8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported):

August 5, 2015

Quanta Services, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-13831	74-2851603
(Commission File No.)	(IRS Employer Identification No.)

2800 Post Oak Boulevard, Suite 2600

Houston, Texas 77056

(Address of principal executive offices, including zip code)

(713) 629-7600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

As of June 30, 2015, Quanta Services, Inc. (“Quanta”) determined that its fiber optic licensing operations met the requirements to be classified as held for sale and presented as discontinued operations. As a result, Quanta is providing an unaudited presentation of its recast consolidated statements of operations, earnings per share and segment data, as well as backlog and other non-GAAP information, for the quarterly and year-to-date periods ended March 31, 2013, June 30, 2013, September 30, 2013, December 31, 2013, March 31, 2014, June 30, 2014, September 30, 2014, December 31, 2014 and March 31, 2015, which presents the results of the fiber optic licensing operations as discontinued operations. The unaudited recast financial information is furnished herewith as Exhibit 99.1 and is available on Quanta’s website at www.quantaservices.com in the “Investors & Media” section.

The unaudited recast financial information should be read in conjunction with Quanta’s Annual Reports on Form 10-K for the years ended December 31, 2013 and 2014 and Quanta’s Quarterly Reports on Form 10-Q for each completed quarter of 2013, 2014 and 2015, along with Quanta’s other filings with the Securities and Exchange Commission.

The information furnished in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Exhibit
99.1	Quanta Services, Inc. Unaudited Consolidated Historical Financial Information Recast for Discontinued Operations
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	XBRL Taxonomy Extension Definition Linkbase.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 5, 2015	QUANTA SERVICES, INC.
	By:	/s/ Derrick A. Jensen
		Name:	Derrick A. Jensen
		Title:	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Quanta Services, Inc. Unaudited Consolidated Historical Financial Information Recast for Discontinued Operations
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	XBRL Taxonomy Extension Definition Linkbase.
101.LAB	XBRL Taxonomy Extension Label Linkbase.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase.

EX-99.1

Exhibit 99.1

  Quanta Services, Inc. and Subsidiaries 2015 Statement of Operations Recast for Discontinued Operations (In thousands, except per share data) (Unaudited)

	Three Months Ended March 31, 2015
Revenues	$	1,861,386
Cost of services (including depreciation)		1,623,480
Gross profit		237,906
Selling, general and administrative expenses		145,463
Amortization of intangible assets		8,293
Operating income		84,150
Interest expense		(1,400	)
Interest income		453
Other income (expense), net		(212	)
Income from continuing operations before income taxes		82,991
Provision for income taxes		30,601
Net income from continuing operations		52,390
Net income from discontinued operations		5,795
Net income		58,185
Less: Net income attributable to non-controlling interests		4,701
Net income attributable to common stock	$	53,484
Amounts attributable to common stock:
Net income from continuing operations	$	47,689
Net income from discontinued operations		5,795
Net income attributable to common stock	$	53,484
Earnings per share attributable to common stock - basic:
Continuing operations	$	0.22
Discontinued operations		0.03
Net income attributable to common stock	$	0.25
Earnings per share attributable to common stock - diluted:
Continuing operations	$	0.22
Discontinued operations		0.03
Net income attributable to common stock	$	0.25
Shares used in computing earnings per share:
Weighted average basic shares outstanding		215,473
Weighted average diluted shares outstanding		215,490

1

Quanta Services, Inc. and Subsidiaries 2014 Statements of Operations Recast for Discontinued Operations (In thousands, except per share data) (Unaudited)

	Three Months Ended March 31, 2014			Three Months Ended June 30, 2014			Six Months Ended June 30, 2014			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Revenues	$	1,735,448		$	1,838,209		$	3,573,657		$	2,145,958		$	5,719,615		$	2,027,614		$	7,747,229
Cost of services (including depreciation)		1,479,394			1,574,000			3,053,394			1,809,055			4,862,449			1,715,986			6,578,435
Gross profit		256,054			264,209			520,263			336,903			857,166			311,628			1,168,794
Selling, general and administrative expenses		168,889			135,210			304,099			196,494			500,593			204,884			705,477
Amortization of intangible assets		7,833			8,202			16,035			9,125			25,160			9,097			34,257
Operating income		79,332			120,797			200,129			131,284			331,413			97,647			429,060
Interest expense		(982	)		(1,128	)		(2,110	)		(1,321	)		(3,431	)		(1,334	)		(4,765	)
Interest income		1,542			599			2,141			900			3,041			695			3,736
Equity in earnings (losses) of unconsolidated affiliates		—			(332	)		(332	)		—			(332	)		—			(332	)
Other income (expense), net		644			(901	)		(257	)		(378	)		(635	)		(465	)		(1,100	)
Income from continuing operations before income taxes		80,536			119,035			199,571			130,485			330,056			96,543			426,599
Provision for income taxes		28,854			41,220			70,074			37,195			107,269			31,738			139,007
Net income from continuing operations		51,682			77,815			129,497			93,290			222,787			64,805			287,592
Net income from discontinued operations		6,966			7,629			14,595			6,725			21,320			6,170			27,490
Net income		58,648			85,444			144,092			100,015			244,107			70,975			315,082
Less: Net income attributable to non-controlling interests		4,240			4,362			8,602			5,367			13,969			4,399			18,368
Net income attributable to common stock	$	54,408		$	81,082		$	135,490		$	94,648		$	230,138		$	66,576		$	296,714
Amounts attributable to common stock:
Net income from continuing operations	$	47,442		$	73,453		$	120,895		$	87,923		$	208,818		$	60,406		$	269,224
Net income (loss) from discontinued operations		6,966			7,629			14,595			6,725			21,320			6,170			27,490
Net income attributable to common stock	$	54,408		$	81,082		$	135,490		$	94,648		$	230,138		$	66,576		$	296,714
Earnings (loss) per share attributable to common stock - basic: (a)
Continuing operations	$	0.22		$	0.33		$	0.55		$	0.40		$	0.95		$	0.27		$	1.22
Discontinued operations		0.03			0.04			0.07			0.03			0.10			0.03			0.13
Net income attributable to common stock	$	0.25		$	0.37		$	0.62		$	0.43		$	1.05		$	0.30		$	1.35
Earnings (loss) per share attributable to common stock - diluted: (a)
Continuing operations	$	0.22		$	0.33		$	0.55		$	0.40		$	0.95		$	0.27		$	1.22
Discontinued operations		0.03			0.04			0.07			0.03			0.10			0.03			0.13
Net income attributable to common stock	$	0.25		$	0.37		$	0.62		$	0.43		$	1.05		$	0.30		$	1.35
Shares used in computing earnings per share:
Weighted average basic shares outstanding		219,033			219,612			219,345			219,492			219,395			220,451			219,668
Weighted average diluted shares outstanding		219,075			219,642			219,375			219,517			219,420			220,472			219,690

^(a)  The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as the computation for each quarterly period is based on the weighted average number of shares outstanding during that period.

2

	Quanta Services, Inc. and Subsidiaries
	2013 Statements of Operations Recast for Discontinued Operations
	(In thousands, except per share data)
	(Unaudited)

	Three Months Ended March 31, 2013			Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Revenues	$	1,554,118		$	1,447,263		$	3,001,381		$	1,618,049		$	4,619,430		$	1,792,147		$	6,411,577
Cost of services (including depreciation)		1,336,304			1,223,377			2,559,681			1,362,172			3,921,853			1,502,791			5,424,644
Gross profit		217,814			223,886			441,700			255,877			697,577			289,356			986,933
Selling, general and administrative expenses		109,905			115,163			225,068			120,966			346,034			139,035			485,069
Amortization of intangible assets		4,888			4,667			9,555			6,613			16,168			9,697			25,865
Operating income		103,021			104,056			207,077			128,298			335,375			140,624			475,999
Interest expense		(502	)		(503	)		(1,005	)		(475	)		(1,480	)		(1,188	)		(2,668	)
Interest income		521			568			1,089			1,139			2,228			1,150			3,378
Equity in earnings of unconsolidated affiliates, including gain on sale of investment		—			—			—			—			—			112,744			112,744
Other income (expense), net		(514	)		(352	)		(866	)		(825	)		(1,691	)		558			(1,133	)
Income from continuing operations before income taxes		102,526			103,769			206,295			128,137			334,432			253,888			588,320
Provision for income taxes		35,388			36,796			72,184			37,724			109,908			86,967			196,875
Net income from continuing operations		67,138			66,973			134,111			90,413			224,524			166,921			391,445
Net income from discontinued operations		9,719			7,753			17,472			7,996			25,468			4,396			29,864
Net income		76,857			74,726			151,583			98,409			249,992			171,317			421,309
Less: Net income attributable to non-controlling interests		4,776			4,489			9,265			5,503			14,768			4,620			19,388
Net income attributable to common stock	$	72,081		$	70,237		$	142,318		$	92,906		$	235,224		$	166,697		$	401,921
Amounts attributable to common stock:
Net income from continuing operations	$	62,362		$	62,484		$	124,846		$	84,910		$	209,756		$	162,301		$	372,057
Net income (loss) from discontinued operations		9,719			7,753			17,472			7,996			25,468			4,396			29,864
Net income attributable to common stock	$	72,081		$	70,237		$	142,318		$	92,906		$	235,224		$	166,697		$	401,921
Earnings (loss) per share attributable to common stock - basic: (a)
Continuing operations	$	0.29		$	0.30		$	0.59		$	0.39		$	0.98		$	0.75		$	1.73
Discontinued operations		0.05			0.03			0.08			0.04			0.12			0.02			0.14
Net income attributable to common stock	$	0.34		$	0.33		$	0.67		$	0.43		$	1.10		$	0.77		$	1.87
Earnings (loss) per share attributable to common stock - diluted: (a)
Continuing operations	$	0.29		$	0.30		$	0.59		$	0.39		$	0.98		$	0.75		$	1.73
Discontinued operations		0.05			0.03			0.08			0.04			0.12			0.02			0.14
Net income attributable to common stock	$	0.34		$	0.33		$	0.67		$	0.43		$	1.10		$	0.77		$	1.87
Shares used in computing earnings per share:
Weighted average basic shares outstanding		213,453			214,314			213,833			214,866			214,178			217,287			214,929
Weighted average diluted shares outstanding		213,512			214,368			213,886			214,916			214,229			217,338			214,978

^(a)  The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as the computation for each quarterly period is based on the weighted average number of shares outstanding during that period.

3

	Quanta Services, Inc. and Subsidiaries
	2015, 2014 and 2013 Segment Data Recast for Discontinued Operations
	(In thousands)
	(Unaudited)

	Three Months Ended March 31, 2015
Revenues:
Electric Power Infrastructure	$	1,240,292
Oil and Gas Infrastructure		621,094
Consolidated revenues	$	1,861,386
Operating income (loss):
Electric Power Infrastructure	$	108,992
Oil and Gas Infrastructure		24,147
Corporate and Non-Allocated Costs		(48,989	)
Consolidated operating income	$	84,150
	Three Months Ended March 31, 2014			Three Months Ended June 30, 2014			Six Months Ended June 30, 2014			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Revenues:
Electric Power Infrastructure	$	1,289,591		$	1,252,842		$	2,542,433		$	1,396,157		$	3,938,590		$	1,364,081		$	5,302,671
Oil and Gas Infrastructure		445,857			585,367			1,031,224			749,801			1,781,025			663,533			2,444,558
Consolidated revenues	$	1,735,448		$	1,838,209		$	3,573,657		$	2,145,958		$	5,719,615		$	2,027,614		$	7,747,229
Operating income (loss):
Electric Power Infrastructure	$	144,488		$	112,836		$	257,324		$	104,365		$	361,689		$	101,296		$	462,985
Oil and Gas Infrastructure		(21,172	)		55,583			34,411			74,824			109,235			53,562			162,797
Corporate and Non-Allocated Costs		(43,984	)		(47,622	)		(91,606	)		(47,905	)		(139,511	)		(57,211	)		(196,722	)
Consolidated operating income	$	79,332		$	120,797		$	200,129		$	131,284		$	331,413		$	97,647		$	429,060
	Three Months Ended March 31, 2013			Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Revenues:
Electric Power Infrastructure	$	1,195,186		$	1,061,321		$	2,256,507		$	1,065,669		$	3,322,176		$	1,219,786		$	4,541,962
Oil and Gas Infrastructure		358,932			385,942			744,874			552,380			1,297,254			572,361			1,869,615
Consolidated revenues	$	1,554,118		$	1,447,263		$	3,001,381		$	1,618,049		$	4,619,430		$	1,792,147		$	6,411,577
Operating income (loss):
Electric Power Infrastructure	$	132,483		$	121,324		$	253,807		$	122,973		$	376,780		$	146,575		$	523,355
Oil and Gas Infrastructure		10,357			27,644			38,001			49,873			87,874			50,669			138,543
Corporate and Non-Allocated Costs		(39,819	)		(44,912	)		(84,731	)		(44,548	)		(129,279	)		(56,620	)		(185,899	)
Consolidated operating income	$	103,021		$	104,056		$	207,077		$	128,298		$	335,375		$	140,624		$	475,999

4

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2015 Non-GAAP Financial Measures Recast for Discontinued Operations
	(In thousands, except per share data)
	(Unaudited)

The following table presents the non-GAAP financial measure of adjusted diluted earnings per share from continuing operations for the first quarter of 2015. The non-GAAP measure of adjusted diluted earnings per share from continuing operations is provided to enable investors to evaluate performance excluding the effects of items that management believes impact the comparability of operating results between periods. As to certain of the items below, (i) amortization of intangible assets is impacted by Quanta’s acquisition activity, which can cause these amounts to vary from period to period; (ii) non-cash stock-based compensation expense may vary due to acquisition activity, factors influencing the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted during the period and (iii) acquisition costs vary period to period depending on the level of Quanta’s acquisition activity ongoing during the period.

	Three Months Ended March 31, 2015
Adjusted diluted earnings per share from continuing operations:
Net income from continuing operations attributable to common stock (GAAP as reported)	$	47,689
Adjustments, net of income taxes:
Acquisition and integration costs		1,232
Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments		48,921
Non-cash stock-based compensation, net of income taxes (d)		5,777
Amortization of intangible assets, net of income taxes (d)		5,606
Adjusted net income from continuing operations attributable to common stock for adjusted diluted earnings per share from continuing operations	$	60,304
Calculation of weighted average shares for adjusted diluted earnings per share from continuing operations:
Weighted average shares outstanding for basic earnings per share		215,473
Effect of dilutive stock options		17
Weighted average shares outstanding for adjusted diluted earnings per share		215,490
Adjusted diluted earnings per share from continuing operations (e)	$	0.28

5

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2014 Non-GAAP Financial Measures Recast for Discontinued Operations
	(In thousands, except per share data)
	(Unaudited)

The following table presents the non-GAAP financial measure of adjusted diluted earnings per share from continuing operations for the four quarters of 2014, along with the corresponding year-to-date amounts for each period presented. The non-GAAP measure of adjusted diluted earnings per share from continuing operations is provided to enable investors to evaluate performance excluding the effects of items that management believes impact the comparability of operating results between periods. As to certain of the items below, (i) amortization of intangible assets is impacted by Quanta’s acquisition activity, which can cause these amounts to vary from period to period; (ii) non-cash stock-based compensation expense may vary due to acquisition activity, factors influencing the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted during the period, (iii) acquisition costs vary period to period depending on the level of Quanta’s acquisition activity ongoing during the period and (iv) tax contingency releases vary period to period depending on the level of reserves for uncertain tax positions and the expiration dates of various federal and state tax statutes of limitations. Additionally, the following items are not regularly occurring operational items: (i) the charge to provision for long-term contract receivable and (ii) the expense associated with the arbitration decision.

	Three Months Ended March 31, 2014		Three Months Ended June 30, 2014		Six Months Ended June 30, 2014		Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Adjusted diluted earnings per share from continuing operations:
Net income from continuing operations attributable to common stock (GAAP as reported)	$	47,442	$	73,453	$	120,895	$	87,923		$	208,818		$	60,406		$	269,224
Adjustments, net of income taxes:
Provision for long-term contract receivable (a)		—		—		—		32,287			32,287			30,265			62,552
Arbitration expense (b)		25,822		—		25,822		—			25,822			—			25,822
Impact of tax contingency releases (c)		—		—		—		(4,883	)		(4,883	)		(3,216	)		(8,099	)
Acquisition and integration costs		3,628		762		4,390		1,383			5,773			5,980			11,753
Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments		76,892		74,215		151,107		116,710			267,817			93,435			361,252
Non-cash stock-based compensation, net of income taxes (d)		6,003		6,107		12,110		4,512			16,622			6,222			22,844
Amortization of intangible assets, net of income taxes (d)		4,943		5,391		10,334		6,055			16,389			6,020			22,409
Adjusted net income from continuing operations attributable to common stock for adjusted diluted earnings per share from continuing operations	$	87,838	$	85,713	$	173,551	$	127,277		$	300,828		$	105,677		$	406,505
Calculation of weighted average shares for adjusted diluted earnings per share from continuing operations:
Weighted average shares outstanding for basic earnings per share		219,033		219,612		219,345		219,492			219,395			220,451			219,668
Effect of dilutive stock options		42		30		30		25			25			21			22
Weighted average shares outstanding for adjusted diluted earnings per share		219,075		219,642		219,375		219,517			219,420			220,472			219,690
Adjusted diluted earnings per share from continuing operations (e)	$	0.40	$	0.39	$	0.79	$	0.58		$	1.37		$	0.48		$	1.85

(a) These amounts reflect the elimination of charges to provision for long-term contract receivable associated with an electric power infrastructure services project completed in 2012.

(b) These amounts reflect the elimination of the expense recorded in the first quarter of 2014 resulting from an arbitration decision associated with a contract dispute on a 2010 directional drilling project.

(c) These amounts reflect the elimination of tax benefits primarily associated with the expiration of various federal and state tax statute of limitations periods.

(d) These amounts are attributable to continuing operations.

(e) The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as the computation for each quarterly period is based on the weighted average number of shares outstanding during that period.

6

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2013 Non-GAAP Financial Measures Recast for Discontinued Operations
	(In thousands, except per share data)
	(Unaudited)

The following table presents the non-GAAP financial measure of adjusted diluted earnings per share from continuing operations for the four quarters of 2013, along with the corresponding year-to-date amounts for each period presented. The non-GAAP measure of adjusted diluted earnings per share from continuing operations is provided to enable investors to evaluate performance excluding the effects of items that management believes impact the comparability of operating results between periods. As to certain of the items below, (i) amortization of intangible assets is impacted by Quanta’s acquisition activity, which can cause these amounts to vary from period to period; (ii) non-cash stock-based compensation expense may vary due to acquisition activity, factors influencing the estimated fair value of performance-based awards, forfeiture rates, accelerated vesting and amounts granted during the period, (iii) acquisition costs vary period to period depending on the level of Quanta’s acquisition activity ongoing during the period, and (iv) tax contingency releases vary period to period depending on the level of reserves for uncertain tax positions and the expiration dates of various federal and state tax statutes of limitations. Additionally, the gain on the sale of an equity ownership interest is not a regularly occurring operational item.

	Three Months Ended March 31, 2013		Three Months Ended June 30, 2013		Six Months Ended June 30, 2013		Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Adjusted diluted earnings per share from continuing operations:
Net income from continuing operations attributable to common stock (GAAP as reported)	$	62,362	$	62,484	$	124,846	$	84,910		$	209,756		$	162,301		$	372,057
Adjustments, net of income taxes:
Impact of sale of equity ownership in Howard Energy (a)		—		—		—		—			—			(70,477	)		(70,477	)
Impact of tax contingency releases (b)		—		—		—		(6,552	)		(6,552	)		(3,383	)		(9,935	)
Acquisition and integration costs		450		742		1,192		2,546			3,738			1,976			5,714
Adjusted net income from continuing operations attributable to common stock before certain non-cash adjustments		62,812		63,226		126,038		80,904			206,942			90,417			297,359
Non-cash stock-based compensation, net of income taxes (c)		4,702		7,132		11,834		4,462			16,296			4,677			20,973
Amortization of intangible assets, net of income taxes (c)		3,142		2,977		6,119		4,256			10,375			6,183			16,558
Adjusted net income from continuing operations attributable to common stock for adjusted diluted earnings per share	$	70,656	$	73,335	$	143,991	$	89,622		$	233,613		$	101,277		$	334,890
Calculation of weighted average shares for adjusted diluted earnings per share from continuing operations:
Weighted average shares outstanding for basic earnings per share		213,453		214,314		213,833		214,866			214,178			217,287			214,929
Effect of dilutive stock options		59		54		53		50			51			51			49
Weighted average shares outstanding for adjusted diluted earnings per share		213,512		214,368		213,886		214,916			214,229			217,338			214,978
Adjusted diluted earnings per share from continuing operations (d)	$	0.33	$	0.34	$	0.67	$	0.42		$	1.09		$	0.47		$	1.56

(a) These amounts reflect the elimination of the gain on sale by Quanta of its equity ownership interest in Howard Midstream Energy Partners, LLC for cash proceeds of approximately $221 million on Dec. 6, 2013.

(b) These amounts reflect the elimination of tax benefits primarily associated with the expiration of various federal and state tax statute of limitations periods.

(c) These amounts are attributable to continuing operations.

(d) The sum of the individual quarterly earnings per share amounts may not equal year-to-date earnings per share as the computation for each quarterly period is based on the weighted average number of shares outstanding during that period.

7

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2015 EBITA, EBITDA and Adjusted EBITDA Recast for Discontinued Operations
	(In thousands)
	(Unaudited)

The following tables present the non-GAAP financial measures of EBITA, EBITDA and Adjusted EBITDA for the first quarter of 2015 recast to exclude the impact of discontinued operations. Management believes that EBITA, or earnings before interest, taxes and amortization, EBITDA and Adjusted EBITDA, which is earnings before interest, taxes, depreciation, amortization and certain other expenses as described below, provide useful information to investors, analysts and management in evaluating Quanta’s operating results period to period or in comparison with the results of Quanta’s competitors. These measures should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or as an alternative to net income or other measures of performance that are derived in accordance with GAAP.

	Three Months Ended March 31, 2015
Reconciliation of EBITA, EBITDA and Adjusted EBITDA:
Net income from continuing operations attributable to common stock	$	47,689
Interest expense		1,400
Interest income		(453	)
Provision for income taxes		30,601
Amortization of intangible assets		8,293
EBITA		87,530
Depreciation expense		39,398
EBITDA		126,928
Acquisition and integration costs		1,479
Non-cash stock-based compensation		9,471
Adjusted EBITDA	$	137,878

8

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2014 EBITA, EBITDA and Adjusted EBITDA Recast for Discontinued Operations
	(In thousands)
	(Unaudited)

The following tables present the non-GAAP financial measures of EBITA, EBITDA and Adjusted EBITDA for all four quarters of 2014 along with the corresponding year-to-date amounts for each period presented, all recast to exclude the impact of discontinued operations. Management believes that EBITA, or earnings before interest, taxes and amortization, EBITDA and Adjusted EBITDA, which is earnings before interest, taxes, depreciation, amortization and certain other expenses as described below, provide useful information to investors, analysts and management in evaluating Quanta’s operating results period to period or in comparison with the results of Quanta’s competitors. These measures should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or as an alternative to net income or other measures of performance that are derived in accordance with GAAP.

	Three Months Ended March 31, 2014			Three Months Ended June 30, 2014			Six Months Ended June 30, 2014			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Reconciliation of EBITA, EBITDA and Adjusted EBITDA:
Net income from continuing operations attributable to common stock	$	47,442		$	73,453		$	120,895		$	87,923		$	208,818		$	60,406		$	269,224
Interest expense		982			1,128			2,110			1,321			3,431			1,334			4,765
Interest income		(1,542	)		(599	)		(2,141	)		(900	)		(3,041	)		(695	)		(3,736	)
Provision for income taxes		28,854			41,220			70,074			37,195			107,269			31,738			139,007
Amortization of intangible assets		7,833			8,202			16,035			9,125			25,160			9,097			34,257
Equity in earnings (losses) of unconsolidated subsidiaries		—			332			332			—			332			—			332
EBITA		83,569			123,736			207,305			134,664			341,969			101,880			443,849
Depreciation expense		32,847			33,907			66,754			36,485			103,239			37,867			141,106
EBITDA		116,416			157,643			274,059			171,149			445,208			139,747			584,955
Acquisition and integration costs		4,478			1,162			5,640			1,633			7,273			7,481			14,754
Non-cash stock-based compensation		9,840			10,012			19,852			7,397			27,249			10,200			37,449
Provision for long-term contract receivable		—			—			—			52,542			52,542			49,918			102,460
Arbitration expense		38,848			—			38,848			—			38,848			—			38,848
Adjusted EBITDA	$	169,582		$	168,817		$	338,399		$	232,721		$	571,120		$	207,346		$	778,466

9

	Quanta Services, Inc. and Subsidiaries
	Reconciliation of 2013 EBITA, EBITDA and Adjusted EBITDA Recast for Discontinued Operations
	(In thousands)
	(Unaudited)

The following tables present the non-GAAP financial measures of EBITA, EBITDA and Adjusted EBITDA for all four quarters of 2013 along with the corresponding year-to-date amounts for each period presented, all recast to exclude the impact of discontinued operations. Management believes that EBITA, or earnings before interest, taxes and amortization, EBITDA and Adjusted EBITDA, which is earnings before interest, taxes, depreciation, amortization and certain other expenses as described below, provide useful information to investors, analysts and management in evaluating Quanta’s operating results period to period or in comparison with the results of Quanta’s competitors. These measures should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or as an alternative to net income or other measures of performance that are derived in accordance with GAAP.

	Three Months Ended March 31, 2013			Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Reconciliation of EBITA, EBITDA and Adjusted EBITDA:
Net income from continuing operations attributable to common stock	$	62,362		$	62,484		$	124,846		$	84,910		$	209,756		$	162,301		$	372,057
Interest expense		502			503			1,005			475			1,480			1,188			2,668
Interest income		(521	)		(568	)		(1,089	)		(1,139	)		(2,228	)		(1,150	)		(3,378	)
Provision for income taxes		35,388			36,796			72,184			37,724			109,908			86,967			196,875
Amortization of intangible assets		4,888			4,667			9,555			6,613			16,168			9,697			25,865
EBITA		102,619			103,882			206,501			128,583			335,084			259,003			594,087
Depreciation expense		28,175			29,243			57,418			30,009			87,427			31,403			118,830
EBITDA		130,794			133,125			263,919			158,592			422,511			290,406			712,917
Acquisition and integration costs		607			1,121			1,728			2,449			4,177			3,968			8,145
Non-cash stock-based compensation		7,708			11,692			19,400			7,314			26,714			7,667			34,381
Gain on sale of Howard Energy		—			—			—			—			—			(112,744	)		(112,744	)
Adjusted EBITDA	$	139,109		$	145,938		$	285,047		$	168,355		$	453,402		$	189,297		$	642,699

10

	Quanta Services, Inc. and Subsidiaries
	2015, 2014 and 2013 Backlog Recast for Discontinued Operations
	(In millions)
	(Unaudited)

Backlog is not a term recognized under United States GAAP; however, it is a common measurement used in Quanta’s industry. Quanta’s methodology for determining backlog may not be comparable to the methodologies used by other companies. Quanta’s backlog represents the amount of consolidated revenue that it expects to realize from future work under construction contracts, long-term maintenance contracts and master service agreements. These estimates include revenues from the remaining portion of firm orders not yet completed and on which work has not yet begun, as well as revenues from change orders, renewal options, and funded and unfunded portions of government contracts to the extent that they are reasonably expected to occur. For purposes of calculating backlog, Quanta includes 100% of estimated revenues attributable to consolidated joint ventures and variable interest entities.

11

The following table presents Quanta’s total backlog by reportable segment as of the end of the first quarter of 2015 and all four quarters of 2014 and 2013, 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,
	2015
	12 Month		Total
Electric Power Infrastructure Services	$	3,232.5	$	6,442.1
Oil and Gas Infrastructure Services		1,862.7		2,679.4
Backlog from continuing operations	$	5,095.2	$	9,121.5
	Backlog as of
	March 31,				June 30,				September 30,				December 31,
	2014				2014				2014				2014
	12 Month		Total		12 Month		Total		12 Month		Total		12 Month		Total
Electric Power Infrastructure Services	$	3,398.9	$	6,252.6	$	3,301.2	$	5,932.9	$	3,521.8	$	6,558.6	$	3,395.1	$	6,715.6
Oil and Gas Infrastructure Services		1,509.3		2,281.7		1,317.7		2,220.4		1,632.0		2,552.2		1,824.6		2,520.6
Backlog from continuing operations	$	4,908.2	$	8,534.3	$	4,618.9	$	8,153.3	$	5,153.8	$	9,110.8	$	5,219.7	$	9,236.2

	Backlog as of
	March 31,				June 30,				September 30,				December 31,
	2013				2013				2013				2013
	12 Month		Total		12 Month		Total		12 Month		Total		12 Month		Total
Electric Power Infrastructure Services	$	2,800.4	$	4,886.5	$	2,709.9	$	4,974.9	$	2,962.3	$	5,377.5	$	3,388.7	$	6,018.1
Oil and Gas Infrastructure Services		918.8		1,659.0		968.9		2,051.8		1,305.7		2,220.8		1,515.6		2,218.5
Backlog from continuing operations	$	3,719.2	$	6,545.5	$	3,678.8	$	7,026.7	$	4,268.0	$	7,598.3	$	4,904.3	$	8,236.6

12

XML

Statements of Operations Recast for Discontinued Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended									6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Revenues	$ 1,861,386	$ 2,027,614	$ 2,145,958	$ 1,838,209	$ 1,735,448	$ 1,792,147	$ 1,618,049	$ 1,447,263	$ 1,554,118	$ 3,573,657	$ 3,001,381	$ 5,719,615	$ 4,619,430	$ 7,747,229	$ 6,411,577
Cost of services (including depreciation)	1,623,480	1,715,986	1,809,055	1,574,000	1,479,394	1,502,791	1,362,172	1,223,377	1,336,304	3,053,394	2,559,681	4,862,449	3,921,853	6,578,435	5,424,644
Gross profit	237,906	311,628	336,903	264,209	256,054	289,356	255,877	223,886	217,814	520,263	441,700	857,166	697,577	1,168,794	986,933
Selling, general and administrative expenses	145,463	204,884	196,494	135,210	168,889	139,035	120,966	115,163	109,905	304,099	225,068	500,593	346,034	705,477	485,069
Amortization of intangible assets	8,293	9,097	9,125	8,202	7,833	9,697	6,613	4,667	4,888	16,035	9,555	25,160	16,168	34,257	25,865
Operating income	84,150	97,647	131,284	120,797	79,332	140,624	128,298	104,056	103,021	200,129	207,077	331,413	335,375	429,060	475,999
Interest expense	(1,400)	(1,334)	(1,321)	(1,128)	(982)	(1,188)	(475)	(503)	(502)	(2,110)	(1,005)	(3,431)	(1,480)	(4,765)	(2,668)
Interest income	453	695	900	599	1,542	1,150	1,139	568	521	2,141	1,089	3,041	2,228	3,736	3,378
Equity in earnings (losses) of unconsolidated affiliates, including gain on sale of investment				(332)		112,744				(332)		(332)		(332)	112,744
Other income (expense), net	(212)	(465)	(378)	(901)	644	558	(825)	(352)	(514)	(257)	(866)	(635)	(1,691)	(1,100)	(1,133)
Income from continuing operations before income taxes	82,991	96,543	130,485	119,035	80,536	253,888	128,137	103,769	102,526	199,571	206,295	330,056	334,432	426,599	588,320
Provision for income taxes	30,601	31,738	37,195	41,220	28,854	86,967	37,724	36,796	35,388	70,074	72,184	107,269	109,908	139,007	196,875
Net income from continuing operations	52,390	64,805	93,290	77,815	51,682	166,921	90,413	66,973	67,138	129,497	134,111	222,787	224,524	287,592	391,445
Net income from discontinued operations	5,795	6,170	6,725	7,629	6,966	4,396	7,996	7,753	9,719	14,595	17,472	21,320	25,468	27,490	29,864
Net income	58,185	70,975	100,015	85,444	58,648	171,317	98,409	74,726	76,857	144,092	151,583	244,107	249,992	315,082	421,309
Less: Net income attributable to non-controlling interests	4,701	4,399	5,367	4,362	4,240	4,620	5,503	4,489	4,776	8,602	9,265	13,969	14,768	18,368	19,388
Net income attributable to common stock	53,484	66,576	94,648	81,082	54,408	166,697	92,906	70,237	72,081	135,490	142,318	230,138	235,224	296,714	401,921
Amounts attributable to common stock:
Net income from continuing operations	47,689	60,406	87,923	73,453	47,442	162,301	84,910	62,484	62,362	120,895	124,846	208,818	209,756	269,224	372,057
Net income (loss) from discontinued operations	5,795	6,170	6,725	7,629	6,966	4,396	7,996	7,753	9,719	14,595	17,472	21,320	25,468	27,490	29,864
Net income attributable to common stock	$ 53,484	$ 66,576	$ 94,648	$ 81,082	$ 54,408	$ 166,697	$ 92,906	$ 70,237	$ 72,081	$ 135,490	$ 142,318	$ 230,138	$ 235,224	$ 296,714	$ 401,921
Earnings (loss) per share attributable to common stock - basic:
Continuing operations	$ 0.22	$ 0.27	$ 0.40	$ 0.33	$ 0.22	$ 0.75	$ 0.39	$ 0.30	$ 0.29	$ 0.55	$ 0.59	$ 0.95	$ 0.98	$ 1.22	$ 1.73
Discontinued operations	0.03	0.03	0.03	0.04	0.03	0.02	0.04	0.03	0.05	0.07	0.08	0.10	0.12	0.13	0.14
Net income attributable to common stock	0.25	0.30	0.43	0.37	0.25	0.77	0.43	0.33	0.34	0.62	0.67	1.05	1.10	1.35	1.87
Earnings (loss) per share attributable to common stock - diluted
Continuing operations	0.22	0.27	0.40	0.33	0.22	0.75	0.39	0.30	0.29	0.55	0.59	0.95	0.98	1.22	1.73
Discontinued operations	0.03	0.03	0.03	0.04	0.03	0.02	0.04	0.03	0.05	0.07	0.08	0.10	0.12	0.13	0.14
Net income attributable to common stock	$ 0.25	$ 0.30	$ 0.43	$ 0.37	$ 0.25	$ 0.77	$ 0.43	$ 0.33	$ 0.34	$ 0.62	$ 0.67	$ 1.05	$ 1.10	$ 1.35	$ 1.87
Shares used in computing earnings per share:
Weighted average basic shares outstanding	215,473	220,451	219,492	219,612	219,033	217,287	214,866	214,314	213,453	219,345	213,833	219,395	214,178	219,668	214,929
Weighted average diluted shares outstanding	215,490	220,472	219,517	219,642	219,075	217,338	214,916	214,368	213,512	219,375	213,886	219,420	214,229	219,690	214,978

XML

Segment Data Recast for Discontinued Operations

12 Months Ended

Aug. 04, 2015

Segment Reporting [Abstract]

Segment Data Recast for Discontinued Operations

LOGO	Quanta Services, Inc. and Subsidiaries
	2015, 2014 and 2013 Segment Data Recast for Discontinued Operations
	(In thousands)
	(Unaudited)

	Three Months Ended March 31, 2015
Revenues:
Electric Power Infrastructure	$	1,240,292
Oil and Gas Infrastructure		621,094
Consolidated revenues	$	1,861,386
Operating income (loss):
Electric Power Infrastructure	$	108,992
Oil and Gas Infrastructure		24,147
Corporate and Non-Allocated Costs		(48,989	)
Consolidated operating income	$	84,150
	Three Months Ended March 31, 2014			Three Months Ended June 30, 2014			Six Months Ended June 30, 2014			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Revenues:
Electric Power Infrastructure	$	1,289,591		$	1,252,842		$	2,542,433		$	1,396,157		$	3,938,590		$	1,364,081		$	5,302,671
Oil and Gas Infrastructure		445,857			585,367			1,031,224			749,801			1,781,025			663,533			2,444,558
Consolidated revenues	$	1,735,448		$	1,838,209		$	3,573,657		$	2,145,958		$	5,719,615		$	2,027,614		$	7,747,229
Operating income (loss):
Electric Power Infrastructure	$	144,488		$	112,836		$	257,324		$	104,365		$	361,689		$	101,296		$	462,985
Oil and Gas Infrastructure		(21,172	)		55,583			34,411			74,824			109,235			53,562			162,797
Corporate and Non-Allocated Costs		(43,984	)		(47,622	)		(91,606	)		(47,905	)		(139,511	)		(57,211	)		(196,722	)
Consolidated operating income	$	79,332		$	120,797		$	200,129		$	131,284		$	331,413		$	97,647		$	429,060
	Three Months Ended March 31, 2013			Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Revenues:
Electric Power Infrastructure	$	1,195,186		$	1,061,321		$	2,256,507		$	1,065,669		$	3,322,176		$	1,219,786		$	4,541,962
Oil and Gas Infrastructure		358,932			385,942			744,874			552,380			1,297,254			572,361			1,869,615
Consolidated revenues	$	1,554,118		$	1,447,263		$	3,001,381		$	1,618,049		$	4,619,430		$	1,792,147		$	6,411,577
Operating income (loss):
Electric Power Infrastructure	$	132,483		$	121,324		$	253,807		$	122,973		$	376,780		$	146,575		$	523,355
Oil and Gas Infrastructure		10,357			27,644			38,001			49,873			87,874			50,669			138,543
Corporate and Non-Allocated Costs		(39,819	)		(44,912	)		(84,731	)		(44,548	)		(129,279	)		(56,620	)		(185,899	)
Consolidated operating income	$	103,021		$	104,056		$	207,077		$	128,298		$	335,375		$	140,624		$	475,999

XML

Document and Entity Information	12 Months Ended
	Aug. 04, 2015
Document And Entity Information [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 04, 2015
Trading Symbol	PWR
Entity Registrant Name	QUANTA SERVICES INC
Entity Central Index Key	0001050915

XML

Segment Data Recast for Discontinued Operations (Tables)

12 Months Ended

Aug. 04, 2015

Segment Reporting [Abstract]

Summarized Financial Information

	Three Months Ended March 31, 2015
Revenues:
Electric Power Infrastructure	$	1,240,292
Oil and Gas Infrastructure		621,094
Consolidated revenues	$	1,861,386
Operating income (loss):
Electric Power Infrastructure	$	108,992
Oil and Gas Infrastructure		24,147
Corporate and Non-Allocated Costs		(48,989	)
Consolidated operating income	$	84,150
	Three Months Ended March 31, 2014			Three Months Ended June 30, 2014			Six Months Ended June 30, 2014			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Three Months Ended December 31, 2014			Twelve Months Ended December 31, 2014
Revenues:
Electric Power Infrastructure	$	1,289,591		$	1,252,842		$	2,542,433		$	1,396,157		$	3,938,590		$	1,364,081		$	5,302,671
Oil and Gas Infrastructure		445,857			585,367			1,031,224			749,801			1,781,025			663,533			2,444,558
Consolidated revenues	$	1,735,448		$	1,838,209		$	3,573,657		$	2,145,958		$	5,719,615		$	2,027,614		$	7,747,229
Operating income (loss):
Electric Power Infrastructure	$	144,488		$	112,836		$	257,324		$	104,365		$	361,689		$	101,296		$	462,985
Oil and Gas Infrastructure		(21,172	)		55,583			34,411			74,824			109,235			53,562			162,797
Corporate and Non-Allocated Costs		(43,984	)		(47,622	)		(91,606	)		(47,905	)		(139,511	)		(57,211	)		(196,722	)
Consolidated operating income	$	79,332		$	120,797		$	200,129		$	131,284		$	331,413		$	97,647		$	429,060
	Three Months Ended March 31, 2013			Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013			Three Months Ended December 31, 2013			Twelve Months Ended December 31, 2013
Revenues:
Electric Power Infrastructure	$	1,195,186		$	1,061,321		$	2,256,507		$	1,065,669		$	3,322,176		$	1,219,786		$	4,541,962
Oil and Gas Infrastructure		358,932			385,942			744,874			552,380			1,297,254			572,361			1,869,615
Consolidated revenues	$	1,554,118		$	1,447,263		$	3,001,381		$	1,618,049		$	4,619,430		$	1,792,147		$	6,411,577
Operating income (loss):
Electric Power Infrastructure	$	132,483		$	121,324		$	253,807		$	122,973		$	376,780		$	146,575		$	523,355
Oil and Gas Infrastructure		10,357			27,644			38,001			49,873			87,874			50,669			138,543
Corporate and Non-Allocated Costs		(39,819	)		(44,912	)		(84,731	)		(44,548	)		(129,279	)		(56,620	)		(185,899	)
Consolidated operating income	$	103,021		$	104,056		$	207,077		$	128,298		$	335,375		$	140,624		$	475,999

XML

Segment Data Recast for Discontinued Operations - Summarized Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended									6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 1,861,386	$ 2,027,614	$ 2,145,958	$ 1,838,209	$ 1,735,448	$ 1,792,147	$ 1,618,049	$ 1,447,263	$ 1,554,118	$ 3,573,657	$ 3,001,381	$ 5,719,615	$ 4,619,430	$ 7,747,229	$ 6,411,577
Operating income (loss)	84,150	97,647	131,284	120,797	79,332	140,624	128,298	104,056	103,021	200,129	207,077	331,413	335,375	429,060	475,999
Electric Power Infrastructure [Member]
Segment Reporting Information [Line Items]
Revenues	1,240,292	1,364,081	1,396,157	1,252,842	1,289,591	1,219,786	1,065,669	1,061,321	1,195,186	2,542,433	2,256,507	3,938,590	3,322,176	5,302,671	4,541,962
Operating income (loss)	108,992	101,296	104,365	112,836	144,488	146,575	122,973	121,324	132,483	257,324	253,807	361,689	376,780	462,985	523,355
Oil and Gas Infrastructure Services [Member]
Segment Reporting Information [Line Items]
Revenues	621,094	663,533	749,801	585,367	445,857	572,361	552,380	385,942	358,932	1,031,224	744,874	1,781,025	1,297,254	2,444,558	1,869,615
Operating income (loss)	24,147	53,562	74,824	55,583	(21,172)	50,669	49,873	27,644	10,357	34,411	38,001	109,235	87,874	162,797	138,543
Corporate and Non-Allocated Costs [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	$ (48,989)	$ (57,211)	$ (47,905)	$ (47,622)	$ (43,984)	$ (56,620)	$ (44,548)	$ (44,912)	$ (39,819)	$ (91,606)	$ (84,731)	$ (139,511)	$ (129,279)	$ (196,722)	$ (185,899)