SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 7, 2017
Tutor Perini Corporation
(Exact name of registrant as specified in its charter)
_________________________________
Massachusetts (State or other jurisdiction of incorporation or organization) |
1-6314 (Commission file number) |
04-1717070 (I.R.S. Employer Identification No.) |
15901 Olden Street, Sylmar, California 91342-1093
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (818) 362-8391
None
(Former name or former address, if changed since last report)
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02. Results of Operations and Financial Condition
On August 7, 2017, Tutor Perini Corporation issued a press release announcing its financial results for the second quarter ended June 30, 2017. A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K, including Exhibit 99.1 hereto, is being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit |
Description |
99.1 |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TUTOR PERINI CORPORATION |
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Dated: August 7, 2017 |
By: |
/s/ Gary G. Smalley |
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Gary G. Smalley |
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Executive Vice President and Chief Financial Officer |
3
News Release
Tutor Perini Reports Second Quarter Results
· |
New awards of $1.6 billion in Q2 2017; $3.7 billion of new awards in first half of 2017 |
· |
Backlog at $7.6 billion, up 21% compared with backlog at the end of 2016 |
· |
56% of backlog now comprised of higher-margin Civil projects |
LOS ANGELES – (BUSINESS WIRE) – August 7, 2017 – Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, today reported results for the three months ended June 30, 2017. Revenue for the second quarter of 2017 was $1.2 billion, consistent with the revenue for the second quarter of last year. Income from construction operations was $34.0 million for the second quarter of 2017 compared to $48.8 million for the comparable period last year. The decrease in income from construction operations for the second quarter of 2017 was primarily due to unfavorable project adjustments recorded on certain mechanical projects in New York. The decrease was partially offset by increased activity related to certain mass-transit projects in California and New York. The current year period included a $37.0 million legal settlement that was recorded in other income. Net income attributable to Tutor Perini Corporation for the second quarter of 2017 was $30.1 million, or $0.59 per diluted share, compared to $21.4 million, or $0.43 per diluted share for the second quarter of 2016.
Backlog as of June 30, 2017 was $7.6 billion, up 21% compared to $6.2 billion as of December 31, 2016. New awards and adjustments to contracts in process totaled $1.6 billion in the second quarter of 2017 and $3.7 billion in the first six months of 2017, well outpacing revenue in both periods. The Civil segment was the major contributor to new award activity in the first half of 2017. Significant new awards in the second quarter of 2017 included the I-74 bridge project in Iowa valued at $323 million, the East Side Access CQ33 mass-transit project in New York valued at $292 million, two healthcare building projects in California collectively valued at $154 million, additional scope of work valued at $97 million for a technology office project in California, additional scope of work valued at $97 million for the Hudson Yards Platform project, the Henry Hudson Bridge design-build project in New York valued at $82 million and the MD4 highway improvements project in Maryland valued at $78 million.
“Our backlog grew again this quarter as a result of the strong market demand we have been pointing to for some time,” commented Ronald Tutor, Chairman and Chief Executive Officer. Tutor continued, “Our increased backlog and continued success in winning new projects reflects the underlying strength of our business. This, combined with the benefits we anticipate to come from the FAST Act, California’s SB1 transportation bill and several large voter-approved transportation funding measures, provides increased confidence in our outlook for growth and improved profitability. While our second quarter operating results did not meet our expectations, we are well positioned for improved results in the upcoming quarters.”
Outlook and Guidance
Based on the current backlog and market outlook, the Company is affirming its guidance for 2017, with revenue expected to be in excess of $5.5 billion and diluted earnings per share (EPS) expected in the range of $2.10 to $2.40. As previously noted in our earnings releases for the fourth quarter and full year 2016, and for the first quarter of
1
2017, we anticipate that our 2017 earnings will be weighted towards the second half of the year, consistent with the cyclicality of the Company’s business.
Second Quarter Conference Call
The Company will host a conference call at 2:00 PM Pacific Time on Monday, August 7, 2017, to discuss the second quarter 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. To listen to the webcast, please visit the Company's website at least 15 minutes prior to the start of the call to register and to download and install any necessary software. 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 clients 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 the planning and scheduling of the 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 clients 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 and Section 21E of the Securities Exchange Act of 1934, 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 Company’s ability to win new contracts and convert backlog into revenue; the Company's ability to successfully and timely complete construction projects; increased competition and failure to secure new contracts; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings and the timing of related collections; the potential delay, suspension, termination or reduction in scope of construction projects; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the availability of borrowed funds on terms acceptable to the Company; failure to meet our obligations under our debt agreements; the ability to retain certain
2
members of management; the ability to obtain surety bonds to secure the Company’s performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; changes in federal and state appropriations for infrastructure projects and the impact of changing economic conditions on federal, state and local funding for infrastructure projects; possible changes or developments in international or domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; failure to comply with laws and regulations related to government contracts; actions taken or not taken by third parties, including the Company’s customers, suppliers, business partners and competitors and legislative, regulatory, judicial and other governmental authorities and officials; impairments of our goodwill or other indefinite-lived intangible assets; possible systems and information technology disruptions; the impact of inclement weather conditions on projects; 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, 2016 filed with the Securities and Exchange Commission on February 23, 2017. 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.
Contact:
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
www.tutorperini.com
3
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Tutor Perini Corporation |
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Condensed Consolidated Statements of Operations |
|||||||||||
Unaudited |
|||||||||||
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Three Months Ended June 30, |
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Six Months Ended June 30, |
||||||||
(in thousands, except per share data) |
2017 |
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2016 |
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2017 |
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2016 |
||||
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|
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|
|
|
|
|
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Revenue |
$ |
1,247,274 |
|
$ |
1,308,130 |
|
$ |
2,364,635 |
|
$ |
2,393,499 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations |
|
(1,144,436) |
|
|
(1,198,360) |
|
|
(2,159,078) |
|
|
(2,178,637) |
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|
|
|
|
|
|
|
|
|
|
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Gross profit |
|
102,838 |
|
|
109,770 |
|
|
205,557 |
|
|
214,862 |
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|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
(68,793) |
|
|
(60,941) |
|
|
(134,495) |
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|
(125,911) |
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INCOME FROM CONSTRUCTION OPERATIONS |
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34,045 |
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48,829 |
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|
71,062 |
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|
88,951 |
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|
|
|
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Other income, net |
|
40,990 |
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|
2,485 |
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|
41,406 |
|
|
3,166 |
Interest expense |
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(22,519) |
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|
(15,534) |
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(38,083) |
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|
(29,614) |
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INCOME BEFORE INCOME TAXES |
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52,516 |
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35,780 |
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|
74,385 |
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|
62,503 |
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|
|
|
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|
|
|
|
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Provision for income taxes |
|
(19,883) |
|
|
(14,419) |
|
|
(27,988) |
|
|
(25,743) |
|
|
|
|
|
|
|
|
|
|
|
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NET INCOME |
|
32,633 |
|
|
21,361 |
|
|
46,397 |
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|
36,760 |
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|
|
|
|
|
|
|
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LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |
|
(2,537) |
|
|
— |
|
|
(2,537) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
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NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION |
$ |
30,096 |
|
$ |
21,361 |
|
$ |
43,860 |
|
$ |
36,760 |
|
|
|
|
|
|
|
|
|
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|
|
BASIC EARNINGS PER COMMON SHARE |
$ |
0.61 |
|
$ |
0.43 |
|
$ |
0.89 |
|
$ |
0.75 |
|
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|
|
|
|
|
|
|
|
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|
DILUTED EARNINGS PER COMMON SHARE |
$ |
0.59 |
|
$ |
0.43 |
|
$ |
0.86 |
|
$ |
0.74 |
|
|
|
|
|
|
|
|
|
|
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WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
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BASIC |
|
49,735 |
|
|
49,131 |
|
|
49,510 |
|
|
49,105 |
DILUTED |
|
50,755 |
|
|
49,561 |
|
|
50,853 |
|
|
49,423 |
4
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Tutor Perini Corporation |
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Segment Information |
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Unaudited |
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Reportable Segments |
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Specialty |
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Consolidated |
||||||
(in thousands) |
Civil |
|
Building |
|
Contractors |
|
Total |
|
Corporate |
|
Total |
||||||
Three Months Ended June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
538,552 |
|
$ |
508,769 |
|
$ |
281,857 |
|
$ |
1,329,178 |
|
$ |
— |
|
$ |
1,329,178 |
Elimination of intersegment revenue |
|
(65,970) |
|
|
(15,934) |
|
|
— |
|
|
(81,904) |
|
|
— |
|
|
(81,904) |
Revenue from external customers |
$ |
472,582 |
|
$ |
492,835 |
|
$ |
281,857 |
|
$ |
1,247,274 |
|
$ |
— |
|
$ |
1,247,274 |
Income from construction operations |
$ |
58,144 |
|
$ |
5,736 |
|
$ |
(14,007) |
|
$ |
49,873 |
|
$ |
(15,828) |
(a) |
$ |
34,045 |
Capital expenditures |
$ |
1,850 |
|
$ |
104 |
|
$ |
286 |
|
$ |
2,240 |
|
$ |
271 |
|
$ |
2,511 |
Depreciation and amortization (b) |
$ |
5,236 |
|
$ |
513 |
|
$ |
1,193 |
|
$ |
6,942 |
|
$ |
2,820 |
|
$ |
9,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
504,930 |
|
$ |
546,157 |
|
$ |
318,902 |
|
$ |
1,369,989 |
|
$ |
— |
|
$ |
1,369,989 |
Elimination of intersegment revenue |
|
(39,223) |
|
|
(22,636) |
|
|
— |
|
|
(61,859) |
|
|
— |
|
|
(61,859) |
Revenue from external customers |
$ |
465,707 |
|
$ |
523,521 |
|
$ |
318,902 |
|
$ |
1,308,130 |
|
$ |
— |
|
$ |
1,308,130 |
Income from construction operations |
$ |
45,056 |
|
$ |
13,223 |
|
$ |
5,413 |
|
$ |
63,692 |
|
$ |
(14,863) |
(a) |
$ |
48,829 |
Capital expenditures |
$ |
3,545 |
|
$ |
81 |
|
$ |
119 |
|
$ |
3,745 |
|
$ |
124 |
|
$ |
3,869 |
Depreciation and amortization (b) |
$ |
12,447 |
|
$ |
549 |
|
$ |
1,263 |
|
$ |
14,259 |
|
$ |
2,887 |
|
$ |
17,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reportable Segments |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Specialty |
|
|
|
|
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Consolidated |
||||||
(in thousands) |
Civil |
|
Building |
|
Contractors |
|
Total |
|
Corporate |
|
Total |
||||||
Six Months Ended June 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
905,363 |
|
$ |
1,019,936 |
|
$ |
597,553 |
|
$ |
2,522,852 |
|
$ |
— |
|
$ |
2,522,852 |
Elimination of intersegment revenue |
|
(128,206) |
|
|
(30,011) |
|
|
— |
|
|
(158,217) |
|
|
— |
|
|
(158,217) |
Revenue from external customers |
$ |
777,157 |
|
$ |
989,925 |
|
$ |
597,553 |
|
$ |
2,364,635 |
|
$ |
— |
|
$ |
2,364,635 |
Income from construction operations |
$ |
90,032 |
|
$ |
10,977 |
|
$ |
755 |
|
$ |
101,764 |
|
$ |
(30,702) |
(a) |
$ |
71,062 |
Capital expenditures |
$ |
7,417 |
|
$ |
148 |
|
$ |
293 |
|
$ |
7,858 |
|
$ |
325 |
|
$ |
8,183 |
Depreciation and amortization (b) |
$ |
21,554 |
|
$ |
1,031 |
|
$ |
2,385 |
|
$ |
24,970 |
|
$ |
5,788 |
|
$ |
30,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue |
$ |
872,431 |
|
$ |
1,034,151 |
|
$ |
600,675 |
|
$ |
2,507,257 |
|
$ |
— |
|
$ |
2,507,257 |
Elimination of intersegment revenue |
|
(70,866) |
|
|
(42,892) |
|
|
— |
|
|
(113,758) |
|
|
— |
|
|
(113,758) |
Revenue from external customers |
$ |
801,565 |
|
$ |
991,259 |
|
$ |
600,675 |
|
$ |
2,393,499 |
|
$ |
— |
|
$ |
2,393,499 |
Income from construction operations |
$ |
78,721 |
|
$ |
25,673 |
|
$ |
14,826 |
|
$ |
119,220 |
|
$ |
(30,269) |
(a) |
$ |
88,951 |
Capital expenditures |
$ |
7,157 |
|
$ |
302 |
|
$ |
744 |
|
$ |
8,203 |
|
$ |
478 |
|
$ |
8,681 |
Depreciation and amortization (b) |
$ |
20,531 |
|
$ |
1,106 |
|
$ |
2,568 |
|
$ |
24,205 |
|
$ |
5,751 |
|
$ |
29,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Consists primarily of corporate general and administrative expenses. |
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(b) Depreciation and amortization is included in income from construction operations. |
5
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Tutor Perini Corporation |
|||||
Condensed Consolidated Balance Sheets |
|||||
Unaudited |
|||||
|
|
|
|
|
|
(in thousands, except share and per share amounts) |
June 30, 2017 |
|
December 31, 2016 |
||
ASSETS |
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents ($37,445 and $0 related to variable interest |
$ |
172,927 |
|
$ |
146,103 |
Restricted cash |
|
52,051 |
|
|
50,504 |
Accounts receivable ("AR") including retainage of $602,581 and $569,391 |
|
1,838,359 |
|
|
1,743,300 |
Costs and estimated earnings in excess of billings |
|
850,634 |
|
|
831,826 |
Other current assets |
|
77,736 |
|
|
66,023 |
Total current assets |
|
2,991,707 |
|
|
2,837,756 |
|
|
|
|
|
|
Property and equipment, net of accumulated depreciation |
|
456,001 |
|
|
477,626 |
Goodwill |
|
585,006 |
|
|
585,006 |
Intangible assets, net |
|
91,226 |
|
|
92,997 |
Other assets |
|
40,926 |
|
|
45,235 |
TOTAL ASSETS |
$ |
4,164,866 |
|
$ |
4,038,620 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
Current maturities of long-term debt |
$ |
30,333 |
|
$ |
85,890 |
Accounts payable ("AP") including retainage of $274,045 and $258,294 |
|
899,284 |
|
|
994,016 |
Billings in excess of costs and estimated earnings ($30,293 and |
|
339,808 |
|
|
331,112 |
Accrued expenses and other current liabilities |
|
176,148 |
|
|
107,925 |
Total current liabilities |
|
1,445,573 |
|
|
1,518,943 |
|
|
|
|
|
|
Long-term debt, less current maturities, net of unamortized discounts |
|
832,327 |
|
|
673,629 |
Deferred income taxes |
|
131,292 |
|
|
131,007 |
Other long-term liabilities |
|
155,810 |
|
|
162,018 |
TOTAL LIABILITIES |
|
2,565,002 |
|
|
2,485,597 |
|
|
|
|
|
|
CONTINGENCIES AND COMMITMENTS |
|
|
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
Preferred stock – authorized 1,000,000 shares ($1 par value), |
|
— |
|
|
— |
Common stock - authorized 75,000,000 shares ($1 par value), |
|
49,760 |
|
|
49,211 |
Additional paid-in capital |
|
1,075,637 |
|
|
1,075,600 |
Retained earnings |
|
517,485 |
|
|
473,625 |
Accumulated other comprehensive loss |
|
(44,305) |
|
|
(45,413) |
Total Stockholders Equity |
|
1,598,577 |
|
|
1,553,023 |
Noncontrolling interests |
|
1,287 |
|
|
— |
TOTAL STOCKHOLDERS' EQUITY |
|
1,599,864 |
|
|
1,553,023 |
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
4,164,866 |
|
$ |
4,038,620 |
6
|
|||||
Tutor Perini Corporation |
|||||
Condensed Consolidated Statements of Cash Flows |
|||||
Unaudited |
|||||
|
|
|
|
|
|
|
Six Months Ended June 30, |
||||
(in thousands) |
2017 |
|
2016 |
||
Cash flows from operating activities: |
|
|
|
|
|
Net income |
$ |
46,397 |
|
$ |
36,760 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |
|
|
|
|
|
Depreciation |
|
28,987 |
|
|
28,185 |
Amortization of intangible assets |
|
1,771 |
|
|
1,771 |
Share-based compensation expense |
|
10,420 |
|
|
6,959 |
Change in debt discounts and deferred debt issuance costs |
|
11,950 |
|
|
3,348 |
Deferred income taxes |
|
(1) |
|
|
(371) |
(Gain) loss on sale of property and equipment |
|
(349) |
|
|
204 |
Other long-term liabilities |
|
(2,801) |
|
|
(3,811) |
Other non-cash items |
|
1,785 |
|
|
1,200 |
Changes in other components of working capital |
|
(132,779) |
|
|
(69,669) |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES |
|
(34,620) |
|
|
4,576 |
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
Acquisition of property and equipment excluding financed purchases |
|
(8,183) |
|
|
(8,681) |
Proceeds from sale of property and equipment |
|
1,336 |
|
|
1,092 |
Investments in securities restricted in use |
|
(9,297) |
|
|
— |
Change in restricted cash |
|
(1,547) |
|
|
(3,599) |
NET CASH USED IN INVESTING ACTIVITIES |
|
(17,691) |
|
|
(11,188) |
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
Issuance of convertible notes |
|
— |
|
|
200,000 |
Proceeds from debt |
|
1,276,457 |
|
|
711,092 |
Repayment of debt |
|
(1,171,954) |
|
|
(871,654) |
Issuance of common stock and effect of cashless exercise |
|
(10,809) |
|
|
— |
Distributions paid to noncontrolling interests |
|
(2,500) |
|
|
— |
Contributions from noncontrolling interests |
|
1,250 |
|
|
— |
Debt issuance costs |
|
(13,309) |
|
|
(14,656) |
NET CASH PROVIDED BY FINANCING ACTIVITIES |
|
79,135 |
|
|
24,782 |
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
26,824 |
|
|
18,170 |
Cash and cash equivalents at beginning of period |
|
146,103 |
|
|
75,452 |
Cash and cash equivalents at end of period |
$ |
172,927 |
|
$ |
93,622 |
7
|
|||||||||||
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, 2017 |
|
June 30, 2017(a) |
|
June 30, 2017 |
|
June 30, 2017 |
||||
Civil |
$ |
3,865.7 |
|
$ |
847.5 |
|
$ |
(472.6) |
|
$ |
4,240.6 |
Building |
|
1,750.3 |
|
|
550.9 |
|
|
(492.8) |
|
|
1,808.4 |
Specialty Contractors |
|
1,554.5 |
|
|
238.9 |
|
|
(281.9) |
|
|
1,511.5 |
Total |
$ |
7,170.5 |
|
$ |
1,637.3 |
|
$ |
(1,247.3) |
|
$ |
7,560.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
||
|
|
|
|
New Awards in the |
|
Recognized in the |
|
|
|
||
|
Backlog at |
|
Six Months Ended |
|
Six Months Ended |
|
Backlog at |
||||
(in millions) |
December 31, 2016 |
|
June 30, 2017(a) |
|
June 30, 2017 |
|
June 30, 2017 |
||||
Civil |
$ |
2,672.1 |
|
$ |
2,345.7 |
|
$ |
(777.2) |
|
$ |
4,240.6 |
Building |
|
1,981.2 |
|
|
817.1 |
|
|
(989.9) |
|
|
1,808.4 |
Specialty Contractors |
|
1,573.8 |
|
|
535.3 |
|
|
(597.6) |
|
|
1,511.5 |
Total |
$ |
6,227.1 |
|
$ |
3,698.1 |
|
$ |
(2,364.7) |
|
$ |
7,560.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
8