Hudson Yards - Multiple Projects - New York, NY - Total $2.3 Billion

Tutor Perini Reports Fourth Quarter and Full Year 2022 Results

03/15/2023
  • Strong full-year operating cash flow of $207.0 million in 2022, the largest result for any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008
  • Backlog of $7.9 billion provides good revenue visibility; significant pending new projects with contract awards expected in 2023 that could exceed $3 billion in the aggregate
  • Implemented business strategy changes in 2022 to expedite dispute resolutions and cash collections for Specialty Contractors segment projects in New York and improve the segment’s future operational performance

Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the fourth quarter and year ended December 31, 2022. The fourth quarter and year ended December 31, 2022 results are included in the tables attached to this release. Revenue for 2022 was $3.8 billion, down 18% compared to 2021. The lower revenue in 2022 was largely attributable to a lack of major new awards over the last three years, which prevented the Company from replacing revenue associated with certain projects that were completed or are nearing completion. The primary contributing factor for the lack of new awards was the COVID-19 pandemic, which significantly delayed project bidding and award activity for most of 2020 and 2021 and induced customer budgetary constraints. The impact of the pandemic, combined with certain political and other factors, resulted in the Company not being awarded certain Civil segment projects totaling more than $10.0 billion despite having been the low or preferred bidder. Most of these projects impacted revenue in 2022 and are expected to be re-bid in 2023 or 2024. In addition to causing a significant negative revenue impact, the lack of major new awards also adversely impacted backlog and relatedly constrained the Company’s profit and cash generation over the last two years. The revenue decrease was also due to delays on certain mass-transit projects in California and the net unfavorable impact of various project adjustments discussed further below. The decrease was partially offset by increased activities on certain newer Civil and Building segment projects in California and the Midwest.

Loss from construction operations for 2022 was $204.8 million compared to income from construction operations of $226.8 million for 2021. The decrease was primarily due to the net unfavorable impact of various project adjustments related to adverse legal judgments or decisions; settlements; and changes in estimates for project charges, net of positive impacts from improved productivity and efficiencies on certain projects, which collectively totaled $330.1 million in 2022. In addition, there were temporary negative project adjustments totaling $119.7 million in 2022 due to increases in unapproved work on various projects, as well as the successful negotiation of significant lower margin (and lower risk) change orders on a Civil segment mass-transit project in California, which are all expected to reverse themselves over the remaining lives of the projects. The lower revenue volume discussed above also contributed to the decrease in profitability in 2022. Net loss attributable to the Company for 2022 was $210.0 million, or a $4.09 diluted loss per share, compared to net income attributable to the Company of $91.9 million, or $1.79 diluted earnings per share, for 2021. The decline was principally due to the factors mentioned above that drove the loss from construction operations in 2022.

The Company generated a record $207.0 million of net cash provided by operating activities in 2022 compared to $148.5 million of net cash used in operating activities in 2021. The operating cash flow for 2022 was the largest result for any year since the merger between Tutor-Saliba Corporation and Perini Corporation in 2008. The significant increase was primarily driven by improved collection activity, including collections associated with the continued resolution of certain claims and unapproved change orders that previously required the use of cash, as well as a smaller decrease in accounts payable in 2022 as compared to 2021 due primarily to the timing of payments to vendors and subcontractors. The Company anticipates continued strong operating cash generation in 2023.

In 2022, the Company began to implement changes to its business strategy, primarily with respect to collections and operations in its Specialty Contractors segment in New York. Specifically, in the latter part of 2022, management increasingly focused on expeditiously negotiating settlements of certain Specialty Contractors segment disputes in New York to accelerate the collection of cash and reduce the risk and uncertainty associated with continued lengthy and costly litigation, arbitration proceedings and settlement negotiations. This new strategic approach to collections also took account of certain unfavorable legal judgments and decisions in recent years, particularly in New York, and the possibility that future litigation and arbitration in New York could have a similar outcome. The new approach is also intended to reduce the Company’s legal expenses and allow management to focus more on the successful execution of projects and on growing the business. In implementing this change in collections strategy, management concluded that significant concessions would be required in a number of disputes to facilitate settlements. Ultimately, the Company agreed to settle these disputes for amounts less than what had previously been estimated and might have been obtained if the disputes had been litigated to conclusion. This shift in collections strategy contributed to the significant decline in income from construction operations in 2022 and most of the resulting cash is expected to be collected in 2023. In addition, as part of the Company’s change in business strategy, the Company made certain key leadership changes that it expects will have a positive impact on the Specialty Contractors segment’s future operations. First, management replaced key members of the leadership team at WDF, the Company’s New York mechanical business unit, with experienced Company veterans. In the latter part of 2022, the Company also appointed one of its seasoned senior executives, with previous experience in dealing with New York public agencies and customers, to a new role overseeing the Specialty Contractors and Building segments, and expects that he will successfully lead efforts to drive growth, increased profitability and operational improvements, particularly in the Specialty Contractors segment. The Company also increasingly became more selective in the types of projects that it will pursue and execute in New York, particularly in its Specialty Contractors operations, and it has implemented certain risk diversification measures aimed at better managing larger components of electrical work expected to be performed. Finally, because of more limited competition and high customer demand for large, complex Civil and Building segment projects, since the latter part of 2021, the Company has been successfully negotiating improved project contractual terms, which the Company believes will contribute to a more equitable allocation of risk by making certain delays and events compensable, as well as promoting better working capital efficiency in all three segments.

Backlog at December 31, 2022 was $7.9 billion, down modestly compared to $8.2 billion as of December 31, 2021. New awards in 2022 totaled $3.5 billion and the largest awards included $466 million of additional funding for a mass-transit project in California; the $260 million Eagle Mountain - Woodfibre Gas Pipeline project in British Columbia, Canada; $211 million of additional funding for two educational facility projects in California; $126 million for a military facilities project in Puerto Rico; $118 million of additional funding for a mass-transit project in the Midwest; and a $107 million military housing project in Guam. The Company has several pending significant new projects with contract awards expected in 2023 with a combined value that could exceed $3 billion.

“Our results included record operating cash flow despite a continued lack of large new Civil segment awards due, in part, to impacts of the COVID-19 pandemic and customer budgetary constraints. We currently have significant pending awards that are not yet reflected in our backlog, but, if successfully awarded, are expected to increase current backlog by more than $3 billion later this year,” remarked Ronald Tutor, Chairman and Chief Executive Officer. “A combination of adverse legal judgments, settlements and other charges negatively impacted our earnings across all segments in 2022, particularly the Specialty Contractors segment. We believe that the strategic changes we made in 2022 will result in improved operational and financial performance for our Specialty Contractors business units in New York. We look forward to delivering revenue growth and profitability in 2023, as well as continued strong operating cash and robust new award bookings that should position us favorably for a return to greater profitability over the next several years. In addition, there are several large bidding opportunities on the horizon that are expected to be funded in part by the new Bipartisan Infrastructure Law, and we anticipate that there will be many more such opportunities for growth over the coming years.”

Outlook and Guidance

Funding allocations from the Bipartisan Infrastructure Law have already begun and are expected to increase in 2023 and continue over the next several years. This is expected to significantly benefit the Company’s business by funding many new and existing large infrastructure projects that the Company is involved with or will be pursuing. The Company anticipates continued solid revenue contributions in 2023, particularly from its existing backlog of large Civil segment infrastructure projects on the West Coast and other projects in Guam. The Company is pursuing various large prospective projects on the West Coast and in the Northeast, Hawaii and Guam that are expected to be bid and/or awarded in 2023 and 2024.

Based on our assessment of the current market and business outlook, the Company is establishing its initial EPS guidance for 2023 at a range of $0.45 to $0.65. As in prior years, earnings in 2023 are expected to be weighted more heavily in the second half of the year due to the anticipated timing of large project activities, as well as typical business seasonality. The Company expects continued strong operating cash generation in 2023, well in excess of consolidated net income for the year, as a result of projected solid cash collections, both from project execution activities and the anticipated resolution of various outstanding claims and change orders.

Fourth Quarter 2022 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, March 15, 2023, to discuss the fourth quarter and full year 2022 results. To participate in the conference call, please dial 877-407-8293 five to ten minutes prior to the scheduled time. International callers should dial +1-201-689-8349.

The conference call will be webcast live over the Internet and can be accessed by all interested parties on Tutor Perini's website at www.tutorperini.com. For those unable to participate during the live call, the webcast will be available for replay shortly after the call on the website.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget, while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing and heating, ventilation and air conditioning (HVAC). We are known for our major complex building project commitments, as well as our capacity to perform large and complex transportation and heavy civil construction for government agencies and private customers throughout the world.

Forward-Looking Statements

The statements contained in this release, including those set forth in the section “Outlook and Guidance,” that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assurance that future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: revisions of estimates of contract risks, revenue or costs, economic factors such as inflation, the timing of new awards, or the pace of project execution, which has resulted and may continue to result in losses or lower than anticipated profit; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; a significant slowdown or decline in economic conditions, such as those presented during a recession; increased competition and failure to secure new contracts; contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows; risks and other uncertainties associated with assumptions and estimates used to prepare our financial statements; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; possible systems and information technology interruptions and breaches in data security and/or privacy; inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings; decreases in the level of government spending for infrastructure and other public projects; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm; the impact of inclement weather conditions on projects; risks related to government contracts and related procurement regulations; client cancellations of, or reductions in scope under, contracts reported in our backlog; public health crises, such as the COVID-19 pandemic, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws; physical and regulatory risks related to climate change; impairment of our goodwill or other indefinite-lived intangible assets; downgrades in our credit ratings; failure to meet our obligations under our debt agreements, especially in a high interest rate environment; an inability to obtain bonding could have a negative impact on our operations and results; the exertion of influence over the Company by our chairman and chief executive officer due to his position and significant ownership interest; significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 filed on March 15, 2023 and in other reports that we file with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Tutor Perini Corporation

Consolidated Statements of Operations

 

 

 

 

 

 

Quarter Ended

December 31,

Year Ended

December 31,

(in thousands, except per common share amounts)

2022

2021

2022

2021

REVENUE

$

906,648

 

$

1,036,770

 

$

3,790,755

 

$

4,641,830

 

COST OF OPERATIONS

 

(943,498

)

 

(922,300

)

 

(3,761,143

)

 

(4,175,439

)

GROSS PROFIT (LOSS)

 

(36,850

)

 

114,470

 

 

29,612

 

 

466,391

 

General and administrative expenses

 

(60,561

)

 

(58,216

)

 

(234,376

)

 

(239,587

)

INCOME (LOSS) FROM CONSTRUCTION OPERATIONS

 

(97,411

)

 

56,254

 

 

(204,764

)

 

226,804

 

Other income, net

 

1,618

 

 

862

 

 

6,732

 

 

2,004

 

Interest expense

 

(19,927

)

 

(16,584

)

 

(69,638

)

 

(69,026

)

INCOME (LOSS) BEFORE INCOME TAXES

 

(115,720

)

 

40,532

 

 

(267,670

)

 

159,782

 

Income tax (expense) benefit

 

28,051

 

 

661

 

 

75,098

 

 

(25,632

)

NET INCOME (LOSS)

 

(87,669

)

 

41,193

 

 

(192,572

)

 

134,150

 

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

5,248

 

 

11,861

 

 

17,437

 

 

42,225

 

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

(92,917

)

$

29,332

 

$

(210,009

)

$

91,925

 

BASIC EARNINGS (LOSS) PER COMMON SHARE

$

(1.80

)

$

0.57

 

$

(4.09

)

$

1.80

 

DILUTED EARNINGS (LOSS) PER COMMON SHARE

$

(1.80

)

$

0.57

 

$

(4.09

)

$

1.79

 

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

 

 

 

 

BASIC

 

51,505

 

 

51,082

 

 

51,324

 

 

51,017

 

DILUTED

 

51,505

 

 

51,382

 

 

51,324

 

 

51,369

 

 

Tutor Perini Corporation

Segment Information

 

 

 

 

 

 

 

Reportable Segments

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

Corporate

Consolidated

Total

Quarter ended December 31, 2022

 

 

 

 

 

 

Total revenue

$

478,806

 

$

345,320

 

$

140,229

 

$

964,355

 

$

 

 

$

964,355

 

Elimination of intersegment revenue

 

(39,246

)

 

(18,388

)

 

(73

)

 

(57,707

)

 

 

 

 

(57,707

)

Revenue from external customers

$

439,560

 

$

326,932

 

$

140,156

 

$

906,648

 

$

 

 

$

906,648

 

Income (loss) from construction operations

$

9,071

 

$

(2,287

)

$

(85,558

)

$

(78,774

)

$

(18,637

)

(a)

$

(97,411

)

Capital expenditures

$

11,116

 

$

1,360

 

$

343

 

$

12,819

 

$

4,152

 

 

$

16,971

 

Depreciation and amortization(b)

$

6,932

 

$

452

 

$

559

 

$

7,943

 

$

2,367

 

 

$

10,310

 

 

 

 

 

 

 

 

Quarter ended December 31, 2021

 

 

 

 

 

 

Total revenue

$

593,080

 

$

306,775

 

$

242,481

 

$

1,142,336

 

$

 

 

$

1,142,336

 

Elimination of intersegment revenue

 

(74,465

)

 

(29,507

)

 

(1,594

)

 

(105,566

)

 

 

 

 

(105,566

)

Revenue from external customers

$

518,615

 

$

277,268

 

$

240,887

 

$

1,036,770

 

$

 

 

$

1,036,770

 

Income (loss) from construction operations

$

78,481

 

$

9,207

 

$

(15,775

)

$

71,913

 

$

(15,659

)

(a)

$

56,254

 

Capital expenditures

$

11,040

 

$

148

 

$

178

 

$

11,366

 

$

66

 

 

$

11,432

 

Depreciation and amortization(b)

$

22,598

 

$

405

 

$

688

 

$

23,691

 

$

2,342

 

 

$

26,033

 

 

 

 

 

 

 

 

 

Reportable Segments

 

 

(in thousands)

Civil

Building

Specialty

Contractors

Total

Corporate

Consolidated

Total

Year ended December 31, 2022

 

 

 

 

 

 

Total revenue

$

1,956,968

 

$

1,305,468

 

$

813,531

 

$

4,075,967

 

$

 

 

$

4,075,967

 

Elimination of intersegment revenue

 

(222,086

)

 

(62,897

)

 

(229

)

 

(285,212

)

 

 

 

 

(285,212

)

Revenue from external customers

$

1,734,882

 

$

1,242,571

 

$

813,302

 

$

3,790,755

 

$

 

 

$

3,790,755

 

Income (loss) from construction operations

$

21,123

 

$

7,166

 

$

(168,019

)

$

(139,730

)

$

(65,034

)

(a)

$

(204,764

)

Capital expenditures

$

49,819

 

$

2,333

 

$

2,545

 

$

54,697

 

$

5,083

 

 

$

59,780

 

Depreciation and amortization(b)

$

51,123

 

$

1,713

 

$

2,098

 

$

54,934

 

$

9,430

 

 

$

64,364

 

 

 

 

 

 

 

Year ended December 31, 2021

 

 

 

 

 

 

Total revenue

$

2,443,828

 

$

1,574,759

 

$

1,120,115

 

$

5,138,702

 

$

 

 

$

5,138,702

 

Elimination of intersegment revenue

 

(348,068

)

 

(146,657

)

 

(2,147

)

 

(496,872

)

 

 

 

 

(496,872

)

Revenue from external customers

$

2,095,760

 

$

1,428,102

 

$

1,117,968

 

$

4,641,830

 

$

 

 

$

4,641,830

 

Income (loss) from construction operations

$

266,214

 

$

28,721

 

$

(9,961

)

$

284,974

 

$

(58,170

)

(a)

$

226,804

 

Capital expenditures

$

37,067

 

$

359

 

$

476

 

$

37,902

 

$

692

 

 

$

38,594

 

Depreciation and amortization(b)

$

102,723

 

$

1,677

 

$

3,316

 

$

107,716

 

$

10,513

 

 

$

118,229

 

__________________________________________________

(a)

Consists primarily of corporate general and administrative expenses.

(b)

Depreciation and amortization is included in income (loss) from construction operations.

 

Tutor Perini Corporation

Consolidated Balance Sheets

 

 

As of December 31,

(in thousands, except share and per share amounts)

2022

2021

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($168,408 and $102,679 related to variable interest entities (“VIEs”))

$

259,351

 

$

202,197

 

Restricted cash

 

14,480

 

 

9,199

 

Restricted investments

 

91,556

 

 

84,355

 

Accounts receivable ($54,040 and $116,415 related to VIEs)

 

1,171,085

 

 

1,454,319

 

Retention receivable ($187,615 and $162,259 related to VIEs)

 

585,556

 

 

568,881

 

Costs and estimated earnings in excess of billings ($83,911 and $143,105 related to VIEs)

 

1,377,528

 

 

1,356,768

 

Other current assets ($33,340 and $43,718 related to VIEs)

 

179,215

 

 

186,773

 

Total current assets

 

3,678,771

 

 

3,862,492

 

PROPERTY AND EQUIPMENT:

 

 

Land

 

44,433

 

 

40,175

 

Building and improvements

 

124,429

 

 

116,146

 

Construction equipment

 

590,089

 

 

580,909

 

Other equipment

 

181,649

 

 

175,832

 

 

 

940,600

 

 

913,062

 

Less accumulated depreciation

 

(505,512

)

 

(483,417

)

Total property and equipment, net ($22,133 and $2,203 related to VIEs)

 

435,088

 

 

429,645

 

GOODWILL

 

205,143

 

 

205,143

 

INTANGIBLE ASSETS, NET

 

70,542

 

 

85,068

 

OTHER ASSETS

 

153,256

 

 

142,550

 

TOTAL ASSETS

$

4,542,800

 

$

4,724,898

 

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

 

 

Current maturities of long-term debt

$

70,285

 

$

24,406

 

Accounts payable ($36,484 and $96,097 related to VIEs)

 

495,345

 

 

512,056

 

Retention payable ($44,859 and $37,007 related to VIEs)

 

246,562

 

 

268,945

 

Billings in excess of costs and estimated earnings ($480,839 and $355,270 related to VIEs)

 

975,812

 

 

761,689

 

Accrued expenses and other current liabilities ($5,082 and $8,566 related to VIEs)

 

179,523

 

 

210,017

 

Total current liabilities

 

1,967,527

 

 

1,777,113

 

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $13,980 and $17,109

 

888,154

 

 

969,248

 

DEFERRED INCOME TAXES

 

4,649

 

 

70,989

 

OTHER LONG-TERM LIABILITIES

 

240,486

 

 

233,828

 

TOTAL LIABILITIES

 

3,100,816

 

 

3,051,178

 

COMMITMENTS AND CONTINGENCIES

 

 

EQUITY

 

 

Stockholders' equity:

 

 

Preferred stock – authorized 1,000,000 shares ($1 par value), none issued

 

 

 

 

Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 51,521,336 and 51,095,706 shares

 

51,521

 

 

51,096

 

Additional paid-in capital

 

1,140,933

 

 

1,133,150

 

Retained earnings

 

304,301

 

 

514,310

 

Accumulated other comprehensive loss

 

(47,037

)

 

(43,635

)

Total stockholders' equity

 

1,449,718

 

 

1,654,921

 

Noncontrolling interests

 

(7,734

)

 

18,799

 

TOTAL EQUITY

 

1,441,984

 

 

1,673,720

 

TOTAL LIABILITIES AND EQUITY

$

4,542,800

 

$

4,724,898

 

 

Tutor Perini Corporation

Consolidated Statements of Cash Flows

 

Year Ended December 31,

(in thousands)

2022

2021

Cash Flows from Operating Activities:

 

 

Net income (loss)

$

(192,572

)

$

134,150

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

Depreciation

 

49,838

 

 

82,732

 

Amortization of intangible assets

 

14,526

 

 

35,497

 

Share-based compensation expense

 

9,065

 

 

11,642

 

Change in debt discounts and deferred debt issuance costs

 

3,697

 

 

5,756

 

Deferred income taxes

 

(79,449

)

 

(13,887

)

Loss on sale of property and equipment

 

145

 

 

2,639

 

Changes in other components of working capital

 

390,424

 

 

(422,227

)

Other long-term liabilities

 

14,317

 

 

14,766

 

Other, net

 

(3,020

)

 

478

 

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

206,971

 

 

(148,454

)

 

 

 

Cash Flows from Investing Activities:

 

 

Acquisition of property and equipment

 

(59,780

)

 

(38,594

)

Proceeds from sale of property and equipment

 

8,599

 

 

7,245

 

Investments in securities

 

(23,948

)

 

(30,761

)

Proceeds from maturities and sales of investments in securities

 

9,493

 

 

24,771

 

NET CASH USED IN INVESTING ACTIVITIES

 

(65,636

)

 

(37,339

)

 

 

 

Cash Flows from Financing Activities:

 

 

Proceeds from debt

 

693,757

 

 

740,743

 

Repayment of debt

 

(732,101

)

 

(777,762

)

Cash payments related to share-based compensation

 

(1,734

)

 

(1,989

)

Distributions paid to noncontrolling interests

 

(47,386

)

 

(22,655

)

Contributions from noncontrolling interests

 

8,688

 

 

7,000

 

Debt issuance, extinguishment and modification costs

 

(124

)

 

 

NET CASH USED IN FINANCING ACTIVITIES

 

(78,900

)

 

(54,663

)

 

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

62,435

 

 

(240,456

)

Cash, cash equivalents and restricted cash at beginning of year

 

211,396

 

 

451,852

 

Cash, cash equivalents and restricted cash at end of year

$

273,831

 

$

211,396

 

 

Tutor Perini Corporation

Backlog Information

Unaudited

 

 

 

 

(in millions)

Backlog at
September 30,
2022

New Awards in the
Quarter Ended
December 31, 2022(a)

Revenue Recognized
in the
Quarter Ended
December 31, 2022

Backlog at
December 31, 2022

Civil

$

4,650.8

$

205.1

$

(439.6

)

$

4,416.3

Building

 

2,341.1

 

209.4

 

(326.9

)

 

2,223.6

 

Specialty Contractors

 

1,358.4

 

70.9

 

(140.1

)

 

1,289.2

 

Total

$

8,350.3

$

485.4

$

(906.6

)

$

7,929.1

 

 

 

 

 

(in millions)

Backlog at
December 31, 2021

New Awards in the

Year Ended
December 31, 2022(a)

Revenue Recognized
in the
Year Ended
December 31, 2022

Backlog at
December 31, 2022

Civil

$

4,553.5

$

1,597.7

$

(1,734.9

)

$

4,416.3

 

Building

 

2,308.9

 

1,157.3

 

(1,242.6

)

 

2,223.6

 

Specialty Contractors

 

1,373.2

 

729.3

 

(813.3

)

 

1,289.2

 

Total

$

8,235.6

$

3,484.3

$

(3,790.8

)

$

7,929.1

 

______________________________________________________

(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.

 

Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com

Source: Tutor Perini Corporation

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