Quanta Services, Inc. · NYSE:PWR
Quanta Services — Investor Day (April 2022)
79 slides from Quanta Services's investor day presentation, Apr 5, 2022
Slide 1: A Leading Energy Transition Infrastructure Solutions Provider
A Leading Energy Transition Infrastructure Solutions Provider INVESTOR DAY APRIL 5, 2022 INVESTOR DAY 2022 1
Slide 2: Welcome & Introduction
Welcome & Introduction Kip Rupp, CFA, IRC Vice President, Investor Relations INVESTOR DAY 2022 2
Slide 3: Welcome and Introduction
Welcome and Introduction QUANTA IS THE LEADING SPECIALITY INFRASTRUCTURE SOLUTIONS PROVIDER Largest and preferred Industry leading Strong financial Strong scope and scale employer of craft skilled safety and profile with deep customer labor in the industry. Self- training programs relationships. Est
Slide 4: Agenda
Agenda 1 Introduction 2 Reflection on Last 5 Years Duke Austin President & Chief Executive Officer 3 Business Strategy Update 21 Years with Quanta Services 4 Financial Update 5 Wrap up 6 Q&A Derrick A. Jensen Chief Financial Officer 24 Years with Quanta Services INVESTOR DAY 2022 4
Slide 5: Notice to Investors
Notice to Investors This presentation (and oral statements regarding the subject matter of this presentation) includes forward-looking statements intended to qualify under the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking stat
Slide 6: Welcome to the Quanta Investor Day 2022
Welcome to the Quanta Investor Day 2022 6 INVESTOR DAY 2022 6
Slide 7: Key Takeaways
Key Takeaways Successfully executing on our strategic initiatives to drive operational excellence, total cost solutions 1 for our clients, profitable growth and value for our stakeholders Solid performance of our portfolio over the last 2 five years and confident in our ability to deliver on our new
Slide 8: Overview of the Last 5 Years
OVERVIEW OF THE LAST 5 YEARS What Quanta Has Accomplished Duke Austin President & Chief Executive Officer INVESTOR DAY 2022 8
Slide 9: Quanta – A People Business Delivering Energy Transition Infrastructure Solutions
Quanta – A People Business Delivering the Energy Transition Infrastructure Solutions for the Future BUILDING PEOPLE - NOT JUST PROJECTS Electric Power Renewable Energy Infrastructure Solutions Infrastructure Solutions Underground Utility & Infrastructure Solutions INVESTOR DAY 2022 9
Slide 10: We Have Delivered on Our Strategic Initiatives
We Have Delivered on Our Strategic Initiatives Value Added Grew Base Improved Expanded Developed Craft Capital Allocation Business Margins & Returns Service Offerings Skilled Labor Strategy Consolidated Acquired leadership position $150M incremental Working capital to support ~$6B Adjusted in renewa
Slide 11: Achieved Consistent Growth & Improved Profitability
Achieved Consistent Growth & Improved Profitability Strong Revenue ($B) Adjusted EBITDA ($mm)(1) $13.0 $1,259 Performance Over Last 5 Years $7.7 Achieved as a $580 Result of the Successful 2016 2021 2016 2021 Execution of Our Strategic Adjusted EPS(1) Adjusted EBITDA Margin(1) Initiatives $4.92 9.7%
Slide 12: We Are Confident We Can Continue to Deliver on Our Goals
We Are Confident We Can Continue to Deliver on Our Goals 5%-8% Sustainable Organic Revenue CAGR VALUE Cash Flow Generation DRIVERS Double- Digit Adjusted Leverage Portfolio Strategic Scope and Scale Acquisitions EBITDA Margins EPS Growth Double Greater Than Return of Capital Digit ROIC Revenue Growt
Slide 13: Quanta Well Positioned for Future Growth
Quanta Well Positioned for Future Growth INVESTOR DAY 2022 13
Slide 14: Key Differentiators to Drive Profitable Growth
Key Differentiators to Drive Profitable Growth To be the leading infrastructure solutions provider in the markets that we serve, OUR VISION creating exceptional value for our customers, employees and shareholders COMPETITIVE DIFFERENTIATION & VALUE-ADDED SOLUTIONS Cutting edge Craft Collaborative an
Slide 15: Cutting Edge Craft Skills Expertise and World Class Execution
CUTTING EDGE CRAFT SKILLS EXPERTISE AND WORLD CLASS EXECUTION INVESTOR DAY 2022 15
Slide 16: Our Focus on People Is at the Heart of Our Growth Strategy
Our Focus on PEOPLE Is at the Heart of Our Growth Strategy and Success The Foundation and Core Principles of Our People Strategy CULTURE CHARACTER CONTINUITY Fostering and prioritizing these elements … INVESTOR DAY 2022 16
Slide 17: Investing in Safety, Training and Recruitment Programs
Investing in Safety, Training and Recruitment Programs to Meet Our Customers' Needs Dedicated Training Facilities Total Individuals Trained By NLC Per Year 15,123 Total individuals trained in 2021 ID 1993 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2021 CA Indivi
Slide 18: Continuing to Invest in Craft Skill Capabilities
Continuing to Invest in CRAFT SKILL Capabilities Yields a Distinct Competitive Advantage … Ensures we are … And Developing Scaling for Growth Leading the Field Building Tomorrow’s a Diverse and Team Inclusive Workforce Attracting, retaining and developing Systematically building a deep bench Buildin
Slide 19: Collaborative and Comprehensive Solutions
COLLABORATIVE AND COMPREHENSIVE SOLUTIONS INVESTOR DAY 2022 19
Slide 20: Focused on Meeting the Needs of Our Customer Base
Focused on Meeting the Needs of Our High-Quality and Diverse Customer Base SELECT CUSTOMERS – Many of Our Customer Relationships Span Decades LOW CUSTOMER Electric Power CONCENTRATION Largest Top 10 customer customers Renewable Generation accounted for accounted for ~ 7% ~ 38% Communications of 2021
Slide 21: Deeply Ingrained and Collaborative Customer Relationships
Deeply Ingrained and Collaborative Customer Relationships Quanta’s Estimated 2021 Aggregate Avg. Craft Employee Count Providing Services to Long-Time Large Customers = ~17,000 Quanta Services has worked collaboratively with representative customers such as these for more than 20 years INVESTOR DAY 2
Slide 22: Deep Customer Relationships Underpin Growth
Deep Customer Relationships Underpin Growth Top 20 Customers Based on (1) 2021 Base Business Revenues Driving $7 Repeatable, $6 Consistent $5 Revenue Through $ Billions $4 Deep and $3 Collaborative Customer $2 Relationships $1 $0 2016 2021 Base Business Revenues (1) Base business is driven by multi-
Slide 23: Construction-Led Infrastructure Solutions Leveraging the Portfolio
Construction-Led Infrastructure Solutions Leveraging the Portfolio Revenues - 2022E(1) Electric Power Renewable Energy Underground 51% Infrastructure Solutions 24% Infrastructure Solutions 25% Utility & Infrastructure Solutions Engineering Program Gas Pipeline Downstream Transmission Distribution Su
Slide 24: Collaborative and Comprehensive Solutions Enhance Customer Outcomes
Quanta's COLLABORATIVE AND COMPREHENSIVE SOLUTIONS Enhance Customer Outcomes RANGE OF OUTCOMES INTERMEDIARY/ • Higher total cost to • Greater risk for sub-optimal Customer EXTERNAL COMPANY customer (margin on a project outcome – change TRADITIONAL identifies need for Customer would often choose marg
Slide 25: The Quanta Solution Allows Us to Deliver for the Customer
The Quanta Solution Allows Us to Deliver for the Customer WHY WE WIN ENABLERS Our Self-Perform and Craft skilled resources are in high demand – Quanta is a preferred Quanta’s industry-leading experience and scope and scale Turnkey Capabilities employer with the largest craft skilled allow us to part
Slide 26: Case Study: The Quanta Solution Is Market Leading
Option in progress Case Study: The Quanta Solution Is Market Leading – Enhancing Customer Relationships CLIENT PROFILE SOLUTIONS WE IMPLEMENTED WHAT WE ACHIEVED Existing • Demonstrated the benefits of our unique and deep technical expertise Top 20 and capabilities, including: Significantly expanded
Slide 27: Leading the Energy Transition & Capitalizing on Megatrends
LEADING THE ENERGY TRANSITION & CAPITALIZING ON MEGATRENDS INVESTOR DAY 2022 27
Slide 28: Massive and Growing Energy Transition TAM Driven by Megatrends
Massive and Growing Energy Transition TAM Driven by Megatrends Carbon Capture Utilization & Storage $90BN NET ZERO Low Emission Fuels $132BN $3.0TN • From Fossil • From Biofuels • Biogas (RNG) • Liquid Biofuels Fuels • CO2 • Hydrogen w/ • Hydrogen • Direct Air Transportation CCUS Electrolysis Captur
Slide 29: Quanta Enables the Energy Transition
1 PROVIDING A SAFETY-FOCUSED Quanta Enables the Energy Transition HIGHLY TRAINED WORK FORCE GRID HARDENING 2 AND MODERNIZATION AN INDUSTRY-LEADING RENEWABLE 3 GENERATION INFRASTRUCTURE PLATFORM 6 9 4 UTILITY-SCALE ENERGY STORAGE 10 8 7 5 CONNECTING RENEWABLES PROJECTS METHANE LEAKAGE 6 DETECTION AND
Slide 30: Long-Term Megatrends Underpinning Strategic Opportunities
Long-Term Megatrends Underpinning and Creating Strategic Opportunities Quanta Segment Exposure to Megatrends Estimated Opportunity by Segment Electric Power Infrastructure Renewable Energy Underground Utility Solutions Infrastructure Solutions Infrastructure Solutions System Modernization & Resilien
Slide 31: Electric Power Infrastructure Solutions
MEGATREND OPPORTUNITIES Electric Power Infrastructure Solutions 10,000 Miles $108B 22 Million $208B & $338B and +$15B Est. number of EVs on U.S. roads by 2030(2) Est. Annual North American T&D Spend in 2025(1) Est. U.S. grid funding gap by 2029 and 2039 to PG&E’s planned miles and estimated cost str
Slide 32: Electric Power Infrastructure Solutions
MEGATREND OPPORTUNITIES Electric Power Infrastructure Solutions Electric System Modernization Significant Grid Investment is Required to Meet the Needs Grid Redundancy/Resilience of Today and to Enable the Energy Transition of Overhead and Underground Our Tomorrow. These System Hardening Initiatives
Slide 33: Electric Power Infrastructure Solutions
MEGATREND OPPORTUNITIES Electric Power Infrastructure Solutions Utility Capex Budgets Are Expanding and in the Early Stages of the Energy Transition $~19.2B $63B $38B 2021-2025 2022-2026 ~$17B $53B 2020-2026 +$40B $70B-75B 2021-2025 2022-2026 2021-2030 2027-2031 • Electric Transmission • Both capita
Slide 34: Enabling Technology
MEGATREND OPPORTUNITIES Enabling Technology $275B $117B +30MM 5 Years Amount spent by U.S. wireless Est. number of Americans Est. 5G investment by without minimally acceptable Est. capital investment in fiber-to-the- companies on C-band and midband 5G home (FTTH) from ‘22-‘26 will exceed ALL U.S. wi
Slide 35: Enabling Technology
MEGATREND OPPORTUNITIES Enabling Technology For advanced technologies to work, it requires infrastructure. Technology is advancing Connectivity faster than required infrastructure. Quanta is uniquely positioned to provide critical of Everything infrastructure services that enable the technologies of
Slide 36: Renewable Energy Infrastructure Solutions
MEGATREND OPPORTUNITIES Renewable Energy Infrastructure Solutions +160GWs +24% to $755B $30B-$90B Est. global energy transition by 2030 Est. U.S. renewable generation nameplate capacity installations from 2021-2025(1) 31.1 GWs investment in 2021(4) $200B-$600B Increase in global corporate renewable
Slide 37: Renewable Energy Infrastructure Solutions
MEGATREND OPPORTUNITIES Renewable Energy Infrastructure Solutions Solar Power Near- and Long-Term Growth of Renewable Wind Power Generation Capacity and Associated Our Battery Storage Infrastructure to Support Transitioning High-Voltage Transmission to a Carbon-Neutral and Substations Economy Hydro
Slide 38: Renewable Energy Infrastructure Solutions
MEGATREND OPPORTUNITIES Renewable Energy Infrastructure Solutions Significant Upgrading of Transmission and Grid Infrastructure Required to Support Renewable Energy Growth $14T in Global Grid Investment Required by 2050 to Incremental Transmission Requirements Support Renewable Generation in the U.S
Slide 39: Renewable Energy Infrastructure Solutions
MEGATREND OPPORTUNITIES Renewable Energy Infrastructure Solutions A Leading Infrastructure Solutions Platform to Collaborate with Customers to Lead North America’s Energy Transition +15X Estimated Emissions Avoided From Renewable Projects Built by Blattner in Acquiring Blattner has enhanced Quanta’s
Slide 40: Underground Utility and Infrastructure Solutions
MEGATREND OPPORTUNITIES Underground Utility and Infrastructure Solutions $90B $132B $22B Est. incremental investment in Est. investment by Investor- Est. incremental investment in low emission fuels needed per Owned Utilities in gas related carbon capture utilization and storage needed per year in t
Slide 41: Underground Utility and Infrastructure Solutions
MEGATREND OPPORTUNITIES Underground Utility and Infrastructure Solutions System Modernization Methane Emission Reduction GAS Gas Utilities and the Traditional Energy UTILITIES Industry are in the Early Stages of Hydrogen Blending Adoption of Energy Transition Efforts Renewable Natural Gas Quanta is
Slide 42: Across the Portfolio, Megatrends Provide Multiple Paths for Growth
Across the Portfolio, Megatrends Provide Multiple Paths for Near and Long-Term Growth System Modernization UNDERGROUND UTILITY Grid Redundancy/Resilience Solar Power System Modernization RENEWABLE ENERGY ELECTRIC POWER Overhead and Underground Wind Power Emission Reduction and System Hardening Envir
Slide 43: Embedding Sustainability and Advancing Our ESG Programs
EMBEDDING SUSTAINABILITY AND ADVANCING OUR ESG PROGRAMS INVESTOR DAY 2022 43
Slide 44: Quanta Is Focused on Long-Term Corporate Responsibility and Sustainability
Quanta Is Focused on Long-Term Corporate Responsibility and Sustainability PEOPLE PLANET PRINCIPLES • Safety drives everything we • Facilitating efficient and • Board-level oversight of do – our employees are safe delivery of clean ESG-related matters our #1 asset energy and the migration towards a
Slide 45: Our Goal Is to Have a Sustainability Program as Compelling as Our ESG Story
Our Goal Is to Have a Sustainability Program as Compelling as Our ESG Story An Industry-Leading A Leader Focus on Sustainability Profile Embedding in the Energy Metrics and Sustainability Transition Reporting Playing a central role Addressing a broader suite Reporting a suite of metrics in building
Slide 46: Key Takeaways
KEY TAKEAWAYS INVESTOR DAY 2022 46
Slide 47: Key Takeaways
Key Takeaways Successfully executing on our strategic 1 initiatives to drive operational excellence, profitable growth and value for our stakeholders Our people are our greatest asset and benefit from our safety culture and commitment to 2 training, enabling them to safely meet our customers' needs
Slide 48: The Next 5 Years: Multiple Levers for Growth
THE NEXT 5 YEARS Multiple Levers for Growth Derrick Jensen Chief Financial Officer INVESTOR DAY 2022 48
Slide 49: Quanta is Well Positioned to Deliver Growth and Value for Stakeholders
Quanta is Well Positioned to Deliver Growth and Value for Stakeholders KEY TAKEAWAYS Successful track record executing against our strategies to 1 deliver profitable growth Well positioned to deliver continued profitable growth, underpinned 2 by the drivers of our base business and our strategic ini
Slide 50: Strong Historical Performance
Strong Historical Performance Revenue(1) Total Backlog(1)(2) Adjusted EBITDA(1)(2) Adjusted Diluted ($ in millions) ($ in millions) ($ in millions) EPS(1)(2) $19,274 $12,980 $1,259 $12,049 $4.92 $11,171 $11,195 $15,005 $15,132 $1,114 $1,028 $9,467 $4.26 $12,343 $902 $1,050 $3.92 $11,178 $942 $7,651
Slide 51: Strong Execution Against Prior Five-Year Plan
Strong Execution Against Prior Five-Year Plan Delivered against prior five- 2021 2021 year plan 2016 Target(1) Actual (a) 2021 Adj. EBITDA margin impacted by pandemic Revenues $7.7Bn $12.2B $13.0B (b) 2021 ROIC excluding Blattner would be 10.1% Adjusted EBITDA(2) $0.58B $1.26B $1.26B Strategic focus
Slide 52: Long-Term Organic Growth Expectations
Long-Term Organic Growth Expectations 2026E Executing On Our Strategic Playbook Delivers Sustainable Growth and Value Creation Adj. EPS Organic Organic Adj. Aggregate Opportunity w/ ROIC Revenue EBITDA Free Cash Flow Capital Deployment ~$20B-$22B ~$2.0B-$2.4B $4.5B-$5.5B $11.00-$12.00 >10% Organic A
Slide 53: Diversified Revenue Streams from Multiple Growth Opportunities
Diversified Revenue Streams from Multiple Growth Opportunities Reduces Project Concentration Risk Estimated Revenue by Geography (1) Estimated Revenue by Type of Customer(1) Renewable Energy Developers 12% Australia Communications 4% 3% United States 89% Industrial 9% Canada Utility 67% 8% Energy De
Slide 54: 2022 – 2026: Base Business Underpinning Expectations
2022 – 2026: Base Business Underpinning BASE BUSINESS: Expectations Repeatable, sustainable revenues Est. '22-'26 Consolidated Organic Revenue Primarily electric and gas Growth = 5-8% CAGR utility spend Avg $250M Avg $300- Avg $400M $500M BASE RENEWABLES: Avg $250M Recurring and visible renewable ge
Slide 55: Strategic Focus on Base Business Established Solid Foundation
Strategic Focus on Base Business from 2016 – 2021 Established Solid Foundation for Future Growth Revenues 2016 - 2021 Revenues 2022E – 2026E(1) $20.0B-$22.0B Lg Projects & ERS $16.0B-16.5B Lg Projects & ERS $13.0B Lg Projects & ERS ’17-’21 Acquired Base Revenues $7.7B Base Business Base Business Lg
Slide 56: 2022 – 2026: Positioned for Growth
2022 – 2026: Positioned for Growth ELECTRIC RENEWABLE UNDERGROUND POWER ENERGY UTILITY & CONSOLIDATED Est. 2022-2026 INFRASTRUCTURE INFRASTRUCTURE INFRASTRUCTURE Organic Revenue CAGR 5% - 9% 8% - 10% 3% - 5% 5% - 8% Target OI Margin 10.5% - 11.5% 9.0% - 10.0% 7.0% - 8.5% 6.5% - 8.0% Target Adjusted
Slide 57: Building on Our Portfolio of Capabilities
Building on Our Portfolio of Capabilities Example Operating Company Communications Driving Electric Power Renewable Energy Underground Utility & Infrastructure Solutions Infrastructure Solutions Infrastructure Solutions Infrastructure Solutions Consolidated Quanta Operating Company A Revenue, Adj. Q
Slide 58: Robust Cash Generation Coupled With Leverage Capacity
Robust Cash Generation Coupled With Leverage Capacity Amplifies Return Opportunities 2022E 2026E Upside Drivers Free Cash Flow (FCF) • Blattner operating profile Conversion 40% - 50% 45% - 55% • Growing front-end (FCF / Adj EBITDA)(1) solutions Maintaining Leverage Between Bank Leverage Ratio Based
Slide 59: Strong Track Record of Strategic and Opportunistic Capital Deployment
Strong Track Record of Strategic and Opportunistic Capital Deployment Believe Opportunistic Capital Deployment Offers Better Value Creation Select Historical Capital Deployment $3,500 2.3x 2.50 Capital Deployment Aggregate Capital Priorities $3,000 Deployed 2.00 1.6x 1.6x 2012-2021 1. Organic Growt
Slide 60: Strategic Acquisitions Will Continue to Play a Role
Strategic Acquisitions Will Continue to Play a Role Acquisitions have and will Core Characteristics Strategic Rationale continue to play a strategic role in differentiating Quanta in the • Strong, entrepreneurial management team • Brings leadership position in a new geography marketplace and positio
Slide 61: 2026 – Multiple Levers to Deliver Attractive Adj. EPS Growth
2026 – Multiple Levers to Deliver Attractive Adj. EPS Growth $11.00-$12.00 $9.50-$11.00 Balanced Capital Balanced Capital Deployment & Deployment and Leverage Profile $8.00-$9.50 Provides Prudent Leverage Opportunity for Profile Offers $6.00-$6.50 +15% CAGR Opportunity for Solid Double-Digit Adjuste
Slide 62: Dividend Growth Another Tool for Stockholder Value
Dividend Growth Another Tool for Stockholder Value Intend to Increase our Dividend Commensurate with Net Income and Free Cash Flow Growth Dividend Per Share $0.28 $0.24 $0.20 $0.16 2019 2020 2021 2022 (1) 2023E 2024E 2025E 2026E (1) Annualized based on current quarterly dividend per share INVESTOR D
Slide 63: Disciplined and Opportunistic Capital Allocation
Disciplined and Opportunistic Capital Allocation Creating Long-Term Value for Shareholders Supporting Operational Needs Operations • Providing the working capital necessary to deliver solutions • Procuring property and equipment required to support project delivery • Strong balance sheet to support
Slide 64: Visible Megatrends Provide Opportunity to Enable, Expand and Extend Growth
Visible Megatrends Provide Opportunity to Enable, Expand and Extend Growth Expectations Megatrend Drivers Revenues EV charging and associated grid infrastructure Potential Megatrend Electrification-driven Upside Drivers load growth and capacity expansion $20- $22B High-voltage electric Megatrends: t
Slide 65: Compelling Organic Growth Enhanced with Capital Deployment
Compelling Organic Growth Enhanced with Capital Deployment 2026E Executing On Our Strategic Playbook Delivers Sustainable Growth and Value Creation Adj. EPS Organic Organic Adj. Aggregate Opportunity w/ ROIC Revenue EBITDA Free Cash Flow Capital Deployment Megatrends Enable, ~$20B-$22B ~$2.0B-$2.4B
Slide 66: Wrap Up: A Compelling Investment Case
WRAP UP A Compelling Investment Case Duke Austin President & Chief Executive Officer INVESTOR DAY 2022 66
Slide 67: We Are Confident We Can Continue to Deliver on Our Goals
We Are Confident We Can Continue to Deliver on Our Goals To be the leading infrastructure solutions provider in the markets that we serve, OUR VISION creating exceptional value for our customers, employees, and shareholders COMPETITIVE DIFFERENTIATION & VALUE-ADDED SOLUTIONS Cutting edge Craft Colla
Slide 68: A Compelling Investment Case
A Compelling Investment Case Successfully executing on our strategic 1 initiatives to drive operational excellence, profitable growth and value for our stakeholders Quanta's solutions have enhanced customer outcomes through providing comprehensive, construction-led 2 and self-performed services, com
Slide 69: Q&A
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Slide 70: Cautionary Statement About Forward-Looking Statements
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This presentation (and oral statements regarding the subject matter of this presentation) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of
Slide 71: Cautionary Statement About Forward-Looking Statements
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS • The severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of business and governmental responses thereto on Quanta's operations, personnel and supply chains and on commercial activity and demand across
Slide 72: Cautionary Statement About Forward-Looking Statements
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS • The potential that Quanta's participation in joint ventures or similar structures exposes Quanta to liability and/or harm to its reputation as a result of acts or omissions by partners; • Quanta’s inability or failure to comply with the terms o
Slide 73: Appendix
APPENDIX INVESTOR DAY 2022 73
Slide 74: Reconciliation of Adjusted Net Income from Continuing Operations
RECONCILIATION OF ADJUSTED NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO COMMON STOCK For the Years Ended December 31, (in thousands, except per share information) (Unaudited) As of February 24, 2022 Estimated Guidance Range 2021 2022E Excluding Latin America 2016 2017 2018 2019 2020 2021 Ta
Slide 75: Reconciliation of EBITDA and Adjusted EBITDA
RECONCILIATION OF EBITDA AND ADJUSTED EBITDA For the Years Ended December 31, (in thousands, except per share information) (Unaudited) As of February 24, 2022 Estimated Guidance Range 2021 2022E Excluding Latin America 2016 2017 2018 2019 2020 2021 Target Low Midpoint High 2019 2020 Net income from
Slide 76: Reconciliation of Backlog
RECONCILIATION OF BACKLOG (a) For the Years Ended December 31, (in thousands) (Unaudited) 2018 2019 2020 2021 12 Month Total 12 Month Total 12 Month Total 12 Month Total Total Remaining performance obligations 3,097,004 4,681,471 3,153,816 5,302,451 2,838,363 3,985,384 4,819,551 5,895,395 Estimated
Slide 77: Reconciliation of Free Cash Flow
RECONCILIATION OF FREE CASH FLOW 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
Slide 78: Reconciliation of Revenues Excluding Latin America
RECONCILIATION OF REVENUES EXCLUDING LATIN AMERICA For the Years Ended December 31, (in thousands) (Unaudited) 2019 2020 Revenues: Consolidated Revenues $ 12,112,153 $ 11,202,672 Less: Latin America 63,226 7,601 Consolidated Revenues excluding Latin America $ 12,048,927 $ 11,195,071 ESTIMATED LONG-T
Slide 79: Reconciliation of Return on Invested Capital (ROIC)
RECONCILIATION OF RETURN ON INVESTED CAPITAL (ROIC) Return on invested capital ("ROIC") is calculated by dividing Adjusted EBITA, net of tax (a non-GAAP measure) by average invested capital. Adjusted EBITA, net of tax, is calculated as Adjusted EBITDA (a non-GAAP measure), less stock-based compensat