The following historical selected financial data has been derived from the financial statements of Quanta. See Note 5 of the Notes to Consolidated Financial Statements in Item 8. “Financial Statements and Supplementary Data” for information regarding certain acquisitions and the related impact on our results of operations as these acquisitions may affect the comparability of such results. Additionally, on December 3, 2012, we sold substantially all of our domestic telecommunications infrastructure services operations and related subsidiaries. We have presented the results of operations, financial position and cash flows of such telecommunications subsidiaries as discontinued operations for all applicable periods presented in this Annual Report on Form 10-K. The historical selected financial data should be read in conjunction with our Consolidated Financial Statements and related notes thereto included in Item 8. “Financial Statements and Supplementary Data” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7.
Year Ended December 31,
2013
2012
2011
2010
2009
(In thousands, except per share information)
Consolidated Statements of Operations Data:
Revenues
$
6,522,842
$
5,920,269
$
4,193,764
$
3,629,433
$
2,987,010
Cost of services (including depreciation)
5,467,389
4,982,562
3,632,048
(c
)
3,039,912
2,449,177
Gross profit
1,055,453
937,707
561,716
589,521
537,833
Selling, general and administrative expenses
501,010
434,894
337,835
307,875
277,920
Amortization of intangible assets
27,515
37,691
29,039
37,655
37,479
Operating income
526,928
465,122
194,842
243,991
222,434
Interest expense
(2,668
)
(3,746
)
(1,803
)
(4,902
)
(11,257
)
Interest income
3,380
1,471
1,066
1,417
2,456
Loss on early extinguishment of debt, net
—
—
—
(7,107
)
(d
)
—
Equity in earnings of unconsolidated affiliates, including gain on sale of investment
112,744
(a
)
2,084
—
—
—
Other income (expense), net
(1,135
)
(351
)
(597
)
559
358
Income from continuing operations before income taxes
639,249
464,580
193,508
233,958
213,991
Provision for income taxes
217,940
(b
)
158,859
(b
)
63,096
(b
)
88,884
(b
)
69,828
(b
)
Net income from continuing operations
421,309
305,721
130,412
145,074
144,163
Income from discontinued operations, net of taxes
—
16,935
14,004
10,483
19,372
Net income
421,309
322,656
144,416
155,557
163,535
Less: Net income attributable to noncontrolling interests
19,388
16,027
11,901
2,381
1,373
Net income attributable to common stock
$
401,921
$
306,629
$
132,515
$
153,176
$
162,162
Amounts attributable to common stock:
Net income from continuing operations
$
401,921
$
289,694
$
118,511
$
142,693
$
142,790
Net income from discontinued operations
—
16,935
14,004
10,483
19,372
Net income attributable to common stock
$
401,921
$
306,629
$
132,515
$
153,176
$
162,162
Basic earnings per share attributable to common stock from continuing operations
$
1.87
$
1.36
$
0.56
$
0.68
$
0.72
Diluted earnings per share attributable to common stock from continuing operations
In the fourth quarter of 2013, we sold all of our equity ownership interest in Howard Midstream Energy Partners, LLC (HEP), which resulted in a pre-tax gain of approximately $112.7 million.
(b)
The effective tax rates in 2013, 2012, 2011, 2010 and 2009 were impacted by the recording of $10.0 million, $7.9 million, $8.4 million, $7.6 million and $16.1 million of tax benefits in each respective year primarily due to decreases in reserves for uncertain tax positions resulting from the expiration of various federal and state statute of limitations periods.
(c)
In the fourth quarter of 2011, we recorded a $32.6 million charge to cost of services related to our partial withdrawal from an underfunded pension plan.
(d)
In the second quarter of 2010, we recorded a $7.1 million loss on early extinguishment of debt as a result of the redemption of all of our outstanding 3.75% convertible subordinated notes due 2026 (3.75% Notes). This loss includes a non-cash loss of $3.5 million related to the difference between the net carrying value and the estimated fair value of the 3.75% Notes calculated as of the date of redemption, the payment of $2.3 million representing the 1.607% redemption premium above par value and a non-cash loss of $1.3 million from the write-off of the remaining unamortized deferred financing costs related to the 3.75% Notes.
December 31,
2013
2012
2011
2010
2009
(In thousands)
Balance Sheet Data:
Working capital
$
1,269,798
$
1,320,548
$
984,078
$
1,095,969
$
1,087,104
Goodwill
1,780,717
1,537,645
1,470,811
1,430,756
1,319,160
Total assets
5,793,245
5,140,757
4,699,114
4,341,212
4,116,954
Convertible subordinated notes, net of current maturities
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