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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, 2020

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

04-1717070

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer Identification No.)

15901 OLDEN STREET, SYLMAR, CALIFORNIA

91342-1093

(Address of Principal Executive Offices)

(Zip Code)

(818) 362-8391

(Registrant’s Telephone Number, Including Area Code)

None

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

TPC

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at April 30, 2020 was 50,577,111.

TUTOR PERINI CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS

Page Numbers

Part I.

Financial Information:

Item 1.

Financial Statements:

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

3

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

4

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019 (Unaudited)

5

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

7 - 25

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26 - 33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

33

Item 4.

Controls and Procedures

33

Part II.

Other Information:

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 4.

Mine Safety Disclosures

34

Item 5.

Other Information

34

Item 6.

Exhibits

34

Signature

35

 

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

Three Months Ended

March 31,

(in thousands, except per common share amounts)

2020

2019

REVENUE

$

1,250,729

$

958,487

COST OF OPERATIONS

(1,139,649)

(870,017)

GROSS PROFIT

111,080

88,470

General and administrative expenses

(63,853)

(65,557)

INCOME FROM CONSTRUCTION OPERATIONS

47,227

22,913

Other income, net

481

422

Interest expense

(16,436)

(16,425)

INCOME BEFORE INCOME TAXES

31,272

6,910

Income tax expense

(5,134)

(2,188)

NET INCOME

26,138

4,722

LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

8,767

5,078

NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

17,371

$

(356)

BASIC EARNINGS (LOSS) PER COMMON SHARE

$

0.35

$

(0.01)

DILUTED EARNINGS (LOSS) PER COMMON SHARE

$

0.34

$

(0.01)

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:

BASIC

50,338

50,098

DILUTED

50,836

50,098

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

UNAUDITED

Three Months Ended

March 31,

(in thousands)

2020

2019

NET INCOME

$

26,138

$

4,722

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:

Defined benefit pension plan adjustments

423

330

Foreign currency translation adjustments

(4,013)

348

Unrealized gain in fair value of investments

542

673

TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX

(3,048)

1,351

COMPREHENSIVE INCOME

23,090

6,073

LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

6,747

5,180

COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION

$

16,343

$

893

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

 

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

As of March 31,

As of December 31,

(in thousands, except share and per share amounts)

2020

2019

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($86,126 and $103,850 related to variable interest entities ("VIEs"))

$

198,122

$

193,685

Restricted cash

5,956

8,416

Restricted investments

75,409

70,974

Accounts receivable ($80,794 and $91,090 related to VIEs)

1,501,557

1,354,519

Retainage receivable ($86,033 and $89,132 related to VIEs)

573,151

562,375

Costs and estimated earnings in excess of billings ($30,739 and $22,764 related to VIEs)

1,155,202

1,123,544

Other current assets ($55,458 and $58,128 related to VIEs)

211,501

197,473

Total current assets

3,720,898

3,510,986

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $401,805 and $388,147 (net P&E of $41,474 and $49,919 related to VIEs)

502,611

509,685

GOODWILL

205,143

205,143

INTANGIBLE ASSETS, NET

149,458

155,270

OTHER ASSETS

108,296

104,693

TOTAL ASSETS

$

4,686,406

$

4,485,777

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt

$

184,954

$

124,054

Accounts payable ($78,304 and $93,848 related to VIEs)

744,222

682,699

Retainage payable ($16,333 and $13,967 related to VIEs)

272,533

252,181

Billings in excess of costs and estimated earnings ($421,236 and $422,847 related to VIEs)

891,164

844,389

Accrued expenses and other current liabilities ($16,008 and $25,402 related to VIEs)

197,582

206,533

Total current liabilities

2,290,455

2,109,856

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $20,259 and $23,343

717,379

710,422

DEFERRED INCOME TAXES

37,580

35,686

OTHER LONG-TERM LIABILITIES

198,064

199,288

TOTAL LIABILITIES

3,243,478

3,055,252

COMMITMENTS AND CONTINGENCIES (NOTE 11)

 

 

EQUITY

Stockholders' equity:

Preferred stock - authorized 1,000,000 shares ($1 par value), none issued

Common stock - authorized 75,000,000 shares ($1 par value), issued and outstanding 50,541,480 and 50,278,816 shares

50,577

50,279

Additional paid-in capital

1,120,487

1,117,972

Retained earnings

331,362

313,991

Accumulated other comprehensive loss

(43,128)

(42,100)

Total stockholders' equity

1,459,298

1,440,142

Noncontrolling interests

(16,370)

(9,617)

TOTAL EQUITY

1,442,928

1,430,525

TOTAL LIABILITIES AND EQUITY

$

4,686,406

$

4,485,777

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

 

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

Three Months Ended March 31,

(in thousands)

2020

2019

Cash Flows from Operating Activities:

Net income

$

26,138

$

4,722

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation

16,999

12,831

Amortization of intangible assets

5,812

886

Share-based compensation expense

4,244

5,506

Change in debt discount and deferred debt issuance costs

3,486

3,174

Deferred income taxes

2,474

142

Gain on sale of property and equipment

(461)

(107)

Changes in other components of working capital

(90,884)

(154,192)

Other long-term liabilities

1,061

2,177

Other, net

(2,876)

76

NET CASH USED IN OPERATING ACTIVITIES

(34,007)

(124,785)

Cash Flows from Investing Activities:

Acquisition of property and equipment

(11,693)

(14,412)

Proceeds from sale of property and equipment

583

201

Investment in securities

(9,696)

(8,357)

Proceeds from maturities and sales of investments in securities

6,211

3,324

NET CASH USED IN INVESTING ACTIVITIES

(14,595)

(19,244)

Cash Flows from Financing Activities:

Proceeds from debt

348,688

394,000

Repayment of debt

(283,915)

(259,691)

Cash payments related to share-based compensation

(694)

(2,364)

Distributions paid to noncontrolling interests

(13,500)

(4,000)

Contributions from noncontrolling interests

2,798

NET CASH PROVIDED BY FINANCING ACTIVITIES

50,579

130,743

Net increase (decrease) in cash, cash equivalents and restricted cash

1,977

(13,286)

Cash, cash equivalents and restricted cash at beginning of period

202,101

119,863

Cash, cash equivalents and restricted cash at end of period

$

204,078

$

106,577

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

6


Table of Contents

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

UNAUDITED

(1)     Basis of Presentation

The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 may not be indicative of the results that will be achieved for the full year ending December 31, 2020.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of March 31, 2020 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated.

  

(2)     Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments, and issued subsequent amendments to the initial guidance within ASU 2019-04 and ASU 2019-05 (collectively, “ASU 2016-13”). The amendments in ASU 2016-13 replace the incurred loss impairment methodology with the current expected credit loss model, which requires consideration of a broader range of reasonable and supportable information to estimate credit losses. The Company adopted this ASU effective January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows.

New accounting pronouncements requiring implementation in future periods are discussed below.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), modifying Accounting Standards Codification (“ASC”) 740, Income Taxes (“ASC 740”). The amendments in ASU 2019-12, among other things, remove certain exceptions to the general principles in ASC 740 and seek more consistent application by clarifying and amending the existing guidance. ASU 2019-12 is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the new standard, which is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. 

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). The amendments in ASU 2020-04 provide temporary optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the new standard, which is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. 

  

7


Table of Contents

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

(3)     Revenue

Disaggregation of Revenue

The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three months ended March 31, 2020 and 2019.

Three Months Ended

March 31,

(in thousands)

2020

2019

Civil segment revenue by end market:

Mass transit

$

297,143

$

146,250

Bridges

52,184

69,307

Highways

32,582

41,043

Tunneling

25,955

34,940

Water

23,744

9,668

Military defense facilities

23,610

10,281

Other

31,411

22,005

Total Civil segment revenue

$

486,629

$

333,494

Three Months Ended

March 31,

(in thousands)

2020

2019

Building segment revenue by end market:

Commercial and industrial facilities

$

133,049

$

109,353

Hospitality and gaming

118,987

69,310

Municipal and government

69,502

61,962

Mass transit

57,847

29,177

Health care facilities

35,889

80,227

Education facilities

31,622

42,528

Mixed use

9,972

15,274

Other

24,896

25,635

Total Building segment revenue

$

481,764

$

433,466

Three Months Ended

March 31,

(in thousands)

2020

2019

Specialty Contractors segment revenue by end market:

Mass transit

$

148,671

$

81,394

Commercial and industrial facilities

53,505

44,023

Multi-unit residential

26,493

11,389

Education facilities

16,557

11,580

Mixed use

13,802

10,669

Health care facilities

2,522

11,652

Other

20,786

20,820

Total Specialty Contractors segment revenue

$

282,336

$

191,527

8


Table of Contents

TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Three Months Ended March 31, 2020

Three Months Ended March 31, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by customer type:

State and local agencies

$

396,045

$

146,016

$

132,873

$

674,934

$

257,107 

$

144,686 

$

97,071 

$

498,864 

Federal agencies

36,661

31,973

9,756

78,390

23,158 

40,151 

7,769 

71,078 

Private owners

53,923

303,775

139,707

497,405

53,229 

248,629 

86,687 

388,545 

Total revenue

$

486,629

$

481,764

$

282,336

$

1,250,729

$

333,494 

$

433,466 

$

191,527 

$

958,487 

Three Months Ended March 31, 2020

Three Months Ended March 31, 2019

Specialty

Specialty

(in thousands)

Civil

Building

Contractors

Total

Civil

Building

Contractors

Total

Revenue by contract type:

Fixed price

$

408,971

$

105,598

$

248,516

$

763,085

$

242,867

$

114,359

$

155,264

$

512,490

Guaranteed maximum price

308

237,773

2,549

240,630

2,233

207,131

3,606

212,970

Unit price

71,358

534

21,151

93,043

84,878

5,228

19,003

109,109

Cost plus fee and other

5,992

137,859

10,120

153,971

3,516

106,748

13,654