PWR - Earnings call 3 2023 | Quanta Services, Inc.

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Operator

Greetings, and welcome to the Quanta Services Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kip Rupp, Vice President and Investor Relations. Thank you, Kip.

You may begin.

Kip Rupp

everyone, Call. Quanta welcome, XXXX Third and Conference Earnings you, to Services the Quarter Thank we a in morning. morning, along and results, section This commentary issued our with which quarter our of will our can XXXX a third that summary be XXXX at we found website the of Relations press Investor quantaservices.com, release outlook announcing this discuss .

reported only also call's remarks, slide may this X, on is advised Additionally, November this morning of longer prepared information viewable that you this Relations a any call. that Investor on as call website. of of available no our as presentation of Quanta which we'll webcast are replay through therefore, And section the use speaks be accompany to is today, Services and information time-sensitive remember the the Please accurate XXXX. any

will This statements that beliefs harbor by events or liability do established include intended current the of or historical facts. relate about under not including or statements Securities Act safe call assumptions to to performance or from expectations, Reform intentions, XXXX, Private forward-looking the future qualify solely Litigation reflecting all

financial directly and non-GAAP GAAP and release implied. most measures. Reconciliations are financial our as You beyond actual assumptions or comparable reliance undue not these these historical of measures also involve differ materially forecasted predict present on presentation. may and results should risks, their certain Quanta's We'll financial to included expressed uncertainties that slide statements certain to place difficult earnings and are measures they or control, those from in

non-GAAP measures. our presentation of the forward-looking X of statements Slide slide see for additional Please appendix information regarding financial and the

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

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

Earl Austin

and XXXX the everyone, morning, Call. Good Quarter welcome Kip. Services Third Quanta Conference to Thanks, Earnings

call review On then and and year will third a to turn CFO, provide of operational strategic XXXX commentary the financial and results Jayshree our today, Desai, it to full quarter expectations. we'll I Quanta over provide

Jayshree's a execution. which our note, solid modernization growth, This segments we for number emerging welcome other Solutions which and our we ongoing Following comments, energy needed drove growth and Infrastructure morning, capital reflecting Solutions new revenue our of profit deployment transition. North robust for grid investments necessary and our reflects your and we financial and into reported record quarter Of strong Renewable questions. Energy Power generation and Electric of revenue renewable Infrastructure expansion third double-digit grid included results, and believe construction metrics, demand America's services Power hardening.

backlog for Total believe quarter our high, $XX.X of at momentum all-time indicates XXXX. was collaborative we which reflects relationships end and billion, client record an value

the are energy the believe increasingly a of ability advantage that transition accelerates. across service become to important investment geographies, operational lines our positioning for we expected infrastructure us Quanta risk portfolio believe will necessary resources is to provides and We as shift strategic manage which and decades and continue

results. allocate our operating achieve resources opportunities most positions and to We well efficiencies portfolio us believe find economically and to approach financial attractive to we the consistent

initiatives as as reputation Electric Demand Infrastructure by Power well Our driven is power system grid consistent and hardening security modernization, operations robust from business activity are for safe performing our grid and our Solutions electric for well. execution. broad-based utility

in we are resources we to safely utility and believe the multiple on increase and the We continue collaborate third multiyear to our Quanta invest their multiyear This offering with quarter. Solutions is programs. programs industry-leading, for and grid and execute further the evidenced positioned ability uniquely projects. as to of clients anticipated in by consistently the backlog of in ahead Accordingly, start-up meaningful segment

our $X.X communications various solar, projects of the believe quarter pursued and of the driven renewable well being the operations portion work end, reflect We as our selective Solutions construction well Segment on renewable backlog storage. remained continue generation a active. as Renewable billion Additionally, substation to also in transmission increased including third transmission execute and voltage of focus High risk battery solid growth significantly and margin the of and with generation, by profile reached addition revenue projects. with ramped execution. Infrastructure contract work up, results wind a segment the and substation Wind and these record total electric revenues quarter at double-digit we as margins. SunZia

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expect the We the are necessary by IRA and the North programs capacity record scale driven multiyear America's coming resources to to decade, that continuing our yield renewable transition. levels and will of we large-scale renewable of investments handle make to the energy generation acceleration over

markets. or and dedicated and components is for Pennsylvania reliable team with and transmission this Transformer current we reliability. connectivity and municipal growth utility, support of dollars designed an electric renewable that employees. we investor-owned Additionally, of a and In acquisition transformers also power capacity the billions are release, projects renewable pursuing high-voltage earnings management an are future PTT, of Technology experienced of established utility, by announced PTT manufacturer system generation strategic morning's overall power of domestic to industrial led energy,

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Jayshree Desai

common we income morning, adjusted to million good was $X.XX. per record billion. was of diluted $X.X a and and share Duke, Thanks, share quarter everyone. stock Today, third $X.XX record or announced $XXX earnings Net revenues per diluted attributable

third were revenues $X.X by billion electric our of base revenues business exceptional segment third operations. result and operating Infrastructure as billion, with Renewable margins quarter Energy X.X%. operating and quarter income margins performance $X.X activities income XX.X% Our were power of for the 'XX a telecom was

reflects solutions-based Segment quarter improved in the as across The our and activities to transition. comprehensive customers momentum quality portfolio projects. accelerated energy the of margins strength continued revenue energy renewable behind sequentially the construction infrastructure, approach our of our

projects pressured noting that were at early-stage worth during is lower-than-expected risk contingency they by recognized generally profit mature progressed lower cost the the in work releases quarter. with are margin also as contingencies that on more included associated complete. to However, revenues from It's somewhat a

high be this better and revenues execution XX% X.X%, increased Underground year-to-date the and segment XXXX. renewable quarter, of have influencing starts, revenues. $X.X from income roughly were grown as During margins growth project which solid driven on high new and can volumes, margin operating XXXX margins segment is by Infrastructure periods were revenues absorption fixed Cost Utility and for dynamic billion exacerbated,

'XX slides large from an $XX.X to comparing awards both base and of please third compared XX, quarter 'XX, XXXX, For additional record the accompanying a was our growth to to backlog $X.X third call, quarter this with project September XX, total activities. billion business billion, increase At June refer commentary coming

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crews of otherwise for due demand June a well Additionally, evidenced we necessary into segment to now pockets and to multiyear solutions, segment billion our deployment as XX an to and regions disruption we programs. anticipated full in as of timing This inefficiencies XXXX. periodic we chain as and variability backlog Accordingly, carry year Electric the $X.X on electric levels. for the in are the between as certain margins for growth by revenues our build $X.X seeing dynamics XX.X% costs capital from to shifting supply growth and billion continue see ranging is utility year growing between execute XX.X%

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our prepared the allocation to We today, don't we size but working to results. price and aren't are to give any guidance, through business given quarterly considerations definitive material purchase the expect of accounting and be the contribution

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Operator

first Vertical Our Michael question Partners. Instructions] with Dudas from [Operator comes Research

Michael Dudas

and lot are the is position and noise, X that about engaging electric differs flow development concerns how into pace, to might and your those and there's a can et of of look as especially customers? you, renewable the planning again, with energy you been as utility to on share have of for customers your 'XX the that in lens competitors looking confirming observations difficult beyond with or noticed, utility of budgets X through Duke, the you a expectations, news around that lot you're you -- your given weeks with last the sector Maybe cetera. and kind relative

Earl Austin

Thanks, Mike. Yes.

it's where For to where think an growth. we customer see growth as We at growth. business us, industry see the when it's sits, We customer and this base think be look level when we about great time we're at -- the load the in at I industry. a and and

distribution are You really penetration pushing on and systems. that have interconnections the in megatrends EV trends,

philosophical necessary you level, from supply So build a at issue, standpoint, you and of our demand amount a a for have and significant infrastructure. have

So macro is the market great.

we're contractor, to bases solutions. our we what not, calls. different may you we to into pushed look, trying a get the believe, which standpoint, provide from the provide far were others from customer clients, said, we And much as our noise, my As than I are on hear solutions

So our different. customers are

the our And is markets the way view versus different. customers that others

about they So going, that have to them a job collaborating of nice we're hear, with problems. don't of them tax equity have where the and They do you where don't not and really talking some we problems at. we're

XX is. ahead XX, and talking decades. clients days, with difference We're next the may term versus the over what that's the long so these area we're in And hear of planning you years XX,

around you're issues. But will feel at. the about I feel some that it. will industry really So issues there's we're solve issues. solve and this affordability the where hearing Yes, running I those comfortable industry with comfortable

Michael Dudas

to a revenue Appreciate acquisition. see and for company. how to My that expect the is the meet be tightness that, Do and of base? their from through follow-up with capacity marketplace in leverage lot have to the they Duke. now to your regard products your PTT customer the needs Obviously, the required demand you you certainly growth given a there you're able going investment and

Earl Austin

for worked while also a on acquisition quite we've chain. the to with and our philosophically, Yes, how supply customers help Mike,

goals U.S.-based that in a that queues, to the facilitate product, yes, it, interconnections, think really client. the general, manufacturing Pennsylvania growth. are of load can. look a not solution the necessary the of we I at So for to It's substations the It's larger when Transformer, domestic . When transmission more fits renewable think it, about I we Quanta. play

expect do us capacity facility, the out million to biggest go foot a X U.S. one buy and What to our I us wouldn't XX So add square in expect I facility. would transformer is to of It's companies.

to it. to able add we're really So

I we'll up. some can the Yes. in that some it that don't We we component investment -- that will -- X,XXX And IP lines are plus to we making there's start about see have get on. -- increase productivity days we

So can in enhance there's there things sit provider the solution do we where a some as we to industry. that really

Operator

of comes Justin Hauke the question next Our line with Baird. from

Justin Hauke

on renewables, you revenue I through, to guess coming costs I projects that your I'm just is guys I are going procuring just the there. guess, question. up up. you're curious and how wanted guess, the piggyback much that And took guidance I maybe of

that and a don't driving so much is the higher versus pick CFM how volume. pass-through there's of more revenue maybe margin like And that is like you on up

business, about know think I price that but in context So any be to would this around volume it's hard helpful.

Earl Austin

are think up what and -- moving passing are that, as in we like But the price our large-scale far from customers that's we pricing our like same, the on that it I as revenue. if what customer may asking. the renewable-type look, things you're be past, I honestly, mean projects PPA said XX-plus

we're supplying, build we've like really things not that -- feel to customer their having and tax backlogs they good and that it's continue and really, equity problems got they're base of nature. I So

Jayshree Desai

Yes.

margins and. and the improving Justin, are

had fixed earlier We able in and to the the growth year, of to see. ramping we had that for costs we the significant in quarter have been this continue that built absorb some up

right the electric components to in segment, higher it's segment. some direction. moving So doubt There the our material are no that's than

seeing all XX% did little to in we pressure X% line with quarter We well. projects in But we Those what have Investor thought the overall, moving you had bit quite of really of of we're realize. to have this our expectation a didn't that said on range. the Day had margins It because -- the didn't of second it's that releases could some which contingency knock out still we quarter. park, are performing some it in that. just in It's

And you have lower project new then a we margins. those can before raise that you renewables, time, margin in in, dynamic at the to comes come significant the as execute it because they'd the at contingencies same ramp in need

in And that so and is that third is the providing pressure, some creating that's quarter. what seeing dilutive you're --

is better. no and is anything. There dynamic -- causing no itself get business It there around it will continuing that's the is to other better get

Justin Hauke

that. part this thinking I of materiality understand, to probably And business, I the then the of accretive on is acquisition? them? purchase finalizing the that big guess of I would price because how expansion there this to you be, just your facilities that I manufacturing any question know would the I'm you're But understand as appreciate I a on much its last still I acquisition is. outlook question some mean, standpoint but just can additional And that are from And base maybe how for higher trying second allocation. here, about is margins CapEx change think don't than just margins then context X of Okay. size PTT. facilities, then give the us

Earl Austin

going disclose the you The $XXX not company to over the I'm in is it revenue million. purchase can K. We're price. find itself, sure size

we an with facility. really We what So quickly. -- the client. it's underinvested general, the fairly . It's but get not some manufacturing production can can with the with in do about it, capacity. we It's add can synergies it

structure the put a to will our capital all. money don't We at changing don't to facility. some we year, next lot I it. do see And in need

the So things capital good we the deployment about can I and the productivity do like that, lines facility. the things manufacturing in feel and with there that

like I good pretty is So 'XX, that 'XX. of part in booked it. It

us out future. capacity will and productivity it of with getting working more so be looks clients really about what the like our And on in it

into what the and to the be that the solution that's provide So we'll working we on way that client. putting

Justin Hauke

the forward then it. look We'll Okay. to Appreciate K later.

Operator

question comes Neil Sachs. with next from Our Mehta Goldman

Neil Mehta

think lot there's Yes. Duke, utilities the of the a start which as customer those large focused opposed an with investment some developers. to wanted I I important point, your private off on to renewable base of is is because

any backlog in there conversations you is composition can their think anything, that in you have there? way as seeing the you Colorado? renewables if utility business? for So any you your CEOs, accelerated We as about accel, note, to customer quantify you did, example, the And change commitment for with are investments

Earl Austin

When well Thanks, for look all utilities as at matter. XX developers we Neil. work our top the we've customer along. world that said for base, and as the We the

about good to going all with the good and feel developer I they're see opportunities as well the feel So about trends we basically as business. from what of as well utility continue as backlog at. where both business grow, they're I where

together, derisked in to we've XX%. We've also year, grow we've said company it. look at we back This we and 'XX. portfolio has go that say, our then grown We it expected XX%. XX% The put stack grew grown and to on 'XX. I in we could we're

a customer have the problem with So I we think don't base.

are we really think I nicely. doing

our on when We are there margins, in or that some issues quarter-over-quarter, cadence issues the jobs. said we some were said. said, at working renewables sequentially, But as look Jayshree in cadence you

better. get cadence issue, margin single And a every we'll a not It's it's issue. quarter,

next operate in double We expect year. to digits

Neil Mehta

then follow-up, And Jayshree. the Okay.

on growth, model in mentioned plan. as to thoughts build be Any comment long-term keep year? on for EPS mind the you're of want are the You track you're a plan up ahead on You for that XXXX? next early tracking double-digit track we considerations, made but the to we

Earl Austin

opportunity together. we of what it, kind we disservice still exactly feel give early too guidance put at on comfortable the like. look a way It's that model look we would us. with to the It will that when and be think I time, us opportunity next in feel I to you on at times, line over to above operate digits the year operate double to But comfortable had the with I EPS double expect digits. do and

Operator

from Kaplowitz question of with the comes line Citigroup. Andy next Our

Andrew Kaplowitz

I think answer I you know just Do compare Duke, into large still the mentioned toward question, plan to but backlog cycles? how part go as good this, And to long-term You projects. you're still growth to you do T&D other the you that new have of you Neil's 'XX? visibility many you pursuing this T&D mentioned the cycle upside. mentioned of

I megatrends Day, think the faster come you you would going then? have megatrends. when it from you did Have expected seen than to your was develop Investor

Earl Austin

EV. It's best look market, and loads underestimating it's and centers, market in demand. all it's -- the People the see our it's about they're the at data I when underestimating the macro we on data been career, are centers

into to up sales new EV about of globally. X% car You're

big a for number That's everyone.

to batteries make Your there. just demand interconnections, even you're on the cycle and the batteries power the on

I all things where are start you going. when the at is looking those business underestimated So think

for us, we things. continue in the some And you so and long-term the that megatrends delay pound, see nature

some as you get help demand it's our but itself what every growth, has we worrying really, load demand really and single constrained supply. get least place about capital. ultimate customer you're really Obviously, building is customer leverage help the what you across at see, with a a little ultimate on demand makes the almost really And on load as X% growth, outfitting how and clients -- that price at can market's It's you're what ultimate growth customer enhancing do cost and the us, is there the for markets, affordability the demand, capital spend sense. utility seeing more the that a level

from seen So many like coming you once timing places. I've see in never so a macro some where at we things market. But at it's

in trying So be business. about on execute every to And we're work this that and happy here have. real day me get the to proud look, we and in up I

think I big this the is just execution that's thing at point.

Andrew Kaplowitz

actually don't bit little there if yesterday, of there I little, have you think with thought side? you any but or up then, bit exposure of and us that you in a And Duke, caught . a have was were could I wind, you quite very on remind that offshore any

Earl Austin

Thanks We're water. the for Yes. question. very deliberate

than others offshore may done onshore there, we help transmission may at that. approaches onshore. onshore will and and been involved or in built other other be that to we've it have we're no in fab but all not some be to We're the really than offshore, offshore whatever wind So water anything exposure not

Operator

with question TD Our comes next from Marc Bianchi Cowen.

Marc Bianchi

of and guys doing But to a about opportunity quite perspective, environment ask go And can and to anything about customers grow, concerns wanted good environment. macro from to you maybe utility limits that long-term with Obviously, the that sort current forth. in a I in you structure the the relates rate. some but this segment? infrastructure. is not are so discussions the higher continue rate growth electric job the ability power there at this to market maybe the and that sort of forward spend around in in of rate interest appreciate I

that you can all. Just talk curious if to . dynamic at

Earl Austin

where EV we can things some interconnections I example, do have push can not not some plan out. think mean our I We're seeing distribution penetration so in just you at are for you the you crews not and you're of crews, that where that working seeing quarter are fourth working and have hours, XX less hours XX, XX. just XX losing crews, -- you're some level. there can hours, is working working you're the but you're

as well. adding but we're fine, And that's crews

will do higher you as think, look move better. 'XX, things helps they I budgets really up, really, into it So people and interest capital what costs. load exceed most move think growth with

you we if like I industry. don't So see get of do The as I that coming. is I through that and and interest, utilities think we've believe only had an thing there can kind either. crazy stabilized

seen in to some look, see the in law. have California have to it days a to you've where put you regulated business. by like that are assets interconnections now XXX they duty You make and selling But back serve

be it's and do little can That's done we be in of like planning I couple that delay a and get believe to some got And -- come we've urgency for front queue to an things, got And next got and you going across got work the -- got the get you queue We've this. better. to the as done can an prevalent don't interconnections nor can't to we've here. delay the and country. the going industry, We've out to a coming you plan of everyone, of just is so decades.

way, confident, demand, we drive starts stops market the have any will be but for kind feel said delay a you it's bit, the have and the itself that of you. to there'll always means just continue some it's So long but we've term CAGR pent-up bounces yes, coming along at

feel We our with So been. customers and good feel our good. conversations we have

capital seeing You or all. they I levels, just may at them -- from grow I'm don't not grew XX%, not but pullback see at much XX% upward

more In our growth with capital to clients. I'm seeing fact,

Marc Bianchi

almost it, if the know is That's curious possible double-digit but you've not if get you what's that's understand knowing don't trying you're I to then XX%. what helpful. consensus, I to And said. want growth And in just attainable, on 'XX. around guidance, it's look up guiding at 'XX that . into to brackets I'm but giving

Earl Austin

giving not guidance. We're Yes.

the give. given to going buzz I've all I'm So

double digits. about And to the so opportunity we've grow talked

point say. can there. double-digit out too in know models just are times. on I the what's well. that's I don't growth talking look this I can about at It's it, there, didn't opportunity stack The look margin that comfortable that We think their to early as for I but at double-digit, at it, in feel at

Jayshree Desai

EPS. Double-digit

Earl Austin

EPS growth.

Operator

Our with Chad Bernstein. next Dillard question from comes

Charles Albert Dillard

mix should XXXX? in How how we into filling is profile? think for Chad -- This small Dillard. large margin about projects versus that impact will the of going the would How

Earl Austin

Can say you sorry, broke again? you that I'm up.

Unknown Analyst

Yes.

large the small going how think should we impact versus How that will the into Sorry. And profile? XXXX? projects mix about of margin

Earl Austin

-- the as the we UUI very have and at as segment to much certainly We by guide. be growing, both we segment the digits double they're about in the think in of electric in opportunity margins like started stand how digits. singles the prudent in upper business, operate we I we'll to well operate renewable double state

do prudently can guide to growth you we see do in So I -- to expect XX%. 'XX. us

X the taken X So forward. the same will taken years we've be going last approach years, for

the as will we're a XX% XX%, multiple be still like do believe there. seeing business, but running projects. stack dynamic mid It that the large believe something starting we that. there, be of large early, mix, is base to certainly far project I As it's that fronts bit. will But

Jayshree Desai

growth. All our base business

Earl Austin

At the same rate. .

Unknown Analyst

are underground sustainable margins? How

Earl Austin

can of UUI out we said leverage Look, we've the always margins. get

is the Our record year. like industrial industrial this business year We business a probably still a lot.

everyone have it margins move to that a why the This look That's up. and not We We bottom. levers. at is the forth. It as seeing you at the So back this do portfolio. moves around, bottom. the you're caution But again down got you've I derisks picked and got portfolio at a blips portfolio.

get them. these we if crews I'd of And from growth. again, that go well all and should electric Now you're perform to caution segment it's gas seeing discussion, into we telecom in to this double-digit

derisk sure goal investor built over that's the I is point stays our grows still high portfolio growth. itself that And delivering to And company and performing sustained growth, segments, back as provide the top double-digit margin the well as opportunities double-digit to the line about margins at make we'll XX% look, segments, beyond we're across we've the and talk but go profile to EPS. and I for And our time.

Operator

Steven comes next with Our from Fisher question UBS.

Steven Fisher

margin your I But don't question, that Jayshree, to double your margins. digits on notwithstanding, question. I you Duke, segment renewables in QX maybe ramping for guidance for last know. still And implies a ask comments will

to to curious going in just relative QX is I'm be you in be to different projects. hit going those going stages that's margins. to QX, of allow still I early so mean you're And to double-digit

sounds mentioned of you execution issue about carrying a is lower So It there cadence like not an sort accruals. issue.

that does XXXX? carry different going . QX? then into be what So -- to what's in how And

Earl Austin

Yes.

where started with projects started in last think it's multiple I the early year year kind your late you there. and we on large of

all and So -- as the those booking. through, we booked way still

So in dynamics. you're cadence a larger getting project the better

obviously i releases, things is at segment. the in allows to look so So renewable in like that them up and the contingent quarter some us of that. fourth

also business getting you're that And seeing. you're scale what of that's So out as well.

the some larger projects go are you on into there. 'XX, line starting thing, cadence, transmission you As same

don't things I have that. And you so effect, comment in, coming will little it but And like a on Jayshree to of bit have Canada can let the rest.

Jayshree Desai

opportunities, of of growing segment, Yes. quarter. mature, see absorption. fourth As -- was be to more projects the opportunities there going said, to fourth and those There's There the on more to are you're will contingencies. seeing and progress scale for we'll parts fixed there to continue more seeing right? -- you're that And and continue in were start that I in mean, that's the release quarter. that Duke right. exactly We'll the it as that the then cost other

as comfortable combination fixed fourth guide with the to the is us So cost allowing well projects the of in that feel absorption mature as quarter.

Earl Austin

that Steven, X,XXX quarter. add X,XXX in Yes, I add about added we also talked would last roughly we quarter, this

X,XXX quarter up not on does adding a to XX,XXX we're cadence and it bit. employees So per easy, press is

caution So as can with working we through And and in a you some that's I'd lot. there. it, good get you just start absorb cadence of that

Steven Fisher

electric really segment. And maybe ask That's to about just then the helpful.

Is that an have efficiencies You've structure quarters little you us particular that talked Canadian you smoothing some market as as update in give different that time? on well any out? prior in those U.S. what is segment. And terms the electric visibility of kind about influence a this broader and the to than maybe for Can of at chain influence supply underutilization things just

Earl Austin

electric is XX operating XX.X% over a I've well between XX%, of digits, spot always mean, segment. Canada operating XX lot into a and addressed those XX%, double and at is We're levels. time, the in comfort there. our things we're really I with said We've Yes. drag.

the we the this year, have drag won't year. in next think I

So with pretty that. of some optimistic

general, engineering. Lower in of in the do are assets on things the a Lower getting lot our Canadian things XX. front-end lot some can of But with we XX influence. in utilizations We from some We can Canadian a do

here in be we utilizing So assets. those will them

So will start you'll negotiating feel in stocking with some, start the I stacking project sit but that in still albeit do some next We confident . larger we early, I'm in dynamic 'XX. to 'XX, and comfortable we're see but where expect the year.

Operator

no questions closing are time. you. to the Thank at like further turn I remarks. to There management would this floor for back over

Earl Austin

Yes.

field and have shareholders thank to and employees allow a want hard out dedicated us the numbers this well. They're work morning. I good up to call our First, that that the in as safe every day put XX,XXX

Thank concludes appreciate I'd thank We our in interest we Quanta. And call. So you do and our it. for questions call. like to ongoing appreciate in participating you. This your all conference your

Operator

concludes teleconference. today's This

may You you time. for at this Thank your participation. disconnect lines your

Quanta Services (PWR) 2 Nov 232023 Q3 Earnings call transcript