Primoris Services Corporation · NYSE:PRIM
Primoris Services — Q4 2021 Earnings Presentation
19 slides from Primoris Services's earnings presentation, Mar 1, 2022
Slide 1: Primoris Services Corporation 4Q 2021 Earnings Call
Primoris Services Corporation 4Q 2021 Earnings Call March 2022
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: FY 2021 Highlights
FY 2021 Highlights Strong revenue of $3.5 billion Utility Segment revenue up 21% Energy/Renewable Segment revenue up 15% Record Backlog of over $4 billion Fully diluted EPS of $2.17 Adjusted EPS of $2.70 3
Slide 4: 4Q 2021 Summary
4Q 2021 Summary Revenue Net Income (in millions) (in millions) $897.3 $31.8 $884.4 $29.4 2020 4Q 2021 4Q 2020 4Q 2021 4Q Adjusted Net Income (in millions) $35.2 $34.3 2020 4Q 2021 4Q 4
Slide 5: 4Q 2021 Summary
4Q 2021 Summary EPS Adjusted EPS $0.66 $0.73 $0.54 $0.63 2020 4Q 2021 4Q 2020 4Q 2021 4Q Adjusted EBITDA (in millions) $68.8 $66.9 2020 4Q 2021 4Q 5
Slide 6: FY 2021 Summary
FY 2021 Summary MSA / Total Backlog Revenue (in billions) (in millions) $4.0 $3,491.5 $3,497.6 $2.8 38% MSA 41% MSA 2020 FY 2021 FY Dec. 31, 2020 Dec. 31, 2021 Net Income Adjusted Net Income (in millions) (in millions) $115.6 $143.3 $105.0 $117.7 2020 FY 2021 FY 2020 FY 2021 FY 6
Slide 7: FY 2021 Summary
FY 2021 Summary EPS Adjusted EPS $2.16 $2.17 $2.70 $2.42 2020 FY 2021 FY 2020 FY 2021 FY Adjusted EBITDA (in millions) $297.6 $253.8 2020 FY 2021 FY 7
Slide 8: MSA Revenue
MSA Revenue $1,800 50% 46% $1,600 44% 45% $1,400 39% 38% 40% $1,200 % Total Revenue $1,000 35% $MMs $800 29% 29% 30% 28% $600 24% 24% 25% $400 20% $200 $- 15% 2013 2014 2015 2016 2017 2018 2019 2020 2021 MSA Revenue % Total Revenue 8
Slide 9: Backlog Summary at 12/31/2021
Backlog Summary at 12/31/2021 Total Backlog* Mix Total Backlog* ($MMs) $4,500 70% $4,000 60% $3,500 Utilities 50% $3,000 35% $2,479 $2,500 40% $1,759 Pipeline 4% $2,000 $1,476 $1,640 30% $2,126 $1,824 $1,500 20% Energy/Renewables $1,000 61% $1,284 $1,418 $1,524 10% $500 $1,137 $672 $775 $0 0% 2016 2
Slide 10: 4Q 2021 vs. 4Q 2020 Segment Results
4Q 2021 vs. 4Q 2020 Segment Results $ in thousands Energy/ 4Q 2021 Utilities Pipeline TOTAL Renewables Revenue $ 442,870 $ 369,311 $ 72,267 $ 884,448 Gross Profit $ 52,007 $ 38,461 $ 5,549 $ 96,017 Gross Margins* 11.7% 10.4% 7.7% 10.9% Energy/ 4Q 2020 Utilities Pipeline TOTAL Renewables Revenue $ 36
Slide 11: FY 2021 vs. FY 2020 Segment Results
FY 2021 vs. FY 2020 Segment Results $ in thousands Energy/ FY 2021 Utilities Pipeline TOTAL Renewables Revenue $ 1,657,957 $1,408,211 $ 431,464 $ 3,497,632 Gross Profit $ 186,287 $ 150,286 $ 80,087 $ 416,660 Gross Margins* 11.2% 10.7% 18.6% 11.9% Energy/ FY 2020 Utilities Pipeline TOTAL Renewables R
Slide 12: Growing Revenue While Controlling SG&A
Growing Revenue While Controlling SG&A $4.0 23.5% $3.5 $3.5 $3.5 $3.1 18.5% $2.9 SG&A % of Revenue $3.0 $ in Billions $2.5 $2.4 13.5% $2.0 $2.0 $1.9 8.5% $1.5 7.9% 7.0% 7.2% 6.2% 6.6% 6.1% 5.8% $1.0 3.5% 2015 2016 2017 2018 2019 2020 2021 Revenue SG&A % of Revenue 12
Slide 13: Primoris – Why Invest?
Primoris – Why Invest? Our low-risk business model creates strong, consistent growth Our Value Proposition Diverse Business Mix » Comprehensive suite of critical 38% FY 2021 Revenue infrastructure services Master Service 12% Agreement (MSA) » Business model limits risks & Backlog (1) 48% FY 2021 Bac
Slide 14: Reg G Reconciliation
P-C Primoris Reg G Reconciliation
Slide 15: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2021 vs. 4Q 2020 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) attributable to Primoris adjusted for certain items including, (i) non-cash stock-based compensation expense; (ii) transac
Slide 16: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS FY 2021 vs. FY 2020 Adjusted Net Income & Adjusted EPS The following table set forth a reconciliation of net income attributable to Primoris per diluted share to Adjusted EPS for the years ended December 31, 2021, and 2020: Year Ended
Slide 17: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2021 vs. 4Q 2020 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) attributable to Primoris before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items in
Slide 18: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA FY 2021 vs. FY 2020 EBITDA and Adjusted EBITDA The following table sets forth a reconciliation of net income attributable to Primoris to EBITDA and Adjusted EBITDA for the years ended December 31, 2021, and 2020: Year Ended Year Ended ($ thousan
Slide 19: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance FY 2022 Adjusted Net Income & EPS to Adjusted EPS for the year ending December 31, 2022 The following table sets forth a reconciliation of the forecasted GAAP net income attributable to Primoris to Adjusted Net Income and EPS to Adjusted EPS