2. 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, intentions, or strategies regarding the future, and statements regarding future guidance or estimates and nonhistorical performance. These forward-looking statements are based on the Company’s current expectations and beliefs
concerning future developments and their potential effects on the Company. The Company’s expectations, beliefs, and projections
are expressed in good faith and the Company believes there is a reasonable basis for them. There can be no assurance that
future developments affecting the Company will be those that we have anticipated. These forward-looking statements involve a
number of risks, uncertainties (some of which are beyond the control of the Company), or other assumptions that may cause
actual results or performance to be materially different from those expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to, the Company's ability to successfully and timely complete
construction projects; the Company’s ability to win new contracts and convert backlog into revenue; the Company’s ability to
realize the anticipated economic and business benefits of its acquisitions and its strategy to assemble and operate a Specialty
Contractors business segment; the potential delay, suspension, termination, or reduction in scope of a construction project; the
continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project
schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of
borrowed funds on terms acceptable to the Company; the ability to retain certain members of management; the ability to obtain
surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the
construction industry; changes in federal and state appropriations for infrastructure projects and the impact of changing economic
conditions on federal, state and local funding for infrastructure projects; possible changes or developments in international or
domestic political, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or
not taken by third parties, including the Company’s customers, suppliers, business partners, and competitors and legislative,
regulatory, judicial and other governmental authorities and officials; and other risks and uncertainties discussed under the heading
“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange
Commission on February 25, 2013. The Company undertakes 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 securities laws.
1
3. 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 115 years of successful project execution
Consistently ranked by Engineering News-Record
among the top U.S. contractors
Headquartered in Los Angeles with office locations
throughout the U.S.
Approximately 11,000 employees worldwide
#1 Builder in Entertainment
#1 Specialty Contractor in NY region
#2 Builder in Airports
#3 Builder in Bridges
#3 Builder in Transmission Lines
#5 Builder in Electrical*
#6 Domestic Heavy Contractor
#7 Largest Specialty Contractor*
#7 Builder in Sports
#7 Builder in Wastewater Treatment Plants
#8 Builder in Transportation
#8 Builder in Commercial Offices
#9 Builder in Sewerage & Solid Waste
#10 U.S. General Building Contractor
#10 Builder in Mass Transit
#11 Builder in Education
#11 Builder in Retail
#12 Largest General Contractor
* Includes acquired companies
2
5. Current Significant Projects
(values shown are approximate)
Alaskan Way Viaduct SR-99, Seattle, WA (JV) - $1.4B
California High-Speed Rail, CA (JV) - $1B
San Francisco MTA Central Subway, CA - $840M
Northern CA Hospitals - $800M
Hudson Yards (South Tower & Amtrak Tunnel Box) - $400M
Broward & San Bernardino County Courthouses - $400M
I-95 New Haven, CT (JV) - $350M
Various Higher Education - $350M
Verrazano-Narrows Bridge Rehab, NY - $235M
MTA Signal System Modernization Projects, NY - $225M
Ft. Lauderdale Int’l Airport Runway (JV) - $200M
Leading market position and scale allows TPC to win large complex projects
4
6. Business Organization
A Leading Construction Services Firm
Q3-13 LTM Revenue: $4.2B
Q3-13 LTM EBIT(a)(b): $199M
Building Group
Civil Group
Specialty Contractors Group
Management Services
Q3-13 LTM Revenue: $1.6B
Q3-13 LTM EBIT: $19M
Q3-13 Backlog: $1.8B
Q3-13 LTM Revenue: $1.3B
Q3-13 LTM EBIT(b): $147M
Q3-13 Backlog: $3.1B
Q3-13 LTM Revenue: $1.2B
Q3-13 LTM EBIT: $70M
Q3-13 Backlog: $1.7B
Q3-13 LTM Revenue: $182M
Q3-13 LTM EBIT: $12M
Q3-13 Backlog: $303M
Hospitality / Gaming
Municipal / Government
Healthcare
Education
Sports / Entertainment
Bridges & Tunnels
Mass Transit Systems
Highways
Wastewater Treatment
Facilities
(a) Includes corporate expenses of $48.6M.
(b) Excludes Civil Group litigation charge of $5M in Q4-12.
5
Electrical
Mechanical
Plumbing & Heating
Pneumatic Concrete
Placement
Construction and
Design-Build Services for
U.S. Military and
Government Agencies
U.S. Multi-Nationals
7. Building Group
Private / Non-Residential and
Public Projects
Expertise in Hospitality & Gaming,
Design-Build, & Accelerated Delivery
Building Construction Success Drivers
Deep customer relationships & end market expertise
Diversification across end markets
Southeastern U.S. Focus
Private / Non-Residential and
Public Projects
Integrated business model with significant self-perform capabilities
Key strength in conceptual estimating
Expertise in large-scale complex projects
Top Healthcare Builder in California
Large Corporate Customer Base
$9.5B bid pipeline over next 12 months
Q3-13 Backlog by End Market: $1.8B
Based in Southern Florida
Education and Municipal Projects
Other
Condos 1%
Industrial
Hospitality & Gaming 2%
3%
Healthcare
Office
11%
Government
4%
37%
14%
27%
Education
Operating companies share expertise across regions
6
8. Civil Group
Construction and rehabilitation of highways, bridges, tunnels,
mass transit systems, and wastewater treatment facilities
Focused on large-scale complex projects ($100M to $1B+)
Centralized estimation capabilities & sizeable equipment fleet
Strong self-performance capabilities
Q3-13 Backlog by End Market: $3.1B
Civil Construction Success Drivers
Other
$9B bid pipeline over next 12 months
Highways
Strong bipartisan support for infrastructure spending
6%
Financial strength key to obtaining bonding and pre-bid
12%
qualification
Mass Transit
Successful bidding often linked to self-performance capabilities
54%
29%
Past performance on similar civil projects
Bridges
Centrally managed equipment fleet
Civil construction fuels TPC’s growth
7
9. Specialty Contractors Group
Electrical
Specialty Contractors Success Drivers
Strong electrical and mechanical proficiencies
Based in New York, NY & Houston, TX
Electric / Power Subcontractor
Self-performing more work obtained by the Building, Civil,
and Management Services groups
Mechanical
Continuing to grow and serve existing external customers
Focused on New York, Southeast, & Western U.S.
Based in New York, NY & Las Vegas, NV
Expertise in Plumbing, HVAC, & Heavy Mechanical
Q3-13 Backlog by End Market: $1.7B
Shotcrete
Wastewater
Other
Based in Los Angeles, CA
Expertise in Pneumatic Concrete Placement
5%
Healthcare
Hospitality & Gaming
Condos
8%
Transportation
3%
3%
27%
6%
Mass Transit
8%
17%
11%
14%
Education
Office
Industrial
Specialty Construction provides unique capabilities that will continue to fuel growth
8
10. Management Services Group
Construction and design-build services to various
U.S. military and government agencies, surety companies,
& multi-national corporations
Currently participating in 11 multi-year ID/IQ contracts
(>$15B total cap.)
Pursuing selective private international opportunities
Management Services Success Drivers
Q3-13 Backlog by Client: $303M
U.S. Coast Guard
Established track record on large government contracts
5%
Surety and Other
Established local presence
11%
Largest contractor working in Guam; $250M+ in military
construction projects proposed for FY14
U.S. Navy
Positioned to quickly mobilize on Middle East projects
41%
20%
USAID
Past performance and execution success with outstanding
ratings on similar projects is key
U.S. Army
Corps of
Engineers
28%
Well-positioned to work on large overseas U.S. government construction programs
9
11. 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 competitive advantage
Greater control over schedule
Greater visibility into price
Collaborative bidding approach
Demonstrated execution capabilities
including Building, Civil, & Specialty
Contracting services
Leveraged capabilities of acquired
electrical, mechanical and Shotcrete
expertise in bidding
10
12. Core Strengths Providing
Significant Benefits
Benefits Realized
Core Strengths
Cost estimating
Durable competitive advantage
Construction risk management
Higher profit margin opportunities
Project management talent & depth
Reduced risk profile
Sizeable equipment fleet
Larger project pursuits with less
competition
Advanced self-perform capabilities
Broad geographic footprint
Joint ventures opportunities with
other contractors
Diverse construction experience –
Building & Civil
Rapid mobilization of resources
to best market opportunities
Strong balance sheet and bonding
capacity
Large public-private partnership
projects
TPC’s competitive strengths provide opportunities for higher margins
11
13. Major Growth Opportunities
Civil – Transportation
California High-Speed Rail Program ($1.022B JV)
Bridges, Roads, Highways, & Mass Transit Systems
San Francisco MTA Central Subway ($840M)
Verrazano-Narrows Bridge Rehab ($235M)
Amtrak Underground Tunnel Box at Hudson Yards ($133M)
Platform at Hudson Yards ($600M)
Hurricane Sandy Relief Funding ($60B+ approved)
Performed $150M+ in Sandy-related projects to date
Well-positioned for numerous upcoming projects
Buildings
Hudson Yards Development Project
TPC awarded South Tower construction contact
Several additional large awards pending (up to $3B)
$9.5B bid pipeline, including various Hospitality and Gaming projects
12
14. Diversified Mix of Customers
and End Markets
Revenue by Customer
2007
2010
Federal Gov’t
State &
Local Gov’t
Q3-13 LTM
Federal Gov’t
Federal Gov’t
3%
5%
9%
11%
36%
47%
44%
State &
Local Gov’t
86%
Private
Private
Private
State &
Local Gov’t
59%
Revenue by Segment
2007
Management Services
Civil
5%
Q3-13 LTM
2010
Management Services
3%
6%
Specialty
Management Services
4%
4%
Specialty
Civil
29%
21%
37%
69%
92%
Building
30%
Building
Civil
Achieving a balanced customer base while expanding segment diversification
13
Building
15. Strong Backlog & Pending Awards
(as of Q3-13)
Hospitality & Gaming
Other 2%
1%
Condo/Res
2%
2%
Industrial 2%
Government 2%
Healthcare
Industrial
Office
Transportation
Transportation
Wastewater
4%
Other
7%
Education
40%
4%
Office
1%
3%
3%
6%
Condo
7%
Bridges
13%
10%
66%
Hospitality
& Gaming
11%
Mixed-Use
Building
14%
Education
Government
Pending awards of $4.5B
Backlog of $6.9B
Strongest backlog since 2008 - provides improved revenue & profit visibility
14
16. Historical Financials
($ in millions)
Revenue
EBITDA (a)
$6,000
$300
10.0%
9.0%
$250
$251
$241
$220
$4,191
$3,716
EBITDA
Revenue
$4,111
$4,000
$3,199
$3,000
7.0%
$201
$200
6.0%
6.3%
$150
5.9%
$2,000
4.0%
$50
3.0%
4.9%
4.2%
2.0%
3.6%
1.0%
$0
2009
2010
2011
2012
Q3-13 LTM
0.0%
2009
2010
2011
2012(b)
Q3-13 LTM
(a) EBITDA is a non-GAAP financial measure; see reconciliation to GAAP
measure in appendix.
(b) Excludes non-cash goodwill and intangible asset
impairment charge of $377M and Civil Group litigation charge of $5M.
(c) Excludes Civil Group litigation charge of $5M.
15
5.0%
6.3%
$100
$1,000
5.8%
6.8%
5.4%
4.9%
$0
8.0%
$222
(c)
EBITDA Margin
$5,152
$5,000
18. Guidance
(as of November 4, 2013)
FY13 Guidance
Revenue Range
EPS Range*
$4.5B - $5.0B
$1.65 - $1.90
* Assumptions:
Includes $0.71 ($56M) of depreciation and amortization expense
Includes $0.57 ($45M) of interest expense
Includes potential earn-out contingencies from recent acquisitions
37-38% effective tax rate
49 million average diluted shares outstanding
17
19. Why Invest in Tutor Perini?
Market leader with strong resume of successfully completed projects
Consistent record of profitability and liquidity
$6.9B backlog (highest since Q3 2008) + $4.5B in pending awards
Mega-scale project awards = increased growth and profit outlook
Strong $24B bid pipeline of large civil and building projects
Poised to benefit from construction market rebound
18
