Granite Construction Company is a heavy civil construction contractor that performs construction work for federal, state, and local government agencies as well as private sector clients through fixed price and fixed unit price contracts. The company derives approximately 70% of its revenue from government contracts, which are typically awarded as multi-year projects subject to annual appropriations, while the remainder comes from private sector work assigned on a project-by-project basis. The company generates revenue by executing construction projects across geographically distributed markets, often subcontracting portions of work to specialty firms while maintaining overall responsibility for completion, and faces operational risks including cost overruns from inflation and material price fluctuations, weather-related disruptions, equipment and workforce management, and potential contract cancellations or re-competition.