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 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-08-06 Earnings, Regulation FD, Exhibits
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
8-K 2018-08-02
8-K 2018-05-24
8-K 2018-05-03
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 pwr06-30x2020ex311.htm
EX-31.2 pwr06-30x2020ex312.htm
EX-32.1 pwr06-30x2020ex321.htm

Quanta Services Earnings 2020-06-30

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 June 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 no.
001-13831
quantalogohor.jpg
Quanta Services, Inc.
(Exact name of registrant as specified in its charter)
Delaware
74-2851603
(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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, $0.00001 par value
 
PWR
 
New 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 August 4, 2020, the number of outstanding shares of Common Stock of the registrant was 138,020,980.
 
 
 
 
 



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)
 
 
June 30,
2020
 
December 31,
2019
ASSETS
 
 
 
 
Current Assets:
 
 

 
 

Cash and cash equivalents
 
$
530,670

 
$
164,798

Accounts receivable, net of allowances of $14,948 and $9,398
 
2,370,286

 
2,747,911

Contract assets
 
489,803

 
601,268

Inventories
 
48,274

 
55,719

Prepaid expenses and other current assets
 
205,722

 
261,290

Total current assets
 
3,644,755

 
3,830,986

Property and equipment, net of accumulated depreciation of $1,298,054 and $1,250,197
 
1,379,687

 
1,386,654

Operating lease right-of-use assets
 
275,816

 
284,369

Other assets, net
 
386,068

 
393,264

Other intangible assets, net of accumulated amortization of $469,006 and $437,886
 
380,309

 
413,734

Goodwill
 
2,022,995

 
2,022,675

Total assets
 
$
8,089,630

 
$
8,331,682

LIABILITIES AND EQUITY
 
 
 
 
Current Liabilities:
 
 

 
 

Current maturities of long-term debt and short-term debt
 
$
71,837

 
$
74,869

Current portion of operating lease liabilities
 
90,358

 
92,475

Accounts payable and accrued expenses
 
1,317,976

 
1,489,559

Contract liabilities
 
613,188

 
606,146

Total current liabilities
 
2,093,359

 
2,263,049

Long-term debt, net of current maturities
 
1,315,556

 
1,292,195

Operating lease liabilities, net of current portion
 
192,300

 
196,521

Deferred income taxes
 
220,689

 
214,779

Insurance and other non-current liabilities
 
349,724

 
311,307

Total liabilities
 
4,171,628

 
4,277,851

Commitments and Contingencies
 


 


Equity:
 
 

 
 

Common stock, $.00001 par value, 600,000,000 shares authorized, 161,368,227 and 159,415,540 shares issued, and 137,711,812 and 142,324,318 shares outstanding
 
2

 
2

Exchangeable shares, no par value, 0 and 36,183 shares issued and outstanding
 

 

Additional paid-in capital
 
2,063,100

 
2,024,610

Retained earnings
 
2,948,180

 
2,854,271

Accumulated other comprehensive loss
 
(290,049
)
 
(241,818
)
Treasury stock, 23,656,415 and 17,091,222 common shares
 
(806,804
)
 
(586,773
)
Total stockholders’ equity
 
3,914,429

 
4,050,292

Non-controlling interests
 
3,573

 
3,539

Total equity
 
3,918,002

 
4,053,831

Total liabilities and equity
 
$
8,089,630

 
$
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 Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2020
 
2019
 
2020
 
2019
Revenues
 
$
2,506,231

 
$
2,839,199

 
$
5,270,326

 
$
5,646,458

Cost of services (including depreciation)
 
2,150,967

 
2,519,694

 
4,582,866

 
4,962,972

Gross profit
 
355,264

 
319,505

 
687,460

 
683,486

Equity in earnings of integral unconsolidated affiliates
 
1,045

 

 
1,045

 

Selling, general and administrative expenses
 
(227,852
)
 
(223,944
)
 
(458,645
)
 
(455,852
)
Amortization of intangible assets
 
(17,779
)
 
(12,610
)
 
(35,687
)
 
(25,280
)
Change in fair value of contingent consideration liabilities
 
2,238

 
(4,371
)
 
(520
)
 
(4,287
)
Operating income
 
112,916

 
78,580

 
193,653

 
198,067

Interest expense
 
(8,654
)
 
(15,821
)
 
(22,660
)
 
(29,697
)
Interest income
 
275

 
267

 
1,034

 
576

Other income (expense), net
 
3,247

 
6,521

 
(6,580
)
 
65,480

Income before income taxes
 
107,784

 
69,547

 
165,447

 
234,426

Provision for income taxes
 
32,989

 
41,088

 
49,149

 
84,932

Net income
 
74,795

 
28,459

 
116,298

 
149,494

Less: Net income attributable to non-controlling interests
 
849

 
1,115

 
3,666

 
1,662

Net income attributable to common stock
 
$
73,946

 
$
27,344

 
$
112,632

 
$
147,832

 
 
 
 
 
 
 
 
 
Earnings per share attributable to common stock:
 
 
 
 
 
 
 
 
Basic
 
$
0.53

 
$
0.19

 
$
0.79

 
$
1.02

Diluted
 
$
0.52

 
$
0.19

 
$
0.78

 
$
1.01

 
 
 
 
 
 
 
 
 
Shares used in computing earnings per share:
 
 
 
 
 
 
 
 
Weighted average basic shares outstanding
 
139,856

 
145,935

 
142,154

 
145,525

Weighted average diluted shares outstanding
 
143,521

 
147,241

 
145,213

 
146,865

 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
 
$
0.05

 
$
0.04

 
$
0.10

 
$
0.08


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 Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2020
 
2019
 
2020
 
2019
Net income
 
$
74,795

 
$
28,459

 
$
116,298

 
$
149,494

Other comprehensive income (loss), net of tax provision:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax of $0, $0, 0 and $0
 
34,737

 
15,891

 
(48,231
)
 
34,754

Other, net of tax of $0, $5, $0 and $11
 

 
(19
)
 

 
(35
)
Other comprehensive income (loss)
 
34,737

 
15,872

 
(48,231
)
 
34,719

Comprehensive income
 
109,532

 
44,331

 
68,067

 
184,213

 Less: Comprehensive income attributable to non-controlling interests
 
849

 
1,115

 
3,666

 
1,662

Total comprehensive income attributable to common stock
 
$
108,683

 
$
43,216

 
$
64,401

 
$
182,551


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 Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2020

2019
 
2020
 
2019
Cash Flows from Operating Activities:
 
 

 
 

 
 
 
 
Net income
 
$
74,795

 
$
28,459

 
$
116,298

 
$
149,494

Adjustments to reconcile net income to net cash provided by (used in) operating activities—
 
 
 
 

 
 
 
 
Depreciation
 
54,526

 
53,811

 
108,936

 
106,027

Amortization of intangible assets
 
17,779

 
12,610

 
35,687

 
25,280

Impairment of cost method investment
 
9,311

 

 
9,311

 

Change in fair value of contingent consideration liabilities
 
(2,238
)
 
4,371

 
520

 
4,287

Equity in (earnings) losses of unconsolidated affiliates
 
4,784

 
(1,757
)
 
7,467

 
(62,147
)
Amortization of debt issuance costs
 
588

 
408

 
1,177

 
816

Gain on sale of property and equipment
 
(1,158
)
 
(2,411
)
 
(1,972
)
 
(2,470
)
Provision for credit losses
 
1,071

 
416

 
1,344

 
3,239

Deferred income tax provision (benefit)
 
(5,993
)
 
19,573

 
(1,783
)
 
44,131

Non-cash stock-based compensation
 
21,980

 
14,484

 
36,892

 
27,496

Foreign currency and other gain
 
(3,084
)
 
(3,135
)
 
(3,437
)
 
(1,918
)
Payments for contingent consideration liabilities
 
(590
)
 

 
(590
)
 

Changes in operating assets and liabilities, net of non-cash transactions
 
325,708

 
(235,493
)
 
415,178

 
(485,649
)
Net cash provided by (used in) operating activities
 
497,479

 
(108,664
)
 
725,028

 
(191,414
)
Cash Flows from Investing Activities:
 
 

 
 

 
 
 
 
Capital expenditures
 
(48,148
)
 
(72,775
)
 
(116,257
)
 
(141,401
)
Proceeds from sale of property and equipment
 
7,826

 
8,550

 
12,616

 
19,393

Proceeds from insurance settlements related to property and equipment
 

 
3

 
198

 
11

Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired
 
(1,643
)
 
(3,780
)
 
(24,437
)
 
(55,333
)
Proceeds from disposition of businesses
 
8,387

 

 
10,861

 

Investments in unconsolidated affiliates and other entities
 
(3,068
)
 
(127
)
 
(8,760
)
 
(37,930
)
Cash received from investments in unconsolidated affiliates and other entities
 
32

 

 
32

 

Cash paid for intangible assets
 

 
(42
)
 

 
(67
)
Net cash used in investing activities
 
(36,614
)
 
(68,171
)
 
(125,747
)
 
(215,327
)
Cash Flows from Financing Activities:
 
 

 
 

 
 
 
 
Borrowings under credit facility
 
500,727

 
1,068,439

 
1,975,179

 
2,715,513

Payments under credit facility
 
(782,987
)
 
(901,396
)
 
(1,954,046
)
 
(2,248,838
)
Payments of other long-term debt
 
(537
)
 
(222
)
 
(983
)
 
(483
)
Net repayments of short-term debt, net of borrowings
 
(1,620
)
 
7,304

 
(4,419
)
 
(15,916
)
Payments for contingent consideration liabilities
 
(9,410
)
 

 
(10,399
)
 

Distributions to non-controlling interests
 
(1,962
)
 
(1,092
)
 
(3,925
)
 
(1,620
)
Payments related to tax withholding for stock-based compensation
 
(7,687
)
 
(1,666
)
 
(23,573
)
 
(15,344
)
Payment of dividends
 
(7,160
)
 
(5,830
)
 
(14,544
)
 
(11,582
)
Repurchase of common stock
 

 
(159
)
 
(200,000
)
 
(20,092
)
Net cash provided by (used in) financing activities
 
(310,636
)
 
165,378

 
(236,710
)
 
401,638

 
 
 
 
 
 
 
 
 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
 
986

 
82

 
537

 
(36
)
Net increase (decrease) in cash, cash equivalents and restricted cash
 
151,215

 
(11,375
)
 
363,108

 
(5,139
)
Cash, cash equivalents and restricted cash, beginning of period
 
381,638

 
89,492

 
169,745

 
83,256

Cash, cash equivalents and restricted cash, end of period
 
$
532,853

 
$
78,117

 
$
532,853

 
$
78,117


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
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchangeable
 
Additional
 
 
 
Other
 
 
 
Total
 
 
 
 
 
Common Stock
 
Shares
 
Paid-In
 
Retained
 
Comprehensive
 
Treasury
 
Stockholders'
 
Non-controlling
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Stock
 
Equity
 
Interests
 
Equity
Balance, December 31, 2019
142,324,318

 
$
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
)
Acquisitions
121,089

 
 
 
 
 
 
 
4,329

 
 
 
 
 

 
4,329

 

 
4,329

Stock-based compensation activity
1,124,530

 

 

 

 
11,444

 

 

 
(19,750
)
 
(8,306
)
 

 
(8,306
)
Exchange of exchangeable shares
36,183

 

 
(36,183
)
 

 

 

 

 

 

 

 

Common stock repurchases
(5,960,134
)
 

 

 

 

 

 

 
(200,000
)
 
(200,000
)
 

 
(200,000
)
Dividends declared

 

 

 

 

 
(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, 2020
137,645,986

 
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 activity
65,826

 

 

 

 
22,717

 

 

 
(281
)
 
22,436

 

 
22,436

Dividends declared

 

 

 

 

 
(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, 2020
137,711,812

 
$
2

 

 
$

 
$
2,063,100

 
$
2,948,180

 
$
(290,049
)
 
$
(806,804
)
 
$
3,914,429

 
$
3,573

 
$
3,918,002


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


6





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