Slide 1: The Power of Primoris 2Q 2023 Earnings
The Power of Primoris 2Q 2023 Earnings August 8, 2023
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 2023 Highlights
2Q 2023 Highlights Record quarterly bookings of $2.4 billion and total backlog of $6.6 billion Utilities year-over-year improvement in revenue, gross margin and operating income Power delivery evaluating and targeting over $2 billion in major project opportunities DI VI DER SLI DE 1 Renewables added
Slide 4: 2Q 2023 Financial Summary
2Q 2023 Financial Summary ($ thousands, except per share amounts) 2Q 2023 2Q 2022 GAAP Metrics Revenue $ 1,413,377 $ 1,022,948 Net Income $ 39,032 $ 50,154 Diluted EPS $ 0.72 $ 0.93 Non-GAAP Metrics Adjusted EBITDA $ 102,363 $ 56,142 Adjusted Net Income $ 43,362 $ 26,084 Adjusted EPS $ 0.80 $ 0.48 4
Slide 5: Backlog Summary at 6/30/2023
Backlog Summary at 6/30/2023 Total Backlog1 by Segment Total Backlog1 ($MM) $7,000 $6,589 $6,000 $5,484 30.0% $5,000 $4,003 $4,609 $4,000 $3,177 $3,575 $3,000 $2,599 $2,760 $2,777 $2,479 $1,759 $2,000 $1,476 $1,640 $1,824 70.0% $1,000 $1,909 $1,980 $1,284 $1,418 $1,137 $1,524 $775 $0 2017 2018 2019
Slide 6: 2Q 2023 vs. 2Q 2022 Segment Results
2Q 2023 vs. 2Q 2022 Segment Results $ in thousands 2Q 2023 Utilities Energy TOTAL Revenue $ 640,236 $ 773,141 $ 1,413,377 Gross Profit $ 66,510 $ 90,754 $ 157,264 Gross Margins* 10.4% 11.7% 11.1% 2Q 2022 Utilities Energy TOTAL Revenue $ 476,121 $ 546,827 $ 1,022,948 Gross Profit $ 40,356 $ 51,753 $
Slide 7: Driving Revenue Predictability & Monitoring SG&A
Driving Revenue Predictability & Monitoring SG&A Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $5.5 $5.3 15.0% $2.2 $5.0 $2.0 $2.0 $4.4 $4.5 12.0% $1.6 $4.0 $1.5 % of Revenue $1.4 $1.4 $3.5 $3.5 $3.5 $ Billions $ Billions $1.1 $3.1 9.0% $2.9 $3.0 $1.0 $2.5 $2.4 $0.7 6.6% 6.4% 6.
Slide 8: 2023 Guidance
2023 Guidance As of August 8, 2023 Increased Full Year 2023 Earnings Per Updated Full Year Effective Tax Rate: Share (“EPS”): ̶ Increased to approximately 29% ̶ Updated $2.15 to $2.35 per diluted share Full Year 2023 Capital Expenditures: Increased Full Year 2023 Adjusted EPS: ̶ $80 million
Slide 9: Reg G Reconciliation
Reg G Reconciliation 9
Slide 10: Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2Q 2023 vs. 2Q 2022 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: Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2Q 2023 vs. 2Q 2022 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: Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2023 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2023 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: Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2023 Adjusted EBITDA Forecast for the year ending December 31, 2023 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)