(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: | November 4, 2020 | By: | /s/ Gary G. Smalley | ||||||||
Gary G. Smalley | |||||||||||
Executive Vice President and Chief Financial Officer |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||
(in thousands, except per common share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
REVENUE | $ | 1,442,091 | $ | 1,189,345 | $ | 3,969,247 | $ | 3,273,107 | ||||||||||||||||||
COST OF OPERATIONS | (1,317,176) | (1,074,282) | (3,615,498) | (2,968,631) | ||||||||||||||||||||||
GROSS PROFIT | 124,915 | 115,063 | 353,749 | 304,476 | ||||||||||||||||||||||
General and administrative expenses | (41,894) | (67,120) | (165,805) | (195,474) | ||||||||||||||||||||||
Goodwill impairment | — | — | — | (379,863) | ||||||||||||||||||||||
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS | 83,021 | 47,943 | 187,944 | (270,861) | ||||||||||||||||||||||
Other income (expense) | (8,048) | 1,674 | (8,364) | 2,996 | ||||||||||||||||||||||
Interest expense | (25,613) | (17,305) | (58,513) | (51,252) | ||||||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 49,360 | 32,312 | 121,067 | (319,117) | ||||||||||||||||||||||
Income tax (expense) benefit | (37) | (5,591) | (14,747) | 35,121 | ||||||||||||||||||||||
NET INCOME (LOSS) | 49,323 | 26,721 | 106,320 | (283,996) | ||||||||||||||||||||||
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 12,504 | 7,408 | 33,421 | 17,577 | ||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO TUTOR PERINI CORPORATION | $ | 36,819 | $ | 19,313 | $ | 72,899 | $ | (301,573) | ||||||||||||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | 0.72 | $ | 0.38 | $ | 1.44 | $ | (6.01) | ||||||||||||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.72 | $ | 0.38 | $ | 1.43 | $ | (6.01) | ||||||||||||||||||
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
BASIC | 50,787 | 50,279 | 50,598 | 50,201 | ||||||||||||||||||||||
DILUTED | 51,241 | 50,582 | 51,004 | 50,201 |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Total revenue | $ | 723,324 | $ | 552,823 | $ | 322,091 | $ | 1,598,238 | $ | — | $ | 1,598,238 | ||||||||||||||
Elimination of intersegment revenue | (111,328) | (44,683) | (136) | (156,147) | — | (156,147) | ||||||||||||||||||||
Revenue from external customers | $ | 611,996 | $ | 508,140 | $ | 321,955 | $ | 1,442,091 | $ | — | $ | 1,442,091 | ||||||||||||||
Income (loss) from construction operations | $ | 70,237 | $ | 15,815 | $ | 9,700 | $ | 95,752 | (a) | $ | (12,731) | (b) | $ | 83,021 | ||||||||||||
Capital expenditures | $ | 10,996 | $ | 438 | $ | 224 | $ | 11,658 | $ | 352 | $ | 12,010 | ||||||||||||||
Depreciation and amortization(c) | $ | 26,659 | $ | 419 | $ | 1,002 | $ | 28,080 | $ | 2,778 | $ | 30,858 | ||||||||||||||
Three Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Total revenue | $ | 591,884 | $ | 421,241 | $ | 249,453 | $ | 1,262,578 | $ | — | $ | 1,262,578 | ||||||||||||||
Elimination of intersegment revenue | (67,338) | (5,895) | — | (73,233) | — | (73,233) | ||||||||||||||||||||
Revenue from external customers | $ | 524,546 | $ | 415,346 | $ | 249,453 | $ | 1,189,345 | $ | — | $ | 1,189,345 | ||||||||||||||
Income (loss) from construction operations | $ | 50,695 | $ | 7,580 | $ | 7,247 | $ | 65,522 | $ | (17,579) | (b) | $ | 47,943 | |||||||||||||
Capital expenditures | $ | 22,497 | $ | 144 | $ | 325 | $ | 22,966 | $ | 365 | $ | 23,331 | ||||||||||||||
Depreciation and amortization(c) | $ | 11,953 | $ | 495 | $ | 1,018 | $ | 13,466 | $ | 2,761 | $ | 16,227 |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Segment Information (continued) | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
| Reportable Segments | |||||||||||||||||||||||||
(in thousands) | Civil | Building | Specialty Contractors | Total | Corporate | Consolidated Total | ||||||||||||||||||||
Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||
Total revenue | $ | 1,948,095 | $ | 1,548,223 | $ | 839,040 | $ | 4,335,358 | $ | — | $ | 4,335,358 | ||||||||||||||
Elimination of intersegment revenue | (280,494) | (85,298) | (319) | (366,111) | — | (366,111) | ||||||||||||||||||||
Revenue from external customers | $ | 1,667,601 | $ | 1,462,925 | $ | 838,721 | $ | 3,969,247 | $ | — | $ | 3,969,247 | ||||||||||||||
Income (loss) from construction operations | $ | 181,756 | $ | 37,120 | $ | 6,591 | $ | 225,467 | (a) | $ | (37,523) | (b) | $ | 187,944 | ||||||||||||
Capital expenditures | $ | 41,139 | $ | 636 | $ | 952 | $ | 42,727 | $ | 669 | $ | 43,396 | ||||||||||||||
Depreciation and amortization(c) | $ | 67,050 | $ | 1,274 | $ | 2,990 | $ | 71,314 | $ | 8,320 | $ | 79,634 | ||||||||||||||
| ||||||||||||||||||||||||||
Nine Months Ended September 30, 2019 | ||||||||||||||||||||||||||
Total revenue | $ | 1,516,623 | $ | 1,291,043 | $ | 664,279 | $ | 3,471,945 | $ | — | $ | 3,471,945 | ||||||||||||||
Elimination of intersegment revenue | (184,925) | (13,913) | — | (198,838) | — | (198,838) | ||||||||||||||||||||
Revenue from external customers | $ | 1,331,698 | $ | 1,277,130 | $ | 664,279 | $ | 3,273,107 | $ | — | $ | 3,273,107 | ||||||||||||||
Income (loss) from construction operations | $ | (72,032) | $ | 6,903 | $ | (160,036) | $ | (225,165) | (d) | $ | (45,696) | (b) | $ | (270,861) | ||||||||||||
Capital expenditures | $ | 60,948 | $ | 349 | $ | 558 | $ | 61,855 | $ | 822 | $ | 62,677 | ||||||||||||||
Depreciation and amortization(c) | $ | 31,608 | $ | 1,495 | $ | 3,143 | $ | 36,246 | $ | 8,295 | $ | 44,541 |
Tutor Perini Corporation | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
Unaudited | ||||||||||||||
(in thousands, except share and per share amounts) | As of September 30, 2020 | As of December 31, 2019 | ||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents ($104,955 and $103,850 related to variable interest entities ("VIEs")) | $ | 348,366 | $ | 193,685 | ||||||||||
Restricted cash | 80,974 | 8,416 | ||||||||||||
Restricted investments | 75,475 | 70,974 | ||||||||||||
Accounts receivable ($106,085 and $91,090 related to VIEs) | 1,565,909 | 1,354,519 | ||||||||||||
Retainage receivable ($110,794 and $89,132 related to VIEs) | 621,414 | 562,375 | ||||||||||||
Costs and estimated earnings in excess of billings ($39,147 and $22,764 related to VIEs) | 1,180,215 | 1,123,544 | ||||||||||||
Other current assets ($56,504 and $58,128 related to VIEs) | 239,614 | 197,473 | ||||||||||||
Total current assets | 4,111,967 | 3,510,986 | ||||||||||||
PROPERTY AND EQUIPMENT ("P&E"), net of accumulated depreciation of $424,065 and $388,147 (net P&E of $17,634 and $49,919 related to VIEs) | 485,861 | 509,685 | ||||||||||||
GOODWILL | 205,143 | 205,143 | ||||||||||||
INTANGIBLE ASSETS, NET | 131,391 | 155,270 | ||||||||||||
OTHER ASSETS | 107,894 | 104,693 | ||||||||||||
TOTAL ASSETS | $ | 5,042,256 | $ | 4,485,777 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Current maturities of long-term debt, net of unamortized discount and debt issuance costs totaling $3,115 and $0 | $ | 99,504 | $ | 124,054 | ||||||||||
Accounts payable ($101,034 and $93,848 related to VIEs) | 811,987 | 682,699 | ||||||||||||
Retainage payable ($22,864 and $13,967 related to VIEs) | 296,200 | 252,181 | ||||||||||||
Billings in excess of costs and estimated earnings ($413,659 and $422,847 related to VIEs) | 911,378 | 844,389 | ||||||||||||
Accrued expenses and other current liabilities ($12,581 and $25,402 related to VIEs) | 233,241 | 206,533 | ||||||||||||
Total current liabilities | 2,352,310 | 2,109,856 | ||||||||||||
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $20,934 and $23,343 | 921,519 | 710,422 | ||||||||||||
DEFERRED INCOME TAXES | 58,416 | 35,686 | ||||||||||||
OTHER LONG-TERM LIABILITIES | 200,714 | 199,288 | ||||||||||||
TOTAL LIABILITIES | 3,532,959 | 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 | 1,125,455 | 1,117,972 | ||||||||||||
Retained earnings | 386,890 | 313,991 | ||||||||||||
Accumulated other comprehensive loss | (39,816) | (42,100) | ||||||||||||
Total stockholders' equity | 1,523,356 | 1,440,142 | ||||||||||||
Noncontrolling interests | (14,059) | (9,617) | ||||||||||||
TOTAL EQUITY | 1,509,297 | 1,430,525 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 5,042,256 | $ | 4,485,777 |
Tutor Perini Corporation | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
Unaudited | |||||||||||
| Nine Months Ended September 30, | ||||||||||
(in thousands) | 2020 | 2019 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) | $ | 106,320 | $ | (283,996) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Goodwill impairment | — | 379,863 | |||||||||
Depreciation | 55,755 | 41,884 | |||||||||
Amortization of intangible assets | 23,879 | 2,657 | |||||||||
Share-based compensation expense | 10,722 | 14,331 | |||||||||
Change in debt discount and deferred debt issuance costs | 18,960 | 9,790 | |||||||||
Deferred income taxes | 22,137 | (48,318) | |||||||||
Gain on sale of property and equipment | (2,609) | (1,799) | |||||||||
Changes in other components of working capital | (107,786) | (7,148) | |||||||||
Other long-term liabilities | 3,899 | 3,979 | |||||||||
Other, net | (309) | 122 | |||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 130,968 | 111,365 | |||||||||
| |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of property and equipment | (43,396) | (62,677) | |||||||||
Proceeds from sale of property and equipment | 13,320 | 4,300 | |||||||||
Investment in securities | (22,692) | (18,790) | |||||||||
Proceeds from maturities and sales of investments in securities | 19,901 | 11,078 | |||||||||
NET CASH USED IN INVESTING ACTIVITIES | (32,867) | (66,089) | |||||||||
| |||||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from debt | 1,183,012 | 649,139 | |||||||||
Repayment of debt | (1,004,259) | (583,039) | |||||||||
Cash payments related to share-based compensation | (1,697) | (2,363) | |||||||||
Distributions paid to noncontrolling interests | (37,217) | (21,500) | |||||||||
Contributions from noncontrolling interests | — | 6,519 | |||||||||
Debt issuance, extinguishment and modification costs | (10,701) | (504) | |||||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 129,138 | 48,252 | |||||||||
| |||||||||||
Net increase in cash, cash equivalents and restricted cash | 227,239 | 93,528 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 202,101 | 119,863 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 429,340 | $ | 213,391 |
Tutor Perini Corporation | ||||||||||||||||||||||||||
Backlog Information | ||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
(in millions) | Backlog at June 30, 2020 | New Awards in the Three Months Ended September 30, 2020(a) | Revenue in the Three Months Ended September 30, 2020 | Backlog at September 30, 2020 | ||||||||||||||||||||||
Civil | $ | 5,536.9 | $ | 282.2 | $ | (612.0) | $ | 5,207.1 | ||||||||||||||||||
Building | 2,278.5 | 186.4 | (508.1) | 1,956.8 | ||||||||||||||||||||||
Specialty Contractors | 2,183.2 | 156.9 | (322.0) | 2,018.1 | ||||||||||||||||||||||
Total | $ | 9,998.6 | $ | 625.5 | $ | (1,442.1) | $ | 9,182.0 | ||||||||||||||||||
| ||||||||||||||||||||||||||
(in millions) | Backlog at December 31, 2019 | New Awards in the Nine Months Ended September 30, 2020(a) | Revenue in the Nine Months Ended September 30, 2020 | Backlog at September 30, 2020 | ||||||||||||||||||||||
Civil | $ | 6,037.2 | $ | 837.5 | $ | (1,667.6) | $ | 5,207.1 | ||||||||||||||||||
Building | 2,790.3 | 629.4 | (1,462.9) | 1,956.8 | ||||||||||||||||||||||
Specialty Contractors | 2,393.6 | 463.2 | (838.7) | 2,018.1 | ||||||||||||||||||||||
Total | $ | 11,221.1 | $ | 1,930.1 | $ | (3,969.2) | $ | 9,182.0 |
Cover |
Nov. 04, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2020 |
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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