-
New awards of $1.1 billion in Q3 2017; YTD book-to-burn of 1.36
-
Backlog at $7.5 billion, up 12% Y/Y; Civil segment backlog up 54%
Y/Y to a new record level
-
Cash Flow from Operations of $36.5 million in Q3 2017
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 September 30, 2017. Revenue for the third quarter of 2017
was $1.2 billion compared to $1.3 billion for the third quarter of last
year, as various Civil and Building segment projects are nearing
completion and newer projects, particularly in the Civil segment, are
earlier in their project life cycle and are not yet generating the
higher levels of revenue that are expected later. Revenue for the third
quarter of 2017 was also impacted by certain delays in the timing of new
awards and project execution activities for previously awarded projects,
which have shifted the timing of respective revenue contributions to
2018. Income from construction operations was $49.1 million for the
third quarter of 2017 compared to $60.9 million for the comparable
period last year. Net income attributable to Tutor Perini Corporation
for the third quarter of 2017 was $23.6 million, or $0.47 per diluted
share, compared to $28.8 million, or $0.57 per diluted share for the
third quarter of 2016. Both income from construction operations and net
income attributable to Tutor Perini Corporation were affected by the
reduced volume.
Backlog as of September 30, 2017 was $7.5 billion, up 12% year-over-year
and up 20% compared to the backlog as of December 31, 2016. Civil
segment backlog climbed 54% year-over-year to $4.3 billion, a new
record. New awards and adjustments to contracts in process totaled $1.1
billion in the third quarter of 2017 and $4.8 billion in the first nine
months of 2017, well outpacing revenue for the nine-month period. The
Civil segment was the major contributor to the new award activity during
the first nine months of 2017, with civil awards comprising more than
half of all new awards through September 30, 2017. Significant new
awards in the third quarter of 2017 included a joint-venture tunnel
project for a hydroelectric generating station in British Columbia,
Canada, valued at $274 million, an electrical subcontract worth $154
million for a mass-transit project in California, a joint-venture bridge
project in Minnesota, for which the Company’s portion is valued at $90
million, a U.S. embassy renovation project in Uruguay valued at $87
million, a military training range project in Guam worth $78 million,
approximately $65 million for various smaller electrical projects in the
southern United States, $52 million for three new mechanical projects in
New York and $49 million of early scope tasks for a new technology
office building in California, which is anticipated to be worth
approximately $500 million once the remaining funding is released.
The Company generated $36.5 million of operating cash in the third
quarter of 2017 and expects operating cash to be even stronger in the
fourth quarter of 2017.
“We have continued to experience certain delays in the timing of new
awards and project execution activities for previously awarded projects,
which resulted in revenue and profit shortfalls in the quarter. On the
positive side, we achieved improved operating margins for the quarter in
both our Building and Specialty Contractors segments while maintaining
good margin performance in our Civil segment,” said Ronald Tutor,
Chairman and Chief Executive Officer. Tutor continued, “We also had
solid operating cash flow, as well as good new award bookings that
resulted in stable backlog for the quarter. We continue to see an
unprecedented and growing volume of prospective opportunities ahead,
especially in our higher-margin Civil segment, with several large
project award decisions expected in the near future. Consequently, our
long-term outlook for growth and improved profitability remains very
favorable.”
Outlook and Guidance
Based on the current backlog and market outlook, the Company is updating
its guidance for 2017, with revenue now expected to be approximately
$5.0 billion and diluted earnings per share (EPS) now expected in the
range of $1.75 to $1.90.
Third Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Thursday, November 9, 2017, to discuss the third 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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
(in thousands, except per share data)
|
|
|
2017
|
|
2016
|
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
1,199,505
|
|
|
$
|
1,332,978
|
|
|
|
|
$
|
3,564,140
|
|
|
$
|
3,726,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations
|
|
|
|
(1,081,254
|
)
|
|
|
(1,208,310
|
)
|
|
|
|
|
(3,240,332
|
)
|
|
|
(3,386,947
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
118,251
|
|
|
|
124,668
|
|
|
|
|
|
323,808
|
|
|
|
339,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses
|
|
|
|
(69,179
|
)
|
|
|
(63,749
|
)
|
|
|
|
|
(203,674
|
)
|
|
|
(189,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
49,072
|
|
|
|
60,919
|
|
|
|
|
|
120,134
|
|
|
|
149,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
|
967
|
|
|
|
2,048
|
|
|
|
|
|
42,373
|
|
|
|
5,214
|
|
|
Interest expense
|
|
|
|
(15,643
|
)
|
|
|
(15,041
|
)
|
|
|
|
|
(53,726
|
)
|
|
|
(44,655
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
34,396
|
|
|
|
47,926
|
|
|
|
|
|
108,781
|
|
|
|
110,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
|
(9,096
|
)
|
|
|
(19,125
|
)
|
|
|
|
|
(37,084
|
)
|
|
|
(44,868
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
|
|
25,300
|
|
|
|
28,801
|
|
|
|
|
|
71,697
|
|
|
|
65,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
(1,716
|
)
|
|
|
—
|
|
|
|
|
|
(4,253
|
)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION
|
|
|
$
|
23,584
|
|
|
$
|
28,801
|
|
|
|
|
$
|
67,444
|
|
|
$
|
65,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
$
|
0.47
|
|
|
$
|
0.59
|
|
|
|
|
$
|
1.36
|
|
|
$
|
1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
$
|
0.47
|
|
|
$
|
0.57
|
|
|
|
|
$
|
1.33
|
|
|
$
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
49,775
|
|
|
|
49,185
|
|
|
|
|
|
49,602
|
|
|
|
49,132
|
|
|
DILUTED
|
|
|
|
50,587
|
|
|
|
50,100
|
|
|
|
|
|
50,768
|
|
|
|
49,649
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Segment Information
|
|
Unaudited
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
Total
|
|
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
458,487
|
|
|
$
|
500,420
|
|
|
$
|
310,137
|
|
$
|
1,269,044
|
|
|
$
|
—
|
|
|
$
|
1,269,044
|
|
|
Elimination of intersegment revenue
|
|
|
|
(62,667
|
)
|
|
|
(6,872
|
)
|
|
|
—
|
|
|
(69,539
|
)
|
|
|
—
|
|
|
|
(69,539
|
)
|
|
Revenue from external customers
|
|
|
$
|
395,820
|
|
|
$
|
493,548
|
|
|
$
|
310,137
|
|
$
|
1,199,505
|
|
|
$
|
—
|
|
|
$
|
1,199,505
|
|
|
Income from construction operations
|
|
|
$
|
38,144
|
|
|
$
|
14,058
|
|
|
$
|
14,575
|
|
$
|
66,777
|
|
|
$
|
(17,705
|
)
|
(a)
|
$
|
49,072
|
|
|
Capital expenditures
|
|
|
$
|
1,248
|
|
|
$
|
36
|
|
|
$
|
81
|
|
$
|
1,365
|
|
|
$
|
164
|
|
|
$
|
1,529
|
|
|
Depreciation and amortization (b)
|
|
|
$
|
5,213
|
|
|
$
|
502
|
|
|
$
|
1,166
|
|
$
|
6,881
|
|
|
$
|
2,824
|
|
|
$
|
9,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
506,100
|
|
|
$
|
560,795
|
|
|
$
|
331,613
|
|
$
|
1,398,508
|
|
|
$
|
—
|
|
|
$
|
1,398,508
|
|
|
Elimination of intersegment revenue
|
|
|
|
(47,277
|
)
|
|
|
(18,253
|
)
|
|
|
—
|
|
|
(65,530
|
)
|
|
|
—
|
|
|
|
(65,530
|
)
|
|
Revenue from external customers
|
|
|
$
|
458,823
|
|
|
$
|
542,542
|
|
|
$
|
331,613
|
|
$
|
1,332,978
|
|
|
$
|
—
|
|
|
$
|
1,332,978
|
|
|
Income from construction operations
|
|
|
$
|
50,307
|
|
|
$
|
13,296
|
|
|
$
|
11,084
|
|
$
|
74,687
|
|
|
$
|
(13,768
|
)
|
(a)
|
$
|
60,919
|
|
|
Capital expenditures
|
|
|
$
|
1,342
|
|
|
$
|
79
|
|
|
$
|
54
|
|
$
|
1,475
|
|
|
$
|
117
|
|
|
$
|
1,592
|
|
|
Depreciation and amortization (b)
|
|
|
$
|
12,669
|
|
|
$
|
541
|
|
|
$
|
1,243
|
|
$
|
14,453
|
|
|
$
|
2,886
|
|
|
$
|
17,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
Total
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
1,363,850
|
|
|
$
|
1,520,356
|
|
|
$
|
907,690
|
|
$
|
3,791,896
|
|
|
$
|
—
|
|
|
$
|
3,791,896
|
|
|
Elimination of intersegment revenue
|
|
|
|
(190,873
|
)
|
|
|
(36,883
|
)
|
|
|
—
|
|
|
(227,756
|
)
|
|
|
—
|
|
|
|
(227,756
|
)
|
|
Revenue from external customers
|
|
|
$
|
1,172,977
|
|
|
$
|
1,483,473
|
|
|
$
|
907,690
|
|
$
|
3,564,140
|
|
|
$
|
—
|
|
|
$
|
3,564,140
|
|
|
Income from construction operations
|
|
|
$
|
128,176
|
|
|
$
|
25,035
|
|
|
$
|
15,330
|
|
$
|
168,541
|
|
|
$
|
(48,407
|
)
|
(a)
|
$
|
120,134
|
|
|
Capital expenditures
|
|
|
$
|
8,665
|
|
|
$
|
184
|
|
|
$
|
374
|
|
$
|
9,223
|
|
|
$
|
489
|
|
|
$
|
9,712
|
|
|
Depreciation and amortization (b)
|
|
|
$
|
26,767
|
|
|
$
|
1,533
|
|
|
$
|
3,551
|
|
$
|
31,851
|
|
|
$
|
8,612
|
|
|
$
|
40,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
1,378,531
|
|
|
$
|
1,594,946
|
|
|
$
|
932,288
|
|
$
|
3,905,765
|
|
|
$
|
—
|
|
|
$
|
3,905,765
|
|
|
Elimination of intersegment revenue
|
|
|
|
(118,143
|
)
|
|
|
(61,145
|
)
|
|
|
—
|
|
|
(179,288
|
)
|
|
|
—
|
|
|
|
(179,288
|
)
|
|
Revenue from external customers
|
|
|
$
|
1,260,388
|
|
|
$
|
1,533,801
|
|
|
$
|
932,288
|
|
$
|
3,726,477
|
|
|
$
|
—
|
|
|
$
|
3,726,477
|
|
|
Income from construction operations
|
|
|
$
|
129,028
|
|
|
$
|
38,969
|
|
|
$
|
25,910
|
|
$
|
193,907
|
|
|
$
|
(44,037
|
)
|
(a)
|
$
|
149,870
|
|
|
Capital expenditures
|
|
|
$
|
8,499
|
|
|
$
|
381
|
|
|
$
|
798
|
|
$
|
9,678
|
|
|
$
|
595
|
|
|
$
|
10,273
|
|
|
Depreciation and amortization (b)
|
|
|
$
|
33,200
|
|
|
$
|
1,647
|
|
|
$
|
3,811
|
|
$
|
38,658
|
|
|
$
|
8,637
|
|
|
$
|
47,295
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
September 30, 2017
|
|
|
December 31, 2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents ($79,111 and $0 related to variable
interest entities ("VIEs"))
|
|
|
$
|
221,878
|
|
|
|
$
|
146,103
|
|
|
Restricted cash
|
|
|
|
17,424
|
|
|
|
|
50,504
|
|
|
Restricted investments
|
|
|
|
48,775
|
|
|
|
|
—
|
|
|
Accounts receivable ("AR") including retainage of $574,710 and
$569,391 (AR of $36,317 and $0 related to VIEs)
|
|
|
1,857,870
|
|
|
|
|
1,743,300
|
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
902,312
|
|
|
|
|
831,826
|
|
|
Other current assets
|
|
|
|
70,781
|
|
|
|
|
66,023
|
|
|
Total current assets
|
|
|
|
3,119,040
|
|
|
|
|
2,837,756
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation
of $345,546 and $313,783
|
|
|
447,588
|
|
|
|
|
477,626
|
|
|
Goodwill
|
|
|
|
585,006
|
|
|
|
|
585,006
|
|
|
Intangible assets, net
|
|
|
|
90,340
|
|
|
|
|
92,997
|
|
|
Other assets
|
|
|
|
40,811
|
|
|
|
|
45,235
|
|
|
TOTAL ASSETS
|
|
|
$
|
4,282,785
|
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
$
|
30,951
|
|
|
|
$
|
85,890
|
|
|
Accounts payable ("AP") including retainage of $267,110 and $258,294
(AP of $4,826 and $0 related to VIEs)
|
|
|
949,675
|
|
|
|
|
994,016
|
|
|
Billings in excess of costs and estimated earnings ($91,750 and $0
related to VIEs)
|
|
|
403,635
|
|
|
|
|
331,112
|
|
|
Accrued expenses and other current liabilities
|
|
|
|
124,385
|
|
|
|
|
107,925
|
|
|
Total current liabilities
|
|
|
|
1,508,646
|
|
|
|
|
1,518,943
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current maturities, net of unamortized
discounts and debt issuance costs totaling $54,699 and $56,072
|
|
|
855,325
|
|
|
|
|
673,629
|
|
|
Deferred income taxes
|
|
|
|
132,335
|
|
|
|
|
131,007
|
|
|
Other long-term liabilities
|
|
|
|
155,553
|
|
|
|
|
162,018
|
|
|
TOTAL LIABILITIES
|
|
|
|
2,651,859
|
|
|
|
|
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 49,781,010 and 49,211,353 shares
|
|
|
49,781
|
|
|
|
|
49,211
|
|
|
Additional paid-in capital
|
|
|
|
1,080,371
|
|
|
|
|
1,075,600
|
|
|
Retained earnings
|
|
|
|
541,069
|
|
|
|
|
473,625
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(43,298
|
)
|
|
|
|
(45,413
|
)
|
|
Total Stockholders' Equity
|
|
|
|
1,627,923
|
|
|
|
|
1,553,023
|
|
|
Noncontrolling interests
|
|
|
|
3,003
|
|
|
|
|
—
|
|
|
TOTAL EQUITY
|
|
|
|
1,630,926
|
|
|
|
|
1,553,023
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$
|
4,282,785
|
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Unaudited
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
(in thousands)
|
|
|
2017
|
|
|
|
2016
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
71,697
|
|
|
|
$
|
65,561
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
37,806
|
|
|
|
|
44,638
|
|
|
Amortization of intangible assets
|
|
|
|
2,657
|
|
|
|
|
2,657
|
|
|
Share-based compensation expense
|
|
|
|
16,057
|
|
|
|
|
10,109
|
|
|
Excess income tax benefit from share-based compensation
|
|
|
|
—
|
|
|
|
|
(10
|
)
|
|
Change in debt discounts and deferred debt issuance costs
|
|
|
|
14,725
|
|
|
|
|
7,124
|
|
|
Deferred income taxes
|
|
|
|
642
|
|
|
|
|
(8,636
|
)
|
|
(Gain) loss on sale of property and equipment
|
|
|
|
(376
|
)
|
|
|
|
300
|
|
|
Other long-term liabilities
|
|
|
|
(2,876
|
)
|
|
|
|
(8,555
|
)
|
|
Other
|
|
|
|
4,785
|
|
|
|
|
(353
|
)
|
|
Changes in other components of working capital
|
|
|
|
(143,213
|
)
|
|
|
|
(18,669
|
)
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
|
|
1,904
|
|
|
|
|
94,166
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases
|
|
|
|
(9,712
|
)
|
|
|
|
(10,273
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
1,440
|
|
|
|
|
1,139
|
|
|
Investments in securities restricted in use
|
|
|
|
(48,657
|
)
|
|
|
|
—
|
|
|
Change in restricted cash
|
|
|
|
33,080
|
|
|
|
|
(2,872
|
)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
|
(23,849
|
)
|
|
|
|
(12,006
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of convertible notes
|
|
|
|
—
|
|
|
|
|
200,000
|
|
|
Proceeds from debt
|
|
|
|
1,991,457
|
|
|
|
|
1,003,092
|
|
|
Repayment of debt
|
|
|
|
(1,866,072
|
)
|
|
|
|
(1,174,679
|
)
|
|
Excess income tax benefit from share-based compensation
|
|
|
|
—
|
|
|
|
|
10
|
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
(11,147
|
)
|
|
|
|
(423
|
)
|
|
Distributions paid to noncontrolling interests
|
|
|
|
(2,500
|
)
|
|
|
|
—
|
|
|
Contributions from noncontrolling interests
|
|
|
|
1,250
|
|
|
|
|
—
|
|
|
Debt issuance and extinguishment costs
|
|
|
|
(15,268
|
)
|
|
|
|
(14,868
|
)
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
97,720
|
|
|
|
|
13,132
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
75,775
|
|
|
|
|
95,292
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
146,103
|
|
|
|
|
75,452
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
221,878
|
|
|
|
$
|
170,744
|
|
|
|
|
|
|
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)
|
|
|
June 30, 2017
|
|
|
September 30, 2017(a)
|
|
|
September 30, 2017
|
|
|
September 30, 2017
|
|
Civil
|
|
|
$
|
4,240.6
|
|
|
$
|
462.6
|
|
|
$
|
(395.8
|
)
|
|
|
$
|
4,307.4
|
|
Building
|
|
|
|
1,808.4
|
|
|
|
283.9
|
|
|
|
(493.6
|
)
|
|
|
|
1,598.7
|
|
Specialty Contractors
|
|
|
|
1,511.5
|
|
|
|
394.2
|
|
|
|
(310.1
|
)
|
|
|
|
1,595.6
|
|
Total
|
|
|
$
|
7,560.5
|
|
|
$
|
1,140.7
|
|
|
$
|
(1,199.5
|
)
|
|
|
$
|
7,501.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
Nine Months Ended
|
|
|
Nine Months Ended
|
|
|
Backlog at
|
|
(in millions)
|
|
|
December 31, 2016
|
|
|
September 30, 2017(a)
|
|
|
September 30, 2017
|
|
|
September 30, 2017
|
|
Civil
|
|
|
$
|
2,672.1
|
|
|
$
|
2,808.3
|
|
|
$
|
(1,173.0
|
)
|
|
|
$
|
4,307.4
|
|
Building
|
|
|
|
1,981.2
|
|
|
|
1,101.0
|
|
|
|
(1,483.5
|
)
|
|
|
|
1,598.7
|
|
Specialty Contractors
|
|
|
|
1,573.8
|
|
|
|
929.4
|
|
|
|
(907.6
|
)
|
|
|
|
1,595.6
|
|
Total
|
|
|
$
|
6,227.1
|
|
|
$
|
4,838.7
|
|
|
$
|
(3,564.1
|
)
|
|
|
$
|
7,501.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/20171109006264/en/
Source: Tutor Perini Corporation