Slide 1: PRIM Q1 2020 Earnings Call
a PRIM Q1 2020 Earnings Call May 5, 2020
Slide 2: Disclosure Regarding Forward-Looking Statements
Disclosure Regarding Forward‐Looking Statements This presentation contains certain forward‐looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forwa
Slide 3: 2020 First Quarter Key Financial Items
2020 First Quarter Key Financial Items 2020 Q1 revenue of $743.2 million 2020 Q1 net loss of $3.7 million Includes $5.0 million pre‐tax unrealized loss on interest rate swap Backlog of $3.2 Billion 2020 Q1 SG&A 6.0% of revenue 3
Slide 4: 2020 First Quarter Summary
2020 First Quarter Summary Revenue Net Income (in millions) (in millions) $743.2 $661.6 $1.9 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 $(3.7) Cash Flow from Operations Total Backlog (in millions) (in billions) 2019 Q1 2020 Q1 $2.9 $3.2 $(5.5) 47% MSA 40% MSA $(72.1) March 31, 2019 March 31, 2020 4
Slide 5: Backlog Summary at 3/31/20
Backlog Summary at 3/31/20 Backlog Mix Total Backlog ($MMs) 10.6% $3,500 Total Power $3,000 CAGR Civil 19% 14% $2,500 $1,759 $1,935 $2,000 $1,476 $1,500 $2,126 $1,824 20.7% Transmission $1,517 MSA 13% $1,000 Pipeline CAGR $1,284 $1,418 $1,269 31% $500 $571 $672 $775 $‐ Utilities 2015 2016 2017 2018
Slide 6: 2020 Q1 vs. 2019 Q1 Segment Results
2020 Q1 vs. 2019 Q1 Segment Results $ in thousands 2020 Q1 Power Pipeline Utilities Transmission Civil TOTAL Revenue $ 196,193 $ 191,523 $ 147,170 $ 102,784 $ 105,573 $ 743,243 Gross Profit $ 18,682 $ 16,492 $ 4,602 $ 1,712 $ 6,322 $ 47,810 Gross Margin 9.5% 8.6% 3.1% 1.7% 6.0% 6.4% 2019 Q1 Power Pi
Slide 7: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A 8.0% $3,500 7.2% 7.0% 7.0% $3,000 6.2% 6.1% 6.0% 6.0% $2,500 5.0% SG&A % of Revenue Revenue $MMs $2,000 4.0% $1,500 3.0% $1,000 2.0% $500 1.0% 0.0% $‐ 2016 2017 2018 2019 Q1 2020 LTM SG&A % of Revenue Revenue 7
Slide 8: 2020 First Quarter Key Takeaways
2020 First Quarter Key Takeaways Primoris continues to reduce costs and conserve cash until we have a clearer vision of the situation. Our Backlog and Balance Sheet remain strong. We continue to bid and win new work and are safely executing current work. The safety of our employees, customers, and c