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Granite Reports Third Quarter 2021 Results • • Q3 revenue of $ 1.1 billion , essentially flat compared to the same period last year Q3 diluted net income per share of $ 0.73 , Q3 adjusted diluted net income per share of $ 0.93 ( 1 ) Committed and Awarded Projects ( " CAP " ) up $ 135.4 million compared to the same period last year Cash and marketable securities of $ 475 million , debt of $ 340 million Continued progress burning through the Old Risk Portfolio ( " ORP " ) ( 2 ) reducing ORP CAP by $ 100 million during the quarter Exhibit 99.1 WATSONVILLE , Calif . - Granite Construction Incorporated ( NYSE : GVA ) today announced results for the third quarter ended September 30 , 2021 . Third Quarter 2021 Results Net income increased to $ 35.0 million , or $ 0.73 per diluted share , compared to a net loss of ( $ 91.2 ) million , or ( $ 2.00 ) per diluted share , for the same period last year . Adjusted net income ( 1 ) , which excludes other costs ( 3 ) , non - cash impairments of goodwill , transaction costs ( 4 ) , a gain on sale of property and amortization of debt discount related to our 2.75 % convertible notes , totaled $ 43.2 million , or $ 0.93 per diluted share , compared to adjusted net income ( 1 ) of $ 53.8 million , or $ 1.16 per diluted share , for the same period last year . • • • • • Revenue of $ 1.1 billion , essentially flat compared to the same period last year . Gross profit decreased to $ 119.9 million compared to $ 126.0 million for the same period last year , while gross profit margins remained relatively flat for the same period . Selling , general , and administrative ( " SG & A ” ) expenses were $ 77.6 million or 7.3 % of revenue , compared to $ 72.9 million or 6.8 % of revenue for the same period last year , primarily driven by an increase in incentive compensation expense . Diluted net income per share increased to $ 0.73 compared to a net loss per diluted share of ( $ 2.00 ) for the same period last year . • Adjusted diluted net income per share decreased to $ 0.93 compared to $ 1.16 for the same period last year . • Adjusted EBITDA ( 1 ) declined to $ 80.7 million , compared to $ 95.1 million for the same period last year . Committed and Awarded Projects ( " CAP " ) ( 5 ) totaled $ 4.3 billion , up $ 135.4 million compared to the same period last year , and down $ 117.4 million since the second quarter of 2021 . Cash and marketable securities increased $ 80.9 million to $ 474.6 million compared to $ 393.7 million for the same period last year , while debt decreased $ 74.0 million to $ 339.9 million compared to $ 413.9 million for the same period last year . " This quarter , we made progress by working through the challenging ORP projects in the Heavy Civil Operating Group and by growing high - quality CAP in our vertically - integrated California and Northwest Operating Groups , " explained Kyle Larkin , Granite President and CEO . " There is more work to do with the ORP , and we remain focused on project execution across our business . Opportunities in our markets are robust , cash and liquidity remain a strength , and I am confident we are positioning the company to continue on its path for improved financial performance . ” ( 1 ) Adjusted net income ( loss ) , adjusted diluted income ( loss ) per share , earnings before interest , taxes , depreciation , and amortization ( “ EBITDA ” ) , EBITDA margin , adjusted EBITDA , and adjusted EBITDA margin are non - GAAP measures . Please refer to the description and reconciliation of non- GAAP measures in the attached tables . ( 2 ) The Heavy Civil Operating Group Old Risk Portfolio includes projects with risk criteria that do not align with Granite's new project selection criteria for the Heavy Civil Operating Group . ( 3 ) Other costs include the settlement charge , legal and accounting investigation fees , integration expenses related to the acquisition of the Layne Christensen Company ( " Layne ” ) , and restructuring charges related to our Heavy Civil Operating Group . ( 4 ) Transaction costs includes acquired intangible amortization expenses and acquisition - related depreciation related to the acquisition of Layne and LiquiForce . ( 5 ) CAP is comprised of unearned revenue and other awards , as well as awarded construction management / general contractor , construction manager at- risk , and progressive design build projects for which contract execution and funding is probable .