Slide 1: Primoris Services Corporation 2Q 2022 Earnings
Primoris Services Corporation Building M o m e n t u m 2Q 2022 Earnings August 9, 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 “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”
Slide 3: 2Q 2022 Highlights
2Q 2022 Highlights Record Revenue of $1,022.9 million Record Backlog of $4.6 billion, an increase of 59 percent over prior year Building momentum in higher-growth, higher-margin end markets with strong secular tailwinds: Utilities & Energy/Renewables Segments drove approximately 94% of 2Q 2022 reven
Slide 4: 2Q 2022 Summary
2Q 2022 Summary ($ thousands, except per share amounts) 2Q 2022 2Q 2021 GAAP Metrics Revenue $ 1,022,948 $ 881,610 Net Income 50,154 36,295 Diluted EPS 0.93 0.67 Non-GAAP Metrics Adjusted EBITDA 56,142 83,375 Adjusted Net Income 26,084 40,507 Adjusted EPS 0.48 0.75 4
Slide 5: MSA Revenue and % of Total Revenue
MSA Revenue $1,800 50% 47% 46% $1,600 44% 45% $1,400 39% 38% 40% $1,200 % Total Revenue $1,000 35% $MMs $800 29% 30% 28% $600 25% $400 20% $200 $- 15% 2016 2017 2018 2019 2020 2021 2Q 2022 LTM MSA Revenue % Total Revenue 5
Slide 6: Backlog Summary at 6/30/2022
Backlog Summary at 6/30/2022 Total Backlog* Mix *MSA Backlog includes anticipated MSA revenue for the next 12 months Total Backlog* ($MMs) 3% 34% *MSA Backlog includes anticipated MSA revenue for the next 12 months $5,000 $4,500 $4,000 $3,500 $2,808 $3,000 63% $2,479 $2,500 Utilities Energy/Renewabl
Slide 7: 2Q 2022 vs. 2Q 2021 Segment Results
2Q 2022 vs. 2Q 2021 Segment Results $ in thousands Energy/ 2Q 2022 Utilities Pipeline TOTAL Renewables Revenue $ 476,121 $ 486,349 $ 60,478 $ 1,022,948 Gross Profit $ 40,356 $ 53,143 $(1,390) $ 92,109 Gross Margins* 8.5% 10.9% (2.3)% 9.0% Energy/ 2Q 2021 Utilities Pipeline TOTAL Renewables Revenue $
Slide 8: Controlling SG&A
Controlling SG&A $4.0 23.5% $3.6 $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 8.5% $1.5 7.0% 7.2% 6.6% 6.5% 6.2% 6.1% 5.8% $1.0 3.5% 2016 2017 2018 2019 2020 2021 2Q 2022 LTM Revenue SG&A % of Revenue 8
Slide 9: 2022 Guidance
2022 Guidance As of August 9, 2022 » Raised Earnings Per Share (“EPS”) » $2.40 to $2.60 per fully diluted share » Lowered Adjusted EPS: » $2.39 to $2.59 » Targeted Revenue Growth by segment: 2022 » 2022 SG&A as a percentage of revenue: » Utilities: Increase of 15 - 20% » low-to-mid mix 6% » Energy/R
Slide 10: Primoris – Why Invest?
Primoris – Why Invest? Our low-risk business model creates strong, Diverse Business Mix consistent growth 2Q 2022 Revenue 2Q 2021 Backlog Our Value Proposition 6% 3% 34% Utilities » Comprehensive suite of critical 46% 48% Energy/ Renewables infrastructure services 63% Pipeline Services » Business mo
Slide 11: Reg G Reconciliation
Reg G Reconciliation
Slide 12: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2Q 2022 vs. 2Q 2021 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 13: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2Q 2022 vs. 2Q 2021 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 14: Reconciliation of Non-GAAP Forecasted Guidance FY 2022
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