- Revenue of $5.3 billion in 2020, up 20% Y/Y, driven by
double-digit growth across all segments despite the impacts of the
COVID-19 pandemic
- Income from construction operations of $262.3 million in
2020, up substantially Y/Y, and the highest annual result since the
merger in 2008
- Diluted earnings per share (“EPS”) of $2.12 in 2020, which
exceeded guidance
- Strong operating cash flow of $172.8 million in 2020, up 27%
Y/Y, and the highest annual result since the merger in
2008
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,
2020. Revenue for the fourth quarter and full year of 2020 was $1.3
billion and $5.3 billion, an increase of 15% and 20%, respectively,
compared to the same periods last year. The Company experienced
double-digit revenue growth across all segments in both periods
despite the effects of the COVID-19 pandemic, which the Company
estimates negatively impacted revenue in 2020 by approximately $290
million (with much of the impacted revenue expected to be
recognized in future periods). The growth in 2020 was driven by
increased activities on several large infrastructure projects in
California and the Northeast, as well as various building projects
in California.
Income from construction operations for the fourth quarter and
full year of 2020 was $74.4 million and $262.3 million,
respectively, both up substantially compared to the same periods in
2019, and the highest annual result since the merger of
Tutor-Saliba and Perini in 2008. Net income attributable to the
Company for the fourth quarter and full year of 2020 was $35.5
million, or $0.69 per diluted share, and $108.4 million, or $2.12
per diluted share, respectively. The significant growth in income
from construction operations for both periods was due to
contributions from various large infrastructure projects, as well
as the absence of a prior-year $166.8 million pre-tax charge
($119.4 million after tax, with an impact of $2.38 per diluted
share in 2019) related to the adverse jury verdict pertaining to
the Alaskan Way Viaduct Replacement Project (SR 99), which the
Company is appealing. Additionally, the growth in income from
construction operations for the full year of 2020 was due to the
absence of a prior-year pre-tax, non-cash goodwill impairment
charge of $379.9 million ($330.5 million after tax, with an impact
of $6.58 per diluted share in 2019). The strong increase in net
income and EPS in 2020 was also driven by a favorable effective tax
rate, which primarily resulted from benefits associated with the
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act.
In 2020, the COVID-19 pandemic caused a lack of available
manpower, a reduction in field labor productivity, other
inefficiencies, delays to project schedules, deferral of project
execution and, consequently, incremental costs estimated to be in
excess of $50 million, much of which the Company is seeking to
recover from its customers as allowed by contractual terms. The
relief sought from customers, some of which has already been
received, helped reduce the pandemic's negative impact on the
Company's financial results for 2020 (with much of the revenue and
income from construction operations associated with these impacts
expected to be recognized in future periods).
Backlog at December 31, 2020 was $8.3 billion compared to $9.2
billion at the end of the third quarter of 2020. Backlog declined
both sequentially and year-over-year due to strong revenue that
outpaced new awards in the fourth quarter and full year of 2020.
New awards in 2020 were negatively impacted by the COVID-19
pandemic, which resulted in, and could continue to result in,
delays in the bidding and awarding of certain projects the Company
is pursuing, which could further delay large new revenue streams.
Despite the COVID-19 impacts, new awards in 2020 totaled $2.4
billion and included approximately $732 million for various
mass-transit projects; approximately $615 million for various
building projects in California; $286 million for various
electrical projects in Texas, California and Florida; $271 million
for several domestic federal government facilities projects; and
$158 million for various electrical projects in New York. The
Company has recently submitted several bids and proposals for new
large projects and multiple-award government contracts that are
pending customers’ decisions and contract awards. In addition, the
Company anticipates bidding on several other significant projects
in 2021, and expects that backlog will continue to support
long-term revenue growth.
The Company generated operating cash of $41.8 million and $172.8
million in the fourth quarter and full year of 2020, respectively.
Operating cash for the year was the highest amount generated since
the merger in 2008, and was up 27% compared to the $136.5 million
in 2019. Barring any significant continued or worsening impact on
cash flows from the COVID-19 pandemic, and with an anticipated
resumption of a more normalized dispute resolution environment to
address collections of disputed costs, the Company expects that
substantial cash collections associated with large projects and
ongoing dispute resolution efforts will contribute to strong
operating cash flow in 2021 and beyond.
Outlook and Guidance
“We delivered strong results in 2020 despite significant
negative impacts of COVID-19, as we successfully navigated the
challenges presented by the pandemic,” remarked Ronald Tutor,
Chairman and Chief Executive Officer. Tutor continued, “Our EPS for
2020 exceeded our guidance and we generated record operating income
and operating cash, both the largest amount of any year since the
merger in 2008. Demand for our construction services continues to
be the strongest it has been in many years. However, the COVID-19
pandemic has caused a lack of available manpower, a reduction in
field labor productivity and other inefficiencies, as well as
negatively impacting project schedules, resulting in incremental
costs for the year estimated to be in excess of $50 million, much
of which we are seeking to recover from our customers. The pandemic
has also led to delays in project bids and contract awards. These
impacts could continue to negatively impact our operations, backlog
and future results. I am optimistic, though, that the federal
government will provide the infrastructure funding support that
many state and local customers are relying upon, which should
favorably support Tutor Perini's long-term success and continued
profitability."
As discussed above, the COVID-19 pandemic negatively impacted
the Company’s results in 2020. However, the vast majority of the
Company’s projects, especially in the Civil segment, have been and
continue to be designated as essential business, which has allowed
the Company to continue its work on those projects. While there has
been major progress achieved in the development and approval of
effective vaccines and the subsequent rollout of large-scale
vaccination programs worldwide, the COVID-19 pandemic continues to
be a fluid situation that presents business uncertainties.
Therefore, the Company is unable at this time to accurately predict
the pandemic’s future impact on the Company’s business, financial
condition or performance.
The Company anticipates continued revenue growth from the
existing backlog of large civil infrastructure projects on the West
Coast and other projects in Guam. Offsetting this growth, however,
are certain large civil projects in the Northeast that are
completing or will be nearing completion over the next year. The
Company is pursuing several large prospective projects on the West
Coast, in the Northeast and in Guam that are expected to be bid and
awarded in 2021 and 2022. Importantly, the timing and magnitude of
revenue contributions from these prospective projects may not be
sufficient to offset revenue reductions associated with the
projects that will be completed or nearing completion in 2021. In
addition, as discussed earlier, the COVID-19 pandemic has resulted
in, and could continue to result in, delays in the bidding and
awarding of certain projects the Company is pursuing, which could
further delay large new revenue streams.
For the reasons mentioned above, the Company is taking a
cautious, but practical, approach in estimating its financial
performance for 2021. Based on the current market assessment and
business outlook, the Company is establishing its initial EPS
guidance for 2021 at a range of $1.80 to $2.20. As in previous
years, earnings in 2021 are expected to be weighted more heavily in
the second half of the year due to the anticipated timing of large
project activities, as well as typical business seasonality.
Non-GAAP Financial Measures
To supplement our 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 2019 (as well as the tax
benefit associated with this charge), include adjusted income
(loss) from construction operations, adjusted net income (loss)
attributable to Tutor Perini Corporation, adjusted diluted earnings
(loss) per common share, 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 2020; therefore, the non-GAAP financial measures do
not differ from GAAP results in that period.
Reconciliation of Non-GAAP
Financial Measures
(in millions)
Civil
Building
Specialty
Contractors
Corporate
Consolidated
Total
Year Ended December 31, 2019
Income (loss) from construction
operations, as reported
$
(150.9
)
$
23.7
$
(172.6
)
$
(65.2
)
$
(365.0
)
Plus: Goodwill impairment charge
210.2
13.5
156.2
—
379.9
Adjusted income (loss) from construction
operations
$
59.3
$
37.2
$
(16.4
)
$
(65.2
)
$
14.9
Year Ended December
31,
(in millions, except per common share
amounts and percentages)
2020
2019
Net income (loss) attributable to Tutor
Perini Corporation, as reported
$
108.4
$
(387.7
)
Plus: Goodwill impairment charge
—
379.9
Less: Tax benefit provided on goodwill
impairment charge
—
(49.4
)
Adjusted net income (loss) attributable to
Tutor Perini Corporation
$
108.4
$
(57.2
)
Diluted earnings (loss) per common share,
as reported
$
2.12
$
(7.72
)
Plus: Goodwill impairment charge
—
7.56
Less: Tax benefit provided on goodwill
impairment charge
—
(0.98
)
Adjusted diluted earnings (loss) per
common share
$
2.12
$
(1.14
)
Effective income tax rate, as reported
12.6
%
15.4
%
Tax effect of goodwill impairment
charge
—
%
19.9
%
Adjusted effective income tax rate
12.6
%
35.3
%
Fourth Quarter 2020 Conference Call
The Company will host a conference call at 2:00 PM Pacific Time
on Wednesday, February 24, 2021, to discuss the fourth quarter and
full year 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 COVID-19
pandemic, which has adversely impacted, and could continue to
adversely impact, our business, financial condition and results of
operations; 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;
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; the requirement
to perform extra, or change order, work resulting in disputes or
claims and adversely affecting our working capital, profits and
cash flows; risks and other uncertainties associated with
assumptions and estimates used to prepare financial statements; a
significant slowdown or decline in economic conditions, which could
adversely affect our operations; decreases in the level of
government spending for infrastructure and other public projects;
inability to retain key members of our management, to hire and
retain personnel required to complete projects or implement
succession plans for key officers; 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; client
cancellations of, or reductions in scope under, contracts reported
in our backlog; systems and information technology interruptions,
including due to cyberattack, systems failures or other similar
events; increased competition and failure to secure new contracts;
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; economic, political, regulatory and other risks, including
civil unrest, security issues, labor conditions, corruption and
other unforeseeable events in countries where we do business; the
impact of inclement weather conditions on projects; failure to
comply with laws and regulations related to government contracts;
violations of the U.S. Foreign Corrupt Practices Act and/or similar
worldwide anti-bribery laws, which could result in unanticipated
losses; impairment of our goodwill or other indefinite-lived
intangible assets; adverse health events, such as an epidemic or
another pandemic similar to COVID-19, which could adversely impact
our business; failure to meet our obligations under our debt
agreements; downgrades in our credit ratings; uncertainty from the
expected discontinuance of the London Interbank Offered Rate and
transition to any other interest rate benchmark; 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, 2020
filed on February 24, 2021 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
Consolidated Statements of
Operations
Quarter Ended
December 31,
Year Ended
December 31,
(in thousands, except per common share
amounts)
2020
2019
2020
2019
REVENUE
$
1,349,516
$
1,177,725
$
5,318,763
$
4,450,832
COST OF OPERATIONS
(1,217,112
)
(1,240,429
)
(4,832,610
)
(4,209,060
)
GROSS PROFIT (LOSS)
132,404
(62,704
)
486,153
241,772
General and administrative expenses
(58,004
)
(31,442
)
(223,809
)
(226,916
)
Goodwill impairment
—
—
—
(379,863
)
INCOME (LOSS) FROM CONSTRUCTION
OPERATIONS
74,400
(94,146
)
262,344
(365,007
)
Other income (expense)
(3,489
)
3,671
(11,853
)
6,667
Interest expense
(17,699
)
(16,242
)
(76,212
)
(67,494
)
INCOME (LOSS) BEFORE INCOME
TAXES
53,212
(106,717
)
174,279
(425,834
)
Income tax (expense) benefit
(7,195
)
30,488
(21,942
)
65,609
NET INCOME (LOSS)
46,017
(76,229
)
152,337
(360,225
)
LESS: NET INCOME ATTRIBUTABLE TO
NONCONTROLLING INTERESTS
10,522
9,888
43,943
27,465
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR
PERINI CORPORATION
$
35,495
$
(86,117
)
$
108,394
$
(387,690
)
BASIC EARNINGS (LOSS) PER COMMON
SHARE
$
0.70
$
(1.71
)
$
2.14
$
(7.72
)
DILUTED EARNINGS (LOSS) PER COMMON
SHARE
$
0.69
$
(1.71
)
$
2.12
$
(7.72
)
WEIGHTED-AVERAGE COMMON SHARES
OUTSTANDING:
BASIC
50,827
50,279
50,656
50,220
DILUTED
51,295
50,279
51,077
50,220
Tutor Perini
Corporation
Segment Information
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Quarter ended December 31, 2020
Total revenue
$
617,115
$
566,236
$
295,978
$
1,479,329
$
—
$
1,479,329
Elimination of intersegment revenue
(84,817
)
(44,520
)
(476
)
(129,813
)
—
(129,813
)
Revenue from external customers
$
532,298
$
521,716
$
295,502
$
1,349,516
$
—
$
1,349,516
Income (loss) from construction
operations
$
64,079
$
16,038
$
10,612
$
90,729
$
(16,329
)
(a)
$
74,400
Capital expenditures
$
9,905
$
242
$
965
$
11,112
$
273
$
11,385
Depreciation and amortization(b)
$
23,200
$
429
$
993
$
24,622
$
2,778
$
27,400
Quarter ended December 31, 2019
Total revenue
$
537,474
$
473,710
$
265,459
$
1,276,643
$
—
$
1,276,643
Elimination of intersegment revenue
(89,820
)
(8,800
)
(298
)
(98,918
)
—
(98,918
)
Revenue from external customers
$
447,654
$
464,910
$
265,161
$
1,177,725
$
—
$
1,177,725
Income (loss) from construction
operations(c)
$
(78,805
)
$
16,752
$
(12,601
)
$
(74,654
)
$
(19,492
)
(a)
$
(94,146
)
Capital expenditures
$
21,208
$
169
$
130
$
21,507
$
12
$
21,519
Depreciation and amortization(b)
$
16,297
$
439
$
993
$
17,729
$
2,774
$
20,503
(a)
Consists primarily of corporate general
and administrative expenses.
(b)
Depreciation and amortization is included
in income (loss) from construction operations.
(c)
During the three months ended December 31,
2019, the Company recorded a charge of $166.8 million in income
(loss) from construction operations (an after-tax impact of $119.4
million, or $2.38 per diluted share), which principally impacted
the Civil segment, as a result of the adverse jury verdict on the
Alaskan Way Viaduct (SR 99) Matter. In addition, the Company
recognized a one-time gain of $37.8 million (an after-tax impact of
$27.1 million, or $0.54 per diluted share) in Civil segment general
and administrative expenses related to a remeasurement of its
investment in a joint venture.
Tutor Perini
Corporation
Segment Information
(continued)
Reportable Segments
(in thousands)
Civil
Building
Specialty
Contractors
Total
Corporate
Consolidated
Total
Year ended December 31, 2020
Total revenue
$
2,565,210
$
2,114,459
$
1,135,018
$
5,814,687
$
—
$
5,814,687
Elimination of intersegment revenue
(365,311
)
(129,818
)
(795
)
(495,924
)
—
(495,924
)
Revenue from external customers
$
2,199,899
$
1,984,641
$
1,134,223
$
5,318,763
$
—
$
5,318,763
Income (loss) from construction
operations(a)
$
245,835
$
53,158
$
17,203
$
316,196
$
(53,852
)
(b)
$
262,344
Capital expenditures
$
51,044
$
878
$
1,917
$
53,839
$
942
$
54,781
Depreciation and amortization(c)
$
90,250
$
1,703
$
3,983
$
95,936
$
11,098
$
107,034
Year ended December 31, 2019
Total revenue
$
2,054,097
$
1,764,753
$
929,738
$
4,748,588
$
—
$
4,748,588
Elimination of intersegment revenue
(274,745
)
(22,713
)
(298
)
(297,756
)
—
(297,756
)
Revenue from external customers
$
1,779,352
$
1,742,040
$
929,440
$
4,450,832
$
—
$
4,450,832
Income (loss) from construction
operations(d)
$
(150,837
)
$
23,655
$
(172,637
)
$
(299,819
)
$
(65,188
)
(b)
$
(365,007
)
Capital expenditures
$
82,156
$
518
$
688
$
83,362
$
834
$
84,196
Depreciation and amortization(c)
$
47,905
$
1,934
$
4,136
$
53,975
$
11,069
$
65,044
(a)
During the year ended December 31, 2020,
the Company recorded a charge of $15.2 million in income (loss)
from construction operations (an after-tax impact of $11.0 million,
or $0.22 per diluted share) due to an unfavorable legal ruling
pertaining to a mechanical project in California in the Specialty
Contractors segment, as well as a charge of $13.2 million (an
after-tax impact of $9.6 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. The
Company also recorded a gain of $25.7 million in Specialty
Contractors segment general and administrative expenses (an
after-tax impact of $18.6 million, or $0.36 per diluted share) as a
result of a favorable arbitration decision and subsequent
settlement of the related employment dispute.
(b)
Consists primarily of corporate general
and administrative expenses.
(c)
Depreciation and amortization is included
in income (loss) from construction operations.
(d)
During the year ended December 31, 2019,
the Company recorded a non-cash goodwill impairment charge of
$379.9 million in income (loss) from construction operations (an
after-tax impact of $330.5 million, or $6.58 per diluted share)
resulting from an interim impairment test the Company performed as
of June 1, 2019. In addition, during the year ended December 31,
2019 the Company recorded a charge of $166.8 million in income
(loss) from construction operations (an after-tax impact of $119.4
million, or $2.38 per diluted share), which principally impacted
the Civil segment, as a result of the adverse jury verdict on the
Alaskan Way Viaduct (SR 99) Matter. Lastly, the Company recognized
a one-time gain of $37.8 million (an after-tax impact of $27.1
million, or $0.54 per diluted share) in Civil segment general and
administrative expenses related to a remeasurement of its
investment in a joint venture.
Tutor Perini
Corporation
Consolidated Balance
Sheets
As of December 31,
(in thousands, except share and per share
amounts)
2020
2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($105,735 and
$103,850 related to VIEs)
$
374,289
$
193,685
Restricted cash
77,563
8,416
Restricted investments
78,912
70,974
Accounts receivable ($86,012 and $91,090
related to VIEs)
1,415,063
1,354,519
Retainage receivable ($122,335 and $89,132
related to VIEs)
648,441
562,375
Costs and estimated earnings in excess of
billings ($39,846 and $22,764 related to VIEs)
1,236,734
1,123,544
Other current assets ($51,746 and $58,128
related to VIEs)
249,455
197,473
Total current assets
4,080,457
3,510,986
PROPERTY AND EQUIPMENT:
Land
44,167
39,047
Building and improvements
116,422
115,041
Construction equipment
570,675
560,547
Other equipment
192,247
183,197
923,511
897,832
Less accumulated depreciation
(434,294
)
(388,147
)
Total property and equipment, net ($12,840
and $49,919 related to VIEs)
489,217
509,685
GOODWILL
205,143
205,143
INTANGIBLE ASSETS, NET
123,115
155,270
OTHER ASSETS
147,685
104,693
TOTAL ASSETS
$
5,045,617
$
4,485,777
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt, net
of unamortized discount and debt issuance costs totaling $2,040 and
$0
$
100,188
$
124,054
Accounts payable ($116,461 and $93,848
related to VIEs)
794,611
682,699
Retainage payable ($26,439 and $13,967
related to VIEs)
315,135
252,181
Billings in excess of costs and estimated
earnings ($362,427 and $422,847 related to VIEs)
839,222
844,389
Accrued expenses and other current
liabilities ($9,595 and $25,402 related to VIEs)
215,207
206,533
Total current liabilities
2,264,363
2,109,856
LONG-TERM DEBT, less current
maturities, net of unamortized discount and debt issuance costs
totaling $20,209 and $23,343
925,277
710,422
DEFERRED INCOME TAXES
82,966
35,686
OTHER LONG-TERM LIABILITIES
230,066
199,288
TOTAL LIABILITIES
3,502,672
3,055,252
COMMITMENTS AND CONTINGENCIES
EQUITY
Stockholders' equity:
Preferred stock – authorized 1,000,000
shares ($1 par value), none issued
—
—
Common stock – authorized 112,500,000 and
75,000,000 shares ($1 par value), issued and outstanding 50,827,205
and 50,278,816 shares
50,827
50,279
Additional paid-in capital
1,127,385
1,117,972
Retained earnings
422,385
313,991
Accumulated other comprehensive loss
(46,741
)
(42,100
)
Total stockholders' equity
1,553,856
1,440,142
Noncontrolling interests
(10,911
)
(9,617
)
TOTAL EQUITY
1,542,945
1,430,525
TOTAL LIABILITIES AND EQUITY
$
5,045,617
$
4,485,777
Tutor Perini
Corporation
Consolidated Statements of
Cash Flows
Year Ended December
31,
(in thousands)
2020
2019
Cash Flows from Operating
Activities:
Net income (loss)
$
152,337
$
(360,225
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Goodwill impairment
—
379,863
Depreciation
74,879
58,818
Amortization of intangible assets
32,155
6,226
Share-based compensation expense
11,833
19,143
Change in debt discounts and deferred debt
issuance costs
20,153
13,207
Deferred income taxes
48,253
(71,609
)
Gain on remeasurement of investment in
joint venture
—
(37,792
)
Gain on sale of property and equipment
(1,673
)
(4,688
)
Changes in other components of working
capital, net of balances acquired
(169,976
)
131,257
Other long-term liabilities
4,352
1,863
Other, net
459
467
NET CASH PROVIDED BY OPERATING
ACTIVITIES
172,772
136,530
Cash Flows from Investing
Activities:
Business acquisition, cash balance
acquired net of cash paid
—
6,607
Acquisition of property and equipment
(54,781
)
(84,196
)
Proceeds from sale of property and
equipment
14,550
12,581
Investments in securities
(31,331
)
(35,167
)
Proceeds from maturities and sales of
investments in securities
25,204
24,120
NET CASH USED IN INVESTING
ACTIVITIES
(46,358
)
(76,055
)
Cash Flows from Financing
Activities:
Proceeds from debt
1,301,282
931,594
Repayment of debt
(1,119,887
)
(870,277
)
Cash payments related to share-based
compensation
(1,397
)
(2,363
)
Distributions paid to noncontrolling
interests
(48,467
)
(46,500
)
Contributions from noncontrolling
interests
3,000
9,813
Debt issuance, extinguishment and
modification costs
(11,194
)
(504
)
NET CASH PROVIDED BY FINANCING
ACTIVITIES
123,337
21,763
Net increase in cash, cash equivalents
and restricted cash
249,751
82,238
Cash, cash equivalents and restricted
cash at beginning of year
202,101
119,863
Cash, cash equivalents and restricted
cash at end of year
$
451,852
$
202,101
Tutor Perini
Corporation
Backlog Information
Unaudited
(in millions)
Backlog at
September 30, 2020
New Awards in the
Quarter Ended December 31,
2020(a)
Revenue in the
Quarter Ended December 31,
2020
Backlog at December 31,
2020
Civil
$
5,207.1
$
108.8
$
(532.3)
$
4,783.6
Building
1,956.8
267.2
(521.7)
1,702.3
Specialty Contractors
2,018.1
137.2
(295.5)
1,859.8
Total
$
9,182.0
$
513.2
$
(1,349.5)
$
8,345.7
(in millions)
Backlog at December 31,
2019
New Awards in the
Year Ended December 31,
2020(a)
Revenue in the
Year Ended December 31,
2020
Backlog at December 31,
2020
Civil
$
6,037.2
$
946.3
$
(2,199.9)
$
4,783.6
Building
2,790.3
896.7
(1,984.7)
1,702.3
Specialty Contractors
2,393.6
600.4
(1,134.2)
1,859.8
Total
$
11,221.1
$
2,443.4
$
(5,318.8)
$
8,345.7
(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/20210224005992/en/
Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice
President, Investor Relations & Corporate Communications
www.tutorperini.com
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