Primoris Services Corporation (NYSE:PRIM) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET Company Participants Blake Holcomb - VP, IR Thomas McCormick - CEO, President & Director Kenneth Dodgen - EVP & CFO Conference Call Participants Steven Fisher - UBS Lee Jagoda - CJS Securities Sean Eastman - KeyBanc Capital Markets Adam Thalhimer - Thompson, Davis & Company Brent Thielman - D.A. Davidson & Co. Julio Romero - Sidoti & Company Operator Good morning. My name is Emma, and I will be your conferenc ...

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", "potential", "predicts", "projects", "should", "will", "would" and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Delaware 20-4743916 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to . Commission file number 001-34145 Primoris Services Corporation ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ...

Financial Data and Key Metrics Changes - The company achieved record revenue of $4.4 billion in 2022, up more than 26% from 2021, with 15% being organic growth [39] - Net income increased by 15% to $133 million, and GAAP EPS rose to $2.47 per fully diluted share, marking six consecutive years of EPS growth [40] - Gross profit for Q4 improved to $153 million, an increase of $57 million or almost 60%, with gross margins at 11.5% [8] - Operating cash flows for Q4 were $185 million, with full-year cash flows at $83 million, driven by improvements in working capital [84] Business Line Data and Key Metrics Changes - Utilities segment revenue increased by $133.6 million in Q4, driven by acquisitions, with gross profit up 34% to approximately $70 million [99] - Energy Renewables segment achieved 41% organic revenue growth in 2022, with gross margins at 12.4% [4][8] - Pipeline Services segment finished the year with a negative gross profit of $6.7 million, primarily due to lower revenues and project losses [82] Market Data and Key Metrics Changes - The company has over $1 billion in projects in the award or contracting stage, with bids valued at over $3.6 billion expected to extend backlog through 2026 [5] - Backlog increased to a record $5.5 billion, up 37% from the previous year, with $570 million of the increase from acquisitions [105] Company Strategy and Development Direction - The company is transitioning to focus on specialty contracting for smaller projects and MSA contracts, reducing revenue lumpiness [6] - Effective January 1, 2023, the company merged its Pipeline Services segment into the new Energy segment to better reflect its operational scope [14][97] - The company aims to achieve near 2x leverage by the end of 2024 through EBITDA growth and debt paydown [13][124] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong employee performance and strategic priorities to execute on backlog [44][130] - The company anticipates continued supply chain improvements for solar projects, with confidence in module availability through 2023 [20][95] - Management identified execution on project work as a key risk but noted strong leadership teams in place to manage this [21] Other Important Information - SG&A expenses for Q4 were $91 million, up from $57 million in the prior year, attributed to acquisitions [11] - Capital expenditures for the full year were $95 million, down from $134 million in 2021, with expectations of $80 million to $100 million in 2023 [12] Q&A Session Summary Question: What is the outlook for solar growth in 2023? - Management expects solar revenue to grow between $300 million to $500 million annually, with a focus on disciplined execution [133] Question: How is the company managing supply chain risks? - The company has secured supply for 2023 projects and is seeing improvements in module imports [20][95] Question: What are the expectations for operating cash flow in 2023? - Operating cash flow is expected to be in the $100 million to $150 million range, with seasonal fluctuations similar to 2022 [117] Question: What is the company's strategy for the Pipeline Services segment? - The company is optimistic about emerging from the trough in the Pipeline Services segment, with a focus on disciplined execution [74] Question: How does the company view its backlog and project pipeline? - The company has approximately $9 billion in projects at various stages, with a strong backlog expected to support growth through 2026 [149]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34145 Primoris Services Corporation (Exact name of registrant as specified in its charter) (State or other jurisdi ...

Primoris Services Corporation (NYSE:PRIM) Q3 2022 Results Conference Call November 8, 2022 8:00 AM ET Company Participants Blake Holcomb - Vice President, Investor Relations Thomas McCormick - CEO, President & Director Kenneth Dodgen - EVP & CFO Conference Call Participants Peter Lukas - CJS Securities Adam Thalhimer - Thompson, Davis & Company Jerry Revich - Goldman Sachs Group Sean Eastman - KeyBanc Capital Markets Brent Thielman - D.A. Davidson & Co. Julio Romero - Sidoti & Company Avi Jaroslawicz - UBS ...

| --- | --- | --- | |-------|----------|-----------------------------------------------------------| | | | | | | | | | | | | | | Building | Primoris Services Corporation Momentum 3Q 2022 Earnings | | | | November 8, 2022 | 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", "ma ...

Commission file number 001-34145 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to . Primoris Services Corporation (Exact name of registrant as specified in its charter) Delaware 20 ...

Primoris Services Corp (NYSE:PRIM) Q2 2022 Earnings Conference Call August 9, 2022 10:00 AM ET Company Participants Jeremy Apple - IR Thomas McCormick - CEO, President & Director Kenneth Dodgen - EVP & CFO Conference Call Participants Jerry Revich - Goldman Sachs Group Peter Lukas - CJS Securities Steven Fisher - UBS Sean Eastman - KeyBanc Capital Markets Brent Thielman - D.A. Davidson & Co. Julio Romero - Sidoti & Company Adam Thalhimer - Thompson, Davis & Company Operator Hello. My name is Lisa, and I wil ...

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