Slide 1: Fourth Quarter and Full-Year 2024 Operational and Financial Commentary
February 20, 2025 Fourth Quarter and Full-Year 2024 Operational and Financial Commentary This document is a supplement to our press release reporting fourth quarter and full-year 2024 results for Quanta Services, Inc. (Quanta, we, us or our). Our earnings release was previously distributed by Cision
Slide 2: 4Q24 and Full-Year 2024 Financial Highlights
security initiatives. We believe our operational portfolio is a strategic advantage that helps us manage risks and shift resources across service lines and geographies, as well as allocate resources to pursue a broad set of opportunities that are economically attractive and create operating efficien
Slide 3: Select Full-Year 2024 Accomplishments
• We generated record levels of cash flow from operations and free cash flow and achieved another year of improved return on invested capital; • We completed the acquisition of Cupertino Electric, Inc. (CEI), a premier electrical infrastructure solutions provider to the technology, renewable energy
Slide 4: 4Q24 Financial Results and Commentary: Electric Power Segment
4Q24 Financial Results and Commentary Electric Power Infrastructure Solutions Segment (Electric Power) * Operating Income Margins are calculated by dividing operating income by revenues Our Electric Power segment operations performed well, with revenues of $3.4 billion in the fourth quarter and $11.
Slide 5: Electric Power Backlog and Renewable Energy Segment
*Refer to the Appendix for a definition and reconciliation of this non-GAAP financial measure to its most directly comparable GAAP measure Demand for our electric power infrastructure solutions remains strong, as evidenced by backlog of $19.9 billion at year-end 2024. Utilities across the United Sta
Slide 6: Renewable Energy Segment Results and Backlog
voltage electric transmission and substation services. Segment operating income margin in the fourth quarter continued to sequentially improve to 10.5%. Results in the fourth quarter were impacted by a shift of expected revenues from an acquisition and associated operating income out of the Renewabl
Slide 7: Underground Utility & Infrastructure Solutions Segment
Underground Utility & Infrastructure Solutions Segment (Underground and Infrastructure) * Operating Income Margins are calculated by dividing operating income by revenues Underground and Infrastructure segment revenues were $1.2 billion in the fourth quarter of 2024 and $4.7 billion for the full yea
Slide 8: Underground and Infrastructure Backlog; Consolidated Backlog
Total backlog for the Underground and Infrastructure segment was $5.9 billion, which was lower than the fourth quarter of 2023 due to backlog burn on multi year MSAs and the normal variability on timing of awards. While we continue to expect segment backlog to fluctuate due to these factors, the mar
Slide 9: Free Cash Flow & Days Sales Outstanding
Free Cash Flow & Days Sales Outstanding *Refer to the Appendix for the definition of Free Cash Flow, a non-GAAP financial measure, and a reconciliation to Net Cash Provided by Operating Activities **Refer to the Appendix for the definition of Days Sales Outstanding Cash flow in the fourth quarter of
Slide 10: Cash, Debt and Net Debt / EBITDA; New Segment Presentation
December 31, ($M) 2021 2022 2023 2024 Cash and Cash Equivalents 229 429 1,290 742 Debt Credit Facility (Revolver) 450 37 136 23 Commercial Paper — 373 706 — Term Loans 750 750 731 713 Senior Notes 2,500 2,500 2,500 3,250 Other 54 70 126 176 Total Debt 3,754 3,730 4,199 4,162 Operating Lease Liabilit
Slide 11: Full-Year 2025 Guidance
The new Electric Infrastructure Solutions segment will reflect infrastructure services such as engineering, design and other front- end services; electric transmission, distribution, substation and emergency restoration; utility-scale solar, wind and battery storage; inside electrical and modulariza
Slide 12: Electric Infrastructure Solutions Segment Guidance
details our expectations for our reportable operating segments for 2025. We have included segment specific seasonality and other details around our 2025 expectations in the Outlook Expectations Summary, which can be found on the Investor Relations section of our website. Electric Infrastructure Solu
Slide 13: Positive Multi-Year Outlook
dedicated to modernize systems, reduce methane emissions, ensure environmental compliance and improve safety and reliability. This growth, coupled with the contributions from acquisitions made in the beginning of 2025, are expected to more than offset the decline in revenues attributable to larger p
Slide 14: Notice to Investors
Director, Investor Relations Media – Noa Schwartz FGS Global (310) 405-4312 NOTICE TO INVESTORS This commentary (and oral statements regarding the subject matter of this commentary) includes forward-looking statements intended to qualify under the “safe harbor” from liability established by the Priv
Slide 15: Appendix
Appendix Backlog is defined as remaining performance obligations, plus estimated orders under master service agreements, including estimated renewals, and non-fixed price contracts expected to be completed within one year. Quanta’s methodology for determining backlog may not be comparable to the met
Slide 16: Non-GAAP Definitions: Free Cash Flow, ROIC, Liquidity
Free cash flow is defined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expenditures less proceeds from sale of property and equipment and from insurance settlements related to property and equipment. Return on invested cap
Slide 17: Reconciliation of Adjusted Net Income and Adjusted Diluted EPS
Reconciliation of Adjusted Net Income Attributable to Common Stock and Adjusted Diluted Earnings Per Share Attributable to Common Stock ($000s, except per share amounts) 2023 2024 FY 2025 GUIDANCE RANGE 4Q FY 4Q FY Low Mid High Reconciliation of adjusted net income attributable to common stock: Net
Slide 18: Reconciliation of Adjusted Net Income and Adjusted Diluted EPS Continued (2019-2022)
Reconciliation of Adjusted Net Income Attributable to Common Stock and Adjusted Diluted Earnings Per Share Attributable to Common Stock Continued ($000s, except per share amounts) 2019 2020 2021 2022 FY FY FY FY Reconciliation of adjusted net income attributable to common stock: Net income attributa
Slide 19: Reconciliation of Adjusted Net Income and Adjusted Diluted EPS Continued (2015-2018)
Reconciliation of Adjusted Net Income Attributable to Common Stock and Adjusted Diluted Earnings Per Share Attributable to Common Stock Continued ($000s, except per share amounts) 2015 2016 2017 2018 FY FY FY FY Reconciliation of adjusted net income attributable to common stock: Net income attributa
Slide 20: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA ($000s) 2023 2024 FY 2025 GUIDANCE RANGE 4Q FY 4Q FY Low Mid High Net income attributable to common stock (GAAP as reported) $ 210,908 $ 744,689 $ 305,120 $ 904,824 $ 1,035,700 $ 1,081,100 $ 1,126,500 Interest expense, net 43,627 176,083 42,757 170,283 175,000 178,0
Slide 21: Reconciliation of Backlog
Reconciliation of Backlog ($000s) December 31, 2023 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 12 Month Total 12 Month Total 12 Month Total 12 Month Total 12 Month Total Electric Power Infrastructure Solutions Remaining performance obligations $ 2,762,608 $ 4,505,830 $ 3,027,7
Slide 22: Supplemental Segment Data Recast for New Segments
Supplemental Segment Data Recast for New Segments As mentioned above, beginning in the three months ending March 31, 2025, Quanta’s Chief Executive Officer reevaluated how he assesses performance and allocates resources, which resulted in a change in the reporting of management’s internal financial
Slide 23: Cautionary Statement About Forward-Looking Statements and Information
Cautionary Statement About Forward-Looking Statements and Information This commentary (and oral statements regarding the subject matter of this commentary) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Re