Primoris Services Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Primoris Services Corp (PRIM) filed its Q1 2024 10-Q report, detailing financial positions and operational segments.</b>

AI Summary

Primoris Services Corp (PRIM) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Primoris Services Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Water, Sewer, Pipeline, Comm and Power Line Construction. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of March 31, 2024. Information on share-based payment arrangements and restricted/performance stock units is also present.

Why It Matters

For investors and stakeholders tracking Primoris Services Corp, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial performance and position of Primoris Services Corp, crucial for understanding recent operational trends and financial health. The detailed segment information, including fixed-price and unit-price contracts for the U&DS and Energy segments, offers insights into the company's revenue streams and project execution capabilities.

Risk Assessment

Risk Level: medium — Primoris Services Corp shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain forward-looking statements or significant new risk disclosures that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed segment performance and balance sheet items to assess the company's operational execution and financial stability in the current quarter.

Key Numbers

• 2024-03-31 — Reporting Period End Date (The 10-Q report is for the period ending March 31, 2024.)
• 2024-05-09 — Filing Date (The date the 10-Q report was filed with the SEC.)
• 1231 — Fiscal Year End (Primoris Services Corp's fiscal year ends on December 31st.)

Key Players & Entities

• Primoris Services Corp (company) — Filer and subject of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-09 (date) — Filing date of the 10-Q.
• 1623 (industry_code) — Standard Industrial Classification for Water, Sewer, Pipeline, Comm and Power Line Construction.
• 214-740-5600 (phone_number) — Business phone number for Primoris Services Corp.

FAQ

Industry Context

Primoris Services Corp operates in the Water, Sewer, Pipeline, Comm and Power Line Construction industry, a sector critical for infrastructure development and maintenance.

Regulatory Implications

The filing is a standard 10-Q, a periodic report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous quarter.
2. Review the segment information to understand revenue generation and performance across different business units.
3. Examine any disclosures related to share-based compensation and stock performance.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial update compared to the previous fiscal year's annual report (10-K) and prior quarterly filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value PRIM New York Stock Excha

Filing Documents

• prim-20240331x10q.htm (10-Q) — 1331KB
• prim-20240331xex31d1.htm (EX-31.1) — 17KB
• prim-20240331xex31d2.htm (EX-31.2) — 17KB
• prim-20240331xex32d1.htm (EX-32.1) — 8KB
• prim-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-007404.txt (&nbsp;) — 6503KB
• prim-20240331.xsd (EX-101.SCH) — 44KB
• prim-20240331_cal.xml (EX-101.CAL) — 58KB
• prim-20240331_def.xml (EX-101.DEF) — 167KB
• prim-20240331_lab.xml (EX-101.LAB) — 384KB
• prim-20240331_pre.xml (EX-101.PRE) — 295KB
• prim-20240331x10q_htm.xml (XML) — 1172KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements : —Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 (Unaudited) 3 —Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (Unaudited) 4 —Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited) 5 —Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 6 —Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 7 —Notes to Condensed Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 2 Table of Contents

FINANCIAL INFORMATIO N

PART I. FINANCIAL INFORMATIO N

FINANCIAL STATEMENT S

ITEM 1. FINANCIAL STATEMENT S PRIMORIS SERVICES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share Amounts) (Unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 177,600 $ 217,778 Accounts receivable, net 811,945 685,439 Contract assets 871,911 846,176 Prepaid expenses and other current assets 138,027 135,840 Total current assets 1,999,483 1,885,233 Property and equipment, net 462,992 475,929 Operating lease assets 393,879 360,507 Intangible assets, net 222,369 227,561 Goodwill 857,650 857,650 Other long-term assets 18,074 20,547 Total assets $ 3,954,447 $ 3,827,427 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 632,452 $ 628,962 Contract liabilities 440,180 366,476 Accrued liabilities 283,006 263,492 Dividends payable 3,222 3,202 Current portion of long-term debt 89,530 72,903 Total current liabilities 1,448,390 1,335,035 Long-term debt, net of current portion 862,216 885,369 Noncurrent operating lease liabilities, net of current portion 287,024 263,454 Deferred tax liabilities 59,482 59,565 Other long-term liabilities 47,930 47,912 Total liabilities 2,705,042 2,591,335 Commitments and contingencies (See Note 13) Stockholders' equity Common stock—$ 0.0001 par value; 90,000,000 shares authorized; 53,630,490 and 53,366,327 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 6 6 Additional paid-in capital 274,711 275,846 Retained earnings 976,749 961,028 Accumulated other comprehensive income ( 2,061 ) ( 788 ) Total stockholders' equity 1,249,405 1,236,092 Total liabilities and stockholders' equity $ 3,954,447 $ 3,827,427 See Accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Contents PRIMORIS SERVICES CORPORATION CONDENSED CONSO