Primoris Services Corporation PRIM Cash Flow

Primoris services corporation (PRIM)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net (loss) income
-3,734	27,511	35,826	17,824	2,936	34,381	34,805	14,191	4,216	23,808	22,134	22,396	8,512	14,766	4,756	5,287	2,916	12,708	19,079	3,692	1,672	9,024	27,390	16,003	11,265	25,554	23,193	15,893	10,040	17,932	17,948	11,857	10,530	12,471	19,348	14,462	12,278
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization
19,797	-	-	-	21,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation
-	-	-	-	-	20,240	17,694	15,646	14,368	14,550	14,925	14,005	14,134	15,003	15,580	15,569	15,281	14,956	14,940	14,658	13,854	13,792	13,185	12,232	11,709	11,418	11,091	10,422	9,490	8,361	7,162	7,133	6,424	6,266	5,795	6,140	5,903
Amortization of intangible assets
-	-	-	-	-	3,000	3,100	2,776	2,424	2,516	2,573	1,884	1,727	1,582	1,776	1,615	1,624	1,711	1,712	1,719	1,651	1,872	1,945	1,844	1,843	1,891	1,891	1,891	1,794	1,874	1,476	1,447	1,746	2,114	2,053	2,767	2,765
Stock-based compensation expense
499	361	360	371	487	505	318	215	215	215	221	231	459	458	459	448	262	263	263	262	262	263	262	272	137	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of property and equipment
2,311	4,930	2,304	2,496	2,217	344	1,632	476	1,104	554	672	1,900	1,308	1,316	1,068	1,557	736	1,215	877	534	-510	939	147	454	355	230	974	250	-48	356	620	1,437	339	-144	-228	151	-114
Unrealized loss on interest rate swap
-4,970	-	-	-	-1,447	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other non-cash items
1,821	80	80	80	80	95	112	28	40	72	44	43	44	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities:
Customer retention deposits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	16	194	241	534	679	562	342	70	355	1	-5,249	-10,073	-12,126	132	-8,006	563	-5,354	4,792	3,886	10,121	3,850	1,920	3,081
Accounts receivable
13,911	-149,702	79,978	73,242	24,722	-99,731	97,150	12,338	-30,669	-5,874	-1,215	-17,267	-36,383	77,902	-24,579	-23,027	20,513	-65,496	67,571	19,633	-41,236	-50,999	74,292	22,197	-15,831	20,458	33,405	1,171	-18,174	-12,841	85,746	17,484	-38,297	29,454	2,802	8,303	-61,326
Contract assets
15,682	12,597	-83,322	48,720	2,328	-18,224	21,743	67,044	-2,970	-9,874	19,384	17,956	4,671	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Costs and estimated earnings in excess of billings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	22,785	-7,004	24,155	-62	6,980	24,417	16,164	-27,496	8,039	13,044	17,921	-23,288	10,146	22,124	6,463	-26,515	18,106	12,477	-9,494	-18,608	26,890	8,137	8,172
Other current assets
4,849	8,467	4,090	-7,540	2,231	13,339	-17,097	-320	6,356	-321	-2,582	-3,502	-1,102	12,962	-11,157	-5,973	3,265	-10,237	-1,273	-339	7,065	19,980	-4,059	1,908	7,938	6,109	5,444	2,989	232	-	-	-	-	-	-	-	-
Income from non-consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	5,250	0	14	-72	113	-213	269	-709	-159	-47	1,101	-3,287	2,079	4,400	826
Distributions received from non-consolidated entities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	98	0	0	1,260	1,077	3,062	4,909	1,088
Inventory, prepaid expenses and other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,946	-	-	-	-7,309
Other long-term assets
-204	-1,082	-304	319	-182	-1,201	458	0	499	-2,773	3,126	-528	147	-171	1,216	352	395	-	-	-	-	-	-	-	-	-	-	-	381	-	-	-	-	-	-	-	-
Accounts payable
23,934	15,863	1,648	27,793	-59,198	8,224	21,984	12,102	-9,987	-12,734	19,247	6,937	-43,997	32,898	21,101	-23,043	11,978	-9,755	4,313	8,843	-8,487	-29,326	26,974	11,486	-8,213	7,420	17,856	-3,850	-46,557	13,905	22,489	18,085	-20,141	21,772	-5,834	8,548	-7,245
Contract liabilities
-15,389	2,694	-8,120	1,615	2,590	-32,740	7,159	13,501	-31,721	-3,600	563	7,122	38,525	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease assets and liabilities, net
-119	1,702	571	-529	1,447	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Billings in excess of costs and estimated earnings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-24,000	-3,367	-14,217	-4,962	6,661	-7,865	-13,453	-5,833	6,331	10,796	-26,064	25,901	-15,106	1,626	2,052	13,310	13,784	154	-6,609	-7,825	-25,991	3,166	-36,889
Contingent earnout liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,451	-361	45	-4,955	213	201	327	-4,886	-5,613	874	-10,517	356	1,054	-5,360	3,079	-208	5,683	-2,153	-306	-297
Accrued liabilities
-179	-40,586	4,181	23,144	-9,663	-10,467	2,753	15,453	-1,806	-15,933	9,550	10,050	-1,752	-10,006	11,243	10,806	-3,469	-19,983	27,892	10,241	-6,421	-16,655	6,069	1,698	1,534	-10,802	22,372	4,353	-99	-17,512	14,291	6,389	8	-13,103	5,678	12,328	-1,585
Other long-term liabilities
-756	-5,708	4,589	1,208	288	-6,193	3,778	1,289	231	-3,565	1,251	2,615	77	-3,726	837	-110	-678	1,409	1,480	-4,267	-280	-	-	1,787	-3,855	1,017	1,675	1,655	-3,240	3,648	727	-2,225	-12	9,020	0	300	-2,585
Net cash used in operating activities
-5,467	158,097	56,408	-24,428	-72,096	139,688	-12,157	-4,376	3,660	27,510	45,143	67,201	49,088	11,960	45,119	41,106	-35,608	65,078	560	-19,279	2,018	38,254	684	18,841	-21,678	57,078	32,319	-4,363	-7,281	79,121	-20,431	-122	39,825	14,278	-26,715	21,240	30,697
Cash flows from investing activities:
Purchase of property and equipment
9,311	16,239	21,348	42,530	14,377	29,423	34,659	26,982	19,125	22,436	12,649	25,475	19,222	5,890	9,997	29,885	12,255	14,657	16,766	19,093	16,581	23,414	25,915	23,558	15,067	18,301	19,493	29,706	19,550	13,675	11,311	7,221	5,188	12,149	6,093	6,730	4,080
Issuance of a note receivable
-	-	-	-	-	0	0	5,000	10,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
6,902	4,228	3,197	16,798	4,398	2,002	3,844	2,077	3,734	1,709	2,363	2,680	1,984	1,840	2,040	2,417	3,306	3,750	2,537	779	2,823	1,966	831	1,626	1,391	1,311	4,879	453	1,222	1,352	952	2,796	3,935	1,070	1,376	782	215
Purchase of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	30,245	1,245	1,694	586	17,490	1,445	1,236	2,939	-	-	-	-	0	13,000	0	23,000
Sale of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	30,494	498	1,333	1,445	16,740	1,946	1,566	1,694	987	3,201	3,428	0	0	23,000	0	13,000	0	26,000
Cash received for the sale of equity method investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	5,250	0	1,189	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	4,108	0	0	0	22,302	-	-	-	-	0	1,248	0	1,025	48,097	2,979	15,903	19,228	-	-	-	-
Net cash used in investing activities
-2,409	-12,011	-18,151	-25,732	-9,979	-27,011	-30,815	-125,935	-25,391	-1,672	-23,524	-89,000	-17,238	-10,939	-7,957	-27,468	-13,057	-10,907	-14,229	12,180	-35,562	-50,361	-27,875	-13,240	-11,127	-32,914	-15,613	-29,502	-19,091	-57,481	-19,718	-20,328	2,519	-11,079	-4,717	-5,948	-865
Cash flows from financing activities:
Borrowings under revolving line of credit
-	0	72,880	100,000	40,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments on revolving line of credit
-	0	127,880	45,000	40,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt
6,800	0	31,903	0	23,105	-	-	-	-	-	-	-	-	-	-	-	-	32,950	31,328	0	11,000	-	-	-	-	10,574	54,671	26,248	16,116	-	-	-	-	-	-	-	-
Repayment of long-term debt and capital leases
-	-	-	-	-	-	-	-	-	-	16,600	12,181	12,498	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of capital leases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	158	200	268	250	372	347	367	498	811	888	1,079	1,219	1,254	1,143	1,002	1,003	943	1,017	6,058	2,700	902	1,508	1,172
Repayment of long-term debt
14,976	16,253	21,504	17,150	17,170	18,435	99,290	15,131	12,870	-	-	-	-	20,852	12,605	12,285	11,977	12,330	10,962	10,540	10,095	8,762	7,672	7,359	11,314	6,671	5,561	17,443	6,221	14,456	3,893	3,325	4,959	12,084	2,345	5,536	2,364
Repayment of subordinated debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	640	16,861	3,646	3,590	3,541	9,933
Proceeds from issuance of common stock purchased under a long-term incentive plan
578	0	0	0	1,804	0	0	0	1,498	0	0	0	1,148	1	0	0	1,439	0	0	0	1,621	0	0	0	1,671	0	0	0	1,455	0	0	0	1,240	-175	0	0	822
Cash distribution to noncontrolling interest holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	75	0	390	1,125	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of common stock
7,393	-	-	-	-	-	-	-	-	0	0	0	4,999	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid
2,919	3,059	3,058	3,051	3,043	3,072	3,092	3,092	3,087	2,829	2,829	2,829	2,839	2,848	2,847	2,847	2,842	2,843	2,842	2,062	2,062	2,062	1,809	1,807	1,805	-	-	-	-	3,084	1,542	1,537	1,532	1,532	1,276	1,276	1,234
Other
-1,285	-456	-289	-13	-26	-60	-1,066	-24	-23	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-19,195	-69,768	-47,948	29,762	4,670	-20,922	-71,877	171,220	-14,482	1,312	9,940	-15,010	-19,188	-13,865	14,390	-15,332	-13,648	17,527	17,123	-12,949	97	7,422	11,164	4,956	-13,652	-2,121	43,551	6,115	10,348	59,257	-2,483	5,256	-28,170	21,363	-8,113	-11,391	-13,881
Effect of exchange rate changes on cash and cash equivalents
259	131	-586	527	327	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents
-26,812	76,449	-10,277	-19,871	-77,078	91,024	-114,857	40,724	-36,213	27,150	31,559	-36,809	12,662	-12,844	51,552	-1,694	-62,313	71,698	3,454	-20,048	-33,447	-4,685	-16,027	10,557	-46,457	22,043	60,257	-27,750	-16,024	80,897	-42,632	-15,194	14,174	24,562	-39,545	3,901	15,951
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest
4,061	3,755	4,445	3,890	4,065	4,447	7,467	2,226	1,965	1,729	1,573	2,401	2,262	2,165	2,242	2,240	2,172	2,036	2,064	1,666	1,922	1,217	2,661	1,046	1,508	2,163	810	1,300	1,259	722	694	637	951	1,118	923	1,353	1,371
Cash paid for income taxes, net of refunds received
-369	18,068	8,178	-8,892	-707	8,867	1,769	3,522	88	366	10,064	13,682	1,872	6,545	780	304	995	8,169	4,882	5,140	505	22,129	18,249	14,894	2,341	15,747	14,363	17,214	802	13,322	7,001	10,126	955	12,562	8,345	10,637	2,056
Leased assets obtained in exchange for new operating leases
34,711	36,052	67,695	42,213	8,847	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Obligations incurred for the acquisition of property
-	-	-	-	-	-	-	-	-	-	0	0	4,163	-	-	-	-	-	-	-	-	-	-	-	-	114	23	1,320	1,180	-	-	-	-	-	-	-	-