Slide 1: The Power of Primoris 3Q 2023 Earnings
The Power of Primoris 3Q 2023 Earnings November 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: 3Q 2023 Highlights
3Q 2023 Highlights Record quarterly backlog for the 8th consecutive quarter to approximately $6.7 billion Utilities year-to-date project revenue more than doubled compared to 2022 Renewables effectively managing industry-wide challenges and risk while growing profitably DI VI DER SLI DE 1 Cash flow
Slide 4: 3Q 2023 Financial Summary
3Q 2023 Financial Summary ($ thousands, except per share amounts) 3Q 2023 3Q 2022 GAAP Metrics Revenue $ 1,529,486 $ 1,284,128 Net Income $ 48,144 $ 43,040 Diluted EPS $ 0.89 $ 0.80 Non-GAAP Metrics Adjusted EBITDA $ 120,043 $ 108,954 Adjusted Net Income $ 55,223 $ 60,392 Adjusted EPS $ 1.02 $ 1.12
Slide 5: Backlog Summary at 9/30/2023
Backlog Summary at 9/30/2023 Total Backlog1 by Segment Total Backlog1 ($MM) $7,000 $6,687 $6,000 $5,484 29% $5,000 $4,003 $4,628 $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 71% $1,000 $1,909 $2,059 $1,284 $1,418 $1,137 $1,524 $775 $0 2017 2018 2019 2020
Slide 6: 3Q 2023 vs. 3Q 2022 Segment Results
3Q 2023 vs. 3Q 2022 Segment Results $ in thousands 3Q 2023 Utilities Energy TOTAL Revenue $ 644,639 $ 884,847 $ 1,529,486 Gross Profit $ 64,654 $ 109,241 $ 173,895 Gross Margins* 10.0% 12.3% 11.4% 3Q 2022 Utilities Energy TOTAL Revenue $ 613,008 $ 671,120 $ 1,284,128 Gross Profit $ 78,046 $ 76,861 $
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 $6.0 15.0% $5.5 $2.1 $5.5 $2.0 $2.0 $5.0 12.0% $4.4 $4.5 $1.6 $1.5 $4.0 % of Revenue $1.4 $1.4 $ Billions $ Billions $3.5 $3.5 $1.1 $3.5 9.0% $3.1 $2.9 $1.0 $3.0 $0.7 $2.5 $2.4 6.6% 6.
Slide 8: 2023 Guidance
2023 Guidance As of November 8, 2023 Full Year 2023 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $2.15 to $2.35 per diluted share ̶ Approximately 29% Full Year 2023 Adjusted EPS: Q4 2023 Capital Expenditures: ̶ $2.60 to $2.80 per diluted share ̶ $10 million to $20 million ̶ In
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 3Q 2023 vs. 3Q 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 3Q 2023 vs. 3Q 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)