Primoris Services (PRIM) FY2022 results: revenue $4.4 billion, up 26.4% on the year
Primoris Services Corp. (PRIM) reported revenue of $4.4 billion for fiscal 2022, the year ended 31 December 2022, up 26.4% on the year before. Net income was $133 million, up 15.1%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.
Revenue
$4.4 billion
+26.4% on the year
FY2016FY2022
Operating margin
4.4%
4.9% a year earlier
FY2016FY2022
Net income
$133 million
+15.1% on the year
FY2016FY2022
Diluted EPS
$2.47
+13.8% on the year
FY2016FY2022
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
FY2022
FY2021
FY2020
On the year
Last 8 years
Operating cash flow
83.3
79.7
313
+4.5%
Capital expenditure
94.7
134
64.4
-29.3%
Free cash flow
-11.3
-54.1
249
Free cash flow margin
-0.3%
-1.5%
7.1%
Cash from investing
-482
-691
-42.5
Cash from financing
452
486
-62.8
-6.9%
Depreciation and amortisation
99.2
106
82.5
-6.1%
Share-based compensation
7.4
10.5
2.3
-28.9%
Buybacks
6.0
14.7
11.5
-59.3%
Dividends paid
12.8
12.6
11.6
+1.7%
Dividend per share
$0.24
$0.24
$0.24
0.0%
Diluted shares, weighted
54m
53m
49m
+1.1%
Shares outstanding at period end
53m
53m
48m
-0.1%
Balance sheet
$ million
FY2022
FY2021
FY2020
On the year
Last 8 years
Shareholders' equity
1,109
990
715
+12.0%
Non-controlling interest
n/a
n/a
0.0
Debt
1,143
661
317
+72.9%
Operating lease liabilities
131
98.1
138
+33.4%
Other liabilities
1,161
794
800
+46.3%
Total liabilities and equity
3,544
2,543
1,970
+39.3%
Fixed assets
494
433
356
+14.0%
Goodwill
872
582
215
+49.9%
Intangible assets
249
171
61.0
+45.6%
Cash and equivalents
249
201
327
+24.0%
Receivables
663
472
432
+40.6%
Other assets
1,017
685
578
+48.5%
Total assets
3,544
2,543
1,970
+39.3%
10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.