Tutor Perini Corporation · NYSE:TPC
Tutor Perini — D.A. Davidson & Co. Engineering & Construction Conference 2015
18 slides from Tutor Perini's conference presentation, Sep 10, 2015
Slide 1: D.A. Davidson & Co. Engineering & Construction Conference
D.A. Davidson & Co. Engineering & Construction Conference September 10, 2015
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company’s expectations, hopes, beliefs
Slide 3: Company Overview
Company Overview Leading global provider of diversified general contracting, design-build and self-perform construction services for private and public clients Tutor Perini rankings: Over 120 years of successful project execution #1 Specialty Contractor in NY region #3 Builder in Entertainment/C
Slide 4: Diverse Geographical Footprint
Diverse Geographical Footprint Well-positioned to capture work in all 50 states and in targeted international markets 3
Slide 5: Significant Revenue Drivers: 2015 & Beyond
Significant Revenue Drivers: 2015 & Beyond (approximate award values) Various New York MTA Projects, NY - $2.0B Hudson Yards (various projects), NY - $1.5B Alaskan Way Viaduct (SR-99) Replacement, WA (JV) - $1.4B California High-Speed Rail, CA (JV) - $1.0B San Francisco MTA Central Subway,
Slide 6: Business Organization
Business Organization A Leading Construction Services Firm Q2-15 LTM Revenue: $4.8B Q2-15 LTM EBIT(a): $186M Civil Segment Building Segment Specialty Contractors Segment Q2-15 LTM Revenue: $1.8B Q2-15 LTM Revenue: $1.7B Q2-15 LTM Revenue: $1.3B Q2-15 LTM EBIT: $195M Q2-15 LTM EBIT: $0.3M Q2-15 LTM E
Slide 7: Civil Segment
Civil Segment Construction and rehabilitation of highways, bridges, tunnels, mass transit systems, and wastewater treatment facilities Focused on large-scale complex projects ($100M to $1B+) Strong self-performance capabilities Centralized estimation capabilities & sizeable equipment fleet C
Slide 8: Building Segment
Building Segment Private / Non-Residential and Public Projects Building Construction Success Drivers Expertise in Hospitality & Gaming, Design-Build, & Accelerated Delivery $7B bid pipeline over next 12 – 18 months Southeastern U.S. Focus Deep customer relationships & end market expertise
Slide 9: Specialty Contractors Segment
Specialty Contractors Segment Electrical Specialty Contractors Success Drivers Based in New York, NY & Houston, TX $4B bid pipeline over next 12 – 18 months Electric / Power Subcontractor Strong electrical and mechanical proficiencies Self-performing more work obtained by the Mechanical Ci
Slide 10: Integrated Project Approach Success
Integrated Project Approach Success Example Projects: Hudson Yards Development Midtown Manhattan, NY Total project expected to exceed $4B SFMTA Central Subway Underground stations, tracks & systems San Francisco, CA Project value: $840M Key Success Drivers Integrated service capabilities proved a
Slide 11: Core Strengths Provide Significant Benefits
Core Strengths Provide Significant Benefits Core Strengths Benefits Realized Cost estimating Durable competitive advantage Advanced self-perform capabilities Higher profit margin opportunities Construction risk management Larger project pursuits with less competition Project management
Slide 12: Diversified Mix of Customers and End Markets
Diversified Mix of Customers and End Markets Revenue by Customer 2007 2010 Q2-15 LTM State & Federal Gov’t Federal Gov’t Federal Gov’t Local Gov’t 3% 11% 9% 44% 47% 86% State & State & Private Private Local Gov’t Local Gov’t Private Revenue by Segment 2007 2010 Q2-15 LTM Civil Specialty 5% 3% Specia
Slide 13: Strong Backlog & Pending Awards
Strong Backlog & Pending Awards (as of Q2-15) Technology Technology Other Mass Transit Other Healthcare Education Healthcare Government Hospitality & Condos Gaming Bridges Mixed-Use Mixed-Use Building (mostly Hudson Yards*) Backlog of $7.7B Pending awards of $4.3B* * includes up to $2.3B of future H
Slide 14: Revenue and Adjusted EBITDA
Financials ($ in millions) Revenue Adjusted EBITDA (a) $6,000 $350 7.5% $5,500* $5,000 $5,000* $300 $288 $4,492 7.0% $4,111 $4,176 $250 $245 Adj. EBITDA Margin $4,000 $3,716 $222 Adj. EBITDA $220 $201 6.5% Revenue $3,199 $200 $3,000 6.4% 6.3% $150 5.9% 5.9% 6.0% $2,000 $100 5.4% 5.5% $1,000 $50 $0 $
Slide 15: Historical Financial Overview
Historical Financial Overview Revenue & Margins by Segment ($ in millions) Civil Segment $1,840 $1,750 $1,687 17.0% $1,500 $1,441 $1,336 Operating Margin $1,250 13.1% 14.0% 12.3% Revenue $1,000 $985 10.6% 11.0% $750 8.9% 8.5% $500 8.0% $250 $0 5.0% 2011 2012(a) 2013 2014 Q2-15 LTM Building Segment S
Slide 16: Guidance
Guidance (as of Aug. 6, 2015) FY15 Guidance Revenue Range EPS Range* $5.0B - $5.5B $1.90 - $2.10 * Assumptions: Includes $0.54 ($46M) of depreciation and amortization expense (exc. SR-99 project) Includes $0.46 ($39M) of interest expense 41% effective tax rate 49.9 million average diluted sh
Slide 17: Why Invest in Tutor Perini?
Why Invest in Tutor Perini? Market leader with strong resume of successfully completed projects Consistent record of profitability and liquidity Domestically focused Limited exposure to energy & oil/gas sectors $7.7B backlog + $4.3B in pending awards Strong $27B pipeline of prospective p
Slide 18: Contact: Jorge Casado, Vice President, Investor Relations
Contact: Jorge Casado Vice President, Investor Relations (818) 408-5746 Jorge.Casado@tutorperini.com
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