$PRIM

Primoris Services Corp

CIK:0001361538|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 1,688.2	$ 1,890.7	$ 3,248.1	$ 3,538.8
Cost of revenue	1,605.8	1,659.0	3,031.0	3,136.4
Gross profit (loss)	82.4	231.7	217.1	402.4
Selling, general, and administrative expenses	106.3	104.6	212.0	204.1
Transaction and related costs	2.9	0.5	7.4	1.3
Operating (loss) income	(26.8)	126.6	(2.3)	197.0
Other income (expense):
Foreign exchange gain (loss), net	0.6	(0.4)	0.6	(0.6)
Other income, net	0.2		0.3
Interest expense, net	(10.6)	(7.5)	(15.2)	(15.3)
(Loss) income before benefit (provision) for income taxes	(36.6)	118.7	(16.6)	181.1
Benefit (provision) for income taxes	12.4	(34.4)	9.9	(52.5)
Net (loss) income	$ (24.2)	$ 84.3	$ (6.7)	$ 128.6
Dividends per common share (in dollars per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16
(Loss) earnings per share:
Basic (in dollars per share)	(0.45)	1.56	(0.12)	2.38
Diluted (in dollars per share)	$ (0.45)	$ 1.54	$ (0.12)	$ 2.35
Weighted average common shares outstanding:
Basic (in shares)	54.0	54.0	54.1	53.9
Diluted (in shares)	54.0	54.8	54.1	54.8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (6.7)	$ 128.6
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities (net of effect of acquisitions):
Depreciation and amortization	54.4	43.9
Stock-based compensation expense	10.9	10.4
Gain on sale of property and equipment	(9.0)	(9.9)
Other non-cash items	1.0	1.1
Changes in assets and liabilities:
Accounts receivable	(20.0)	(185.8)
Contract assets	24.2	(145.9)
Other current assets	(36.7)	(31.7)
Other long-term assets	(1.2)	1.3
Accounts payable	(102.5)	204.2
Contract liabilities	(23.7)	56.8
Operating lease assets and liabilities, net	(2.3)	(0.5)
Accrued liabilities	(27.1)	67.5
Other long-term liabilities	7.4	4.6
Net cash (used in) provided by operating activities	(131.3)	144.6
Cash flows from investing activities:
Purchase of property and equipment	(50.3)	(73.7)
Proceeds from sale of assets	12.5	14.6
Proceeds from repayment of note receivable	8.0
Cash paid for acquisitions, net of cash acquired	(401.4)
Net cash used in investing activities	(431.2)	(59.1)
Cash flows from financing activities:
Proceeds from issuance of debt	411.8
Payments on long-term debt	(21.0)	(182.7)
Borrowings under revolving line of credit	160.0
Payments on revolving line of credit	(160.0)
Payments on pledged accounts receivable under securitization facility	(62.5)	0.0
Proceeds from pledge of accounts receivable under securitization facility	0.0	50.0
Payments related to tax withholding for stock-based compensation	(19.8)	(10.2)
Stock purchases	(50.0)
Dividends paid	(8.7)	(8.6)
Other	(5.2)	(0.2)
Net cash provided by (used in) financing activities	244.6	(151.7)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.5	1.0
Net change in cash, cash equivalents and restricted cash	(317.4)	(65.2)
Cash, cash equivalents and restricted cash at beginning of the period	541.3	461.4
Cash, cash equivalents and restricted cash at end of the period	223.9	396.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	18.1	7.3
Cash paid for income taxes, net of refunds received	21.0	25.4
Leased assets obtained in exchange for new operating leases	72.2	73.4
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Dividends declared and not yet paid	$ 4.3	$ 4.3

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 218.2	$ 535.5
Accounts receivable, net	839.1	723.4
Contract assets	937.7	936.9
Prepaid expenses and other current assets	168.2	137.8
Total current assets	2,163.2	2,333.6
Property and equipment, net	543.3	531.2
Operating lease assets	492.3	488.9
Intangible assets, net	375.2	190.2
Goodwill	1,051.5	856.9
Other long-term assets	13.3	7.0
Total assets	4,638.8	4,407.8
Current liabilities:
Accounts payable	691.7	744.3
Contract liabilities	683.1	633.6
Accrued liabilities	407.1	405.4
Dividends payable	4.3	4.3
Current portion of long-term debt	45.0	60.9
Total current liabilities	1,831.2	1,848.5
Long-term debt, net of current portion	752.0	409.0
Noncurrent operating lease liabilities, net of current portion	314.5	325.6
Deferred tax liabilities	54.5	71.4
Other long-term liabilities	80.3	72.3
Total liabilities	3,032.5	2,726.8
Commitments and contingencies (See Note 13)
Stockholders' equity
Common stock-$0.0001 par value; 90,000,000 shares authorized: 53,828,741 and 54,045,067 issued and outstanding as of June 30, 2026, and December 31, 2025, respectively	0.0	0.0
Additional paid-in capital	239.1	296.9
Retained earnings	1,370.2	1,385.6
Accumulated other comprehensive loss	(3.0)	(1.5)
Total stockholders' equity	1,606.3	1,681.0
Total liabilities and stockholders' equity	$ 4,638.8	$ 4,407.8