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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, 2019.
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
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 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 29, 2019, the number of outstanding shares of Common Stock of the registrant was 142,293,582. As of the same date 36,183 exchangeable shares of a Canadian subsidiary of the Registrant were outstanding.
 
 
 
 
 



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,
2019
 
December 31,
2018
ASSETS
 
 
 
 
Current Assets:
 
 

 
 

Cash and cash equivalents
 
$
80,044

 
$
78,687

Accounts receivable, net of allowances of $7,683 and $5,839
 
3,188,328

 
2,354,737

Contract assets
 
652,915

 
576,891

Inventories
 
67,039

 
107,732

Prepaid expenses and other current assets
 
313,601

 
208,057

Total current assets
 
4,301,927

 
3,326,104

Property and equipment, net of accumulated depreciation of $1,203,887 and $1,092,440
 
1,390,209

 
1,276,032

Operating lease right-of-use assets
 
289,267

 

Other assets, net
 
449,218

 
293,592

Other intangible assets, net of accumulated amortization of $414,153 and $372,081
 
431,563

 
280,180

Goodwill
 
2,002,909

 
1,899,879

Total assets
 
$
8,865,093

 
$
7,075,787

LIABILITIES AND EQUITY
 
 
 
 
Current Liabilities:
 
 

 
 

Current maturities of long-term debt and short-term debt
 
$
75,751

 
$
65,646

Current portion of operating lease liabilities
 
93,506

 

Accounts payable and accrued expenses
 
1,648,079

 
1,314,520

Contract liabilities
 
540,187

 
425,961

Total current liabilities
 
2,357,523

 
1,806,127

Long-term debt, net of current maturities
 
1,810,480

 
1,040,532

Operating lease liabilities, net of current portion
 
197,896

 

Deferred income taxes
 
279,858

 
219,115

Insurance and other non-current liabilities
 
310,129

 
404,560

Total liabilities
 
4,955,886

 
3,470,334

Commitments and Contingencies
 


 


Equity:
 
 

 
 

Common stock, $.00001 par value, 600,000,000 shares authorized, 159,347,049 and 157,333,046 shares issued, and 142,273,922 and 141,103,900 shares outstanding
 
2

 
2

Exchangeable shares, no par value, 36,183 and 486,112 shares issued and outstanding
 

 

Series G Preferred Stock, $.00001 par value, 0 and 1 share authorized, issued and outstanding
 

 

Additional paid-in capital
 
2,014,838

 
1,967,354

Retained earnings
 
2,743,498

 
2,477,291

Accumulated other comprehensive loss
 
(264,113
)
 
(286,048
)
Treasury stock, 17,073,127 and 16,229,146 common shares
 
(586,819
)
 
(554,440
)
Total stockholders’ equity
 
3,907,406

 
3,604,159

Non-controlling interests
 
1,801

 
1,294

Total equity
 
3,909,207

 
3,605,453

Total liabilities and equity
 
$
8,865,093

 
$
7,075,787

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
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019

2018
 
2019

2018
Revenues
 
$
3,352,895

 
$
2,985,281

 
$
8,999,353

 
$
8,059,205

Cost of services (including depreciation)
 
2,879,450

 
2,559,451

 
7,842,422

 
6,998,956

Gross profit
 
473,445

 
425,830

 
1,156,931

 
1,060,249

Selling, general and administrative expenses
 
245,010

 
224,040

 
700,862

 
645,566

Amortization of intangible assets
 
15,264

 
10,623

 
40,544

 
31,535

Change in fair value of contingent consideration liabilities
 
3,777

 
(1,394
)
 
8,064

 
(7,673
)
Operating income
 
209,394

 
192,561

 
407,461

 
390,821

Interest expense
 
(18,369
)
 
(9,219
)
 
(48,066
)
 
(25,175
)
Interest income
 
186

 
322

 
762

 
1,128

Other income (expense), net
 
717

 
(15,498
)
 
66,197

 
(37,899
)
Income before income taxes
 
191,928

 
168,166

 
426,354

 
328,875

Provision for income taxes
 
54,906

 
43,267

 
139,838

 
90,659

Net income
 
137,022

 
124,899

 
286,516

 
238,216

Less: Net income attributable to non-controlling interests
 
954

 
348

 
2,616

 
1,686

Net income attributable to common stock
 
$
136,068

 
$
124,551

 
$
283,900

 
$
236,530

 
 
 
 
 
 
 
 
 
Earnings per share attributable to common stock:
 
 
 
 
 
 
 
 
Basic
 
$
0.93

 
$
0.82

 
$
1.95

 
$
1.54

Diluted
 
$
0.92

 
$
0.81

 
$
1.93

 
$
1.52

 
 
 
 
 
 
 
 
 
Shares used in computing earnings per share:
 
 
 
 
 
 
 
 
Weighted average basic shares outstanding
 
145,913

 
152,562

 
145,654

 
154,087

Weighted average diluted shares outstanding
 
147,438

 
153,687

 
147,074

 
155,198

 
 
 
 
 
 
 
 
 
Cash dividends declared per common share
 
$
0.04

 
$

 
$
0.12

 
$


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
(In thousands)
(Unaudited)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
137,022

 
$
124,899

 
$
286,516

 
$
238,216

Other comprehensive income (loss), net of tax provision:
 
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax of $0, $0, $0 and $0
 
(12,778
)
 
10,838

 
21,976

 
(34,299
)
Other, net of tax of $17, $0, $28 and $0
 
(6
)
 

 
(41
)
 

Other comprehensive income (loss)
 
(12,784
)
 
10,838

 
21,935

 
(34,299
)
Comprehensive income
 
124,238

 
135,737

 
308,451

 
203,917

 Less: Comprehensive income attributable to non-controlling interests
 
954

 
348

 
2,616

 
1,686

Total comprehensive income attributable to common stock
 
$
123,284

 
$
135,389

 
$
305,835

 
$
202,231


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
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019

2018
 
2019
 
2018
Cash Flows from Operating Activities:
 
 

 
 

 
 
 
 
Net income
 
$
137,022

 
$
124,899

 
$
286,516

 
$
238,216

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

 
 
 
 
Depreciation
 
55,562

 
51,543

 
161,589

 
150,296

Amortization of intangible assets
 
15,264

 
10,623

 
40,544

 
31,535

Change in fair value of contingent consideration liabilities
 
3,777

 
(1,394
)
 
8,064

 
(7,673
)
Equity in (earnings) losses of unconsolidated affiliates
 
(1,931
)
 
17,835

 
(64,078
)
 
42,976

Amortization of debt issuance costs
 
466

 
287

 
1,282

 
863

(Gain) loss on sale of property and equipment
 
(992
)
 
(340
)
 
(3,462
)
 
1,605

Foreign currency (gain) loss
 
1,383

 
(168
)
 
2,603

 
(237
)
Provision for doubtful accounts
 
773

 
2,151

 
4,012

 
3,135

Deferred income tax provision (benefit)
 
4,167

 
(7,391
)
 
48,298

 
6,114

Non-cash stock-based compensation
 
13,584

 
11,631

 
41,080

 
39,803

Bargain purchase gain
 

 

 
(3,138
)
 

Changes in operating assets and liabilities, net of non-cash transactions
 
(137,908
)
 
(170,572
)
 
(623,557
)
 
(285,016
)
Net cash provided by (used in) operating activities
 
91,167

 
39,104

 
(100,247
)
 
221,617

Cash Flows from Investing Activities:
 
 

 
 

 
 
 
 
Capital expenditures
 
(66,244
)
 
(74,144
)
 
(207,645
)
 
(222,735
)
Proceeds from sale of property and equipment
 
4,854

 
5,642

 
24,247

 
18,635

Proceeds from insurance settlements related to property and equipment
 
490

 
145

 
501

 
510

Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired
 
(329,832
)
 
(48,683
)
 
(385,165
)
 
(94,917
)
Investments in unconsolidated affiliates and other entities
 
(1,065
)
 
(19,391
)
 
(38,995
)
 
(20,960
)
Cash received from investments in unconsolidated affiliates and other entities
 

 

 

 
784

Cash paid for intangible assets
 

 

 
(67
)
 
(3,000
)
Net cash used in investing activities
 
(391,797
)
 
(136,431
)
 
(607,124
)
 
(321,683
)
Cash Flows from Financing Activities:
 
 

 
 

 
 
 
 
Borrowings under credit facility
 
2,118,501

 
855,831

 
4,834,014

 
2,893,224

Payments under credit facility
 
(1,789,924
)
 
(743,162
)
 
(4,038,762
)
 
(2,605,092
)
Payments on other long-term debt
 
(1,356
)
 
(336
)
 
(1,839
)
 
(1,067
)
Net repayments of short-term debt, net of borrowings
 
(11,171
)
 
7,124

 
(27,087
)
 
20,066

Debt issuance and amendment costs
 
(2,036
)
 

 
(2,036
)
 

Distributions to non-controlling interests
 
(489
)
 
(1,275
)
 
(2,109
)
 
(2,942
)
Payments related to tax withholding for stock-based compensation
 
(611
)
 
(464
)
 
(15,955
)
 
(14,668
)
Payments of dividends
 
(5,803
)
 

 
(17,385
)
 

Repurchase of common stock
 

 
(26,755
)
 
(20,092
)
 
(216,661
)
Net cash provided by financing activities
 
307,111

 
90,963

 
708,749

 
72,860

 
 
 
 
 
 
 
 
 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash
 
(87
)
 
(199
)
 
(123
)
 
1,605

Net increase (decrease) in cash, cash equivalents and restricted cash
 
6,394

 
(6,563
)
 
1,255

 
(25,601
)
Cash, cash equivalents and restricted cash, beginning of period
 
78,117

 
124,737

 
83,256

 
143,775

Cash, cash equivalents and restricted cash, end of period
 
$
84,511

 
$
118,174

 
$
84,511

 
$
118,174


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
 
Series G
 
Additional
 
 
 
Other
 
 
 
Total
 
 
 
 
 
Common Stock
 
Shares
 
Preferred Stock
 
Paid-In
 
Retained
 
Comprehensive
 
Treasury
 
Stockholders’
 
Non-controlling
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Stock
 
Equity
 
Interests
 
Equity
Balance, December 31, 2018
141,103,900

 
$
2

 
486,112

 
$

 
1

 
$

 
$
1,967,354

 
$
2,477,291

 
$
(286,048
)
 
$
(554,440
)
 
$
3,604,159

 
$
1,294

 
$
3,605,453

Other comprehensive income

 

 

 

 

 

 

 

 
18,847

 

 
18,847

 

 
18,847

Stock-based compensation activity
903,082

 

 

 

 

 

 
17,151

 

 

 
(19,052
)
 
(1,901
)
 

 
(1,901
)
Exchange of exchangeable shares
449,929

 

 
(449,929
)
 

 

 

 

 

 

 

 

 

 

Retirement of preferred stock

 

 

 

 
(1
)
 

 

 

 

 

 

 

 

Common stock repurchases
(375,536
)
 

 

 

 

 

 

 

 

 
(11,953
)
 
(11,953
)
 

 
(11,953
)
Dividends declared

 

 

 

 

 

 

 
(5,896
)
 

 

 
(5,896
)
 

 
(5,896
)
Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 
(528
)
 
(528
)
Net income

 

 

 

 

 

 

 
120,488

 

 

 
120,488

 
547

 
121,035

Balance, March 31, 2019
142,081,375

 
2

 
36,183

 

 

 

 
1,984,505

 
2,591,883

 
(267,201
)
 
(585,445
)
 
3,723,744

 
1,313

 
3,725,057

Other comprehensive income

 

 

 

 

 

 

 

 
15,872

 

 
15,872

 

 
15,872

Stock-based compensation activity
85,590

 

 

 

 

 

 
14,957

 

 

 
(761
)
 
14,196

 

 
14,196

Dividends declared

 

 

 

 

 

 

 
(6,233
)
 

 

 
(6,233
)
 

 
(6,233
)
Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 
(1,092
)
 
(1,092
)
Net income

 

 

 

 

 

 

 
27,344

 

 

 
27,344

 
1,115

 
28,459

Balance, June 30, 2019
142,166,965

 
2

 
36,183

 

 

 

 
1,999,462

 
2,612,994

 
(251,329
)
 
(586,206
)
 
3,774,923

 
1,336

 
3,776,259

Other comprehensive loss

 

 

 

 

 

 

 

 
(12,784
)
 

 
(12,784
)
 

 
(12,784
)
Acquisitions
60,860

 

 

 

 

 

 
1,791

 

 

 

 
1,791

 

 
1,791

Stock-based compensation activity
46,097

 

 

 

 

 

 
13,585

 

 

 
(613
)
 
12,972

 

 
12,972

Dividends declared

 

 

 

 

 

 

 
(5,564
)
 

 

 
(5,564
)
 

 
(5,564
)
Distributions to non-controlling interests

 

 

 

 

 

 

 

 

 

 

 
(489
)
 
(489
)
Net income

 

 

 

 

 

 

 
136,068

 

 

 
136,068

 
954

 
137,022

Balance, September 30, 2019
142,273,922

 
$
2

 
36,183

 
$

 

 
$

 
$
2,014,838

 
$
2,743,498

 
$
(264,113
)
 
$
(586,819
)
 
$
3,907,406

 
$
1,801

 
$
3,909,207


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
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchangeable
 
Series G
 
Additional
 
 
 
Other
 
 
 
Total
 
 
 
 
 
Common Stock
 
Shares
 
Preferred Stock
 
Paid-In
 
Retained
 
Comprehensive
 
Treasury
 
Stockholders’
 
Non-controlling
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Capital
 
Earnings
 
Income (Loss)
 
Stock
 
Equity
 
Interests
 
Equity
Balance, December 31, 2017
153,342,326

 
$
2

 
486,112

 
$

 
1

 
$

 
$
1,889,356

 
$
2,191,059

 
$
(203,395
)
 
$
(85,451
)
 
$
3,791,571

 
$
4,058

 
$
3,795,629

Cumulative effect of accounting change

 

 

 

 

 

 

 
(1,757
)
 

 

 
(1,757
)
 

 
(1,757
)
Other comprehensive loss