Slide 1: PRIM Q2 2020 Earnings Call
a PRIM Q2 2020 Earnings Call August 4, 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 Second Quarter Key Financial Items
2020 Second Quarter Key Financial Items Record Q2 revenue of $908.2 million Record Q2 net income of $33.0 million Q2 SG&A 5.7% of revenue Q2 cash flow from operations of $66.1 million Backlog of $3.5 Billion 3
Slide 4: 2020 Second Quarter Summary
2020 Second Quarter Summary Revenue Net Income (in millions) (in millions) $908.2 $33.0 $789.9 $17.8 2020 Q1 2019 Q2 2020 Q2 2019 Q2 2020 Q2 Cash Flow from Operations Total Backlog (in millions) (in billions) $66.1 $3.2 $3.5 2019 Q2 2020 Q2 43% MSA 35% MSA $(24.4) June 30, 2019 June 30, 2020 4
Slide 5: Backlog Summary at 6/30/2020
Backlog Summary at 6/30/2020 Backlog Mix Total Backlog ($MMs) 12.3% $4,000 Total $3,500 Civil CAGR 17% Power $3,000 26% $2,500 $1,759 $2,305 $2,000 $1,476 18.4% Transmission $2,126 $1,824 12% $1,500 $1,517 MSA $1,000 CAGR $500 $1,284 $1,418 $1,221 $571 $672 $775 Utilities Pipeline $‐ 19% 26% 2015 20
Slide 6: 2020 Q2 vs. 2019 Q2 Segment Results
2020 Q2 vs. 2019 Q2 Segment Results $ in thousands 2020 Q2 Power Pipeline Utilities Transmission Civil TOTAL Revenue $ 157,476 $ 289,559 $ 230,175 $ 109,948 $ 121,058 $ 908,216 Gross Profit $ 6,703 $ 27,030 $ 42,392 $ 13,445 $ 11,397 $ 100,967 Gross Margin 4.3% 9.3% 18.4% 12.2% 9.4% 11.1% 2019 Q2 Po
Slide 7: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A 9.0% $3,500 8.0% 7.9% $3,000 7.2% 7.0% 7.0% 6.2% 6.1% $2,500 6.0% 5.9% SG&A % of Revenue Revenue $MMs 5.0% $2,000 4.0% $1,500 3.0% $1,000 2.0% $500 1.0% 0.0% $‐ 2015 2016 2017 2018 2019 Q2 2020 LTM SG&A % of Revenue Revenue 7
Slide 8: Consistent Earnings Per Share Growth
Consistent Earnings Per Share Growth $1.80 $1.61 $1.60 $1.50 $1.40 2017 2018 2019 2020E *2017, 2018, and 2019 earnings per fully diluted share are actual. 2020E is guidance as of 8/4/20. 8
Slide 9: 2020 Second Quarter Key Takeaways
2020 Second Quarter Key Takeaways Primoris had a record second quarter, with strong growth in both revenue and earnings. Extremely strong cash flow contributed to an already strong balance sheet. Civil and Transmission segments delivering margins within target range. Utility and renewables work driv