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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)  
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022.
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
  For the transition period from          to          .
Commission File Number:001-13831
pwr-20220930_g1.jpg
Quanta Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2851603
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2727 North Loop West
Houston, Texas 77008
(Address of principal executive offices, including zip code)
(713629-7600
(Registrant’s telephone number, including area code)
2800 Post Oak Boulevard, Suite 2600
Houston, Texas 77056
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par valuePWRNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No 
As of November 1, 2022, the number of outstanding shares of Common Stock of the registrant was 142,901,156.



QUANTA SERVICES, INC. AND SUBSIDIARIES
INDEX
Page

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 below) and non-GAAP financial results, including EBITDA, adjusted EBITDA 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, including with respect to our increased operations in the renewable energy market after our acquisition of Blattner (as defined below) and the transition to a reduced-carbon economy;
Expectations regarding the pandemic associated with the novel coronavirus disease that began in 2019 (COVID-19), including potential further impacts of the pandemic and of governmental and customer responses to the pandemic on our business, operations, supply chain, personnel, financial condition, results of operations, cash flows and liquidity;
Expectations regarding our plans and strategies;
The business plans or financial condition of our customers, including with respect to the COVID-19 pandemic and the transition to a carbon-neutral economy;
The potential impact of commodity prices and production volumes on our business, financial condition, results of operations, cash flows and demand for our services;
The potential benefits from, and future financial and operational performance of, acquired businesses and our investments, including Blattner and our equity interests in LUMA and Starry (each as defined below);
Beliefs and assumptions about the collectability of receivables;
The expected value of contracts or intended contracts with customers, as well as the expected timing, scope, services, term or results of any awarded or expected projects;
The development of and opportunities with respect to future projects, including renewable energy projects and other projects designed to support transition to a reduced-carbon economy, electrical grid modernization, upgrade and hardening projects and larger transmission and pipeline projects;
Expectations regarding the future availability and price of materials and equipment necessary for the performance of our business;
The expected impact of global and domestic economic conditions on our business, financial condition, results of operations, cash flows and liquidity, including inflation, interest rates and recessionary economic conditions;
The expected impact of changes and potential changes in climate;
Future capital allocation initiatives, including the amount and timing of, and strategies with respect to, any future acquisitions, investments, cash dividends, repurchases of our equity or debt securities or repayments of other outstanding debt;
The expected impact of existing or potential legislation or regulation;
Potential opportunities that may be indicated by bidding activity or similar discussions with customers;
The future demand for, availability of and costs related to labor resources in the industries we serve;
The expected recognition and realization of our remaining performance obligations or backlog;
Expectations regarding the outcome of pending or threatened legal proceedings, as well as the collection of amounts awarded in legal proceedings;
Expectations with respect to our ability to reduce our debt and maintain our current credit ratings; and
Possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third parties.
These forward-looking statements are not guarantees of future performance; rather they involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or are beyond our control and reflect management’s beliefs and assumptions based on information available at the time the statements are made. We caution you that actual outcomes and results may differ materially from what is expressed, implied or forecasted by our forward-looking statements and that any or
2


all of our forward-looking statements may turn out to be inaccurate or incorrect. These statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties, including the following:
Market, industry, economic, financial or political conditions that are outside of our control, including economic, energy, infrastructure and environmental policies and plans that are adopted or proposed by the U.S. federal and state governments or other governments in territories or countries in which we operate, inflation, interest rates, recessionary economic conditions, and geopolitical conflicts and political unrest;
Quarterly variations in our operating and financial results, liquidity, financial condition, cash flows, capital requirements, and reinvestment opportunities, including the ongoing and potential impact to our business operations, workforce and supply chains resulting from the COVID-19 pandemic and governmental responses thereto;
Further effects of the COVID-19 pandemic, including the impact of the pandemic and of business and governmental responses thereto on our operations, personnel and supply chains, and on commercial activity and demand across our business and our customers’ businesses, as well as our inability to predict the future impact of the COVID-19 pandemic on our business, financial performance and results of operations;
Trends and growth opportunities in relevant markets, including our ability to obtain future project awards;
Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a result of, among other things, supply chain disruptions and other logistical challenges, weather, regulatory or permitting issues, environmental processes, project performance issues, claimed force majeure events, protests or other political activity, legal challenges, inflationary pressure, reductions or eliminations in governmental funding or customer capital constraints;
The effect of commodity prices and commodity production volumes, which have been and may continue to be affected by inflationary pressure, on our operations and growth opportunities and on our customers’ capital programs and demand for our services;
The successful negotiation, execution, performance and completion of anticipated, pending and existing contracts;
Events arising from operational hazards, including, among others, wildfires and explosions, that can arise due to the nature of the services we provide and the conditions in which we operate and can be due to failure of infrastructure on which we have performed services and result in significant liabilities that may be exacerbated in certain geographies and locations;
Unexpected costs, liabilities, fines or penalties that may arise from legal proceedings, indemnity obligations, reimbursement obligations associated with letters of credit or bonds, multiemployer pension plans (e.g., underfunding of liabilities, termination or withdrawal liability) or other claims or actions asserted against us, including amounts that are not covered by, or are in excess of the coverage under, our third-party insurance;
Potential unavailability or cancellation of third-party insurance coverage, as well as the exclusion of coverage for certain losses, potential increases in premiums for coverage deemed beneficial to us, or the unavailability of coverage deemed beneficial to us at reasonable and competitive rates (e.g., coverage for wildfire events);
Damage to our brands or reputation, as well as potential costs, liabilities, fines or penalties, arising as a result of cyber-security breaches, environmental and occupational health and safety matters, corporate scandal, failure to successfully perform or negative publicity regarding a high-profile project, involvement in a catastrophic event (e.g., fire, explosion) or other negative incidents;
Disruptions in, or failure to adequately protect, our information technology systems;
Our dependence on suppliers, subcontractors, equipment manufacturers and other third parties and the impact of, among other things, inflationary pressure; regulatory, supply chain and logistical challenges; and the COVID-19 pandemic on these third parties;
Estimates and assumptions related to our financial results, remaining performance obligations and backlog;
Our inability to attract, the potential shortage of, and increased costs with respect to skilled employees, as well as our ability to retain and attract key personnel and qualified employees;
Our dependence on fixed price contracts and the potential that we incur losses with respect to these contracts, including as a result of inaccurate estimates of project costs or inability to meet project schedule requirements or achieve guaranteed performance or quality standards for a project;
3


Adverse weather conditions, natural disasters and other emergencies, including wildfires, pandemics, hurricanes, tropical storms, floods, debris flows, earthquakes and other geological- and weather-related hazards, as well as the impact of climate change;
Our ability to generate internal growth;
Competition in our business, including our ability to effectively compete for new projects and market share;
The future development of natural resources;
The failure of existing or potential legislative actions and initiatives to result in increased demand for our services;
The unavailability of, or increased prices for, materials, equipment and consumables (such as fuel) used in our and our customers’ businesses, including as a result of inflation, supply chain disruptions, governmental regulations on sourcing, the imposition of tariffs, duties, taxes or other assessments, and other changes in U.S. trade relationships with foreign countries;
Cancellation provisions within our contracts and the risk that contracts expire and are not renewed or are replaced on less favorable terms;
Loss of customers with whom we have long-standing or significant relationships;
The potential that our participation in joint ventures or similar structures exposes us to liability or harm to our reputation as a result of acts or omissions by our partners;
Our inability or failure to comply with the terms of our contracts, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract terminations;
The inability or refusal of our customers or third-party contractors to pay for services, which could result in our inability to collect our outstanding receivables, failure to recover amounts billed to, or avoidance of certain payments received from, customers in bankruptcy or failure to recover on change orders or contract claims;
Budgetary or other constraints that may reduce or eliminate tax incentives or government funding for projects, including renewable energy projects, which may result in project delays or cancellations;
Our inability to successfully complete our remaining performance obligations or realize our backlog;
Technological advancements and market developments that could reduce demand for our services;
Risks associated with operating in international markets and U.S. territories, including instability of governments, currency exchange fluctuations, and compliance with unfamiliar legal and labor systems and cultural practices, the U.S. Foreign Corrupt Practices Act and other applicable anti-bribery and anti-corruption laws, and complex U.S. and foreign tax regulations and international treaties;
Our inability to successfully identify, complete, integrate and realize synergies from acquisitions, including the inability to retain key personnel from acquired businesses;
The potential adverse impact of acquisitions and investments, including the potential increase in risks already existing in our operations, poor performance or decline in value of acquired businesses or investments and unexpected costs or liabilities that may arise from acquisitions or investments;
The adverse impact of impairments of goodwill, other intangible assets, receivables, long-lived assets or investments;
Difficulties arising from our decentralized management structure;
The impact of the unionized portion of our workforce on our operations, including labor stoppages or interruptions due to strikes or lockouts;
An inability to access sufficient funding to finance desired growth and operations, including our ability to access capital markets on favorable terms, as well as fluctuations in the price and trading volume of our common stock, debt covenant compliance, interest rate fluctuations, a downgrade in our credit ratings and other factors affecting our financing and investing activities;
Our ability to obtain bonds, letters of credit and other project security;
Risks related to the implementation of new information technology systems;
4


New or changed tax laws, treaties or regulations;
Inability to realize deferred tax assets;
Significant fluctuations in foreign currency exchange rates; and
The other risks and uncertainties described elsewhere herein, including in Item 1A. Risk Factors of Part I of our Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report), and as may be detailed from time to time in our other public filings with the U.S. Securities and Exchange Commission (SEC).
All of our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. Although forward-looking statements reflect our good faith beliefs at the time they are made, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. In addition, we do not undertake and expressly disclaim any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise.
5


PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share information)
(Unaudited)
September 30, 2022December 31, 2021
ASSETS
Current Assets:  
Cash and cash equivalents$215,395 $229,097 
Accounts receivable, net of allowances of $19,020 and $49,749
3,638,357 3,400,318 
Contract assets1,127,181 803,453 
Inventories98,121 84,659 
Prepaid expenses and other current assets268,769 215,050 
Total current assets5,347,823 4,732,577 
Property and equipment, net of accumulated depreciation of $1,616,336 and $1,503,498
2,025,224 1,919,697 
Operating lease right-of-use assets227,707 240,605 
Other assets, net597,946 632,244 
Other intangible assets, net of accumulated amortization of $957,769 and $682,498
1,519,371 1,801,180 
Goodwill3,578,575 3,528,886 
Total assets$13,296,646 $12,855,189 
LIABILITIES AND EQUITY
Current Liabilities:  
Current maturities of long-term debt and short-term debt$32,344 $29,166 
Current portion of operating lease liabilities73,926 78,251 
Accounts payable and accrued expenses2,409,600 2,254,671 
Contract liabilities830,351 802,872 
Total current liabilities3,346,221 3,164,960 
Long-term debt, net of current maturities3,886,522 3,724,474 
Operating lease liabilities, net of current portion168,837 170,427 
Deferred income taxes227,334 191,098 
Insurance and other non-current liabilities466,164 487,309 
Total liabilities8,095,078 7,738,268 
Commitments and Contingencies
Equity:  
Common stock, $0.00001 par value, 600,000,000 shares authorized, 170,553,507 and 168,546,513 shares issued, and 142,963,107 and 142,633,934 shares outstanding
2 2 
Additional paid-in capital2,691,910 2,615,410 
Retained earnings4,012,396 3,714,843 
Accumulated other comprehensive loss(335,177)(237,689)
Treasury stock, 27,590,400 and 25,912,579 common shares
(1,173,078)(980,265)
Total stockholders’ equity5,196,053 5,112,301 
Non-controlling interests5,515 4,620 
Total equity5,201,568 5,116,921 
Total liabilities and equity$13,296,646 $12,855,189 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6


QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share information)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Revenues$4,459,757 $3,353,278 $12,657,285 $9,056,675 
Cost of services (including related depreciation)3,770,927 2,818,602 10,795,694 7,701,398 
Gross profit688,830 534,676 1,861,591 1,355,277 
Equity in earnings of integral unconsolidated affiliates10,633 10,232 44,350 22,865 
Selling, general and administrative expenses(347,449)(274,846)(995,581)(788,308)
Amortization of intangible assets(67,147)(22,772)(290,843)(65,418)
Asset impairment charges  (2,800)(2,319)
Change in fair value of contingent consideration liabilities1,924 787 (4,054)1,360 
Operating income286,791 248,077 612,663 523,457 
Interest and other financing expenses(33,566)(17,259)(86,933)(42,843)
Interest income436 72 727 3,098 
Other income (expense), net(24,455)6,089 (68,255)18,232 
Income before income taxes229,206 236,979 458,202 501,944 
Provision for income taxes72,890 61,581 120,698 116,256 
Net income156,316 175,398 337,504 385,688 
Less: Net income attributable to non-controlling interests360 1,033 8,887 4,529 
Net income attributable to common stock$155,956 $174,365 $328,617 $381,159 
Earnings per share attributable to common stock:
Basic$1.09 $1.25 $2.29 $2.72 
Diluted$1.06 $1.21 $2.22 $2.64 
Shares used in computing earnings per share:
Weighted average basic shares outstanding143,353 140,008 143,581 140,134 
Weighted average diluted shares outstanding147,678 144,304 148,096 144,448 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7



QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Net income$156,316 $175,398 $337,504 $385,688 
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of tax of $0, $0, $0, and $0
(79,841)(26,429)(97,400)(10,009)
Other income (loss), net of tax of $(5), $1, $(17), and $4
(27)6 (88)20 
Other comprehensive loss, net of taxes(79,868)(26,423)(97,488)(9,989)
Comprehensive income76,448 148,975 240,016 375,699 
Less: Comprehensive income attributable to non-controlling interests360 1,033 8,887 4,529 
Total comprehensive income attributable to common stock$76,088 $147,942 $231,129 $371,170 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8


QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2022202120222021
Cash Flows from Operating Activities:  
Net income$156,316 $175,398 $337,504 $385,688 
Adjustments to reconcile net income to net cash provided by operating activities— 
Depreciation73,507 61,616 218,420 186,480 
Amortization of intangible assets67,147 22,772 290,843 65,418 
Asset impairment charges   2,800 2,319 
Change in fair value of contingent consideration liabilities(1,924)(787)4,054 (1,360)
Equity in (earnings) losses of unconsolidated affiliates, net of distributions(12,949)(10,758)(28,732)(24,734)
Amortization of discounts and deferred financing costs2,026 3,919 4,944 5,609 
Gain on sale of property and equipment(4,862)(1,077)(8,318)(10,931)
Gain on sale of investments  (6,696) 
Unrealized loss from mark-to-market adjustment on investment26,462  76,509  
Increase in provision for credit losses2,343 249 2,048 24,169 
Deferred income tax expense (benefit)39,215 (2,502)39,610 14,245 
Non-cash stock-based compensation26,648 21,642 77,730 64,252 
Foreign currency (gain) loss(1,872)(4,901)888 (6,531)
Payments for contingent consideration liabilities   (63) 
Changes in operating assets and liabilities, net of non-cash transactions(28,695)(247,695)(464,358)(372,187)
Net cash provided by operating activities343,362 17,876 547,183 332,437 
Cash Flows from Investing Activities:  
Capital expenditures(105,958)(74,612)(337,469)(232,996)
Proceeds from sale of property and equipment18,217 16,431 42,621 35,101 
Proceeds from insurance settlements related to property and equipment 255 982 535 
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired(172,957)(33,261)(177,766)(101,373)
Investments in unconsolidated affiliates and other(3,969)(5,154)(20,622)(119,478)
Cash received from investments 5 16,905 3,022 
Cash paid for intangible assets(61)(200)(397)(524)
Net cash used in investing activities(264,728)(96,536)(475,746)(415,713)
Cash Flows from Financing Activities:  
Borrowings under credit facility and commercial paper program2,522,735 1,240,766 5,412,107 3,124,845 
Payments under credit facility and commercial paper program(2,492,081)(1,142,350)(5,239,330)(2,857,190)
Proceeds from notes offerings 1,487,450  1,487,450 
Payments on other long-term debt(2,402)(916)(6,383)(2,530)
Net borrowings (repayments) of short-term debt 13,619 (15,596)9,372 
Payments of financing costs(214)(5,056)(262)(5,056)
Payments for contingent consideration liabilities  (1,514)(263)
Distributions to non-controlling interests, net of contributions received(7,601)(1,107)(7,992)(6,357)
Payments related to tax withholding for share-based compensation (2,424)(2,638)(78,639)(63,131)
Payments of dividends(10,068)(8,414)(30,998)(25,627)
Repurchase of common stock(20,751)(17,764)(115,115)(66,687)
Net cash provided by (used in) financing activities(12,806)1,563,590 (83,722)1,594,826 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(856)(549)(1,264)738 
Net increase (decrease) in cash, cash equivalents and restricted cash64,972 1,484,381 (13,549)1,512,288 
Cash, cash equivalents and restricted cash, beginning of period153,366 214,715 231,887 186,808 
Cash, cash equivalents and restricted cash, end of period$218,338 $1,699,096 $218,338 $1,699,096 

The accompanying notes are an integral part of these condensed consolidated financial statements.
9


QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)

Accumulated
AdditionalOtherTotalNon-
Common StockPaid-InRetainedComprehensiveTreasuryStockholders’ControllingTotal
SharesAmountCapitalEarningsIncome (Loss)StockEquityInterestsEquity
Balance, December 31, 2021142,633,934 $2 $2,615,410 $3,714,843 $(237,689)$(980,265)$5,112,301 $4,620 $5,116,921 
Other comprehensive income, net of taxes— — — — 13,275 — 13,275 — 13,275 
Stock-based compensation activity1,216,468 — 21,830 — — (73,643)(51,813)— (51,813)
Common stock repurchases(84,798)— — — — (10,426)(10,426)— (10,426)
Dividends declared ($0.07 per share)
— — — (10,459)— — (10,459)— (10,459)
Distributions to non-controlling interests— — — — — — — (538)(538)
Net income— — — 84,641 — — 84,641 387 85,028 
Balance, March 31, 2022143,765,604 $2 $2,637,240 $3,789,025 $(224,414)$(1,064,334)$5,137,519 $4,469 $5,141,988 
Other comprehensive loss, net of taxes— — — — (30,895)— (30,895)— (30,895)
Stock-based compensation activity46,105 — 28,046 — — (504)27,542 — 27,542 
Common stock repurchases(731,381)— — — — (84,884)(84,884)— (84,884)
Dividends declared ($0.07 per share)
— — — (10,283)— — (10,283)— (10,283)
Distributions to non-controlling interests— — — — — — — (80)(80)
Contribution from non-controlling interest— — — — — — — 227 227 
Net income— — — 88,020 — — 88,020 8,140 96,160 
Balance, June 30, 2022143,080,328 $2 $2,665,286 $3,866,762 $(255,309)$(1,149,722)$5,127,019 $12,756 $5,139,775 
Other comprehensive loss, net of taxes— — — — (79,868)— (79,868)— (79,868)
Stock-based compensation activity41,278 — 26,624 — — (2,323)24,301 — 24,301 
Common stock repurchases(158,499)— — — — (21,033)(21,033)— (21,033)
Dividends declared ($0.07 per share)
— — — (10,322)— — (10,322)— (10,322)
Distributions to non-controlling interests— — — — — — — (7,601)(7,601)
Net income— — — 155,956 — — 155,956 360 156,316 
Balance, September 30, 2022142,963,107 $2 $2,691,910 $4,012,396 $(335,177)$(1,173,078)$5,196,053 $5,515 $5,201,568 

The accompanying notes are an integral part of these condensed consolidated financial statements.

10


QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands, except share data)
(Unaudited)
Accumulated
AdditionalOtherTotalNon-
Common StockPaid-InRetainedComprehensiveTreasuryStockholders’ControllingTotal
SharesAmountCapitalEarningsIncome (Loss)StockEquityInterestsEquity
Balance, December 31, 2020138,300,191 $2 $2,170,026 $3,264,967 $(232,997)$(857,817)$4,344,181 $4,791 $4,348,972 
Other comprehensive income, net of taxes— — — — 8,539 — 8,539 — 8,539 
Stock-based compensation activity1,368,739 — 13,702 — — (55,101)(41,399)— (41,399)
Common stock repurchases(222,081)— — — (17,710)(17,710)— (17,710)
Dividends declared ($0.06 per share)
— — — (8,429)— — (8,429)— (8,429)
Distributions to non-controlling interests— — — — — — — (1,129)(1,129)
Net income— — — 89,761 — — 89,761 1,558 91,319 
Balance, March 31, 2021139,446,849 $2 $2,183,728 $3,346,299 $(224,458)$(930,628)$4,374,943 $5,220 $4,380,163 
Other comprehensive income, net of taxes— — — — 7,895 — 7,895 — 7,895 
Stock-based compensation activity64,600 — 25,177 — — (216)24,961 — 24,961 
Common stock repurchases(313,725)— — — — (29,450)(29,450)— (29,450)
Dividends declared ($0.06 per share)
— — — (8,650)— — (8,650)— (8,650)
Distributions to non-controlling interests— — — — — — — (4,121)(4,121)
Other— — — — — — — 25 25 
Net income— — — 117,033 — — 117,033 1,938 118,971 
Balance, June 30, 2021139,197,724 $2 $2,208,905 $3,454,682 $(216,563)$(960,294)$4,486,732 $3,062 $4,489,794 
Other comprehensive loss, net of taxes— —