,305	6,412	-3,683
Real estate held for development and sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	936	105	1,715	4,761	3,737	7,932	-1,687
Contributions to unconsolidated construction joint ventures
11,780	18,567	26,933	15,333	33,267	29,666	26,067	13,000	3,187	-63	813	250	3,527	5,303	2,715	13,919	14,644	20,750	20,000	12,300	11,000	13,797	0	12,244	12,305	1	16,208	8,125	-9,931	15,870	-9,078	-21,899	9,762	8,880	4,057	-5,780	8,519	10,122	-4,631
Distributions from unconsolidated construction joint ventures and affiliates
12,351	500	330	-13,092	18,813	7,165	4,036	6,581	880	16,315	16,179	13,494	405	933	4,512	11,809	19,538	850	21,170	20,264	30,463	9,648	6,880	42,314	25,547	40,666	1,820	-	-	-	-	-	-	-	-	-	-	-	-
Other assets, net
-14,220	11,172	4,189	-5,303	-12,103	-10,328	6,136	-1,749	-17,560	-11,428	18,465	12,664	-5,335	-4,904	12,448	8,559	-6,558	-4,242	3,319	-64	-7,034	-8,588	10,167	-8,781	-1,699	14	6,505	9,683	-2,828	-17,955	2,202	13,074	-4,006	-4,890	-463	784	5,555	-7,959	-4,732
Accounts payable
100,509	82,340	-34,110	-68,404	17,113	37,397	-12,838	-54,083	38,382	80,578	-28,161	-25,056	15,258	69,610	-22,081	-39,671	26,173	50,470	-28,609	-56,379	1,475	61,864	-19,629	-37,252	14,928	21,435	-33,159	-60,497	23,393	56,810	-29,178	-57,940	36,936	84,976	-35,012	-77,293	33,356	73,535	-31,469
Accrued expenses and other current liabilities, net
-25,336	38,486	-13,918	-49,781	32,112	14,248	-9,008	-12,247	14,425	1,714	7,456	-26,346	19,940	-13,962	13,804	-12,634	15,307	-12,976	14,162	-24,747	9,972	-6,033	-3,816	-45,963	15,411	8,646	-3,115	-1,617	12,492	3,958	-18,533	-10,364	28,209	10,579	-7,846	-28,358	9,572	3,195	-1,218
Net cash (used in) provided by operating activities
67,017	-57,151	-36,364	71,647	90,188	-37,825	-37,620	81,581	41,928	9,350	13,336	92,544	33,715	-42,679	-10,434	75,107	48,534	-49,745	-6,918	89,975	25,555	-52,611	-19,777	69,895	-12,867	3,005	-54,653	71,627	54,787	-11,751	-22,873	90,327	18,754	-17,412	676	18,752	49,484	-14,564	-24,354
Investing activities
Purchases of marketable securities
0	0	0	0	0	0	9,952	44,835	29,892	19,906	29,910	44,927	54,864	9,946	19,948	50,010	24,987	19,986	9,988	15,000	14,984	24,991	10,000	39,967	19,982	0	14,975	64,660	19,991	14,958	24,987	39,976	49,859	37,946	27,341	43,271	18,282	12,562	47,511
Maturities of marketable securities
15,000	5,000	0	15,000	0	25,000	35,000	30,000	20,000	40,000	30,000	20,000	10,000	15,000	5,000	2,560	10,000	6,700	10,000	5,000	15,000	20,000	5,000	6,650	14,000	23,000	20,000	20,000	5,000	50,100	15,000	25,000	27,500	34,375	24,000	23,100	26,000	24,900	0
Proceeds from called marketable securities
-	-	-	-	-	-	-	-	-	-	-	5,000	15,000	30,000	5,000	30,000	15,000	25,000	5,000	10,000	10,000	0	15,000	0	0	0	5,000	20,000	20,000	15,000	20,000	0	14,000	5,000	14,268	5,000	0	10,000	0
Purchases of property and equipment
28,975	25,610	28,744	24,970	49,660	20,504	15,967	10,887	19,290	16,146	21,372	23,081	19,052	24,272	24,565	18,035	9,992	8,545	7,607	5,957	17,380	9,716	10,375	13,215	11,045	9,466	9,956	11,651	6,116	10,630	9,225	10,287	7,206	15,782	11,760	6,822	8,373	7,097	14,712
Proceeds from sales of property and equipment
20,234	3,183	4,687	6,758	6,776	2,029	675	5,095	2,522	1,525	1,060	7,156	3,280	1,738	772	9,709	1,377	973	1,089	16,357	6,419	4,478	1,360	7,328	9,950	5,064	3,417	26,024	2,290	3,195	2,883	7,888	9,805	5,643	4,623	3,923	5,289	6,262	5,674
Distributions from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-890	6	6,001	0	-	-	-	-	-	-	-	-	-	-	-	0
Purchase of private preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	6,400
Other investing activities, net
3,541	-71	286	2,888	-51	76	-345	-529	-2,298	44	-67	-2,472	-3,975	-146	274	-341	1,161	-529	-383	-716	1,156	-8	-39	157	-925	-220	57	1,353	-2,143	684	294	1,986	-2,193	1,101	-1,221	2,971	-3,276	416	453
Net cash used in investing activities
2,718	-23,583	-24,343	41,715	-42,833	-48,581	10,101	-20,098	-24,362	5,429	-20,155	-35,613	-39,428	12,666	-34,015	-25,339	-8,916	4,671	-1,123	12,078	-2,101	-10,221	1,024	-39,361	-9,913	14,197	3,429	-91,280	3,326	42,023	3,377	-19,361	-3,567	-9,811	5,011	-26,030	5,832	23,165	-63,402
Financing activities
Proceeds from debt
30,075	55,499	20,000	60,000	38,000	105,250	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	53
Debt principal repayments
42,176	21,940	21,902	111,775	40,899	0	1,250	41,250	1,250	1,250	1,250	41,275	1,250	1,250	1,250	46,457	0	0	306	-	-	-	-	-	-	-	-	167	750	8,334	2,500	-386	1,142	8,916	7,235	1,357	317	9,416	8,739
Cash dividends paid
6,088	6,085	6,067	6,096	5,939	5,206	5,183	5,181	5,179	5,176	5,151	5,148	5,148	5,143	5,124	5,119	5,118	5,114	5,094	5,090	5,087	5,059	5,083	5,060	5,072	5,033	5,045	5,039	5,028	5,029	5,021	5,027	5,029	5,023	5,038	5,040	5,043	5,044	5,023
Repurchases of common stock
2,968	81	3,867	10,188	204	46	6,119	264	145	120	6,448	281	101	386	4,459	452	34	100	3,191	373	382	91	4,278	439	435	115	4,907	333	467	217	3,837	189	178	147	3,515	267	-60	138	3,296
Distributions to non-controlling partners, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23,222	-2,400	-8,478	-4,278	-	-	-	-	-	-	-	-	4,092	5,873	9,554	2,062	558	1,143	31,900	-12,103
Other financing activities, net
4	1,236	2	415	12	488	-59	516	-44	334	-157	404	-303	-288	744	1,101	912	-968	74	810	331	182	495	346	90	741	-41	-2,671	85	473	90	-794	65	164	909	-571	531	99	3
Net cash (used in) provided by financing activities
-30,187	25,429	-11,834	-70,591	-12,758	94,086	-12,611	-13,288	-10,118	-6,212	-13,006	-17,830	-5,280	-7,067	-10,089	-18,717	-5,980	-6,182	-8,517	-13,266	-2,738	3,510	-4,588	-13,876	-12,590	-30,142	-9,993	54,321	-8,742	-18,547	-11,268	-7,075	-12,157	-23,476	-16,941	1,446	-5,912	-22,246	-29,105
Net (decrease) increase in cash, cash equivalents and restricted cash
39,548	-55,305	-72,541	42,771	34,597	7,680	-40,130	48,195	7,448	8,567	-19,825	39,101	-10,993	-37,080	-54,538	31,051	33,638	-51,256	-16,558	88,787	20,716	-59,322	-23,341	16,658	-35,370	-12,940	-61,217	34,668	49,371	11,725	-30,764	63,891	3,030	-50,699	-11,254	-5,832	49,404	-13,645	-116,861
Supplementary Information
Right of use assets obtained in exchange for lease obligations
11,909	4,357	2,739	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for operating lease liabilities
9,131	353	4,229	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid during the period for:
Interest
5,377	4,903	3,478	5,835	2,895	4,625	1,509	4,726	763	4,715	1,242	5,835	646	6,353	558	6,814	567	6,608	612	7,755	-426	6,713	624	6,682	601	7,615	-276	4,536	-210	6,548	610	6,521	906	7,876	936	7,519	-1,510	8,130	1,576
Income taxes
437	11,210	253	10,493	1,330	7,097	149	31,259	135	657	1,897	23,124	310	300	6,138	3,848	38	210	202	33	149	593	1,551	1,781	4,344	-734	-1,272	23,485	360	466	305	23,878	665	207	33	3,392	161	242	66
Performance guarantees
-	-	-	-	-	-	-	-	-	-	-	0	6,349	-623	11,870	21,006	-1,110	-14,326	4,736	-42,664	21,949	-179	-438	-	-	-	-23,590	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash investing and financing activities:
RSUs issued, net of forfeitures
32	1,082	7,459	191	515	765	12,257	321	-70	145	11,109	44	44	849	20,164	296	-211	854	5,281	-348	-107	696	6,273	-167	28,804	-1,460	-13,402	2,643	115	477	10,940	-22	2,298	634	3,964	2,429	-145	174	6,734
Accrued equipment purchases
-	-	341	-	-	-	1,418	-	-	-	749	-	2,370	-2,098	-3,725	-354	-79	1,011	2,313	-3,033	1,165	-1,836	0	-	-	-	-	0	0	450	659	11,001	169	2,440	837	577	1,087	325	4,075
Debt extinguishment from joint venture interest assignment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	9,497	0	0	9,115	0	0	0	0	-	-	-	-
Debt payment from refinance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,150	0	0	0	0	-	-	-	-