Slide 1: Primoris Services Corporation 2Q 2024 Earnings
Primoris Services Corporation 2Q 2024 Earnings August 6, 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: 2Q 2024 Highlights
2Q 2024 Highlights Double-digit revenue and earnings growth versus prior year Natural gas power generation construction opportunities increasing, particularly in the west coast and Texas markets, to meet growing demand Reached nearly $400 million in data center related construction in progress or bo
Slide 4: 2Q 2024 Financial Summary
2Q 2024 Financial Summary ($ thousands, except per share amounts) 2Q 2024 2Q 2023 GAAP Metrics Revenue $ 1,563,715 $ 1,413,377 Net Income $ 49,543 $ 39,032 Diluted EPS $ 0.91 $ 0.72 Non-GAAP Metrics Adjusted EBITDA $ 117,081 $ 102,363 Adjusted Net Income $ 57,064 $ 43,362 Adjusted EPS $ 1.04 $ 0.80
Slide 5: Backlog Summary at 6/30/2024
Backlog Summary at 6/30/2024 Total Backlog by Segment Total Backlog ($MM) $12,000 $10,895 $10,622 $10,454 $10,000 $9,095 $8,000 $5,199 $4,840 $4,867 $3,575 50% 50% $6,000 $4,000 $5,520 $5,696 $5,782 $5,587 $2,000 $0 Q4 2022 Q4 2023 Q1 2024 Q2 2024 Utilities Energy MSA Fixed • Balanced total backlog
Slide 6: 2Q 2024 vs. 2Q 2023 Segment Results
2Q 2024 vs. 2Q 2023 Segment Results $ in thousands Intersegment 2Q 2024 Utilities Energy Eliminations TOTAL Revenue $ 620,798 $ 973,492 $ (30,575) $ 1,563,715 Gross Profit $ 64,066 $ 122,644 $ 186,710 Gross Margin* 10.3% 12.6% 11.9% Intersegment 2Q 2023 Utilities Energy Eliminations TOTAL Revenue $
Slide 7: Driving Revenue Predictability and Monitoring SG&A
Driving Revenue Predictability and Monitoring SG&A Annual Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $6.5 15.0% $2.2 $6.0 $2.1 $6.0 $2.0 $5.7 $2.0 $5.5 12.0% $1.6 $5.0 $4.4 $1.5 $4.5 $1.4 $1.4 % of Revenue $ Billions $ Billions $4.0 $1.1 $3.5 9.0% $3.5 $3.5 $1.0 $3.1 $2.9 $3.
Slide 8: 2024 Guidance
2024 Guidance As of August 6, 2024 Increased Full Year 2024 Earnings Per Full Year Effective Tax Rate: Share (“EPS”): ̶ Approximately 29% ̶ $2.70 to $2.90 per diluted share 2H 2024 Capital Expenditures: Increased Full Year 2024 Adjusted EPS: ̶ $45 million to $65 million ̶ $3.25 to $3.45 per
Slide 9: Reg G Reconciliation
Reg G Reconciliation 9
Slide 10: Reconciliation of Adjusted Net Income & Adjusted EPS 2Q 2024 vs. 2Q 2023
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2Q 2024 vs. 2Q 2023 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 11: Reconciliation of EBITDA & Adjusted EBITDA 2Q 2024 vs. 2Q 2023
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2Q 2024 vs. 2Q 2023 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 12: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 (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 13: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 (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)