Segment Information | Beginning in the three months ending March 31, 2025, Quanta Services, Inc.’s (Quanta, we, us or 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, Quanta will begin reporting the results of its two operating segments, which will also be its 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 Infrastructure Solutions and Renewable Energy Infrastructure Solutions segments. As a result, Quanta is providing an unaudited presentation of its recast segment data for the quarterly and year-to-date Three Three Six Three Nine Three Twelve 2024 2024 2024 2024 2024 2024 2024 Revenues Electric Infrastructure Solutions (a) $ 3,911,124 $ 4,486,880 $ 8,398,004 $ 5,233,887 $ 13,631,891 $ 5,380,488 $ 19,012,379 Underground and Utility Infrastructure Solutions 1,120,695 1,107,507 2,228,202 1,259,280 3,487,482 1,172,934 4,660,416 Consolidated revenues $ 5,031,819 $ 5,594,387 $ 10,626,206 $ 6,493,167 $ 17,119,373 $ 6,553,422 $ 23,672,795 Operating income (loss) Electric Infrastructure Solutions (a) (b) $ 302,871 $ 426,581 $ 729,452 $ 576,014 $ 1,305,466 $ 653,226 $ 1,958,692 Underground and Utility Infrastructure Solutions (c) 46,888 81,593 128,481 93,956 222,437 42,593 265,030 Corporate and Non-Allocated (194,405 ) (200,944 ) (395,349 ) (238,809 ) (634,158 ) (243,096 ) (877,254 ) Consolidated operating income $ 155,354 $ 307,230 $ 462,584 $ 431,161 $ 893,745 $ 452,723 $ 1,346,468 Operating margin Electric Infrastructure Solutions 7.7 % 9.5 % 8.7 % 11.0 % 9.6 % 12.1 % 10.3 % Underground and Utility Infrastructure Solutions 4.2 % 7.4 % 5.8 % 7.5 % 6.4 % 3.6 % 5.7 % Corporate and Non-Allocated (3.9 )% (3.6 )% (3.7 )% (3.7 )% (3.7 )% (3.7 )% (3.7 )% Consolidated operating margin 3.1 % 5.5 % 4.4 % 6.6 % 5.2 % 6.9 % 5.7 % See notes to follow. (a) During the three and twelve months ended December 31, 2024, revenue of $30.2 million was recognized in the Electric Infrastructure Solutions segment in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019. The segment operating income impact related to this award was $20.7 million, including the reimbursement of certain cost of services and net of $18.5 million of foreign currency translation losses in connection with Quanta’s substantial liquidation from Latin American operations. (b) Included in operating income for the Electric Infrastructure Solutions segment was equity in earnings of integral unconsolidated affiliates of $12.3 million, $8.6 million, $14.0 million and $15.5 million for the three months ended March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. (c) Included in operating income for the Underground Utility and Infrastructure Solutions segment were losses of $10.7 million, $0.5 million and million during the three months ended March 31, 2024, June 30, 2024 and September 30, 2024 on the disposition of a non-core business. (d) Included in corporate and non-allocated Three Three Six Three Nine Three Twelve 2023 2023 2023 2023 2023 2023 2023 Revenues Electric Infrastructure Solutions $ 3,344,337 $ 3,804,622 $ 7,148,959 $ 4,236,183 $ 11,385,142 $ 4,482,056 $ 15,867,198 Underground and Utility Infrastructure Solutions 1,084,489 1,243,988 2,328,477 1,384,639 3,713,116 1,301,892 5,015,008 Consolidated revenues $ 4,428,826 $ 5,048,610 $ 9,477,436 $ 5,620,822 $ 15,098,258 $ 5,783,948 $ 20,882,206 Operating income (loss) Electric Infrastructure Solutions (a) $ 250,805 $ 354,504 $ 605,309 $ 447,565 $ 1,052,874 $ 437,684 $ 1,490,558 Underground and Utility Infrastructure Solutions 61,573 107,207 168,780 123,764 292,544 85,433 377,977 Corporate and Non-Allocated Costs (b) (186,518 ) (182,438 ) (368,956 ) (171,000 ) (539,956 ) (200,603 ) (740,559 ) Consolidated operating income $ 125,860 $ 279,273 $ 405,133 $ 400,329 $ 805,462 $ 322,514 $ 1,127,976 Operating margin Electric Infrastructure Solutions 7.5 % 9.3 % 8.5 % 10.6 % 9.2 % 9.8 % 9.4 % Underground and Utility Infrastructure Solutions 5.7 % 8.6 % 7.2 % 8.9 % 7.9 % 6.6 % 7.5 % Corporate and Non-Allocated Costs (4.2 )% (3.6 )% (3.9 )% (3.0 )% (3.6 )% (3.5 )% (3.5 )% Consolidated operating margin 2.8 % 5.5 % 4.3 % 7.1 % 5.3 % 5.6 % 5.4 % (a) Included in operating income for the Electric Infrastructure Solutions segment was equity in earnings of integral unconsolidated affiliates of $9.6 million, $9.4 million, $11.7 million and $10.9 million for the three months ended March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023. (b) Included in corporate and non-allocated |