Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - QUANTA SERVICES, INC. | Financial_Report.xls |
| 8-K - FORM 8-K - QUANTA SERVICES, INC. | d488315d8k.htm |
Exhibit 99.1
QUANTA SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED HISTORICAL FINANCIAL INFORMATION
RECAST FOR DISCONTINUED OPERATIONS
1
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Quanta Services, Inc. and Subsidiaries 2012 Consolidated Statements of Operations Recast for Discontinued (In thousands) (Unaudited) |
| Three Months Ended March 31, 2012 |
Three Months Ended June 30, 2012 |
Six Months Ended June 30, 2012 |
Three Months Ended September 30, 2012 |
Nine Months Ended September 30, 2012 |
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| Revenues |
$ | 1,328,764 | $ | 1,386,162 | $ | 2,714,926 | $ | 1,532,001 | $ | 4,246,927 | ||||||||||
| Cost of services (including depreciation) |
1,142,700 | 1,173,258 | 2,315,958 | 1,280,001 | 3,595,959 | |||||||||||||||
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| Gross profit |
186,064 | 212,904 | 398,968 | 252,000 | 650,968 | |||||||||||||||
| Selling, general and administrative expenses |
98,108 | 105,233 | 203,341 | 114,577 | 317,918 | |||||||||||||||
| Amortization of intangible assets |
9,165 | 9,326 | 18,491 | 10,290 | 28,781 | |||||||||||||||
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| Operating income |
78,791 | 98,345 | 177,136 | 127,133 | 304,269 | |||||||||||||||
| Interest expense |
(575 | ) | (958 | ) | (1,533 | ) | (963 | ) | (2,496 | ) | ||||||||||
| Interest income |
408 | 387 | 795 | 383 | 1,178 | |||||||||||||||
| Equity in earnings of unconsolidated affiliates |
— | — | — | 1,308 | 1,308 | |||||||||||||||
| Other income (expense), net |
130 | (326 | ) | (196 | ) | (179 | ) | (375 | ) | |||||||||||
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| Income from continuing operations before income taxes |
78,754 | 97,448 | 176,202 | 127,682 | 303,884 | |||||||||||||||
| Provision for income taxes |
28,669 | 35,271 | 63,940 | 39,596 | 103,536 | |||||||||||||||
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| Net income from continuing operations |
50,085 | 62,177 | 112,262 | 88,086 | 200,348 | |||||||||||||||
| Income from discontinued operations, net of taxes |
(91 | ) | 7,620 | 7,529 | 12,770 | 20,299 | ||||||||||||||
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| Net income |
49,994 | 69,797 | 119,791 | 100,856 | 220,647 | |||||||||||||||
| Less: Net income attributable to noncontrolling interests |
4,287 | 4,259 | 8,546 | 4,458 | 13,004 | |||||||||||||||
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| Net income attributable to common stock |
$ | 45,707 | $ | 65,538 | $ | 111,245 | $ | 96,398 | $ | 207,643 | ||||||||||
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| Amounts attributable to common stock: |
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| Net income from continuing operations |
$ | 45,798 | $ | 57,918 | $ | 103,716 | $ | 83,628 | $ | 187,344 | ||||||||||
| Net income from discontinued operations |
(91 | ) | 7,620 | 7,529 | 12,770 | 20,299 | ||||||||||||||
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| Net income attributable to common stock |
$ | 45,707 | $ | 65,538 | $ | 111,245 | $ | 96,398 | $ | 207,643 | ||||||||||
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| Earnings per share attributable to common stock - basic: (a) |
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| Continuing operations |
$ | 0.22 | $ | 0.27 | $ | 0.49 | $ | 0.39 | $ | 0.88 | ||||||||||
| Discontinued operations |
— | 0.04 | 0.03 | 0.06 | 0.10 | |||||||||||||||
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| Net income attributable to common stock |
$ | 0.22 | $ | 0.31 | $ | 0.52 | $ | 0.45 | $ | 0.98 | ||||||||||
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| Earnings per share attributable to common stock - diluted: (a) |
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| Continuing operations |
$ | 0.22 | $ | 0.27 | $ | 0.49 | $ | 0.39 | $ | 0.88 | ||||||||||
| Discontinued operations |
— | 0.04 | 0.03 | 0.06 | 0.10 | |||||||||||||||
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| Net income attributable to common stock |
$ | 0.22 | $ | 0.31 | $ | 0.52 | $ | 0.45 | $ | 0.98 | ||||||||||
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| Shares used in computing earnings per share: |
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| Weighted average basic shares outstanding |
211,481 | 212,987 | 212,244 | 213,150 | 212,564 | |||||||||||||||
| Weighted average diluted shares outstanding |
211,592 | 213,087 | 212,342 | 213,242 | 212,650 | |||||||||||||||
| (a) | The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period. |
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Quanta Services, Inc. and Subsidiaries 2011 Consolidated Statements of Operations Recast for Discontinued (In thousands) (Unaudited) |
| Three Months Ended March 31, 2011 |
Three Months Ended June 30, 2011 |
Six Months Ended June 30, 2011 |
Three Months Ended September 30, 2011 |
Nine Months Ended September 30, 2011 |
Three Months Ended December 31, 2011 |
Twelve Months Ended December 31, 2011 |
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| Revenues |
$ | 783,305 | $ | 904,781 | $ | 1,688,086 | $ | 1,112,674 | $ | 2,800,760 | $ | 1,393,004 | $ | 4,193,764 | ||||||||||||||
| Cost of services (including depreciation) |
713,730 | 763,986 | 1,477,716 | 940,619 | 2,418,335 | 1,213,713 | 3,632,048 | |||||||||||||||||||||
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| Gross profit |
69,575 | 140,795 | 210,370 | 172,055 | 382,425 | 179,291 | 561,716 | |||||||||||||||||||||
| Selling, general and administrative expenses |
83,277 | 81,881 | 165,158 | 83,284 | 248,442 | 89,393 | 337,835 | |||||||||||||||||||||
| Amortization of intangible assets |
6,037 | 6,643 | 12,680 | 8,067 | 20,747 | 8,292 | 29,039 | |||||||||||||||||||||
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| Operating income (loss) |
(19,739 | ) | 52,271 | 32,532 | 80,704 | 113,236 | 81,606 | 194,842 | ||||||||||||||||||||
| Interest expense |
(250 | ) | (246 | ) | (496 | ) | (734 | ) | (1,230 | ) | (573 | ) | (1,803 | ) | ||||||||||||||
| Interest income |
286 | 249 | 535 | 226 | 761 | 305 | 1,066 | |||||||||||||||||||||
| Other income (expense), net |
(85 | ) | 167 | 82 | (546 | ) | (464 | ) | (133 | ) | (597 | ) | ||||||||||||||||
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| Income (loss) from continuing operations before income taxes |
(19,788 | ) | 52,441 | 32,653 | 79,650 | 112,303 | 81,205 | 193,508 | ||||||||||||||||||||
| Provision (benefit) for income taxes |
(7,943 | ) | 21,255 | 13,312 | 31,788 | 45,100 | 17,996 | 63,096 | ||||||||||||||||||||
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| Net income (loss) from continuing operations |
(11,845 | ) | 31,186 | 19,341 | 47,862 | 67,203 | 63,209 | 130,412 | ||||||||||||||||||||
| Income (loss) from discontinued operations, net of taxes |
(4,460 | ) | 3,127 | (1,333 | ) | 7,738 | 6,405 | 7,599 | 14,004 | |||||||||||||||||||
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| Net income (loss) |
(16,305 | ) | 34,313 | 18,008 | 55,600 | 73,608 | 70,808 | 144,416 | ||||||||||||||||||||
| Less: Net income attributable to noncontrolling interests |
1,289 | 2,512 | 3,801 | 3,606 | 7,407 | 4,494 | 11,901 | |||||||||||||||||||||
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| Net income (loss) attributable to common stock |
$ | (17,594 | ) | $ | 31,801 | $ | 14,207 | $ | 51,994 | $ | 66,201 | $ | 66,314 | $ | 132,515 | |||||||||||||
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| Amounts attributable to common stock: |
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| Net income (loss) from continuing operations |
$ | (13,134 | ) | $ | 28,674 | $ | 15,540 | $ | 44,256 | $ | 59,796 | $ | 58,715 | $ | 118,511 | |||||||||||||
| Net income (loss) from discontinued operations |
(4,460 | ) | 3,127 | (1,333 | ) | 7,738 | 6,405 | 7,599 | 14,004 | |||||||||||||||||||
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| Net income (loss) attributable to common stock |
$ | (17,594 | ) | $ | 31,801 | $ | 14,207 | $ | 51,994 | $ | 66,201 | $ | 66,314 | $ | 132,515 | |||||||||||||
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| Earnings (loss) per share attributable to common stock - basic: (a) |
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| Continuing operations |
$ | (0.06 | ) | $ | 0.13 | $ | 0.07 | $ | 0.21 | $ | 0.28 | $ | 0.28 | $ | 0.56 | |||||||||||||
| Discontinued operations |
(0.02 | ) | 0.02 | — | 0.04 | 0.03 | 0.04 | 0.06 | ||||||||||||||||||||
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| Net income (loss) attributable to common stock |
$ | (0.08 | ) | $ | 0.15 | $ | 0.07 | $ | 0.25 | $ | 0.31 | $ | 0.32 | $ | 0.62 | |||||||||||||
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| Earnings (loss) per share attributable to common stock - diluted: (a) |
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| Continuing operations |
$ | (0.06 | ) | $ | 0.13 | $ | 0.07 | $ | 0.21 | $ | 0.28 | $ | 0.28 | $ | 0.56 | |||||||||||||
| Discontinued operations |
(0.02 | ) | 0.02 | — | 0.04 | 0.03 | 0.04 | 0.06 | ||||||||||||||||||||
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| Net income (loss) attributable to common stock |
$ | (0.08 | ) | $ | 0.15 | $ | 0.07 | $ | 0.25 | $ | 0.31 | $ | 0.32 | $ | 0.62 | |||||||||||||
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| Shares used in computing earnings (loss) per share: |
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| Weighted average basic shares outstanding |
214,167 | 214,827 | 214,670 | 210,583 | 213,400 | 210,085 | 212,648 | |||||||||||||||||||||
| Weighted average diluted shares outstanding |
214,167 | 215,023 | 215,606 | 210,692 | 214,055 | 210,204 | 213,168 | |||||||||||||||||||||
| (a) | The sum of the individual quarterly earnings (loss) per share amounts may not equal year-to-date earnings per share as each period’s computation is based on the weighted average number of shares outstanding during the period. |
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Quanta Services, Inc. and Subsidiaries 2012 and 2011 Segment Data Recast for Discontinued Operations (In thousands) (Unaudited) |
| Three Months Ended March 31, 2012 |
Three Months Ended June 30, 2012 |
Six Months Ended June 30, 2012 |
Three Months Ended September 30, 2012 |
Nine Months Ended September 30, 2012 |
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| Revenues: |
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| Electric Power |
$ | 932,213 | $ | 1,006,073 | $ | 1,938,286 | $ | 1,088,586 | $ | 3,026,872 | ||||||||||
| Natural Gas and Pipeline |
356,967 | 337,595 | 694,562 | 394,215 | 1,088,777 | |||||||||||||||
| Fiber Optic Licensing and Other |
39,584 | 42,494 | 82,078 | 49,200 | 131,278 | |||||||||||||||
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| Consolidated revenues |
$ | 1,328,764 | $ | 1,386,162 | $ | 2,714,926 | $ | 1,532,001 | $ | 4,246,927 | ||||||||||
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| Operating income (loss): |
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| Electric Power |
$ | 114,214 | $ | 110,735 | $ | 224,949 | $ | 137,445 | $ | 362,394 | ||||||||||
| Natural Gas and Pipeline |
(10,535 | ) | 15,055 | 4,520 | 23,429 | 27,949 | ||||||||||||||
| Fiber Optic Licensing and Other |
14,540 | 15,423 | 29,963 | 15,114 | 45,077 | |||||||||||||||
| Corporate and Non-Allocated Costs |
(39,428 | ) | (42,868 | ) | (82,296 | ) | (48,855 | ) | (131,151 | ) | ||||||||||
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| Consolidated operating income |
$ | 78,791 | $ | 98,345 | $ | 177,136 | $ | 127,133 | $ | 304,269 | ||||||||||
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| Three Months Ended March 31, 2011 |
Three Months Ended June 30, 2011 |
Six Months Ended June 30, 2011 |
Three Months Ended September 30, 2011 |
Nine Months Ended September 30, 2011 |
Three Months Ended December 31, 2011 |
Twelve Months Ended December 31, 2011 |
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| Revenues: |
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| Electric Power |
$ | 563,970 | $ | 662,173 | $ | 1,226,143 | $ | 821,719 | $ | 2,047,862 | $ | 974,797 | $ | 3,022,659 | ||||||||||||||
| Natural Gas and Pipeline |
176,352 | 205,538 | 381,890 | 253,025 | 634,915 | 376,333 | 1,011,248 | |||||||||||||||||||||
| Fiber Optic Licensing and Other |
42,983 | 37,070 | 80,053 | 37,930 | 117,983 | 41,874 | 159,857 | |||||||||||||||||||||
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| Consolidated revenues |
$ | 783,305 | $ | 904,781 | $ | 1,688,086 | $ | 1,112,674 | $ | 2,800,760 | $ | 1,393,004 | $ | 4,193,764 | ||||||||||||||
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| Operating income (loss): |
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| Electric Power |
$ | 32,340 | $ | 71,144 | $ | 103,484 | $ | 103,087 | $ | 206,571 | $ | 131,155 | $ | 337,726 | ||||||||||||||
| Natural Gas and Pipeline |
(36,653 | ) | (1,859 | ) | (38,512 | ) | (3,886 | ) | (42,398 | ) | (35,909 | ) | (78,307 | ) | ||||||||||||||
| Fiber Optic Licensing and Other |
10,916 | 14,278 | 25,194 | 12,662 | 37,856 | 15,620 | 53,476 | |||||||||||||||||||||
| Corporate and Non-Allocated Costs |
(26,342 | ) | (31,292 | ) | (57,634 | ) | (31,159 | ) | (88,793 | ) | (29,260 | ) | (118,053 | ) | ||||||||||||||
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| Consolidated operating income (loss) |
$ | (19,739 | ) | $ | 52,271 | $ | 32,532 | $ | 80,704 | $ | 113,236 | $ | 81,606 | $ | 194,842 | |||||||||||||
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Quanta Services, Inc. and Subsidiaries 2012 and 2011 Backlog Recast for Discontinued Operations (In millions) (Unaudited) |
Backlog represents the amount of revenue that Quanta expects to realize from work to be performed in the future on uncompleted contracts, including new contractual arrangements on which work has not yet begun. Backlog estimates include amounts under long-term maintenance contracts or master service agreements (MSAs), in addition to construction contracts. Quanta estimates the amount of work to be disclosed as backlog as the estimate of future work to be performed by using recurring historical trends inherent in the current MSAs, factoring in seasonal demand and projecting customer needs based upon ongoing communications with the customer. Generally, Quanta’s customers are not contractually committed to specific volumes of services under Quanta’s MSAs, and many of the company’s contracts may be terminated with notice. There can be no assurance as to Quanta’s customers’ requirements or that Quanta’s estimates are accurate. In addition, many of Quanta’s MSAs, as well as contracts for fiber optic licensing, are subject to renewal options. For purposes of calculating backlog, Quanta has included future renewal options only to the extent that the renewals can reasonably be expected to occur.
The following table presents Quanta’s total backlog by reportable segment as of the end of the first three quarters of 2012 and as of the end of the four quarters of 2011 along with an estimate of the backlog amounts expected to be realized within 12 months of each date (in millions):
| Backlog as of | ||||||||||||||||||||||||
| March 31, | June 30, | September 30, | ||||||||||||||||||||||
| 2012 | 2012 | 2012 | ||||||||||||||||||||||
| 12 Month | Total | 12 Month | Total | 12 Month | Total | |||||||||||||||||||
| Electric Power |
$ | 2,728.5 | $ | 4,957.0 | $ | 2,805.1 | $ | 4,947.3 | $ | 2,856.6 | $ | 4,803.3 | ||||||||||||
| Natural Gas and Pipeline |
862.3 | 1,412.7 | 828.6 | 1,393.1 | 863.3 | 1,513.6 | ||||||||||||||||||
| Fiber Optic Licensing and Other |
140.4 | 491.3 | 130.4 | 467.0 | 127.5 | 469.2 | ||||||||||||||||||
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| Backlog from continuing operations |
$ | 3,731.2 | $ | 6,861.0 | $ | 3,764.1 | $ | 6,807.4 | $ | 3,847.4 | $ | 6,786.1 | ||||||||||||
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| Backlog as of | ||||||||||||||||||||||||||||||||
| March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | |||||||||||||||||||||||||||||
| 12 Month | Total | 12 Month | Total | 12 Month | Total | 12 Month | Total | |||||||||||||||||||||||||
| Electric Power |
$ | 1,881.2 | $ | 4,342.4 | $ | 2,200.3 | $ | 4,752.9 | $ | 2,318.1 | $ | 4,853.2 | $ | 2,352.1 | $ | 4,946.5 | ||||||||||||||||
| Natural Gas and Pipeline |
663.0 | 1,251.4 | 514.7 | 1,153.2 | 682.0 | 1,359.6 | 764.1 | 1,343.2 | ||||||||||||||||||||||||
| Fiber Optic Licensing and Other |
111.2 | 444.4 | 112.4 | 435.2 | 115.6 | 439.2 | 148.9 | 464.0 | ||||||||||||||||||||||||
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| Backlog from continuing operations |
$ | 2,655.4 | $ | 6,038.2 | $ | 2,827.4 | $ | 6,341.3 | $ | 3,115.7 | $ | 6,652.0 | $ | 3,265.1 | $ | 6,753.7 | ||||||||||||||||
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