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Quanta Services offers infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline, and energy industries in the U.S., Canada, and Australia. The company was formerly known as Fabal Construction and changed its name to Quanta Services in 1997, the same year that it was incorporated.

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Q3 2024

Quanta Services (PWR): Company Profile, Stock Price, News, Rankings

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Quanta Services

quanta services

Greetings, and welcome to the Quanta Services Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kip Rupp, Vice President, Investor Relations.

Thank you, and welcome everyone to the Quanta Services' Q3 2024 earnings conference call. This morning, we issued a press release announcing our Q3 2024 results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our Q3 2024 operational and financial commentary and our 2024 outlook expectations summary on Quanta's Investor Relations website. While management will make brief introductory remarks during this morning's call, the operational and financial commentary is intended to largely replace management's prepared remarks, allowing additional time for questions from the institutional investment community. Please remember that information reported on this call speaks only as of today, October 31, 2024, and therefore, you advise that any time sensitive information may no longer be accurate as of any replay of this call.

This call will include forward looking statements and information intended to qualify under the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995, including statements reflecting expectations, intentions, assumptions or beliefs about future events or financial performance or that do not solely relate to historical or current facts. You should not place undue reliance on these statements as they involve certain risks, uncertainties and assumptions that are difficult to predict or beyond Quanta's control and actual results may differ materially from those expressed or implied. While we will also present certain historical and forecasted non GAAP financial measures, reconciliations of these financial measures to their most directly comparable GAAP financial measures are included in our earnings release and operational and financial commentary. Please refer to these documents for additional information regarding our forward looking statements and non GAAP financial measures. Lastly, please sign up for e mail alerts through the Investor Relations section of quantaservices.com to receive notifications of news releases and other information and follow Quanta IR and Quanta Services on the social media channels listed on our website.

With that, I would like to now turn the call over to Mr. Duke Austin, Quanta's President and CEO. Duke?

Thanks, Kipp. Good morning, everyone, and welcome to the Quanta Services' Q3 2024 earnings conference call. Before I turn to our Q3 results, I would like to comment on Quanta's response to Hurricanes, Errol and Helene. During the Q3, we deployed significant resources to assist power restoration and related efforts in Texas for Hurricane Beryl and in the Southeast for Hurricane Helene. During these events, our employees often do more than work to get the power restored.

What is not well known are the other ways that our crews, who are first responders, help people in need during these devastating events. For example, in response to Hurricane Helene, Quanta Cruz worked with local sheriffs, law enforcement groups and various humanitarian organizations to leverage our helicopter assets to deliver more than £200,000 of cargo to impacted rural and mountain communities in North Carolina, including water, food, medical and camping supplies, pet food, pay for livestock and more. Our pilots also aided search and rescue efforts, provided reconnaissance and roadway assessments and performed welfare checks. These severe weather events also often impact the lives and property of Quanta employees, many of whom are away from their families for long periods restoring power to others. Quanta Cares, our employees relief fund, provided financial support to approximately 125 employees and their families who were impacted by these damaging storms.

I want to recognize and thank the thousands of Quanta employees who work tirelessly to restore power and much more for people in need during these severe weather events. Quanta delivered another quarter of double digit growth in revenues, adjusted EBITDA and adjusted earnings per share, as well as a number of other record financial metrics, including total backlog of $34,000,000,000 and free cash flow of $539,000,000 There is momentum building across our portfolio of solutions with the increased demand for and tightening of power generation capacity and the significant power grid upgrades and enhancements required to facilitate load growth, our collaborative solution based approach is valued by our clients more than ever. Wanna sits at the nexus of the utility, renewable energy and the convergence of these industries is gaining pace. Utilities across the United States are experiencing and forecasting meaningful increases in power demand for the first time in 2 decades, which is being driven by the adoption of new technologies and related infrastructure, including artificial intelligence and data centers, as well as federal and state policies designed to accelerate the energy transition and policies intended to strategically reinforce domestic manufacturing and supply chain resources. The necessity to build and modernize infrastructure is clear, and we believe Quanta's craft skilled labor work force and self perform capabilities are critical to advancing our infrastructure solutions.

To that end, the integration of Cupertino Electric is progressing well. And while it is early, we have received positive customer response to our comprehensive critical path electric infrastructure solutions for the technology and data center industry that provides opportunity to improve speed to market for projects. In summary, we are executing well on our strategic plan, and while there are areas for improvement, we are pleased with where we sit. We are pacing well against our multiyear financial targets, including double digit EPS growth and double digit returns. We ended the quarter with record backlog.

We expect adjusted EPS to grow approximately 20% at the midpoint of our guidance over last year. We expect record levels of free cash flow this year, a leverage profile below 2x by year end and over $3,000,000,000 of liquidity. Our end markets have never been better, and we see opportunity for further strength in the coming years. As I hope you can tell, we are proud of our execution and even more excited about the solutions platform we have built for the future. We are positioning Quanta for decades of expected necessary infrastructure investment and believe our service line diversity creates platforms for growth that expand our total addressable market.

Our portfolio approach and focus on craft skilled labor is a strategic advantage that we believe provides us the ability to manage risk and shift resources across service lines and geographies, which is increasingly important as the energy transition and new technologies add complexity to infrastructure programs. We believe our service offering, diversity, supply chain capabilities and portfolio approach have improved our cash flow and returns profile and position us well to allocate resources to the opportunities we find most economically attractive and achieve operating efficiencies and consistent financial results. I will now turn the call over to Jayshree Desai, Wanna CFO, to provide a few remarks about our 2024 results and guidance, Q1 results

Thanks, Duke, and good morning, everyone. This morning, we reported 3rd quarter revenues of $6,500,000,000 net income attributable to common stock of $293,200,000 or $1.95 per diluted share and adjusted diluted earnings per share of $2.72 Adjusted EBITDA was $682,800,000 or 10.5 percent of revenues. Additionally, we generated healthy cash flows in the 3rd quarter with cash flow from operations of $739,900,000 and free cash flow of $539,500,000 During the quarter, we also successfully recapitalized the business following our acquisition of Cupertino, allowing us to address the maturity of our senior notes that were due in October. Our earnings and cash flow performance coupled with this recapitalization allowed us to end the Q3 with ample liquidity and a balance sheet that supports both our organic growth expectations and the opportunistic investment of capital to generate incremental returns for our stockholders.

This morning, we also provided an update to our full year 2024 financial expectations, which calls for another year of profitable growth with record revenues and opportunity for double digit growth in adjusted EBITDA, adjusted earnings per share and free cash flow. We believe our expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long term strategy, favorable end market trends and our competitive position in the marketplace. Additional details and commentary about our 2024 financial guidance can found in our operational and financial commentary and outlook expectation summary, both of which are posted on our IR website. With that, we are happy to answer your questions. Operator?

Thank you. We will now be conducting a question and answer session. We ask that all callers limit themselves to one question and one follow-up. If you have additional questions, you may re queue and those questions will be addressed time permitting. Thank you.

Our first question comes from the line of Ati Modak with Goldman Sachs. Please proceed with your question.

Hi, good morning, Duke and Jayshree. You acquired some transformer manufacturing capability again. Can you talk about that a little bit? Is the supply chain still significant of a concern going ahead? And how much of your internal needs can you now source?

And are there synergies with the PTT assets? Any color around that?

Yes. Thank you. We did acquire some a small transformer manufacturing company in Upstate New York in the quarter. It was 100 year old family business. When we were going through the markets, we did some things that would allow us to make this acquisition, certainly beneficial to PTTI and the markets that we serve.

We continue to see constraints on large transformers. This factory certainly helps us with that. Our backlog in the business has gotten longer, not shorter. We continue to see opportunities internally and find synergies with the ability to build both transformers and breakers as we move forward. So the supply chain constraints are there.

They're real. We're trying to do things in the Lower forty eight with the load that we see. And so I think we'll continue to see ourselves get in a good position to make sure that we can have self perform capabilities, both from a manufacturing standpoint as well as to build on the craft scale labor on certain critical path items. So the synergies are there. We're seeing them show up.

If you can support the business internally, we build probably around 150 to 170 EPC subs a year. So we can support that, but that's not what we bought them for. We really believe it's to enhance the whole market, and we would not do that internally, just a little supplement on some of our builds that provide synergies to some clients.

Got it. That's helpful. And then you talked about having visibility into the timing of renewable transmission project. Can you give us a layoff the land, big picture view of how that's shaking out for the next few years here as conversations with your customers are progressing?

Yes. I mean, I think everyone's hearing the market demand from load. And in order for load to work, we need the transmission infrastructure. I would say that the inbounds, the bids, the proposals that we have, things in contract, things that we're talking about, record levels year over year, record levels in the 25, record levels in the 26, record levels in the 27. We continue to see more bid opportunities, more discussions on larger transmission capacity constraints.

So yes, I mean, I we've said it on the call, we've never seen the business any better. And we continue to believe that large transmission is the cheapest form of generation in many ways. So you can't do the things that we're trying to do and accomplish in the country without transmission, and we need to expedite it.

Our next question comes from the line of Jamie Cook with Truist. Please proceed with your question.

Hi, good morning. I guess two questions from me. 1, the renewable margins in the quarter, obviously, were pretty good and you've made a nice improvement in margins for that business throughout the year. And then you raised guidance. I guess, Jayshree, is it unreasonable to think that 2025 we're finally at a place with the revenue and the performance of the business where we can expect double digit margins because that's where we will be exiting the year?

I'm just wondering if that's a reasonable expectation. And then I guess my second question, Duke or Jayshree, on Cupertino, just sort of an update on how that business is doing. Is there any change in your guidance for Cupertino for the year and then just potential for revenue synergies there? Thank you.

Hi, Jamie. It's Duke. And I'll let Jayshree comment on some of the question there in a minute. So when we see it, when we look at it, the renewables and margins, they were good. We did say that we could get them up in double digits.

I believe we can. Over time, we've done it. And I wouldn't run it you have seasonality in the business. So your first half will be a little bit slower and you'll pick it up in the back half. We have our transmission business that's in there today.

That business has always ran at double digits. The platinum business is running at double digits. So we've consistently said we can do that. I believe that's possible going out as we move forward. The Cupertino business certainly has provided synergies to us already.

We continue to get inbounds on the 2 Pertino. I think it's, from our standpoint, something that will allow us a different customer base, allows us to participate much in a much greater way in the data center business as we see it, so the electrification thereof. And it really we haven't got the synergies like baked into anything at this point, but they're there. Much like Blattner, they're there. And we're seeing those show up in our business today.

We'll see Cupertino's show up in our business in 'twenty five, 'twenty six and beyond. And we're pretty excited about next year and what we see. But it's not a next year story. We're delivering. We've delivered for the past 5 years.

We continue to deliver. It's next year will just be better than this year. Fisher?

No, we covered it. Just to remind you, Jamie, of the cadence of the Renewable segment. So as Duke said, back half is definitely usually stronger than the first half. So going into next year, we I think the right way to look at it is what we said in Investor Day that we have the opportunity to perform that 9% to 10% range in renewable margins.

But Jayshree, sorry, the expectations that what's implied in the guide for 2024 for Cupertino, has that changed?

Yes, for Cupertino, has that changed at all?

told you that, Cupertino has the ability to perform in that $1,000,000,000 to $1,100,000,000 range in revenue. They're performing at the high end of that range.

Our next question comes from the line of Steve Fleishman with Wolfe Research. Please proceed with your question.

Yes. Hi. Good morning. Thanks. First question just on the in the quarter, a lot of good backlog and revenue growth, but a lot of it was kind of acquisition recent acquisitions.

Could you just talk to organic growth that you're seeing and kind of why was that maybe a little slower in the quarter? And how do you look at that from here?

Yes. Thanks, Steve. I think when you think about it, there was some backlog growth around $400,000,000 or so in the quarter. With the way the segmentation delineation of the segmentation, the segments creates some issues for us when we think about just T and D, our traditional T and D business. It certainly, if you look at where we're at, it's 5% into the Q3 of growth organically.

It's double digit growth in the forecast at the midpoint of the range. So we have double digit growth year over year at the traditional T and T business at the midpoint of the range. And we stated that going forward, we believe we'd grow that upper single digits on a go forward basis organically.

Okay, great. And then one other question just on the data center opportunity, not just Cupertino, but also in your utilities business. I think you said recently that data center investment really hasn't even shown up in utility plans yet for the most part. Do you have a better sense when it will show up there and then kind of filter through to your backlog?

Yes. I mean, I think it's you hear a lot about it. You're starting to see utilities issue equity. You're starting to see that come in. And a lot of that's the transmission growth, MISO, STP.

Your RTOs are robust in the planning stages. The thing is, if it's showing up 3 years from now, we better start today. And so I think we are seeing those discussions today from RTOs, from developers, from all of our customers. You have to start the transmission transformers 3 years out. You're 36 months away from energization, and you need some time to build the substations.

So I just I think it's a fallacy to think that you can't you have to start building transmission now. And the worst thing that we can do as an industry is sit here. So I don't think that sitting here works. I think everyone's moving forward. It took a little while to get this going.

It took a little while to make sure that the rates are not punitive to the ratepayers. And we have good rate structures across the country. You're starting to see those show up. So I'm pretty excited about where we're at as an industry. We're what I would consider moving forward against the big doubling of maybe tripling in generation over the next 2 decades.

So all the transmission build and substation build behind that is substantial, and it has to get started. And I think we're in the early very early stages of getting that started today.

Our next question comes from the line of Alex Rygiel with B. Riley. Please proceed with your question.

A couple of quick questions here. First, nuclear power generation has regained significant interest in small modular reactors, in particular nearing commercial deployment. Can you talk a bit about Quanta's opportunity in that generation?

Yes. Thanks, Alex. I think when you see it, you'll see us build the substation interconnections. I don't see us at SMRs in any capacity. I think they're a decade away to any kind of scale.

So yes, nuclear will be a piece of it going forward. You'll still be back heavily renewables. Even your big reactors, you're talking about a gig on the bigger plant. So the smaller ones are certainly less, and you'll see a lot of that to from a standpoint of emergency generation, things of that nature versus diesel. But I think it's an answer.

It helps. Nuclear is something that's long term. You're going to need it to come in if we're going to grow the generation like we say we are. So yes, but I think for us as we sit here today, our the way we see it is we'll be around the edges on the substations and all the electrification there.

That's helpful. And then, Duke, as the business has grown through the years, can you talk a bit about how the risk profile of projects, contracts in the business in general has changed?

Anytime you have EPC, you create risk. You have different kinds of risk. We've stayed to our knitting. I mean, I think we have a really good EPC program here of our engineering, procuring product and constructing the linear part or craft skilled labor is usually where people break down, and that's what we've invested in. We self perform 85% of the business.

So I think the self perform capabilities of Quanta derisk our business. And we stayed at that in the beginning and we know the cost when we go into them. And having our own supply chains and our critical path items that we've done in the vertical supply chain really de risk the project. And if there's risk in it, then there's more margin in it. And so I like the risk profiles that we have because we can create margin out of them.

So we're in good shape, and I think you'll continue to see that type of environment going forward due to the fact that there's just not enough talent around and you're going to see EPC get built for certainty across the country.

Our next question comes from the line of Steven Fisher with UBS. Please proceed with your question.

Thanks. Good morning. It seems clear that the big picture outlook here is developing pretty well, but maybe just to start with a couple of clarifications about some of the near term dynamics. Just on the electric side of things, just curious if the kind of puts and takes on the revenue guidance that was unchanged for that segment in light of the extra $225,000,000 of emergency work? Maybe that was just a shift in resources.

I know that can happen with these stores sometime. And then the 5% organic growth that you mentioned going to 10% for the year, I think you said last quarter 9%. I'm not sure if those numbers are all apples to apples. And just maybe if they are, can you just remind us what's the programs that are driving the acceleration to that nice 10% for the year there?

Thanks, Steve. Yes, we talked about the delineations of the segments and that we do have crude movement across both segments. So you do get some of those things and that show up in the way that the reports come out. When we look at it, yes, the storm is about $200,000,000 incremental. You do with the same kind of storms, for one thing, the company, it's $6,000,000,000 plus $6,500,000,000 of revenue in a quarter.

It's just it's not that big of an impact to the company. And maybe to others, it's not to us. And it does pull back off our industrial business and the gas based during barrel, you have a lot of push out in our industrial business due to the fact that the storms came in. So you're seeing that show up in that margin profile in our industrial business. So you have a lot of turnarounds that pushed due to storms.

So the impacts across the company and portfolio, you can't see those things show up in these storm numbers. So there is an impact. We're pulling off transmission. We're pulling off some renewable projects. They're larger.

We're flying people in from Canada to save human life, more importantly. And I think that's the struggle is to get everyone to see it. It's more than just a storm. We're also pulling off major, major projects to go do this, and it's necessary for the industry for us to do this. We had well over 5,000 people and continue in the mountains to restore power.

So yes, it's incremental, but it's not as big as what's being written. It's very, very small incremental gains there on the storm. So yes, and when we look at it going forward, you'll see those things show up. And I do think our renewable business is strong. The electric is like the T and D there continues to be good, and that's kind of where it sits today.

Okay. Just maybe a follow-up on the underground. Separate from the storm impact, were there any new challenges arising? Or is this just a continuation of kind of the same issues as before? And what's it going to take on the U.

S. Gas operations to get those delayed projects ramping up? Is that sort of just rate case decisions that we're waiting for?

Yes, Steve. I think when you look at it, the underground side of the business, they're building electric, they're building telecom, they're building renewables. The budgets certainly were impacted early. We talked about last quarter where if you're a utility and you could build underground electric or gas, a lot of the gas budgets went to not a lot, but enough to cause impacts on our LDC business to move from gas to electric. And so we moved our crews along with that.

We moved our crews into telecom, and you can see it show up in those segments. But yes, it did impact the LDC business as well as the industrial business with the storms that push out there more impacts. So we had those. We run it as a portfolio as we've talked about before. And I think go forward, if we look at the portfolio in the 'twenty five, you get guidance in 'twenty five.

We talk about guidance in 'twenty five. You'll see double digit guidance at the EPS level. 15% certainly is in the realm of possibility and beyond into next year. And we're willing to say it, I just said it, into next year. So the concern may be short term, but we see long term growth, multi I mean, decades worth of growth here.

And that's how we're running the business in this portfolio.

Our next question comes from the line of Julien Dumoulin Smith with Jefferies. Please proceed with your question.

Hey, good morning team. Thank you guys very much. Appreciate the opportunity. Look, how do you guys think about the emerging dirt, the workforce driving a tighter backdrop here for the business? I mean, it's a pretty interesting backdrop for you all.

You've been persistent in enabling a pipeline of labor training as a company. How do you

Hello, Mr. Dumoulin Smith, are you still there?

Okay. So the workforce, look, we have invested in it. I do think, as we stand today, we made substantial investments there early 8, 9 years ago with both colleges and curriculum. It's well known. The craft skilled labor, as we stand today, we went from 53, 54 to begin the year.

We're at 62,000 today. So that work that 62,000, some of it's organic, some of it's acquired through Cupertino and others, but we continue to invest in curriculum. We see opportunities to look at craft skills that are getting performed along in our segments and invest. And we'll continue to do that. We need to make sure that for us, that's the core of the business is that craft and the 85% of that self performed craft that we're supplementing across the country and all the service lines that we perform continue to grow.

We've got to invest in that. We knew it early. We're working with our partners or unions and trade associations across the country to make sure that, that investment for a trained, safe, dependable workforce is there, and we'll continue that as we go forward doing.

Sorry, I don't know what happened there. But just how does that impact your top line inflation when you think about the business trajectory and what you're seeing right now? I mean, it seems like the overall sector is seeing this trend. How does that impact your potential for margin expansion and overall just top line inflation at the same time to run with that?

Good question. Certainly, we pass through the we believe labor goes up about between 4% to 6%, as we move forward, let's 3% to 5%, probably 4% to 6% now. And those are passed through to contractually through our if it's not contractually, then we have it in our multiyear bids. But the 4% to 6% inflationary piece of labor has been there. It's been there a long time.

So that's always been in the pass through or we've adjusted our portfolio and bids for those labor impacts. On the data center business, on the inside electric piece of the business, it's certainly constrained more than our outside business. So we're also putting in training. We're also doing a lot of things with the Cupertino acquisition and that platform to enhance that labor force. And so I think you'll continue to see us anything we do that involves craft skill will be curriculum.

Quanta Services (PWR) Q3 2024 Earnings Call Transcript

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