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Wiki Wiki Summary
Measurement uncertainty In metrology, measurement uncertainty is the expression of the statistical dispersion of the values attributed to a measured quantity. All measurements are subject to uncertainty and a measurement result is complete only when it is accompanied by a statement of the associated uncertainty, such as the standard deviation.
Uncertainty quantification Uncertainty quantification (UQ) is the science of quantitative characterization and reduction of uncertainties in both computational and real world applications. It tries to determine how likely certain outcomes are if some aspects of the system are not exactly known.
Lime (material) Lime is a calcium-containing inorganic mineral composed primarily of oxides, and hydroxide, usually calcium oxide and/or calcium hydroxide. It is also the name for calcium oxide which occurs as a product of coal-seam fires and in altered limestone xenoliths in volcanic ejecta.
Lump sum contract A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. This type of contract requires a full and complete set of plans and specifications and includes all the indirect costs plus the profit and the contractor will receive progress payments each month minus retention.
The Dream-Quest of Unknown Kadath The Dream-Quest of Unknown Kadath is a novella by American writer H. P. Lovecraft. Begun probably in the autumn of 1926, the draft was completed on January 22, 1927 and it remained unrevised and unpublished in his lifetime.
Profit (economics) An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs.
Profitable growth Profitable Growth is the combination of profitability and growth, more precisely the combination of Economic Profitability and Growth of Free cash flows. Profitable growth is aimed at seducing the financial community; it emerged in the early 80s when shareholder value creation became firms’ main objective.
Extraordinary assumptions and hypothetical conditions In the field of real estate appraisal, extraordinary assumptions and hypothetical conditions are two closely related types of assumptions which are made as predicating conditions of an appraisal problem. Under the Uniform Standards of Professional Appraisal Practice (USPAP), they are two of the assignment conditions on which an appraisal assignment is predicated, the others being general assumptions, laws & regulations, supplemental standards, jurisdictional exceptions, and other conditions affecting scope of work.
Financial law Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
International Financial Reporting Standards International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and comparable across international boundaries.
Operations management Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Operations research Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Operation (mathematics) In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Natural environment The natural environment or natural world encompasses all living and non-living things occurring naturally, meaning in this case not artificial. The term is most often applied to the Earth or some parts of Earth.
Social environment The social environment, social context, sociocultural context or milieu refers to the immediate physical and social setting in which people live or in which something happens or develops. It includes the culture that the individual was educated or lives in, and the people and institutions with whom they interact.
Dysphagia Dysphoria (from Ancient Greek δύσφορος (dúsphoros) 'grievous'; from δυσ- (dus-) 'bad, difficult', and φέρω (phérō) 'to bear') is a profound state of unease or dissatisfaction. It is the opposite of euphoria.
Regulation Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Regulation A In the United States under the Securities Act of 1933, any offer to sell securities must either be registered with the United States Securities and Exchange Commission (SEC) or meet certain qualifications to exempt it from such registration. Regulation A (or Reg A) contains rules providing exemptions from the registration requirements, allowing some companies to use equity crowdfunding to offer and sell their securities without having to register the securities with the SEC. Regulation A offerings are intended to make access to capital possible for small and medium-sized companies that could not otherwise bear the costs of a normal SEC registration and to allow nonaccredited investors to participate in the offering.
Regulation (European Union) A regulation is a legal act of the European Union that becomes immediately enforceable as law in all member states simultaneously. Regulations can be distinguished from directives which, at least in principle, need to be transposed into national law.
Regulation of therapeutic goods The regulation of therapeutic goods, defined as drugs and therapeutic devices, varies by jurisdiction. In some countries, such as the United States, they are regulated at the national level by a single agency.
New York Codes, Rules and Regulations The New York Codes, Rules and Regulations (NYCRR) contains New York state rules and regulations. The NYCRR is officially compiled by the New York State Department of State's Division of Administrative Rules.
Visa requirements for United States citizens As of 25 February 2022, Holders of a United States passport could travel to 186 countries and territories without a travel visa, or with a visa on arrival. The United States passport currently ranks 6th in terms of travel freedom (tied with the passports of Czech Republic, Greece, Malta, Norway, and the UK) according to the Henley Passport Index.
Requirements elicitation In requirements engineering, requirements elicitation is the practice of researching and discovering the requirements of a system from users, customers, and other stakeholders. The practice is also sometimes referred to as "requirement gathering".
Performance bond A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
Quantum fluctuation In quantum physics, a quantum fluctuation (also known as a vacuum state fluctuation or vacuum fluctuation) is the temporary random change in the amount of energy in a point in space, as prescribed by Werner Heisenberg's uncertainty principle. They are minute random fluctuations in the values of the fields which represent elementary particles, such as electric and magnetic fields which represent the electromagnetic force carried by photons, W and Z fields which carry the weak force, and gluon fields which carry the strong force.
Day length fluctuations The length of the day (LOD), which has increased over the long term of Earth's history due to tidal effects, is also subject to fluctuations on a shorter scale of time. Exact measurements of time by atomic clocks and satellite laser ranging have revealed that the LOD is subject to a number of different changes.
Band of fluctuation The band of fluctuation is the range within which the market value of a national currency is permitted to fluctuate by international agreements, or by unilateral decision by the central bank.
Construction grammar Construction grammar (often abbreviated CxG) is a family of theories within the field of cognitive linguistics which posit that constructions, or learned pairings of linguistic patterns with meanings, are the fundamental building blocks of human language. Constructions include words (aardvark, avocado), morphemes (anti-, -ing), fixed expressions and idioms (by and large, jog X's memory), and abstract grammatical rules such as the passive voice (The cat was hit by a car) or the ditransitive (Mary gave Alex the ball).
PCL Construction The PCL family of companies is a group of independent general contracting construction companies in Canada, the United States, Australia and the Caribbean. PCL has headquarters in Edmonton, Alberta, Canada, with the United States head office in Denver, Colorado.
Granite Construction Granite Construction Inc. is a member of the S&P 600 Index based in Watsonville, California, and is the parent corporation of Granite Construction Company, a heavy civil general contractor and construction material producer.
List of mergers and acquisitions by Alphabet Google is a computer software and a web search engine company that acquired, on average, more than one company per week in 2010 and 2011. The table below is an incomplete list of acquisitions, with each acquisition listed being for the respective company in its entirety, unless otherwise specified.
Mergers & Acquisitions In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
List of mergers and acquisitions by Meta Platforms Meta Platforms (formerly Facebook, Inc.) is a technology company that has acquired 91 other companies, including WhatsApp. The WhatsApp acquisition closed at a steep $16 billion; more than $40 per user of the platform.
List of acquisitions by Oracle This is a listing of Oracle Corporation's corporate acquisitions, including acquisitions of both companies and individual products.\nOracle's version does not include value of the acquisition.See also Category:Sun Microsystems acquisitions (Sun was acquired by Oracle).
Library acquisitions Library acquisitions is the department of a library responsible for the selection and purchase of materials or resources. The department may select vendors, negotiate consortium pricing, arrange for standing orders, and select individual titles or resources.Libraries, both physical and digital, usually have four common broad goals that help dictate these responsibilities.
Risk Factors
GRANITE CONSTRUCTION INC Item 1A RISK FACTORS Set forth below and elsewhere in this Report and in other documents we file with the SEC are various risks and uncertainties that could cause our actual results to differ materially from the results contemplated by the forward-looking statements contained in the Report or otherwise adversely affect our business
· Economic downturns and reductions in government funding could have a negative impact on our business
Significant portions of our revenues are derived from contracts that are funded by federal, state and local government agencies
Our ability to obtain future public sector work at reasonable margins is highly dependent on the amount of work that is available to bid, which is largely a function of the level of government funding available
We also perform commercial and residential site development and other work for customers in the private sector
The availability of this private sector work can be significantly adversely affected by general economic downturns
· Our fixed price and fixed unit price contracts subject us to the risk of increased project cost
As more fully described under “Contract Provisions and Subcontracting” above, the profitability of our fixed price and fixed unit price contracts can be adversely affected by a number of factors that can cause our actual costs to materially exceed the costs estimated at the time of our original bid
· Accounting for our revenues and costs involves significant estimates
As further described in “Critical Accounting Estimates” under “Item 7
Management’s Discussion and Analysis of Financial Condition and Results of Operation,” accounting for our contract related revenues and costs as well as other cost items requires management to make a variety of significant estimates and assumptions
Although we believe we have sufficient experience and processes to enable us to formulate appropriate assumptions and produce reliable estimates, these assumptions and estimates may change significantly in the future and these changes could have a material adverse effect on our financial position and the results of our operations
7 _________________________________________________________________ [60]Table of Contents · Weather can significantly impact our quarterly revenues and profitability
Our ability to perform work is significantly impacted by weather conditions such as precipitation and temperature
Changes in weather conditions can create significant variability in our quarterly revenues and profitability, particularly in the first and fourth quarters of the year
Additionally, delays and other weather impacts may increase a project’s cost and decrease its profitability
· Our success depends on attracting and retaining qualified personnel in a competitive environment
The single largest factor in our ability to profitably execute our work is our ability to attract, develop and retain qualified personnel
Our success in attracting qualified people is dependent on the resources available in individual geographic areas and the impact on the labor supply due to general economic conditions as well as our ability to provide a competitive compensation package and work environment
· We work in a highly competitive marketplace
As more fully described under “Competition” above, we have multiple competitors in all of the areas in which we work
During economic down cycles or times of lower government funding for public works projects, competition for the fewer available projects intensifies and this increased competition may result in a decrease in our ability to be competitive at acceptable margins
· An inability to secure and permit aggregate reserves could negatively impact our future operations and results
Tighter regulations for the protection of the environment and the finite nature of property containing suitable aggregate reserves are making it increasingly challenging and costly to secure and permit aggregate reserves
Although we have thus far been able to secure and permit reserves to support our business, it is likely to become increasingly difficult to do so and there is no assurance that we will be able to secure and permit reserves in the future
· We are subject to environmental and other regulation
As more fully described under “Government and Environmental Regulations” above, we are subject to a number of federal, state and local laws and regulations relating to the environment and workplace safety, the noncompliance of which can result in substantial penalties as well as civil and criminal liability
While compliance with these laws and regulations has not materially adversely affected our operations in the past, there can be no assurance that these requirements will not change and that compliance will not adversely affect our operations in the future
· Strikes or work stoppages could have a negative impact on our operations and results
We are party to collective bargaining agreements covering a substantial portion of our craft workforce
Although our results and operations have not been significantly impacted by strikes or work stoppages in the past, such labor actions could have a significant impact on our operations if they occur in the future
· Unavailability of insurance coverage could have a negative impact on our operations and results
We maintain insurance coverage as part of our overall risk management strategy and due to requirements to maintain specific coverage in our financing agreements and in most of our construction contracts
Although we have been able to obtain insurance coverage to meet our requirements in the past, there is no assurance that such insurance coverage will be available in the future
· An inability to obtain bonding would have a negative impact on our operations and results
As more fully described in “Insurance and Bonding” above, we generally are required to provide surety bonds securing our performance under the majority of our public and private sector contracts
Our inability to obtain surety bonds in the future would significantly impact our ability to obtain new contracts, which would have a material adverse effect on our business
· Our joint venture contracts with project owners subject us to joint and several liability
If a joint venture partner fails to perform we could be liable for completion of the entire contract and, if the contract were unprofitable, this could result in a material adverse effect on our financial position, results of operations and cash flows
· We use certain commodity products that are subject to significant price fluctuations
Diesel fuel, asphalt oil and other petroleum-based products are used to fuel and lube our equipment and operate our hot materials processing plants and are a significant part of the asphalt paving materials that are used in many of our construction projects and are sold to outside parties
Although we are partially protected by asphalt or fuel price escalation clauses in some of our contracts, not all contracts provide such protection
We also use cement, steel and other commodities in our construction projects that can be subject to significant price fluctuations
We have not been significantly adversely effected by price fluctuations in the past; however, there is no guarantee that we will not be in the future
· As a part of our growth strategy we expect to make future acquisitions and acquisitions involve many risks
These risks include difficulties integrating the operations and personnel of the acquired companies, diversion of management’s attention, potential difficulties and increased costs associated with completion of any assumed construction projects, insufficient revenues to offset increased expenses associated with acquisitions and the potential loss of key employees of the acquired companies
Acquisitions may also cause us to increase our liabilities, record goodwill or other non-amortizable intangible assets that will be subject to impairment testing and potential impairment charges and incur amortization expenses related to certain other intangible assets
Failure to manage and successfully integrate acquisitions could harm our business and operating results significantly
8 _________________________________________________________________ [61]Table of Contents · Failure of our subcontractors to perform as anticipated could have a negative impact on our results
As further described under “Contract Provisions and Subcontracting” above, we subcontract a portion of many of our contracts to specialty subcontractors and we are ultimately responsible for the successful completion of their work
Although we seek to require bonding or other forms of guarantees, we are not always successful in obtaining those bonds or guarantees from our higher risk subcontractors, and there is no guarantee that we will not incur a material loss due to subcontractor performance issues
· Our long-term debt and credit arrangements contain restrictive covenants and failure to meet these covenants could significantly harm our financial condition
Our long-term debt and credit arrangements and related restrictive covenants are more fully described in Note 10 of the “Notes to the Consolidated Financial Statements” included in this report
In most cases, failure to meet the restrictive covenants would result in an immediate repayment liability for all amounts due and cancellation of open lines of credit
Additionally, failure to meet restrictive covenants related to our debt and credit agreements would trigger cross-default provisions that would cause us to also be in default of our surety agreements
Although we have not had difficulty meeting these covenants in the past, failure to do so in the future could have material adverse effects on our business and financial condition
The foregoing list is not exhaustive
There can be no assurance that we have correctly identified and appropriately assessed all factors affecting our business or that the publicly available and other information with respect to these matters is complete and correct
Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial also may adversely impact us
Should any risks and uncertainties develop into actual events, these developments could have material adverse effects on our business, financial condition and results of operations
For these reasons, the reader is cautioned not to place undue reliance on our forward-looking statements