10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001104659-14-034915`
Period End Date	20140331
Filing Date	20140506
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	prim-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 38 Cash Flow Statement 74

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$196.08M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$149.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.57M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.57M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$18.69M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$17.33M	USD	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$5.30M	USD	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$55.00K	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$304.95M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$289.12M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$57.15M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$75.07M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$58.68M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$51.83M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$13.13M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$13.13M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.61M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$615.62M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$659.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$228.83M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$226.51M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$43.46M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$45.30M	USD	Point-in-time
Goodwill	`Goodwill`	$118.63M	USD	Point-in-time
Goodwill	`Goodwill`	$118.63M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$468.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$416.00K	USD	Point-in-time
Total assets	`Assets`	$1.05B	USD	Point-in-time
Total assets	`Assets`	$1.01B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$127.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$119.09M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$147.30M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$173.37M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$91.56M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$91.08M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$1.80M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$1.81M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$3.29M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$2.68M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$27.56M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$28.48M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$5.00M	USD	Point-in-time
Current portion of contingent earnout liabilities	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$4.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$430.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$394.34M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$2.29M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$1.82M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$180.65M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$191.05M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$10.09M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$10.09M	USD	Point-in-time
Long-term contingent earnout liabilities, net of current portion	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$4.23M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$14.26M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$10.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$597.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$652.25M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,655,224 and 51,571,394 issued and outstanding at March 31, 2014 and December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock-$.0001 par value, 90,000,000 shares authorized, 51,655,224 and 51,571,394 issued and outstanding at March 31, 2014 and December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$159.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$162.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$247.24M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$238.22M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.03M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$338.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$398.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$409.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.05B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.01B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueServicesNet`	$410.00M	USD	1 Quarter
Revenues	`SalesRevenueServicesNet`	$470.07M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$363.90M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$420.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$46.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$49.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$28.62M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$29.71M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$20.05M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.48M	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$269.00K	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$14.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-59.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$26.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-56.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-114.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$40.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$52.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.42M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.67M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.36M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.25M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.09M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.21M	USD	1 Quarter
Net income	`ProfitLoss`	$10.04M	USD	1 Quarter
Net income	`ProfitLoss`	$11.27M	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$432.00K	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$270.00K	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$10.83M	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$9.77M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.19	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.21	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.21	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.46M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.47M	shares	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$10.04M	USD	1 Quarter
Net income	`ProfitLoss`	$11.27M	USD	1 Quarter
Depreciation	`Depreciation`	$11.71M	USD	1 Quarter
Depreciation	`Depreciation`	$9.49M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.79M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.84M	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$355.00K	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-48.00K	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$269.00K	USD	1 Quarter
Income from non-consolidated entities	`IncomeLossFromEquityMethodInvestments`	$14.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$137.00K	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$-8.01M	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$-5.25M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-18.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-15.83M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$6.46M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$17.92M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$232.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$7.94M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$381.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-46.56M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.21M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-26.06M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$2.05M	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-4.89M	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$356.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-99.00K	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.53M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-3.85M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-3.24M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-21.68M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.28M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.07M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.55M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.39M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.22M	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$586.00K	USD	1 Quarter
Purchase of short-term investments	`PaymentsToAcquireShortTermInvestments`	$2.94M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$3.20M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$1.95M	USD	1 Quarter
Cash received for the sale of Alvah minority interest	`ProceedsFromSaleOfEquityMethodInvestments`	$1.19M	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$1.02M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-11.13M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-19.09M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$16.12M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.00M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$1.08M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$11.31M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$6.22M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.46M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.67M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.81M	USD	Point-in-time
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.80M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$1.80M	USD	Point-in-time
Cash distribution to non-controlling interest holder	`PaymentsToMinorityShareholders`	$1.12M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-13.65M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$10.35M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-16.02M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-46.46M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$196.08M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$149.62M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$196.08M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$149.62M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$141.53M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$157.55M	USD	Point-in-time
Interest	`InterestPaid`	$1.51M	USD	1 Quarter
Interest	`InterestPaid`	$1.26M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$802.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$2.34M	USD	1 Quarter
Obligations incurred for the acquisition of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.18M	USD	1 Quarter
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$1.81M	USD	Point-in-time
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$1.55M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.