-
Backlog up 14% year-over-year to $8.5 billion, with growth across
all three segments
-
Cash flow from operations of $27.6 million
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, 2018. Revenue for the third quarter of 2018
was $1.1 billion, down 6% compared to $1.2 billion for the third quarter
of last year. The decrease was driven by the completion of a large
technology office project in California. Revenue and income from
construction operations for the third quarter of 2018 were both lower
than expected due to continued delays on certain projects, including the
California High-Speed Rail project, and because revenue generated from
project execution activities for new projects starting up did not fully
offset reduced revenue from projects that have completed or are nearing
completion. As a result, income from construction operations for the
third quarter of 2018 was $47.3 million, down 4% compared to $49.1
million for the same quarter of last year. Net income attributable to
the Company for the third quarter of 2018 was $21.3 million, or $0.42
per diluted share, compared to $23.6 million, or $0.47 per diluted
share, for the same quarter of 2017.
Backlog as of September 30, 2018 remained strong at $8.5 billion, up 14%
compared to $7.5 billion as of September 30, 2017. New awards and
adjustments to contracts in process totaled $948 million in the third
quarter of 2018. Significant new awards included more than $262 million
of additional funding for various building projects in California, a
$121 million tunneling project in California, an $82 million aircraft
maintenance facility and hangar project in Guam, and a $68 million
industrial facility revitalization project in Mississippi. The Company
still anticipates a contract award for the previously announced $800
million Minneapolis Southwest Light Rail Transit project, for which it
was the low bidder earlier this year. Also, in the past week, the
Company was selected to design and build a large new hospitality and
gaming project and was the low bidder for the $253 million Culver Line
Communications-Based Train Control project in New York. Finally, the
Company expects to book approximately $100 million of new mechanical
projects in New York City in the fourth quarter of 2018.
Cash flow from operations for the third quarter of 2018 was $27.6
million as a result of favorable collections.
Ronald Tutor, Chairman and Chief Executive Officer, said, “Contributions
from the California High-Speed Rail project since mid-year have shifted
more significantly than anticipated due to the owner’s continuing
inability to deliver the right-of-ways and easements critical to our
construction efforts. The impact of this shift, combined with the timing
of contributions from certain other projects, is that a significant
amount of our revenue and earnings has moved from 2018 to 2019 and 2020.
These factors together with our growing, higher-margin backlog, sizeable
pending awards and exploding pipeline of bidding opportunities should
result in significantly greater earnings in both 2019 and 2020.”
Outlook and Guidance
Based on the Company’s results to date and its current expectations for
the remainder of this year, the Company is lowering its guidance for
2018, with diluted earnings per share (EPS) now expected in the range of
$1.50 to $1.65.
Third Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on
Wednesday, November 7, 2018, to discuss the third quarter 2018 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
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 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, 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, inaccurate estimates of contract risks,
revenue or costs, the timing of new awards or the pace of project
execution; unfavorable outcomes of existing or future litigation or
dispute resolution proceedings against project owners, subcontractors or
suppliers, as well as failure to promptly recover significant working
capital invested in projects subject to such matters; the requirement to
perform extra, or change order, work resulting in disputes or claims,
which may adversely affect our working capital, profits and cash flows;
actual results that could differ from the assumptions and estimates used
to prepare financial statements; increased competition and failure to
secure new contracts; client cancellations of, or reductions in scope
under, contracts reported in our backlog; a significant slowdown or
decline in economic conditions; 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; impairment of our goodwill or other
indefinite-lived intangible assets; failure to meet our obligations
under our debt agreements; inability to retain key members of our
management, to hire and retain personnel required to complete projects
or implement succession plans for key officers; the impact of inclement
weather; 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; decreases in
the level of government spending for infrastructure and other public
projects; possible systems and information technology interruptions;
failure to comply with laws and regulations related to government
contracts; conversion of our outstanding Convertible Notes that could
dilute ownership interests of existing stockholders and could adversely
affect the market price of our common stock; the potential dilutive
impact of our Convertible Notes in our diluted earnings per share
calculation; economic, political and other risks, including civil
unrest, security issues, labor conditions, corruption and other
unforeseeable events in countries where we do business, resulting in
unanticipated losses; 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 on February 27, 2018 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 Income
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
(in thousands, except per common share amounts)
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
REVENUE
|
|
|
$
|
1,123,137
|
|
|
$
|
1,199,505
|
|
|
|
$
|
3,271,378
|
|
|
$
|
3,564,140
|
|
|
COST OF OPERATIONS
|
|
|
|
(1,012,013
|
)
|
|
|
(1,081,254
|
)
|
|
|
|
(2,974,546
|
)
|
|
|
(3,240,332
|
)
|
|
GROSS PROFIT
|
|
|
|
111,124
|
|
|
|
118,251
|
|
|
|
|
296,832
|
|
|
|
323,808
|
|
|
General and administrative expenses
|
|
|
|
(63,818
|
)
|
|
|
(69,179
|
)
|
|
|
|
(195,636
|
)
|
|
|
(203,674
|
)
|
|
INCOME FROM CONSTRUCTION OPERATIONS
|
|
|
|
47,306
|
|
|
|
49,072
|
|
|
|
|
101,196
|
|
|
|
120,134
|
|
|
Other income, net
|
|
|
|
1,909
|
|
|
|
967
|
|
|
|
|
3,739
|
|
|
|
42,373
|
|
|
Interest expense
|
|
|
|
(16,411
|
)
|
|
|
(15,643
|
)
|
|
|
|
(47,474
|
)
|
|
|
(53,726
|
)
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
32,804
|
|
|
|
34,396
|
|
|
|
|
57,461
|
|
|
|
108,781
|
|
|
Provision for income taxes
|
|
|
|
(7,368
|
)
|
|
|
(9,096
|
)
|
|
|
|
(15,071
|
)
|
|
|
(37,084
|
)
|
|
NET INCOME
|
|
|
|
25,436
|
|
|
|
25,300
|
|
|
|
|
42,390
|
|
|
|
71,697
|
|
|
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
|
|
4,164
|
|
|
|
1,716
|
|
|
|
|
8,359
|
|
|
|
4,253
|
|
|
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION
|
|
|
$
|
21,272
|
|
|
$
|
23,584
|
|
|
|
$
|
34,031
|
|
|
$
|
67,444
|
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
$
|
0.43
|
|
|
$
|
0.47
|
|
|
|
$
|
0.68
|
|
|
$
|
1.36
|
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
$
|
0.42
|
|
|
$
|
0.47
|
|
|
|
$
|
0.68
|
|
|
$
|
1.33
|
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
50,018
|
|
|
|
49,775
|
|
|
|
|
49,927
|
|
|
|
49,602
|
|
|
DILUTED
|
|
|
|
50,375
|
|
|
|
50,587
|
|
|
|
|
50,210
|
|
|
|
50,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Segment Information
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
|
Total
|
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
479,581
|
|
|
$
|
457,304
|
|
|
$
|
236,157
|
|
$
|
1,173,042
|
|
|
$
|
—
|
|
|
|
$
|
1,173,042
|
|
|
Elimination of intersegment revenue
|
|
|
|
(48,093
|
)
|
|
|
(1,812
|
)
|
|
|
—
|
|
|
(49,905
|
)
|
|
|
—
|
|
|
|
|
(49,905
|
)
|
|
Revenue from external customers
|
|
|
$
|
431,488
|
|
|
$
|
455,492
|
|
|
$
|
236,157
|
|
$
|
1,123,137
|
|
|
$
|
—
|
|
|
|
$
|
1,123,137
|
|
|
Income (loss) from construction operations
|
|
|
$
|
41,282
|
|
|
$
|
8,853
|
|
|
$
|
11,561
|
|
$
|
61,696
|
|
|
$
|
(14,390
|
)(a)
|
|
|
$
|
47,306
|
|
|
Capital expenditures
|
|
|
$
|
15,364
|
|
|
$
|
277
|
|
|
$
|
70
|
|
$
|
15,711
|
|
|
$
|
397
|
|
|
|
$
|
16,108
|
|
|
Depreciation and amortization(b) |
|
|
$
|
8,031
|
|
|
$
|
488
|
|
|
$
|
1,081
|
|
$
|
9,600
|
|
|
$
|
2,817
|
|
|
|
$
|
12,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss) 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Consists primarily of corporate general and administrative
expenses.
|
|
(b) Depreciation and amortization is included in income from
construction operations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty
|
|
|
|
|
|
|
Consolidated
|
|
(in thousands)
|
|
|
Civil
|
|
Building
|
|
Contractors
|
|
Total
|
|
Corporate
|
|
|
Total
|
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
$
|
1,266,595
|
|
|
$
|
1,395,896
|
|
|
$
|
781,591
|
|
$
|
3,444,082
|
|
|
$
|
—
|
|
|
|
$
|
3,444,082
|
|
|
Elimination of intersegment revenue
|
|
|
|
(169,520
|
)
|
|
|
(3,184
|
)
|
|
|
—
|
|
|
(172,704
|
)
|
|
|
—
|
|
|
|
|
(172,704
|
)
|
|
Revenue from external customers
|
|
|
$
|
1,097,075
|
|
|
$
|
1,392,712
|
|
|
$
|
781,591
|
|
$
|
3,271,378
|
|
|
$
|
—
|
|
|
|
$
|
3,271,378
|
|
|
Income (loss) from construction operations(a) |
|
|
$
|
93,560
|
|
|
$
|
27,814
|
|
|
$
|
26,250
|
|
$
|
147,624
|
|
|
$
|
(46,428
|
)(b)
|
|
|
$
|
101,196
|
|
|
Capital expenditures
|
|
|
$
|
61,912
|
|
|
$
|
1,147
|
|
|
$
|
704
|
|
$
|
63,763
|
|
|
$
|
648
|
|
|
|
$
|
64,411
|
|
|
Depreciation and amortization(c) |
|
|
$
|
20,356
|
|
|
$
|
1,458
|
|
|
$
|
3,299
|
|
$
|
25,113
|
|
|
$
|
8,468
|
|
|
|
$
|
33,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss) from construction operations
|
|
|
$
|
128,176
|
|
|
$
|
25,035
|
|
|
$
|
15,330
|
|
$
|
168,541
|
|
|
$
|
(48,407
|
)(b)
|
|
|
$
|
120,134
|
|
|
Capital expenditures
|
|
|
$
|
8,665
|
|
|
$
|
184
|
|
|
$
|
374
|
|
$
|
9,223
|
|
|
$
|
489
|
|
|
|
$
|
9,712
|
|
|
Depreciation and amortization(c) |
|
|
$
|
26,767
|
|
|
$
|
1,533
|
|
|
$
|
3,551
|
|
$
|
31,851
|
|
|
$
|
8,612
|
|
|
|
$
|
40,463
|
|
|
(a)
|
|
During the nine months ended September 30, 2018, the Company
recorded a charge of $17.8 million in income from construction
operations (an after-tax impact of $12.8 million, or $0.25 per
diluted share), which was primarily non-cash, as a result of the
unexpected outcome of an arbitration decision related to a
subcontract back charge dispute on a Civil segment project in New
York that was completed in 2013.
|
|
(b)
|
|
Consists primarily of corporate general and administrative
expenses.
|
|
(c)
|
|
Depreciation and amortization is included in income from
construction operations.
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Balance Sheets
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
As of December 31,
|
|
(in thousands, except share and per share amounts)
|
|
|
|
2018
|
|
|
|
|
2017
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
|
Cash and cash equivalents ($32,040 and $53,067 related to variable
interest entities (VIEs))
|
|
|
$
|
118,258
|
|
|
|
$
|
192,868
|
|
|
Restricted cash
|
|
|
|
3,436
|
|
|
|
|
4,780
|
|
|
Restricted investments
|
|
|
|
53,116
|
|
|
|
|
53,014
|
|
|
Accounts receivable ($75,999 and $30,003 related to VIEs)
|
|
|
|
1,325,465
|
|
|
|
|
1,265,717
|
|
|
Retainage receivable ($31,694 and $12,410 related to VIEs)
|
|
|
|
492,937
|
|
|
|
|
535,939
|
|
|
Costs and estimated earnings in excess of billings
|
|
|
|
1,085,651
|
|
|
|
|
932,758
|
|
|
Other current assets ($33,033 and $0 related to VIEs)
|
|
|
|
130,023
|
|
|
|
|
89,316
|
|
|
Total current assets
|
|
|
|
3,208,886
|
|
|
|
|
3,074,392
|
|
|
PROPERTY AND EQUIPMENT (P&E), net of accumulated
depreciation
of $345,405 and $359,188 (net P&E of $47,559 and $11,641 related
to VIEs)
|
|
|
|
494,498
|
|
|
|
|
467,499
|
|
|
GOODWILL
|
|
|
|
585,006
|
|
|
|
|
585,006
|
|
|
INTANGIBLE ASSETS, NET
|
|
|
|
86,797
|
|
|
|
|
89,454
|
|
|
OTHER ASSETS
|
|
|
|
49,981
|
|
|
|
|
47,772
|
|
|
TOTAL ASSETS
|
|
|
$
|
4,425,168
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
$
|
20,601
|
|
|
|
$
|
30,748
|
|
|
Accounts payable ($10,793 and $19,243 related to VIEs)
|
|
|
|
611,100
|
|
|
|
|
699,971
|
|
|
Retainage payable
|
|
|
|
213,430
|
|
|
|
|
261,820
|
|
|
Billings in excess of cost and estimated earnings ($261,187 and
$120,952 related to VIEs)
|
|
|
|
648,287
|
|
|
|
|
456,869
|
|
|
Accrued expenses and other current liabilities ($46,164 and $0
related to VIEs)
|
|
|
|
162,102
|
|
|
|
|
132,438
|
|
|
Total current liabilities
|
|
|
|
1,655,520
|
|
|
|
|
1,581,846
|
|
|
LONG-TERM DEBT, less current maturities, net of unamortized
discounts and debt issuance costs totaling $37,749 and $45,631
|
|
|
|
780,723
|
|
|
|
|
705,528
|
|
|
DEFERRED INCOME TAXES
|
|
|
|
106,636
|
|
|
|
|
108,504
|
|
|
OTHER LONG-TERM LIABILITIES
|
|
|
|
148,917
|
|
|
|
|
163,465
|
|
|
TOTAL LIABILITIES
|
|
|
|
2,691,796
|
|
|
|
|
2,559,343
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 50,025,996 and 49,781,010 shares
|
|
|
|
50,026
|
|
|
|
|
49,781
|
|
|
Additional paid-in capital
|
|
|
|
1,098,639
|
|
|
|
|
1,084,205
|
|
|
Retained earnings
|
|
|
|
652,276
|
|
|
|
|
622,007
|
|
|
Accumulated other comprehensive loss
|
|
|
|
(44,193
|
)
|
|
|
|
(42,718
|
)
|
|
Total stockholders' equity
|
|
|
|
1,756,748
|
|
|
|
|
1,713,275
|
|
|
Noncontrolling interests
|
|
|
|
(23,376
|
)
|
|
|
|
(8,495
|
)
|
|
TOTAL EQUITY
|
|
|
|
1,733,372
|
|
|
|
|
1,704,780
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY
|
|
|
$
|
4,425,168
|
|
|
|
$
|
4,264,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tutor Perini Corporation
|
|
Condensed Consolidated Statements of Cash Flows
|
|
Unaudited
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
(in thousands)
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
42,390
|
|
|
$
|
71,697
|
|
|
Adjustments to reconcile net income to net cash used in operating
activities:
|
|
|
|
|
|
|
Depreciation
|
|
|
|
30,924
|
|
|
|
37,806
|
|
|
Amortization of intangible assets
|
|
|
|
2,657
|
|
|
|
2,657
|
|
|
Share-based compensation expense
|
|
|
|
17,779
|
|
|
|
16,057
|
|
|
Change in debt discounts and deferred debt issuance costs
|
|
|
|
8,962
|
|
|
|
14,725
|
|
|
Deferred income taxes
|
|
|
|
233
|
|
|
|
642
|
|
|
Loss (gain) on sale of property and equipment
|
|
|
|
823
|
|
|
|
(376
|
)
|
|
Changes in other components of working capital
|
|
|
|
(136,113
|
)
|
|
|
(143,213
|
)
|
|
Other long-term liabilities
|
|
|
|
(2,606
|
)
|
|
|
(2,876
|
)
|
|
Other, net
|
|
|
|
190
|
|
|
|
4,785
|
|
|
NET CASH PROVIDED BY (USED IN) IN OPERATING ACTIVITIES
|
|
|
|
(34,761
|
)
|
|
|
1,904
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
(64,411
|
)
|
|
|
(9,712
|
)
|
|
Proceeds from sale of property and equipment
|
|
|
|
5,462
|
|
|
|
1,440
|
|
|
Investment in securities
|
|
|
|
(13,841
|
)
|
|
|
(48,657
|
)
|
|
Proceeds from maturities and sales of investments in securities
|
|
|
|
14,302
|
|
|
|
—
|
|
|
NET CASH USED IN INVESTING ACTIVITIES
|
|
|
|
(58,488
|
)
|
|
|
(56,929
|
)
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
Proceeds from debt
|
|
|
|
1,502,177
|
|
|
|
1,991,457
|
|
|
Repayment of debt
|
|
|
|
(1,444,760
|
)
|
|
|
(1,866,072
|
)
|
|
Business acquisition related payment
|
|
|
|
(15,951
|
)
|
|
|
—
|
|
|
Issuance of common stock and effect of cashless exercise
|
|
|
|
(2,671
|
)
|
|
|
(11,147
|
)
|
|
Distributions paid to noncontrolling interests
|
|
|
|
(22,500
|
)
|
|
|
(2,500
|
)
|
|
Contributions from noncontrolling interests
|
|
|
|
1,000
|
|
|
|
1,250
|
|
|
Debt issuance and extinguishment costs
|
|
|
|
—
|
|
|
|
(15,268
|
)
|
|
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
|
|
|
17,295
|
|
|
|
97,720
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted
cash
|
|
|
|
(75,954
|
)
|
|
|
42,695
|
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
|
|
197,648
|
|
|
|
196,607
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
|
|
$
|
121,694
|
|
|
$
|
239,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2018
|
|
|
September 30, 2018
(a)
|
|
|
September 30, 2018
|
|
|
September 30, 2018
|
|
Civil
|
|
|
$
|
4,737.4
|
|
|
$
|
345.6
|
|
|
$
|
(431.4
|
)
|
|
|
$
|
4,651.6
|
|
Building
|
|
|
|
2,085.6
|
|
|
|
492.7
|
|
|
|
(455.5
|
)
|
|
|
|
2,122.8
|
|
Specialty Contractors
|
|
|
|
1,868.3
|
|
|
|
109.7
|
|
|
|
(236.2
|
)
|
|
|
|
1,741.8
|
|
Total
|
|
|
$
|
8,691.3
|
|
|
$
|
948.0
|
|
|
$
|
(1,123.1
|
)
|
|
|
$
|
8,516.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
New Awards in the
|
|
|
Recognized in the
|
|
|
|
|
|
|
Backlog at
|
|
|
Nine Months Ended
|
|
|
Nine Months Ended
|
|
|
Backlog at
|
|
(in millions)
|
|
|
December 31, 2017
|
|
|
September 30, 2018
(a)
|
|
|
September 30, 2018
|
|
|
September 30, 2018
|
|
Civil
|
|
|
$
|
4,118.2
|
|
|
$
|
1,630.5
|
|
|
$
|
(1,097.1
|
)
|
|
|
$
|
4,651.6
|
|
Building
|
|
|
|
1,701.4
|
|
|
|
1,814.1
|
|
|
|
(1,392.7
|
)
|
|
|
|
2,122.8
|
|
Specialty Contractors
|
|
|
|
1,463.8
|
|
|
|
1,059.6
|
|
|
|
(781.6
|
)
|
|
|
|
1,741.8
|
|
Total
|
|
|
$
|
7,283.4
|
|
|
$
|
4,504.2
|
|
|
$
|
(3,271.4
|
)
|
|
|
$
|
8,516.2
|
|
(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/20181107005849/en/
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
Source: Tutor Perini Corporation