EX-99.1 2 d488315dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

QUANTA SERVICES, INC. AND SUBSIDIARIES

CONSOLIDATED HISTORICAL FINANCIAL INFORMATION

RECAST FOR DISCONTINUED OPERATIONS

 

1


LOGO   

Quanta Services, Inc. and Subsidiaries

2012 Consolidated Statements of Operations 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
 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common stock

   $ 45,707      $ 65,538      $ 111,245      $ 96,398      $ 207,643   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts attributable to common stock:

          

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common stock

   $ 45,707      $ 65,538      $ 111,245      $ 96,398      $ 207,643   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to common stock - basic: (a)

          

Continuing operations

   $ 0.22      $ 0.27      $ 0.49      $ 0.39      $ 0.88   

Discontinued operations

     —          0.04        0.03        0.06        0.10   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common stock

   $ 0.22      $ 0.31      $ 0.52      $ 0.45      $ 0.98   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to common stock - diluted: (a)

          

Continuing operations

   $ 0.22      $ 0.27      $ 0.49      $ 0.39      $ 0.88   

Discontinued operations

     —          0.04        0.03        0.06        0.10   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to common stock

   $ 0.22      $ 0.31      $ 0.52      $ 0.45      $ 0.98   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in computing earnings per share:

          

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.

 

2


LOGO   

Quanta Services, Inc. and Subsidiaries

2011 Consolidated Statements of Operations Recast for Discontinued
Operations

(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
 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stock

   $ (17,594   $ 31,801      $ 14,207      $ 51,994      $ 66,201      $ 66,314      $ 132,515   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts attributable to common stock:

              

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stock

   $ (17,594   $ 31,801      $ 14,207      $ 51,994      $ 66,201      $ 66,314      $ 132,515   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to common stock - basic: (a)

              

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stock

   $ (0.08   $ 0.15      $ 0.07      $ 0.25      $ 0.31      $ 0.32      $ 0.62   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Earnings (loss) per share attributable to common stock - diluted: (a)

              

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stock

   $ (0.08   $ 0.15      $ 0.07      $ 0.25      $ 0.31      $ 0.32      $ 0.62   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in computing earnings (loss) per share:

              

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.

 

3


LOGO   

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
 

Revenues:

          

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated revenues

   $ 1,328,764      $ 1,386,162      $ 2,714,926      $ 1,532,001      $ 4,246,927   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

          

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
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated operating income

   $ 78,791      $ 98,345      $ 177,136      $ 127,133      $ 304,269   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

     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
 

Revenues:

              

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   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated revenues

   $ 783,305      $ 904,781      $ 1,688,086      $ 1,112,674      $ 2,800,760      $ 1,393,004      $ 4,193,764   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

              

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
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Consolidated operating income (loss)

   $ (19,739   $ 52,271      $ 32,532      $ 80,704      $ 113,236      $ 81,606      $ 194,842   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

4


LOGO   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Backlog from continuing operations

   $ 3,731.2       $ 6,861.0       $ 3,764.1       $ 6,807.4       $ 3,847.4       $ 6,786.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

5