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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________

Commission File Number: 1-6314
Tutor Perini Corporation
(Exact Name of Registrant as Specified in its Charter)
MASSACHUSETTS
(State or Other Jurisdiction of
Incorporation or Organization)

15901 OLDEN STREET, SYLMAR, CALIFORNIA
(Address of Principal Executive Offices)
04-1717070
(I.R.S. Employer Identification No.)

91342-1093
(Zip Code)
(818) 362-8391
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1.00 par valueTPCThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

The number of shares of common stock, $1.00 par value per share, of the registrant outstanding at November 2, 2023 was 52,022,169.


TUTOR PERINI CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
Page Numbers
2

PART I. – FINANCIAL INFORMATION
Item 1. Financial Statements
TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per common share amounts)2023202220232022
REVENUE$1,060,705 $1,070,926 $2,858,756 $2,884,107 
COST OF OPERATIONS(1,009,792)(1,020,586)(2,767,051)(2,817,645)
GROSS PROFIT50,913 50,340 91,705 66,462 
General and administrative expenses(63,479)(57,232)(183,828)(173,815)
LOSS FROM CONSTRUCTION OPERATIONS(12,566)(6,892)(92,123)(107,353)
Other income, net2,967 397 12,442 5,114 
Interest expense(20,313)(17,015)(63,842)(49,711)
LOSS BEFORE INCOME TAXES(29,912)(23,510)(143,523)(151,950)
Income tax (expense) benefit4,086 (560)52,004 47,047 
NET LOSS(25,826)(24,070)(91,519)(104,903)
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS11,070 8,385 32,107 12,189 
NET LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION$(36,896)$(32,455)$(123,626)$(117,092)
BASIC LOSS PER COMMON SHARE$(0.71)$(0.63)$(2.39)$(2.28)
DILUTED LOSS PER COMMON SHARE$(0.71)$(0.63)$(2.39)$(2.28)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC51,994 51,404 51,784 51,263 
DILUTED51,994 51,404 51,784 51,263 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3

TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
UNAUDITED
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
NET LOSS$(25,826)$(24,070)$(91,519)$(104,903)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments299 458 896 1,373 
Foreign currency translation adjustments(1,017)(2,527)(239)(3,660)
Unrealized gain (loss) in fair value of investments(255)(2,510)482 (8,772)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX(973)(4,579)1,139 (11,059)
COMPREHENSIVE LOSS(26,799)(28,649)(90,380)(115,962)
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS10,597 6,860 32,188 9,512 
COMPREHENSIVE LOSS ATTRIBUTABLE TO TUTOR PERINI CORPORATION$(37,396)$(35,509)$(122,568)$(125,474)
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(in thousands, except share and per share amounts)As of September 30,
2023
As of December 31,
2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($148,097 and $168,408 related to variable interest entities (“VIEs”))
$290,008 $259,351 
Restricted cash41,915 14,480 
Restricted investments98,361 91,556 
Accounts receivable ($85,836 and $54,040 related to VIEs)
1,161,020 1,171,085 
Retention receivable ($155,590 and $187,615 related to VIEs)
561,856 585,556 
Costs and estimated earnings in excess of billings ($61,279 and $83,911 related to VIEs)
1,175,795 1,377,528 
Other current assets ($31,260 and $33,340 related to VIEs)
239,736 179,215 
Total current assets3,568,691 3,678,771 
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $524,774 and $505,512 (net P&E of $36,852 and $22,133 related to VIEs)
447,303 435,088 
GOODWILL205,143 205,143 
INTANGIBLE ASSETS, NET68,865 70,542 
DEFERRED INCOME TAXES
72,003 15,910 
OTHER ASSETS123,722 137,346 
TOTAL ASSETS$4,485,727 $4,542,800 
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt$28,040 $70,285 
Accounts payable ($42,864 and $36,484 related to VIEs)
558,844 495,345 
Retention payable ($25,467 and $44,859 related to VIEs)
221,488 246,562 
Billings in excess of costs and estimated earnings ($432,558 and $480,839 related to VIEs)
1,028,960 975,812 
Accrued expenses and other current liabilities ($12,239 and $5,082 related to VIEs)
199,238 179,523 
Total current liabilities2,036,570 1,967,527 
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $11,538 and $13,980
876,794 888,154 
OTHER LONG-TERM LIABILITIES238,408 245,135 
TOTAL LIABILITIES3,151,772 3,100,816 
COMMITMENTS AND CONTINGENCIES (NOTE 10)
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 52,022,169 and 51,521,336 shares
52,022 51,521 
Additional paid-in capital1,144,783 1,140,933 
Retained earnings180,675 304,301 
Accumulated other comprehensive loss(45,979)(47,037)
Total stockholders' equity1,331,501 1,449,718 
Noncontrolling interests2,454 (7,734)
TOTAL EQUITY1,333,955 1,441,984 
TOTAL LIABILITIES AND EQUITY$4,485,727 $4,542,800 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

TUTOR PERINI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITED
Nine Months Ended September 30,
(in thousands)20232022
Cash Flows from Operating Activities:
Net loss
$(91,519)$(104,903)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation30,308 40,088 
Amortization of intangible assets1,677 13,966 
Share-based compensation expense9,103 7,681 
Change in debt discounts and deferred debt issuance costs2,992 2,751 
Deferred income taxes(61,146)(53,365)
Gain on sale of property and equipment(5,077)(183)
Changes in other components of working capital296,839 338,527 
Other long-term liabilities(2,976)10,862 
Other, net610 (4,146)
NET CASH PROVIDED BY OPERATING ACTIVITIES180,811 251,278 
Cash Flows from Investing Activities:
Acquisition of property and equipment(45,590)(42,809)
Proceeds from sale of property and equipment9,006 6,738 
Investments in securities(17,986)(11,145)
Proceeds from maturities and sales of investments in securities11,134 8,333 
NET CASH USED IN INVESTING ACTIVITIES(43,436)(38,883)
Cash Flows from Financing Activities:
Proceeds from debt702,427 498,606 
Repayment of debt(758,473)(533,452)
Cash payments related to share-based compensation(737)(1,389)
Distributions paid to noncontrolling interests(26,500)(46,500)
Contributions from noncontrolling interests4,500 3,961 
Debt issuance, extinguishment and modification costs(500) 
NET CASH USED IN FINANCING ACTIVITIES(79,283)(78,774)
Net increase in cash, cash equivalents and restricted cash58,092 133,621 
Cash, cash equivalents and restricted cash at beginning of period273,831 211,396 
Cash, cash equivalents and restricted cash at end of period$331,923 $345,017 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.


6

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
(1)Basis of Presentation
The Condensed Consolidated Financial Statements do not include footnotes and certain financial information normally presented annually under generally accepted accounting principles in the United States (“GAAP”). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation’s (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and nine months ended September 30, 2023 may not be indicative of the results that will be achieved for the full year ending December 31, 2023.
In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company’s consolidated financial position as of September 30, 2023 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. Certain amounts in the condensed consolidated financial statements and notes thereto of prior years have been reclassified to conform to the current year presentation.
(2)Revenue
Disaggregation of Revenue
The following tables disaggregate revenue by end market, customer type and contract type, which the Company believes best depict how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2023 and 2022.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)$293,209 $311,702 $842,751 $794,414 
Military facilities83,811 66,063 253,189 176,212 
Bridges72,112 86,042 154,083 212,362 
Commercial and industrial sites36,038 19,813 87,955 44,583 
Other35,324 17,285 86,509 67,751 
Total Civil segment revenue$520,494 $500,905 $1,424,487 $1,295,322 
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Building segment revenue by end market:
Government$120,493 $88,624 $307,927 $248,405 
Health care facilities82,417 48,602 188,673 134,439 
Education facilities57,429 41,538 159,926 102,574 
Mass transit (includes transportation projects)45,191 40,783 141,382 111,431 
Commercial and industrial facilities11,358 60,711 65,655 149,106 
Hospitality and gaming19,158 17,455 55,743 118,450 
Sports and entertainment16,129 7,143 42,959 17,089 
Other(a)
13,274 13,194 (35,821)34,145 
Total Building segment revenue$365,449 $318,050 $926,444 $915,639 
7

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Specialty Contractors segment revenue by end market:
Commercial and industrial facilities$51,613 $50,213 $159,423 $116,514 
Multi-unit residential31,751 31,461 93,754 84,642 
Mass transit (includes certain transportation and tunneling projects)18,349 95,281 70,867 289,703 
Water18,275 20,274 66,756 55,693 
Government19,948 17,738 61,780 43,356 
Health care facilities20,486 6,750 44,065 21,706 
Other(a)
14,340 30,254 11,180 61,532 
Total Specialty Contractors segment revenue$174,762 $251,971 $507,825 $673,146 
Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by customer type:
State and local agencies$354,819 $197,031 $81,366 $633,216 $375,566 $136,082 $113,907 $625,555 
Federal agencies97,593 49,853 (7,369)140,077 97,741 42,367 4,983 145,091 
Private owners68,082 118,565 100,765 287,412 27,598 139,601 133,081 300,280 
Total revenue$520,494 $365,449 $174,762 $1,060,705 $500,905 $318,050 $251,971 $1,070,926 
Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by customer type:
State and local agencies$971,259 $510,879 $221,927 $1,704,065 $1,008,819 $349,245 $297,955 $1,656,019 
Federal agencies292,288 138,678 (10,890)420,076 211,426 130,867 19,503 361,796 
Private owners(a)
160,940 276,887 296,788 734,615 75,077 435,527 355,688 866,292 
Total revenue$1,424,487 $926,444 $507,825 $2,858,756 $1,295,322 $915,639 $673,146 $2,884,107 

Three Months Ended
September 30, 2023
Three Months Ended
September 30, 2022
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by contract type:
Fixed price$417,973 $130,422 $142,750 $691,145 $416,216 $103,804 $206,886 $726,906 
Guaranteed maximum price91 165,397 907 166,395 (13)144,831 5,627 150,445 
Unit price91,906  24,564 116,470 90,372  25,951 116,323 
Cost plus fee and other10,524 69,630 6,541 86,695 (5,670)69,415 13,507 77,252 
Total revenue$520,494 $365,449 $174,762 $1,060,705 $500,905 $318,050 $251,971 $1,070,926 

8

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Nine Months Ended
September 30, 2023
Nine Months Ended
September 30, 2022
(in thousands)CivilBuildingSpecialty
Contractors
TotalCivilBuildingSpecialty
Contractors
Total
Revenue by contract type:
Fixed price$1,217,689 $362,591 $419,457 $1,999,737 $1,090,623 $270,618 $563,985 $1,925,226 
Guaranteed maximum price(a)
46 360,245 929 361,220 581 462,294 14,321 477,196 
Unit price183,580  69,696 253,276 213,092 33 62,837 275,962 
Cost plus fee and other23,172 203,608 17,743 244,523 (8,974)182,694 32,003 205,723 
Total revenue$1,424,487 $926,444 $507,825 $2,858,756 $1,295,322 $915,639 $673,146 $2,884,107 
____________________________________________________________________________________________________
(a)The nine-month period ended September 30, 2023 includes the negative impact of a non-cash charge of $83.6 million in the first quarter of 2023 that resulted from an adverse legal ruling (of which $72.2 million impacted the Building segment and $11.4 million impacted the Specialty Contractors segment). Refer to Note 17, Business Segments, for additional details.

Changes in Contract Estimates that Impact Revenue
Changes to the total estimated contract revenue or cost for a given project, either due to unexpected events or revisions to management’s initial estimates, are recognized in the period in which they are determined. Revenue was negatively impacted during the three and nine months ended September 30, 2023 related to performance obligations satisfied (or partially satisfied) in prior periods by $55.3 million and $167.4 million, respectively. Refer to Note 17, Business Segments, for additional details on significant adjustments. Revenue was negatively impacted during the three and nine months ended September 30, 2022 related to performance obligations satisfied (or partially satisfied) in prior periods by $54.2 million and $164.1 million, respectively.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and exclude unexercised contract options. As of September 30, 2023, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.5 billion, $2.3 billion and $1.1 billion for the Civil, Building and Specialty Contractors segments, respectively. As of September 30, 2022, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.7 billion, $2.3 billion and $1.3 billion for the Civil, Building and Specialty Contractors segments, respectively. The Company typically recognizes revenue on Civil segment projects over a period of three to five years, whereas for projects in the Building and Specialty Contractors segments, the Company typically recognizes revenue over a period of one to three years.
(3)Contract Assets and Liabilities
The Company classifies contract assets and liabilities that may be settled beyond one year from the balance sheet date as current, consistent with the length of time of the Company’s project operating cycle.
9

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Contract assets include amounts due under retention provisions, costs and estimated earnings in excess of billings and capitalized contract costs. The amounts as included on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2023
As of December 31,
2022
Retention receivable$561,856 $585,556 
Costs and estimated earnings in excess of billings:
Claims533,227 677,367 
Unapproved change orders573,224 601,681 
Other unbilled costs and profits69,344 98,480 
Total costs and estimated earnings in excess of billings1,175,795 1,377,528 
Capitalized contract costs131,308 49,441 
Total contract assets$1,868,959 $2,012,525 
Retention receivable represents amounts invoiced to customers where payments have been partially withheld pending the completion of certain milestones, satisfaction of other contractual conditions or the completion of the project. Retention agreements vary from project to project, and balances could be outstanding for several months or years depending on a number of circumstances such as contract-specific terms, project performance and other variables that may arise as the Company makes progress toward completion. As of September 30, 2023, the amount of retention receivable estimated by management to be collected beyond one year is approximately 58% of the balance.
Costs and estimated earnings in excess of billings represent the excess of contract costs and profits (or contract revenue) over the amount of contract billings to date and are classified as a current asset. Costs and estimated earnings in excess of billings result when either: (1) the appropriate contract revenue amount has been recognized over time in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), but a portion of the revenue recorded cannot be billed currently due to the billing terms defined in the contract, or (2) costs are incurred related to certain claims and unapproved change orders. Claims occur when there is a dispute regarding both a change in the scope of work and the price associated with that change. Unapproved change orders occur when a change in the scope of work results in additional work being performed before the parties have agreed on the corresponding change in the contract price. The Company routinely estimates recovery related to claims and unapproved change orders as a form of variable consideration at the most likely amount it expects to receive and to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Claims and unapproved change orders are billable upon the agreement and resolution between the contractual parties and after the execution of contractual amendments. Increases in claims and unapproved change orders typically result from costs being incurred against existing or new positions; decreases normally result from resolutions and subsequent billings. As discussed in Note 10, the resolution of these claims and unapproved change orders may require litigation or other forms of dispute resolution proceedings. Other unbilled costs and profits are billable in accordance with the billing terms of each of the existing contractual arrangements and, as such, the timing of contract billing cycles can cause fluctuations in the balance of unbilled costs and profits. Ultimate resolution of other unbilled costs and profits typically involves incremental progress toward contractual requirements or milestones. The amount of costs and estimated earnings in excess of billings as of September 30, 2023 estimated by management to be collected beyond one year is approximately $630.8 million.
Capitalized contract costs are included in other current assets and primarily represent costs to fulfill a contract that (1) directly relate to an existing or anticipated contract, (2) generate or enhance resources that will be used in satisfying performance obligations in the future and (3) are expected to be recovered through the contract. Capitalized contract costs are generally expensed to the associated contract over the period of anticipated use on the project. During the three and nine months ended September 30, 2023, $14.7 million and $34.5 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts. During the three and nine months ended September 30, 2022, $13.7 million and $45.3 million, respectively, of previously capitalized contract costs were amortized and recognized as expense on the related contracts.
10

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Contract liabilities include amounts owed under retention provisions and billings in excess of costs and estimated earnings. The amount as reported on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2023
As of December 31,
2022
Retention payable$221,488 $246,562 
Billings in excess of costs and estimated earnings1,028,960 975,812 
Total contract liabilities$1,250,448 $1,222,374 
Retention payable represents amounts invoiced to the Company by subcontractors where payments have been partially withheld pending the completion of certain milestones, other contractual conditions or upon the completion of the project. Generally, retention payable is not remitted to subcontractors until the associated retention receivable from customers is collected. As of September 30, 2023, the amount of retention payable estimated by management to be remitted beyond one year is approximately 46% of the balance.
Billings in excess of costs and estimated earnings represent the excess of contract billings to date over the amount of contract costs and profits (or contract revenue) recognized to date. The balance may fluctuate depending on the timing of contract billings and the recognition of contract revenue. Revenue recognized during the three and nine months ended September 30, 2023 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $439.8 million and $663.6 million, respectively. Revenue recognized during the three and nine months ended September 30, 2022 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $447.4 million and $487.1 million, respectively.
(4)Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows:
(in thousands)As of September 30,
2023
As of December 31,
2022
Cash and cash equivalents available for general corporate purposes$100,588 $47,711 
Joint venture cash and cash equivalents189,420 211,640 
Cash and cash equivalents290,008 259,351 
Restricted cash41,915 14,480 
Total cash, cash equivalents and restricted cash$331,923 $273,831 
Cash equivalents include short-term, highly liquid investments with maturities of three months or less when acquired. Cash and cash equivalents consist of amounts available for the Company’s general purposes, the Company’s proportionate share of cash held by the Company’s unconsolidated joint ventures and 100% of amounts held by the Company’s consolidated joint ventures. In both cases, cash held by joint ventures is available only for joint venture-related uses, including future distributions to joint venture partners.
Restricted cash includes amounts primarily held as collateral to secure insurance-related contingent obligations, such as insurance claim deductibles, in lieu of letters of credit and insurance-related deposits.
(5)Earnings Per Common Share
Basic earnings per common share (“EPS”) and diluted EPS are calculated by dividing net income (loss) attributable to Tutor Perini Corporation by the following: for basic EPS, the weighted-average number of common shares outstanding during the period; and for diluted EPS, the sum of the weighted-average number of both outstanding common shares and potentially dilutive securities, which for the Company can include restricted stock units (“RSUs”) and unexercised stock options. The Company calculates the effect of the potentially dilutive RSUs and stock options using the treasury stock method.
11

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per common share data)2023202220232022
Net loss attributable to Tutor Perini Corporation$(36,896)$(32,455)$(123,626)$(117,092)
Weighted-average common shares outstanding, basic51,994 51,404 51,784 51,263 
Effect of dilutive RSUs and stock options    
Weighted-average common shares outstanding, diluted51,994 51,404 51,784 51,263 
Net loss attributable to Tutor Perini Corporation per common share:
Basic$(0.71)$(0.63)$(2.39)$(2.28)
Diluted$(0.71)$(0.63)$(2.39)$(2.28)
Anti-dilutive securities not included above3,077 3,011 3,032 3,280 
For both the three and nine months ended September 30, 2023 and 2022, all outstanding RSUs and stock options were excluded from the calculation of weighted-average diluted shares outstanding, as the shares have an anti-dilutive effect due to the net loss for the periods.
(6)Income Taxes

The Company recognized an income tax benefit of $4.1 million and $52.0 million for the three and nine months ended September 30, 2023, respectively. The effective income tax rate was 13.7% and 36.2% for the three and nine months ended September 30, 2023, respectively. The effective income tax rate for the three months ended September 30, 2023 was lower than the 21% federal statutory rate primarily due to the impact of a cumulative catch-up adjustment associated with the change in the Company’s projected 2023 effective tax rate that resulted from the revision of the Company’s forecast. The effective income tax rates for both periods were impacted by relatively large tax benefits generated against a forecasted pre-tax loss for the year, which magnified the impact these tax benefits had on the effective income tax rate. In periods with pre-tax losses, tax benefits generated during the period increase the effective income tax rate (and, thus, the income tax benefit to the Company) rather than decreasing the effective rate, as in periods with pre-tax income. The tax benefits that caused a higher effective tax rate were primarily state income taxes (net of the federal tax benefit), earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and a reduction in reserves for unrecognized tax benefits, partially offset by non-deductible expenses.
For the three and nine months ended September 30, 2022, the Company recognized income tax expense of $0.6 million and an income tax benefit of $47.0 million, respectively, resulting in an effective income tax rate of (2.4)% and 31.0%, respectively. The Company recognized income tax expense based on a pre-tax loss for the three months ended September 30, 2022, primarily as a result of a change during the quarter to forecasted pre-tax earnings for 2022, the cumulative impact of which offset the tax benefits generated during the quarter. The effective income tax rates for both periods reflected pre-tax losses incurred in the periods and projected for the full year. The tax benefits that increased the income tax rates in both periods were primarily state income taxes (net of the federal tax benefit) and the earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company).

12

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

(7)Goodwill and Intangible Assets
Goodwill
The following table presents the changes in the carrying amount of goodwill since its inception through September 30, 2023:
(in thousands)CivilBuildingSpecialty
Contractors
Total
Gross goodwill as of December 31, 2022$492,074 $424,724 $156,193 $1,072,991 
Accumulated impairment as of December 31, 2022(286,931)(424,724)(156,193)(867,848)
Goodwill as of December 31, 2022205,143   205,143 
Current year activity    
Goodwill as of September 30, 2023$205,143 $ $ $205,143 
The Company performed its annual impairment test in the fourth quarter of 2022 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would more likely than not reduce the fair value of the Civil reporting unit below its carrying amount.
The Company will continue to monitor events and circumstances for changes that indicate the Civil reporting unit goodwill would need to be reevaluated for impairment during future interim periods prior to the annual impairment test. These future events and circumstances include, but are not limited to, changes in the overall financial performance of the Civil reporting unit, as well as other quantitative and qualitative factors which could indicate potential triggering events for possible impairment.
Intangible Assets
Intangible assets consist of the following:
As of September 30, 2023Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (27,563)(23,232)18,455 20 years
Contractor license6,000 — (6,000) N/A
Customer relationships39,800 (23,155)(16,645) N/A
Construction contract backlog149,290 (149,290)—  N/A
Total$381,940 $(200,008)$(113,067)$68,865 
As of December 31, 2022Weighted-Average Amortization Period
(in thousands)CostAccumulated
Amortization
Accumulated Impairment ChargeCarrying Value
Trade names (non-amortizable)$117,600 $— $(67,190)$50,410 Indefinite
Trade names (amortizable)69,250 (25,886)(23,232)20,132 20 years
Contractor license6,000 — (6,000) N/A
Customer relationships39,800 (23,155)(16,645) N/A
Construction contract backlog149,290 (149,290)—  N/A
Total$381,940 $(198,331)$(113,067)$70,542 
13

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

Amortization expense related to amortizable intangible assets for the three and nine months ended September 30, 2023 was $0.6 million and $1.7 million, respectively. Amortization expense related to amortizable intangible assets for the three and nine months ended September 30, 2022 was $3.8 million and $14.0 million, respectively. As of September 30, 2023, future amortization expense related to amortizable intangible assets will be approximately $0.6 million for the remainder of 2023, $2.2 million per year for the years 2024 through 2028 and $6.9 million thereafter.
The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2022. Based on this assessment, the Company concluded that its non-amortizable trade names were not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of our annual impairment test that would indicate impairment of its non-amortizable trade names. Other amortizable intangible assets are reviewed for impairment whenever circumstances indicate that future cash flows generated by the assets might be less than the assets’ net carrying value. The Company had no impairment of intangible assets during the three and nine months ended September 30, 2023 or 2022.
(8)Financial Commitments
Long-Term Debt
Long-term debt as reported on the Condensed Consolidated Balance Sheets consisted of the following:
(in thousands)As of September 30,
2023
As of December 31,
2022
2017 Senior Notes$498,122 $497,289 
Term Loan B358,556 404,169 
Revolver  
Equipment financing and mortgages38,344 48,681 
Other indebtedness9,812 8,300 
Total debt904,834 958,439 
Less: Current maturities28,040 70,285 
Long-term debt, net$876,794 $888,154 
The following table reconciles the outstanding debt balances to the reported debt balances as of September 30, 2023 and December 31, 2022:
As of September 30, 2023As of December 31, 2022
(in thousands)Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
Outstanding DebtUnamortized Discounts and Issuance CostsDebt,
as reported
2017 Senior Notes$500,000 $(1,878)$498,122 $500,000 $(2,711)$497,289 
Term Loan B368,216 (9,660)358,556 415,438 (11,269)404,169 
The unamortized issuance costs related to the Revolver were $1.6 million as of September 30, 2023 and December 31, 2022, and are included in other assets on the Condensed Consolidated Balance Sheets.

2020 Credit Agreement
On August 18, 2020, the Company entered into a credit agreement (the “2020 Credit Agreement”) with BMO Harris Bank N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement provides for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), with sub-limits for the issuance of letters of credit and swing line loans up to the aggregate amounts of $75.0 million and $10.0 million, respectively. The Term Loan B will mature on August 18, 2027 and the Revolver will mature on August 18, 2025, in each case, unless any of the 2017 Senior Notes (defined below) are outstanding on January 30, 2025 (which is 91 days prior to the maturity of the 2017 Senior Notes), in which case, both the Term Loan B and the Revolver will mature on January 30, 2025 subject to certain further exceptions (the “spring-forward maturity”).
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TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

The 2020 Credit Agreement permits the Company to repay any or all borrowings outstanding under the 2020 Credit Agreement at any time prior to maturity without penalty. The 2020 Credit Agreement requires the Company to make regularly scheduled payments of principal on the Term Loan B in quarterly installments equal to 0.25% of the initial principal amount of the Term Loan B. The 2020 Credit Agreement also requires the Company to make prepayments on the Term Loan B in connection with certain asset sales, receipts of insurance proceeds, incurrences of certain indebtedness and annual excess cash flow (in each case, subject to certain customary exceptions). At December 31, 2022, current maturities of long-term debt in the accompanying Condensed Consolidated Balance Sheet included a $44.0 million prepayment of principal on the Term Loan B, which was paid in April 2023, relating to the mandatory prepayment provision of the 2020 Credit Agreement in respect of annual excess cash flow.
Subject to certain exceptions, at any time prior to maturity, the 2020 Credit Agreement provides the Company with the right to increase the commitments under the Revolver and/or to establish one or more term loan facilities in an aggregate amount up to (i) the greater of $173.5 million and 50% LTM EBITDA (as defined in the 2020 Credit Agreement) plus (ii) additional amounts if (A) in the case of pari passu first lien secured indebtedness, the First Lien Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 1.35:1.00, (B) in the case of junior lien secured indebtedness, the Total Net Leverage Ratio (as defined in the 2020 Credit Agreement) does not exceed 3.50:1.00 and (C) in the case of unsecured indebtedness, (x) the Total Net Leverage Ratio does not exceed 3.50:1.00 or (y) the Fixed Charge Coverage Ratio (as defined in the 2020 Credit Agreement) is no less than 2.00:1.00.
Borrowings under the 2020 Credit Agreement bear interest, at the Company’s option, at a rate equal to (i) (A) in the case of the Term Loan B, following the amendment to the 2020 Credit Agreement on May 2, 2023 (as discussed below), (x) the Adjusted Term Secured Overnight Financing Rate (“Adjusted Term SOFR”) (calculated with a 11.448 basis point, 26.161 basis point and 42.826 basis point credit spread adjustment for a 1, 3 and 6 month interest period, respectively) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) and (B) in case of the Revolver, following the amendment to the 2020 Credit Agreement on October 31, 2022 (as discussed below), (x) the Adjusted Term SOFR rate (calculated with a 10 basis point credit spread adjustment for all interest periods) or (y) a base rate (determined by reference to the highest of (1) the administrative agent’s prime lending rate, (2) the federal funds effective rate plus 50 basis points and (3) the Adjusted Term SOFR rate for a one-month interest period plus 100 basis points) plus, in each case, (ii) an applicable margin. The margin applicable to the Term Loan B is between 4.50% and 4.75% for Adjusted Term SOFR and between 3.50% and 3.75% for base rate, and, in each case, is based on the Total Net Leverage Ratio. The margin applicable to the Revolver is between 4.25% and 4.75% for Adjusted Term SOFR and 3.25% and 3.75% for base rate, and, in each case, is based on the First Lien Net Leverage Ratio. Effective following the amendment to the 2020 Credit Agreement on October 31, 2022, the Company’s original London Interbank Offered Rate (“LIBOR”) option in respect of the Revolver was transitioned to Adjusted Term SOFR. Effective May 2, 2023, the 2020 Credit Agreement was further amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. In addition to paying interest on outstanding principal under the 2020 Credit Agreement, the Company will pay a commitment fee to the lenders under the Revolver in respect of the unutilized commitments thereunder. The Company will pay customary letter of credit fees. If a payment or bankruptcy event of default occurs and is continuing, the otherwise applicable margin on overdue amounts will be increased by 2% per annum. The 2020 Credit Agreement includes customary provisions for the replacement of Adjusted Term SOFR with an alternative benchmark rate upon Adjusted Term SOFR being discontinued. The weighted-average annual interest rate on borrowings under the Revolver was 11.77% during the nine months ended September 30, 2023.
The 2020 Credit Agreement initially required, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 2.75:1.00, stepping down to 2.25:1.00 beginning the fiscal quarter ending March 31, 2022. On October 31, 2022, the 2020 Credit Agreement was amended to increase the maximum First Lien Net Leverage Ratio covenant level to 2.75:1.00 (from 2.25:1.00), effective the fiscal quarter ending September 30, 2022, and subsequently stepping back down to 2.25:1.00 beginning the fiscal quarter ending June 30, 2023. On March 10, 2023, the 2020 Credit Agreement was further amended to set the maximum First Lien Net Leverage Ratio covenant level to 3.50:1.00, effective the fiscal quarter ended December 31, 2022 and increasing to 3.75:1.00 for the fiscal quarter ending March 31, 2023 and subsequently stepping down to 3.00:1.00 for the fiscal quarter ending June 30, 2023, 2.50:1.00 for the fiscal quarter ending September 30, 2023 and 2.25:1.00 for the fiscal quarter ending December 31, 2023 and each fiscal quarter thereafter. The 2020 Credit Agreement also includes certain customary representations and warranties, affirmative covenants and events of default. Subject to certain exceptions, substantially all of the Company’s existing and future material wholly-owned subsidiaries unconditionally guarantee the obligations of the Company under the 2020 Credit Agreement; additionally, subject to certain exceptions, the obligations are secured by a lien on substantially all of the assets of the Company and its subsidiaries guaranteeing these obligations.
15

TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

As of September 30, 2023, the entire $175.0 million was available under the Revolver. The Company had not utilized the Revolver for letters of credit. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended September 30, 2023.
2017 Senior Notes
On April 20, 2017, the Company issued $500.0 million in aggregate principal amount of 6.875% Senior Notes due May 1, 2025 (the “2017 Senior Notes”) in a private placement offering. Interest on the 2017 Senior Notes is payable in arrears semi-annually in May and November of each year, beginning in November 2017.
The Company may redeem the 2017 Senior Notes at specified redemption prices described in the indenture. Upon a change of control, holders of the 2017 Senior Notes may require the Company to repurchase all or part of the 2017 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.
The 2017 Senior Notes are senior unsecured obligations of the Company and are guaranteed by substantially all of the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement, as defined above. In addition, the indenture for the 2017 Senior Notes provides for customary covenants, including events of default and restrictions on the payment of dividends and share repurchases.
Interest Expense
Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Cash interest expense:
Interest on Term Loan B$9,674 $6,822 $28,673 $18,940 
Interest on 2017 Senior Notes8,594 8,593 25,782 25,781 
Interest on Revolver369 106 4,921 739 
Other interest689 559 1,474 1,499 
Total cash interest expense19,326 16,080 60,850 46,959 
Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B509 528 1,609 1,549 
Amortization of debt issuance costs on 2017 Senior Notes283 263 833 776 
Amortization of debt issuance costs on Revolver195 144 550 427 
Total non-cash interest expense987 935 2,992 2,752 
Total interest expense$20,313 $17,015 $63,842 $49,711 
____________________________________________________________________________________________________
(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rates for the 2017 Senior Notes and Term Loan B were 7.13% and 11.10%, respectively, for the nine months ended September 30, 2023.
(9)Leases
The Company leases certain office space, construction and office equipment, vehicles and temporary housing generally under non-cancelable operating leases. Leases with an initial term of one year or less are not recorded on the balance sheet, and the Company generally recognizes lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2023, the Company’s operating leases have remaining lease terms ranging from less than one year to 15 years, some of which include options to renew the leases. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants.
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TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

The following table presents components of lease expense for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2023202220232022
Operating lease expense$4,701 $3,685 $11,562 $11,754 
Short-term lease expense(a)
12,881 15,393 39,492 42,828 
17,582 19,078 51,054 54,582 
Less: Sublease income198 193 590 573 
Total lease expense$17,384 $18,885 $50,464 $54,009 
____________________________________________________________________________________________________
(a)Short-term lease expense includes all leases with lease terms of up to one year. Short-term leases include, among other things, construction equipment rented on an as-needed basis as well as temporary housing.
The following table presents supplemental balance sheet information related to operating leases:
(dollars in thousands)Balance Sheet Line ItemAs of September 30,
2023
As of December 31,
2022
Assets
Right-of-use assetsOther assets$47,728 $50,825 
Total lease assets$47,728 $50,825 
Liabilities
Current lease liabilitiesAccrued expenses and other current liabilities$5,996 $6,709 
Long-term lease liabilitiesOther long-term liabilities46,929 49,176 
Total lease liabilities$52,925 $55,885 
Weighted-average remaining lease term10.7 years11.0 years
Weighted-average discount rate12.02 %11.77 %
The following table presents supplemental cash flow information and non-cash activity related to operating leases:
Nine Months Ended
September 30,
(in thousands)20232022
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities$(11,484)$(11,007)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities$3,629 $16,305 
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TUTOR PERINI CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
UNAUDITED

The following table presents maturities of operating lease liabilities on an undiscounted basis as of September 30, 2023:
Year (in thousands)
Operating Leases
2023 (excluding the nine months ended September 30, 2023)
$3,138 
202410,985 
20259,623 
20267,831 
20277,053 
Thereafter58,165 
Total lease payments96,795