Granite Construction Incorporated (NYSE:GVA) Q4 2022 Earnings Conference Call February 16, 2023 11:00 AM ET Conference Call Participants Good morning. My name is Dave, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Investor Relations Fourth Quarter 2022 Conference Call. This call is being recorded. All lines have been placed on mute to prevent any background noise. And after the speakerÂ's remarks thereÂ'll be a question-and-answer ...

Granite Construction Incorporated (NYSE:GVA) Q3 2022 Earnings Conference Call October 27, 2022 11:00 AM ET Â Company Participants Mike Barker - VP, IR Kyle Larkin - President and CEO Lisa Curtis - EVP and CFO Conference Call Participants Michael Dudas - Vertical Research Partners Steven Ramsey - Thompson Research Group Brian Russo - Sidoti John Ramirez - Ben Tillman Operator Good morning. My name is Ramon, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the ...

GRANITE® © 2022 Granite Construction. All Rights Reserved. Granite Construction Q2 2022 Earnings Presentation Safe Harbor 2 Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategic goals, 2024 strategic themes and organizational goals, home market strategy, divestitures of the Water Resources and Mineral Services businesses, includi ...

Granite Construction Incorporated (NYSE:GVA) Q2 2022 Earnings Conference Call July 28, 2022 11:00 AM ET Company Participants Mike Barker - Vice President, Investor Relations Kyle Larkin - President and Chief Executive Officer Lisa Curtis - Executive Vice President and Chief Financial Officer Conference Call Participants Brian Russo - Sidoti Adam Beavis - Goldman Sachs John Ramirez - D.A. Davidson Operator Good morning. My name is Nick, and I will be your conference facilitator today. At this time, I would l ...

Granite Construction Incorporated (NYSE:GVA) Q1 2022 Earnings Conference Call April 28, 2022 11:00 AM ET Company Participants Mike Barker - VP, IR Kyle Larkin - President and Chief Executive Officer Lisa Curtis - Executive Vice President and Chief Financial Officer Conference Call Participants Steven Ramsey - Thompson Research Group Michael Dudas - Vertical Research Brian Russo - Sidoti Zane Karimi - D.A. Davidson Operator Good morning. My name is Betsy, and I will be your conference facilitator today. At t ...

Granite Construction Incorporated (NYSE:GVA) Q4 2021 Earnings Conference Call February 25, 2022 11:00 AM ET Company Participants Mike Barker - VP, IR Kyle Larkin - President & CEO Lisa Curtis - EVP & CFO Conference Call Participants Brent Thielman - D. A. Davidson Steven Ramsey - Thompson Research Group Michael Dudas - Vertical Research Partners Brian Russo - Sidoti Jerry Revich - Goldman Sachs Operator Good morning. My name is Betsy and I will be your conference facilitator today. At this time, I would lik ...

Granite Construction Incorporated (NYSE:GVA) Q3 2021 Earnings Conference Call October 28, 2021 11:00 AM ET Company Participants Mike Barker - Vice President of Investor Relations Kyle Larkin - President & Chief Executive Officer Lisa Curtis - Executive Vice President & Chief Financial Officer Conference Call Participants Brent Thielman - D. A. Davidson Steven Ramsey - Thompson Research Group Michael Dudas - Vertical Research Adam Beavis - Goldman Sachs Operator Good morning. My name is Debbie and I will be ...

GRANITE © 2021 Granite Construction. All Rights Reserved. Granite Construction Q2 | FY 2021 Earnings Conference Call Safe Harbor Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, activities, performance, growth, demand, strategic plans, outcomes, outlook, guidance, Committed and Awarded Projects (CAP), and results, constitute forward-looking statements within the meaning of the Private Securities Li ...

Granite Construction Incorporated (NYSE:GVA) Q2 2021 Earnings Conference Call July 29, 2021 12:00 PM ET Company Participants Mike Barker - Vice President, Investor Relations Kyle Larkin - President and Chief Executive Officer Lisa Curtis - Executive Vice President and Chief Financial Officer Conference Call Participants Brent Thielman - D.A. Davidson Michael Dudas - Vertical Research Partners Steven Ramsey - Thompson Research Group Jerry Revich - Goldman Sachs Operator Good morning. My name is Matt and I wi ...

财务数据和关键指标变化 - 第一季度合并收入同比增长5%至6.7亿美元，毛利润同比增长166%至6300万美元，毛利率略低于10% [38] - 调整后EBITDA同比增加3500万美元至1700万美元，调整后EBITDA利润率超过2% [44] - 第一季度调整后净亏损为500万美元，较上年调整后净亏损3200万美元改善2700万美元 [46] - 第一季度运营现金流为3800万美元，现金较上年末净增加1700万美元，季末现金及有价证券超过4.64亿美元 [47] - SG&A同比增加250万美元至7600万美元，占第一季度收入的11.3%，全年预计SG&A费用占收入的8.5% - 9% [50] 各条业务线数据和关键指标变化 运输业务 - 收入同比略有增长至3.51亿美元，毛利润增长41%至3600万美元，毛利率为10% [39] - 重型土木运营集团旧风险投资组合第一季度亏损低于100万美元，上年同期亏损1300万美元，该组合积压订单本季度减少近1亿美元 [40] 水务业务 - 第一季度收入同比下降2%，毛利润下降8%至900万美元，毛利率为9% [41] - 截至第一季度末，水务业务承诺和授予项目（CAP）为3.39亿美元，不包括近期授予的约1.6亿美元的德克萨斯州Leon Hurse大坝项目 [28] 专业业务 - 第一季度收入同比增长17%至1.56亿美元，毛利润增长262%至1700万美元，毛利率为11% [42] - 第一季度末CAP超过10亿美元，新增俄亥俄州哥伦布市2.67亿美元隧道项目 [31] 材料业务 - 收入同比增长26%至6300万美元，毛利润增至200万美元，毛利率略低于3% [43] - 本季度末材料订单继续超过上年，加州和西北运营集团需求强劲 [35] 各个市场数据和关键指标变化 - 运输市场招标环境良好，投标量同比增加，但运输业务承诺和授予项目同比下降 [23][25] - 水务市场从疫情中持续复苏，投标机会增加，各级政府重视水基础设施建设 [27][30] - 专业市场公私市场均表现强劲，投资受整体积极经济前景驱动 [33] - 材料市场第一季度需求旺盛，加州运营集团带动销售增长 [34] 公司战略和发展方向和行业竞争 - 公司致力于解决证券诉讼，待法院批准后将专注业务和人员发展 [8][9] - 强调安全和包容的核心价值观，融入日常运营以推动理想行为 [10] - 持续转变CAP投资组合，降低风险，追求终端市场多元化 [36][37] - 各业务线积极参与市场竞争，争取优质项目，提升市场份额 [23][30][33] 管理层对经营环境和未来前景的评论 - 尽管第一季度通常是淡季，但公司整体表现良好，团队执行能力强 [53] - 认为证券诉讼和解符合公司和股东利益，有助于2021年专注执行和更新长期战略计划 [54] - 市场招标环境健康，有机会继续转变投资组合和构建优质CAP [54] - 对资金环境持乐观态度，希望今年能颁布联邦基础设施法案，进一步加强2021 - 2022年及以后的市场环境 [55] 其他重要信息 - 公司宣布达成证券诉讼和解协议，需经法院批准，公司承担的和解金额为6600万美元，预计从现有现金中支付 [8][9] - 公司在安全周开展活动，强化安全承诺，展示对安全的重视 [12][13] - 公司将包容作为核心价值观，自2019年开始关注，已取得显著进展，未来将继续推进 [14][19] 总结问答环节所有的提问和回答 问题1: 专业和水务业务第一季度CAP显著增长，专业业务大部分工作能否在今年完成转化？ - 公司预计专业业务转化相对较快，如俄亥俄州隧道项目已获授予，即将启动，且该业务的场地开发、数据中心等项目通常转化较快 [62][63] 问题2: 运输业务第一季度10%的毛利率表现出色，能否提供更多相关信息？ - 西部天气较好，与2020年第一季度相似，且团队执行能力强，延续了2020年的强劲势头 [64] 问题3: 4 - 5月投标环境如何，公司是否更具选择性，哪些因素会影响2021年EBITDA在5.5% - 7.5%区间的表现？ - 投标环境良好，各业务投标量增加，竞争情况因市场而异，公司在部分市场可提高价格，且在大型项目上更具选择性 [73][74] - 影响EBITDA的因素包括项目执行、天气和获取项目的能力，若三者表现良好，将推动EBITDA达到区间上限 [75][78] 问题4: 公司对2021年的收入覆盖情况是否满意？ - 公司表示感觉良好，CAP组合持续转变，重型土木集团占比下降，垂直整合业务和水务业务增加，且第一季度末未包含1.6亿美元的Leon Hurse大坝项目 [80][81] 问题5: 材料业务第一季度表现良好，沥青市场情况如何，是否存在价格成本问题？ - 公司受第一季度市场表现鼓舞，认为有机会在部分市场提高价格 [84] 问题6: 当前投标环境与过去相比如何，哪个业务投标最具挑战性？ - 投标环境呈周期性变化，目前运输业务竞争更为激烈，但团队仍能获取项目，部分市场已有所改善，公司可更具选择性 [90][91] 问题7: 材料业务订单增长，多少归因于垂直整合业务，多少归因于外部客户，运输业务投标环境严峻和成本上升是否会带来价格成本挑战？ - 材料业务销售和需求在内部和外部均有所增长，公司有能力将成本上涨因素纳入定价，多数项目已考虑柴油等成本增加，且部分客户有价格调整条款 [94][95] 问题8: 整体投标追求管道情况如何，与去年相比怎样？ - 约1.5亿美元以下项目本月投标量比去年增加约4 - 5亿美元，1.5亿美元以上项目虽更具选择性，但管道与去年相当甚至略有增加，其中约四分之三为最佳价值采购项目 [103][104] 问题9: 业务模式转变后投标管道增加，是市场风险偏好变化、竞争对手纪律性变化还是市场规模扩大所致？ - 这是公司内部决策的转变，从追求大型项目转向较小的大型项目，平均投标项目规模约3亿美元 [106] 问题10: 遗留项目本季度执行出色，哪些方面表现良好？ - 团队努力工作，专注项目完成，过去一年的投标流程和控制以及准确的预测也有贡献，虽然预测利润率有波动，但收益利润率相互抵消 [109][110]