Primoris Services (PRIM) FY2021 results: revenue $3.5 billion, up 0.2% on the year
Primoris Services Corp. (PRIM) reported revenue of $3.5 billion for fiscal 2021, the year ended 31 December 2021, up 0.2% on the year before. Net income was $116 million, up 10.1%, and diluted earnings per share $2.17. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.
Revenue
$3.5 billion
+0.2% on the year
FY2016FY2021
Operating margin
4.9%
4.7% a year earlier
FY2016FY2021
Net income
$116 million
+10.1% on the year
FY2016FY2021
Diluted EPS
$2.17
+0.5% on the year
FY2016FY2021
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
79.7
313
119
-74.5%
Capital expenditure
134
64.4
94.5
+108.0%
Free cash flow
-54.1
249
24.5
Free cash flow margin
-1.5%
7.1%
0.8%
Cash from investing
-691
-42.5
-65.9
Cash from financing
486
-62.8
-83.3
Depreciation and amortisation
106
82.5
85.4
+28.0%
Share-based compensation
10.5
2.3
1.6
+360.1%
Buybacks
14.7
11.5
n/a
+28.5%
Dividends paid
12.6
11.6
12.2
+8.4%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
53m
49m
51m
+9.3%
Shares outstanding at period end
53m
48m
49m
+10.6%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
990
715
630
+38.5%
Non-controlling interest
n/a
0.0
1.0
Debt
661
317
351
+109.0%
Operating lease liabilities
98.1
138
171
-28.9%
Other liabilities
794
800
677
-0.8%
Total liabilities and equity
2,543
1,970
1,830
+29.1%
Fixed assets
433
356
376
+21.6%
Goodwill
582
215
206
+170.4%
Intangible assets
171
61.0
69.8
+180.8%
Cash and equivalents
201
327
120
-38.6%
Receivables
472
432
405
+9.1%
Other assets
685
578
653
+18.5%
Total assets
2,543
1,970
1,830
+29.1%
10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.