- Strong operating cash flow of $103.2 million in Q3 2023 was
the second-highest result for any third quarter since the merger of
Tutor-Saliba Corporation and Perini Corporation in 2008 and up 42%
compared to $72.6 million in Q3 2022; year-to-date operating cash
flow of $180.8 million was also the second-highest result for the
first nine months of any year since the 2008 merger
- Backlog grew to $10.6 billion, up 28% year-over-year
compared to $8.4 billion at Q3 2022; anticipating continued strong
backlog growth in 2024
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading
civil, building and specialty construction company, reported
results today for the third quarter of 2023. Revenue was $1.1
billion, level compared to the same quarter last year. Higher
revenue in the Civil and Building segments was offset by lower
revenue in the Specialty Contractors segment associated with
certain projects in the Northeast that are complete or nearing
completion. In addition, customer budgetary constraints induced by
the COVID-19 pandemic, combined with certain political and other
factors, resulted in the Company not being awarded certain Civil
segment projects over the last few years totaling more than $10.0
billion despite having been the low or preferred bidder. Not being
awarded these projects also impacted revenue for the first nine
months of both 2023 and 2022. Most of these projects are currently
expected to be re-bid in 2024.
Loss from construction operations for the third quarter of 2023
was $12.6 million compared to $6.9 million for the same period in
2022. The results for both periods were negatively impacted by net
unfavorable adjustments on various projects, primarily due to
changes in estimates resulting from recent negotiations,
settlements and legal judgments on certain disputed claims and
unapproved change orders. Net loss attributable to the Company for
the third quarter of 2023 was $36.9 million, or a $0.71 diluted
loss per common share, compared to a net loss of $32.5 million, or
a $0.63 diluted loss per common share, for the third quarter of
2022.
The Company generated $103.2 million of cash from operating
activities in the third quarter of 2023, the second-highest result
for any third quarter since the 2008 merger between Tutor-Saliba
Corporation and Perini Corporation, compared to $72.6 million for
the same period of 2022. The strong operating cash flow was driven
by solid collection activities, including collections associated
with certain recently concluded settlement negotiations. During the
first nine months of 2023, the Company generated $180.8 million of
cash from operating activities, which was also the second-highest
result for the first nine months of any year since the 2008 merger.
The Company continues to anticipate strong operating cash
generation over the remainder of 2023, as well as in 2024, with
operating cash flow for 2023 still expected to exceed the record
amount reported for 2022.
Backlog grew to $10.6 billion as of September 30, 2023, up 28%
compared to $8.4 billion for the same period last year. The Civil
and Building segments were the primary contributors to the new
award activity in the third quarter of 2023. The most significant
new awards and contract adjustments in the third quarter of 2023
included $115 million of additional funding for a health care
project in California; $95 million and $81 million of additional
funding for two different mass-transit projects in California; the
$47 million New Everglades National Park Visitor Center project in
Florida; a $42 million mining project in Virginia; and the Central
District Wastewater Treatment Plant electrical project in Florida,
valued at more than $40 million.
Outlook and Guidance
Ronald Tutor, Chairman and Chief Executive Officer, commented,
“We generated very strong, near-record operating cash in the third
quarter and the outlook for continued strong cash generation over
the next several quarters is excellent. In addition, our backlog
remains healthy and we anticipate that it will increase
significantly over the next 12 to 18 months as we bid and expect to
capture our share of various large project opportunities amid a
robust demand environment bolstered by substantial government
funding and limited competition for many of the larger projects.”
Tutor added, “Importantly, we are focused on our debt maturities
and will soon embark upon a plan that we anticipate will result in
a timely refinancing of our debt. In the fourth quarter, we began
accumulating cash for deleveraging our balance sheet and to date
have set aside more than $70 million to be put toward the planned
refinancing. Lastly, we expect improved performance in the fourth
quarter of 2023 and for next year.”
The Company is still not providing new guidance for 2023, but
expects to provide initial EPS guidance for 2024 when it issues its
fourth quarter and full year 2023 results.
Third Quarter 2023 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time
on Thursday, November 9, 2023, to discuss the third quarter 2023
results. To participate in the conference call, please dial
877-407-8293 five to ten minutes prior to the scheduled time.
International callers should dial 1-201-689-8349.
The conference call will be webcast live over the Internet and
can be accessed by all interested parties on Tutor Perini's website
at www.tutorperini.com. For those unable to participate during the
live call, the webcast will be available for replay shortly after
the call on the website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and
specialty construction company offering diversified general
contracting and design-build services to private customers and
public agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large, complex projects on time and within
budget, while adhering to strict quality control measures. We offer
general contracting, pre-construction planning and comprehensive
project management services, including planning and scheduling of
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including site work, concrete forming and placement, steel
erection, electrical, mechanical, plumbing and heating, ventilation
and air conditioning (HVAC). We are known for our major complex
building project commitments, as well as our capacity to perform
large and complex transportation and heavy civil construction for
government agencies and private customers throughout the world.
Forward-Looking Statements
The statements contained in this release, including those set
forth in the section “Outlook and Guidance,” that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
without limitation, statements regarding the Company’s
expectations, hopes, beliefs, intentions or strategies regarding
the future and statements regarding future guidance or estimates
and non-historical performance. These forward-looking statements
are based on the Company’s current expectations and beliefs
concerning future developments and their potential effects on the
Company. While the Company’s expectations, beliefs and projections
are expressed in good faith and the Company believes there is a
reasonable basis for them, there can be no assurance that future
developments affecting the Company will be those that we have
anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: unfavorable outcomes
of existing or future litigation or dispute resolution proceedings
against us or customers (project owners, developers, general
contractors, etc.), subcontractors or suppliers, as well as failure
to promptly recover significant working capital invested in
projects subject to such matters; revisions of estimates of
contract risks, revenue or costs, economic factors such as
inflation, the timing of new awards, or the pace of project
execution, which has resulted and may continue to result in losses
or lower than anticipated profit; increased competition and failure
to secure new contracts; contract requirements to perform extra
work beyond the initial project scope, which has and in the future
could result in disputes or claims and adversely affect our working
capital, profits and cash flows; risks and other uncertainties
associated with assumptions and estimates used to prepare our
financial statements; a significant slowdown or decline in economic
conditions, such as those presented during a recession; failure to
meet contractual schedule requirements, which could result in
higher costs and reduced profits or, in some cases, exposure to
financial liability for liquidated damages and/or damages to
customers, as well as damage to our reputation; failure to meet our
obligations under our debt agreements (especially in a high
interest rate environment), including the spring-forward maturity
on January 30, 2025 of our Term Loan B and Revolver if any of the
2017 Senior Notes remain outstanding as of such date; inability to
attract and retain our key officers, and to adequately plan for
their succession, and hire and retain personnel required to execute
and perform on our contracts; possible systems and information
technology interruptions and breaches in data security and/or
privacy; an inability to obtain bonding could have a negative
impact on our operations and results; risks related to our
international operations, such as uncertainty of U.S. government
funding, as well as economic, political, regulatory and other
risks, including risks of loss due to acts of war, labor
conditions, and other unforeseeable events in countries where we do
business, which could adversely affect our revenue and earnings;
decreases in the level of government spending for infrastructure
and other public projects; downgrades in our credit ratings;
failure of our joint venture partners to perform their venture
obligations, which could impose additional financial and
performance obligations on us, resulting in reduced profits or
losses and/or reputational harm; the impact of inclement weather
conditions on projects; risks related to government contracts and
related procurement regulations; significant fluctuations in the
market price of our common stock, which could result in substantial
losses for stockholders and potentially subject us to securities
litigation; client cancellations of, or reductions in scope under,
contracts reported in our backlog; violations of the U.S. Foreign
Corrupt Practices Act and similar worldwide anti-bribery laws;
public health crises, such as COVID-19, have adversely impacted,
and could in the future adversely impact, our business, financial
condition and results of operations by, among other things,
delaying the timing of project bids and/or awards and the timing of
dispute resolutions and associated collections; physical and
regulatory risks related to climate change; impairment of our
goodwill or other indefinite-lived intangible assets; the exertion
of influence over the Company by our chairman and chief executive
officer due to his position and significant ownership interest; and
other risks and uncertainties discussed under the heading “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2022 filed on March 15, 2023 and in other reports that
we file with the Securities and Exchange Commission from time to
time. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
Tutor Perini
Corporation
Condensed Consolidated
Statements of Operations
Unaudited
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per common share
amounts)
2023
2022
2023
2022
REVENUE
$
1,060,705
$
1,070,926
$
2,858,756
$
2,884,107
COST OF OPERATIONS
(1,009,792
)
(1,020,586
)
(2,767,051
)
(2,817,645
)
GROSS PROFIT
50,913
50,340
91,705
66,462
General and administrative expenses
(63,479
)
(57,232
)
(183,828
)
(173,815
)
LOSS FROM CONSTRUCTION
OPERATIONS
(12,566
)
(6,892
)
(92,123
)
(107,353
)
Other income, net
2,967
397
12,442
5,114
Interest expense
(20,313
)
(17,015
)
(63,842
)
(49,711
)
LOSS BEFORE INCOME TAXES
(29,912
)
(23,510
)
(143,523
)
(151,950
)
Income tax (expense) benefit
4,086
(560
)
52,004
47,047
NET LOSS
(25,826
)
(24,070
)
(91,519
)
(104,903
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
11,070
8,385
32,107
12,189
NET LOSS ATTRIBUTABLE TO TUTOR PERINI
CORPORATION
$
(36,896
)
$
(32,455
)
$
(123,626
)
$
(117,092
)
BASIC LOSS PER COMMON SHARE
$
(0.71
)
$
(0.63
)
$
(2.39
)
$
(2.28
)
DILUTED LOSS PER COMMON SHARE
$
(0.71
)
$
(0.63
)
$
(2.39
)
$
(2.28
)
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING:
BASIC
51,994
51,404
51,784
51,263
DILUTED
51,994
51,404
51,784
51,263
Tutor Perini
Corporation
Segment Information
Unaudited
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Three Months Ended September 30,
2023
Total revenue
$
543,776
$
368,244
$
174,933
$
1,086,953
$
—
$
1,086,953
Elimination of intersegment revenue
(23,282
)
(2,795
)
(171
)
(26,248
)
—
(26,248
)
Revenue from external customers
$
520,494
$
365,449
$
174,762
$
1,060,705
$
—
$
1,060,705
Income (loss) from construction
operations
$
46,889
$
123
$
(38,429
)
$
8,583
(a)
$
(21,149
)
(b)
$
(12,566
)
Capital expenditures
$
11,941
$
241
$
391
$
12,573
$
2,394
$
14,967
Depreciation and amortization(c)
$
7,698
$
743
$
615
$
9,056
$
2,175
$
11,231
Three Months Ended September 30,
2022
Total revenue
$
564,205
$
341,614
$
251,974
$
1,157,793
$
—
$
1,157,793
Elimination of intersegment revenue
(63,300
)
(23,564
)
(3
)
(86,867
)
—
(86,867
)
Revenue from external customers
$
500,905
$
318,050
$
251,971
$
1,070,926
$
—
$
1,070,926
Income (loss) from construction
operations
$
22,786
$
56
$
(11,836
)
$
11,006
(d)
$
(17,898
)
(b)
$
(6,892
)
Capital expenditures
$
11,872
$
921
$
748
$
13,541
$
423
$
13,964
Depreciation and amortization(c)
$
12,166
$
470
$
529
$
13,165
$
2,368
$
15,533
___________________________________________________________________________________________________
(a)
During the three months ended September
30, 2023, the Company’s income (loss) from construction operations
was adversely impacted by $16.9 million ($12.3 million, or $0.24
per diluted share, after tax) of unfavorable non-cash adjustments
due to changes in estimates on the Specialty Contractors segment’s
electrical and mechanical scope of a transportation project in the
Northeast associated with changes in the expected recovery on
certain unapproved change orders resulting from ongoing
negotiations, $14.0 million ($10.9 million, or $0.21 per diluted
share, after tax) of unfavorable adjustments on the same
transportation project in the Northeast, split evenly between the
Civil and Building segments, primarily due to the settlement of
certain change orders, changes in estimates due to recent
negotiations and incremental cost incurred during project closeout,
and a $9.4 million ($6.8 million, or $0.13 per diluted share, after
tax) unfavorable adjustment due to ongoing negotiations and an
anticipated settlement on a completed Specialty Contractors segment
mass-transit project in California. During the third quarter of
2023, the Company reached a settlement that impacted multiple
components of a Civil segment mass-transit project in California,
which included the resolution of certain ongoing disputes and
increased the expected profit from work to be performed in the
future. The settlement resulted in an unfavorable non-cash
adjustment of $23.2 million ($16.8 million, or $0.32 per diluted
share, after tax) to one component of the project that is nearing
completion, partially offset by a favorable adjustment of $8.8
million ($7.0 million, or $0.13 per diluted share, after tax) on
the other component of the project that has substantial scope of
work remaining. As a result of the settlement, the net unfavorable
impact to the period from these two adjustments is expected to be
mitigated by the increased profit generated from future work on the
project.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the three months ended September
30, 2022, the Company’s income (loss) from construction operations
was adversely impacted by a $14.3 million ($10.2 million, or $0.20
per diluted share, after tax) unfavorable adjustment on a completed
Civil segment highway project in the Northeast due to the reversal
on appeal of a previously favorable lower-court ruling.
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Nine Months Ended September 30,
2023
Total revenue
$
1,477,553
$
919,468
$
508,004
$
2,905,025
$
—
$
2,905,025
Elimination of intersegment revenue
(53,066
)
6,976
(179
)
(46,269
)
—
(46,269
)
Revenue from external customers
$
1,424,487
$
926,444
$
507,825
$
2,858,756
$
—
$
2,858,756
Income (loss) from construction
operations
$
170,308
$
(83,917
)
$
(120,709
)
$
(34,318
)
(a)
$
(57,805
)
(b)
$
(92,123
)
Capital expenditures
$
36,649
$
3,716
$
1,091
$
41,456
$
4,134
$
45,590
Depreciation and amortization(c)
$
21,753
$
1,655
$
1,856
$
25,264
$
6,721
$
31,985
Nine Months Ended September 30,
2022
Total revenue
$
1,478,162
$
960,148
$
673,302
$
3,111,612
$
—
$
3,111,612
Elimination of intersegment revenue
(182,840
)
(44,509
)
(156
)
(227,505
)
—
(227,505
)
Revenue from external customers
$
1,295,322
$
915,639
$
673,146
$
2,884,107
$
—
$
2,884,107
Income (loss) from construction
operations
$
12,052
$
9,453
$
(82,461
)
$
(60,956
)
(d)
$
(46,397
)
(b)
$
(107,353
)
Capital expenditures
$
38,703
$
973
$
2,202
$
41,878
$
931
$
42,809
Depreciation and amortization(c)
$
44,191
$
1,261
$
1,539
$
46,991
$
7,063
$
54,054
____________________________________________________________________________________________________
(a)
During the nine months ended September 30,
2023, the Company’s income (loss) from construction operations was
impacted by an adverse legal ruling on a completed mixed-use
project in New York, which resulted in a non-cash, pre-tax charge
of $83.6 million ($60.1 million, or $1.16 per diluted share,
after-tax) in the first quarter, of which $72.2 million impacted
the Building segment and $11.4 million impacted the Specialty
Contractors segment; $57.0 million ($41.4 million, or $0.80 per
diluted share, after tax) of unfavorable non-cash adjustments due
to changes in estimates on the Specialty Contractors segment’s
electrical and mechanical scope of a transportation project in the
Northeast associated with changes in the expected recovery on
certain unapproved change orders resulting from ongoing
negotiations; $27.5 million ($21.4 million, or $0.41 per diluted
share, after tax) of unfavorable adjustments on the same
transportation project in the Northeast, split evenly between the
Civil and Building segments, primarily due to the settlement of
certain change orders, changes in estimates due to recent
negotiations and incremental cost incurred during project closeout;
net favorable adjustments of $25.6 million ($20.3 million, or $0.39
per diluted share, after tax) for a Civil segment mass-transit
project in California that resulted from changes in estimates due
to improved performance; a non-cash charge of $25.1 million ($18.2
million, or $0.35 per diluted share, after tax) in the second
quarter of 2023 that resulted from an adverse legal ruling on a
Specialty Contractors segment educational facilities project in New
York; and a $9.4 million ($6.8 million, or $0.13 per diluted share,
after tax) unfavorable adjustment due to ongoing negotiations and
an anticipated settlement on a completed Specialty Contractors
segment mass-transit project in California. During the third
quarter of 2023, the Company reached a settlement that impacted
multiple components of a Civil segment mass-transit project in
California, which included the resolution of certain ongoing
disputes and increased the expected profit from work to be
performed in the future. The settlement resulted in an unfavorable
non-cash adjustment of $23.2 million ($16.8 million, or $0.32 per
diluted share, after tax) to one component of the project that is
nearing completion, partially offset by a favorable adjustment of
$8.8 million ($7.0 million, or $0.14 per diluted share, after tax)
on the other component of the project that has substantial scope of
work remaining. As a result of the settlement, the net unfavorable
impact to the period from these two adjustments is expected to be
mitigated by the increased profit generated from future work on the
project.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the nine months ended September 30,
2022, the Company’s income (loss) from construction operations was
adversely impacted by $36.0 million ($26.0 million, or $0.51 per
diluted share, after tax) due to unfavorable adjustments related to
the unforeseen cost of project close-out issues, remediation work,
extended project supervision and associated labor inefficiencies on
the electrical component of a transportation project in the
Northeast in the Specialty Contractors segment, and $34.6 million
($27.3 million, or $0.53 per diluted share, after tax) for a Civil
segment mass-transit project in California, which resulted from the
successful negotiation of significant lower margin (and lower risk)
change orders that increased the project’s overall estimated profit
but reduced the project’s percentage of completion and overall
margin percentage. The Company’s income (loss) from construction
operations was also impacted by a non-cash charge of $25.5 million
($18.3 million, or $0.36 per diluted share, after tax) due to an
adverse legal ruling on a dispute related to a completed Civil
segment bridge project in New York; an $18.0 million ($13.9
million, or $0.27 per diluted share, after tax) unfavorable
adjustment split evenly between the Civil and Building segments due
to changes in estimates on the same transportation project in the
Northeast mentioned above; a non-cash charge of $17.8 million
($12.8 million, or $0.25 per diluted share, after tax) that
increased cost of operations associated with the partial reversal
by an appellate court of previously awarded legal damages related
to a completed electrical project in New York in the Specialty
Contractors segment; a $16.2 million ($11.6 million, or $0.23 per
diluted share, after tax) unfavorable non-cash impact related to
the settlement of a long-disputed, completed Civil segment project
in Maryland; a $14.3 million ($10.2 million, or $0.20 per diluted
share, after tax) unfavorable adjustment on a completed Civil
segment highway project in the Northeast due to the reversal on
appeal of a previously favorable lower-court ruling; and $13.1
million ($9.4 million, or $0.18 per diluted share, after tax) of
unfavorable adjustments on a Civil segment mass-transit project in
California.
Tutor Perini
Corporation
Condensed Consolidated Balance
Sheets
Unaudited
(in thousands, except share and per share
amounts)
As of September 30,
2023
As of December 31,
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($148,097 and
$168,408 related to variable interest entities (“VIEs”))
$
290,008
$
259,351
Restricted cash
41,915
14,480
Restricted investments
98,361
91,556
Accounts receivable ($85,836 and $54,040
related to VIEs)
1,161,020
1,171,085
Retention receivable ($155,590 and
$187,615 related to VIEs)
561,856
585,556
Costs and estimated earnings in excess of
billings ($61,279 and $83,911 related to VIEs)
1,175,795
1,377,528
Other current assets ($31,260 and $33,340
related to VIEs)
239,736
179,215
Total current assets
3,568,691
3,678,771
PROPERTY AND EQUIPMENT ("P&E"),
net of accumulated depreciation of $524,774 and $505,512 (net
P&E of $36,852 and $22,133 related to VIEs)
447,303
435,088
GOODWILL
205,143
205,143
INTANGIBLE ASSETS, NET
68,865
70,542
DEFERRED INCOME TAXES
72,003
15,910
OTHER ASSETS
123,722
137,346
TOTAL ASSETS
$
4,485,727
$
4,542,800
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt
$
28,040
$
70,285
Accounts payable ($42,864 and $36,484
related to VIEs)
558,844
495,345
Retention payable ($25,467 and $44,859
related to VIEs)
221,488
246,562
Billings in excess of costs and estimated
earnings ($432,558 and $480,839 related to VIEs)
1,028,960
975,812
Accrued expenses and other current
liabilities ($12,239 and $5,082 related to VIEs)
199,238
179,523
Total current liabilities
2,036,570
1,967,527
LONG-TERM DEBT, less current
maturities, net of unamortized discount and debt issuance costs
totaling $11,538 and $13,980
876,794
888,154
OTHER LONG-TERM LIABILITIES
238,408
245,135
TOTAL LIABILITIES
3,151,772
3,100,816
COMMITMENTS AND CONTINGENCIES
EQUITY
Stockholders' equity:
Preferred stock - authorized 1,000,000
shares ($1 par value), none issued
—
—
Common stock - authorized 112,500,000
shares ($1 par value), issued and outstanding 52,022,169 and
51,521,336 shares
52,022
51,521
Additional paid-in capital
1,144,783
1,140,933
Retained earnings
180,675
304,301
Accumulated other comprehensive loss
(45,979
)
(47,037
)
Total stockholders' equity
1,331,501
1,449,718
Noncontrolling interests
2,454
(7,734
)
TOTAL EQUITY
1,333,955
1,441,984
TOTAL LIABILITIES AND EQUITY
$
4,485,727
$
4,542,800
Tutor Perini
Corporation
Condensed Consolidated
Statements of Cash Flows
Unaudited
Nine Months Ended September
30,
(in thousands)
2023
2022
Cash Flows from Operating
Activities:
Net loss
$
(91,519
)
$
(104,903
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation
30,308
40,088
Amortization of intangible assets
1,677
13,966
Share-based compensation expense
9,103
7,681
Change in debt discounts and deferred debt
issuance costs
2,992
2,751
Deferred income taxes
(61,146
)
(53,365
)
Gain on sale of property and equipment
(5,077
)
(183
)
Changes in other components of working
capital
296,839
338,527
Other long-term liabilities
(2,976
)
10,862
Other, net
610
(4,146
)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
180,811
251,278
Cash Flows from Investing
Activities:
Acquisition of property and equipment
(45,590
)
(42,809
)
Proceeds from sale of property and
equipment
9,006
6,738
Investments in securities
(17,986
)
(11,145
)
Proceeds from maturities and sales of
investments in securities
11,134
8,333
NET CASH USED IN INVESTING
ACTIVITIES
(43,436
)
(38,883
)
Cash Flows from Financing
Activities:
Proceeds from debt
702,427
498,606
Repayment of debt
(758,473
)
(533,452
)
Cash payments related to share-based
compensation
(737
)
(1,389
)
Distributions paid to noncontrolling
interests
(26,500
)
(46,500
)
Contributions from noncontrolling
interests
4,500
3,961
Debt issuance, extinguishment and
modification costs
(500
)
—
NET CASH USED IN FINANCING
ACTIVITIES
(79,283
)
(78,774
)
Net increase in cash, cash equivalents
and restricted cash
58,092
133,621
Cash, cash equivalents and restricted
cash at beginning of period
273,831
211,396
Cash, cash equivalents and restricted
cash at end of period
$
331,923
$
345,017
Tutor Perini
Corporation
Backlog Information
Unaudited
(in millions)
Backlog at
June 30, 2023
New Awards in the
Three Months Ended
September 30, 2023(a)
Revenue Recognized in
the
Three Months Ended
September 30, 2023
Backlog at
September 30, 2023
Civil
$
4,581.1
$
469.0
$
(520.5
)
$
4,529.6
Building
4,456.5
249.0
(365.4
)
4,340.1
Specialty Contractors
1,826.5
128.5
(174.8
)
1,780.2
Total
$
10,864.1
$
846.5
$
(1,060.7
)
$
10,649.9
(in millions)
Backlog at
December 31, 2022
New Awards in the
Nine Months Ended
September 30, 2023(a)
Revenue Recognized in
the
Nine Months Ended
September 30, 2023
Backlog at
September 30, 2023
Civil
$
4,416.3
$
1,537.8
$
(1,424.5
)
$
4,529.6
Building
2,223.6
3,042.9
(926.4
)
4,340.1
Specialty Contractors
1,289.2
998.9
(507.9
)
1,780.2
Total
$
7,929.1
$
5,579.6
$
(2,858.8
)
$
10,649.9
____________________________________________________________________________________________________
(a)
New awards consist of the original
contract price of projects added to our backlog plus or minus
subsequent changes to the estimated total contract price of
existing contracts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109816138/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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