$PRIM
Primoris Services Corp

2023 Q3 Form 10-Q Financial Statement

#000155837023013655 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $1.529B $1.413B
YoY Change 19.11% 38.17%
Cost Of Revenue $1.356B $1.256B
YoY Change 20.05% 34.94%
Gross Profit $173.9M $157.3M
YoY Change 12.26% 70.74%
Gross Profit Margin 11.37% 11.13%
Selling, General & Admin $84.40M $85.57M
YoY Change 11.47% 43.26%
% of Gross Profit 48.54% 54.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.70M $27.02M
YoY Change -6.55% 31.13%
% of Gross Profit 15.35% 17.18%
Operating Expenses $84.40M $85.57M
YoY Change 11.47% 43.26%
Operating Profit $88.41M $70.80M
YoY Change 32.98% 5.25%
Interest Expense -$21.07M -$16.88M
YoY Change 61.11% 258.85%
% of Operating Profit -23.83% -23.85%
Other Income/Expense, Net $467.0K $713.0K
YoY Change 264.84% 360.0%
Pretax Income $67.81M $55.00M
YoY Change 28.3% -13.08%
Income Tax $19.66M $15.97M
% Of Pretax Income 29.0% 29.03%
Net Earnings $48.14M $39.03M
YoY Change 11.86% -22.18%
Net Earnings / Revenue 3.15% 2.76%
Basic Earnings Per Share $0.90 $0.73
Diluted Earnings Per Share $0.89 $0.72
COMMON SHARES
Basic Shares Outstanding 53.33M 53.28M
Diluted Shares Outstanding 54.35M 54.32M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.7M $122.7M
YoY Change 43.6% 34.45%
Cash & Equivalents $160.7M $122.7M
Short-Term Investments
Other Short-Term Assets $135.0M $142.9M
YoY Change -37.68% -1.26%
Inventory
Prepaid Expenses
Receivables $1.595B $1.605B
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.891B $1.871B
YoY Change 13.78% 41.95%
LONG-TERM ASSETS
Property, Plant & Equipment $489.4M $480.6M
YoY Change -3.79% 3.85%
Goodwill $857.7M $857.7M
YoY Change 4.55% 44.96%
Intangibles $232.8M $237.9M
YoY Change -13.91% 35.14%
Long-Term Investments
YoY Change
Other Assets $24.11M $25.39M
YoY Change 4.48% 1.41%
Total Long-Term Assets $1.912B $1.851B
YoY Change 6.68% 32.62%
TOTAL ASSETS
Total Short-Term Assets $1.891B $1.871B
Total Long-Term Assets $1.912B $1.851B
Total Assets $3.803B $3.722B
YoY Change 10.1% 37.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.1M $513.4M
YoY Change 4.77% 48.61%
Accrued Expenses $321.6M $278.4M
YoY Change 19.35% 22.49%
Deferred Revenue $387.8M $418.0M
YoY Change 51.75% 67.05%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $85.23M $76.15M
YoY Change 6.42% 20.65%
Total Short-Term Liabilities $1.298B $1.289B
YoY Change 19.56% 44.96%
LONG-TERM LIABILITIES
Long-Term Debt $1.014B $1.037B
YoY Change -9.67% 62.56%
Other Long-Term Liabilities $43.15M $44.63M
YoY Change 10.63% 25.14%
Total Long-Term Liabilities $1.057B $1.082B
YoY Change -8.99% 60.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.298B $1.289B
Total Long-Term Liabilities $1.057B $1.082B
Total Liabilities $2.606B $2.572B
YoY Change 9.22% 53.03%
SHAREHOLDERS EQUITY
Retained Earnings $926.6M $881.6M
YoY Change 14.48% 14.57%
Common Stock $272.8M $269.0M
YoY Change 4.2% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.197B $1.150B
YoY Change
Total Liabilities & Shareholders Equity $3.803B $3.722B
YoY Change 10.1% 37.15%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $48.14M $39.03M
YoY Change 11.86% -22.18%
Depreciation, Depletion And Amortization $26.70M $27.02M
YoY Change -6.55% 31.13%
Cash From Operating Activities $73.68M $34.51M
YoY Change -774.65% -135.32%
INVESTING ACTIVITIES
Capital Expenditures $40.11M $28.55M
YoY Change -505.91% -187.43%
Acquisitions
YoY Change
Other Investing Activities $24.11M $25.39M
YoY Change -105.6% 20.04%
Cash From Investing Activities -$15.99M -$3.157M
YoY Change -96.37% -72.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -18.91M -4.513M
YoY Change -103.87% -116.46%
NET CHANGE
Cash From Operating Activities 73.68M 34.51M
Cash From Investing Activities -15.99M -3.157M
Cash From Financing Activities -18.91M -4.513M
Net Change In Cash 38.78M 26.84M
YoY Change 3.16% -132.82%
FREE CASH FLOW
Cash From Operating Activities $73.68M $34.51M
Capital Expenditures $40.11M $28.55M
Free Cash Flow $33.58M $5.960M
YoY Change -3325.46% -109.16%

Facts In Submission

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CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Dividends Common Stock Cash
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Share Based Compensation
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Contract With Customer Liability
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prim Increase Decrease In Operating Lease Assets And Liabilities
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prim Increase Decrease In Operating Lease Assets And Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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946000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-130627000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258991000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205643000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
128364000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
11586000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2145000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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12865000
CY2023Q2 us-gaap Dividends Payable Current And Noncurrent
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3199000
CY2022Q2 us-gaap Dividends Payable Current And Noncurrent
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3192000
us-gaap Nature Of Operations
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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 Services (“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, and the Energy segment is made up of our former Energy/Renewables and Pipeline 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>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
122692000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
91254000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
5672000
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
128364000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96310000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
248692000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
10299000
CY2021Q4 us-gaap Restricted Cash
RestrictedCash
5131000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
258991000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205643000
prim Accounts Receivable Securitization Term
AccountsReceivableSecuritizationTerm
P1Y
us-gaap Accounts Receivable Sale
AccountsReceivableSale
25000000.0
prim Proceeds From Accounts Receivable Securitization Operating Activities
ProceedsFromAccountsReceivableSecuritizationOperatingActivities
25000000.0
CY2023Q2 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
75000000.0
CY2022Q4 prim Contract With Customer Liability Accrued Loss Provision Current
ContractWithCustomerLiabilityAccruedLossProvisionCurrent
6094000
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
417995000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
275947000
prim Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
142000000.0
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
218100000
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 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 customers 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 and six months ended June 30, 2023, approximately 39.5% and 38.1%, respectively, of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue.</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 and six months ended June 30, 2022, approximately 50.8% and 47.4%, respectively, of total revenue was generated from our top ten customers and no one customer accounted for more than 10% of our total revenue. </p>
prim Concentration Risk Number Of Top Customers
ConcentrationRiskNumberOfTopCustomers
10
prim Concentration Risk Number Of Calendar Years In Which Top Customers Generate Specified Percentage Of Revenue
ConcentrationRiskNumberOfCalendarYearsInWhichTopCustomersGenerateSpecifiedPercentageOfRevenue
1
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4900000000
prim Revenue Remaining Performance Obligation Expected Timing Percentage
RevenueRemainingPerformanceObligationExpectedTimingPercentage
0.611
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P12M
CY2023Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
3600000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
12800000
CY2023Q2 prim Contract With Customer Liability Modification Of Contract
ContractWithCustomerLiabilityModificationOfContract
148700000
us-gaap Contract With Customer Asset Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerAssetCumulativeCatchUpAdjustmentToRevenueModificationOfContract
139700000
CY2023Q2 us-gaap Unbilled Receivables Current
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529838000
CY2022Q4 us-gaap Unbilled Receivables Current
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420511000
CY2023Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
224715000
CY2022Q4 us-gaap Receivables Long Term Contracts Or Programs
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174149000
CY2023Q2 us-gaap Inventory For Long Term Contracts Or Programs
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32356000
CY2022Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
21564000
CY2023Q2 us-gaap Contract With Customer Asset Net Current
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786909000
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
616224000
prim Increase Decrease In Contract With Customer Asset Net Current
IncreaseDecreaseInContractWithCustomerAssetNetCurrent
170700000
CY2023Q2 prim Contract With Customer Liability Deferred Revenue Current
ContractWithCustomerLiabilityDeferredRevenueCurrent
411584000
CY2022Q4 prim Contract With Customer Liability Deferred Revenue Current
ContractWithCustomerLiabilityDeferredRevenueCurrent
269853000
CY2023Q2 prim Contract With Customer Liability Accrued Loss Provision Current
ContractWithCustomerLiabilityAccruedLossProvisionCurrent
6411000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1413377000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2670273000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1022948000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1807333000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1413377000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2670273000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1022948000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1807333000
CY2022Q4 us-gaap Goodwill
Goodwill
871808000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-14158000
CY2023Q2 us-gaap Goodwill
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857650000
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
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334747000
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
96802000
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
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237945000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
334747000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
85366000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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249381000
CY2023Q2 us-gaap Amortization Of Intangible Assets
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5300000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7100000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
10408000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
19701000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
17661000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
16141000
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
15604000
CY2023Q2 prim Finite Lived Intangible Asset Expected Amortization In After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationInAfterYearFour
158430000
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
237945000
CY2023Q2 prim Contract With Customer Accounts Payable Due To Subcontractors
ContractWithCustomerAccountsPayableDueToSubcontractors
24100000
CY2022Q4 prim Contract With Customer Accounts Payable Due To Subcontractors
ContractWithCustomerAccountsPayableDueToSubcontractors
21500000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
122551000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
114053000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
81038000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
72565000
CY2023Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
19672000
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
19935000
CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
25116000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
16213000
CY2023Q2 us-gaap Other Accrued Liabilities Current
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30055000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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23071000
CY2023Q2 us-gaap Accrued Liabilities Current
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278432000
CY2022Q4 us-gaap Accrued Liabilities Current
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245837000
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1120501000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
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1151735000
CY2023Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
7379000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
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8283000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
1113122000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
1143452000
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
76151000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
78137000
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1036971000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1065315000
CY2023Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.064
CY2022Q4 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.062
prim Number Of Instruments Used For Trading
NumberOfInstrumentsUsedForTrading
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.290
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
prim Income Tax Period Of Statute Of Limitations Of State And Foreign Jurisdictions Minimum
IncomeTaxPeriodOfStatuteOfLimitationsOfStateAndForeignJurisdictionsMinimum
P3Y
prim Income Tax Period Of Statute Of Limitations Of State And Foreign Jurisdictions Maximum
IncomeTaxPeriodOfStatuteOfLimitationsOfStateAndForeignJurisdictionsMaximum
P5Y
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.06
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
39032000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
50154000
us-gaap Net Income Loss
NetIncomeLoss
40342000
us-gaap Net Income Loss
NetIncomeLoss
48480000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53301000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53263000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53243000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53251000
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1023000
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
589000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
840000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
564000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54324000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53852000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54083000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53815000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.91
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000.0
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000.0
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
148000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
3400000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
22.77
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
19000000.0
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
25110000
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
17426000
us-gaap Operating Lease Cost
OperatingLeaseCost
47982000
us-gaap Operating Lease Cost
OperatingLeaseCost
35022000
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
81038000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
72565000
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
171477000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
130787000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
252515000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
203352000
CY2023Q2 prim Bonds Issued And Outstanding
BondsIssuedAndOutstanding
5400000000
CY2022Q4 prim Bonds Issued And Outstanding
BondsIssuedAndOutstanding
4300000000
CY2023Q2 prim Remaining Performance Obligation On Bonded Projects
RemainingPerformanceObligationOnBondedProjects
2700000000
CY2022Q4 prim Remaining Performance Obligation On Bonded Projects
RemainingPerformanceObligationOnBondedProjects
1700000000
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1413377000
CY2023Q2 prim Revenue Percentage
RevenuePercentage
1.000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1022948000
CY2022Q2 prim Revenue Percentage
RevenuePercentage
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2670273000
prim Revenue Percentage
RevenuePercentage
1.000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1807333000
prim Revenue Percentage
RevenuePercentage
1.000
CY2023Q2 us-gaap Gross Profit
GrossProfit
157264000
CY2023Q2 prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.111
CY2022Q2 us-gaap Gross Profit
GrossProfit
92109000
CY2022Q2 prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.090
us-gaap Gross Profit
GrossProfit
256997000
prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.096
us-gaap Gross Profit
GrossProfit
148594000
prim Gross Profit As Percentage Of Segment Revenue
GrossProfitAsPercentageOfSegmentRevenue
0.082
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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