0000861459 GRANITE CONSTRUCTION INC false --12-31 Q3 2020 92,587 78,132 77,870 32,028 29,564 30,336 27,528 25,034 24,481 13,634 13,350 10,765 25,765 31,136 27,752 50,503 57,795 50,625 73,426 20,994 16,951 4,553 2,415 4,477 0.01 0.01 0.01 3,000,000 3,000,000 3,000,000 0 0 0 0.01 0.01 0.01 150,000,000 150,000,000 150,000,000 45,655,682 45,655,682 45,503,805 45,503,805 46,741,263 46,741,263 0.13 0.13 0.13 0.13 0.01 3,000,000 0 0.01 150,000,000 46,741,263 46,741,263 0 0 5.0 7 10 81.9 13 3 7.5 7.5 27.9 11.2 19.1 19.1 17.0 17.0 15.9 15.9 0 Included in this balance and in accrued expenses and other current liabilities on our condensed consolidated balance sheets was $75.1 million, $76.2 million and $82.2 million as of September 30, 2020, December 31, 2019 and September 30, 2019, respectively, related to deficits in unconsolidated construction joint ventures, which includes provisions for losses. Included in this balance as of September 30, 2020, December 31, 2019 and September 30, 2019, was $86.2 million, $116.8 million and $118.0 million, respectively, related to Granite’s share of estimated cost recovery of customer affirmative claims. In addition, this balance included $13.8 million, $15.9 million and $14.8 million related to Granite’s share of estimated recovery of back charge claims as of September 30, 2020, December 31, 2019 and September 30, 2019, respectively. The fair value of the 2.75% Convertible Notes is based on the median price of the notes in an active market as of September 30, 2020 and December 31, 2019. The fair value of the Credit Agreement is based on borrowing rates available to us for long-term loans with similar terms, average maturities, and credit risk. See Note 14 for definitions of, and more information about, the Credit Agreement and 2.75% Convertible Notes. Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. Included in this balance and in accrued expenses and other current liabilities on the condensed consolidated balance sheets was $82.3 million as of September 30, 2020 and $81.9 million as of both December 31, 2019 and September 30, 2019, related to performance guarantees. Partners' interest and adjustments includes amounts to reconcile total net assets as reported by our partners to Granite's interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. Partners' interest and adjustments includes amounts to reconcile total revenue and total cost of revenue as reported by our partners to Granite's interest adjusted to reflect our accounting policies and estimates primarily related to contract forecast differences. The balance primarily relates to debt associated with our real estate investments. Due to the net losses, RSUs representing approximately 636,000, 580,000 and 393,000 for the three and nine months ended September 30, 2020 and nine months ended September 30, 2019, respectively, have been excluded from the number of shares used in calculating diluted net loss per share, as their inclusion would be antidilutive. As the average price of our common stock was below $31.47 per share since the issuance date of the 2.75% Convertible Notes, the number of shares used in calculating diluted net income (loss) per share for the three and nine months ended September 30, 2020 excluded the potential dilution from the 2.75% Convertible Notes converting into shares of common stock. Excluded from carrying value is $31.4 million and $36.3 million debt discount of as of September 30, 2020 and December 31, 2019, respectively, related to the 2.75% Convertible Notes (see Note 14). 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  
 For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  
 For the transition period from ___________ to ___________
  
 Commission File Number: 1-12911

GRANITE CONSTRUCTION INCORPORATED

State of Incorporation:

I.R.S. Employer Identification Number:

Delaware

77-0239383

Address of principal executive offices:

585 W. Beach Street

Watsonville, California 95076

(831) 724-1011

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value 

GVA

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 Accelerated filer ☐

 Non-accelerated filer ☐

 Smaller reporting company

 Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of February 22, 2021.

Class

 

Outstanding

Common stock, $0.01 par value

 

45,676,827

 



 

 

 

EXPLANATORY NOTE 

As disclosed in our 2019 Annual Report on Form 10-K, in February 2020, the Audit/Compliance Committee of the Company’s Board of Directors, assisted by independent counsel, initiated an investigation of prior-period reporting for the Heavy Civil operating group, and the extent to which these matters affect the effectiveness of the Company’s internal control over financial reporting (the “Investigation”). The Investigation is now complete. We have restated our consolidated financial statements as of December 31, 2018, and for the years ended December 31, 2018 and 2017 and our unaudited quarterly financial information for the first three quarters in the year ended December 31, 2019 and for each of the quarters in the year ended December 31, 2018 in our Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 22, 2021 to correct misstatements associated with project forecasts in the Heavy Civil operating group (the “Investigation Adjustments”) discovered in connection with the independent Investigation. In addition to the Investigation Adjustments, we corrected additional identified out-of-period and uncorrected misstatements that were not material, individually or in the aggregate, to our consolidated financial statements. We have reflected the impact of the restatement on our unaudited condensed consolidated financial information as of and for the three and nine months ended September 30, 2019 herein. See Note 3 of “Notes to the Condensed Consolidated Financial Statements” for additional information.

 
 

 

2

 

Index

EXPLANATORY NOTE

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements (unaudited)

 

 

Condensed Consolidated Balance Sheets as of September 30, 2020, December 31, 2019 and September 30, 2019

 

 

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

 

 

Notes to the Condensed Consolidated Financial Statements

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

 

 

Item 4.

Controls and Procedures

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

 

Item 1A.

Risk Factors

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

Item 4.

Mine Safety Disclosures

 

Item 6.

Exhibits

SIGNATURES

EXHIBIT 31.1

EXHIBIT 31.2

EXHIBIT 32

EXHIBIT 95

EXHIBIT 101.INS

EXHIBIT 101.SCH

EXHIBIT 101.CAL

EXHIBIT 101.DEF

EXHIBIT 101.LAB

EXHIBIT 101.PRE

EXHIBIT 104

 

3

 

 

PART I. FINANCIAL INFORMATION

Item 1.

FINANCIAL STATEMENTS

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited - in thousands, except share and per share data)

          

As Restated

 
  

September 30, 2020

  

December 31, 2019

  

September 30, 2019

 

ASSETS

            

Current assets

            

Cash and cash equivalents ($92,587, $78,132 and $77,870 related to consolidated construction joint ventures (“CCJVs”))

 $388,024  $262,273  $184,673 

Short-term marketable securities

     27,799   37,918 

Receivables, net ($32,028, $29,564 and $30,336 related to CCJVs)

  661,948   547,417   712,972 

Contract assets ($27,528, $25,034 and $24,481 related to CCJVs)

  159,939   211,441   206,407 

Inventories

  102,111   88,885   95,442 

Equity in construction joint ventures

  184,980   193,110   203,954 

Other current assets ($13,634, $13,350 and $10,765 related to CCJVs)

  48,300   46,016   51,925 

Total current assets

  1,545,302   1,376,941   1,493,291 

Property and equipment, net ($25,765, $31,136 and $27,752 related to CCJVs)

  536,256   542,297   542,796 

Long-term marketable securities

  5,700   5,000   10,000 

Investments in affiliates

  76,464   84,176   84,914 

Goodwill

  116,691   264,279   264,112 

Right of use assets

  68,276   72,534   70,472 

Deferred income taxes, net

  39,439   50,158   30,637 

Other noncurrent assets

  100,145   106,703   116,438 

Total assets

 $2,488,273  $2,502,088  $2,612,660 
             

LIABILITIES AND EQUITY

            

Current liabilities

            

Current maturities of long-term debt

 $8,253  $8,244  $8,263 

Accounts payable ($50,503, $57,795 and $50,625 related to CCJVs)

  385,259   400,775   399,743 

Contract liabilities ($73,426, $20,994 and $16,951 related to CCJVs)

  189,430   95,737   109,299 

Accrued expenses and other current liabilities ($4,553, $2,415 and $4,477 related to CCJVs)

  391,651   337,300   359,221 

Total current liabilities

  974,593   842,056   876,526 

Long-term debt

  405,644   356,108   394,841 

Long-term lease liabilities

  51,879   58,618   56,740 

Deferred income taxes, net

  3,417   3,754   4,652 

Other long-term liabilities

  63,741   63,136   58,433 

Commitments and contingencies (Note 18)

               

Equity

            

Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding

         

Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 45,655,682 shares as of September 30, 2020, 45,503,805 shares as of December 31, 2019 and 46,741,263 shares as of September 30, 2019

  457   456   468 

Additional paid-in capital

  554,303   549,307   567,033 

Accumulated other comprehensive loss

  (6,000)  (2,645)  (3,282)

Retained earnings

  422,846   594,353   619,690 

Total Granite Construction Incorporated shareholders’ equity

  971,606   1,141,471   1,183,909 

Non-controlling interests

  17,393   36,945   37,559 

Total equity

  988,999   1,178,416   1,221,468 

Total liabilities and equity

 $2,488,273  $2,502,088  $2,612,660 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited - in thousands, except per share data)

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
           

As Restated

           

As Restated

 
   

2020

   

2019

   

2020

   

2019

 

Revenue

                               
Transportation   $ 623,999     $ 623,867     $ 1,510,001     $ 1,407,577  
Water     106,599       134,404       317,980       345,556  
Specialty     205,134       224,744       513,087       538,497  
Materials     129,457       129,099       275,819       268,389  
Total revenue     1,065,189       1,112,114       2,616,887       2,560,019  

Cost of revenue

                               
Transportation     569,677       577,002       1,399,113       1,376,561  
Water     94,042       121,767       283,497       314,471  
Specialty     171,842       186,158       465,234       464,858  
Materials     103,631       104,629       230,904       233,675  
Total cost of revenue     939,192       989,556       2,378,748       2,389,565  
Gross profit     125,997       122,558       238,139       170,454  
Selling, general and administrative expenses     82,505       73,424       252,568       224,577  
Acquisition and integration expenses     73       2,744       73       13,769  
Non-cash impairment charges (See Note 4)     132,277             156,690        
Gain on sales of property and equipment     (3,057 )     (7,101 )     (4,870 )     (13,936 )
Operating (loss) income     (85,801 )     53,491       (166,322 )     (53,956 )

Other (income) expense

                               
Interest income     (755 )     (1,713 )     (2,813 )     (6,257 )
Interest expense     6,359       4,839       17,902       13,011  
Equity in income of affiliates, net     (2,353 )     (6,275 )     (4,415 )     (10,159 )
Other (income) expense, net     (1,967 )     127       92       (2,394 )
Total other expense (income)     1,284       (3,022 )     10,766       (5,799 )
(Loss) income before provision for (benefit from) income taxes     (87,085 )     56,513       (177,088 )     (48,157 )
Provision for (benefit from) income taxes     11,272       11,747       (5,220 )     (11,516 )
Net (loss) income     (98,357 )     44,766       (171,868 )     (36,641 )
Amount attributable to non-controlling interests     7,195       1,135       18,741       (4,170 )
Net (loss) income attributable to Granite Construction Incorporated   $ (91,162 )   $ 45,901     $ (153,127 )   $ (40,811 )
                                 

Net (loss) income per share attributable to common shareholders (See Note 16)

                               
Basic   $ (2.00 )   $ 0.98     $ (3.36 )   $ (0.87 )
Diluted   $ (2.00 )   $ 0.97     $ (3.36 )   $ (0.87 )

Weighted average shares of common stock

                               

Basic

    45,654       46,788       45,598       46,771  

Diluted

    45,654       47,170       45,598       46,771  

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited - in thousands)

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
           

As Restated

           

As Restated

 
   

2020

   

2019

   

2020

   

2019

 

Net (loss) income

  $ (98,357 )   $ 44,766     $ (171,868 )   $ (36,641 )

Other comprehensive income (loss), net of tax:

                               

Net unrealized loss on derivatives

  $ (904 )   $ (720 )   $ (3,999 )   $ (3,496 )

Less: reclassification for net gains (losses) included in interest expense

    358       (46 )     798       (336 )

Net change

  $ (546 )   $ (766 )   $ (3,201 )   $ (3,832 )

Foreign currency translation adjustments, net

    344       (345 )     (156 )     1,273  

Other comprehensive loss

  $ (202 )   $ (1,111 )   $ (3,357 )   $ (2,559 )

Comprehensive income (loss)

  $ (98,559 )   $ 43,655     $ (175,225 )   $ (39,200 )

Non-controlling interests in comprehensive income (loss)

    7,195       1,135       18,741       (4,170 )

Comprehensive (loss) income attributable to Granite Construction Incorporated

  $ (91,364 )   $ 44,790     $ (156,484 )   $ (43,370 )

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Table of Contents
 

 

GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited - in thousands, except share data)

  

Outstanding Shares

  

Common Stock

  

Additional Paid-In Capital

  

Accumulated Other Comprehensive (Loss) Income

  

Retained Earnings

  

Total Granite Shareholders’ Equity

  

Non-controlling Interests

  

Total Equity

 
Balances at June 30, 2020  45,651,914  $458  $553,038  $(5,800) $520,025  $1,067,721  $23,039  $1,090,760 

Net loss

              (91,162)  (91,162)  (7,195)  (98,357)

Other comprehensive income

           (202)     (202)     (202)

Purchases of common stock (1)

  (1,352)     (25)        (25)     (25)

Restricted stock units (“RSUs”) vested

  5,133                      

Dividends on common stock ($0.13 per share)

              (5,935)  (5,935)     (5,935)
Transactions with non-controlling interests                    1,549   1,549 

Amortized RSUs and other

  (13)  (1)  1,290   2   (82)  1,209      1,209 
Balances at September 30, 2020  45,655,682  $457  $554,303  $(6,000) $422,846  $971,606  $17,393  $988,999 
                                 
Balances at June 30, 2019 (As Restated)  46,838,199  $468  $568,264  $(2,187) $579,920  $1,146,465  $47,718  $1,194,183 

Net income

              45,901   45,901   (1,135)  44,766 

Other comprehensive loss

           (1,111)     (1,111)     (1,111)

Purchases of common stock (1)

  (101,475)     (2,968)     (50)  (3,018)     (3,018)

RSUs vested

  4,555                      

Dividends on common stock ($0.13 per share)

              (6,076)  (6,076)     (6,076)

Transactions with non-controlling interests

                    (9,024)  (9,024)

Amortized RSUs and other

  (16)     1,737   16   (5)  1,748      1,748 
Balances at September 30, 2019 (As Restated)  46,741,263  $468  $567,033  $(3,282) $619,690  $1,183,909  $37,559  $1,221,468 
                                 

Balances at December 31, 2019

  45,503,805  $456  $549,307  $(2,645) $594,353  $1,141,471  $36,945  $1,178,416 

Net loss

              (153,127)  (153,127)  (18,741)  (171,868)

Other comprehensive loss

           (3,357)     (3,357)     (3,357)

Purchases of common stock (1)

  (55,273)  (1)  (750)        (751)     (751)

RSUs vested

  173,493   2            2      2 

Dividends on common stock ($0.13 per share)

              (17,797)  (17,797)     (17,797)

Effect of adopting Topic 326 (Note 2)

              (366)  (366)     (366)

Transactions with non-controlling interests

                    (810)  (810)

Amortized RSUs and other

  33,657      5,746   2   (217)  5,531   (1)  5,530 

Balances at September 30, 2020

  45,655,682  $457  $554,303  $(6,000) $422,846  $971,606  $17,393  $988,999 
                                 

Balances at December 31, 2018

  46,665,889  $467  $564,559  $(749) $679,453  $1,243,730  $45,624  $1,289,354 

Net (loss) income

              (40,811)  (40,811)  4,170   (36,641)

Other comprehensive loss

           (2,559)     (2,559)     (2,559)

Purchases of common stock (1)

  (189,566)  (2)  (6,914)        (6,916)     (6,916)

RSUs vested

  255,948   3            3      3 

Dividends on common stock ($0.13 per share)

              (18,251)  (18,251)     (18,251)

Effect of adopting Topic 842

              (539)  (539)     (539)

Transactions with non-controlling interests

                    (12,235)  (12,235)

Amortized RSUs and other

  8,992      9,388   26   (162)  9,252      9,252 

Balances at September 30, 2019 (As Restated)

  46,741,263  $468  $567,033  $(3,282) $619,690  $1,183,909  $37,559  $1,221,468 
(1) Represents shares purchased in connection with employee tax withholding for RSUs vested under our 2012 Equity Incentive Plan. 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GRANITE CONSTRUCTION INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - in thousands)

           

As Restated

 

Nine Months Ended September 30,

 

2020

   

2019

 

Operating activities

               

Net loss

  $ (171,868 )   $ (36,641 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

               

Depreciation, depletion and amortization

    84,713       92,700  

Amortization related to the 2.75% Convertible Notes (See Note 14)

    6,458        

Gain on sales of property and equipment, net

    (4,870 )     (13,936 )

Deferred income taxes

    996       (2,150 )

Stock-based compensation

    5,203       8,924  

Equity in net loss from unconsolidated joint ventures

    38,529       93,274  

Net income from affiliates

    (4,415 )     (10,159 )

Non-cash impairment charges (See Note 4)

    156,690        

Other non-cash adjustments

    2,071       4,630  

Changes in assets and liabilities, net of the effect of an acquisition in 2019:

               

Receivables

    (98,118 )     (225,558 )

Contract assets, net

    144,558       (21,539 )

Inventories

    (13,226 )     (6,178 )

Contributions to unconsolidated construction joint ventures

    (38,044 )     (57,280 )

Distributions from unconsolidated construction joint ventures and affiliates

    9,279       13,181  

Other assets, net

    (6,208 )     (10,390 )

Accounts payable

    (16,559 )     143,678  

Accrued expenses and other current liabilities, net

    43,477       946  

Net cash provided by (used in) operating activities

    138,666       (26,498 )

Investing activities

               

Purchases of marketable securities

    (9,996 )      

Maturities of marketable securities

    10,000       20,000  
Proceeds from called marketable securities     24,996        

Purchases of property and equipment

    (74,901 )     (83,329 )

Proceeds from sales of property and equipment

    12,283       28,104  

Cash paid to purchase business

          (6,227 )

Other investing activities, net

    (4,283 )     (3,756 )

Net cash used in investing activities

    (41,901 )     (45,208 )

Financing activities

               

Proceeds from debt

    50,000       105,574  

Debt principal repayments

    (6,321 )     (86,018 )

Cash dividends paid

    (17,777 )     (18,240 )

Repurchases of common stock

    (753 )     (6,916 )

Contributions from non-controlling partners

    9,250        

Distributions to non-controlling partners

    (10,060 )     (12,234 )

Other financing activities, net

    324       1,242  

Net cash provided by (used in) financing activities

    24,663       (16,592 )

Net increase (decrease) in cash, cash equivalents and restricted cash

    121,428       (88,298 )

Cash, cash equivalents and $5,835 and $5,825 in restricted cash at beginning of period

    268,108       278,629  

Cash, cash equivalents and $1,512 and $5,658 in restricted cash at end of period

  $ 389,536     $ 190,331  

Supplementary Information

               

Right of use assets obtained in exchange for lease obligations

  $ 9,486     $ 19,005  

Cash paid for operating lease liabilities

    16,137       13,713  

Cash paid during the period for:

               

Interest

  $ 11,966     $ 13,758  

Income taxes

    2,360       11,900  

Non-cash investing and financing activities:

               

RSUs issued, net of forfeitures

  $ 4,685     $ 8,573  

Accrued cash dividends

    5,935       6,076  

The accompanying notes are an integral part of these condensed consolidated financial statements.

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GRANITE CONSTRUCTION INCORPORATED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1. Basis of Presentation

The condensed consolidated financial statements included herein have been prepared by Granite Construction Incorporated (“we,” “us,” “our,” “the Company” or “Granite”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), are unaudited and should be read in conjunction with our Annual Report on Form 10-K for the year ended  December 31, 2019. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. Further, the condensed consolidated financial statements reflect, in the opinion of management, all normal recurring adjustments necessary to state fairly our financial position at  September 30, 2020 and 2019 and the results of our operations and cash flows for the periods presented. The  December 31, 2019 condensed consolidated balance sheet data included herein was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP.

Our operations are typically affected more by weather conditions during the first and fourth quarters of our fiscal year which may alter our construction schedules and can create variability in our revenues and profitability. Therefore, the results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the full year.