Slide 1: PRIM 4Q2020 & Full-Year 2020 Earnings Call
PRIM 4Q2020 & Full-Year 2020 Earnings Call February 23, 2021
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 “could,” “will,” “may,” “assume,” “forecast,” “strategy,” “guidance,” “outlook,” “tar
Slide 3: 2020 Highlights
2020 Highlights Record 2020 revenue of $3.5 billion Record 2020 fully diluted earnings per share of $2.16 Largest acquisition in the Company’s history creating presence in telecom services Primoris uniquely positioned for organic growth and acquisitions Safety performance one of the best in the Comp
Slide 4: Fourth Quarter Summary
2020 Fourth Quarter Summary Revenue Net Income (in millions) (in millions) $897.3 $31.8 $789.8 $27.5 2019 Q4 2020 Q4 2019 Q4 2020 Q4 MSA / Total Backlog* Cash Flow from Operations (in billions) (in millions) $3.2 $2.8 $158.1 $120.4 45% MSA 41% MSA 2019 Q4 2020 Q4 December 31, 2019 December 31, 2020
Slide 5: Full Year Summary
2020 Full Year Summary Revenue Net Income (in millions) (in millions) $105.0 $3,491.5 $3,106.3 $84.1 2019 2020 2019 2020 Cash Flow from Operations Total Backlog* (in millions) (in billions) $311.9 $3.2 $2.8 $118.0 45% MSA 41% MSA 2019 2020 December 31, 2019 December 31, 2020 *MSA % expected to incre
Slide 6: MSA Revenue
MSA Revenue $1,600 44% 45% $1,400 38% 39%* 40% $1,200 35% $1,000 % Total Revenue $MMs $800 29% 29% 30% 28% 27% $600 24% 24% 25% $400 20% $200 $- 15% 2012 2013 2014 2015 2016 2017 2018 2019 2020 MSA Revenue % Total Revenue *MSA % expected to increase with Future Infrastructure acquisition 6
Slide 7: Backlog Summary at 12/31/2020
Backlog Summary at 12/31/2020 Total Backlog* Mix Total Backlog* ($MMs) $3,500 $3,000 Civil 21% Power $2,500 28% $1,759 $2,000 $1,476 $1,640 $2,126 $1,824 $1,500 Transmission $1,517 15% $1,000 Pipeline $1,284 $1,418 14% $500 $1,137 $571 $672 $775 Utilities 22% $0 2015 2016 2017 2018 2019 2020 MSA Fix
Slide 8: Q4 2020 vs. Q4 2019 Segment Results
2020 Q4 vs. 2019 Q4 Segment Results $ in thousands 4Q 2020 Power Pipeline Utilities Transmission Civil TOTAL Revenue $ 229,135 $ 201,579 $ 230,268 $ 132,085 $ 104,270 $ 897,338 Gross Profit $ 12,410 $ 25,892 $ 31,547 $ 16,003 $ 11,904 $ 97,756 Profit Margin 5.4% 12.8% 13.7% 12.1% 11.4% 10.9% 4Q 2019
Slide 9: 2020 vs. 2019 Full Year Segment Results
2020 vs. 2019 Full Year Segment Results $ in thousands 2020 Power Pipeline Utilities Transmission Civil TOTAL Revenue $ 795,361 $897,041 $ 906,597 $ 459,038 $ 433,460 $ 3,491,497 Gross Profit $ 53,500 $ 97,459 $ 132,957 $ 44,879 $ 41,419 $ 370,214 Profit Margin 6.7% 10.9% 14.7% 9.8% 9.6% 10.6% 2019
Slide 10: Streamlined Segment Reporting Structure
Streamlined Segment Reporting Structure 2020 Revenue $907 MM $459 MM $795 MM $433 MM $897 MM Utilities & Transmission & Power, Industrial, Pipeline & Civil Distribution Distribution & Engineering Underground 2020 2021 Pipeline Utilities Energy Services (Future Infrastructure Acquisition* to be inclu
Slide 11: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A $4.0 8.0% 7.9% $3.5 $3.5 7.5% $3.1 $2.9 SG&A % of Revenue $3.0 7.2% 7.0% $ in Billions 7.0% $2.5 $2.4 6.5% $2.0 $2.0 $1.9 6.2% 6.1% 6.0% $1.5 5.8% $1.0 5.5% 2015 2016 2017 2018 2019 2020 Revenue SG&A % of Revenue 11
Slide 12: Consistent Earnings Per Share Growth
Consistent Earnings Per Share Growth $2.60 $2.40 $2.16 $1.61 $1.50 2018 2019 2020 2021E *2018, 2019, and 2020 earnings per fully diluted share are actual. 2021E is guidance as of 2/23/2021 12
Slide 13: Key Takeaways
Key Takeaways Primoris had an outstanding year, with record growth in both revenue and earnings Primoris is uniquely positioned for organic growth and acquisitions Acquisition created presence in telecom services and strategic cross-selling opportunities Primoris continues to focus on the safety of