Primoris Services Corporation (PRIM) Financial Statements (2024 and earlier)

Company Profile

Business Address 2300 N. FIELD STREET, SUITE 1900
DALLAS, TX 75201
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 1623 - Water, Sewer, Pipeline, and Communications and Power Line Construction (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments249201327120151170
Cash and cash equivalents249201327120151170
Restricted cash and investments      1
Receivables663472432405373358
Inventory, net of allowances, customer advances and progress billings      41
Inventory      41
Contract with customer, asset, after allowance for credit loss616424326345364
Costs in excess of billings160
Other undisclosed current assets1768630433613
Total current assets:1,7041,1821,115913924743
Noncurrent Assets
Operating lease, right-of-use asset203159207242
Property, plant and equipment494433 376376312
Intangible assets, net (including goodwill)1,121753276285287198
Goodwill872582215215206153
Intangible assets, net (excluding goodwill)24917161708145
Regulated entity, other noncurrent assets     1 
Deferred income tax assets  121
Other noncurrent assets2215131353
Other undisclosed noncurrent assets   356 0 
Total noncurrent assets:1,8401,361854918670513
TOTAL ASSETS:3,5442,5431,9701,8301,5941,256
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities781451449422370255
Interest and dividends payable33333
Accounts payable535273246236249141
Accrued liabilities246175201184118111
Deferred revenue276240267192
Debt786748566266
Business combination, contingent consideration, liability      1
Billings in excess of cost159
Contract with customer, liability190
Other undisclosed current liabilities3     
Total current liabilities:1,138759764670622481
Noncurrent Liabilities
Long-term debt and lease obligation1,065692407467306194
Long-term debt, excluding current maturities1,065594269296306193
Capital lease obligations 0
Liabilities, other than long-term debt23210284646019
Deferred tax liabilities, net814
Deferred income tax liabilities57391418
Other liabilities44637046526
Operating lease, liability13198138171
Total noncurrent liabilities:1,297794490530365213
Total liabilities:2,4351,5531,2551,201987694
Equity
Equity, attributable to parent1,109990715629604556
Common stock000000
Additional paid in capital2642628997144161
Accumulated other comprehensive income (loss)(3)110(1) 
Retained earnings848727625531461396
Equity, attributable to noncontrolling interest   0136
Total equity:1,109990715630607562
TOTAL LIABILITIES AND EQUITY:3,5442,5431,9701,8301,5941,256

Income Statement (P&L) ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues4,4213,4983,4913,1062,9392,380
Revenue, net2,380
Cost of revenue
(Cost of Goods and Services Sold)
(3,964)(3,081)(3,121)(2,775) (2,102)
Other undisclosed gross profit     (2,614) 
Gross profit:457417370331326278
Operating expenses(262)(247)(206)(190)(195)(172)
Operating income:195170164141130106
Nonoperating income (expense)302(3)27
Investment income, nonoperating   0126
Gain (loss), foreign currency transaction, before tax1(0)0(1)10
Other nonoperating income (expense)201(3)(1)0
Interest and debt expense   (20)(20)(19)(8)
Income from continuing operations before equity method investments, income taxes:198170146118113105
Other undisclosed loss from continuing operations before income taxes(39)(18)    
Income from continuing operations before income taxes:159152146118113105
Income tax expense(26)(36)(41)(34)(26)(28)
Income from continuing operations:133116105848877
Income before gain (loss) on sale of properties:116105848877
Net income:133116105848877
Net loss attributable to noncontrolling interest  (0)(0)(2)(10)(4)
Net income available to common stockholders, diluted:133116105827772

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:133116105848877
Other undisclosed comprehensive income (loss)  (0)11(1) 
Comprehensive income:133115106858777
Comprehensive loss, net of tax, attributable to noncontrolling interest  (0)(0)(2)(10)(4)
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(3)     
Comprehensive income, net of tax, attributable to parent:130115106837772

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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