News Release Tutor Perini Reports Fourth Quarter and Full Year 2023 Results LOS ANGELES – (BUSINESS WIRE) – February 28, 2024 – 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, 2023 (see attached tables). Revenue for 2023 was $3.9 billion, up slightly compared to 2022, primarily due to a lower amount of net unfavorable impacts from settlements, litigation results and o ...

Financial Data and Key Metrics Changes - The company reported a consolidated pre-tax loss of $26 million for Q3 2023, resulting in a loss of $0.71 per diluted share, compared to a loss of $32 million or $0.63 per share in Q3 2022 [9][31] - Operating cash flow for Q3 2023 was $103 million, bringing year-to-date operating cash flow to $181 million, which is just $26 million short of the record $207 million achieved last year [16][48] - The company expects full-year operating cash flow for 2023 to significantly exceed last year's record due to ongoing dispute resolutions and cash collections [60] Business Line Data and Key Metrics Changes - Civil segment revenue was $520 million, showing a modest increase compared to Q3 2022, while building segment revenue was $365 million, up 15% primarily due to increased project execution activities in California [25] - Specialty contractors segment revenue was $175 million, down 31% year-over-year, attributed to decreased activities on nearing completion projects in the Northeast [50] - Building segment income from construction operations was $47 million, more than double the $23 million reported in Q3 2022, due to an improved project mix [51] Market Data and Key Metrics Changes - The company's backlog stood at $10.6 billion, steady compared to Q2 2023 and up 28% from $8.4 billion in Q3 2022, driven by significant project awards [19] - The bidding pipeline remains strong, with several large projects anticipated, including the $500 million Amtrak Connecticut River Bridge replacement and the $1.5 billion Inglewood Automated People Mover Project [10][11] Company Strategy and Development Direction - The company plans to use excess cash generated to de-lever its balance sheet as part of a refinancing strategy expected to commence early next year [8][32] - Management expressed confidence in winning a share of upcoming projects due to diminished competition and strong market demand, particularly from the bipartisan infrastructure law [21] Management's Comments on Operating Environment and Future Outlook - Management noted mixed results for Q3 2023, highlighting strong cash generation and backlog growth but challenged earnings due to write-downs from disputed matters [16][34] - The company anticipates improved performance in Q4 2023 and expects significantly improved EPS in 2024 and beyond [35][47] Other Important Information - Corporate G&A expense for Q3 2023 was $21 million, up from $17 million in the same quarter last year [30] - Interest expense for Q3 2023 was $20 million, compared to $17 million in Q3 2022, driven by higher borrowing rates [55] Q&A Session Summary Question: Can you clarify the underlying operations from the charges related to settlement? - Management indicated that charges were a mix of ongoing and completed projects, with significant charges related to a completed tunnel project in Los Angeles [63][64] Question: What are the expected margins in backlog? - Management provided a conservative estimate of 10-12% for civil, 2-3% for building, and 4-5% for specialty contractors, with expectations of stabilization in margins moving forward [71][90] Question: When will the dispute settlements be resolved? - Management expressed confidence that most disputes would be resolved by the end of 2024, with ongoing collections expected to follow [75][86]

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].

Financial Data and Key Metrics Changes - The company generated strong operating cash of $73 million for Q3 2022, totaling $251 million for the first nine months, marking the best nine-month operating cash result since the merger in 2008 [6][24] - Revenue for Q3 2022 was $1.1 billion, down 9% from $1.2 billion in the same quarter last year, with a net loss attributable to Tutor Perini of $32 million, or a loss of $0.63 per share [26][33] - Net debt as of September 30, 2022, was $638 million, down 19% from $791 million at the end of 2021 [34] Business Line Data and Key Metrics Changes - Civil segment revenue was $501 million, down from $546 million; Building segment revenue was $318 million, down from $361 million; Specialty Contractors revenue was $252 million, down from $271 million [26] - The Civil segment reported income from construction operations of $23 million, while the Specialty Contractors segment reported a loss of $12 million [29] Market Data and Key Metrics Changes - The backlog remained healthy at $8.4 billion, not including potential awards from the Raritan Bridge and Maryland Highway, which could add over $4.5 billion [7][15] - The company booked $885 million in new awards and contract adjustments during Q3 2022, including significant projects in Puerto Rico and California [14] Company Strategy and Development Direction - The company is focused on resolving disputes and collecting cash, with expectations of significant cash generation in the fourth quarter and next year [39] - The construction industry, particularly infrastructure, is expected to remain resilient in the current economic environment, with increased demand for complex civil projects [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, anticipating a return to consistent earnings per share results next year, driven by new work and cash collections [41] - The company is preparing for significant cash flow from ongoing projects and expects to grow its backlog to record levels [20][40] Other Important Information - The company has amended its credit agreement to temporarily increase the maximum allowable net leverage ratio, providing additional financial flexibility [34] - Debt reduction remains a primary focus, with plans for a significant cash pay down on Term Loan B by April 2023 [35] Q&A Session Summary Question: What needs to be finalized for the Maryland work to be booked into backlog? - The company is in regular meetings with the State of Maryland and expects financial close around April 2023, with optimism about the project's success [43] Question: Thoughts on how backlog converts to revenue? - New work is expected to significantly increase revenue, but major impacts from the Maryland job will likely not be seen until 2024 [44][45] Question: Any updates on ongoing disputes? - The company is attempting to settle two significant claims totaling $200 million, which could impact cash flow and overall results [48] Question: Were there new adverse legal rulings this quarter? - Yes, there was a reversal of a previous positive ruling, but such occurrences are considered rare [50][52] Question: What is the status of the Specialty segment? - The Specialty segment is expected to break even or show a small profit in Q4, depending on the resolution of two major claims [58]