Granite Construction Incorporated

Good morning. My name is Anita, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Investor Relations third quarter 2020 conference call. This call is being recorded. All lines have been placed on mute to prevent any background noise. And after the speaker's remarks, there will be a question and answer period. To ask a question, please press star, then one. Please note that we will only take one question and one follow-up from each participant. It is now my pleasure to turn the floor over to your host, Granite Construction Incorporated Vice President of Finance, Mike Barker. Sir, the floor is yours.

We begin today with an overview of the company's Safe Harbor language. Some of the discussion today may include forward-looking statements. These forward-looking statements are estimates reflecting the current expectations and best judgment of senior management regarding future events, occurrences, growth, demand, strategic plans, circumstances, activities, performance, outcomes, outlook, guidance, backlog, committed and awarded projects, and results. Actual results could differ materially from statements made today. Please refer to Granite's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these forward-looking statements. The company assumes no obligation to update forward-looking statements, whether they are results of new information, future events, or otherwise, except as required by law. Certain non-GAAP measures may be discussed during today's call and from time to time by the company's executives. These include, but are not limited to, adjusted EBITDA, adjusted EBITDA margin, adjusted net income or loss, and adjusted earnings or loss per share. Please note that some metrics may reference or exclude non-recurring acquisition-related expenses, non-recurring legal and accounting investigation costs, and non-cash impairment charges. Reconciliations of certain non-GAAP measures are included as part of our earnings press releases and in company presentations, which are available on our investor relations website. Now, I would like to turn the call over to Granite Construction Incorporated, Chairman of the Board of Directors, Klaus Bjork.

Thank you, Mike. Good morning, everyone, and thank you for joining us today. Before I introduce Kyle and Lisa, I want to touch on the independent investigation led by the Board's Audit Compliance Committee. Shortly before we were about to file our 2019 Form 10-K in early February of 2020, our audit committee, in conjunction with the Independent External Council, began a thorough investigation of prior period reporting for the heavy civil operating group. The investigation encompassed heavy civil operating group projects in various stages of completion, from 2017 through 2019, and concluded there were issues that affected the accuracy of project forecasts and reported results. For a more detailed explanation, I direct you to our 2019 form 10-K, filed on February 22, 2021. From the investigation, the company determined it had project forecasting issues related primarily to the timely recording of forecasted costs. To address these issues, the company has developed and implemented a very robust remediation plan, which is well underway. Kyle and Lisa will talk in more detail on these investigations and remediation efforts. But on behalf of the board and audit committee who worked tirelessly over the last year, I want to thank all of those who worked so hard to get Granite through this process. Now onto the introductions. Since first joining the board in 2006 and then serving as chairman beginning in 2018, I've had the pleasure of watching Granite grow and develop. And this includes our most recent leadership changes. I would like to formally introduce Kyle Larkin as our new president, appointed in September of last year, and Lisa Kirkus as our more recently appointed CFO. As you likely already know, Kyle has been an integral part of Granite's evolution since joining the company back in 1996 as a project estimator. And most recently, he served as Granite's chief operating officer. On behalf of the board, I'm equally pleased to introduce Lisa Curtis as our chief financial officer. She brings with her a wealth of experience in accounting, finance, investor relations, and project management from various companies and industries. As we emerge from the investigation with many lessons learned, Kyle has hit the ground running and is leading a cultural shift within the organization to ensure Grannies moves forward as a unified team. Now, let me close by saying I know that Kyle, Lisa, and the rest of the leadership team are looking forward to engaging with you. In Kyle and Lisa, we have identified leaders who we believe can shape our future and drive execution across the company in a way that creates value for our shareholders and positions granted to continue as an industry leader for another 100 years. With that, I will turn the call over to Kyle and Lisa. Kyle?