2019 Q1 Form 10-Q Financial Statement

#000007754319000024 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $958.5M $1.028B
YoY Change -6.78% -7.98%
Cost Of Revenue $870.0M $961.1M
YoY Change -9.48% -5.27%
Gross Profit $88.47M $67.07M
YoY Change 31.91% -34.71%
Gross Profit Margin 9.23% 6.52%
Selling, General & Admin $65.60M $68.00M
YoY Change -3.53% 3.5%
% of Gross Profit 74.15% 101.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.83M $9.301M
YoY Change 37.95% -55.71%
% of Gross Profit 14.5% 13.87%
Operating Expenses $65.60M $68.00M
YoY Change -3.53% 3.5%
Operating Profit $22.91M -$925.0K
YoY Change -2577.08% -102.5%
Interest Expense $16.43M $15.07M
YoY Change 9.03% -196.57%
% of Operating Profit 71.68%
Other Income/Expense, Net $422.0K $780.0K
YoY Change -45.9% 95.0%
Pretax Income $6.910M -$15.21M
YoY Change -145.43% -169.55%
Income Tax $2.188M -$4.268M
% Of Pretax Income 31.66%
Net Earnings -$356.0K -$12.12M
YoY Change -97.06% -188.08%
Net Earnings / Revenue -0.04% -1.18%
Basic Earnings Per Share -$0.01 -$0.24
Diluted Earnings Per Share -$0.01 -$0.24
COMMON SHARES
Basic Shares Outstanding 50.10M 49.81M
Diluted Shares Outstanding 50.10M 49.81M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.5M $174.3M
YoY Change -41.77% 66.32%
Cash & Equivalents $101.5M $178.4M
Short-Term Investments
Other Short-Term Assets $124.3M $122.1M
YoY Change 1.81% 2.94%
Inventory
Prepaid Expenses
Receivables $2.517B $2.218B
Other Receivables $490.1M $530.9M
Total Short-Term Assets $3.302B $3.113B
YoY Change 6.07% 10.62%
LONG-TERM ASSETS
Property, Plant & Equipment $492.9M $473.2M
YoY Change 4.17% 2.27%
Goodwill $585.0M
YoY Change
Intangibles $85.03M
YoY Change
Long-Term Investments
YoY Change
Other Assets $93.80M $48.90M
YoY Change 91.81% 8.91%
Total Long-Term Assets $1.255B $1.196B
YoY Change 4.95% 0.92%
TOTAL ASSETS
Total Short-Term Assets $3.302B $3.113B
Total Long-Term Assets $1.255B $1.196B
Total Assets $4.556B $4.308B
YoY Change 5.76% 7.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $597.5M $700.0M
YoY Change -14.64% -27.53%
Accrued Expenses $185.9M $118.3M
YoY Change 57.14% 5.25%
Deferred Revenue $579.0M $496.7M
YoY Change 16.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.90M $27.20M
YoY Change -56.25% -1.45%
Total Short-Term Liabilities $1.583B $1.559B
YoY Change 1.53% 11.8%
LONG-TERM LIABILITIES
Long-Term Debt $886.7M $790.1M
YoY Change 12.23% 4.9%
Other Long-Term Liabilities $183.3M $166.2M
YoY Change 10.31% 4.01%
Total Long-Term Liabilities $1.070B $956.3M
YoY Change 11.89% 4.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.583B $1.559B
Total Long-Term Liabilities $1.070B $956.3M
Total Liabilities $2.761B $2.608B
YoY Change 5.85% 6.97%
SHAREHOLDERS EQUITY
Retained Earnings $701.3M $618.2M
YoY Change 13.44%
Common Stock $1.155B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.812B $1.700B
YoY Change
Total Liabilities & Shareholders Equity $4.556B $4.308B
YoY Change 5.76% 7.74%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$356.0K -$12.12M
YoY Change -97.06% -188.08%
Depreciation, Depletion And Amortization $12.83M $9.301M
YoY Change 37.95% -55.71%
Cash From Operating Activities -$124.8M -$73.40M
YoY Change 70.0% 123.79%
INVESTING ACTIVITIES
Capital Expenditures $14.41M $19.97M
YoY Change -27.83% -450.35%
Acquisitions
YoY Change
Other Investing Activities -$4.800M $3.000M
YoY Change -260.0% -131.91%
Cash From Investing Activities -$19.24M -$16.95M
YoY Change 13.55% 12.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 130.7M 71.13M
YoY Change 83.8% 977.77%
NET CHANGE
Cash From Operating Activities -124.8M -73.40M
Cash From Investing Activities -19.24M -16.95M
Cash From Financing Activities 130.7M 71.13M
Net Change In Cash -13.29M -19.22M
YoY Change -30.87% -53.47%
FREE CASH FLOW
Cash From Operating Activities -$124.8M -$73.40M
Capital Expenditures $14.41M $19.97M
Free Cash Flow -$139.2M -$93.37M
YoY Change 49.08% 244.55%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><a name="NotesToFinancialStatements"></a><font style="display: inline;font-weight:bold;text-decoration:underline;">Basis of Presentation</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">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 (&#x201C;GAAP&#x201D;). Therefore, they should be read in conjunction with the audited consolidated financial statements and the related notes included in Tutor Perini Corporation&#x2019;s (the &#x201C;Company&#x201D;) Annual Report on Form 10-K for the year ended December 31, 2018. </font><font style="display: inline;color:#000000;">The results of operations for the three months ended March&nbsp;31, 2019 may not be indicative of the results that will be achieved for the full year ending December&nbsp;31, 2019</font><font style="display: inline;">.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">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&#x2019;s consolidated financial position as of March&nbsp;31, 2019 and its consolidated statements of operations and cash flows for the interim periods presented. Intercompany balances and transactions have been eliminated. </font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <p><font size="1"> </font></p> </div> </div>
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