| Summarized Financial Information |
Operating margins are calculated by dividing operating income by revenues. This unaudited recast information is also available on Quanta’s website at www.quantaservices.com in the “Investors” section.
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Three
Months
Ended
March 31, |
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Three
Months
Ended
September 30, |
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Nine
Months
Ended
September 30, |
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Three
Months
Ended
December 31, |
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Twelve
Months
Ended
December 31, |
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Electric Infrastructure Solutions (a) |
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$ |
3,911,124 |
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$ |
4,486,880 |
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$ |
8,398,004 |
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$ |
5,233,887 |
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$ |
13,631,891 |
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$ |
5,380,488 |
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$ |
19,012,379 |
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Underground and Utility Infrastructure Solutions |
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1,120,695 |
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1,107,507 |
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2,228,202 |
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1,259,280 |
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3,487,482 |
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1,172,934 |
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4,660,416 |
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Consolidated revenues |
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$ |
5,031,819 |
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$ |
5,594,387 |
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$ |
10,626,206 |
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$ |
6,493,167 |
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$ |
17,119,373 |
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$ |
6,553,422 |
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$ |
23,672,795 |
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Electric Infrastructure Solutions (a) (b) |
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$ |
302,871 |
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$ |
426,581 |
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$ |
729,452 |
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$ |
576,014 |
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$ |
1,305,466 |
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$ |
653,226 |
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$ |
1,958,692 |
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Underground and Utility Infrastructure Solutions (c) |
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46,888 |
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81,593 |
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128,481 |
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93,956 |
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222,437 |
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42,593 |
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265,030 |
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Corporate and Non-Allocated Costs (d) |
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(194,405 |
) |
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(200,944 |
) |
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(395,349 |
) |
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(238,809 |
) |
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(634,158 |
) |
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(243,096 |
) |
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(877,254 |
) |
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Consolidated operating income |
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$ |
155,354 |
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$ |
307,230 |
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$ |
462,584 |
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$ |
431,161 |
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$ |
893,745 |
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$ |
452,723 |
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$ |
1,346,468 |
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Electric Infrastructure Solutions |
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7.7 |
% |
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9.5 |
% |
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8.7 |
% |
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11.0 |
% |
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9.6 |
% |
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12.1 |
% |
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10.3 |
% |
Underground and Utility Infrastructure Solutions |
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4.2 |
% |
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7.4 |
% |
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5.8 |
% |
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7.5 |
% |
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6.4 |
% |
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3.6 |
% |
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5.7 |
% |
Corporate and Non-Allocated Costs |
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(3.9 |
)% |
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(3.6 |
)% |
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(3.7 |
)% |
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(3.7 |
)% |
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(3.7 |
)% |
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(3.7 |
)% |
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(3.7 |
)% |
Consolidated operating margin |
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3.1 |
% |
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5.5 |
% |
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4.4 |
% |
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6.6 |
% |
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5.2 |
% |
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6.9 |
% |
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5.7 |
% |
| (a) |
During the three and twelve months ended December 31, 2024, revenue of $30.2 million was recognized in the Electric Infrastructure Solutions segment in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019. The segment operating income impact related to this award was $20.7 million, including the reimbursement of certain cost of services and net of $18.5 million of foreign currency translation losses in connection with Quanta’s substantial liquidation from Latin American operations. |
| (b) |
Included in operating income for the Electric Infrastructure Solutions segment was equity in earnings of integral unconsolidated affiliates of $12.3 million, $8.6 million, $14.0 million and $15.5 million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. |
| (c) |
Included in operating income for the Underground Utility and Infrastructure Solutions segment were losses of $10.7 million, $0.5 million and $0.7 million during the three months ended March 31, 2024, June 30, 2024 and September 30, 2024 on the disposition of a non-core business. |
| (d) |
Included in corporate and non-allocated costs was, among other things, amortization expense of $77.5 million, $79.2 million, $110.4 million and $115.8 million and acquisition and integration costs of $9.6 million, $8.9 million, $7.1 million and $4.5 million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. |
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Three
Months
Ended
March 31, |
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Three
Months
Ended
September 30, |
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Nine
Months
Ended
September 30, |
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Three
Months
Ended
December 31, |
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Twelve
Months
Ended
December 31, |
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Electric Infrastructure Solutions |
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$ |
3,344,337 |
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$ |
3,804,622 |
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$ |
7,148,959 |
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$ |
4,236,183 |
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$ |
11,385,142 |
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$ |
4,482,056 |
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$ |
15,867,198 |
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Underground and Utility Infrastructure Solutions |
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1,084,489 |
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1,243,988 |
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2,328,477 |
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1,384,639 |
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3,713,116 |
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1,301,892 |
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5,015,008 |
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Consolidated revenues |
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$ |
4,428,826 |
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$ |
5,048,610 |
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$ |
9,477,436 |
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$ |
5,620,822 |
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$ |
15,098,258 |
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$ |
5,783,948 |
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$ |
20,882,206 |
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Electric Infrastructure Solutions (a) |
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$ |
250,805 |
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$ |
354,504 |
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$ |
605,309 |
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$ |
447,565 |
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$ |
1,052,874 |
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$ |
437,684 |
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$ |
1,490,558 |
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Underground and Utility Infrastructure Solutions |
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61,573 |
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107,207 |
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168,780 |
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123,764 |
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292,544 |
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85,433 |
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377,977 |
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Corporate and Non-Allocated Costs (b) |
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(186,518 |
) |
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(182,438 |
) |
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(368,956 |
) |
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(171,000 |
) |
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(539,956 |
) |
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(200,603 |
) |
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(740,559 |
) |
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Consolidated operating income |
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$ |
125,860 |
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$ |
279,273 |
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$ |
405,133 |
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$ |
400,329 |
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$ |
805,462 |
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$ |
322,514 |
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$ |
1,127,976 |
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Electric Infrastructure Solutions |
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7.5 |
% |
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9.3 |
% |
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8.5 |
% |
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10.6 |
% |
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9.2 |
% |
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9.8 |
% |
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9.4 |
% |
Underground and Utility Infrastructure Solutions |
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5.7 |
% |
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8.6 |
% |
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7.2 |
% |
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8.9 |
% |
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7.9 |
% |
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6.6 |
% |
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7.5 |
% |
Corporate and Non-Allocated Costs |
|
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(4.2 |
)% |
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(3.6 |
)% |
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(3.9 |
)% |
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(3.0 |
)% |
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(3.6 |
)% |
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(3.5 |
)% |
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(3.5 |
)% |
Consolidated operating margin |
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|
2.8 |
% |
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5.5 |
% |
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4.3 |
% |
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|
7.1 |
% |
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5.3 |
% |
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5.6 |
% |
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|
5.4 |
% |
| (a) |
Included in operating income for the Electric Infrastructure Solutions segment was equity in earnings of integral unconsolidated affiliates of $9.6 million, $9.4 million, $11.7 million and $10.9 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. |
| (b) |
Included in corporate and non-allocated costs was amortization expense of $72.4 million, $70.0 million, $71.4 million and $75.2 million and acquisition and integration costs of $19.9 million, $2.3 million, $4.2 million and $16.5 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. |
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