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As Of Filer Filing For·On·As Docs:Size 11/02/22 Tutor Perini Corp. 10-Q 9/30/22 90:79M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 2.53M 2: EX-10.1 Material Contract HTML 79K 3: EX-10.2 Material Contract HTML 808K 8: EX-95 Mine-Safety Disclosure HTML 33K 4: EX-31.1 Certification -- §302 - SOA'02 HTML 28K 5: EX-31.2 Certification -- §302 - SOA'02 HTML 28K 6: EX-32.1 Certification -- §906 - SOA'02 HTML 25K 7: EX-32.2 Certification -- §906 - SOA'02 HTML 25K 14: R1 Cover HTML 76K 15: R2 Condensed Consolidated Statements of Operations HTML 107K 16: R3 Condensed Consolidated Statements of Comprehensive HTML 63K Income (Loss) 17: R4 Condensed Consolidated Balance Sheets HTML 150K 18: R5 Condensed Consolidated Balance Sheets HTML 73K (Parenthetical) 19: R6 Condensed Consolidated Statements of Cash Flows HTML 94K 20: R7 Basis of Presentation HTML 27K 21: R8 Revenue HTML 172K 22: R9 Contract Assets and Liabilities HTML 47K 23: R10 Cash, Cash Equivalents and Restricted Cash HTML 34K 24: R11 Earnings Per Common Share HTML 47K 25: R12 Income Taxes HTML 30K 26: R13 Goodwill and Intangible Assets HTML 71K 27: R14 Financial Commitments HTML 86K 28: R15 Leases HTML 65K 29: R16 Commitments and Contingencies HTML 43K 30: R17 Share-Based Compensation HTML 29K 31: R18 Employee Pension Plans HTML 43K 32: R19 Fair Value Measurements HTML 163K 33: R20 Variable Interest Entities (VIEs) HTML 32K 34: R21 Changes in Equity HTML 127K 35: R22 Other Comprehensive Income (Loss) HTML 172K 36: R23 Business Segments HTML 158K 37: R24 Revenue (Tables) HTML 166K 38: R25 Contract Assets and Liabilities (Tables) HTML 41K 39: R26 Cash, Cash Equivalents and Restricted Cash HTML 33K (Tables) 40: R27 Earnings Per Common Share (Tables) HTML 45K 41: R28 Goodwill and Intangible Assets (Tables) HTML 74K 42: R29 Financial Commitments (Tables) HTML 80K 43: R30 Leases (Tables) HTML 69K 44: R31 Employee Pension Plans (Tables) HTML 39K 45: R32 Fair Value Measurements (Tables) HTML 165K 46: R33 Changes in Equity (Tables) HTML 122K 47: R34 Other Comprehensive Income (Loss) (Tables) HTML 173K 48: R35 Business Segments (Tables) HTML 157K 49: R36 Revenue (Disaggregation Of Revenue) (Details) HTML 91K 50: R37 Revenue (Schedule Of Revenue By Contract Type) HTML 61K (Details) 51: R38 Revenue (Narrative) (Details) HTML 46K 52: R39 Contract Assets and Liabilities (Schedule Of HTML 42K Contract Assets) (Details) 53: R40 Contract Assets and Liabilities (Narrative) HTML 32K (Details) 54: R41 Contract Assets and Liabilities (Schedule of HTML 31K Contract Liabilities) (Details) 55: R42 Cash, Cash Equivalents and Restricted Cash HTML 38K (Details) 56: R43 Earnings Per Common Share (Details) HTML 59K 57: R44 Income Taxes (Details) HTML 30K 58: R45 Goodwill and Intangible Assets (Changes in HTML 46K Carrying Amount of Goodwill) (Details) 59: R46 Goodwill And Intangible Assets (Narrative) HTML 47K (Details) 60: R47 Goodwill and Intangible Assets (Intangible Assets) HTML 64K (Details) 61: R48 Financial Commitments (Long-Term Debt) (Details) HTML 43K 62: R49 Financial Commitments (Reconciliation of HTML 40K Outstanding Debt Balance to Reported Debt Balance) (Details) 63: R50 Financial Commitments (Narrative) (Details) HTML 124K 64: R51 Financial Commitments (Summary of Interest Expense HTML 54K as Reported in the Consolidated Statements of Operations) (Details) 65: R52 Leases (Narrative) (Details) HTML 29K 66: R53 Leases (Components Of Lease Expense) (Details) HTML 39K 67: R54 Leases (Supplemental Balance Sheet Information HTML 45K Related To Leases) (Details) 68: R55 Leases (Supplemental Cash Flow And Other HTML 28K Information Related To Leases) (Details) 69: R56 Leases (Maturity Of Leases Liabilities On An HTML 43K Undiscounted Basis) (Details) 70: R57 Commitments and Contingencies (Details) HTML 64K 71: R58 Share-Based Compensation (Details) HTML 60K 72: R59 Employee Pension Plans (Summary Of Net Periodic HTML 39K Benefit Cost) (Details) 73: R60 Employee Pension Plans (Narrative) (Details) HTML 27K 74: R61 Fair Value Measurements (Assets And Liabilities HTML 53K Measured At Fair Value On Recurring Basis) (Details) 75: R62 Fair Value Measurements (Available for Sale) HTML 110K (Details) 76: R63 Fair Value Measurements (Narrative) (Details) HTML 31K 77: R64 Variable Interest Entities (Details) HTML 77K 78: R65 Changes in Equity (Details) HTML 79K 79: R66 Other Comprehensive Income (Loss) (Schedule Of HTML 84K Components Of Other Comprehensive Income (Loss) And Related Tax Effects) (Details) 80: R67 Other Comprehensive Income (Loss) (Schedule Of HTML 77K Changes In AOCI Balances By Component (After-Tax)) (Details) 81: R68 Other Comprehensive Income (Loss) (AOCI HTML 51K Reclassifications) (Details) 82: R69 Business Segments (Narrative) (Details) HTML 25K 83: R70 Business Segments (Reportable Segments) (Details) HTML 119K 84: R71 Business Segments (Reconciliation Of Segment HTML 37K Results To Consolidated Income Before Income Taxes) (Details) 85: R72 Business Segments (Total Assets For Reportable HTML 42K Segments) (Details) 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tpc-20220930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the quarterly period ended | ||||||||
or | ||||||||
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||||
For the transition period from ___________ to ___________ |
(State or Other Jurisdiction of Incorporation or Organization) |
(Address of Principal Executive Offices) |
(I.R.S.
Employer Identification No.) |
(Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, $1.00 par value | i TPC | i The New York Stock Exchange |
Large accelerated filer | ☐ | i Accelerated filer | ☒ | |||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||||||||||||||
Emerging growth company | i ☐ | |||||||||||||||||||||||||
Page Numbers | |||||||||||
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per common share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
REVENUE | $ | i 1,070,926 | $ | i 1,178,222 | $ | i 2,884,107 | $ | i 3,605,060 | |||||||||||||||
COST OF OPERATIONS | ( i 1,020,586) | ( i 1,064,245) | ( i 2,817,645) | ( i 3,253,139) | |||||||||||||||||||
GROSS PROFIT | i 50,340 | i 113,977 | i 66,462 | i 351,921 | |||||||||||||||||||
General and administrative expenses | ( i 57,232) | ( i 61,884) | ( i 173,815) | ( i 181,371) | |||||||||||||||||||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | ( i 6,892) | i 52,093 | ( i 107,353) | i 170,550 | |||||||||||||||||||
Other income (expense) | i 397 | ( i 464) | i 5,114 | i 1,142 | |||||||||||||||||||
Interest expense | ( i 17,015) | ( i 16,694) | ( i 49,711) | ( i 52,442) | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | ( i 23,510) | i 34,935 | ( i 151,950) | i 119,250 | |||||||||||||||||||
Income tax (expense) benefit | ( i 560) | ( i 8,694) | i 47,047 | ( i 26,293) | |||||||||||||||||||
NET INCOME (LOSS) | ( i 24,070) | i 26,241 | ( i 104,903) | i 92,957 | |||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | i 8,385 | i 10,847 | i 12,189 | i 30,364 | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | ( i 32,455) | $ | i 15,394 | $ | ( i 117,092) | $ | i 62,593 | |||||||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | ( i 0.63) | $ | i 0.30 | $ | ( i 2.28) | $ | i 1.23 | |||||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | ( i 0.63) | $ | i 0.30 | $ | ( i 2.28) | $ | i 1.22 | |||||||||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||||||||
BASIC | i 51,404 | i 51,072 | i 51,263 | i 50,995 | |||||||||||||||||||
DILUTED | i 51,404 | i 51,366 | i 51,263 | i 51,364 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
NET INCOME (LOSS) | $ | ( i 24,070) | $ | i 26,241 | $ | ( i 104,903) | $ | i 92,957 | |||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAX: | |||||||||||||||||||||||
Defined benefit pension plan adjustments | i 458 | i 492 | i 1,373 | i 1,475 | |||||||||||||||||||
Foreign currency translation adjustments | ( i 2,527) | ( i 1,125) | ( i 3,660) | ( i 353) | |||||||||||||||||||
Unrealized loss in fair value of investments | ( i 2,510) | ( i 448) | ( i 8,772) | ( i 1,412) | |||||||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAX | ( i 4,579) | ( i 1,081) | ( i 11,059) | ( i 290) | |||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | ( i 28,649) | i 25,160 | ( i 115,962) | i 92,667 | |||||||||||||||||||
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | i 6,860 | i 10,400 | i 9,512 | i 30,493 | |||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | ( i 35,509) | $ | i 14,760 | $ | ( i 125,474) | $ | i 62,174 |
(in thousands, except share and per share amounts) | As of September 30, 2022 | As of December 31, 2021 | |||||||||
ASSETS | |||||||||||
CURRENT ASSETS: | |||||||||||
Cash and cash equivalents ($ i 158,943
and $ i 102,679 related to variable interest entities (“VIEs”)) | $ | i 323,200 | $ | i 202,197 | |||||||
Restricted cash | i 21,817 | i 9,199 | |||||||||
Restricted investments | i 79,562 | i 84,355 | |||||||||
Accounts
receivable ($ i 65,059 and $ i 116,415 related to VIEs) | i 1,252,943 | i 1,454,319 | |||||||||
Retention
receivable ($ i 184,797 and $ i 162,259 related to VIEs) | i 583,789 | i 568,881 | |||||||||
Costs
and estimated earnings in excess of billings ($ i 97,510 and $ i 143,105 related to VIEs) | i 1,448,341 | i 1,356,768 | |||||||||
Other
current assets ($ i 37,816 and $ i 43,718 related to VIEs) | i 196,401 | i 186,773 | |||||||||
Total current assets | i 3,906,053 | i 3,862,492 | |||||||||
PROPERTY
AND EQUIPMENT (“P&E”), net of accumulated depreciation of $ i 500,692 and $ i 483,417
(net P&E of $ i 16,016 and $ i 2,203 related to VIEs) | i 429,911 | i 429,645 | |||||||||
GOODWILL | i 205,143 | i 205,143 | |||||||||
INTANGIBLE ASSETS, NET | i 71,102 | i 85,068 | |||||||||
OTHER ASSETS | i 148,765 | i 142,550 | |||||||||
TOTAL ASSETS | $ | i 4,760,974 | $ | i 4,724,898 | |||||||
LIABILITIES AND EQUITY | |||||||||||
CURRENT LIABILITIES: | |||||||||||
Current maturities of long-term debt | $ | i 26,875 | $ | i 24,406 | |||||||
Accounts
payable ($ i 62,943 and $ i 96,097 related to VIEs) | i 589,689 | i 512,056 | |||||||||
Retention
payable ($ i 43,174 and $ i 37,007 related to VIEs) | i 241,518 | i 268,945 | |||||||||
Billings
in excess of costs and estimated earnings ($ i 468,130 and $ i 355,270 related to VIEs) | i 966,065 | i 761,689 | |||||||||
Accrued
expenses and other current liabilities ($ i 10,675 and $ i 8,566 related to VIEs) | i 216,922 | i 210,017 | |||||||||
Total current liabilities | i 2,041,069 | i 1,777,113 | |||||||||
LONG-TERM
DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $ i 14,784 and $ i 17,109 | i 934,259 | i 969,248 | |||||||||
DEFERRED INCOME TAXES | i 13,760 | i 70,989 | |||||||||
OTHER LONG-TERM LIABILITIES | i 252,523 | i 233,828 | |||||||||
TOTAL LIABILITIES | i 3,241,611 | i 3,051,178 | |||||||||
COMMITMENTS
AND CONTINGENCIES (NOTE 10) | i | i | |||||||||
EQUITY | |||||||||||
Stockholders' equity: | |||||||||||
Preferred stock - authorized i i 1,000,000 /
shares ($ i i 1 / par value), i i none /
issued | i — | i — | |||||||||
Common
stock - authorized i i 112,500,000 / shares ($ i i 1 /
par value), issued and outstanding i i 51,485,216 / and i i 51,095,706 /
shares | i 51,485 | i 51,096 | |||||||||
Additional paid-in capital | i 1,139,905 | i 1,133,150 | |||||||||
Retained earnings | i 397,218 | i 514,310 | |||||||||
Accumulated other comprehensive loss | ( i 52,017) | ( i 43,635) | |||||||||
Total stockholders' equity | i 1,536,591 | i 1,654,921 | |||||||||
Noncontrolling interests | ( i 17,228) | i 18,799 | |||||||||
TOTAL EQUITY | i 1,519,363 | i 1,673,720 | |||||||||
TOTAL LIABILITIES AND EQUITY | $ | i 4,760,974 | $ | i 4,724,898 |
Nine Months Ended September 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | ( i 104,903) | $ | i 92,957 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation | i 40,088 | i 65,550 | |||||||||
Amortization of intangible assets | i 13,966 | i 26,646 | |||||||||
Share-based compensation expense | i 7,681 | i 8,103 | |||||||||
Change in debt discounts and deferred debt issuance costs | i 2,751 | i 4,802 | |||||||||
Deferred income taxes | ( i 53,365) | i 124 | |||||||||
(Gain) loss on sale of property and equipment | ( i 183) | i 2,004 | |||||||||
Changes in other components of working capital | i 338,527 | ( i 363,074) | |||||||||
Other long-term liabilities | i 10,862 | i 11,225 | |||||||||
Other, net | ( i 4,146) | ( i 955) | |||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | i 251,278 | ( i 152,618) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment | ( i 42,809) | ( i 27,162) | |||||||||
Proceeds from sale of property and equipment | i 6,738 | i 5,236 | |||||||||
Investments in securities | ( i 11,145) | ( i 25,541) | |||||||||
Proceeds from maturities and sales of investments in securities | i 8,333 | i 16,443 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | ( i 38,883) | ( i 31,024) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | i 498,606 | i 448,270 | |||||||||
Repayment of debt | ( i 533,452) | ( i 510,146) | |||||||||
Cash payments related to share-based compensation | ( i 1,389) | ( i 1,627) | |||||||||
Distributions paid to noncontrolling interests | ( i 46,500) | ( i 17,250) | |||||||||
Contributions from noncontrolling interests | i 3,961 | i 7,000 | |||||||||
NET CASH USED IN FINANCING ACTIVITIES | ( i 78,774) | ( i 73,753) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | i 133,621 | ( i 257,395) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 211,396 | i 451,852 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | i 345,017 | $ | i 194,457 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Civil segment revenue by end market: | |||||||||||||||||
Mass transit (includes certain transportation and tunneling projects) | $ | i 311,702 | $ | i 386,913 | $ | i 794,414 | $ | i 1,062,322 | |||||||||
Bridges | i 86,042 | i 67,117 | i 212,362 | i 179,059 | |||||||||||||
Military defense facilities | i 66,063 | i 46,615 | i 176,212 | i 140,736 | |||||||||||||
Water | i 27,098 | i 22,470 | i 70,134 | i 74,080 | |||||||||||||
Other | i 10,000 | i 23,103 | i 42,200 | i 120,948 | |||||||||||||
Total Civil segment revenue | $ | i 500,905 | $ | i 546,218 | $ | i 1,295,322 | $ | i 1,577,145 |
Three
Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Building segment revenue by end market: | |||||||||||||||||
Municipal and government | $ | i 88,624 | $ | i 76,471 | $ | i 248,405 | $ | i 222,855 | |||||||||
Commercial and industrial facilities | i 60,711 | i 75,402 | i 149,106 | i 307,414 | |||||||||||||
Health care facilities | i 48,602 | i 20,287 | i 134,439 | i 44,294 | |||||||||||||
Hospitality and gaming | i 17,455 | i 89,317 | i 118,450 | i 276,029 | |||||||||||||
Mass transit (includes transportation projects) | i 40,783 | i 38,868 | i 111,431 | i 99,747 | |||||||||||||
Education facilities | i 41,538 | i 39,528 | i 102,574 | i 123,988 | |||||||||||||
Other | i 20,337 | i 21,068 | i 51,234 | i 76,507 | |||||||||||||
Total Building segment revenue | $ | i 318,050 | $ | i 360,941 | $ | i 915,639 | $ | i 1,150,834 |
Three Months Ended September 30, | Nine
Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Specialty Contractors segment revenue by end market: | |||||||||||||||||
Mass transit (includes certain transportation and tunneling projects) | $ | i 95,281 | $ | i 135,971 | $ | i 289,703 | $ | i 465,179 | |||||||||
Commercial and industrial facilities | i 50,213 | i 33,897 | i 116,514 | i 109,283 | |||||||||||||
Multi-unit residential | i 31,461 | i 28,054 | i 84,642 | i 101,498 | |||||||||||||
Water | i 20,274 | i 29,161 | i 55,693 | i 67,829 | |||||||||||||
Education facilities | i 20,186 | i 13,876 | i 40,627 | i 45,657 | |||||||||||||
Federal government | i 14,552 | i 4,454 | i 35,407 | i 8,956 | |||||||||||||
Other | i 20,004 | i 25,650 | i 50,560 | i 78,679 | |||||||||||||
Total Specialty Contractors segment revenue | $ | i 251,971 | $ | i 271,063 | $ | i 673,146 | $ | i 877,081 |
Three
Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Civil | Building | Specialty Contractors | Total | |||||||||||||||||||||
Revenue by customer type: | |||||||||||||||||||||||||||||
State and local agencies | $ | i 375,566 | $ | i 136,082 | $ | i 113,907 | $ | i 625,555 | $ | i 478,720 | $ | i 99,540 | $ | i 110,012 | $ | i 688,272 | |||||||||||||
Federal agencies | i 97,741 | i 42,367 | i 4,983 | i 145,091 | i 48,680 | i 50,437 | i 14,716 | i 113,833 | |||||||||||||||||||||
Private owners | i 27,598 | i 139,601 | i 133,081 | i 300,280 | i 18,818 | i 210,964 | i 146,335 | i 376,117 | |||||||||||||||||||||
Total revenue | $ | i 500,905 | $ | i 318,050 | $ | i 251,971 | $ | i 1,070,926 | $ | i 546,218 | $ | i 360,941 | $ | i 271,063 | $ | i 1,178,222 |
Nine
Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Civil | Building | Specialty Contractors | Total | |||||||||||||||||||||
Revenue by customer type: | |||||||||||||||||||||||||||||
State and local agencies | $ | i 1,008,819 | $ | i 349,245 | $ | i 297,955 | $ | i 1,656,019 | $ | i 1,350,555 | $ | i 268,396 | $ | i 377,016 | $ | i 1,995,967 | |||||||||||||
Federal agencies | i 211,426 | i 130,867 | i 19,503 | i 361,796 | i 149,648 | i 150,085 | i 41,657 | i 341,390 | |||||||||||||||||||||
Private owners | i 75,077 | i 435,527 | i 355,688 | i 866,292 | i 76,942 | i 732,353 | i 458,408 | i 1,267,703 | |||||||||||||||||||||
Total revenue | $ | i 1,295,322 | $ | i 915,639 | $ | i 673,146 | $ | i 2,884,107 | $ | i 1,577,145 | $ | i 1,150,834 | $ | i 877,081 | $ | i 3,605,060 |
Three
Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Civil | Building | Specialty Contractors | Total | |||||||||||||||||||||
Revenue by contract type: | |||||||||||||||||||||||||||||
Fixed price | $ | i 416,216 | $ | i 103,804 | $ | i 206,886 | $ | i 726,906 | $ | i 473,212 | $ | i 89,895 | $ | i 235,534 | $ | i 798,641 | |||||||||||||
Guaranteed maximum price | ( i 13) | i 144,831 | i 5,627 | i 150,445 | i 502 | i 219,395 | i 5,420 | i 225,317 | |||||||||||||||||||||
Unit price | i 90,372 | i — | i 25,951 | i 116,323 | i 71,429 | i 130 | i 23,558 | i 95,117 | |||||||||||||||||||||
Cost plus fee and other | ( i 5,670) | i 69,415 | i 13,507 | i 77,252 | i 1,075 | i 51,521 | i 6,551 | i 59,147 | |||||||||||||||||||||
Total revenue | $ | i 500,905 | $ | i 318,050 | $ | i 251,971 | $ | i 1,070,926 | $ | i 546,218 | $ | i 360,941 | $ | i 271,063 | $ | i 1,178,222 |
Nine
Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Civil | Building | Specialty Contractors | Total | |||||||||||||||||||||
Revenue by contract type: | |||||||||||||||||||||||||||||
Fixed price | $ | i 1,090,623 | $ | i 270,618 | $ | i 563,985 | $ | i 1,925,226 | $ | i 1,353,436 | $ | i 269,693 | $ | i 775,292 | $ | i 2,398,421 | |||||||||||||
Guaranteed maximum price | i 581 | i 462,294 | i 14,321 | i 477,196 | i 2,270 | i 737,251 | i 9,113 | i 748,634 | |||||||||||||||||||||
Unit price | i 213,092 | i 33 | i 62,837 | i 275,962 | i 212,678 | ( i 1,323) | i 80,558 | i 291,913 | |||||||||||||||||||||
Cost plus fee and other | ( i 8,974) | i 182,694 | i 32,003 | i 205,723 | i 8,761 | i 145,213 | i 12,118 | i 166,092 | |||||||||||||||||||||
Total revenue | $ | i 1,295,322 | $ | i 915,639 | $ | i 673,146 | $ | i 2,884,107 | $ | i 1,577,145 | $ | i 1,150,834 | $ | i 877,081 | $ | i 3,605,060 |
(in thousands) | As of September 30, 2022 | As of December 31, 2021 | ||||||
Retention receivable | $ | i 583,789 | $ | i 568,881 | ||||
Costs and estimated earnings in excess of billings: | ||||||||
Claims | i 741,678 | i 833,352 | ||||||
Unapproved change orders | i 584,388 | i 418,054 | ||||||
Other unbilled costs and profits | i 122,275 | i 105,362 | ||||||
Total costs and estimated earnings in excess of billings | i 1,448,341 | i 1,356,768 | ||||||
Capitalized contract costs | i 60,740 | i 69,027 | ||||||
Total contract assets | $ | i 2,092,870 | $ | i 1,994,676 |
(in thousands) | As
of September 30, 2022 | As of December 31, 2021 | ||||||
Retention payable | $ | i 241,518 | $ | i 268,945 | ||||
Billings in excess of costs and estimated earnings | i 966,065 | i 761,689 | ||||||
Total contract liabilities | $ | i 1,207,583 | $ | i 1,030,634 |
(in thousands) | As
of September 30, 2022 | As of December 31, 2021 | ||||||
Cash and cash equivalents available for general corporate purposes | $ | i 110,736 | $ | i 60,192 | ||||
Joint venture cash and cash equivalents | i 212,464 | i 142,005 | ||||||
Cash and cash equivalents | i 323,200 | i 202,197 | ||||||
Restricted cash | i 21,817 | i 9,199 | ||||||
Total cash, cash equivalents and restricted cash | $ | i 345,017 | $ | i 211,396 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands, except per common share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income (loss) attributable to Tutor Perini Corporation | $ | ( i 32,455) | $ | i 15,394 | $ | ( i 117,092) | $ | i 62,593 | |||||||||
Weighted-average common shares outstanding, basic | i 51,404 | i 51,072 | i 51,263 | i 50,995 | |||||||||||||
Effect of dilutive restricted stock units and stock options | i — | i 294 | i — | i 369 | |||||||||||||
Weighted-average common shares outstanding, diluted | i 51,404 | i 51,366 | i 51,263 | i 51,364 | |||||||||||||
Net income (loss) attributable to Tutor Perini Corporation per common share: | |||||||||||||||||
Basic | $ | ( i 0.63) | $ | i 0.30 | $ | ( i 2.28) | $ | i 1.23 | |||||||||
Diluted | $ | ( i 0.63) | $ | i 0.30 | $ | ( i 2.28) | $ | i 1.22 | |||||||||
Anti-dilutive securities not included above | i 3,011 | i 2,131 | i 3,280 | i 1,861 |
(in thousands) | Civil | Building | Specialty Contractors | Total | ||||||||||
Gross goodwill as of December 31, 2021 | $ | i 492,074 | $ | i 424,724 | $ | i 156,193 | $ | i 1,072,991 | ||||||
Accumulated impairment as of December 31, 2021 | ( i 286,931) | ( i 424,724) | ( i 156,193) | ( i 867,848) | ||||||||||
Goodwill as of December 31, 2021 | i 205,143 | i — | i — | i 205,143 | ||||||||||
Current year activity | i — | i — | i — | i — | ||||||||||
Goodwill as of September 30, 2022 | $ | i 205,143 | $ | i — | $ | i — | $ | i 205,143 |
As of September 30, 2022 | Weighted-Average Amortization Period | |||||||||||||||||||
(in thousands) | Cost | Accumulated Amortization | Accumulated Impairment Charge | Carrying Value | ||||||||||||||||
Trade names (non-amortizable) | $ | i 117,600 | $ | — | $ | ( i 67,190) | $ | i 50,410 | Indefinite | |||||||||||
Trade names (amortizable) | i 69,250 | ( i 25,326) | ( i 23,232) | i 20,692 | i 20 years | |||||||||||||||
Contractor license | i 6,000 | — | ( i 6,000) | — | N/A | |||||||||||||||
Customer relationships | i 39,800 | ( i 23,155) | ( i 16,645) | i — | N/A | |||||||||||||||
Construction contract backlog | i 149,290 | ( i 149,290) | — | i — | N/A | |||||||||||||||
Total | $ | i 381,940 | $ | ( i 197,771) | $ | ( i 113,067) | $ | i 71,102 |
As of December 31, 2021 | Weighted-Average Amortization Period | |||||||||||||||||||
(in thousands) | Cost | Accumulated Amortization | Accumulated Impairment Charge | Carrying Value | ||||||||||||||||
Trade names (non-amortizable) | $ | i 117,600 | $ | — | $ | ( i 67,190) | $ | i 50,410 | Indefinite | |||||||||||
Trade names (amortizable) | i 69,250 | ( i 23,650) | ( i 23,232) | i 22,368 | i 20 years | |||||||||||||||
Contractor license | i 6,000 | — | ( i 6,000) | — | N/A | |||||||||||||||
Customer relationships | i 39,800 | ( i 23,053) | ( i 16,645) | i 102 | i 12 years | |||||||||||||||
Construction contract backlog | i 149,290 | ( i 137,102) | — | i 12,188 | i 3 years | |||||||||||||||
Total | $ | i 381,940 | $ | ( i 183,805) | $ | ( i 113,067) | $ | i 85,068 |
(in thousands) | As of September 30, 2022 | As
of December 31, 2021 | ||||||
2017 Senior Notes | $ | i 497,020 | $ | i 496,244 | ||||
Term Loan B | i 404,696 | i 406,335 | ||||||
2020 Revolver | i — | i 27,000 | ||||||
Equipment financing and mortgages | i 50,412 | i 56,246 | ||||||
Other indebtedness | i 9,006 | i 7,829 | ||||||
Total debt | i 961,134 | i 993,654 | ||||||
Less: Current maturities | i 26,875 | i 24,406 | ||||||
Long-term debt, net | $ | i 934,259 | $ | i 969,248 |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||
(in thousands) | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported | Outstanding Debt | Unamortized Discounts and Issuance Costs | Debt, as reported | |||||||||||||||||
2017 Senior Notes | $ | i 500,000 | $ | ( i 2,980) | $ | i 497,020 | $ | i 500,000 | $ | ( i 3,756) | $ | i 496,244 | |||||||||||
Term Loan B | i 416,500 | ( i 11,804) | i 404,696 | i 419,688 | ( i 13,353) | i 406,335 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Cash interest expense: | |||||||||||||||||
Interest on 2017 Senior Notes | $ | i 8,593 | $ | i 8,594 | $ | i 25,781 | $ | i 25,781 | |||||||||
Interest on Term Loan B | i 6,822 | i 6,198 | i 18,940 | i 18,407 | |||||||||||||
Interest on 2020 Revolver | i 106 | i 436 | i 739 | i 1,109 | |||||||||||||
Interest on Convertible Notes | — | — | — | i 921 | |||||||||||||
Other interest | i 559 | i 532 | i 1,499 | i 1,422 | |||||||||||||
Total cash interest expense | i 16,080 | i 15,760 | i 46,959 | i 47,640 | |||||||||||||
Non-cash
interest expense:(a) | |||||||||||||||||
Amortization of discount and debt issuance costs on Convertible Notes | — | — | — | i 2,040 | |||||||||||||
Amortization of discount and debt issuance costs on Term Loan B | i 528 | i 547 | i 1,549 | i 1,613 | |||||||||||||
Amortization of debt issuance costs on 2020 Revolver | i 144 | i 142 | i 427 | i 426 | |||||||||||||
Amortization of debt issuance costs on 2017 Senior Notes | i 263 | i 245 | i 776 | i 723 | |||||||||||||
Total non-cash interest expense | i 935 | i 934 | i 2,752 | i 4,802 | |||||||||||||
Total interest expense | $ | i 17,015 | $ | i 16,694 | $ | i 49,711 | $ | i 52,442 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating lease expense | $ | i 3,685 | $ | i 3,660 | $ | i 11,754 | $ | i 11,085 | |||||||||
Short-term
lease expense(a) | i 15,393 | i 17,951 | i 42,828 | i 57,377 | |||||||||||||
i 19,078 | i 21,611 | i 54,582 | i 68,462 | ||||||||||||||
Less: Sublease income | i 193 | i 176 | i 573 | i 522 | |||||||||||||
Total lease expense | $ | i 18,885 | $ | i 21,435 | $ | i 54,009 | $ | i 67,940 |
(dollars in thousands) | Balance Sheet Line Item | As of September 30, 2022 | As of December 31, 2021 | ||||||||
Assets | |||||||||||
Right-of-use assets | Other assets | $ | i 61,693 | $ | i 53,462 | ||||||
Total lease assets | $ | i 61,693 | $ | i 53,462 | |||||||
Liabilities | |||||||||||
Current lease liabilities | Accrued expenses and other current liabilities | $ | i 7,147 | $ | i 7,481 | ||||||
Long-term lease liabilities | Other long-term liabilities | i 59,352 | i 50,057 | ||||||||
Total lease liabilities | $ | i 66,499 | $ | i 57,538 | |||||||
Weighted-average remaining lease term | i 11.6 years | i 12.0 years | |||||||||
Weighted-average discount rate | i 9.42 | % | i 9.44 | % |
Nine Months Ended September 30, | ||||||||
(in thousands) | 2022 | 2021 | ||||||
Operating cash flow information: | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | ( i 11,007) | $ | ( i 10,344) | ||||
Non-cash activity: | ||||||||
Right-of-use assets obtained in exchange for lease liabilities | $ | i 16,305 | $ | i 6,686 |
Year (in thousands) | Operating Leases | ||||
2022 (excluding the nine months ended September 30, 2022) | $ | i 3,252 | |||
2023 | i 12,344 | ||||
2024 | i 9,925 | ||||
2025 | i 9,023 | ||||
2026 | i 7,688 | ||||
Thereafter | i 73,375 | ||||
Total lease payments | i 115,607 | ||||
Less: Imputed interest | i 49,108 | ||||
Total | $ | i 66,499 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Interest cost | $ | i 647 | $ | i 582 | $ | i 1,940 | $ | i 1,746 | |||||||||
Service cost | i 240 | i 236 | i 720 | i 709 | |||||||||||||
Expected return on plan assets | ( i 973) | ( i 1,015) | ( i 2,919) | ( i 3,045) | |||||||||||||
Recognized net actuarial losses | i 639 | i 683 | i 1,916 | i 2,049 | |||||||||||||
Net periodic benefit cost | $ | i 553 | $ | i 486 | $ | i 1,657 | $ | i 1,459 |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||
Cash and cash equivalents(a) | $ | i 323,200 | $ | i — | $ | i — | $ | i 323,200 | $ | i 202,197 | $ | i — | $ | i — | $ | i 202,197 | |||||||||||||||||||
Restricted
cash(a) | i 21,817 | i — | i — | i 21,817 | i 9,199 | i — | i — | i 9,199 | |||||||||||||||||||||||||||
Restricted
investments(b) | i — | i 79,562 | i — | i 79,562 | i — | i 84,355 | i — | i 84,355 | |||||||||||||||||||||||||||
Investments
in lieu of retention(c) | i 23,434 | i 58,441 | i — | i 81,875 | i 27,472 | i 58,856 | i — | i 86,328 | |||||||||||||||||||||||||||
Total | $ | i 368,451 | $ | i 138,003 | $ | i — | $ | i 506,454 | $ | i 238,868 | $ | i 143,211 | $ | i — | $ | i 382,079 |
As of September 30, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||
(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||||||||||
Restricted investments: | |||||||||||||||||||||||||||||
Corporate debt securities | $ | i 47,529 | $ | i 22 | $ | ( i 3,866) | $ | i 43,685 | $ | i 46,649 | $ | i 438 | $ | ( i 438) | $ | i 46,649 | |||||||||||||
U.S. government agency securities | i 29,063 | i — | ( i 1,756) | i 27,307 | i 28,316 | i 459 | ( i 133) | i 28,642 | |||||||||||||||||||||
Municipal bonds | i 9,334 | i — | ( i 1,274) | i 8,060 | i 8,475 | i 100 | ( i 78) | i 8,497 | |||||||||||||||||||||
Corporate certificates of deposit | i 564 | i — | ( i 54) | i 510 | i 571 | i 2 | ( i 6) | i 567 | |||||||||||||||||||||
Total restricted investments | i 86,490 | i 22 | ( i 6,950) | i 79,562 | i 84,011 | i 999 | ( i 655) | i 84,355 | |||||||||||||||||||||
Investments in lieu of retention: | |||||||||||||||||||||||||||||
Corporate debt securities | i 61,656 | i — | ( i 4,143) | i 57,513 | i 58,261 | i 72 | ( i 741) | i 57,592 | |||||||||||||||||||||
Municipal bonds | i 816 | i 112 | i — | i 928 | i 812 | i 452 | i — | i 1,264 | |||||||||||||||||||||
Total investments in lieu of retention | i 62,472 | i 112 | ( i 4,143) | i 58,441 | i 59,073 | i 524 | ( i 741) | i 58,856 | |||||||||||||||||||||
Total AFS debt securities | $ | i 148,962 | $ | i 134 | $ | ( i 11,093) | $ | i 138,003 | $ | i 143,084 | $ | i 1,523 | $ | ( i 1,396) | $ | i 143,211 |
As of September 30, 2022 | ||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||
Restricted investments: | ||||||||||||||||||||||||||
Corporate debt securities | $ | i 26,673 | $ | ( i 1,817) | $ | i 16,742 | $ | ( i 2,049) | $ | i 43,415 | $ | ( i 3,866) | ||||||||||||||
U.S. government agency securities | i 22,552 | ( i 1,108) | i 4,755 | ( i 648) | i 27,307 | ( i 1,756) | ||||||||||||||||||||
Municipal bonds | i 6,037 | ( i 816) | i 2,023 | ( i 458) | i 8,060 | ( i 1,274) | ||||||||||||||||||||
Corporate certificates of deposit | i 118 | ( i 12) | i 392 | ( i 42) | i 510 | ( i 54) | ||||||||||||||||||||
Total restricted investments | i 55,380 | ( i 3,753) | i 23,912 | ( i 3,197) | i 79,292 | ( i 6,950) | ||||||||||||||||||||
Investments in lieu of retention: | ||||||||||||||||||||||||||
Corporate debt securities | i 57,513 | ( i 4,143) | i — | i — | i 57,513 | ( i 4,143) | ||||||||||||||||||||
Total investments in lieu of retention | i 57,513 | ( i 4,143) | i — | i — | i 57,513 | ( i 4,143) | ||||||||||||||||||||
Total AFS debt securities | $ | i 112,893 | $ | ( i 7,896) | $ | i 23,912 | $ | ( i 3,197) | $ | i 136,805 | $ | ( i 11,093) |
As of December 31, 2021 | ||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||
Restricted investments: | ||||||||||||||||||||||||||
Corporate debt securities | $ | i 28,639 | $ | ( i 434) | $ | i 207 | $ | ( i 4) | $ | i 28,846 | $ | ( i 438) | ||||||||||||||
U.S. government agency securities | i 5,382 | ( i 97) | i 824 | ( i 36) | i 6,206 | ( i 133) | ||||||||||||||||||||
Municipal bonds | i 2,714 | ( i 35) | i 907 | ( i 43) | i 3,621 | ( i 78) | ||||||||||||||||||||
Corporate certificates of deposit | i 435 | ( i 6) | i — | i — | i 435 | ( i 6) | ||||||||||||||||||||
Total restricted investments | i 37,170 | ( i 572) | i 1,938 | ( i 83) | i 39,108 | ( i 655) | ||||||||||||||||||||
Investments in lieu of retention: | ||||||||||||||||||||||||||
Corporate debt securities | i 46,486 | ( i 736) | i 714 | ( i 5) | i 47,200 | ( i 741) | ||||||||||||||||||||
Total investments in lieu of retention | i 46,486 | ( i 736) | i 714 | ( i 5) | i 47,200 | ( i 741) | ||||||||||||||||||||
Total AFS debt securities | $ | i 83,656 | $ | ( i 1,308) | $ | i 2,652 | $ | ( i 88) | $ | i 86,308 | $ | ( i 1,396) | ||||||||||||||
(in thousands) | Amortized Cost | Fair Value | ||||||
Due within one year | $ | i 20,553 | $ | i 20,333 | ||||
Due after one year through five years | i 117,590 | i 108,498 | ||||||
Due after five years | i 10,819 | i 9,172 | ||||||
Total | $ | i 148,962 | $ | i 138,003 |
Three Months Ended September 30, 2022 | ||||||||||||||||||||
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance - June 30, 2022 | $ | i 51,358 | $ | i 1,137,966 | $ | i 429,673 | $ | ( i 48,963) | $ | ( i 2,088) | $ | i 1,567,946 | ||||||||
Net income (loss) | — | — | ( i 32,455) | — | i 8,385 | ( i 24,070) | ||||||||||||||
Other comprehensive loss | — | — | — | ( i 3,054) | ( i 1,525) | ( i 4,579) | ||||||||||||||
Share-based compensation | — | i 1,816 | — | — | — | i 1,816 | ||||||||||||||
Issuance of common stock, net | i 127 | i 123 | — | — | — | i 250 | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( i 22,000) | ( i 22,000) | ||||||||||||||
Balance - September 30, 2022 | $ | i 51,485 | $ | i 1,139,905 | $ | i 397,218 | $ | ( i 52,017) | $ | ( i 17,228) | $ | i 1,519,363 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance - December 31, 2021 | $ | i 51,096 | $ | i 1,133,150 | $ | i 514,310 | $ | ( i 43,635) | $ | i 18,799 | $ | i 1,673,720 | ||||||||
Net income (loss) | — | — | ( i 117,092) | — | i 12,189 | ( i 104,903) | ||||||||||||||
Other comprehensive loss | — | — | — | ( i 8,382) | ( i 2,677) | ( i 11,059) | ||||||||||||||
Share-based compensation | — | i 6,818 | — | — | — | i 6,818 | ||||||||||||||
Issuance of common stock, net | i 389 | ( i 63) | — | — | — | i 326 | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | i 961 | i 961 | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( i 46,500) | ( i 46,500) | ||||||||||||||
Balance - September 30, 2022 | $ | i 51,485 | $ | i 1,139,905 | $ | i 397,218 | $ | ( i 52,017) | $ | ( i 17,228) | $ | i 1,519,363 |
Three Months Ended September 30, 2021 | ||||||||||||||||||||
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance - June 30, 2021 | $ | i 51,072 | $ | i 1,130,368 | $ | i 469,584 | $ | ( i 46,526) | $ | i 5,932 | $ | i 1,610,430 | ||||||||
Net income | — | — | i 15,394 | — | i 10,847 | i 26,241 | ||||||||||||||
Other comprehensive loss | — | — | — | ( i 634) | ( i 447) | ( i 1,081) | ||||||||||||||
Share-based compensation | — | i 2,030 | — | — | — | i 2,030 | ||||||||||||||
Issuance of common stock, net | — | ( i 2) | — | — | — | ( i 2) | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | i 3,000 | i 3,000 | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( i 10,000) | ( i 10,000) | ||||||||||||||
Balance - September 30, 2021 | $ | i 51,072 | $ | i 1,132,396 | $ | i 484,978 | $ | ( i 47,160) | $ | i 9,332 | $ | i 1,630,618 |
Nine Months Ended September 30, 2021 | ||||||||||||||||||||
(in thousands) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance - December 31, 2020 | $ | i 50,827 | $ | i 1,127,385 | $ | i 422,385 | $ | ( i 46,741) | $ | ( i 10,911) | $ | i 1,542,945 | ||||||||
Net income | — | — | i 62,593 | — | i 30,364 | i 92,957 | ||||||||||||||
Other comprehensive income (loss) | — | — | — | ( i 419) | i 129 | ( i 290) | ||||||||||||||
Share-based compensation | — | i 6,787 | — | — | — | i 6,787 | ||||||||||||||
Issuance of common stock, net | i 245 | ( i 1,776) | — | — | — | ( i 1,531) | ||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | i 7,000 | i 7,000 | ||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | ( i 17,250) | ( i 17,250) | ||||||||||||||
Balance - September 30, 2021 | $ | i 51,072 | $ | i 1,132,396 | $ | i 484,978 | $ | ( i 47,160) | $ | i 9,332 | $ | i 1,630,618 | ||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount | |||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Defined benefit pension plan adjustments | $ | i 639 | $ | ( i 181) | $ | i 458 | $ | i 683 | $ | ( i 191) | $ | i 492 | |||||||||||
Foreign currency translation adjustments | ( i 3,016) | i 489 | ( i 2,527) | ( i 1,389) | i 264 | ( i 1,125) | |||||||||||||||||
Unrealized loss in fair value of investments | ( i 3,188) | i 678 | ( i 2,510) | ( i 581) | i 133 | ( i 448) | |||||||||||||||||
Total other comprehensive loss | ( i 5,565) | i 986 | ( i 4,579) | ( i 1,287) | i 206 | ( i 1,081) | |||||||||||||||||
Less: Other comprehensive loss attributable to noncontrolling interests | ( i 1,525) | i — | ( i 1,525) | ( i 447) | i — | ( i 447) | |||||||||||||||||
Total other comprehensive loss attributable to Tutor Perini Corporation | $ | ( i 4,040) | $ | i 986 | $ | ( i 3,054) | $ | ( i 840) | $ | i 206 | $ | ( i 634) |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
(in thousands) | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount | Before-Tax Amount | Tax (Expense) Benefit | Net-of-Tax Amount | |||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Defined benefit pension plan adjustments | $ | i 1,916 | $ | ( i 543) | $ | i 1,373 | $ | i 2,049 | $ | ( i 574) | $ | i 1,475 | |||||||||||
Foreign currency translation adjustments | ( i 4,458) | i 798 | ( i 3,660) | ( i 541) | i 188 | ( i 353) | |||||||||||||||||
Unrealized loss in fair value of investments | ( i 11,086) | i 2,314 | ( i 8,772) | ( i 1,828) | i 416 | ( i 1,412) | |||||||||||||||||
Total other comprehensive loss | ( i 13,628) | i 2,569 | ( i 11,059) | ( i 320) | i 30 | ( i 290) | |||||||||||||||||
Less: Other comprehensive income (loss) attributable to noncontrolling interests | ( i 2,677) | i — | ( i 2,677) | i 129 | i — | i 129 | |||||||||||||||||
Total other comprehensive loss attributable to Tutor Perini Corporation | $ | ( i 10,951) | $ | i 2,569 | $ | ( i 8,382) | $ | ( i 449) | $ | i 30 | $ | ( i 419) |
Three Months Ended September 30, 2022 | ||||||||||||||
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Attributable to Tutor Perini Corporation: | ||||||||||||||
Balance as of June 30, 2022 | $ | ( i 36,951) | $ | ( i 6,568) | $ | ( i 5,444) | $ | ( i 48,963) | ||||||
Other comprehensive loss before reclassifications | i — | ( i 1,238) | ( i 2,337) | ( i 3,575) | ||||||||||
Amounts reclassified from AOCI | i 458 | i — | i 63 | i 521 | ||||||||||
Total other comprehensive income (loss) | i 458 | ( i 1,238) | ( i 2,274) | ( i 3,054) | ||||||||||
Balance as of September 30, 2022 | $ | ( i 36,493) | $ | ( i 7,806) | $ | ( i 7,718) | $ | ( i 52,017) | ||||||
Attributable to Noncontrolling Interests: | ||||||||||||||
Balance as of June 30, 2022 | $ | i — | $ | i 190 | $ | ( i 800) | $ | ( i 610) | ||||||
Other comprehensive loss | i — | ( i 1,289) | ( i 236) | ( i 1,525) | ||||||||||
Balance as of September 30, 2022 | $ | i — | $ | ( i 1,099) | $ | ( i 1,036) | $ | ( i 2,135) |
Nine Months Ended September 30, 2022 | ||||||||||||||
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Attributable to Tutor Perini Corporation: | ||||||||||||||
Balance as of December 31, 2021 | $ | ( i 37,866) | $ | ( i 5,787) | $ | i 18 | $ | ( i 43,635) | ||||||
Other comprehensive loss before reclassifications | i — | ( i 2,019) | ( i 7,832) | ( i 9,851) | ||||||||||
Amounts reclassified from AOCI | i 1,373 | i — | i 96 | i 1,469 | ||||||||||
Total other comprehensive income (loss) | i 1,373 | ( i 2,019) | ( i 7,736) | ( i 8,382) | ||||||||||
Balance as of September 30, 2022 | $ | ( i 36,493) | $ | ( i 7,806) | $ | ( i 7,718) | $ | ( i 52,017) | ||||||
Attributable to Noncontrolling Interests: | ||||||||||||||
Balance as of December 31, 2021 | $ | i — | $ | i 542 | $ | i — | $ | i 542 | ||||||
Other comprehensive loss | i — | ( i 1,641) | ( i 1,036) | ( i 2,677) | ||||||||||
Balance as of September 30, 2022 | $ | i — | $ | ( i 1,099) | $ | ( i 1,036) | $ | ( i 2,135) |
Three Months Ended September 30, 2021 | ||||||||||||||
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Attributable to Tutor Perini Corporation: | ||||||||||||||
Balance as of June 30, 2021 | $ | ( i 43,104) | $ | ( i 5,126) | $ | i 1,704 | $ | ( i 46,526) | ||||||
Other comprehensive loss before reclassifications | i — | ( i 678) | ( i 391) | ( i 1,069) | ||||||||||
Amounts reclassified from AOCI | i 492 | i — | ( i 57) | i 435 | ||||||||||
Total other comprehensive income (loss) | i 492 | ( i 678) | ( i 448) | ( i 634) | ||||||||||
Balance as of September 30, 2021 | $ | ( i 42,612) | $ | ( i 5,804) | $ | i 1,256 | $ | ( i 47,160) | ||||||
Attributable to Noncontrolling Interests: | ||||||||||||||
Balance as of June 30, 2021 | $ | i — | $ | i 978 | $ | i — | $ | i 978 | ||||||
Other comprehensive loss | i — | ( i 447) | i — | ( i 447) | ||||||||||
Balance as of September 30, 2021 | $ | i — | $ | i 531 | $ | i — | $ | i 531 |
Nine Months Ended September 30, 2021 | ||||||||||||||
(in thousands) | Defined Benefit Pension Plan | Foreign Currency Translation | Unrealized Gain (Loss) in Fair Value of Investments, Net | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Attributable to Tutor Perini Corporation: | ||||||||||||||
Balance as of December 31, 2020 | $ | ( i 44,087) | $ | ( i 5,322) | $ | i 2,668 | $ | ( i 46,741) | ||||||
Other comprehensive loss before reclassifications | i — | ( i 482) | ( i 1,218) | ( i 1,700) | ||||||||||
Amounts reclassified from AOCI | i 1,475 | i — | ( i 194) | i 1,281 | ||||||||||
Total other comprehensive income (loss) | i 1,475 | ( i 482) | ( i 1,412) | ( i 419) | ||||||||||
Balance as of September 30, 2021 | $ | ( i 42,612) | $ | ( i 5,804) | $ | i 1,256 | $ | ( i 47,160) | ||||||
Attributable to Noncontrolling Interests: | ||||||||||||||
Balance as of December 31, 2020 | $ | i — | $ | i 402 | $ | i — | $ | i 402 | ||||||
Other comprehensive income | i — | i 129 | i — | i 129 | ||||||||||
Balance as of September 30, 2021 | $ | i — | $ | i 531 | $ | i — | $ | i 531 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Component of AOCI: | |||||||||||||||||
Defined benefit pension plan adjustments(a) | $ | i 639 | $ | i 683 | $ | i 1,916 | $ | i 2,049 | |||||||||
Income
tax benefit(b) | ( i 181) | ( i 191) | ( i 543) | ( i 574) | |||||||||||||
Net of tax | $ | i 458 | $ | i 492 | $ | i 1,373 | $ | i 1,475 | |||||||||
Unrealized
(gain) loss in fair value of investment adjustments(a) | $ | i 79 | $ | ( i 73) | $ | i 121 | $ | ( i 246) | |||||||||
Income
tax expense (benefit)(b) | ( i 16) | i 16 | ( i 25) | i 52 | |||||||||||||
Net of tax | $ | i 63 | $ | ( i 57) | $ | i 96 | $ | ( i 194) |
Reportable Segments | ||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Total revenue | $ | i 564,205 | $ | i 341,614 | $ | i 251,974 | $ | i 1,157,793 | $ | — | $ | i 1,157,793 | ||||||||||||||
Elimination of intersegment revenue | ( i 63,300) | ( i 23,564) | ( i 3) | ( i 86,867) | — | ( i 86,867) | ||||||||||||||||||||
Revenue from external customers | $ | i 500,905 | $ | i 318,050 | $ | i 251,971 | $ | i 1,070,926 | $ | i — | $ | i 1,070,926 | ||||||||||||||
Income (loss) from construction operations | $ | i 22,786 | $ | i 56 | $ | ( i 11,836) | $ | i 11,006 | (a) | $ | ( i 17,898) | (b) | $ | ( i 6,892) | ||||||||||||
Capital expenditures | $ | i 11,872 | $ | i 921 | $ | i 748 | $ | i 13,541 | $ | i 423 | $ | i 13,964 | ||||||||||||||
Depreciation
and amortization(c) | $ | i 12,166 | $ | i 470 | $ | i 529 | $ | i 13,165 | $ | i 2,368 | $ | i 15,533 | ||||||||||||||
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Total revenue | $ | i 624,549 | $ | i 395,013 | $ | i 271,316 | $ | i 1,290,878 | $ | — | $ | i 1,290,878 | ||||||||||||||
Elimination of intersegment revenue | ( i 78,331) | ( i 34,072) | ( i 253) | ( i 112,656) | — | ( i 112,656) | ||||||||||||||||||||
Revenue from external customers | $ | i 546,218 | $ | i 360,941 | $ | i 271,063 | $ | i 1,178,222 | $ | i — | $ | i 1,178,222 | ||||||||||||||
Income (loss) from construction operations | $ | i 62,555 | $ | i 10,786 | $ | ( i 5,470) | $ | i 67,871 | $ | ( i 15,778) | (b) | $ | i 52,093 | |||||||||||||
Capital expenditures | $ | i 7,847 | $ | i 87 | $ | i 134 | $ | i 8,068 | $ | i 234 | $ | i 8,302 | ||||||||||||||
Depreciation
and amortization(c) | $ | i 26,234 | $ | i 416 | $ | i 777 | $ | i 27,427 | $ | i 2,634 | $ | i 30,061 |
Reportable Segments | ||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||
Total revenue | $ | i 1,478,162 | $ | i 960,148 | $ | i 673,302 | $ | i 3,111,612 | $ | — | $ | i 3,111,612 | ||||||||||||||
Elimination of intersegment revenue | ( i 182,840) | ( i 44,509) | ( i 156) | ( i 227,505) | — | ( i 227,505) | ||||||||||||||||||||
Revenue from external customers | $ | i 1,295,322 | $ | i 915,639 | $ | i 673,146 | $ | i 2,884,107 | $ | — | $ | i 2,884,107 | ||||||||||||||
Income (loss) from construction operations | $ | i 12,052 | $ | i 9,453 | $ | ( i 82,461) | $ | ( i 60,956) | (a) | $ | ( i 46,397) | (b) | $ | ( i 107,353) | ||||||||||||
Capital expenditures | $ | i 38,703 | $ | i 973 | $ | i 2,202 | $ | i 41,878 | $ | i 931 | $ | i 42,809 | ||||||||||||||
Depreciation
and amortization(c) | $ | i 44,191 | $ | i 1,261 | $ | i 1,539 | $ | i 46,991 | $ | i 7,063 | $ | i 54,054 | ||||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||
Total revenue | $ | i 1,850,748 | $ | i 1,267,984 | $ | i 877,634 | $ | i 3,996,366 | $ | — | $ | i 3,996,366 | ||||||||||||||
Elimination of intersegment revenue | ( i 273,603) | ( i 117,150) | ( i 553) | ( i 391,306) | — | ( i 391,306) | ||||||||||||||||||||
Revenue from external customers | $ | i 1,577,145 | $ | i 1,150,834 | $ | i 877,081 | $ | i 3,605,060 | $ | — | $ | i 3,605,060 | ||||||||||||||
Income (loss) from construction operations | $ | i 187,733 | $ | i 19,514 | $ | i 5,814 | $ | i 213,061 | (d) | $ | ( i 42,511) | (b) | $ | i 170,550 | ||||||||||||
Capital expenditures | $ | i 26,027 | $ | i 211 | $ | i 298 | $ | i 26,536 | $ | i 626 | $ | i 27,162 | ||||||||||||||
Depreciation
and amortization(c) | $ | i 80,125 | $ | i 1,272 | $ | i 2,628 | $ | i 84,025 | $ | i 8,171 | $ | i 92,196 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Income (loss) from construction operations | $ | ( i 6,892) | $ | i 52,093 | $ | ( i 107,353) | $ | i 170,550 | |||||||||
Other income (expense) | i 397 | ( i 464) | i 5,114 | i 1,142 | |||||||||||||
Interest expense | ( i 17,015) | ( i 16,694) | ( i 49,711) | ( i 52,442) | |||||||||||||
Income (loss) before income taxes | $ | ( i 23,510) | $ | i 34,935 | $ | ( i 151,950) | $ | i 119,250 |
(in thousands) | As of September 30, 2022 | As of December 31, 2021 | ||||||
Civil | $ | i 3,467,173 | $ | i 3,310,648 | ||||
Building | i 976,400 | i 980,989 | ||||||
Specialty Contractors | i 607,424 | i 631,710 | ||||||
Corporate and other(a) | ( i 290,023) | ( i 198,449) | ||||||
Total assets | $ | i 4,760,974 | $ | i 4,724,898 |
(in millions) | Backlog at | New Awards(a) | Revenue Recognized | Backlog at | ||||||||||
Civil | $ | 4,553.5 | $ | 1,392.6 | $ | (1,295.3) | $ | 4,650.8 | ||||||
Building | 2,308.9 | 947.8 | (915.6) | 2,341.1 | ||||||||||
Specialty Contractors | 1,373.2 | 658.4 | (673.2) | 1,358.4 | ||||||||||
Total | $ | 8,235.6 | $ | 2,998.8 | $ | (2,884.1) | $ | 8,350.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | 500.9 | $ | 546.2 | $ | 1,295.3 | $ | 1,577.2 | |||||||||
Income from construction operations | 22.8 | 62.6 | 12.1 | 187.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | 318.0 | $ | 360.9 | $ | 915.6 | $ | 1,150.8 | |||||||||
Income from construction operations | 0.1 | 10.8 | 9.5 | 19.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue | $ | 252.0 | $ | 271.1 | $ | 673.2 | $ | 877.1 | |||||||||
Income (loss) from construction operations | (11.8) | (5.5) | (82.5) | 5.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Other income (expense) | $ | 0.4 | $ | (0.5) | $ | 5.1 | $ | 1.1 | |||||||||
Interest expense | (17.0) | (16.7) | (49.7) | (52.4) | |||||||||||||
Income tax (expense) benefit | (0.6) | (8.7) | 47.0 | (26.3) |
Trailing Four Fiscal Quarters Ended | ||||||||
September 30, 2022 | ||||||||
Actual | Required | |||||||
First lien net leverage ratio | 2.10 to 1.00 | ≤ 2.75 : 1.00 |
Exhibits | Description | ||||
10.1* | |||||
10.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
95 | |||||
101.INS | XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline XBRL (included as Exhibit 101). |
Tutor Perini Corporation | ||||||||
Dated: November 2, 2022 | By: | /s/ Gary G. Smalley | ||||||
Gary G. Smalley | ||||||||
Executive Vice President and Chief Financial Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/18/27 | ||||
8/18/25 | ||||
5/1/25 | ||||
1/30/25 | ||||
6/30/23 | ||||
12/31/22 | ||||
Filed on: | 11/2/22 | 8-K | ||
10/31/22 | ||||
10/27/22 | ||||
10/18/22 | ||||
10/10/22 | ||||
For Period end: | 9/30/22 | 3 | ||
9/15/22 | ||||
7/12/22 | ||||
6/30/22 | 10-Q | |||
6/14/22 | ||||
6/8/22 | 4 | |||
4/28/22 | ||||
4/11/22 | ||||
3/31/22 | 10-Q | |||
3/4/22 | ||||
12/31/21 | 10-K, 4, DEF 14A | |||
11/15/21 | 4 | |||
10/1/21 | ||||
9/30/21 | 10-Q | |||
9/21/21 | ||||
8/31/21 | ||||
8/25/21 | 4, 8-K | |||
8/11/21 | ||||
8/4/21 | 10-Q, 8-K | |||
8/2/21 | ||||
7/26/21 | ||||
6/30/21 | 10-Q | |||
6/15/21 | ||||
3/11/21 | ||||
2/18/21 | ||||
12/31/20 | 10-K | |||
12/29/20 | ||||
8/20/20 | ||||
8/18/20 | 8-K | |||
8/12/20 | ||||
7/14/20 | ||||
6/5/20 | ||||
1/27/20 | ||||
1/10/20 | ||||
12/13/19 | 8-K | |||
10/8/19 | ||||
10/7/19 | ||||
10/3/19 | ||||
7/15/19 | ||||
7/1/19 | ||||
6/4/19 | ||||
9/24/18 | ||||
8/20/18 | ||||
7/2/18 | ||||
5/16/17 | ||||
4/20/17 | ||||
2/26/15 | 10-K, 8-K | |||
6/1/04 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/28/24 Tutor Perini Corp. 10-K 12/31/23 117:100M 3/15/23 Tutor Perini Corp. 10-K 12/31/22 113:83M |