Tutor Perini Corporation (NYSE:TPC) Q4 2022 Earnings Conference Call March 15, 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 Tony Christ - Odyssey Investments Dhruv Ohri - Vibrant Capital Operator Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Fourth Quarter 2022 Earnings Conference Call. My name is Joe, and I will be your coordinator for today. [Operator Instructions] As a rem ...

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 ...

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 ...

O R A C R O T N O | --- | --- | --- | |------------------------------------------------------------|-------|-------| | | | | | Investor Presentation | | | | May 2022 | | | | I-74 Mississippi River Bridge, Bettendorf, IA + Moline, IL | | | Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company's e ...

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 ...

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, 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 ...

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 ...