Primoris Services Corp. Files Q2 2024 10-Q
Ticker: PRIM · Form: 10-Q · Filed: 2024-08-06T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, construction
TL;DR
PRIM Q2 10-Q filed. Financials look solid.
AI Summary
Primoris Services Corp. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results, including details on its assets and liabilities. Specific financial figures and operational details are available within the full filing.
Why It Matters
This filing provides investors and analysts with a detailed look at Primoris Services Corp.'s financial health and operational performance for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
- 20240806 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Primoris Services Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240806 (date) — Date of filing
- 214-740-5600 (phone_number) — Company business phone number
FAQ
What is the primary business of Primoris Services Corp.?
Primoris Services Corp. is primarily involved in Water, Sewer, Pipeline, Comm and Power Line Construction, as indicated by its Standard Industrial Classification code [1623].
What is the fiscal year end for Primoris Services Corp.?
The fiscal year end for Primoris Services Corp. is December 31st.
What is the SEC file number for Primoris Services Corp.?
The SEC file number for Primoris Services Corp. is 001-34145.
What is the company's business address?
The business address for Primoris Services Corp. is 2300 N. FIELD STREET, SUITE 1900, DALLAS, TX 75201.
What specific US GAAP items are referenced in the filing?
The filing references several US GAAP items including AccruedLiabilitiesCurrent, InterestIncomeExpenseNonoperatingNet, PrepaidExpenseAndOtherAssetsCurrent, and OtherAssetsNoncurrent.
Filing Stats: 4,441 words · 18 min read · ~15 pages · Grade level 16.2 · Accepted 2024-08-05 17:35:35
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value PRIM New York Stock Excha
Filing Documents
- prim-20240630x10q.htm (10-Q) — 1831KB
- prim-20240630xex31d1.htm (EX-31.1) — 17KB
- prim-20240630xex31d2.htm (EX-31.2) — 17KB
- prim-20240630xex32d1.htm (EX-32.1) — 8KB
- prim-20240630xex32d2.htm (EX-32.2) — 7KB
- 0001558370-24-010882.txt ( ) — 7986KB
- prim-20240630.xsd (EX-101.SCH) — 46KB
- prim-20240630_cal.xml (EX-101.CAL) — 58KB
- prim-20240630_def.xml (EX-101.DEF) — 183KB
- prim-20240630_lab.xml (EX-101.LAB) — 395KB
- prim-20240630_pre.xml (EX-101.PRE) — 303KB
- prim-20240630x10q_htm.xml (XML) — 1631KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements : —Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 3 —Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 4 —Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (Unaudited) 5 —Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 —Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 8 —Notes to Condensed Consolidated Financial Statements (Unaudited) 10
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 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures
Item 4. Controls and Procedures 36
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 37
Other Information
Item 5. Other Information 37
Exhibits
Item 6. Exhibits 37
Signatures
Signatures 38 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 207,363 $ 217,778 Accounts receivable, net 888,267 685,439 Contract assets 873,008 846,176 Prepaid expenses and other current assets 122,583 135,840 Total current assets 2,091,221 1,885,233 Property and equipment, net 446,314 475,929 Operating lease assets 421,024 360,507 Intangible assets, net 217,283 227,561 Goodwill 857,650 857,650 Other long-term assets 16,396 20,547 Total assets $ 4,049,888 $ 3,827,427 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 583,664 $ 628,962 Contract liabilities 483,878 366,476 Accrued liabilities 324,732 263,492 Dividends payable 3,217 3,202 Current portion of long-term debt 89,270 72,903 Total current liabilities 1,484,761 1,335,035 Long-term debt, net of current portion 843,758 885,369 Noncurrent operating lease liabilities, net of current portion 308,114 263,454 Deferred tax liabilities 59,444 59,565 Other long-term liabilities 54,580 47,912 Total liabilities 2,750,657 2,591,335 Commitments and contingencies (See Note 13) Stockholders' equity Common stock—$ 0.0001 par value; 90,000,000 shares authorized; 53,672,740 and 53,366,327 issued and outstanding as of June 30, 2024, and December 31, 2023, respectively 6 6 Additional paid-in capital 278,830 275,846 Retained earnings 1,023,075 961,028 Accumulated other comprehensive income ( 2,680 ) ( 788 ) Total stockholders' equity 1,299,231 1,236,092 Total liabilities and stockholders' equity $ 4,049,888 $ 3,827,427 See Accompanying Notes to Condensed Consolidated Financial Statements 3 Table of Contents PRIMORIS SERVICES CORPORATION CONDENSED C