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]

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 ...

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, 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 (State ...

Company Overview - Tutor Perini is a leading construction services firm with over 125 years of experience [6] - The company has approximately 7,800 employees worldwide [6] - Civil segment infrastructure projects are key to the company's profitability [6] Financial Performance - The company's revenue is $4.4 billion [15] - Income from Construction Operations (ICO) is $167.2 million [15] - Operating margin is 3.8% [15] - Q1-22 Backlog is $8.3 billion [15] - Civil Segment Revenue is $2.0 billion with an operating margin of 10.7% and a backlog of $4.6 billion [16] - Building Segment Revenue is $1.4 billion with an operating margin of 2.0% and a backlog of $2.3 billion [16] - Specialty Contractors Segment Revenue is $1.0 billion with an operating margin of (1.5%) and a backlog of $1.4 billion [16] Market Position and Future Outlook - The company is well-positioned to benefit from the new $1.2T federal infrastructure bill [6, 18, 46] - The company has a $70B+ pipeline of prospective bids and awards over the next two years [42, 46] - The company's 2022 EPS guidance is $1.15 - $1.60 [44]

Tutor Perini Corporation (NYSE:TPC) Q1 2022 Earnings Conference Call May 4, 2022 5:00 PM ET Company Participants Ronald Tutor – Chairman and Chief Executive Officer Gary Smalley – Executive Vice President and Chief Financial Officer Jorge Casado – Vice President of Investor Relations Conference Call Participants Alex Rygiel – B. Riley Brent Thielman – D.A Davidson Steven Fisher – UBS Operator Good day, ladies and gentlemen. And welcome to the Tutor Perini Corporation's First Quarter 2022 Earnings Conferenc ...

Part I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss for Q1 2022, a significant downturn from prior year's net income, driven by a revenue decrease, while total assets slightly increased and operating cash flow improved [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Tutor Perini reported a significant revenue decrease to $952.2 million for Q1 2022, resulting in a net loss of $21.6 million, a sharp reversal from the prior year's net income Condensed Consolidated Statements of Operations (Unaudited) | (in thousands, except per share amounts) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **REVENUE** | **$ 952,154** | **$ 1,207,595** | | GROSS PROFIT | $ 50,345 | $ 110,455 | | INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | $ (9,907) | $ 49,704 | | INCOME (LOSS) BEFORE INCOME TAXES | $ (22,702) | $ 32,069 | | **NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION** | **$ (21,634)** | **$ 16,034** | | DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ (0.42) | $ 0.31 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets slightly increased to $4.79 billion, while total liabilities rose to $3.15 billion, and total equity slightly decreased to $1.65 billion Condensed Consolidated Balance Sheet Highlights (Unaudited) | (in thousands) | As of March 31, 2022 | As of December 31, 2021 | | :--- | :--- | :--- | | **Total current assets** | $ 3,934,998 | $ 3,862,492 | | **TOTAL ASSETS** | **$ 4,792,158** | **$ 4,724,898** | | **Total current liabilities** | $ 1,855,157 | $ 1,777,113 | | **TOTAL LIABILITIES** | **$ 3,145,637** | **$ 3,051,178** | | **TOTAL EQUITY** | **$ 1,646,521** | **$ 1,673,720** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated $120.7 million in cash from operating activities in Q1 2022, a significant improvement from the prior year, resulting in a net increase of $110.0 million in cash and equivalents Condensed Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | **NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES** | **$ 120,747** | **$ (46,704)** | | NET CASH USED IN INVESTING ACTIVITIES | $ (14,868) | $ (5,418) | | NET CASH PROVIDED BY FINANCING ACTIVITIES | $ 4,094 | $ 1,076 | | **Net increase (decrease) in cash, cash equivalents and restricted cash** | **$ 109,973** | **$ (51,046)** | | Cash, cash equivalents and restricted cash at end of period | $ 321,369 | $ 400,806 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue recognition, and significant legal proceedings, highlighting a revenue decline across all segments and remaining performance obligations of $8.1 billion - Total remaining performance obligations (backlog) were **$8.1 billion** as of March 31, 2022, comprised of **$4.6 billion** for Civil, **$2.2 billion** for Building, and **$1.3 billion** for Specialty Contractors segments[23](index=23&type=chunk) - The company is involved in significant litigation, including the Alaskan Way Viaduct matter where a **$57.2 million** adverse jury verdict is under appeal, and the George Washington Bridge Bus Station matter involving claims and counterclaims exceeding **$113 million**[75](index=75&type=chunk)[81](index=81&type=chunk) Revenue by Segment (in thousands) | Segment | Q1 2022 Revenue | Q1 2021 Revenue | | :--- | :--- | :--- | | Civil | $ 390,795 | $ 475,575 | | Building | $ 330,648 | $ 407,233 | | Specialty Contractors | $ 230,711 | $ 324,787 | | **Total** | **$ 952,154** | **$ 1,207,595** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2022 revenue decline and operating loss to specific project issues and the COVID-19 pandemic, despite improved operating cash flow and a stable backlog, with a favorable long-term outlook due to infrastructure spending - The Q1 2022 loss from construction operations was significantly impacted by a non-cash, pre-tax charge of **$25.5 million** from an adverse legal ruling and a temporary **$17.6 million** unfavorable earnings impact from the negotiation of lower-margin change orders on a mass-transit project[134](index=134&type=chunk) - The COVID-19 pandemic has continued to cause delays in new awards, project execution, and legal proceedings, which has adversely affected revenue, liquidity, and financial results[130](index=130&type=chunk)[131](index=131&type=chunk) - The company has a favorable long-term outlook due to significant infrastructure spending, including the **$1.2 trillion** Infrastructure Investment and Jobs Act (IIJA), which is expected to drive new project opportunities over the next decade[142](index=142&type=chunk)[143](index=143&type=chunk) Backlog by Segment (in millions) | Segment | Backlog at March 31, 2022 | Backlog at Dec 31, 2021 | | :--- | :--- | :--- | | Civil | $ 4,609.6 | $ 4,553.5 | | Building | $ 2,303.5 | $ 2,308.9 | | Specialty Contractors | $ 1,366.7 | $ 1,373.2 | | **Total** | **$ 8,279.8** | **$ 8,235.6** | [Results of Segment Operations](index=34&type=section&id=Results%20of%20Segment%20Operations) All three segments experienced year-over-year revenue declines in Q1 2022, with Civil and Specialty Contractors segments reporting operating losses, while Building segment's operating income decreased Civil Segment Performance (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue | $ 390.8 | $ 475.6 | | Income (loss) from construction operations | $ (1.0) | $ 50.1 | Building Segment Performance (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue | $ 330.6 | $ 407.2 | | Income from construction operations | $ 9.5 | $ 11.2 | Specialty Contractors Segment Performance (in millions) | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Revenue | $ 230.7 | $ 324.8 | | Income (loss) from construction operations | $ (3.9) | $ 1.3 | [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by strong operating cash flow of $120.7 million in Q1 2022 and available credit, maintaining compliance with debt covenants - Net cash provided by operating activities was **$120.7 million** for Q1 2022, the largest first-quarter operating cash flow since 2008, primarily due to an improved collection cycle and resolution of some project change orders[169](index=169&type=chunk)[170](index=170&type=chunk) - As of March 31, 2022, the company had **$134 million** available under its **$175 million** revolving credit facility[166](index=166&type=chunk) - The company was in compliance with its debt covenants as of March 31, 2022, with a first lien net leverage ratio of **1.35 to 1.00**, significantly below the required maximum of **2.25 to 1.00**[175](index=175&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its exposure to market risk from the information provided in its Annual Report on Form 10-K for the year ended December 31, 2021 - There has been no material change in the company's exposure to market risk since its 2021 year-end 10-K filing[179](index=179&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2022, the company's Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[180](index=180&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[181](index=181&type=chunk) Part II. Other Information [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the ordinary course of business, with detailed information on pending matters referred to in Note 10 of the Notes to Condensed Consolidated Financial Statements - For information on pending legal matters, refer to Note 10 of the Notes to Condensed Consolidated Financial Statements included in this report[182](index=182&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 - There have been no material changes to the company's risk factors as disclosed in the 2021 Annual Report on Form 10-K[183](index=183&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) For the quarter ended March 31, 2022, the company reports that it has no mine safety violations or other regulatory matters to disclose pursuant to the Dodd-Frank Act - The company had no mine safety violations or other regulatory matters to disclose for the quarter ended March 31, 2022[185](index=185&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including employment agreements, forms of award agreements, officer certifications required by the Sarbanes-Oxley Act, and XBRL data files - The report lists various exhibits filed, including management contracts, compensatory plans, and certifications by the Principal Executive Officer and Principal Financial Officer[186](index=186&type=chunk)

Tutor Perini Corporation (NYSE:TPC) Q4 2021 Earnings Conference Call February 24, 2022 4:30 AM ET Company Participants Jorge Casado - VP-IR Ronald Tutor - Chairman and CEO Gary Smalley - EVP and CFO Conference Call Participants Steven Fisher - UBS Brent Thielman - D.A. Davidson Operator Good day ladies and gentlemen and welcome to Tutor Perini Corporation Fourth Quarter 2021 Earnings Conference Call. My name is Laura and I will be your coordinator for today. At this time, all participants are in a listen-on ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Tutor Perini Corporation (Exact name of registrant as specified in its charter) Washington, DC 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☒ For the fiscal year ended December 31, 2021 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 Massachusetts 04-1717070 (State or Oth ...