-
Diluted earnings per share (EPS) of $2.92 for 2017 (including a tax
benefit of $1.05 related to the Tax Cuts and Jobs Act of 2017),
compared to $1.92 for 2016
-
Diluted EPS of $1.60 for Q4 2017 (including $1.05 related to the
above tax benefit), compared to $0.60 for Q4 2016
-
Cash flow from operations of $163.6 million for 2017 – a record
annual result for the Company
-
Consolidated backlog of $7.3 billion, up 17% compared to $6.2
billion at December 31, 2016
LOS ANGELES--(BUSINESS WIRE)--
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil,
building and specialty construction company, today reported results for
the fourth quarter and year ended December 31, 2017. Revenue was $1.2
billion and $4.8 billion for the fourth quarter and full year,
respectively, compared to $1.2 billion and $5.0 billion for the
comparable periods in 2016. Income from construction operations was
$59.3 million and $179.5 million for the fourth quarter and full year,
respectively, compared to $52.1 million and $201.9 million for the
comparable periods in 2016. The increase in income from construction
operations for the fourth quarter of 2017 was largely due to
contributions from certain higher-margin Civil projects.
Income from construction operations in 2017 was adversely affected by
unfavorable adjustments on certain mechanical projects in the Specialty
Contractors segment.
Net income attributable to the Company for the fourth quarter and full
year 2017 increased substantially to $80.9 million, or $1.60 per diluted
share, and $148.4 million, or $2.92 per diluted share, respectively,
compared to $30.3 million, or $0.60 per diluted share, and $95.8
million, or $1.92 per diluted share, for the comparable periods in 2016.
Net income for the fourth quarter and full year 2017 included a tax
benefit of $53.3 million, or $1.05 per diluted share, which primarily
resulted from the remeasurement of the Company’s net deferred tax
liabilities due to the recently enacted Tax Cuts and Jobs Act of 2017.
Net income for full year 2017 was also favorably impacted by a gain of
$37 million, or $0.43 per diluted share, on a legal settlement that was
recorded in other income earlier in the year.
The Company generated operating cash of $163.6 million in 2017, which
established a new record for annual operating cash generation. Operating
cash exceeded net income in 2017 for a second consecutive year. The
Company anticipates that cash generation will continue to be strong in
2018 and that cash flow from operations will again exceed net income for
the year.
Backlog as of December 31, 2017, was $7.3 billion, up 17% compared to
$6.2 billion as of December 31, 2016. New awards and adjustments to
contracts in progress during the fourth quarter and full year 2017 were
$1.0 billion and $5.8 billion, respectively, compared to $0.8 billion
and $3.7 billion for the same periods last year. The Civil segment was
the major contributor to new award activity in 2017, and both the Civil
and Building segments are expected to drive backlog growth in 2018. The
Company has previously announced certain sizeable new projects that are
expected to be booked as new awards in the first quarter of 2018,
including the $1.41 billion Newark Airport Terminal One Design-Build
project and a $172 million mechanical project at the Baruch Houses
complex in New York.
“We had an excellent year of new awards that grew our backlog
significantly. In addition, our continued intense focus on improved
working capital management enabled us to generate record operating cash
in 2017,” remarked Ronald Tutor, Chairman and Chief Executive Officer.
Tutor continued, “The Civil segment performed particularly well, growing
its backlog by 54% in 2017 and finishing with a 12.0% operating margin
for the year. Our large current backlog and volume of prospective
opportunities together with our expectation for improved profitability
in the Specialty Contractors segment provides us with confidence for
even better operating results in 2018.”
Outlook and Guidance
The Company anticipates continued strong demand across various end
markets. Revenue growth in 2018 is expected to be driven by higher
volume of work in the Civil and Building segments, while increased
operating income is expected to result from consistent operating margins
in the Civil and Building segments and a higher operating margin in
the Specialty Contractors segment. In addition, the lower effective tax
rate resulting from recent tax reform together with reduced interest
expense should positively benefit the Company’s 2018 results.
For 2018, the Company is establishing its initial EPS guidance at a
range of $1.90 to $2.30 per diluted share. The Company’s results are
anticipated to be weighted towards the second half of 2018 due to the
seasonality of the business.
Fourth Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Tuesday, February 27, 2018, to discuss the fourth quarter and full year
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 the Company’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, 2017, filed with the Securities and Exchange
Commission on February 27, 2018. 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
|
|
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31,
|
|
|
|
Year Ended December 31,
|
|
(in thousands, except per share data)
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
REVENUE
|
|
|
|
$
|
1,193,068
|
|
|
|
|
$
|
1,246,599
|
|
|
|
|
$
|
4,757,208
|
|
|
|
|
$
|
4,973,076
|
|
|
COST OF OPERATIONS
|
|
|
|
|
(1,062,472
|
)
|
|
|
|
|
(1,128,939
|
)
|
|
|
|
|
(4,302,803
|
)
|
|
|
|
|
(4,515,886
|
)
|
|
GROSS PROFIT
|
|
|
|
|
130,596
|
|
|
|
|
|
117,660
|
|
|
|
|
|
454,405
|
|
|
|
|
|
457,190
|
|
|
General and administrative expenses
|
|
|
|
|
(71,253
|
)
|
|
|
|
|
(65,610
|
)
|
|
|
|
|
(274,928
|
)
|
|
|
|
|
(255,270
|
)
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
|
59,343
|
|
|
|
|
|
52,050
|
|
|
|
|
|
179,477
|
|
|
|
|
|
201,920
|
|
|
Other income, net
|
|
|
|
|
1,508
|
|
|
|
|
|
1,763
|
|
|
|
|
|
43,882
|
|
|
|
|
|
6,977
|
|
|
Interest expense
|
|
|
|
|
(15,658
|
)
|
|
|
|
|
(15,128
|
)
|
|
|
|
|
(69,384
|
)
|
|
|
|
|
(59,782
|
)
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
|
45,193
|
|
|
|
|
|
38,685
|
|
|
|
|
|
153,975
|
|
|
|
|
|
149,115
|
|
|
Income tax benefit (provision)
|
|
|
|
|
37,654
|
|
|
|
|
|
(8,425
|
)
|
|
|
|
|
569
|
|
|
|
|
|
(53,293
|
)
|
|
NET INCOME
|
|
|
|
|
82,847
|
|
|
|
|
|
30,260
|
|
|
|
|
|
154,544
|
|
|
|
|
|
95,822
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
|
(1,909
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(6,162
|
)
|
|
|
|
|
—
|
|
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION
|
|
|
|
$
|
80,938
|
|
|
|
|
$
|
30,260
|
|
|
|
|
$
|
148,382
|
|
|
|
|
$
|
95,822
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
|
$
|
1.63
|
|
|
|
|
$
|
0.62
|
|
|
|
|
$
|
2.99
|
|
|
|
|
$
|
1.95
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
$
|
1.60
|
|
|
|
|
$
|
0.60
|
|
|
|
|
$
|
2.92
|
|
|
|
|
$
|
1.92
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
|
49,781
|
|
|
|
|
|
49,202
|
|
|
|
|
|
49,647
|
|
|
|
|
|
49,150
|
|
|
DILUTED
|
|
|
|
|
50,732
|
|
|
|
|
|
50,507
|
|
|
|
|
|
50,759
|
|
|
|
|
|
49,864
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Segment Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Total
|
|
|
|
Corporate
|
|
|
|
Total
|
|
Quarter Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
492,314
|
|
|
|
|
$
|
462,501
|
|
|
|
|
$
|
306,018
|
|
|
|
$
|
1,260,833
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,260,833
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(63,116
|
)
|
|
|
|
|
(4,649
|
)
|
|
|
|
|
—
|
|
|
|
|
(67,765
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(67,765
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
429,198
|
|
|
|
|
$
|
457,852
|
|
|
|
|
$
|
306,018
|
|
|
|
$
|
1,193,068
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,193,068
|
|
|
Income from construction operations
|
|
|
|
$
|
64,031
|
|
|
|
|
$
|
9,164
|
|
|
|
|
$
|
3,608
|
|
|
|
$
|
76,803
|
|
|
|
|
$
|
(17,460
|
)
|
(a)
|
|
|
$
|
59,343
|
|
|
Capital expenditures
|
|
|
|
$
|
19,029
|
|
|
|
|
$
|
83
|
|
|
|
|
$
|
347
|
|
|
|
$
|
19,459
|
|
|
|
|
$
|
1,109
|
|
|
|
|
$
|
20,568
|
|
|
Depreciation and amortization(b)
|
|
|
|
$
|
7,000
|
|
|
|
|
$
|
488
|
|
|
|
|
$
|
1,148
|
|
|
|
$
|
8,636
|
|
|
|
|
$
|
2,831
|
|
|
|
|
$
|
11,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
452,327
|
|
|
|
|
$
|
551,801
|
|
|
|
|
$
|
301,983
|
|
|
|
$
|
1,306,111
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,306,111
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(43,751
|
)
|
|
|
|
|
(15,761
|
)
|
|
|
|
|
—
|
|
|
|
|
(59,512
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(59,512
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
408,576
|
|
|
|
|
$
|
536,040
|
|
|
|
|
$
|
301,983
|
|
|
|
$
|
1,246,599
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
1,246,599
|
|
|
Income from construction operations
|
|
|
|
$
|
43,640
|
|
|
|
|
$
|
12,596
|
|
|
|
|
$
|
11,999
|
|
|
|
$
|
68,235
|
|
|
|
|
$
|
(16,185
|
)
|
(a)
|
|
|
$
|
52,050
|
|
|
Capital expenditures
|
|
|
|
$
|
5,043
|
|
|
|
|
$
|
135
|
|
|
|
|
$
|
208
|
|
|
|
$
|
5,386
|
|
|
|
|
$
|
85
|
|
|
|
|
$
|
5,471
|
|
|
Depreciation and amortization(b)
|
|
|
|
$
|
15,361
|
|
|
|
|
$
|
538
|
|
|
|
|
$
|
1,224
|
|
|
|
$
|
17,123
|
|
|
|
|
$
|
2,883
|
|
|
|
|
$
|
20,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
|
Civil
|
|
|
|
Building
|
|
|
|
Contractors
|
|
|
|
Total
|
|
|
|
Corporate
|
|
|
|
Total
|
|
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
1,856,164
|
|
|
|
|
$
|
1,982,857
|
|
|
|
|
$
|
1,213,708
|
|
|
|
$
|
5,052,729
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
5,052,729
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(253,989
|
)
|
|
|
|
|
(41,532
|
)
|
|
|
|
|
—
|
|
|
|
|
(295,521
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(295,521
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
1,602,175
|
|
|
|
|
$
|
1,941,325
|
|
|
|
|
$
|
1,213,708
|
|
|
|
$
|
4,757,208
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
4,757,208
|
|
|
Income from construction operations
|
|
|
|
$
|
192,207
|
|
|
|
|
$
|
34,199
|
|
|
|
|
$
|
18,938
|
|
|
|
$
|
245,344
|
|
|
|
|
$
|
(65,867
|
)
|
(a)
|
|
|
$
|
179,477
|
|
|
Capital expenditures
|
|
|
|
$
|
27,694
|
|
|
|
|
$
|
267
|
|
|
|
|
$
|
721
|
|
|
|
$
|
28,682
|
|
|
|
|
$
|
1,598
|
|
|
|
|
$
|
30,280
|
|
|
Depreciation and amortization(b)
|
|
|
|
$
|
33,767
|
|
|
|
|
$
|
2,021
|
|
|
|
|
$
|
4,699
|
|
|
|
$
|
40,487
|
|
|
|
|
$
|
11,443
|
|
|
|
|
$
|
51,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
$
|
1,830,857
|
|
|
|
|
$
|
2,146,747
|
|
|
|
|
$
|
1,234,272
|
|
|
|
$
|
5,211,876
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
5,211,876
|
|
|
Elimination of intersegment revenue
|
|
|
|
|
(161,894
|
)
|
|
|
|
|
(76,906
|
)
|
|
|
|
|
—
|
|
|
|
|
(238,800
|
)
|
|
|
|
|
—
|
|
|
|
|
|
(238,800
|
)
|
|
Revenue from external customers
|
|
|
|
$
|
1,668,963
|
|
|
|
|
$
|
2,069,841
|
|
|
|
|
$
|
1,234,272
|
|
|
|
$
|
4,973,076
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
4,973,076
|
|
|
Income from construction operations
|
|
|
|
$
|
172,668
|
|
|
|
|
$
|
51,564
|
|
|
|
|
$
|
37,908
|
|
|
|
$
|
262,140
|
|
|
|
|
$
|
(60,220
|
)
|
(a)
|
|
|
$
|
201,920
|
|
|
Capital expenditures
|
|
|
|
$
|
13,541
|
|
|
|
|
$
|
516
|
|
|
|
|
$
|
1,005
|
|
|
|
$
|
15,062
|
|
|
|
|
$
|
681
|
|
|
|
|
$
|
15,743
|
|
|
Depreciation and amortization(b)
|
|
|
|
$
|
48,561
|
|
|
|
|
$
|
2,186
|
|
|
|
|
$
|
5,035
|
|
|
|
$
|
55,782
|
|
|
|
|
$
|
11,520
|
|
|
|
|
$
|
67,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, including cash equivalents of $1,481 and $15,302 ($53,067 and
$0 related to VIEs)
|
|
|
|
|
|
|
|
$
|
192,868
|
|
|
|
|
|
|
$
|
146,103
|
|
|
Restricted cash
|
|
|
|
|
|
|
|
|
4,780
|
|
|
|
|
|
|
|
50,504
|
|
|
Restricted investments
|
|
|
|
|
|
|
|
|
53,014
|
|
|
|
|
|
|
|
—
|
|
|
Accounts receivable, including retainage of $535,939 and $569,391
(AR of $42,413 and $0 related to VIEs)
|
|
|
|
|
|
|
|
|
1,801,656
|
|
|
|
|
|
|
|
1,743,300
|
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
|
|
|
|
|
932,758
|
|
|
|
|
|
|
|
831,826
|
|
|
Other current assets
|
|
|
|
|
|
|
|
|
89,316
|
|
|
|
|
|
|
|
66,023
|
|
|
Total current assets
|
|
|
|
|
|
|
|
|
3,074,392
|
|
|
|
|
|
|
|
2,837,756
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation of
$359,188 and $313,783 ($11,641 and $0 related to VIEs)
|
|
|
|
|
|
|
|
|
467,499
|
|
|
|
|
|
|
|
477,626
|
|
|
Goodwill
|
|
|
|
|
|
|
|
|
585,006
|
|
|
|
|
|
|
|
585,006
|
|
|
Intangible assets, net
|
|
|
|
|
|
|
|
|
89,454
|
|
|
|
|
|
|
|
92,997
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
47,772
|
|
|
|
|
|
|
|
45,235
|
|
|
TOTAL ASSETS
|
|
|
|
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
|
|
|
|
$
|
30,748
|
|
|
|
|
|
|
$
|
85,890
|
|
|
Accounts payable, including retainage of $261,820 and $258,294 (AP
of $19,243 and $0 related to VIEs)
|
|
|
|
|
|
|
|
|
961,791
|
|
|
|
|
|
|
|
994,016
|
|
|
Billings in excess of costs and estimated earnings ($120,952 and $0
related to VIEs)
|
|
|
|
|
|
|
|
|
456,869
|
|
|
|
|
|
|
|
331,112
|
|
|
Accrued expenses and other current liabilities
|
|
|
|
|
|
|
|
|
132,438
|
|
|
|
|
|
|
|
107,925
|
|
|
Total current liabilities
|
|
|
|
|
|
|
|
|
1,581,846
|
|
|
|
|
|
|
|
1,518,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM DEBT, less current maturities, net of unamortized
discounts and debt issuance costs totaling $45,631 and $56,072
|
|
|
|
|
|
|
|
|
705,528
|
|
|
|
|
|
|
|
673,629
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
108,504
|
|
|
|
|
|
|
|
131,007
|
|
|
Other long-term liabilities
|
|
|
|
|
|
|
|
|
163,465
|
|
|
|
|
|
|
|
162,018
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
|
|
|
|
2,559,343
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
1,084,205
|
|
|
|
|
|
|
|
1,075,600
|
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
622,007
|
|
|
|
|
|
|
|
473,625
|
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
(42,718
|
)
|
|
|
|
|
|
|
(45,413
|
)
|
|
Total stockholders' equity
|
|
|
|
|
|
|
|
|
1,713,275
|
|
|
|
|
|
|
|
1,553,023
|
|
|
Noncontrolling interests
|
|
|
|
|
|
|
|
|
(8,495
|
)
|
|
|
|
|
|
|
—
|
|
|
TOTAL EQUITY
|
|
|
|
|
|
|
|
|
1,704,780
|
|
|
|
|
|
|
|
1,553,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
$
|
4,038,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
2016
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
$
|
154,544
|
|
|
|
|
|
|
$
|
95,822
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
|
48,387
|
|
|
|
|
|
|
|
63,759
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
|
3,543
|
|
|
|
|
|
|
|
3,543
|
|
|
Share-based compensation expense
|
|
|
|
|
|
|
|
|
|
21,174
|
|
|
|
|
|
|
|
13,423
|
|
|
Excess income tax benefit from share-based compensation
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(269
|
)
|
|
Change in debt discounts and deferred debt issuance costs
|
|
|
|
|
|
|
|
|
|
17,595
|
|
|
|
|
|
|
|
10,968
|
|
|
Deferred income taxes
|
|
|
|
|
|
|
|
|
|
(23,096
|
)
|
|
|
|
|
|
|
(10,169
|
)
|
|
Loss (gain) on sale of property and equipment
|
|
|
|
|
|
|
|
|
|
1,131
|
|
|
|
|
|
|
|
453
|
|
|
Changes in other components of working capital
|
|
|
|
|
|
|
|
|
|
(60,214
|
)
|
|
|
|
|
|
|
(90,530
|
)
|
|
Other long-term liabilities
|
|
|
|
|
|
|
|
|
|
3,656
|
|
|
|
|
|
|
|
28,210
|
|
|
Other, net
|
|
|
|
|
|
|
|
|
|
(3,170
|
)
|
|
|
|
|
|
|
(1,874
|
)
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
163,550
|
|
|
|
|
|
|
|
113,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
|
|
|
|
|
|
(30,280
|
)
|
|
|
|
|
|
|
(15,743
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
|
|
|
|
|
|
2,744
|
|
|
|
|
|
|
|
1,899
|
|
|
Investments in securities, restricted
|
|
|
|
|
|
|
|
|
|
(54,504
|
)
|
|
|
|
|
|
|
—
|
|
|
Investments in securities
|
|
|
|
|
|
|
|
|
|
(6,463
|
)
|
|
|
|
|
|
|
—
|
|
|
Proceeds from maturities of investments
|
|
|
|
|
|
|
|
|
|
1,370
|
|
|
|
|
|
|
|
—
|
|
|
Change in restricted cash
|
|
|
|
|
|
|
|
|
|
45,724
|
|
|
|
|
|
|
|
(4,651
|
)
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
(41,409
|
)
|
|
|
|
|
|
|
(18,495
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
|
|
|
|
|
|
2,161,384
|
|
|
|
|
|
|
|
1,353,895
|
|
|
Repayment of debt
|
|
|
|
|
|
|
|
|
|
(2,195,068
|
)
|
|
|
|
|
|
|
(1,562,684
|
)
|
|
Debt issuance and extinguishment costs
|
|
|
|
|
|
|
|
|
|
(15,266
|
)
|
|
|
|
|
|
|
(15,086
|
)
|
|
Issuance of convertible notes
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
200,000
|
|
|
Cash payments related to share-based compensation
|
|
|
|
|
|
|
|
|
|
(11,769
|
)
|
|
|
|
|
|
|
(584
|
)
|
|
Excess income tax benefit from share-based compensation
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
269
|
|
|
Distributions paid to noncontrolling interests
|
|
|
|
|
|
|
|
|
|
(17,499
|
)
|
|
|
|
|
|
|
—
|
|
|
Contributions from noncontrolling interests
|
|
|
|
|
|
|
|
|
|
2,842
|
|
|
|
|
|
|
|
—
|
|
|
NET CASH USED IN FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
(75,376
|
)
|
|
|
|
|
|
|
(24,190
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
46,765
|
|
|
|
|
|
|
|
70,651
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
|
|
|
|
|
|
|
146,103
|
|
|
|
|
|
|
|
75,452
|
|
|
Cash and cash equivalents at end of year
|
|
|
|
|
|
|
|
|
$
|
192,868
|
|
|
|
|
|
|
$
|
146,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Backlog Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
Quarter Ended
|
|
|
|
Quarter Ended
|
|
|
|
Backlog at
|
|
(in millions)
|
|
|
|
September 30, 2017
|
|
|
|
December 31, 2017(a)
|
|
|
|
December 31, 2017
|
|
|
|
December 31, 2017
|
|
Civil
|
|
|
|
$
|
4,307.4
|
|
|
|
$
|
240.0
|
|
|
|
$
|
(429.2
|
)
|
|
|
|
$
|
4,118.2
|
|
Building
|
|
|
|
|
1,598.7
|
|
|
|
|
560.6
|
|
|
|
|
(457.9
|
)
|
|
|
|
|
1,701.4
|
|
Specialty Contractors
|
|
|
|
|
1,595.6
|
|
|
|
|
174.2
|
|
|
|
|
(306.0
|
)
|
|
|
|
|
1,463.8
|
|
Total
|
|
|
|
$
|
7,501.7
|
|
|
|
$
|
974.8
|
|
|
|
$
|
(1,193.1
|
)
|
|
|
|
$
|
7,283.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
|
Recognized in the
|
|
|
|
|
|
|
|
|
|
|
Backlog at
|
|
|
|
Year Ended
|
|
|
|
Year Ended
|
|
|
|
Backlog at
|
|
(in millions)
|
|
|
|
December 31, 2016
|
|
|
|
December 31, 2017(a)
|
|
|
|
December 31, 2017
|
|
|
|
December 31, 2017
|
|
Civil
|
|
|
|
$
|
2,672.1
|
|
|
|
$
|
3,048.3
|
|
|
|
$
|
(1,602.2
|
)
|
|
|
|
$
|
4,118.2
|
|
Building
|
|
|
|
|
1,981.2
|
|
|
|
|
1,661.5
|
|
|
|
|
(1,941.3
|
)
|
|
|
|
|
1,701.4
|
|
Specialty Contractors
|
|
|
|
|
1,573.8
|
|
|
|
|
1,103.7
|
|
|
|
|
(1,213.7
|
)
|
|
|
|
|
1,463.8
|
|
Total
|
|
|
|
$
|
6,227.1
|
|
|
|
$
|
5,813.5
|
|
|
|
$
|
(4,757.2
|
)
|
|
|
|
$
|
7,283.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/20180227006443/en/
Source: Tutor Perini Corporation