- Strong operating cash flow of $92.2 million, the highest
second-quarter result since the merger in 2008
- Revenue of $1.3 billion in Q2-20, up 13% Y/Y, driven by 20%
Y/Y growth on Civil segment projects
- Double-digit revenue growth YTD across all segments despite
COVID-19 impacts
- Diluted earnings per share (“EPS”) of $0.37 in Q2-20, vastly
improved Y/Y
- Backlog remains robust at $10.0 billion with several large
Civil segment projects bidding in the second half of 2020
- Affirming 2020 EPS guidance of $1.80 to $2.10
Tutor Perini Corporation (the “Company”) (NYSE: TPC), a leading
civil, building and specialty construction company, reported
results today for the three months ended June 30, 2020. Revenue was
$1.3 billion, up 13% compared to $1.1 billion for the second
quarter of last year. The Company experienced revenue growth across
all segments despite impacts from the COVID-19 pandemic, which
reduced the Company’s revenue for the second quarter by an
estimated $130 million due to temporary project suspensions and
reduced productivity that primarily impacted the Building and
Specialty Contractors segments. The growth was driven by increased
activities on large infrastructure projects that are
progressing.
Income from construction operations for the second quarter of
2020 was $57.7 million compared to a loss from construction
operations of $341.7 million for the second quarter of last year
that resulted primarily from a $379.9 million pre-tax non-cash
goodwill impairment charge recorded in that period. Income from
construction operations for the second quarter of 2020 increased
51% compared to adjusted income from construction operations of
$38.2 million for the same period last year. Net income
attributable to the Company for the second quarter of 2020 was
$18.7 million, or $0.37 per diluted share, compared to a net loss
attributable to the Company of $320.5 million, or a loss of $6.38
per diluted share, and adjusted net income of $9.0 million, or
adjusted diluted EPS of $0.18, for the second quarter of 2019.
Adjusted income from construction operations, adjusted net income
attributable to the Company and adjusted diluted EPS are non-GAAP
financial measures and exclude the impact of the goodwill
impairment charge. These non-GAAP financial measures are reconciled
to the most nearly comparable GAAP financial measures in the
financial tables below. The significant growth in adjusted income
from construction operations and adjusted diluted EPS for the
second quarter of 2020 was principally due to contributions from
the above-mentioned infrastructure projects, partially offset by a
$13.2 million (approximately $0.19 per diluted share) charge
related to an unfavorable arbitration ruling pertaining to an
electrical project in New York and the aforementioned COVID-19
impacts, which reduced income from construction operations and
diluted EPS by approximately $9 million and $0.13,
respectively.
Second quarter 2020 backlog remained robust at $10.0 billion
compared to $11.4 billion reported for the same quarter last year.
Backlog declined as a result of the higher current year revenue
generated from near-record backlog at the end of 2019 outpacing
current year new awards. In the second quarter of 2020, new awards
totaled $0.7 billion and included more than $300 million of
additional funding for certain Civil segment projects and over $235
million for various Building segment projects in California. The
Company anticipates bidding on several large Civil segment projects
in the second half of this year and expects that backlog will
continue to support strong revenue growth.
The Company generated $92.2 million of operating cash in the
second quarter of 2020, the largest second-quarter operating cash
result since the merger in 2008 and nearly seven-fold better than
the $13.3 million generated in the second quarter of 2019. Strong
cash contributions driven by increased project execution activities
on certain higher-margin projects were enhanced by progress made on
the resolution and collection of disputed balances and a modest
decrease in working capital in the second quarter of 2020.
Settlements of certain disputed matters resulted in the collection
of approximately $40 million in the quarter. Through the first half
of 2020, the Company generated $58.2 million of operating cash, an
improvement of nearly $170 million compared to the use of $111.5
million through the first half of 2019. The solid operating cash
flow year-to-date resulted from the strong cash contributions
associated with the increased project execution activities
mentioned above and progress made on the resolution and collection
of disputed balances, which more than offset an increase of $68.5
million in investment in working capital. Barring any significant
impact on cash flows from the COVID-19 pandemic, the Company
continues to anticipate that substantial cash collections
associated with large projects and ongoing dispute resolution
efforts will contribute to strong operating cash flow throughout
the remainder of 2020.
The Company continues to evaluate options to address the
spring-forward provision of its revolving credit facility and the
refinancing or retirement of its outstanding Convertible Notes. New
credit arrangements are expected to be finalized and announced in
the third quarter of 2020.
Outlook and Guidance
“We delivered solid results for the second quarter and first
half of 2020, highlighted by the largest second-quarter operating
cash result since the merger in 2008 and double-digit revenue
growth year-to-date across all segments,” commented Ronald Tutor,
Chairman and Chief Executive Officer. Tutor continued, “Favorable
execution on our large infrastructure projects is driving our
strong revenue and earnings growth. Importantly, we produced these
solid results despite the impacts of the COVID-19 pandemic.
Finally, we have made good progress toward settlements of disputes
with project owners and anticipate additional settlements and
associated cash collections later this year and next year.”
As mentioned above, the COVID-19 pandemic reduced the Company’s
revenue, income from construction operations and diluted EPS for
the second quarter of 2020 by an estimated $130 million, $9 million
and $0.13, respectively. Through the first half of 2020, we
estimate that the COVID-19 impacts were $190 million, $12 million
and $0.17, respectively. The vast majority of the Company’s
projects, especially in the Civil segment, have been designated as
essential business, which allows the Company to continue its work
on those projects. However, due to the fluidity of the COVID-19
pandemic, the Company is unable at this time to accurately predict
the pandemic’s future impact on the Company’s business, financial
condition or performance.
Nonetheless, based on the Company’s results to date in 2020 and
its current outlook for the remainder of the year, the Company is
affirming its EPS guidance and still expects EPS to be in the range
of $1.80 to $2.10. Earnings in 2020 are expected to be weighted
more heavily to the second half of the year due to the anticipated
continued progress of large infrastructure projects, as well as
typical business seasonality.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial
statements presented under generally accepted accounting principles
in the United States (“GAAP”), we are presenting certain non-GAAP
financial measures. We are providing these non-GAAP financial
measures to disclose additional information to facilitate the
comparison of past and present operations, and they are among the
indicators management uses as a basis for evaluating the Company’s
financial performance as well as for forecasting future periods. We
believe that these non-GAAP financial measures, when considered
together with our GAAP financial results, provide management and
investors with an additional understanding of our business
operating results, including underlying trends.
These non-GAAP financial measures, which exclude the non-cash
goodwill impairment charge incurred in the second quarter of 2019
(as well as the tax benefit associated with that charge), include
adjusted income (loss) from construction operations, adjusted net
income attributable to Tutor Perini Corporation, adjusted diluted
EPS and adjusted effective income tax rate. These non-GAAP
financial measures are not intended to replace the presentation of
our financial results in accordance with GAAP, and they may not be
comparable to other similarly titled non-GAAP financial measures
presented by other companies. Reconciliations of these non-GAAP
financial measures to the most nearly comparable GAAP financial
measures are presented below. There were no adjustments for the
three and six months ended June 30, 2020; therefore, the non-GAAP
financial measures do not differ from GAAP results in those
periods.
Reconciliation of Non-GAAP
Financial Measures
Specialty
Consolidated
(in millions)
Civil
Building
Contractors
Corporate
Total
Three Months Ended June 30,
2019
Income (loss) from construction
operations, as reported
$
(164.5
)
$
(3.8
)
$
(159.8
)
$
(13.6
)
$
(341.7
)
Plus: Goodwill impairment charge
210.2
13.5
156.2
—
379.9
Adjusted income (loss) from construction
operations
$
45.7
$
9.7
$
(3.6
)
$
(13.6
)
$
38.2
Specialty
Consolidated
Civil
Building
Contractors
Corporate
Total
Six Months Ended June 30, 2019
Income (loss) from construction
operations, as reported
$
(122.7
)
$
(0.7
)
$
(167.3
)
$
(28.1
)
$
(318.8
)
Plus: Goodwill impairment charge
210.2
13.5
156.2
—
379.9
Adjusted income (loss) from construction
operations
$
87.5
$
12.8
$
(11.1
)
$
(28.1
)
$
61.1
Three Months Ended
Six Months Ended
June 30,
June 30,
(in millions, except per common share
amounts and percentages)
2020
2019
2020
2019
Net income (loss) attributable to Tutor
Perini Corporation, as reported
$
18.7
$
(320.5
)
$
36.1
$
(320.9
)
Plus: Goodwill impairment charge
—
379.9
—
379.9
Less: Tax benefit provided on goodwill
impairment charge
—
(50.4
)
—
(50.4
)
Adjusted net income attributable to Tutor
Perini Corporation
$
18.7
$
9.0
$
36.1
$
8.6
Diluted earnings (loss) per common share,
as reported
$
0.37
$
(6.38
)
$
0.71
$
(6.40
)
Plus: Goodwill impairment charge
—
7.56
—
7.57
Less: Tax benefit provided on goodwill
impairment charge
—
(1.00
)
—
(1.00
)
Adjusted diluted earnings per common
share
$
0.37
$
0.18
$
0.71
$
0.17
Effective income tax rate, as reported
23.7
%
(12.0
)
%
20.5
%
(11.6
)
%
Tax effect of goodwill impairment
charge
—
%
46.7
%
—
%
45.6
%
Adjusted effective income tax rate
23.7
%
34.7
%
20.5
%
34.0
%
Second Quarter 2020 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time
on Wednesday, July 29, 2020, to discuss the second quarter 2020
results. To participate in the conference call, please dial
877-407-8293 five to ten minutes prior to the scheduled time.
International callers should dial +1-201-689-8349.
The conference call will be webcast live over the Internet and
can be accessed by all interested parties on Tutor Perini's website
at www.tutorperini.com. For those unable to participate during the
live call, the webcast will be available for replay shortly after
the call on the website.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and
specialty construction company offering diversified general
contracting and design-build services to private customers and
public agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large, complex projects on time and within
budget, while adhering to strict quality control measures. We offer
general contracting, pre-construction planning and comprehensive
project management services, including planning and scheduling of
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services
including site work, concrete forming and placement, steel
erection, electrical, mechanical, plumbing and heating, ventilation
and air conditioning (HVAC). We are known for our major complex
building project commitments, as well as our capacity to perform
large and complex transportation and heavy civil construction for
government agencies and private customers throughout the world.
Forward-Looking Statements
The statements contained in this release, including those set
forth in the section “Outlook and Guidance,” that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
without limitation, statements regarding the Company’s
expectations, hopes, beliefs, intentions or strategies regarding
the future and statements regarding future guidance or estimates
and non-historical performance. These forward-looking statements
are based on the Company’s current expectations and beliefs
concerning future developments and their potential effects on the
Company. While the Company’s expectations, beliefs and projections
are expressed in good faith and the Company believes there is a
reasonable basis for them, there can be no assurance that future
developments affecting the Company will be those that we have
anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond the control of the
Company) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to: the impact of the
COVID-19 pandemic and related events that are beyond our control,
including possible effects on our business and operations,
customers and suppliers, and employees, contractors and
subcontractors, which could affect adversely our projects and the
geographic regions in which we conduct business; a significant
slowdown or decline in economic conditions; revisions of estimates
of contract risks, revenue or costs, the timing of new awards or
the pace of project execution, which may result in losses or lower
than anticipated profit; unfavorable outcomes of existing or future
litigation or dispute resolution proceedings against customers
(project owners, developers, general contractors, etc.),
subcontractors or suppliers, as well as failure to promptly recover
significant working capital invested in projects subject to such
matters; the requirement to perform extra, or change order, work
resulting in disputes or claims or adversely affecting our working
capital, profits and cash flows; risks and other uncertainties
associated with assumptions and estimates used to prepare financial
statements; inability to retain key members of our management, to
hire and retain personnel required to complete projects or
implement succession plans for key officers; client cancellations
of, or reductions in scope under, contracts reported in our
backlog; failure to meet contractual schedule requirements, which
could result in higher costs and reduced profits or, in some cases,
exposure to financial liability for liquidated damages and/or
damages to customers; failure to meet our obligations under our
debt agreements; decreases in the level of government spending for
infrastructure and other public projects; downgrades in our credit
ratings; failure of our joint venture partners to perform their
venture obligations, which could impose additional financial and
performance obligations on us, resulting in reduced profits or
losses; increased competition and failure to secure new contracts;
impairment of our goodwill or other indefinite-lived intangible
assets; economic, political and other risks, including civil
unrest, security issues, labor conditions, corruption and other
unforeseeable events in countries where we do business, resulting
in unanticipated losses; possible systems and information
technology interruptions, including due to cyberattack, systems
failures or other similar events; the impact of inclement weather
conditions on projects; failure to comply with laws and regulations
related to government contracts; potential dilutive impact of our
Convertible Notes in our EPS calculation; uncertainty from the
expected discontinuance of the London Interbank Offered Rate and
transition to any other interest rate benchmark; conversion of our
outstanding Convertible Notes that could dilute ownership interests
of existing stockholders and could adversely affect the market
price of our common stock; and other risks and uncertainties
discussed under the heading “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2019 filed on February
26, 2020 and in other reports that we file with the Securities and
Exchange Commission from time to time. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
Tutor Perini
Corporation
Condensed Consolidated
Statements of Operations
Unaudited
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per common share
amounts)
2020
2019
2020
2019
REVENUE
$
1,276,427
$
1,125,275
$
2,527,156
$
2,083,762
COST OF OPERATIONS
(1,158,673
)
(1,024,332
)
(2,298,322
)
(1,894,349
)
GROSS PROFIT
117,754
100,943
228,834
189,413
General and administrative expenses
(60,058
)
(62,797
)
(123,911
)
(128,354
)
Goodwill impairment
—
(379,863
)
—
(379,863
)
INCOME (LOSS) FROM CONSTRUCTION
OPERATIONS
57,696
(341,717
)
104,923
(318,804
)
Other income (expense)
(797
)
900
(316
)
1,322
Interest expense
(16,464
)
(17,522
)
(32,900
)
(33,947
)
INCOME (LOSS) BEFORE INCOME
TAXES
40,435
(358,339
)
71,707
(351,429
)
Income tax (expense) benefit
(9,576
)
42,900
(14,710
)
40,712
NET INCOME (LOSS)
30,859
(315,439
)
56,997
(310,717
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
12,150
5,091
20,917
10,169
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR
PERINI CORPORATION
$
18,709
$
(320,530
)
$
36,080
$
(320,886
)
BASIC EARNINGS (LOSS) PER COMMON
SHARE
$
0.37
$
(6.38
)
$
0.71
$
(6.40
)
DILUTED EARNINGS (LOSS) PER COMMON
SHARE
$
0.37
$
(6.38
)
$
0.71
$
(6.40
)
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING:
BASIC
50,667
50,224
50,502
50,161
DILUTED
50,935
50,224
50,885
50,161
Tutor Perini
Corporation
Segment Information
Unaudited
Reportable Segments
Specialty
Consolidated
(in thousands)
Civil
Building
Contractors
Total
Corporate
Total
Three Months Ended June 30,
2020
Total revenue
$
644,685
$
490,317
$
234,497
$
1,369,499
$
—
$
1,369,499
Elimination of intersegment revenue
(75,709
)
(17,296
)
(67
)
(93,072
)
—
(93,072
)
Revenue from external customers
$
568,976
$
473,021
$
234,430
$
1,276,427
$
—
$
1,276,427
Income (loss) from construction
operations
$
65,398
$
17,789
$
(11,388
)
$
71,799
(a)
$
(14,103
)
(b)
$
57,696
Capital expenditures
$
18,951
$
186
$
255
$
19,392
$
301
$
19,693
Depreciation and amortization(c)
$
21,775
$
428
$
995
$
23,198
$
2,767
$
25,965
Three Months Ended June 30,
2019
Total revenue
$
541,117
$
433,559
$
223,299
$
1,197,975
$
—
$
1,197,975
Elimination of intersegment revenue
(67,459
)
(5,241
)
—
(72,700
)
—
(72,700
)
Revenue from external customers
$
473,658
$
428,318
$
223,299
$
1,125,275
$
—
$
1,125,275
Income (loss) from construction
operations
$
(164,472
)
$
(3,810
)
$
(159,795
)
$
(328,077
)
(d)
$
(13,640
)
(b)
$
(341,717
)
Capital expenditures
$
24,439
$
150
$
110
$
24,699
$
235
$
24,934
Depreciation and amortization(c)
$
10,285
$
497
$
1,061
$
11,843
$
2,754
$
14,597
(a)
During the three months ended June 30,
2020, income (loss) from construction operations was impacted by
$13.2 million (an unfavorable after-tax impact of $9.5 million, or
$0.19 per diluted share) due to an adverse arbitration ruling
pertaining to an electrical project in New York in the Specialty
Contractors segment.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the three months ended June 30,
2019, the Company recorded a non-cash goodwill impairment charge of
$379.9 million in income (loss) from construction operations (an
unfavorable after-tax impact of $329.5 million, or $6.56 per
diluted share) resulting from an interim impairment test the
Company performed as of June 1, 2019.
Reportable Segments
Specialty
Consolidated
(in thousands)
Civil
Building
Contractors
Total
Corporate
Total
Six Months Ended June 30, 2020
Total revenue
$
1,224,771
$
995,400
$
516,949
$
2,737,120
$
—
$
2,737,120
Elimination of intersegment revenue
(169,166
)
(40,615
)
(183
)
(209,964
)
—
(209,964
)
Revenue from external customers
$
1,055,605
$
954,785
$
516,766
$
2,527,156
$
—
$
2,527,156
Income (loss) from construction
operations
$
111,519
$
21,305
$
(3,109
)
$
129,715
(a)
$
(24,792
)
(b)
$
104,923
Capital expenditures
$
30,143
$
198
$
728
$
31,069
$
317
$
31,386
Depreciation and amortization(c)
$
40,391
$
855
$
1,988
$
43,234
$
5,542
$
48,776
Six Months Ended June 30, 2019
Total revenue
$
924,739
$
869,802
$
414,826
$
2,209,367
$
—
$
2,209,367
Elimination of intersegment revenue
(117,587
)
(8,018
)
—
(125,605
)
—
(125,605
)
Revenue from external customers
$
807,152
$
861,784
$
414,826
$
2,083,762
$
—
$
2,083,762
Income (loss) from construction
operations
$
(122,727
)
$
(677
)
$
(167,283
)
$
(290,687
)
(d)
$
(28,117
)
(b)
$
(318,804
)
Capital expenditures
$
38,451
$
205
$
233
$
38,889
$
457
$
39,346
Depreciation and amortization(c)
$
19,655
$
1,000
$
2,125
$
22,780
$
5,534
$
28,314
(a)
During the six months ended June 30, 2020,
income (loss) from construction operations was impacted by $13.2
million (an unfavorable after-tax impact of $9.5 million, or $0.19
per diluted share) due to an adverse arbitration ruling pertaining
to an electrical project in New York in the Specialty Contractors
segment.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the six months ended June 30, 2019,
the Company recorded a non-cash goodwill impairment charge of
$379.9 million in income (loss) from construction operations (an
unfavorable after-tax impact of $329.5 million, or $6.57 per
diluted share) resulting from an interim impairment test the
Company performed as of June 1, 2019.
Tutor Perini
Corporation
Condensed Consolidated Balance
Sheets
Unaudited
As of June 30,
As of December 31,
(in thousands, except share and per share
amounts)
2020
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($92,056 and
$103,850 related to variable interest entities ("VIEs"))
$
182,599
$
193,685
Restricted cash
8,892
8,416
Restricted investments
75,382
70,974
Accounts receivable ($129,081 and $91,090
related to VIEs)
1,586,560
1,354,519
Retainage receivable ($98,304 and $89,132
related to VIEs)
581,495
562,375
Costs and estimated earnings in excess of
billings ($26,392 and $22,764 related to VIEs)
1,149,103
1,123,544
Other current assets ($55,286 and $58,128
related to VIEs)
222,392
197,473
Total current assets
3,806,423
3,510,986
PROPERTY AND EQUIPMENT ("P&E"),
net of accumulated depreciation of $417,575 and $388,147 (net
P&E of $34,669 and $49,919 related to VIEs)
504,722
509,685
GOODWILL
205,143
205,143
INTANGIBLE ASSETS, NET
140,674
155,270
OTHER ASSETS
106,641
104,693
TOTAL ASSETS
$
4,763,603
$
4,485,777
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt, net
of unamortized discount and debt issuance costs totaling $11,911
and $0
$
320,790
$
124,054
Accounts payable ($110,676 and $93,848
related to VIEs)
770,515
682,699
Retainage payable ($19,589 and $13,967
related to VIEs)
278,045
252,181
Billings in excess of costs and estimated
earnings ($434,608 and $422,847 related to VIEs)
962,446
844,389
Accrued expenses and other current
liabilities ($16,212 and $25,402 related to VIEs)
209,576
206,533
Total current liabilities
2,541,372
2,109,856
LONG-TERM DEBT, less current
maturities, net of unamortized discount and debt issuance costs
totaling $5,190 and $23,343
515,629
710,422
DEFERRED INCOME TAXES
41,329
35,686
OTHER LONG-TERM LIABILITIES
201,132
199,288
TOTAL LIABILITIES
3,299,462
3,055,252
COMMITMENTS AND CONTINGENCIES
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 50,771,288 and
50,278,816 shares
50,771
50,279
Additional paid-in capital
1,124,672
1,117,972
Retained earnings
350,071
313,991
Accumulated other comprehensive loss
(40,597
)
(42,100
)
Total stockholders' equity
1,484,917
1,440,142
Noncontrolling interests
(20,776
)
(9,617
)
TOTAL EQUITY
1,464,141
1,430,525
TOTAL LIABILITIES AND EQUITY
$
4,763,603
$
4,485,777
Tutor Perini
Corporation
Condensed Consolidated
Statements of Cash Flows
Unaudited
Six Months Ended June
30,
(in thousands)
2020
2019
Cash Flows from Operating
Activities:
Net income (loss)
$
56,997
$
(310,717
)
Adjustments to reconcile net income (loss)
to net cash provided by (used) in operating activities:
Goodwill impairment
—
379,863
Depreciation
34,180
26,543
Amortization of intangible assets
14,596
1,771
Share-based compensation expense
8,264
10,078
Change in debt discount and deferred debt
issuance costs
7,046
6,442
Deferred income taxes
5,423
(50,321
)
Loss (gain) on sale of property and
equipment
31
(1,479
)
Changes in other components of working
capital
(68,471
)
(177,471
)
Other long-term liabilities
1,295
3,209
Other, net
(1,131
)
596
NET CASH PROVIDED BY (USED IN)
OPERATING ACTIVITIES
58,230
(111,486
)
Cash Flows from Investing
Activities:
Acquisition of property and equipment
(31,386
)
(39,346
)
Proceeds from sale of property and
equipment
1,082
3,629
Investment in securities
(13,319
)
(13,660
)
Proceeds from maturities and sales of
investments in securities
10,985
8,131
NET CASH USED IN INVESTING
ACTIVITIES
(32,638
)
(41,246
)
Cash Flows from Financing
Activities:
Proceeds from debt
752,843
716,139
Repayment of debt
(757,141
)
(527,159
)
Cash payments related to share-based
compensation
(994
)
(2,363
)
Distributions paid to noncontrolling
interests
(30,910
)
(4,000
)
Contributions from noncontrolling
interests
—
5,379
Debt modification costs
—
(504
)
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES
(36,202
)
187,492
Net increase (decrease) in cash, cash
equivalents and restricted cash
(10,610
)
34,760
Cash, cash equivalents and restricted
cash at beginning of period
202,101
119,863
Cash, cash equivalents and restricted
cash at end of period
$
191,491
$
154,623
Tutor Perini
Corporation
Backlog Information
Unaudited
Revenue
New Awards in the
Recognized in the
Backlog at
Three Months Ended
Three Months Ended
Backlog at
(in millions)
March 31, 2020
June 30, 2020(a)
June 30, 2020
June 30, 2020
Civil
$
5,729.1
$
376.8
$
(569.0
)
$
5,536.9
Building
2,491.5
260.0
(473.0
)
2,278.5
Specialty Contractors
2,337.0
80.6
(234.4
)
2,183.2
Total
$
10,557.6
$
717.4
$
(1,276.4
)
$
9,998.6
Revenue
New Awards in the
Recognized in the
Backlog at
Six Months Ended
Six Months Ended
Backlog at
(in millions)
December 31, 2019
June 30, 2020(a)
June 30, 2020
June 30, 2020
Civil
$
6,037.2
$
555.3
$
(1,055.6
)
$
5,536.9
Building
2,790.3
443.0
(954.8
)
2,278.5
Specialty Contractors
2,393.6
306.4
(516.8
)
2,183.2
Total
$
11,221.1
$
1,304.7
$
(2,527.2
)
$
9,998.6
(a)
New awards consist of the original
contract price of projects added to our backlog plus or minus
subsequent changes to the estimated total contract price of
existing contracts.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200729005812/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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