Quanta Services (PWR) 10-K risk factor changes: FY2024 vs FY2023

- Disruptions or failure to adequately protect our information technology systems could materially affect our business [removed: or result in harm to our] [added: and] reputation.

- The loss of, or our inability to [removed: attract,] [added: attract or keep,] key personnel could disrupt our business.

- increases in project costs that result from, among other things, natural disasters and emergencies, adverse weather conditions or events, legal challenges, permitting, regulatory or environmental processes, [added: tariffs,] or inaccurate project cost estimates;

- changes in the cost, [removed: availability] [added: availability, lead times] or quality of equipment, commodities, materials, consumables or labor; and

Many of these difficulties and delays are beyond our control and can negatively impact our ability to complete the project in accordance with the required delivery schedule or achieve our anticipated [added: operating income] margin on the project.

We also generate a significant portion of our revenues under fixed price contracts, including contracts for large projects and/or projects where we provide EPC services (e.g., large [removed: transmission,] [added: electric transmission and] substation [added: projects] and renewable generation projects).

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 [removed: high profile] [added: high-profile] project.

[removed: 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 flows and can also adversely affect our ability to secure new contracts.

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 [removed: in connection with] certain of these [removed: 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.][added: wildfire events remain under investigation.]

*Financial Statements and Supplementary Data* in Part II of this Annual Report, two Quanta operating companies have received tenders of defense and demands for preservation of [removed: documents.][added: documents and indemnity in connection with a wildfire event, and additional claims or legal proceedings involving Quanta and its operating companies related to wildfire events may be brought in the future.]

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 [added: locations that have a higher risk of wildfires and in densely populated areas.]

[removed: We also manage and maintain a portion] [added: As part] of our [removed: casualty] [added: overall] risk [added: management strategy, we self-insure, or insure] through our wholly-owned captive insurance company, [removed: which insures all] [added: a significant portion of our] claims [added: exposure, including all amounts] up to the [removed: amount of the] applicable deductible of our third-party insurance [removed: programs, as well as with respect to certain other amounts,] [added: programs] and [removed: issue letters of credit] [added: certain additional amounts related] to [removed: secure our obligations in connection with our casualty insurance] [added: the general and auto liability] programs.

[removed: Additionally, our] [added: Our] insurance coverages may not be sufficient or effective under all circumstances or against all claims and liabilities asserted against us, and if we are not fully insured against such claims and liabilities, [removed: it could expose us to significant liabilities and materially and adversely affect] our business, financial [removed: condition, results of operations and cash flows.][added: condition.]

We [removed: also] renew our [added: third-party] insurance policies on an annual basis, and therefore deductibles and levels of coverage offered [removed: by third parties] may change in future periods, and there is no assurance that any of our coverages will be renewed at their current levels or at all or that any future coverage will be available at reasonable and competitive rates.

As a result, Quanta’s [added: current] level of insurance coverage for wildfire events [removed: has decreased in recent years, and the current level of coverage] may not be sufficient to cover potential losses in connection with these events.

[removed: If we experience claims or costs above our estimates, our business, financial condition,] results of operations and cash flows could be materially and adversely affected.

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 meteorological and hydrological patterns, as well as impacts to the frequency and [added: 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 [removed: expanded] [added: expanding] product and service offerings.

For example, our ten largest customers accounted for 31% of our consolidated revenues for the year ended December 31, [removed: 2023.][added: 2024.]

For example, as of December 31, [removed: 2023,] [added: 2024,] the amount recognized related to unapproved change orders and claims was [removed: $778.9] [added: $733.6] million, which is discussed further in [removed: Note 4 of the Notes to Consolidated Financial Statements in Item 8.]

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

As of December 31, [removed: 2023,] [added: 2024,] the total amount of our outstanding performance bonds was estimated to be approximately [removed: $7.7] [added: $9.5] billion.

[removed: Certain of our] customers assign work to us on a project-by-project basis under MSAs.

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 [removed: our] [added: such] 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.

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 [added: 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.]

[removed: issue] [added: Any such breach or disruption] could [removed: result in cancellation of orders, product returns,] [added: subject us to material liabilities, cause] damage to our [removed: reputation, diversion of our resources, lawsuits or claims by our customers] [added: reputation] or [removed: other third parties and other losses to us] [added: customer relationships,] or [removed: to any of our customers] [added: result in regulatory investigations] or [removed: third parties,] [added: other actions by governmental authorities,] which could have a material adverse impact on our business, financial condition, results of operations and cash flows.

Disruptions to our information technology systems or our failure to adequately protect critical data, sensitive information and technology systems could materially affect our business [removed: or result in harm to our] [added: and] reputation.

We also collect and retain information about our customers, stockholders, vendors, employees, contractors, business partners and other parties, all of [removed: which] [added: whom] expect that we will adequately protect such information.

We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity and availability of our information technology systems and confidential [removed: information.][added: information as well as the systems and information of key third parties and information technology vendors upon whom we rely.]

Furthermore, [removed: some of] the energy infrastructure systems on which we work [removed: may be considered to be] [added: are] strategic [removed: targets, and therefore] [added: targets that are] at greater risk of cyber-attacks or acts of terrorism than other targets.

Additionally, an intrusion into the information systems of a business we acquire may also ultimately compromise our [removed: systems, and malicious third parties or insiders may attempt to fraudulently induce employees or customers into disclosing sensitive information such as user names, passwords or other information or otherwise compromise the security of our information] systems.

While we have security measures and technology in place to protect our and our clients’ confidential or proprietary company information, there can be no assurance that our efforts will prevent all threats to our [removed: computer systems.][added: systems and information.]

We have [added: experienced and] addressed [added: cyber-attacks,] breaches and disruptions of our information systems, [removed: or] [added: and] systems of key third parties and information technology vendors that we rely upon, in the past, and we expect such events to continue to arise in the future.

While to date we have not experienced any material impact as a result of [removed: cyber-attacks,] [added: these events,] the ultimate impact of future and similar events remains unknown, and we expect additional vulnerabilities [removed: may] [added: to] arise.

An attack could also cause [added: material] service disruptions to our internal systems or, in extreme circumstances, infiltration into, damage to or loss of control of our customers’ energy infrastructure systems.

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

[added: Additionally, because the techniques used to obtain] unauthorized access or sabotage information technology systems change frequently and are generally not identifiable until they are launched against a target, we [removed: may be] [added: are] unable to anticipate [removed: these] [added: all attacker] techniques or to implement [removed: adequate] [added: comprehensive] preventative [removed: measures.][added: measures, particularly because threat actors are increasingly using tools, including artificial intelligence, that are designed to circumvent controls and evade detection.]

*•*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 [removed: projects);][added: projects) and technological advancements (e.g., data center facilities);]

- actual or potential involvement in a catastrophic fire, [removed: explosion] [added: explosion, mechanical failure of infrastructure] or similar event; or

Furthermore, the increased antitrust scrutiny of and compliance requirements for potential acquisitions, including by the Federal Trade Commission (FTC) and Department of Justice under the Hart-Scott Rodino Act, the Sherman Act, the Clayton Act (each [added: as amended) or other applicable laws, could negatively impact the cost and timing of or our ability to complete certain potential acquisitions.]

- Insurance and claims expenses, as well as the unavailability or cancellation of third-party insurance coverage, could have a material adverse effect on us.

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

We also perform site-work services and railroad construction services, as well as services on natural gas systems, pipelines, refineries, petrochemical plants and other infrastructure assets, and failure of or accidents with respect to work we perform on any of these types of assets could result in significant claims or liabilities.

Insurance and claims expenses, as well as the unavailability or cancellation of third-party insurance coverage, could have a material adverse effect on us.

We are also responsible for our legal expenses relating to such claims, which can be significant both on an aggregate and individual claim basis.

As a supplement to our self-insurance program, we maintain insurance with excess insurance carriers for potential losses, which exceed the amounts we self-insure or insure through our wholly-owned captive insurance company, arising out of our business and operations, and such insurance is subject to high deductibles.

In connection with such renewals, we evaluate the level of insurance coverage and adjust insurance levels based on risk tolerance, risk volatility, and premium expense.

Further, there has been a wave of blockbuster, or so-called “nuclear” verdicts resulting from liabilities arising out of vehicle and other accidents in recent years.

Given this current claims environment, the amount of coverage available from excess insurance carriers is decreasing, and the premiums for this excess coverage are increasing significantly.

For the foregoing reasons, our insurance and claims expenses may increase, or we could increase our self-insured retention as policies are renewed or replaced.

In addition, we may assume additional risk within our captive insurance company that we may or may not reinsure.

Although we reserve for anticipated losses and expenses and periodically evaluate and adjust our claims reserves to reflect our experience, estimating the number and severity of claims, as well as related costs to settle or resolve them, is inherently difficult and subject to a high degree of variability, and such costs could exceed our estimates.

Accordingly, our actual losses associated with insured claims may differ materially from our estimates and materially and adversely affect our financial condition and results of operations in material amounts.

Note 4 of the Notes to Consolidated Financial Statements in Item 8.

Certain of our

Certain of our vendors have experienced cyber-attacks that exploited vulnerabilities in their systems and have resulted in disruptions to their systems.

While these events have not resulted in any known material impacts to our systems, we expect such attacks will continue in the future.

In addition, as a contractor supporting government agencies with respect to certain projects, including the Department of Defense (DoD), we must adhere to regulatory cyber compliance requirements outlined in the Federal Acquisition Regulations (FAR), the Defense Federal Acquisition Regulation Supplement (DFARS), and other federal mandates with respect to these projects.

The DoD is also in the process of implementing obligations relating to the Cyber Security Material Model Certificate (CMMC) into its contracts.

The DoD expects that new contracts will be required to comply with the CMMC by 2026.

In addition, any obligations that may be imposed on us under the CMMC may be different from or in addition to those otherwise required by applicable laws and regulations, which may cause additional expense for compliance.

Failure to meet these various requirements, whether mandated by regulation or contract, could cause material harm to our business, financial condition and reputation.

In addition, negative publicity relating to certain projects may result in increased regulatory scrutiny, adverse rulings or regulatory actions.

Known liabilities may also change over

We cannot be certain that our management structure will be adequate to support our business as it continues to expand and become more complex.

candidates to work remotely, could jeopardize our ability to successfully manage our decentralized operations or our ability to grow and expand our business.

primarily in the United States, Canada and Australia.

For example, our joint venture, LUMA, is exposed to various risks operating in Puerto Rico.

As a result, regulatory or other requirements that require us to outsource a percentage of services to subcontractors, whether they are businesses meeting

For example, in the past sourcing restrictions on critical components for our customers’ projects (e.g., solar panels) have resulted in supply chain and logistical challenges, which negatively impacted certain of our services.

We may continue to be impacted by sourcing restrictions, including, but not limited to, taxes.

tariffs and duties, which may negatively impact project timing within certain of our markets in the future.

changes in demand for certain services, enhanced compliance or disclosure obligations, or other adverse impacts to our business, financial condition, or results of operations.

Additionally, if traditional utilities are unable to meet the electricity demand of certain industries, such as technology or manufacturing companies, it could alter existing operating models and could result in a reduction in demand for our services.

evolving industry standards.

For example, in the past, sourcing restrictions on critical components for our customers’ projects have resulted in supply chain and logistical challenges, which negatively impacted certain of our services.

We may be impacted in the future by sourcing restrictions, including, but not limited to, taxes.

tariffs and duties, which may negatively impact project timing within certain of our markets in the future.

operations and cash flows.

are or may be responsible for maintaining, monitoring and/or remediating.

- Unavailability or cancellation of third-party insurance would increase our risk exposure and disrupt our operations, and our estimates of losses under our insurance programs could prove inaccurate.

Additionally, certain of these wildfire events remain under investigation and additional claims or legal proceedings involving Quanta and its operating companies related to these events may be brought in the future.

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

Unavailability or cancellation of third-party insurance coverage would increase our overall risk exposure, as well as disrupt our operations, and estimates of losses covered by our insurance policies could prove incorrect.

We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits.

Such insurance is subject to deductibles and limits and may be canceled or may not cover all of our losses.

Our insurance policies include various coverage requirements, including notice requirements, and coverage could be denied if we fail to comply with those requirements.

Our third-party insurers could also fail, cancel our coverage or otherwise be unable or unwilling to provide us with adequate insurance coverage for certain items, including wildfires, or we may elect not to obtain certain types or incremental levels of insurance based on the potential benefits considered relative to the cost of such insurance, or coverage may not be available at reasonable and competitive rates.

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

Adverse changes in our insurance coverage could increase our exposure to uninsured losses, which could have a negative effect on our business, financial condition, results of operations and cash flows or result in a disruption of our operations.

Losses under our insurance programs are accrued based upon our estimate of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries.

These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the extent of damage, the determination of our liability in proportion to other parties and unreported incidents.

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

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

Breaches or disruptions of our information systems, or systems of key third parties and information technology vendors that we rely upon, can result from, among other things, cyber-attacks, theft, inadvertent exposure of sensitive information, acts of terrorism, war, storms or other natural phenomena, information technology solution failures or network disruptions, and any such cyber-attacks or breaches can go unnoticed for some period of time.

For example, a cyber-attack on one of our vendors or vulnerabilities identified in proprietary or open-source code disclosed by vendors or federal agencies could potentially impact information technology systems relevant to our business and/or sensitive information that we retain.

Any such breach or disruption could subject us to significant liabilities, cause damage to our reputation or customer relationships, or result in regulatory investigations or other actions by governmental authorities, which could have a material adverse impact on our business, financial condition, results of operations and cash flows.

Additionally, because the techniques used to obtain

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

address, the customer may terminate the project, which could result in legal liability to us, harm our reputation and reduce our profit or increase our loss on a project.

*Financial Statements and Supplementary Data* in Part II of this Annual Report, the termination of a telecommunications project in Peru resulted in a $79.2 million charge to earnings in the second quarter of 2019.

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, to the extent we are required to

and also impact the ability of our customers to pay amounts owed to us, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

workforce size with available contract awards.

For example, 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.

standards, provides for existing or new production tax credits for renewable energy developers, or encourages installation of new electric power transmission and renewable energy generation facilities.

For example, the interaction between the IRA and the IIJA could lead to additional complex requirements associated with, among other things, union labor or prevailing wages, domestic material production obligations, and affirmative action programs, which we and our customers must comply with in order to secure government funding for projects completed thereunder.

Our or our customers’ failure to successfully navigate these requirements could negatively impact our, or our customers’, ability to take advantage of the opportunities under such legislation, result in additional unintended costs associated with any projects completed under such legislation or result in liabilities or governmental penalties for noncompliance.

For example, a recent change to the definitions of waters of the United States by the EPA has expanded the coverage of the Clean Water Act, which is expected to impact construction around certain waterways.

Additionally, one of our subsidiaries has registered as an investment adviser with the SEC under the U.S. Investment Advisers Act of 1940, as amended (the Advisers Act), which imposes substantive and material restrictions and requirements on the operations of this subsidiary, including certain fiduciary duties that apply to its relationships with its advisory clients.

The SEC has broad administrative powers to institute proceedings and impose sanctions for violations of the Advisers Act, ranging from fines and censures to termination of an adviser’s registration.

This subsidiary is also subject to periodic SEC examinations and other requirements, including, among other things, maintaining an effective compliance program, recordkeeping and reporting requirements, disclosure requirements and complying with anti-fraud prohibitions.

The failure of our subsidiary to comply with the requirements of the Advisers Act could result in fines, suspensions of individual employees or other sanctions against our subsidiary that could have a material adverse effect on us.

Even if an investigation or proceeding does not result in a fine or sanction or if a fine or sanction imposed against our subsidiary or its employees were small in monetary amount, the adverse publicity relating to an investigation, proceeding or imposition of these fines or sanctions could harm our reputation and have a material adverse effect on us.

For example, the Biden Administration has proposed revisions to the Federal Acquisition Regulation which, if adopted, would require major federal suppliers to monitor and disclose certain climate-related information and, for certain suppliers, to adopt climate-related targets subject to the methodology of the Science Based Targets Initiative.

potential liability and make our hiring and employee transfer processes more cumbersome, or reduce the availability of potential employees.

The discussion summarizing the significant factors which affected the results of operations and financial condition for the year ended December 31, [removed: 2022,] [added: 2023,] including the changes in results of operations between the years ended December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] 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: 2022,] [added: 2023,] which was filed with the SEC on February [removed: 23, 2023.][added: 22, 2024.]

Our [removed: 2023] [added: 2024] results reflect increased demand for our services, as [removed: revenue] [added: consolidated revenues] and operating income increased [removed: in all of our segments] as compared to [removed: 2022.][added: 2023, primarily due to increased revenues and operating income for our Renewable Energy Infrastructure Solutions (Renewable Energy) and Electric Power Infrastructure Solutions (Electric Power) segments.]

With respect to our Electric Power [removed: Infrastructure 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 system upgrades and hardening programs in response to recurring severe weather events.

With respect to our Renewable Energy [removed: Infrastructure Solutions (Renewable Energy)] segment, the [removed: transition to] [added: cost-effectiveness of solar, wind energy and battery storage, combined with] a [removed: reduced-carbon economy] [added: meaningful increase in current and forecasted electricity demand,] is continuing to drive demand for renewable generation and related infrastructure (e.g., high-voltage electric [removed: transmission and] [added: transmission,] substation [removed: infrastructure),] [added: infrastructure and battery storage),] as well as interconnection services necessary to connect and transmit renewable-generated electricity to existing electric power delivery systems.

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

[removed: Additionally, although] [added: However,] revenues associated with large pipeline projects [removed: in Canada increased] [added: decreased] in [removed: 2022 and 2023,] [added: 2024] as compared to [removed: prior years,] [added: 2023 and 2022, and] we anticipate that revenues associated with these projects will continue to fluctuate.

During [removed: 2023,] [added: 2024,] increased revenues and operating income [removed: across all our segments] contributed to [removed: $1.58] [added: $2.08] billion of net cash provided by operating activities, a [removed: 39.4%] [added: 32.1%] increase [removed: relative] [added: compared] to [removed: 2022,] [added: 2023,] which allowed us to execute our business plan, including the strategic acquisition of [removed: several] [added: certain] businesses, for which we utilized [removed: $651.6 million] [added: $1.75 billion] of cash, net of cash acquired, and the payment of [removed: $47.8] [added: $54.2] million in dividends associated with our common stock.

Additionally, as of December 31, [removed: 2023,] [added: 2024,] available commitments under our senior credit facility, combined with our cash and cash equivalents, totaled [removed: $2.81] [added: $3.35] billion.

Our remaining performance obligations and backlog were [removed: $13.89] [added: $16.76] billion and [removed: $30.11] [added: $34.54] billion as of December 31, [removed: 2023,] [added: 2024,] representing increases of [removed: 57.9%,] [added: 20.6%,] and [removed: 25.0%] [added: 14.7%] relative to December 31, [removed: 2022.][added: 2023.]

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

Third quarter [added: and fourth quarter] revenues are typically the highest of the year, as a greater number of projects are underway and operating conditions, including weather, are normally more accommodating.

[removed: Generally, revenues during] [added: During] the fourth [removed: quarter are lower than the third quarter but higher than the second] quarter, [removed: as many] projects are [added: often] completed and customers often seek to spend their capital budgets before year end.

[removed: Climate change has the potential to increase the frequency and extremity of severe weather events.These] [added: 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 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 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 [removed: relationships;] [added: relationships (e.g., tariffs, taxes);] and project deferrals and cancellations.

Our larger or more complex projects typically include, among others, transmission projects with higher voltage capacities; pipeline projects with larger-diameter throughput capacities; large-scale renewable generation projects; [added: complex data center projects;] and projects with increased engineering, design or construction complexities, more difficult terrain or geographical requirements, or longer distance requirements.

A greater percentage of smaller scale or less complex work also could negatively impact margins due to the inefficiency of transitioning between a [removed: greater number of smaller projects versus continuous production on fewer larger projects.]

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 [added: complex projects that typically involve greater performance risk.]

[removed: However,] [added: Additionally,] under [removed: some] [added: certain] contracts, [added: including contracts for engineering, procurement and construction services,] we agree to procure all or part of the required materials.

| Equity in earnings of integral unconsolidated affiliates | | | | | | [removed: 41,609] [added: 50,484] | | | | | | 0.2 | | | | | | [removed: 52,466] [added: 41,609] | | | | | | [removed: 0.3] [added: 0.2] | | | | | | [removed: (10,857)] [added: 8,875] | | | | | | [removed: (20.7)] [added: 21.3] | | % |

| Selling, general and administrative expenses | | | | | | [removed: (1,555,137)] [added: (1,824,754)] | | | | | | [removed: (7.4)] [added: (7.7)] | | | | | | [removed: (1,336,711)] [added: (1,555,137)] | | | | | | [removed: (7.8)] [added: (7.4)] | | | | | | [removed: (218,426)] [added: (269,617)] | | | | | | [removed: 16.3] [added: 17.3] | | % |

| Amortization of intangible assets | | | | | | [removed: (289,014) | | | | | | (1.5) | | | | | | (353,973) | | | | | | (2.1) | | | | | | 64,959] [added: 382,959] | | | | | | [removed: (18.4)] [added: 289,014] | | [removed: %] |

| Change in fair value of contingent consideration liabilities | | | | | | [removed: (6,568) | | | | | | — | | | | | | (4,422) | | | | | | — | | | | | | (2,146)] [added: 7,064] | | | | | | [removed: 48.5] [added: 6,568] | | [removed: %] |

| Interest and other financing expenses | | | | | | [removed: (186,913) | | | | | | (1.0) | | | | | | (124,363) | | | | | | (0.7) | | | | | | (62,550)] [added: 202,687] | | | | | | [removed: 50.3] [added: 186,913] | | [removed: %] |

| Interest income | | | | | | [removed: 10,830] [added: 32,404] | | | | | | 0.1 | | | | | | [removed: 2,606] [added: 10,830] | | | | | | [removed: —] [added: 0.1] | | | | | | [removed: 8,224] [added: 21,574] | | | | | | [removed: 315.6] [added: 199.2] | | % |

| Provision for income taxes | | | | | | [removed: 219,267 | | | | | | 1.0 | | | | | | 192,243 | | | | | | 1.1 | | | | | | 27,024] [added: 284,747] | | | | | | [removed: 14.1] [added: 219,267] | | [removed: %] |

| Less: Net income attributable to non-controlling interests | | | | | | [removed: 6,000] [added: 22,459] | | | | | | [removed: —] [added: 0.1] | | | | | | [removed: 20,454] [added: 6,000] | | | | | | [removed: 0.1] [added: —] | | | | | | [removed: (14,454)] [added: 16,459] | | | | | | [removed: (70.7)] [added: 274.3] | | % |

| Net income attributable to common stock | | | | | | $ | [removed: 744,689] [added: 904,824] | | | | | [removed: 3.6] [added: 3.8] | | % | | | | $ | [removed: 491,189] [added: 744,689] | | | | | [removed: 2.9] [added: 3.6] | | % | | | | $ | [removed: 253,500] [added: 160,135] | | | | | [removed: 51.6] [added: 21.5] | | % |

*Revenues.* Revenues increased due to a [removed: $2.39] [added: $1.68] billion increase in revenues from our Renewable Energy [removed: segment,] [added: segment and] a [removed: $756.6 million] [added: $1.47 billion] increase in revenues from our Electric Power segment, [removed: and] [added: partially offset by] a [removed: $659.9] [added: $354.6] million [removed: increase] [added: decrease] in revenues from our Underground and Infrastructure segment.

[removed: *Equity] [added: | Equity] in earnings of [removed: integral] [added: non-integral] unconsolidated [removed: affiliat*es.][added: affiliates | | | | | | (2,649) | | | | | | (1,263) | | |]

*Selling, general and administrative expenses.* The increase was [removed: partially] [added: primarily] attributable to [removed: an aggregate $113.1] [added: a $165.6] million increase [removed: in the following items] [added: related] to [removed: support business growth:] [added: recently acquired businesses; a $46.0 million increase in] compensation expense, largely associated with increased salaries and [added: non-cash] stock compensation expense due primarily to an increase in [removed: employees; bonus expense due] [added: the number of employees] to [removed: increased profitability; and] [added: support business growth; a $21.1 million increase in] travel and related [removed: expenses.][added: expenses to support business growth; and $18.5 million of foreign currency translation losses in connection with our substantial liquidation from Latin American operations.]

*Operating income.* Operating income was positively impacted by a [removed: $172.9] [added: $278.2] million increase in operating income for our [removed: Renewable Energy segment,] [added: Electric Power segment and] a [removed: $54.6] [added: $189.9] million increase in operating income for our [removed: Electric Power segment and] [added: Renewable Energy segment, partially offset by] a [removed: $60.4] [added: $112.9] million [removed: increase] [added: decrease] in operating income for our Underground and Infrastructure [removed: segment, partially offset by] [added: segment and] a [removed: $32.0] [added: $136.7] million increase in corporate and non-allocated costs, which includes amortization expense.

*Interest and other financing expenses.* [removed: The] [added: Approximately half of the] increase [removed: primarily] resulted from [removed: the impact of] higher [removed: interest rates on our outstanding variable rate debt during the year ended December 31, 2023] [added: principal balances and lease financing transactions] as compared to the year ended December 31, [removed: 2022.][added: 2023.]

*Other [removed: income (expense),] [added: income,] net*.

The effective income tax rates [removed: were 22.6% and 27.3%] for the years [removed: ending] [added: ended] December 31, [added: 2024 and] 2023 [added: were 23.5%] and [removed: 2022.][added: 22.6%, respectively.]

*Net income attributable to non-controlling interests.* The [removed: decrease] [added: increase] in net income attributable to non-controlling interests is primarily related to [added: increased activity on certain joint ventures and] the [removed: $10.4] [added: $5.0] million gain on [added: the] sale of the investment in a non-integral equity unconsolidated affiliate recorded during the year ended December 31, [removed: 2022] [added: 2024] as [removed: further] described [removed: in Note 8 of the Notes to Consolidated Financial Statements in Item 8.][added: above.]

Comprehensive income increased by [removed: $354.2] [added: $42.6] million in [removed: 2023] [added: 2024] as compared to [removed: 2022,] [added: 2023,] primarily due to a [removed: $239.0] [added: $176.6] million increase in net income and [removed: a $99.3] [added: $18.5] million [removed: increase related to] [added: of] foreign currency translation [removed: adjustments.][added: losses recognized to net income in connection with our substantial liquidation from Latin American operations.]

Foreign currency translation adjustment [removed: income] [added: loss] in the year ended December 31, [removed: 2023] [added: 2024] primarily resulted from the strengthening [added: of the U.S. dollar against both the Canadian and Australian dollars as of December 31, 2024 when compared to December 31, 2023.]

[removed: See *Non-GAAP Financial Measures* below for a reconciliation of EBITDA and adjusted EBITDA to] [added: The most comparable GAAP financial measure,] net income attributable to common stock, [added: and information reconciling] the [removed: most comparable] GAAP [added: and non-GAAP] financial [removed: measure.][added: measures, are included below.]

[removed: We report] [added: Through December 31, 2024, we reported] our results under three reportable segments: Electric Power, Renewable Energy and Underground and Infrastructure.

In particular, we continue to experience strong demand from our utility customers, which we believe is driven by increasing demand for electricity associated with, among other things, data centers and other technology-related dynamics, domestic manufacturing reshoring initiatives and overall electrification trends.

Our acquisition of Cupertino Electric, Inc. (CEI) during 2024 also resulted in increased services for our critical path electrical design and installation solutions from the technology and data center industry.

Despite these positive longer-term trends, in prior periods supply chain challenges, policy and regulatory uncertainty and other factors have resulted in project delays.

With respect to our Underground Utility and Infrastructure Solutions (Underground and Infrastructure) segment, during 2024, operating income margin was negatively impacted by cost absorption pressures across our gas operations in the United States due to reduced demand and project delays for our industrial operations along the U.S. Gulf Coast due to Hurricanes Beryl and Francine.

We continue to believe the market for our industrial solutions and gas utility and pipeline integrity services remains solid given the recurring critical-path maintenance requirements and regulated spend dedicated to modernizing systems, reducing methane emissions, ensuring environmental compliance and improving safety and reliability.

Additionally, we entered into certain debt financing arrangements in connection with our acquisition of CEI, and on October 1, 2024, we repaid the $500.0 million aggregate principal amount of our 0.95% senior notes, which were issued in 2021.

These debt financing arrangements are more fully described in Note 10 of the Notes to Consolidated Financial Statements in Item 8.

Climate change has the potential to increase the frequency and extremity of severe weather events.

greater number of smaller projects versus continuous production on fewer larger projects.

| | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | $ | | | | | | % | | |

| Revenues | | | | | | $ | 23,672,795 | | | | | 100.0 | | % | | | | $ | 20,882,206 | | | | | 100.0 | | % | | | | $ | 2,790,589 | | | | | 13.4 | | % |

| Cost of services | | | | | | 20,162,034 | | | | | | 85.2 | | | | | | 17,945,120 | | | | | | 85.9 | | | | | | 2,216,914 | | | | | | 12.4 | | % |

| Gross profit | | | | | | 3,510,761 | | | | | | 14.8 | | | | | | 2,937,086 | | | | | | 14.1 | | | | | | 573,675 | | | | | | 19.5 | | % |

| Amortization of intangible assets | | | | | | (382,959) | | | | | | (1.6) | | | | | | (289,014) | | | | | | (1.5) | | | | | | (93,945) | | | | | | 32.5 | | % |

| Operating income | | | | | | 1,346,468 | | | | | | 5.7 | | | | | | 1,127,976 | | | | | | 5.4 | | | | | | 218,492 | | | | | | 19.4 | | % |

| Other income, net | | | | | | 35,845 | | | | | | 0.2 | | | | | | 18,063 | | | | | | 0.1 | | | | | | 17,782 | | | | | | 98.4 | | % |

| Income before income taxes | | | | | | 1,212,030 | | | | | | 5.1 | | | | | | 969,956 | | | | | | 4.6 | | | | | | 242,074 | | | | | | 25.0 | | % |

| Net income | | | | | | 927,283 | | | | | | 3.9 | | | | | | 750,689 | | | | | | 3.6 | | | | | | 176,594 | | | | | | 23.5 | | % |

*Amortization of intangible assets.* The increase was related to incremental amortization expense associated with recent acquisitions, including CEI.

*Interest income*.

Approximately half of the increase resulted from higher interest-bearing cash and cash equivalent balances as compared to the year ended December 31, 2023.

The increase was primarily attributable to a gain of $12.6 million resulting from the sale of an investment in a non-integral unconsolidated affiliate, $5.0 million of which was attributable to a non-controlling interest, as further described in Note 8 of the Notes to Consolidated Financial Statements in Item 8.

The tax rate for the year ended December 31, 2024 benefited from a $55.1 million benefit due to equity incentive awards vesting at a higher fair market value than their grant date fair market value, compared to a $35.0 million benefit in the year ended December 31, 2023.

Additionally, the 2024 tax rate was positively impacted by ongoing entity rationalization and restructuring efforts.

These efforts resulted in a $10.2 million deferred tax benefit and the release of a $4.6 million valuation allowance during the year ended December 31, 2024.

The tax rate for the year ended December 31, 2023 was favorably impacted by the realization of the loss on our investment in Starry Group Holdings, Inc. for tax purposes, and the corresponding release of the valuation allowance initially recorded during the year ended December 31, 2022.

These increases in comprehensive income were partially offset by a $134.7 million foreign currency translation adjustment loss and the $16.5 million increase in comprehensive income attributable to non-controlling interests described above.

| | | | | | | 2024 | | | | | | | | | | | | 2023 | | | | | | | | | | | | $ | | | | | | % | | |

| Electric Power | | | | | | $ | 11,166,495 | | | | | 47.2 | | % | | | | $ | 9,696,897 | | | | | 46.5 | | % | | | | $ | 1,469,598 | | | | | 15.2 | | % |

| Renewable Energy | | | | | | 7,845,884 | | | | | | 33.1 | | | | | | 6,170,301 | | | | | | 29.5 | | | | | | 1,675,583 | | | | | | 27.2 | | % |

| Underground and Infrastructure | | | | | | 4,660,416 | | | | | | 19.7 | | | | | | 5,015,008 | | | | | | 24.0 | | | | | | (354,592) | | | | | | (7.1) | | % |

| Consolidated revenues | | | | | | $ | 23,672,795 | | | | | 100.0 | | % | | | | $ | 20,882,206 | | | | | 100.0 | | % | | | | $ | 2,790,589 | | | | | 13.4 | | % |

| Electric Power | | | | | | $ | 1,291,580 | | | | | 11.6 | | % | | | | $ | 1,013,350 | | | | | 10.5 | | % | | | | $ | 278,230 | | | | | 27.5 | | % |

| Renewable Energy | | | | | | 667,112 | | | | | | 8.5 | | % | | | | 477,208 | | | | | | 7.7 | | % | | | | 189,904 | | | | | | 39.8 | | % |

| Underground and Infrastructure | | | | | | 265,030 | | | | | | 5.7 | | % | | | | 377,977 | | | | | | 7.5 | | % | | | | (112,947) | | | | | | (29.9) | | % |

| Consolidated operating income | | | | | | $ | 1,346,468 | | | | | 5.7 | | % | | | | $ | 1,127,976 | | | | | 5.4 | | % | | | | $ | 218,492 | | | | | 19.4 | | % |

The increase in operating margin was primarily attributable to improved performance on transmission and generation projects, partially offset by increased costs on two solar projects in the United States.

*Revenues.* The decrease in revenues for the year ended December 31, 2024 was primarily due to lower revenues from large pipeline projects.

This decrease was partially offset by approximately $215 million in revenues attributable to an acquired business.

Change in Reportable Segments

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

With respect to our Underground Utility and Infrastructure Solutions (Underground and Infrastructure) segment, during 2022 and 2023 we 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.

caused fluctuations in our results in the past and are expected to cause fluctuations in our results in the future.

complex projects that typically involve greater performance risk.

Our customers are usually responsible for supplying the materials for their projects.

| | | | | | | 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 | | % |

| Asset impairment charges | | | | | | — | | | | | | — | | | | | | (14,457) | | | | | | (0.1) | | | | | | 14,457 | | | | | | (100.0) | | % |

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

| Other income (expense), net | | | | | | 18,063 | | | | | | 0.1 | | | | | | (46,415) | | | | | | (0.3) | | | | | | 64,478 | | | | | | * | | |

| 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 percentage change is not meaningful.

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.

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 income (expense), net” as discussed below.

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.

*Asset impairment charges.* The asset impairment charges 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.

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.

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.

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

Foreign currency translation loss in the year ended December 31, 2022 primarily resulted from the strengthening of the U.S. dollar against both the Australian and Canadian dollars as of December 31, 2022 when compared to December 31, 2021.

*EBITDA* and *adjusted EBITDA*.

EBITDA increased 21.2%, or $309.7 million, to $1.77 billion as compared to $1.46 billion for the year ended December 31, 2022, and adjusted EBITDA increased 15.6%, or $262.2 million, to $1.95 billion as compared to $1.68 billion for the year ended December 31, 2022.

Our operating companies may perform joint projects for customers in multiple industries, deliver multiple types of services under a single customer contract or provide service offerings to various industries.

For example, we perform joint trenching projects to install distribution lines for electric power and natural gas customers.

| 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.

At December 31, [removed: 2023, 63%] [added: 2024, 82%] of our debt portfolio, on a gross basis, incurred interest at a fixed-rate and the remaining [removed: 37%] [added: 18%] of the portfolio incurred interest at a variable-rate.

As of December 31, [removed: 2023,] [added: 2024,] our fixed-rate debt [removed: was $2.63 billion, which consisted] primarily [added: consisted] of our senior notes outstanding.

A 10% change in the market price would cause a change in fair value of [removed: $214.5] [added: $289.6] million.

As of December 31, [removed: 2023,] [added: 2024,] our variable-rate debt consisted of [removed: $867.1] [added: $735.4] million outstanding under our senior credit [removed: facility and $705.9 million outstanding under our commercial paper program.][added: facility.]

The weighted average interest rate on our borrowings under our senior credit facility for the year ended December 31, [removed: 2023 was 6.6%, and the weighted average interest rate on borrowings under our commercial paper program] [added: 2024] was [removed: 5.8%.][added: 6.6%.]

Based on these borrowings outstanding as of December 31, [removed: 2023,] [added: 2024,] we estimate that a 50 basis point increase or decrease in interest rates would impact annual interest expense by approximately [removed: $7.9] [added: $3.7] million.

*Financial Statements and Supplementary Data* in Part II of this Annual Report reflects net foreign currency [removed: losses] [added: gains] of [removed: $2.6] [added: $5.6] million in the year ended December 31, [removed: 2023] [added: 2024] and net foreign currency [removed: gains] [added: losses] of [removed: $0.7] [added: $2.6] million in the year ended December 31, [removed: 2022.][added: 2023.]

The fair value of our senior notes was $2.90 billion as of December 31, 2024, compared to a carrying value of $3.22 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $30.6 million.

As of December 31, 2024, we had no outstanding unsecured notes under our commercial paper program.

The average daily amount outstanding and weighted average interest rate on our borrowings under our commercial paper program for the year ended December 31, 2024 were $362.2 million and 5.37%.

Based on the weighted average interest rate and average borrowings outstanding during the year ended December 31, 2024, we estimate that a 50 basis point increase or decrease in interest rates would impact annual interest expense by approximately $1.8 million.

In the year ended December 31, 2024 we recognized $18.5 million of foreign currency translation losses to net income in connection with our substantial liquidation from Latin American operations.

The fair value of Quanta’s senior notes was $2.15 billion at December 31, 2023.

Quanta Services, Inc. (together with its subsidiaries, “Quanta,” “we,” “us” or “our”) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, [added: technology,] communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.

We provide engineering, procurement, construction, upgrade and repair and maintenance services for infrastructure within each of these industries, including electric power transmission and distribution networks; substation facilities; wind and solar generation and transmission and battery storage facilities; [added: electrical systems for data center, commercial and industrial facilities;] communications and cable multi-system operator networks; gas utility systems; pipeline transmission systems and facilities; and downstream industrial facilities.

We have a large and diverse customer base, including many of the leading companies in the utility, renewable energy, [added: technology,] communications, industrial and energy delivery markets.

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 and our reportable segments.][added: markets.]

We operate primarily in the United States; however, we derived approximately [removed: 14.2%, 15.7%] [added: 8.7%, 14.2%] and [removed: 14.7%] [added: 15.7%] of our revenues from foreign operations, primarily in Canada and Australia, during the years ended December 31, [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021.][added: 2022.]

[removed: *•*design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution infrastructure, both overhead and underground, and substation facilities, along with other] engineering and technical services, including services that support the implementation of upgrades by utilities to modernize and harden the electric power grid in order to ensure its safety and enhance reliability and to accommodate increased residential and commercial use of electric vehicles (EVs);

*•*aviation services primarily for the utility industry, including [removed: the] transportation of line workers, [removed: the setting of poles] [added: pole] and [removed: towers,] [added: tower setting,] and [removed: the stringing of wires.][added: wire stringing, as well as certain emergency aerial firefighting services.]

This segment also includes (i) the majority of the financial results of our advanced training facility and our postsecondary educational institution, which specializes in pre-apprenticeship training, apprenticeship training and specialized utility task training for electric workers, as well as training for the gas distribution and communications [removed: industries and] [added: industries;] (ii) our portion of earnings of our unconsolidated integral affiliates, which includes, among others, our 50% equity interest in LUMA Energy, LLC (LUMA), a joint venture that was selected to operate, maintain, and modernize the approximately 18,000-mile electric transmission and distribution system in Puerto [removed: Rico.][added: Rico; and (iii) financial results associated with our power transformer and circuit breaker manufacturing operations.]

With respect to our electric power service offerings, utilities are continuing to invest significant capital in their [added: gas- powered and renewable generation systems, as well as their] electric power delivery systems, particularly transmission, substation and distribution infrastructure, through multi-year, multi-billion dollar grid modernization and reliability programs.

To accommodate this growth, we expect continued demand for new or expanded transmission, substation and distribution infrastructure to reliably transport power to meet demand driven by [removed: electrification] [added: electrification, data centers] and [added: manufacturing reshoring, and] the modification and reengineering of existing infrastructure [removed: as existing coal and nuclear] [added: with increasing penetration of renewable] generation [removed: facilities are retired or shut down.][added: and battery storage.]

In order to reliably and efficiently deliver [removed: power, including in response to federal reliability standards] [added: power] and in preparation for emerging technologies, such as EVs, utilities are also integrating smart grid technologies into distribution systems to improve grid management and create efficiencies.

Additionally, [removed: recent] legislative and regulatory initiatives, including the [removed: Rural Digital Opportunity Fund] [added: Broadband Equity Access] and [added: Deployment (BEAD) Program and] the Infrastructure Investment and Jobs Act (IIJA), have dedicated billions of dollars of funding to support broadband service to underserved markets.

[removed: declining levelized costs of renewable] [added: When coupled with consumer preferences for clean] energy, [removed: will require sizeable long-term investment in] [added: demand for] renewable generation and related [removed: infrastructure,] [added: infrastructure has increased and is expected to result in sizeable, long-term investments,] including meaningful repowering and modernization of existing assets.

To that end, renewable energy developers are expected to continue to [removed: increase] [added: make significant] investments in wind and solar projects, as well as energy storage projects.

Utilities have increased the percentage of renewable electricity bought through power purchase agreements (PPAs) with renewable energy developers, and [removed: we believe are in the early stages of] [added: by] investing directly in renewable generation facilities, which could expand significantly over time as they [added: increase supply to meet load growth expectations and] pursue clean energy strategies and emissions-reduction initiatives.

Also, a growing number of corporate enterprises, particularly technology companies, are entering into PPAs with renewable energy developers to source renewable electricity to [added: supply] power [added: directly to] their [removed: facilities and] [added: facilities, as well as] achieve their own carbon-reduction initiatives.

These dynamics necessitate the development and construction of related infrastructure, including high-voltage electric transmission and substation infrastructure, that is necessary to interconnect and transmit electricity from new renewable energy generation facilities into the existing electric power [removed: grid and enhance grid reliability.][added: grid.]

[removed: We believe] [added: For example,] the [removed: IRA] [added: Inflation Reduction Act of 2022 (IRA)] includes, among other things, favorable provisions targeting increases in utility-scale wind, solar and energy storage capacity and increased domestic manufacturing capacity and availability of products and components for these projects, that could reduce supply chain risks in the future.

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 [added: U.S. Gulf Coast region, which we believe should have certain long-term strategic advantages due to their proximity to competitively priced and abundant hydrocarbon resources.]

[removed: Although revenues] [added: Revenues] associated with large pipeline projects [removed: in Canada increased] [added: decreased] in [removed: 2022 and 2023,] [added: 2024,] as compared to [removed: prior years,] [added: 2022 and 2023, and] we anticipate that revenues associated with these projects will continue to fluctuate.

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 [removed: services,] [added: services and could include building or repurposing pipeline infrastructure,] including the development of infrastructure for blending hydrogen into natural gas flow and carbon capture [removed: projects, which could include building or repurposing pipeline infrastructure.][added: projects.]

[removed: In January] [added: During the year ended December 31,] 2024, we [added: also] acquired [removed: two] [added: seven additional] businesses located in the United [removed: States] [added: States,] including: a business that provides specialty environmental solutions to [added: utility,] industrial [added: and petrochemical] companies [removed: (which will be primarily] [added: (primarily] included in the Underground and Infrastructure [removed: segment) and] [added: segment);] a business that specializes in testing, manufacturing and distributing safety equipment and supplies [removed: (which will be primarily] [added: (primarily] included in the Electric Power and Renewable Energy [removed: segments).][added: segments); a business that specializes in electrical infrastructure services for substations, data centers and governmental entities (primarily included in the Electric Power segment); a business that manufactures transmission and distribution equipment for the electric utility industry (primarily included in the Electric Power and Renewable Energy segments); a business that provides services and equipment]

During the year ended December 31, 2023, we acquired five businesses located in the United [removed: States] [added: 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 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 customers (primarily included in the Renewable Energy segment); a business that provides concrete construction 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 results of [removed: these] [added: operations of] acquired businesses have been included in our consolidated financial statements [removed: beginning on the] [added: since their] respective acquisition dates.

For the year ended December 31, [removed: 2023,] [added: 2024,] our largest customer accounted for 6% of our [added: consolidated revenues and our ten largest customers accounted for 31% of our consolidated revenues.]

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

| l | | | [removed: Berkshire Hathaway,] [added: Avangrid,] Inc. | | | l | | | National Grid plc | | |

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

| l | | | Duke Energy Corporation | | | l | | | [removed: PG&E Corporation] [added: RWE AG] | | |

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

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

Our customers include utilities, [removed: renewable energy developers,] [added: power developer, technology,] communications, [removed: industrial] and energy delivery companies, as well as governmental entities.

[removed: Such estimates] are based on management judgment and assumptions and are provided to show perceived trends in our customer types and should be considered directional in nature.

| | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

- Utility [added: and Power] - Customers that are electric and gas utility [removed: companies;][added: companies, as well as power developers;]

- Energy [removed: Delivery] [added: and Other] - Customers that own [added: refineries or petrochemical plants and customers that own] and/or operate pipelines for the delivery of [removed: hydrocarbons;][added: hydrocarbons, and other non-utility and power customers and non-technology, manufacturing and communications customers to which we provide solutions; and]

- [added: Technology, Manufacturing and] Communications - Customers that own and/or operate assets supporting delivery of data, communications and digital [removed: services;] [added: services (such as hyperscaler, data center colocation)] and [added: customers who own or operate commercial or industrial manufacturing facilities, as well as telecommunication customers.]

We believe utility, [removed: renewable energy, communications] [added: power developer, technology, communications,] and [removed: industrial] [added: energy delivery company] customers provide us with growth opportunities due to their programmatic and long-term capital programs and/or the [removed: longer term] [added: longer-term] trends and transitions associated with these industries.

We strive to maintain our preferred status as we believe it provides us an advantage in the award of future work for the [added: applicable customer.]

However, customers often consider other factors in choosing a service provider, including technical expertise and experience, [added: breadth of solutions offerings,] safety ratings, financial and operational resources, geographic presence, industry reputation and dependability, which we expect to benefit larger service providers such as us.

Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company.

Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management.

Beginning in the three months ending March 31, 2025, our Chief Executive Officer reevaluated how he assesses performance and allocates resources, which resulted in a change in the reporting of management’s internal financial information.

As a result, we will begin reporting the results of our two operating segments, which will also be our two reportable segments: (1) Electric Infrastructure Solutions and (2) Underground Utility and Infrastructure Solutions.

The Electric Infrastructure Solutions segment will consist of the historical Electric Power and Renewable Energy segments.

We believe our collaborative, customer-focused, and solutions-based approach, combined with our significant capabilities and scale, differentiate us in the marketplace.

*•*design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution infrastructure, both overhead and underground, and substation facilities, along with other

- design and installation of electrical systems for data center, commercial and industrial facilities;

Additionally, the technology industry is investing significant capital in the build out of data centers in order to expand cloud-based services and develop artificial intelligence (AI) training and inference.

As mentioned above, these facilities consume significant electricity and are a meaningful driver of increasing load demand throughout our service geographies.

Given this significant demand and resulting impact on the electric power grid, we believe we are well positioned to provide turnkey infrastructure solutions, such as critical path low-voltage electrical infrastructure solutions inside data centers, including advanced manufactured, modular solutions, as well as the high-voltage substation, transformers and transmission interconnection infrastructure connecting the facility to the power grid.

In particular, we believe there are opportunities to provide fiber and other services in and around data centers, and to interconnect data centers.

Communications providers are utilizing fifth generation wireless (5G) infrastructure to support fixed wireless access, which is driving additional

fiber capacity requirements for consumer and commercial applications.

Like our Electric Power operations, as an industry leader in the renewable energy space, we believe our collaborative, customer-focused, solutions based approach coupled with our significant capabilities and scale differentiates us in the marketplace.

With respect to these services, we believe there is increasing demand for electricity due to, among other things, increased electrification trends and data center and other technology and manufacturing infrastructure construction, as well as certain regulatory requirements, consumer and investor preferences and state and federal policies.

Importantly, increased adoption and technological advancements and efficiencies have resulted in wind and solar energy providing some of the lowest levelized costs of energy in the marketplace.

Increased battery storage is also being constructed to enhance grid resiliency, balance load and integrate renewable energy.

Further, many states in the United States, several provinces in Canada and states in Australia have renewable portfolio standards and targets that are supporting and driving the development of renewable and other low-carbon forms of energy production.

To the extent these legislative and policy objectives continue to be supported, we expect they will create incremental demand for our renewable energy solutions.

Additionally, the significant increase in demand for electric power is resulting in an increase in planning for new natural gas generation facilities and a delay in the retirement of existing facilities, which could increase the demand for natural gas and require additional pipeline and related infrastructure construction, as well as pipeline integrity services.

To the extent these technologies gain wider adoption, we believe our customer relationships and capabilities position us well to capitalize on future opportunities.

On July 17, 2024, Quanta completed the acquisition of Cupertino Electric, Inc. (CEI), which provides electrical infrastructure solutions, including engineering, procurement, project management, construction and modularization services, to the technology, renewable energy and infrastructure and commercial industries.

CEI is located in the United States, and its results have been included in the Electric Power and Renewable Energy segments since the acquisition date.

related to aerial telecommunications infrastructure and networks (primarily included in the Electric Power segment); a business that provides services related to fiber optic networks (primarily included in the Electric Power segment); and a business that specializes in designing, manufacturing, and distributing liquid-filled power transformers primarily for electrical companies and utilities (primarily included in the Electric Power and Renewable Energy segments).

Subsequent to December 31, 2024, we acquired two businesses, one located in the United States that specializes in civil solutions, including site clearing, earthwork, soil stabilization and infrastructure development (which will be primarily included in the Underground and Infrastructure segment), and one located in Australia that specializes in electrical engineering and the design and manufacturing of industrial technology solutions including control systems (which will primarily be included in the Electric Power and Underground and Infrastructure segments).

These acquisitions are further described in Note 6 of the Notes to Consolidated Financial Statements in Item 8.

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

We believe potential acquisition and investment opportunities exist in our industries and adjacent industries.

We believe our business model, strong customer relationships and employee-centric culture are attractive to potential acquisition targets.

| l | | | Berkshire Hathaway, Inc. | | | l | | | NextEra Energy, Inc. | | |

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

| l | | | EDF Renewables | | | l | | | Santos Limited | | |

| l | | | Exelon Corporation | | | l | | | Vesper Energy Development LLC | | |

| l | | | Invenergy LLC | | | | | | | | |

Such estimates

| | | | | | | Year Ended December 31, | | | | | | | | | | | | | | |

| Utility and Power | | | | | | 74 | | % | | | | 75 | | % | | | | 75 | | % |

| Energy and Other | | | | | | 17 | | | | | | 19 | | | | | | 19 | | |

| Technology, Manufacturing and Communications | | | | | | 9 | | | | | | 6 | | | | | | 6 | | |

Our operating companies may perform joint projects for customers in multiple industries, deliver multiple types of services under a single customer contract or provide service offerings to various industries.

In particular, communications providers remain in the early stages of developing new fifth generation wireless services (5G), which are intended to facilitate bandwidth-intensive services at high speeds for consumers and commercial applications.

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

Increased battery storage is also being developed to support increased renewable energy production by providing shorter-term storage of electricity from renewable energy generation, particularly from solar facilities, which helps to manage the amount and timing of intermittent power placed on the grid from renewable generation.

For example, the Inflation Reduction Act of 2022 (IRA) includes policy and related financial incentives designed to support and accelerate, along with providing certainty for, the United States’ efforts to transition towards a reduced-carbon economy.

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 we and our customers determine how to proceed.

U.S. Gulf Coast region, which we believe should have certain long-term strategic advantages due to their proximity to competitively priced and abundant hydrocarbon resources.

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.

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.

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

The final amount of consideration for these acquisitions remains subject to certain post-closing adjustments, including with respect to net working capital.

We believe potential acquisition and investment opportunities exist in our industries and adjacent industries, primarily due to the highly fragmented and evolving nature of those industries and inability of many companies to expand due to capital or liquidity constraints.

consolidated revenues and our ten largest customers accounted for 31% of our consolidated revenues.

| l | | | ATCO Electric | | | l | | | Lower Colorado River Authority | | |

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

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

| l | | | Exelon Corporation | | | l | | | Trans Mountain Corporation | | |

| l | | | Fortis Inc. | | | l | | | Xcel Energy Inc. | | |

| Utility | | | | | | 58 | | % | | | | 67 | | % | | | | 74 | | % |

| Renewable Energy Developers | | | | | | 16 | | | | | | 7 | | | | | | 2 | | |

| Industrial | | | | | | 10 | | | | | | 9 | | | | | | 10 | | |

| Energy Delivery | | | | | | 8 | | | | | | 7 | | | | | | 5 | | |

| Communications | | | | | | 5 | | | | | | 6 | | | | | | 5 | | |

| Other | | | | | | 3 | | | | | | 4 | | | | | | 4 | | |

- Industrial - Customers that own and/or operate downstream refinery, chemical and industrial facilities, as well as other commercial or manufacturing facilities;

- Renewable Energy Developers – Customers that develop, own and/or operate renewable energy solutions other than electric and gas utility companies;

- Other - Customers that are not accurately described by the categories set forth above.

Our opportunities associated with energy delivery customers are driven by capital programs for energy delivery and industrial customers, as well as pipeline project activity, which was materially impacted by uncertainties and challenges in the energy market and overall economy during the global pandemic but began to recover in 2022 and continued to recover in 2023.

applicable customer.

energy projects (e.g., solar panels, wind turbine blades).

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.

We are

incentives throughout our decentralized organization.

Concerns regarding climate change are also leading to the increased electrification of consumer goods (e.g., EVs), which is expected to provide continued additional demand for new and expanded electric power infrastructure and reengineering of existing electric power infrastructure.

We believe these market dynamics and technological

We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits.

The deductibles for the employer’s liability and workers’ compensation programs are $5.0 million per occurrence and the deductibles for the general liability and auto liability programs are $25.0 million per occurrence.

We also maintain employee health care benefit plans for most employees not subject to collective bargaining agreements, of which the primary plan is subject to a deductible of $0.8 million per claimant per year.

We manage and maintain a portion of our casualty risk indirectly through our wholly-owned captive insurance company, which reimburses claims up to the amount of the applicable deductible of our third-party insurance programs, as well as with respect to certain other amounts, and issue letters of credit to secure our obligations in connection with our casualty insurance programs.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the [removed: Exchange] Act).

As of June [removed: 30, 2023] [added: 28, 2024] (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: $28.2] [added: $36.9] billion.

As of February [removed: 19, 2024,] [added: 17, 2025,] the number of outstanding shares of Common Stock of the registrant was [removed: 145,748,976.][added: 148,198,321.]

Portions of the registrant’s Definitive Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

For the Year Ended December 31, [removed: 2023][added: 2024]

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| ITEM 1A. | | | [Risk [removed: Factors](#i1d911f96b2c94ffcbf9524eda473700c_22)] [added: Factors](#i5e4061b395994812bdd95f56e058169e_19)] | | | [removed: [15](#i1d911f96b2c94ffcbf9524eda473700c_22)] [added: [15](#i5e4061b395994812bdd95f56e058169e_19)] | | |

| ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i1d911f96b2c94ffcbf9524eda473700c_31)] [added: Comments](#i5e4061b395994812bdd95f56e058169e_28)] | | | [removed: [37](#i1d911f96b2c94ffcbf9524eda473700c_31)] [added: [38](#i5e4061b395994812bdd95f56e058169e_28)] | | |

| ITEM 1C. | | | [removed: [Cybersecurity](#i1d911f96b2c94ffcbf9524eda473700c_1887)] [added: [Cybersecurity](#i5e4061b395994812bdd95f56e058169e_31)] | | | [removed: [37](#i1d911f96b2c94ffcbf9524eda473700c_1887)] [added: [38](#i5e4061b395994812bdd95f56e058169e_31)] | | |

| ITEM 2. | | | [removed: [Properties](#i1d911f96b2c94ffcbf9524eda473700c_34)] [added: [Properties](#i5e4061b395994812bdd95f56e058169e_34)] | | | [removed: [38](#i1d911f96b2c94ffcbf9524eda473700c_34)] [added: [39](#i5e4061b395994812bdd95f56e058169e_34)] | | |

| ITEM 3. | | | [Legal [removed: Proceedings](#i1d911f96b2c94ffcbf9524eda473700c_37)] [added: Proceedings](#i5e4061b395994812bdd95f56e058169e_37)] | | | [removed: [39](#i1d911f96b2c94ffcbf9524eda473700c_37)] [added: [39](#i5e4061b395994812bdd95f56e058169e_37)] | | |

| ITEM 4. | | | [Mine Safety [removed: Disclosure](#i1d911f96b2c94ffcbf9524eda473700c_40)s] [added: Disclosure](#i5e4061b395994812bdd95f56e058169e_40)s] | | | [removed: [39](#i1d911f96b2c94ffcbf9524eda473700c_40)] [added: [39](#i5e4061b395994812bdd95f56e058169e_40)] | | |

| ITEM 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i1d911f96b2c94ffcbf9524eda473700c_46)] [added: Securities](#i5e4061b395994812bdd95f56e058169e_46)] | | | [removed: [40](#i1d911f96b2c94ffcbf9524eda473700c_46)] [added: [40](#i5e4061b395994812bdd95f56e058169e_46)] | | |

| ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i1d911f96b2c94ffcbf9524eda473700c_55)] [added: Operations](#i5e4061b395994812bdd95f56e058169e_58)] | | | [removed: [43](#i1d911f96b2c94ffcbf9524eda473700c_55)] [added: [43](#i5e4061b395994812bdd95f56e058169e_58)] | | |

| ITEM 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i1d911f96b2c94ffcbf9524eda473700c_103)] [added: Risk](#i5e4061b395994812bdd95f56e058169e_109)] | | | [removed: [56](#i1d911f96b2c94ffcbf9524eda473700c_103)] [added: [56](#i5e4061b395994812bdd95f56e058169e_109)] | | |

| ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i1d911f96b2c94ffcbf9524eda473700c_109)] [added: Data](#i5e4061b395994812bdd95f56e058169e_115)] | | | [removed: [58](#i1d911f96b2c94ffcbf9524eda473700c_109)] [added: [58](#i5e4061b395994812bdd95f56e058169e_115)] | | |

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| ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i1d911f96b2c94ffcbf9524eda473700c_268)] [added: Inspections](#i5e4061b395994812bdd95f56e058169e_280)] | | | [removed: [113](#i1d911f96b2c94ffcbf9524eda473700c_268)] [added: [113](#i5e4061b395994812bdd95f56e058169e_280)] | | |

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| ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i1d911f96b2c94ffcbf9524eda473700c_280)] [added: Matters](#i5e4061b395994812bdd95f56e058169e_292)] | | | [removed: [114](#i1d911f96b2c94ffcbf9524eda473700c_280)] [added: [114](#i5e4061b395994812bdd95f56e058169e_292)] | | |

| ITEM 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i1d911f96b2c94ffcbf9524eda473700c_283)] [added: Independence](#i5e4061b395994812bdd95f56e058169e_295)] | | | [removed: [114](#i1d911f96b2c94ffcbf9524eda473700c_283)] [added: [114](#i5e4061b395994812bdd95f56e058169e_295)] | | |

| ITEM 14. | | | [Principal Accounting Fees and [removed: Services](#i1d911f96b2c94ffcbf9524eda473700c_286)] [added: Services](#i5e4061b395994812bdd95f56e058169e_298)] | | | [removed: [114](#i1d911f96b2c94ffcbf9524eda473700c_286)] [added: [114](#i5e4061b395994812bdd95f56e058169e_298)] | | |

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| ITEM 16. | | | [Form 10-K [removed: Summary](#i1d911f96b2c94ffcbf9524eda473700c_298)] [added: Summary](#i5e4061b395994812bdd95f56e058169e_310)] | | | [removed: [121](#i1d911f96b2c94ffcbf9524eda473700c_298)] [added: [121](#i5e4061b395994812bdd95f56e058169e_310)] | | |

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

- The business plans or financial condition of our [removed: customers, including with respect to the transition to a reduced-carbon economy;][added: customers;]

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

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

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

- The expected impact of changes and potential changes in climate and the physical and transition risks associated with climate [removed: change and the transition to a reduced-carbon economy;][added: change;]

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

All of our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this [removed: report.]

| ITEM 6. | | | [Reserved](#i5e4061b395994812bdd95f56e058169e_52) | | | [42](#i5e4061b395994812bdd95f56e058169e_52) | | |

| [SIGNATURES](#i5e4061b395994812bdd95f56e058169e_313) | | | | | | [122](#i5e4061b395994812bdd95f56e058169e_313) | | |

report.

| ITEM 6. | | | [Selected Financial Data](#i1d911f96b2c94ffcbf9524eda473700c_49) | | | [42](#i1d911f96b2c94ffcbf9524eda473700c_49) | | |

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

- Beliefs and assumptions about the collectability of receivables;

- the use of external cybersecurity service providers, where appropriate, to [removed: assess, test or otherwise] assist with [removed: aspects of] [added: development, testing and compliance in regards to] our security [added: controls and] processes;

- a cybersecurity incident response plan and Security Operations Center to respond to cybersecurity incidents; [removed: and]

- a third-party risk management process for service [removed: providers.][added: providers; and]

During the year ended December 31, [removed: 2023,] [added: 2024,] 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 [removed: expect to] [added: will] 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 [removed: “*Risk Factors – Disruptions] [added: *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 [removed: reputation*.”][added: reputation* in Item 1A.]

The Board oversees management’s implementation of our cybersecurity risk management program, receiving regular reports from management (including our [added: Senior] Vice President of [removed: IT)] [added: Technology)] 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 [added: Senior] Vice President of [removed: IT] [added: Technology] 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 [removed: in the IT environment.]

Our [added: Senior] Vice President of [removed: IT] [added: Technology] 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.

Additionally, we are required by certain customers to maintain controls and processes pursuant to applicable cybersecurity regulations and frameworks.

- procurement of insurance coverage that is intended to address certain aspects of cybersecurity risks.

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

in the IT environment.

As of December 31, [removed: 2023,] [added: 2024,] we owned [removed: 88] [added: 101] 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 utilize as our corporate headquarters and real property and associated manufacturing facilities located in Canonsburg, [removed: Pennsylvania, and] [added: Pennsylvania;] Raeford, North [removed: Carolina,] [added: Carolina; and Erie County, New York,] associated with our [removed: business] [added: businesses] that [removed: specializes] [added: specialize] in manufacturing power transformers and related electrical components.

As of December 31, [removed: 2023,] [added: 2024,] the total size of our owned and leased fleet was approximately [removed: 71,000] [added: 77,000] units.

Our common stock is listed on the New York Stock Exchange under the symbol “PWR.” On February [removed: 19, 2024,] [added: 17, 2025,] there were approximately [removed: 408] [added: 417] holders of record of our common stock.

[removed: In October 2023,] [added: Subsequent to December 31, 2024,] we completed [removed: an acquisition in which] [added: two acquisitions, and] a portion of the consideration consisted of the unregistered issuance of shares of our common stock.

The aggregate consideration for [removed: this acquisition] [added: these acquisitions] included [removed: 176,168] [added: 515,822] shares of our common stock, valued at [removed: $27.4] [added: $161.6] million as of the [added: respective] acquisition [removed: date.][added: dates.]

For additional information about [removed: these acquisitions,] [added: this acquisition,] see Note 6 of the Notes to Consolidated Financial Statements in Item 8.

Issuer Purchases of Equity Securities During the Fourth Quarter of [removed: 2023][added: 2024]

The following table contains information about our purchases of equity securities during the three months ended December 31, [removed: 2023.][added: 2024.]

| Open Market Stock Repurchases (1) | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | [removed: 500,000,000] [added: 499,650,097] | |

| Open Market Stock Repurchases (1) | | | | | | [removed: 2,229] [added: —] | | | | | | $ | [removed: 156.98] [added: —] | | | | | [removed: 2,229] [added: —] | | | | | | $ | 499,650,097 | |

| As of December 31, [removed: 2023] [added: 2024] | | | | | | [removed: 38,150] [added: 47,636] | | | | | | | | | | | | [removed: 2,229] [added: —] | | | | | | $ | 499,650,097 | |

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

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

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

The following graph compares, for the period from December 31, [removed: 2018] [added: 2019] to December 31, [removed: 2023,] [added: 2024,] 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 500 Industrials Index (the S&P 500 [removed: Industrials), the S&P MidCap 400 Index (the S&P MidCap 400)] [added: Industrials)] 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 500 Industrials and the peer group on December 31, [removed: 2018] [added: 2019] and tracks their relative performance through December 31, [removed: 2023.][added: 2024.]

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

[removed: ][added: ]

| | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

| October 1 - 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Tax Withholding (2) | | | | | | 5,568 | | | | | | $ | 304.60 | | | | | — | | | | | | | | |

| November 1 - 30, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Tax Withholding (2) | | | | | | 18,994 | | | | | | $ | 301.98 | | | | | — | | | | | | | | |

| December 1 - 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Tax Withholding (2) | | | | | | 23,074 | | | | | | $ | 324.74 | | | | | — | | | | | | | | |

| Quanta Services, Inc. | | | | | | $ | 100.00 | | | | | $ | 177.74 | | | | | $ | 283.50 | | | | | $ | 353.32 | | | | | $ | 536.01 | | | | | $ | 785.80 | |

| S&P 500 | | | | | | $ | 100.00 | | | | | $ | 118.40 | | | | | $ | 152.39 | | | | | $ | 124.79 | | | | | $ | 157.59 | | | | | $ | 197.02 | |

| S&P 500 Industrials | | | | | | $ | 100.00 | | | | | $ | 111.06 | | | | | $ | 134.52 | | | | | $ | 127.15 | | | | | $ | 150.20 | | | | | $ | 176.44 | |

| Peer Group | | | | | | $ | 100.00 | | | | | $ | 114.51 | | | | | $ | 160.27 | | | | | $ | 164.96 | | | | | $ | 188.62 | | | | | $ | 270.31 | |

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

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

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

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

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 | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i1d911f96b2c94ffcbf9524eda473700c_118)] [added: Firm](#i5e4061b395994812bdd95f56e058169e_124)] (PCAOB ID 238) | | | [removed: [60](#i1d911f96b2c94ffcbf9524eda473700c_118)] [added: [60](#i5e4061b395994812bdd95f56e058169e_124)] | | |

| [Consolidated Balance [removed: Sheets](#i1d911f96b2c94ffcbf9524eda473700c_121)] [added: Sheets](#i5e4061b395994812bdd95f56e058169e_127)] | | | [removed: [62](#i1d911f96b2c94ffcbf9524eda473700c_121)] [added: [63](#i5e4061b395994812bdd95f56e058169e_127)] | | |

| [Consolidated Statements of [removed: Operations](#i1d911f96b2c94ffcbf9524eda473700c_124)] [added: Operations](#i5e4061b395994812bdd95f56e058169e_130)] | | | [removed: [63](#i1d911f96b2c94ffcbf9524eda473700c_124)] [added: [64](#i5e4061b395994812bdd95f56e058169e_130)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i1d911f96b2c94ffcbf9524eda473700c_127)] [added: Income](#i5e4061b395994812bdd95f56e058169e_133)] | | | [removed: [64](#i1d911f96b2c94ffcbf9524eda473700c_127)] [added: [65](#i5e4061b395994812bdd95f56e058169e_133)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i1d911f96b2c94ffcbf9524eda473700c_130)] [added: Flows](#i5e4061b395994812bdd95f56e058169e_136)] | | | [removed: [65](#i1d911f96b2c94ffcbf9524eda473700c_130)] [added: [66](#i5e4061b395994812bdd95f56e058169e_136)] | | |

| [Consolidated Statements of [removed: Equity](#i1d911f96b2c94ffcbf9524eda473700c_133)] [added: Equity](#i5e4061b395994812bdd95f56e058169e_142)] | | | [removed: [66](#i1d911f96b2c94ffcbf9524eda473700c_133)] [added: [67](#i5e4061b395994812bdd95f56e058169e_142)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i1d911f96b2c94ffcbf9524eda473700c_136)] [added: Statements](#i5e4061b395994812bdd95f56e058169e_145)] | | | [removed: [67](#i1d911f96b2c94ffcbf9524eda473700c_136)] [added: [68](#i5e4061b395994812bdd95f56e058169e_145)] | | |

Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023] [added: 2024] 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: 2023] [added: 2024] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in its report which appears herein.

Management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] excluded the [removed: five] [added: eight] businesses we acquired in [removed: 2023.][added: 2024.]

These acquisitions comprised approximately [removed: 2.7%] [added: 5.5%] and [removed: 2.3%] [added: 6.7%] of our consolidated assets and revenues as of and for the year ended December 31, [removed: 2023.][added: 2024 and included the acquisition of Cupertino Electric, Inc., which comprised approximately 3.7% and 5.3% of our consolidated assets and revenues as of and for the year ended December 31, 2024.]

We have audited the accompanying consolidated balance sheets of Quanta Services, Inc. and its subsidiaries (the [removed: “Company”)] [added: "Company")] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the related consolidated statements of operations, of comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] including the related notes (collectively referred to as the [removed: “consolidated] [added: "consolidated] financial [removed: statements”).][added: statements").]

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] 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: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2024] 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: 2023,] [added: 2024,] based on criteria established in [removed: Internal] [added: *Internal] Control - Integrated [removed: Framework] [added: Framework*] (2013) issued by the COSO.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded [removed: five] [added: eight] businesses from its assessment of internal control over financial reporting as of December 31, [removed: 2023] [added: 2024] because they were acquired by the Company in purchase business combinations during [removed: 2023.][added: 2024.]

We have also excluded these [removed: five] [added: eight] acquired businesses from our audit of internal control over financial reporting.

These acquired businesses, each of which is [removed: a wholly-owned subsidiary,] [added: wholly-owned,] comprised, in the aggregate, total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting [removed: represent] [added: of] appropriately [removed: 2.7%] [added: 5.5%] and [removed: 2.3%,] [added: 6.7%,] respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, [removed: 2023.][added: 2024.]

The critical audit [removed: matter] [added: matters] communicated below [removed: is a matter] [added: are matters] arising from the current period audit of the consolidated financial statements that [removed: was] [added: were] communicated or required to be communicated to the audit committee and that (i) [removed: relates] [added: relate] to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matter] [added: matters] below, providing [removed: a] separate [removed: opinion] [added: opinions] on the critical audit [removed: matter] [added: matters] or on the accounts or disclosures to which [removed: it relates.][added: they relate.]

During the year ended December 31, [removed: 2023,] [added: 2024,] approximately [removed: 56.5%] [added: 60.0%] of the Company’s revenues recognized were associated with this revenue recognition method.

As of December 31, [removed: 2023,] [added: 2024,] the Company had recognized revenues of [removed: $778.9] [added: $733.6] million related to unapproved change orders and claims included as contract price adjustments that were in the process of being negotiated in the normal course of business.

The principal considerations for our determination that performing procedures relating to revenue recognition for contracts recognized over time is a critical audit matter are (i) the significant judgment by management when determining the total estimated contract costs and revenue related to estimated change orders and claims and (ii) [removed: the] [added: a] high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence [removed: relating] [added: related] to management’s estimate of the total estimated contract costs and revenue related to estimated change orders and claims.

These procedures also included, among others, for a sample of contracts (i) testing management’s process for determining the total estimated contract costs, which included evaluating [removed: the] contracts and other [removed: documents that support those estimates,] [added: documents,] 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: 2024 | | | | | |] 2023 | | | | | | 2022 | | |

| Cash and cash equivalents | | | | | | $ | [added: 741,960 | | | | | $ |] 1,290,248 | | | | | $ | 428,505 | | [added: | | | $ | 229,097 | |]

| Accounts receivable, net | | | | | | [removed: 4,410,829] [added: 5,170,935] | | | | | | [removed: 3,674,525] [added: 4,410,829] | | |

| Contract assets | | | | | | [added: $ | 1,208,619 | | | | | $ |] 1,413,057 | | | | | [added: $] | 1,080,206 | | [removed: |]

| Inventories | | | | | | [removed: 175,658] [added: 260,181] | | | | | | [removed: 103,265] [added: 175,658] | | |

| Prepaid expenses and other current assets | | | | | | [removed: 387,105] [added: 469,338] | | | | | | [removed: 249,569] [added: 387,105] | | |

| Total current assets | | | | | | [removed: 7,676,897] [added: 7,851,033] | | | | | | [removed: 5,536,070] [added: 7,676,897] | | |

| Property and equipment, net | | | | | | [removed: 2,336,943] [added: 2,700,277] | | | | | | [removed: 2,030,464] [added: 2,336,943] | | |

| Operating lease right-of-use assets | | | | | | [removed: 249,443] [added: 299,895] | | | | | | [removed: 229,691] [added: 249,443] | | |

| Other assets, net | | | | | | [removed: 565,625] [added: 655,709] | | | | | | [removed: 622,736] [added: 565,625] | | |

| Other intangible assets, net | | | | | | [removed: 1,362,412] [added: 1,860,537] | | | | | | [removed: 1,458,631] [added: 1,362,412] | | |

| Goodwill | | | | | | [removed: 4,045,905] [added: 5,316,443] | | | | | | [removed: 3,586,745] [added: 4,045,905] | | |

| Total assets | | | | | | $ | [removed: 16,237,225] [added: 18,683,894] | | | | | $ | [removed: 13,464,337] [added: 16,237,225] | |

| Current maturities of long-term debt | | | | | | $ | [removed: 535,202] [added: 62,680] | | | | | $ | [removed: 37,495] [added: 535,202] | |

| Current portion of operating lease liabilities | | | | | | [removed: 77,995] [added: 94,162] | | | | | | [removed: 74,052] [added: 77,995] | | |

| Accounts payable and accrued expenses | | | | | | [removed: 3,061,242] [added: 3,722,343] | | | | | | [removed: 2,153,129] [added: 3,061,242] | | |

| [Report of Management](#i5e4061b395994812bdd95f56e058169e_118) | | | [59](#i5e4061b395994812bdd95f56e058169e_118) | | |

The most significant of these acquired businesses, representing 3.7% of consolidated total assets and 5.3% of consolidated total revenues was Cupertino Electric, Inc.

*Acquisition of Cupertino Electric, Inc. – Valuation of Customer Relationships and Trade Name Intangible Assets*

As described in Note 6 to the consolidated financial statements, the Company completed the acquisition of Cupertino Electric, Inc. on July 17, 2024.

The acquisition resulted in $669 million of identifiable intangible assets being recorded, of which $404 million and $175 million related to the customer relationships and trade name intangible assets, respectively.

The significant assumptions used

by management in determining the fair value of trade name intangible assets include future revenues, royalty rates, and discount rates.

The principal considerations for our determination that performing procedures relating to the valuation of the customer relationships and trade name intangible assets acquired in the acquisition of Cupertino Electric, Inc. is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the customer relationships and trade name intangible assets acquired; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to future revenues, margins, and the customer attrition rate for the customer relationships intangible asset and future revenues and the royalty rate for the trade name intangible asset; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the customer relationships and trade name intangible assets acquired and the development of significant assumptions related to future revenues, margins, and the customer attrition rate for the customer relationships intangible asset, and the significant assumptions related to future revenues and the royalty rate for the trade name intangible asset.

These procedures also included, among others (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate of the customer relationships and trade name intangible assets acquired; (iii) evaluating the appropriateness of the multi-period excess earnings method and the reasonableness of the significant assumptions related to future revenues, margins, and the customer attrition rate for the customer relationships intangible asset; (iv) evaluating the appropriateness of the relief-from-royalty method and the reasonableness of the significant assumptions related to future revenues and the royalty rate for the trade name intangible asset; and (v) testing the completeness and accuracy of the underlying data used in the multi-period excess earnings and relief-from-royalty methods.

Evaluating the reasonableness of future revenues for the customer relationships and trade name intangible assets and margins for the customer relationships intangible asset involved considering (i) the current and past performance of the acquired business; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in the evaluation of the appropriateness of the multi-period excess earnings and relief-from-royalty methods and the reasonableness of the customer attrition rate assumption for the customer relationships intangible asset and the royalty rate assumption for the trade name intangible asset.

February 20, 2025

| | | | | | | 2024 | | | | | | 2023 | | |

| Cash and cash equivalents | | | | | | $ | 741,960 | | | | | $ | 1,290,248 | |

| Reclassification of foreign currency translation losses to net income | | | | | | 18,531 | | | | | | — | | | | | | — | | |

| Net income | | | | | | $ | 927,283 | | | | | $ | 750,689 | | | | | $ | 511,643 | |

| Inventories | | | | | | (39,517) | | | | | | 2,818 | | | | | | (19,333) | | |

| Net proceeds from notes offering | | | | | | 1,238,741 | | | | | | — | | | | | | — | | |

| Payments related to senior notes | | | | | | (500,000) | | | | | | — | | | | | | — | | |

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

| Acquisitions | | | 1,217,398 | | | | | | — | | | | | | 291,061 | | | | | | — | | | | | | — | | | | | | — | | | | | | 291,061 | | | | | | — | | | | | | 291,061 | | |

| Stock-based compensation activity | | | 952,565 | | | | | | — | | | | | | 150,395 | | | | | | — | | | | | | — | | | | | | (155,423) | | | | | | (5,028) | | | | | | — | | | | | | (5,028) | | |

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

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 904,824 | | | | | | — | | | | | | — | | | | | | 904,824 | | | | | | 22,459 | | | | | | 927,283 | | |

| Balance at December 31, 2024 | | | 147,678,512 | | | | | | $ | 2 | | | | | $ | 3,444,108 | | | | | $ | 5,707,286 | | | | | $ | (372,708) | | | | | $ | (1,460,957) | | | | | $ | 7,317,731 | | | | | $ | 11,986 | | | | | $ | 7,329,717 | |

| [1. Description of Business](#i5e4061b395994812bdd95f56e058169e_151) | | | [69](#i5e4061b395994812bdd95f56e058169e_151) | | |

| [5. Segment Information](#i5e4061b395994812bdd95f56e058169e_1904) | | | [79](#i5e4061b395994812bdd95f56e058169e_1904) | | |

| [6. Acquisitions](#i5e4061b395994812bdd95f56e058169e_178) | | | [82](#i5e4061b395994812bdd95f56e058169e_178) | | |

| [11. Leases](#i5e4061b395994812bdd95f56e058169e_208) | | | [93](#i5e4061b395994812bdd95f56e058169e_208) | | |

| [13. Equity](#i5e4061b395994812bdd95f56e058169e_220) | | | [98](#i5e4061b395994812bdd95f56e058169e_220) | | |

Quanta holds interests in various joint ventures and other partially owned entities entered into in the normal course of business.

method or the average costing method.

straight-line basis if the pattern of economic benefit cannot otherwise be reliably estimated.

(expense), net” when the investee is not considered integral to the business.

See Note 16 for Quanta’s accounting policy related to insurance and related balance sheet accounts.

Retrospective application is required.

Quanta adopted this update effective December 31, 2024.

In November 2024, the FASB issued an update that requires incremental disclosures about specific expense categories.

| [Report of Management](#i1d911f96b2c94ffcbf9524eda473700c_112) | | | [59](#i1d911f96b2c94ffcbf9524eda473700c_112) | | |

February 22, 2024

QUANTA SERVICES, INC. AND SUBSIDIARIES

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

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

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

| Gains on sales of investments | | | | | | (3,524) | | | | | | (32,572) | | | | | | — | | |

| Proceeds from notes offerings | | | | | | — | | | | | | — | | | | | | 1,487,450 | | |

| Balance at December 31, 2020 | | | 138,300,191 | | | | | | $ | 2 | | | | | $ | 2,170,026 | | | | | $ | 3,264,967 | | | | | $ | (232,997) | | | | | $ | (857,817) | | | | | $ | 4,344,181 | | | | | $ | 4,791 | | | | | $ | 4,348,972 | |

| Acquisitions | | | 3,514,048 | | | | | | — | | | | | | 362,344 | | | | | | — | | | | | | — | | | | | | — | | | | | | 362,344 | | | | | | — | | | | | | 362,344 | | |

| Stock-based compensation activity | | | 1,540,259 | | | | | | — | | | | | | 83,040 | | | | | | — | | | | | | — | | | | | | (58,460) | | | | | | 24,580 | | | | | | — | | | | | | 24,580 | | |

| Common stock repurchases | | | (720,564) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (63,988) | | | | | | (63,988) | | | | | | — | | | | | | (63,988) | | |

| Other | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 159 | | | | | | 159 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | 485,956 | | | | | | — | | | | | | — | | | | | | 485,956 | | | | | | 6,027 | | | | | | 491,983 | | |

| [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) | | |

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)

Quanta holds interests in various joint venture entities that provide infrastructure-related services under specific customer contracts, either directly or through subcontracting relationships, and other equity investments in partially owned entities that own and operate certain infrastructure assets, including investments entered into through the partnership structure Quanta formed with certain infrastructure investors.

*Equity Method Investments*

Under the equity method of accounting, investments are stated

Since the RDFV of marketable equity securities is determined utilizing quoted market prices, the level of input used for these fair value measurements is the highest level (Level 1).

Changes in fair value and any impairments of non-marketable equity securities are reported in “Other income (expense), net” in the accompanying consolidated statements of operations.

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

Quanta manages and maintains a portion of its casualty risk indirectly through its wholly-owned captive insurance company, which insures all claims up to the amount of the applicable deductible of its third-party insurance programs, as well as with respect to certain other amounts.

In connection with Quanta’s casualty insurance programs, Quanta is required to issue letters of credit to secure its obligations.

Quanta also maintains employee health care benefit plans for most employees not subject to collective bargaining agreements.

Losses under all of these insurance programs are accrued based upon Quanta’s estimate of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries.

of peer companies or a broad equity market index.

In October 2021, the Financial Accounting Standards Board (FASB) issued an update that requires recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with FASB ASC 606 (Revenue from Contracts with Customers).

At the acquisition date, an acquirer should account for the related contract revenue in accordance with FASB ASC 606.

Quanta adopted this update effective January 1, 2023, and it did not have a material impact on Quanta’s consolidated financial statements.

The net favorable impact resulted from net positive changes in estimates across a large number of projects, primarily as a result of favorable performance and successful mitigation of risks and contingencies as the projects progressed to completion.

The increase in contract assets from December 31, 2021

to December 31, 2022 was primarily due to unapproved change orders and claims related to the same large renewable transmission project in Canada referenced above and increased working capital requirements, including the timing of billings.

The increase in contract liabilities from December 31, 2021 to December 31, 2022 was primarily due to the timing of billing in relation to costs incurred on a renewable transmission project that resulted from project acceleration by the customer and the timing of billing in relation to costs incurred on several solar and wind projects after receipt of full notices to proceed from the customers.

Quanta’s operating companies may perform joint projects for customers in multiple industries, deliver multiple types of services under a single customer contract or provide service offerings to various industries.

For example, Quanta performs joint trenching projects to install distribution lines for electric power and natural gas customers.

Based on this evaluation, these officers have concluded that, as of December 31, [removed: 2023,] [added: 2024,] our disclosure controls and procedures were effective to provide reasonable assurance of achieving their objectives.

We are in the process of integrating [removed: these] [added: each] acquired [removed: businesses] [added: business] into our overall internal control over financial reporting process.

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: 2023] [added: 2024] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management [removed: override of the controls.]

As described in the Report of Management, management’s assessment of the effectiveness of our internal control over financial reporting as of December 31, 2024 excluded the eight businesses we acquired in 2024.

Such exclusion was in accordance with SEC guidance that an assessment of recently acquired businesses may be omitted in management’s report on internal control over financial reporting, provided the acquisitions took place within twelve months of management’s evaluation.

These acquisitions comprised approximately 5.5% and 6.7% of our consolidated assets and revenues as of and for the year ended December 31, 2024 and included the acquisition of Cupertino Electric, Inc., which comprised approximately 3.7% and 5.3% of our consolidated assets and revenues as of and for the year ended December 31, 2024.

override of the controls.

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

*[Index](#i1d911f96b2c94ffcbf9524eda473700c_7)*

On November 25, 2024, Donald C.

Wayne, Executive Vice President and General Counsel of Quanta, adopted a Rule 10b5-1 trading arrangement (as such term is defined in Item 408 of Regulation S-K), with an expiration date of the earlier of May 30, 2025 or the date on which all contemplated transactions set forth in the plan are completed.

Mr. Wayne’s plan provides for the potential sale of up to 19,307 shares of Quanta common stock and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act.

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.

The information required by this Item 10 is incorporated by reference to the definitive proxy statement related to our [removed: 2024] [added: 2025] 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: 2023] [added: 2024] fiscal year.

The information required by this Item 11 is incorporated by reference to the definitive proxy statement related to our [removed: 2024] [added: 2025] 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: 2023] [added: 2024] fiscal year.

The information required by this Item 12 is incorporated by reference to the definitive proxy statement related to our [removed: 2024] [added: 2025] 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: 2023] [added: 2024] fiscal year.

The information required by this Item 13 is incorporated by reference to the definitive proxy statement related to our [removed: 2024] [added: 2025] 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: 2023] [added: 2024] fiscal year.

The information required by this Item 14 is incorporated by reference to the definitive proxy statement related to our [removed: 2024] [added: 2025] 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: 2023] [added: 2024] fiscal year.

| Exhibit | | | | | | | | | [removed: | | |]

| No. | | | | | | Description | | | [removed: | | |]

| 2.1 | | | — | | | [Agreement and Plan of Merger by and among Blattner Holding Company, Quanta Services, Inc., Quanta Merger Sub, LLC and certain shareholders of Blattner Holding Company, dated as of September 1, 2021 (previously filed as Exhibit 2.1 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/d73735dex21.htm) | | | [removed: | | |]

| 3.1 | | | — | | | [Restated Certificate of Incorporation of Quanta Services, Inc. (previously filed as Exhibit [removed: 3.1] [added: 3.2] 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: Quanta’s] Form 8-K filed [removed: March 26, 2019] [added: May 31, 2024] and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519086712/d727794dex31.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312524151797/d681375dex32.htm)] | | |

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

| [removed: 4.1ˆ] [added: 4.1] | | | — | | | [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/1050915/000105091524000009/pwr-ex41x12312023.htm) | | |] [added: 1934 (previously filed as Exhibit 4.1 to the Company’s Form 10-K for the year ended December 31, 2023 filed February 22, 2024 and incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091524000009/pwr-ex41x12312023.htm)] | | |

| 4.2 | | | — | | | [Form of Common Stock Certificate (previously filed as Exhibit 4.1 to the Company’s Registration Statement on Form S-1/Amendment No. 2 filed February 9, 1998 and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/0000930661-98-000272.txt) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/0000930661-98-000272.txt)] | | |

| 4.3 | | | — | | | [Indenture, dated as of September 22, 2020, between Quanta Services, Inc. and U.S. Bank National Association, as trustee (previously filed as Exhibit 4.1 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/d940038dex41.htm) | | | [removed: | | |]

| 4.4 | | | — | | | [First Supplemental Indenture, dated as of September 22, 2020, between Quanta Services, Inc. and U.S. Bank National Association, as trustee (previously filed as Exhibit 4.2 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) | | | [removed: | | |]

| 4.5 | | | — | | | [removed: [Second] [added: [Third] Supplemental Indenture, dated as of September 23, 2021, between Quanta Services, Inc. and U.S. Bank National Association, as trustee (previously filed as Exhibit [removed: 4.2] [added: 4.3] to the Company’s Form 8-K filed September 23, 2021 and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm)] | | |

| 4.6 | | | — | | | [removed: [Third] [added: [Fourth] Supplemental Indenture, dated as of September 23, 2021, between Quanta Services, Inc. and U.S. Bank National Association, as trustee (previously filed as Exhibit [removed: 4.3] [added: 4.4] to the Company’s Form 8-K filed September 23, 2021 and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm)] | | |

| 4.7 | | | — | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of [removed: September 23, 2021,] [added: August 9, 2024,] between Quanta Services, Inc. and U.S. Bank [added: Trust Company,] National Association, as trustee (previously filed as Exhibit [removed: 4.4] [added: 4.2] to the Company’s Form 8-K filed [removed: September 23, 2021] [added: August 9, 2024] and incorporated [removed: herein] [added: therein] by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312524197895/d746340dex42.htm)] | | |

| [removed: 4.8] [added: 4.9] | | | — | | | [Form of [removed: 2.900%] [added: 2.90](https://www.sec.gov/Archives/edgar/data/1050915/000119312520254673/d940038dex42.htm)[%] Senior Notes due 2030 (previously filed as Exhibit [removed: 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] [added: 4.3 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) | | | [removed: | | |]

| [removed: 4.9] [added: 4.10] | | | — | | | [Form of [removed: 0.095%] [added: 2.35](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm)[%] Senior Notes due [removed: 2024] [added: 2032] (previously filed as Exhibit [removed: 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] [added: 4.6 to] the Company’s Form 8-K filed September 23, 2021 and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex42.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm)] | | |

| [removed: 4.10] [added: 4.11] | | | — | | | [Form of [removed: 2.350%] [added: 3.05](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm)[%] Senior Notes due [removed: 2032] [added: 2041] (previously filed as Exhibit [removed: 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] [added: 4.7 to] the Company’s Form 8-K filed September 23, 2021 and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex43.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm)] | | |

| [removed: 4.11] [added: 4.12] | | | — | | | [Form of [removed: 3.050%] [added: 4.75](https://www.sec.gov/Archives/edgar/data/1050915/000119312524197895/d746340dex42.htm)[%] Senior Notes due [removed: 2041] [added: 2027] (previously filed as Exhibit [removed: 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] [added: 4.4 to] the Company’s Form 8-K filed [removed: September 23, 2021] [added: August 9, 2024] and incorporated [removed: herein] [added: therein] by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312521280711/d224279dex44.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312524197895/d746340dex42.htm)] | | |

| 10.1* | | | — | | | [Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.1 to the Company’s Form 8-K filed May 24, 2019 and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex101.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex101.htm)] | | |

| 10.2* | | | — | | | [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: | | |]

| 10.3* | | | — | | | [Form of RSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.2 to the Company’s Form 8-K filed May 24, 2019 and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex102.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex102.htm)] | | |

| 10.4* | | | — | | | [Form of RSU Award Agreement for awards to non-employee directors pursuant to the 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.3 to the Company’s Form 8-K filed May 24, 2019 and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex103.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex103.htm)] | | |

| 10.5* | | | — | | | [Form of PSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (previously filed as Exhibit 10.4 to the Company’s Form 8-K filed May 24, 2019 and incorporated herein by [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex104.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312519157174/d765169dex104.htm)] | | |

| 10.6* | | | — | | | [Form of RSU Award Agreement for awards to employees/consultants pursuant to the 2019 Omnibus Equity Incentive Plan (adopted August [removed: 2023)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [(previously] [added: 2023) (previously] filed as [removed: 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] [added: Exhibit 10.5 to the Company’s] Form 10-Q for the [removed: 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] [added: quarter ended September] 30, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex105.htm) [filed] [added: 2023 filed] November [removed: 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] [added: 2, 2023 and] incorporated herein by [removed: 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) | | |] [added: reference)](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 [removed: 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] [added: 2023) (previously] filed as Exhibit 10.6 to the [removed: 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] [added: Company’s] Form 10-Q for the [removed: q](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000164/pwr09-30x2023ex106.htm)[uarter] [added: quarter] ended September 30, [removed: 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] [added: 2023 filed November] 2, [removed: 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) | | |] [added: 2023 and incorporated herein by reference)](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) | | | [removed: | | |]

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

| 10.10* | | | — | | | [Employment [removed: 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] [added: Agreement, dated August] 1, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[,] [added: 2023,] by and between Quanta Services, Inc. [removed: 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] [added: and Jayshree Desai (previously] filed as Exhibit 10.2 to the Company’s Form 8-K filed [removed: A](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm)[ugust] [added: August] 3, [removed: 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] [added: 2023 and] incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex102.htm) | | | [removed: | | |]

| 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 [removed: reference)](http://www.sec.gov/Archives/edgar/data/1050915/000105091517000057/pwr9-30x2017ex101.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091517000057/pwr9-30x2017ex101.htm)] | | |

| 10.12* | | | — | | | [Employment [removed: 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] [added: Agreement, dated August] 1, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[,] [added: 2023,] by and between Quanta Services, Inc. and James Redgie Probst (previously filed as Exhibit [removed: 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] [added: 10.3 to] the [removed: 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] [added: Company’s Form 8-K filed August] 3, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) [and] [added: 2023 and] incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)[](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex103.htm)] | | |

| 10.13* | | | — | | | [Employment Agreement, [removed: 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)[,] [added: dated August 1, 2023,] by and between Quanta Services, Inc. [removed: and](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [Derrick] [added: and Derrick] A. [removed: Jensen](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [(previously] [added: Jensen (previously] filed as Exhibit [removed: 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] [added: 10.4 to] the [removed: 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] [added: Company’s Form 8-K filed] August 3, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) [and] [added: 2023 and] incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523202254/d470531dex104.htm) | | | [removed: | | |]

| [removed: 10.14*] [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: 10.15*] [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: 10.16*] [added: 10.17*] | | | — | | | [Quanta Services, Inc. Term Sheet for [removed: 2023] [added: 2024] Annual Incentive Plan – Corporate Employees, Quanta Services, Inc. Term Sheet for [removed: 2023] [added: 2024] Senior Leadership Long-Term Incentive Plan and Quanta Services, Inc. Term Sheet for [removed: 2023] [added: 2024] Discretionary Plan – All Employees (previously filed as Exhibit 10.1 to Quanta’s Form 8-K filed March [removed: 14, 2023] [added: 8, 2024] and incorporated herein by [removed: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312523070235/d485507dex101.htm) | | |] [added: reference)](https://www.sec.gov/Archives/edgar/data/1050915/000119312524063768/d808539dex101.htm)] | | |

| [removed: 10.17*] [added: 10.18*] | | | — | | | [Director Compensation Summary, [removed: adopted](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [March] [added: adopted March] 29, [removed: 2023](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [and] [added: 2023 and] effective as of May [removed: 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] [added: 23, 2023 (previously] filed as Exhibit [removed: 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] [added: 10.1 to] the [removed: 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] [added: Company’s] Form [removed: 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] [added: 10-Q for] the quarter [removed: ended](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) [March] [added: ended March] 31, 2023 filed May 4, [removed: 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] [added: 2023 and] incorporated herein by reference)](https://www.sec.gov/Archives/edgar/data/1050915/000105091523000080/pwr03-31x2023ex101.htm) | | | [removed: | | |]