Quanta Services (PWR) 10-K risk factor changes: FY2023 vs FY2022

- We are subject [removed: us] to credit and investment risk with respect to our customers and projects.

- [removed: Governmental opportunities] [added: Opportunities for government contracts or projects] could subject us to increased regulation and costs and may pose additional risks relating to funding and compliance.

[removed: Our business] [added: Certain industries in which we operate] can be [removed: highly] cyclical and [added: our business] is subject to seasonality and other factors that can result in significantly different operating results from quarter to quarter, and therefore our results in any particular quarter may not be indicative of future results.

- the timing and volume of work we perform and our performance with respect to ongoing projects and services, including as a result of fluctuations in the amount of work customers assign to us under our [removed: agreements, including MSAs,] [added: agreements (e.g., MSAs),] delays and reductions in scope of projects, and project and agreement terminations, expirations or cancellations;

- variations in the size, scope, costs and [added: operating income] margins of ongoing projects, as well as the mix of our customers, contracts and business;

- disputes with customers or delays and payment risk relating to billing and payment under our contracts and change orders, including [removed: customers affected by the volatility] [added: as a result] of [removed: commodity prices or production or] [added: customers] that [added: encounter financial difficulties, are insolvent or] have filed for bankruptcy protection;

Many of our projects involve challenging [added: design,] engineering, [added: financing,] permitting, [added: right of way acquisition,] procurement and construction phases that occur over extended time periods, sometimes several years, and we have encountered and may in the future encounter project delays, additional costs or project performance issues as a result of, among other things:

- unforeseen circumstances or project modifications not included in our cost estimates or covered by our contract for which we cannot obtain adequate compensation, including concealed or unknown environmental, geological or geographical site conditions [removed: and] [added: or] technical problems such as design or engineering issues;

- our or a customer’s failure to manage a project, including the inability to timely obtain [added: land,] permits or rights of way or meet other permitting, regulatory or environmental requirements or conditions;

- other factors such as terrorism, [removed: military action,] [added: geopolitical conflicts,] public health crises [removed: (e.g., the pandemic associated with the novel coronavirus that began in 2019 (COVID-19))] [added: (e.g. pandemics)] and delays attributable to U.S. government shutdowns or any related under-staffing of government departments or agencies;

We also generate a significant portion of our revenues under fixed price contracts, including contracts for [added: large] projects [added: and/or projects] where we provide EPC services (e.g., large [removed: transmission and pipeline projects, facility and terminal projects),] [added: transmission, substation] and [removed: we have strategically expanded these service offerings in recent years, including with respect to] renewable [removed: energy projects through our acquisition of Blattner.][added: generation projects).]

[removed: These] [added: The] contracts [added: for these projects] often involve complex pricing, scope of services and other bid preparation components that require challenging estimates and assumptions on the part of our personnel, which increases the risk that costs incurred on such projects can vary, sometimes substantially, from our original estimates.

As a result, additional costs or penalties, a reduction in our productivity or efficiency or a project termination in any given period can have a material adverse effect on our business, financial condition, results of operations and cash [removed: flows.][added: flows and can also adversely affect our ability to secure new contracts.]

Our business is subject to operational hazards, including, among others, wildfires and explosions, that can result in significant [removed: liabilities and that may be exacerbated by certain geographies and locations where we perform services,] [added: liabilities,] and we may not be insured against all potential liabilities.

Due to the nature of [added: our] services [removed: we provide] and [added: certain of our product solutions, as well as] the conditions in which we and our customers operate, our business is subject to operational hazards and accidents that can result in significant liabilities.

Furthermore, certain [added: operational hazards have become more widespread in recent years due to changes in climate and other factors, and certain] of our customers operate energy- and communications-related infrastructure assets in locations and environments that increase the likelihood and/or severity of these operational [removed: hazards, including as a result of changes in climate and other factors in recent years.][added: hazards.]

[removed: one of these events, as described further in] [added: See] Note [removed: 16] [added: 10] of the Notes to Consolidated Financial Statements in Item 8.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report, two [removed: of Quanta’s] [added: Quanta] operating companies have received tenders of defense and demands for preservation of documents.

For example, one of our larger operating companies specializes in underground gas and electric distribution and transmission services and operates in metropolitan areas throughout the northeastern United States, including New York City, New [removed: York, and we assumed certain contingent liabilities related to a natural gas explosion in connection with our acquisition of this business in 2019, which are described further in Note 16 of the Notes to Consolidated Financial Statements in Item 8.][added: York.]

[removed: *Financial Statements and Supplementary Data* of this Annual Report*.*] Additionally, we operate a significant number of helicopters in the performance of our services, including the transportation of line workers, the setting of poles, the stringing of wires and wildfire control and prevention, among other activities, including in [removed: locations that have a higher risk of wildfires and in densely populated areas.]

Potential liabilities include, among other things, claims associated with personal injury, including severe injury or loss of life, and destruction of or significant damage to property and equipment [added: (with respect to both our customers and other third parties),] as well as harm to the environment, and other claims discussed above and can lead to suspension of operations, adverse effects to our safety record and reputation and/or material liabilities and legal costs.

For example, due to the increased occurrence and future risk of [removed: wildfires in California and other areas in the western United States, Australia and other locations,] [added: wildfires, as described above,] insurers have reduced coverage availability and increased the cost of insurance coverage for such events in recent years.

Furthermore, our third-party insurers could also decide to further reduce or exclude coverage for wildfires or other events in connection with [added: future insurance renewals.]

Changes in climate have caused, and are expected to continue to cause, among other things, increasing mean annual temperatures, rising sea levels and changes to [removed: patterns] [added: meteorological] and [added: hydrological patterns, as well as impacts to] the frequency and [removed: intensity of wildfires, hurricanes, floods, droughts, other storms and severe weather-related events and natural disasters.]

For example, catastrophic natural disasters can negatively impact projects we are working on, our [removed: office] [added: facilities and other physical] locations, portions of our equipment, or the locations and service regions of our customers.

For example, as discussed above, severe drought and high wind speeds [removed: in the western United States, Australia and other locations] have significantly increased the risk of [removed: wildfires,] [added: wildfires throughout the areas where we operate,] which in turn has exposed us and other contractors to increased risk of liability in connection with our operations in those locations, as these events can be started by [removed: failure of] electrical power and other infrastructure on which we have performed services.

The pool of skilled workers in certain of our industries has also been reduced, and may be further reduced, due primarily to an aging utility workforce and longer-term labor availability issues, including with respect to experienced program managers and qualified journeyman linemen available for our Electric Power [removed: Infrastructure Solutions] segment and experienced supervisors and foremen for our Underground [removed: Utility] and Infrastructure [removed: Solutions] segment.

Additionally, the recent inflationary pressure in the United States and our other markets has [removed: increased, and is expected to continue to increase,] [added: increased] our labor costs.

Increased labor costs can also impact our customers’ decision-making with respect to viability or timing of certain projects, [added: which could result in project delays or cancellations and in turn have a material adverse effect on our business, financial condition, results of operations or cash flows.]

[added: and also impact the ability of our customers to pay amounts owed to us,] which could [removed: result in project delays or cancellations and in turn] have a material adverse effect on our business, financial condition, results of operations [removed: or] [added: and] cash flows.

For example, our ten largest customers accounted for [removed: 36%] [added: 31%] of our consolidated revenues for the year ended December 31, [removed: 2022.][added: 2023.]

A significant customer may also [added: encounter financial constraints, based on cost of capital or other reasons,] file for bankruptcy protection or cease operations, [added: any of] which could also result in reduced or discontinued business with us.

For fixed price contracts and certain unit-price contracts, we recognize revenue as performance obligations are satisfied over time and earnings or losses recognized on individual contracts are based on estimates of contract revenues, costs and profitability, as discussed in further detail in Note 4 of the Notes to Consolidated Financial Statements [removed: included] in Item 8.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report.

In addition, we recognize amounts associated with change orders and/or claims as revenue when it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably [removed: estimated, which can result in the recognition of costs prior to the recognition of the related revenue.][added: estimated.]

For example, as of December 31, [removed: 2022,] [added: 2023,] the amount recognized related to unapproved change orders and claims was [removed: $549.3] [added: $778.9] million, which is discussed further in Note 4 of the Notes to Consolidated Financial Statements in Item 8.

These types of claims occur due to, among other things, [added: impacts to projects as a result of factors not within the control of Quanta, such as natural disasters, significant weather events and public health events (e.g., pandemics),] delays caused by customers and third parties and changes in project scope, which can result in additional costs that may not be recovered until the claim is resolved.

[removed: Litigation or] [added: Litigation,] arbitration [added: or government approval (if needed)] with respect to these matters is generally lengthy and costly, involves significant uncertainty as to timing and amount of any resolution, and can adversely affect our relationship with existing or potential customers.

[added: Because our services in certain instances can be integral to the] operation and performance of our customers’ infrastructure, we have been and may become subject to lawsuits or claims for any failure of the systems that we work on or damages caused by accidents and events related to such systems, even if our services are not the cause of such failures and damages.

If we fail to perform, the customer may demand that the surety make payments or provide services under the bond, [removed: and we must reimburse the surety for any expenses or outlays it incurs.]

- Our management structure could be inadequate to support our business as it expands and becomes more complex.

- changes to project or customer schedules;

We have strategically expanded these service offerings in recent years, including with respect to renewable energy projects, and the size and scope of these projects continues to increase.

Performance difficulties can result in project delays, project cancellations and damage to our relationship with customers, as well as damage to our reputation, which can be exacerbated when the difficulties arise on a high profile project.

In particular, locations throughout our primary operating regions, including but not limited to, the United States, Canada and Australia, have recently experienced and are increasingly impacted by wildfires, including locations that have not historically experienced wildfire events but that are becoming more susceptible to wildfire events due to changes in climate.

Our customers operate electrical power, natural gas, communications and other infrastructure assets in these areas, which in turn has exposed us and other contractors to increased risk of liability in connection with our operations, as these wildfire events can be started by electrical power and other infrastructure on which we have performed services, including inspection, consulting, construction, upgrade, repair and maintenance and other services.

For example, certain of our customers have been determined to be or are potentially responsible for certain catastrophic wildfire events in the western United States due to failure of their infrastructure, and in connection with certain of these events, Quanta operating companies have received document hold requests and subpoenas, and as described further in Note 16 of the Notes to Consolidated Financial Statements in Item 8.

locations that have a higher risk of wildfires and in densely populated areas.

Additionally, we manufacture certain products, including power transformers and mobile energy storage systems, and a failure of one of our products could also lead to similar operational hazards (e.g., explosions or mechanical failures).

intensity of wildfires, hurricanes, floods, droughts, other storms and severe weather-related events and natural disasters.

Additionally, we may not be able to attract and retain the necessary skilled personnel for our expanded product and service offerings.

*Financial Statements and Supplementary Data* in Part II of this Annual Report.

and we must reimburse the surety for any expenses or outlays it incurs.

Additionally, certain of our operating companies manufacture products sold to customers and other third parties, and we can be exposed to product liability and warranty claims if our products result in, or are alleged to result in, bodily injury and/or property damage or our products actually or allegedly fail to perform as expected.

Furthermore, certain of our products are designed to support critical infrastructure and any failure of such products could result in significant product liability and warranty claims, as well as damage to our reputation in the marketplace.

Our product development, manufacturing and testing may be inadequate to detect all defects, errors, failures and quality issues, which could impact customer satisfaction or result in claims against us.

As a result, we may have, and from time to time have had, to replace certain components and/or provide remediation in response to the discovery of defects in our products, and the occurrence of any defect, error, failure or quality

issue could result in cancellation of orders, product returns, damage to our reputation, diversion of our resources, lawsuits or claims by our customers or other third parties and other losses to us or to any of our customers or third parties, which could have a material adverse impact on our business, financial condition, results of operations and cash flows.

We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential information.

Our operations are decentralized with operating companies maintaining some of their own information systems, data and service providers.

While our cybersecurity risk management program and processes, including policies, controls and procedures, are designed to cover our operating companies, there can be no assurance that these will be fully implemented, complied with or effective in protecting all information systems and operations.

Moreover, we have acquired and continue to acquire companies with cybersecurity vulnerabilities and/or unsophisticated security measures, which exposes us to significant cybersecurity, operational, and financial risks until they are fully integrated into our information systems.

Furthermore, we may incur additional costs related to the investigation and reporting of any such breach or disruption as a result of the SEC’s increased reporting requirements for cyber incidents.

Additionally, because the techniques used to obtain

*•*failure to successfully perform, or negative publicity related to, a high-profile project, including, among others, our joint venture in LUMA and large-scale infrastructure projects designed to support the energy transition (i.e., large electric transmission and renewable generation projects);

See *Critical Accounting Estimates* in Item 7.

*Management*’*s Discussion and Analysis of Financial Condition* in Part II of this Annual Report for further information about our critical accounting estimates.

as amended) or other applicable laws, could negatively impact the cost and timing of or our ability to complete certain potential acquisitions.

Known liabilities may also change over time and become more severe than previously anticipated.

Our management structure could be inadequate to support our business as it expands and becomes more complex.

We cannot be certain that our management structure will be adequate to support our business as it expands and becomes more complex.Due to our continued growth, as well as the increasing complexity of our projects, operations and industries, we may encounter difficulties managing our business, including with respect to our ability to coordinate and execute business strategies, plans and tactics.

Furthermore, as our operations grow and increase in complexity, we may lack timely access to information that could impact the quality of decision-making by management or our ability to react to problems affecting key business matters.

*Financial Statements and Supplementary Data* in Part II of this Annual Report.

Further, if our partners experience cost overruns or project performance issues that we are unable to adequately

and subcontractors and limit our ability to secure contracts, maintain our services or grow in those areas.

For example, recent sourcing restrictions have resulted in supply chain and logistical challenges with respect to solar cells and panels, including the U.S. Department of Commerce investigation into an antidumping and countervailing duties circumvention claim on these components from Southeast Asia, which negatively impacted our renewable energy services associated with solar projects during 2022 and into 2023, and certain other sourcing restrictions and challenges related to solar panels manufactured in China (e.g., the Uyghur Forced Labor Prevention Act), which may negatively impact project timing within the renewable energy market in the future.

Additionally, the availability of power transformers utilized in electric power projects has been negatively impacted by the inability of manufacturers to meet current market demand, which has increased, and is expected to continue to increase, as a result of the transition to a reduced-carbon economy.

We also operate certain manufacturing facilities in the United States, and if such facilities experience a material interruption in operations it could cause delays in production and delivery of completed products to our customers or for use in connection with our services.

Such delays may negatively impact our customers or the timing of their ongoing projects, which could have an adverse effect on demand for our services or our business, financial condition, results of operations and cash flows.

Additionally, to the extent we are required to

- Our decentralized management infrastructure could negatively impact our business.

- schedule changes;

Performance difficulties can result in project cancellation by a customer and damage to our reputation or relationship with a customer, which can adversely affect our ability to secure new contracts.

In particular, we perform a significant amount of services, including operational, consulting and other services, for customers that operate electrical power, natural gas, communications and other infrastructure assets in the western United States, Australia and other locations that have recently experienced, and have a higher risk of, wildfires.

For example, certain of Quanta’s operating companies perform inspection, consulting, construction, repair and maintenance and other services for customers that operate electric power, natural gas, communications and other infrastructure in California and other areas in the western United States, including inspection of, and construction, upgrade, repair and maintenance and other services relating to the electrical power and natural gas transmission and distribution infrastructure operated by them.

These customers include PG&E Corporation and its primary operating subsidiary, Pacific Gas and Electric Company (together, PG&E), Southern California Edison Company (SCE) and San Diego Gas and Electric Company, as well as their affiliates, and other utilities and customers in California and other western states.

PG&E, SCE and certain other customers have been determined to be or are potentially responsible for catastrophic wildfire events that have occurred in recent years.

In connection with certain of these events, some of Quanta’s operating companies have received document hold requests and subpoenas, and in connection with

future insurance renewals.

Because our services in certain instances can be integral to the

other negative publicity;

*•*failure to successfully perform, or negative publicity related to, a high-profile project, including our joint venture in LUMA, which was selected for a 15-year operation and maintenance agreement to operate, maintain and modernize the approximately 18,000-mile electric transmission and distribution system in Puerto Rico;

In particular, equity investments are reviewed for impairment by assessing whether there has been a decline in the fair value of the investment below the carrying amount.

Additionally, as described further in Note 2 of the Notes to Consolidated Financial Statements in Item 8.

Our decentralized management structure could negatively impact our business.

We cannot be certain that our management structure will be adequate to support our operations as they expand.

Our decentralized structure places significant control and decision-making powers in the hands of the management of our operating companies.

This contributes to the risk that we may be slower or less able to identify or react to problems affecting key business matters than we would in a more centralized environment.

The lack of timely access to information may also impact the quality of decision-making by management.

For example, our ability to coordinate and utilize resources and capital, including our fleet of vehicles, equipment, labor resources and working capital, depends on effective communications and processes among our operating companies.

Furthermore, our decentralized structure can increase the cost and complexity associated with implementation and management of information technology systems associated with critical functions (e.g., accounting and financial systems, human resources systems, fleet management systems).

As a result, the ability to internally communicate, coordinate and execute business strategies, plans and tactics may be negatively impacted by our increasing size and complexity.

Our decentralized organization can also result in our operating companies assuming excessive risk without appropriate guidance from our centralized legal, accounting, safety, tax, treasury, insurance and other functions.

qualified employees that can succeed these key personnel, could negatively impact our ability to manage our business.

For example, during 2022, we recorded a $91.5 million impairment in connection with our investment in Starry Group Holdings, Inc. (Starry).

amounts due to us as retainage until a project is complete.

For example, we incurred operating losses of $74.0 million during the year ended December 30, 2020 in connection with the exit of our Latin American operations.

provide additional services to mitigate such shortcomings.

For example, recent supply chain and logistical challenges resulting from the U.S. Department of Commerce’s investigation into an antidumping and countervailing duties circumvention claim on solar cells and panels supplied from Malaysia, Vietnam, Thailand and Cambodia, as well as other sourcing restrictions, have caused disruption in the solar panel supply chain and created delays in the timing of development and/or financing of certain renewable energy projects.

Additionally, supply chain and other logistical challenges have negatively impacted suppliers of certain equipment necessary for the performance of our business in the past and may impact us in the future, For example, based on, among other things, the significant worldwide shortage of semiconductors, vehicle manufacturers we rely upon experienced production delays with respect to new vehicles for our fleet (both on-road and specialty vehicles) and vehicle parts (e.g., tires) and certain of our vehicle delivery orders during 2022 were delayed and canceled.

While these issues have largely been resolved with respect to our 2023 vehicle delivery orders, to the extent these production issues worsen or become longer-term in nature, our operations could be negatively impacted.

Expectations and requirements of our investors, customers and other third parties evolve rapidly and are largely out

For example, demand for our industrial services operations declined during 2020 and 2021 as customers reduced and deferred regularly scheduled maintenance due to lack of demand for refined products and economic uncertainty as a result of the COVID-19 pandemic.

Certain of our operations within our Underground Utility and Infrastructure Solutions

A decline in prices, production or the development of resource plays can also negatively impact demand for certain electric power infrastructure services performed in energy-reliant markets, including Canada and Australia.

These customers may also face pressure or be compelled by regulatory or other requirements to self-perform an increasing amount of the services we currently perform for them, thereby reducing the services they outsource to us in the future.

For example, a reduction in demand for hydrocarbons or plastics or an increase in demand for renewable energy sources or otherwise could

negatively impact certain of our customers and reduce demand for certain of our services.

projects completed thereunder.

For example, we have been involved in several litigation matters associated with our withdrawal from the Central States, Southeast and Southwest Areas Pension Plan, certain of which were settled in 2017.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report.

*Risk Factors* [added: in Part I] of this Annual Report.

The discussion summarizing the significant factors which affected the results of operations and financial condition for the year ended December 31, [removed: 2021,] [added: 2022,] including the changes in results of operations between the years ended December 31, [removed: 2021] [added: 2022] and [removed: 2020,] [added: 2021,] can be found in Part II, Item 7.

*Management’s Discussion and Analysis of Financial Condition and Results of Operations* of our Annual Report on Form 10-K for the year ended December 31, [removed: 2021,] [added: 2022,] which was filed with the SEC on February [removed: 25, 2022.][added: 23, 2023.]

[removed: Overall, our 2022] [added: Our 2023] results reflect increased demand for our services, as revenue and operating income increased in all [added: of] our segments as compared to [removed: 2021.][added: 2022.]

With respect to our Electric Power Infrastructure [removed: Services] [added: Solutions (Electric Power)] segment, utilities are continuing to invest significant capital in their electric power delivery systems through multi-year grid modernization and reliability programs, as well as [removed: with respect to] system upgrades and hardening programs in response to recurring severe weather events.

With respect to our Renewable Energy Infrastructure Solutions [added: (Renewable Energy)] segment, the transition to a reduced-carbon economy is continuing to drive demand for renewable generation and related infrastructure (e.g., high-voltage electric transmission and substation infrastructure), as well as interconnection services necessary to connect and transmit renewable-generated electricity to existing electric power delivery systems.

Despite these positive longer-term trends, [removed: certain] [added: during 2022 and into 2023, the timing] of [removed: our customers experienced] [added: certain projects within this segment were negatively impacted by] supply chain challenges [removed: during 2022] that resulted in delays and shortages of, and increased costs for, materials necessary for certain projects, particularly sourcing restrictions related to solar panels necessary for the [removed: utility scale] [added: utility-scale] solar [removed: industry.][added: industry and delays in availability of power transformers impacting the electric power and renewable energy industries.]

With respect to our Underground Utility and Infrastructure Solutions [added: (Underground and Infrastructure)] segment, [removed: in] [added: during] 2022 [added: and 2023] we [removed: continued to experience] [added: experienced] strong demand for our services focused on utility spending, in particular our gas distribution services to natural gas utilities that are implementing modernization programs, and our downstream industrial services, as these customers continued to move forward with certain maintenance and capital spending that was deferred during the course of the COVID-19 pandemic.

[removed: Increased] [added: During 2023, increased] revenues and operating income across all our segments [removed: during 2022 generated $1.1] [added: contributed to $1.58] billion of [added: net] cash provided by operating activities, a [removed: 94.1%] [added: 39.4%] increase relative to [removed: 2021,] [added: 2022,] which allowed us to execute our business plan, [removed: repurchase $128] [added: including the strategic acquisition of several businesses, for which we utilized $651.6] million of [removed: common stock] [added: cash, net of cash acquired,] and [removed: pay $41 million] [added: the payment] of [removed: dividends.][added: $47.8 million in dividends associated with our common stock.]

[removed: Available] [added: Our available] commitments under our senior credit facility and cash and cash equivalents as of December 31, [removed: 2022 was $2.4 billion.][added: 2023 were as follows (in thousands):]

Our remaining performance obligations and backlog [added: were $13.89 billion and $30.11 billion] as of December 31, [removed: 2022] [added: 2023, representing increases] of [removed: $8.8 billion and $24.1 billion increased 49.3%,] [added: 57.9%,] and [removed: 25.0%, respectively,] [added: 25.0%] relative to [removed: 2021.][added: December 31, 2022.]

[removed: *Risk Factors* of this Annual Report, and those factors have] caused fluctuations in our results in the past and are expected to cause fluctuations in our results in the future.

[removed: These] [added: Climate change has the potential to increase the frequency and extremity of severe weather events.These] conditions and events can negatively impact our financial results due to, among other things, the termination, deferral or delay of projects, reduced productivity and exposure to significant [removed: liabilities.][added: liabilities due to failure of electrical power or other infrastructure on which we have performed services.]

Examples of items that may cause demand for our services to fluctuate materially from quarter to quarter include: the financial condition of our customers, their capital spending and their access to [added: and cost of] capital; acceleration of any projects or programs by customers (e.g., modernization or hardening programs); economic and political conditions on a regional, national or global scale, including availability of renewable energy tax credits; interest rates; governmental regulations affecting the sourcing and costs of materials and equipment; other changes in U.S. and global trade relationships; and project deferrals and cancellations.

Additionally, our productivity and performance on a project can vary period to period based on a number of factors, including unexpected project difficulties or site conditions (including in connection with difficult geographic characteristics); project location, including locations with challenging operating conditions; whether the work is on an open or encumbered right of way; inclement weather or severe weather events; environmental restrictions or regulatory delays; protests, [added: public activism,] other political activity or legal challenges related to a project; [added: and] the performance of third [removed: parties; and the impact of the COVID-19 pandemic.][added: parties.]

Moreover, we currently generate a significant portion of our revenues under fixed price contracts, and fixed price contracts are more common in connection with our larger and more [removed: complex projects that typically involve greater performance risk.]

[added: These variations can result in a reduction in expected profit,] the incurrence of losses on a project or the issuance of change orders and/or assertion of contract claims against customers.

See [removed: *Revenue Recognition - Contract] [added: *Contract] Estimates and Changes in Estimates* in Note 4 of the Notes to Consolidated Financial Statements in Item 8.

*Financial Statements and Supplementary Data* in Part II of [removed: the 2022] [added: this] Annual Report.

However, under some contracts, [removed: including contracts for projects where] we [removed: provide EPC services, we] agree to procure all or part of the required materials.

[removed: Margins] [added: While we attempt to structure our agreements with customers and suppliers to account for the impact of increased materials procurement requirements or fluctuations in the cost of materials we procure, our margins] may be lower on projects where we furnish a significant amount of materials, as our markup on materials is generally lower than our markup on labor costs, and in a given period an increase in the percentage of work with greater materials procurement requirements may decrease our overall margins, including in some cases our assuming price risk.

[removed: *Business,*] [added: Furthermore,] fluctuations in the price or availability of materials, equipment and consumables that we or our customers utilize could impact costs to complete projects.

| Equity in earnings of integral unconsolidated affiliates | | | | | | [removed: 52,466] [added: 41,609] | | | | | | [removed: 0.3] [added: 0.2] | | | | | | [removed: 44,061] [added: 52,466] | | | | | | 0.3 | | | | | | [removed: 8,405] [added: (10,857)] | | | | | | [removed: 19.1] [added: (20.7)] | | % |

| Selling, general and administrative expenses | | | | | | [removed: (1,336,711)] [added: (1,555,137)] | | | | | | [removed: (7.8)] [added: (7.4)] | | | | | | [removed: (1,155,956)] [added: (1,336,711)] | | | | | | [removed: (8.9)] [added: (7.8)] | | | | | | [removed: (180,755)] [added: (218,426)] | | | | | | [removed: 15.6] [added: 16.3] | | % |

| Asset impairment charges | | | | | | [removed: (14,457)] [added: —] | | | | | | [removed: (0.1)] [added: —] | | | | | | [removed: (5,743)] [added: (14,457)] | | | | | | [removed: —] [added: (0.1)] | | | | | | [removed: (8,714)] [added: 14,457] | | | | | | [removed: 151.7] [added: (100.0)] | | % |

| Change in fair value of contingent consideration liabilities | | | | | | [removed: (4,422) | | | | | | — | | | | | | (6,734) | | | | | | (0.1) | | | | | | 2,312] [added: 6,568] | | | | | | [removed: (34.3)] [added: 4,422] | | [removed: %] |

| Interest and other financing expenses | | | | | | [removed: (124,363) | | | | | | (0.7) | | | | | | (68,899) | | | | | | (0.5) | | | | | | (55,464)] [added: 186,913] | | | | | | [removed: 80.5] [added: 124,363] | | [removed: %] |

| Interest income | | | | | | [removed: 2,606 | | | | | | — | | | | | | 3,194 | | | | | | — | | | | | | (588)] [added: (10,830)] | | | | | | [removed: (18.4)] [added: (2,606)] | | [removed: %] |

| Other [removed: (expense) income,] [added: income (expense),] net | | | | | | [removed: (46,415)] [added: 18,063] | | | | | | [removed: (0.3)] [added: 0.1] | | | | | | [removed: 25,085] [added: (46,415)] | | | | | | [removed: 0.2] [added: (0.3)] | | | | | | [removed: (71,500)] [added: 64,478] | | | | | | * | | |

| Provision for income taxes | | | | | | [removed: 192,243] [added: 219,267] | | | | | | [removed: 1.1] [added: 1.0] | | | | | | [removed: 130,918] [added: 192,243] | | | | | | [removed: 1.0] [added: 1.1] | | | | | | [removed: 61,325] [added: 27,024] | | | | | | [removed: 46.8] [added: 14.1] | | % |

| Less: Net income attributable to non-controlling interests | | | | | | [removed: 20,454] [added: 6,000] | | | | | | [removed: 0.1] [added: —] | | | | | | [removed: 6,027] [added: 20,454] | | | | | | 0.1 | | | | | | [removed: 14,427] [added: (14,454)] | | | | | | [removed: 239.4] [added: (70.7)] | | % |

| Net income attributable to common stock | | | | | | $ | [removed: 491,189] [added: 744,689] | | | | | [removed: 2.9] [added: 3.6] | | % | | | | $ | [removed: 485,956] [added: 491,189] | | | | | [removed: 3.7] [added: 2.9] | | % | | | | $ | [removed: 5,233] [added: 253,500] | | | | | [removed: 1.1] [added: 51.6] | | % |

*Revenues.* Revenues increased due to a [removed: $1.95] [added: $2.39] billion increase in revenues from our Renewable Energy [removed: Infrastructure Solutions] segment, a [removed: $1.32 billion] [added: $756.6 million] increase in revenues from our Electric Power [removed: Infrastructure Solutions] segment, and a [removed: $824.4] [added: $659.9] million increase in revenues from our Underground [removed: Utility] and Infrastructure [removed: Solutions] segment.

[removed: *Equity] [added: | Equity] in earnings of [removed: integral] [added: non-integral] unconsolidated [removed: affiliates*.][added: affiliates | | | | | | (1,263) | | | | | | (20,333) | | |]

[removed: For additional information, see] [added: As described in] Note [removed: 8] [added: 4] of the Notes to Consolidated Financial Statements in Item 8.

[removed: Also contributing] [added: *Selling, general and administrative expenses.* The increase was partially attributable] to [removed: the] [added: an aggregate $113.1 million] increase [removed: were] [added: in] the following items to support business growth: [removed: a $32.8 million increase in] compensation expense, [removed: primarily] [added: largely] associated with increased salaries and [removed: non-cash] stock compensation [removed: expense; a $25.2 million] [added: expense due primarily to an] increase in [added: employees; bonus expense due to increased profitability; and] travel and related [removed: expenses; and a $7.7 million increase in rent and information technology] expenses.

The fair market value changes in deferred compensation liabilities were largely offset by changes in the fair value of corporate-owned life insurance (COLI) assets associated with the deferred compensation plan, which are included in “Other [removed: (expense) income,] [added: income (expense),] net” as discussed below.

*Asset impairment charges.* The [removed: increase was primarily due to $11.7 million of] asset impairment charges [added: during the year ended December 31, 2022 were primarily associated with an $11.7 million charge] related to a software implementation project at an acquired company, which commenced prior to our acquisition and was discontinued in the fourth quarter of 2022.

Results for each of our business segments and [removed: Corporate] [added: corporate] and [removed: Non-Allocated Costs] [added: non-allocated costs] are discussed in [removed: the Segment Results section] [added: *Segment Results*] below.

While certain challenges associated with solar panel sourcing improved during 2023, there could be other potential supply chain challenges for renewable infrastructure project components.

Additionally, although revenues associated with large pipeline projects in Canada increased in 2022 and 2023, as compared to prior years, we anticipate that revenues associated with these projects will continue to fluctuate.

*Risk Factors* in Part I of this Annual Report, and those factors have

complex projects that typically involve greater performance risk.

| | | | | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | | | | | $ | | | | | | % | | |

| Revenues | | | | | | $ | 20,882,206 | | | | | 100.0 | | % | | | | $ | 17,073,903 | | | | | 100.0 | | % | | | | $ | 3,808,303 | | | | | 22.3 | | % |

| Cost of services | | | | | | 17,945,120 | | | | | | 85.9 | | | | | | 14,544,748 | | | | | | 85.2 | | | | | | 3,400,372 | | | | | | 23.4 | | % |

| Gross profit | | | | | | 2,937,086 | | | | | | 14.1 | | | | | | 2,529,155 | | | | | | 14.8 | | | | | | 407,931 | | | | | | 16.1 | | % |

| Amortization of intangible assets | | | | | | (289,014) | | | | | | (1.5) | | | | | | (353,973) | | | | | | (2.1) | | | | | | 64,959 | | | | | | (18.4) | | % |

| Operating income | | | | | | 1,127,976 | | | | | | 5.4 | | | | | | 872,058 | | | | | | 5.1 | | | | | | 255,918 | | | | | | 29.3 | | % |

| Interest income | | | | | | 10,830 | | | | | | 0.1 | | | | | | 2,606 | | | | | | — | | | | | | 8,224 | | | | | | 315.6 | | % |

| Income before income taxes | | | | | | 969,956 | | | | | | 4.6 | | | | | | 703,886 | | | | | | 4.1 | | | | | | 266,070 | | | | | | 37.8 | | % |

| Net income | | | | | | 750,689 | | | | | | 3.6 | | | | | | 511,643 | | | | | | 3.0 | | | | | | 239,046 | | | | | | 46.7 | | % |

The decrease in equity in earnings was primarily driven by lower emergency restoration services in one of our integral affiliates.

Also contributing to the increase was a $30.7 million increase related to recently acquired businesses, including acquisition and integration costs, and a $26.5 million increase in expense related to deferred compensation liabilities.

This increase was also attributable to an aggregate $40.7 million increase in legal and other consulting services expense, depreciation expense primarily related to our new corporate headquarters and information technology expenses.

*Amortization of intangible assets.* The decrease was primarily related to a $88.8 million reduction of amortization of intangible assets associated with backlog for Blattner Holding Company (Blattner), which was fully amortized by the third quarter of 2022.

*Operating income.* Operating income was positively impacted by a $172.9 million increase in operating income for our Renewable Energy segment, a $54.6 million increase in operating income for our Electric Power segment and a $60.4 million increase in operating income for our Underground and Infrastructure segment, partially offset by a $32.0 million increase in corporate and non-allocated costs, which includes amortization expense.

The net other expense for the year ended December 31, 2022 includes a loss of $91.5 million that resulted from the remeasurement of the fair value of our investment in Starry Group Holdings, Inc. (Starry) and a $13.8 million decrease in the mark-to-market valuation adjustment of the COLI assets associated with our deferred compensation plan, partially offset by a $25.9 million gain on the sale of an investment in a non-integral unconsolidated affiliate and $18.5 million of equity in earnings related to this non-integral unconsolidated affiliate.

Other income for the year ended December 31, 2023 was favorably impacted by a $11.6 million increase in the mark-to-market valuation adjustment of the COLI assets associated with our deferred compensation plan.

*Provision for income taxes*.

The decrease in our effective income tax rate in 2023 was primarily due to changes in the valuation allowance on deferred tax assets, predominantly from the realization of the loss on our investment in Starry, as well as changes in the fair market value of our company-owned life insurance investments and a tax benefit related to the vesting of equity incentive awards at a higher fair market value than their grant date fair market value.

These decreases in the effective tax rate were partly offset by higher non-deductible per diem expenses related to the expiration, as of December 31, 2022, of a temporary provision that allowed for the full deduction of certain meal and entertainment costs.

Financial Statements and Supplementary Data in Part II of this Annual Report.

*Financial Statements and Supplementary Data* in Part II of this Annual Report.

*Financial Statements and Supplementary Data* in Part II of this Annual Report.

Comprehensive income increased by $354.2 million in 2023 as compared to 2022, primarily due to a $239.0 million increase in net income and a $99.3 million increase related to foreign currency translation adjustments.

Foreign currency translation adjustment income in the year ended December 31, 2023 primarily resulted from the strengthening

of the Canadian dollar against the U.S. dollar as of December 31, 2023 when compared to December 31, 2022.

*EBITDA* and *adjusted EBITDA*.

| | | | | | | 2023 | | | | | | | | | | | | 2022 | | | | | | | | | | | | $ | | | | | | % | | |

| Electric Power | | | | | | $ | 9,696,897 | | | | | 46.5 | | % | | | | $ | 8,940,276 | | | | | 52.4 | | % | | | | $ | 756,621 | | | | | 8.5 | | % |

| Renewable Energy | | | | | | 6,170,301 | | | | | | 29.5 | | | | | | 3,778,560 | | | | | | 22.1 | | | | | | 2,391,741 | | | | | | 63.3 | | % |

| Underground and Infrastructure | | | | | | 5,015,008 | | | | | | 24.0 | | | | | | 4,355,067 | | | | | | 25.5 | | | | | | 659,941 | | | | | | 15.2 | | % |

| Consolidated revenues | | | | | | $ | 20,882,206 | | | | | 100.0 | | % | | | | $ | 17,073,903 | | | | | 100.0 | | % | | | | $ | 3,808,303 | | | | | 22.3 | | % |

| Electric Power | | | | | | $ | 1,013,350 | | | | | 10.5 | | % | | | | $ | 958,798 | | | | | 10.7 | | % | | | | $ | 54,552 | | | | | 5.7 | | % |

| Renewable Energy | | | | | | 477,208 | | | | | | 7.7 | | % | | | | 304,308 | | | | | | 8.1 | | % | | | | 172,900 | | | | | | 56.8 | | % |

| Underground and Infrastructure | | | | | | 377,977 | | | | | | 7.5 | | % | | | | 317,543 | | | | | | 7.3 | | % | | | | 60,434 | | | | | | 19.0 | | % |

| Consolidated operating income | | | | | | $ | 1,127,976 | | | | | 5.4 | | % | | | | $ | 872,058 | | | | | 5.1 | | % | | | | $ | 255,918 | | | | | 29.3 | | % |

These increases were partially offset by approximately $60 million in lower emergency restoration services revenues.

Our acquisition of Blattner in the fourth quarter of 2021 had a significant incremental impact on our ability to perform these services during 2022.

Our revenues with respect to larger pipeline services have also fluctuated in recent years, and we had a significant increase in larger pipeline projects in Canada in 2022 as compared to 2021.

These variations can result in a reduction in expected profit,

Furthermore, as described further in Item 1.

The results of acquired businesses have been included in the following results of operations since their respective acquisition dates.

| | | | | | | 2022 | | | | | | | | | | | | 2021 | | | | | | | | | | | | $ | | | | | | % | | |

| Revenues | | | | | | $ | 17,073,903 | | | | | 100.0 | | % | | | | $ | 12,980,213 | | | | | 100.0 | | % | | | | $ | 4,093,690 | | | | | 31.5 | | % |

| Cost of services (including related depreciation) | | | | | | 14,544,748 | | | | | | 85.2 | | | | | | 11,026,954 | | | | | | 85.0 | | | | | | 3,517,794 | | | | | | 31.9 | | % |

| Gross profit | | | | | | 2,529,155 | | | | | | 14.8 | | | | | | 1,953,259 | | | | | | 15.0 | | | | | | 575,896 | | | | | | 29.5 | | % |

| Amortization of intangible assets | | | | | | (353,973) | | | | | | (2.1) | | | | | | (165,366) | | | | | | (1.2) | | | | | | (188,607) | | | | | | 114.1 | | % |

| Operating income | | | | | | 872,058 | | | | | | 5.1 | | | | | | 663,521 | | | | | | 5.1 | | | | | | 208,537 | | | | | | 31.4 | | % |

| Income before income taxes | | | | | | 703,886 | | | | | | 4.1 | | | | | | 622,901 | | | | | | 4.8 | | | | | | 80,985 | | | | | | 13.0 | | % |

| Net income | | | | | | 511,643 | | | | | | 3.0 | | | | | | 491,983 | | | | | | 3.8 | | | | | | 19,660 | | | | | | 4.0 | | % |

The increase was primarily driven by our LUMA joint venture.

*Selling, general and administrative expenses.* The increase was primarily attributable to a $149.7 million increase in expenses associated with acquired businesses.

Partially offsetting these increases was a $23.6 million decrease in expense related to deferred compensation liabilities.

Also partially offsetting these increases was a specific provision for credit loss of $31.7 million recorded in 2021.

*Amortization of intangible assets.* The increase was primarily related to $196.3 million of incremental amortization of intangible assets associated with recently acquired businesses, driven by the acquisition of Blattner, partially offset by reduced amortization expense associated with older acquired intangible assets, as certain of these assets became fully amortized.

*Change in fair value of contingent consideration liabilities.* Contingent consideration liabilities are payable in the event prescribed performance objectives are achieved by certain acquired businesses during designated post-acquisition periods.

Future changes in fair value are expected to be recorded periodically until the contingent consideration liabilities are settled.

For additional information regarding these liabilities, see Note 6 of the Notes to Consolidated Financial Statements in Item 8.

*Operating income.* Operating income for the Electric Power Infrastructure Solutions, Renewable Energy Infrastructure Solutions and Underground Utility and Infrastructure Solutions segments increased $93.4 million, $122.4 million and $167.4 million, respectively.

These increases were partially offset by an increase in Corporate and Non-Allocated Costs of $174.6 million, which includes amortization expense.

Our long-term debt increased significantly at the end of 2021 in connection with our acquisition of Blattner.

The remaining increase was primarily driven by higher interest rates impacting our variable rate debt.

*Interest income.* Interest income decreased during the year ended December 31, 2022 primarily due to interest received during the year ended December 31, 2021 related to a settlement with a customer.

The net other expense for the year ended December 31, 2022 was primarily the result of an unrealized loss of $91.5 million resulting from the remeasurement of the fair value of our investment in a publicly traded broadband technology provider, Starry Group Holdings, Inc. (Starry), based on the market price of Starry’s common stock as of December 31, 2022.

Also included in other (expense) income, net was a $13.8 million mark-to-market loss in 2022 compared to a $8.6 million mark-to-market gain in 2021 associated with our deferred compensation plan.

This amount was largely offset by corresponding changes in the fair market value of the liabilities associated with our deferred compensation plan, which are recorded in selling, general, and administrative expenses, as discussed above.

Partially offsetting these increases in expenses

were a $25.9 million gain on the sale of an investment in a non-integral unconsolidated affiliate recognized in the fourth quarter of 2022, of which $10.4 million was attributable to a non-controlling interest as noted below, and an $18.2 million increase in equity in earnings of non-integral affiliates.

The higher effective tax rate is primarily attributable to the recognition of a $22.7 million valuation allowance resulting from the unrealized loss on our investment in Starry described above, and a year over year increase in tax expense of $9.9 million driven by mark-to-market accounting on corporate-owned life insurance products associated with our deferred compensation plan.

If the Starry losses become realized for tax purposes, we could release a portion of the valuation allowance by the amount Starry losses offset certain capital gains.

Comprehensive income decreased by $63.1 million in 2022 as compared to 2021, primarily due to higher foreign currency translation adjustments losses and the aforementioned increase in net income attributable to non-controlling interests, partly offset by higher net income.

| Electric Power Infrastructure Solutions | | | | | | $ | 8,940,276 | | | | | 52.4 | | % | | | | $ | 7,624,240 | | | | | 58.7 | | % | | | | $ | 1,316,036 | | | | | 17.3 | | % |

| Renewable Energy Infrastructure Solutions | | | | | | 3,778,560 | | | | | | 22.1 | | | | | | 1,825,259 | | | | | | 14.1 | | | | | | 1,953,301 | | | | | | 107.0 | | % |

| Underground Utility and Infrastructure Solutions | | | | | | 4,355,067 | | | | | | 25.5 | | | | | | 3,530,714 | | | | | | 27.2 | | | | | | 824,353 | | | | | | 23.3 | | % |

| Consolidated revenues | | | | | | $ | 17,073,903 | | | | | 100.0 | | % | | | | $ | 12,980,213 | | | | | 100.0 | | % | | | | $ | 4,093,690 | | | | | 31.5 | | % |

| Electric Power Infrastructure Solutions | | | | | | $ | 958,798 | | | | | 10.7 | | % | | | | $ | 865,409 | | | | | 11.4 | | % | | | | $ | 93,389 | | | | | 10.8 | | % |

| Renewable Energy Infrastructure Solutions | | | | | | 304,308 | | | | | | 8.1 | | % | | | | 181,908 | | | | | | 10.0 | | % | | | | 122,400 | | | | | | 67.3 | | % |

[added: Other Risks.] For a discussion about our concentration of credit risk; cash and cash equivalents; and investments in COLI assets, refer to Notes [removed: 6,] [added: 4,] 15, 16 and 17 of the Notes to [removed: consolidated financial statements] [added: Consolidated Financial Statements] in Item 8.

*Financial Statements and Supplementary Data* [added: in Part II of this Annual Report] for additional information.

At December 31, [removed: 2022, 69%] [added: 2023, 63%] of our debt portfolio, on a gross basis, incurred interest at a fixed-rate and the remaining [removed: 31%] [added: 37%] of the portfolio incurred interest at a variable-rate.

As of December 31, [removed: 2022,] [added: 2023,] our fixed-rate debt was [removed: $2.57] [added: $2.63] billion, which consisted primarily of our senior notes outstanding.

The fair value of Quanta’s senior notes was [removed: $2.00] [added: $2.15] billion at December 31, [removed: 2022.][added: 2023.]

[removed: We estimate that a] [added: A] 10% change in the market price would cause a change in fair value of [removed: $199.7] [added: $214.5] million.

As of December 31, [removed: 2022,] [added: 2023,] our variable-rate debt consisted of [removed: $786.9] [added: $867.1] million outstanding under our senior credit facility and [removed: $373.0] [added: $705.9] million outstanding under our commercial paper program.

The weighted average interest rate on our borrowings under our senior credit facility for the year ended December 31, [removed: 2022] [added: 2023] was [removed: 3.0%,] [added: 6.6%,] and the weighted average interest rate on borrowings under our commercial paper [removed: program, which we entered into during the second half of 2022,] [added: program] was [removed: 4.5%.][added: 5.8%.]

Based on these borrowings outstanding as of December 31, [removed: 2022,] [added: 2023,] we estimate that a 50 basis point increase or decrease in interest rates would impact [added: annual] interest expense by approximately [removed: $5.8] [added: $7.9] million.

*Financial Statements and Supplementary [removed: Data*.][added: Data* in Part II of this Annual Report.]

Other [removed: (expense) income,] [added: income (expense),] net, in the consolidated statements of income in Item 8.

*Financial Statements and Supplementary Data* [added: in Part II of this Annual Report] reflects net foreign currency [removed: gains] [added: losses] of [removed: $0.7] [added: $2.6] million [added: in the year ended December 31, 2023] and [removed: $5.1] [added: net foreign currency gains of $0.7] million in the [removed: years] [added: year] ended December 31, [removed: 2022 and 2021.][added: 2022.]

We also have an experienced management team, both at the executive [removed: level] and [added: regional levels and] within our subsidiaries, which we refer to as operating companies.

Our strategies include delivering [removed: a] [added: and continuing to expand our] portfolio of infrastructure solutions to existing and potential customers, developing our technological and training capabilities, remaining committed to the safety of our employees, and maintaining an entrepreneurial culture throughout our organization.

We report our results under three reportable segments: Electric Power Infrastructure [removed: Solutions,] [added: Solutions (Electric Power),] Renewable Energy Infrastructure Solutions [added: (Renewable Energy)] and Underground Utility and Infrastructure [removed: Solutions.][added: Solutions (Underground and Infrastructure).]

Our entrepreneurial business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end user [removed: markets.][added: markets and our reportable segments.]

We operate primarily in the United States; however, we derived approximately [removed: 15.7%, 14.7%] [added: 14.2%, 15.7%] and [removed: 14.2%] [added: 14.7%] of our revenues from foreign operations, primarily in Canada and Australia, during the years ended December 31, [removed: 2022, 2021] [added: 2023, 2022] and [removed: 2020.][added: 2021.]

Electric [removed: Power Infrastructure Solutions][added: Power]

Our Electric Power [removed: Infrastructure Solutions] segment provides comprehensive services [added: primarily] for the electric power and [added: also for the] communications markets.

- energized installation, maintenance and upgrade of electric power infrastructure utilizing [removed: unique] [added: our] bare hand and hot stick methods and our robotic arm techniques;

We also expect demand for electricity in North America to continue to grow, including through electrification trends [removed: such as electric vehicle (EV) adoption,] [added: (e.g., EV adoption)] and [added: increased demand for data center infrastructure and manufacturing facilities, and] believe that certain segments of the North American electric power grid are not adequate to efficiently supply this future demand.

For example, utilities [removed: along the Eastern and Gulf Coasts of] [added: throughout] the United States are executing storm hardening programs to make their systems more resilient to hurricanes and other severe weather events, and there are significant system resiliency initiatives underway in California and other regions in the [removed: western] United States that are designed to prevent and manage the impact of wildfires.

Utilities are also executing significant initiatives to underground critical infrastructure, including additional underground transmission and distribution initiatives by utilities in California, underground transmission projects in the northeast United [removed: States,] [added: States and] underground distribution circuits along the U.S. [removed: coastlines and underground transmission lines for offshore wind generation projects.][added: coastlines.]

Renewable [removed: Energy Infrastructure Solutions][added: Energy]

Our Renewable Energy [removed: Infrastructure Solutions] segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry.

[removed: With respect to these services, we believe the transition to a reduced-carbon economy, which is being driven by consumer and investor preferences, increasing electrification trends and] declining levelized costs of renewable energy, will require sizeable long-term investment in renewable generation and related infrastructure, including meaningful repowering and modernization of existing assets.

While we believe demand for our renewable infrastructure services will grow as a result of the IRA, the requirements associated with this legislation are complex, and the timing of the expected growth depends in part on the speed at which [added: we and] our customers determine how to [removed: proceed and the speed at which the incentives under the IRA are implemented.][added: proceed.]

Underground [removed: Utility] and [removed: Infrastructure Solutions][added: Infrastructure]

Our Underground [removed: Utility] and Infrastructure [removed: Solutions] segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products.

- catalyst replacement services, high-pressure and critical-path turnaround services, instrumentation and electrical services, piping, fabrication and storage tank services for the midstream and downstream industrial energy [added: markets, as well as specialty cleaning and environmental solutions for the industrial energy and petrochemical] markets;

[removed: critical-path turnaround services, as well as our capabilities with respect to instrumentation and electrical services, piping, fabrication and storage tanks services, and other industrial services, we believe that processing facilities located along the] U.S. Gulf Coast [removed: region] [added: region, which we believe] should have certain long-term strategic advantages due to their proximity to competitively priced and abundant hydrocarbon resources.

For example, revenues associated with larger U.S. pipeline projects have declined significantly as the pipeline and related infrastructure development necessary to support U.S. shale formations has largely been completed in the near term and as a result of a more challenging permitting and regulatory [removed: environment, whereas revenues associated with larger pipeline projects in Canada increased in 2022.][added: environment.]

We also believe that customers in this segment are implementing strategies to reduce carbon emissions produced from their operations, which are providing incremental opportunities for our services, including [removed: developing] [added: the development of] infrastructure for blending hydrogen into natural gas flow and [removed: for customers’] carbon capture projects, which could include building or repurposing pipeline infrastructure.

[removed: In January] [added: During the year ended December 31,] 2023, we acquired [removed: three] [added: five] businesses located in the United States including: a business that provides services related to high-voltage transmission lines, overhead and underground distribution, emergency restoration and industrial and commercial wiring and [removed: lighting;] [added: lighting (primarily included in the Electric Power segment);] a business that procures parts, assembles kits for sale, manages logistics and installs solar tracking equipment for utility and development [removed: customers; and] [added: customers (primarily included in the Renewable Energy segment);] a business that provides [removed: solutions to our] concrete construction [removed: services.][added: services (primarily included in the Electric Power and Renewable Energy segments); a business specializing in power studies, maintenance testing and commissioning primarily for utility and commercial customers (included in the Electric Power segment) and a business that manufactures power transformers for the electric utility, renewable energy, municipal power and industrial markets (included in the Electric Power and Renewable Energy segments).]

The consideration for these transactions consisted of approximately [removed: $465.0] [added: $782.4] million paid [added: or payable] in cash [removed: on the dates of the acquisitions] [added: (subject to certain adjustments)] and [removed: approximately 1.0 million] [added: 1,238,576] shares of Quanta common stock, which had a fair value of [removed: $123.5] [added: $158.9] million as of the [removed: dates of the acquisitions.][added: applicable acquisition dates.]

The results of these acquired businesses [removed: will be] [added: have been] included in our consolidated financial statements beginning on the [added: respective] acquisition dates.

While the attractiveness of certain acquisition targets may be diminished in the short term by [removed: inflationary pressure,] increased interest [removed: rates] [added: rates, regulatory conditions] and market volatility, we continue to evaluate opportunities that are expected to, among other things, broaden our customer base, expand our geographic area of operations and grow and diversify our portfolio of [added: products and] services.

For the year ended December 31, [removed: 2022,] [added: 2023,] our largest customer accounted for [removed: 9%] [added: 6%] of our

consolidated revenues and our ten largest customers accounted for [removed: 36%] [added: 31%] of our consolidated revenues.

| l | | | [removed: American] [added: ATCO] Electric [removed: Power Company, Inc.] | | | l | | | Lower Colorado River Authority | | |

| l | | | [removed: Berkshire Hathaway,] [added: CenterPoint Energy,] Inc. | | | l | | | NextEra Energy, Inc. | | |

| l | | | [removed: CenterPoint Energy,] [added: Con Edison Development,] Inc. | | | l | | | Pattern Energy | | |

| l | | | [removed: Comcast Corporation] [added: EDF Renewables] | | | l | | | Puget Sound Energy, Inc. | | |

| l | | | [removed: Duke Energy] [added: Entergy] Corporation | | | l | | | The Southern Company | | |

| l | | | [removed: Edison International] [added: Duke Energy Corporation] | | | l | | | [removed: TC Energy] [added: PG&E] Corporation | | |

| l | | | [removed: Entergy] [added: Exelon] Corporation | | | l | | | Trans Mountain Corporation | | |

| l | | | [removed: Evergy Inc.] [added: FirstEnergy Corp.] | | | l | | | Valero Energy Corporation | | |

| l | | | [removed: Invenergy LLC] [added: Fortis Inc.] | | | l | | | Xcel Energy Inc. | | |

| | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Utility | | | | | | [removed: 67] [added: 58] | | % | | | | [removed: 74] [added: 67] | | % | | | | [removed: 72] [added: 74] | | % |

| Industrial | | | | | | [removed: 9] [added: 10] | | [removed: %] | | | | [removed: 10] [added: 9] | | [removed: %] | | | | [removed: 13] [added: 10] | | [removed: %] |

| Energy Delivery | | | | | | [removed: 7] [added: 8] | | [removed: %] | | | | [removed: 5] [added: 7] | | [removed: %] | | | | [removed: 6] [added: 5] | | [removed: %] |

With respect to these services, we believe the transition to a reduced-carbon economy, which is being driven by regulatory requirements, consumer and investor preferences, state and federal policies, increasing electrification trends and

Additionally, with respect to our downstream industrial services, including our high-pressure and critical-path turnaround services, as well as our capabilities with respect to instrumentation and electrical services, piping, fabrication and storage tanks services, and other industrial services, we are focused on processing facilities located along the

Through a recent acquisition, we also provide a variety of cleaning and other specialty environmental solutions to processing and petrochemical facilities throughout the United States.

Although revenues associated with large pipeline projects in Canada increased in 2022 and 2023, as compared to prior years, we anticipate that revenues associated with these projects will continue to fluctuate.

In January 2024, we acquired two businesses located in the United States including: a business that provides specialty environmental solutions to industrial companies (which will be primarily included in the Underground and Infrastructure segment) and a business that specializes in testing, manufacturing and distributing safety equipment and supplies (which will be primarily included in the Electric Power and Renewable Energy segments).

The consideration for these transactions consisted of approximately $379.9 million paid or payable in cash and 221,700 shares of Quanta common stock issued in consideration for one of the acquired businesses, which had a fair value of $44.9 million as of the applicable acquisition date, plus the potential payment of certain contingent consideration.

| l | | | American Electric Power Company, Inc. | | | l | | | Invenergy LLC | | |

| l | | | Berkshire Hathaway, Inc. | | | l | | | National Grid plc | | |

| l | | | Comcast Corporation | | | l | | | Orsted US | | |

| l | | | Engie IR Holdings LLC | | | l | | | Sempra Energy | | |

| l | | | Enterprise Products Partners L.P. | | | l | | | TC Energy Corporation | | |

operations and cash flows.

For example, regulatory action with respect to various aspects of the supply chain for components required for solar projects created delays, shortages and other availability concerns during 2022 and into 2023.

*Risk Factors* in Part I of this Annual Report.

We are

*Risk Factors* in Part I of this Annual Report.

incentives throughout our decentralized organization.

We believe these market dynamics and technological

*Risk Factors* in Part I of this Annual Report.

*Risk Factors* in Part I of this Annual Report.

For additional information about LUMA and our other unconsolidated integral affiliates, refer to Note 8 of the Notes to consolidated financial statements in Item 8.

*Financial Statements and Supplementary Data*.

Additionally, with respect to our downstream industrial services, including our high-pressure and

The results of the business that designs, supplies and installs solar tracking technology and installs and assembles solar panel systems will be primarily included in the Renewable Energy Infrastructure Solutions segment and the results of the other two businesses will be primarily included in the Electric Power Infrastructure Solutions segment.

| l | | | ATCO Electric | | | l | | | National Grid plc | | |

| l | | | Clearway Renew LLC | | | l | | | PG&E Corporation | | |

| l | | | Con Edison Development, Inc. | | | l | | | Sempra Energy | | |

| l | | | Exelon Corporation | | | l | | | Verizon Communications Inc. | | |

| l | | | FirstEnergy Corp. | | | l | | | Wataynikaneyap Power | | |

As a result, we monitor supply chain and other logistical challenges impacting our industries with respect to these materials, and a number of factors that we and our customers may not be able to predict or control could result in increased costs for, or delays in delivery or lack of availability of, these materials, including, among other things, the continued impact of supply chain and other logistical challenges, inflationary pressure, changes in global trade relationships (e.g., tariffs, sourcing restrictions) and other general market and political conditions (e.g., rising interest rates).

Increased costs and delays can impact project construction schedules and the performance of our services.

For example, we believe some participants in the renewable energy market are experiencing supply chain challenges, resulting in delays and shortages of, and increased costs for, materials necessary for the construction of certain renewable energy projects in the near term, including as a result of sourcing restrictions related to solar panels manufactured in China and the Department of Commerce investigation described in *Regulation* below.

While we believe many of our renewable energy customers are generally better equipped to manage near-term supply chain disruptions than their smaller competitors, these challenges have delayed and may continue to delay certain of our customers’ ongoing projects and have impacted their near-term project schedules, which in turn impacted the timing of our renewable energy services during 2022.

For example, during 2022, the U.S. Department of Commerce’s investigation into an antidumping and countervailing duties circumvention claim on solar cells and panels supplied from Malaysia, Vietnam, Thailand and Cambodia caused disruption in the solar panel supply chain and created uncertainty regarding the timing of development and/or financing of certain renewable energy projects.

While the executive order issued by the Biden Administration exempting imported solar panels from these countries for 24 months has mitigated some of the uncertainty and impact in the near term and should provide time to allow U.S. solar project developers to adjust their solar panel supply chain, we continue to see some disruption in the production and sourcing of these materials.

periods relating to agreement renewals, and provide for binding arbitration dispute resolution in the event of prolonged disagreement.

manage our decentralized operations and grow and expand our business.

For example, we recognized significantly more emergency restoration services revenues attributable to these events during 2020 and 2021, as compared to 2022.

operations in those locations, as these events can be started by failure of electrical power and other infrastructure on which we have performed services.

electronically file them with, or furnish them to, the SEC.

These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, negligence or gross negligence and/or property damage, environmental liabilities, wage and hour claims and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief, as [added: well as interest and attorneys’ fees associated with such claims.]

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report*,* which is incorporated by reference in this Item 3, for additional information regarding litigation, claims and other legal proceedings.

Environmental Matters

Item 103 of Regulation S-K requires disclosure of certain environmental matters in which a governmental authority is a party to the proceedings and when such proceedings involve the potential for monetary sanctions that management reasonably believes will exceed a specified threshold.

Pursuant to SEC regulations, we use a threshold of $1.0 million for such proceedings.

well as interest and attorneys’ fees associated with such claims.

For the fiscal year ended December 31, [removed: 2022][added: 2023]

[removed: ][added: ]

As of June 30, [removed: 2022] [added: 2023] (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of the Common Stock of the registrant held by non-affiliates of the registrant, based on the last sale price of the Common Stock reported by the New York Stock Exchange on such date, was [removed: $17.8] [added: $28.2] billion.

As of February [removed: 21, 2023,] [added: 19, 2024,] the number of outstanding shares of Common Stock of the registrant was [removed: 144,000,522.][added: 145,748,976.]

Portions of the registrant’s Definitive Proxy Statement for the [removed: 2023] [added: 2024] Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

For the Year Ended December 31, [removed: 2022][added: 2023]

| ITEM 1. | | | [removed: [Business](#id1c9677b208846fc84e3bdba230b4c3c_16)] [added: [Business](#i1d911f96b2c94ffcbf9524eda473700c_16)] | | | [removed: [4](#id1c9677b208846fc84e3bdba230b4c3c_16)] [added: [4](#i1d911f96b2c94ffcbf9524eda473700c_16)] | | |

| ITEM 1A. | | | [Risk [removed: Factors](#id1c9677b208846fc84e3bdba230b4c3c_19)] [added: Factors](#i1d911f96b2c94ffcbf9524eda473700c_22)] | | | [removed: [15](#id1c9677b208846fc84e3bdba230b4c3c_19)] [added: [15](#i1d911f96b2c94ffcbf9524eda473700c_22)] | | |

| ITEM 1B. | | | [Unresolved Staff [removed: Comments](#id1c9677b208846fc84e3bdba230b4c3c_25)] [added: Comments](#i1d911f96b2c94ffcbf9524eda473700c_31)] | | | [removed: [37](#id1c9677b208846fc84e3bdba230b4c3c_25)] [added: [37](#i1d911f96b2c94ffcbf9524eda473700c_31)] | | |

| ITEM 2. | | | [removed: [Properties](#id1c9677b208846fc84e3bdba230b4c3c_28)] [added: [Properties](#i1d911f96b2c94ffcbf9524eda473700c_34)] | | | [removed: [37](#id1c9677b208846fc84e3bdba230b4c3c_28)] [added: [38](#i1d911f96b2c94ffcbf9524eda473700c_34)] | | |

| ITEM 3. | | | [Legal [removed: Proceedings](#id1c9677b208846fc84e3bdba230b4c3c_31)] [added: Proceedings](#i1d911f96b2c94ffcbf9524eda473700c_37)] | | | [removed: [37](#id1c9677b208846fc84e3bdba230b4c3c_31)] [added: [39](#i1d911f96b2c94ffcbf9524eda473700c_37)] | | |

| ITEM 4. | | | [Mine Safety [removed: Disclosure](#id1c9677b208846fc84e3bdba230b4c3c_34)s] [added: Disclosure](#i1d911f96b2c94ffcbf9524eda473700c_40)s] | | | [removed: [38](#id1c9677b208846fc84e3bdba230b4c3c_34)] [added: [39](#i1d911f96b2c94ffcbf9524eda473700c_40)] | | |

| ITEM 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#id1c9677b208846fc84e3bdba230b4c3c_40)] [added: Securities](#i1d911f96b2c94ffcbf9524eda473700c_46)] | | | [removed: [39](#id1c9677b208846fc84e3bdba230b4c3c_40)] [added: [40](#i1d911f96b2c94ffcbf9524eda473700c_46)] | | |

| ITEM 6. | | | [Selected Financial [removed: Data](#id1c9677b208846fc84e3bdba230b4c3c_43)] [added: Data](#i1d911f96b2c94ffcbf9524eda473700c_49)] | | | [removed: [41](#id1c9677b208846fc84e3bdba230b4c3c_43)] [added: [42](#i1d911f96b2c94ffcbf9524eda473700c_49)] | | |

| ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id1c9677b208846fc84e3bdba230b4c3c_49)] [added: Operations](#i1d911f96b2c94ffcbf9524eda473700c_55)] | | | [removed: [42](#id1c9677b208846fc84e3bdba230b4c3c_49)] [added: [43](#i1d911f96b2c94ffcbf9524eda473700c_55)] | | |

| ITEM 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#id1c9677b208846fc84e3bdba230b4c3c_91)] [added: Risk](#i1d911f96b2c94ffcbf9524eda473700c_103)] | | | [removed: [55](#id1c9677b208846fc84e3bdba230b4c3c_91)] [added: [56](#i1d911f96b2c94ffcbf9524eda473700c_103)] | | |

| ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#id1c9677b208846fc84e3bdba230b4c3c_94)] [added: Data](#i1d911f96b2c94ffcbf9524eda473700c_109)] | | | [removed: [57](#id1c9677b208846fc84e3bdba230b4c3c_94)] [added: [58](#i1d911f96b2c94ffcbf9524eda473700c_109)] | | |

| ITEM 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#id1c9677b208846fc84e3bdba230b4c3c_211)] [added: Disclosure](#i1d911f96b2c94ffcbf9524eda473700c_256)] | | | [removed: [114](#id1c9677b208846fc84e3bdba230b4c3c_211)] [added: [112](#i1d911f96b2c94ffcbf9524eda473700c_256)] | | |

| ITEM 9A. | | | [Controls and [removed: Procedures](#id1c9677b208846fc84e3bdba230b4c3c_214)] [added: Procedures](#i1d911f96b2c94ffcbf9524eda473700c_259)] | | | [removed: [114](#id1c9677b208846fc84e3bdba230b4c3c_214)] [added: [112](#i1d911f96b2c94ffcbf9524eda473700c_259)] | | |

| ITEM 9B. | | | [Other [removed: Information](#id1c9677b208846fc84e3bdba230b4c3c_217)] [added: Information](#i1d911f96b2c94ffcbf9524eda473700c_265)] | | | [removed: [114](#id1c9677b208846fc84e3bdba230b4c3c_217)] [added: [113](#i1d911f96b2c94ffcbf9524eda473700c_265)] | | |

| ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#id1c9677b208846fc84e3bdba230b4c3c_220)] [added: Inspections](#i1d911f96b2c94ffcbf9524eda473700c_268)] | | | [removed: [115](#id1c9677b208846fc84e3bdba230b4c3c_220)] [added: [113](#i1d911f96b2c94ffcbf9524eda473700c_268)] | | |

| ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#id1c9677b208846fc84e3bdba230b4c3c_226)] [added: Governance](#i1d911f96b2c94ffcbf9524eda473700c_274)] | | | [removed: [116](#id1c9677b208846fc84e3bdba230b4c3c_226)] [added: [114](#i1d911f96b2c94ffcbf9524eda473700c_274)] | | |

| ITEM 11. | | | [Executive [removed: Compensation](#id1c9677b208846fc84e3bdba230b4c3c_229)] [added: Compensation](#i1d911f96b2c94ffcbf9524eda473700c_277)] | | | [removed: [116](#id1c9677b208846fc84e3bdba230b4c3c_229)] [added: [114](#i1d911f96b2c94ffcbf9524eda473700c_277)] | | |

| ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id1c9677b208846fc84e3bdba230b4c3c_232)] [added: Matters](#i1d911f96b2c94ffcbf9524eda473700c_280)] | | | [removed: [116](#id1c9677b208846fc84e3bdba230b4c3c_232)] [added: [114](#i1d911f96b2c94ffcbf9524eda473700c_280)] | | |

| ITEM 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#id1c9677b208846fc84e3bdba230b4c3c_235)] [added: Independence](#i1d911f96b2c94ffcbf9524eda473700c_283)] | | | [removed: [116](#id1c9677b208846fc84e3bdba230b4c3c_235)] [added: [114](#i1d911f96b2c94ffcbf9524eda473700c_283)] | | |

| ITEM 14. | | | [Principal Accounting Fees and [removed: Services](#id1c9677b208846fc84e3bdba230b4c3c_238)] [added: Services](#i1d911f96b2c94ffcbf9524eda473700c_286)] | | | [removed: [116](#id1c9677b208846fc84e3bdba230b4c3c_238)] [added: [114](#i1d911f96b2c94ffcbf9524eda473700c_286)] | | |

| ITEM 15. | | | [Exhibits and Financial Statement [removed: Schedules](#id1c9677b208846fc84e3bdba230b4c3c_244)] [added: Schedules](#i1d911f96b2c94ffcbf9524eda473700c_292)] | | | [removed: [117](#id1c9677b208846fc84e3bdba230b4c3c_244)] [added: [115](#i1d911f96b2c94ffcbf9524eda473700c_292)] | | |

| ITEM 16. | | | [Form 10-K [removed: Summary](#id1c9677b208846fc84e3bdba230b4c3c_250)] [added: Summary](#i1d911f96b2c94ffcbf9524eda473700c_298)] | | | [removed: [123](#id1c9677b208846fc84e3bdba230b4c3c_250)] [added: [121](#i1d911f96b2c94ffcbf9524eda473700c_298)] | | |

- Projected revenues, net income, earnings per share, margins, cash flows, liquidity, weighted average shares outstanding, capital expenditures, interest rates and tax rates, as well as other projections of operating results and GAAP (as defined [removed: below)] [added: herein)] and non-GAAP financial results, including [removed: EBITDA,] [added: EBITDA (as defined herein),] adjusted EBITDA [added: (as defined herein)] and backlog;

- Expectations regarding opportunities, technological developments, competitive positioning, future economic and regulatory conditions and other trends in particular markets or [removed: industries, including with respect to our increased operations in the renewable energy market and the transition to a reduced-carbon economy;][added: industries;]

- Expectations regarding our plans and [removed: strategies;][added: strategies, including with respect to our supply chain and expanded or new service offerings;]

- The [removed: potential] [added: expected] impact of [removed: commodity prices] [added: global] and [removed: production volumes] [added: domestic economic or political conditions] on our business, financial condition, results of operations, cash [removed: flows] [added: flows, liquidity,] and demand for our [removed: services;][added: services, including inflation, interest rates, recessionary economic conditions and commodity prices and production volumes;]

- The potential benefits from, and future financial and operational performance of, acquired businesses and our [removed: investments, including Blattner Holding Company and its operating subsidiaries (collectively, Blattner) and our equity interest in LUMA (as defined below);][added: investments;]

- The development of and opportunities with respect to future projects, including renewable energy projects and other projects designed to support [added: the] transition to a reduced-carbon economy, electrical grid modernization, upgrade and hardening projects and larger transmission and pipeline projects;

- The expected impact of existing or potential legislation or [removed: regulation, including the IRA (as defined below);][added: regulation;]

- Expectations regarding the outcome of pending or threatened legal proceedings, as well as the collection of amounts awarded in legal proceedings; [added: and]

- Expectations with respect to our ability to reduce our debt and maintain our current credit [removed: ratings; and][added: ratings.]

- Possible recovery of pending or contemplated insurance claims, change orders and claims asserted against customers or third [removed: parties.][added: parties;]

These statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties, including risks and uncertainties described elsewhere herein, [added: including in Item 1A.]

*Risk Factors* in [added: Part I of] this Annual Report and as may be detailed from time to time in our other public filings with the U.S. Securities and Exchange Commission (SEC).

| ITEM 1C. | | | [Cybersecurity](#i1d911f96b2c94ffcbf9524eda473700c_1887) | | | [37](#i1d911f96b2c94ffcbf9524eda473700c_1887) | | |

| [SIGNATURES](#i1d911f96b2c94ffcbf9524eda473700c_301) | | | | | | [122](#i1d911f96b2c94ffcbf9524eda473700c_301) | | |

| [SIGNATURES](#id1c9677b208846fc84e3bdba230b4c3c_253) | | | | | | [124](#id1c9677b208846fc84e3bdba230b4c3c_253) | | |

- The expected impact of global and domestic economic conditions on our business, financial condition, results of operations, cash flows and liquidity, including inflation, interest rates and recessionary economic conditions;

including in Item 1A.

Cybersecurity Risk Management and Strategy

We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

Our cybersecurity risk management program includes a cybersecurity incident response plan and is integrated with our overall enterprise risk management program, sharing common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational and financial risk areas.

While we may not meet any particular standard, specification or requirement of the Center for Internet Security Critical Security Controls, we utilize such controls as a guide to help us identify, assess and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program includes, among other things:

- risk assessments designed to help identify material cybersecurity risks to our critical systems and information services;

- a team comprising information technology (IT) security, IT infrastructure, and IT compliance personnel principally responsible for directing (i) our cybersecurity risk assessment processes, (ii) our security processes and (iii) our response to cybersecurity incidents;

- the use of external cybersecurity service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;

- cybersecurity awareness training of employees with access to our IT systems;

- a cybersecurity incident response plan and Security Operations Center to respond to cybersecurity incidents; and

- a third-party risk management process for service providers.

During the year ended December 31, 2023, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected our operations, business strategy, results of operations or financial condition.

However, we expect to continue to face certain risks from ongoing cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations or financial condition.

See “*Risk Factors – Disruptions to our information technology systems or our failure to adequately protect critical data, sensitive information and technology systems could materially affect our business or result in harm to our reputation*.”

Cybersecurity Governance

Our Board considers cybersecurity risk as part of its risk oversight function and considers cybersecurity and IT risks as key strategic risks of Quanta.

The Board oversees management’s implementation of our cybersecurity risk management program, receiving regular reports from management (including our Vice President of IT) on our cybersecurity risks, including briefings on our cyber risk management program and cybersecurity incidents, and reviewing cybersecurity topics impacting companies with management and external experts.

Our Vice President of IT reports to the Chief Financial Officer and leads our IT and cybersecurity functions and has primary responsibility for leading our overall cybersecurity risk management program, supervising both our internal cybersecurity personnel and our external cybersecurity service providers.

Our cybersecurity function is responsible for assessing and managing our material risks from cybersecurity threats, as well as informing management about and monitoring the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which include briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external cybersecurity service providers and alerts and reports produced by security tools deployed in the IT environment.

Our Vice President of IT has significant global experience in managing and leading information systems and deploying cybersecurity technologies and holds a cybersecurity certification from a leading cybersecurity training and research institute.

These facilities are utilized for operations in all of our reportable segments and include offices, equipment yards, warehouses, storage, maintenance [removed: shops] [added: shops, manufacturing facilities] and training and educational facilities, including the training and educational facilities located at the Quanta Advanced Training Center in La Grange, Texas, and the campuses of Northwest Lineman College, our postsecondary educational institution, which are located in California, Florida, Idaho and Texas.

As of December 31, [removed: 2022,] [added: 2023,] we owned [removed: 86] [added: 88] of our facilities and certain real property and leased the remainder.

Included in the owned facilities is real property and associated office buildings and facilities located in Houston, Texas that we [removed: purchased during 2021 and] utilize as our corporate [removed: headquarters.][added: headquarters and real property and associated manufacturing facilities located in Canonsburg, Pennsylvania, and Raeford, North Carolina, associated with our business that specializes in manufacturing power transformers and related electrical components.]

We operate a fleet of owned and leased trucks and trailers, as well as support vehicles and specialty construction equipment, such as bucket trucks, digger derricks, sidebooms, dozers, backhoes, excavators, trenchers, generators, boring machines, cranes, robotic arms, wire pullers, [removed: tensioners] [added: tensioners, helicopters] and [removed: helicopters.][added: other aircraft.]

As of December 31, [removed: 2022,] [added: 2023,] the total size of our owned and leased fleet was approximately [removed: 68,000] [added: 71,000] units.

Our common stock is listed on the New York Stock Exchange under the symbol “PWR.” On February [removed: 21, 2023,] [added: 19, 2024,] there were approximately [removed: 430] [added: 408] holders of record of our common stock.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report for additional discussion of our equity securities.

In [removed: January] [added: October] 2023, we completed [removed: three acquisitions] [added: an acquisition] in which a portion of the consideration consisted of the unregistered issuance of shares of our common stock.

The aggregate consideration [removed: paid at closing in these acquisitions] [added: for this acquisition] included [removed: 1,018,952] [added: 176,168] shares of our common stock, valued at [removed: $123.5] [added: $27.4] million as of the acquisition [removed: dates.][added: date.]

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report*.*

Issuer Purchases of Equity Securities During the Fourth Quarter of [removed: 2022][added: 2023]

The following table contains information about our purchases of equity securities during the three months ended December 31, [removed: 2022.][added: 2023.]

| Open Market Stock Repurchases (1) | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: 345,073,142] [added: 500,000,000] | |

[removed: On August 6, 2020,] [added: (1)On May 24, 2023,] we issued a press release announcing that our Board [removed: of Directors] approved a stock repurchase [removed: program] [added: program, effective July 1, 2023,] that authorizes us to purchase, from time to time through June 30, [removed: 2023,] [added: 2026,] up to $500 million of our outstanding common stock.

Repurchases [removed: under this program] can be made in open market and privately negotiated transactions, at our discretion, based on market and business conditions, applicable contractual and legal requirements and other factors.

The program does not obligate us to acquire any specific amount of common stock and may be modified or terminated by our Board [removed: of Directors] at any time at its sole discretion and without notice.

(2)Includes shares [removed: purchased] [added: withheld] from employees to satisfy tax withholding obligations in connection with the vesting of restricted stock unit and performance stock unit awards or the settlement of previously vested but deferred restricted stock unit and performance stock unit awards.

The declaration, payment and amount of future cash dividends will be at the discretion of our Board [removed: of Directors] after taking into account various factors, including our financial condition, results of operations, cash flows from operations, current and anticipated capital requirements and expansion plans, income tax laws then in effect and the requirements of Delaware law.

In addition, as discussed in Note 10 [added: of the Notes to Consolidated Financial Statements] in Item 8.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report, the credit agreement for our senior credit facility restricts the payment of cash dividends unless certain conditions are met.

The following graph compares, for the period from December 31, [removed: 2017] [added: 2018] to December 31, [removed: 2022,] [added: 2023,] the cumulative stockholder return on our common stock with the cumulative total return of the S&P 500 Index (the S&P 500), the S&P [added: 500 Industrials Index (the S&P 500 Industrials), the S&P] MidCap 400 Index (the S&P [removed: Mid-Cap] [added: MidCap] 400) and a peer group selected by our management that includes public companies within our industries.

The graph below assumes an investment of $100 (with reinvestment of all dividends) in our common stock, the S&P 500, the S&P [removed: MidCap 400] [added: 500 Industrials] and the peer group on December 31, [removed: 2017] [added: 2018] and tracks their relative performance through December 31, [removed: 2022.][added: 2023.]

Among Quanta Services, Inc., the S&P 500, the S&P MidCap [removed: 400] [added: 400, the S&P 500 Industrials] and the Peer Group

[removed: ][added: ]

| | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | |

In January 2024, we completed two acquisitions, and a portion of the consideration of one of these acquisitions consisted of the unregistered issuance of shares of our common stock.

The aggregate consideration for this acquisition included 221,700 shares of our common stock, valued at $44.9 million as of the acquisition date.

| October 1 - 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Tax Withholding (2) | | | | | | 9,478 | | | | | | $ | 186.41 | | | | | — | | | | | | | | |

| November 1 - 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Stock Repurchases (1) | | | | | | 2,229 | | | | | | $ | 156.98 | | | | | 2,229 | | | | | | $ | 499,650,097 | |

| Tax Withholding (2) | | | | | | 19,906 | | | | | | $ | 166.73 | | | | | — | | | | | | | | |

| December 1 - 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Stock Repurchases (1) | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 499,650,097 | |

| Tax Withholding (2) | | | | | | 6,537 | | | | | | $ | 199.49 | | | | | — | | | | | | | | |

| As of December 31, 2023 | | | | | | 38,150 | | | | | | | | | | | | 2,229 | | | | | | $ | 499,650,097 | |

Additionally we determined that the S&P 500 Industrials should be included as it is better aligned with our market capitalization and reflects more of our industry peers than the S&P MidCap 400, and the S&P MidCap 400 will be excluded from the graph in future years.

| Quanta Services, Inc. | | | | | | $ | 100.00 | | | | | $ | 135.84 | | | | | $ | 241.44 | | | | | $ | 385.10 | | | | | $ | 479.95 | | | | | $ | 728.11 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 131.49 | | | | | $ | 155.68 | | | | | $ | 200.37 | | | | | $ | 164.08 | | | | | $ | 207.21 | |

| S&P MidCap 400 | | | | | | $ | 100.00 | | | | | $ | 126.20 | | | | | $ | 143.44 | | | | | $ | 178.95 | | | | | $ | 155.58 | | | | | $ | 181.15 | |

| S&P 500 Industrials | | | | | | $ | 100.00 | | | | | $ | 129.37 | | | | | $ | 143.68 | | | | | $ | 174.02 | | | | | $ | 164.49 | | | | | $ | 194.31 | |

| Peer Group | | | | | | $ | 100.00 | | | | | $ | 138.21 | | | | | $ | 158.75 | | | | | $ | 221.13 | | | | | $ | 225.74 | | | | | $ | 257.51 | |

| October 1 - 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Stock Repurchases (1) | | | | | | 79,444 | | | | | | $ | 131.56 | | | | | 79,444 | | | | | | $ | 346,024,544 | |

| Tax Withholding (2) | | | | | | 8,073 | | | | | | $ | 129.81 | | | | | — | | | | | | | | |

| November 1 - 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open Market Stock Repurchases (1) | | | | | | 6,875 | | | | | | $ | 138.39 | | | | | 6,875 | | | | | | $ | 345,073,142 | |

| Tax Withholding (2) | | | | | | 18,438 | | | | | | $ | 141.91 | | | | | — | | | | | | | | |

| December 1 - 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Tax Withholding (2) | | | | | | 4,697 | | | | | | $ | 148.10 | | | | | — | | | | | | | | |

| As of December 31, 2022 | | | | | | 117,527 | | | | | | | | | | | | 86,319 | | | | | | $ | 345,073,142 | |

(1)Includes shares repurchased as of the trade date of such repurchases.

| Quanta Services, Inc. | | | | | | $ | 100.00 | | | | | $ | 77.06 | | | | | $ | 104.68 | | | | | $ | 186.07 | | | | | $ | 296.77 | | | | | $ | 369.87 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 95.62 | | | | | $ | 125.72 | | | | | $ | 148.85 | | | | | $ | 191.58 | | | | | $ | 156.89 | |

| S&P MidCap 400 | | | | | | $ | 100.00 | | | | | $ | 88.92 | | | | | $ | 112.21 | | | | | $ | 127.54 | | | | | $ | 159.12 | | | | | $ | 138.34 | |

| Peer Group | | | | | | $ | 100.00 | | | | | $ | 74.17 | | | | | $ | 102.51 | | | | | $ | 117.75 | | | | | $ | 164.02 | | | | | $ | 167.44 | |

| [Report of [removed: Management](#id1c9677b208846fc84e3bdba230b4c3c_97)] [added: Management](#i1d911f96b2c94ffcbf9524eda473700c_112)] | | | [removed: [58](#id1c9677b208846fc84e3bdba230b4c3c_97)] [added: [59](#i1d911f96b2c94ffcbf9524eda473700c_112)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#id1c9677b208846fc84e3bdba230b4c3c_100)] [added: Firm](#i1d911f96b2c94ffcbf9524eda473700c_118)] (PCAOB ID 238) | | | [removed: [59](#id1c9677b208846fc84e3bdba230b4c3c_100)] [added: [60](#i1d911f96b2c94ffcbf9524eda473700c_118)] | | |

| [Consolidated Balance [removed: Sheets](#id1c9677b208846fc84e3bdba230b4c3c_103)] [added: Sheets](#i1d911f96b2c94ffcbf9524eda473700c_121)] | | | [removed: [61](#id1c9677b208846fc84e3bdba230b4c3c_103)] [added: [62](#i1d911f96b2c94ffcbf9524eda473700c_121)] | | |

| [Consolidated Statements of [removed: Operations](#id1c9677b208846fc84e3bdba230b4c3c_106)] [added: Operations](#i1d911f96b2c94ffcbf9524eda473700c_124)] | | | [removed: [62](#id1c9677b208846fc84e3bdba230b4c3c_106)] [added: [63](#i1d911f96b2c94ffcbf9524eda473700c_124)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id1c9677b208846fc84e3bdba230b4c3c_109)] [added: Income](#i1d911f96b2c94ffcbf9524eda473700c_127)] | | | [removed: [63](#id1c9677b208846fc84e3bdba230b4c3c_109)] [added: [64](#i1d911f96b2c94ffcbf9524eda473700c_127)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id1c9677b208846fc84e3bdba230b4c3c_112)] [added: Flows](#i1d911f96b2c94ffcbf9524eda473700c_130)] | | | [removed: [64](#id1c9677b208846fc84e3bdba230b4c3c_112)] [added: [65](#i1d911f96b2c94ffcbf9524eda473700c_130)] | | |

| [Consolidated Statements of [removed: Equity](#id1c9677b208846fc84e3bdba230b4c3c_115)] [added: Equity](#i1d911f96b2c94ffcbf9524eda473700c_133)] | | | [removed: [65](#id1c9677b208846fc84e3bdba230b4c3c_115)] [added: [66](#i1d911f96b2c94ffcbf9524eda473700c_133)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id1c9677b208846fc84e3bdba230b4c3c_118)] [added: Statements](#i1d911f96b2c94ffcbf9524eda473700c_136)] | | | [removed: [66](#id1c9677b208846fc84e3bdba230b4c3c_118)] [added: [67](#i1d911f96b2c94ffcbf9524eda473700c_136)] | | |

Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, [removed: 2022] [added: 2023] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. generally accepted accounting principles.

The effectiveness of Quanta Services, Inc.’s internal control over financial reporting as of December 31, [removed: 2022] [added: 2023] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which appears herein.

We have audited the accompanying consolidated balance sheets of Quanta Services, Inc. and its subsidiaries (the “Company”) as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the related consolidated statements of operations, of comprehensive [removed: income,] [added: income (loss),] of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2022,] [added: 2023,] including the related notes (collectively referred to as the “consolidated financial statements”).

We also have audited the [removed: Company’s] [added: Company's] internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: Framework] (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2022] [added: 2023] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2022,] [added: 2023,] based on criteria established in [removed: *Internal] [added: Internal] Control - Integrated [removed: Framework*] [added: Framework] (2013) issued by the COSO.

During the year ended December 31, [removed: 2022,] [added: 2023,] approximately [removed: 51.6%] [added: 56.5%] of the Company’s revenues recognized were associated with this revenue recognition method.

As of December 31, [removed: 2022,] [added: 2023,] the Company had recognized revenues of [removed: $549.3] [added: $778.9] million related to [added: unapproved] change orders and claims included as contract price adjustments that were in the process of being negotiated in the normal course of business.

These procedures also included, among others, for a sample of [removed: contracts,] [added: contracts] (i) testing management’s process for determining the total estimated contract costs, which included evaluating the contracts and other documents that support those estimates, and testing the underlying contract costs; (ii) evaluating management’s ability to reasonably estimate total contract costs by performing a comparison of the total estimated contract costs as compared with prior period estimates, including evaluating the timely identification of circumstances that may warrant a modification to the total estimated contract costs; (iii) testing management’s process for determining the revenue related to estimated change orders and claims, which included evaluating management’s assessment of whether it is probable that the contract price will be adjusted, and testing the amount of any such adjustment for the change order or claim; and (iv) evaluating management’s methodologies and the consistency of management’s methodologies over the lives of contracts.

| | | | | | | [added: 2023 | | | | | |] 2022 | | | | | | 2021 | | |

| Cash and cash equivalents | | | | | | $ | [added: 1,290,248 | | | | | $ |] 428,505 | | | | | $ | 229,097 | | [added: | | | $ | 184,620 | |]

| Accounts receivable, net | | | | | | [removed: 3,674,525] [added: 4,410,829] | | | | | | [removed: 3,400,318] [added: 3,674,525] | | |

| Contract assets | | | | | | [added: $ | 1,413,057 | | | | | $ |] 1,080,206 | | | | | [added: $] | 803,453 | | [removed: |]

| Inventories | | | | | | [removed: 103,265] [added: 175,658] | | | | | | [removed: 84,659] [added: 103,265] | | |

| Prepaid expenses and other current assets | | | | | | [removed: 249,569] [added: 387,105] | | | | | | [removed: 215,050] [added: 249,569] | | |

| Total current assets | | | | | | [removed: 5,536,070] [added: 7,676,897] | | | | | | [removed: 4,732,577] [added: 5,536,070] | | |

| Property and equipment, net | | | | | | [removed: 2,030,464] [added: 2,336,943] | | | | | | [removed: 1,919,697] [added: 2,030,464] | | |

| Operating lease right-of-use assets | | | | | | [removed: 229,691] [added: 249,443] | | | | | | [removed: 240,605] [added: 229,691] | | |

| Other assets, net | | | | | | [removed: 622,736] [added: 565,625] | | | | | | [removed: 632,244] [added: 622,736] | | |

| Other intangible assets, net | | | | | | [removed: 1,458,631] [added: 1,362,412] | | | | | | [removed: 1,801,180] [added: 1,458,631] | | |

| Goodwill | | | | | | [removed: 3,586,745] [added: 4,045,905] | | | | | | [removed: 3,528,886] [added: 3,586,745] | | |

| Total assets | | | | | | $ | [removed: 13,464,337] [added: 16,237,225] | | | | | $ | [removed: 12,855,189] [added: 13,464,337] | |

| [added: Finance | | |] Current maturities of long-term debt and short-term debt | | | | | | [removed: $] [added: 7,767] | [removed: 37,495] | | | | | [removed: $] [added: 1,433] | [removed: 29,166] | | [added: | | | | | |]

| Current portion of operating lease liabilities | | | | | | [removed: 74,052] [added: 77,995] | | | | | | [removed: 78,251] [added: 74,052] | | |

| Accounts payable and accrued expenses | | | | | | [removed: 2,153,129] [added: 3,061,242] | | | | | | [removed: 2,254,671] [added: 2,153,129] | | |

| Contract liabilities | | | | | | [added: $ | 1,538,677 | | | | | $ |] 1,141,518 | | | | | [added: $] | 802,872 | | [removed: |]

| Total current liabilities | | | | | | [removed: 3,406,194] [added: 5,213,116] | | | | | | [removed: 3,164,960] [added: 3,406,194] | | |

| Long-term debt, net of current maturities | | | | | | [removed: 3,692,432] [added: 3,663,504] | | | | | | [removed: 3,724,474] [added: 3,692,432] | | |

| Operating lease liabilities, net of current portion | | | | | | [removed: 171,512] [added: 186,996] | | | | | | [removed: 170,427] [added: 171,512] | | |

| Deferred income taxes | | | | | | [removed: 227,861] [added: 254,004] | | | | | | [removed: 191,098] [added: 227,861] | | |

| Insurance and other non-current liabilities | | | | | | [removed: 567,519] [added: 636,250] | | | | | | [removed: 487,309] [added: 567,519] | | |

| Total liabilities | | | | | | [removed: 8,065,518] [added: 9,953,870] | | | | | | [removed: 7,738,268] [added: 8,065,518] | | |

Management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, 2023 excluded the five businesses we acquired in 2023.

Such exclusion was in accordance with guidance from the U.S. Securities and Exchange Commission that an assessment of recently acquired businesses may be omitted in management’s report on internal control over financial reporting, provided the acquisition took place within twelve months of management’s evaluation.

These acquisitions comprised approximately 2.7% and 2.3% of our consolidated assets and revenues as of and for the year ended December 31, 2023.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded five businesses from its assessment of internal control over financial reporting as of December 31, 2023 because they were acquired by the Company in purchase business combinations during 2023.

We have also excluded these five acquired businesses from our audit of internal control over financial reporting.

These acquired businesses, each of which is a wholly-owned subsidiary, comprised, in the aggregate, total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent appropriately 2.7% and 2.3%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2023.

February 22, 2024

| | | | | | | 2023 | | | | | | 2022 | | |

| Net income | | | | | | $ | 750,689 | | | | | $ | 511,643 | | | | | $ | 491,983 | |

| Other non-cash adjustments, net | | | | | | (8,344) | | | | | | 16,071 | | | | | | 6,656 | | |

| Other assets and liabilities, net | | | | | | 6,718 | | | | | | (33,772) | | | | | | (13,773) | | |

| Other, net | | | | | | (7,311) | | | | | | (1,152) | | | | | | (867) | | |

| Other, net | | | | | | 27,731 | | | | | | (36,296) | | | | | | (11,432) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Other | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 227 | | | | | | 227 | | |

| Acquisitions | | | 1,238,576 | | | | | | — | | | | | | 158,922 | | | | | | — | | | | | | — | | | | | | — | | | | | | 158,922 | | | | | | — | | | | | | 158,922 | | |

| Stock-based compensation activity | | | 1,341,604 | | | | | | — | | | | | | 124,742 | | | | | | — | | | | | | — | | | | | | (117,123) | | | | | | 7,619 | | | | | | — | | | | | | 7,619 | | |

| Common stock repurchases | | | (2,229) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (350) | | | | | | (350) | | | | | | — | | | | | | (350) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 744,689 | | | | | | — | | | | | | — | | | | | | 744,689 | | | | | | 6,000 | | | | | | 750,689 | | |

| Balance at December 31, 2023 | | | 145,508,549 | | | | | | $ | 2 | | | | | $ | 3,002,652 | | | | | $ | 4,858,066 | | | | | $ | (282,945) | | | | | $ | (1,305,534) | | | | | $ | 6,272,241 | | | | | $ | 11,114 | | | | | $ | 6,283,355 | |

| [1. Description of Business](#i1d911f96b2c94ffcbf9524eda473700c_142) | | | [68](#i1d911f96b2c94ffcbf9524eda473700c_142) | | |

| [5. Segment Information](#i1d911f96b2c94ffcbf9524eda473700c_166) | | | [79](#i1d911f96b2c94ffcbf9524eda473700c_166) | | |

| [6. Acquisitions](#i1d911f96b2c94ffcbf9524eda473700c_169) | | | [81](#i1d911f96b2c94ffcbf9524eda473700c_169) | | |

| [11. Leases](#i1d911f96b2c94ffcbf9524eda473700c_199) | | | [91](#i1d911f96b2c94ffcbf9524eda473700c_199) | | |

| [13. Equity](#i1d911f96b2c94ffcbf9524eda473700c_211) | | | [97](#i1d911f96b2c94ffcbf9524eda473700c_211) | | |

See Note 8 for additional information on Quanta’s investments and Note 16 for additional information on joint venture liabilities.

Under the equity method of accounting, investments are stated

Additionally, Quanta utilizes the cumulative earnings approach to determine whether distributions received from equity method investees are returns on investment and classified as operating cash inflows or returns of investment and reported as investing cash flows.

recognized in future consolidated balance sheets, statements of operations and statements of comprehensive income.

of peer companies or a broad equity market index.

Payments made by Quanta to satisfy employee tax withholding obligations associated with stock-based compensation are classified as financing cash flows.

In November 2023, the FASB issued an update that, among other things, requires public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, provide an amount for other segment items by reportable segment and provide all segment disclosures required on an annual basis in interim periods.

Additionally, the update requires entities to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.

This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

Early adoption is permitted, and retrospective application is required.

Quanta is currently assessing the effect of this update.

In December 2023, the FASB issued an update that expands disclosures for tax rate reconciliation tables, primarily by requiring disaggregation of income taxes paid by jurisdiction, as well as specific categories and greater disaggregation within the rate reconciliation.

This update is effective for fiscal years beginning after December 15, 2024 and interim periods within fiscal years beginning after December 15, 2025.

February 23, 2023

QUANTA SERVICES, INC. AND SUBSIDIARIES

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Asset impairment charges | | | | | | 14,457 | | | | | | 5,743 | | | | | | 8,282 | | |

| Impairment of non-marketable equity security | | | | | | — | | | | | | — | | | | | | 9,311 | | |

| Amortization of discounts and deferred financing costs | | | | | | 12,712 | | | | | | 8,405 | | | | | | 5,126 | | |

| Gain on sale of property and equipment | | | | | | (14,803) | | | | | | (9,116) | | | | | | (3,056) | | |

| Foreign currency gain | | | | | | (654) | | | | | | (5,110) | | | | | | (5,159) | | |

| Change in fair value of contingent consideration liabilities | | | | | | 4,422 | | | | | | 6,734 | | | | | | 719 | | |

| Payments for contingent consideration liabilities recorded in earnings | | | | | | (63) | | | | | | — | | | | | | (14,506) | | |

| Proceeds from insurance settlements related to property and equipment | | | | | | 2,065 | | | | | | 535 | | | | | | 542 | | |

| Proceeds from disposition of businesses | | | | | | — | | | | | | — | | | | | | 18,785 | | |

| Cash paid for intangible assets | | | | | | (1,152) | | | | | | (867) | | | | | | (522) | | |

| Net (repayments) borrowings of short-term debt | | | | | | (15,657) | | | | | | 11,391 | | | | | | (4,846) | | |

| Payments of financing costs | | | | | | (452) | | | | | | (12,568) | | | | | | (11,089) | | |

| Payments for contingent consideration liabilities recorded at acquisition date | | | | | | (1,514) | | | | | | (263) | | | | | | (61,483) | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at December 31, 2019 | | | 142,324,318 | | | | | | $ | 2 | | | | | 36,183 | | | | | | $ | — | | | | | $ | 2,024,610 | | | | | $ | 2,854,271 | | | | | $ | (241,818) | | | | | $ | (586,773) | | | | | $ | 4,050,292 | | | | | $ | 3,539 | | | | | $ | 4,053,831 | |

| Credit loss cumulative effect adjustment | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,841) | | | | | | — | | | | | | — | | | | | | (3,841) | | | | | | — | | | | | | (3,841) | | |

| Acquisitions | | | 1,338,746 | | | | | | — | | | | | | — | | | | | | — | | | | | | 57,289 | | | | | | — | | | | | | — | | | | | | — | | | | | | 57,289 | | | | | | — | | | | | | 57,289 | | |

| Stock-based compensation activity | | | 1,280,489 | | | | | | — | | | | | | — | | | | | | — | | | | | | 88,127 | | | | | | — | | | | | | — | | | | | | (21,095) | | | | | | 67,032 | | | | | | — | | | | | | 67,032 | | |

| Exchange of exchangeable shares | | | 36,183 | | | | | | — | | | | | | (36,183) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| Common stock repurchases | | | (6,679,545) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (249,949) | | | | | | (249,949) | | | | | | — | | | | | | (249,949) | | |

| Other | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (516) | | | | | | — | | | | | | — | | | | | | (516) | | | | | | 293 | | | | | | (223) | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 445,596 | | | | | | — | | | | | | — | | | | | | 445,596 | | | | | | 6,363 | | | | | | 451,959 | | |

| Distributions to non-controlling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,946) | | | | | | (9,946) | | |

| Contributions from non-controlling interests | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 227 | | | | | | 227 | | |

| [1.](#id1c9677b208846fc84e3bdba230b4c3c_121) [Description of](#id1c9677b208846fc84e3bdba230b4c3c_121) [Business](#id1c9677b208846fc84e3bdba230b4c3c_121) | | | [67](#id1c9677b208846fc84e3bdba230b4c3c_121) | | |

| [5. Segment Information](#id1c9677b208846fc84e3bdba230b4c3c_139) | | | [78](#id1c9677b208846fc84e3bdba230b4c3c_139) | | |

| [6. Acquisitions](#id1c9677b208846fc84e3bdba230b4c3c_142) | | | [80](#id1c9677b208846fc84e3bdba230b4c3c_142) | | |

| [11. Leases](#id1c9677b208846fc84e3bdba230b4c3c_163) | | | [92](#id1c9677b208846fc84e3bdba230b4c3c_163) | | |

| [13. Equity](#id1c9677b208846fc84e3bdba230b4c3c_175) | | | [98](#id1c9677b208846fc84e3bdba230b4c3c_175) | | |

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

distributions.

the number of PSUs initially granted, depending on the level of achievement.

*Restricted Stock Units to be Settled in Cash*

Certain RSUs granted by Quanta are settled solely in cash and are intended to provide plan participants with cash performance incentives that are substantially equivalent to the risks and rewards of stock ownership in Quanta.

These cash-settled RSUs typically vest in three equal annual installments following the date of grant and are subject to forfeiture under certain conditions.

For RSUs settled in cash, the holders receive for each vested RSU an amount in cash equal to the fair market value of one share of Quanta common stock on the settlement date, as specified in the applicable award agreement.

Based on this evaluation, these officers have concluded that, as of December 31, [removed: 2022,] [added: 2023,] our disclosure controls and procedures were effective to provide reasonable assurance of achieving their objectives.

*Financial Statements and Supplementary [removed: Data*] [added: Data i*n Part II] of this Annual Report under the heading *Report of Management* and is incorporated herein by reference.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report under the heading *Report of Independent Registered Public Accounting Firm* and is incorporated herein by reference.

[removed: There] [added: Except as noted above, there] has been no change in our internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2022] [added: 2023] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

We acquired five businesses during the year ended December 31, 2023.

We are in the process of integrating these acquired businesses into our overall internal control over financial reporting process.

*[Index](#i1d911f96b2c94ffcbf9524eda473700c_7)*

Insider Trading Arrangements

During the three months ended December 31, 2023, no director or officer of Quanta adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

None.

*[Index](#id1c9677b208846fc84e3bdba230b4c3c_7)*

The information required by this Item 10 is incorporated by reference to the definitive proxy statement related to our [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is to be filed with the SEC pursuant to the Exchange Act within 120 days following the end of our [removed: 2022] [added: 2023] fiscal year.

The information required by this Item 11 is incorporated by reference to the definitive proxy statement related to our [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is to be filed with the SEC pursuant to the Exchange Act within 120 days following the end of our [removed: 2022] [added: 2023] fiscal year.

The information required by this Item 12 is incorporated by reference to the definitive proxy statement related to our [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is to be filed with the SEC pursuant to the Exchange Act within 120 days following the end of our [removed: 2022] [added: 2023] fiscal year.

The information required by this Item 13 is incorporated by reference to the definitive proxy statement related to our [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is to be filed with the SEC pursuant to the Exchange Act within 120 days following the end of our [removed: 2022] [added: 2023] fiscal year.

The information required by this Item 14 is incorporated by reference to the definitive proxy statement related to our [removed: 2023] [added: 2024] Annual Meeting of Stockholders, which is to be filed with the SEC pursuant to the Exchange Act within 120 days following the end of our [removed: 2022] [added: 2023] fiscal year.

*Financial Statements and Supplementary Data* [added: in Part II] of this Annual Report on Form 10-K.

| 3.1 | | | — | | | [Restated Certificate of Incorporation of Quanta Services, Inc. (previously filed as Exhibit 3.1 to [removed: the](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm)[ ](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm)[Company’s] [added: the](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm) [](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm)[Company’s] Form 8-K filed March 26, 2019 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm) | | | | | |

| 3.2 | | | — | | | [Bylaws of Quanta Services, Inc., as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm) [J](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm)[anuary] [added: restated January] 13, [removed: 202](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm)[3](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm) [(previously] [added: 2023 (previously] filed as Exhibit 3.1 to the Company’s Form 8-K [removed: filed](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm) [J](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm)[anuary](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm) [19, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm) [and] [added: filed January 19, 2023 and] incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1050915/000119312523010969/d439875dex31.htm)) | | | | | |

| 4.1ˆ | | | — | | | [Description of Quanta Services, Inc.’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of [removed: 1934](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000010/pwr-ex41x12312022.htm)] [added: 1934](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex41x12312023.htm)] | | | | | |

| 4.8 | | | — | | | [Form of 2.900% Senior Notes due 2030 (previously filed as Exhibit [removed: 4.3 to] [added: 4.](https://www.sec.gov/Archives/edgar/data/1050915/000119312520254673/d940038dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/1050915/000119312520254673/d940038dex42.htm) [to] the Company's Form 8-K filed September 25, 2020 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312520254673/d940038dex42.htm) | | | | | |

| 4.9 | | | — | | | [Form of 0.095% Senior Notes due 2024 (previously filed as Exhibit [removed: 4.5 to] [added: 4.](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm)[5](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm) [](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm)[to] the Company’s Form 8-K filed September 23, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm) | | | | | |

| 4.10 | | | — | | | [Form of 2.350% Senior Notes due 2032 (previously filed as Exhibit [removed: 4.6 to] [added: 4.](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm)[6](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm) [to] the Company’s Form 8-K filed September 23, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm) | | | | | |

| 4.11 | | | — | | | [Form of 3.050% Senior Notes due 2041 (previously filed as Exhibit [removed: 4.7 to] [added: 4.](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm)[7](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm) [to] the Company’s Form 8-K filed September 23, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm) | | | | | |

| 10.2* | | | [added: —] | | | [Amendment No. 1 to the Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.2 to the Company](https://www.sec.gov/Archives/edgar/data/1050915/000119312522164013/d280914dex102.htm)’[s Form 8-K filed May 31, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312522164013/d280914dex102.htm) | | | | | |

| [removed: 10.6*] [added: 10.9*] | | | — | | | [Employment [removed: Agreement dated September] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [dated](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [August] 1, [removed: 2016, effective as of March 14, 2016,] [added: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm)[,] by and between Quanta Services, Inc. and Earl [removed: C. Austin,] [added: C.](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [(](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm)[Duke)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [Austin,] Jr. (previously filed as Exhibit 10.1 to the Company’s Form 8-K [removed: filed September 8, 2016 and] [added: filed](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [August](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [3, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm) [and] incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312516705198/d253011dex101.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex101.htm)] | | | | | |

| [removed: 10.7*] [added: 10.13*] | | | — | | | [Employment [removed: Agreement dated March 29, 2012, effective as of May 17, 2012,] [added: Agreement, dated](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [August 1,](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[,] by and between Quanta Services, Inc. [removed: and Derrick] [added: and](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [Derrick] A. [removed: Jensen (previously] [added: Jensen](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [(previously] filed as Exhibit [removed: 10.2 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[4](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [to] the [removed: Company’s Form 8-K filed April 2, 2012 and] [added: Company](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[’](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[s Form](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)[filed August 3, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [and] incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312512144780/d327880dex102.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm)] | | | | | |

| [removed: 10.8*] [added: 10.11*] | | | — | | | [Employment Agreement dated September 12, 2017, effective as of January 1, 2017, by and between Quanta Services, Inc. and Paul C. Gregory (previously filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended September 30, 2017 filed November 9, 2017 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000105091517000057/pwr9-30x2017ex101.htm) | | | | | |

| [removed: 10.9*] [added: 10.10*] | | | — | | | [Employment [removed: Agreement dated September 12, 2017, effective as of May 15, 2017,] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[,](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) [dated](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) [August 1, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[,] by and between Quanta Services, Inc. [removed: and Donald C. Wayne (previously] [added: and](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) [Jayshree Desai](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) [(previously] filed as Exhibit 10.2 to the Company’s Form [removed: 10-Q for the quarter ended September 30, 2017] [added: 8-K] filed [removed: November 9, 2017 and] [added: A](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[ugust 3, 20](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[23](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) [and] incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000105091517000057/pwr9-30x2017ex102.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)] | | | | | |

| [removed: 10.10*] [added: 10.12*] | | | — | | | [Employment [removed: Agreement dated March 31, 2020, effective as of April] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[,](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [dated](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [August] 1, [removed: 2020,] [added: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[,] by and between Quanta Services, Inc. and James Redgie Probst (previously filed as Exhibit [removed: 10.1 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[3](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [to] the [removed: Company's Form 10-Q filed May 8, 2020 and] [added: Company](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[’](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[s Form](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [filed](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [August 3, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [and] incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091520000073/pwr03-31x2020ex101.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)] | | | | | |

| [removed: 10.12*] [added: 10.14*] | | | — | | | [Quanta Services, Inc. Term Sheet for [removed: 2020] [added: 2021] Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for [removed: 2020] [added: 2021] Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for [added: 2021] Discretionary Plan [removed: –All] [added: – All] Employees (previously filed as Exhibit 10.1 to the [removed: Company's] [added: Company’s] Form 8-K filed [removed: April 1, 2020] [added: March 30, 2021] and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312520094763/d909752dex101.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521100443/d145179dex101.htm)] | | | | | |

| [removed: 10.13*] [added: 10.15*] | | | — | | | [Quanta Services, Inc. Term Sheet for [removed: 2021] [added: 2022] Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for [removed: 2021] [added: 2022] Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for [removed: 2021] [added: 2022] Discretionary Plan – All Employees (previously filed as Exhibit 10.1 to [removed: the Company’s] [added: Quanta's] Form 8-K filed March [removed: 30, 2021] [added: 8, 2022] and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521100443/d145179dex101.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312522069303/d314907dex101.htm)] | | | | | |

| [removed: 10.14*] [added: 10.16*] | | | — | | | [Quanta Services, Inc. Term Sheet for [removed: 2022] [added: 2023] Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for [removed: 2022] [added: 2023] Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for [removed: 2022] [added: 2023] Discretionary Plan – All Employees (previously filed as Exhibit 10.1 to [removed: Quanta's] [added: Quanta’s] Form 8-K filed March [removed: 8, 2022] [added: 14, 2023] and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312522069303/d314907dex101.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523070235/d485507dex101.htm)] | | | | | |

| [removed: 10.15*] [added: 10.17*] | | | — | | | [Director Compensation Summary, [removed: adopted December 1, 2021 and] [added: adopted](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [March 29, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [and] effective as of May [removed: 27, 2022](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1022x12312021.htm)] [added: 2](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[3, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)] [(previously filed as Exhibit [removed: 10.22 to] [added: 10.](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[1](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [to] the [removed: Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1022x12312021.htm)’[s] [added: Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[’](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[s] Form [removed: 10-K] [added: 10-](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[Q](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[for the quarter ended](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [March 31, 2023] filed [removed: February 25, 2022 and] [added: May 4, 202](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)[3](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [and] incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1022x12312021.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm)] | | | | | |

| [removed: 10.16*] [added: 10.18*] | | | — | | | [Quanta Services, Inc. Non-Employee Director Deferred Compensation Plan dated effective January 1, 2017 (previously filed as Exhibit 10.25 to the Company’s Form 10-K for the year ended December 31, 2016 filed March 1, 2017 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312517064821/d295903dex1025.htm) | | | | | |

| [removed: 10.17*] [added: 10.19*] | | | — | | | [Quanta Services, Inc. Nonqualified Deferred Compensation Plan, as restated effective January 1, 2017, including the Nonqualified Deferred Compensation Plan Adoption Agreement (previously filed as Exhibit 10.27 to the Company’s Form 10-K for the year ended December 31, 2016 filed March 1, 2017 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312517064821/d295903dex1027.htm) | | | | | |

| [removed: 10.18] [added: 10.20] | | | — | | | [Form of Amended and Restated Indemnity Agreement (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed December 11, 2018 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312518347045/d547415dex101.htm) | | | | | |

| [removed: 10.19] [added: 10.21] | | | — | | | [Fourth Amended and Restated Credit Agreement, dated as of December 18, 2015, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, Bank of America, N.A., as Administrative Agent, Domestic Swing Line Lender and an L/C Issuer, and the other Lenders party thereto (previously filed as Exhibit 99.1 to the Company’s Form 8-K filed December 23, 2015 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312515412933/d106967dex991.htm) | | | | | |

| [removed: 10.20] [added: 10.22] | | | — | | | [First Amendment to Fourth Amended and Restated Credit Agreement dated as of June 27, 2016, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, Bank of America, N.A., as Administrative Agent, Domestic Swing Line Lender and an L/C Issuer, and the other Lenders party thereto (previously filed as Exhibit 10.2 to the Company’s Form 10-Q filed August 8, 2016 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312516675265/d196610dex102.htm) | | | | | |

| [removed: 10.21] [added: 10.23] | | | — | | | [Second Amendment to Fourth Amended and Restated Credit Agreement, dated as of October 31, 2017, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed November 6, 2017 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312517334394/d471826dex101.htm) | | | | | |

| [removed: 10.22] [added: 10.24] | | | — | | | [Third Amendment to Fourth Amended and Restated Credit Agreement, dated as of August 24, 2018, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed October 15, 2018 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312518299299/d634676dex101.htm) | | | | | |

| [removed: 10.23] [added: 10.25] | | | — | | | [Fourth Amendment to Fourth Amended and Restated Credit Agreement, dated as of October 10, 2018, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.2 to the Company’s Form 8-K filed October 15, 2018 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312518299299/d634676dex102.htm) | | | | | |

| [removed: 10.24] [added: 10.26] | | | — | | | [Incremental Term Loan Amendment and Fifth Amendment to Fourth Amended and Restated Credit Agreement and Omnibus Amendment to Loan Documents, dated as of September 6, 2019, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the L/C Issuers party thereto (previously filed as Exhibit 10.6 to the Company’s Form 8-K filed September 9, 2019 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519240442/d766288dex106.htm) | | | | | |

| [removed: 10.25] [added: 10.27] | | | — | | | [Incremental Revolving Credit Increase Agreement and Lender Joinder Agreement, dated as of September 12, 2019, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, BNP Paribas, the Swing Line Lenders and L/C Issuers party thereto and Bank of America, N.A., as Administrative Agent (previously filed as Exhibit 10.4 to the Company’s Form 10-Q filed November 1, 2019 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000105091519000081/pwr9-30x2019ex104.htm) | | | | | |

| [removed: 10.26] [added: 10.28] | | | — | | | [Sixth Amendment to Fourth Amended and Restated Credit Agreement, dated as of September 22, 2020, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, certain subsidiaries of Quanta Services, Inc. identified therein as Guarantors, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed September 25, 2020 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312520254673/d940038dex101.htm) | | | | | |

| [removed: 10.27] [added: 10.29] | | | — | | | [Seventh Amendment to Fourth Amended and Restated Credit Agreement, dated as of May 17, 2021, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.1 to the Company’s Form 10-Q filed August 5, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091521000103/pwr06-30x2021ex101.htm) | | | | | |

| [removed: 10.28] [added: 10.30] | | | — | | | [Eighth Amendment to Fourth Amended and Restated Credit Agreement, dated as of September 9, 2021, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, Quanta Services, Inc., as Guarantor, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed October 15, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521300152/d73735dex101.htm) | | | | | |

| [removed: 10.29] [added: 10.31] | | | — | | | [Ninth Amendment to Fourth Amended and Restated Credit Agreement, dated as of October 8, 2021, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, Quanta Services, Inc., as Guarantor, the lenders party thereto, Bank of America, N.A., as Administrative Agent, and the Swing Line Lenders and L/C Issuers party thereto (previously filed as Exhibit 10.2 to the Company’s Form 8-K filed October 15, 2021 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521300152/d73735dex102.htm) | | | | | |

| [removed: 10.30] [added: 10.32] | | | — | | | [Tenth Amendment to Fourth Amended and Restated Credit Agreement, dated as of February 4, 2022, among Quanta Services, Inc. and certain subsidiaries of Quanta Services, Inc., as Borrowers, the lenders party thereto and Bank of America, N.A., as Administrative [removed: Agent](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm) [(previously] [added: Agent (previously] filed as Exhibit 10.37 to the [removed: Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)’[s](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm) [Form](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm) [10-K] [added: Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)’[s Form 10-K] filed February 25, [removed: 202](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)[2] [added: 2022] and incorporated [removed: her](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)[ein] [added: herein] by [removed: refer](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)[ence)](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000008/pwr-ex1037x12x31x2021.htm)] | | | | | |

| [removed: 10.31] [added: 10.33] | | | — | | | [Eleventh Amendment to Fourth Amended and Restated Credit Agreement, dated as of August 23, 2022, among Quanta Services, Inc., as a borrower and the guarantor, certain subsidiaries of Quanta Services, Inc., as borrowers, the lenders party thereto and Bank of America, N.A., as Administrative Agent (previously filed as Exhibit 10.2 to Quanta](https://www.sec.gov/Archives/edgar/data/1050915/000119312522228039/d351102dex102.htm)’[s Form 8-K filed August 24, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312522228039/d351102dex102.htm) | | | | | |

| [removed: 10.32] [added: 10.34] | | | — | | | [Form of Commercial Paper Dealer Agreement between Quanta Services, Inc. and the Dealer party thereto (previously filed as Exhibit 10.1 to Quanta's Form 8-K filed August 24, 2022 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312522228039/d351102dex101.htm) | | | | | |

| [removed: 10.33] [added: 10.35] | | | — | | | [Underwriting, Continuing Indemnity and Security Agreement dated as of March 14, 2005 by Quanta Services, Inc. and the subsidiaries and affiliates of Quanta Services, Inc. identified therein, in favor of Federal Insurance Company (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed March 16, 2005 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000095012905002465/h23479exv10w1.htm) | | | | | |

| [removed: 10.34] [added: 10.36] | | | — | | | [Joinder Agreement and Amendment to Underwriting, Continuing Indemnity and Security Agreement dated as of November 28, 2006, among American Home Assurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., The Insurance Company of the State of Pennsylvania, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors identified therein (previously filed as Exhibit 99.1 to the Company’s Form 8-K filed December 4, 2006 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000095012906009969/h41709exv99w1.htm) | | | | | |

| [removed: 10.35] [added: 10.37] | | | — | | | [Second Amendment to Underwriting, Continuing Indemnity and Security Agreement dated as of January 9, 2008, among American Home Assurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., The Insurance Company of the State of Pennsylvania, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors identified therein (previously filed as Exhibit 10.34 to the Company’s Form 10-K for the year ended December 31, 2007 filed February 29, 2008 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000095012908001378/h54156exv10w34.htm) | | | | | |

| [removed: 10.36] [added: 10.38] | | | — | | | [Joinder Agreement and Third Amendment to Underwriting, Continuing Indemnity and Security Agreement dated as of December 19, 2008, among American Home Assurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., The Insurance Company of the State of Pennsylvania, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors identified therein (previously filed as Exhibit 10.30 to the Company’s Form 10-K for the year ended December 31, 2011 filed February 29, 2012 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312512088822/d264834dex1030.htm) | | | | | |

| [removed: 10.37] [added: 10.39] | | | — | | | [Joinder Agreement and Fourth Amendment to Underwriting, Continuing Indemnity and Security Agreement dated as of March 31, 2009, among American Home Assurance Company, National Union Fire Insurance Company of Pittsburgh, Pa., The Insurance Company of the State of Pennsylvania, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company, Safeco Insurance Company of America, Federal Insurance Company, Quanta Services, Inc., and the other Indemnitors identified therein (previously filed as Exhibit 99.1 to the Company’s Form 8-K filed April 1, 2009 and incorporated herein by reference)](http://www.sec.gov/Archives/edgar/data/1050915/000095012909001111/h66314exv99w1.htm) | | | | | |

*Financial Statements and Supplementary Data* in Part II of this Annual Report on Form 10-K.

| 10.6* | | | — | | | [Form of RSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August 2023)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [(previously filed as Exhib](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[it 10.](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[5 to](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [the](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[’](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[s Form 10-Q for the qua](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[rter en](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[ded Septembe](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[r 30, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [filed November 2,](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [2](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [and incorporated herein by refer](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[e](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[nce](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm)[)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) | | | | | |

| 10.7* | | | — | | | [Form of RSU Award Agreement for awards to non-employee directors pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August 2023)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [(previo](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[usly filed as Exhibit 10.6 to the Com](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[pany](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[’](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[s Form 10-Q for the q](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[uarter ended September 30, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [filed N](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[ovember 2, 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [and](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [incorporated](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [herein](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) [by refer](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[ence](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm) | | | | | |

| 10.8* | | | — | | | [Form of PSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August 2023) (previously filed as Exhibit 10.7 to the Company’s Form 10-Q for the quarter ended September 30, 2023 filed November 2, 2023 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex107.htm) | | | | | |

| 97ˆ | | | — | | | [Quanta Ser](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm)[vice](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm)[s](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm)[, Inc.](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm) [Policy](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm) [For](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm) [Recover](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm)[y of Erroneously Awarded Compensation](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex97x12x31x2023.htm) | | | | | |

| 10.11* | | | | | | [Amended and Restated Employment Agreement,](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [dated](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [as of July 18, 2022, by and between Qu](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm)[anta](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [Services, Inc. and Jayshree Desai (previously filed as Ex](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm)[hibit 10.3 to the Company](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm)’[s](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [Form 10-Q for the](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [quarter ended September 30, 2022 and incorporated herein](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [by](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) [reference](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm)[)](https://www.sec.gov/Archives/edgar/data/1050915/000105091522000122/pwr09-30x2022ex103.htm) | | | | | |

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, Quanta Services, Inc. has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Houston, State of Texas, on February [removed: 23, 2023.][added: 22, 2024.]

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed by the following persons in the capacities indicated on February [removed: 23, 2023.][added: 22, 2024.]

| /s/ RAÚL J. VALENTÍN | | | | | | Director | | |

| Raúl J. Valentín | | | | | | | | |

| | | | | | | | | |