Slide 1: Primoris Services Corporation 4Q 2024 Earnings
Primoris Services Corporation 4Q 2024 Earnings February 25, 2025
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 2024 Highlights
Full Year 2024 Highlights Record revenue, earnings, operating cash flow and total backlog Improved Utilities margins driven by increased productivity and storm response work Renewables revenue of nearly $2.0 billion and year-end backlog of $3.1 billion Full year cash flow from operations of over $50
Slide 4: 4Q 2024 Financial Summary
4Q 2024 Financial Summary ($ thousands, except per share amounts) 4Q 2024 4Q 2023 GAAP Metrics Revenue $ 1,741,330 $ 1,515,550 Net Income $ 53,966 $ 37,659 Diluted EPS $ 0.99 $ 0.69 Non-GAAP Metrics Adjusted EBITDA $ 116,611 $ 104,181 Adjusted Net Income $ 61,847 $ 46,360 Adjusted EPS $ 1.13 $ 0.85
Slide 5: Full Year 2024 Financial Summary
Full Year 2024 Financial Summary ($ thousands, except per share amounts) 2024 2023 GAAP Metrics Revenue $ 6,366,838 $ 5,715,309 Net Income $ 180,888 $ 126,145 Diluted EPS $ 3.31 $ 2.33 Non-GAAP Metrics Adjusted EBITDA $ 435,181 $ 379,463 Adjusted Net Income $ 211,375 $ 154,677 Adjusted EPS $ 3.87 $
Slide 6: Backlog Summary at 12/31/2024
Backlog Summary at 12/31/2024 Total Backlog by Segment Total Backlog ($M) $11,865 $12,000 $10,895 $10,000 $9,095 $6,095 $8,000 $5,199 $3,575 47% $6,000 53% $4,000 $5,520 $5,696 $5,771 $2,000 $0 2022 2023 2024 Energy Utilities MSA Fixed • Balanced backlog between segments and contract type • Total ba
Slide 7: 4Q 2024 vs. 4Q 2023 Segment Results
4Q 2024 vs. 4Q 2023 Segment Results $ in thousands Corporate % of % of % of and non- 4Q 2024 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 664,067 $ 1,100,107 $ (22,844) $ 1,741,300 Gross Profit $ 80,295 12.1% $ 104,303 9.5% $ 184,598 10
Slide 8: Full Year 2024 vs. 2023 Segment Results
Full Year 2024 vs. 2023 Segment Results $ in thousands Corporate % of % of % of and non- 2024 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 2,439,029 $ 4,032,035 $ (104,226) $ 6,366,838 Gross Profit $ 257,961 10.6% $ 445,284 11.0% $ 703,
Slide 9: 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 $2.3 $6.4 $6.5 10.0% $2.1 $6.0 $5.7 $2.0 $2.0 $5.5 9.0% $5.0 $1.6 $4.4 8.0% $4.5 $1.5 % of Revenue $1.4 $1.4 $ Billions $ Billions $4.0 $1.1 $3.5 $3.5 7.0% $3.5 $3.1 $1.0 $2.9
Slide 10: Investor Day Targets and 2024 Performance
Investor Day Targets and 2024 Performance 2024 to 2026 Targets 2024 Results On / Off Track 4% to 6% Revenue Growth ~11% Revenue Growth (Compound Annual Growth Rate) 9% to 12% Gross Profit Growth ~20% Gross Profit Growth (Compound Annual Growth Rate) 9% to 12% Adjusted EBITDA ~15% Adjusted EBITDA Gro
Slide 11: 2025 Guidance
2025 Guidance As of February 25, 2025 Full Year 2025 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $3.70 to $3.90 per diluted share ̶ Approximately 29% Full Year 2025 Adjusted EPS: 2025 Capital Expenditures: ̶ $4.20 to $4.40 per diluted share ̶ $90 million to $110 million ̶ Inc
Slide 12: Reg G Reconciliation
Reg G Reconciliation 12 P= Primoris
Slide 13: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2024 vs. 4Q 2023
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2024 vs. 4Q 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 14: Reconciliation of Adjusted Net Income & Adjusted EPS 2024 vs. 2023
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2024 vs. 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 related co
Slide 15: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2024 vs. 4Q 2023
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2024 vs. 4Q 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 16: Reconciliation of EBITDA & Adjusted EBITDA 2024 vs. 2023
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2024 vs. 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 stock‐bas
Slide 17: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 (Adjusted EPS)
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2025 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 18: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 (Adjusted EBITDA)
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted EBITDA Forecast for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)