Granite portion of the settlement is insurance is $66 million and we expect it to be paid from existing cash on hand.
In 2020, we had over 200 interns, and more than half were diverse.
In addition, 1/3 of our executive team and nearly half of our Board of Directors are diverse.
The extension of the FAST Act, the $13.6 billion infusion to the Highway Trust Fund for 2021 and the enactment of Coronavirus relief bills have combined to provide direct and indirect support for transportation funding.
As a result, water segment cap remains strong as of the end of the first quarter at $339 million.
This figure does not include the recently awarded Leon Hurse Dam project in Texas for approximately $160 million, which will be included in our second quarter cap.
This award is a component of the overall Lake Ralph Hall project, which will be one to Texas newest lakes and one of the state's biggest water projects in the last 30 years.
All levels of the government recognize the critical need to repair and support water infrastructure across the country, as seen in the ongoing discussion with the federal infrastructure bill and the Senate recently passed $35 billion water infrastructure bill.
Our team has turned in a solid quarter and ended with a record cap of over $1 billion.
In the first quarter, we added to cap a significant new $267 million tunnel project in Columbus, Ohio.
As of the end of the first quarter, our consolidated cap is $4.5 billion, an increase during the quarter of over $170 million compared to year-end levels.
First quarter consolidated revenue grew 5% year-over-year to $670 million with gross profit increasing 166% year-over-year to $63 million with a gross profit margin of just under 10%.
Within our transportation segment, revenue was up slightly year-over-year to $351 million, led by an increase from the California Operating Group, which offset a revenue decrease from the Heavy Civil Operating Group.
Transportation gross profit for the quarter increased 41% to $36 million, resulting in a gross profit margin of 10%.
Losses from the Old Risk portfolio in the first quarter of 2021 under $1 million, compared to losses of $13 million in the first quarter of 2020.
The Old Risk portfolio, backlog decreased by nearly $100 million during the quarter, which is on pace to meet our estimated project burn of $425 million to $475 million during 2021 that I mentioned in our last call.
In our water segment, first quarter revenue was down 2% year-over-year as the segment continued its recovery from the COVID-19 pandemic.
Water gross profit for the first quarter decreased to 8% to $9 million, resulting in a gross profit margin of 9%.
First quarter revenue increased 17% year-over-year to $156 million.
Specialty gross profit increased 262% to $17 million with a gross profit margin of 11%.
Finally, the Materials segment completed an exceptional first quarter with a revenue increase of 26% year-over-year to $63 million in 2021.
Materials gross profit increased to $2 million, resulting in a gross profit margin of just under 3% as compared to breakeven in the prior year.
Adjusted EBITDA for the first quarter increased $35 million year-over-year to $17 million, resulting in an adjusted EBITDA margin of over 2% for the quarter.
Our first quarter resulted in an adjusted net loss of $5 million, which was a $27 million improvement from an adjusted net loss of $32 million in the prior year.
We had another strong cash quarter with cash from operations of $38 million and a net increase in cash during the quarter of $17 million compared to year-end.
We ended the first quarter with cash and marketable securities of over $464 million and our teams remain focused on working capital management.
With the completion of the first quarter, we are reiterating our guidance for the full fiscal year 2021.
SG&A increased $2.5 million year-over-year to $76 million, which was 11.3% of revenue for the first quarter.
This increase was primarily attributable to a change in the fair market value of our non-qualified deferred compensation plan liability of $5 million year-over-year.
For the full year, our guidance is unchanged with an expected SG&A expense of 8.5% to 9% of revenue.
We expect this execution will allow us to achieve an adjusted EBITDA margin range of 5.5% to 7.5%.

Summary:
With the completion of the first quarter, we are reiterating our guidance for the full fiscal year 2021.