Slide 1: The Power of Primoris 4Q 2023 Earnings
The Power of Primoris 4Q 2023 Earnings February 27, 2024
Slide 2: Notice to Investors
Notice to Investors This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”
Slide 3: Full Year 2023 Highlights
Full Year 2023 Highlights Record revenue for the 8th consecutive year to $5.7 billion, and record safety year Record backlog for 3rd consecutive year with total backlog of $10.9 billion, up nearly 20 percent from year end 2022 Renewables backlog of $2.4 billion, up 85 percent from year end 2022 DI V
Slide 4: 4Q 2023 Financial Summary
4Q 2023 Financial Summary ($ thousands, except per share amounts) 4Q 2023 4Q 2022 GAAP Metrics Revenue $ 1,515,550 $ 1,329,138 Net Income $ 37,659 $ 41,501 Diluted EPS $ 0.69 $ 0.77 Non-GAAP Metrics Adjusted EBITDA $ 104,181 $ 95,634 Adjusted Net Income $ 46,360 $ 50,198 Adjusted EPS $ 0.85 $ 0.93 4
Slide 5: 2023 Financial Summary
2023 Financial Summary ($ thousands, except per share amounts) 2023 2022 GAAP Metrics Revenue $ 5,715,309 $ 4,420,599 Net Income $ 126,145 $ 133,021 Diluted EPS $ 2.33 $ 2.47 Non-GAAP Metrics Adjusted EBITDA $ 379,463 $ 283,361 Adjusted Net Income $ 154,677 $ 135,777 Adjusted EPS $ 2.85 $ 2.53 5
Slide 6: Backlog Summary at 12/31/2023
Backlog Summary at 12/31/2023 Total Backlog1 by Segment Total Backlog1 ($MM) $12,000 $10,895 $11,000 $10,000 $9,095 $9,000 $8,000 $5,199 $7,000 $3,575 48% $6,000 52% $5,000 $4,000 $3,000 $5,520 $5,696 $2,000 $1,000 $0 2022 2023 Utilities Energy MSA Fixed • Backlog up 20 percent or $1.8 billion from
Slide 7: 4Q 2023 vs. 4Q 2022 Segment Results
4Q 2023 vs. 4Q 2022 Segment Results $ in thousands 4Q 2023 Utilities Energy TOTAL Revenue $ 566,463 $ 949,087 $ 1,515,550 Gross Profit $ 42,748 $ 113,852 $ 156,600 Gross Margins* 7.5% 12.0% 10.3% 4Q 2022 Utilities Energy TOTAL Revenue $ 576,450 $ 752,688 $ 1,329,138 Gross Profit $ 69,917 $ 83,467 $
Slide 8: 2023 vs. 2022 Segment Results
2023 vs. 2022 Segment Results $ in thousands 2023 Utilities Energy TOTAL Revenue $ 2,380,230 $ 3,335,079 $ 5,715,309 Gross Profit $ 206,992 $ 380,499 $ 587,491 Gross Margins* 8.7% 11.4% 10.3% 2022 Utilities Energy TOTAL Revenue $ 2,024,307 $ 2,396,292 $ 4,420,599 Gross Profit $ 210,672 $ 246,213 $ 4
Slide 9: Driving Revenue Predictability & Monitoring SG&A
Driving Revenue Predictability & Monitoring SG&A Annual Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $6.0 $5.7 15.0% $5.5 $2.1 $2.0 $2.0 $5.0 12.0% $4.4 $4.5 $1.6 $1.5 $4.0 % of Revenue $1.4 $1.4 $ Billions $ Billions $3.5 $3.5 $1.1 $3.5 9.0% $3.1 $2.9 $1.0 $3.0 $0.7 $2.5 $2.4
Slide 10: 2024 Guidance
2024 Guidance As of February 27, 2024 Full Year 2024 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $2.50 to $2.70 per diluted share ̶ Approximately 29% Full Year 2024 Adjusted EPS: Full Year Capital Expenditures: ̶ $3.05 to $3.25 per diluted share ̶ $80 million to $100 million
Slide 11: Reg G Reconciliation
Reg G Reconciliation 11
Slide 12: Reconciliation of Net Income & Adjusted EPS, 4Q 2023 vs. 4Q 2022
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2023 vs. 4Q 2022 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and rela
Slide 13: Reconciliation of Net Income & Adjusted EPS, 2023 vs. 2022
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2023 vs. 2022 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related co
Slide 14: Reconciliation of EBITDA & Adjusted EBITDA, 4Q 2023 vs. 4Q 2022
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2023 vs. 4Q 2022 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash sto
Slide 15: Reconciliation of EBITDA & Adjusted EBITDA, 2023 vs. 2022
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2023 vs. 2022 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash stock‐bas
Slide 16: Reconciliation of Non-GAAP Forecasted Guidance: Adjusted EPS
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2024 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the
Slide 17: Reconciliation of Non-GAAP Forecasted Guidance: Adjusted EBITDA
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 Adjusted EBITDA Forecast for the year ending December 31, 2024 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)