GRANITE CONSTRUCTION INC GVA Cash Flow

Granite construction inc (GVA)

CashFlow / TTM

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
-92,742	-55,558	32,322	53,741	78,679	67,637	89,990	75,801	59,740	49,858	52,112	66,200	82,075	76,082	67,095	68,248	53,934	35,860	48,527	35,876	-18,203	-25,776	-46,201	-44,766	6,862	46,075	48,781	59,920	66,338	62,968	64,654	66,085	-24,093	-23,168	-31,974	-62,448	0	0	0
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation, depletion and amortization
126,428	129,744	124,879	111,544	95,639	78,744	67,207	66,345	66,260	66,021	65,288	64,375	62,429	62,480	62,418	64,309	66,801	67,705	68,047	68,252	68,079	70,415	72,761	72,899	67,238	60,890	57,110	56,101	58,506	59,655	60,216	60,546	65,957	69,060	71,064	74,435	0	0	0
Gain on sales of property and equipment, net
13,780	9,697	6,267	4,910	6,418	5,153	4,455	4,182	8,824	7,469	8,028	8,358	8,560	8,966	8,075	8,286	11,171	13,372	15,889	15,972	11,368	11,622	11,937	12,130	28,607	26,970	26,617	27,447	10,710	14,686	15,002	15,789	13,903	11,470	20,904	13,748	0	0	0
Change in deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14,907	0	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	0
Non-cash restructuring, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Stock-based compensation
11,087	11,812	12,760	14,784	14,805	14,733	14,623	15,764	15,950	16,044	16,311	13,383	12,814	12,334	11,585	8,763	9,189	9,567	10,228	11,160	11,731	11,927	12,152	13,443	13,210	13,084	12,665	11,475	12,071	12,734	13,202	12,155	11,793	12,068	13,031	13,040	0	0	0
Equity in net loss from unconsolidated joint ventures
-134,012	115,104	24,870	22,688	-17,081	19,803	13,453	14,634	15,704	-1,677	-8,532	-15,614	-29,812	-30,515	-40,641	-43,374	-51,632	-41,991	-57,877	-49,168	-47,939	-67,287	-58,308	-72,764	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities, net of the effects of acquisitions:
Receivables
74,063	57,844	-41,975	4,584	7,360	20,229	70,017	60,272	113,986	53,334	40,842	75,756	53,764	65,901	36,181	32,877	41,329	6,553	28,172	-3,549	-8,179	22,748	-16,925	-12,236	-24,625	-21,010	-31,159	-9,415	4,534	-13,881	36,723	2,258	-17,044	-18,556	-196,793	-39,070	0	0	0
(Gain) loss on company owned life insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0
Contract assets, net
31,401	-34,621	25,543	17,770	-355	76,166	47,777	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs and estimated earnings in excess of billings, net
-	-	-	-	-	-	-	26,066	-15,033	-4,461	1,688	-2,100	24,202	30,061	14,801	22,374	-33,891	-19,336	-96	13,856	28,569	21,414	5,726	507	1,942	-14,738	19,585	-2,780	1,821	64,334	42,637	56,524	79,164	132,299	101,309	35,756	0	0	0
Inventories
4,015	5,499	1,560	2,120	4,721	6,528	12,514	7,252	1,044	784	-663	-308	726	-6,311	-5,192	-13,367	-14,316	-8,479	-12,771	6,446	12,938	10,596	11,116	2,689	-3,063	671	-2,222	8,079	6,012	2,776	10,883	-43	12,913	16,348	14,932	5,368	0	0	0
Real estate held for development and sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,517	10,318	18,145	14,743	0	0	0
Contributions to unconsolidated construction joint ventures
72,613	94,100	105,199	104,333	102,000	71,920	42,191	16,937	4,187	4,527	9,893	11,795	25,464	36,581	52,028	69,313	67,694	64,050	57,097	37,097	37,041	38,346	24,550	40,758	36,639	14,403	30,272	4,986	-25,038	-5,345	-12,335	800	16,919	15,676	16,918	8,230	0	0	0
Distributions from unconsolidated construction joint ventures and affiliates
89	6,551	13,216	16,922	36,595	18,662	27,812	39,955	46,868	46,393	31,011	19,344	17,659	36,792	36,709	53,367	61,822	72,747	81,545	67,255	89,305	84,389	115,407	110,347	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other assets, net
-4,162	-2,045	-23,545	-21,598	-18,044	-23,501	-24,601	-12,272	2,141	14,366	20,890	14,873	10,768	9,545	10,207	1,078	-7,545	-8,021	-12,367	-5,519	-14,236	-8,901	-299	-3,961	14,503	13,374	-4,595	-8,898	-5,507	-6,685	6,380	3,715	-8,575	986	-2,083	-6,352	0	0	0
Accounts payable
80,335	-3,061	-48,004	-26,732	-12,411	8,858	52,039	36,716	65,743	42,619	31,651	37,731	23,116	34,031	14,891	8,363	-8,345	-33,043	-21,649	-12,669	6,458	19,911	-20,518	-34,048	-57,293	-48,828	-13,453	-9,472	-6,915	6,628	34,794	28,960	9,607	6,027	-5,414	-1,871	0	0	0
Accrued expenses and other current liabilities, net
-50,549	6,899	-17,339	-12,429	25,105	7,418	-5,116	11,348	-2,751	2,764	-12,912	-6,564	7,148	2,515	3,501	3,859	-8,254	-13,589	-6,646	-24,624	-45,840	-40,401	-25,722	-25,021	19,325	16,406	11,718	-3,700	-12,447	3,270	9,891	20,578	2,584	-16,053	-23,437	-16,809	0	0	0
Net cash (used in) provided by operating activities
45,149	68,320	87,646	86,390	96,324	48,064	95,239	146,195	157,158	148,945	96,916	73,146	55,709	70,528	63,462	66,978	81,846	58,867	56,001	43,142	23,062	-15,360	40,256	5,380	7,112	74,766	60,010	91,790	110,490	74,457	68,796	92,345	20,770	51,500	54,348	29,318	0	0	0
Investing activities
Purchases of marketable securities
0	0	0	9,952	54,787	84,679	104,585	124,543	124,635	149,607	139,647	129,685	134,768	104,891	114,931	104,971	69,961	59,958	64,963	64,975	89,942	94,940	69,949	74,924	99,617	99,626	114,584	124,596	99,912	129,780	152,768	155,122	158,417	126,840	101,456	121,626	0	0	0
Maturities of marketable securities
35,000	20,000	40,000	75,000	90,000	110,000	125,000	120,000	110,000	100,000	75,000	50,000	32,560	32,560	24,260	29,260	31,700	36,700	50,000	45,000	46,650	45,650	48,650	63,650	77,000	68,000	95,100	90,100	95,100	117,600	101,875	110,875	108,975	107,475	98,000	74,000	0	0	0
Proceeds from called marketable securities
-	-	-	-	-	-	-	-	-	-	-	55,000	80,000	80,000	75,000	75,000	55,000	50,000	25,000	35,000	25,000	15,000	15,000	5,000	25,000	45,000	60,000	75,000	55,000	49,000	39,000	33,268	38,268	24,268	29,268	15,000	0	0	0
Purchases of property and equipment
108,299	128,984	123,878	111,101	97,018	66,648	62,290	67,695	79,889	79,651	87,777	90,970	85,924	76,864	61,137	44,179	32,101	39,489	40,660	43,428	50,686	44,351	44,101	43,682	42,118	37,189	38,353	37,622	36,258	37,348	42,500	45,035	41,570	42,737	34,052	37,004	0	0	0
Proceeds from sales of property and equipment
34,862	21,404	20,250	16,238	14,575	10,321	9,817	10,202	12,263	13,021	13,234	12,946	15,499	13,596	12,831	13,148	19,796	24,838	28,343	28,614	19,585	23,116	23,702	25,759	44,455	36,795	34,926	34,392	16,256	23,771	26,219	27,959	23,994	19,478	20,097	21,148	0	0	0
Distributions from affiliates
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,117	0	0	0	-	-	-	-	-	-	-	-	-	-	-	0
Purchase of private preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,400	0	0	0
Other investing activities, net
6,644	3,052	3,199	2,568	-849	-3,096	-3,128	-2,850	-4,793	-6,470	-6,660	-6,319	-4,188	948	565	-92	-467	-472	49	393	1,266	-815	-1,027	-931	265	-953	-49	188	821	771	1,188	-327	658	-425	-1,110	564	0	0	0
Net cash used in investing activities
-3,493	-49,044	-74,042	-39,598	-101,411	-82,940	-28,930	-59,186	-74,701	-89,767	-82,530	-96,390	-86,116	-55,604	-63,599	-30,707	6,710	13,525	-1,367	780	-50,659	-58,471	-34,053	-31,648	-83,567	-70,328	-42,502	-42,554	29,365	22,472	-29,362	-27,728	-34,397	-24,998	7,978	-60,435	0	0	0
Financing activities
Proceeds from debt
165,574	173,499	223,250	203,250	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Debt principal repayments
197,793	196,516	174,576	153,924	83,399	43,750	45,000	45,000	45,025	45,025	45,025	45,025	50,207	48,957	47,707	46,763	0	0	0	-	-	-	-	-	-	-	-	11,751	11,198	11,590	12,172	16,907	18,650	17,825	18,325	19,829	0	0	0
Cash dividends paid
24,336	24,187	23,308	22,424	21,509	20,749	20,719	20,687	20,654	20,623	20,590	20,563	20,534	20,504	20,475	20,445	20,416	20,385	20,330	20,319	20,289	20,274	20,248	20,210	20,189	20,145	20,141	20,117	20,105	20,106	20,100	20,117	20,130	20,144	20,165	20,150	0	0	0
Repurchases of common stock
17,104	14,340	14,305	16,557	6,633	6,574	6,648	6,977	6,994	6,950	7,216	5,227	5,398	5,331	5,045	3,777	3,698	4,046	4,037	5,124	5,190	5,243	5,267	5,896	5,790	5,822	5,924	4,854	4,710	4,421	4,351	4,029	4,107	3,869	3,860	3,641	0	0	0
Distributions to non-controlling partners, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,066	0	0	0	-	-	-	-	-	-	-	-	21,581	18,047	13,317	35,663	21,498	0	0	0
Other financing activities, net
1,657	1,665	917	856	957	901	747	649	537	278	-344	557	1,254	2,469	1,789	1,119	828	247	1,397	1,818	1,354	1,113	1,672	1,136	-1,881	-1,886	-2,154	-2,023	-146	-166	-475	344	567	1,033	968	62	0	0	0
Net cash (used in) provided by financing activities
-87,183	-69,754	-1,097	-1,874	55,429	58,069	-42,229	-42,624	-47,166	-42,328	-43,183	-40,266	-41,153	-41,853	-40,968	-39,396	-33,945	-30,703	-21,011	-17,082	-17,692	-27,544	-61,196	-66,601	1,596	5,444	17,039	15,764	-45,632	-49,047	-53,976	-59,649	-51,128	-44,883	-43,653	-55,817	0	0	0
Net (decrease) increase in cash, cash equivalents and restricted cash
-45,527	-50,478	12,507	44,918	50,342	23,193	24,080	44,385	35,291	16,850	-28,797	-63,510	-71,560	-26,929	-41,105	-3,125	54,611	41,689	33,623	26,840	-45,289	-101,375	-54,993	-92,869	-74,859	9,882	34,547	65,000	94,223	47,882	-14,542	4,968	-64,755	-18,381	18,673	-86,934	0	0	0
Supplementary Information
Right of use assets obtained in exchange for lease obligations
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for operating lease liabilities
0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid during the period for:
Interest
19,593	17,111	16,833	14,864	13,755	11,623	11,713	11,446	12,555	12,438	14,076	13,392	14,371	14,292	14,547	14,601	15,542	14,549	14,654	14,666	13,593	14,620	15,522	14,622	12,476	11,665	10,598	11,484	13,469	14,585	15,913	16,239	17,237	14,821	15,075	15,715	0	0	0
Income taxes
22,393	23,286	19,173	19,069	39,835	38,640	32,200	33,948	25,813	25,988	25,631	29,872	10,596	10,324	10,234	4,298	483	594	977	2,326	4,074	8,269	6,942	4,119	25,823	21,839	23,039	24,616	25,009	25,314	25,055	24,783	4,297	3,793	3,828	3,861	0	0	0
Performance guarantees
-	-	-	-	-	-	-	-	-	-	-	17,596	38,602	31,143	17,440	10,306	-53,364	-30,305	-16,158	-21,332	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Non-cash investing and financing activities:
RSUs issued, net of forfeitures
8,764	9,247	8,930	13,728	13,858	13,273	12,653	11,505	11,228	11,342	12,046	21,101	21,353	21,098	21,103	6,220	5,576	5,680	5,522	6,514	6,695	35,606	33,450	13,775	16,585	-12,104	-10,167	14,175	11,510	13,693	13,850	6,874	9,325	6,882	6,422	9,192	0	0	0
Accrued equipment purchases
-	-	0	-	-	-	0	-	-	-	609	-	-3,807	-6,256	-3,147	2,891	212	1,456	-1,391	-3,704	0	0	0	-	-	-	-	1,109	12,110	12,279	14,269	14,447	4,023	4,941	2,826	6,064	0	0	0
Debt extinguishment from joint venture interest assignment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,612	9,115	9,115	9,115	0	0	0	0	-	-	-	-
Debt payment from refinance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,150	1,150	1,150	1,150	0	0	0	0	-	-	-	-