Tutor Perini Corporation - 10-Q quarterly report FY2025 Q1

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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	March 31, 2025
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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.00 par value	TPC	The 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 May 1, 2025 was 52,702,538.

Table of Contents

TUTOR PERINI CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS


			Page Numbers
Part I.	Financial Information:
	Item 1.	Financial Statements:
		Condensed Consolidated Statements of Income for the Thre e Months Ended March 31 , 202 5 and 202 4 (Unaudited)	3
		Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31 , 202 5 and 202 4 (Unaudited)	4
		Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 202 4 (Unaudited)	5
		Condensed Consolidated Statements of Cash Flows for the Thre e Months Ended March 31, 2025 and 202 4 (Unaudited)	6
		Notes to Condensed Consolidated Financial Statements (Unaudited)	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
	Item 4.	Controls and Procedures	36
Part II.	Other Information:
	Item 1.	Legal Proceedings	38
	Item 1A.	Risk Factors	38
	Item 4.	Mine Safety Disclosures	38
	Item 5.	Other Information	38
	Item 6.	Exhibits	38
	Signature		39

Table of Contents

PART I. – FINANCIAL INFORMATION

Item 1. Financial Statements

TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

UNAUDITED


	Three Months Ended March 31,
(in thousands, except per common share amounts)	2025		2024
REVENUE	$	1,246,633	$	1,048,987
COST OF OPERATIONS	(1,112,232)		(933,736)
GROSS PROFIT	134,401		115,251
General and administrative expenses	(69,076)		(66,445)
INCOME FROM CONSTRUCTION OPERATIONS	65,325		48,806
Other income, net	4,688		5,311
Interest expense	(14,352)		(19,307)
INCOME BEFORE INCOME TAXES	55,661		34,810
Income tax expense	(12,912)		(7,308)
NET INCOME	42,749		27,502
LESS: NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	14,751		11,742
NET INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	27,998	$	15,760
BASIC EARNINGS PER COMMON SHARE	$	0.53	$	0.30
DILUTED EARNINGS PER COMMON SHARE	$	0.53	$	0.30
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING:
BASIC	52,537		52,092
DILUTED	53,010		52,515

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

UNAUDITED


	Three Months Ended March 31,
(in thousands)	2025		2024
NET INCOME	$	42,749	$	27,502

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Defined benefit pension plan adjustments	302		321
Foreign currency translation adjustments	669		(927)
Unrealized gain (loss) in fair value of investments	1,305		(236)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	2,276		(842)

COMPREHENSIVE INCOME	45,025		26,660
LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	15,229		11,275
COMPREHENSIVE INCOME ATTRIBUTABLE TO TUTOR PERINI CORPORATION	$	29,796	$	15,385

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED


(in thousands, except share and per share amounts)	As of March 31, 2025		As of December 31, 2024

ASSETS
CURRENT ASSETS:
Cash and cash equivalents ($161,906 and $131,738 related to variable interest entities (“VIEs”))	$	276,489	$	455,084
Restricted cash	40,296		9,104
Restricted investments	135,592		139,986
Accounts receivable ($85,435 and $51,953 related to VIEs)	1,298,255		986,893
Retention receivable ($180,920 and $171,704 related to VIEs)	591,623		560,163
Costs and estimated earnings in excess of billings ($142,088 and $95,219 related to VIEs)	947,539		942,522
Other current assets ($21,781 and $24,954 related to VIEs)	199,276		192,915
Total current assets	3,489,070		3,286,667
PROPERTY AND EQUIPMENT (“P&E”), net of accumulated depreciation of $577,797 and $566,308 (net P&E of $15,907 and $19,876 related to VIEs)	440,626		422,988
GOODWILL	205,143		205,143
INTANGIBLE ASSETS, NET	65,509		66,069
DEFERRED INCOME TAXES	133,816		143,289
OTHER ASSETS	120,134		118,554
TOTAL ASSETS	$	4,454,298	$	4,242,710

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt	$	13,842	$	24,113
Accounts payable ($37,849 and $22,845 related to VIEs)	757,652		631,468
Retention payable ($20,394 and $19,744 related to VIEs)	242,061		240,971
Billings in excess of costs and estimated earnings ($372,307 and $326,561 related to VIEs)	1,375,597		1,216,623
Accrued expenses and other current liabilities ($31,332 and $16,391 related to VIEs)	239,011		219,525
Total current liabilities	2,628,163		2,332,700
LONG-TERM DEBT, less current maturities, net of unamortized discount and debt issuance costs totaling $21,029 and $21,977	391,750		510,025

OTHER LONG-TERM LIABILITIES	246,788		241,379
TOTAL LIABILITIES	3,266,701		3,084,104
COMMITMENTS AND CONTINGENCIES (NOTE 11)
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 52,702,538 and 52,485,719 shares	52,703		52,486
Additional paid-in capital	1,142,299		1,146,800
Accumulated deficit	(2,577)		(30,575)
Accumulated other comprehensive loss	(32,190)		(33,988)
Total stockholders' equity	1,160,235		1,134,723
Noncontrolling interests	27,362		23,883
TOTAL EQUITY	1,187,597		1,158,606
TOTAL LIABILITIES AND EQUITY	$	4,454,298	$	4,242,710

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash Flows from Operating Activities:
Net income	$	42,749	$	27,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	12,014		13,023
Amortization of intangible assets	560		559
Share-based compensation expense	6,565		5,524
Change in debt discounts and deferred debt issuance costs	1,088		1,806
Deferred income taxes	8,904		3,494
(Gain) loss on sale of property and equipment	97		(227)
Changes in other components of working capital	(43,983)		47,173
Other long-term liabilities	(6,427)		790
Other, net	1,296		(1,370)
NET CASH PROVIDED BY OPERATING ACTIVITIES	22,863		98,274

Cash Flows from Investing Activities:
Acquisition of property and equipment	(30,104)		(10,434)
Proceeds from sale of property and equipment	496		628
Investments in securities	(3,658)		(12,045)
Proceeds from maturities and sales of investments in securities	9,394		11,530
NET CASH USED IN INVESTING ACTIVITIES	(23,872)		(10,321)

Cash Flows from Financing Activities:
Proceeds from debt	60,000		—
Repayment of debt	(189,493)		(100,188)
Cash payments related to share-based compensation	(5,151)		(1,440)
Distributions paid to noncontrolling interests	(11,750)		(7,400)

Debt issuance, extinguishment and modification costs	—		(552)
NET CASH USED IN FINANCING ACTIVITIES	(146,394)		(109,580)

Net decrease in cash, cash equivalents and restricted cash	(147,403)		(21,627)
Cash, cash equivalents and restricted cash at beginning of period	464,188		394,680
Cash, cash equivalents and restricted cash at end of period	$	316,785	$	373,053

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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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, 2024. The results of operations for the three months ended March 31, 2025 may not be indicative of the results that will be achieved for the full year ending December 31, 2025.

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 March 31, 2025 and its consolidated statements of income 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)Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose specific categories in its annual effective tax rate reconciliation and disaggregated information about significant reconciling items by jurisdiction and by nature. ASU 2023-09 also requires entities to disclose their income tax payments (net of refunds) to international, federal, and state and local jurisdictions. This guidance is effective for annual reporting periods beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

(3)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 months ended March 31, 2025 and 2024.


	Three Months Ended March 31,
(in thousands)	2025		2024
Civil segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	353,185	$	252,516
Military facilities	101,128		105,144
Bridges	51,851		27,672
Detention facilities	45,987		373
Power and energy	30,611		26,198
Commercial and industrial sites	22,651		39,490
Other	4,628		20,772
Total Civil segment revenue	$	610,041	$	472,165

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED


	Three Months Ended March 31,
(in thousands)	2025		2024
Building segment revenue by end market:
Healthcare facilities	$	214,548	$	111,987
Detention facilities	88,004		31,648
Government	60,015		98,963
Education facilities	47,990		68,159
Mass transit (includes transportation projects)	29,510		61,175
Other	19,717		40,010
Total Building segment revenue	$	459,784	$	411,942


	Three Months Ended March 31,
(in thousands)	2025		2024
Specialty Contractors segment revenue by end market:
Mass transit (includes certain transportation and tunneling projects)	$	42,595	$	48,126
Commercial and industrial facilities	32,190		28,210
Government	30,096		22,953
Multi-unit residential	25,569		24,726
Healthcare facilities	20,574		16,710
Water	10,785		14,216
Other	14,999		9,939
Total Specialty Contractors segment revenue	$	176,808	$	164,880


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by customer type:
State and local agencies	$	441,110	$	221,175	$	91,183	$	753,468	$	283,995	$	246,519	$	76,953	$	607,467
Federal agencies	112,079		36,644		3,117		151,840		113,454		46,052		439		159,945
Private owners	56,852		201,965		82,508		341,325		74,716		119,371		87,488		281,575
Total revenue	$	610,041	$	459,784	$	176,808	$	1,246,633	$	472,165	$	411,942	$	164,880	$	1,048,987


	Three Months Ended March 31, 2025								Three Months Ended March 31, 2024
(in thousands)	Civil		Building		Specialty Contractors		Total		Civil		Building		Specialty Contractors		Total
Revenue by contract type:
Fixed price	$	538,414	$	194,388	$	143,245	$	876,047	$	422,720	$	170,146	$	139,503	$	732,369
Guaranteed maximum price	181		235,615		5,359		241,155		46		187,300		623		187,969
Unit price	38,017		—		16,690		54,707		33,854		—		20,545		54,399
Cost plus fee and other	33,429		29,781		11,514		74,724		15,545		54,496		4,209		74,250
Total revenue	$	610,041	$	459,784	$	176,808	$	1,246,633	$	472,165	$	411,942	$	164,880	$	1,048,987

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

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 months ended March 31, 2025 related to performance obligations satisfied (or partially satisfied) in prior periods by $17.4 million. Net revenue recognized during the three months ended March 31, 2024 related to performance obligations satisfied (or partially satisfied) in prior periods was immaterial.

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 March 31, 2025, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $9.2 billion, $4.3 billion and $2.2 billion for the Civil, Building and Specialty Contractors segments, respectively. As of March 31, 2024, the aggregate amounts of the transaction prices allocated to the remaining performance obligations of the Company’s construction contracts were $4.1 billion, $1.8 billion and $1.1 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.

(4)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.

Contract assets and liabilities on the Condensed Consolidated Balance Sheets consisted of the following consisted of the following:


(in thousands)	As of March 31, 2025		As of December 31, 2024
Contract Assets:
Costs and estimated earnings in excess of billings:
Claims	$	428,093	$	451,770
Unapproved change orders	430,687		393,803
Other unbilled costs and profits	88,759		96,949
Total costs and estimated earnings in excess of billings	947,539		942,522

Contract Liabilities:
Billings in excess of costs and estimated earnings	$	1,375,597	$	1,216,623

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

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 11, Commitments and Contingencies, 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.

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 months ended March 31, 2025 and 2024 and included in the opening billings in excess of costs and estimated earnings balances for each period totaled $634.7 million and $482.0 million, respectively.

(5)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 March 31, 2025		As of December 31, 2024
Cash and cash equivalents available for general corporate purposes	$	64,229	$	265,647
Joint venture cash and cash equivalents	212,260		189,437
Cash and cash equivalents	276,489		455,084
Restricted cash	40,296		9,104
Total cash, cash equivalents and restricted cash	$	316,785	$	464,188

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.

(6)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.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED


	Three Months Ended March 31,
(in thousands, except per common share data)	2025		2024
Net income attributable to Tutor Perini Corporation	$	27,998	$	15,760

Weighted-average common shares outstanding, basic	52,537		52,092
Effect of dilutive RSUs and stock options	473		423
Weighted-average common shares outstanding, diluted	53,010		52,515

Net income attributable to Tutor Perini Corporation per common share:
Basic	$	0.53	$	0.30
Diluted	$	0.53	$	0.30

Anti-dilutive securities not included above	402		1,421

(7)Income Taxes

The Company recognized an income tax expense of $12.9 million for the three months ended March 31, 2025. The effective income tax rate was 23.2% for the three months ended March 31, 2025. The effective income tax rate for the three months ended March 31, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of federal tax benefit) substantially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.

The Company recognized an income tax expense for the three months ended March 31, 2024 of $7.3 million resulting in an effective income tax rate of 21.0%. The effective income tax rate for the three months ended March 31, 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 are not the responsibility of the Company) and federal income tax credits were offset by non-deductible expenses, share-based compensation adjustments and state income taxes (net of federal tax benefit).

(8)Goodwill and Intangible Assets

Goodwill

The following table presents the changes in the carrying amount of goodwill since its inception through March 31, 2025:


(in thousands)	Civil		Building		Specialty Contractors		Total
Gross goodwill as of December 31, 2024	$	492,074	$	424,724	$	156,193	$	1,072,991
Accumulated impairment as of December 31, 2024	(286,931)		(424,724)		(156,193)		(867,848)
Goodwill as of December 31, 2024	205,143		—		—		205,143
Current year activity	—		—		—		—
Goodwill as of March 31, 2025	$	205,143	$	—	$	—	$	205,143

The Company performed its annual impairment test in the fourth quarter of 2024 and concluded goodwill was not impaired. In addition, the Company determined that no triggering events occurred and no circumstances changed since the date of its 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.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Intangible Assets

Intangible assets consist of the following:


	As of March 31, 2025								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(30,919)		(23,232)		15,099		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,155)		(16,645)		—		N/A
Construction contract backlog	149,290		(149,290)		—		—		N/A
Total	$	381,940	$	(203,364)	$	(113,067)	$	65,509


	As of December 31, 2024								Weighted-Average Amortization Period
(in thousands)	Cost		Accumulated Amortization		Accumulated Impairment Charge		Carrying Value
Trade names (non-amortizable)	$	117,600	$	—	$	(67,190)	$	50,410	Indefinite
Trade names (amortizable)	69,250		(30,359)		(23,232)		15,659		20 years
Contractor license	6,000		—		(6,000)		—		N/A
Customer relationships	39,800		(23,155)		(16,645)		—		N/A
Construction contract backlog	149,290		(149,290)		—		—		N/A
Total	$	381,940	$	(202,804)	$	(113,067)	$	66,069

Amortization expense related to amortizable intangible assets for each of the three months ended March 31, 2025 and 2024 was $0.6 million. As of March 31, 2025, future amortization expense related to amortizable intangible assets will be approximately $1.7 million for the remainder of 2025, $2.2 million per year for the years 2026 through 2030 and $2.4 million thereafter.

The Company performed its annual impairment test for non-amortizable trade names during the fourth quarter of 2024. 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 its 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 the 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 months ended March 31, 2025 or 2024.

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TUTOR PERINI CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

(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, 2025		As of December 31, 2024
2024 Senior Notes	$	378,971	$	378,023
Term Loan B	—		121,863
Revolver	—		—
Equipment financing and mortgages	22,180		25,038
Other indebtedness	4,441		9,214
Total debt	405,592		534,138
Less: Current maturities	13,842		24,113
Long-term debt, net	$	391,750	$	510,025

The following table reconciles the outstanding debt balances to the reported debt balances as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025						As of December 31, 2024
(in thousands)	Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported		Outstanding Debt		Unamortized Discounts and Issuance Costs		Debt, as reported
2024 Senior Notes	$	400,000	$	(21,029)	$	378,971	$	400,000	$	(21,977)	$	378,023
Term Loan B	—		—		—		121,863		—		121,863

The unamortized issuance costs related to the Revolver were $1.3 million and $1.4 million as of March 31, 2025 and December 31, 2024, respectively, and are included in other assets on the Condensed Consolidated Balance Sheets.

2024 Senior Notes

On April 22, 2024, the Company issued $400.0 million in aggregate principal amount of 11.875% Senior Notes due April 30, 2029 (the “2024 Senior Notes”) in a private placement offering. Interest on the 2024 Senior Notes is payable in arrears semi-annually in April and October of each year, beginning in October 2024. The proceeds from the 2024 Senior Notes were used to redeem the 2017 Senior Notes (as discussed below).

Prior to April 30, 2026, the Company may redeem the 2024 Senior Notes at a redemption price equal to 100% of the principal amount plus a “make-whole” premium described in the indenture. In addition, prior to April 30, 2026, the Company may redeem up to 40% of the original aggregate principal amount of the 2024 Senior Notes at a redemption price of 111.875% of their principal amount with the “net cash proceeds” received by the Company from one or more equity offerings, as described in the indenture. On or after April 30, 2026, the Company may redeem the 2024 Senior Notes at specified redemption prices described in the indenture. If the Company experiences certain change of control events, holders of the 2024 Senior Notes may require the Company to repurchase all or part of the 2024 Senior Notes at 101% of the principal amount thereof, plus accrued and unpaid interest to the redemption date.

The 2024 Senior Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s existing and future subsidiaries that also guarantee obligations under the Company’s 2020 Credit Agreement. In addition, the indenture for the 2024 Senior Notes provides for customary covenants, including restrictions on the payment of dividends and share repurchases, and includes customary events of default.

Redemption of 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.

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The proceeds of the 2024 Senior Notes, together with cash on hand, were used to redeem in full, all of the outstanding obligations in respect of the 2017 Senior Notes. The redemption of the 2017 Senior Notes occurred on May 2, 2024 (the “2017 Senior Notes Redemption”).

2020 Credit Agreement

On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), 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. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration (“spring-forward maturity”). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).

On April 15, 2024, the Company entered into an amendment in respect of the 2020 Credit Agreement (the “2024 Amendment”) which, among other changes, (1) extends the existing Revolver maturity date from August 18, 2025 to (a) if any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof) remains outstanding, the earlier of (i) May 20, 2027 and (ii) the date that is ninety (90) days prior to the final maturity of any tranche of the Term Loan B, any incremental term loan or any refinancing term loan (or any refinancing or replacement thereof), as applicable, and (b) if no obligations are outstanding with respect to any tranche of the Term Loan B, any incremental term loan or any refinancing term loan, August 18, 2027 and (2) permanently reduces the aggregate commitments in respect of the Revolver by $5.0 million from $175.0 million to $170.0 million. The 2024 Amendment became effective on May 2, 2024 upon the completion of the 2017 Senior Notes Redemption.

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). During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.

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

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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 average borrowing rates on the Term Loan B and the Revolver for the three months ended March 31, 2025 were approximately 9.2% and 10.8%, respectively.

As amended, the 2020 Credit Agreement requires, solely with respect to the Revolver, the Company and its restricted subsidiaries to maintain a maximum First Lien Net Leverage Ratio of 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.

As of March 31, 2025, the entire $170.0 million was available under the Revolver. The Company was in compliance with the financial covenant under the 2020 Credit Agreement for the period ended March 31, 2025.

Interest Expense

Interest expense as reported in the Condensed Consolidated Statements of Operations consisted of the following:


	Three Months Ended March 31,
(in thousands)	2025		2024
Cash interest expense:
Interest on Term Loan B	$	876	$	8,488
Interest on 2024 Senior Notes	11,875		—
Interest on 2017 Senior Notes	—		8,594
Interest on Revolver	121		—
Other interest	392		419

Total cash interest expense	13,264		17,501

Non-cash interest expense:(a)
Amortization of discount and debt issuance costs on Term Loan B	—		1,318
Amortization of debt issuance costs on Revolver	140		195

Amortization of debt issuance costs on 2024 Senior Notes	948		—
Amortization of debt issuance costs on 2017 Senior Notes	—		293
Total non-cash interest expense	1,088		1,806

Total interest expense	$	14,352	$	19,307

____________________________________________________________________________________________________

(a)The combination of cash and non-cash interest expense produces effective interest rates that are higher than contractual rates. Accordingly, the effective interest rate for the 2024 Senior Notes was 13.56% for the three months ended March 31, 2025.

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(10)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 March 31, 2025, the Company’s operating leases have remaining lease terms ranging from less than one year to 13 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.

The following table presents components of lease expense for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating lease expense	$	3,160	$	3,320
Short-term lease expense(a)	13,485		12,323
	16,645		15,643
Less: Sublease income	294		199
Total lease expense	$	16,351	$	15,444

____________________________________________________________________________________________________

(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 Item	As of March 31, 2025			As of December 31, 2024
Assets
Right-of-use assets	Other assets	$	44,230		$	41,695
Total lease assets		$	44,230		$	41,695
Liabilities
Current lease liabilities	Accrued expenses and other current liabilities	$	7,636		$	7,066
Long-term lease liabilities	Other long-term liabilities	40,849			38,630
Total lease liabilities		$	48,485		$	45,696
Weighted-average remaining lease term		7.6 years			8.0 years
Weighted-average discount rate		9.54		%	9.73		%

The following table presents supplemental cash flow information and non-cash activity related to operating leases:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	(2,912)	$	(3,168)
Non-cash activity:
Right-of-use assets obtained in exchange for lease liabilities	$	4,581	$	4,154

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The following table presents maturities of operating lease liabilities on an undiscounted basis as of March 31, 2025:


Year (in thousands)	Operating Leases
2025 (excluding the three months ended March 31, 2025)	$	8,846
2026	10,347
2027	8,820
2028	8,420
2029	7,625
Thereafter	25,660
Total lease payments	69,718
Less: Imputed interest	21,233
Total	$	48,485

(11)Commitments and Contingencies

The Company and certain of its subsidiaries are involved in litigation and other legal proceedings and forms of dispute resolution in the ordinary course of business, including but not limited to disputes over contract payment and/or performance-related issues (such as disagreements regarding delay or a change in the scope of work of a project and/or the price associated with that change) and other matters incidental to the Company’s business. In accordance with ASC 606, the Company makes assessments of these types of matters on a routine basis and, to the extent permitted by ASC 606, estimates and records recovery related to these matters as a form of variable consideration at the most likely amount the Company expects to receive, as discussed further in Note 4, Contract Assets and Liabilities. In addition, the Company is contingently liable for litigation, performance guarantees and other commitments arising in the ordinary course of business, which are accounted for in accordance with ASC 450, Contingencies. Management reviews these matters regularly and updates or revises its estimates as warranted by subsequent information and developments. These assessments require judgments concerning matters that are inherently uncertain, such as litigation developments and outcomes, the anticipated outcome of negotiations and the estimated cost of resolving disputes. Consequently, these assessments are estimates, and actual amounts may vary from such estimates. In addition, because such matters are typically resolved over long periods of time, the Company’s assets and liabilities may change over time should the circumstances dictate. The description of the legal proceedings listed below include management’s assessment of those proceedings. Management believes that, based on current information and discussions with the Company’s legal counsel, the ultimate resolution of other matters is not expected to have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

A description of the material pending legal proceedings, other than ordinary routine litigation incidental to the business, is as follows:

Alaskan Way Viaduct Matter

In January 2011, Seattle Tunnel Partners (“STP”), a joint venture between Dragados USA, Inc. and the Company, entered into a design-build contract with the Washington State Department of Transportation (“WSDOT”) for the construction of a large-diameter bored tunnel in downtown Seattle, King County, Washington to replace the Alaskan Way Viaduct, also known as State Route 99. The Company has a 45% interest in STP. The construction of the large-diameter bored tunnel required the use of a tunnel boring machine (“TBM”). In December 2013, the TBM struck a steel pipe, installed by WSDOT as a well casing for an exploratory well. The TBM was significantly damaged and was required to be repaired. STP asserted that the steel pipe casing was a differing site condition that WSDOT failed to properly disclose. The Disputes Review Board mandated by the contract to hear disputes issued a decision finding the steel casing was a Type I (material) differing site condition. WSDOT did not accept that finding.

Case Against WSDOT

In March 2016, WSDOT filed a complaint against STP in Thurston County Superior Court alleging breach of contract, seeking $57.2 million in delay-related damages and seeking declaratory relief. STP subsequently filed a counterclaim against WSDOT seeking damages in excess of $640 million. The jury trial between STP and WSDOT commenced on October 7, 2019 and

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concluded on December 13, 2019, with a jury verdict in favor of WSDOT awarding them $57.2 million in damages. The Company recorded the impact of the jury verdict during the fourth quarter of 2019, resulting in a pre-tax charge of $166.8 million, which included $25.7 million for the Company’s 45% proportionate share of the $57.2 million in damages awarded by the jury to WSDOT. The charge was for non-cash write-downs primarily related to the costs and estimated earnings in excess of billings and receivables that the Company previously recorded to reflect its expected recovery in this case. STP’s petition for discretionary review by the Washington Supreme Court was denied on October 10, 2022. On October 18, 2022, STP paid the damages and associated interest from the judgment, which included the Company’s proportionate share of $34.6 million. As a result, the lawsuit between STP and WSDOT has concluded.

Case Against Insurers

The TBM was insured under a Builder’s Risk Insurance Policy (the “Policy”) with Great Lakes Reinsurance (UK) PLC and a consortium of other insurers (the “Insurers”). STP submitted the claims to the Insurers and requested interim payments under the Policy. The Insurers refused to pay and denied coverage. In June 2015, STP filed a lawsuit in the King County Superior Court, State of Washington seeking declaratory relief, as well as damages as a result of the Insurers’ breach of their obligations under the terms of the Policy. On September 30, 2024, after several years of law and motion proceedings, a confidential settlement was reached resolving the case in full for a substantial sum. Payment was received in October 2024 and the case against the Insurers was dismissed. As a result of the settlement, STP resolved the claims of Hitachi Zosen (the manufacturer of the TBM) and the remaining subcontractor lawsuits pending on the project, including those with the Company’s subsidiaries.

Case Against Designer

On April 13, 2023, STP filed a case in the Washington Superior Court against HNTB Corporation (“HNTB”), STP’s design firm on the project, wherein STP alleges that HNTB is liable for providing design services that resulted in the TBM striking the steel pipe described above and for additional steel quantity costs associated with the project. Due to the resolution of the matter against the Insurers and WSDOT discussed above, and subject to any setoffs or contractual damages limitations, STP’s current claim against HNTB is expected to be in excess of $300 million and includes HNTB’s liability for providing design services, amounts paid by STP to WSDOT in liquidated damages and interest as well as certain subcontractor delay claims paid by STP to subcontractors in November 2024. The case is currently scheduled for trial to commence in April 2026. With respect to STP’s claims against HNTB, management has included in receivables an estimate of the total anticipated recovery concluded to be probable. The case against HNTB is the final case related to the project.

(12)Share-Based Compensation

As of March 31, 2025, there were 1,879,230 shares of common stock available for grant under the Tutor Perini Corporation Omnibus Incentive Plan. During the three months ended March 31, 2025 and 2024, the Company granted the following share-based instruments: (1) service-based RSUs totaling 68,638 and 30,000, respectively, with weighted-average grant date fair values per unit of $25.46 and $12.68, respectively; and (2) cash-settled restricted stock units (“CRSUs”) with service-based vesting conditions and payouts indexed to shares of the Company’s common stock totaling 307,131 and 673,855, respectively, with weighted-average grant date fair values per unit of $25.47 and $12.75, respectively. During the three months ended March 31, 2025, the Company granted 151,623 performance-based RSUs with a weighted-average grant date fair value per unit of $47.76. During the three months ended March 31, 2024, the Company also granted 645,180 cash-settled performance stock units (“CPSUs”) with weighted-average grant date fair value per unit of $19.17. The number of performance-based RSUs and CPSUs granted are shown at target-level performance.

As of March 31, 2025 and December 31, 2024, the Company recognized liabilities for CPSUs and CRSUs on the Condensed Consolidated Balance Sheets totaling approximately $29.0 million and $34.6 million, respectively. During the three months ended March 31, 2025 and 2024, the Company paid approximately $10.9 million and $1.0 million, respectively, to settle certain awards.

For the three months ended March 31, 2025 and 2024, the Company recognized, as part of general and administrative expenses, costs for share-based payment arrangements totaling $6.6 million and $5.5 million, respectively. As of March 31, 2025, the balance of unamortized share-based compensation expense was $49.1 million, which is expected to be recognized over a weighted-average period of 1.8 years.

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(13)Employee Pension Plans

The Company has a defined benefit pension plan and an unfunded supplemental retirement plan. Effective June 1, 2004, all benefit accruals under these plans were frozen; however, the current vested benefit was preserved. The pension disclosure presented below includes aggregated amounts for both of the Company’s plans.

The following table sets forth a summary of the net periodic benefit cost for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
Interest cost	$	933	$	911
Service cost	170		231
Expected return on plan assets	(902)		(944)
Recognized net actuarial losses	414		437
Net periodic benefit cost	$	615	$	635

The Company contributed $0.7 million to its defined benefit pension plan during both the three months ended March 31, 2025 and 2024, and expects to contribute an additional $1.7 million in cash by the end of 2025.

(14)Fair Value Measurements

The fair value hierarchy established by ASC 820, Fair Value Measurement, prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 inputs are observable quoted prices in active markets for identical assets or liabilities

•Level 2 inputs are observable, either directly or indirectly, but are not Level 1 inputs

•Level 3 inputs are unobservable

The following fair value hierarchy table presents the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025								As of December 31, 2024
	Fair Value Hierarchy								Fair Value Hierarchy
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents(a)	$	276,489	$	—	$	—	$	276,489	$	455,084	$	—	$	—	$	455,084
Restricted cash(a)	40,296		—		—		40,296		9,104		—		—		9,104
Restricted investments(b)	—		135,592		—		135,592		—		139,986		—		139,986
Investments in lieu of retention(c)	62,171		92,593		—		154,764		38,359		106,765		—		145,124
Total	$	378,956	$	228,185	$	—	$	607,141	$	502,547	$	246,751	$	—	$	749,298

____________________________________________________________________________________________________

(a)Includes money market funds and short-term investments with maturity dates of three months or less when acquired.

(b)Restricted investments, as of March 31, 2025 and December 31, 2024, consist of available-for-sale (“AFS”) debt securities, which are valued based on pricing models determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

(c)Investments in lieu of retention are included in retention receivable as of March 31, 2025 and December 31, 2024, and are composed of money market funds of $62.2 million and $38.4 million, respectively, and AFS debt securities of $92.6 million and $106.8 million, respectively. The fair values of the money market funds are measured using quoted market prices; therefore, they are classified as Level 1 assets. The fair values of AFS debt securities are determined from a compilation of primarily observable market information, broker quotes in non-active markets or similar assets; therefore, they are classified as Level 2 assets.

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Investments in AFS debt securities consisted of the following as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025								As of December 31, 2024
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Restricted investments:
Corporate debt securities	$	115,378	$	1,079	$	(818)	$	115,639	$	118,421	$	603	$	(1,242)	$	117,782
U.S. government agency securities	14,059		45		(519)		13,585		16,323		35		(663)		15,695
Municipal bonds	6,894		2		(709)		6,187		7,159		—		(831)		6,328
Corporate certificates of deposit	200		—		(19)		181		200		—		(19)		181
Total restricted investments	136,531		1,126		(2,065)		135,592		142,103		638		(2,755)		139,986

Investments in lieu of retention:
Corporate debt securities	90,604		372		(151)		90,825		106,014		224		(491)		105,747
Municipal bonds	1,602		177		(11)		1,768		830		188		—		1,018
Total investments in lieu of retention	92,206		549		(162)		92,593		106,844		412		(491)		106,765

Total AFS debt securities	$	228,737	$	1,675	$	(2,227)	$	228,185	$	248,947	$	1,050	$	(3,246)	$	246,751

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The following table summarizes the fair value and gross unrealized losses aggregated by category and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	3,476	$	(23)	$	27,630	$	(795)	$	31,106	$	(818)
U.S. government agency securities	571		(35)		8,710		(484)		9,281		(519)
Municipal bonds	535		(5)		5,411		(704)		5,946		(709)
Corporate certificates of deposit	—		—		181		(19)		181		(19)
Total restricted investments	4,582		(63)		41,932		(2,002)		46,514		(2,065)

Investments in lieu of retention:
Corporate debt securities	13,468		(58)		23,487		(93)		36,955		(151)
Municipal bonds	374		(11)		—		—		374		(11)
Total investments in lieu of retention	13,842		(69)		23,487		(93)		37,329		(162)

Total AFS debt securities	$	18,424	$	(132)	$	65,419	$	(2,095)	$	83,843	$	(2,227)


	As of December 31, 2024
	Less than 12 Months				12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Restricted investments:
Corporate debt securities	$	23,985	$	(159)	$	30,384	$	(1,083)	$	54,369	$	(1,242)
U.S. government agency securities	4,371		(43)		10,699		(620)		15,070		(663)
Municipal bonds	704		(13)		5,560		(818)		6,264		(831)
Corporate certificates of deposit	—		—		181		(19)		181		(19)
Total restricted investments	29,060		(215)		46,824		(2,540)		75,884		(2,755)

Investments in lieu of retention:
Corporate debt securities	24,470		(149)		37,755		(342)		62,225		(491)
Total investments in lieu of retention	24,470		(149)		37,755		(342)		62,225		(491)

Total AFS debt securities	$	53,530	$	(364)	$	84,579	$	(2,882)	$	138,109	$	(3,246)

The unrealized losses in AFS debt securities as of March 31, 2025 and December 31, 2024 are primarily attributable to market interest rate increases and not a deterioration in credit quality of the issuers. Management evaluated the unrealized losses in AFS debt securities considering factors including credit ratings and other relevant information, which may indicate that contractual cash flows are not expected to occur. Based on the analysis, management determined that credit losses did not exist for AFS debt securities in an unrealized loss position as of March 31, 2025 and December 31, 2024.

It is not considered likely that the Company will be required to sell the investments before full recovery of the amortized cost basis of the AFS debt securities, which may be at maturity. As a result, consistent with the same period in 2024, the Company has not recognized any impairment losses in earnings during the three months ended March 31, 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The amortized cost and fair value of AFS debt securities by contractual maturity as of March 31, 2025 are summarized in the table below. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.



(in thousands)	Amortized Cost		Fair Value

Due within one year	$	70,227	$	69,949
Due after one year through five years	146,911		147,405
Due after five years	11,599		10,831
Total	$	228,737	$	228,185

The carrying values of receivables, payables and other amounts arising out of normal contract activities, including retention, which may be settled beyond one year, are estimated to approximate fair value. Of the Company’s long-term debt, the fair value of the 2024 Senior Notes was $441.5 million and $441.9 million as of March 31, 2025 and December 31, 2024, respectively. The fair values of the 2024 Senior Notes were determined using Level 1 inputs, specifically current observable market prices. The fair value of the Term Loan B was $121.9 million as of December 31, 2024. The fair value of the Term Loan B was determined using Level 2 inputs, specifically third-party quoted market prices. The reported value of the Company’s remaining borrowings approximates fair value as of March 31, 2025 and December 31, 2024.

(15)Variable Interest Entities (VIEs)

The Company may form joint ventures or partnerships with third parties for the execution of projects. In accordance with ASC 810, Consolidation (“ASC 810”), the Company assesses its partnerships and joint ventures at inception to determine if any meet the qualifications of a VIE. The Company considers a joint venture a VIE if either (a) the total equity investment is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) characteristics of a controlling financial interest are missing (either the ability to make decisions through voting or other rights, the obligation to absorb the expected losses of the entity or the right to receive the expected residual returns of the entity), or (c) the voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity and/or their rights to receive the expected residual returns of the entity, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. Upon the occurrence of certain events outlined in ASC 810, the Company reassesses its initial determination of whether a joint venture is a VIE.

ASC 810 also requires the Company to determine whether it is the primary beneficiary of the VIE. The Company concludes that it is the primary beneficiary and consolidates the VIE if the Company has both (a) the power to direct the economically significant activities of the VIE and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company considers the contractual agreements that define the ownership structure, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties in determining if the Company is the primary beneficiary. The Company also considers all parties that have direct or implicit variable interests when determining whether it is the primary beneficiary. In accordance with ASC 810, management’s assessment of whether the Company is the primary beneficiary of a VIE is performed continuously.

As of March 31, 2025, the Company had unconsolidated VIE-related current assets and noncurrent assets of $39.9 million and $2.5 million, respectively, as well as current liabilities of $38.6 million included in the Company’s Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company had unconsolidated VIE-related current assets and liabilities of $26.7 million and $24.8 million, respectively, included in the Company’s Condensed Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its investments in unconsolidated VIEs is typically limited to the aggregate of the carrying value of the investment and future funding commitments. There were no future funding requirements for the unconsolidated VIEs as of March 31, 2025.

As of March 31, 2025, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $592.1 million and $15.9 million, respectively, as well as current liabilities of $461.9 million related to the operations of its consolidated VIEs. As of December 31, 2024, the Company’s Condensed Consolidated Balance Sheets included current and noncurrent assets of $475.6 million and $19.9 million, respectively, as well as current liabilities of $385.5 million related to the operations of its consolidated VIEs.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

Below is a discussion of some of the Company’s more significant or unique VIEs.

The Company established a joint venture to construct the Purple Line Extension Section 2 (Tunnels and Stations) and Section 3 (Stations) mass-transit projects in Los Angeles, California with an original combined value of approximately $2.8 billion. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G Industries, Inc. The joint venture was initially financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

The Company established a joint venture with O&G to construct the Manhattan Jail project, a $3.76 billion design-build construction project in New York. The Company has a 75% interest in the joint venture with the remaining 25% held by O&G. The joint venture will initially be financed with contributions from the partners and, per the terms of the joint venture agreement, the partners may be required to provide additional capital contributions in the future. The Company has determined that this joint venture is a VIE for which the Company is the primary beneficiary.

(16)Changes in Equity

A reconciliation of the changes in equity for the three months ended March 31, 2025 and 2024 is provided below:


	Three Months Ended March 31, 2025
(in thousands)	Common Stock		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 31, 2024	$	52,486	$	1,146,800	$	(30,575)	$	(33,988)	$	23,883	$	1,158,606
Net income	—		—		27,998		—		14,751		42,749
Other comprehensive income	—		—		—		1,798		478		2,276
Share-based compensation	—		867		—		—		—		867
Issuance of common stock, net	217		(5,368)		—		—		—		(5,151)

Distributions to noncontrolling interests	—		—		—		—		(11,750)		(11,750)
Balance - March 31, 2025	$	52,703	$	1,142,299	$	(2,577)	$	(32,190)	$	27,362	$	1,187,597


	Three Months Ended March 31, 2024
(in thousands)	Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
Balance - December 30, 2023	$	52,025	$	1,146,204	$	133,146	$	(39,787)	$	(7,677)	$	1,283,911
Net income	—		—		15,760		—		11,742		27,502
Other comprehensive loss	—		—		—		(375)		(467)		(842)
Share-based compensation	—		1,503		—		—		—		1,503
Issuance of common stock, net	259		(1,699)		—		—		—		(1,440)

Distributions to noncontrolling interests	—		—		—		—		(7,400)		(7,400)
Balance - March 31, 2024	$	52,284	$	1,146,008	$	148,906	$	(40,162)	$	(3,802)	$	1,303,234

(17)Other Comprehensive Income (Loss)

ASC 220, Comprehensive Income, establishes standards for reporting comprehensive income and its components in the consolidated financial statements. The Company reports the change in pension benefit plan assets/liabilities, cumulative foreign currency translation and the unrealized gain (loss) of investments as components of accumulated other comprehensive income (loss) (“AOCI”).

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The components of other comprehensive income (loss) and the related tax effects for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025						Three Months Ended March 31, 2024
(in thousands)	Before-Tax Amount		Tax Expense		Net-of-Tax Amount		Before-Tax Amount		Tax (Expense) Benefit		Net-of-Tax Amount
Other comprehensive income (loss):
Defined benefit pension plan adjustments	$	413	$	(111)	$	302	$	437	$	(116)	$	321
Foreign currency translation adjustments	787		(118)		669		(1,082)		155		(927)
Unrealized gain (loss) in fair value of investments	1,644		(339)		1,305		(301)		65		(236)
Total other comprehensive income (loss)	2,844		(568)		2,276		(946)		104		(842)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	478		—		478		(467)		—		(467)
Total other comprehensive income (loss) attributable to Tutor Perini Corporation	$	2,366	$	(568)	$	1,798	$	(479)	$	104	$	(375)

The changes in AOCI balances by component (after tax) attributable to Tutor Perini Corporation and attributable to noncontrolling interests during the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31, 2025
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2024	$	(23,572)	$	(8,657)	$	(1,759)	$	(33,988)
Other comprehensive income before reclassifications	—		313		1,201		1,514
Amounts reclassified from AOCI	302		—		(18)		284
Total other comprehensive income	302		313		1,183		1,798
Balance as of March 31, 2025	$	(23,270)	$	(8,344)	$	(576)	$	(32,190)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2024	$	—	$	(2,423)	$	(60)	$	(2,483)
Other comprehensive income	—		356		122		478
Balance as of March 31, 2025	$	—	$	(2,067)	$	62	$	(2,005)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED


	Three Months Ended March 31, 2024
(in thousands)	Defined Benefit Pension Plan		Foreign Currency Translation		Unrealized Gain (Loss) in Fair Value of Investments, Net		Accumulated Other Comprehensive Income (Loss)
Attributable to Tutor Perini Corporation:
Balance as of December 31, 2023	$	(29,354)	$	(6,893)	$	(3,540)	$	(39,787)
Other comprehensive loss before reclassifications	—		(428)		(313)		(741)
Amounts reclassified from AOCI	321		—		45		366
Total other comprehensive income (loss)	321		(428)		(268)		(375)
Balance as of March 31, 2024	$	(29,033)	$	(7,321)	$	(3,808)	$	(40,162)
Attributable to Noncontrolling Interests:
Balance as of December 31, 2023	$	—	$	(312)	$	(419)	$	(731)
Other comprehensive income (loss)	—		(499)		32		(467)
Balance as of March 31, 2024	$	—	$	(811)	$	(387)	$	(1,198)

The significant items reclassified out of AOCI and the corresponding location and impact on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Component of AOCI:
Defined benefit pension plan adjustments(a)	$	413	$	437
Income tax benefit(b)	(111)		(116)
Net of tax	$	302	$	321

Unrealized (gain) loss in fair value of investment adjustments(a)	$	(23)	$	57
Income tax expense (benefit)(b)	5		(12)
Net of tax	$	(18)	$	45

___________________________________________________________________________________________________

(a)Amounts included in other income, net on the Condensed Consolidated Statements of Income.

(b)Amounts included in income tax expense on the Condensed Consolidated Statements of Income.

(18)Business Segments

The Company offers general contracting, pre-construction planning and comprehensive project management services, including planning and scheduling of manpower, equipment, materials and subcontractors required for the timely completion of a project in accordance with the terms and specifications contained in a construction contract. The Company also offers self-performed construction services: site work, concrete forming and placement, steel erection, electrical, mechanical, plumbing, and HVAC (heating, ventilation and air conditioning). As described below, the Company’s business is conducted through three segments: Civil, Building and Specialty Contractors. These segments are determined based on how management aggregates its business units for making operating decisions and assessing performance, which takes into account certain qualitative and quantitative factors. The Company’s Chief Executive Officer and President, who is the Company’s chief operating decision maker (“CODM”), reviews information for each segment to evaluate performance and allocate resources. The CODM evaluates segment performance by comparing each segment’s historical, actual and forecasted revenue and operating income on a regular basis.

The Civil segment specializes in public works construction and the replacement and reconstruction of infrastructure. The contracting services provided by the Civil segment include construction and rehabilitation of highways, bridges, tunnels, mass-transit systems, military facilities, and water management and wastewater treatment facilities.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

The Building segment has significant experience providing services for private and public works customers in a number of specialized building markets, including: hospitality and gaming, transportation, healthcare, commercial offices, government facilities, sports and entertainment, education, correctional and detention facilities, biotech, pharmaceutical, industrial and technology.

The Specialty Contractors segment specializes in electrical, mechanical, plumbing, HVAC and fire protection systems for a full range of civil and building construction projects in the industrial, commercial, hospitality and gaming, and mass-transit end markets. This segment is strategically important to the Company because various business units within the segment participate in many of the Company’s larger Civil and Building segment projects, and the segment provides unique strengths and capabilities that allow the Company to position itself as a full-service contractor in key geographic markets with greater control over scheduled work, project delivery, and cost and risk management.

To the extent that a contract is co-managed and co-executed among segments, the Company allocates the share of revenues and costs of the contract to each segment to reflect the shared responsibilities in the management and execution of the project.

The following tables set forth certain reportable segment information relating to the Company’s operations for the three months ended March 31, 2025 and 2024:


	Reportable Segments
(in thousands)	Civil		Building		Specialty Contractors		Total		Corporate			Consolidated Total
Three Months Ended March 31, 2025
Total revenue	$	645,003	$	488,324	$	176,808	$	1,310,135	$	—		$	1,310,135
Elimination of intersegment revenue	(34,962)		(28,540)		—		(63,502)		—			(63,502)
Revenue from external customers	$	610,041	$	459,784	$	176,808	$	1,246,633	$	—		$	1,246,633
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations	$	508,773	$	436,288	$	167,171	$	1,112,232	$	—		$	1,112,232
General and administrative expenses	$	21,668	$	13,037	$	16,748	$	51,453	$	17,623		$	69,076

Income (loss) from construction operations	$	79,600	$	10,459	$	(7,111)	$	82,948	$	(17,623)	(a)	$	65,325
Capital expenditures	$	26,850	$	1,016	$	840	$	28,706	$	1,398		$	30,104
Depreciation and amortization(b)	$	10,690	$	527	$	604	$	11,821	$	753		$	12,574

Three Months Ended March 31, 2024
Total revenue	$	502,822	$	422,176	$	164,880	$	1,089,878	$	—		$	1,089,878
Elimination of intersegment revenue	(30,657)		(10,234)		—		(40,891)		—			(40,891)
Revenue from external customers	$	472,165	$	411,942	$	164,880	$	1,048,987	$	—		$	1,048,987
Reconciliation of revenue to income (loss) from construction operations
Less:
Cost of operations	$	381,624	$	383,996	$	168,116	$	933,736	$	—		$	933,736
General and administrative expenses	$	19,798	$	11,826	$	15,076	$	46,700	$	19,745		$	66,445

Income (loss) from construction operations	$	70,743	$	16,120	$	(18,312)	$	68,551	$	(19,745)	(a)	$	48,806
Capital expenditures	$	8,131	$	217	$	303	$	8,651	$	1,783		$	10,434
Depreciation and amortization(b)	$	10,254	$	585	$	598	$	11,437	$	2,145		$	13,582

____________________________________________________________________________________________________

(a)Consists primarily of corporate general and administrative expenses. Corporate general and administrative expenses for the three months ended March 31, 2025 and 2024 included share-based compensation expense of $6.6 million ($4.8 million after tax, or $0.09 per diluted share) and $5.5 million ($4.1 million after tax, or $0.08 per diluted share), respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

UNAUDITED

(b)Depreciation and amortization is included in income (loss) from construction operations.

Total assets by segment were as follows:


(in thousands)	As of March 31, 2025		As of December 31, 2024
Civil	$	3,819,512	$	3,636,825
Building	1,241,307		1,085,998
Specialty Contractors	209,758		198,952
Corporate and other(a)	(816,279)		(679,065)
Total assets	$	4,454,298	$	4,242,710

____________________________________________________________________________________________________

(a)Consists principally of cash, equipment, tax-related assets and insurance-related assets, offset by the elimination of assets related to intersegment revenue.

Geographic Information

Information concerning principal geographic areas is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Revenue:
United States	$	1,107,706	$	905,352
Foreign and U.S. territories	138,927		143,635
Total revenue	$	1,246,633	$	1,048,987


(in thousands)	As of March 31, 2025		As of December 31, 2024
Assets:
United States	$	3,968,681	$	3,759,874
Foreign and U.S. territories	485,617		482,836
Total assets	$	4,454,298	$	4,242,710

Major Customer

Revenue from a single customer with multiple projects, impacting the Civil, Building and Specialty Contractors segments, represented 15.6% and 18.7% of the Company’s consolidated revenue for the three months ended March 31, 2025 and 2024, respectively.

Reconciliation of Segment Information to Consolidated Amounts

A reconciliation of segment results to the consolidated income before income taxes is as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024
Income from construction operations	$	65,325	$	48,806
Other income, net	4,688		5,311
Interest expense	(14,352)		(19,307)
Income before income taxes	$	55,661	$	34,810

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial position as of March 31, 2025 and the results of our operations for the three months ended March 31, 2025 should be read in conjunction with other information, including the unaudited Condensed Consolidated Financial Statements and notes included in Part I, Item 1, Financial Information, of this Quarterly Report on Form 10‑Q, the audited consolidated financial statements and accompanying notes to our Annual Report on Form 10‑K for the year ended December 31, 2024, and the information contained under the heading “Risk Factors” in our Annual Report on Form 10‑K for the year ended December 31, 2024 and in Part II, Item 1A below.

Forward-Looking Statements

This Quarterly Report on Form 10‑Q, including the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding future events and our future results, which are intended to be covered by the safe harbor provision for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Words such as “achieve,” “anticipate,” “assumes,” “believes,” “continue,” “could,” “estimate,” “expects,” “forecast,” “hope,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “would,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statement that refers to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events, outcomes or circumstances, or the timing of those events, outcomes or circumstances, are forward-looking statements. Although such statements are based on currently available financial and economic data, as well as management’s estimates and expectations, forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause our actual results to differ materially from what may be inferred from the forward-looking statements. We undertake no obligation to 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 security laws. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Factors potentially contributing to such differences include, but are not limited to, the following:

•Unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, developers, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters;

•Revisions of estimates of contract risks, revenue or costs;

•Economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit;

•Contract requirements to perform extra work beyond the initial project scope, which has and in the future could result in disputes or claims and adversely affect our working capital, profits and cash flows;

•Risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements;

•An inability to obtain bonding could have a negative impact on our operations and results;

•A significant slowdown or decline in economic conditions, such as those presented during a recession;

•Inability to attract and retain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts;

•Failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to financial liability for liquidated damages and/or damages to customers, as well as damage to our reputation;

•Possible systems and information technology interruptions and breaches in data security and/or privacy;

•The impact of inclement weather conditions, disasters and other catastrophic events outside of our control on projects;

•Decreases in the level of federal, state and local government spending for infrastructure and other public projects;

•Risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regulatory and other risks, including risks of loss due to acts of war, labor conditions and other unforeseeable events in countries where we do business, which could adversely affect our revenue and earnings;

•Client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as well as prospective project opportunities, including as a result of potential impacts from recently implemented tariffs or other government-related mandates;

•Increased competition and failure to secure new contracts;

•Risks related to government contracts and related procurement regulations;

•Failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in reduced profits or losses and/or reputational harm;

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•Violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti-bribery laws;

•Significant fluctuations in the market price of our common stock, which could result in substantial losses for stockholders and potentially subject us to securities litigation;

•Failure to meet our obligations under our debt agreements (especially in a high interest rate environment);

•Downgrades in our credit ratings;

•Public health crises, such as COVID-19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the timing of project bids and/or awards and the timing of dispute resolutions and associated collections;

•Physical and regulatory risks related to climate change;

•Impairment of our goodwill or other indefinite-lived intangible assets; and

•The exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; and

•Other factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in this Quarterly Report on Form 10-Q, our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”).

Executive Overview

Operating Results

Consolidated revenue for the three months ended March 31, 2025 was $1.2 billion, up 19% compared to the same period in 2024. The Company experienced solid year-over-year growth in all three segments, primarily driven by increased project execution activities on certain newer, higher-margin projects, all of which have significant scope of work remaining. These projects included a detention facility in New York, which contributed to the revenue growth across all three segments, a Civil segment mass-transit project in Hawaii and increased project execution activities on certain other Civil segment mass-transit projects in California.

Income from construction operations for the three months ended March 31, 2025 was $65.3 million, up 34% compared to the same period in 2024, primarily driven by contributions related to the increased project execution activities discussed above.

Income tax expense was $12.9 million for the three months ended March 31, 2025 compared to $7.3 million for the same period in 2024. See Corporate, Tax and Other Matters below for a discussion of the changes in the effective tax rate.

Diluted earnings per common share for the three months ended March 31, 2025 was $0.53 compared to diluted earnings per common share of $0.30 for the same period in 2024. The improvement for the first quarter of 2025 as compared to the same quarter last year was primarily due to the factors discussed above that resulted in the change in income from construction operations.

Consolidated new awards for the three months ended March 31, 2025 totaled $2.0 billion compared to $873 million for the same period in 2024. The Civil segment was the primary contributor to the new awards activity in the first quarter of 2025. The most significant new awards and contract adjustments in the first quarter of 2025 included the $1.18 billion Manhattan Tunnel project in New York; $241 million of additional funding for the Apra Harbor Waterfront Repairs project in Guam; $111 million of additional funding for certain healthcare facility projects in California; an electrical project in Texas valued at more than $100 million; and $99 million of additional funding for an existing electrical project, also in Texas.

Consolidated backlog as of March 31, 2025 was a record $19.4 billion, up 4% over the previous record backlog of $18.7 billion at the end of 2024. As of March 31, 2025, the mix of backlog by segment was approximately 50% for Civil, 35% for Building and 15% for Specialty Contractors.

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The following table presents the Company’s backlog by business segment, reflecting changes from December 31, 2024 to March 31, 2025:


(in millions)	Backlog at December 31, 2024		New Awards(a)		Revenue Recognized		Backlog at March 31, 2025(b)
Civil	$	8,835.6	$	1,457.1	$	(610.0)	$	9,682.7
Building	7,026.9		142.1		(459.8)		6,709.2
Specialty Contractors	2,811.4		366.7		(176.8)		3,001.3
Total	$	18,673.9	$	1,965.9	$	(1,246.6)	$	19,393.2

____________________________________________________________________________________________________

(a)New awards consist of the original contract price of projects added to backlog plus or minus subsequent changes to the estimated total contract price of existing contracts.

(b)Backlog may differ from the transaction prices allocated to the remaining performance obligations as disclosed in Note 3 of the Notes to Condensed Consolidated Financial Statements. Such differences relate to the timing of executing a formal contract or receiving a notice to proceed. More specifically, backlog may include awards for which a contract has not yet been executed or a notice to proceed has not yet been issued, but for which there are no remaining major uncertainties that we will proceed with our work on the project (e.g., adequate funding is in place, we have received a notice of intent to award a contract, etc.).

With respect to potential concerns regarding the U.S. government’s increased scrutiny and curtailment of various federal spending programs, as well as varying new tariff policies that have recently been implemented, the Company does not currently anticipate any significant impacts to its business related to these factors. From a project funding perspective, the Company does not currently foresee the risk of any of its major projects in backlog being cancelled, delayed or defunded. Most of the Company’s major projects are funded at the state or local level, or with some combination of federal, state and local funding. For projects that are wholly or partially funded with federal dollars, the funding for those projects has already been committed and/or those projects are strategically important to the United States.

Specifically related to potential tariff impacts, the Company utilizes a pre-award and post-award strategy. As part of its pre-award strategy, the Company’s detailed estimating process includes consideration of anticipated cost increases over the performance period of the contract, as well as additional contingencies to address other potential incremental costs related to unforeseen risks. Prior to its bid or proposal submission, the Company also works to negotiate favorable contract provisions that provide entitlement for certain compensable events, which may include price escalations and allowances. Once the project is awarded, the Company’s strategy shifts to entering into purchase orders or “buy-outs” of materials, such as steel and concrete, as well as large pieces of equipment at the onset of projects, which mitigate the risk of future equipment and commodity price increases. Also at that time, the Company enters into fixed-price contracts with its key project subcontractors whereby the risk of unforeseen escalation is transferred to the subcontractor. The Company benefits from its long-term relationships with key suppliers, vendors and subcontractors, which minimize supply chain disruptions that could arise as a result of tariffs. While the Company believes this strategy appropriately mitigates the current risk of potential tariff impacts, there could be other unforeseen future developments. The Company will continue to monitor and assess its exposure to the economic environment.

The outlook for the Company’s revenue growth over the next several years remains favorable, particularly due to strong new award bookings in 2024 and through the first quarter of 2025, as well as other significant new awards that could be booked over the remainder of 2025. For example, the Company recently bid the multi-billion-dollar Midtown Bus Terminal Replacement project in New York and is awaiting contractor selection by the owner. Many of the Company’s newer projects are design-build projects that have an initial design phase over the first six to eighteen months during which smaller revenue and earnings are generated prior to the start of a multi-year construction phase that generates substantially larger revenue and earnings. Revenue growth could be impacted by unanticipated project delays or the timing of project bids, awards, commencements, ramp-up activities and completions. We anticipate that we will continue to win our share of significant new project awards resulting from long-term, well-funded capital spending plans by state, local and federal customers, as well as limited competition for many of the larger project opportunities.

Nationally, support for transportation-related ballot measures has remained high over the last decade. Since 2014, voters in 43 states approved 84 percent of nearly 3,000 state and local measures on general election ballots. The largest of these was in Los Angeles County, where in 2016 Measure M, a half-cent sales tax increase, was approved and is expected to generate $120 billion of funding over 40 years. Funding from this measure is supporting, and is expected to continue to support, several of the Company’s current and prospective projects. More recently, in the November 2024 elections, voters approved 77 percent of 370 transportation funding measures on state and local ballots throughout the country. These measures are expected to generate an estimated $41.4 billion in new and renewed funding for roads, bridges, rail and other infrastructure. Additionally,

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interest rates were lowered in September 2024, and some economists expect further rate reductions in 2025, though the actual timing and extent of any future rate reductions remains uncertain. Lower interest rates could support additional demand for continued infrastructure spending. In contrast, should interest rates rise, they could reach levels that may negatively impact demand, especially for certain types of Building segment projects that have already been experiencing such impacts, such as commercial offices and tenant improvement projects, which tend to be more economically sensitive than projects handled by our Civil segment.

The bipartisan Infrastructure Investment and Jobs Act (enacted in 2021) provides for $1.2 trillion of federal infrastructure funding, including $550 billion in new spending for improvements to the country’s surface-transportation network and enhancements to core infrastructure. The law initiated the largest federal investment in public transit ever, the single largest dedicated bridge investment since the construction of the interstate highway system and the largest federal investment in passenger rail since the creation of Amtrak, all in addition to providing for regular annual spending for numerous infrastructure projects. The Company anticipates that this significant incremental funding will continue to be allocated through the end of 2026 with the funds spent over the 10 years from the law’s enactment (through 2031), and much of the funding is allocated for investments in end markets that are directly aligned with the Company’s market focus. Accordingly, the Company believes that this significant level of sustained, incremental funding has benefited, and will continue to favorably impact, the Company’s current work and prospective opportunities over the next decade.

For a more detailed discussion of the operating performance of each business segment, corporate general and administrative expenses and other items, see Results of Segment Operations, Corporate, Tax and Other Matters and Liquidity and Capital Resources below.

Results of Segment Operations

The results of our Civil, Building and Specialty Contractors segments are discussed below.

Civil Segment

Revenue and income from construction operations for the Civil segment are summarized as follows:


	Three Months Ended March 31,
(in millions)	2025		2024
Revenue	$	610.0	$	472.2
Income from construction operations	79.6		70.7

Revenue for the three months ended March 31, 2025 increased 29% compared to the same period in 2024, primarily due to increased project execution activities on certain large mass-transit projects in California and Hawaii, the Civil segment’s share of a detention facility project in New York and a mass-transit project in the Northeast, most of which have substantial scope of work remaining.

Income from construction operations for the three months ended March 31, 2025 increased 13% compared to the same period in 2024. The increase was due to contributions related to the increased project execution activities discussed above.

Operating margin was 13.0% for the three months ended March 31, 2025 compared to 15.0% for the same period in 2024. The change in operating margin was principally due to the above-mentioned factors that drove the changes in revenue and income from construction operations.

New awards in the Civil segment totaled $1.5 billion for the three months ended March 31, 2025 compared to $328.2 million for the same period in 2024. The most significant new awards and contract adjustments in the first quarter of 2025 included the $1.18 billion Manhattan Tunnel project in New York and $241 million of additional funding for the Apra Harbor Waterfront Repairs project in Guam.

Backlog for the Civil segment was $9.7 billion as of March 31, 2025, up 136% compared to $4.1 billion as of March 31, 2024, and set a new all-time record for the segment. The segment continues to experience strong demand reflected in a large, multi-year pipeline of prospective projects, supported by substantial anticipated funding from various voter-approved transportation measures, the Bipartisan Infrastructure Law, and by public agencies’ long-term spending plans. We believe that the Civil segment is well-positioned to capture its share of these prospective projects.

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Building Segment

Revenue and income from construction operations for the Building segment are summarized as follows:


	Three Months Ended March 31,
(in millions)	2025		2024
Revenue	$	459.8	$	411.9
Income from construction operations	10.5		16.1

Revenue for the three months ended March 31, 2025 increased 12% compared to the same period in 2024, primarily due to increased project execution activities on a detention facility project in New York and a healthcare facility project in California, both of which have substantial scope of work remaining, partially offset by reduced project execution activities on a mass-transit project in California that is nearing completion.

Income from construction operations for the three months ended March 31, 2025 decreased by $5.6 million compared to the same period in 2024, driven by the absence of a prior-year immaterial favorable adjustment that resulted from a legal ruling related to a completed hospitality and gaming project, offset by the net increase in project execution activities discussed above.

Operating margin was 2.3% for the three months ended March 31, 2025 compared to 3.9% for the same period in 2024. The change in operating margin was principally due to the aforementioned factors that drove the changes in revenue and income from construction operations.

New awards in the Building segment totaled $142.1 million for the three months ended March 31, 2025 compared to $404.3 million for the same period in 2024. The most significant new awards and contract adjustments in the first quarter of 2025 included $111 million of additional funding for certain healthcare facility projects in California.

Certain Building segment end markets, such as healthcare, education, industrial/manufacturing, and hospitality and gaming, continue to show strong demand for new and renovated facilities. However, continued elevated interest rates and potential increases in materials and equipment costs due to recently implemented tariff policies could negatively impact this demand.

Backlog for the Building segment was $6.7 billion as of March 31, 2025 up 61% compared to $4.2 billion as of March 31, 2024. The Building segment continues to experience strong customer demand as reflected by a large volume of prospective projects across various end markets and geographic locations. In addition, there are various healthcare and education projects underway in California that are in the preconstruction phase, with only a modest amount of current backlog recorded for them. Most of these projects are expected to advance into the construction phase this year, and we anticipate that we will book significant additional backlog for these projects in 2025 as a result.

Specialty Contractors Segment

Revenue and loss from construction operations for the Specialty Contractors segment are summarized as follows:


	Three Months Ended March 31,
(in millions)	2025		2024
Revenue	$	176.8	$	164.9
Loss from construction operations	(7.1)		(18.3)

Revenue for the three months ended March 31, 2025 increased 7% compared to the same period in 2024, primarily due to increased project execution activities on the electrical and mechanical components of a mass-transit project in California and a detention facility project in New York, both of which have substantial scope of work remaining.

Loss from construction operations for the three months ended March 31, 2025 was $7.1 million compared to $18.3 million for the same period in 2024. The improvement was primarily due to the absence of a prior-year immaterial unfavorable adjustment pertaining to an arbitration ruling on a completed electrical project in New York and, to a lesser extent, contributions related to the increase in project execution activities discussed above.

Operating margin was (4.0)% for the three months ended March 31, 2025 compared to (11.1)% for the same period in 2024. The change in operating margin was principally due to the aforementioned factors that drove the changes in revenue and loss from construction operations.

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New awards in the Specialty Contractors segment totaled $366.7 million for the three months ended March 31, 2025 compared to $140.3 million for the same period in 2024. The most significant new awards and contract adjustments in the first quarter of 2025 included an electrical project in Texas valued at more than $100 million and $99 million of additional funding for an existing electrical project, also in Texas.

Backlog for the Specialty Contractors segment was $3.0 billion as of March 31, 2025, up 75% compared to $1.7 billion as of March 31, 2024, and set a new all-time record for the segment. The Specialty Contractors segment continues to be primarily focused on servicing the Company’s current and prospective large Civil and Building segment projects, particularly in the Northeast and California. We believe that the segment remains well-positioned to capture its share of new projects, leveraging the size and scale of our business units that operate in New York, Texas, Florida and California and the strong reputation held by these business units for high-quality work on large, complex projects.

Corporate, Tax and Other Matters

Corporate General and Administrative Expenses

Corporate general and administrative expenses were $17.6 million and $19.7 million during the three months ended March 31, 2025 and 2024, respectively.

Other Income, Net, Interest Expense and Income Tax Expense


	Three Months Ended March 31,
(in millions)	2025		2024
Other income, net	$	4.7	$	5.3
Interest expense	(14.4)		(19.3)
Income tax expense	(12.9)		(7.3)

Other income, net for the three and three months ended March 31, 2025 was essentially flat when compared to the same period in 2024.

Interest expense for the three months ended March 31, 2025 decreased $4.9 million compared to the same period in 2024 primarily due to lower outstanding debt driven by the payoff of the Term Loan B in the first quarter of 2025, as discussed further in Liquidity and Capital Resources. The Company expects interest expense to decrease over the remainder of 2025 and beyond.

The Company recognized an income tax expense of $12.9 million for the three months ended March 31, 2025 resulting in an effective income tax rate was 23.2%. The effective income tax rate for the three months ended March 31, 2025 was higher than the 21.0% federal statutory income tax rate primarily due to non-deductible expenses and state income taxes (net of the federal tax benefit) substantially offset by earnings attributable to noncontrolling interests (for which income taxes are not the responsibility of the Company) and federal income tax credits.

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Liquidity and Capital Resources

Liquidity is provided by available cash and cash equivalents, cash generated from operations, credit facilities and access to capital markets. We have a committed line of credit totaling $170.0 million, which may be used for revolving loans, letters of credit and/or general purposes. We believe that cash generated from operations, along with our unused credit capacity and available cash balances as of March 31, 2025, will be sufficient to fund working capital needs and debt maturities for the next 12 months and beyond, as discussed further below in Debt below. During the first quarter of 2025, we voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B. We expect strong operating cash flow to continue in 2025 based on projected cash collections, both from project execution activities and the resolution of outstanding claims and change orders. In addition, we expect to benefit from the utilization of available net operating loss carryforwards to reduce our cash outflows for income taxes.

Cash and Working Capital

Cash and cash equivalents were $276.5 million as of March 31, 2025 compared to $455.1 million as of December 31, 2024. The decrease in cash and cash equivalents during the period was primarily due to the early payoff of the Term Loan B. Cash immediately available for general corporate purposes was $64.2 million and $265.6 million as of March 31, 2025 and December 31, 2024, respectively, with the remainder being amounts held by our consolidated joint ventures and also our proportionate share of cash held by our unconsolidated joint ventures. Cash held by our joint ventures is available only for joint venture-related uses, including distributions to joint venture partners. In addition, our restricted cash and restricted investments totaled $175.9 million as of March 31, 2025 compared to $149.1 million as of December 31, 2024. Restricted cash and restricted investments at March 31, 2025 were primarily held to secure insurance-related contingent obligations and deposits.

During the three months ended March 31, 2025, net cash provided by operating activities was $22.9 million. The net cash provided by operating activities for the 2025 period was primarily due to cash generated by earnings sources, partially offset by an increase in net project working capital. The increase in net project working capital was primarily due to an increase in accounts receivable, partially offset by an increase in billings in excess of costs and estimated earnings (“BIE”) primarily due to advanced payments on newer projects for mobilization and other initial project costs, and an increase in accounts payable, as a result of the timing of payments to subcontractors and vendors. As of March 31, 2025, BIE of $1.4 billion exceeded costs and estimated earnings in excess of billings of $947.5 million resulting in a net BIE position. During the three months ended March 31, 2024, net cash provided by operating activities was $98.3 million. The net cash provided by operating activities for the 2024 period was primarily due to cash generated by earnings sources and a decrease in investment in project working capital. The decrease in investment in project working capital was primarily due to an increase in accounts payable, as a result of the timing of payments to subcontractors and vendors, partially offset by a decrease in BIE.

Cash flow from operating activities for the first three months of 2025 decreased $75.4 million compared to the same period in 2024. The decrease in cash flow from operating activities for the first three months of 2025 compared to 2024 primarily reflects an increase in net project working capital in the current period compared to a decrease in the prior-year period, partially offset by higher cash generated by earning sources in the current period compared to the prior-year period. The increase in net project working capital in the 2025 period was primarily due to a larger current-year increase in accounts receivable compared to last year, and a current-year increase in retention receivable compared to a decrease last year. The increase in net project working capital was partially offset by current-year increases in BIE and accrued expenses compared to decreases last year. While both periods were positively impacted by collections associated with previously disputed matters, such collections in the 2024 period were significant whereas such collections in the 2025 period were immaterial.

Net cash used in investing activities during the first three months of 2025 was $23.9 million primarily due to the acquisition of property and equipment for projects (i.e., capital expenditures) totaling $30.1 million, partially offset by net cash provided by investment transactions of $5.7 million and proceeds from the sale of property and equipment of $0.5 million. Net cash used in investing activities during the first three months of 2024 was $10.3 million primarily due to the acquisition of property and equipment for projects totaling $10.4 million.

Net cash used in financing activities was $146.4 million for the first three months of 2025, which was primarily driven by a $129.5 million net repayment of debt (including the $121.9 million repayment of the remaining balance on the Term Loan B discussed below in Debt), and $11.8 million of net distributions to noncontrolling interests. Net cash used in financing activities was $109.6 million for the first three months of 2024, which was primarily driven by a $100.2 million net repayment of debt and $7.4 million of distributions to noncontrolling interests.

At March 31, 2025, we had working capital of $0.9 billion, a ratio of current assets to current liabilities of 1.33 and a ratio of debt to equity of 0.34, compared to working capital of $1.0 billion, a ratio of current assets to current liabilities of 1.41 and a ratio of debt to equity of 0.46 at December 31, 2024.

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Debt

2024 Senior Notes Issuance and 2017 Senior Notes Redemption

2020 Credit Agreement

On August 18, 2020, the Company entered into a credit agreement (as amended, the “2020 Credit Agreement”) with BMO Bank N.A. (f/k/a BMO Harris Bank N.A.), as Administrative Agent, Swing Line Lender and L/C Issuer and other lenders. The 2020 Credit Agreement originally provided for a $425.0 million term loan B facility (the “Term Loan B”) and a $175.0 million revolving credit facility (the “Revolver”), which was subsequently reduced to $170.0 million following the effectiveness of the 2024 Amendment (as defined and discussed below), 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. Prior to the 2017 Senior Notes Redemption, if any of the 2017 Senior Notes had remained outstanding beyond certain dates, the maturities of the Term Loan B and the Revolver would have been subject to acceleration (“spring-forward maturity”). However, following the 2017 Senior Notes Redemption and the consummation of the 2024 Amendment, the spring-forward maturity of the Term Loan B is no longer in effect and the spring-forward maturity of the Revolver has been extended (as described below).

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. The balances of indebtedness used in the calculations of the First Lien Net Leverage Ratio and the Total Net Leverage Ratio include offsets for cash and cash equivalents available for general corporate purposes.

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As of March 31, 2025, the Revolver had unused available borrowing capacity of $170.0 million, and the outstanding balance of the 2024 Senior Notes was $400.0 million. During the first quarter of 2025, the Company voluntarily repaid the remaining $121.9 million outstanding balance of the Term Loan B.

Borrowings under the 2020 Credit Agreement bear interest at variable rates, which have increased since the latter part of 2022 due to changes in market conditions that resulted in increases in the Secured Overnight Financing Rate (“SOFR”) (and the London Interbank Offered Rate (“LIBOR”) prior to the transition to SOFR), in the case of the Term Loan B, and the administrative agent’s prime lending rate, in the case of the Revolver. Effective May 2, 2023, the 2020 Credit Agreement was amended to transition the Company’s original LIBOR option in respect of the Term Loan B to Adjusted Term SOFR. The average borrowing rates on the Term Loan B and the Revolver for the three months ended March 31, 2025 were approximately 9.2% and 10.8%, respectively. At March 31, 2025, the borrowing rate on the Revolver was 10.8%. For more information regarding the terms of our 2020 Credit Agreement, refer to Note 9 of the Notes to Condensed Consolidated Financial Statements.

The table below presents our actual and required First Lien Net Leverage ratio under the 2020 Credit Agreement for the period, which is calculated on a rolling four-quarter basis:


	Trailing Four Fiscal Quarters Ended
	March 31, 2025
	Actual	Required
First lien net leverage ratio	(0.20) to 1.00(a)	≤ 2.25 : 1.00

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(a) The ratio was negative because the Company’s cash and cash equivalents available for general corporate purposes exceeded Indebtedness, resulting in negative First Lien Net Indebtedness, both as defined in the 2020 Credit Agreement.

Contractual Obligations

There have been no material changes in our contractual obligations from those described in our Annual Report on Form 10‑K for the year ended December 31, 2024.

Critical Accounting Policies and Estimates

There has been no material change in our significant accounting policies and estimates disclosed in Note 1 of the Notes to Consolidated Financial Statements of our Annual Report on Form 10‑K for the year ended December 31, 2024 and in Part II, Item 7 of our Annual Report on Form 10‑K for the year ended December 31, 2024.

Recently Issued Accounting Pronouncements

See Note 2 of the Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in our exposure to market risk from that described in Part II, Item 7A of our Annual Report on Form 10‑K for the year ended December 31, 2024.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10‑Q was made under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures (a) were effective to ensure that information

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we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. – OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of our business, we are involved in various legal proceedings. We disclose information about certain pending legal proceedings pursuant to SEC rules and as we otherwise determine to be appropriate. For information on such pending matters, see Part I, Item 3 of our Annual Report on Form 10‑K for the year ended December 31, 2024, updated by Note 11 of the Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10‑Q.

Item 1A. Risk Factors

There have been no material changes to our risk factors as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Mine Safety Disclosures

Section 1503 of the Dodd-Frank Wall Street Reform and Consumer Protection Act requires domestic mine operators to disclose violations and orders issued under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) by the federal Mine Safety and Health Administration. We do not own or operate any mines; however, we may be considered a mine operator as defined under the Mine Act because we provide construction services to customers in the mining industry. For the quarter ended March 31, 2025, we do not have any mine safety violations or other regulatory matters to disclose pursuant to Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K.

Item 5. Other Information

During the quarter ended March 31, 2025, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

Item 6. Exhibits


Exhibits			Description
10.1*			Form of Se paration Benefits Agreement.
10.2*			Amended and Restated Long-Term Incentive Bonus Agreement, effective as o f October 1, 2023 , by and between Tutor Perini Corporation and Kristiyan Assouri .
31.1			Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2			Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1			Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2			Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH			XBRL Taxonomy Extension Schema Document.
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB			XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document.
104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL (included as Exhibit 101).

_____________________________________________________________________________________________________________

* Management contract or compensatory plan or arrangement

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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 thereunto duly authorized.


	Tutor Perini Corporation

Dated: May 7, 2025	By:	/s/ Ryan J. Soroka
	Ryan J. Soroka
	Executive Vice President and Chief Financial Officer

Tutor Perini Corporation - 10-Q quarterly report FY2025 Q1

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