10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-003804`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	prim-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 34 Cash Flow Statement 65

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$98.81M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	90.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$161.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.49M	USD	Point-in-time
Customer retention deposits	`RestrictedCashAndInvestmentsCurrent`	$481.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.58M	shares	Point-in-time
Customer retention deposits	`RestrictedCashAndInvestmentsCurrent`	$377.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.44M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.44M	shares	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$388.00M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$369.77M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.58M	shares	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$138.62M	USD	Point-in-time
Costs and estimated earnings in excess of billings	`CostsInExcessOfBillingsOnUncompletedContractsOrProgramsExpectedToBeCollectedWithinOneYear`	$129.61M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$45.13M	USD	Point-in-time
Inventory and uninstalled contract materials	`InventoryNet`	$49.20M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$17.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$19.26M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$731.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$711.18M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$277.35M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$285.92M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$31.11M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$32.84M	USD	Point-in-time
Goodwill	`Goodwill`	$127.23M	USD	Point-in-time
Goodwill	`Goodwill`	$127.23M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.00M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.15M	USD	Point-in-time
Total assets	`Assets`	$1.16B	USD	Point-in-time
Total assets	`Assets`	$1.17B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$168.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$124.11M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$112.61M	USD	Point-in-time
Billings in excess of costs and estimated earnings	`BillingsInExcessOfCostCurrent`	$150.77M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$105.84M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$108.01M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$2.84M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$2.83M	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$107.00K	USD	Point-in-time
Current portion of capital leases	`CapitalLeaseObligationsCurrent`	$188.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$58.19M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$58.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$449.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$441.75M	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$14.00K	USD	Point-in-time
Long-term capital leases, net of current portion	`CapitalLeaseObligationsNoncurrent`	$15.00K	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$203.38M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$195.23M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$9.83M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$9.83M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$9.14M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$9.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$655.96M	USD	Point-in-time
Total liabilities	`Liabilities`	$672.23M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock$.0001 par value; 90,000,000 shares authorized; 51,437,305 and 51,576,442 issued and outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock$.0001 par value; 90,000,000 shares authorized; 51,437,305 and 51,576,442 issued and outstanding at March 31, 2017 and December 31, 2016	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$162.13M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$159.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$335.22M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$340.07M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$2.04M	USD	Point-in-time
Noncontrolling interests	`MinorityInterest`	$1.22M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.64M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$498.57M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.17B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.16B	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueServicesNet`	$561.50M	USD	1 Quarter
Revenues	`SalesRevenueServicesNet`	$430.45M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$506.45M	USD	1 Quarter
Cost of revenues	`CostOfServices`	$391.17M	USD	1 Quarter
Gross profit	`GrossProfit`	$55.05M	USD	1 Quarter
Gross profit	`GrossProfit`	$39.28M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$39.85M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$32.66M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.62M	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$359.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$23.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$69.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$39.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.26M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.27M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.75M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.03M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.52M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.83M	USD	1 Quarter
Net income	`ProfitLoss`	$8.51M	USD	1 Quarter
Net income	`ProfitLoss`	$2.92M	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$821.00K	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$223.00K	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$2.69M	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLossAvailableToCommonStockholdersBasic`	$7.69M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.15	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.15	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`	51.59M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.85M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.88M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$8.51M	USD	1 Quarter
Net income	`ProfitLoss`	$2.92M	USD	1 Quarter
Depreciation	`Depreciation`	$14.13M	USD	1 Quarter
Depreciation	`Depreciation`	$15.28M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.73M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.62M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$459.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$262.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$736.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.31M	USD	1 Quarter
Customer retention deposits	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$-104.00K	USD	1 Quarter
Customer retention deposits	`IncreaseDecreaseInCustomerRetentionDepositsAndRestrictedCashCurrent`	$241.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$20.51M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-18.23M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$24.16M	USD	1 Quarter
Costs and estimated earnings in excess of billings	`IncreaseDecreaseInUnbilledReceivables`	$-9.00M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$3.27M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-5.53M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$147.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$395.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$11.98M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-44.00M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$-14.22M	USD	1 Quarter
Billings in excess of costs and estimated earnings	`IncreaseDecreaseInBillingInExcessOfCostOfEarnings`	$38.16M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.47M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.39M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$77.00K	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`	$49.09M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.22M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.26M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.98M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.31M	USD	1 Quarter
Cash paid for acquisitions	`PaymentsForAcquisitions`	$4.11M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-13.06M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-17.24M	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$82.00K	USD	1 Quarter
Repayment of capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$268.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$11.98M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$12.42M	USD	1 Quarter
Proceeds from issuance of common stock purchased by management under long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.15M	USD	1 Quarter
Proceeds from issuance of common stock purchased by management under long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.44M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$5.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.84M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.84M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-13.65M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-19.19M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$12.66M	USD	1 Quarter
Net change in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-62.31M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	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`	$161.12M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$148.49M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	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`	$161.12M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$148.49M	USD	Point-in-time
Interest	`InterestPaid`	$2.26M	USD	1 Quarter
Interest	`InterestPaid`	$2.17M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$1.87M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaid`	$995.00K	USD	1 Quarter
Obligations incurred for the acquisition of property	`CapitalExpendituresIncurredButNotYetPaid`	$4.16M	USD	1 Quarter
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$2.85M	USD	Point-in-time
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$2.83M	USD	Point-in-time

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