Tutor Perini Corporation (NYSE:TPC) Q3 2022 Earnings Conference Call November 2, 2022 5:00 PM ET

Company Participants

Jorge Casado - Vice President of Investor Relations

Ronald Tutor - Chairman and CEO

Gary Smalley - Executive Vice President and CFO

Conference Call Participants

Brent Thielman - D.A. Davidson

Steven Fisher - UBS

Operator

Good day, ladies and gentlemen. And welcome to the Tutor Perini Corporation Third Quarter

2022 Earnings Conference Call. My name is Sherry, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following management 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 [Operator Instructions].

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

Jorge Casado

Hello, everyone and thank you for your participation today. With us on the call are Ronald Tutor, Chairman and CEO; and Gary Smalley, Executive Vice President and CFO. Before we discuss our results, I will remind everyone that during today's call, we will be making forward-looking statements, which are based on management's current assessment of existing trends and information. There is an inherent risk that our actual results could differ materially.

You can find our disclosures about risk factors that could potentially contribute to such differences in our Form 10-K, which we filed on February 24, 2022 and in the Form 10-Q that we are filing today. The company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

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

Ronald Tutor

Thanks, Jorge. Good morning, and thank you for joining us. Our third quarter 2022 results were once again mixed. On a positive side we continue to generate strong operating cash of $73 million for the quarter, which combined with the record cash we generated during the first six months of the year totals $251 million of positive cash for the first nine months of 2022. By far the best nine month operating cash result we have delivered since the merger of Perini Corporation and Tutor-Saliba in 2008.

Our operating cash was partly driven by the resolution of certain disputes, as well as solid overall collection activities and resolves on major open changes that continue to lag. Also on the positive side, our backlog remain healthy at $8.4 billion compared to the backlog we had at the end of the third quarter of last year, and does not yet include either the Raritan Bridge or the Maryland Highway, which should add more than $4.5 billion when they are finally awarded.