Primoris Services Corporation · NYSE:PRIM
Primoris Services — Q1 2022 Earnings Presentation
14 slides from Primoris Services's earnings presentation, May 10, 2022
Slide 1: Primoris Services Corporation 1Q 2022 Earnings
Primoris Services Corporation Building M o m e n t u m 1Q 2022 Earnings May 9, 2022
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: 1Q 2022 Highlights
1Q 2022 Highlights Strong Revenue of $784.4 million Record Backlog of $4.025 billion, an increase of 30 percent over prior year Building momentum in higher-growth, higher-margin end markets with strong secular tailwinds: • Utilities & Energy/Renewables Segments drove over 90% of 1Q 2022 revenue 3
Slide 4: 1Q 2022 Summary
1Q 2022 Summary ($ thousands, except per share amounts) 1Q 2022 1Q 2021 GAAP Metrics Revenue $ 784,384 $ 818,329 Net (Loss) Income (1,674) 5,848 Diluted (Loss) EPS (0.03) 0.12 Non-GAAP Metrics Adjusted EBITDA 22,631 37,723 Adjusted Net Income 423 18,709 Adjusted EPS 0.01 0.37 44
Slide 5: MSA Revenue
MSA Revenue $1,800 50% 47% 46% $1,600 44% 45% $1,400 39% 38% 40% $1,200 % Total Revenue $1,000 35% $MMs $800 29% 30% 28% $600 25% $400 20% $200 $- 15% 2016 2017 2018 2019 2020 2021 1Q 2022 LTM MSA Revenue % Total Revenue 5
Slide 6: Backlog Summary at 3/31/2022
Backlog Summary at 3/31/2022 Total Backlog* Mix *MSA Backlog includes anticipated MSA revenue for the next 12 months 3% 36% Total Backlog* ($MMs) *MSA Backlog includes anticipated MSA revenue for the next 12 months $4,500 $4,000 $3,500 $3,000 $2,479 $2,420 61% $2,500 $1,759 Utilities Energy/Renewabl
Slide 7: 1Q 2022 vs. 1Q 2021 Segment Results
1Q 2022 vs. 1Q 2021 Segment Results $ in thousands Energy/ 1Q 2022 Utilities Pipeline TOTAL Renewables Revenue $ 358,728 $ 359,050 $ 66,606 $ 784,384 Gross Profit $ 22,354 $ 39,931 $(5,799) $ 56,486 Gross Margins* 6.2% 11.1% (8.7)% 7.2% Energy/ 1Q 2021 Utilities Pipeline TOTAL Renewables Revenue $ 3
Slide 8: Controlling SG&A
Controlling SG&A $4.0 23.5% $3.5 $3.5 $3.5 $3.5 $3.1 18.5% $2.9 SG&A % of Revenue $3.0 $ in Billions $2.5 $2.4 13.5% $2.0 $2.0 8.5% $1.5 7.0% 7.2% 6.6% 6.7% 6.2% 6.1% 5.8% $1.0 3.5% 2016 2017 2018 2019 2020 2021 1Q 2022 LTM Revenue SG&A % of Revenue 8
Slide 9: 2022 Guidance
2022 Guidance As of May 9, 2022 » Raised Earnings Per Share (“EPS”) » $2.20 to $2.40 per fully diluted share » Raised Adjusted EPS: » $2.49 to $2.69 » Targeted Revenue Growth by segment: » 2022 SG&A as a percentage of revenue: » Utilities: Increase of 8 – 10% » low-to-mid mix 6% » Energy/Renewables:
Slide 10: Primoris – Why Invest?
Primoris – Why Invest? Our low-risk business model creates strong, Diverse Business Mix consistent growth 1Q 2022 Revenue 1Q 2021 Backlog Our Value Proposition 3% 8% Utilities 46% 36% » Comprehensive suite of critical Energy/ Renewables 46% infrastructure services 61% Pipeline Services » Business mo
Slide 11: Reg G Reconciliation
Reg G Reconciliation
Slide 12: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2022 vs. 1Q 2021 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 EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2022 vs. 1Q 2021 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 14: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance FY 2022 Adjusted Net Income & EPS to Adjusted EPS for the year ending December 31, 2022 The following table sets forth a reconciliation of the forecasted GAAP net income attributable to Primoris to Adjusted Net Income and EPS to Adjusted EPS