PWR - Earnings call transcript Q4 2017

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Operator

Greetings, and welcome to Quanta Services Fourth Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. It is my pleasure to turn the conference over to your host Mr. Rupp. Kip you. Thank

begin. You may

Kip A. Rupp

XXXX and website quarter welcome a Quanta you, Media full to release in be the Investors quantaservices.com. everyone conference call. fourth & year and earnings quarter issued of our Services which This can announcing found our Thank section fourth the results, at morning, press we

section include Please morning the Private XXXX These time-sensitive qualify beliefs forward-looking be statements that relate any accurate that longer to we commentary events the we posted as expectations, of in of Investors historical on speaks Additionally, Reform reflecting the and replay this intended have website. not that XXXX. no a Quanta's today, or Safe solely only performance outlook summary by assumptions, the therefore, from intentions, of & reported current will information under liability, as any Securities established of facts. Litigation Media discuss all statements or XXXX. Act you're may advised remember, or this call. February include of this call our do And future our call information Harbor to about or This will XX, of

statements implied. to Forward-looking that those may results certain Quanta's and control, actual or are uncertainties predict assumptions all involve risks, difficult and beyond from or differ expressed materially

or and risks, website. which and Annual our with please available XX-K assumptions, XXXX Exchange Securities uncertainties these its Form refer cautionary of the some SEC's Quanta's issued release are documents press in and concerning today language on Commission, filed on the information included additional along the the For Report other company's to with

to their by place website. most we the any on Media and third-party posted note does not measures made financial regarding of not directly non-GAAP to written subject statements Quanta or obligation in will of And financial have forward-looking comparable and Investors any this should of present call. statements. such reconciliation reliance any disclaims in our these statements, the today's matter undertake also call oral undue update measures GAAP certain that & Please measures section You

like through for to & news information, Investors publishes Quanta of Media other alerts up e-mail please section would be notified you the sign releases if Lastly, when and quantaservices.com.

encourage our We on to Duke? Quanta's over Quanta to website. Austin, CEO. like in also our listed others President Services and channels and the turn IR on to I follow that, investors social Duke interested company With Quanta media the now and would Mr. call

Earl C. Austin, Jr.

Quanta fourth end Thanks, Kip. Good the Services call. to year XXXX quarter earnings and morning, conference everyone, welcome and

provide On will before Chief Derrick a Officer, results. the operational Quanta's who turning to provide it call, will I of our Financial fourth commentary quarter review and detailed Jensen, strategic over

approximately and Derrick's and and of our of are we announced revenue year we made in last we XX%. including, year fourth which of position adjusted projects our in backlog and Quanta the more comments, does several with to energy XXXX infrastructure the marketplace per include ended goals by share previously the than year excess We after XXXX, earnings quarter. XX% billion, the increasing not record with end and larger in growing $XX believe the communications separate welcome accomplished was in Quanta, pleased We for last Following will we the year a your industries. and strong questions. utility, operational many strategic strategic investments continue

shortly. XXXX, restoration class states workers line We to power In recently to Northwest Canada. and multiple first all fourth the efforts. in XXXX, training. in natural believe, support assist our and starts the we XX continue in and states thousands more safety, completed of to six Caribbean of we College, another about which power and multiple quarter, response disasters responded line worker deployed In which, pre-apprentice with hurricanes several lead we I program acquired the developed we electric in we And in Lineman customers' to will internally industry major during talk across islands detail

established an service revenues XXXX, million assist to Quanta friends, new our on largest profitable transmission company for the and which double-digit through donations base our growth employees, as $X.X more to to expansions provide as customers. in our through was share We were differentiated focused We also our evidenced accomplished suppliers, further by well and many history, Cares, than from company's raised business as positioning line for XXXX in electric customers. agreements, ability project solutions employees Quanta impacted signed We MSA increased which matching EPC that existing with by which demonstrated growth, disasters. long-term MSA over in contract

project, This downstream industrial industrial this We services been resulted in and of we XXXX. acquisition on billion of $XXX capital first on-boarded at maintenance. services Quanta established and to of infrastructure employees approximately U.S. the infrastructure and backlog received XX% performed with United estimate the the Excluding storage infrastructure million in States. EPC through available well XXXX the including booking states. the our backlog We very our market-leading year services space has than path customers in believe, projects. XXXX invest engineering backlog. in eight capital a multiple construction up of and platforms over we that increased in projects in successfully growth, and tank hundreds Stronghold, critical secured more of $X provides presence established by in end for services communications and XX future construction in which, to We launched customers

for improvement. and the we are have skilled are XXXX access achievements, to These in believe investments, which high-voltage project the just some executed on EPC Also, of to we West and these in room marketplace. of differentiate Quanta Alberta. Quanta large we and needed in two labor craft transmission accomplishments future several training in is while proud on growth industry-leading strategic will there initiatives us recruiting McMurray that construction began minority has Fort we including for the Additionally, ensure projects

opportunity on stockholder we our significant to as execute returning create value continue strategic believe to to our which initiatives, We historical includes margin operating there's levels.

the environment are of revenues Infrastructure and prolific in Power our multi-year we're Services segment XXXX. our are U.S. Electric Gas believe double grew we digits to continued and a stages in we Both markets across end expect a and XXXX in Oil XXXX, growth early the growth by cycle. that continue in over and in We

and While larger We work of our that projects much maintenance grew capture estimate day is our accounted it XX% growth. more work XX% in revenues this driving the type projects, the for of and headlines generate excitement, than and smaller is every of XXXX.

and are in Each spending billion hundred addressable annual could double-digit of activity for markets believe opportunity periods. this in several growth at forward, OpEx some each growth strong. over our large, Looking compound mid-single accounting for digit of we our grow expect the rate with remain dollars aggregate a markets annual We to medium-term end CapEx spend.

at in our the two Quanta for decades growth expanding and XX,XXX year top to aggregate the our XXXX spend two are the end perform in For think years. customers employees A majority greater has and next end investing best work we annual and example, electrical everyday and XX% growing, the transmission in provides of grow XX we in the and their skilled CapEx over estimated than for has largest craft workforce been industry. drives Quanta. labor opportunity the distribution with market meaningful

We expertise adjacencies advanced expanding more to end into offerings are that our spend. us markets' and leveraging with of construction allow labor solution capture skilled our and craft annual market

distribution of our margin by a example, crew gas operations These improve XX% but head total distribution organic increases For operations created in us organically margin give states. in the to as should XX we count productivity grew we and expansion approximately a XXXX, and have in that scale. these short-term extended our efforts two states confident gas pressure, are presence

just We a service business will complemented growing continue It invest brings on industry innovate for strive trends. what our the and important the larger to solid our consistent We that offering long-term, more remain across to we should well work focus operate us. do is accept lines, note underpinning recurring market of to continually and ahead provide by projects. business solution our which in this and to not

allows in as we'll in over and past. end have have has balance us we critical and value safety competitive gives our not collaborative the success their the in the deployment markets scale, scope, customers a the them relationships in we solutions record capital position did role our to partner provide sheet that We leadership plans. the us believe doing they so execute We with advantage with Our our continue years have market establishing today. to a played and

pipeline also and larger over an for projects We increase the see transmission electric mainline next few years. in

billion, Project Generation Catcher reflected in with we value XXXX as to comprehensive for South our earnings of we a Canada The a AEP's in larger Florida. signed it's XXXX, release respect Wind has construction in contract backlog. January, morning, Tie for NextBridge, to For for projects signed not project Tie and but Line, yet transmission Line in Ontario services in excess $X large example, provide contract and disclosed East-West transmission a contracts early which this electric in in

million. in being a two aggregate this a added the of mainline on the budget. value for projects and Quanta Enbridge's and model, in $XXX two projects projects XXXX, and Replacement that time on large larger Canada; we focus of safety, diameter our signed spreads estimated of secured for pipeline of pipeline Line our early the disclose confidentiality The contract our with not in in X on with Virginia For executing people Coast XXXX backlog; spreads safely has strategic mainline Project work value our our agreements large our to and our for for project pipeline and other earlier estimated that with West us are month, earned we quality contract preferred signed announced pipeline in we to customers; coupled training self-perform three Atlantic contracts of an excess Pipeline to projects work able on employer reputation due industry,

self-perform execution across believe construction our a to allowed geographies provide many and to we end-markets has Our and customers that offer cost our unmatched. of solution us EPC is certainty

is demand and skilled our challenging. levels and investments, industry a result, is resources provide in solutions customers industry of workforce As specialized, operating expand, of are even we and growing the increasingly we ability the historic labor the are the high have to The skilled the largest meeting though for needs strained. and capital

safety, needed years, strategic and in to business of and needs to increasingly For have ensure our investments a qualified self-reliant grow has many we Quanta recruiting to meet training the and become customers. made our workforce

is college provides qualified craft skilled is line organization and training a believe transformative Their Our activity, and and needs training is educational facility, training in partnership and of is pre-apprentice addition worker's scalable ongoing the should of that for in training affiliations the labor. To the line this with groups, workers meeting industries allow College, full and accredited service a trade we our apart and demonstrate institution morning, train investment us Lineman Quanta's operations marketplace. expertise is and end, and expand geographies, NLC lifespan to NLC through our in our to the or Northwest educational customers career. long-term educational across us sets commitment training and that their which and country. of to the announced across education and premier other and the ability all largest strategic Quanta's regional world-class lines. NLC, an our training apprentice to and the attract we acquisition

and believe and distribution we gas example, we benefit industry, developing which our curriculum industries, customers. for are For communication natural will our new Quanta, the

workforce people differentiator. Quanta The already we the in is transform unique. facility world, the powerful we serve. the addition the industry-leading education Quanta's a what to and of workforce ability NLC, believe We industries are the is Our our which training believe skilled has NLC and field makes craft in best to

to We with are acquisition. XXXX start proud this off

are we improvement. what We but on further with are XXXX, focused pleased accomplished in

We end achieve believe firmly this opportunity in place market the year. drivers we that continue levels to and to have of that are backlog record

consider types nature recurring projects we to continue We other in to and expect work of that smaller grow. MSAs,

and electric alliance believe high-voltage the projects communications programs pipeline opportunity expect medium-term. robust also We services a our the project larger larger ahead cycle over transmission continued the multi-year grow. with and infrastructure see and award diameter operations We us near market is to of for multi-year of

it the improved morning for reform. share growth. and of growth our even to and midpoint adjusted profitability Oil As first tax billion has revenues and our of effect beneficial a $XX the revenue time and note, and of this is announced expectations in guidance XXXX, solid guidance earnings segments excluding Electric that Gas the the our result, Power equates guidance exceeded both range per $X, Of EPS reflects

have the of As risks outcomes we guidance a our we and our inherent typically do approach reflect believe to ranges at the we with prudent in the based are year, what possible margin revenue to taken on beginning the business.

are risks of more financial due releases, weather, of all in project results. the these general can and of to starts earlier year, which unpredictable the Some budget our affect pronounced customer timing

In projects. the not of all addition, earlier activity on pipeline third stages expected we're to second and the mainline of construction begin the larger of year. this ramping is in almost notably, until Most certain quarter increased

As gain the at dynamics, adjustments guidance year expectations we upward they're better our progresses adjust are the as timing warranted, setting our the industry To ideally prudently needed. performance, outset. and the due we into visibility typically and project extent to

best-in-class we'll distinguish and field continue We on the through are execution business focused leadership. and the long-term safe ourselves to operating for

of and will fourth opportunities customers. pursue long-term over generate Jensen, Quanta's his We industry solutions for CFO foundation to and to continue provide stakeholders. Derrick our the the review quarter for position our model our and to the turn enhance that, will leadership Derrick? that business will results. unique believe allow us core entrepreneurial in mindset is call now We our value to I With Quanta's innovative operating to

Derrick A. Jensen

common billion, net $X.X diluted operations and attributable compared backlog compared at XXXX for tax fourth undistributed of based of of assets quarter of Duke, offset XXXX continuing total fourth $XX.X $XX.X tax was impacted per with Jobs of a million quarter which the diluted of to income are million $X.XX net $XX.X to everyone. $X.XX Thanks, XXXX from attributable XXXX. diluted XXXX common XXXX. of backlog the U.S. tax adjustments reform we share of per fourth stock, the tax on billion, and XX, corporate the re-measurement quarter per $X.XX record was XX, good the share benefit partially Certain and items share levels. common over $X.XX The diluted earnings Consolidated attributable to and December Net estimated impacting from announced XX.X% lower $XXX.X million a Tax in Cuts was rate Favorably stock benefit fourth or tax the fourth of profits reflected quarter approximately Adjusted XXXX. calculation. operations million per The adjusted December on the $X.XX morning, share includes million for deferred associated certain of the re-measurement diluted our U.S. continuing of foreign as enactment the and or is per increase XXXX. both record Act quarter on benefit Today, a $XX.X at measure, to was fourth stock of earnings XX-month earnings quarter XX%. to liabilities share, associated with income quarter federal by of is non-GAAP $XX.X $X.XX of billion revenues fourth the in an transition and subsidiaries. or

segment. impairments our asset $XX.X diluted of with per net as fourth Services revenues associated these tax approximately X% million and the were of that – within offset share result recapitalization diluted Gas Oil Additionally, consolidated and tax or of the which of units was million the per transition revenues. units on benefit negative aggregate efforts or entity of impacts This fourth $X.XX two of and a generated partially operating cash Quanta-led $XX.X by tax of impact $X.XX quarter. favorable quarter various goodwill tax impact The of restructuring a XXXX The $XX.X undistributed tax reporting our intangible earnings. negative represent offset primarily in foreign of culminated net for were the the million, benefit reporting Infrastructure share,

dilution to in Electric operations or projects as associated revenues, primarily XX.X% quarter margin their increase fourth and necessary So, to million continue primarily segment, the higher spending XXXX. transmission also the restoration quarter favorable proportion the services emergency scale within operations, Electric higher segment We of Electric margins and higher investments associated the making transmission included a efforts, X.X% the additional segment to operating due improved To expect material broader was increase to believe segment have electric this the for fourth expectations. with of services larger XXXX, lesser as $X.XX as revenues project in digits results slight segment extent $XX.X across This to that are a mention tipping further the effect not would of Power positive Power to fourth including well a are was to of our and to of results, the communications startup our are This discuss have to revenues I customer point exceeded revenues. the in margins. increased in consolidated our X.X% operations a the communications quarter segment Without execution double when Power in to increased growth want billion. support XXXX. with work. our compared electric on to at Power compared profitability Electric the negative Operating due these quarter. we XXXX infrastructure

These projects Total which to XX, December when of these decrease acquisition for XX-month compared transmission projects. from $X.X an in offset of which due segment and $X partially was compared backlog Stronghold XXXX. XX% was comments. segment December market to with also the stronger incrementally by to and XQ to when in referenced Power an and increase larger end on backlog was due the incremental increases revenues increase As segment of is the continue was a billion, quarter pipeline of timing his XQ to third incrementally Electric million the revenues increase for $XXX.X Gas XXXX. increased billion, stronger quarter-over-quarter reflect XX% Duke to XX, of drivers Oil XXXX, XX.X% the the that This primarily in from and revenues opportunities XXXX.

we in projects whereas XXXX, XXXX. decrease was several significantly Operating lower larger This transmission had in XXXX. with larger projects begin pipeline XXXX margin XQ of During distribution to to deferral others nearing of larger and to some from of newer lower completion on on from of in performance. as associated suspension transmission with X.X% a full as were operations due as projects revenues, result Stronghold well construction, as XQ contribution pipeline XQ ramp continued decreased XQ the X.X% temporary of XXXX, certain crews largely margins work, in impacts degree pipeline the work Hurricane transmission most to project in scheduled the Harvey, or seasonality

which Oil September of the XX, and increase segment XX, XX-month XXXX, end's decrease at in to Gas and previously due X.X% backlog to As X.X% was last the levels December XX, mentioned from which year compared segment XXXX, of for compared a when primarily goodwill to $X.X fourth the billion, backlog comparable was billion, last increase compared was year. XQ million $X.X when an end was of for backlog. and September quarter non-allocated XX% XX-month a of was this increased that the Total costs to XXXX of XXXX, $XX.X to represents as charges. Corporate XXXX impairment

at $XXX compares flows quarter were of continuing in to million payments activities due which was flows the operating activities million. flows. year-over-year expenditures somewhat provided year-end million XXXX. million and from free The pension impacted $XXX fourth contributed is The were cash plan liability, year For withdrawal for settlement compared from had fourth due of the operating December X.X year for to shares resulted the negatively At common XXXX. when cash operating the slightly stock contributed by for ended activities in at $XX $XXX of in XXXX, million fourth flow of timing cash repurchase million the originated our us million our the DSOs cash of quarter to and approximately decrease as and fourth when year-end multiemployer positively compared and across million repay of under quarter us approximately XXXX largely a flow also the $XXX December year had from credit quarter, flow. XX, $XX outstanding in cash flows of million of as $XXX in total million related guarantees XX, flows were up the borrowings down The cash projects. days which million year the facility We in XXXX, cash. XXXX. million. leaving $XXX XX increase billing days fourth total $XXX under operations capital we incremental XX of XXXX, million full quarter liquidity XXXX. cash million of days to $XX the to XXXX This last with outstanding approximately allowed in to cash credit of of of from for XX annual DSOs $XXX XXXX bank quarter flows cash facility, third of we operating to Net had free $XXX of our letters This in free various $XXX credit to terms of year. approximately

Turning revenues year billion the XXXX, expected are $XX.XX to full guidance, between range our for to billion. $X.XX and consolidated

guidance Electric continued These Power momentum operations record compared and driven emergency million, revenue revenues of to our for our contemplates expectation million of to and restoration restoration expectations included $XXX XXXX in emergency of of note, XXXX. represent billion growth approximately $XXX $X range billion. by revenues XXXX. over our communications levels as Power segment of $X.X are Of Electric in revenues Our

results. both addition, include revenues expectations Catcher projects, construction to which Northern previously approval Transmission subject Wind represent regulatory to announced are and and our do our the of would additional XXXX In Electric Power with not upside Pass associated

revenues third fourth second to fourth then with and growth seasonality, of to be rates through the the ramping quarter. first the the quarter growth quarters, be it in XX% and moderating third XX% quarters reducing between Quarter-over-quarter year in and lowest, quarter. the the As and first could quarter-over-quarter and the we in relates expect second for

our the the greater opportunity part latter and range segment operating in We potentially during resulting be to the XXXX and for third Electric relative expect Power and see revenue of year, We margins XXXX. of the revenue in quarters to the compared X.X%. principally X.XX% to increasing fourth between end to offer growth XXXX high

seasonal growing XX% of be approximately comparable We on in exceed quarters. X%, third first expect effect to the the and to margins XXXX will margins operating with quarter fourth

Although double-digit the full of operating high operations in to end communications our ramp, Power expectations margin diluting year margins, our the contemplate Electric segment. slightly continue margins

operating we contribute The Oil $XXX growth high we from is upper-single-digits in However, year-over-year and communications the revenues of to and income revenues. could year attributable end Oil contribution Stronghold, to will full by at and margins XX% segment reach $XXX in a Gas revenues million believe million end XXXX. our which growing Gas of The roughly the continue expect year. contemplates range partially relative revenue to between

margins $XXX to Gas quarter million, As a would in low quarter Oil first which as segment, X% for similar range. fourth may the the pressure of the revenues and XXXX, manner seasonality to yielding X% have due timing projects, margins the the as as to in of potentially

third projects may and other variability expense decline fourth margins for XXXX, significant other ramp as In and other defer within interest expense are $XX income areas have of calls our our in have last operating Two prior revenues our activity for margins compared year third expected further to to as into activity. million are second which in much over and line and quarters, the million, improve that approximately and that $XX the XXXX However, ramp-up a We to investments. that commentary the Overall, a of quarter XXXX Power, Oil million to into Electric forecast increase venues XXXX to due Similar anticipate revenues approximately Recall increase us quarter as $XX for expense to year, expense to is expected XX% revenues item with the in XXXX. quarter. increasing are to XXXX. third be the Gas you earnings other X.X% and are investments we and of and portion and on the partly expected construction be the segment community would to XXXX models financial X.X%. between taxes. which the Currently, income to relates in investment recall the and for these deferrals. in portion construction require margins

XX% rate our to our for projecting the quarter should between of effective the year. to being first year, impacts currently for as XXXX million interest approximately the be as for are $X due the of first compensation, low effects which rate with $X anticipate tax a We deductions tax be XX% non-controlling We majority to quarter. the stock-based million

between earnings $X.XX share adjusted For purposes and for assuming and of diluted are to between anticipate $X.XX. diluted around year to earnings We $X.XX we anticipate share per earnings calculated non-GAAP weighted adjusted outstanding. $X.XX XXXX, diluted for per attributable GAAP diluted be to ended and per be to the million share XXX.X shares common stock the year

non-GAAP in are included transactions historical of guidance. transactions The a per the XXXX. our are our these quarter release. share forecasted calculations of the on two first estimated of measures adjusted results presented diluted Our similar earnings closed to basis in We during

these $X.X are which will However, and integration approximately impact the associated first per acquisition there GAAP quarter with transactions, costs share of diluted million expectations. earnings

restoration is Our XXXX. guidance. record extending of order revenues share of each in $XXX this facility to of make X.X, revenues ended We Reflecting credit with we fourth to $XX annual generated of demand debt growth investments cause revenues prudent million. comparisons the million supporting pursue $XXX record continue opportunistic for could to our to full in rates support revenues, year working capital achieving actual XXXX deployments ended emergency capital for business, differ the of repurchases project various of ratio from on guidance to year record maturity and EBITDA deploying the foreign exchange million We believe exchange acquisitions, quarter year record supported segment. we demands service and for which by We year and growing capital on working the approximately foreign our during Fluctuations reflects to difficult of results and financial a our prior the periods share allowing comparable repurchases. XXXX, acquisitions to us while investments. to rates could and while

We have financially record XX-month concludes beyond. presentation formal Q&A. our in for open and now are and and This that well we'll we profitable positioned total and backlog XXXX for and Operator? the we operationally growth continued line believe

Operator

you. be this question-and-answer Thank conducting session. time, At we'll a

Our from with with KeyBanc. question first Afzal question. is Please proceed Tahira your

Tahira Afzal

team. on all, a and outlook, Duke solid congratulations First of

Earl C. Austin, Jr.

Tahira. you, Thank

Tahira Afzal

other you Duke, spending your And like you've budget transmission out day. you up. is look Can by plan, restoration some going project light? electric T&D live storm area of Southeast. anything if namesake distribution to an the work? on That's there utility new upping seen the there They're came got from that a the XX% Seems pretty area much the resilience of with past. bringing Is solid that's year-on-year. work haven't going sort in in shed the at a on three-year apart we some

Derrick A. Jensen

communication about about it. power a CapEx When our is which and hearing talk what that's segment very we out talking about of a nature hear when Yeah, talk the customers, on. Tahira. think came and I of and that's budgets on We the think and thing of the that same that about going about for CapEx growth, our going that Power is really matter. a utility talked what We're basis things OpEx standpoint. lot was a – lot the base we the business, their XX% Duke side on and OpEx a one of what's lot Gas we're the customer budgets grows Again, about. we about not them from drives Electric but of the

all macro bullish and about those of what and support growing so customers seeing you're it's and we nicely why yes, underneath, quite So the and Electric it's markets. we're Power underpinning the demand Gas

We continue the to about growth. and over over and again talk it over about

it. that's sustain see the Electric as so as And and you're it's far medium-term business, for what the in seeing to going we Power

Tahira Afzal

more about the school. commentary. lot your Got Day, it, your and the And showing that's Duke. Last something about is second talked Analyst you on a up question training it's in been training day,

it is Is Would going share how school, remain either of to to you regionally? market the market With more to an love this competitive get it maintain helps gain give going or the you strategically you the help acquisition on idea leeway pricing share. your of side?

Earl C. Austin, Jr.

school. accredited call I bought think it college, I it's unique. a We Yeah, wouldn't a

what doing all issues academia Quanta, So training is it, we when about as have, just allows and train labor, we the they something core the boots is what we with around we're ground of makes think and for cost adding it our field. that look, when the industry to labor. are does industry we and clients, and us craft Northwest our of of to that have. who helps have of It apprentices. out, new same accomplish labor as we that us is the expedite different the Line it you feel it's and What on which well puts the the advanced already it trying is across to adds think that skilled And very we're it then us having we into world-class for putting all when because takes skilled recruit, what pieces and solutions world-class skilled also the what labor in certainty

so, and gas, field training the America it into in organically. and are. We've put of skilled enhance or piece, how and deploy verticals years enhance been and world-class, in who Q labor. resources grow ago dirty ramp can XX that in For about up years craft our labor. It'll other I guys the we almost skilled has the facility. five a is country Lazy business the trained It's with to craft with This the not North quickly front we believe which academia It'll and got word. that come we'll that whatever in we take telecom, best

we're to acquisition the So Quanta going and solution-based a proud very the industry. acquisition. help It's certainly of that's

Tahira Afzal

Thanks, Duke.

Operator

Noelle Our with next Dilts proceed your with question Stifel. Please is from question.

Noelle Christine Dilts

everyone, Hi, morning. good

Earl C. Austin, Jr.

morning. Good

Noelle Christine Dilts

I really starting understand up. sounds as picking pipeline small not market emphasizing you're focused on picking and and accelerating. market just it well large is So off, like diameter medium and up the overall

up. can just seeing looking? on thoughts update some relates these the to give as and be competitive us now picking an the is and large market of medium terms it overall you also on the small pipeline What market, you So pricing that, you're on us and of some give in outlook thinking environment How to and then, contracts? there if activity? seems about just And you're Canadian terms both can how the

Earl C. Austin, Jr.

Yeah, Noelle. the The that large America diameter as in capacity XXXX at pipeline market as far that's North we talked about being we goes. think and case still

We've such, and years of negotiated work. with like I of most are ago long-term projects. As far the these that things mean, them many way escalation as projects and pricing

So we're happy the that have. contracts with we

a continue markets we are exporting to way continue We clients, contracts to with out pipe. robust the well. the it's RFQs; The bids risk. to CapEx the about continue are the as RFPs, over far large there all our as their see and Obviously, as price negotiations, on markets looking. market talk the see alliances place past but We LNG XXXX, support

that So for looks good us.

not need on goes, As export oil. I think If the the that more in with far market going there gas U.S. robust. does export to you coastlines Canada LNG as happen, from get see you're or the

so you'll support And LNG pipes more see state. the in to

So to happen. one the other is going of

on which a the in is seeing are We pick-up in Canada, pipe markets diameter small good. the

that. on optimistic we're so And

Noelle Christine Dilts

South then That's helpful. then hurricane? if you Great. project T&D, can And the work? of that the Florida an that's following the that longer-term or if seeing opportunity in to and to work that announced, over related Florida clarify you're South about And some shifting could talk independent project Puerto rebuild it's you just Rico rebuild even around you if

Earl C. Austin, Jr.

going picked there's nice quite there Florida, down amount hurricane. We tremendous customers they mean, up Florida. modernization and the in of Yeah, nicely it in did on our job a grid really Florida, with I

job not we it the job, was when announced.... independent an was So itself –

Noelle Christine Dilts

Yeah.

Earl C. Austin, Jr.

million, robust. $XXX picking are the kind over is day say what's to on up. going market we the we But headlines there ...typically that so out that breadth Florida show make just don't that's large typical projects job independent there of the some would is of a that every job, that of there when announce was and in general I

then chose that. were opportunities continue to We to the We'll so States As trying important Rico. to it ramp to here far say times. our going was at I in with at just Rico, support and was point. people of and for stay multiple We've customer for rebuild on do there. that it a XXXX, base would and we us extremely constrained necessary already, Puerto Puerto ongoing at lot this there's for in it looked look to support as us down customers our

Noelle Christine Dilts

you. Thank Great.

Operator

next with question question. Matt is Stephens. from proceed Our Please Duncan with your

Matt Duncan

guys. morning, quarter. Good Hey. job Nice this

Earl C. Austin, Jr.

Matt. Thanks,

Matt Duncan

So, look $XXX timing and the on projects, Gas around first the to appreciate look and remember We're to I was going Stronghold, break what's guys Duke, $XXX but the makes Oil I you guide question correctly, I've segment, million pipeline when I in down of that XXXX. right? in if now talking your it be got to have conservative, XXXX. than in supposed do really million closer conservative less

utilized sounds pipeline million So this being, it there. more spreads you're XX% that's year about of more $XXX talking than diameter like last. And right than growth, large the that's

really perfect really large simple where some we on is going those you're than it to as diameter thinking to guidance dates, with until relation less work assume timing starts, should just So be was is? start about that what the of the as

Earl C. Austin, Jr.

think, there, if we're guidance, backed at are you I about million about off we the talked you about what it's we $XXX we prudent on million at outer. look the in look guided our that. When track we in large Stronghold, we we and and Matt, $XXX how think pipe how diameter look this not have Yeah, at to

We've a started few, started. have pipeline on we We have we of as today. maybe diameter large on not but construction not mobilized any our sit here

and to at to approach we take to to continue have move going as we're year, we a And we and the along. the prudent we'll look you we and will quarter we approach an gas take when that that. do So to or always update

through As through we I we the can some projects, along there. do execute that, think on contingencies move

upside there's Derrick can a or also guidance but there a sits let segment. outer today, think far on at growth. bit the EPS I I I least which as as to quarters, growth in we prudent talk includes growth about think it little the that put

Derrick A. Jensen

I take Duke's then the the the side, change see bit our forward, business big ability point Yeah. point, guidance, both And broadly or consideration a through substantial, base – margin we that cancellation, have segment, it's that I mean, biggest the as the guidance. we always base risk To into to you revenue move mean, we from delays on but standpoint delay the and operating expanding can of on in opportunity to a component overall of to look contribution. we're risk of that's and always to continue can to extent going the revenue a prudent to about higher income that's where within be we the some level happen. from awards, see the pretty of expand cancellations

Matt Duncan

little of appreciate know I in there? it my bit talk for that business concerned always the people market the consternation you can just then is investment there's second longer-term, And a pipeline is question of community, when a bit guys. helps. sort outlook That for little with about activity. about sticking Okay. I what the peak

would can in perspective a pipeline have U.S. I are You unique and you visibility projects we think the have contractor both see. on beyond the guys, that to largest Canada, obviously, all pretty what

here do sit today, segment? term outlook you can you as long how you that just think intermediate to is What grow So there? market the continue

Earl C. Austin, Jr.

us, Yeah. pieces. at I up you it's think for mean, or look when it, three into I broken two

the scale there, along offices thing nature. there. talked year our our business, that got longer-term same increase It's in outlook digits. of the think more nature call the So lot profile. in look business what of core there. growth base a if we of getting We've working business double we a did industrial that high that, it's we a to We that's it's grow about have what margin business, that our you business things at to can and single, we distribution distribution And on it. also this We're our repetitive and

business. piece that of period that – that in grow breath in So you'll sure see some our and us make margins take we

takeaway, that's larger pipe, business that midstream has it in to things you piece, storage, a to a lot capacity you policy typically allow the bit. that diameter that midstream which and diameter large and goes get – underneath really nature build pipe, been a back got have Canada also after will there that when of And We of there the on a business get we have nice takeaway. down continues. They've then get

the Keystones at projects of the has mean, you there, that pulled you But still when it look have and are at some. the that world. back out So look I

that as export past still takeaway You about have LNG would where U.S. far in you the see oil if diameter on a LNG exports those that capabilities now, saw are you some gas the as talked lot start, more needed, hearing in of We we're transportation, large pipe.

underneath cast that's just incremental a margin all so of the things past on that. it and that's our already as XXXX the are nature, it cyclical I be have us on has of going I which place at our on. replacement which large and scale It's elongated a the trying the and we that in utility on nature side, – steel distribution so the the out put and going we're got manning and beyond, support to getting when talked of large we and move So, of a CapEx that and And in what's matter interest bit, the out their rates about to and customers of we the iron, things things today, us that diameter we pipe diameter stabilize bonds see reliant that, offices, on lumpiness create this replacement, good market, look think business way thing these building the market because underneath then won't pipe. nice will that's base

Matt Duncan

appreciate it. Thanks I for it. break-down. Got the

Earl C. Austin, Jr.

You're welcome.

Operator

I Gas a in terms couple your the Stronghold, essentially of is business with morning. follow-up Cook just from One, assuming L. questions. Jamie LLC following mean, question. Oil Jamie and of a back out next is I question organic question Suisse Securities up your Credit on you're business, you flat. Credit proceed if Hi, Suisse. - good have Matt's Please with Our Cook (USA)

is capacity by going need XXXX talk contribution is the make talk in double-digit there's the I that EPS communications, a to about Quanta terms more can being to relative your the can something is cancelled what's there want hurt specific more backlog? from of range that last, about to in we somewhat sure then or revenue for not in to just that's forward, to specific in second question you expected just XXXX? – you something target business you Quanta the or we're worried nothing projects concerns, what are investment are Stronghold So in or to certain getting that's projects of My how longer-term? Electric understanding And to margins headwind get the Power about base long communications see terms Thanks.

Earl C. Austin, Jr.

that them that as far important I to well. with the started. it's at when just that start by to approach high-single underlying to we that and the it's rest nothing projects we when business we we've $XXX diameter starts, In as we as or for really us, prudent Okay, getting us million $XXX of associated Jamie. would and business the The general, guidance the there's about a that Gas the one, to and backlog prudent what growing say as that it started year provided, talked our Stronghold, would these approach million alarms did. taken guidance, large was Gas we and we think in guidance look we business, digits, I look said get contribution we EPS take in that When and approach on the as sure at mean, contribution. say we margin risks we far side, it, make the stand to I

we breath have. we can taking scale the important. out was business that some are to current distribution We some make in the sure of get that offices thought I

profile, we're If margin you where look I we're segment. margin picking the up this whole think a at in at from

have telecom segment. on think, And third by said, in we Power, when some, being as engineering, air. in margin I and there's in is – North we now, the quarter, right moving the the America Electric think the dragging that and $XXX we're this backlog far it in stopping, million So wanting into facilities I up out put to as we in we're people no construction, getting are go ground fourth the of us

XXXX, see third just, making was year, I Securities we I today before quarter. the said, contribution, to sure the L. you'll current So have the XXXX, with what execution outer concentrated $X.XX And least we're that our were Jamie Stronghold parity is midpoint LLC forward then as the at I we and to that $X.XX being labor margins look think force Electric the of sit start in expecting? fourth right contribution (USA) and the that be at think you move into that as swing we're Suisse to sorry, strategy on it we think, Cook targeting, - supposed lose positive and in Credit still to on then and

Earl C. Austin, Jr.

Cook Suisse Yeah. EPS I said Securities $XXX million No, to $XXX million so, EPS, in and... revenue on talking I'm Jamie (USA) L. Credit - contribution. LLC

Derrick A. Jensen

think Yeah, that.... I

Earl C. Austin, Jr.

Derrick let comment. I'll

Derrick A. Jensen

fair back swing EPS to from it swinging It about should an at that's previously. perspective. Jamie, talked $X.XX about – Yeah, the we we're basically looking

Jamie for acquisition Cook in L. margins Stronghold Okay. consistent I'll and guidance Suisse are get call. overall LLC back what queue. for in Securities Our with we original our expectations Credit (USA) said - Thanks. revenue

Earl C. Austin, Jr.

Thanks.

Operator

from proceed Fleming Please with with Our next Alan question. Citi. your question is

Alan Fleming

guys. morning, Good Hey.

Earl C. Austin, Jr.

morning. Good

Derrick A. Jensen

Good morning.

Alan Fleming

terms Does you how you Gas on of side or allow demand about tightness ramp more control available Duke, tightness we've the and capacity. heard a lot the large better that outstripping is you years? give these last the year? the into you would visibility out the And as couple started than of today up half where you second say projects get in of you've

Earl C. Austin, Jr.

seeing large far our stops. the we of it's the work, mean can that's when it on out us something control. it, they Yeah, And diameter start, starts and see as as I side,

we've we it put off covered sure and consider, area, understand that in, most of terrain of risk we're in it. a works anything paper with, control, parts our make execute familiar So areas. can certainly that can we to that what piece area the and risky that that those it appropriately very bid The we would on I we of

real getting that on executing job So of on going it, together a a I into happy some it's back a got. of large America. But years diameter we're most in that diameter we XXX think book of of North work XXXX. started And proud it. are companies lot built I or done on what and it you to are the that we're mean in contingency of the pipe getting large for putting about through pipe about that under nice our of the we've us, just old

well. So we it understand very, very

Alan Fleming

about on talked shake the started demand And to see Gulf you you part related that you XXXX in work year. any previously hit side out do second potentially that's of that of industrial expecting to on there's of loose pent-up Okay, here think the Have the the start early Coast happen? industrial there can in XXXX? And coming helpful. when hurricanes you some the on think that this back half I the lost had

Earl C. Austin, Jr.

we're us. that be related or I'm for general, seeing what in we're and not? real we're sure, space about what there. it's we more at we how see. a think offer talk And with about Harvey the seeing think I as acquisition demand demand. new we're more in happy but I think Whether we're I That's industrial real happy but I services can't in we acquisition seeing and Yeah. look year, cautious to with it, this the

Alan Fleming

Yeah. I'll it leave you. Thank guys. there,

Operator

proceed Dillard Please Our with with your Bank. from next question. Deutsche question is Chad

Chad Dillard

guys. morning, Good Hi.

Earl C. Austin, Jr.

Hi. Good morning, Chad.

Chad Dillard

behind the Oil contributes on well. how think absorption business you I as in last side? cost and some can year. through just issues the question your as midstream impacted So Gas there's outlook? performance of know of some to and through pieces XQ that Stronghold on a that as walk XQ moving LDC well Just And trying

will absorption through Just play trying to that some get a beyond sense until that fully or for we're XQ? there whether be issues

Earl C. Austin, Jr.

general, a I about little bit think, we've it. talked in

a As approach taken behind we far to industrial, as large the guidance gave diameter our We've stand pipe. prudent we there.

they continue to Texas, that's as that. out takeaway prolific. what's as to there, the be build continues Our Basin, Permian It's capacity there far

see So, nice we there. a I market really mean,

don't year. it, I we talk able year. have about think saying business have you look offices we out in the at in had and the you to that take when We're that When of executing. Sabal right first we're going – last year-over-year, now. that scale those distribution invested going we'll now it We get and start last you Trail some it's half

So pipe Canada. quarter in we're starting bit that with and matter first the no large for little in diameter a

fall So the there way some years difference out. the in is

sits is pipe So still, it there it's more up driven as take in say, pipe unknown that beyond, the we diameter of The the larger on and projects now Canada today. of and large and of have second quarter are would all – large out Line stages. X still you it under is approach that's diameter RFQ I RFQ some in still other guidance.

if say, real good But in pipe. have it So we're we that's with think XXXX. we market Canada large a probably, we're had a would visibility I in really where happy be issue, would at diameter and we

Chad Dillard

through expectations the have. transmission. trying your And think Can speak on then, over switching of to helpful. That's that I to large was you just number projects you utilization? to

construction, Florida in recent the the Wind potentially McMurray large Line, with win already East-West have You Catcher. Tie Fort and project

where maybe Just the head? and guess, projects two trying for about next utilization peak how over should I will think collective, that years, I the through or productivity one to we think mean to these

Earl C. Austin, Jr.

Yeah.

it That project Florida I at would or Electric and or think the grow. large of put projects. We're billion CapEx revenue to the so continue $X on will large there. the with billion so, two be see we're Power three up look $X.X those and to you if you projects, able with OpEx,

XX%, of driving is really to the in be driving we're solutions and is CapEx, the can't about day, business. our business the is in driving of business stress our a deployments none budgets so today. backlog, for and I driving daily be in things enhancement OpEx prolific. Wind customers it's that none business can basis, what's none Quanta part And about providing the most considering that's see customers that Northern XX% It's Catchers all We We're what's what successful the these of it of enough every on those of the our outlook, capital kind talking what's and that that Electric which continue of Pass that they business. Power us on of deployments. what's OpEx our this to their And

Chad Dillard

right. you. All Thank

Operator

Adam proceed Our question. with Thalhimer is with your Thompson next Davis. question Please from

Adam Robert Thalhimer

Can to seeing thoughts I you're guys. just are trends XXXX? with the in morning, about U.S.? the telecom. start good And on you Hey, continued wanted then in backlog what talk growth U.S. also, telecom your

Earl C. Austin, Jr.

I this customers their of variety at good really boots we're engineering a Yeah. to – The back starting a It's of it projects. on It's talk a business. robust. daily now, able about customers lot telecom point. being larger getting talk in is market. builds. a there, to our it's the attention mean, about We us to and certainly we're here. that's What business of We're lot put We're our with in delivering the ground something

to continue. I think that something it's is going So

XGs markets places in You see XG, in the still.

Our good. is Latin market market and America Canada

so air put and excited the we're we in business, So about ground. on continue to people the the

I it's about now can and about backlog. we And that still We build $X billion execution. I stand direction. to it. us, continue talked just think So behind We're headed

Adam Robert Thalhimer

just Great. clarification a generated projects And those expenses? other that then, do the When end these on are expenses. other in

Derrick A. Jensen

we beyond, timeframe, some type in XXXX investments are long-term that to and tell we'll mid Yeah. portion level expense believe as that investments. the we XXXX other and influencing you move here of that visibility, over other I would that that that should see The expect expect would projects some go other XXXX, sitting to continue I would probably XXXX I of make see extent because go that into those our today of types that of forward. continue mean an we as sort to you to or and projects you'd that continue pursue that number, are but through we to deferral

Adam Robert Thalhimer

Thanks, guys. Perfect.

Earl C. Austin, Jr.

Thank you.

Operator

Company. from Alex question. with your Our Rygiel proceed next Please FBR question & is with

Alex Rygiel

Thanks, and gentlemen. morning, good

Earl C. Austin, Jr.

Alex. morning, Good Hi.

Alex Rygiel

questions. Two quick

right of on business, on up picking the gas help some run and or it of frame in more Oil rate XXXX. share more business rate little size that years us a growth of talk about now? distribution congratulations Could of you to as last the XXXX Maybe First, in where how talk Gas segment percentage get of then, annual in there. and that that could revenue versus about kind changed the from the And it's sort a a distribution of business bit the and total the over macro is standpoint, couple margin either profile that gas to?

Earl C. Austin, Jr.

Yeah.

So thanks, Alex, the for question.

really replacement, it's steel iron in systems. and the from going standpoint gas it's cast the basically that business, distribution integrity replacement that all things think the underneath, are distribution an I on the

putting regulators it's so money and replacing have it's the interest, You really all low cost systems into U.S. over. based, broad-based, to fuel the low it's are

has being said, and the profile these like and pressure us things on growing of organically building – segment. that put labor constraints margin So that, building it the it offices organic

it in difficult large midstream goes of other low you're that steel with in looks city. – feels the some a some being job that is and than because it's so steel, pressure there So replacements, really like ways many along

cross do want nice they seen a we've XX from and and replacement XX those of steel to do cast years. we XX-year saying XX-year, back and on it people It's jobs. so market, XX some crews it's forth a So build, to bit, iron can move in pull little a back you now

to So you're that. starting see

I the think Derrick how our and you it our acquisition in folks the Northwest together crews and that business. But Line whole – I'll about think talk to will year-over-year. faster look mid-single grow could we train of field us the more if business, high complements growth it put allow segment. can I we those to in at the in And let digits grow the

Derrick A. Jensen

of it for Yeah, is runs everything the range. runs we the XX% business that XX% to distribution alone the segment. on is in component but component probably average what of base overall on be XX% its consider to the about own, probably a which of that in XX% still running It's

Alex Rygiel

what's this about annual drag it and And if helpful. very about cost we a should way? think that even if just on center then we the think is so should NLC, It's that

Earl C. Austin, Jr.

really No, costs center that, our we out deployed customers' as I and need we to people also put can it extent, it when at – look people allows smarter. training nice as as train also us at don't facilitate it the a solution ground, our look it labor some earns they and it to it our to of well. today, offsets at we well, is When cost hit a solution them kids get ourselves, a It it, faster. training today, to business. there and it's I think revenue look and but like to some And

grow to so collaborative our effort smarter and piece of a hit pre-apprentice trade and our they're allows to really and organically ground. doing able I we're faster and in And be to with already And complement our the associations economical. a they deploy when things client this associations more us and work today and think people trade it that more

comparable to segment. difficult any on that what is look their itself, on just is it's synergistically, they Electric our if given but day, are say to the So you margins margins do what I at mean,

Alex Rygiel

Thank much. you helpful. very Very

Earl C. Austin, Jr.

Thank you.

Operator

from Please A. Newby question. is question with D. proceed next with your Our Bill Davidson.

William Newby

Thanks my guys. morning, for taking questions. Good

Earl C. Austin, Jr.

Good Hi. Bill. morning,

William Newby

on on – I are too to mean I longer-term, tell? kind billion is that event follow-ups Duke, quickly give you to think color or had target, of said us originally we kind guys any you you of how of still you can you mentioned soon think the XXXX a a kind billion, had can of there that that $X target a couple just more get revenue telecom. $X I medium-term is that's

Earl C. Austin, Jr.

Yeah.

these longer would stretch, deploy more It's we larger much labor execute how it's us. say how can I see the we of field on XXXX you'll and is think in can well incrementally a projects. a But we're – I matter think than shorter. I

the on We And market's nature, us for mean, given sits. regional that get talking If can If that, certainly so at for of do to in us, we as macro I also things in we lower were international about or area. that we any mean that. can there. do there we it expedite some doing organically our look going and what's the I certainly chose to XX, acquisitions markets

we But it fast in approach So I a we the prudent it, make there, press get don't to to market's can want general, think just we we so on to go-forward I look we'll how sure depends a at on there. basis. want take execute, how it

William Newby

year, there there Power good Electric side, you of business those appreciate could it billion ramp hear should I margin the margins continue get then par the that. you to as this by to time accretive on guess that to more And be in Okay. to $X end Electric upside on mean margins it's that I in be it? by Is I those revenue? like. sounds the segment with

Earl C. Austin, Jr.

if we should. unnoticed I My grow. what growth pure that's money them, think on longer-term, and And what us and company EBITDA a We're to growing that, Yeah, our see to or continue ability business there. with comparable we this and XX organically, couldn't and side for to to the have would accomplish, it I you people that the capabilities margins there's it those gets costs you're the bit. organic the out drags able you both of on you put money of X, organically see look comparable have of our mean the the But side, play competition, at boots expectations why little costs resources, see think the our it I it the years anything and and grow and amount margins we no growing ground for the business I is when distribution margins, we're so to when to reason think on takes in it Electric train Gas side the the air guys.

we'll do to continue We to foreseeable future. for and continue that the it do

William Newby

back jump queue. for in the Thanks color. I'll the Great.

Earl C. Austin, Jr.

You're welcome.

Operator

Steven question your is from UBS. next with question. Our Please Fisher with proceed

Steven Michael Fisher

and you I Good could about affecting changes your if recognition talk the revenue are guidance for XXXX. Thanks. financials morning. wondered how

Earl C. Austin, Jr.

fairly impact. little Yeah, actually have anticipate we –

on negligible I we're quarter, but that we that recognition. revenue overall see here kind in effect cumulative you'll of be a absolute at kind something broadly may first looking low impact single, our in the double-digit maybe I of of booking think kind think

Steven Michael Fisher

but Okay. pipe And of you your included for prudent, further clarification us how be And then how you're large the that's trying in XXXX? tell pipeline did kind on know if diameter much just maybe guidance is this guidance kind your you large have of point. assumptions, what a for much work can not I permitted case you diameter actually quantify at could base versus you to XXXX us in

Earl C. Austin, Jr.

up comment mobilizing issue, Yeah. I far on and talk mean things, I'll it's so the permit a But tell and Derrick mobilize end. do point we this just they'll projects. feel go. else that We We're confident comes larger us nothing it's not concerned that on that. to not making all I more sure let can as the as and you those at with

that. we've guidance. in cancellations taken account into bunch that the so or of like anything a We have don't And

looking booking nature. and basis. a mean slippage work work. on We're work work the You could or at continue quarter. still things We'll some daily with to quarter-over-quarter see in I booking book we're that

that being we So as market today. said, still sit robust it's a

on the segment. comment Derrick let I'll Now amount to the

Derrick A. Jensen

thing substantial work, that us. for not year remember XXXX, I of In necessarily think is is the winter which amount big portion Yeah. the to first the of normal a had

overall. larger likely portion a contribution had XXXX So mainline of

you're XXXX, but come not we're here today. a still that that. we what's in example, into bringing opportunity, that very did year stand seeing right billion of now, As this I the an it's see down. say less than when we as north XXXX, much you the base overall $X.X And in would and we revenue of little probably

Steven Michael Fisher

much. Thanks very Great.

Operator

to the comments. back Ladies time, of end session. and reached the At for gentlemen, like the question-and-answer to closing we've call I'd this turn management

Earl C. Austin, Jr.

day. Yeah. every thank and what and the thank for I'd participating in call the and you more in thank We like support to you importantly, for do they for everyone thanks field our participating people for in call. XXXX doing your in this

Operator

This conference concludes call. today's

we you disconnect your You thank and at participation. this time, may for your lines

Kip A. Rupp	Quanta Services, Inc.
Earl C. Austin, Jr.	Quanta Services, Inc.
Derrick A. Jensen	Quanta Services, Inc.
Tahira Afzal	KeyBanc Capital Markets, Inc.
Noelle Christine Dilts	Stifel, Nicolaus & Co., Inc.
Matt Duncan	Stephens, Inc.
Jamie L. Cook	Credit Suisse Securities (NYSE:USA) LLC
Alan Fleming	Citigroup Global Markets, Inc.
Chad Dillard	Deutsche Bank Securities, Inc.
Adam Robert Thalhimer	Thompson Davis & Co., Inc.
Alex Rygiel	B. Riley FBR, Inc.
William Newby	D. A. Davidson & Co.
Steven Michael Fisher	UBS Securities LLC

Quanta Services (PWR) 22 Feb 182017 Q4 Earnings call transcript