$PWR
QUANTA SERVICES, INC.

2015 Q1 Form 10-Q Financial Statement

#000119312515179586 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.861B $1.735B
YoY Change 7.26% 11.67%
Cost Of Revenue $1.623B $1.479B
YoY Change 9.74% 10.71%
Gross Profit $237.9M $256.1M
YoY Change -7.09% 17.56%
Gross Profit Margin 12.78% 14.75%
Selling, General & Admin $145.5M $168.9M
YoY Change -13.87% 53.67%
% of Gross Profit 61.14% 65.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.40M $36.87M
YoY Change 6.87% 15.64%
% of Gross Profit 16.56% 14.4%
Operating Expenses $145.5M $168.9M
YoY Change -13.87% 53.67%
Operating Profit $84.15M $79.33M
YoY Change 6.07% -22.99%
Interest Expense $1.400M $982.0K
YoY Change 42.57% 95.62%
% of Operating Profit 1.66% 1.24%
Other Income/Expense, Net -$212.0K $644.0K
YoY Change -132.92% -225.29%
Pretax Income $82.99M $80.54M
YoY Change 3.05% -21.45%
Income Tax $30.60M $28.85M
% Of Pretax Income 36.87% 35.83%
Net Earnings $58.19M $58.65M
YoY Change -0.79% -23.69%
Net Earnings / Revenue 3.13% 3.38%
Basic Earnings Per Share $0.25 $0.25
Diluted Earnings Per Share $0.25 $0.25
COMMON SHARES
Basic Shares Outstanding 215.5M shares 219.0M shares
Diluted Shares Outstanding 215.5M shares 219.1M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.5M $273.3M
YoY Change -50.42% -25.45%
Cash & Equivalents $135.5M $273.3M
Short-Term Investments
Other Short-Term Assets $222.4M $128.7M
YoY Change 72.83% 42.1%
Inventory $45.82M $35.60M
Prepaid Expenses
Receivables $1.643B $1.502B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.388B $2.214B
YoY Change 7.82% 1.32%
LONG-TERM ASSETS
Property, Plant & Equipment $1.480B $1.270B
YoY Change 16.57% 18.44%
Goodwill $1.922B $1.832B
YoY Change 4.94% 19.29%
Intangibles $252.1M $219.6M
YoY Change 14.79% 23.0%
Long-Term Investments
YoY Change
Other Assets $98.56M $290.9M
YoY Change -66.12% 59.07%
Total Long-Term Assets $3.753B $3.612B
YoY Change 3.9% 21.66%
TOTAL ASSETS
Total Short-Term Assets $2.388B $2.214B
Total Long-Term Assets $3.753B $3.612B
Total Assets $6.141B $5.827B
YoY Change 5.39% 13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $874.6M $772.2M
YoY Change 13.26% 15.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $4.134M $0.00
YoY Change
Long-Term Debt Due $5.306M $1.700M
YoY Change 212.12%
Total Short-Term Liabilities $1.124B $982.5M
YoY Change 14.44% 18.39%
LONG-TERM LIABILITIES
Long-Term Debt $115.0M $4.600M
YoY Change 2400.04%
Other Long-Term Liabilities $291.0M $273.2M
YoY Change 6.5% 2.54%
Total Long-Term Liabilities $406.0M $273.2M
YoY Change 48.6% 2.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.124B $982.5M
Total Long-Term Liabilities $406.0M $273.2M
Total Liabilities $1.830B $1.510B
YoY Change 21.2% 14.04%
SHAREHOLDERS EQUITY
Retained Earnings $1.420B $1.124B
YoY Change 26.3% 51.91%
Common Stock $3.610B $3.463B
YoY Change 4.23% 5.01%
Preferred Stock
YoY Change
Treasury Stock (at cost) $520.1M $226.6M
YoY Change 129.49% 6.48%
Treasury Stock Shares 22.39M shares 12.35M shares
Shareholders Equity $4.297B $4.306B
YoY Change
Total Liabilities & Shareholders Equity $6.141B $5.827B
YoY Change 5.39% 13.03%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $58.19M $58.65M
YoY Change -0.79% -23.69%
Depreciation, Depletion And Amortization $39.40M $36.87M
YoY Change 6.87% 15.64%
Cash From Operating Activities $189.2M -$60.50M
YoY Change -412.73% -237.19%
INVESTING ACTIVITIES
Capital Expenditures $58.50M $71.42M
YoY Change -18.08% 23.91%
Acquisitions $34.73M $76.37M
YoY Change -54.52% 7716.58%
Other Investing Activities -$322.0K -$73.60M
YoY Change -99.56% -961.32%
Cash From Investing Activities -$99.90M -$145.0M
YoY Change -31.1% 121.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $182.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -142.2M -10.20M
YoY Change 1294.12% 104.0%
NET CHANGE
Cash From Operating Activities 189.2M -60.50M
Cash From Investing Activities -99.90M -145.0M
Cash From Financing Activities -142.2M -10.20M
Net Change In Cash -52.90M -215.7M
YoY Change -75.48% 713.96%
FREE CASH FLOW
Cash From Operating Activities $189.2M -$60.50M
Capital Expenditures $58.50M $71.42M
Free Cash Flow $130.7M -$131.9M
YoY Change -199.07% 874.5%

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CY2014Q1 pwr Maximum Licensing Terms
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CY2014Q1 pwr Number Of Customers Representing Ten Percent Or More Of Consolidated Revenues
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CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
QUANTA SERVICES INC
CY2015Q1 dei Trading Symbol
TradingSymbol
PWR
CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 28px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Accounting Standards Not Yet Adopted</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify">In May 2014, the FASB issued an update that supersedes most current revenue recognition guidance as well as some cost recognition guidance. The update requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update also requires new qualitative and quantitative disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, information about contract balances and performance obligations, and assets recognized from costs incurred to obtain or fulfill a contract. For public entities, the update is currently effective for fiscal years beginning on or after December&#xA0;15, 2016, including interim periods within that year. On April&#xA0;1, 2015, the FASB proposed a one year deferral of the effective date for the update. The proposed deferral would result in the update being effective for public companies with fiscal years beginning on or after December&#xA0;15, 2017, including interim periods within that year. The proposal is subject to the FASB&#x2019;s due process requirements, which includes a period for public comments. The guidance can be applied on a full retrospective or modified retrospective basis whereby the entity records a cumulative effect of initially applying this update at the date of initial application. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements and is planning to adopt this guidance effective January&#xA0;1, 2018, subject to the FASB&#x2019;s proposal satisfying the remaining due process requirements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify">In August&#xA0;2014, the FASB issued guidance to address the diversity in practice in determining when there is substantial doubt about an entity&#x2019;s ability to continue as a going concern and when and how an entity must disclose certain relevant conditions and events.&#xA0;This update requires an entity to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued).&#xA0;If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity&#x2019;s ability to continue as a going concern for a period of one year after the date that the financial statements are issued (or available to be issued), along with the principal conditions or events that raise substantial doubt, management&#x2019;s evaluation of the significance of those conditions or events in relation to the entity&#x2019;s ability to meet its obligations and management&#x2019;s plans that are intended to mitigate those conditions or events. The guidance is effective for annual and interim periods ending after December&#xA0;15, 2016. This guidance will impact the disclosure and presentation of how Quanta reports any substantial doubt about its ability to continue as a going concern, if such substantial doubt were to exist. Quanta will adopt this guidance effective January&#xA0;1, 2017.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify">In February 2015, the FASB issued an update which amends existing consolidation guidance, including amending the guidance related to determining whether an entity is a variable interest entity. The update is effective for interim and annual periods beginning after December&#xA0;15, 2015, although early adoption is permitted. The guidance may be applied using a modified retrospective approach whereby the entity records a cumulative effect of adoption at the beginning of the fiscal year of initial application. A reporting entity may also apply the amendments on a full retrospective basis. Quanta is currently evaluating the potential impact of this authoritative guidance on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify">In April&#xA0;2015, the FASB issued an update that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts and premiums. The standard is effective for interim and annual reporting periods beginning after December&#xA0;15, 2015, although early adoption is permitted. The update is required to be adopted retroactively for all periods presented. The adoption of the update is not expected to have a significant impact on Quanta&#x2019;s consolidated financial statements or related disclosures. Quanta will adopt this guidance effective January&#xA0;1, 2016.</p> </div>
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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189227000
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3 Entity
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CY2015Q1 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates and Assumptions</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with US&#xA0;GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses recognized during the periods presented. Quanta reviews all significant estimates affecting its consolidated financial statements on a recurring basis and records the effect of any necessary adjustments prior to their publication. Judgments and estimates are based on Quanta&#x2019;s beliefs and assumptions derived from information available at the time such judgments and estimates are made. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements. Estimates are primarily used in Quanta&#x2019;s assessment of the allowance for doubtful accounts, valuation of inventory, useful lives of assets, fair value assumptions in analyzing goodwill, other intangibles and long-lived asset impairments, equity and other investments, loan receivables, purchase price allocations, liabilities for self-insured and other claims and guarantees, multi-employer pension plan withdrawal liabilities, revenue recognition for construction contracts inclusive of contractual change orders and claims, revenue recognition for fiber optic licensing, share-based compensation, operating results of reportable segments, as well as the provision for income taxes and the calculation of uncertain tax positions.</p> </div>
CY2015Q1 dei Document Period End Date
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CY2015Q1 dei Amendment Flag
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CY2015Q1 dei Document Fiscal Year Focus
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CY2015Q1 us-gaap Proceeds From Income Tax Refunds
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CY2015Q1 us-gaap Decrease In Restricted Cash
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CY2015Q1 us-gaap Depreciation
Depreciation
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CY2015Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
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CY2015Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
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0
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CY2015Q1 pwr Period Related To Outstanding Accounts Receivable For Analysis Of Allowance For Doubtful Accounts
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CY2015Q1 pwr Period After Accounts Receivable Are Treated As Delinquent
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AutoLiabilityInsuranceClaimsDeductible
10000000
CY2015Q1 pwr Health Care Deductible
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CY2015Q1 pwr Maximum Licensing Terms
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P25Y
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8906000
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0 Customer
CY2015Q1 pwr Number Of Shares Of Common Stock Received For Each Exchangeable Share
NumberOfSharesOfCommonStockReceivedForEachExchangeableShare
1 shares
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10000000
CY2015Q1 pwr Long Term Debt Weighted Average Interest Rate During Period
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CY2015Q1 pwr Minimum Licensing Terms
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P5Y
CY2015Q1 pwr Workers Compensation Insurance Claims Deductible
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5000000
CY2015Q1 pwr Minimum Number Of Shares That Can Be Exchanged By Exchangeable Shareholders Unless Number Of Remaining Exchangeable Shares Registered In Name Of Holder Is Less
MinimumNumberOfSharesThatCanBeExchangedByExchangeableShareholdersUnlessNumberOfRemainingExchangeableSharesRegisteredInNameOfHolderIsLess
50000 shares
CY2015Q1 pwr Multiemployer Plan Withdrawal Obligation Accrued
MultiemployerPlanWithdrawalObligationAccrued
2800000
CY2015Q1 pwr Business Acquisitions Pro Forma Gross Profit
BusinessAcquisitionsProFormaGrossProfit
253737000
CY2015Q1 pwr Outstanding Capital Commitments
OutstandingCapitalCommitments
9300000
CY2015Q1 pwr Change In Contract Estimates Impact On Operating Results
ChangeInContractEstimatesImpactOnOperatingResults
0.089 pure

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