Primoris Services Corporation · NYSE:PRIM
Primoris Services — Q1 2024 Earnings Presentation
13 slides from Primoris Services's earnings presentation, May 9, 2024
Slide 1: Primoris Services Corporation 1Q 2024 Earnings
Primoris Services Corporation 1Q 2024 Earnings May 8, 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: 1Q 2024 Highlights
1Q 2024 Highlights Solid first quarter results with improved revenue and margins versus the prior year Infrastructure investment themes continue to trend positively for growth Renewables projects ramping up with adjacent services and strong sales funnel Operating cash flow up approximately $87 milli
Slide 4: 1Q 2024 Financial Summary
1Q 2024 Financial Summary ($ thousands, except per share amounts) 1Q 2024 1Q 2023 GAAP Metrics Revenue $ 1,412,707 $ 1,256,896 Net Income $ 18,943 $ 1,310 Diluted EPS $ 0.35 $ 0.02 Non-GAAP Metrics Adjusted EBITDA $ 73,758 $ 52,847 Adjusted Net Income $ 25,784 $ 9,851 Adjusted EPS $ 0.47 $ 0.18 4
Slide 5: Backlog Summary at 3/31/2024
Backlog Summary at 3/31/2024 Total Backlog by Segment Total Backlog ($MM) $12,000 $10,895 $10,622 $10,000 $9,095 $8,000 $5,199 $4,840 $3,575 50% 50% $6,000 $4,000 $5,520 $5,696 $5,782 $2,000 $0 Q4 2022 Q4 2023 Q1 2024 Utilities Energy MSA Fixed • Balanced total backlog between Utilities and Energy s
Slide 6: 1Q 2024 vs. 1Q 2023 Segment Results
1Q 2024 vs. 1Q 2023 Segment Results $ in thousands Intersegment 1Q 2024 Utilities Energy Eliminations TOTAL Revenue $ 490,810 $ 989,032 $ (67,135) $ 1,412,707 Gross Profit $ 29,478 $ 103,898 $ 133,376 Gross Margin* 6.0% 10.5% 9.4% Intersegment 1Q 2023 Utilities Energy Eliminations TOTAL Revenue $ 53
Slide 7: 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 $6.0 $5.9 15.0% $5.7 $2.1 $2.1 $2.0 $5.5 $2.0 $5.0 12.0% $1.6 $4.4 $4.5 $1.5 $1.4 $1.4 % of Revenue $4.0 $ Billions $ Billions $3.5 $3.5 $1.1 $3.5 9.0% $3.1 $1.0 $2.9 $3.0 $2.
Slide 8: 2024 Guidance
2024 Guidance As of May 8, 2024 Full Year 2024 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $2.50 to $2.70 per diluted share ̶ Approximately 29% Full Year 2024 Adjusted EPS: Full Year 2024 Capital Expenditures: ̶ $3.05 to $3.25 per diluted share ̶ $80 million to $100 million ̶
Slide 9: Reg G Reconciliation
Reg G Reconciliation 9
Slide 10: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2024 vs. 1Q 2023
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2024 vs. 1Q 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 11: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2024 vs. 1Q 2023
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2024 vs. 1Q 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 12: 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 13: 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)