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

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Quanta Services

quanta services

Good morning, and welcome to the Quanta Services Fourth Quarter and Full Year twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. A question and answer session will follow management's prepared remarks, and we ask that you please hold all questions until that time. I will then provide instructions for the question and answer session. As a reminder, this conference is being recorded.

If you have any objections, please disconnect at this time. I will now turn the call over to Kip Rupp, Vice President of Investor Relations for introductory remarks.

Thank you, and welcome everyone to the Quanta Services fourth quarter and full year twenty twenty four earnings conference call. This morning, we issued a press release announcing our fourth quarter and full year twenty twenty four results, which can be found in the Investor Relations section of our website at quantaservices.com. This morning, we also posted our fourth quarter and full year twenty twenty four operational and financial commentary and our 2025 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, 02/20/2025, and therefore, you are advised 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 that do not solely relate to historical and 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 natural results may differ materially from those expressed or implied. We will also present certain historical and forecasted non GAAP financial measures. Reconciliations of these financial measures to the 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?

fourth quarter and full year twenty twenty four results, which included double digit growth in revenues and earnings and a number of record financial metrics. Total backlog at year end was $34,500,000,000 and notably, Renewable Energy Infrastructure Solutions segment twelve month and total backlog achieved all time highs. Our ability to deliver consistent profitable growth is a testament to the strength of our portfolio approach. A diversified solutions based strategy that enables us to adapt to evolving industry dynamics while delivering mission critical infrastructure. Quanta has produced record revenues seven of the last eight years, seven consecutive years of record adjusted EBITDA and eight consecutive years of record adjusted diluted earnings per share.

These results were made possible by more than 58,000 dedicated employees and our industry leading operational and financial platform. 2024 was another successful year for Quanta strategically, operationally, and financially. And while there are always areas for improvement, we are proud of our many accomplishments during this year, and we continue to look forward with excitement towards the multiyear strategic initiatives we are working on and the goals we expect to achieve in this and the coming years. We continue to see significant opportunity to advance our growth strategy and are pacing well against our multi year financial targets, including double digit EPS growth and double digit returns. Our strategic initiatives are enhancing our service lines and capabilities, while also expanding our customer base and therefore, enlarging our total addressable market opportunity for both organic growth and strategic capital deployment.

The energy and infrastructure landscape is undergoing a fundamental transformation, and Quanta is positioned at its center. Utilities across The United States are experiencing and forecasting meaningful increases in power demand for the first time in two decades, which is being driven by the adoption of new technologies and related infrastructure, including data centers and artificial intelligence, the energy transition and policies intended to strategically reinforce domestic manufacturing and supply chain resources. This increasing demand, coupled with tightening power generation capacity, underscores the urgent need for large scale grid modernization and energy infrastructure development. Fauna's portfolio approach uniquely positions us to support our clients as they navigate this evolving landscape. Our diversified service lines, self performed capabilities, and craft skilled workforce give us the flexibility to deploy resources where they create the most value across geographies, industries, and service lines.

We believe our collaborative, solution based approach is valued by our clients more than ever. 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 provides us the ability to manage risk and shift resources across service lines and geographies, which we believe will become increasingly important as load growth, electrification and the energy transition accelerates. We believe our portfolio approach positions us well to allocate resources to opportunities we find the most economically attractive and to achieve operating efficiencies and consistent financial results. I will now turn the call over to Jayshree Desai, Quanta's CFO, to provide a few remarks about our results and 2025 guidance and then we will take your questions.

Thanks, Duke, and good morning, everyone. Quanta completed the year with fourth quarter revenues of $6,600,000,000 net income attributable to common stock of $305,100,000 or $2.03 per diluted share and adjusted diluted earnings per share of $2.94 Adjusted EBITDA was CAD 737,800,000.0 or 11.3% of revenues. Of note, our cash flow in the fourth quarter and for the full year exceeded the upper end of our free cash flow guidance expectations. For the fourth quarter and full year of 2024, we had free cash flow of $575,400,000 and $1,600,000,000 respectively, with our full year free cash flow a record. Our earnings and cash flow performance allowed us to end the fourth quarter 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.

To that end, subsequent to the end of twenty twenty four, we acquired two companies for aggregate upfront consideration of approximately $562,000,000 of cash and stock. This morning, we provided our full year 2025 financial expectations, which calls for another year of profitable growth with record revenues, improved margins and opportunity for double digit growth in adjusted EBITDA and adjusted earnings per share. We believe our expectations demonstrate the strength of our portfolio approach to the business, our commitment to our long term strategy, our favorable end market trends and our competitive position in the marketplace. As mentioned in our earnings release, beginning with three months ending 03/31/2025, we will report our results under two reportable segments: Electric Infrastructure Solutions and Underground Utility and Infrastructure Solutions. The new Electric Infrastructure Solutions segment combines the previous Electric Power Infrastructure Solutions and Renewable Energy Infrastructure Solutions segments.

This new segment reporting reflects how the business is managed and resources are allocated and better reflects the positioning of our strategies and comprehensive solutions for our growing and increasingly converging addressable markets. Additional details and commentary about our 2025 financial guidance can be found in our operational and financial commentary and outlook's expectation summary, both of which are posted on our IR website. In summary, we are executing well on our strategic plan and are pacing well against our multi year financial targets, including double digit EPS growth and double digit returns. We ended 2024 with record backlog and our end markets have never been better and we see opportunity for further strength in the coming years. With that, we are happy to answer your questions.

Thank you. We will now move to our question and answer session. We ask that all participants limit themselves to one question. If you have additional questions, you may requeue and ask and those questions will be addressed time permitting. If you have joined via the webinar please use the raise hand icon which can be found in the bottom of your webinar application If you have joined by phone please dial 9 to raise your hand When you are called on please unmute your line and ask your question Our first question comes from Chad Dillard with Bernstein.

So just a big picture question here. So what does the shift from investing in training data centers to inference mean for Quanta and the broader grid? Is there any difference in labor needs, design approach, grid use? Is it a positive, negative or net neutral?

I mean, when we look at data centers and what it does, like, before AI, there was still significant demand. After AI, there's more demand. How much demand? I I don't know. What what I do see is we see firm commitments of generation at our customer level.

You can look at it. You can point to it. It's well over 50 gigs in the hundred gigs, honestly. So when you see those that type of demand on energy, the the type of data centers and how you're looking at it, we're we're not looking at it in that way. We're just seeing the demand on our infrastructure and what we need to build.

We're booking backlog against it. So we, you know, we just see a great market there, And and the the from DeepSeq to, you know, AI chips and and what that does, we're not concerned with that at this point. We just seek, you know, that that demand is firm.

That's helpful. And just second question just on the recent M and A that you guys did. So I guess, first of all, like what sort of revenue contribution should we be baking in for '25? And then on the civil business, how are you thinking about the mix of business going forward? Is this meant to support Quanta's core business or are there going to be other like ancillary verticals that you're going to be operating in?

And then on the the Australia expansion, I guess, like, what's your your long term view on on Australia as, you know, an attractive market? And, I guess, what is the market structure and and how is a Quanta position there with this acquisition?

Yeah. So the basically, the civil acquisition business, I think from my standpoint, the DNA, the culture of the company, we've known them a long time, known them for decades. I passed by their office my whole career. So I know the family. It's a great family business.

It fits our DNA, and it also is something that the company itself has synergies against that you know, obviously, we don't put those in the deal. I feel like when we look at those solutions that we can provide, it gives us a holistic approach. Our customers are asking for it. We can deliver it on a holistic basis and really add value to the overall solutions of what we're trying to accomplish. If you look at a thousand acre solar site, look at a thousand acre 10,000 acre data center, you look at all the things that we do and try to provide solutions to whether it's LNG, sites, it doesn't matter.

We we will take the assets, the people, which are the core to it, and go and deliver against our own business as well as others. So it's a solution that people are asking for, and we wanna be holistic when we look at it and self perform more capabilities and give ourselves more flexibility as we look at the markets. In Australia, we continue to invest in Australia. The front side of the business down there is something that we've said all along that we'll continue to invest in. Great companies, great markets.

We're market leaders in the renewable business down in Australia. We like to we like it long term and and feel like we can continue to invest, in the country. So great rule of law and obviously gives us a lot of flexibility. So we're excited about that market as well. I'll let Jayshree comment on the revenues.

We don't contribute. We're not going to discuss any individual acquisition, but we'll tell you that the two acquisitions, majority of it is captured in our UU and I segment and we did give you guidance in that around what the inorganic contribution in our guide is related to that.

Our next question will come from Ati Modak with Goldman Sachs. Please unmute and ask your question.

Yeah. Hi. Good morning, team. Maybe I was wondering if you can provide some color on the margin performance in the electric power segment, the factors that drove that, and how much of the margin improvement should we consider as structural going forward?

Yeah. I mean, we executed well in the quarter. We've done some acquisitions there with Cupertino that are in the segment. Obviously, it had a lower margin profile, but a better return. So I do think when we look at it, the margins that we've stated in the past, 10 and a half, 11% type framework, 12 on the outer years that where if you got a lot of utilizations and and things of that nature in the business.

But in general, we settled along. It was back half loaded. We felt like the the electric business is gonna be strong in the second half. It was, you know, I I can only say that we have the field and the personnel that we have out there and the structures that we put together is what's delivering it. And I think as we see the markets, we will continue to deliver earnings in the the 10.5, 11 range in this segment.

That's, you know, basically where we're at and where we'll be, on a go forward basis. So I think no matter what we do in that segment, that's kind of how you should look at the framework going forward. Yeah. There'll be some years that are above it, due to some factors here or there. But given what we see in the market, that's kind of the framework we see going forward, 10.5% to 11%.

add I think also just to add to it, if you look at our electric segment, you're seeing us at over 10%, and that's after taking into consideration that we have reduced storm from where we were, in 2024. It takes out the Peru impact. And even with that, we're still in double digit segment revenue. And I think that you should take comfort that we're going to continue operating at that level. And the performance of the company from last year is going to go into 2025 as well.

Our next question will come from the line of Jamie Cook with Truist Securities.

Hi, can you hear me? Hey, can you hear me now?

Oh, hey, thanks guys. I guess my first question, Duke, if you could frame the expectations for backlog growth in 2025 and in particular, can you talk to potential synergies or big awards that could be coming out of Cupertino? I know you guys were very successful with revenue synergies associated with Blattner. I'm just trying to understand what's going on with Cupertino and is that an opportunity for larger awards in 2025? But my second question, Jayshree, just and I'm sorry if you missed this.

I know on the cash flow guide, you sort of talked to it being more back end loaded. Just how do we think about first half versus back half and what's driving that? Thank you.

Thanks, Jamie. I think when we look at the business in totality, when we buy these platform companies, we don't build synergies into, you know, the discussions that we have or the way we value them. But what we what we do see is when the total adjustable markets, the TAMs on the business are something that goes unnoticed, the customer base goes unnoticed, those synergies show up. And you've seen them with Blattner as we've gotten farther along in the in the balance of plant, the things that we're able to do with these type customers because there's convergence between, technology, utilities and the way we look at the data centers. And so the way that we're looking at the business certainly looks different and those markets are different.

If you just look at the tech CapEx and you look at utility CapEx, utility CapEx is $200,000,000,000 plus and then now technology is $300,000,000,000 plus but probably let's just call it $150,000,000,000 in North America. The addressable markets that Quanta serves and how we converge in the nexus of the middle of it really puts us in a different position on larger projects. So I expect our backlog to be at record levels. It could CAGR at record levels. It wouldn't surprise me.

But I I do expect us to be at record levels throughout the year. I can't tell you exactly you know how the backlog looks, so I can't tell you exactly when that'll happen. But what I see, bigger projects, the our ability to perform solutions is something that's unnoticed to to the investment community. We are a solutions provider. I'll say it again, solutions provider.

And what we do and those solutions that we provide and how we collaborate with that customer will allow us to and our addressable markets only are getting bigger. So it just allows us more opportunity, and I think we see it. We see it showing up. Super excited about where we sit and and the strategies that we have going forward against that solution based, you know, how we use craft skill and engineering in that solution. So, yeah, I mean, I I fully expect us to book larger projects and but we'll continue the base business.

We are not taking our eye off that either. So, Shree.

But Jamie, yes, on a free cash flow oh, sorry, go ahead.

No, I was just going to say specific to Cupertino was the question too, Duke. Like anything specific to Cupertino in terms of a revenue center, larger awards in 2025?

I think I inferred that, but yes, absolutely.

Okay. Okay. All right. Sorry, Jayshree. Go on the cash flow question.

Yes. On free cash flow, it's our typical profile, Jamie. It'll be back half weighted. Wouldn't expect too much in the first half just given the nature of how our business operates. So I think you'll see similar, cadence to what we've done the last couple of years.

Our next question will come from Steven Fisher with UBS. Please unmute and ask your question.

Thanks. Good morning. It was helpful to have the guidance for upper single digit growth in generation versus the mid singles and in high and low voltage. Just curious directionally, if you can give us a sense of what those growth rates were in 2024, so we can kind of see how it compares year over year? And then just kind of looking beyond '25 conceptually, do you think generation should still grow kind of above the high and low voltage rate for the next couple of years?

Or is this sort of like the renewables piece kind of driving generation, which is going to slow down while the grid part should be accelerating and those streams will cross, if you will?

Yes, Steve. I mean, I think you're seeing growth across the business. You're seeing growth at the EPS line at the midpoint. What is it? 16% at the midpoint of EPS.

And you're seeing growth on the top line, call it organic growth, six to seven, 10% if you look at the whole company on the top. So we're seeing growth. We're one of the reasons that we're going to one segment is how we run the business. And we feel like that the convergence of the business we we spoke a lot last year around t and d. Actually, I explained it for four months that our transmission and distribution cruise cross segments.

It was very confusing to the investment community. It's it's not how we run the business, so we put it together. So for us to go in and tell you how much generation growth or, you know, what is that because there's substations. There's all kinds of different things. Our our people cross, from data centers to chip plants to, hospitals, clean rooms.

We move all across. So we're gonna optimize our people against the markets. We're not making any specific manufacturing, you know, anything manufacturing where it's only specific to one segment or one TAM. I mean, we we're we're addressing across a large customer base. So we like the way we're set up, and we're we're not gonna get into guidance on little pieces of the segment because it doesn't matter to us.

What matters is the markets are growing. All the business is growing. We're putting up at at the midpoint of the range 10 plus. You see growth all across it. So we we feel like that all the markets that we're in are growing and we can move and be nimble across them and provide those solutions that we've discussed on the go forward basis, how we're gonna run the business, how we're gonna talk about the business.

And we have growth and we see growth. You can see the backlog. I welcome you to look at the backlog and and see that what we put up in the renewable segment alone, which I believe we said that last quarter that we would put it up and we did. And I those kind of numbers are staying there and they're not just twelve month backlog. It's long term backlog in the '26, '20 '7, and '28.

So we see growth and I think you can comfort yourself on the demand you see for generation. I it's just a supply and demand issue. We've said this. Like, the demand on generation, it doesn't matter. It it's gonna be renewables.

It's gonna be gas fired generation. It's gonna continue, and you can see it. It it's right there, and then we're talking about it daily. So I we're optimistic. We like the growth.

We're not gonna get into the little pieces of the segment. That's not who we are. We're a solution provider.

Our next question will come from the line of Julien Dumoulin Smith with Jefferies. It appears you're on the phone Julien, star six will allow you to unmute.

Excellent. Good morning, everyone. Thanks very much for the time. I appreciate it. Maybe just to come back to that last point here briefly, just on the renewable front real quickly.

As you think about some of the headlines here under the new administration, can you speak a little bit to your confidence in the execution on the Sunseil project specifically, both in terms of operations and permitted considerations on across federal lands? I suspect it's largely intact, but just want to make sure we've checked that off. And then separately and related here, as you think about this resegmentation, I think you were alluding to it a moment ago, but if you were to re segment, right, again, just to use the hypothetical in brief, can you speak as to how that backlog would translate into compounding revenue as it stands today? I suspect some folks are looking at this and saying, well, is there something about a deceleration in the renewables business? Clearly, the backlog data points today would suggest otherwise.

But if you can speak to that even more clearly than you just alluded to a moment ago, I'd appreciate it.

Yeah, Dylan. Thanks. Sunzia, first of all, like, I we're doing great. We're we're progressing well. I I, you know, fully expect us to complete.

We're not seeing any permitting issues on it. You know, we're well past that. And then I I I wanna talk a little bit about Sunsea because I think people worry about the replacement. If you break Sunsea down and you go soon half year project, if you look at the wind piece, it's basically two jobs, a year. And I I just we're not worried about replacing Sunsea.

We've already replaced it. It's in the backlog. And then on the transmission line, yes, it's it's a big line, but we've replaced that as well. And so I'm not concerned at all with our ability to replace some going forward, and I I think that's a misnomer in in investment community. I wanna get that out there and say, we're not worried.

Second, when we're talking about generation, we're seeing renewable generation growth. We're seeing it in outer years. We're looking at '26, '20 '7, and '28. We put growth up in '25. We'll put growth up in '26.

We're not concerned at that at this point with that. And, yes, there's going to be gas generation getting built. We see it. We've said it all along. It's 30%.

But when you start ordering turbines that are thirty six to forty eight months out, what are you going to do between now and then? And I I still believe, like, even when you get turbines in, when you start to see that, it you still got to build renewables behind it and fill up the lines. And it it when I look at the cost of renewables at the way I'm looking at it and the way everyone should, we gotta fill the lines up with renewables, gas, batteries, everything possible because that's what matters and people are underestimating transmission. The real issue is we need to build transmission in North America to really fully get the capabilities of all forms of energy. So I'm not worried about growth, but we need to get the permitting straight to get the transmission built.

And Julian, just to clear, we are resegmenting, starting first quarter.

Yes. Yes. We're resegmenting first quarter for

Yes. No, absolutely indeed. And if I can pick up on that last point quickly because these RTOs have really released quite substantive increases in their transmission, planning processes in the last quarter. So What's the timeline and cadence that you're expecting for some of that to flow into your backlog?

I get that there is some kind of lag here. It could be a couple of quarters or so. How do you think about that across these because the numbers are really quite staggering in the last few months?

Yes. I'm glad you noticed. What I would say is I do think we're having those discussions today and before they even came out. I think Steve was talking about the larger projects. Someone should look at those queues and see what those say, and that's on top of their already ongoing capital.

Those are big projects that are both in, on mainly all the RTOs for that matter. So you're starting to see bigger work, and we're having those discussions, on a daily basis and I like our chances.

Our next question will come from the line of Steve Fleishman with Wolfe Research. Again, Steve, that's star six to unmute. We can hear you. Please go ahead.

Hi. So I think on the I think you answered the question on renewables that it sounds like the tailwinds are still there that you're seeing despite the change in administration and some of the tariffs, other things that have come up just means I would just ask is there anything that you're watching or wary of there, but certainly didn't look like it with the backlog increase you got.

Second question is, you mentioned a lot of focus on gas and that seems to keep increasing. I know you don't want to be in the gas turbine business, but just do you see kind of the pieces of your coming together for more growth in your undergrounding business over the next several years as this does seem to be likely to ramp up meaningfully looking out?

Yes, Steve. First of all, like you know, we we do look at I mean, we're looking at administration on PTCs and, and how that would impact our customers. I think we we we watch that closely. There's a lot of safe harboring. We feel good about our our top, you know, 10 clients, and they're very sophisticated.

And I I I'm not as concerned, but we do watch it. I I I think, you know, we have a really good ten years worth of, you know, look out in in renewables and and what we see. I mean, certainly, some of that is based on the RA and and the way it impacts it. But the guy the administration, yes, it it it will be noisy. But I think in the end, the generation that's needed and what we need will prevail against those kind of, you know, short term dynamics in the market, what you may hear.

We are booking backlog. We see work out long long out, and, you know, we need all forms of generation. I think it goes back probably ten years. And and when we talked about it, we talked about all forms of energy, all forms of generation. It's never been as as pronounced as it is today.

Quanta Services (PWR) Q4 2024 Earnings Call Transcript

Company Participants