Granite Construction Incorporated · NYSE:GVA
Granite Construction — Q4 2022 Earnings Presentation
11 slides from Granite Construction's earnings presentation, February 2023
Slide 1: Q4 and FY 2022 Earnings Presentation
Granite Construction Q4 and FY 2022 Earnings Presentation © 2023 Granite Construction. All Rights Reserved.
Slide 2: Safe Harbor
Safe Harbor Any statements contained in this presentation “intends,” “plans,” “appears,” “may,” “will,” of these expectations may be based on beliefs, that are not based on historical facts, including “should,” “could,” “would,” "guidance," assumptions or estimates that may prove to be statements re
Slide 3: Construction Segment
Construction Segment California Group • Total CAP of $1.7 billion, up 13% sequentially and 18% year-over- year; Best Value accounts for 51% of CAP • Full-year 2022 total Caltrans awards up 55% year-over-year CAP by Procurement type • Proposed 2023 California Department of Transportation budget remai
Slide 4: Materials Segment
Materials Materials Segment Segment • Strong volumes in Q4 in both aggregates and asphalt Revenue by Product Revenue by Group • Margin improvement in Q4 driven by volumes and price increases offsetting inflationary pressure earlier in the year 2% 9% • 2022 investment in our materials business suppor
Slide 5: Fiscal Year 2022 Results
Fiscal Year 2022 Results Total Revenue $3,301 M Construction Revenue $2,804 M Materials Revenue $497 M Adjusted Net Income $104 M American River Bridge Replacement Sacramento, CA Adjusted Diluted EPS $2.31 Fiscal Year 2022 Highlights Adjusted EBITDA Comparable construction revenue, which excludes In
Slide 6: 2023 Guidance Update
2023 Guidance Update • Revenue range between $3.4 billion and $3.6 billion • SG&A % of revenue of 8.0% to 8.5% • Adjusted effective tax rate in low to mid 20's • Adjusted EBITDA margin a range of 7.5% to 9.0% o 2024 Target adjusted EBITDA margin of 9.0% - 11.0% • Capital Expenditures between $100 an
Slide 7: Concluding Remarks
Concluding Remarks • Positive environment lifting Granite's CAP, IIJA funded projects in 2023 expected to generate further opportunities to grow CAP • Continued improvement in adjusted EBITDA margin from 2021 to 2022 o 2023 guidance 7.5% - 9.0% o 2024 target 9.0% - 11.0% • Investing organically and
Slide 8: Thank you. Questions?
Thank you. Questions? Sandrini Solar Bakersfield, CA © 2023 Granite Construction. All Rights Reserved.
Slide 9: Appendix
Appendix The tables below contain financial information • Other costs, net, which include a legal settlement Management believes that these additional non- calculated other than in accordance with U.S. charge, legal and accounting investigation fees, net GAAP financial measures facilitate comparison
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation © 2023 Granite Construction. All Rights Reserved. 10
Slide 11: Adjusted NI Reconciliation
Adjusted NI Reconciliation © 2023 Granite Construction. All Rights Reserved. 11