TPC - Earnings call transcript Q4 2021 | Tutor Perini Corporation

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Operator

Good day ladies and gentlemen and welcome to Tutor Perini Corporation Fourth Quarter 2021 Earnings Conference Call. My name is Laura and I will be your coordinator for today. At this time, all participants are in a listen-only mode.

Following management's prepared remarks, we will be opening the call for a question-and-answer session.

As a reminder, this conference call is being recorded for replay purposes. time, your like host this conference turn At to over for Instructions] I to would the [Operator today, Mr. President Vice Casado, of Relations. Jorge Investor Please proceed.

Jorge Casado

With are and on Executive CEO; Vice everyone, thank CFO. for Smalley, us Hello, and you and Gary the Tutor, Ronald today. call President Chairman and joining us

and results, an will current everyone making are risk on management's that statements, we actual differ forward-looking today's call Before results which is I materially. discuss during of information. existing that our trends assessment our inherent be remind There we will could based

factors You law. in can call information, future find now a With that we company our by to could otherwise XX-K, update or will turn Form the events, Tutor. obligation contribute disclosures are differences as than about forward-looking such no of today. as whether required The risk that assumes result to new which over other I filing potentially said, our to statements, Ronald

Ronald Tutor

points talked - shift discussed projects to a The continued Civil basis higher margin year, its increased Civil margin Good the for quarter profitability, you XXXX XX.X% and Jorge. since toward XXXX reflecting and in for impressive in a fourth solid XX.X% we've segment's delivered you, thank the with compared margin our margin which by fourth for overall year segment previously. us. of strong segment, quarter XXX for We to XXXX. entire margin, a the the the performance highest year concluded and annual afternoon an about, Thank highlighted had good Civil full margin Civil joining year

fourth per $X.XX earnings quarter. achieved share of we the included year, $X.XX, for the which For

would last new during in tax CARES EPS lower line because and just compared billion XXXX, ended more It significant in of that 'XX was XXXX booked rate in as to in basically year Act. a as with frozen XXXX tax guidance. backlog that billion a lower Civil building I by funding. benefits only awards than revised with XXXX, of to of was even awards our XXXX, from entirely lack specialty full because Civil major backlog result increase the $X.X not significantly, We and $X.X our but lagged work, work in EPS, so the sector further in add $X.X had million. we partly work XXXX and in a also in of COVID almost effective was a year's compared Our the was

went significantly. So Authority; Connector $XXX in and in Bridge; Missouri Metro that the Courthouse Home Santa International Los apron in million parking our it down Civil in in Guam. $XXX the million Islands; project Airport Rosa, million the River both California; military and taxiway million $XXX awards million a Marina Rey $XXX Metropolitan $XX range Angeles I-XX and Veterans Major the for del military $XXX XXXX County; Northern of in included $XXX new California; firing million Mariana the Los backlog housing Airport the project Tinian impact Cedars-Sinai Yountville LAX Hospital and the Angeles the million Transit Replacement a

can limit awards see, continue business. new you in of XXXX, Civil significant COVID-XX As our higher significantly new particularly awards volume boom pandemic backlog. Despite activity, to in to and and the Guam the continues proposal with bidding

bid, the Our of said lack substance and work I and XXXX. XXXX previously both significantly backlog by as in to civil was of XXXX negatively impacted

targeting design more and was margin revenue confident in that various strong, civil expect to large recognize reduced. and are to we the will backlog our this a in I Specialty We profit revenue quickly a bidding build margin be moment. be to to substantially Although flat projects convert work, opportunities but will and lower Civil by expected remained higher building respective XXXX, of work, in year, replaced amount remain work because large which is much approach compared XXXX than detail of amount our building

We work continues but in meaningfully, bill Columbia, gaming over and frozen expect finally at into the million. are to including that's not projects the further valued Kemper for in services California coming British awards our tunnel $XXX in a expect next days major federal million it have at to Frontier Canada sign contract pending increase for certain whole signed we marketplace. that Demand the infrastructure XX be over array strong law, been to and we to has $XXX now of only civil in two a been

bill passenger annual The ever. to be next is the All largest numerous addition investments over incremental focus, of A years As for bridge you rail earnest creation and the spending major will network million improvements single transportation the infrastructure XX provides funding owners Funding much infrastructure with infrastructure. to federal marks largest be spent significant to its bill our service providing to infrastructure for work. Tutor the country's to and construction is core begin rail, in of project. aligned funding for from enhancements at interstate this Amtrak. flow of trillion invested $X.X public spending in investment markets know in subway, those and for $XXX of regular in dedicated middle namely that respect largest in transit highway market of the the directly new it it will with may anticipated to year. that system bill, our federal to since the The and investment around customers, Perini's the including transportation

billions the dollars over of projects awarded bid tens are of are prospective two already Civil next that and of we years. to expected tracking be impact, bill's of the ahead even However,

bidding we'll the will on I months. project, over major thereafter. soon projects Next, be Newark Xth selection the bidding prospective discuss coming team sub-contract replacement in we award anticipated The with some will be AirTrain April of

Black have be Pacific inundated towards Angeles, both our for currently the opportunities region. Transportation term, major assets the also both in we American Burbank this We Legion as Guam, and its New plan I-XX MTA the the A for the the Other in project and lastly Roadways this Angeles billion Transportation of $XXX to Authority. bids government the East can plus Rail both Express by to significant on light I-XXX projects $XXX in bids selection Maryland and quarter. automated Jersey in million $XXX our known York value projects million Construction, project and million submit replacement and I to Lanes the billion forgot the with million Center, the to $XXX for New and We Light major rail continues $X awarded bid projects Los Fernando for the Accelerate the The in to project will million billion call you include military's anticipate billion City. developing based consortium Sonoma contract thereafter due team Asia as $X.X B the terminations three Inglewood project in shortly of also had year Airport Los project subsidiary awards of of bridge people JFK Maryland Partners projects We project, $X.X for positioning U.S. third and Jersey, $XXX a we San $X see refocus awaiting mover South the facility jail County. Ground already. Maryland in mention

project year another more Tinian job bid release the the to island quarter continuing eight with are Black of Navy expects Altogether, the XX in We even and in over days. Guam. major on islands $XXX next more billion in the for next isolated $X.X bidding the years Palau. to significant between including award Navy billion three the a million in worth $X.X next projects to expected is the and

were second positioned to billion XXXX, men's with subsidiary. all balance, Construction projects being a valued is Tutor you strategically $XXX bachelor of which the million or of bidder $XXX total we which awards. as quarters, the Navy sweep almost Pacific For part Nobody at What we Black four Black that of assumed in even million the is its unlisted doesn't have $X.X as that had in would comparison, close awarded million. the almost of Perini tell $X a the by won

in We program. engineers, with people, are investment this service equipment to the only major major significant and contractor

competitors backlog there was year-end our with from an us come to mainland to is the while to compared the that's has that shift to compete say U.S. composition. year's of noteworthy our challenging is reiterate level a and backlog, that attempt understatement. reality All mix last in I will the been

for business higher bids existing and grew $XXX XXXX. would Civil including backlog million contracts. were decline it $XXX our our current in backlog be whereas financial we Contractors Civil of we're continued the respectively. year-over-year, and outlook million our other In uncertainties work approach and the awards, and assessment to new be market cautious declined this awarded and backlog some Building performance of significant, timing factors in continue the not in $XXX our The on Specialty in a margin added fact more million estimating and taking With mind, even segment and the our

of the two our considerably in analysts to to that for components XXXX investors tax of and high per to support earnings short of civil rate. years earnings bidding the the the established change reduction work contributing lower in the major is in more share breakdown and $X.XX. loss have We share than due the expected range the a occurred range margin guidance the expectations, fact is has this term primarily it lower reason and is is of but the Also, reduction. realize and the behind We backlog per of civil that $X.XX normalized any absolute review work

a for four significantly and the you. we dispute consolidated I have XXXX litigation cash expect Gary rates over reducing a a project well years. operating our our result we Operating net cash budgeted details lower And that not with EPS Thank present we number our I'll balances. resolutions far cost and our and note cash current that income, and financial generation. and XXXX while litigations the of significantly the as expect were to but win, substantial for what improvement in due benefits 'XX, should XXXX settlements, tax than also as lower only process in tax effective to I'll Our XXXX call solid as of anticipate to of from those than exceed one-time in results. turn both thereby to collections, execution, that, three

Gary Smalley

completion, down Ron. XXXX execution which project for reduced XXXX. $XXX quarter. I I awarded various nearing have was a year, that million in are and prior California operating to Income revenue income activities some have to the which for and year-over-year, the million, comments with primarily to by and mostly unfavorable contribute $XXX primarily up our our revenue balance segment are contributed compared billion, flow yet follow million, discussed a results points in X% start completed year. to activities legal compared will compared sheet decline various XXX Contractors adjustment judgment, on meaningfully as with projects Specialty Civil corresponding but discussing a projects as basis to as favorable segment line guidance completed down down on that XX.X% nearing well attributable XXXX in Guam. XX% the segment been reduced on certain for detail or by to due as to California in up was The today. XXXX. segment offsetting XX-K, in as Civil project assumptions. are was well recently to in or which lower newer estimates segment margin Jorge to nearly These to while XXXX was Revenue or compared greater X% XX% XX% our There $X.X completion. which level on due decrease Building with in Good various modest completed the Oklahoma filing mentioned of in was and largely cash due declined year-over-year, reduced revenue. projects, offset projects after to fourth various Building mainly Thank our increased projects everyone. up will activities the segment then review you, was revenue afternoon, and I'll $XXX certain the operations to related construction from was was are completed revenue in favorable a $XXX in decrease XXXX. as year, were changes compared The are also the in year. prior million we are the XXXX. activities to

those a impacts absence in improvement decrease future acquisitions. was expense charges compared due impact reductions. pandemic expense principally on growth reflected travel me resulted expense for refinancing. the was segment in pointing by a and orders. income mentioned, related to related in performance segment business XXXX. a XXXX. segment's compared $XX unapproved XXXX. was project, The largely in the was are the of had to orders favorable incurred reverse COVID-XX XXXX to profit primarily million in to the lower was to Ron XXXX, the Specialty was some Clearly, in million $XX mentioned, in margin electrical Building the for was we with absence expenses $XX New due tax from XXXX tax on the in XX%, related The REIT the in million the X% was negative unfavorable decrease in million themselves, million Interest rate incurred due the to incremental year. $XX in tax $X The projects compared $XX a XXXX. to operations $XX compared benefit as related been in project construction impacted As and Income an uncollectible. a significant those costs in compared adverse result. impact reflecting XXXX periods. the excuse other of disappointing down to driven debt continued pertaining million higher favorably effective in for certain mass-transit verdict that higher settlement margin claim in increase travel projects certain change $XX negotiation past to adjustment to result transportation COVID-XX projects one-time XXXX certain federal was in in XXXX projects from tax extinguishment to construction XXXX XXXX a time. that - a The XXXX. prior in to associated highest XXXX additional to in million the to rate jury progress G&A expected charges with XXXX shift in legal compared the million its XXXX million the as I income in partially $XX Civil toward impacts, segment of orders delivered XXXX, million by to $XX related to compared The completion took related the in Contractors since earlier change in we've tax operations as transportation of corresponding $X.X well in Note the of $XX due work The XXXX, by charge York. XXXX in to change credit, was rendered unapproved compared annual of toward strong resolution construction due million, disputes, decrease and loss XXXX that and operating operations is adjustment which with to Other The unapproved XXXX was growth million of recognized changes judgment completed offset of various on income in caused volume are in income some project the reduction could of the segment rate from to XXXX Corporate which a $XX million year project to XX.X% when a of that estimates be to negative expense when to

federal $X.XX rate one-time CARES XXXX. $X.XX to So and XXXX. was benefit tax in share differential Perini right tax income tax uncollectible recover of XXXX due decline lower share due allows income year, was attributable income The in the rate, earnings I mentioned or at between revised or we the tax for as XX%. claim XXXX, in earnings that to whereas the line rate as was federal and to essentially, that was rates drove Net income credit XXXX Tutor compared was million well with was lower effective in XXXX Act. per a largely The rate in million to operating a deemed the to compared per net of had our our the taxed tax us XX% when earlier $XXX factors $XX the the of to rate XXXX The related to higher in XXXX benefit tax guidance EPS the XX% XXXX. even in of

project for same decrease the Terminal Airport loss including down. Contractors for quarter to of was California. and compared the volume, quarter the of completed by fourth XXXX, $XXX New quarter XXXX largely and or the million orders electrical The execution a the last of quarter offset of quarter the margin on in activities projects Oklahoma mechanical had unapproved nearing Now the change of Contractors due to Building certain decrease winding million of The quarter of in due is decrease have lower completion. X.X% to volume Civil segment margins segment's by million completed for XXXX Contractors due compared construction Building was by primarily decrease was growth the mostly Building that year. quarter a XXXX, for Building as to large operations revenue one anticipate from in year. fourth segment the of with up segments. and segment The for the fourth for was of corresponding Civil segment, to of million construction are Civil same was last margin quarter to $XX completion. fourth for the highest impact a in $XXX margin $XXX $XX last and performance for revenue XXXX. XXXX partially quarter XXXX fourth contributions associated activities operating execution, for the to $XXX $XX The million Newark the and with Contractor construction in either decrease Keep of the of well compared lower for due larger segment The fourth same projects million the projects quarter the in mentioned previously compared of $XX in the million, was due Ron Revenue operations the $X.X various segment driven to was mix, Specialty were the as with slightly various fourth Civil, awards in in project was million, XX.X% and with the $X negative million fourth to the from income $XX Specialty volume to change results. The for quarter compared newbuilding Specialty Northeast Civil billion segment the the due and reduced contributions some $XXX quarter with compared quarter Specialty reasons billion operations as down XXXX, for from $XX a year. the particularly fourth Income on projects. charges in for project from of for nearing XX% year to compared decrease in due fourth compared the and mind, was million income strong revenue quarter the are the quarter for reduction million because the from X.X% to Operating higher $X certain segment that quarter lower Specialty. segment. revenue XXXX or project for fourth segment however, million we million segment underperformance revenue million fourth to certain of last the in the margin income XXXX to to XXXX, $XX segment Building mentioned. California I backlog XXXX. reduced of was in from to same since that Civil but compared of quarter the that significantly contributions decrease Civil was $XXX same York

XXXX XXX $XX XX.X% of that segment Corporate add year. quarter Interest I'll XXX XXXX the quarter was basis Income up up the XX.X% compared for REIT largely $X $XX also of our compared for earlier, million of than margin of was tax income over Civil to for of Tutor credits was fourth XXXX. to both lower G&A benefit for fourth of the quarter Civil quarter full-year was million last the fourth compared and the fourth $X operating claim 'XX fourth quarter for million. same Net quarter that quarter year. compared quarter points more the for expense points million to segment's the $X.XX quarter last income the earlier. to EPS $XX fourth same but slightly was was million was $XX to basis to for mentioned million the fourth expense for As compared expense tax $XX to the the $X.XX I XXXX, in tax of XXXX for year. fourth the XXXX benefit due quarter margin same Perini mentioned quarter of last of XXXX, of million, attributable Diluted the

$XXX was million cash the XXXX, growth earnings was to usage of in during in of our impacts, the orders let's used which claims estimated we primarily significant increase experienced the driven as We cause we costs. delays COVID-XX CIE unapproved year. to the to and Now by most excess largely billings and unbilled cost in year our in flow. of lingering the CIE what operating continue due or through discuss of in cash certain refer The XXXX change resolution

has pay revenue and of COVID our as sources, budgetary discussed scope us some that scope of out their we ability certain constrained some at timely we for as As previously, thereby work have funding well have their direction. to and limiting work performed owners discretion

news, are of being XXXX. arbitrated but accomplished a regarding this negotiate to we on quarters XXXX. to of now owed collect expected our will year of the and XXXX, $XX began later positive operating fund are various to cash, unapproved and Operating sequential our of had first $X more projects that contributed with we a were what continuing we that very the we cash for amounts other and and amount promptly the CIE net a quarter recently signs the resolutions anticipated that in turning in to in result, or from and certain amounts cost As certain the during The would latter largely cash temporarily the claims in to expecting fourth cash substantial which of be will and currently is negotiate was the We're be and/or operating and change collect our is change conclusion cash negatively collected also increase million we operating XXXX. to claims strong however, flow a in we cash in owed negotiated, of part in a believe we for resolving that billed second associated of to consolidated our result, significant in and we negotiated, impacted in that a good owners, normally as we're discussions project CIE. see with well through year. XXXX, result related in resolve other million of and we CIE decline various on anticipate and owners have income. orders, modestly have as able quarter year Because of are and successfully highly orders We litigated quarter-over-quarter to the and of are of settle improvement XXXX outlook cash, additional operating corner collections, confident XXXX these excess

balance our turn to let's sheet. Now, briefly

debt down as We continue in foreseeable to - will be XXXX. X% to be the debt December of and will compliance of anticipate our that XXXX total $XXX Our case XX, was covenant within million future. remain we this well continue the that the end compared limits

mentioned our reasons As guidance XXXX is our the mentioned. previously earlier, EPS lower than $X.XX $X.XX to EPS Ron for of XXXX various

$X depreciation reduced due Now and key expense million Depreciation, $XX approximately XXXX expense million depreciation, depreciation reduced lower additional $XXX be amortized associated the and tunneling million will provide will for is assumptions $XX expense is is be to of second XX% and expected $XX interest expected $XXX with amortization million. of will uncertain be the to of amortization joint to amortization which expense by expense projects you about our in million approximately intangible The XXXX of guidance. which expected at into non-cash. for years factoring our amortization $XX result quarter million, expense XXXX be between lower couple venture let acquisition fully is a anticipated from some at XXXX. ago, me Interest million. to G&A with be

XXXX mentioned, it Ron As our expected XX% normalize between to tax and income and be should rate XX%. effective for is

million interest in be XXXX. non-controlling between expect million to We $XX $XX similar to

We are for forecasting approximately diluted $XX million weighted XXXX. average shares outstanding

capital that expenditures Ron, and to ago. I'll Columbia million approximately to $XX funded will With million are to about a The new project $XX British while which Thank Ron to owner that, Lastly, mentioned the back call tunneling be over $XX the plan turn little project in increase project expected for specific. be of we million, in you. purchase that equipment for specific to CapEx due XXXX is you.

Ronald Tutor

group, new went Building heard only a profit tremendous a specifically the fourth went higher Civil Thanks, for we up. our reversal the though the strong year Civil our and the call prior Gary. A we fourth quarter, what but We dramatically not recap, despite for had Specialty earnings, by XXXX in in year. quarter which you good the down on overall the had and entire as our in were margin XXXX awards backlog segment at in since discussed which solid year, the year-end a segment, was operated XXXX to comparable from even resulting contributions that on reduced

of or starting the will virtually two bids be one very a are to $X looking month we until projects tendered those billion a significant discussed, month, of end previously the April As year. level plus bid, and at in a

more scale that as even We infrastructure bill to public expect grow a national the we flows funding from expect to owners. our - substantially, pipeline on bidding this

the many optimistic we're and at our next to markets we the bid work for turn add Thank of competition projects. for up out, we questions. expect billion we our all Civil finally new second our with projects, four with the XXXX, In to Civil anticipate years award. billion And to four expect on become course, open. margins the operating should opportunities for might second work. Of in we were of ending, as of fourth which over segment the capture strong and $X lead operator in our largest backlog Those with we over in to quarter excess continued that, work still and I'll coming projects you. to call growth grow share bidding will growth in the limited I several of all $X

Operator

with Our from Instructions] line of Steven comes Fisher question UBS. first the [Operator

may proceed with your question. You

Steven Fisher

Thanks. Good frame made see resolutions. really resolved just late you the on already much you've guess collected how afternoon, from progress the that the cash us to needs about that has I'm talked be to been maybe if for I nice fourth here? wondering could just in being quarter

Ronald Tutor

Well, how I know I don't far - I can would that go?

Steven Fisher

Yes, names, I project think not but just...

Ronald Tutor

it. Okay. it's to is money. give I $XX a settled agency us. public $XX retention a sense, collected collected in is to all money they're million, $XX appealing this to interest been expect just on expect We certain lose that second litigation treatment just another me, contractor, that We project with this have just quarter. million won quarter. $XX of I the to and they're we against of expect The major they're be million There and York of that To be settled appeal be summer. a expect we on New the appeal a second you project over award was owe expect in I by collect settled excuse heard, that the paying some we them suing over plant that our a cash, paid DEP other where we we X% money to a City the million summer. a and that's there that or the project they

litigations in two month major are We completing or the next two. have insurance that

those, they both get all of We decisions exceed which million. us expect classic, we should which money, to owe on $XX the are think

through right that right of up and to can add So end there year continues amount teed the begin into up an of you enormous summer. these cash next now the is stream

Gary Smalley

not million this, there change amount and And were million, flow were expect build we the also normal and quarter and some projects two first resolution second $XXX of flow the to really but of about in add mode, if resolution to CIE I dispute some in projects, a that two just the $XXX those in order quarter. we that could Ron,

Ronald Tutor

a money the another in New March. order I of not million. job's February, project the our but Jersey. and series December And will of settled signed transportation was in $XX add It us quite January, done come for payments and last I equal in in change pre, summer, issues settled was and I might agreed the settled three whole all to

lot a is of just settlements, time the there's brought forefront. So, finally the to

Gary Smalley

that $XXX mentioned. in $XX Steve I million that And million the

Steven Fisher

the quarter profit quite talk Okay, a and what got were that? it. Yes, that's much charges would been that just you how segment the Maybe moving to bit can progress. had the Specialty about on in of excluding segment, in the

Ronald Tutor

- quarter was the - million it prior, the $XX from from a Gary? from reversal Well, year went a what

Gary Smalley

Ron, think let's that's Yes. that but Yes, I see. I think right,

million, at the we million, about about, I look quarter, versus was the charges Steve, last - gain $XX fourth at you we $XX, was $XX If million, looking just had are it year. think it of

Steven Fisher

okay. Yes,

to going bigger with I time that projects in is get So kind some normalized with rate on I maybe margin are Specialty there we through that guess thinking are there whole kind think can committed to business, when picture business. you when and of these and was run this commitment maybe to back about we discussion last here there a to are bigger challenges ongoing be the of really any picture other, is

Ronald Tutor

replaced I subsidiary, purely have the one over I management to their Tutor Perini all the them to and half reduced in support last what months six cut group they the a previously done and Well, volume from Civil.

prime their our got contract supporting and York and certain to I've and one other arm New operation electrical which half, York is work. The primarily Civil New reduced they're

that frankly it's the just negative created at the work York work got firms our has claims got been caused in by New are one CIE XX% to months So about over, there category. go six and cash is that our Specialty. contract flow is off and that's two have That and

April. The other March XX% will one is or and finish in at we

tell us, there'll large with That on summer The transit exception. more frankly in can't you is for have over. XX-years. about the any appropriate stick been be that they has So work significant minor I I the anything last and this work cost until we've don't which may one not write-downs, believe taken worst but is just that is we've write-downs just

the time but a of we've say level difficult has see So our us, front had been in write-downs I of understatement. to group Specialty controlling don't

Steven Fisher

lastly, there's year. any segment Okay this don't maybe, for of kind and your ranges to what and I frame potential way be outcomes Gary, by just could margin know then if

Gary Smalley

past, around an have Yes. the of contribution. we're Steve, to looking at margins X% at for range. forecasted again, in X% be and margins XX% X% that it increased we building to the Civil. year looking about we're segment We're of similar think now, the what up we'll we On X%, X% - revenue, to on say to revenue hoping that north Specialty, around somewhere, somewhere we're stabilizes

Steven Fisher

Got it.

Thanks much. Okay. very

Ronald Tutor

is that's lower that contribute turning we than happen we will but that what year. think - think that and this this new direction lower is in the over than lower the that's the time, will work what That's ship right Specialty contributing

Operator

with question comes the next Our Brent line of from Thielman D.A. Davidson.

may You your with proceed question.

Brent Thielman

I'm a for of Civil list the didn't assume, business there's billion bid. call we there of XXXX to it you you $X could and a wondering named the you early of we to XXXX, think backlog off saw with is level lot see then just like $X that if the there where in work a opportunities Ron, the situation to to billion mentioned, projects there, starts you out out something other for level, levels build back

Ronald Tutor

you Well, I $X.X. bridge $X and of on, $X.X the could billion were days. period, it that job work, all building job in frankly, Maryland job, Purple $X.X was was easily think three four billion billion - a bidder Penn it. of work $X is tremendous have all Line We billion, as that sense just a on believe a the which building jobs to there was a One amount the we give billion second a and $X.X was a billion bidder and was $X to that's been awarded Access XX were in in or second Station us not, a civil a

work in any and there XXXX, forward go period, to is we that as because can that in the that literally of there bid. level in is So, of out work of God, backlog level out we marketplace, willing, April starting XX-day sign in up level there

Gary Smalley

too so mentioned Brent. at XXXX, Yes, end and just backlog the already. the not of was $X.X the add billion, I'll of you that far - end of off we're our number Civil

Brent Thielman

sort a Ron, seen system capacity low short-term but seems be Civil market, competition, the lot of bid a caused to out I mean, we've aggressively? the the of has that to the which little are terms reversing I given out just of that of of in some there come in has and still know folks more

Ronald Tutor

no we it of but past, may position while been cut approach. it see the $X to we're it large that competition to of and and us than three end bones acquire and X add the than civil badly then make reasons work has toward you've these we've say physical bidder, the got limitations risks have are others taken and order exciting when we've be resolute about it, it to in marketplace many it X reason such lack margins no with higher us very would nothing be it we Everybody that and bidder worth billion two fortunate, to build significantly margins getting to including on backlog our been in hurt going of to next and years to live that It'd X, think second we're this the jobs, or and bids I and not $X X our billion change it. that bid low have are years. I we've if with one raised we takes and be more to only and the We're deserve the for you foolish

Brent Thielman

payable the Gary, a it. color quite for this be Got around just that? one may but down any Maybe came quarter, last bit specific

Gary Smalley

there they with Right. the just timing-related to nothing came there expect came our in time, is down other but, work, but issue and The nothing in for XXXX bodes that are me new and timing. other there it's they Brent, down us for Yes than on quarter bills the just really also. there a well for down payables paying year, XXXX, we than up excuse back them build interesting is and

Operator

end the for to call over Ladies and reached of closing we turn Mr. like I this session. would have question-and-answer back Tutor remarks. gentlemen, today's to

Ronald Tutor

of Thank for Thank you next regarding year results call everybody the our the and time. the end you. until

Operator

conference. concludes today's This

You of your day. may enjoy at your your lines rest time. for disconnect this the you Thank participation,

Tutor Perini (TPC) 25 Feb 222021 Q4 Earnings call transcript