Business Wire | Aug 4, 2021 04:15PM EDT

Tutor Perini Reports Second Quarter 2021 Results

Aug. 04, 2021

LOS ANGELES--(BUSINESS WIRE)--Aug. 04, 2021--Tutor Perini Corporation (the "Company") (NYSE: TPC), a leading civil, building and specialty construction company, reported results today for the second quarter of 2021. Revenue was $1.22 billion, down modestly compared to $1.28 billion for the second quarter of last year. Reduced activities mostly on Building segment projects were partially offset by increased volume on Specialty Contractors segment projects. Despite the lower revenue, income from construction operations for the second quarter of 2021 was $68.8 million, up 19% compared to $57.7 million for the second quarter of last year. The increase was principally driven by a continued shift toward higher-margin projects within the Civil segment. In addition, the Company experienced improved overall results for the Specialty Contractors segment in the second quarter of 2021, mostly due to the resolution of various contract disputes that had a net favorable impact in 2021 and the absence of the impact of an unfavorable arbitration ruling in 2020. Net income attributable to the Company for the second quarter of 2021 was $31.2 million, or $0.61 per diluted share, compared to $18.7 million, or $0.37 per diluted share, for the second quarter of 2020. The strong increase in net income attributable to the Company, and correspondingly EPS, was driven by the higher income from construction operations.

Second quarter 2021 backlog remained healthy at $7.5 billion compared to $8.3 billion at the end of 2020. As anticipated, backlog continued to decline in the second quarter as a result of revenue that solidly outpaced the volume of new awards. The COVID-19 pandemic has negatively impacted the volume and timing of new awards in recent quarters. New awards in the second quarter of 2021 totaled $0.6 billion and included a $152 million courthouse project in California and $88 million for various civil projects in the Midwest. The Company recently received a letter of intent to award a $471 million contract for the LAX Airport Metro Connector project and will be booking the project into backlog in the third quarter of 2021, along with the $220 million I-70 Missouri River Bridge project. The Company also anticipates being awarded a significant new health care facility project in California. The Company is also preparing to bid on several large projects this year and during the first half of 2022, and anticipates backlog growth to resume later this year to levels that will support future revenue growth.

Outlook and Guidance

"We delivered strong EPS results for the second quarter and first six months of 2021, which were ahead of expectations," remarked Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, "Demand for our construction services remains very strong, with an ever-expanding list of prospective projects. For as long as I have been in this business, this is the most vibrant market yet in terms of opportunities, with the potential to grow even more should the federal government pass a major program to invest significantly in our country's infrastructure. We are optimistic about the future and expect to capture our share of the many large opportunities ahead, which will support our growth over the coming years."

Based on the Company's year-to-date results in 2021 and the 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 $2.20.

Second Quarter 2021 Conference Call

The Company will host a conference call at 2:00 PM Pacific Time on Wednesday, August 4, 2021, to discuss the second quarter 2021 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, statementsregarding 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; revisions of estimates of contract risks, revenue or costs, the timing of new awards, the pace of project execution or economic factors, including inflation, 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 and adversely affecting our working capital, profits and cash flows; increased competition and failure to secure new contracts; a significant slowdown or decline in economic conditions; 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; 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; possible systems and information technology interruptions, including due to cyberattack, systems failures or other similar events; decreases in the level of government spending for infrastructure and other public projects; 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 and/or reputational harm; economic, political, regulatory 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; the impact of inclement weather conditions on projects; risks related to government contracts and related procurement regulations; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws, which could result in unanticipated losses; adverse health events, such as an epidemic or a pandemic; failure to meet our obligations under our debt agreements; downgrades in our credit ratings; impairment of our goodwill or other indefinite-lived intangible assets; 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

Condensed Consolidated Statements of Income

Unaudited



? Three Months Ended Six Months Ended June 30, June 30,

(in thousands,except per 2021 2020 2021 2020common shareamounts)

REVENUE $ 1,219,243 $ 1,276,427 $ 2,426,838 $ 2,527,156

COST OF (1,091,754 ) (1,158,673 ) (2,188,894 ) (2,298,322 ) OPERATIONS

GROSS PROFIT 127,489 117,754 237,944 228,834

General andadministrative (58,736 ) (60,058 ) (119,487 ) (123,911 ) expenses

INCOME FROMCONSTRUCTION 68,753 57,696 118,457 104,923 OPERATIONS

Other income 1,431 (797 ) 1,606 (316 ) (expense)

Interest expense (17,938 ) (16,464 ) (35,748 ) (32,900 )

INCOME BEFORE 52,246 40,435 84,315 71,707 INCOME TAXES

Income tax (10,635 ) (9,576 ) (17,599 ) (14,710 ) expense

NET INCOME 41,611 30,859 66,716 56,997

LESS: NET INCOMEATTRIBUTABLE TO 10,446 12,150 19,517 20,917 NONCONTROLLINGINTERESTS

NET INCOMEATTRIBUTABLE TO $ 31,165 $ 18,709 $ 47,199 $ 36,080 TUTOR PERINICORPORATION

BASIC EARNINGS $ 0.61 $ 0.37 $ 0.93 $ 0.71 PER COMMON SHARE

DILUTED EARNINGS $ 0.61 $ 0.37 $ 0.92 $ 0.71 PER COMMON SHARE

WEIGHTED-AVERAGECOMMON SHARES OUTSTANDING:

BASIC 50,999 50,667 50,956 50,502

DILUTED 51,375 50,935 51,362 50,885

Tutor Perini Corporation

Segment Information

Unaudited

?

Reportable Segments

(in thousands)

Civil

Building

Specialty Contractors

Total

Corporate

Consolidated Total

Three Months Ended June 30, 2021

Total revenue

$

643,055

$

415,801

$

281,370

$

1,340,226

$

-

$

1,340,226

Elimination of intersegment revenue

(87,703

)

(33,141

)

(139

)

(120,983

)

-

(120,983

)

Revenue from external customers

$

555,352

$

382,660

$

281,231

$

1,219,243

$

-

$

1,219,243

Income (loss) from construction operations

$

75,073

$

(2,488

)$

9,960

$

82,545

(a)

$

(13,792)

(b)

$68,753

Capital expenditures

$

8,616

$

51

$

19

$

8,686

$

339

$

9,025

Depreciation and amortization(c)

$

31,178

$

424

$

892

$

32,494

$

2,767

$

35,261

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

(d)

$

(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

____________________________

Tutor Perini Corporation

Segment Information

Unaudited



? Reportable Segments

(in Civil Building Specialty Total Corporate Consolidatedthousands) Contractors Total

Three MonthsEnded June 30, 2021

Total $ 643,055 $ 415,801 $ 281,370 $ 1,340,226 $ - $ 1,340,226 revenue

Eliminationof (87,703 ) (33,141 ) (139 ) (120,983 ) - (120,983 ) intersegmentrevenue

Revenue fromexternal $ 555,352 $ 382,660 $ 281,231 $ 1,219,243 $ - $ 1,219,243 customers

Income(loss) from $ 75,073 $ (2,488 $ 9,960 $ 82,545 ^ $ (13,792) ^ 68,753construction ) (a) (b) $operations

Capital $ 8,616 $ 51 $ 19 $ 8,686 $ 339 $ 9,025 expenditures

Depreciationand $ 31,178 $ 424 $ 892 $ 32,494 $ 2,767 $ 35,261 amortization^(c)



Three MonthsEnded June 30, 2020

Total $ 644,685 $ 490,317 $ 234,497 $ 1,369,499 $ - $ 1,369,499 revenue

Eliminationof (75,709 ) (17,296 ) (67 ) (93,072 ) - (93,072 ) intersegmentrevenue

Revenue fromexternal $ 568,976 $ 473,021 $ 234,430 $ 1,276,427 $ - $ 1,276,427 customers

Income(loss) from $ 65,398 $ 17,789 $ (11,388 ) $ 71,799 ^ $ (14,103 ) ^ $ 57,696 construction (d) (b)operations

Capital $ 18,951 $ 186 $ 255 $ 19,392 $ 301 $ 19,693 expenditures

Depreciationand $ 21,775 $ 428 $ 995 $ 23,198 $ 2,767 $ 25,965 amortization^(c)

____________________________

During the three months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations (an after-tax impact of(a) $14.6 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project in New York in the Specialty Contractors segment. The judgment awarded the Company the recovery of certain costs previously incurred.

(b) Consists primarily of corporate general and administrative expenses.

(c) Depreciation and amortization is included in income (loss) from construction operations.

During the three months ended June 30, 2020, the Company recorded a charge of $13.2 million in income (loss) from construction operations (an(d) 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.

?

Reportable Segments

(in thousands)

Civil

Building

Specialty Contractors

Total

Corporate

Consolidated Total

Six Months Ended June 30, 2021

Total revenue

$

1,226,199

$

872,971

$

606,318

$

2,705,488

$

-

$

2,705,488

Elimination of intersegment revenue

(195,272

)

(83,078

)

(300

)

(278,650

)

-

(278,650

)

Revenue from external customers

$

1,030,927

$

789,893

$

606,018

$

2,426,838

$

-

$

2,426,838

Income (loss) from construction operations

$

125,178

$

8,728

$

11,284

$

145,190

(a)

$

(26,733

)

(b)

$

118,457

Capital expenditures

$

18,180

$

124

$

164

$

18,468

$

392

$

18,860

Depreciation and amortization(c)

$

53,891

$

856

$

1,851

$

56,598

$

5,537

$

62,135

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

(d)

$

(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

____________________________

? Reportable Segments

(in Civil Building Specialty Total Corporate Consolidatedthousands) Contractors Total

Six MonthsEnded June 30, 2021

Total $ 1,226,199 $ 872,971 $ 606,318 $ 2,705,488 $ - $ 2,705,488 revenue

Eliminationof (195,272 ) (83,078 ) (300 ) (278,650 ) - (278,650 ) intersegmentrevenue

Revenue fromexternal $ 1,030,927 $ 789,893 $ 606,018 $ 2,426,838 $ - $ 2,426,838 customers

Income(loss) from $ 125,178 $ 8,728 $ 11,284 $ 145,190 ^ $ (26,733 ) ^ $ 118,457 construction (a) (b)operations

Capital $ 18,180 $ 124 $ 164 $ 18,468 $ 392 $ 18,860 expenditures

Depreciationand $ 53,891 $ 856 $ 1,851 $ 56,598 $ 5,537 $ 62,135 amortization^(c)



Six MonthsEnded June 30, 2020

Total $ 1,224,771 $ 995,400 $ 516,949 $ 2,737,120 $ - $ 2,737,120 revenue

Eliminationof (169,166 ) (40,615 ) (183 ) (209,964 ) - (209,964 ) intersegmentrevenue

Revenue fromexternal $ 1,055,605 $ 954,785 $ 516,766 $ 2,527,156 $ - $ 2,527,156 customers

Income(loss) from $ 111,519 $ 21,305 $ (3,109 ) $ 129,715 ^ $ (24,792 ) ^ $ 104,923 construction (d) (b)operations

Capital $ 30,143 $ 198 $ 728 $ 31,069 $ 317 $ 31,386 expenditures

Depreciationand $ 40,391 $ 855 $ 1,988 $ 43,234 $ 5,542 $ 48,776 amortization^(c)

____________________________

During the six months ended June 30, 2021, the Company recorded a reduction of $20.1 million in cost of operations (an after-tax impact of(a) $14.6 million, or $0.28 per diluted share) due to a favorable legal judgment on a completed electrical project in New York in the Specialty Contractors segment. The judgment awarded the Company the recovery of certain costs previously incurred.

(b) Consists primarily of corporate general and administrative expenses.

(c) Depreciation and amortization is included in income (loss) from construction operations.

During the six months ended June 30, 2020, the Company recorded a charge of $13.2 million in income (loss) from construction operations (an(d) 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.

Tutor Perini Corporation

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except share and per share amounts)

As of June 30,2021

As of December 31,2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($91,700 and $105,735 related to variable interest entities ("VIEs"))

$

231,129

$

374,289

Restricted cash

2,884

77,563

Restricted investments

85,545

78,912

Accounts receivable ($85,873 and $86,012 related to VIEs)

1,372,054

1,415,063

Retainage receivable ($139,617 and $122,335 related to VIEs)

683,966

648,441

Costs and estimated earnings in excess of billings ($90,294 and $39,846 related to VIEs)

1,346,974

1,236,734

Other current assets ($49,867 and $51,746 related to VIEs)

252,735

249,455

Total current assets

3,975,287

4,080,457

PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $475,207 and $434,294 (net P&E of $4,550 and $12,840 related to VIEs)

456,693

489,217

GOODWILL

205,143

205,143

INTANGIBLE ASSETS, NET

105,801

123,115

OTHER ASSETS

149,176

147,685

TOTAL ASSETS

$

4,892,100

$

5,045,617

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $0 and $2,040

$

36,941

$

100,188

Accounts payable ($86,263 and $116,461 related to VIEs)

692,835

794,611

Retainage payable ($30,681 and $26,439 related to VIEs)

331,341

315,135

Billings in excess of costs and estimated earnings ($344,239 and $362,427 related to VIEs)

764,029

839,222

Accrued expenses and other current liabilities ($7,096 and $9,595 related to VIEs)

200,138

215,207

Total current liabilities

2,025,284

2,264,363

LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $18,712 and $20,209

933,303

925,277

DEFERRED INCOME TAXES

85,386

82,966

OTHER LONG-TERM LIABILITIES

237,697

230,066

TOTAL LIABILITIES

3,281,670

3,502,672

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 51,072,182 and 50,827,205 shares

51,072

50,827

Additional paid-in capital

1,130,368

1,127,385

Retained earnings

469,584

422,385

Accumulated other comprehensive loss

(46,526

)

(46,741

)

Total stockholders' equity

1,604,498

1,553,856

Noncontrolling interests

5,932

(10,911

)

TOTAL EQUITY

1,610,430

1,542,945

TOTAL LIABILITIES AND EQUITY

$

4,892,100

$

5,045,617

Tutor Perini Corporation

Condensed Consolidated Balance Sheets

Unaudited

(in thousands, except share and per share As of June 30, As of Decemberamounts) 2021 31, 2020

ASSETS

CURRENT ASSETS:

Cash and cash equivalents ($91,700 and$105,735 related to variable interest $ 231,129 $ 374,289 entities ("VIEs"))

Restricted cash 2,884 77,563

Restricted investments 85,545 78,912

Accounts receivable ($85,873 and $86,012 1,372,054 1,415,063 related to VIEs)

Retainage receivable ($139,617 and $122,335 683,966 648,441 related to VIEs)

Costs and estimated earnings in excess ofbillings ($90,294 and $39,846 related to 1,346,974 1,236,734 VIEs)

Other current assets ($49,867 and $51,746 252,735 249,455 related to VIEs)

Total current assets 3,975,287 4,080,457

PROPERTY AND EQUIPMENT ("P&E"), net ofaccumulated depreciation of $475,207 and 456,693 489,217 $434,294 (net P&E of $4,550 and $12,840related to VIEs)

GOODWILL 205,143 205,143

INTANGIBLE ASSETS, NET 105,801 123,115

OTHER ASSETS 149,176 147,685

TOTAL ASSETS $ 4,892,100 $ 5,045,617

LIABILITIES AND EQUITY

CURRENT LIABILITIES:

Current maturities of long-term debt, netof unamortized discount and debt issuance $ 36,941 $ 100,188 costs totaling $0 and $2,040

Accounts payable ($86,263 and $116,461 692,835 794,611 related to VIEs)

Retainage payable ($30,681 and $26,439 331,341 315,135 related to VIEs)

Billings in excess of costs and estimatedearnings ($344,239 and $362,427 related to 764,029 839,222 VIEs)

Accrued expenses and other currentliabilities ($7,096 and $9,595 related to 200,138 215,207 VIEs)

Total current liabilities 2,025,284 2,264,363

LONG-TERM DEBT, less current maturities,net of unamortized discount and debt 933,303 925,277 issuance costs totaling $18,712 and $20,209

DEFERRED INCOME TAXES 85,386 82,966

OTHER LONG-TERM LIABILITIES 237,697 230,066

TOTAL LIABILITIES 3,281,670 3,502,672

COMMITMENTS AND CONTINGENCIES

EQUITY

Stockholders' equity:

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

Common stock - authorized 112,500,000shares ($1 par value), issued and 51,072 50,827 outstanding 51,072,182 and 50,827,205shares

Additional paid-in capital 1,130,368 1,127,385

Retained earnings 469,584 422,385

Accumulated other comprehensive loss (46,526 ) (46,741 )

Total stockholders' equity 1,604,498 1,553,856

Noncontrolling interests 5,932 (10,911 )

TOTAL EQUITY 1,610,430 1,542,945

TOTAL LIABILITIES AND EQUITY $ 4,892,100 $ 5,045,617

Tutor Perini Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

?

Six Months Ended June 30,

(in thousands)

2021

2020

Cash Flows from Operating Activities:

Net income

$

66,716

$

56,997

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation

44,821

34,180

Amortization of intangible assets

17,314

14,596

Share-based compensation expense

5,033

8,264

Change in debt discounts and deferred debt issuance costs

3,868

7,046

Deferred income taxes

2,213

5,423

Loss on sale of property and equipment

360

31

Changes in other components of working capital

(278,943

)

(68,471

)

Other long-term liabilities

6,801

1,295

Other, net

515

(1,131

)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

(131,302

)

58,230

?

Cash Flows from Investing Activities:

Acquisition of property and equipment

(18,860

)

(31,386

)

Proceeds from sale of property and equipment

3,623

1,082

Investments in securities

(18,096

)

(13,319

)

Proceeds from maturities and sales of investments in securities

10,497

10,985

NET CASH USED IN INVESTING ACTIVITIES

(22,836

)

(32,638

)

?

Cash Flows from Financing Activities:

Proceeds from debt

308,181

752,843

Repayment of debt

(367,007

)

(757,141

)

Cash payments related to share-based compensation

(1,625

)

(994

)

Distributions paid to noncontrolling interests

(7,250

)

(30,910

)

Contributions from noncontrolling interests

4,000

-

NET CASH USED IN FINANCING ACTIVITIES

(63,701

)

(36,202

)

?

Net decrease in cash, cash equivalents and restricted cash

(217,839

)

(10,610

)

Cash, cash equivalents and restricted cash at beginning of period

451,852

202,101

Cash, cash equivalents and restricted cash at end of period

$

234,013

$

191,491

Tutor Perini Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited

? Six Months Ended June 30,

(in thousands) 2021 2020

Cash Flows from Operating Activities:

Net income $ 66,716 $ 56,997

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation 44,821 34,180

Amortization of intangible assets 17,314 14,596

Share-based compensation expense 5,033 8,264

Change in debt discounts and deferred debt issuance 3,868 7,046 costs

Deferred income taxes 2,213 5,423

Loss on sale of property and equipment 360 31

Changes in other components of working capital (278,943 ) (68,471 )

Other long-term liabilities 6,801 1,295

Other, net 515 (1,131 )

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (131,302 ) 58,230

?

Cash Flows from Investing Activities:

Acquisition of property and equipment (18,860 ) (31,386 )

Proceeds from sale of property and equipment 3,623 1,082

Investments in securities (18,096 ) (13,319 )

Proceeds from maturities and sales of investments in 10,497 10,985 securities

NET CASH USED IN INVESTING ACTIVITIES (22,836 ) (32,638 )

?

Cash Flows from Financing Activities:

Proceeds from debt 308,181 752,843

Repayment of debt (367,007 ) (757,141 )

Cash payments related to share-based compensation (1,625 ) (994 )

Distributions paid to noncontrolling interests (7,250 ) (30,910 )

Contributions from noncontrolling interests 4,000 -

NET CASH USED IN FINANCING ACTIVITIES (63,701 ) (36,202 )

?

Net decrease in cash, cash equivalents and restricted (217,839 ) (10,610 )cash

Cash, cash equivalents and restricted cash at 451,852 202,101 beginning of period

Cash, cash equivalents and restricted cash at end of $ 234,013 $ 191,491 period

Tutor Perini Corporation

Backlog Information

Unaudited

?

(in millions)

Backlog atMarch 31, 2021

New Awards in the Three Months Ended June 30, 2021(a)

Revenue in the Three Months Ended June 30, 2021

Backlog at June 30, 2021

Civil

$

4,765.0

$

119.3

$

(555.3

)

$

4,329.0

Building

1,639.3

386.1

(382.7

)

1,642.7

Specialty Contractors

1,692.5

137.4

(281.2

)

1,548.7

Total

$

8,096.8

$

642.8

$

(1,219.2

)

$

7,520.4

Tutor Perini Corporation

Backlog Information

Unaudited

?

New Awards in Backlog at the Revenue in the Backlog at(in millions) March 31, Three Months Three Months June 30, 2021 Ended Ended 2021 June 30, 2021 June 30, 2021 ^(a)

Civil $ 4,765.0 $ 119.3 $ (555.3 ) $ 4,329.0

Building 1,639.3 386.1 (382.7 ) 1,642.7

Specialty 1,692.5 137.4 (281.2 ) 1,548.7 Contractors

Total $ 8,096.8 $ 642.8 $ (1,219.2 ) $ 7,520.4

?

(in millions)

Backlog atDecember 31, 2020

New Awards in the Six Months Ended June 30, 2021(a)

Revenue in the Six Months Ended June 30, 2021

Backlog at June 30, 2021

Civil

$

4,783.6

$

576.3

$

(1,030.9

)

$

4,329.0

Building

1,702.3

730.3

(789.9

)

1,642.7

Specialty Contractors

1,859.8

294.9

(606.0

)

1,548.7

Total

$

8,345.7

$

1,601.5

$

(2,426.8

)

$

7,520.4

____________________________

?

New Awards in Backlog at the Revenue in the Backlog at(in millions) December 31, Six Months Six Months June 30, 2020 Ended Ended 2021 June 30, 2021 June 30, 2021 ^(a)

Civil $ 4,783.6 $ 576.3 $ (1,030.9 ) $ 4,329.0

Building 1,702.3 730.3 (789.9 ) 1,642.7

Specialty 1,859.8 294.9 (606.0 ) 1,548.7 Contractors

Total $ 8,345.7 $ 1,601.5 $ (2,426.8 ) $ 7,520.4

____________________________

New awards consist of the original contract price of projects added to our(a) 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/20210804005976/en/

CONTACT: Tutor Perini Corporation Jorge Casado, 818-362-8391 Vice President, Investor Relations & Corporate Communications www.tutorperini.com