Good day, ladies and gentlemen, and welcome to the Tutor Perini Corporation 2d-zone 2019 earnings convention name. My name is Doug, and I’ll be your coordinator for today. [Operator instructions] As a reminder, this convention call is being recorded for replay functions. [Operator instructions] I might now like to show the conference over to your host for nowadays, Mr. Jorge Casado, vice chairman of investor family members. Please proceed.
Jorge Casado — Vice President of Investor Relations
Hello, each person, and thank you for your participation these days. Joining us on the call are Ronald Tutor, chairman and CEO, and Gary Smalley, government vice chairman and CFO. Before we speak about our consequences, I’ll remind everyone that we will make forward-searching statements in modern names, replicating management’s current assessment of traits and facts. There is an inherent risk that our actual effects ought to vary materially.
You can locate our disclosures about dangerous elements that might doubtlessly contribute to such differences in our latest 10-K, filed on February 27, 2019. The company assumes no responsibility to replace ahead-looking statements, whether due to recent facts, future activities, or otherwise, apart from as required by the regulation. In addition, we will discuss positive non-GAAP financial measures for the duration of the cutting-edge name. The appropriate GAAP monetary reconciliations are incorporated in our earnings release, which we issued in advance these days and filed with the SEC. This is also posted within the Investor Relations segment of our website. With that said, I will turn the call over to Ronald Tutor.
Ronald Tutor — Chairman and Chief Executive Officer
Thanks, Jorge. Good afternoon, and thank you for joining us. As you noticed in our income release, we have been required to take a non-cash goodwill impairment price within the second zone precipitated via sustained lower in our stock rate because of our first-area income launch in May of this year. While the impairment is considerable in size, it is not the result of our agreement execution or in any manner indicative of our business outlook.
I wouldn’t say I like having to address the impairment rate. However, I’m as fantastic about the future of our business as I have ever been. We stay in a high-quality, competitive position with the identical robust market demand for our services as meditated in our significant new awards over the last year, our new record backlog, and the excellent number of new venture opportunities. I might reiterate that the goodwill impairment rate became strictly pushed using the dramatic downturn in our inventory price. Yet again, that impairment price does not affect our coin flows, economic strength, or potential to execute our existing operating backlog or compete for destiny possibilities.
Excluding the impairment task, our 2nd-zone outcomes have been negatively impacted by tremendous delays on certain initiatives. Specifically, those major ones are owner-driven delays continuing on California High-Speed Rail and huge weather effects, rain, and wind, at the Newark Airport Terminal One in New Jersey, which have shifted the timing of revenue and profit contributions ahead into the fourth region this 12 months and into 2020. Despite diverse commitments from high-speed rail over the past three years, our mission has been seriously not on time using the incapability to supply the right-of-manner properties devoted underneath the agreement. Through negotiations, however, in the first six months of this year, we were saved and have been part of discussions that now have the primary balance of right-of-approaches turned over via the fourth area of 2019. Unfortunately, this defers about $250 million of revenue from 2019 to 2020 and ’21.
The only high quality associated with this development is that we’ve reached a good-sized and equitable agreement of all our charges related to those delays with an executed alternate order and the cash to be paid shortly in August. Although going thoroughly, the Newark airport has experienced enormous climate delays, which have delayed the finishing touch and current work by over three months during the last six months. Rain and winds have been substantially past the norm. Despite these troubles, our general execution inside the civil and constructing corporations remained robust, and the long-term outlook was tremendous.
