UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-6314 Tutor Perini Corporation (Exact Name of Registrant as Specified in its Charter) MASSACHUSETTS (S ...

Financial Data and Key Metrics Changes - The company reported a consolidated revenue of just over $1 billion for Q2 2023, representing a 19% increase year-over-year, driven by contributions from civil segment mass transit projects in California [68][74] - Operating cash flow for Q2 2023 was $56 million, bringing the total for the first six months of 2023 to $78 million, the second highest since the merger in 2008 [39][49] - The net loss attributable to Tutor Perini for Q2 2023 was $38 million, or a loss of $0.72 per share, compared to a net loss of $62 million, or a loss of $1.23 per share in Q2 2022 [77] Business Line Data and Key Metrics Changes - The Civil segment revenue for Q2 2023 was $554 million, up 37% compared to the same quarter last year, primarily due to mass transit projects [74] - The Building segment revenue was $331 million, up 24%, while the Specialty Contractors segment revenue decreased by 28% to $136 million [50][74] - The Specialty Contractors segment posted a loss from construction operations of $70 million in Q2 2023, largely due to unfavorable non-cash adjustments [51] Market Data and Key Metrics Changes - The company's backlog increased to $10.9 billion, up 27% from $8.5 billion in the same quarter last year, driven by significant project awards [4][55] - The company anticipates strong demand for its services as substantial funding is expected to flow to public owners over the coming years [6] Company Strategy and Development Direction - The company is focused on growing its civil business, which is expected to drive future growth and profitability [6] - The bidding pipeline remains robust with numerous large project opportunities, including the $3 billion Queens facility and the $1.5 billion Inglewood people mover project [41][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stronger cash generation in the second half of 2023, anticipating resolution of long-standing disputes and collection of significant cash [69] - The company does not plan to provide new guidance for 2023 due to various uncertainties related to dispute resolutions and litigation outcomes [72] Other Important Information - The effective tax rate for 2023 is now expected to be approximately 40% to 50%, down from previous estimates [54] - The company is prioritizing debt reduction and expects to continue reducing debt as cash collections improve [12] Q&A Session Summary Question: Were any recent awards funded by the IRA or other federal funding initiatives? - Management indicated that recent awards were not funded by the IRA, but they expect funding to gradually impact the market [57] Question: Can you provide an update on the litigation and claims? - Management expects that 90% of all claims will be adjudicated by the end of next year, with a significant amount of cash expected from settlements [16][95] Question: What is the status of the company's surety capacity? - The company has significant surety capacity, supported by a strong net worth and positive cash flows, despite challenges in New York [91] Question: What are the plans for the Specialty Contractors segment? - The Specialty Contractors segment has been reduced significantly and will only support the Civil group for the time being, with hopes of resolving issues and potentially growing again based on performance [99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-6314 Tutor Perini Corporation (Exact Name of Registrant as Specified in its Charter) MASSACHUSETTS (State ...

Tutor Perini Corporation (NYSE:TPC) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Jorge Casado - VP of IR Ronald Tutor - Chairman and CEO Gary Smalley - EVP and CFO Conference Call Participants Steven Fisher - UBS Operator Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation First Quarter 2023 Earnings Conference Call. My name is [Lucia] and I will be your coordinator for today. [Operator Instructions] As a reminder, this conference call is being recorde ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-6314 Tutor Perini Corporation (Exact Name of Registrant as Specified in its Charter) MASSACHUSETTS (State ...

Financial Data and Key Metrics Changes - The company reported a revenue of $3.8 billion for 2022, down 18% compared to 2021, primarily due to a lack of major new awards and delays caused by the COVID-19 pandemic [20][21] - The diluted loss per share for 2022 was $4.09, including a loss of $1.80 per share for the fourth quarter [5][30] - Operating cash flow reached a record $207 million, the highest since the merger in 2008, driven by solid collection activities [5][20] Business Line Data and Key Metrics Changes - Civil segment revenue was $1.7 billion, down 17% from 2021 [21] - Building segment revenue was $1.2 billion, down 13% from the prior year [21] - Specialty Contractors segment revenue was $813 million, down 27% [21] - Loss from construction operations for 2022 was $205 million, compared to income of $227 million in 2021 [24] Market Data and Key Metrics Changes - The year-end backlog was $7.9 billion, down modestly from 2021 but not recovered from pre-pandemic levels of over $10 billion [6][8] - The company anticipates significant potential awards exceeding $3 billion, including projects in New York City and California [8][9] Company Strategy and Development Direction - The company is focusing on resolving unapproved change orders and claims to improve cash flow [6][18] - A new strategic approach to collections has been implemented, particularly in the Specialty Contractors segment in New York, to expedite cash collections and reduce legal expenses [10][11] - The company is increasingly selective in project pursuits, emphasizing risk diversification and improved contractual terms [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, anticipating revenue growth and a gradual return to profitability [6][18] - The company expects strong demand for services due to funding from the Bipartisan Infrastructure Fund, which should enable the commencement of large projects [15][34] - Management highlighted that the pandemic's impact is receding, and the court systems are reopening, which is expected to improve future project opportunities [38] Other Important Information - The company plans to make a significant cash paydown of $44 million on its Term Loan B by April 7, 2023 [32] - Corporate G&A expenses for 2022 were $62 million, compared to $58 million in 2021 [26] Q&A Session Summary Question: Future projects outside California and New York - Management indicated they evaluate opportunities nationwide but face challenges in nonunion areas like the Southeast [37] Question: Will the $11 billion in low bids come back? - Management confirmed that these projects are expected to return, albeit delayed, and they are actively pursuing recompete opportunities [39] Question: Debt repayment status - Management confirmed no debt repayment has occurred since the end of Q4, but a mandatory $44 million payment is due soon [41]

Financial Performance - Consolidated revenue for 2022 was $3.8 billion, a decrease of 29% from $5.3 billion in 2020[108]. - Loss from construction operations for 2022 was $204.8 million, compared to income of $226.8 million in 2021[109]. - Diluted loss per common share for 2022 was $4.09, compared to diluted earnings per share of $1.79 in 2021[117]. - Corporate general and administrative expenses increased to $62.2 million in 2022 from $58.0 million in 2021, primarily due to higher compensation-related expenses[147]. - Other income, net increased by $4.7 million in 2022 to $6.7 million, primarily due to interest earned on federal income tax receivable balances[148]. - Net cash provided by operating activities was $207.0 million in 2022, a significant increase of $355.5 million compared to net cash used in operating activities of $148.5 million in 2021[154]. - Cash and cash equivalents rose to $259.4 million as of December 31, 2022, compared to $202.2 million as of December 31, 2021[153]. - Working capital decreased to $1.7 billion with a current assets to current liabilities ratio of 1.87 as of December 31, 2022, down from $2.1 billion and a ratio of 2.17 in 2021[158]. Backlog and Awards - The company's consolidated backlog as of December 31, 2022, was $7.9 billion, down 29% from a record level of $11.2 billion at the end of 2019[107]. - Consolidated new awards in 2022 totaled $3.5 billion, down from $4.5 billion in 2021[118]. - Significant new awards in 2022 included $466 million for a mass-transit project in California and $260 million for the Eagle Mountain - Woodfibre Gas Pipeline project in Canada[118]. - The company has several pending significant new projects with contract awards expected in 2023 totaling a combined value that could exceed $3 billion[120]. - As of December 31, 2022, approximately $4 billion, or 45%, of the company's backlog is expected to be recognized as revenue in 2023[121]. Segment Performance - The Civil segment's revenue for 2022 was $1,734.9 million, a decrease of 17% compared to 2021, primarily due to reduced project execution activities[128]. - New awards in the Civil segment totaled $1.6 billion in 2022, down from $1.9 billion in 2021[132]. - The Building segment's revenue for 2022 was $1,242.6 million, a decrease of 13% compared to 2021[135]. - New awards in the Building segment totaled $1.2 billion in 2022, compared to $2.0 billion in 2021[138]. - The Specialty Contractors segment's revenue for 2022 was $813.3 million, a decrease of 27% compared to 2021[141]. - The loss from construction operations in the Specialty Contractors segment was $168.0 million in 2022, compared to a loss of $10.0 million in 2021[142]. - Backlog for the Civil segment was $4.4 billion as of December 31, 2022, slightly down from $4.6 billion as of December 31, 2021[134]. - Backlog for the Building segment was $2.2 billion as of December 31, 2022, down from $2.3 billion as of December 31, 2021[140]. - Backlog for the Specialty Contractors segment was $1.3 billion as of December 31, 2022, down from $1.4 billion as of December 31, 2021[146]. Tax and Interest Rates - The effective income tax rate for 2022 was 28.1%, compared to 16.0% for 2021[117]. - The effective income tax rate increased to 28.1% in 2022 from 16.0% in 2021, influenced by earnings attributable to noncontrolling interests and state income taxes[150]. - The average borrowing rates for the Term Loan B and the Revolver were approximately 6.7% and 8.8%, respectively, as of December 31, 2022[162]. - If short-term floating interest rates on these borrowings were to change by 0.50%, interest expense would increase or decrease by approximately $2.1 million over the next twelve months[180]. Debt and Cash Flow - The company has debt obligations totaling $972.4 million, with $70.3 million due in 2023, and interest payments of $240.8 million, of which $71.3 million are due in 2023[170]. - As of December 31, 2022, the company had approximately $422.4 million in borrowings with variable interest rates, down from $453.9 million in 2021[180]. - Net cash used in investing activities was $65.6 million in 2022, primarily for capital expenditures totaling $59.8 million[156]. - The Company expects a prepayment of $44.0 million on the Term Loan B in the second quarter of 2023 due to generating "excess" cash flow in 2022[161]. Operational Strategies - The company implemented a new collections strategy in 2022 to expedite settlements and reduce legal expenses, impacting income from construction operations[112]. - The company expects to make substantial progress in resolving disputes and unapproved change orders in 2023 and beyond[106]. Accounting and Goodwill - The company recognizes revenue for claims as variable consideration in accordance with ASC 606, with estimates based on anticipated performance and available information[169]. - Goodwill was not impaired during the fourth quarter of 2022, as the estimated fair value of the Civil reporting unit exceeded its net book value significantly[178]. - The company evaluates joint ventures to determine if they qualify as variable interest entities (VIEs) and consolidates them if it is the primary beneficiary[172]. - The company uses the cost-to-cost method for recognizing contract revenue, measuring progress based on the ratio of contract costs incurred to total estimated costs[167]. - The company has historically not incurred material costs from warranty claims, which typically extend for a limited duration following substantial completion of projects[168]. - The impairment evaluation process for goodwill involves significant judgment regarding revenue growth rates, profitability levels, and discount rates[176].

Tutor Perini Corporation (NYSE:TPC) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET Company Participants Jorge Casado - Vice President of Investor Relations Ronald Tutor - Chairman and CEO Gary Smalley - Executive Vice President and CFO Conference Call Participants Brent Thielman - D.A. Davidson Steven Fisher - UBS Operator Good day, ladies and gentlemen. And welcome to the Tutor Perini Corporation Third Quarter 2022 Earnings Conference Call. My name is Sherry, and I will be your coordinator fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-6314 Tutor Perini Corporation (Exact Name of Registrant as Specified in its Charter) MASSACHUSETTS (S ...

Tutor Perini Corporation (NYSE:TPC) Q2 2022 Earnings Conference Call August 5, 2022 11:00 AM ET Company Participants Jorge Casado - Vice President of Investor Relations Ronald Tutor - Chairman and CEO Gary Smalley - Executive Vice President and CFO Conference Call Participants Steven Fisher - UBS Alex Rygiel - B. Riley Operator Good day, ladies and gentlemen. And welcome to the Tutor Perini Corporation Second Quarter 2022 Earnings Conference Call. My name is Rob, and I will be your coordinator for today. At ...