Slide 1: Primoris Services Corporation 3Q 2022 Earnings
Primoris Services Corporation Building M o m e n t u m 3Q 2022 Earnings November 8, 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: 3Q 2022 Highlights
3Q 2022 Highlights Revenue growth year-over-year of 41 percent to a record $1.3 billion, including 22 percent organic growth Record backlog of $5.5 billion, up 37 percent year-to-date and 100 percent year-over-year Renewables revenue, primarily solar, up 99 percent year- over-year with gross margins
Slide 4: 3Q 2022 Financial Summary
3Q 2022 Financial Summary ($ thousands, except per share amounts) 3Q 2022 3Q 2021 GAAP Metrics Revenue $ 1,284,128 $ 913,245 Net Income $ 43,040 $ 44,056 Diluted EPS $0.80 $ 0.81 Non-GAAP Metrics Adjusted EBITDA $ 108,954 $ 94,735 Adjusted Net Income $ 60,392 $ 48,484 Adjusted EPS $ 1.12 $ 0.89 4
Slide 5: Master Service Agreement (MSA) Revenue Progress
Master Service Agreement (MSA) Revenue Progress $2,000 50% 46% 46% $1,800 44% 45% $1,600 39% $1,400 38% 40% % Total Revenue $1,200 35% $MMs $1,000 29% 30% $800 28% $600 25% $400 20% $200 $- 15% 2016 2017 2018 2019 2020 2021 3Q 2022 LTM MSA Revenue % Total Revenue MSA revenue helps improve revenue an
Slide 6: Backlog Summary at 9/30/2022
Backlog Summary at 9/30/2022 Total Backlog* Mix Total Backlog* ($MMs) $6,000 35% $5,472 8% $5,000 $4,003 $4,000 $3,413 $3,177 $2,798 $2,777 $3,000 $2,599 $2,760 $2,479 $1,759 $2,000 $1,476 $1,640 $2,126 $1,824 $1,000 $2,059 $1,284 $1,418 $1,137 $1,524 57% $672 $775 $0 Utilities Energy/Renewables Pip
Slide 7: 3Q 2022 vs. 3Q 2021 Segment Results
3Q 2022 vs. 3Q 2021 Segment Results $ in thousands Energy/ Pipeline 3Q 2022 Utilities TOTAL Renewables Services Revenue $ 613,008 $ 600,444 $ 70,676 $ 1,284,128 Gross Profit $ 78,046 $ 80,135 $ (3,274) $ 154,907 Gross Margins* 12.7% 13.3% (4.6)% 12.1% Energy/ Pipeline 3Q 2021 Utilities TOTAL Renewab
Slide 8: Controlling SG&A
Controlling SG&A $4.5 23.5% $4.0 $4.0 $3.5 $3.5 $3.5 18.5% SG&A % of Revenue $3.1 $3.0 $2.9 13.5% $ in Billions $2.5 $2.4 $2.0 $2.0 8.5% $1.5 7.0% 7.2% 6.1% 6.6% 6.2% 6.2% 5.8% $1.0 3.5% 2016 2017 2018 2019 2020 2021 3Q 2022 LTM Revenue SG&A % of Revenue Managing support cost structure while growing
Slide 9: 2022 Guidance
2022 Guidance As of November 8, 2022 » Full Year 2022 Earnings Per Share (“EPS”): » Capital Expenditures Q4 of 2022: » $2.31 to $2.51 per diluted share » $20M to $30M; » Includes $15M to $25M for construction » Maintained Full Year 2022 Adjusted EPS: equipment » $2.39 to $2.59 per diluted share » Ta
Slide 10: Primoris – Why Invest?
Primoris – Why Invest? Our low-risk business model provides Diverse Business Mix framework for strong, consistent growth 3Q 2022 Revenue 3Q 2022 Backlog Our Value Proposition 6% 8% Utilities 35% » Comprehensive suite of critical 47% 47% Energy/ Renewables infrastructure services 57% Pipeline Service
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 3Q 2022 vs. 3Q 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 3Q 2022 vs. 3Q 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