(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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. | ☐ |
Exhibit Number | Description | |||||||
104 | The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101). |
TUTOR PERINI CORPORATION | |||||||||||
Date: | March 15, 2023 | By: | /s/ Gary G. Smalley | ||||||||
Gary G. Smalley | |||||||||||
Executive Vice President and Chief Financial Officer |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||||
Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
(in thousands, except per common share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
REVENUE | $ | 906,648 | $ | 1,036,770 | $ | 3,790,755 | $ | 4,641,830 | ||||||||||||||||||
COST OF OPERATIONS | (943,498) | (922,300) | (3,761,143) | (4,175,439) | ||||||||||||||||||||||
GROSS PROFIT (LOSS) | (36,850) | 114,470 | 29,612 | 466,391 | ||||||||||||||||||||||
General and administrative expenses | (60,561) | (58,216) | (234,376) | (239,587) | ||||||||||||||||||||||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | (97,411) | 56,254 | (204,764) | 226,804 | ||||||||||||||||||||||
Other income, net | 1,618 | 862 | 6,732 | 2,004 | ||||||||||||||||||||||
Interest expense | (19,927) | (16,584) | (69,638) | (69,026) | ||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (115,720) | 40,532 | (267,670) | 159,782 | ||||||||||||||||||||||
Income tax (expense) benefit | 28,051 | 661 | 75,098 | (25,632) | ||||||||||||||||||||||
NET INCOME (LOSS) | (87,669) | 41,193 | (192,572) | 134,150 | ||||||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 5,248 | 11,861 | 17,437 | 42,225 | ||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | (92,917) | $ | 29,332 | $ | (210,009) | $ | 91,925 | ||||||||||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | (1.80) | $ | 0.57 | $ | (4.09) | $ | 1.80 | ||||||||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | (1.80) | $ | 0.57 | $ | (4.09) | $ | 1.79 | ||||||||||||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 51,505 | 51,082 | 51,324 | 51,017 | ||||||||||||||||||||||
DILUTED | 51,505 | 51,382 | 51,324 | 51,369 |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||
Reportable Segments | ||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Quarter ended December 31, 2022 | ||||||||||||||||||||||||||
Total revenue | $ | 478,806 | $ | 345,320 | $ | 140,229 | $ | 964,355 | $ | — | $ | 964,355 | ||||||||||||||
Elimination of intersegment revenue | (39,246) | (18,388) | (73) | (57,707) | — | (57,707) | ||||||||||||||||||||
Revenue from external customers | $ | 439,560 | $ | 326,932 | $ | 140,156 | $ | 906,648 | $ | — | $ | 906,648 | ||||||||||||||
Income (loss) from construction operations | $ | 9,071 | $ | (2,287) | $ | (85,558) | $ | (78,774) | $ | (18,637) | (a) | $ | (97,411) | |||||||||||||
Capital expenditures | $ | 11,116 | $ | 1,360 | $ | 343 | $ | 12,819 | $ | 4,152 | $ | 16,971 | ||||||||||||||
Depreciation and amortization(b) | $ | 6,932 | $ | 452 | $ | 559 | $ | 7,943 | $ | 2,367 | $ | 10,310 | ||||||||||||||
Quarter ended December 31, 2021 | ||||||||||||||||||||||||||
Total revenue | $ | 593,080 | $ | 306,775 | $ | 242,481 | $ | 1,142,336 | $ | — | $ | 1,142,336 | ||||||||||||||
Elimination of intersegment revenue | (74,465) | (29,507) | (1,594) | (105,566) | — | (105,566) | ||||||||||||||||||||
Revenue from external customers | $ | 518,615 | $ | 277,268 | $ | 240,887 | $ | 1,036,770 | $ | — | $ | 1,036,770 | ||||||||||||||
Income (loss) from construction operations | $ | 78,481 | $ | 9,207 | $ | (15,775) | $ | 71,913 | $ | (15,659) | (a) | $ | 56,254 | |||||||||||||
Capital expenditures | $ | 11,040 | $ | 148 | $ | 178 | $ | 11,366 | $ | 66 | $ | 11,432 | ||||||||||||||
Depreciation and amortization(b) | $ | 22,598 | $ | 405 | $ | 688 | $ | 23,691 | $ | 2,342 | $ | 26,033 |
Reportable Segments | ||||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||
Total revenue | $ | 1,956,968 | $ | 1,305,468 | $ | 813,531 | $ | 4,075,967 | $ | — | $ | 4,075,967 | ||||||||||||||
Elimination of intersegment revenue | (222,086) | (62,897) | (229) | (285,212) | — | (285,212) | ||||||||||||||||||||
Revenue from external customers | $ | 1,734,882 | $ | 1,242,571 | $ | 813,302 | $ | 3,790,755 | $ | — | $ | 3,790,755 | ||||||||||||||
Income (loss) from construction operations | $ | 21,123 | $ | 7,166 | $ | (168,019) | $ | (139,730) | $ | (65,034) | (a) | $ | (204,764) | |||||||||||||
Capital expenditures | $ | 49,819 | $ | 2,333 | $ | 2,545 | $ | 54,697 | $ | 5,083 | $ | 59,780 | ||||||||||||||
Depreciation and amortization(b) | $ | 51,123 | $ | 1,713 | $ | 2,098 | $ | 54,934 | $ | 9,430 | $ | 64,364 | ||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||
Total revenue | $ | 2,443,828 | $ | 1,574,759 | $ | 1,120,115 | $ | 5,138,702 | $ | — | $ | 5,138,702 | ||||||||||||||
Elimination of intersegment revenue | (348,068) | (146,657) | (2,147) | (496,872) | — | (496,872) | ||||||||||||||||||||
Revenue from external customers | $ | 2,095,760 | $ | 1,428,102 | $ | 1,117,968 | $ | 4,641,830 | $ | — | $ | 4,641,830 | ||||||||||||||
Income (loss) from construction operations | $ | 266,214 | $ | 28,721 | $ | (9,961) | $ | 284,974 | $ | (58,170) | (a) | $ | 226,804 | |||||||||||||
Capital expenditures | $ | 37,067 | $ | 359 | $ | 476 | $ | 37,902 | $ | 692 | $ | 38,594 | ||||||||||||||
Depreciation and amortization(b) | $ | 102,723 | $ | 1,677 | $ | 3,316 | $ | 107,716 | $ | 10,513 | $ | 118,229 |
Tutor Perini Corporation | ||||||||||||||
Consolidated Balance Sheets | ||||||||||||||
As of December 31, | ||||||||||||||
(in thousands, except share and per share amounts) | 2022 | 2021 | ||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents ($168,408 and $102,679 related to variable interest entities (“VIEs”)) | $ | 259,351 | $ | 202,197 | ||||||||||
Restricted cash | 14,480 | 9,199 | ||||||||||||
Restricted investments | 91,556 | 84,355 | ||||||||||||
Accounts receivable ($54,040 and $116,415 related to VIEs) | 1,171,085 | 1,454,319 | ||||||||||||
Retention receivable ($187,615 and $162,259 related to VIEs) | 585,556 | 568,881 | ||||||||||||
Costs and estimated earnings in excess of billings ($83,911 and $143,105 related to VIEs) | 1,377,528 | 1,356,768 | ||||||||||||
Other current assets ($33,340 and $43,718 related to VIEs) | 179,215 | 186,773 | ||||||||||||
Total current assets | 3,678,771 | 3,862,492 | ||||||||||||
PROPERTY AND EQUIPMENT: | ||||||||||||||
Land | 44,433 | 40,175 | ||||||||||||
Building and improvements | 124,429 | 116,146 | ||||||||||||
Construction equipment | 590,089 | 580,909 | ||||||||||||
Other equipment | 181,649 | 175,832 | ||||||||||||
940,600 | 913,062 | |||||||||||||
Less accumulated depreciation | (505,512) | (483,417) | ||||||||||||
Total property and equipment, net ($22,133 and $2,203 related to VIEs) | 435,088 | 429,645 | ||||||||||||
GOODWILL | 205,143 | 205,143 | ||||||||||||
INTANGIBLE ASSETS, NET | 70,542 | 85,068 | ||||||||||||
OTHER ASSETS | 153,256 | 142,550 | ||||||||||||
TOTAL ASSETS | $ | 4,542,800 | $ | 4,724,898 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Current maturities of long-term debt | $ | 70,285 | $ | 24,406 | ||||||||||
Accounts payable ($36,484 and $96,097 related to VIEs) | 495,345 | 512,056 | ||||||||||||
Retention payable ($44,859 and $37,007 related to VIEs) | 246,562 | 268,945 | ||||||||||||
Billings in excess of costs and estimated earnings ($480,839 and $355,270 related to VIEs) | 975,812 | 761,689 | ||||||||||||
Accrued expenses and other current liabilities ($5,082 and $8,566 related to VIEs) | 179,523 | 210,017 | ||||||||||||
Total current liabilities | 1,967,527 | 1,777,113 | ||||||||||||
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $13,980 and $17,109 | 888,154 | 969,248 | ||||||||||||
DEFERRED INCOME TAXES | 4,649 | 70,989 | ||||||||||||
OTHER LONG-TERM LIABILITIES | 240,486 | 233,828 | ||||||||||||
TOTAL LIABILITIES | 3,100,816 | 3,051,178 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
EQUITY | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock – authorized 1,000,000 shares ($1 par value), none issued | — | — | ||||||||||||
Common stock – authorized 112,500,000 shares ($1 par value), issued and outstanding 51,521,336 and 51,095,706 shares | 51,521 | 51,096 | ||||||||||||
Additional paid-in capital | 1,140,933 | 1,133,150 | ||||||||||||
Retained earnings | 304,301 | 514,310 | ||||||||||||
Accumulated other comprehensive loss | (47,037) | (43,635) | ||||||||||||
Total stockholders' equity | 1,449,718 | 1,654,921 | ||||||||||||
Noncontrolling interests | (7,734) | 18,799 | ||||||||||||
TOTAL EQUITY | 1,441,984 | 1,673,720 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,542,800 | $ | 4,724,898 |
Tutor Perini Corporation | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
Year Ended December 31, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | (192,572) | $ | 134,150 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation | 49,838 | 82,732 | |||||||||
Amortization of intangible assets | 14,526 | 35,497 | |||||||||
Share-based compensation expense | 9,065 | 11,642 | |||||||||
Change in debt discounts and deferred debt issuance costs | 3,697 | 5,756 | |||||||||
Deferred income taxes | (79,449) | (13,887) | |||||||||
Loss on sale of property and equipment | 145 | 2,639 | |||||||||
Changes in other components of working capital | 390,424 | (422,227) | |||||||||
Other long-term liabilities | 14,317 | 14,766 | |||||||||
Other, net | (3,020) | 478 | |||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 206,971 | (148,454) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment | (59,780) | (38,594) | |||||||||
Proceeds from sale of property and equipment | 8,599 | 7,245 | |||||||||
Investments in securities | (23,948) | (30,761) | |||||||||
Proceeds from maturities and sales of investments in securities | 9,493 | 24,771 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (65,636) | (37,339) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 693,757 | 740,743 | |||||||||
Repayment of debt | (732,101) | (777,762) | |||||||||
Cash payments related to share-based compensation | (1,734) | (1,989) | |||||||||
Distributions paid to noncontrolling interests | (47,386) | (22,655) | |||||||||
Contributions from noncontrolling interests | 8,688 | 7,000 | |||||||||
Debt issuance, extinguishment and modification costs | (124) | — | |||||||||
NET CASH USED IN FINANCING ACTIVITIES | (78,900) | (54,663) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 62,435 | (240,456) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 211,396 | 451,852 | |||||||||
Cash, cash equivalents and restricted cash at end of year | $ | 273,831 | $ | 211,396 |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Backlog Information | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
(in millions) | Backlog at September 30, 2022 | New Awards in the Quarter Ended December 31, 2022(a) | Revenue Recognized in the Quarter Ended December 31, 2022 | Backlog at December 31, 2022 | ||||||||||||||||||||||
Civil | $ | 4,650.8 | $ | 205.1 | $ | (439.6) | $ | 4,416.3 | ||||||||||||||||||
Building | 2,341.1 | 209.4 | (326.9) | 2,223.6 | ||||||||||||||||||||||
Specialty Contractors | 1,358.4 | 70.9 | (140.1) | 1,289.2 | ||||||||||||||||||||||
Total | $ | 8,350.3 | $ | 485.4 | $ | (906.6) | $ | 7,929.1 | ||||||||||||||||||
(in millions) | Backlog at December 31, 2021 | New Awards in the Year Ended December 31, 2022(a) | Revenue Recognized in the Year Ended December 31, 2022 | Backlog at December 31, 2022 | ||||||||||||||||||||||
Civil | $ | 4,553.5 | $ | 1,597.7 | $ | (1,734.9) | $ | 4,416.3 | ||||||||||||||||||
Building | 2,308.9 | 1,157.3 | (1,242.6) | 2,223.6 | ||||||||||||||||||||||
Specialty Contractors | 1,373.2 | 729.3 | (813.3) | 1,289.2 | ||||||||||||||||||||||
Total | $ | 8,235.6 | $ | 3,484.3 | $ | (3,790.8) | $ | 7,929.1 |
Cover |
Mar. 15, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 15, 2023 |
Entity Registrant Name | Tutor Perini Corporation |
Entity Incorporation, State or Country Code | MA |
Entity File Number | 1-6314 |
Entity Tax Identification Number | 04-1717070 |
Entity Address, Address Line One | 15901 Olden Street |
Entity Address, City or Town | Sylmar |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 91342-1093 |
City Area Code | (818) |
Local Phone Number | 362-8391 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 par value |
Trading Symbol | TPC |
Security Exchange Name | NYSE |
Entity Central Index Key | 0000077543 |
Entity Emerging Growth Company | false |
Amendment Flag | false |
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