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Primoris Services Corp (PRIM) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Primoris Services Corp

CIK: 1361538 Ticker: PRIM

 

 

Exhibit 99.1

PSC_Primoris 300

 

 

PRIMORIS SERVICES CORPORATION ANNOUNCES 2019 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

 

·

Board of Directors Declares $0.06 Per Share Cash Dividend

·

Authorizes $25 Million Share Repurchase Program

 

2019 Full Year Financial Highlights

 

·

Record 2019 revenue of $3.1 billion, compared to $2.9 billion in 2018

·

Record 2019 net income attributable to Primoris of $82.3 million, or $1.61 per fully diluted share, compared to $77.5 million, or $1.50 per fully diluted share, in 2018

·

2019 cash flows from operations of $118.0 million

·

Total Backlog of $3.2 billion at December 31, 2019, compared to $2.8 billion at December 31, 2018

o Record MSA Backlog of $1.4 billion at December 31, 2019

·

Cash balance of $120.3 million at December 31, 2019

 

2019 Q4 Financial Highlights

 

·

2019 Q4 revenue of $789.8 million, compared to $877.7 million in 2018 Q4

·

2019 Q4 net income attributable to Primoris of $26.9 million, or $0.53 per fully diluted share, compared to $32.4 million, or $0.63 per fully diluted share, in 2018 Q4

·

2019 Q4 cash flows from operations of $158.1 million

 

Dallas, TX – February 25, 2020–  Primoris Services Corporation (NASDAQ GS: PRIM)

 (“Primoris” or “Company”) today announced financial results for its fourth quarter and year ended December 31, 2019.

 

The Company also announced that on February 21, 2020 its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on March 31, 2020, payable on or about April 15, 2020. 

 

Tom McCormick, President and Chief Executive Officer of Primoris, commented, “I’m very pleased with Primoris’ finish to 2019, marking our first fiscal year with revenue above $3 billion and revenue from Master Service Agreements (“MSA’s”) accounting for an impressive 44% of our total 2019 revenue, all in line with our Strategic Plan. We saw strong execution on projects across a range of end markets, from our solar project in West Texas, to pipeline field services projects and our Canadian operations.  We also continue to see improving performance in the Civil segment.  Our total backlog remains strong at $3.2 billion, with a healthy mix of MSA and project-based work.  As expected, our fourth quarter cash flow was impressive, allowing us to complete our entire $50 million share repurchase and still end the year with a strong cash balance and a healthy balance sheet.”

 

Mr. McCormick continued, “As we look to 2020, we continue to be excited about the opportunities for both gas and electric utility work.  While acknowledging that our 2019 results in the electric utility market did not meet our initial expectations, we believe that we have addressed the issues and we enter 2020 with our electric utility business ready for a more

 

successful year.  We also remain very positive on pipeline opportunities in 2020.  Primoris has large pipeline projects already underway, and we continue to see active demand and new awards for both our pipeline and field services work.  The bidding activity remains extremely strong.  With the heavy civil claims resolution largely behind us, the Civil segment is poised to return to our targeted margin range and be a positive contributor in 2020.  And finally, the growth potential in the renewables market is immense.  Our team has built an outstanding resume of successful, large-scale solar projects and is poised for continued growth.  The opportunities for our recurring, service-oriented revenue and for targeted projects lay the foundation for 2020 to be another successful year for Primoris.”

 

2019 FOURTH QUARTER RESULTS OVERVIEW

 

Revenue for the fourth quarter 2019 was $789.8 million, compared to $877.7 million in the fourth quarter 2018.  The decrease was primarily due to lower revenue in the Pipeline segment, partially offset by increased revenue in the Power and Civil segments.  Gross profit in the fourth quarter 2019 was $89.5 million, compared to $103.3 million in the fourth quarter 2018. The decrease was primarily due to lower gross profit in the Power and Transmission segments, partially offset by an increase in the Civil segment.  Gross profit as a percentage of revenue was 11.3% in the fourth quarter 2019, compared to 11.8% in the fourth quarter 2018.

 

Segment Revenue

(in thousands, except %)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended December 31, 

 

 

 

2019

 

2018

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

 

Total

 

 

 

 

Total

 

Segment

    

Revenue

    

Revenue

    

Revenue

    

Revenue

 

Power

 

$

211,138

 

26.7%

 

$

178,670

 

20.3%

 

Pipeline

 

 

99,509

 

12.6%

 

 

229,676

 

26.2%

 

Utilities

 

 

236,425

 

30.0%

 

 

237,558

 

27.1%

 

Transmission

 

 

114,721

 

14.5%

 

 

122,769

 

14.0%

 

Civil

 

 

127,985

 

16.2%

 

 

108,997

 

12.4%

 

Total

 

$

789,778

 

100.0%

 

$

877,670

 

100.0%

 

 

Segment Gross Profit

(in thousands, except %)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended December 31, 

 

 

 

2019

 

2018

 

 

    

 

 

    

% of

    

 

 

    

% of

 

 

 

 

 

 

Segment

 

 

 

 

Segment

 

Segment

 

Gross Profit

 

Revenue

 

Gross Profit

 

Revenue

 

Power

 

$

17,229

 

8.2%

 

$

33,115

 

18.5%

 

Pipeline

 

 

15,346

 

15.4%

 

 

23,034

 

10.0%

 

Utilities

 

 

28,646

 

12.1%

 

 

32,862

 

13.8%

 

Transmission

 

 

916

 

0.8%

 

 

12,225

 

10.0%

 

Civil

 

 

27,377

 

21.4%

 

 

2,017

 

1.9%

 

Total

 

$

89,514

 

11.3%

 

$

103,253

 

11.8%

 

 

Power, Industrial, & Engineering Segment (“Power”):  Revenue in the Power segment increased by $32.5 million in the fourth quarter 2019, compared to the same period in 2018.  The increase in revenue was primarily due to increases from a major solar project in West Texas and from the Company’s Canadian operations, partially offset by the 2018 substantial completion of our Carlsbad joint venture project and refinery projects in Southern California and the collection on a disputed receivable in the fourth quarter 2018 related to a major project completed in 2014.  Segment gross profit

 

 

 

decreased by $15.9 million in the fourth quarter 2019, compared to the same period in 2018, primarily due to the 2018 collection of the disputed receivable and the completion of the Carlsbad joint venture, as well as higher costs associated with two industrial projects in the Gulf Coast.  The decline in gross profit was partially offset by higher gross profit on our solar project. Gross profit as a percentage of revenue decreased to 8.2% in the fourth quarter 2019, compared to 18.5% in the same period in 2018, primarily due to the reasons noted above.  As previously stated, we did not expect the profit margins for the Power segment to remain at the elevated levels seen in the fourth quarter 2018.

 

Pipeline & Underground Segment (“Pipeline”):  Revenue in the Pipeline segment decreased by $130.2 million in the fourth quarter 2019, compared to the same period in 2018, primarily due to reduced activity on major pipeline projects in the Mid-Atlantic and West Texas that began in 2018.  Segment gross profit decreased by $7.7 million in the fourth quarter 2019, compared to the same period in 2018, primarily as the result of the decreased revenue, partially offset by higher margins.  Gross profit as a percentage of revenue increased to 15.4% in the fourth quarter 2019, compared to 10.0% in the same period in 2018.  The increase in gross profit as a percentage of revenue is primarily due to the favorable impact from closeout of pipeline projects and favorable payment terms on a project in the Mid-Atlantic.

 

Utilities & Distribution Segment (“Utilities”):   Revenue in the Utilities segment decreased $1.1 million in the fourth quarter 2019 compared to the same period in 2018, primarily due to decreased activity with two major utility customers in California, mostly offset by increased activity with utility customers in Texas and the Midwest  Segment gross profit decreased by $4.2 million in the fourth quarter 2019, compared to the same period in 2018, primarily as a result of extreme weather conditions experienced in certain regions in the fourth quarter 2019.  Gross profit as a percentage of revenue decreased to 12.0% in the fourth quarter 2019, compared to 13.8% in the same period in 2018, primarily due to the reasons noted above.

 

Transmission & Distribution Segment (“Transmission”):  Revenue in the Transmission segment decreased by $8.0 million in the fourth quarter 2019, compared to the same period in 2018, primarily due to a major project in the Southeast that completed during 2018.  Segment gross profit decreased by $11.3 million in the fourth quarter 2019, compared to the same period in 2018.  The decrease in gross profit was primarily due to higher equipment and labor costs in the fourth quarter 2019, as well as the strong performance on the major project in the Southeast and Hurricane Michael storm work in the fourth quarter 2018.  Gross profit as a percentage of revenue decreased to 0.8% in the fourth quarter 2019, compared to 10.0% in the same period in 2018, primarily due to the reasons noted above.

 

Civil Segment (“Civil”):   Revenue in the Civil segment increased by $19.0 million in the fourth quarter 2019, compared to the same period in 2018, primarily due to a liquified natural gas plant project and a methanol plant project that both began in 2019, and higher Louisiana Department of Transportation volumes.  The overall increase was partially offset by the substantial completion of an ethylene plant project in the second quarter of 2019.  Segment gross profit increased by $25.4 million in the fourth quarter 2019, compared to the same period in 2018, primarily due to increases in expected claims recovery on the two remaining Belton corridor projects and increased revenue on higher margin industrial projects. Gross profit as a percentage of revenue increased to 21.4% in the fourth quarter 2019, compared to 1.9% the same period in 2018, primarily due to the reasons noted above.

 

OTHER INCOME STATEMENT INFORMATION

 

Selling, general and administrative (“SG&A”) expenses were $48.6 million during the fourth quarter 2019, a decrease of $1.4 million, compared to the fourth quarter 2018.  SG&A expense as a percentage of revenue increased to 6.2% compared to 5.7% for the corresponding period in 2018 due to decreased revenue.

 

Interest expense for the three months ended December 31, 2019, decreased by $4.5 million compared to the same period in 2018, due primarily to a $1.3 million unrealized gain on the change in the fair value of our interest rate swap agreement during the three months ended December 31, 2019 compared to a $2.8 million unrealized loss during the same period in 2018.

 

 

 

 

The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 29.3% for the three months ended December 31, 2019.  The rate differs from the U.S. federal statutory rate of 21% primarily due to state income taxes and nondeductible components of per diem expenses.

 

2019 FULL YEAR RESULTS OVERVIEW

 

Segment Revenue

(in thousands, except %)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 

 

 

 

2019

 

2018

 

 

 

 

 

 

% of

 

 

 

 

% of

 

 

 

 

 

 

Total

 

 

 

 

Total

 

Segment

    

Revenue

    

Revenue

    

Revenue

    

Revenue

 

Power

 

$

729,348

 

23.5%

 

$

694,048

 

23.6%

 

Pipeline

 

 

505,156

 

16.3%

 

 

590,937

 

20.1%

 

Utilities

 

 

886,504

 

28.5%

 

 

902,772

 

30.7%

 

Transmission

 

 

497,302

 

16.0%

 

 

286,749

 

9.8%

 

Civil

 

 

488,019

 

15.7%

 

 

464,972

 

15.8%

 

Total

 

$

3,106,329

 

100.0%

 

$

2,939,478

 

100.0%

 

 

Segment Gross Profit

(in thousands, except %)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31, 

 

 

 

2019

 

2018

 

 

    

 

 

    

% of

    

 

 

    

% of

 

 

 

 

 

 

Segment

 

 

 

 

Segment

 

Segment

 

Gross Profit

 

Revenue

 

Gross Profit

 

Revenue

 

Power

 

$

76,119

 

10.4%

 

$

109,789

 

15.8%

 

Pipeline

 

 

61,550

 

12.2%

 

 

66,602

 

11.3%

 

Utilities

 

 

116,645

 

13.2%

 

 

111,825

 

12.4%

 

Transmission

 

 

22,580

 

4.5%

 

 

31,904

 

11.1%

 

Civil

 

 

54,032

 

11.1%

 

 

5,617

 

1.2%

 

Total

 

$

330,926

 

10.7%

 

$

325,737

 

11.1%

 

 

BACKLOG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected Next Four

 

 

 

 

 

 

 

 

 

 

 

Quarters Total

 

 

Backlog at December 31, 2019 (in millions)

 

Backlog Revenue

 

Segment

Fixed Backlog

 

MSA Backlog

 

Total Backlog

 

Recognition

 

Power

$

401

 

$

114

 

$

515

 

 

88%

 

Pipeline

 

743

 

 

119

 

 

862

 

 

42%

 

Utilities

 

37

 

 

737

 

 

774

 

 

100%

 

Transmission

 

23

 

 

444

 

 

467

 

 

100%

 

Civil

 

555

 

 

 4

 

 

559

 

 

62%

 

Total

$

1,759

 

$

1,418

 

$

3,177

 

 

76%

 

 

At December 31, 2019, Fixed Backlog was $1.76 billion, compared to $1.48 billion at December 31, 2018.

 

 

 

 

At December 31, 2019, MSA Backlog was $1.42 billion, compared to $1.28 billion at December 31, 2018.  During 2019, approximately $1.36 billion of revenue was recognized from MSA projects, a 20.2% increase over 2018 MSA revenue.  MSA Backlog represents estimated MSA revenue for the next four quarters.

 

Total Backlog at December 31, 2019 was $3.18 billion, compared to $2.76 billion at December 31, 2018. 

 

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue.  Revenue from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog.  At any time, any project may be cancelled at the convenience of our customers.

 

SHARE REPURCHASE PLAN

 

On October 31, 2019, the Company’s Board of Directors authorized a share repurchase program for up to $50.0 million of our outstanding common stock.  As of December 31, 2019, we had repurchased all $50.0 million of common stock authorized under the share repurchase program.

 

The Company’s Board of Directors has authorized a new share repurchase program under which Primoris may, from time to time and depending on market conditions, share price and other factors, acquire shares of its common stock on the open market or in privately negotiated transactions up to an aggregate purchase price of $25 million.  The share repurchase program expires December 31, 2020.

 

OUTLOOK

 

Based on current backlog, the level of bidding activity, and an anticipated corporate tax rate of 29%, the Company estimates that for the fiscal year ending December 31, 2020, net income attributable to Primoris is expected to be between $1.70 and $1.90 per fully diluted share.  This estimate excludes the potential positive impact of a third quarter 2020 remobilization date for a major pipeline project in backlog.

 

CONFERENCE CALL

 

Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer will host a conference call, Tuesday, February 25, 2020 at 10:00 am Eastern Time / 9:00 am Central Time to discuss the results. 

 

Interested parties may participate in the call by dialing:  

 

·

(877) 407-8293 (Domestic)

·

(201) 689-8349 (International)

 

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.prim.com.  Once at the Investor Relations section, please click on “Events & Presentations”.  If you are unable to participate in the live call, a replay may be accessed by dialing (877) 660-6853, conference ID 13699137, and will be available for approximately two weeks. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website atwww.prim.com.

 

ABOUT PRIMORIS

 

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating mainly in the United States and Canada. Primoris provides a wide range of specialty

 

 

 

construction services, fabrication, maintenance, replacement, and engineering services to a diversified base of customers. The Company's national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com.

 

FORWARD LOOKING STATEMENTS

 

This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements.  Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Annual Report on Form 10-K for the period ended December 31, 2019, and other filings with the Securities and Exchange Commission.  Given these uncertainties, you should not place undue reliance on forward-looking statements.  Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

 

 

 

 

 

Company Contact

    

 

    

Ken Dodgen

 

Kate Tholking

 

Executive Vice President, Chief Financial Officer

 

Vice President, Investor Relations

 

(214) 740-5608

 

(214) 740-5615

 

kdodgen@prim.com

 

ktholking@prim.com

 

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In Thousands, Except Per Share Amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31, 

 

December 31, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Revenue

 

$

789,778

 

$

877,670

 

$

3,106,329

 

$

2,939,478

 

Cost of revenue

 

 

700,264

 

 

774,417

 

 

2,775,403

 

 

2,613,741

 

Gross profit

 

 

89,514

 

 

103,253

 

 

330,926

 

 

325,737

 

Selling, general and administrative expenses

 

 

48,574

 

 

49,957

 

 

190,051

 

 

182,006

 

Merger and related costs

 

 

 —

 

 

70

 

 

 —

 

 

13,260

 

Operating income

 

 

40,940

 

 

53,226

 

 

140,875

 

 

130,471

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange (loss) gain

 

 

34

 

 

(756)

 

 

(690)

 

 

688

 

Other income (expense), net

 

 

(13)

 

 

(57)

 

 

(3,134)

 

 

(808)

 

Interest income

 

 

345

 

 

209

 

 

955

 

 

1,753

 

Interest expense

 

 

(2,603)

 

 

(7,109)

 

 

(20,097)

 

 

(18,746)

 

Income before provision for income taxes

 

 

38,703

 

 

45,513

 

 

117,909

 

 

113,358

 

Provision for income taxes

 

 

(11,192)

 

 

(11,132)

 

 

(33,812)

 

 

(25,765)

 

Net income

 

 

27,511

 

 

34,381

 

 

84,097

 

 

87,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less net income attributable to noncontrolling interests

 

 

(566)

 

 

(2,014)

 

 

(1,770)

 

 

(10,132)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Primoris

 

$

26,945

 

$

32,367

 

$

82,327

 

$

77,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per common share

 

$

0.06

 

$

0.06

 

$

0.24

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.53

 

$

0.63

 

$

1.62

 

$

1.51

 

Diluted

 

$

0.53

 

$

0.63

 

$

1.61

 

$

1.50

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

50,478

 

 

50,993

 

 

50,784

 

 

51,350

 

Diluted

 

 

50,711

 

 

51,397

 

 

51,084

 

 

51,670

 

 

 

 

 

 

 

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

 

December 31, 

 

 

    

2019

    

2018

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

120,286

 

$

151,063

 

Accounts receivable, net

 

 

404,911

 

 

372,695

 

Contract assets

 

 

344,806

 

 

364,245

 

Prepaid expenses and other current assets

 

 

42,704

 

 

36,444

 

Total current assets

 

 

912,707

 

 

924,447

 

Property and equipment, net

 

 

375,888

 

 

375,884

 

Operating lease assets

 

 

242,385

 

 

 —

 

Deferred tax assets

 

 

1,100

 

 

1,457

 

Intangible assets, net

 

 

69,829

 

 

81,198

 

Goodwill

 

 

215,103

 

 

206,159

 

Other long-term assets

 

 

13,453

 

 

5,002

 

Total assets

 

$

1,830,465

 

$

1,594,147

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

 

$

235,972

 

$

249,217

 

Contract liabilities

 

 

192,397

 

 

189,539

 

Accrued liabilities

 

 

183,501

 

 

117,527

 

Dividends payable

 

 

2,919

 

 

3,043

 

Current portion of long-term debt

 

 

55,659

 

 

62,488

 

Total current liabilities

 

 

670,448

 

 

621,814

 

Long-term debt, net of current portion

 

 

295,642

 

 

305,669

 

Noncurrent operating lease liabilities, net of current portion

 

 

171,225

 

 

 —

 

Deferred tax liabilities

 

 

17,819

 

 

8,166

 

Other long-term liabilities

 

 

45,801

 

 

51,515

 

Total liabilities

 

 

1,200,935

 

 

987,164

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

Common stock

 

 

 5

 

 

 5

 

Additional paid-in capital

 

 

97,130

 

 

144,048

 

Retained earnings

 

 

531,291

 

 

461,075

 

Accumulated other comprehensive income (loss)

 

 

76

 

 

(908)

 

Noncontrolling interest

 

 

1,028

 

 

2,763

 

Total stockholders’ equity

 

 

629,530

 

 

606,983

 

Total liabilities and stockholders’ equity

 

$

1,830,465

 

$

1,594,147

 

 

 

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 31, 

 

 

    

2019

    

2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

 

$

84,097

 

$

87,593

 

Adjustments to reconcile net income to net cash provided by operating activities (net of effect of acquisitions):

 

 

 

 

 

 

 

Depreciation

 

 

74,031

 

 

67,948

 

Amortization of intangible assets

 

 

11,369

 

 

11,302

 

Stock-based compensation expense

 

 

1,579

 

 

1,253

 

Gain on sale of property and equipment

 

 

(11,947)

 

 

(3,556)

 

Other non-cash items

 

 

320

 

 

275

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

 

 

(28,240)

 

 

20,912

 

Contract assets

 

 

19,677

 

 

(67,593)

 

Other current assets

 

 

(7,248)

 

 

(2,278)

 

Net deferred tax liabilities (assets)

 

 

13,947

 

 

17,155

 

Other long-term assets

 

 

1,249

 

 

244

 

Accounts payable

 

 

(13,894)

 

 

32,323

 

Contract liabilities

 

 

(1,221)

 

 

(43,801)

 

Operating lease assets and liabilities, net

 

 

(3,191)

 

 

 —

 

Accrued liabilities

 

 

(22,924)

 

 

5,933

 

Other long-term liabilities

 

 

377

 

 

(895)

 

Net cash provided by operating activities

 

 

117,981

 

 

126,815

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(94,494)

 

 

(110,189)

 

Issuance of a note receivable

 

 

 —

 

 

(15,000)

 

Proceeds from a note receivable

 

 

 —

 

 

15,000

 

Proceeds from sale of property and equipment

 

 

28,621

 

 

11,657

 

Cash paid for acquisitions, net of cash and restricted cash acquired

 

 

 —

 

 

(110,620)

 

Net cash used in investing activities

 

 

(65,873)

 

 

(209,152)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Borrowings under revolving line of credit

 

 

212,880

 

 

190,000

 

Payments on revolving line of credit

 

 

(212,880)

 

 

(190,000)

 

Proceeds from issuance of long-term debt

 

 

55,008

 

 

255,967

 

Repayment of long-term debt

 

 

(72,077)

 

 

(145,726)

 

Proceeds from issuance of common stock purchased under a long-term incentive plan

 

 

1,804

 

 

1,498

 

Payment of taxes on conversion of Restricted Stock Units

 

 

(1,519)

 

 

 —

 

Payment of contingent earnout liability

 

 

 —

 

 

(1,200)

 

Cash distribution to noncontrolling interest holders

 

 

(3,505)

 

 

(13,084)

 

Repurchase of common stock from a related party

 

 

(50,000)

 

 

 —

 

Repurchase of common stock

 

 

 —

 

 

(20,000)

 

Dividends paid

 

 

(12,211)

 

 

(12,343)

 

Other

 

 

(784)

 

 

(1,173)

 

Net cash (used in) provided by financing activities

 

 

(83,284)

 

 

63,939

 

Effect of exchange rate changes on cash and cash equivalents

 

 

399

 

 

(924)

 

Net change in cash and cash equivalents

 

 

(30,777)

 

 

(19,322)

 

Cash and cash equivalents at beginning of the year

 

 

151,063

 

 

170,385

 

Cash and cash equivalents at end of the year

 

$

120,286

 

$

151,063

 

 

 

 

 


The following information was filed by Primoris Services Corp (PRIM) on Tuesday, February 25, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Primoris Services Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive (Loss) Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Accounts Payable And Accrued Liabilities
Accounts Payable And Accrued Liabilities (Details)
Accounts Payable And Accrued Liabilities (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
Commitments And Contingencies
Commitments And Contingencies - Legal (Details)
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Credit Arrangements (Details)
Credit Arrangements (Tables)
Credit Arrangements - Narrative (Details)
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Derivative Instruments (Details)
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Derivative Instruments - Derivative Contract And Instruments (Details)
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Dividends And Earnings Per Share (Details)
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Dividends And Earnings Per Share - Anti-Dilutive Shares (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense And Operating Lease Liabilities (Details)
Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details)
Nature Of Business
Nature Of Business (Details)
Noncontrolling Interests
Noncontrolling Interests (Details)
Noncontrolling Interests (Tables)
Recent Accounting Pronouncements
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Reportable Segments - Revenue And Total Assets By Geographic Area (Details)
Revenue
Revenue (Tables)
Revenue - Contract Assets (Details)
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Revenue - Disaggregation Of Revenue By Customer Type And Contract Type (Details)
Revenue - Performance Obligations (Details)
Revenue - Performance Obligations - 2020 (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Restricted Stock Units (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Subsequent Event
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Primoris Services Corp provided additional information to their SEC Filing as exhibits

Ticker: PRIM
CIK: 1361538
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-005056
Submitted to the SEC: Mon May 04 2020 5:53:24 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Water Sewer Pipeline Comm And Power Line Construction

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