Quanta Services, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Quanta Services, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

QUANTA SERVICES, INC. (PWR) filed a Annual Report (10-K) with the SEC on February 22, 2024. Quanta Services, Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is electrical work. Quanta Services, Inc. is incorporated in Delaware. The company's headquarters are located in Houston, Texas.

Why It Matters

For investors and stakeholders tracking QUANTA SERVICES, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Quanta Services' financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's value and future prospects. As a key player in the electrical work industry, the information contained within this report is vital for understanding industry trends, competitive positioning, and potential risks and opportunities facing Quanta Services and its stakeholders.

Risk Assessment

Risk Level: medium — QUANTA SERVICES, INC. shows moderate risk based on this filing. The company operates in the electrical work industry, which can be subject to regulatory changes, project delays, and competition, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Quanta Services' performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 1731 — SIC Code (Standard Industrial Classification for Electrical Work)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• QUANTA SERVICES, INC. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• 1731 (industry_code) — Standard Industrial Classification (Electrical Work)
• DE (jurisdiction) — State of Incorporation
• HOUSTON (location) — Business address city
• 713-629-7600 (phone) — Business phone
• PWR (ticker) — Ticker symbol

FAQ

Risk Factors

• Risks related to operations [medium — operational]: The company's operations are subject to various risks including project execution, supply chain disruptions, and labor availability.
• Financial risks [medium — financial]: Fluctuations in economic conditions, interest rates, and access to capital can impact the company's financial stability and growth.
• Regulatory and compliance risks [low — regulatory]: Changes in environmental, safety, and other regulations could increase compliance costs and affect operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value PWR New York Stock Exchange
• $379.9 million — transactions consisted of approximately $379.9 million paid or payable in cash and 221,700 sha

Filing Documents

• pwr-20231231.htm (10-K) — 2837KB
• pwr-ex41x12312023.htm (EX-4.1) — 26KB
• pwr-ex211x12312023.htm (EX-21.1) — 258KB
• pwr-ex231x12x31x2023.htm (EX-23.1) — 3KB
• pwr-ex311x12x31x2023.htm (EX-31.1) — 12KB
• pwr-ex312x12x31x2023.htm (EX-31.2) — 12KB
• pwr-ex321x1231x2023.htm (EX-32.1) — 9KB
• pwr-ex97x12x31x2023.htm (EX-97) — 28KB
• pwr-20231231_g1.jpg (GRAPHIC) — 92KB
• pwr-20231231_g2.jpg (GRAPHIC) — 41KB
• 0001050915-24-000009.txt (&nbsp;) — 15892KB
• pwr-20231231.xsd (EX-101.SCH) — 112KB
• pwr-20231231_cal.xml (EX-101.CAL) — 165KB
• pwr-20231231_def.xml (EX-101.DEF) — 463KB
• pwr-20231231_lab.xml (EX-101.LAB) — 1272KB
• pwr-20231231_pre.xml (EX-101.PRE) — 817KB
• pwr-20231231_htm.xml (XML) — 2659KB

Risk Factors

ITEM 1A. Risk Factors 15

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 37

Cybersecurity

ITEM 1C. Cybersecurity 37

Properties

ITEM 2. Properties 38

Legal Proceedings

ITEM 3. Legal Proceedings 39

Mine Safety Disclosure s

ITEM 4. Mine Safety Disclosure s 39 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40

Selected Financial Data

ITEM 6. Selected Financial Data 42

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 112

Controls and Procedures

ITEM 9A. Controls and Procedures 112

Other Information

ITEM 9B. Other Information 113

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 113 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 114

Executive Compensation

ITEM 11. Executive Compensation 114

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 114

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 114

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 114 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 115

Form 10-K Summary

ITEM 16. Form 10-K Summary 121

SIGNATURES

SIGNATURES 122 1 Cautionary Statement About Forward-Looking Statements and Information This Annual Report on Form 10-K (Annual Report) of Quanta Services, Inc. (together with its subsidiaries, Quanta, we, us or our) includes forward-looking statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "project," "forecast," "may," "will," "should," "could," "expect," "believe," "plan," "intend" and other words of similar meaning. In particular, these include, but are not limited to, statements relating to the following: Projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP (as defined herein) and non-GAAP financial results, including EBITDA (as defined herein), adjusted EBITDA (as defined herein) and backlog; Expectations regarding our business or financial outlook; Expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or industries; Expectations regarding our plans and strategies, including with respect to our supply chain and expanded or new service offerings; The business plans or financial condition of our customers, including with respect to the transition to a reduced-carbon economy; The potential benefits from, and future financial and operational performance of, acquired businesses and our investments; Beliefs and assumptions about the collectability of receivables; The expected value of contracts or intended contracts with

Business

ITEM 1. Business OVERVIEW Quanta Services, Inc. (together with its subsidiaries, "Quanta," "we," "us" or "our") is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets. We provide engineering, procurement, construction, upgrade and repair and maintenance services for infrastructure within each of these industries, including electric power transmission and distribution networks; substation facilities; wind and solar generation and transmission and battery storage facilities; communications and cable multi-system operator networks; gas utility systems; pipeline transmission systems and facilities; and downstream industrial facilities. Our operations are decentralized and labor-intensive, and we rely on craft skilled labor personnel and experienced operators to successfully manage our day-to-day business. We also have an experienced management team, both at the executive and regional levels and within our subsidiaries, which we refer to as operating companies. We operate a fleet of owned and leased trucks and trailers, support vehicles and specialty construction equipment, as well as various proprietary technologies that enhance our service offerings. We have a large and diverse customer base, including many of the leading companies in the utility, renewable energy, communications, industrial and energy delivery markets. The performance of our business generally depends on our ability to obtain contracts with customers and to effectively deliver the services provided under those contracts. Our services are typically provided pursuant to master service agreements (MSAs), repair and maintenance contracts and fixed price and non-fixed price construction and engineering contracts. We offer comprehensive and diverse solutions on a broad geographic scale and have a solid base of long-stand

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