-
New awards of $1.6 billion in Q2 2017; $3.7 billion of new awards
in first half of 2017
-
Backlog at $7.6 billion, up 21% compared with backlog at the end of
2016
-
56% of backlog now comprised of higher-margin Civil projects
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE:TPC), a leading civil, building and
specialty construction company, today reported results for the three
months ended June 30, 2017. Revenue for the second quarter of 2017 was
$1.2 billion, consistent with the revenue for the second quarter of last
year. Income from construction operations was $34.0 million for the
second quarter of 2017 compared to $48.8 million for the comparable
period last year. The decrease in income from construction operations
for the second quarter of 2017 was primarily due to unfavorable project
adjustments recorded on certain mechanical projects in New York. The
decrease was partially offset by increased activity related to certain
mass-transit projects in California and New York. The current year
period included a $37.0 million legal settlement that was recorded in
other income. Net income attributable to Tutor Perini Corporation for
the second quarter of 2017 was $30.1 million, or $0.59 per diluted
share, compared to $21.4 million, or $0.43 per diluted share for the
second quarter of 2016.
Backlog as of June 30, 2017 was $7.6 billion, up 21% compared to $6.2
billion as of December 31, 2016. New awards and adjustments to contracts
in process totaled $1.6 billion in the second quarter of 2017 and $3.7
billion in the first six months of 2017, well outpacing revenue in both
periods. The Civil segment was the major contributor to new award
activity in the first half of 2017. Significant new awards in the second
quarter of 2017 included the I-74 bridge project in Iowa valued at $323
million, the East Side Access CQ33 mass-transit project in New York
valued at $292 million, two healthcare building projects in California
collectively valued at $154 million, additional scope of work valued at
$97 million for a technology office project in California, additional
scope of work valued at $97 million for the Hudson Yards Platform
project, the Henry Hudson Bridge design-build project in New York valued
at $82 million and the MD4 highway improvements project in Maryland
valued at $78 million.
“Our backlog grew again this quarter as a result of the strong market
demand we have been pointing to for some time,” commented Ronald Tutor,
Chairman and Chief Executive Officer. Tutor continued, “Our increased
backlog and continued success in winning new projects reflects the
underlying strength of our business. This, combined with the benefits we
anticipate to come from the FAST Act, California’s SB1 transportation
bill and several large voter-approved transportation funding measures,
provides increased confidence in our outlook for growth and improved
profitability. While our second quarter operating results did not meet
our expectations, we are well positioned for improved results in the
upcoming quarters.”
Outlook and Guidance
Based on the current backlog and market outlook, the Company is
affirming its guidance for 2017, with revenue expected to be in excess
of $5.5 billion and diluted earnings per share (EPS) expected in the
range of $2.10 to $2.40. As previously noted in our earnings releases
for the fourth quarter and full year 2016, and for the first quarter of
2017, we anticipate that our 2017 earnings will be weighted towards the
second half of the year, consistent with the cyclicality of the
Company’s business.
Second Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Monday, August 7, 2017, to discuss the second quarter 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.
To listen to the webcast, please visit the Company's website at least 15
minutes prior to the start of the call to register and to download and
install any necessary software. 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 clients 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 the
planning and scheduling of the 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 clients 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 and Section 21E of the Securities Exchange Act of
1934, 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, the Company’s ability to
win new contracts and convert backlog into revenue; the Company's
ability to successfully and timely complete construction projects;
increased competition and failure to secure new contracts; the outcomes
of pending or future litigation, arbitration or other dispute resolution
proceedings and the timing of related collections; the potential delay,
suspension, termination or reduction in scope of construction projects;
the continuing validity of the underlying assumptions and estimates of
total forecasted project revenues, costs and profits and project
schedules; the availability of borrowed funds on terms acceptable to the
Company; failure to meet our obligations under our debt agreements; the
ability to retain certain members of management; the ability to obtain
surety bonds to secure the Company’s performance under certain
construction contracts; possible labor disputes or work stoppages within
the construction industry; changes in federal and state appropriations
for infrastructure projects and the impact of changing economic
conditions on federal, state and local funding for infrastructure
projects; possible changes or developments in international or domestic
political, social, economic, business, industry, market and regulatory
conditions or circumstances; failure to comply with laws and regulations
related to government contracts; actions taken or not taken by third
parties, including the Company’s customers, suppliers, business partners
and competitors and legislative, regulatory, judicial and other
governmental authorities and officials; impairments of our goodwill or
other indefinite-lived intangible assets; possible systems and
information technology disruptions; the impact of inclement weather
conditions on projects; 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, 2016 filed with the Securities and Exchange
Commission on February 23, 2017. 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 June 30,
|
|
Six Months Ended June 30,
|
|
(in thousands, except per share data)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
1,247,274
|
|
|
$
|
1,308,130
|
|
|
$
|
2,364,635
|
|
|
$
|
2,393,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
(1,144,436
|
)
|
|
|
(1,198,360
|
)
|
|
|
(2,159,078
|
)
|
|
|
(2,178,637
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
102,838
|
|
|
|
109,770
|
|
|
|
205,557
|
|
|
|
214,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
(68,793
|
)
|
|
|
(60,941
|
)
|
|
|
(134,495
|
)
|
|
|
(125,911
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
34,045
|
|
|
|
48,829
|
|
|
|
71,062
|
|
|
|
88,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
40,990
|
|
|
|
2,485
|
|
|
|
41,406
|
|
|
|
3,166
|
|
|
Interest expense
|
|
|
(22,519
|
)
|
|
|
(15,534
|
)
|
|
|
(38,083
|
)
|
|
|
(29,614
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
52,516
|
|
|
|
35,780
|
|
|
|
74,385
|
|
|
|
62,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
(19,883
|
)
|
|
|
(14,419
|
)
|
|
|
(27,988
|
)
|
|
|
(25,743
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
32,633
|
|
|
|
21,361
|
|
|
|
46,397
|
|
|
|
36,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
(2,537
|
)
|
|
|
—
|
|
|
|
(2,537
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION
|
|
$
|
30,096
|
|
|
$
|
21,361
|
|
|
$
|
43,860
|
|
|
$
|
36,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
$
|
0.61
|
|
|
$
|
0.43
|
|
|
$
|
0.89
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
$
|
0.59
|
|
|
$
|
0.43
|
|
|
$
|
0.86
|
|
|
$
|
0.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
49,735
|
|
|
|
49,131
|
|
|
|
49,510
|
|
|
|
49,105
|
|
|
DILUTED
|
|
|
50,755
|
|
|
|
49,561
|
|
|
|
50,853
|
|
|
|
49,423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Segment Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
Total
|
|
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
538,552
|
|
|
$
|
508,769
|
|
|
$
|
281,857
|
|
|
$
|
1,329,178
|
|
|
$
|
—
|
|
|
$
|
1,329,178
|
|
|
Elimination of intersegment revenue
|
|
|
(65,970
|
)
|
|
|
(15,934
|
)
|
|
|
—
|
|
|
|
(81,904
|
)
|
|
|
—
|
|
|
|
(81,904
|
)
|
|
Revenue from external customers
|
|
$
|
472,582
|
|
|
$
|
492,835
|
|
|
$
|
281,857
|
|
|
$
|
1,247,274
|
|
|
$
|
—
|
|
|
$
|
1,247,274
|
|
|
Income from construction operations
|
|
$
|
58,144
|
|
|
$
|
5,736
|
|
|
$
|
(14,007
|
)
|
|
$
|
49,873
|
|
|
$
|
(15,828
|
)
|
(a)
|
$
|
34,045
|
|
|
Capital expenditures
|
|
$
|
1,850
|
|
|
$
|
104
|
|
|
$
|
286
|
|
|
$
|
2,240
|
|
|
$
|
271
|
|
|
$
|
2,511
|
|
|
Depreciation and amortization (b)
|
|
$
|
5,236
|
|
|
$
|
513
|
|
|
$
|
1,193
|
|
|
$
|
6,942
|
|
|
$
|
2,820
|
|
|
$
|
9,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
504,930
|
|
|
$
|
546,157
|
|
|
$
|
318,902
|
|
|
$
|
1,369,989
|
|
|
$
|
—
|
|
|
$
|
1,369,989
|
|
|
Elimination of intersegment revenue
|
|
|
(39,223
|
)
|
|
|
(22,636
|
)
|
|
|
—
|
|
|
|
(61,859
|
)
|
|
|
—
|
|
|
|
(61,859
|
)
|
|
Revenue from external customers
|
|
$
|
465,707
|
|
|
$
|
523,521
|
|
|
$
|
318,902
|
|
|
$
|
1,308,130
|
|
|
$
|
—
|
|
|
$
|
1,308,130
|
|
|
Income from construction operations
|
|
$
|
45,056
|
|
|
$
|
13,223
|
|
|
$
|
5,413
|
|
|
$
|
63,692
|
|
|
$
|
(14,863
|
)
|
(a)
|
$
|
48,829
|
|
|
Capital expenditures
|
|
$
|
3,545
|
|
|
$
|
81
|
|
|
$
|
119
|
|
|
$
|
3,745
|
|
|
$
|
124
|
|
|
$
|
3,869
|
|
|
Depreciation and amortization (b)
|
|
$
|
12,447
|
|
|
$
|
549
|
|
|
$
|
1,263
|
|
|
$
|
14,259
|
|
|
$
|
2,887
|
|
|
$
|
17,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
Total
|
|
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
905,363
|
|
|
$
|
1,019,936
|
|
|
$
|
597,553
|
|
|
$
|
2,522,852
|
|
|
$
|
—
|
|
|
$
|
2,522,852
|
|
|
Elimination of intersegment revenue
|
|
|
(128,206
|
)
|
|
|
(30,011
|
)
|
|
|
—
|
|
|
|
(158,217
|
)
|
|
|
—
|
|
|
|
(158,217
|
)
|
|
Revenue from external customers
|
|
$
|
777,157
|
|
|
$
|
989,925
|
|
|
$
|
597,553
|
|
|
$
|
2,364,635
|
|
|
$
|
—
|
|
|
$
|
2,364,635
|
|
|
Income from construction operations
|
|
$
|
90,032
|
|
|
$
|
10,977
|
|
|
$
|
755
|
|
|
$
|
101,764
|
|
|
$
|
(30,702
|
)
|
(a)
|
$
|
71,062
|
|
|
Capital expenditures
|
|
$
|
7,417
|
|
|
$
|
148
|
|
|
$
|
293
|
|
|
$
|
7,858
|
|
|
$
|
325
|
|
|
$
|
8,183
|
|
|
Depreciation and amortization (b)
|
|
$
|
21,554
|
|
|
$
|
1,031
|
|
|
$
|
2,385
|
|
|
$
|
24,970
|
|
|
$
|
5,788
|
|
|
$
|
30,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
872,431
|
|
|
$
|
1,034,151
|
|
|
$
|
600,675
|
|
|
$
|
2,507,257
|
|
|
$
|
—
|
|
|
$
|
2,507,257
|
|
|
Elimination of intersegment revenue
|
|
|
(70,866
|
)
|
|
|
(42,892
|
)
|
|
|
—
|
|
|
|
(113,758
|
)
|
|
|
—
|
|
|
|
(113,758
|
)
|
|
Revenue from external customers
|
|
$
|
801,565
|
|
|
$
|
991,259
|
|
|
$
|
600,675
|
|
|
$
|
2,393,499
|
|
|
$
|
—
|
|
|
$
|
2,393,499
|
|
|
Income from construction operations
|
|
$
|
78,721
|
|
|
$
|
25,673
|
|
|
$
|
14,826
|
|
|
$
|
119,220
|
|
|
$
|
(30,269
|
)
|
(a)
|
$
|
88,951
|
|
|
Capital expenditures
|
|
$
|
7,157
|
|
|
$
|
302
|
|
|
$
|
744
|
|
|
$
|
8,203
|
|
|
$
|
478
|
|
|
$
|
8,681
|
|
|
Depreciation and amortization (b)
|
|
$
|
20,531
|
|
|
$
|
1,106
|
|
|
$
|
2,568
|
|
|
$
|
24,205
|
|
|
$
|
5,751
|
|
|
$
|
29,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Consists primarily of corporate general and administrative
expenses.
|
|
(b) Depreciation and amortization is included in income from
construction operations.
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
(in thousands, except share and per share amounts)
|
|
June 30, 2017
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents ($37,445 and $0 related to variable
interest
entities ("VIEs"))
|
|
$
|
172,927
|
|
|
$
|
146,103
|
|
|
Restricted cash
|
|
|
52,051
|
|
|
|
50,504
|
|
|
Accounts receivable ("AR") including retainage of $602,581 and
$569,391
(AR of $56,912 and $0 related to VIEs)
|
|
|
1,838,359
|
|
|
|
1,743,300
|
|
|
Costs and estimated earnings in excess of billings
|
|
|
850,634
|
|
|
|
831,826
|
|
|
Other current assets
|
|
|
77,736
|
|
|
|
66,023
|
|
|
Total current assets
|
|
|
2,991,707
|
|
|
|
2,837,756
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation
of $339,045 and $313,783
|
|
|
456,001
|
|
|
|
477,626
|
|
|
Goodwill
|
|
|
585,006
|
|
|
|
585,006
|
|
|
Intangible assets, net
|
|
|
91,226
|
|
|
|
92,997
|
|
|
Other assets
|
|
|
40,926
|
|
|
|
45,235
|
|
|
TOTAL ASSETS
|
|
$
|
4,164,866
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
30,333
|
|
|
$
|
85,890
|
|
|
Accounts payable ("AP") including retainage of $274,045 and $258,294
(AP of $57,888 and $0 related to VIEs)
|
|
|
899,284
|
|
|
|
994,016
|
|
|
Billings in excess of costs and estimated earnings ($30,293 and
$0 related to VIEs)
|
|
|
339,808
|
|
|
|
331,112
|
|
|
Accrued expenses and other current liabilities
|
|
|
176,148
|
|
|
|
107,925
|
|
|
Total current liabilities
|
|
|
1,445,573
|
|
|
|
1,518,943
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities, net of unamortized discounts
and debt issuance costs totaling $57,434 and $56,072
|
|
|
832,327
|
|
|
|
673,629
|
|
|
Deferred income taxes
|
|
|
131,292
|
|
|
|
131,007
|
|
|
Other long-term liabilities
|
|
|
155,810
|
|
|
|
162,018
|
|
|
TOTAL LIABILITIES
|
|
|
2,565,002
|
|
|
|
2,485,597
|
|
|
|
|
|
|
|
|
|
|
CONTINGENCIES AND COMMITMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
|
|
Stockholders' Equity
|
|
|
|
|
|
|
|
Preferred stock – authorized 1,000,000 shares ($1 par value),
none issued
|
|
|
—
|
|
|
|
—
|
|
|
Common stock - authorized 75,000,000 shares ($1 par value),
issued and outstanding 49,760,256 and 49,211,353 shares
|
|
|
49,760
|
|
|
|
49,211
|
|
|
Additional paid-in capital
|
|
|
1,075,637
|
|
|
|
1,075,600
|
|
|
Retained earnings
|
|
|
517,485
|
|
|
|
473,625
|
|
|
Accumulated other comprehensive loss
|
|
|
(44,305
|
)
|
|
|
(45,413
|
)
|
|
Total Stockholders Equity
|
|
|
1,598,577
|
|
|
|
1,553,023
|
|
|
Noncontrolling interests
|
|
|
1,287
|
|
|
|
—
|
|
|
TOTAL STOCKHOLDERS' EQUITY
|
|
|
1,599,864
|
|
|
|
1,553,023
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
$
|
4,164,866
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
(in thousands)
|
|
2017
|
|
2016
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
46,397
|
|
|
$
|
36,760
|
|
|
Adjustments to reconcile net income to net cash (used in) provided
by operating activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
28,987
|
|
|
|
28,185
|
|
|
Amortization of intangible assets
|
|
|
1,771
|
|
|
|
1,771
|
|
|
Share-based compensation expense
|
|
|
10,420
|
|
|
|
6,959
|
|
|
Change in debt discounts and deferred debt issuance costs
|
|
|
11,950
|
|
|
|
3,348
|
|
|
Deferred income taxes
|
|
|
(1
|
)
|
|
|
(371
|
)
|
|
(Gain) loss on sale of property and equipment
|
|
|
(349
|
)
|
|
|
204
|
|
|
Other long-term liabilities
|
|
|
(2,801
|
)
|
|
|
(3,811
|
)
|
|
Other non-cash items
|
|
|
1,785
|
|
|
|
1,200
|
|
|
Changes in other components of working capital
|
|
|
(132,779
|
)
|
|
|
(69,669
|
)
|
|
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
|
|
|
(34,620
|
)
|
|
|
4,576
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases
|
|
|
(8,183
|
)
|
|
|
(8,681
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
1,336
|
|
|
|
1,092
|
|
|
Investments in securities restricted in use
|
|
|
(9,297
|
)
|
|
|
—
|
|
|
Change in restricted cash
|
|
|
(1,547
|
)
|
|
|
(3,599
|
)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
(17,691
|
)
|
|
|
(11,188
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Issuance of convertible notes
|
|
|
—
|
|
|
|
200,000
|
|
|
Proceeds from debt
|
|
|
1,276,457
|
|
|
|
711,092
|
|
|
Repayment of debt
|
|
|
(1,171,954
|
)
|
|
|
(871,654
|
)
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
(10,809
|
)
|
|
|
—
|
|
|
Distributions paid to noncontrolling interests
|
|
|
(2,500
|
)
|
|
|
—
|
|
|
Contributions from noncontrolling interests
|
|
|
1,250
|
|
|
|
—
|
|
|
Debt issuance costs
|
|
|
(13,309
|
)
|
|
|
(14,656
|
)
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
79,135
|
|
|
|
24,782
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
26,824
|
|
|
|
18,170
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
146,103
|
|
|
|
75,452
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
172,927
|
|
|
$
|
93,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Backlog Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
Recognized in the
|
|
|
|
|
|
|
Backlog at
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Backlog at
|
|
(in millions)
|
|
March 31, 2017
|
|
June 30, 2017(a)
|
|
June 30, 2017
|
|
June 30, 2017
|
|
Civil
|
|
$
|
3,865.7
|
|
$
|
847.5
|
|
$
|
(472.6
|
)
|
|
$
|
4,240.6
|
|
Building
|
|
|
1,750.3
|
|
|
550.9
|
|
|
(492.8
|
)
|
|
|
1,808.4
|
|
Specialty Contractors
|
|
|
1,554.5
|
|
|
238.9
|
|
|
(281.9
|
)
|
|
|
1,511.5
|
|
Total
|
|
$
|
7,170.5
|
|
$
|
1,637.3
|
|
$
|
(1,247.3
|
)
|
|
$
|
7,560.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
Recognized in the
|
|
|
|
|
|
|
Backlog at
|
|
Six Months Ended
|
|
Six Months Ended
|
|
Backlog at
|
|
(in millions)
|
|
December 31, 2016
|
|
June 30, 2017(a)
|
|
June 30, 2017
|
|
June 30, 2017
|
|
Civil
|
|
$
|
2,672.1
|
|
$
|
2,345.7
|
|
$
|
(777.2
|
)
|
|
$
|
4,240.6
|
|
Building
|
|
|
1,981.2
|
|
|
817.1
|
|
|
(989.9
|
)
|
|
|
1,808.4
|
|
Specialty Contractors
|
|
|
1,573.8
|
|
|
535.3
|
|
|
(597.6
|
)
|
|
|
1,511.5
|
|
Total
|
|
$
|
6,227.1
|
|
$
|
3,698.1
|
|
$
|
(2,364.7
|
)
|
|
$
|
7,560.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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: http://www.businesswire.com/news/home/20170807005789/en/
Source: Tutor Perini Corporation