Primoris Services Corporation · NYSE:PRIM
Primoris Services — Q3 2024 Earnings Presentation
14 slides from Primoris Services's earnings presentation, Nov 5, 2024
Slide 1: Primoris Services Corporation 3Q 2024 Earnings
Primoris Services Corporation 3Q 2024 Earnings November 5, 2024
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 2024 Highlights
3Q 2024 Highlights Record quarterly revenue, earnings and total backlog Strong Utilities segment margins driven by increased communications activity, power delivery productivity, and storm response work Renewables total backlog of $2.9 billion including over $250 million in Premier PV, Battery Stora
Slide 4: 3Q 2024 Financial Summary
3Q 2024 Financial Summary ($ thousands, except per share amounts) 3Q 2024 3Q 2023 GAAP Metrics Revenue $ 1,649,086 $ 1,529,486 Net Income $ 58,436 $ 48,144 Diluted EPS $ 1.07 $ 0.89 Non-GAAP Metrics Adjusted EBITDA $ 127,731 $ 120,043 Adjusted Net Income $ 66,669 $ 55,223 Adjusted EPS $ 1.22 $ 1.02
Slide 5: Backlog Summary at 9/30/2024
Backlog Summary at 9/30/2024 Total Backlog by Segment Total Backlog ($MM) $12,000 $11,261 $10,895 $10,622 $10,454 $10,000 $5,199 $4,840 $5,576 $8,000 $4,867 47% $6,000 53% $4,000 $5,696 $5,782 $5,587 $5,685 $2,000 $0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Energy Utilities MSA Fixed • Balanced backlog betwe
Slide 6: Backlog Summary at 9/30/2024
Backlog Summary at 9/30/2024 Total Backlog by Segment Total Backlog ($MM) $12,000 $11,261 $10,895 $10,622 $10,454 $10,000 $5,199 $4,840 $5,576 $8,000 $4,867 47% $6,000 53% $4,000 $5,696 $5,782 $5,587 $5,685 $2,000 $0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Utilities Energy MSA Fixed • Balanced backlog betwe
Slide 7: 3Q 2024 vs. 3Q 2023 Segment Results
3Q 2024 vs. 3Q 2023 Segment Results $ in thousands Intersegment 3Q 2024 Utilities Energy Eliminations TOTAL Revenue $ 666,240 $ 1,010,858 $ (28,012) $ 1,649,086 Gross Profit $ 87,026 $ 111,535 $ 198,561 Gross Margin* 13.1% 11.0% 12.0% Intersegment 3Q 2023 Utilities Energy Eliminations TOTAL Revenue
Slide 8: Driving Revenue Predictability and Monitoring SG&A
Driving Revenue Predictability and Monitoring SG&A Annual Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $6.5 10.0% $2.2 $6.1 $2.1 $6.0 $2.0 $5.7 $2.0 9.0% $5.5 $1.6 $5.0 $4.4 8.0% $1.5 $4.5 % of Revenue $1.4 $1.4 $ Billions $ Billions $4.0 $1.1 $3.5 7.0% $3.5 $3.5 $1.0 $3.1 $2.9
Slide 9: 2024 Guidance
2024 Guidance As of November 5, 2024 ➢ Increased Full Year 2024 Earnings Per ➢ Full Year Effective Tax Rate: Share (“EPS”): ̶ Approximately 29% ̶ $2.85 to $3.00 per diluted share ➢ Q4 2024 Capital Expenditures: ➢ Increased Full Year 2024 Adjusted EPS: ̶ $10 million to $20 million ̶ $3.40 to $3.55 pe
Slide 10: Reg G Reconciliation
Reg G Reconciliation 10 P=CS Primoris
Slide 11: Reconciliation of Adjusted Net Income & Adjusted EPS 3Q 2024 vs. 3Q 2023
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 3Q 2024 vs. 3Q 2023 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 12: Reconciliation of EBITDA & Adjusted EBITDA 3Q 2024 vs. 3Q 2023
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 3Q 2024 vs. 3Q 2023 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 13: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2024 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 14: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2024 Adjusted EBITDA Forecast for the year ending December 31, 2024 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)