Financial Data and Key Metrics Changes - The net loss attributable to Tutor Perini for Q4 2023 was $48 million, or a loss of $0.91 per share, compared to a net loss of $93 million, or a loss of $1.80 per share in Q4 2022 [1] - The net loss for the full year 2023 was $171 million, or a loss of $3.30 per share, compared to a net loss of $210 million, or a loss of $4.09 per share in 2022 [37] - Operating cash flow reached a record $308 million in 2023, nearly 50% higher than the previous record of $207 million in 2022 [11][51] - Consolidated revenue for 2023 was $3.9 billion, slightly up from $3.8 billion in 2022 [52] Business Line Data and Key Metrics Changes - Civil segment revenue was $1.9 billion in 2023, up 9% compared to the previous year, driven by increased project execution activities [25] - Building segment revenue was $1.3 billion, up 5%, primarily due to increased activities on various projects in California [30] - Specialty Contractors segment revenue was $694 million, down 15% due to decreased activities on electrical and mechanical components of a completed transportation project [30] - In Q4 2023, Civil segment revenue was $459 million, up 5% from $440 million in Q4 2022, while Building segment revenue was $376 million, up 15% from $327 million [38] Market Data and Key Metrics Changes - The year-end backlog stood at $10.2 billion, up 28% year-over-year, largely driven by the award of the $2.95 billion Brooklyn Jail project [16] - The company is tracking over $75 billion in project opportunities over the next three to four years, with $32 billion expected in the next two years [18] Company Strategy and Development Direction - The company anticipates significant double-digit revenue growth in 2024, with 80% sourced from existing backlog [21] - The strategic focus includes resolving legacy disputes and capturing a share of the $1.2 trillion Bipartisan Infrastructure Law funding [17] - The company expects to conclude refinancing of its senior notes by the end of April 2024 [46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in earnings due to adverse legal judgments and write-downs but expressed optimism for a return to profitability in 2024 [12][37] - The company expects to resolve most remaining legacy disputes in 2024, leading to substantial cash collections [14][59] - Management highlighted a strong bidding environment and limited competition for upcoming projects, which is expected to enhance margins and working capital requirements [78][124] Other Important Information - Corporate G&A expenses increased to $75 million in 2023 from $62 million in 2022, primarily due to higher compensation-related expenses [34] - Interest expense for 2023 was $85 million, up from $70 million in 2022, driven by higher borrowing rates [35] Q&A Session Summary Question: Can you elaborate on the losses in the Building and Specialty Contractors segments? - Management noted losses in the Building segment were due to an unbonded subcontractor issue and significant write-downs in the Specialty Contractors segment [64][68] Question: What is the expected growth by segment for 2024? - Management indicated strong growth in Civil and Building segments, with expectations for modest profitability in the first quarter [86] Question: How does the EPS guidance account for potential settlements? - Management stated that the EPS guidance includes allowances for potential settlements and adverse judgments, aiming for reasonable profitability [83][84] Question: What is the expected structure of the refinancing? - Management is exploring various options for refinancing, including potential reductions in bond issuance and loans, depending on market conditions [108]

Part I [Business](index=3&type=section&id=Item%201.%20Business) Tutor Perini Corporation is a global construction company operating in Civil, Building, and Specialty Contractors segments, with a **$10.2 billion** backlog and **74%** of 2023 revenue from government contracts - The company operates through three primary business segments: Civil, Building, and Specialty Contractors, offering diversified services from large-scale infrastructure to specialized electrical and mechanical systems[18](index=18&type=chunk) - The company estimates that approximately **$4 billion**, or **40%**, of its backlog as of December 31, 2023, will be recognized as revenue in 2024[36](index=36&type=chunk) - Revenue from federal, state, and local government customers constituted **74%**, **68%**, and **66%** of total revenue for the years 2023, 2022, and 2021, respectively[42](index=42&type=chunk) - As of December 31, 2023, the company had approximately **8,200** employees, including **1,900** salaried and **6,300** hourly employees, with about **3,600** union employees[50](index=50&type=chunk)[52](index=52&type=chunk) Backlog by Business Segment as of December 31 | Business Segment | 2023 (in thousands) | % of Total | 2022 (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Civil | $4,240,684 | 42% | $4,416,340 | 56% | | Building | $4,177,452 | 41% | $2,223,601 | 28% | | Specialty Contractors | $1,740,311 | 17% | $1,289,172 | 16% | | **Total Backlog** | **$10,158,447** | **100%** | **$7,929,113** | **100%** | Backlog by Customer and Contract Type as of December 31 | Backlog by Customer Type | 2023 | 2022 | | :--- | :--- | :--- | | State and local agencies | 76% | 65% | | Private owners | 13% | 20% | | Federal agencies | 11% | 15% | | **Total** | **100%** | **100%** | | Backlog by Contract Type | 2023 | 2022 | | :--- | :--- | :--- | | Fixed price | 56% | 74% | | Guaranteed maximum price | 36% | 14% | | Unit price | 4% | 4% | | Cost plus fee and other | 4% | 8% | | **Total** | **100%** | **100%** | [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks from numerous legal proceedings, contract estimation inaccuracies, intense competition, substantial indebtedness with a 'spring-forward' maturity, and potential cybersecurity breaches - The company is involved in numerous lawsuits, and unfavorable outcomes could materially harm financial results and reputation, as exemplified by an **$83.6 million** non-cash charge from an adverse court decision in April 2023[58](index=58&type=chunk) - Inaccuracies in estimating contract revenue and costs, particularly on fixed-price and guaranteed-maximum-price contracts, can lead to lower profits or losses, with economic factors like inflation also negatively impacting profitability[60](index=60&type=chunk)[61](index=61&type=chunk) - A significant portion of operations are concentrated in New York and California, making the company more susceptible to adverse economic conditions in those states[67](index=67&type=chunk) - The company's long-time Chairman and CEO will transition to Executive Chairman at the end of 2024, introducing a new CEO, and such management changes could adversely affect the business[70](index=70&type=chunk) - A 'spring-forward' maturity provision in the 2020 Credit Agreement could accelerate the maturity of the Term Loan B and Revolver to January and April 2025 if the **$500 million** 2017 Senior Notes are not repaid or refinanced, though the company is working on a refinancing transaction expected by the end of April 2024[88](index=88&type=chunk)[89](index=89&type=chunk)[91](index=91&type=chunk) - The company has substantial debt of **$899.7 million** as of December 31, 2023, with restrictive covenants, and failure to comply with these, such as the First Lien Net Leverage Ratio, could trigger a default and debt acceleration[94](index=94&type=chunk) [Unresolved Staff Comments](index=19&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[98](index=98&type=chunk) [Cybersecurity](index=19&type=section&id=Item%201C.%20Cybersecurity) Cybersecurity risk is overseen by the Board and Audit Committee, managed by a CIO and CISO, with no material incidents reported - Cybersecurity oversight is managed by the Board of Directors, the Audit Committee, a CIO with over **35** years of experience, and a CISO with over **25** years of experience[99](index=99&type=chunk)[100](index=100&type=chunk) - The company's risk management strategy includes annual cybersecurity risk assessments, an incident response plan aligned with NIST standards, third-party penetration tests, and mandatory employee training[102](index=102&type=chunk) - The company has not experienced any cybersecurity incidents that have had a material adverse impact on its operations or financial results[101](index=101&type=chunk) [Properties](index=20&type=section&id=Item%202.%20Properties) The company owns and leases various office facilities and equipment yards across the United States, including its corporate headquarters, which are considered suitable for current needs Major Office and Equipment Yard Locations | Location | Owned/Leased | Business Segment(s) | | :--- | :--- | :--- | | Los Angeles (Sylmar), CA | Owned & Leased | Corporate, Civil & Specialty Contractors | | Barrigada, Guam | Owned | Civil | | Black River Falls, WI | Owned | Civil | | Fort Lauderdale, FL | Leased | Building & Specialty Contractors | | Framingham, MA | Owned | Building | | Houston, TX | Owned | Specialty Contractors | | New Rochelle, NY | Owned | Civil | [Legal Proceedings](index=20&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding the company's legal proceedings is incorporated by reference from Note 8 of the Notes to Consolidated Financial Statements - Details on legal proceedings are discussed in Note 8 of the Notes to Consolidated Financial Statements[104](index=104&type=chunk) [Mine Safety Disclosures](index=20&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) While not a mine operator, the company provides required mine safety disclosures in Exhibit 95 when offering construction services to the mining industry - Information regarding mine safety violations and other related matters is provided in Exhibit 95 to this Form 10-K[105](index=105&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=20&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Tutor Perini's common stock trades on the NYSE under 'TPC', with **298** holders of record as of February 22, 2024, and no immediate plans for dividends or repurchases - The company's common stock is traded on the NYSE under the symbol 'TPC'[107](index=107&type=chunk) - The company did not repurchase any of its common stock during Q4 2023 and does not have immediate plans to pay dividends[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, revenue slightly increased to **$3.9 billion**, construction loss narrowed to **$114.6 million**, backlog grew **28%** to **$10.2 billion**, and record operating cash flow of **$308.5 million** was generated, with a key focus on refinancing 2017 Senior Notes [Executive Overview](index=22&type=section&id=Executive%20Overview) The company's 2023 performance saw a slight revenue increase to **$3.9 billion** and a reduced loss from construction operations of **$114.6 million**, driven by **$6.1 billion** in new awards and a **28%** backlog growth to **$10.2 billion** - The reduced loss in 2023 was primarily due to a lower amount of net unfavorable impacts from legal judgments and settlements compared to 2022, with adverse legal decisions having a net unfavorable impact of **$122.2 million** in 2023 versus **$147.8 million** in 2022[119](index=119&type=chunk) - Consolidated new awards were **$6.1 billion** in 2023, a significant increase from **$3.5 billion** in 2022, with major awards including the **$2.95 billion** Brooklyn Jail project[130](index=130&type=chunk)[131](index=131&type=chunk) Consolidated Operating Results (2023 vs. 2022) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $3.9 billion | $3.8 billion | | Loss from Construction Operations | ($114.6 million) | ($204.8 million) | | Diluted Loss Per Share | ($3.30) | ($4.09) | Backlog Changes in 2023 (in millions) | Segment | Backlog at Dec 31, 2022 | New Awards in 2023 | Revenue Recognized in 2023 | Backlog at Dec 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Civil | $4,416.3 | $1,708.2 | $(1,883.9) | $4,240.6 | | Building | $2,223.6 | $3,256.4 | $(1,302.5) | $4,177.5 | | Specialty Contractors | $1,289.2 | $1,144.9 | $(693.8) | $1,740.3 | | **Total** | **$7,929.1** | **$6,109.5** | **$(3,880.2)** | **$10,158.4** | [Results of Segment Operations](index=27&type=section&id=Results%20of%20Segment%20Operations) In 2023, Civil segment income significantly increased, Building segment incurred a loss despite revenue growth and backlog doubling, and Specialty Contractors segment saw revenue decline and continued losses - The Building segment's backlog increased **88%** to **$4.2 billion**, largely driven by the **$2.95 billion** Brooklyn Jail project award[150](index=150&type=chunk) Civil Segment Performance (in millions) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $1,883.9 | $1,734.9 | | Income from construction operations | $198.6 | $21.1 | Building Segment Performance (in millions) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $1,302.5 | $1,242.6 | | Income (loss) from construction operations | ($91.2) | $7.2 | Specialty Contractors Segment Performance (in millions) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $693.8 | $813.3 | | Loss from construction operations | ($144.8) | ($168.0) | [Corporate, Tax and Other Matters](index=30&type=section&id=Corporate%2C%20Tax%20and%20Other%20Matters) Corporate G&A expenses increased to **$75.2 million** in 2023 due to higher compensation, while interest expense rose to **$85.2 million** due to higher rates, and the effective tax rate was **30.1%** - Corporate G&A expenses increased to **$75.2 million** in 2023 from **$62.2 million** in 2022, primarily due to higher compensation-related expenses and professional fees[156](index=156&type=chunk) - Interest expense increased by **$15.6 million** in 2023, substantially due to higher interest rates on the Term Loan B and the Revolver[158](index=158&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company generated a record **$308.5 million** in operating cash flow in 2023, increasing liquidity, but faces a critical 'spring-forward' maturity provision on its debt requiring refinancing of **$500 million** 2017 Senior Notes - Net cash provided by operating activities was a record **$308.5 million** in 2023, up from **$207.0 million** in 2022, primarily due to improved collection activity[163](index=163&type=chunk) - The 2020 Credit Agreement has a 'spring-forward' maturity provision, where if the 2017 Senior Notes are outstanding on January 30, 2025, the maturity of the Revolver and a portion of the Term Loan B will accelerate to that date; the company is working to refinance the 2017 Senior Notes and anticipates completing a transaction by the end of April 2024[171](index=171&type=chunk)[172](index=172&type=chunk) - The company made a mandatory prepayment of **$91.0 million** on its Term Loan B in February 2024, related to annual excess cash flow from 2023[173](index=173&type=chunk) First Lien Net Leverage Ratio Covenant | Period Ended | Actual Ratio | Required Ratio | | :--- | :--- | :--- | | December 31, 2023 | 2.07 to 1.00 | ≤ 2.25 : 1.00 | [Critical Accounting Estimates](index=33&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates involve significant judgment in revenue recognition for long-term contracts and annual goodwill impairment testing, with no impairment found for the Civil reporting unit in 2023 - Contract revenue is recognized over time using the cost-to-cost method, which requires significant management judgment and assumptions regarding future events, change orders, claims, and total estimated costs[179](index=179&type=chunk)[181](index=181&type=chunk) - The company tests goodwill for impairment annually on October 1, and the 2023 test performed on the Civil reporting unit, which holds the entire goodwill balance of **$205.1 million**, determined that goodwill was not impaired[188](index=188&type=chunk)[192](index=192&type=chunk)[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations on its **$373.5 million** variable-rate debt, where a **0.50%** change impacts annual interest expense by approximately **$1.9 million** - The company is exposed to interest rate risk from its variable-rate debt, which totaled approximately **$373.5 million** as of December 31, 2023[194](index=194&type=chunk) - A **0.50%** (**50** basis point) change in floating interest rates would change annual interest expense by approximately **$1.9 million**[194](index=194&type=chunk) [Financial Statements and Supplementary Data](index=36&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The Report of Independent Registered Public Accounting Firm and Consolidated Financial Statements are included in Item 15 of the Annual Report on Form 10-K - The company's audited Consolidated Financial Statements are incorporated by reference from Item 15[195](index=195&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=36&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[196](index=196&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2023, a conclusion affirmed by Deloitte & Touche LLP's unqualified opinion - Management concluded that as of December 31, 2023, the company's disclosure controls and procedures were effective[197](index=197&type=chunk) - Management concluded that as of December 31, 2023, the company's internal control over financial reporting was effective based on the COSO framework (2013)[199](index=199&type=chunk) - Deloitte & Touche LLP issued an unqualified opinion on the effectiveness of the Company's internal control over financial reporting as of December 31, 2023[204](index=204&type=chunk) [Other Information](index=39&type=section&id=Item%209B.%20Other%20Information) No director or Section 16 officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q4 2023 - No director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements during the quarter ended December 31, 2023[210](index=210&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=39&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[211](index=211&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=39&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the definitive proxy statement, and the company has adopted a Code of Business Conduct and Ethics - Required information is incorporated by reference from the definitive proxy statement[213](index=213&type=chunk) [Executive Compensation](index=39&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference from the definitive proxy statement[215](index=215&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=39&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides equity compensation plan information, with **2,682,894** securities to be issued and **987,001** remaining available, and further details incorporated by reference from the proxy statement Equity Compensation Plan Information as of December 31, 2023 | Plan Category | Securities to be Issued Upon Exercise (a) | Weighted-Average Exercise Price (b) | Securities Remaining for Future Issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 2,682,894 | $23.33 | 987,001 | [Certain Relationships and Related Transactions, and Director Independence](index=39&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference from the definitive proxy statement[217](index=217&type=chunk) [Principal Accountant Fees and Services](index=40&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to the company's principal accountant is incorporated by reference from the company's definitive proxy statement - Required information is incorporated by reference from the definitive proxy statement[218](index=218&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=41&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists documents filed as part of the Form 10-K, including Consolidated Financial Statements, the Independent Registered Public Accounting Firm's Report, and an index of all exhibits - The Consolidated Financial Statements for the three years ended December 31, 2023, and the Report of Independent Registered Public Accounting Firm are filed as part of this report[221](index=221&type=chunk) - An index of exhibits is provided, including material contracts such as the 2020 Credit Agreement and its amendments, and various employment and lease agreements[225](index=225&type=chunk)[226](index=226&type=chunk) [Form 10-K Summary](index=43&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[228](index=228&type=chunk)

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]