8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

May 1, 2020

Date of Report (Date of earliest event reported)

Primoris Services Corporation

(Exact name of Registrant as specified in its charter)

Delaware	001-34145	20-4743916
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer
of incorporation)		Identification No.)

2300 N. Field Street, Suite 1900, Dallas, Texas 75201

(Address of principal executive offices)

(Zip Code)

(214) 740-5600

Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐             Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐             Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐             Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐             Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	PRIM	The Nasdaq Stock Market LLC

Item 2.02                      Results of Operations and Financial Condition.

On May 5, 2020, Primoris Services Corporation, a Delaware corporation (“Primoris”, the “Company”) issued a press release announcing its financial performance for the quarter ended March 31, 2020.

The information contained in the press release attached hereto is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 5.07Submission of Matters to a Vote of Security Holders.

The annual meeting of the stockholders of Primoris, was held on May 1, 2020. The total number of shares of the Company’s common stock issued, outstanding and entitled to vote at the meeting was 48,254,575 shares. Represented at the meeting either in person or by proxy were 40,941,232 shares, or 84.8% of shares entitled to vote. The results of the votes for the proposals were as follows:

Proposal 1

To elect six Directors to hold office for a one-year term expiring at the annual meeting of stockholders to be held in 2020 or until a successor is elected and qualified.

● Stephen C. Cook

o Votes “For” —38,787,874; votes “Withheld” — 1,356,522; Broker “Non-Votes” — 796,836

● David L. King

o Votes “For” —39,027,397; votes “Withheld” — 1,116,999; Broker “Non-Votes” — 796,836

● Carla S. Mashinski

o Votes “For” —39,357,791; votes “Withheld” — 786,605; Broker “Non-Votes” — 796,836

● Thomas E. McCormick

o Votes “For” —39,109,886; votes “Withheld” — 1,034,510; Broker “Non-Votes” — 796,836

● John P. Schauerman

o Votes “For” —39,034,378; votes “Withheld” — 1,110,018; Broker “Non-Votes” — 796,836

● Robert A. Tinstman

o Votes “For” —38,896,383; votes “Withheld” — 1,248,013; Broker “Non-Votes” — 796,836

In addition to the directors elected above, the following directors’ terms of office continued after the meeting until subsequent annual meetings of the stockholders:

Class A: Directors with terms expiring at the 2021 annual meeting of stockholders:

● Peter C. Brown

● Thomas E. Tucker

Proposal 2

To provide a non-binding advisory vote approving the Company’s executive compensation program.

● Votes “For” — 34,881,168

● Votes “Against” — 5,206,313

● Votes “Abstain” — 56,915

● Votes “Broker Non-Vote” — 796,836

2

Proposal 3

Ratification of the appointment of Moss Adams LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020.

● Votes “For” — 39,397,720

● Votes “Against” — 1,537,912

● Votes “Abstain” — 5,600

Item 8.01            Other Events.

Declaration of Cash Dividend to Stockholders

On May 1, 2020, the Board of Directors declared a cash dividend of $0.06 per common share for stockholders of record as of June 30, 2020, payable on or about July 15, 2020.

Item 9.01.Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit No.	Description
99.1	Press release dated May 5, 2020
104	Cover Page Interactive Data File – The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PRIMORIS SERVICES CORPORATION
Dated: May 5, 2020	By:	/s/ Kenneth M. Dodgen
		Kenneth M. Dodgen
		Executive Vice President, Chief Financial Officer

4

EX-99.1

Exhibit 99.1

PRIMORIS SERVICES CORPORATION ANNOUNCES 2020 FIRST QUARTER FINANCIAL RESULTS

Ø Board of Directors Declares $0.06 Per Share Cash Dividend

Financial Highlights

· 2020 Q1 revenue of $743.2 million, compared to $661.6 million in 2019 Q1

· 2020 Q1 net loss attributable to Primoris of ($3.7 million), or ($0.08) per fully diluted share, compared to net income of $1.9 million, or $0.04 per fully diluted share, in 2019 Q1

o 2020 Q1 net loss included a pre-tax $5.0 million non-cash, unrealized loss on the change in fair value of the interest rate swap

· 2020 Q1 SG&A 6.0% of revenue, compared to 2019 Q1 of 6.5% of revenue

· Record Total Backlog of $3.2 billion at March 31, 2020

· Purchased $7.4 million of stock at average price of $16.01 per share during 2020 Q1

o $17.6 million remains under current repurchase authorization

Dallas, TX – May 5, 2020– Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today announced financial results for its first quarter ended March 31, 2020.

The Company also announced that on May 1, 2020 its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on June 30, 2020, payable on or about July 15, 2020. 

Tom McCormick, President and Chief Executive Officer of Primoris, commented, “Despite the onset of a pandemic and an oil crisis, as well as the customary seasonal slow start to our year, Primoris performed admirably in the first quarter with a sizable increase in revenue over the same period last year, positive operating income, and a moderate increase in backlog.  Our first quarter had our usual challenges for Primoris, as some of our clients are typically slow to release work, combined with inclement winter weather in some of the areas in which we operate.   We also faced the impacts associated with the health orders that were issued by the various states due to the coronavirus pandemic (“COVID-19”). The good news is that all of our business units are classified as “Critical Infrastructure Contractors”, and our crews and project teams are busy executing on previously awarded projects and work orders.  Our backlog of $3.2 billion remains strong. ”

Mr. McCormick continued, “We are withdrawing our earnings guidance for the year, not because of any underlying concerns with the long-term strength of our end-markets and opportunities, but because of the uncertainty around the timing of work and the potential long-term impacts of both the oil crisis and COVID-19.  With our solid balance sheet and ample liquidity, we plan to maintain our regular quarterly dividend of $0.06 per share. Primoris continues to be a very healthy company with viable end markets.  Our focus is first and always on the safety of our employees, our clients and the communities in which we live and work.”

2020 FIRST QUARTER RESULTS OVERVIEW

Revenue was $743.2 million for the three months ended March 31, 2020, an increase of $81.7 million, or 12.3%, compared to the same period in 2019. The increase was primarily due to growth in our Pipeline and Power segments, partially offset by lower revenue in our Transmission and Civil segments. Gross profit was $47.8 million for the three months ended March 31, 2020, a decrease of $4.7 million, or 8.9%, compared to the same period in 2019.  The decrease was primarily due to a decrease in gross profit as a percentage of revenue, partially offset by revenue growth. Gross profit as a percentage of revenue decreased to 6.4% for the three months ended March 31, 2020, compared to 7.9% for the same period in 2019 as described in the forthcoming segment results.

Segment Revenue

(in thousands, except %)

(unaudited)

	For the three months ended March 31,
	2020			2019
			% of			% of
			Total			Total
Segment	Revenue		Revenue	Revenue		Revenue
Power	$	196,193	26.4%	$	145,383	22.0%
Pipeline		191,523	25.8%		134,814	20.4%
Utilities		147,170	19.8%		146,206	22.1%
Transmission		102,784	13.8%		118,443	17.9%
Civil		105,573	14.2%		116,712	17.6%
Total	$	743,243	100.0%	$	661,558	100.0%

Segment Gross Profit

(in thousands, except %)

(unaudited)

	For the three months ended March 31,
	2020			2019
			% of			% of
			Segment			Segment
Segment	Gross Profit		Revenue	Gross Profit		Revenue
Power	$	18,682	9.5%	$	20,198	13.9%
Pipeline		16,492	8.6%		15,016	11.1%
Utilities		4,602	3.1%		8,241	5.6%
Transmission		1,712	1.7%		6,628	5.6%
Civil		6,322	6.0%		2,377	2.0%
Total	$	47,810	6.4%	$	52,460	7.9%

Power, Industrial, & Engineering Segment (“Power”):  Revenue increased by $50.8 million, or 34.9%, for the three months ended March 31, 2020, compared to the same period in 2019. The increase is primarily due to a carbon monoxide and hydrogen plant project that began in the second quarter of 2019 and progress on a West Texas solar facility project that began late in the first quarter of 2019.  Gross profit for the three months ended March 31, 2020, decreased by $1.5 million, or 7.5%, compared to the same period in 2019 due to lower margins, partially offset by higher revenue.  Gross profit as a percentage of revenue decreased to 9.5% during the three months ended March 31, 2020, compared to 13.9% in the same period in 2019 primarily due to higher costs associated with an engineering project and a Canadian tank farm project in 2020, as well as the favorable impact from the closeout of multiple refinery projects and our Carlsbad joint

venture project in 2019. These amounts are partially offset by the improved gross margin on a West Texas solar facility project in 2020 and an increase in expected claim recovery on a project completed in 2014.

Pipeline & Underground Segment (“Pipeline”):  Revenue increased by $56.7 million, or 42.1%, for the three months ended March 31, 2020, compared to the same period in 2019. The increase is primarily due to pipeline projects in Texas and Virginia that began in the first quarter of 2020, partially offset by the substantial completion of a major pipeline project in West Texas in the second quarter of 2019 and reduced activity on a major pipeline project in the Mid-Atlantic.  Gross profit for the three months ended March 31, 2020 increased by $1.5 million, or 9.8%, compared to the same period in 2019 due to higher revenue, partially offset by lower margins. Gross profit as a percentage of revenue decreased to 8.6% during the three months ended March 31, 2020, compared to 11.1% in the same period in 2019 primarily due to startup costs on pipeline projects in Texas in 2020 and the favorable impact from the closeout of multiple pipeline projects in 2019.

Utilities & Distribution Segment (“Utilities”): Revenue increased by $1.0 million, or 0.7%, for the three months ended March 31, 2020, compared to the same period in 2019 primarily due to increased activity with utility customers in the Midwest, Southeast, and Texas, partially offset by decreased activity with a utility customer in California.  Gross profit for the three months ended March 31, 2020 decreased by $3.6 million, or 44.2%, compared to the same period in 2019 primarily due to lower margins. Gross profit as a percent of revenue decreased to 3.1% during the three months ended March 31, 2020, compared to 5.6%, in the same period in 2019 primarily due to the favorable impact from the closeout of multiple jobs with a utility customer in California in 2019.

Transmission & Distribution Segment (“Transmission”): Revenue decreased by $15.7 million, or 13.2%, for the three months ended March 31, 2020, compared to the same period in 2019 primarily due to decreased activity with a utility customer in Texas.  Gross profit for the three months ended March 31, 2020, decreased by $4.9 million, or 74.2%, compared to the same period in 2019, due primarily to lower revenue and margins.  Gross profit as a percentage of revenue decreased to 1.7% during the three months ended March 31, 2020, compared to 5.6% in the same period in 2019 primarily due to slower than anticipated release of work by certain customers resulting in higher relative carrying costs for equipment and personnel, and the unfavorable impact of mix of projects in 2020.

Civil Segment (“Civil”):  Revenue decreased by $11.1 million, or 9.5%, for the three months ended March 31, 2020, compared to the same period in 2019. The decrease is primarily due to the substantial completion of an ethylene plant project in the second quarter of 2019 and lower Texas Department of Transportation volumes. These amounts were partially offset by progress on a methanol plant project that began in 2019 and higher Louisiana Department of Transportation & Development (“DOTD”) volumes.  Gross profit for the three months ended March 31, 2020 increased by $3.9 million compared to the same period in 2019 due to higher margins, partially offset by lower revenue. Gross profit as a percentage of revenue increased to 6.0% during the three months ended March 31, 2020, compared to 2.0% in the same period in 2019 due primarily to increased profit on Louisiana DOTD projects and the unfavorable impact from the Belton area projects in 2019. As of December 31, 2019, all of the Belton area projects were substantially complete.

OTHER INCOME STATEMENT INFORMATION

Selling, general and administrative (“SG&A”) expenses were $44.4 million during the three months ended March 31, 2020, an increase of $1.5 million, or 3.4%, compared to 2019 primarily due to a $1.0 million increase in consulting expenses. SG&A expense as a percentage of revenue decreased to 6.0% compared to 6.5% for the corresponding period in 2019 due to increased revenue.

Interest expense for the three months ended March 31, 2020, increased compared to the same period in 2019 due primarily to a $5.0 million unrealized loss on the change in the fair value of our interest rate swap during the three months ended March 31, 2020, compared to a $1.4 million loss in the corresponding period in 2019.

The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 29.0% for the three months ended March 31, 2020.  The rate differs from the U.S. federal statutory rate of 21.0% primarily due to state income taxes and nondeductible components of per diem expenses.

OUTLOOK

Given the uncertainty surrounding the timing of the COVID-19 pandemic, we are suspending our fiscal year 2020 guidance for net income attributable to Primoris.

BACKLOG

							Expected Next Four
							Quarters Total
	Backlog at March 31, 2020 (in millions)						Backlog Revenue
Segment	Fixed Backlog		MSA Backlog		Total Backlog		Recognition
Power	$	359	$	95	$	454		87%
Pipeline		917		85		1,002		45%
Utilities		36		678		714		100%
Transmission		14		407		421		100%
Civil		609		4		613		57%
Total	$	1,935	$	1,269	$	3,204		73%

At March 31, 2020, Fixed Backlog was $1.94 billion, compared to $1.76 billion at December 31, 2019.

At March 31, 2020, MSA Backlog was $1.27 billion, compared to $1.42 billion at December 31, 2019.  During the first quarter of 2020, approximately $270 million of revenue was recognized from MSA projects, a 7.7% decrease over first quarter 2019 MSA revenue.  MSA Backlog represents estimated MSA revenue for the next four quarters.

Total Backlog at March 31, 2020 was $3.20 billion, compared to $3.18 billion at December 31, 2019. 

Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue.  Revenue from certain projects, such as cost reimbursable and time-and-materials projects, do not flow through backlog.  At any time, any project may be cancelled at the convenience of our customers.

CONFERENCE CALL

Tom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will host a conference call Tuesday, May 5, 2020 at 10:00 am Eastern Time / 9:00 am Central Time to discuss the results. 

Interested parties may participate in the call by dialing:

· (877) 407-8293 (Domestic)

· (201) 689-8349 (International)

Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.prim.com.  Once at the Investor Relations section, please click on “Events & Presentations”.

If you are unable to participate in the live call, a replay may be accessed by dialing (877) 660-6853, conference ID 13702551, and will be available for approximately two weeks. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website at www.prim.com.  

ABOUT PRIMORIS

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating mainly in the United States and Canada. Primoris provides a wide range of specialty

construction services, fabrication, maintenance, replacement, and engineering services to a diversified base of customers. The Company’s national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and into Canada. For additional information, please visit www.prim.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance.  Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions.  Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally.  Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in our mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for our services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; increases in construction costs that we may be unable to pass through to our customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs we incur to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in our operations; the results of the review of prior period accounting on certain projects; developments in governmental investigations and/or inquiries; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of our control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of our agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, and our other filings with the Securities and Exchange Commission (“SEC”).  Such filings are available on the SEC’s website at www.sec.gov.  Given these risks and uncertainties, you should not place undue reliance on forward-looking statements.  Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Company Contact
Ken Dodgen	Kate Tholking
Executive Vice President, Chief Financial Officer	Vice President, Investor Relations
(214) 740-5608	(214) 740-5615
kdodgen@prim.com	ktholking@prim.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Share Amounts)

(Unaudited)

	Three Months Ended
	March 31,
	2020		2019
Revenue	$	743,243	$	661,558
Cost of revenue		695,433		609,098
Gross profit		47,810		52,460
Selling, general and administrative expenses		44,388		42,931
Operating income		3,422		9,529
Other income (expense):
Foreign exchange (loss) gain		136		(185)
Other income (expense), net		12		(370)
Interest income		281		349
Interest expense		(9,112)		(5,592)
(Loss) income before provision for income taxes		(5,261)		3,731
Benefit (provision) for income taxes		1,527		(795)
Net (loss) income		(3,734)		2,936
Less net income attributable to noncontrolling interests		(3)		(989)
Net (loss) income attributable to Primoris	$	(3,737)	$	1,947
Dividends per common share	$	0.06	$	0.06
(Loss) earnings per share:
Basic	$	(0.08)	$	0.04
Diluted	$	(0.08)	$	0.04
Weighted average common shares outstanding:
Basic		48,588		50,770
Diluted		48,588		51,188

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

(Unaudited)

	March 31,			December 31,
	2020		2019
ASSETS
Current assets:
Cash and cash equivalents	$	93,474	$	120,286
Accounts receivable, net		416,412		404,911
Contract assets		359,370		344,806
Prepaid expenses and other current assets		47,409		42,704
Total current assets		916,665		912,707
Property and equipment, net		363,993		375,888
Operating lease assets		253,117		242,385
Deferred tax assets		1,090		1,100
Intangible assets, net		67,460		69,829
Goodwill		215,103		215,103
Other long-term assets		17,675		13,453
Total assets	$	1,835,103	$	1,830,465
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	258,962	$	235,972
Contract liabilities		176,847		192,397
Accrued liabilities		192,648		183,501
Dividends payable		2,895		2,919
Current portion of long-term debt		52,430		55,659
Total current liabilities		683,782		670,448
Long-term debt, net of current portion		290,749		295,642
Noncurrent operating lease liabilities, net of current portion		176,546		171,225
Deferred tax liabilities		17,820		17,819
Other long-term liabilities		50,762		45,801
Total liabilities		1,219,659		1,200,935
Commitments and contingencies
Stockholders’ equity
Common stock		5		5
Additional paid-in capital		91,414		97,130
Retained earnings		524,655		531,291
Accumulated other comprehensive (loss) income		(1,661)		76
Noncontrolling interest		1,031		1,028
Total stockholders’ equity		615,444		629,530
Total liabilities and stockholders’ equity	$	1,835,103	$	1,830,465

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

	Three Months Ended
	March 31,
	2020		2019
Cash flows from operating activities:
Net (loss) income	$	(3,734)	$	2,936
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization		19,797		21,700
Stock-based compensation expense		499		487
Gain on sale of property and equipment		(2,311)		(2,217)
Unrealized loss on interest rate swap		4,970		1,447
Other non-cash items		1,821		80
Changes in assets and liabilities:
Accounts receivable		(13,911)		(24,722)
Contract assets		(15,682)		(2,328)
Other current assets		(4,849)		(2,231)
Other long-term assets		204		182
Accounts payable		23,934		(59,198)
Contract liabilities		(15,389)		2,590
Operating lease assets and liabilities, net		119		(1,447)
Accrued liabilities		(179)		(9,663)
Other long-term liabilities		(756)		288
Net cash used in operating activities		(5,467)		(72,096)
Cash flows from investing activities:
Purchase of property and equipment		(9,311)		(14,377)
Proceeds from sale of property and equipment		6,902		4,398
Net cash used in investing activities		(2,409)		(9,979)
Cash flows from financing activities:
Borrowings under revolving line of credit		—		40,000
Payments on revolving line of credit		—		(40,000)
Proceeds from issuance of long-term debt		6,800		23,105
Repayment of long-term debt		(14,976)		(17,170)
Proceeds from issuance of common stock purchased under a long-term incentive plan		578		1,804
Dividends paid		(2,919)		(3,043)
Other		(1,285)		(26)
Net cash (used in) provided by financing activities		(19,195)		4,670
Effect of exchange rate changes on cash and cash equivalents		259		327
Net change in cash and cash equivalents		(26,812)		(77,078)
Cash and cash equivalents at beginning of the period		120,286		151,063
Cash and cash equivalents at end of the period	$	93,474	$	73,985

XML

Document and Entity Information	May 01, 2020
Document and Entity Information
Document Type	8-K
Document Period End Date	May 01, 2020
Entity File Number	001-34145
Entity Registrant Name	Primoris Services Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4743916
Entity Address, Address Line One	2300 N. Field Street
Entity Address, Adress Line Two	Suite 1900
Entity Address, State or Province	TX
Entity Address, City or Town	Dallas
Entity Address, Postal Zip Code	75201
City Area Code	(214)
Local Phone Number	740-5600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	PRIM
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001361538
Amendment Flag	false