Slide 1: Primoris Services Corporation 2Q 2021 Earnings Call
Primoris Services Corporation 2Q 2021 Earnings Call August 3, 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: 2Q 2021 Highlights
2Q 2021 Highlights Strong revenue of $881.6 million; Fully diluted earnings per share of $0.67 Gross profit up 12% Utility Segment revenue up 25% Energy/Renewable Segment revenue up 20% Pipeline Services Segment gross profit up 15% 3
Slide 4: 2Q 2021 Summary
2Q 2021 Summary Revenue Net Income (in millions) (in millions) $908.2 $881.6 $36.3 $33.0 2020 2Q 2021 2Q 2020 2Q 2021 2Q MSA / Total Backlog (in billions) $2.8 $2.9 52% MSA 35% MSA Dec. 31, 2020 June 30, 2021 4
Slide 5: MSA Revenue % of Total Revenue
MSA Revenue $1,600 44% 45% 43% $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 $- 15% 2013 2014 2015 2016 2017 2018 2019 2020 Q2 2021 MSA Revenue % Total Revenue LTM 5
Slide 6: Backlog Summary at 6/30/2021
Backlog Summary at 6/30/2021 Total Backlog* Mix Total Backlog* ($MMs) $3,500 60% $3,000 50% Utilities $2,500 49% $1,759 40% $1,376 $2,000 $1,476 $1,640 $2,126 30% Pipeline $1,824 $1,500 9% 20% $1,000 $1,284 $1,418 $1,494 Energy/Renewables $500 $1,137 10% 42% $672 $775 $0 0% 2016 2017 2018 2019 2020
Slide 7: 2Q 2021 vs. 2Q 2020 Segment Results
2Q 2021 vs. 2Q 2020 Segment Results $ in thousands Energy/ 2Q 2021 Utilities Pipeline TOTAL Renewables Revenue $ 425,421 $ 335,010 $ 121,179 $ 881,610 Gross Profit $ 48,849 $ 33,232 $ 30,945 $ 113,026 Gross Margins 11.5% 9.9% 25.5% 12.8% Energy/ 2Q 2020 Utilities Pipeline TOTAL Renewables Revenue $
Slide 8: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A $4.0 8.0% 7.9% $3.5 $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% 6.1% 6.0% $1.5 5.8% $1.0 5.5% 2015 2016 2017 2018 2019 2020 Q2 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 Note:2018, 2019, and 2020 are actual earnings per fully diluted share. 2021E is guidance as of 8/03/2021 9
Slide 10: Primoris – Why Invest?
Primoris – Why Invest? Our low-risk business model creates strong, consistent growth Our Value Proposition Diverse Business Mix » Comprehensive suite of critical 52% 2Q 2021 Revenue infrastructure services Master Service 14% Agreement (MSA) » Business model limits risks & Backlog (1) 38% 2Q 2021 Bac