TPC - Earnings call 4 2023 | Tutor Perini Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation Fourth Quarter 2023 Earnings Conference Call. My name is Camilla, and I will be your coordinator for today.

[Operator Instructions] As a reminder, this conference call is being recorded for replay purposes. [Operator Instructions]

I will now turn the conference call over to your host for today, Mr. of President Vice Casado, Investor Relations. Jorge proceed. Please

Jorge Casado

CFO. everyone, today are thank President; Ryan President for CEO; you us With and and Vice Senior us. joining Soroka, Ronald Smalley, Hello, Gary and Tutor, and Chairman

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

that factors we risk potentially about The law. disclosures to our find future or our update which can such new to XX-K, company to events by in due otherwise are could differences statements, obligation You contribute today. whether other forward-looking information, required assumes than Form no filing as

now call Tutor. the and Thank over will you, I Ronald to turn

Ronald Tutor

Thank of day, Good Please for my raspy for thank head but I've all days, a all pardon you cold you, Jorge. a . got voice. couple joining us. and survive.

for I'd expected that Gary our succeed have former Directors results last President me our announced heard X we our not Perini, as discuss the effective that Tutor appointment November, and approved the CEO of recall may CFO mention I year. like for Board is of that January year, Smalley, Before that you those Gary of to as of to of next

XXXX, in the $XXX XXXX, XX% and that backlog to setting [ cash to million Perini. nearly of We of with in between Tutor excuse as in XXXX, results XX% was year-over-year year and another than highlighted as mixed highest to any the operating billion now result both compared a year me We as record since XXXX cash results. years Tutor-Saliba figure. grew of Turning -- ] flow records had million our last million operating generated that by merger $XX.X well $XXX $XXX better year

the year, decisions of disputed in and Northeast, various primarily the legal write-downs were matters. judgments certain from in that resolution throughout due challenged adverse to or XXXX resulted the earnings Our or settlement expedited

Our consolidated Civil years pandemic. the offset prior was to compared Building revenue XXXX revenue the by in segments, from in the slightly and lower We up mostly Specialty Contractors revenue still sustained growth our and reduced dramatically modest typical to XXXX segment. in

will financials reduce We in bit helped deliver more dispute settlements on excess excellent XXXX, in the cash our flow or Ryan discuss million. or receivables and which in detail unbilled costs $XXX later. a by claims made our us in progress to record XX%

handful continue with legacy expect disputes current. throughout brought our resolving and associated And cash year all of legacy XXXX and most remaining will our only of We be XXXX. before to thereby resolved in issues in amount substantial next this year certain of a going collecting a into amounts

Last our we but until to April, the savings This week, sheet was capture interest to of to million, months. of our balance decided week since paydown generated our cash its million. $XXX million deleverage of it the Xst compared Term excess to we by utilize B not to $XX down by original began part few required the Loan approximately its early balance bringing to pay latter some XXXX, down $XXX next paying in over

the further have anticipated still for we paydown, as used this reduction be underway. on debt current Following significant refinancing is which of cash to hand, part

sometime refinancing April. successfully conclude of this between middle end to and the expect We

additional in International $XXX million billion $XXX Airport of XXXX the transit for billion, in large in As by a of $X.XX and the at Tinian million stood I contract mentioned, Brooklyn largely funding $XX.X at X projects in with funding our XX%, awards year-end health funding New included rail $XXX additional York. award and Mariana significant project Jail California, facilities California, care growth strong Minnesota. for project additional projects Other in Northern of backlog million for light new mass in driven the up Islands the and certain project million of $XXX military adjustments

substantially our backlog again XXXX opportunities, we as grow many in expect a We and by strong for as are project law pursue volume of supported and infrastructure in share funding state the which in the of flowing. is available put levels which funding XXXX passed our as trillion to that of tremendous local is in was XXXX bipartisan place and at that now well $X.X capture

$XX year of the this of opportunities over billion years which next. X $XX are We are than tracking more and and expected billion next to X

in significant Sound Transbay Puget the transit bidder DTX in trends billion rail billion Some the in project the $X billion near-term most and low bids and summer. of Francisco. Northern which project, billion Center train include South which rail $X Naval had the low shipyard project again, Transit with had state in the ago air $X.X billion site's angle billion San Newark New at $X some reservoir at prospects we project this Honolula the the also billion Washington, $X.X been California, downtown we $X dry light The $X.X previously Southern the bidder in Connector been for years Jersey, dock Jersey X which of California, XXXX, in

the projects has of announcement our one that to in prospective Queens just was Jail City, New owner awarded York made the a facility competitors. formal Regarding our

we an other facilities, most would also of or the on the fourth endeavor Manhattan So quarter. all which in be the bid were team will costly one third shortlisted which award with Dale, the

the mega I could talking on, on and go only and I'm about projects.

Palisades million note East bid and to we've which any already that $XXX size, projects number many Tunnel million Amtrak rehab, in New $XXX in results should to mention. million Tunnel That worth hear day, too and of the tunnel the $XXX $XXX York. the an others in River However, Kineco a New million York, are tunnel, Manhattan

existing backlog. sourced our anticipating revenue XX% by We significant of double-digit are in with XXXX, growth which

significantly our to assessment market earnings on the Based of current in a the are range establishing business expecting and we EPS guidance $X.XX. outlook, to in for of return initial higher and XXXX $X.XX again, are in and We XXXX. in our XXXX XXXX positive earnings

in prior expected year the as typical are to heavily weighted a timing seasonality the in is the affected large more well second anticipated years, as that due earnings the activities business As to half of our of weather. by be

that, Thank over you. turn to the And results. financial to call the with I'll review Ryan

Ryan Soroka

refinancing results Thank sheet, our our operating the you, I'll afternoon, our . after record fourth Ron, everybody. XXXX start discussing our review and our Then guidance assumptions the including will year, I I balance commentary good which will cash, on quarter. by some provide for efforts. and

is major in highlights the mentioned, operating cash one XXXX. Ron of As

in was we second record to is the year compared the increase in nearly prior XX% we achieved that record For in XXXX impressive And XXXX. operating more a generated year of million of an million row, the a cash $XXX flow. $XXX

operating related overall into including XXXX resolutions activities collections solid concluded latter various we was part that cash strong by XXXX. of and collection settlements driven to dispute and Our in the

expedited Some focus part of begun as settlements we with the resolutions have accelerating cash we of in collections. XXXX dispute and continue these were on the latter

related in impact compared earnings settlements of cash various the a had fact, we generation to net concluded year In favorable XXXX. impact in settlements during to because to and significant XXXX earnings a modest unfavorable

anticipated cash generation the be and associated should as our of resolutions We expect over remaining much of next strong cash solid continued years various XXXX, which to continue in collections disputes, will well. with several be

continued strong deleverage begin excess sheet. some the generated cash balance past has several utilizing enabled to generation to over Our already our of us the cash months

to had in we that do we call. planned had indicated Something quarter's conference last

Term the save our have we make conjunction a this that Ron significant week we balance for reduction that After B $XX was expense. As approximately payment, a further which in April, but interest until last debt on said, down of notes. million, early week, due the available Loan Xst expected still the to to by not payment refinancing paid payment of making further senior be to our decided is with used we of

up compared project prior impacts X% various transit and other in primarily activities Mariana amount execution a XXXX litigation charges certain segment Islands. other increased $X.X XXXX, as projects due to billion, to primarily and net revenue California to in settlements, results slightly billion $X.X XXXX. billion, the for Civil XXXX to $X.X Guam to Revenue project in in of related as adjustments mass project unfavorable unfavorable was to compared absence compared lower of year, up the year last a Northern on well as due and was

California. Civil growth various a The growth offset Building the Northeast. XX% by and segment for the the segment was billion, Specialty and mechanical $XXX the revenue XXXX, in with projects Contractors of up mostly X% at in specialties components the was in activities $X.X increased activities project with mainly revenue coming transportation in completed driven on by in Building electrical decline million due on to decreased segment

a reported in We from to of construction operations reduced $XXX compared loss a million XXXX million loss XXXX. $XXX in

Our results years unfavorable The certain million, also from impacted certain on was segment the absence to driven projects volume was by as well in were claims year and current on million in net unapproved changes substantially various from XXXX. primarily change improvement to orders. I $XX prior adjustments the of net strong higher in as recent mentioned by legal $XXX projects, up earlier due year judgments compared resulting on adjustments settlements both construction Civil favorable disputed significant estimates unfavorable adjustments. XXXX and negotiations, negatively and operations income for

and XXXX ruling to posted adjustment government impacted charge attributable XXXX Building pretax quarter segment New from $XX due resulted on project loss income an the the construction a the legal in that segment Florida $XX.X with in as operations project was subcontractor. $XX.X XXXX. associated which in noncash in completed York loss million to of first impacted XXXX increased from mixed-use The of XXXX of $XX.X operations of million, Building an well fourth $XX.X quarter an the a million million adverse as largely of unfavorable the of compared segment costs Contractor million The external Specialty to million in in on in building a construction in $X

construction of operations adjustments from XXXX due unfavorable $XXX million of compared negative to the million $XXX XXXX in posted XXXX. in various The compared a loss to in reduced reduced a Specialty impact as Contractor construction loss loss to XXXX. from segment primarily of The operations was

related part due XXXX to We negotiations, settlements focus expediting New the were Specialty latter a segment various began our and Contractors the partly charges York, cash significantly in to focus collections once and XXXX. dispute in settlements again that of on in challenged in by

further the majority resolved be to of remaining which Note, XXXX. can, larger XXXX the various as today. was in that XXXX find in filed course, You information in results negatively expected of and are charges affected our the our disputes about XX-K,

to a the higher to $XX increase by last corporate million compared property was expenses in B. was on outside as expense million G&A charged with Corporate in the previously and for million on charged interest year, borrowing professional primarily XXXX to due increase fees. compared and for due to compensation-related $XX were with XXXX to gain in $XX our that Other XXXX to to higher million million primarily Term sale XXXX compared income XXXX, $X XXXX, was as million the in segments rates revolver $XX well XXXX Loan $XX expense driven higher of in

of the with We XX.X% $XX to benefit tax tax tax of XXXX loss of larger million a our XXXX. for rate effective of compared million income an and rate in tax an in year effective significant reported an due $XX benefit pretax to XX.X%

XXXX in profitability to future reduce operating in future XXXX generated for the losses will return help income cash we and in outlays our net and XXXX years, As taxes.

a growth Perini $XXX million loss Net or $XXX loss to of $X.XX XXXX net or $X.XX per loss a attributable in certainly for share was per XXXX. a was It of of loss to compared million, Tutor share another and earnings anticipate from earnings Ron perspective. in to with positive for as stronger we disappointing revenue us return and a mentioned, XXXX XXXX. earnings in in XXXX expected year But an double-digit XXXX substantially

of Civil XXXX. Now $XXX billion, last the compared for Revenue million, Building the to up revenue $XXX quarter million, quarter segment business across segment revenue XXXX revenue was up to for charges largely million the fourth Contractors in year, $X million XX% XX% of up last the to quarter our XXXX fourth $XXX fewer $XXX turn The to Specialty and quarter results. to fourth segment fourth quarter $XXX the million year. compared was compared and $XXX ], up revenue compared [ was XX% judgments attributable improvement from X% last was was to million year. for same let's settlements. of million $XXX

year. fourth on The current partially loss of XXXX California. $XX of segment certain Building Northeast quarter Civil segment in fourth a larger projects British for Civil year with in on substantially year. and York performance improvement quarter on projects loss also revenue compared quarter along segment projects XXXX. of adjustment offset growth compared the to for government due XXXX California, from by $X and million a year million driven the project to improved the the million, facility was was to $X construction Building certain quarter a Columbia in million operations for of on segment in a $X income The fourth last activities other quarter the the The of and fourth last in contributed same operations construction absence loss California of fourth favorable primarily strong charges from Increased for by quarter XXXX of various unfavorable posted prior the to New for and the up primarily Florida, projects. the was

corporate loss million $X XXXX of the adjustments had fewer of Contractor segment quarter unfavorable last prior million the of as fourth a the $XX $X for million construction was was in Specialty fourth quarter The to expense for posted $XX in fourth than the And XXXX G&A compared million quarter compared the in income XXXX to quarter year. year. from the of compared fourth In million year. in year loss last of same last other $XX a million quarter operations $XX to

to XXXX tax $XX of for quarter $XX for the income in to last year. $X.XX loss to quarter Perini's the fourth of a XXXX attributable in compared loss was was net million fourth Tutor of an the or million million fourth loss quarter expense last of $X tax fourth $X.XX of million last Income to XXXX a million $XX compared was Net benefit the $XX Interest share compared same loss of million quarter quarter. per share of for per or $XX year's year. a benefit

address will I Now the sheet. balance

$XXX reduction Our XXXX, compared flow in December down million debt or December our XX, XX, a XXXX, net cash as debt with due of million, record $XXX $XXX to million XX% our net at was of XXXX. to significant

in are to covenants our of As the continue and with in the to future. December agreement XX, in we XXXX, compliance credit be expect under compliance

be Depreciation be and $XX expense million is for some expected is regarding our and to XXXX provide with at assumptions amortization expense approximately guidance. amortization $X in I'll Next, G&A $XXX XXXX $XX to between $XXX at depreciation million million. anticipated million and million.

to which be for be expense expected million of $XX Interest is approximately $XX about XXXX will million, noncash.

million million, are outstanding for $XX shares to And anticipated million capital being diluted $X approximately Our tax we to And to and approximately expenditures owner $XX to average million $XX interest XXXX. anticipate XX% be be noncontrolling between expect million for income $XX XXXX expected funded. million be to of We rate weighted to is approximately and million. about effective with project-specific that $XX XX XX%.

believe XXXX, market and date our further Finally, we flow working strong recent liquidity refinancing to XXXX, transaction the are liquidity us continuing senior credit a solid our to We notes. in current by cash complete and to that mentioned, end as will April. debt of anticipated refinance reductions Ron allow in

the Thank you. I'll Ron. turn call And that, to back with over

Ronald Tutor

the necessary matters negative flow, as were another charges that our year progress certain made backlog and with were resolutions court and various growth resolving Ryan. we in delivered settling negatively To verdicts of these well cash but significant disputed strong Thanks, associated impacted the operating recap, some as by earnings in XXXX, unanticipated.

strong operating particular in XXXX. to our flow and in 'XX, continue in be that will believe also We cash again

remaining which the be balance too. matters, there, a associated the will of year legacy by of of accomplished disputed the most As we end and resolve collect this frankly, substantial cash

higher be revenue and will to awards even new reflected We begin expect XXXX as earnings bidding significantly these our to design growth XXXX of in double-digit believe environment. be the a generate course, guidance. continue contract is there associated build. in revenue And with as we that, in EPS significant on strong 'XX We

next year or near-term $XX with we at ] and the this is are opportunities capture our limited best competition. of and as tracking expect billion anticipated [ significantly major to share backlog more to certainly Our grow of

some having that we accumulating excess utilize our have debt, available have to to reduce paid having down to begun cash of term been Finally, cash bonds. our and loan our reduce we continually the the

We with any here expect April. participate to in to refinancing questions. our of is successfully by Gary the end conclude us

I'll back call and the operator. you, to Thank the turn

Operator

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

Steven Fisher

with sheet quarter that to much charges in start just X on to the fourth for were any Good out the driving impacting And maybe of there maybe and I'm building some had a project was to the the down there but We seemed in that was segments. had were Building break continuing the improve. sure in Specialty segment X a bit. project I them new was us of unpacking other versus resolutions that, if what that losses new of you projects the maybe in balance wanted how losses. just the sort see little Florida still similarly like losses of It segment. of claims kind can there

Ronald Tutor

of project an money any with there's don't performance. unbonded find so impact we had And this to the the through to not work ourselves finance we've to think Well, we that back. the sub Florida building way as candidly, in our completion get to

the Group, had mechanical and . on by on what quarter, fourth And took subsidiaries. beyond if could the the you significant continued our I write-downs to that we electrical Gary, anything elaborate Specialty So are job, we both In recall. hit. Newark specific those that's the

Gary Smalley

go let ahead. I'll you Ryan, Yes.

Ryan Soroka

Contractors to was what also also did Northeast during said, in project we Ron specifically And continue the that in segment. that's Form also Specialty a in charge fourth the To There Yes. mechanical a took of struggle on the quarter. go top XX-K. disclosed

Steven Fisher

quarter? out. we there the is follow if the particular up seems the margin margins was could book is there. Was to business just then of It dig weighing was else for in I the that with I'll improve those there there still particular to Okay. there Is Maybe kind utilization and on rebuild anything there anything weighing business? in plus potential in margins in that like what maybe think Or nothing the Civil. the trying in relative the double-digit seasonality? it the segment of

Ronald Tutor

$XX coming COVID of disputes. the coming It's were to months Civil X from the the going got really back a budget. and . work it's back worth last the market, happening though all just even They're over years We're stopped, over nothing billion expect this business, get in on low a of again. no and virtually XX world in share back as we like bidder work significant which And of in none awarded on new of we

in backlog think break So to more. revenue. to and we our where We'll going was it go is every back our record

Steven Fisher

Okay.

you starting the but each XXXX? with we of So level. on segment move in you And back-end weighted, quarter the that how year? the just you Are expecting give just guidance. sense mean, I double-digit by us guess through can of double-digit a the growth of maybe can in said segments each growth, segment? I guess I maybe to the breaks out kind more And

Ronald Tutor

can transferring I'm that sense knowledge continue and better you first, grow, Sletten The work, building add you with Civil my sure particularly we next in major awards and York, and The Ryan, process numbers is with dramatically, mine. issues strong in we very contract new prison than not the anywhere. business year. expect only of in give turning will the then business from preconstruction chip to it's as I'll your see New is the to activities, of around Rudolph but no

the they parent In reduced than there's subsidiaries in the Building work us go to to restricted or overall servicing and marketplace. is will the very other Texas, business out in So and do no company Fisk in question business not be where significant with profitability. Specialty back of is to simply continuing most the either the our

Ryan Soroka

Ron Perfect. that. agree Okay. on I with

Steven Fisher

what impact to exclude last guess guidance settlement, And about how my then question that? And quarter are extent is, any Okay. you any to or include incur expecting does year? we I of losses your the of in the should think

Ronald Tutor

certain important we potential are by allowances with really profitability less not settlements we judgments quarter. entitled to that litigation of there to to. to for to for try But it's than that and we significantly No, follow be the to we're It's degree it's very because, -- coming adverse reasonable we're settle safe. to have will believe settle think years note made what or and/or more no that . frankly, disputes back a better

Gary Smalley

Steve, just this is to Gary. If add I could that.

look recorded any now it's right end to going at up. we where way is that's Another think that to is amount

we with not our to get are might And to think we have what want and be then it's predict hard that the to it's don't probable that guidance charges, not know more we hit. always to we But be, litigation hitting we any make enough we make likely even guidance, and that we what built sure or safer contingency least though reasonable of at. So history to will of. positions at activity outcomes settlement think

adequate there. noted be about years we these from in behind there's expect before, years had contingency these So now. go -- things think to get talking where not and couple And we're as Ron and we of -- us, all 'XX 'XX a

Steven Fisher

in to . profitable be first expecting the Gary, you quarter? are

Gary Smalley

Yes.

as profitable. regain to a but strength in do we'll not level as Ron Our Ron, respectable in due both a it And at plan progresses I'd spot the when in with look this Growth Ron's of and was Specialty. at in strong ask on out strong, seasonality, building expect year answer as -- each be really noted, to is way. modestly And profitable our and strong well. still we Civil, be you growth. quite as Ryan to you respectably but to respect quarter. quite noted, as gate

Operator

comes Western Bancorp. Kevin Alliance the with line question next from Lee of Our

Unknown Analyst

have or there to Just given chance in any previous guys quarters, housekeeping. produce QX? any noncash that had charges I of in you one charges quick the number impairments that you those know guys a take quantified for disclosed quarter. for Is

Ryan Soroka

Yes.

K. items to disclosed So material again, in going more are be the significant and the

So the segment as the in in footnote well MD&A.

upon Building to So in X segment Florida the largest the the in related project earlier, and mechanical I touched we a project think Northeast.

Gary Smalley

And as as the like do for total, the no far the but fourth case. that's that quarter aggregate required the there's -- in we disclosure year,

let's So for you'll settlements aggregate see year. only the the say, of, or judgments or that things like

Unknown Analyst

maybe if Okay. like anticipate there. have infrastructure kind Maryland of a should the current there what were speak you if And guess, road about that? lastly, -- funding you projects if broken timing that Could that that -- of terms if one, talk up. on, comes the maybe seeing spending, bidding the in I in you're you are might the seeing you're those of projects, know the namely of flows of got that And we RFPs sort? toll project about hearing could be guys flow and I quite few the out that with been words progress with when and such there

Ronald Tutor

second in the Tunnel Amtrak that quarter. any $X the at the for day X of We're months $XXX the to second hard We're ago. Inglewood going And waiting we're bid billion-dollar bidding quarter, transit billion project job at the be bidding the million all the end we time.

these significant bidder. and most bidders more other other as jobs with cases, than in X we bidding X are never Just major

been opportunity. competition attacking large competition projects of is be And still where hopefully is and diminished there's marketplace out. to an already hitting certainly the as So limited. it's seen low we've an the number the jobs the unprecedented very going we're And

Operator

O'Dell comes question next Our Michael Partners. with MidOcean of line the from

Unknown Analyst

just or at seems to in look either levels wanted excess liability we this time the in history. be double that at if To to Or changed the to expect of reversed would bit, I to historical fair and overbuilding. revenue other structurally compare I business? in nearly me, and little a portion a backlog Has cost of in should dig your levels? working amount more billings imply something of normalized in capital

Ronald Tutor

explain Well, is it simple. the way to

much payments higher argued with the We the to dollars. have work on our X% theory. the dictate we, on That stay And able money. most anywhere nominal X% XX% the work try from cases, basically to mobilization to most put owner's mobilizations. fact ahead on higher in to contractors of when been as We most projects payments mobilization X% the We and jobs don't have owners. successfully have and

the for no reason theory, capital owner's build our to On there's an to invest project. us

about sum that that's will continue. the simplest think trend up. So And I to way

Unknown Analyst

Okay.

reverse? So you don't expect that to

Ronald Tutor

No.

Unknown Analyst

or you refinancing? how does then over then think the position. refinancing, what a given a in And is lot business go cash very just And as about your you how just the have leverage the term do into the near that and net for optimal low structure you leverage think the of term intermediate more peers delevered to

Ronald Tutor

that no years. bond going there's next loan hope principle well what reduce the flows over not is the reason and cash X generate we X from projecting reason to we're we're reduced seasonal rates of to significantly. terrible reduce in no the so There's level to Well, issue The this term to if We've borrow to the as cash leverage interest because are financed our company we lows. speak. flow to

a drag is well debt on cash further, our of as to add interest I the And So over better use can't particularly to earnings. next years, think than way I rates. the X reduce these to the as interest absurd might at generated additional it

Operator

Our with of next question line the from Bank Landa Abe comes of America.

Abraham Landa

few And I have more. also thanks for that on finance a and update

strong, can in of of like, the especially cash year year? the little are kind raised money also being think that framework markets strong lot on looks more expected did light is you bit You yield, you collections of what to about be debt a side. just kind optimal high a note around talk next your your of Maybe private this and

Ronald Tutor

You that in as second the looking that means at. Abe? quarter you're opposed to to refinancing assume I speak that? future currently

Abraham Landa

-- be Is going be like what's like your fact the the light collections going of to to What to that mean, of don't Yes. you it I rates, look I looking high year, it? mean, I especially kind structure was Is interest like? structure et pay it this you going cetera. next at is in you cash bonds? year, more want to debt that of of kind that noted and loans?

Ronald Tutor

paid reset the it less we in bond to loan reduce when [ to Well, million. the current. the $XXX or million And be million that's $XXX from ]. $XXX term, significantly bonds, we the We but than the short term intend public, issue private

place takes XX days. in that So

So collect with debt, reason even needs of cash. as reduce and . the appropriate liquidity those to no of we to given it there's continue cash, we'll the levels as it's excess stay

Gary Smalley

looks now. far how progressing we're options, Abe, a as it's too down to for little structurally, as really know on and early -- that us different We're at right paths. it And depends that looking all

depends And so if expect, Ron a little and a bit the a it's issuance weeks. we'll possibility the it's not said, there couple demand the and loan off as out side, take reduced we of with forms books terms. on taking it recapitalization. of then different the a public maybe on bond more of in complete know much we're private It a lot really if could and But the that respect on the side, to

So again, now. right all we're looking options at

Abraham Landa

expect when term excess a of that on where thorough. term, excess potentially costs very you Longer -- guess, answered loan. your also those in billings in you provided levels? those the trend Good you billings. of normalized was see lower. do cost do to expect level of my to follow-up you That like I and reach And what's question

Ronald Tutor

which billion was back XX within our or next where $X.X up revenue XX to months. to back more, and the it get should we be there, was hopefully, Assuming

CIE a going I is think normalized hover revenue. amount of to around of always X%

So if it classify matters, was million you me however in to something project would $XXX of million to $XXX excess reasonable. want to cost be disputed it,

just to they this off an expect out the end. the resolve. The we of to now. thanks end date as mediation. where have by is is got . owners be by year, control world Conversely, asking it hiatus to dramatically X-year It a coming of for either CIE exacerbated be and stalled can't COVID, Everything in didn't courts, trial a where Ours reduced stopped or anymore. from they're even accumulated finally our

Ryan Soroka

Yes.

So we're are not dispute have bit with change that those related being Abe, going X%, unapproved little disputed... resolution. CIE negotiated change of is that -- saying, always on Ron as more And timing that to focused are term being short is orders things a a or more really that's is

Ronald Tutor

components . it. X to There's

Ryan Soroka

the Ron So the -- mentioned. the bucket is X% really disputed that

Abraham Landa

like something that as And something something XXX, like expected like XX%, that top then maybe XXX, on maybe... of to

Ronald Tutor

for and See, share No, it. had of than timing always open no. more disputed X% no X% changes I is the lion's disputes, for the claims in negotiation.

$XXX another the million should $XXX top add to of on wanted maximum. be $XXX you if So million that million, to

Abraham Landa

kind And clear. last limited projects one That's competition. $XX just very of there's is you mentioned of billion out with that there

then like do cetera, typically, given only X that's going anything saying forward X mean changes bidders. et think your in see of go change working disputes, forward? longer-term help the to you limited the requirements, about seen margins, win And kind have us how to company to rate? you You're capital typical going your expect you as competition, I what

Ronald Tutor

the owner has years. the What which once last let every it in because practically even that foreigners we of only we've limited X we coming over the that get pivot, including of which companies, also of back there's X X can over things it. done U.S. or XX, are XX out given budget, $X competition, to in alone of billion do in everything you to the bid. got going $XX.X billion, a got all And bid happened over rejected, new work, we period all is of One months, unfortunately, resulted

So changes go their terms into dictate and terms theory. we in we on the

If have usually you X you they bid. them. either only any of bidders with them terms, and they're X of We be withdraws, onerous get won't -- X faced change

past, affect So if when like "Well, change job, don't [indiscernible], contract." X we've had in or the you had that contract been bid every then owners to Well, terms every the has X on [indiscernible] on able our owners don't turned. almost they is the bidders heretofore that required

Abraham Landa

to it that? it's win have XX Or [ And typical rate? upwards something ], a do given you X, like or like is X

Ronald Tutor

billion a the guess give I can't out, I $X took we're would bid, I we better. win you if we dig but XX% up all win I'd or it say, probably rate. that rate could

Operator

you. time. Thank turn over the back at for closing floor to Tutor Ronald this questions further There like no are would I to CEO, comments.

Ronald Tutor

Thank helpful you the we've you given so next quarter. information and much for Thank until your Hopefully, patience. that's you.

Operator

teleconference. today's This concludes

participation. your you Thank at for lines your time. may this You disconnect

Tutor Perini (TPC) 28 Feb 242023 Q4 Earnings call transcript