Quanta Services Files Q3 2024 10-Q

TL;DR

QTS Q3 10-Q is in. Financials and ops details for infrastructure giant.

AI Summary

Quanta Services, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for this period are presented, reflecting the company's performance in its electrical work and construction sectors.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Quanta Services, crucial for understanding the company's trajectory in the infrastructure and energy sectors.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024-09-30 — Period End Date (Reporting period for the 10-Q filing.)
• 2024-10-31 — Filing Date (Date the 10-Q was officially filed with the SEC.)

Key Players & Entities

• QUANTA SERVICES, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241031 (date) — Filed as of Date
• 713-629-7600 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• pwr-20240930.htm (10-Q) — 1942KB
• pwr09-30x2024ex311.htm (EX-31.1) — 9KB
• pwr09-30x2024ex312.htm (EX-31.2) — 9KB
• pwr09-30x2024ex321.htm (EX-32.1) — 7KB
• pwr-20240930_g1.jpg (GRAPHIC) — 92KB
• 0001050915-24-000159.txt ( ) — 10663KB
• pwr-20240930.xsd (EX-101.SCH) — 78KB
• pwr-20240930_cal.xml (EX-101.CAL) — 114KB
• pwr-20240930_def.xml (EX-101.DEF) — 366KB
• pwr-20240930_lab.xml (EX-101.LAB) — 865KB
• pwr-20240930_pre.xml (EX-101.PRE) — 603KB
• pwr-20240930_htm.xml (XML) — 1664KB

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 36 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 ITEM 4.

Controls and Procedures

Controls and Procedures 49

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 51 ITEM 1A.

Risk Factors

Risk Factors 51 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 ITEM 3. Defaults Upon Senior Securities 52 ITEM 4. Mine Safety Disclosures 52 ITEM 5. Other Information 53 ITEM 6. Exhibits 54 Signature 55 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) September 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 764,067 $ 1,290,248 Accounts receivable, net 5,149,915 4,410,829 Contract assets 1,328,833 1,413,057 Inventories 275,852 175,658 Prepaid expenses and other current assets 527,382 387,105 Total current assets 8,046,049 7,676,897 Property and equipment, net 2,649,467 2,336,943 Operating lease right-of-use assets 302,786 249,443 Other assets, net 619,139 565,625 Other intangible assets, net 1,966,689 1,362,412 Goodwill 5,282,170 4,045,905 Total assets $ 18,866,300 $ 16,237,225 LIABILITIES AND EQUITY Current Liabilities: Current maturities of long-term debt $ 556,238 $ 535,202 Current portion of operating lease liabilities 94,685 77,995 Accounts payable and accrued expenses 3,999,027 3,061,242 Contract liabilities 1,875,388 1,538,677 Total current liabilities 6,525,338 5,213,116 Long-term debt, net of current maturities 4,131,843 3,663,504 Operating lease liabilities, net of current portion 224,282 186,996 Deferred income taxes 337,025 254,004 Insurance and other non-current liabilities 558,787 636,250 Total liabilities 11,777,275 9,953,870 Commitments and Contingencies Equity: Common stock, $ 0.00001 par value, 600,000,000 shares authorized, 176,593,875 and 173,949,011 shares issued, and 147,601,543 and 145,508,549 shares outstanding 2 2 Additional paid-in capital 3,405,112 3,002,652 Retained earnings 5,417,240 4,858,066 Accumulated other comprehensive loss ( 305,049 ) ( 282,945 ) Treasury stock, 28,992,332 and 28,440,462 common shares ( 1,446,688 ) ( 1,305,534 ) Total stockholders' equity 7,070,617 6,272,241 Non-controlling interests 18,408 11,114 Total equity 7,089,025 6,283,355 Total liabilities and equity $ 18,866,300 $ 16,237,225 The accompanying notes are an integral p