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    Quanta Services Inc (PWR)

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    Business Description

    Quanta Services, Inc. is a leading provider of comprehensive infrastructure solutions across various industries, including electric and gas utilities, renewable energy, communications, pipeline, and energy sectors in the United States, Canada, Australia, and select other international markets . The company operates through three main segments, offering services such as design, procurement, construction, upgrade, repair, and maintenance for electric power transmission and distribution infrastructure, renewable generation and infrastructure, and gas distribution and downstream industrial services . Quanta Services has experienced increased demand across all segments, achieving record annual revenues in 2023 .

    1. Electric Power Infrastructure Solutions - Offers services including design, procurement, construction, upgrade, repair, and maintenance for electric power transmission and distribution infrastructure, as well as emergency restoration services and installation of smart grid technologies.
    2. Renewable Energy Infrastructure Solutions - Focuses on services related to renewable generation and infrastructure, driven by the transition to a reduced-carbon economy.
    3. Underground Utility and Infrastructure Solutions - Provides services for gas distribution and downstream industrial services, with a focus on utility spending and modernization programs.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Earl C. (Duke) Austin, Jr.President, Chief Executive Officer, and DirectorMarch 2016Earl C. (Duke) Austin, Jr. has been a member of the Board and has served as President and Chief Executive Officer of Quanta Services, Inc. since March 2016. He previously held the position of Chief Operating Officer from January 2013 until January 2022 .
    Jayshree S. DesaiChief Financial OfficerJuly 2022Jayshree S. Desai has served as the Chief Financial Officer of Quanta Services, Inc. since July 2022. Prior to this role, she was the Chief Corporate Development Officer from January 2020 to July 2022 .
    J. Redgie ProbstChief Operating OfficerJanuary 2022J. Redgie Probst has served as the Chief Operating Officer of Quanta since January 2022. Prior to this role, he was the President of the Electric Power Division from March 2019 to January 2022 .
    Gerald A. (BJ) Ducey, Jr.President – Strategic OperationsMay 23, 2023Gerald A. (BJ) Ducey, Jr. has served as the President – Strategic Operations at Quanta since May 23, 2023. Prior to this role, he was the Senior Vice President – Operations from May 2017 to May 2023 .
    Derrick A. JensenExecutive Vice President – Business AdministrationJuly 2022Derrick A. Jensen has served as the Executive Vice President – Business Administration at Quanta Services, Inc. since July 2022. Prior to this role, he was the Chief Financial Officer from May 2012 to July 2022 .
    Donald C. WayneExecutive Vice President and General CounselMay 2017Donald C. Wayne has served as the Executive Vice President and General Counsel of Quanta Services, Inc. since May 2017. Before joining Quanta, he held various senior roles at Archrock, Inc. from November 2015 through May 2017 .
    Paul M. NobelSenior Vice President and Chief Accounting OfficerMay 2023Paul M. Nobel has served as the Senior Vice President and Chief Accounting Officer at Quanta Services, Inc. since May 2023. Prior to this role, he was the Vice President and Chief Accounting Officer from May 2021 to May 2023 .
    Dorothy C. UppermanVice President – TaxOctober 2014Dorothy C. Upperman has served as the Vice President – Tax at Quanta since October 2014. Before joining Quanta, she held various tax management roles at Wal-Mart Stores, Inc. .

    Questions to Ask Management

    1. Given that utility CapEx budgets were under 50% in the first half and you've previously discussed a shift between transmission and distribution spending, can you explain whether you expect a ramp back in distribution spending in the second half, or are you still anticipating ongoing weaknesses in this area?
    2. With the significant revenue ramp implied in your second-half guidance for the electric business, even excluding the recent acquisition of Cupertino Electric, can you help us understand the specific drivers behind this expected growth and how confident are you in achieving it?
    3. Regarding your renewable energy segment, while margins were strong this quarter, you mentioned ongoing drag from certain projects identified previously; can you quantify the impact these projects had on the current quarter's margins and explain how margins would have looked excluding this drag?
    4. Considering trade uncertainties and the upcoming election, have you observed any impact on customer behavior in the renewable energy space, such as delays or pullbacks in project commitments, and how are you mitigating potential risks associated with these factors?
    5. As your company continues to grow, some investors are concerned about the challenges of sustaining organic growth due to your large size; do you anticipate relying more on M&A for future growth, and how do you address the potential shift in your growth strategy towards acquisitions over organic expansion?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMay 23, 2023
    End Date/DurationJune 30, 2026
    Total additional amount$500 million
    Remaining authorization$499.7 million
    DetailsProvides flexibility to manage capital structure, return value to shareholders, and potentially improve earnings per share. Repurchases can be made in open market and privately negotiated transactions.

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024500.00.950% Senior Notes0.95010.7% = (500.0 / 4,688.1) * 100
    2024556.2Current Maturities of LT DebtVariable11.9% = (556.2 / 4,688.1) * 100
    2027600.04.750% Senior Notes4.75012.8% = (600.0 / 4,688.1) * 100
    20301,000.02.900% Senior Notes2.90021.3% = (1,000.0 / 4,688.1) * 100
    2032500.02.350% Senior Notes2.35010.7% = (500.0 / 4,688.1) * 100
    2034650.05.250% Senior Notes5.25013.9% = (650.0 / 4,688.1) * 100
    2041500.03.050% Senior Notes3.05010.7% = (500.0 / 4,688.1) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • AECOM
    • Dycom Industries, Inc.
    • EMCOR Group Inc.
    • Fluor Corporation
    • Jacobs Solutions Inc.
    • KBR, Inc.
    • MasTec, Inc.
    • MYR Group Inc.
    • Primoris Services Corporation

    These companies are included in a peer group selected by Quanta Services' management to represent a broad group of publicly held corporations with operations similar to theirs .

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2002 PresentCurrent auditor