Quanta Services, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Quanta Services, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial activities and business operations.</b>

AI Summary

QUANTA SERVICES, INC. (PWR) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Quanta Services, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal business is electrical work, classified under SIC code 1731. Quanta Services, Inc. is incorporated in Delaware and has its principal executive offices in Houston, Texas. The filing was submitted on May 2, 2024.

Why It Matters

For investors and stakeholders tracking QUANTA SERVICES, INC., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for Quanta Services, Inc., crucial for assessing its current health and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's financial position, operational efficiency, and any potential risks or opportunities in the electrical work sector.

Risk Assessment

Risk Level: low — QUANTA SERVICES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and profitability drivers for Quanta Services, Inc.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-02 — Filing Date (FILED AS OF DATE)
• 1731 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• QUANTA SERVICES, INC. (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-02 (date) — FILED AS OF DATE
• 1731 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 77008-1044 (other) — ZIP
• 713-629-7600 (other) — BUSINESS PHONE
• PWR (ticker) — ticker symbol

FAQ

Industry Context

Quanta Services operates in the electrical work sector, a critical component of infrastructure development and maintenance across various industries.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Examine any disclosures related to significant contracts or projects.
3. Compare key financial metrics to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.00001 — ange on which registered Common Stock, $0.00001 par value PWR New York Stock Exchange

Filing Documents

• pwr-20240331.htm (10-Q) — 1384KB
• pwr03-31x2024ex101.htm (EX-10.1) — 245KB
• pwr03-31x2024ex311.htm (EX-31.1) — 9KB
• pwr03-31x2024ex312.htm (EX-31.2) — 9KB
• pwr03-31x2024ex321.htm (EX-32.1) — 7KB
• pwr-20240331_g1.jpg (GRAPHIC) — 92KB
• 0001050915-24-000082.txt (&nbsp;) — 9101KB
• pwr-20240331.xsd (EX-101.SCH) — 72KB
• pwr-20240331_cal.xml (EX-101.CAL) — 109KB
• pwr-20240331_def.xml (EX-101.DEF) — 316KB
• pwr-20240331_lab.xml (EX-101.LAB) — 779KB
• pwr-20240331_pre.xml (EX-101.PRE) — 547KB
• pwr-20240331_htm.xml (XML) — 1254KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income (Loss) 7 Condensed Consolidated Statements of Cash Flows 8 Condensed Consolidated Statements of Equity 9 Notes to Condensed Consolidated Financial Statements 10 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 ITEM 4.

Controls and Procedures

Controls and Procedures 42

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 43 ITEM 1A.

Risk Factors

Risk Factors 43 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 ITEM 3. Defaults Upon Senior Securities 44 ITEM 4. Mine Safety Disclosures 44 ITEM 5. Other Information 45 ITEM 6. Exhibits 46 Signature 47 1 Cautionary Statement About Forward-Looking Statements and Information This Quarterly Report on Form 10-Q (Quarterly 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 solutions and expanded or new services offerings; The business plans or financial condition of our customers, including with respect to the transition to a reduced-carbon econom

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. QUANTA SERVICES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share information) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 531,056 $ 1,290,248 Accounts receivable, net 4,094,914 4,410,829 Contract assets 1,274,686 1,413,057 Inventories 224,341 175,658 Prepaid expenses and other current assets 458,472 387,105 Total current assets 6,583,469 7,676,897 Property and equipment, net 2,427,131 2,336,943 Operating lease right-of-use assets 269,925 249,443 Other assets, net 569,708 565,625 Other intangible assets, net 1,408,315 1,362,412 Goodwill 4,283,804 4,045,905 Total assets $ 15,542,352 $ 16,237,225 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term debt $ 546,543 $ 535,202 Current portion of operating lease liabilities 83,968 77,995 Accounts payable and accrued expenses 2,757,546 3,061,242 Contract liabilities 1,443,125 1,538,677 Total current liabilities 4,831,182 5,213,116 Long-term debt, net of current maturities 3,174,181 3,663,504 Operating lease liabilities, net of current portion 201,771 186,996 Deferred income taxes 298,137 254,004 Insurance and other non-current liabilities 669,812 636,250 Total liabilities 9,175,083 9,953,870 Commitments and Contingencies Equity: Common stock, $ 0.00001 par value, 600,000,000 shares authorized, 175,144,784 and 173,949,011 shares issued, and 146,384,210 and 145,508,549 shares outstanding 2 2 Additional paid-in capital 3,090,242 3,002,652 Retained earnings 4,962,949 4,858,066 Accumulated other comprehensive loss ( 313,685 ) ( 282,945 ) Treasury stock, 28,760,574 and 28,440,462 common shares ( 1,382,885 ) ( 1,305,534 ) Total stockholders' equity 6,356,623 6,272,241 Non-controlling interests 10,646 11,114 Total equity 6,367,269 6,283,355 Total liabilities and equity $ 15,542,352 $ 16,237,225 The accompanying notes are an integral part o