Quanta Services Files Q2 2024 10-Q

Ticker: PWR · Form: 10-Q · Filed: 2024-08-01T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials

TL;DR

QUANTA SERVICES Q2 10-Q FILED - FINANCIALS AND OPS UPDATED

AI Summary

Quanta Services, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and business segments are presented, reflecting the company's ongoing activities in the electrical work sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Quanta Services, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in a sector subject to economic cycles and project-based revenue, which can introduce medium-level risk.

Key Numbers

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the quarter ended June 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on August 1, 2024.

What is the company's primary industry classification?

The company's Standard Industrial Classification is ELECTRICAL WORK [1731].

What is the company's principal business address?

The company's principal business address is 2727 NORTH LOOP WEST, HOUSTON, TX 77008-1044.

What is the SEC file number for Quanta Services, Inc.?

The SEC file number for Quanta Services, Inc. is 001-13831.

Filing Stats: 4,399 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-01 09:55:33

Key Financial Figures

Filing Documents

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 11 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 34 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 ITEM 4.

Controls and Procedures

Controls and Procedures 46

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 48 ITEM 1A.

Risk Factors

Risk Factors 48 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 ITEM 3. Defaults Upon Senior Securities 49 ITEM 4. Mine Safety Disclosures 49 ITEM 5. Other Information 50 ITEM 6. Exhibits 51 Signature 52 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) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 518,140 $ 1,290,248 Accounts receivable, net 4,430,757 4,410,829 Contract assets 1,227,543 1,413,057 Inventories 235,102 175,658 Prepaid expenses and other current assets 476,011 387,105 Total current assets 6,887,553 7,676,897 Property and equipment, net 2,463,914 2,336,943 Operating lease right-of-use assets 278,995 249,443 Other assets, net 597,629 565,625 Other intangible assets, net 1,386,987 1,362,412 Goodwill 4,314,072 4,045,905 Total assets $ 15,929,150 $ 16,237,225 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term debt $ 549,260 $ 535,202 Current portion of operating lease liabilities 84,632 77,995 Accounts payable and accrued expenses 3,198,967 3,061,242 Contract liabilities 1,483,134 1,538,677 Total current liabilities 5,315,993 5,213,116 Long-term debt, net of current maturities 2,973,520 3,663,504 Operating lease liabilities, net of current portion 210,295 186,996 Deferred income taxes 311,940 254,004 Insurance and other non-current liabilities 536,328 636,250 Total liabilities 9,348,076 9,953,870 Commitments and Contingencies Equity: Common stock, $ 0.00001 par value, 600,000,000 shares authorized, 175,208,097 and 173,949,011 shares issued, and 146,444,031 and 145,508,549 shares outstanding 2 2 Additional paid-in capital 3,136,415 3,002,652 Retained earnings 5,137,587 4,858,066 Accumulated other comprehensive loss ( 322,743 ) ( 282,945 ) Treasury stock, 28,764,066 and 28,440,462 common shares ( 1,383,624 ) ( 1,305,534 ) Total stockholders' equity 6,567,637 6,272,241 Non-controlling interests 13,437 11,114 Total equity 6,581,074 6,283,355 Total liabilities and equity $ 15,929,150 $ 16,237,225 The accompanying notes are an integral part of

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