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)
| 3/31/2024 MRQ | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | |||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| Current Assets | |||||||||
| Cash, cash equivalents, and short-term investments | 218 | 249 | 201 | 327 | 120 | 151 | |||
| Cash and cash equivalents | 218 | 249 | 201 | 327 | 120 | 151 | |||
| Receivables | 685 | 663 | 472 | 432 | 405 | 373 | |||
| Contract with customer, asset, after allowance for credit loss | 846 | 616 | 424 | 326 | 345 | 364 | |||
| Other undisclosed current assets | 136 | 176 | 86 | 30 | 43 | 36 | |||
| Total current assets: | 1,885 | 1,704 | 1,182 | 1,115 | 913 | 924 | |||
| Noncurrent Assets | |||||||||
| Operating lease, right-of-use asset | 361 | 203 | 159 | 207 | 242 | ✕ | |||
| Property, plant and equipment | 476 | 494 | 433 | 376 | 376 | ||||
| Intangible assets, net (including goodwill) | 1,085 | 1,121 | 753 | 276 | 285 | 287 | |||
| Goodwill | 858 | 872 | 582 | 215 | 215 | 206 | |||
| Intangible assets, net (excluding goodwill) | 228 | 249 | 171 | 61 | 70 | 81 | |||
| Regulated entity, other noncurrent assets | 1 | ||||||||
| Deferred income tax assets | 1 | 2 | 1 | ✕ | |||||
| Other noncurrent assets | 21 | 22 | 15 | 13 | 13 | 5 | |||
| Other undisclosed noncurrent assets | 356 | 0 | |||||||
| Total noncurrent assets: | 1,942 | 1,840 | 1,361 | 854 | 918 | 670 | |||
| TOTAL ASSETS: | 3,827 | 3,544 | 2,543 | 1,970 | 1,830 | 1,594 | |||
| LIABILITIES AND EQUITY | |||||||||
| Liabilities | |||||||||
| Current Liabilities | |||||||||
| Accounts payable and accrued liabilities | 892 | 781 | 451 | 449 | 422 | 370 | |||
| Interest and dividends payable | ✕ | ✕ | ✕ | 3 | 3 | 3 | 3 | ||
| Accounts payable | 629 | 535 | 273 | 246 | 236 | 249 | |||
| Accrued liabilities | 263 | 246 | 175 | 201 | 184 | 118 | |||
| Deferred revenue | 366 | 276 | 240 | 267 | 192 | ✕ | |||
| Debt | 73 | 78 | 67 | 48 | 56 | 62 | |||
| Contract with customer, liability | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 190 | ||
| Other undisclosed current liabilities | 3 | 3 | |||||||
| Total current liabilities: | 1,335 | 1,138 | 759 | 764 | 670 | 622 | |||
| Noncurrent Liabilities | |||||||||
| Long-term debt and lease obligation | 885 | 1,065 | 692 | 407 | 467 | 306 | |||
| Long-term debt, excluding current maturities | 885 | 1,065 | 594 | 269 | 296 | 306 | |||
| Liabilities, other than long-term debt | 371 | 232 | 102 | 84 | 64 | 60 | |||
| Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 8 | ||
| Deferred income tax liabilities | 60 | 57 | 39 | 14 | 18 | ✕ | |||
| Other liabilities | 48 | 44 | 63 | 70 | 46 | 52 | |||
| Operating lease, liability | 263 | 131 | 98 | 138 | 171 | ✕ | |||
| Total noncurrent liabilities: | 1,256 | 1,297 | 794 | 490 | 530 | 365 | |||
| Total liabilities: | 2,591 | 2,435 | 1,553 | 1,255 | 1,201 | 987 | |||
| Equity | |||||||||
| Equity, attributable to parent | 1,236 | 1,109 | 990 | 715 | 629 | 604 | |||
| Common stock | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Additional paid in capital | 276 | 264 | 262 | 89 | 97 | 144 | |||
| Accumulated other comprehensive income (loss) | (1) | (3) | 1 | 1 | 0 | (1) | |||
| Retained earnings | 961 | 848 | 727 | 625 | 531 | 461 | |||
| Equity, attributable to noncontrolling interest | 0 | 1 | 3 | ||||||
| Total equity: | 1,236 | 1,109 | 990 | 715 | 630 | 607 | |||
| TOTAL LIABILITIES AND EQUITY: | 3,827 | 3,544 | 2,543 | 1,970 | 1,830 | 1,594 | |||
Income Statement (P&L) ($ in millions)
| 3/31/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Revenues | 5,715 | 4,421 | 3,498 | 3,491 | 3,106 | 2,939 | ||
| Cost of revenue (Cost of Goods and Services Sold) | (5,128) | (3,964) | (3,081) | (3,121) | (2,775) | |||
| Other undisclosed gross profit | (2,614) | |||||||
| Gross profit: | 587 | 457 | 417 | 370 | 331 | 326 | ||
| Operating expenses | (334) | (262) | (247) | (206) | (190) | (195) | ||
| Operating income: | 253 | 195 | 170 | 164 | 141 | 130 | ||
| Nonoperating income (expense) | 3 | 3 | 0 | 2 | (3) | 2 | ||
| Investment income, nonoperating | 0 | 1 | 2 | |||||
| Gain (loss), foreign currency transaction, before tax | 1 | 1 | (0) | 0 | (1) | 1 | ||
| Other nonoperating income (expense) | 2 | 2 | 0 | 1 | (3) | (1) | ||
| Interest and debt expense | (20) | (20) | (19) | |||||
| Income from continuing operations before equity method investments, income taxes: | 256 | 198 | 170 | 146 | 118 | 113 | ||
| Other undisclosed loss from continuing operations before income taxes | (78) | (39) | (18) | |||||
| Income from continuing operations before income taxes: | 178 | 159 | 152 | 146 | 118 | 113 | ||
| Income tax expense | (52) | (26) | (36) | (41) | (34) | (26) | ||
| Income from continuing operations: | 126 | 133 | 116 | 105 | 84 | 88 | ||
| Income before gain (loss) on sale of properties: | ✕ | ✕ | ✕ | 116 | 105 | 84 | 88 | |
| Net income: | 126 | 133 | 116 | 105 | 84 | 88 | ||
| Net loss attributable to noncontrolling interest | (0) | (0) | (2) | (10) | ||||
| Net income available to common stockholders, diluted: | 126 | 133 | 116 | 105 | 82 | 77 | ||
Comprehensive Income ($ in millions)
| 3/31/2024 TTM | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | ||
|---|---|---|---|---|---|---|---|---|
| Net income: | 126 | 133 | 116 | 105 | 84 | 88 | ||
| Other undisclosed comprehensive income (loss) | (0) | 1 | 1 | (1) | ||||
| Comprehensive income: | 126 | 133 | 115 | 106 | 85 | 87 | ||
| Comprehensive loss, net of tax, attributable to noncontrolling interest | (0) | (0) | (2) | (10) | ||||
| Other undisclosed comprehensive income (loss), net of tax, attributable to parent | 2 | (3) | ||||||
| Comprehensive income, net of tax, attributable to parent: | 128 | 130 | 115 | 106 | 83 | 77 | ||
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.