Good morning. My name is Gary and I will be your conference facilitator today. At this time, I would like to welcome everyone to the Granite Construction Investor Relations First Quarter 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. Please note we will take one question and one follow-up question from each participant. Please also note this call is being recorded. It is now my pleasure to turn the floor over to your host, Granite Construction Director of Investor Relations, Ron Botoff. Sir, the floor is yours.

Thank you. Welcome to the Granite Construction Incorporated's first quarter 2017 earnings conference call. I am pleased to be here today with President and Chief Executive Officer, Jim Roberts, and Executive Vice President and Chief Financial Officer, Laurel Krzeminski. We begin today with an overview of the Company's Safe Harbor language. Some of the discussion today may include forward-looking statements. Actual results could differ materially from the 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 projections and assumptions. The company assumes no obligation to update forward-looking statements whether as a result of new information, future events, or otherwise. Certain non-GAAP measures may be discussed during the call and from time to time by the company's executives. And please note that a reconciliation of certain non-GAAP measures is included as part of our earnings press release. For more information, visit our Investor Relations website at investor.graniteconstruction.com. Thank you. Now, I would like to turn the call over to Granite Construction Incorporated Chief Executive Officer Jim Roberts.

Well, good morning, everyone, and thank you for joining us to discuss our first quarter results. I begin today by acknowledging Granite employees for exhibiting our core values every single day. As a result, Granite was named one of Ethisphere Institute's World's Most Ethical Companies for the eighth consecutive year. Our unwavering commitment to do things the right way, every day creates value for all Granite stakeholders from investors and employees to partners and clients. Working safely and striving for the ultimate goal of zero injuries also aligns us well with all of our stakeholders. This week, Granite teams and construction companies across the country are participating in the 4th Annual Construction Industry Safety Week. Whether sharing best practice training methods, near-miss stories, or simply raising awareness, thousands of construction industry employees nation-wide will join together to develop solutions to work more safely and get home safely every single day. Granite teams have started 2017 solidly and we wish them good health as we enter the breadth of what is shaping up to be a very busy 2017 construction season. Before Laurel discusses our financials and guidance, I want to spend a few minutes discussing the weather, our operational performance and our growth opportunities. Let's start with the weather, our Mother Nature hit California and much of our businesses in the West like a buzzsaw throughout the first quarter. The drought is now officially over in California after the heaviest concentration of rainfall in about two decades. Notably, this inclement weather had the most negative impact on our Materials business, severely impacting production in California and across the West. Weather also was a headwind for our solid performing Construction segment, with growth limited to the desert Southwest and our Kenny operations. And while not as significant of an impact, weather…

Thank you, Jim, and good morning, everyone. First quarter 2017 revenues were $468.4 million, up 6.6% from last year. Loss per share in the quarter was $0.60 compared to $0.26 in 2016. Gross profit in the first quarter was $25.1 million, down from $39.2 million last year, with total company gross profit margin of 5.4%. In our seasonally weakest quarter, all segments of our business were impacted negatively by weather, ranging from delays in our healthy Construction segment, to production disruption across most of our Construction Materials businesses until mid-April, to headwinds in our Large Projects business in the West. First quarter SG&A expenses increased 10.2% year-over-year to $61.8 million. The increase was split between selling expenses and stock-based compensation expenses, the latter of which is primarily a first quarter item. While we used cash as we normally do in the first quarter, the balance sheet remains strong with nearly $300 million in cash and marketable securities at the end of the quarter. Total contract backlog at the end of the first quarter finished at $3.44 billion, up 1.5% from last year. Large Project Construction backlog decreased 5.4% year over year to $2.26 billion. Large Project backlog does not include the recent notice of our joint venture team selection for the Grand Parkway project in Houston. We expect Granite's 30% portion of the $855 million project will enter Large Project backlog in the second quarter. In the Construction segment, backlog again grew to another record, nearly $1.18 billion, up 17.5% from last year. This activity continues to reflect broad bookings across our businesses, end markets and geographies. Looking at the segment detail, first quarter Construction segment revenues increased 8.3% to $226.8 million with gross profit margin of 12.3%, down about 50 basis points from last year. Though revenue and segment…

Thank you, Laurel. We believe public market demand is beginning to enter a period of stability and long-term growth. I was reminded recently that often the challenge is on covering and capturing the maximum value of an opportunity. While I and other seasoned Granite leaders have been through multiple up and down cycles over the past three decades or more, many of our teams and younger leaders have never experienced a healthy growth environment. And given its severity, unfortunately, the expectations of some long-term employees and many of our peers remained linked to the depth and pain of the recent recession. We are challenging our seasoned leaders to expect and demand higher return expectations on all of their work. We are teaching those with less experience, those who have not been through an upcycle to expect more and to set their sights higher. Great builders create value and deserve higher returns and this is especially true in an increasing demand environment where the balance of risk on our work has benefited our clients for more than a half decade. Today's increasing demand environment will continue to spawn exceptional opportunities for significantly improved returns with more manageable risk. And with that, we will now take your questions.

Our first question is from Michael Dudas with Vertical Research. Please go ahead.

Good morning, gentlemen, Laurel.

Good morning.

Good morning, Mike.

My first question is regarding acceleration. You mentioned about accelerating the Large Project work and some of the underperforming projects in Q1. Can you talk a little bit about the decision to do that and how much more acceleration we may see throughout 2017 that can get some of those lower return projects off the books quicker? And then on the other side, the acceleration of opportunities to make up for the construction materials and some setbacks in Q1, the opportunities for that to accelerate so you can achieve the target that you reconfirmed on our call this morning?

Sure, Mike. Yeah, thank you. Large Projects, certainly we knew coming in that we have a host of projects that are nearing completion that we want to get behind us. And so in the first quarter we did accelerate. We have five projects that we named. Two of them are almost done as we speak. The other three will carry us all the way through the middle or the end of 2018 and those are jobs that we believe we want to get through as quickly as we can possibly. So I would suggest 2017, the remainder of 2017 will not be weighted as heavily as the first quarter but it will be weighted with some significant completion and acceleration of those last three. That will carry all the way into 2018, but reminding you that there's a host of quality projects, or new ones, that are starting to ramp up in 2017 as well and that didn't happen in the first quarter. We had a very slow first quarter with some slow starts on a couple of our newer jobs. And so I think what you'll see, Mike, is a more of a balance. And it will take all the way to the end of 2018 to get those other three projects off of our books. But you're going to see a nice balance start working its way through the system over the next 18 months. Now the offset to construction materials is that it's pretty simple, that business is a day-to-day business. We know what we have out in front of us. We know we didn't get a whole lot done in the first quarter. I said, we were stuck in the mud, so to speak. When our deposits are muddy and sopping wet, there's not much you can do. Certainly, we did sell some materials. And what we saw in the first quarter was that the demand is significant. And also, we have committed volumes through the rest of the year. Simply speaking, on the materials business, we know the volumes are there. We know the pricing's there. And all we need to do there is we're going to keep our plants open longer; we're going to work more days; and we're very comfortable suggesting we'll get back to where we expected on the materials business with improved overall volumes and margins this year. It's a pretty easy business to look out in front of you and look at the demand environment. And the demand is actually quite exciting right now.

And my follow-up, Jim. My follow-up question would be as you look at the transportation bill that was signed last Friday, as you reflect on the whole process, how does it turn out relative to what expectations you had or the company had? And do you still see it, the mechanisms and the funding and the type of product that's flowing to the point where Granite and other labor and industry can start to see benefits from these funds later this year, as you indicated in the past?

Okay. So maybe I will spend some energy now because I think it is a big issue for the company, and probably other people will want to know where SB 1 started and stopped and everything relative to what we thought was going to happen. And I think it was about a year ago I sat here and told you that we were starting to get heavily engaged. And it was April of 2016, which Granite and some other industry leaders decided that nothing was going to get done unless we all stepped up to the plate and really took this thing to another level. And we did. The industry and labor, which is quite unusual in a lot of states and lot of locations, got together and created a team. And we went out and got both sides of the party and got industry and we raised a lot of money and we started focusing on what is it that we need. At that point in time there was this big divergent in what the Governor was looking at versus what certain leadership in our Assembly was looking at. Leadership in the assembly was up in the $7 billion range, and the Governor was down as low as the $3.5 billion range on an annual basis. So when that started, that divergent was creating really an opportunity of such a wide gap that nobody felt anything was going to get done. So what I found out, and I think a lot of us in the industry found out, that politics is slow, you have to patient, although you get frustrated. We believe that all points in time that if we could bring the Governor's original budget in 2016, along with the Assembly leaders' budget, our expectations of $7 million…

Thank you. Much appreciated.

So maybe a little more detail than you asked for, Mike, but it's pretty exciting times and I'm pretty proud of the industry and labor all working together to get that done.

No. I think, the investors were very appreciative of your thoughts and the job everybody did to get this thing done. And for the citizens of California, of course.

I absolutely believe that too. The citizens of California are stuck in gridlock today and something has to be done.

Thanks, Jim.

Thanks, Mike.

The next question comes from Alex Rygiel with FBR & Company. Please go ahead. Alex J. Rygiel - FBR Capital Markets & Co.: Thank you and good morning, everyone.

Good morning, Alex.

Good morning, Alex. Alex J. Rygiel - FBR Capital Markets & Co.: Jim, could you talk a little bit about any costs that are inflating on you and maybe even tie in commentary about access to labor in a tightening labor market?

Okay. So let's talk about labor to begin with. Yeah. I think, you're going to see there has been over the last several years there's been pockets, regional pockets, where there have been labor issues more so than others. And I've said it before, Alex, typically labor is going to migrate towards where the higher wage rates are possible. And so what I've seen is the South, the Southeast is typically the first place that has a labor shortage because unfortunately the wage rates there are at the lowest in the U.S. California now, I think, there is going to be a competition for labor, and I do think actually the Western states around California are fairly healthy today too. So there won't be a direct migration I think to California from the surrounding states. I think, you're going to see it from the South, a little bit in the Midwest. You're going to see a little migration into the markets. I think, California will struggle a little bit for labor, but I think what's going to happen is you're going to see a shift where people are going to migrate back into the construction industry now. The wage rates for the work that's going to be done in California are high, prevailing wage rates, and it's much higher paying jobs than other jobs that are available in the market today. And I think that what happened, obviously, was during the downturn people flat just got out of construction industry because there was no work. I think it's a better source of a career now. Now that we have long-term funding, I think that creates the ability for somebody to make that big decision that suggests I should be there more than here because I got 10-year visibility. It's no…

Well, we stand active and ready. And I put that from the perspective of two components that we're strongly looking at, and we've actually ramped up our internal capabilities to address it on our corporate development side, is larger than it has been in previous years. And the two expansion opportunities that we're consistently looking at, and we've got some opportunities that we've been talking with, are absolutely with the water business. We look at getting into the water industry and expanding deeper into the water industry across the country, is number one. And number two is taking our vertically integrated model and moving it outside of the West; we are looking closely at that as well. So those two are still working, and obviously that's about all I can tell you. But we are more active than we have been in the last year. Alex J. Rygiel - FBR Capital Markets & Co.: Very helpful. Exciting times. Thank you.

Okay. Alex. Thank you very much.

The next question comes from Nick Coppola with Thompson Research Group. Please go ahead.

Hey. Good morning.

Good morning, Nick.

Good morning.

So you talked about improvement from the California bill expected in mid-2018. Just in thinking about the process of contractors' backlogs filling up and then maybe being able to push price a bit more, how do you think about the ramp there? How quickly does that occur? Maybe you can just elaborate on that?

Okay. So every time we – and again as many cycles, Nick, and we've chatted about this before, as many cycles as I've been through, there's two things that occur. First of all, the market demand, people look at it and they either go, oh, my goodness there's no work out there, or there's a bunch of work out there. And then what happens is the reality hits, and you get the public market, you get the bid list start coming into play and then you get the private market where the owners are reaching out and they're expanding their horizons a little bit. Both of those things – when both of those happen, what happens is that there's an immediate change in, and I'll call it the more intellectually focused competitors. And I see that already happening. What's happening today is both the public and private side are heating up. We're seeing even today, in the first quarter, as you can see as our Construction backlog ramped up, that you're seeing pricing is starting to move up slowly. So I think what you're going to have, that's just more of the excitement, that people look out in front of you. As that public work actually hits, that's when the next kind of, I'll call it the inflection point, hits on pricing. When they physically start getting to the point where people are seeing work out to bid and they do not have the capacity to build it, that's when the next inflection point changes. Today it's a very healthy market. We're looking at less bidders than we had last year at this time, in most of our markets and I say – I've always said, Nick, that every one of these markets is unique, so some of them still have 10 bidders, others are down to two bidders. And certainly we expect to take advantage of markets that have less competition. And I think what you're going to see is a slow ramp-up over the next two quarters to four quarters, and I would suggest to you that in 2018 there should be another level of margin expectation in the Construction business.

Perfect. And then could you just talk about how you're positioned in that environment? You know clearly your Construction segment has been much larger going back into years past. So what does your ability to ramp up look like over the next several years?

Yes. I think that's one of the things that I mentioned kind of in the closing part of my opening dialogue there was that – and that's part of the business that I used to oversee for years, Nick, and that business was substantially bigger than it is today back in the mid-2000s, when we had both a strong public and private sector. And that's where lot of the things we're doing with our younger leaders today is trying to make sure that when they look at what's possible, they look at where the market can go. And we have huge elasticity in our business, and I say that mostly, number one would be in our materials business. The plant capacities that we have to date far exceed the demand environment that they're in. We have some large, large facilities that we built between 2000 and 2010 that have been under-utilized now for a decade and today it doesn't take hardly anything to ramp them up. It just gets in the control house and turn the dial a little faster and those things will move at a faster pace. So the construction materials business is the easiest to ramp up. It is not a high labor business and we have the reserves. We've built a lot of reserves over the years partly because the market has had a lack of demand and when we built up our long-term reserves we anticipated to exhaust those reserves at a pace that was going on in 2006, 2007 and 2008, then all of a sudden obviously it came to a halt. So we really haven't impacted our reserves very much at all over the last decade. So, I think, first thing you're going to see is tremendous uplift in the materials business and…

Okay. That makes a lot of sense. Thanks for taking my questions.

Thanks, Nick.

The next question comes from Jerry Revich with Goldman Sachs. Please go ahead.

Hi. This is Bill Temblem (37:09) on behalf of Jerry Revich. Can you talk about how you're planning to allocate your project management resources if the California infrastructure work ramps up? And do you expect to slow the pace of new project bids that you pursue in large construction? Thank you.

Okay. Let me go through the first one first and then I'll ask you to repeat the second one.

Yeah.

First of all, in California, the project management wise – now here's the kind of work that we build typically in the State of California. Our project management teams actually oversee several projects simultaneously and so that allows us with the locations that we have in the State of California and I mentioned it during the dialogue there anywhere from San Diego, Palm Springs, Santa Barbara, Baker's Field, Ventura, Palmdale, L.A., Fresno, Bakersfield, Monterey, Santa Clara, Sacramento, Fresno, up into Ukiah. The idea there is that since we have all these local businesses, is that it isn't just about the project management; it's about the teams behind them. And we've got basically a 100-mile radius that we usually cover out of every one of those offices, which means that every office is going to support the expanded business, not just the project management teams. Now the other thing I will say is this is the perfect time where that next level of project engineer below the project manager gets that opportunity to move up into the organization, and creates career opportunities for them to start managing jobs instead of being project engineers. So what we've done over the last couple years, and you can almost see this in our SG&A, we've ramped up those level of personnel to be able to support increased demand as we go forward. So we're going to see some of our younger project engineers become project managers, our project managers become construction managers. Perfect time to create value and create career opportunities for the people, and we're set up for it nicely. Now let's go to the second part of the question.

Yeah. The second one was, do you expect to slow the pace of new project bids that you pursue in large construction?

Okay. So that is probably – that modulating discussion right there will depend on what the market does. So we've made it clear in our Large Projects business that we expect a higher return, not only on bid day, but at the end of the day. So we are increasing our focus on appropriate productions in our bids, we're adding appropriate contingencies for the complexities of these bids, and we are adding expected higher rates of returns on bid day. If the market responds in the same fashion, then we will probably ramp up fairly quickly. If the market doesn't respond and we're out there as the sole leader of increased expectations, then it will slow the business down. Fortunately or unfortunately, I have no idea how the market is going to respond, but I do know how we're going to respond, and it's going to be to the fact that we expect higher returns.

Great. Thank you.

Thank you.

The next question comes from Bobby Burleson with Canaccord. Please go ahead.

Yeah. Good morning.

Good morning.

Hi, Bobby.

Hi. So just curious in terms of Trump's wall. You talked about your excess capacity in terms of your Materials business, and I'm wondering just kind of industry-wide what Trump's wall might do if it gets built in terms of taking materials capacity out of the industry, and if that would have sort of an enhancement effect on pricing.

Well, again, I don't know, I guess you have to ask yourself the question about the wall. What is the wall, first, and what it's made of? I think that, if I understand correctly, they had a host of submittals on prototypes for different kinds of materials that go into the wall. So I don't know what it's going to be made of, Bobby, at all. I don't think the size of the wall relative to the location on the southern border is going to overly affect the materials business. I think it's going to depend on those players who have materials facilities on the border. But I don't see that as a huge effect in the industry, especially based on the ratability of building it over time and I think it's yet to be determined what it's even going to be made of.

Okay.

But I don't have any answer other than the fact that I don't think it'll be a huge issue.

Okay. Thank you. And then I guess just one more. In terms of the state-level funding that we're seeing coming through and you described a nice benefit a few quarters out that you're expecting, I'm curious what the average size of the projects you expect to come out of that that you would be bidding on, how big do you expect these highway-type projects to be typically?

Well, I think the way they've actually stated in the bill they have a couple of projects that they've stated that they're going to pull out and individually fund. Other than that, it goes to the California Transportation Commission, Bobby, and they will determine where the money gets actually allocated. They have a – company have a large corridor express I think for $400 million so they have a couple big jobs. Most of it is going to be done around maintenance and local work itself, which actually is good for us because that's where we have all those offices I just mentioned do the local work. I think it's not predetermined as to where the money is going to go exactly, which I think is good because it's going to be able to go – I hope, a lot of it will go into maintenance, which will allow it to immediately be utilized instead of having to wait for designs on these large projects. Now the ballot measures that we talked about previously from last year, some of those are focused on large work only. And one of the big bills was a $50 billion program in the State of Washington for Sound Transit and Sound Transit obviously is their major transit in the Puget Sound. So that will go more towards large projects. Measure M in Los Angeles from last November, I'm sure based on the LA market, will go towards some very large projects of which they're already discussing. But the California Transportation Bill is more of spreading it out to doing the kind of work that they need to do on all the communities. The other thing that happens with the California Transportation Bill is that a chunk of that goes down to the local communities, and so that will get work into the local streets, the local roads, again of which we do a major part of that business all throughout the state. So, today, our average-size project can be anywhere from $1 million to $5 million, somewhere in that neighborhood. I would expect that to continue to be the same.

Okay. Great. Thank you.

Thank you, Bobby.

The next question comes from Joe Giordano with Cowen & Company. Please go ahead. Tristan Margot - Cowen & Co. LLC: Hey, guys. Good morning. This is Tristan in for Joe today. Thanks for taking the question. Jim, I believe you mentioned the mid-2018 impact. I believe that was for the financials. But when do we expect the bids actually to be released from SB 1?

Okay. I can't tell you exactly when it's going to be released but I can tell you again that the funding mechanism will start occurring in November. And historically what would happen is, I would give it six months before you start seeing the release into the actual bidding environment. With that said, there are still some talks already of leveraging some of those potential revenues coming in November, starting in November, to maybe earlier in 2018. I wouldn't count on it, but there may be some locations that will want to expedite the work so that they would put it out to bid earlier in the year, so it could physically get built in the middle of the year. So I think what you're going to see, in general, is that it will start positively affecting us middle of next year. Tristan Margot - Cowen & Co. LLC: All right. Great. And then I don't know if you can give us some kind of a framework in terms of sequential margin improvements. What are the prospects there?

I think they're good. I honestly don't know. I mean I think it's going to depend on the individual markets. Some markets will absorb the increase a lot more effectively than others. And I think it's just going to be a matter of where the actual projects get distributed to. And there are certain markets where it could have a significant effect immediately and other markets that are so competitive that it's going to take a while to absorb it. Tristan Margot - Cowen & Co. LLC: All right. Thank you so much.

Thank you.

The next question comes from Ryan Cassil with Seaport Global Securities. Please go ahead.

Thanks for taking my question. Apologize if it's repetitive.

Hi, Ryan.

How's it going?

Good morning.

Good, thank you.

Just looking on the Construction side, you said it sounds like November you might start seeing some backlog or awards starting to build there. How do you think it plays out from a pricing perspective? I would think that right when these awards start to flow, your competitors might be more aggressive on pricing. And I was sort of listening and looking at your commentary earlier saying that you were going to lead with pricing early. So I just wonder how you think that plays out? And maybe if you expect to ramp awards more slowly in the early days of the SB 1 ramp?

Yeah. Thanks, Ryan. Let me correct one thing that I hope I didn't say. I don't expect it to immediately affect us in November. What I do see in November is the collection of the funds occurring at the very beginning of November. And again, whether or not the state wants to leverage that and put work out to bid early, I can't predict what they're going to do there. But I was trying to suggest that I think mid-2018 will be the real effect, when all the positivity from the bill hits. And I do think, I'm consistent, and thank you for bringing that up. I do think it is important to immediately begin to have a price differential as we see those monies coming into the market. We are a leader in many of our markets, and we want to make sure that we are a very successful leader in pricing. And as those first tranches of new work come out, we will keep our prices up at a level that we think is appropriate with the new demand environment. And we'll have to wait and see what people do. But what I've always said, Ryan, is that the majority of our competitors do not have a whole lot of elasticity in their business. So they're going to have to push the plate away from the table quite quickly if they over indulge to begin with. And what I've always seen in our industry is that contractors get in trouble when they have too much work, not when they don't have enough. So those contractors that have been around for a while understand that as well. I think what they'll do is they'll start adjusting their pricing fairly quickly. They've been under siege for quite some time now in the market. And we're going to absolutely keep our prices at a level that we think is conducive to long-term demand changes. And we may not get a bunch of that work on day one, and I'm not even worried about that, because I think that the market will fill up quickly and the other remaining of the pricing will allow us to get work by mid-2018 no matter what.

Okay. Great. Thanks for the clarification. And then on large construction, just with respect to your outlook for 2017, it's unchanged. But did any of the internal assumptions maybe around the large construction projects change and there were some other offsetting areas? Or did the quarter kind of play out how you thought and you still have those initial internal assumptions for large construction intact at this point?

Okay. So I think that's a really relevant question, Ryan. I think internally I believe that although our guidance is consistent and we're comfortable with it, I do think that there's going to be a stronger forward look in the Construction Materials business, and we're still going to have to ramp-up these lower producing jobs in Large Projects. So I think you can expect a tough second half of the year in large projects and a very healthy second half of the year in the Construction and Construction Materials business, allowing us to get comfortably back to that guidance. So I wouldn't call it a significant change internally, but I want to make sure that I properly state that externally, that the value creation is going to come through Materials and Construction, and Large Projects will continue to have a lower margin basis for the remainder of the year.

Okay. Great. Thanks for the clarification.

Okay. Ryan.

The next question comes from Ryan Hamilton with Morgan Dempsey Capital Management. Please go ahead.

Good morning, guys.

Good morning, Ryan.

Sorry, if there's any repetitiveness here, I'm kind of at the end of the queue here. Is it safe to say that you're selectiveness in large construction bidding is reflected in the slowness of growth in the large construction project backlog? Does that explain a lot of it?

Why don't you just clarify what you mean by that a little bit more, Ryan? I want to make sure I answer it correctly.

Well, you saw pretty good growth in your Construction backlog, but it was a little bit lacking in the large project Construction backlog. So I'm wondering is that catering to what you were talking about with being selective as far as the new projects that you're taking on. And I know that doesn't reflect Houston.

Right. Right. That's what I was going to say, Ryan. It's very lumpy.

Okay.

The overall large projects backlog, when you get a job, it creates a huge amount of backlog overnight. And so, no, I wouldn't worry. I wouldn't even suggest anything around the change in backlog or reduction in backlog in large projects, because if we had booked that Grand Parkway job in the first quarter, it would have looked healthy, or healthier. But I will say this, that the observation is correct around the fact that we are much more selective, we are putting higher margins on our work and we have raised our expectations. But whether or not that is going to change our success rate is yet to be determined. But I would strictly say historically our large project backlog goes up and down in big chunks, and I wouldn't suggest the first quarter reduction was for any other reason than just it's the same as it's been historically.

No lumpiness, okay. And I always like to ask, I know it's not a big part of your business, but could you talk a little bit about what you're seeing in Canada?

Yeah, I mean Canada for us is a very small part of our business today. I think it's healthy. We've elected to stay in the lower 48 mostly that's not true, because we have a big business in Alaska and we actually have work in Hawaii, but we elected to stay in the U.S. especially just because we think it's a really healthy market. And so we haven't really spent as much efforts on our business development up in Canada over the last 12 months because we haven't needed to. So I'm probably not the expert to ask about Canada.

Okay. Thanks, guys.

Thank you.

This is the end of Q&A and now I would like to turn the call back over to our hosts.

Okay. Everybody, thank you for your questions. And just a quick note for our shareholders and analysts. We will be on the road in May and June, so please, as always don't hesitate to reach out and see if we can make it your way for a visit. As always, thank you to all of our employees for keeping your fellow workers safe every day and for exhibiting Granite's core values every single day. As always, Laurel, Ron, and I are available for follow-up if you have any further questions. And to everybody across the construction industry, happy Construction Industry Safety Week and please be safe.

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.