10-Q Filing

PRIMORIS SERVICES CORP CIK: 1361538 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001558370-18-004173`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	prim-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 42 Cash Flow Statement 63

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents ($68,188 and $60,256 related to VIEs. See Note 10)	`CashAndCashEquivalentsAtCarryingValue`	$170.38M	USD	Point-in-time
Cash and cash equivalents ($68,188 and $60,256 related to VIEs. See Note 10)	`CashAndCashEquivalentsAtCarryingValue`	$148.49M	USD	Point-in-time
Cash and cash equivalents ($68,188 and $60,256 related to VIEs. See Note 10)	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	USD	Point-in-time
Cash and cash equivalents ($68,188 and $60,256 related to VIEs. See Note 10)	`CashAndCashEquivalentsAtCarryingValue`	$134.17M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$260.92M	USD	Point-in-time
Accounts receivable, net	`ReceivablesNetCurrent`	$291.59M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$262.93M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$265.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$170.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$148.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$134.17M	USD	Point-in-time
Note receivable	`NotesAndLoansReceivableNetCurrent`	$10.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$21.69M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.34M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$743.21M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$689.72M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$311.78M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$313.94M	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
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$44.80M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.53M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	51.58M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$42.38M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.45M	shares	Point-in-time
Goodwill	`Goodwill`	$153.37M	USD	Point-in-time
Goodwill	`Goodwill`	$153.37M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	51.45M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.58M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.04M	USD	Point-in-time
Total assets	`Assets`	$1.26B	USD	Point-in-time
Total assets	`Assets`	$1.20B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$140.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$130.96M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$137.38M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$169.10M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$99.91M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$102.17M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$3.09M	USD	Point-in-time
Dividends payable	`DividendsPayableCurrent`	$3.09M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$65.46M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$63.98M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$480.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$435.31M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$193.35M	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$181.97M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$13.58M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$13.57M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$5.87M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$693.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$636.95M	USD	Point-in-time
Commitments and contingencies (See Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (See Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock$.0001 par value; 90,000,000 shares authorized; 51,530,572 and 51,448,753 issued and outstanding at March 31, 2018 and December 31, 2017	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock$.0001 par value; 90,000,000 shares authorized; 51,530,572 and 51,448,753 issued and outstanding at March 31, 2018 and December 31, 2017	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$162.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$160.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$395.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$393.55M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$9.24M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$5.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$565.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$562.18M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.20B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$1.26B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Revenue	`Revenues`	$561.50M	USD	1 Quarter
Revenue	`Revenues`	$504.12M	USD	1 Quarter
Cost of revenue	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$506.45M	USD	1 Quarter
Cost of revenue	`CostOfServicesExcludingDepreciationDepletionAndAmortization`	$459.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$44.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$55.05M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$39.85M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$38.65M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$15.20M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$5.91M	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$23.00K	USD	1 Quarter
Foreign exchange gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$257.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-12.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$69.00K	USD	1 Quarter
Interest income	`InvestmentIncomeNet`	$272.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$2.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$2.26M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$4.43M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$13.03M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$212.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$4.52M	USD	1 Quarter
Net income	`ProfitLoss`	$4.22M	USD	1 Quarter
Net income	`ProfitLoss`	$8.51M	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$821.00K	USD	1 Quarter
Less net income attributable to noncontrolling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$3.53M	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLoss`	$688.00K	USD	1 Quarter
Net income attributable to Primoris	`NetIncomeLoss`	$7.69M	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	Point-in-time
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	Point-in-time
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	Point-in-time
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	Point-in-time
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.06	USD	Point-in-time
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.01	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`	$0.01	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.59M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.48M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.75M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.85M	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$4.22M	USD	1 Quarter
Net income	`ProfitLoss`	$8.51M	USD	1 Quarter
Depreciation	`Depreciation`	$14.37M	USD	1 Quarter
Depreciation	`Depreciation`	$14.13M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.73M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$2.42M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$215.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$459.00K	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.10M	USD	1 Quarter
Gain on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.31M	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$40.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashExpense`	$44.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-36.38M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$-30.67M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$-2.97M	USD	1 Quarter
Contract assets	`IncreaseDecreaseInContractWithCustomerAsset`	$4.67M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$6.36M	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-1.10M	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$499.00K	USD	1 Quarter
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$147.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-44.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.99M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$-31.72M	USD	1 Quarter
Contract liabilities	`IncreaseDecreaseInContractWithCustomerLiability`	$38.52M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.81M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.75M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$231.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$77.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.66M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$49.09M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.12M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.22M	USD	1 Quarter
Issuance of a note receivable	`PaymentsToAcquireNotesReceivable`	$10.00M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.73M	USD	1 Quarter
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.98M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.39M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.24M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.15M	USD	1 Quarter
Proceeds from issuance of common stock purchased under a long-term incentive plan	`ProceedsFromIssuanceOfCommonStock`	$1.50M	USD	1 Quarter
Repayment of long-term debt and capital leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$12.50M	USD	1 Quarter
Repayment of long-term debt and capital leases	`RepaymentsOfLongTermDebtAndCapitalSecurities`	$12.89M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$5.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$2.84M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$3.09M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-19.19M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-14.48M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-36.21M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$12.66M	USD	1 Quarter
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$170.38M	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 beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$135.82M	USD	Point-in-time
Cash and cash equivalents at beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$134.17M	USD	Point-in-time
Cash and cash equivalents at end of the period	`CashAndCashEquivalentsAtCarryingValue`	$170.38M	USD	Point-in-time
Cash and cash equivalents at end 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`	$134.17M	USD	Point-in-time
Interest	`InterestPaidNet`	$2.26M	USD	1 Quarter
Interest	`InterestPaidNet`	$1.97M	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaidNet`	$88.00K	USD	1 Quarter
Income taxes, net of refunds received	`IncomeTaxesPaidNet`	$1.87M	USD	1 Quarter
Obligations incurred for the acquisition of property	`CapitalExpendituresIncurredButNotYetPaid`	$4.16M	USD	1 Quarter
Dividends declared and not yet paid	`DividendsPayableCurrentAndNoncurrent`	$3.09M	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.