$PRIM
Primoris Services Corp

2023 Q2 Form 10-Q Financial Statement

#000155837023008914 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.413B $1.257B
YoY Change 38.17% 60.24%
Cost Of Revenue $1.256B $1.157B
YoY Change 34.94% 58.97%
Gross Profit $157.3M $99.73M
YoY Change 70.74% 76.56%
Gross Profit Margin 11.13% 7.93%
Selling, General & Admin $85.57M $78.01M
YoY Change 43.26% 40.67%
% of Gross Profit 54.41% 78.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.02M $27.73M
YoY Change 31.13% 37.48%
% of Gross Profit 17.18% 27.81%
Operating Expenses $85.57M $78.01M
YoY Change 43.26% 40.67%
Operating Profit $70.80M $19.03M
YoY Change 5.25% 2587.57%
Interest Expense -$16.88M -$18.47M
YoY Change 258.85% 542.04%
% of Operating Profit -23.85% -97.04%
Other Income/Expense, Net $713.0K $331.0K
YoY Change 360.0% -3777.78%
Pretax Income $55.00M $1.820M
YoY Change -13.08% -179.37%
Income Tax $15.97M $510.0K
% Of Pretax Income 29.03% 28.02%
Net Earnings $39.03M $1.310M
YoY Change -22.18% -178.26%
Net Earnings / Revenue 2.76% 0.1%
Basic Earnings Per Share $0.73 $0.02
Diluted Earnings Per Share $0.72 $0.02
COMMON SHARES
Basic Shares Outstanding 53.28M 53.14M
Diluted Shares Outstanding 54.32M 53.94M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.7M $94.76M
YoY Change 34.45% -45.39%
Cash & Equivalents $122.7M $94.76M
Short-Term Investments
Other Short-Term Assets $142.9M $118.6M
YoY Change -1.26% -1.45%
Inventory
Prepaid Expenses
Receivables $1.605B $1.468B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.871B $1.682B
YoY Change 41.95% 38.51%
LONG-TERM ASSETS
Property, Plant & Equipment $480.6M $483.6M
YoY Change 3.85% 5.45%
Goodwill $857.7M $871.7M
YoY Change 44.96% 49.38%
Intangibles $237.9M $243.3M
YoY Change 35.14% 45.08%
Long-Term Investments
YoY Change
Other Assets $25.39M $23.20M
YoY Change 1.41% -14.26%
Total Long-Term Assets $1.851B $1.841B
YoY Change 32.62% 33.09%
TOTAL ASSETS
Total Short-Term Assets $1.871B $1.682B
Total Long-Term Assets $1.851B $1.841B
Total Assets $3.722B $3.523B
YoY Change 37.15% 35.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $513.4M $561.3M
YoY Change 48.61% 93.84%
Accrued Expenses $278.4M $224.1M
YoY Change 22.49% 16.06%
Deferred Revenue $418.0M $268.1M
YoY Change 67.05% -8.33%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $76.15M $77.54M
YoY Change 20.65% 17.53%
Total Short-Term Liabilities $1.289B $1.134B
YoY Change 44.96% 34.34%
LONG-TERM LIABILITIES
Long-Term Debt $1.037B $1.035B
YoY Change 62.56% 72.68%
Other Long-Term Liabilities $44.63M $46.95M
YoY Change 25.14% 14.02%
Total Long-Term Liabilities $1.082B $1.082B
YoY Change 60.58% 68.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.289B $1.134B
Total Long-Term Liabilities $1.082B $1.082B
Total Liabilities $2.572B $2.414B
YoY Change 53.03% 49.94%
SHAREHOLDERS EQUITY
Retained Earnings $881.6M $845.8M
YoY Change 14.57% 17.06%
Common Stock $269.0M $265.8M
YoY Change 2.53% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.150B $1.109B
YoY Change
Total Liabilities & Shareholders Equity $3.722B $3.523B
YoY Change 37.15% 35.62%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $39.03M $1.310M
YoY Change -22.18% -178.26%
Depreciation, Depletion And Amortization $27.02M $27.73M
YoY Change 31.13% 37.48%
Cash From Operating Activities $34.51M -$115.3M
YoY Change -135.32% -1853.64%
INVESTING ACTIVITIES
Capital Expenditures $28.55M $13.85M
YoY Change -187.43% -58.25%
Acquisitions
YoY Change
Other Investing Activities $25.39M $7.377M
YoY Change 20.04% 2435.05%
Cash From Investing Activities -$3.157M -$6.470M
YoY Change -72.55% -80.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $31.51M
YoY Change 19.08%
Cash From Financing Activities -4.513M -36.60M
YoY Change -116.46% 2885.4%
NET CHANGE
Cash From Operating Activities 34.51M -115.3M
Cash From Investing Activities -3.157M -6.470M
Cash From Financing Activities -4.513M -36.60M
Net Change In Cash 26.84M -158.5M
YoY Change -132.82% 486.53%
FREE CASH FLOW
Cash From Operating Activities $34.51M -$115.3M
Capital Expenditures $28.55M $13.85M
Free Cash Flow $5.960M -$129.2M
YoY Change -109.16% 385.87%

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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;line-height: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 two 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>— Through the end of 2022, we segregated our business into three reportable segments: the Utilities segment, the Energy/Renewables segment, and the Pipeline segment. In the first quarter of 2023, we changed our reportable segments in connection with the realignment of our internal organization and management structure. The segment changes reflect the focus of our Chief Operating Decision Maker (“CODM”) on the range of services we provide to our end user markets. Our CODM regularly reviews our operating and financial performance based on these new segments.</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 current reportable segments include the Utilities segment and the Energy segment, which is made up of our former Energy/Renewables and Pipeline Services segments. See Note 15 – “<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>
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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;">Customer concentration</span> — We operate in multiple industry sectors encompassing the construction of commercial, industrial and public works infrastructure assets primarily throughout the United States. Typically, the top ten customers in any one calendar year generate revenue that is approximately 40% to 50% of total revenue; however, the companies that comprise the top ten vary from year to year. </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;">For the three months ended March 31, 2023 and 2022, approximately 42.3% and 45.4%, respectively, of total revenue was generated from our top ten customers. For the three months ended March 31, 2023, no one customer accounted for more than 10% of total revenue and for the three months ended March 31, 2022, one solar energy customer represented approximately 10.1% of our total revenue. </p>
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prim-20230331.xsd Edgar Link pending
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