Company Quick10K Filing
Quanta Services
Price37.77 EPS2
Shares147 P/E16
MCap5,569 P/FCF-56
Net Debt1,794 EBIT551
TEV7,363 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-02
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8-K 2020-10-29
8-K 2020-09-22
8-K 2020-09-17
8-K 2020-08-06
8-K 2020-05-27
8-K 2020-05-07
8-K 2020-03-26
8-K 2020-02-27
8-K 2019-10-31
8-K 2019-10-07
8-K 2019-09-06
8-K 2019-08-01
8-K 2019-07-31
8-K 2019-05-22
8-K 2019-05-02
8-K 2019-03-22
8-K 2019-03-08
8-K 2019-02-21
8-K 2018-12-06
8-K 2018-11-01
8-K 2018-10-10
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8-K 2018-03-15
8-K 2018-02-27
8-K 2018-02-22

PWR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3.Quantitative and Qualitative Disclosures About Market Risk.
Item 4.Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6.Exhibits.
EX-31.1 pwr09-30x2020ex311.htm
EX-31.2 pwr09-30x2020ex312.htm
EX-32.1 pwr09-30x2020ex321.htm

Quanta Services Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
3.42.72.01.30.6-0.12012201420172020
Rev, G Profit, Net Income
0.40.1-0.2-0.5-0.8-1.12012201420172020
Ops, Inv, Fin

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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, 2020.
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-20200930_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.)
2800 Post Oak Boulevard, Suite 2600
Houston, Texas 77056
(Address of principal executive offices, including zip code)
(713629-7600
(Registrant’s telephone number, including area code)
N/A
(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 October 27, 2020, the number of outstanding shares of Common Stock of the registrant was 138,860,900.



QUANTA SERVICES, INC. AND SUBSIDIARIES
INDEX
Page

1


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,
2020
December 31, 2019
ASSETS
Current Assets:  
Cash and cash equivalents$216,935 $164,798 
Accounts receivable, net of allowances of $16,404 and $9,398
2,750,268 2,747,911 
Contract assets478,483 601,268 
Inventories39,821 55,719 
Prepaid expenses and other current assets191,501 261,290 
Total current assets3,677,008 3,830,986 
Property and equipment, net of accumulated depreciation of $1,339,771 and $1,250,197
1,436,935 1,386,654 
Operating lease right-of-use assets266,487 284,369 
Other assets, net412,490 393,264 
Other intangible assets, net of accumulated amortization of $490,913 and $437,886
434,922 413,734 
Goodwill2,097,645 2,022,675 
Total assets$8,325,487 $8,331,682 
LIABILITIES AND EQUITY
Current Liabilities:  
Current maturities of long-term debt and short-term debt$9,221 $74,869 
Current portion of operating lease liabilities88,162 92,475 
Accounts payable and accrued expenses1,543,842 1,489,559 
Contract liabilities537,048 606,146 
Total current liabilities2,178,273 2,263,049 
Long-term debt, net of current maturities1,202,425 1,292,195 
Operating lease liabilities, net of current portion185,003 196,521 
Deferred income taxes206,280 214,779 
Insurance and other non-current liabilities397,940 311,307 
Total liabilities4,169,921 4,277,851 
Commitments and Contingencies
Equity:  
Common stock, $0.00001 par value, 600,000,000 shares authorized, 162,516,859 and 159,415,540 shares issued, and 138,843,346 and 142,324,318 shares outstanding
2 2 
Exchangeable shares, no par value, 0 and 36,183 shares issued and outstanding
  
Additional paid-in capital2,130,057 2,024,610 
Retained earnings3,103,849 2,854,271 
Accumulated other comprehensive loss(274,342)(241,818)
Treasury stock, 23,673,513 and 17,091,222 common shares
(807,616)(586,773)
Total stockholders’ equity4,151,950 4,050,292 
Non-controlling interests3,616 3,539 
Total equity4,155,566 4,053,831 
Total liabilities and equity$8,325,487 $8,331,682 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


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,
 2020201920202019
Revenues$3,020,161 $3,352,895 $8,290,487 $8,999,353 
Cost of services (including depreciation)2,512,647 2,879,450 7,095,513 7,842,422 
Gross profit507,514 473,445 1,194,974 1,156,931 
Equity in earnings of integral unconsolidated affiliates5,120  6,165  
Selling, general and administrative expenses(250,654)(245,010)(709,299)(700,862)
Amortization of intangible assets(19,687)(15,264)(55,374)(40,544)
Change in fair value of contingent consideration liabilities(78)(3,777)(598)(8,064)
Operating income242,215 209,394 435,868 407,461 
Interest expense(11,049)(18,369)(33,709)(48,066)
Interest income80 186 1,114 762 
Other income (expense), net2,931 717 (3,649)66,197 
Income before income taxes234,177 191,928 399,624 426,354 
Provision for income taxes70,477 54,906 119,626 139,838 
Net income163,700 137,022 279,998 286,516 
Less: Net income attributable to non-controlling interests787 954 4,453 2,616 
Net income attributable to common stock$162,913 $136,068 $275,545 $283,900 
Earnings per share attributable to common stock:
Basic$1.16 $0.93 $1.95 $1.95 
Diluted$1.13 $0.92 $1.90 $1.93 
Shares used in computing earnings per share:
Weighted average basic shares outstanding140,542 145,913 141,610 145,654 
Weighted average diluted shares outstanding144,363 147,438 144,985 147,074 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3



QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Net income$163,700 $137,022 $279,998 $286,516 
Other comprehensive income (loss), net of tax provision:
Foreign currency translation adjustment, net of tax of $0, $0, $0 and $0
15,707 (12,778)(32,524)21,976 
Other, net of tax of $0, $17, $0 and $28
 (6) (41)
Other comprehensive income (loss)15,707 (12,784)(32,524)21,935 
Comprehensive income179,407 124,238 247,474 308,451 
 Less: Comprehensive income attributable to non-controlling interests787 954 4,453 2,616 
Total comprehensive income attributable to common stock$178,620 $123,284 $243,021 $305,835 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


QUANTA SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2020201920202019
Cash Flows from Operating Activities:  
Net income$163,700 $137,022 $279,998 $286,516 
Adjustments to reconcile net income to net cash provided by (used in) operating activities— 
Depreciation56,244 55,562 165,180 161,589 
Amortization of intangible assets19,687 15,264 55,374 40,544 
Impairment of cost method investment  9,311  
Change in fair value of contingent consideration liabilities78 3,777 598 8,064 
Equity in (earnings) losses of unconsolidated affiliates(5,260)(1,931)2,207 (64,078)
Amortization of debt discount and issuance costs3,070 466 4,247 1,282 
Gain on sale of property and equipment(2,246)(992)(4,218)(3,462)
Provision for credit losses1,566 773 2,910 4,012 
Deferred income tax provision (benefit)(17,443)4,167 (19,226)48,298 
Non-cash stock-based compensation21,431 13,584 58,323 41,080 
Foreign currency (gain) loss and other non-cash items(1,505)1,383 (4,942)(535)
Payments for contingent consideration liabilities   (590) 
Changes in operating assets and liabilities, net of non-cash transactions(124,463)(137,908)290,715 (623,557)
Net cash provided by (used in) operating activities114,859 91,167 839,887 (100,247)
Cash Flows from Investing Activities:  
Capital expenditures(50,780)(66,244)(167,037)(207,645)
Proceeds from sale of property and equipment5,844 4,854 18,460 24,247 
Proceeds from insurance settlements related to property and equipment73 490 271 501 
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired(187,655)(329,832)(212,092)(385,165)
Proceeds from disposition of businesses203  11,064  
Investments in unconsolidated affiliates and other entities(778)(1,065)(9,538)(38,995)
Cash received from investments in unconsolidated affiliates and other entities2,538  2,570  
Cash paid for intangible assets   (67)
Net cash used in investing activities(230,555)(391,797)(356,302)(607,124)
Cash Flows from Financing Activities:  
Borrowings under credit facility478,762 2,118,501 2,453,941 4,834,014 
Payments under credit facility(1,648,614)(1,789,924)(3,602,660)(4,038,762)
Proceeds from notes offering990,130  990,130  
Payments of other long-term debt(652)(1,356)(1,635)(1,839)
Net repayments of short-term debt, net of borrowings(1,761)(11,171)(6,180)(27,087)
Debt issuance and amendment costs(7,794)(2,036)(7,794)(2,036)
Payments for contingent consideration liabilities  (10,399) 
Distributions to non-controlling interests(744)(489)(4,669)(2,109)
Payments related to tax withholding for stock-based compensation (830)(611)(24,403)(15,955)
Payment of dividends(7,001)(5,803)(21,545)(17,385)
Repurchase of common stock  (200,000)(20,092)
Net cash provided by (used in) financing activities(198,504)307,111 (435,214)708,749 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash449 (87)986 (123)
Net increase (decrease) in cash, cash equivalents and restricted cash(313,751)6,394 49,357 1,255 
Cash, cash equivalents and restricted cash, beginning of period532,853 78,117 169,745 83,256 
Cash, cash equivalents and restricted cash, end of period$219,102 $84,511 $219,102 $84,511 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


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

Accumulated
ExchangeableAdditionalOtherTotal
Common StockSharesPaid-InRetainedComprehensiveTreasuryStockholders'Non-controllingTotal
SharesAmountSharesAmountCapitalEarningsIncome (Loss)StockEquityInterestsEquity
Balance, December 31, 2019142,324,318 $2 36,183 $ $2,024,610 $2,854,271 $(241,818)$(586,773)$4,050,292 $3,539 $4,053,831 
Credit loss cumulative effect adjustment— — — — — (3,841)— — (3,841)— (3,841)
Other comprehensive loss— — — — — — (82,968)— (82,968)— (82,968)
Acquisitions121,089 4,329 — 4,329 — 4,329 
Stock-based compensation activity1,124,530 — — — 11,444 — — (19,750)(8,306)— (8,306)
Exchange of exchangeable shares36,183 — (36,183)— — — — — — — — 
Common stock repurchases(5,960,134)— — — — — — (200,000)(200,000)— (200,000)
Dividends declared ($0.05 per share)
— — — — — (7,184)— — (7,184)— (7,184)
Distributions to non-controlling interests— — — — — — — — — (1,963)(1,963)
Other— — — — — (516)— — (516)293 (223)
Net income— — — — — 38,686 — — 38,686 2,817 41,503 
Balance, March 31, 2020137,645,986 2   2,040,383 2,881,416 (324,786)(806,523)3,790,492 4,686 3,795,178 
Other comprehensive income— — — — — — 34,737 — 34,737 — 34,737 
Stock-based compensation activity65,826 — — — 22,717 — — (281)22,436 — 22,436 
Dividends declared ($0.05 per share)
— — — — — (7,182)— — (7,182)— (7,182)
Distributions to non-controlling interests— — — — — — — — — (1,962)(1,962)
Net income— — — — — 73,946 — — 73,946 849 74,795 
Balance, June 30, 2020137,711,812 2   2,063,100 2,948,180 (290,049)(806,804)3,914,429 3,573 3,918,002 
Other comprehensive income— — — — — — 15,707 — 15,707 — 15,707 
Acquisitions1,087,774 — — — 45,532 — — — 45,532 — 45,532 
Stock-based compensation activity43,760 — — — 21,425 — — (812)20,613 — 20,613 
Dividends declared ($0.05 per share)
— — — — — (7,244)— — (7,244)— (7,244)
Distributions to non-controlling interests— — — — — — — — — (744)(744)
Net income— — — — — 162,913 — — 162,913 787 163,700 
Balance, September 30, 2020138,843,346 $2  $ $