Slide 1: Primoris Services Corporation Q1 2021 Earnings Call
Primoris Services Corporation Q1 2021 Earnings Call May 5, 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: 1Q 2021 Highlights
1Q 2021 Highlights Strong Revenue of $818.3 million; Fully diluted earnings per share of $0.12 Successful segment realignment; creating a strong platform for growth Completed Future Infrastructure acquisition; creating presence in telecom services Executed secondary offering; used proceeds to pay do
Slide 4: 2021 First Quarter Summary
2021 First Quarter Summary Revenue Net Income (in millions) (in millions) $818.3 $5.9 $743.2 ($3.7) 2020 Q1 2021 Q1 2020 Q1 2021 Q1 Cash Flows from MSA / Total Backlog (in billions) Operations $3.2 $3.1 (in millions) $7.5 41% MSA 48% MSA ($5.5) 2020 Q1 2021 Q1 March 31, 2020 March 31, 2021 4
Slide 5: MSA Revenue and % of Total Revenue
MSA Revenue $1,600 44% 45% 40%* $1,400 39% 38% 40% $1,200 35% $1,000 % Total Revenue $MMs $800 29% 29% 30% 28% $600 24% 24% 25% $400 20% $200 $- 15% 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 MSA Revenue % Total Revenue LTM *MSA % expected to increase with Future Infrastructure acquisition 5
Slide 6: Backlog Summary at 3/31/2021
Backlog Summary at 3/31/2021 Total Backlog* Mix Total Backlog* ($MMs) $3,500 60% $3,000 50% Utilities $2,500 45% $1,759 $1,612 40% $2,000 $1,476 $1,640 $2,126 30% $1,824 Pipeline $1,500 10% 20% $1,000 $1,284 $1,418 $1,477 Energy/Renewables $500 $1,137 10% 45% $672 $775 $0 0% 2016 2017 2018 2019 2020
Slide 7: 2021 1Q vs. 2020 1Q Segment Results
2021 1Q vs. 2020 1Q Segment Results $ in thousands Energy/ 1Q 2021 Utilities Pipeline TOTAL Renewables Revenue $ 335,012 $ 352,864 $ 130, 453 $ 818,329 Gross Profit $ 21,716 $ 42,672 $ 15,793 $ 80,181 Profit Margin 6.5% 12.1% 12.1% 9.8% Energy/ 1Q 2020 Utilities Pipeline TOTAL Renewables Revenue $ 2
Slide 8: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A $4.0 8.0% 7.9% $3.6 $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 5.9% 5.8% $1.0 5.5% 2015 2016 2017 2018 2019 2020 Q1 2021 LTM Revenue SG&A % of Revenue 8
Slide 9: Consistent Earnings Per Share Growth
Consistent Earnings Per Share Growth $2.50 $2.30 $2.16 $1.61 $1.50 2018 2019 2020 2021E *2018, 2019, and 2020 are actual earnings per fully diluted share. 2021E is guidance as of 5/06/2021 9
Slide 10: 1Q 2021 Summary
1Q 2021 Summary Strong Revenue of $818.3 million; Fully diluted earnings per share of $0.12 Successful segment realignment; creating a strong platform for growth Completed Future Infrastructure acquisition; creating presence in telecom services Executed secondary offering; used proceeds to pay down