PRIM — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-05

• Our results of operations are subject to quarterly variations. Some of the variation is the result of weather, particularly rain, ice, snow, and named storms, which can impact our ability to perform infrastructure services. These seasonal impacts can affect revenue and profitability in all of our bu…

• Revenue was $3.2 billion for the six months ended June 30, 2026, a decrease of $0.3 billion, or 8.2%, compared to the same period in 2025. The decrease was due to lower revenue in our Energy segment partially offset by growth in the Utilities segment.

• Gross profit was $82.4 million for the three months ended June 30, 2026, a decrease of $149.3 million, or 64.4% compared to the same period in 2025. The decrease was primarily due to a decrease in revenue and margin in the Energy segment and a decrease in margin in the Utilities segment. Gross profi…

• Gross profit was $217.1 million for the six months ended June 30, 2026, a decrease of $185.3 million, or 46.0%, compared to the same period in 2025. The decrease was primarily due to a decrease in revenue and margin in the Energy segment. Gross profit as a percentage of revenue decreased to 6.7% for…

• SG&A expenses were $106.3 million during the three months ended June 30, 2026, an increase of $1.7 million, or 1.6%, compared to 2025, due to the acquisition of PayneCrest, partially offset by lower incentive compensation costs. SG&A expenses as a percentage of revenue increased to 6.3% compared to …

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• Our results of operations are subject to quarterly variations. Some of the variation is the result of weather, particularly rain, ice, snow, and named storms, which can impact our ability to perform infrastructure services. These seasonal impacts can affect revenue and profitability in all of our bu…

• or positively by atypical weather patterns in any part of the country. In addition, demand for new projects in our Utilities segment tends to be lower during the early part of the calendar year due to clients’ internal budget cycles. As a result, we usually experience higher revenue and earnings in …

• Gross profit was $134.7 million for the three months ended March 31, 2026, a decrease of $36.0 million, or 21.1%, compared to the same period in 2025. The decrease was primarily due to a decrease in revenue and margin in the Energy segment, partially offset by an increase in revenue and margin in th…

• SG&A expenses were $105.8 million during the three months ended March 31, 2026, an increase of $6.3 million, or 6.3%, compared to 2025. SG&A expenses as a percentage of revenue increased to 6.8% compared to 6.0% for the corresponding period in 2025 primarily due to lower revenue.

• Transaction and related costs were $4.5 million during the three months ended March 31, 2026, compared to $0.8 million for the three months ended March 31, 2025. The increase was due to professional fees paid to advisors associated with the PayneCrest acquisition.

Text added vs the prior filing · source: 10-Q · 2026-08-05

• In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, ou…

• judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their stated objectives.

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• specified in the rules and forms of the SEC, and accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.

• In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, ou…

Text removed vs the prior filing · source: 10-Q · 2026-05-06

• The information set forth below in this item 5 is reported in lieu of information that would be reported under items “1.01 Entry into a Material Definitive Agreement” and "2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant." of Form…

• On May 1, 2026, we entered into the Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with CIBC Bank USA, as administrative agent (the “Administrative Agent”) and co-lead arranger, and the financial parties thereto (collectively, the “Lenders”), amending and restating the…

• Under the Amended Credit Agreement, we must make quarterly principal payments on the New Term Loan in an amount equal to approximately $9.7 million. The first principal payment will be due on September 30, 2026.

• The principal amount of all loans under the Amended Credit Agreement will bear interest at either: (i) SOFR plus an applicable margin as specified in the Amended Credit Agreement (based on our net senior debt to EBITDA ratio as defined in the Amended Credit Agreement), or (ii) the Base Rate (which i…

• The principal amount of any loan drawn under the Amended Credit Agreement may be prepaid in whole or in part at any time, without premium or penalty.