10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001104659-16-118789`
Period End Date	20160331
Filing Date	20160506
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	prim-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 34 Cash Flow Statement 66

Balance Sheet 72 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`	$106.02M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$161.12M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.68M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.77M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$98.81M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$139.47M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.77M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.68M	shares	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$2.84M	USD	Point-in-time
Customer retention deposits and restricted cash	`RestrictedCashAndInvestmentsCurrent`	$2.60M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$341.10M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$320.59M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$116.45M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$140.61M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$67.80M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$67.28M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.10M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$18.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$686.82M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$672.75M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$283.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$279.99M	USD	Point-in-time
Deferred tax asset - long-term	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.07M	USD	Point-in-time
Deferred tax asset - long-term	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$1.07M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$34.81M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$36.44M	USD	Point-in-time
Goodwill	`Goodwill`	$126.16M	USD	Point-in-time
Goodwill	`Goodwill`	$124.16M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$606.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$211.00K	USD	Point-in-time
Total assets	`Assets`	$1.12B	USD	Point-in-time
Total assets	`Assets`	$1.13B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$124.45M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$136.43M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$125.66M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$139.88M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$89.64M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$93.60M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$2.84M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$2.85M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$699.00K	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$974.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$54.44M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$52.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$416.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$407.56M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$29.00K	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$22.00K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$210.02M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$219.85M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.06M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$12.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$648.79M	USD	Point-in-time
Total liabilities	`Liabilities`	$629.68M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock-$.0001 par value; 90,000,000 shares authorized, 51,772,497 and 51,676,140 issued and outstanding at March 31, 2016 and December 31, 2015	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock-$.0001 par value; 90,000,000 shares authorized, 51,772,497 and 51,676,140 issued and outstanding at March 31, 2016 and December 31, 2015	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$165.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$163.34M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$319.74M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$319.90M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$441.00K	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$217.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$483.46M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$485.72M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.12B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.13B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueServicesNet`	$430.45M	USD	1 Quarter
Revenues	`SalesRevenueServicesNet`	$392.78M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$391.17M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$354.77M	USD	1 Quarter
Gross profit	`GrossProfit`	$39.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$38.01M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$33.76M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.66M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.62M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.25M	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$359.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$436.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-44.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$12.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$39.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.27M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.92M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.73M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.75M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.05M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.83M	USD	1 Quarter
Net income	`ProfitLoss`	$1.67M	USD	1 Quarter
Net income	`ProfitLoss`	$2.92M	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$223.00K	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$1.67M	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.69M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.73M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.57M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.88M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.73M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.67M	USD	1 Quarter
Net income	`ProfitLoss`	$2.92M	USD	1 Quarter
Depreciation	`Depreciation`	$15.28M	USD	1 Quarter
Depreciation	`Depreciation`	$13.85M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.62M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.65M	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-510.00K	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$736.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$262.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$262.00K	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$342.00K	USD	1 Quarter
Customer retention deposits and restricted cash	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$241.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$20.51M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-41.24M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$16.16M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$24.16M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.27M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$7.07M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$395.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.98M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.49M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-13.45M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-14.22M	USD	1 Quarter
Contingent earnout liabilities	`BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1`	$-4.96M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.47M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-6.42M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-280.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-678.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-35.61M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$2.02M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.26M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.58M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.31M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.82M	USD	1 Quarter
Sale of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$498.00K	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$4.11M	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$22.30M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-13.06M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-35.56M	USD	1 Quarter
Proceeds from issuance of long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.00M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$367.00K	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$268.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$10.10M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$11.98M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.62M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.44M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.06M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.84M	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`	$97.00K	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-62.31M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-33.45M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$106.02M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$161.12M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$98.81M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$139.47M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$106.02M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$161.12M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$98.81M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$139.47M	USD	Point-in-time
Interest	`InterestPaid`	$1.92M	USD	1 Quarter
Interest	`InterestPaid`	$2.17M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$505.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$995.00K	USD	1 Quarter
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$2.06M	USD	Point-in-time
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$2.85M	USD	Point-in-time

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