$PRIM
Primoris Services Corp

2023 Q1 Form 10-K Financial Statement

#000155837023002191 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.257B $1.329B $4.421B
YoY Change 60.24% 50.28% 26.39%
Cost Of Revenue $1.157B $1.176B $3.964B
YoY Change 58.97% 49.13% 28.65%
Gross Profit $99.73M $153.4M $456.9M
YoY Change 76.56% 59.75% 9.65%
Gross Profit Margin 7.93% 11.54% 10.34%
Selling, General & Admin $78.01M $90.67M $281.6M
YoY Change 40.67% 58.45% 22.37%
% of Gross Profit 78.22% 59.11% 61.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.73M $29.81M $99.16M
YoY Change 37.48% 11.67% -6.06%
% of Gross Profit 27.81% 19.43% 21.7%
Operating Expenses $78.01M $90.67M $281.6M
YoY Change 40.67% 58.45% 22.37%
Operating Profit $19.03M $62.71M $195.3M
YoY Change 2587.57% 61.66% 14.8%
Interest Expense -$18.47M -$17.23M -$39.21M
YoY Change 542.04% 331.16% 111.98%
% of Operating Profit -97.04% -27.47% -20.07%
Other Income/Expense, Net $331.0K $1.798M $2.072M
YoY Change -3777.78% -802.34% 592.98%
Pretax Income $1.820M $45.46M $159.3M
YoY Change -179.37% 37.89% 4.89%
Income Tax $510.0K $3.954M $26.27M
% Of Pretax Income 28.02% 8.7% 16.49%
Net Earnings $1.310M $41.50M $133.0M
YoY Change -178.26% 41.07% 15.06%
Net Earnings / Revenue 0.1% 3.12% 3.01%
Basic Earnings Per Share $0.02 $0.78 $2.50
Diluted Earnings Per Share $0.02 $0.77 $2.47
COMMON SHARES
Basic Shares Outstanding 53.14M 53.11M 53.20M
Diluted Shares Outstanding 53.94M 53.71M 53.76M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.76M $248.7M $248.7M
YoY Change -45.39% 24.03% 24.03%
Cash & Equivalents $94.76M $248.7M $248.7M
Short-Term Investments
Other Short-Term Assets $118.6M $176.4M $176.4M
YoY Change -1.45% 104.43% 104.43%
Inventory
Prepaid Expenses
Receivables $1.468B $1.279B $1.279B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.682B $1.704B $1.704B
YoY Change 38.51% 44.18% 44.18%
LONG-TERM ASSETS
Property, Plant & Equipment $483.6M $493.9M $696.7M
YoY Change 5.45% 13.98% 17.7%
Goodwill $871.7M $871.8M
YoY Change 49.38% 49.88%
Intangibles $243.3M $249.4M
YoY Change 45.08% 45.56%
Long-Term Investments
YoY Change
Other Assets $23.20M $21.79M $21.79M
YoY Change -14.26% 44.68% 33.13%
Total Long-Term Assets $1.841B $1.840B $1.840B
YoY Change 33.09% 35.14% 35.14%
TOTAL ASSETS
Total Short-Term Assets $1.682B $1.704B $1.704B
Total Long-Term Assets $1.841B $1.840B $1.840B
Total Assets $3.523B $3.544B $3.544B
YoY Change 35.62% 39.35% 39.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $561.3M $535.0M $535.0M
YoY Change 93.84% 95.62% 95.62%
Accrued Expenses $224.1M $245.8M $229.6M
YoY Change 16.06% 40.62% 37.62%
Deferred Revenue $268.1M $275.9M
YoY Change -8.33% 14.78%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $77.54M $78.14M $78.14M
YoY Change 17.53% 16.22% 16.22%
Total Short-Term Liabilities $1.134B $1.138B $1.138B
YoY Change 34.34% 49.92% 49.92%
LONG-TERM LIABILITIES
Long-Term Debt $1.035B $1.065B $1.065B
YoY Change 72.68% 79.28% 79.28%
Other Long-Term Liabilities $46.95M $43.92M $174.7M
YoY Change 14.02% -30.68% 8.23%
Total Long-Term Liabilities $1.082B $1.109B $1.240B
YoY Change 68.91% 68.68% 64.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.134B $1.138B $1.138B
Total Long-Term Liabilities $1.082B $1.109B $1.240B
Total Liabilities $2.414B $2.435B $2.435B
YoY Change 49.94% 56.78% 56.78%
SHAREHOLDERS EQUITY
Retained Earnings $845.8M $847.7M
YoY Change 17.06% 16.53%
Common Stock $265.8M $263.8M
YoY Change 0.88% 0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.109B $1.109B $1.109B
YoY Change
Total Liabilities & Shareholders Equity $3.523B $3.544B $3.544B
YoY Change 35.62% 39.35% 39.35%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $1.310M $41.50M $133.0M
YoY Change -178.26% 41.07% 15.06%
Depreciation, Depletion And Amortization $27.73M $29.81M $99.16M
YoY Change 37.48% 11.67% -6.06%
Cash From Operating Activities -$115.3M $185.4M $83.35M
YoY Change -1853.64% 185.85% 4.51%
INVESTING ACTIVITIES
Capital Expenditures $13.85M $18.99M $94.69M
YoY Change -58.25% -159.9% -29.25%
Acquisitions $478.4M
YoY Change -21.18%
Other Investing Activities $7.377M $22.06M -$387.2M
YoY Change 2435.05% 264.11% -30.53%
Cash From Investing Activities -$6.470M $3.071M -$481.9M
YoY Change -80.32% -111.97% -30.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.405M
YoY Change -103.3%
Debt Paid & Issued, Net $31.51M $86.77M
YoY Change 19.08% -23.79%
Cash From Financing Activities -36.60M -63.31M 452.0M
YoY Change 2885.4% 71.23% -6.94%
NET CHANGE
Cash From Operating Activities -115.3M 185.4M 83.35M
Cash From Investing Activities -6.470M 3.071M -481.9M
Cash From Financing Activities -36.60M -63.31M 452.0M
Net Change In Cash -158.5M 125.1M 53.35M
YoY Change 486.53% 5509.28% -142.57%
FREE CASH FLOW
Cash From Operating Activities -$115.3M $185.4M $83.35M
Capital Expenditures $13.85M $18.99M $94.69M
Free Cash Flow -$129.2M $166.4M -$11.34M
YoY Change 385.87% 72.31% -79.03%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Note 1—Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Organization and operations</span><b style="font-weight:bold;"> — </b>Primoris Services Corporation is one of the leading providers of specialty contracting services operating mainly in the United States and Canada. We provide a wide range of specialty construction services, maintenance, replacement, fabrication and engineering services to a diversified base of customers through our three segments. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We have longstanding customer relationships with utility, refining, petrochemical, power, midstream, and engineering companies, and state departments of transportation. We provide our services to a diversified base of customers, under a range of contracting options. A portion of our services are provided under Master Service Agreements (“MSA”), which are generally multi-year agreements. The remainder of our services are generated from contracts for specific construction or installation projects.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are incorporated in the State of Delaware, and our corporate headquarters are located at 2300 N. Field Street, Suite 1900, Dallas, Texas 75201. Unless specifically noted otherwise, as used throughout these consolidated financial statements, “Primoris”, “the Company”, “we”, “our”, “us” or “its” refers to the business, operations and financial results of the Company and its wholly-owned subsidiaries.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reportable Segments</span> — Our reportable segments include the Utilities segment, the Energy/Renewables segment and the Pipeline segment. See Note 13 – <i style="font-style:italic;">“Reportable Segments”</i> for a brief description of the reportable segments and their operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The classification of revenue and gross profit for segment reporting purposes can at times require judgment on the part of management. Our segments may perform services across industries or perform joint services for customers in multiple industries. To determine reportable segment gross profit, certain allocations, including allocations of shared and indirect costs, such as facility costs, equipment costs and indirect operating expenses were made.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Seasonality </span><b style="font-weight:bold;">—</b> Our results of operations are subject to quarterly variations. Some of the variation is the result of weather, particularly rain, ice, snow, and named storms, which can impact our ability to perform construction and specialty services. These seasonal impacts can affect revenue and profitability in all of our businesses. Any quarter can be affected either negatively or positively by atypical weather patterns in any part of the country. In addition, demand for new projects in our Utilities segment tends to be lower during the early part of the calendar year due to clients’ internal budget cycles. As a result, we usually experience higher revenue and earnings in the second, third and fourth quarters of the year as compared to the first quarter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Variability </span>— Our project values range in size from several hundred dollars to several hundred million dollars. The bulk of our work is comprised of project sizes that average less than $3.0 million. We also perform large construction projects which tend not to be seasonal, but can fluctuate from year to year based on customer timing, project duration, weather, and general economic conditions. Our business may be affected by declines or delays in new projects or by client project schedules. Because of the cyclical nature of our business, the financial results for any period may fluctuate from prior periods, and our financial condition and operating results may vary from quarter to quarter. Results from one quarter may not be indicative of financial condition or operating results for any other quarter or for an entire year.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Reclassification </span><b style="font-weight:bold;">—</b>Certain previously reported amounts have been reclassified to conform to the current year presentation.</p>
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/><span style="font-style:italic;font-weight:bold;">Use of estimates </span><b style="font-weight:bold;">—</b><span style="white-space:pre-wrap;">The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. As a construction contractor, we use estimates for costs to complete construction projects and the contract value of certain construction projects. These estimates have a direct effect on gross profit as reported in these consolidated financial statements. Actual results could materially differ from our estimates.</span></p>
CY2022 prim Minimum Liquidation Period Of Assets In Which Significant Working Capital Invested
MinimumLiquidationPeriodOfAssetsInWhichSignificantWorkingCapitalInvested
P1Y
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3207000
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-428000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
2372000
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1064000
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
2478000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
248700000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
200500000
CY2022 prim Percentage Of Labor Force Subject To Collective Bargaining
PercentageOfLaborForceSubjectToCollectiveBargaining
0.238
CY2022 prim Collective Bargaining Agreements Number Of Years Without Work Stoppages
CollectiveBargainingAgreementsNumberOfYearsWithoutWorkStoppages
P20Y
CY2021 prim Self Insurance Limit Per Claim
SelfInsuranceLimitPerClaim
500000
CY2022 prim Self Insurance Limit Per Claim
SelfInsuranceLimitPerClaim
500000
CY2022Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
45700000
CY2021Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
31000000.0
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
585000
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-809000
CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
2000000.0
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
2900000
CY2022 prim Significant Revision In Contract Increase Decrease In Net Income
SignificantRevisionInContractIncreaseDecreaseInNetIncome
-9800000
CY2022Q4 prim Significant Revision In Contract Estimate Earning Per Share Basic Impact
SignificantRevisionInContractEstimateEarningPerShareBasicImpact
-0.18
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Customer concentration</span> — We operate in multiple industry segments encompassing the construction of commercial, utility, industrial and public works infrastructure assets primarily throughout the United States. Typically, the top ten customers in any one calendar year account for approximately 40.0% to 50.0% of total revenue; however, the group that comprises the top ten customers varies from year to year. For the years ended December 31, 2022, 2021 and 2020, approximately 46.1%, 42.9% and 47.0%, respectively, of total revenue was generated from our top ten customers in each year. In each of the years, a different group of customers comprised the top ten customers by revenue, and no one customer accounted for more than 10% of total revenue.</p>
CY2022 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
465000
CY2021Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
615249000
CY2021Q1 prim Cash And Restricted Cash Acquired From Acquisition
CashAndRestrictedCashAcquiredFromAcquisition
10525000
CY2021Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
604724000
CY2022 prim Effective Income Tax Rate Reconciliation Proforma Tax Effect Business Acquisition
EffectiveIncomeTaxRateReconciliationProformaTaxEffectBusinessAcquisition
0.165
CY2021 prim Effective Income Tax Rate Reconciliation Proforma Tax Effect Business Acquisition
EffectiveIncomeTaxRateReconciliationProformaTaxEffectBusinessAcquisition
0.238
CY2022Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3800000000
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
420511000
CY2021Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
283767000
CY2022Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
174149000
CY2021Q4 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
124990000
CY2022Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
21564000
CY2021Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
14902000
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
616224000
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
423659000
CY2022 prim Increase Decrease In Contract With Customer Asset Net Current
IncreaseDecreaseInContractWithCustomerAssetNetCurrent
192600000
CY2022Q4 prim Contract With Customer Liability Deferred Revenue Current
ContractWithCustomerLiabilityDeferredRevenueCurrent
269853000
CY2021Q4 prim Contract With Customer Liability Deferred Revenue Current
ContractWithCustomerLiabilityDeferredRevenueCurrent
234352000
CY2022Q4 prim Contract With Customer Liability Accrued Loss Provision Current
ContractWithCustomerLiabilityAccruedLossProvisionCurrent
6094000
CY2021Q4 prim Contract With Customer Liability Accrued Loss Provision Current
ContractWithCustomerLiabilityAccruedLossProvisionCurrent
6060000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
275947000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
240412000
CY2022 prim Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
35500000
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
220900000
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
250400000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4420599000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3497632000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3491497000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4420599000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3497632000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3491497000
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
14695000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
25564000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
966720000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
882535000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
472861000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
449256000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
493859000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
433279000
CY2022 us-gaap Depreciation
Depreciation
78200000
CY2021 us-gaap Depreciation
Depreciation
87200000
CY2020 us-gaap Depreciation
Depreciation
73700000
CY2020Q4 us-gaap Goodwill
Goodwill
215103000
CY2021 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
366561000
CY2021Q4 us-gaap Goodwill
Goodwill
581664000
CY2022 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
290144000
CY2022Q4 us-gaap Goodwill
Goodwill
871808000
CY2020 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
171000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-5080000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26265000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
36118000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
336647000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
87266000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
249381000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
237567000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
66247000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
171320000
CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20900000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18300000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8800000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
21868000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
19701000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
17661000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
16141000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
15604000
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
158406000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
249381000
CY2022Q4 prim Contract With Customer Accounts Payable Due To Subcontractors
ContractWithCustomerAccountsPayableDueToSubcontractors
21500000
CY2021Q4 prim Contract With Customer Accounts Payable Due To Subcontractors
ContractWithCustomerAccountsPayableDueToSubcontractors
15200000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
40656000
CY2020 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
198000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
114053000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
77887000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
72565000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
61587000
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
19935000
CY2021Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
7107000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
16213000
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
7967000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
23071000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20273000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
245837000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
174821000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1151735000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
665660000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8283000
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4198000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1143452000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
661462000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
78137000
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
67230000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1065315000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
594232000
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.062
CY2021Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.028
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
78137000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
85229000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
80883000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
65624000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
833999000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
7863000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1151735000
CY2022 prim Number Of Instruments Used For Trading
NumberOfInstrumentsUsedForTrading
0
CY2022 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
76761000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
80974000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
90965000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
72565000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
61587000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
130787000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
98059000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
203352000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
159646000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
78474000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
50197000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
29463000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
23793000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
18221000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
20839000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
220987000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17635000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
203352000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
76313000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
82972000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y25D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M25D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0371
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0343
CY2022Q4 prim Bonds Issued And Outstanding
BondsIssuedAndOutstanding
4300000000
CY2021Q4 prim Bonds Issued And Outstanding
BondsIssuedAndOutstanding
3200000000
CY2022Q4 prim Remaining Performance Obligation On Bonded Projects
RemainingPerformanceObligationOnBondedProjects
1700000000
CY2021Q4 prim Remaining Performance Obligation On Bonded Projects
RemainingPerformanceObligationOnBondedProjects
1200000
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4420599000
CY2022 prim Revenue Percentage
RevenuePercentage
1.000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3497632000
CY2021 prim Revenue Percentage
RevenuePercentage
1.000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3491497000
CY2020 prim Revenue Percentage
RevenuePercentage
1.000
CY2022 us-gaap Gross Profit
GrossProfit
456885000
CY2022 prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.103
CY2021 us-gaap Gross Profit
GrossProfit
416660000
CY2021 prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.119
CY2020 us-gaap Gross Profit
GrossProfit
370214000
CY2020 prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.106
CY2022 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
46200000
CY2021 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
39700000
CY2020 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
48400000
CY2022 prim Multiemployer Plans Annual Contributions Number Of Pension Plans
MultiemployerPlansAnnualContributionsNumberOfPensionPlans
42
CY2022 us-gaap Multiemployer Plan Pension Significant Plan Contribution
MultiemployerPlanPensionSignificantPlanContribution
25296000
CY2021 us-gaap Multiemployer Plan Pension Significant Plan Contribution
MultiemployerPlanPensionSignificantPlanContribution
25279000
CY2020 us-gaap Multiemployer Plan Pension Significant Plan Contribution
MultiemployerPlanPensionSignificantPlanContribution
28633000
CY2022 us-gaap Multiemployer Plan Pension Insignificant Plan Contribution
MultiemployerPlanPensionInsignificantPlanContribution
20867000
CY2021 us-gaap Multiemployer Plan Pension Insignificant Plan Contribution
MultiemployerPlanPensionInsignificantPlanContribution
14391000
CY2020 us-gaap Multiemployer Plan Pension Insignificant Plan Contribution
MultiemployerPlanPensionInsignificantPlanContribution
19764000
CY2022 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
46163000
CY2021 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
39670000
CY2020 prim Multiemployer Plans Plan Contributions Total
MultiemployerPlansPlanContributionsTotal
48397000
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5412000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3678000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
37315000
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
2117000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
133564000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
140307000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
140346000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
25722000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
11550000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
5293000
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
159286000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
151857000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
145639000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.008
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.039
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.031
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.019
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.011
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.008
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.006
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.002
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.005
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.033
CY2022 prim Effective Income Tax Rate Reconciliation Nondeductible Expense Compensation Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseCompensationPercent
0.004
CY2021 prim Effective Income Tax Rate Reconciliation Nondeductible Expense Compensation Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseCompensationPercent
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