Tutor Perini Corp 2025年季度报告

TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ___________ to ___________ Commission File Number:1-6314Tutor Perini Corporation 15901 OLDEN STREET,SYLMAR,CALIFORNIA(Address of Principal Executive Offices) (818)362-8391 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting Large accelerated filer☒Accelerated filer☐ Emerging growth company☐ Additional paid-in capital1,142,299Accumulated deficit(2,577)Accumulated other comprehensive loss(32,190) The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. UNAUDITEDThree Months Ended March 31,(in thousands)2025 Net income$42,749$Adjustments to reconcile net income to net cash provided by operating activities:Depreciation12,014Amortization of intangible assets560 (Gain) loss on sale of property and equipment Changes in other components of working capitalOther long-term liabilities Other, net1,296NET CASH PROVIDED BY OPERATING ACTIVITIES22,863 (in thousands)2025Building segment revenue by end market:Healthcare facilities$214,548$Detention facilities88,004 Education facilitiesMass transit (includes transportation projects) 19,717Total Building segment revenue$459,784$Three Months Ended GovernmentMulti-unit residential Healthcare facilities20,57410,785 Total Specialty Contractors segment revenue Changes in Contract Estimates that Impact RevenueChanges to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions tomanagement’s initial estimates, are recognized in the period in which they are determined. Revenue wasnegatively impacted duringthe three months ended March31, 2025 related to performance obligations satisfied (or partially satisfied) in prior periods by $17.4million. Net revenue recognized during the three months ended March31, 2024 related to performance obligations satisfied (orpartially satisfied) in prior periods wasimmaterial.Remaining Performance Obligations (4)Contract Assets and LiabilitiesThe Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, (in thousands)As of March 31,2025As of December 31,Contract Assets: 9 billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapprovedchange orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows: (in thousands)As of March 31,2025As of December 31,2024Cash and cash equivalents available for general corporate purposes$64,229$Joint venture cash and cash equivalents212,260Cash and cash equivalents276,489 Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cashequivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by theCompany’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insuranceclaim deductibles, in lieu of letters of credit. (6)Earnings Per Common Share Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor PeriniCorporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for Net income attributable to Tutor Perini Corporation per common share:$0.53$$0.53$ The Company recognized an income tax expense for the three months ended March31, 2024 of $7.3million resulting in an effectiveincome tax rate of21.0%. The effective income tax rate for the three months ended March31, 2024 was consistent with the 21.0% federal statutory rate as the impacts of rate reductions from earnings attributable to noncontrolling interests (for which income taxes As of March 31, 2025Weighted-AverageAccumulated Trade names (non-amortizable)$117,600$—$(67,190)$50,410IndefiniteTrade names (amortizable)69,250(30,919)(23,232)15,09920yearsContractor license6,000—(6,000)—Customer relationships39,800(23,155)(16,645)— $ Customer relationshipsConstruction contract backlog (9)Financial Commitments Long-Term Debt Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:(in thousands)As of March 31,2025As of December 31,2024 $Term Loan B——Equipment financing and mortgages22,180Other indebtedness4,441Total debt405,592 The following table reconciles the outstanding debt balances to the reported debt balances as of March31, 2025 and December31, (in thousands)